Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 11, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | New Bancorp, Inc. | |
Entity Central Index Key | 1,644,482 | |
Trading Symbol | nwbb | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 719,531 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 1,318 | $ 1,419 |
Interest-earning demand deposits | 2,440 | 8,438 |
Federal funds sold | 18,241 | |
Cash and cash equivalents | 21,999 | 9,857 |
Interest-earning time deposits in banks | 744 | 992 |
Loans, net of allowance for loan losses of $1,127, and $1,063 at September 30, 2017 and December 31, 2016, respectively | 93,949 | 83,008 |
Premises and equipment | 1,880 | 1,934 |
Federal Home Loan Bank stock | 468 | 468 |
Foreclosed real estate held for sale, net | 586 | |
Accrued interest receivable | 219 | 203 |
Bank owned life insurance | 5,546 | 5,418 |
Servicing rights | 952 | 483 |
Prepaid expenses and other assets | 247 | 269 |
Total assets | 126,004 | 103,218 |
Liabilities | ||
Demand | 42,553 | 28,676 |
Savings and money market accounts | 16,424 | 16,404 |
Time | 40,627 | 31,761 |
Total deposits | 99,604 | 76,841 |
Federal funds purchased | 1,000 | |
Borrowings | 10,027 | 10,027 |
Other liabilities | 983 | 781 |
Total liabilities | 110,614 | 88,649 |
Commitments and Contingencies | ||
Redeemable common stock held by Employee Stock Ownership Plan (ESOP) | 116 | 73 |
Shareholders' Equity | ||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value, 4,000,000 shares authorized, 719,531 and 696,600 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 7 | 7 |
Additional paid-in capital | 5,789 | 5,761 |
Unearned ESOP shares | (481) | (501) |
Retained earnings | 10,075 | 9,302 |
Total shareholders' equity | 15,390 | 14,569 |
Less maximum cash obligation related to ESOP shares | (116) | (73) |
Total shareholders' equity less maximum cash obligation related to ESOP shares | 15,274 | 14,496 |
Total liabilities and shareholders' equity | $ 126,004 | $ 103,218 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loans, allowance for loan losses | $ 1,127 | $ 1,063 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, shares issued (in shares) | 719,531 | 696,600 |
Common stock, shares outstanding (in shares) | 719,531 | 696,600 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest Income | ||||
Loans | $ 1,093 | $ 855 | $ 3,075 | $ 2,488 |
Interest-bearing deposits | 67 | 19 | 123 | 46 |
Total interest income | 1,160 | 874 | 3,198 | 2,534 |
Interest Expense | ||||
Deposits | 233 | 153 | 610 | 456 |
Borrowings | 39 | 20 | 117 | 86 |
Total interest expense | 272 | 173 | 727 | 542 |
Net Interest Income | 888 | 701 | 2,471 | 1,992 |
Provision for Loan Losses | 39 | 70 | ||
Net Interest Income After Provision for Loan Losses | 849 | 701 | 2,401 | 1,992 |
Noninterest Income | ||||
Service charges and fees | 97 | 72 | 270 | 213 |
Gain on sale of loans | 494 | 135 | 1,433 | 470 |
Gain (loss) on sale of foreclosed real estate, net | (15) | 7 | 15 | 21 |
Income from bank owned life insurance | 43 | 43 | 128 | 128 |
Loan servicing fees, net | 3 | (4) | 30 | 24 |
Other operating | (8) | 6 | 11 | 23 |
Total noninterest income | 614 | 259 | 1,887 | 879 |
Noninterest Expense | ||||
Salaries and employee benefits | 645 | 642 | 1,953 | 1,818 |
Occupancy and equipment | 99 | 119 | 298 | 351 |
Data processing fees | 134 | 112 | 378 | 314 |
Franchise taxes | 10 | 10 | 40 | 28 |
FDIC insurance premiums | 12 | 18 | 30 | 57 |
Insurance premiums | 9 | 10 | 29 | 34 |
Professional services | 101 | 59 | 352 | 311 |
Impairment losses and expenses of foreclosed real estate | 2 | 15 | 5 | |
Other | 158 | 177 | 420 | 413 |
Total noninterest expense | 1,170 | 1,147 | 3,515 | 3,331 |
Net Income (Loss) | $ 293 | $ (187) | $ 773 | $ (460) |
Earnings (loss) per share - basic (in dollars per share) | $ 0.45 | $ (0.29) | $ 1.19 | $ (0.71) |
Earnings (loss) per share - diluted (in dollars per share) | $ 0.45 | $ (0.29) | $ 1.19 | $ (0.71) |
Weighted average shares basic (in shares) | 648,230 | 644,247 | 647,617 | 644,247 |
Weighted average shares diluted (in shares) | 650,110 | 644,247 | 648,243 | 644,247 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Deferred Compensation, Share-based Payments [Member] | Retained Earnings [Member] | Maximum Cash Obligation Related to ESOP Shares [Member] | Total |
Balance at Dec. 31, 2016 | $ 7 | $ 5,761 | $ (501) | $ 9,302 | $ (73) | $ 14,496 |
Maximum cash obligation related to ESOP shares | (43) | (43) | ||||
ESOP shares earned | 3 | 20 | 23 | |||
Compensation expense related to restricted shares | 16 | 16 | ||||
Compensation expense related to stock options | 9 | 9 | ||||
Net income | 773 | 773 | ||||
Balance at Sep. 30, 2017 | $ 7 | $ 5,789 | $ (481) | $ 10,075 | $ (116) | $ 15,274 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities | ||||
Net income (loss) | $ 293,000 | $ (187,000) | $ 773,000 | $ (460,000) |
Items not requiring (providing) cash | ||||
Depreciation and amortization | 177,000 | 188,000 | ||
Provision for Loan Losses | 39,000 | 70,000 | ||
Deferred loan origination fees, costs, premiums, and discounts, net | (21,000) | (3,000) | ||
Gain on sale of loans | (494,000) | (135,000) | (1,433,000) | (470,000) |
Proceeds from sales of loans originated for sale | 20,337,000 | 10,906,000 | ||
Loans originated for sale | (19,418,000) | (10,607,000) | ||
Gain on sale of foreclosed real estate | 15,000 | (7,000) | (15,000) | (21,000) |
ESOP shares earned | 10,000 | 7,000 | 23,000 | 20,000 |
Compensation expense related to stock benefit plans | 25,000 | |||
Increase in cash surrender value of life insurance | (43,000) | (43,000) | (128,000) | (128,000) |
Changes in | ||||
Accrued interest receivable | (16,000) | 8,000 | ||
Prepaid expenses and other assets | 22,000 | (57,000) | ||
Other liabilities | 202,000 | 120,000 | ||
Net cash provided by (used in) operating activities | 598,000 | (524,000) | ||
Investing Activities | ||||
Net change in loans | (10,990,000) | (2,924,000) | ||
Net change in interest-earning time deposits | 248,000 | |||
Purchase of premises and equipment | (78,000) | (87,000) | ||
Proceeds from sale of foreclosed assets | 601,000 | 266,000 | ||
Net cash used in investing activities | (10,219,000) | (2,745,000) | ||
Financing Activities | ||||
Net increase in deposits | 22,763,000 | 5,815,000 | ||
Net change in federal funds purchased | (1,000,000) | |||
Net cash provided by financing activities | 21,763,000 | 5,815,000 | ||
Increase in Cash and Cash Equivalents | 12,142,000 | 2,546,000 | ||
Cash and Cash Equivalents, Beginning of Period | 9,857,000 | 8,810,000 | ||
Cash and Cash Equivalents, End of Period | $ 21,999,000 | $ 11,356,000 | 21,999,000 | 11,356,000 |
Supplemental Disclosure of Cash Flow Information | ||||
Interest on deposits and borrowings | $ 716,000 | $ 547,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: Basis of Presentation The accompanying condensed consolidated balance sheet of New Bancorp, Inc. (the Company) as of December 31, 2016, September 30, 2017 three nine September 30, 2017 2016, 10 10 X not December 31, 2016 10 10 In the opinion of management, all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of the unaudited financial statements have been included to present fairly the financial position as of September 30, 2017 three nine September 30, 2017 2016, nine September 30, 2017 2016. not three nine September 30, 2017 not Principles of Consolidation The consolidated financial s tatements include New Bancorp, Inc. and its wholly-owned subsidiary the New Buffalo Savings Bank (“the Bank”), together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. The conversion to stock form, including the formation of New Bancorp, Inc., was completed on October 19, 2015. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets and fair values of financial instruments. Reclassifications Certain reclassifications have been made to the December 31, 2016 September 30, 2017 no |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2: Securities The Company had no September 30, 2017 December 31, 2016. no nine September 30, 2017 2016. |
Note 3 - Loans and Allowance fo
Note 3 - Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 3: Loans and Allowance for Loan Losses The Company ’s loan and allowance for loan losses policies are as follows: Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoffs are reported at their outstanding principal balances adjusted for unearned income, charge-offs, the allowance for loan losses and any unamortized deferred fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid princip al balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on mortgage and commercial loans is discontinued at the time the loan is 90 in process of collection. Past-due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when ma nagement believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management ’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers nonclassified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may the allowance for pools of loans after an assessment of internal or external influences on credit quality that are not Classes of loans at September 30, 2017 December 31, 2016 September 30, December 31, 2017 2016 (Unaudited) (In thousands) Real estate loans Residential $ 42,639 $ 43,036 Commercial 41,196 32,175 Construction and land 9,890 9,543 Commercial business 2,027 383 Consumer and other 618 776 Total loans 96,370 85,913 Less: Net deferred loan fees, premiums and discounts (322 ) (70 ) Undisbursed loans in process (972 ) (1,772 ) Allowance for loan losses (1,127 ) (1,063 ) Net loans $ 93,949 $ 83,008 Residential Real Estate: 1 4 $4.5 $4.7 September 30, 2017 December 31, 2016, first second first Commercial Real Estate: Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Credit risk in these loans may Construction and Land: Construction and land loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may may Commercial Business : Consumer: The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Bank’s market area) and the creditworthiness of a borrower. The following table s present by portfolio segment, the activity in the allowance for loan losses for the three nine September 30, 2017 2016: For the Three Months Ended September 30, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Balance, July 1, 2017 $ 545 $ 442 $ 76 $ 15 $ 8 $ 1,086 Provision for loan losses - 39 - - - 39 Charge-offs - - - - - - Recoveries - 2 - - - 2 Balance, September 30, 2017 $ 545 $ 483 $ 76 $ 15 $ 8 $ 1,127 For the Nine Months ended September 30, 2017 Allowance for loan losses: Balance, January 1, 2017 $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 Provision (credit) for loan losses (99 ) 151 4 11 3 70 Charge-offs (12 ) (9 ) - - - (21 ) Recoveries - 15 - - - 15 Balance, September 30 , 2017 $ 545 $ 483 $ 76 $ 15 $ 8 $ 1,127 For the Three Months Ended September 30, 2016 Allowance for loan losses: (In thousands) Balance, July 1, 2016 $ 766 $ 331 $ 88 $ 6 $ 5 $ 1,196 Provision (credit) for loan losses (28 ) 40 (6 ) (2 ) (4 ) - Charge-offs (120 ) - - - - (120 ) Recoveries - - - - - - Balance, September 30, 2016 $ 618 $ 371 $ 82 $ 4 $ 1 $ 1,076 For the Nine Months Ended September 30, 2016 Allowance for loan losses: (In thousands) Balance, January 1, 2016 $ 648 $ 383 $ 102 $ 19 $ 3 $ 1,155 Provision (credit) for loan losses 90 (12 ) (61 ) (15 ) (2 ) - Charge-offs (120 ) - - - - (120 ) Recoveries - - 41 - - 41 Balance, September 30. 2016 $ 618 $ 371 $ 82 $ 4 $ 1 $ 1,076 The following tables present the balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of September 30, 2017 December 31, 2016: At September 30, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 545 $ 483 $ 76 $ 15 $ 8 $ 1,127 Loans: Ending balance $ 42,639 $ 41,196 $ 9,890 $ 2,027 $ 618 $ 96,370 Ending balance; individually evaluated for impairment $ 1,114 $ 34 $ 1,614 $ - $ - $ 2,762 Ending balance; collectively evaluated for impairment $ 41,525 $ 41,162 $ 8,204 $ 2,027 $ 618 $ 93,608 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 Loans: Ending balance $ 43,036 $ 32,175 $ 9,543 $ 383 $ 776 $ 85,913 Ending balance; individually evaluated for impairment $ 2,779 $ 533 $ 1,709 $ - $ - $ 5,021 Ending balance; collectively evaluated for impairment $ 40,257 $ 31,642 $ 7,834 $ 383 $ 776 $ 80,892 Internal Risk Categories The Bank has adopted a standard loan grading system for all loans. Loans are selected for a grading review based on certain characteristics, including concentrations of credit and upon delinquency of 90 Pass : not Special Mention /Watch not may Substandard : not may not may 90 Doubtful : These are loans with major defined weaknesses, where future charge-off of a part of the credit is highly likely. The primary repayment source is no not Loss : These are loans that represent near term charge-offs. Loans classified as loss are considered uncollectible and of such little value that it is not may The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2017 December 31, 2016: September 30, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 40,705 $ 40,674 $ 8,625 $ 2,027 $ 618 $ 92,649 Special mention/Watch 320 - - - - 320 Substandard 1,614 522 1,265 - - 3,401 Doubtful - - - - - - Total $ 42,639 $ 41,196 $ 9,890 $ 2,027 $ 618 $ 96,370 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 40,724 $ 31,677 $ 8,520 $ 348 $ 766 $ 82,035 Special mention/Watch 415 - - - 10 425 Substandard 1,897 498 1,023 35 - 3,453 Doubtful - - - - - - Total $ 43,036 $ 32,175 $ 9,543 $ 383 $ 776 $ 85,913 The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No The following tables present the Company’s loan portfolio aging analysis of the recorded investment in loans as of September 30, 2017 December 31, 2016: September 30, 2017 (Unaudited) Greater Total Loans > 30-59 Days 60-89 Days Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real estate Residential $ 132 $ 96 $ - $ 228 $ 42,411 $ 42,639 $ - Commercial - - - - 41,196 41,196 - Construction and land - - - - 9,890 9,890 - Commercial business - - - - 2,027 2,027 - Consumer - - - - 618 618 - Total $ 132 $ 96 $ - $ 228 $ 96,142 $ 96,370 $ - December 31, 2016 Greater Total Loans > 30-59 Days 60-89 Days Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real estate Residential $ 194 $ - $ 327 $ 521 $ 42,515 $ 43,036 $ - Commercial - - 4 4 32,171 32,175 - Construction and land - - - - 9,543 9,543 - Commercial business - - - - 383 383 - Consumer - - - - 776 776 Total $ 194 $ - $ 331 $ 525 $ 85,388 $ 85,913 $ - A loan is considered impaired, when based on current information and events, it is probable the Bank will be unable to collect all amounts due from the borrower in accordance with the contractual terms of the loan. Impaired loans include nonperforming multi-family and commercial loans but also include loans modified in troubled debt restructurings. The following table s present impaired loans as of September 30, 2017 three nine September 30, 2017 2016: As of For the Three Months Ended September 30, 2017 September 30, 2017 September 30, 2016 Average Average Unpaid Balance of Interest Balance of Interest Recorded Balance Principal Balance Specific Allowance Impaired Loans Income Recognized Impaired Loans Income Recognized (Unaudited) (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 1,114 $ 1,177 $ - $ 1,122 $ 16 $ 1,655 $ 11 Commercial 34 34 - 34 1 237 2 Construction and land 1,614 1,681 - 1,630 23 1,539 22 Commercial business - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - - - Commercial - - - - - - - Construction and land - - - - - - - Commercial business - - - - - - - Consumer - - - - - - - Totals $ 2,762 $ 2,892 $ - $ 2,786 $ 40 $ 3,431 $ 35 For the nine Months Ended As of and for the nine months ended September 30, 2017 September 30, 2016 Recorded Balance Unpaid Principal Balance Specific Allowance Average Balance of Impaired Loans Interest Income Recognized Average Balance of Impaired Loans Interest Income Recognized (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 1,047 $ 1,177 $ - $ 2,134 $ 53 $ 1,631 $ 39 Commercial 34 34 - 149 1 236 10 Construction and land 1,681 1,681 - 1,672 70 1,639 64 Commercial business - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - - - Commercial - - - - - - - Construction and land - - - - - - - Commercial business - - - - - - - Consumer - - - - - - - Totals $ 2,762 $ 2,892 $ - $ 3,955 $ 124 $ 3,506 $ 113 The following table presents impaired loans as of December 31, 2016: As of December 31, 2016 Recorded Balance Unpaid Principal Balance Specific Allowance (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 2,779 $ 2,936 $ - Commercial 533 560 - Construction and land 1,709 1,709 - Commercial business - - - Consumer - - - Loans with a specific valuation allowance: Real estate Residential - - - Commercial - - - Construction and land - - - Commercial business - - - Consumer - - - Totals $ 5,021 $ 5,205 $ - The following table presents the Company’s nonaccrual loans at September 30, 2017 December 31, 2016. September 30, December 31, 2017 2016 (In thousands) Real estate loans Residential $ 444 $ 614 Commercial - 4 Construction and land - - Commercial business - - Consumer and other - - Total nonaccrual $ 444 $ 618 At September 30, 2017 ( December 31, 2016, one During the three and nine September 30, 2017 2016, no The Company had no twelve September 30, 2017 2016 30 In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Bank’s internal underwriting policy. As of September 30, 2017 no oreclosed real estate held for sale and at December 31, 2016 no September 30, 2017 $323,000 December 31, 2016. |
Note 4 - Regulatory Matters
Note 4 - Regulatory Matters | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 4: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory- and possibly additional discretionary- actions by regulators that, if undertaken, could have a direct material effect on the Bank ’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not At September 30, 2017 December 31, 2016, 1 1 1 Basel III was effective for the Company on January 1, 2015. 1 1 zero 2.50 2019. regulatory capital. Management believes, as of September 30, 2017 ( December 31, 2016, As of September 30, 2017 ( December 31, 2016, no The Bank ’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2017 Total Capital (to Risk-Weighted Assets) $ 15,036 17.3 % $ 6,936 8.0 % $ 8,670 10.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 13,952 16.1 % $ 5,202 6.0 % $ 6,936 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 13,952 16.1 % $ 3,902 4.5 % $ 5,636 6.5 % Tier I Leverage Capital (to Average Total Assets) $ 13,952 11.0 % $ 5,082 4.0 % $ 6,352 5.0 % As of December 31, 2016 Total Capital (to Risk-Weighted Assets) $ 13,943 17.6 % $ 6,327 8.0 % $ 7,908 10.0 % Tier I Capital (to Risk-Weighted Assets) $ 12,954 16.4 % $ 4,745 6.0 % $ 6,327 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 12,954 16.4 % $ 3,559 4.5 % $ 5,140 6.5 % Tier I Leverage Capital (to Average Total Assets) $ 12,954 12.9 % $ 4,024 4.0 % $ 5,030 5.0 % |
Note 5 - Disclosures About Fair
Note 5 - Disclosures About Fair Value of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 5: Disclosures about Fair Value of Assets and Liabilities Fair value is the exchange price that would be received to sell 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 at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three may Level 1 Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 Significant other observable inputs other than Level 1 not Level 3 Significant unobservable inputs that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Nonrecurring Measurements The Company had no September 30, 2017. The following table presents fair value measurements of assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy in which fair value measurements fall at December 31, 2016: Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) December 31, 2016 Impaired loans, collateral dependent $ 232 $ - $ - $ 232 Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 Collateral-dependent Impaired Loans The estimated fair value of collateral-dependent impaired loans is based on the appraised fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 The Bank considers the appraisal or evaluation as the starting point for determining fair value and then considers other factors and events in the environment that may . Appraisals are reviewed for accuracy and consistency by management. Appraisers are selected from the list of approved appraisers maintained by management. The appraised values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts and estimates are developed by management by comparison to historical results. Unobservable (Level 3 The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 Fair Value Valuation Technique Unobservable Inputs Range (In thousands) December 31, 2016 Impaired loans (collateral dependent) $ 232 Marketable comparable properties Marketability discount 10% - 15% Fair Value of Financial Instruments The following table presents the estimated fair values of the Company’s financial instruments not September 30, 2017 December 31, 2016. Fair Value Measurement Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) September 30, 2017 Financial assets Cash and due from banks $ 1,318 $ 1,318 $ 1,318 $ - $ - Interest-earning demand deposits 2,440 2,440 2,440 - - Federal funds sold 18,241 18,241 18,241 - - Interest-earning time deposits in banks 744 744 - 744 - Loans, net 93,949 93,534 - - 93,534 Federal Home Loan Bank stock 468 468 - 468 - Accrued interest receivable 219 220 220 - - Servicing rights 952 952 - - 952 Financial liabilities Deposits 99,604 99,756 58,977 40,779 - Advances from the Federal Home Loan Bank 10,027 10,092 - 10,092 - Accrued interest payable 15 15 15 - - December 31, 2016 Financial assets Cash and due from banks $ 1,419 $ 1,419 $ 1,419 $ - $ - Interest-earning demand deposits 8,438 8,438 8,438 - - Interest-earning time deposits in banks 992 992 - 992 - Loans, net 83,008 83,538 - - 83,538 Federal Home Loan Bank stock 468 468 - 468 - Accrued interest receivable 203 203 203 - - Servicing rights 483 483 - - 483 Financial liabilities Deposits 76,841 77,104 45,080 32,024 - Federal funds purchased 1,000 1,000 1,000 - - Advances from the Federal Home Loan Bank 10,027 10,120 - 10,120 - Accrued interest payable 7 7 7 - - The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value. Cash and Due from Banks, Interest-earning Demand Deposits and Federal Funds Sold The carrying amount approximates fair value. Interest-earning Time Deposits in Banks The carrying amount approximates fair value. Loans Fair value is estimated by discounting the future cash flows using the market rates at which similar notes would be made to borrowers with similar credit ratings and for the same remaining maturities. The market rates used are based on current rates the Bank would impose for similar loans and reflect a market participant assumption about risks associated with nonperformance, illiquidity, and the structure and term of the loans along with local economic and market conditions. Federal Home Loan Bank Stock Fair value is estimated at book value due to restrictions that limit the sale or transfer of such securities. Accrued Interest Receivable and Payable The carrying amount approximates fair value. The carrying amount is determined using the interest rate, balance and last payment date. Servicing Rights S ervicing rights do not Deposits Fair value of term deposits is estimated by discounting the future cash flows using rates of similar deposits with similar maturities. The market rates used were obtained from a knowledgeable independent third Bank. The rates were the average of current rates offered by local competitors of the Bank. The estimated fair val ue of demand, NOW, savings and money market deposits is the book value since rates are regularly adjusted to market rates and amounts are payable on demand at the reporting date. Federal Funds Purchased The carrying amount approximates fair value. F ederal Home Loan Bank Advances Fair value is estimated by discounting the future cash flows using rates of similar advances with similar maturities. These rates were obtained from current rates offered by the Federal Home Loan Bank. Commitments to Originate Loans, Letters of Credit and Lines of Credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. |
Note 6 - Recent Accounting Pron
Note 6 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 6: Recent Accounting Pronouncements The Company is an emerging growth company and as such will be subject to the effective dates noted for the private companies if they differ from the effective dates noted for public companies. FASB ASU 2014 09, In May 2014, Accounting Standards Update (ASU) 2014 09, March, 2016 2016 08, April 2016, 2016 10, May 2016, 2016 12, The amended guidance is effective , as to the Company, for annual reporting periods beginning after December 15, 2018, December 15, 2019, FASB ASU 2016 01, In January 2016, FASB issued ASU 2016 01, The amendments in this update are effective, as to the Company, for fiscal years beginning after December 15, 2017 , including interim periods within those fiscal years. Early adoption of the amendments in this update is not not not No. 2016 01 not FASB ASU 2016 02, In February 2016 FASB issued ASU 2016 02, ● A lease liability, which is a lessee ‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and ● A right-of-use asset, which is an asset that represents the lessee ’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, “Revenue from Contracts with Customers”. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no The amendments in ASU 2016 02 December 15, 2019, January 1, 2020. not may not FASB ASU 2016 09 , Share-Based Payments . In March 2016, Additionally, the guidance simplifies two one December 15, 2016 not FASB ASU 2016 13, – Credit Losses In June 2016, 2016 13, methodology that reflects expected credit losses over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. ASU No. 2016 13 No. 2016 13 December 15, 2019, No. 2016 13 may |
Note 7 - Earnings (Loss) Per Sh
Note 7 - Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7: Earnings (Loss) Per Share Basic earnings (loss) per share is calculated by dividing net income (loss) applicable to common stock by the weighted-average number of shares of common stock outstanding during the period. Unallocated common shares held by the Company’s Employee Stock Ownership Plan (the “ESOP”) are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for basic and diluted earnings (loss) per share calculations until they are committed to be released. Calculations of e arnings per share for the three nine September 30, 2017 Three Months Ended September 30, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 293 Basic earnings per share 648,230 $ 0.45 Effect of dilutive securities Restricted stock awards 1,880 Diluted earnings per share 650,110 $ 0.45 Nine Months Ended September 30, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 773 Basic earnings per share 647,617 $ 1.19 Effect of dilutive securities Restricted stock awards 627 Diluted earnings per share 648,243 $ 1.19 Basic earnings per share for the three nine September 30, 2017 $0.45 $1.19, three nine 719,531 704,412 48,754 three and nine September 30, 2016 $0.29 $0.71, 696,600 52,353 respective period. The Company had no September 30, 2016. |
Note 8 - Employee Stock Ownersh
Note 8 - Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 8: Employee Stock Ownership Plan As part of the Company ’s stock conversion, shares were purchased by the ESOP with a loan from New Bancorp. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. Compensation expense related to the ESOP was $10,000 $23,000 three nine September 30, 2017, $7,000 $20,000 for the three nine September 30, 2016, The stock price at the formation date was $10.00. 47,681 $763,000 $16.00 September 30, 2017. |
Note 9 - Equity Incentive Plan
Note 9 - Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9: Equity Incentive Plan In June 2017, ’s stockholders authorized the adoption of the New Bancorp, Inc. 2017 “2017 No 97,524 may 2017 69,660 may 27,864 may may may may 2017 2017 Awards may Stock options and restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the 2017 On June 30, 2017, 22,931 60,080 shares, respectively, to members of the Board of Directors and to certain members of management. The awards vest over a five ten $14.09 10 Stock Options The table below represents the stock option activity for the period shown: Remaining Weighted-average contractual Options exercise price life (years) Options outstanding at January 1, 2017 - $ - - Granted 60,080 14.09 10.0 Exercised - - - Forfeited - - - Expired - - - Options outstanding at September 30, 2017 60,080 $ 14.09 9.8 As of September 30, 2017, $175,000 The cost of stock options will be amortized over the five 2017 $2.87 $9,000 three nine September 30, 2017. The fair value of the Company's stock options granted in 2017 The following assumptions were used in the formula: Expected volatility 13.87 % Risk-free interest rate 2.18 % Expected dividend yield - Expected life (in years) 7 Exercise price for the stock options $ 14.09 The e xpected volatility was based on the historical volatility of share price for the Company. The risk-free interest rate was based on the U.S. Treasury yield curve and expected life of the options at the time of grant. The dividend yield was 0.00% not five ten Restricted Shares Restricted shares are accounted for as fixed grants using the fair value of the Company's stock at the time of the grant. Unvested restricted shares may not The table below presents the restricted stock award activity for the period shown: Weighted-average Restricted grant date stock awards fair value Non-vested at January 1, 2017 - $ - Granted 22,931 14.09 Vested - - Forfeited - - Nonvested at September 30, 2017 22,931 $ 14.09 As of September 30, 2017, $307,000 The cost of the restricted shares will be amortized over the five $16,000 three nine September 30, 2017. |
Note 10 - Change in Corporate F
Note 10 - Change in Corporate Form | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Change in Corporate Form [Text Block] | Note 10: Change in Corporate Form On October 19, 2015, Bank converted into a federal stock savings bank and established a stock holding company, New Bancorp, Inc., as parent of the Bank. The Bank converted to the stock form of ownership, followed by the issuance of all of the Bank ’s outstanding stock to New Bancorp, Inc. The Bank became the wholly owned subsidiary of the Company, and the Company issued and sold shares of its capital stock pursuant to an independent valuation appraisal of the Bank and the Company. The stock was priced at $10.00 8% October 19, 2015 696,600 $1.2 In accordance with OCC regulations, at the time of the Conversion, the Bank substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible holders who continue to maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not ’s interest in the liquidation account. In the event of a complete liquidation of the Bank, and only in such event, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not The conversion was accounted for as a change in corporate form with the historic basis of the Bank ’s assets, liabilities and equity unchanged as a result. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial s tatements include New Bancorp, Inc. and its wholly-owned subsidiary the New Buffalo Savings Bank (“the Bank”), together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. The conversion to stock form, including the formation of New Bancorp, Inc., was completed on October 19, 2015. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, valuation of deferred tax assets and fair values of financial instruments. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the December 31, 2016 September 30, 2017 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company is an emerging growth company and as such will be subject to the effective dates noted for the private companies if they differ from the effective dates noted for public companies. FASB ASU 2014 09, In May 2014, Accounting Standards Update (ASU) 2014 09, March, 2016 2016 08, April 2016, 2016 10, May 2016, 2016 12, The amended guidance is effective , as to the Company, for annual reporting periods beginning after December 15, 2018, December 15, 2019, FASB ASU 2016 01, In January 2016, FASB issued ASU 2016 01, The amendments in this update are effective, as to the Company, for fiscal years beginning after December 15, 2017 , including interim periods within those fiscal years. Early adoption of the amendments in this update is not not not No. 2016 01 not FASB ASU 2016 02, In February 2016 FASB issued ASU 2016 02, ● A lease liability, which is a lessee ‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and ● A right-of-use asset, which is an asset that represents the lessee ’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, “Revenue from Contracts with Customers”. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Lessees will no The amendments in ASU 2016 02 December 15, 2019, January 1, 2020. not may not FASB ASU 2016 09 , Share-Based Payments . In March 2016, Additionally, the guidance simplifies two one December 15, 2016 not FASB ASU 2016 13, – Credit Losses In June 2016, 2016 13, methodology that reflects expected credit losses over the life of the loan and requires consideration of a broader range of reasonable and supportable information to calculate credit loss estimates. ASU No. 2016 13 No. 2016 13 December 15, 2019, No. 2016 13 may |
Note 3 - Loans and Allowance 18
Note 3 - Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2017 2016 (Unaudited) (In thousands) Real estate loans Residential $ 42,639 $ 43,036 Commercial 41,196 32,175 Construction and land 9,890 9,543 Commercial business 2,027 383 Consumer and other 618 776 Total loans 96,370 85,913 Less: Net deferred loan fees, premiums and discounts (322 ) (70 ) Undisbursed loans in process (972 ) (1,772 ) Allowance for loan losses (1,127 ) (1,063 ) Net loans $ 93,949 $ 83,008 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | For the Three Months Ended September 30, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Balance, July 1, 2017 $ 545 $ 442 $ 76 $ 15 $ 8 $ 1,086 Provision for loan losses - 39 - - - 39 Charge-offs - - - - - - Recoveries - 2 - - - 2 Balance, September 30, 2017 $ 545 $ 483 $ 76 $ 15 $ 8 $ 1,127 For the Nine Months ended September 30, 2017 Allowance for loan losses: Balance, January 1, 2017 $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 Provision (credit) for loan losses (99 ) 151 4 11 3 70 Charge-offs (12 ) (9 ) - - - (21 ) Recoveries - 15 - - - 15 Balance, September 30 , 2017 $ 545 $ 483 $ 76 $ 15 $ 8 $ 1,127 For the Three Months Ended September 30, 2016 Allowance for loan losses: (In thousands) Balance, July 1, 2016 $ 766 $ 331 $ 88 $ 6 $ 5 $ 1,196 Provision (credit) for loan losses (28 ) 40 (6 ) (2 ) (4 ) - Charge-offs (120 ) - - - - (120 ) Recoveries - - - - - - Balance, September 30, 2016 $ 618 $ 371 $ 82 $ 4 $ 1 $ 1,076 For the Nine Months Ended September 30, 2016 Allowance for loan losses: (In thousands) Balance, January 1, 2016 $ 648 $ 383 $ 102 $ 19 $ 3 $ 1,155 Provision (credit) for loan losses 90 (12 ) (61 ) (15 ) (2 ) - Charge-offs (120 ) - - - - (120 ) Recoveries - - 41 - - 41 Balance, September 30. 2016 $ 618 $ 371 $ 82 $ 4 $ 1 $ 1,076 At September 30, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 545 $ 483 $ 76 $ 15 $ 8 $ 1,127 Loans: Ending balance $ 42,639 $ 41,196 $ 9,890 $ 2,027 $ 618 $ 96,370 Ending balance; individually evaluated for impairment $ 1,114 $ 34 $ 1,614 $ - $ - $ 2,762 Ending balance; collectively evaluated for impairment $ 41,525 $ 41,162 $ 8,204 $ 2,027 $ 618 $ 93,608 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 Loans: Ending balance $ 43,036 $ 32,175 $ 9,543 $ 383 $ 776 $ 85,913 Ending balance; individually evaluated for impairment $ 2,779 $ 533 $ 1,709 $ - $ - $ 5,021 Ending balance; collectively evaluated for impairment $ 40,257 $ 31,642 $ 7,834 $ 383 $ 776 $ 80,892 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 40,705 $ 40,674 $ 8,625 $ 2,027 $ 618 $ 92,649 Special mention/Watch 320 - - - - 320 Substandard 1,614 522 1,265 - - 3,401 Doubtful - - - - - - Total $ 42,639 $ 41,196 $ 9,890 $ 2,027 $ 618 $ 96,370 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 40,724 $ 31,677 $ 8,520 $ 348 $ 766 $ 82,035 Special mention/Watch 415 - - - 10 425 Substandard 1,897 498 1,023 35 - 3,453 Doubtful - - - - - - Total $ 43,036 $ 32,175 $ 9,543 $ 383 $ 776 $ 85,913 |
Past Due Financing Receivables [Table Text Block] | September 30, 2017 (Unaudited) Greater Total Loans > 30-59 Days 60-89 Days Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real estate Residential $ 132 $ 96 $ - $ 228 $ 42,411 $ 42,639 $ - Commercial - - - - 41,196 41,196 - Construction and land - - - - 9,890 9,890 - Commercial business - - - - 2,027 2,027 - Consumer - - - - 618 618 - Total $ 132 $ 96 $ - $ 228 $ 96,142 $ 96,370 $ - December 31, 2016 Greater Total Loans > 30-59 Days 60-89 Days Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real estate Residential $ 194 $ - $ 327 $ 521 $ 42,515 $ 43,036 $ - Commercial - - 4 4 32,171 32,175 - Construction and land - - - - 9,543 9,543 - Commercial business - - - - 383 383 - Consumer - - - - 776 776 Total $ 194 $ - $ 331 $ 525 $ 85,388 $ 85,913 $ - |
Impaired Financing Receivables [Table Text Block] | As of For the Three Months Ended September 30, 2017 September 30, 2017 September 30, 2016 Average Average Unpaid Balance of Interest Balance of Interest Recorded Balance Principal Balance Specific Allowance Impaired Loans Income Recognized Impaired Loans Income Recognized (Unaudited) (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 1,114 $ 1,177 $ - $ 1,122 $ 16 $ 1,655 $ 11 Commercial 34 34 - 34 1 237 2 Construction and land 1,614 1,681 - 1,630 23 1,539 22 Commercial business - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - - - Commercial - - - - - - - Construction and land - - - - - - - Commercial business - - - - - - - Consumer - - - - - - - Totals $ 2,762 $ 2,892 $ - $ 2,786 $ 40 $ 3,431 $ 35 For the nine Months Ended As of and for the nine months ended September 30, 2017 September 30, 2016 Recorded Balance Unpaid Principal Balance Specific Allowance Average Balance of Impaired Loans Interest Income Recognized Average Balance of Impaired Loans Interest Income Recognized (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 1,047 $ 1,177 $ - $ 2,134 $ 53 $ 1,631 $ 39 Commercial 34 34 - 149 1 236 10 Construction and land 1,681 1,681 - 1,672 70 1,639 64 Commercial business - - - - - - - Consumer - - - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - - - Commercial - - - - - - - Construction and land - - - - - - - Commercial business - - - - - - - Consumer - - - - - - - Totals $ 2,762 $ 2,892 $ - $ 3,955 $ 124 $ 3,506 $ 113 As of December 31, 2016 Recorded Balance Unpaid Principal Balance Specific Allowance (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 2,779 $ 2,936 $ - Commercial 533 560 - Construction and land 1,709 1,709 - Commercial business - - - Consumer - - - Loans with a specific valuation allowance: Real estate Residential - - - Commercial - - - Construction and land - - - Commercial business - - - Consumer - - - Totals $ 5,021 $ 5,205 $ - |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | September 30, December 31, 2017 2016 (In thousands) Real estate loans Residential $ 444 $ 614 Commercial - 4 Construction and land - - Commercial business - - Consumer and other - - Total nonaccrual $ 444 $ 618 |
Note 4 - Regulatory Matters (Ta
Note 4 - Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2017 Total Capital (to Risk-Weighted Assets) $ 15,036 17.3 % $ 6,936 8.0 % $ 8,670 10.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 13,952 16.1 % $ 5,202 6.0 % $ 6,936 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 13,952 16.1 % $ 3,902 4.5 % $ 5,636 6.5 % Tier I Leverage Capital (to Average Total Assets) $ 13,952 11.0 % $ 5,082 4.0 % $ 6,352 5.0 % As of December 31, 2016 Total Capital (to Risk-Weighted Assets) $ 13,943 17.6 % $ 6,327 8.0 % $ 7,908 10.0 % Tier I Capital (to Risk-Weighted Assets) $ 12,954 16.4 % $ 4,745 6.0 % $ 6,327 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 12,954 16.4 % $ 3,559 4.5 % $ 5,140 6.5 % Tier I Leverage Capital (to Average Total Assets) $ 12,954 12.9 % $ 4,024 4.0 % $ 5,030 5.0 % |
Note 5 - Disclosures About Fa20
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurement Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) December 31, 2016 Impaired loans, collateral dependent $ 232 $ - $ - $ 232 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value Valuation Technique Unobservable Inputs Range (In thousands) December 31, 2016 Impaired loans (collateral dependent) $ 232 Marketable comparable properties Marketability discount 10% - 15% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurement Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) September 30, 2017 Financial assets Cash and due from banks $ 1,318 $ 1,318 $ 1,318 $ - $ - Interest-earning demand deposits 2,440 2,440 2,440 - - Federal funds sold 18,241 18,241 18,241 - - Interest-earning time deposits in banks 744 744 - 744 - Loans, net 93,949 93,534 - - 93,534 Federal Home Loan Bank stock 468 468 - 468 - Accrued interest receivable 219 220 220 - - Servicing rights 952 952 - - 952 Financial liabilities Deposits 99,604 99,756 58,977 40,779 - Advances from the Federal Home Loan Bank 10,027 10,092 - 10,092 - Accrued interest payable 15 15 15 - - December 31, 2016 Financial assets Cash and due from banks $ 1,419 $ 1,419 $ 1,419 $ - $ - Interest-earning demand deposits 8,438 8,438 8,438 - - Interest-earning time deposits in banks 992 992 - 992 - Loans, net 83,008 83,538 - - 83,538 Federal Home Loan Bank stock 468 468 - 468 - Accrued interest receivable 203 203 203 - - Servicing rights 483 483 - - 483 Financial liabilities Deposits 76,841 77,104 45,080 32,024 - Federal funds purchased 1,000 1,000 1,000 - - Advances from the Federal Home Loan Bank 10,027 10,120 - 10,120 - Accrued interest payable 7 7 7 - - |
Note 7 - Earnings (Loss) Per 21
Note 7 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 293 Basic earnings per share 648,230 $ 0.45 Effect of dilutive securities Restricted stock awards 1,880 Diluted earnings per share 650,110 $ 0.45 Nine Months Ended September 30, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 773 Basic earnings per share 647,617 $ 1.19 Effect of dilutive securities Restricted stock awards 627 Diluted earnings per share 648,243 $ 1.19 |
Note 9 - Equity Incentive Plan
Note 9 - Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Remaining Weighted-average contractual Options exercise price life (years) Options outstanding at January 1, 2017 - $ - - Granted 60,080 14.09 10.0 Exercised - - - Forfeited - - - Expired - - - Options outstanding at September 30, 2017 60,080 $ 14.09 9.8 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 13.87 % Risk-free interest rate 2.18 % Expected dividend yield - Expected life (in years) 7 Exercise price for the stock options $ 14.09 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted-average Restricted grant date stock awards fair value Non-vested at January 1, 2017 - $ - Granted 22,931 14.09 Vested - - Forfeited - - Nonvested at September 30, 2017 22,931 $ 14.09 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Available-for-sale Securities | $ 0 | $ 0 | |
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 0 |
Note 3 - Loans and Allowance 24
Note 3 - Loans and Allowance for Loan Losses (Details Textual) xbrli-pure in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016 | Sep. 30, 2017USD ($) | Sep. 30, 2016 | Dec. 31, 2016USD ($) | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 0 | 0 | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 0 | $ 323,000 | ||
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 4,500,000 | $ 4,500,000 | $ 4,700,000 |
Note 3 - Loans and Allowance 25
Note 3 - Loans and Allowance for Loan Losses - Classes of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Loans | $ 96,370 | $ 85,913 | ||||
Net deferred loan fees, premiums and discounts | (322) | (70) | ||||
Undisbursed loans in process | (972) | (1,772) | ||||
Allowance for loan losses | (1,127) | $ (1,086) | (1,063) | $ (1,076) | $ (1,196) | $ (1,155) |
Net loans | 93,949 | 83,008 | ||||
Residential Portfolio Segment [Member] | ||||||
Loans | 42,639 | 43,036 | ||||
Allowance for loan losses | (545) | (545) | (656) | (618) | (766) | (648) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans | 41,196 | 32,175 | ||||
Allowance for loan losses | (483) | (442) | (326) | (371) | (331) | (383) |
Construction and Land Real Estate [Member] | ||||||
Loans | 9,890 | 9,543 | ||||
Allowance for loan losses | (76) | (76) | (72) | (82) | (88) | (102) |
Commercial Portfolio Segment [Member] | ||||||
Loans | 2,027 | 383 | ||||
Allowance for loan losses | (15) | (15) | (4) | (4) | (6) | (19) |
Consumer Portfolio Segment [Member] | ||||||
Loans | 618 | 776 | ||||
Allowance for loan losses | $ (8) | $ (8) | $ (5) | $ (1) | $ (5) | $ (3) |
Note 3 - Loans and Allowance 26
Note 3 - Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses and Recorded Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Balance | $ 1,086 | $ 1,196 | $ 1,063 | $ 1,155 | |
Provision (credit) for loan losses | 39 | 70 | |||
Charge-offs | (120) | (21) | (120) | ||
Recoveries | 2 | 15 | 41 | ||
Balance | 1,127 | 1,076 | 1,127 | 1,076 | |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 1,127 | 1,127 | 1,063 | ||
Loans | 96,370 | 96,370 | 85,913 | ||
Loans; individually evaluated for impairment | 2,762 | 2,762 | 5,021 | ||
Loans; collectively evaluated for impairment | 93,608 | 93,608 | 80,892 | ||
Residential Portfolio Segment [Member] | |||||
Balance | 545 | 766 | 656 | 648 | |
Provision (credit) for loan losses | (28) | (99) | 90 | ||
Charge-offs | (120) | (12) | (120) | ||
Recoveries | |||||
Balance | 545 | 618 | 545 | 618 | |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 545 | 545 | 656 | ||
Loans | 42,639 | 42,639 | 43,036 | ||
Loans; individually evaluated for impairment | 1,114 | 1,114 | 2,779 | ||
Loans; collectively evaluated for impairment | 41,525 | 41,525 | 40,257 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Balance | 442 | 331 | 326 | 383 | |
Provision (credit) for loan losses | 39 | 40 | 151 | (12) | |
Charge-offs | (9) | ||||
Recoveries | 2 | 15 | |||
Balance | 483 | 371 | 483 | 371 | |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 483 | 483 | 326 | ||
Loans | 41,196 | 41,196 | 32,175 | ||
Loans; individually evaluated for impairment | 34 | 34 | 533 | ||
Loans; collectively evaluated for impairment | 41,162 | 41,162 | 31,642 | ||
Construction and Land Real Estate [Member] | |||||
Balance | 76 | 88 | 72 | 102 | |
Provision (credit) for loan losses | (6) | 4 | (61) | ||
Charge-offs | |||||
Recoveries | 41 | ||||
Balance | 76 | 82 | 76 | 82 | |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 76 | 76 | 72 | ||
Loans | 9,890 | 9,890 | 9,543 | ||
Loans; individually evaluated for impairment | 1,614 | 1,614 | 1,709 | ||
Loans; collectively evaluated for impairment | 8,204 | 8,204 | 7,834 | ||
Commercial Portfolio Segment [Member] | |||||
Balance | 15 | 6 | 4 | 19 | |
Provision (credit) for loan losses | (2) | 11 | (15) | ||
Charge-offs | |||||
Recoveries | |||||
Balance | 15 | 4 | 15 | 4 | |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 15 | 15 | 4 | ||
Loans | 2,027 | 2,027 | 383 | ||
Loans; individually evaluated for impairment | |||||
Loans; collectively evaluated for impairment | 2,027 | 2,027 | 383 | ||
Consumer Portfolio Segment [Member] | |||||
Balance | 8 | 5 | 5 | 3 | |
Provision (credit) for loan losses | (4) | 3 | (2) | ||
Charge-offs | |||||
Recoveries | |||||
Balance | 8 | $ 1 | 8 | $ 1 | |
Allowance for loan losses, individually evaluated for impairment | |||||
Allowance for loan losses, collectively evaluated for impairment | 8 | 8 | 5 | ||
Loans | 618 | 618 | 776 | ||
Loans; individually evaluated for impairment | |||||
Loans; collectively evaluated for impairment | $ 618 | $ 618 | $ 776 |
Note 3 - Loans and Allowance 27
Note 3 - Loans and Allowance for Loan Losses - Credit Risk Profile Based on Internal Rating Category (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loans | $ 96,370 | $ 85,913 |
Residential Portfolio Segment [Member] | ||
Loans | 42,639 | 43,036 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 41,196 | 32,175 |
Construction and Land Real Estate [Member] | ||
Loans | 9,890 | 9,543 |
Commercial Portfolio Segment [Member] | ||
Loans | 2,027 | 383 |
Consumer Portfolio Segment [Member] | ||
Loans | 618 | 776 |
Pass [Member] | ||
Loans | 92,649 | 82,035 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans | 40,705 | 40,724 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 40,674 | 31,677 |
Pass [Member] | Construction and Land Real Estate [Member] | ||
Loans | 8,625 | 8,520 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 2,027 | 348 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 618 | 766 |
Special Mention [Member] | ||
Loans | 320 | 425 |
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans | 320 | 415 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | Construction and Land Real Estate [Member] | ||
Loans | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 10 | |
Substandard [Member] | ||
Loans | 3,401 | 3,453 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans | 1,614 | 1,897 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 522 | 498 |
Substandard [Member] | Construction and Land Real Estate [Member] | ||
Loans | 1,265 | 1,023 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 35 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | ||
Loans | ||
Doubtful [Member] | Residential Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Construction and Land Real Estate [Member] | ||
Loans | ||
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans |
Note 3 - Loans and Allowance 28
Note 3 - Loans and Allowance for Loan Losses - Aging Analysis of the Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loans past due | $ 228 | $ 525 |
Current | 96,142 | 85,388 |
Loans | 96,370 | 85,913 |
90 days past due and still accruing | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 132 | 194 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 96 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 331 | |
Residential Portfolio Segment [Member] | ||
Loans past due | 228 | 521 |
Current | 42,411 | 42,515 |
Loans | 42,639 | 43,036 |
90 days past due and still accruing | ||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 132 | 194 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 96 | |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 327 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans past due | 4 | |
Current | 41,196 | 32,171 |
Loans | 41,196 | 32,175 |
90 days past due and still accruing | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 4 | |
Construction and Land Real Estate [Member] | ||
Loans past due | ||
Current | 9,890 | 9,543 |
Loans | 9,890 | 9,543 |
90 days past due and still accruing | ||
Construction and Land Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | ||
Construction and Land Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Construction and Land Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | ||
Loans past due | ||
Current | 2,027 | 383 |
Loans | 2,027 | 383 |
90 days past due and still accruing | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | ||
Loans past due | ||
Current | 618 | 776 |
Loans | 618 | 776 |
90 days past due and still accruing | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due |
Note 3 - Loans and Allowance 29
Note 3 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Recorded balance | $ 2,762 | $ 2,762 | $ 5,021 | ||
Unpaid principal balance | 2,892 | 2,892 | 5,205 | ||
Specific allowance | |||||
Average balance of impaired loans | 2,786 | $ 3,431 | 3,955 | $ 3,506 | |
Interest income recognized | 40 | 35 | 124 | 113 | |
Residential Portfolio Segment [Member] | |||||
Recorded balance, with no valuation allowance | 1,114 | 1,114 | 2,779 | ||
Unpaid principal balance, with no valuation allowance | 1,177 | 1,177 | 2,936 | ||
Average balance of impaired loans, with no valuation allowance | 1,122 | 1,655 | 2,134 | 1,631 | |
Interest income recognized, with no valuation allowance | 16 | 11 | 53 | 39 | |
Recorded balance, with a valuation allowance | |||||
Unpaid principal balance, with a valuation allowance | |||||
Average balance of impaired loans, with a valuation allowance | |||||
Interest income recognized, with a valuation allowance | |||||
Commercial Real Estate Portfolio Segment [Member] | |||||
Recorded balance, with no valuation allowance | 34 | 34 | 533 | ||
Unpaid principal balance, with no valuation allowance | 34 | 34 | 560 | ||
Average balance of impaired loans, with no valuation allowance | 34 | 237 | 149 | 236 | |
Interest income recognized, with no valuation allowance | 1 | 2 | 1 | 10 | |
Recorded balance, with a valuation allowance | |||||
Unpaid principal balance, with a valuation allowance | |||||
Average balance of impaired loans, with a valuation allowance | |||||
Interest income recognized, with a valuation allowance | |||||
Construction and Land Real Estate [Member] | |||||
Recorded balance, with no valuation allowance | 1,614 | 1,614 | 1,709 | ||
Unpaid principal balance, with no valuation allowance | 1,681 | 1,681 | 1,709 | ||
Average balance of impaired loans, with no valuation allowance | 1,630 | 1,539 | 1,672 | 1,639 | |
Interest income recognized, with no valuation allowance | 23 | 22 | 70 | 64 | |
Recorded balance, with a valuation allowance | |||||
Unpaid principal balance, with a valuation allowance | |||||
Average balance of impaired loans, with a valuation allowance | |||||
Interest income recognized, with a valuation allowance | |||||
Commercial Portfolio Segment [Member] | |||||
Recorded balance, with no valuation allowance | |||||
Unpaid principal balance, with no valuation allowance | |||||
Average balance of impaired loans, with no valuation allowance | |||||
Interest income recognized, with no valuation allowance | |||||
Recorded balance, with a valuation allowance | |||||
Unpaid principal balance, with a valuation allowance | |||||
Average balance of impaired loans, with a valuation allowance | |||||
Interest income recognized, with a valuation allowance | |||||
Consumer Portfolio Segment [Member] | |||||
Recorded balance, with no valuation allowance | |||||
Unpaid principal balance, with no valuation allowance | |||||
Average balance of impaired loans, with no valuation allowance | |||||
Interest income recognized, with no valuation allowance | |||||
Recorded balance, with a valuation allowance | |||||
Unpaid principal balance, with a valuation allowance | |||||
Average balance of impaired loans, with a valuation allowance | |||||
Interest income recognized, with a valuation allowance |
Note 3 - Loans and Allowance 30
Note 3 - Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Nonaccrual loans | $ 444 | $ 618 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | 444 | 614 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 4 | |
Construction and Land Real Estate [Member] | ||
Nonaccrual loans | ||
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | ||
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans |
Note 4 - Regulatory Matters (De
Note 4 - Regulatory Matters (Details Textual) | Jan. 01, 2019 | Dec. 31, 2015 |
Capital Conservation Buffer | 0.00% | |
Scenario, Forecast [Member] | ||
Capital Conservation Buffer | 2.50% |
Note 4 - Regulatory Matters - A
Note 4 - Regulatory Matters - Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Capital | $ 15,036 | $ 13,943 |
Capital to Risk Weighted Assets | 17.30% | 17.60% |
Capital Required for Capital Adequacy | $ 6,936 | $ 6,327 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 8,670 | $ 7,908 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I Capital | $ 13,952 | $ 12,954 |
Tier 1 Capital to Risk Weighted Assets | 16.10% | 16.40% |
Tier 1 Risk Based Capital Required for Capital Adequacy | $ 5,202 | $ 4,745 |
Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier 1 Risk Based Capital Required to be Well Capitalized | $ 6,936 | $ 6,327 |
Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Common Equity Tier I Capital | $ 13,952 | $ 12,954 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 16.10% | 16.40% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 3,902 | $ 3,559 |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized | $ 5,636 | $ 5,140 |
Common Equity Tier 1 Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier 1 Leverage Capital | $ 13,952 | $ 12,954 |
Tier 1 Leverage Capital to Average Assets | 11.00% | 12.90% |
Tier 1 Leverage Capital Required for Capital Adequacy | $ 5,082 | $ 4,024 |
Tier 1 Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier 1 Leverage Capital Required to be Well Capitalized | $ 6,352 | $ 5,030 |
Tier I Leverage Capital Required to be Well Capitalized to Risk Weighted Assets | 5.00% | 5.00% |
Note 5 - Disclosures About Fa33
Note 5 - Disclosures About Fair Value of Assets and Liabilities (Details Textual) $ in Thousands | Sep. 30, 2017USD ($) |
Assets, Fair Value Disclosure, Nonrecurring | $ 0 |
Note 5 - Disclosures About Fa34
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets, fair value, non-recurring basis | $ 0 | |
Impaired Loans, Collateral-Dependent [Member] | ||
Assets, fair value, non-recurring basis | $ 232 | |
Impaired Loans, Collateral-Dependent [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value, non-recurring basis | ||
Impaired Loans, Collateral-Dependent [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value, non-recurring basis | ||
Impaired Loans, Collateral-Dependent [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value, non-recurring basis | $ 232 |
Note 5 - Disclosures About Fa35
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Quantitative Information About Unobservable Inputs (Details) - Impaired Loans, Collateral-Dependent [Member] - Market Approach Valuation Technique [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair value | $ 232 |
Valuation technique | Marketable comparable properties |
Unobservable input | Marketability discount |
Minimum [Member] | |
Marketability discount | 10.00% |
Maximum [Member] | |
Marketability discount | 15.00% |
Note 5 - Disclosures About Fa36
Note 5 - Disclosures About Fair Value of Assets and Liabilities - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Financial assets | ||
Cash and due from banks | $ 1,318 | $ 1,419 |
Interest-earning demand deposits | 2,440 | 8,438 |
Federal funds sold | 18,241 | 1,000 |
Interest-earning time deposits in banks | 744 | 992 |
Loans, net | 93,949 | 83,008 |
Federal Home Loan Bank stock | 468 | 468 |
Accrued interest receivable | 219 | 203 |
Servicing rights | 952 | 483 |
Financial liabilities | ||
Deposits | 99,604 | 76,841 |
Advances from the Federal Home Loan Bank | 10,027 | 10,027 |
Accrued interest payable | 15 | 7 |
Federal funds sold | 18,241 | 1,000 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets | ||
Cash and due from banks | 1,318 | 1,419 |
Interest-earning demand deposits | 2,440 | 8,438 |
Federal funds sold | 18,241 | 1,000 |
Interest-earning time deposits in banks | 744 | 992 |
Loans, net | 93,534 | 83,538 |
Federal Home Loan Bank stock | 468 | 468 |
Accrued interest receivable | 220 | 203 |
Servicing rights | 952 | 483 |
Financial liabilities | ||
Deposits | 99,756 | 77,104 |
Advances from the Federal Home Loan Bank | 10,092 | 10,120 |
Accrued interest payable | 15 | 7 |
Federal funds sold | 18,241 | 1,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets | ||
Cash and due from banks | 1,318 | 1,419 |
Interest-earning demand deposits | 2,440 | 8,438 |
Federal funds sold | 18,241 | 1,000 |
Interest-earning time deposits in banks | ||
Loans, net | ||
Federal Home Loan Bank stock | ||
Accrued interest receivable | 220 | 203 |
Servicing rights | ||
Financial liabilities | ||
Deposits | 58,977 | 45,080 |
Advances from the Federal Home Loan Bank | ||
Accrued interest payable | 15 | 7 |
Federal funds sold | 18,241 | 1,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets | ||
Cash and due from banks | ||
Interest-earning demand deposits | ||
Federal funds sold | ||
Interest-earning time deposits in banks | 744 | 992 |
Loans, net | ||
Federal Home Loan Bank stock | 468 | 468 |
Accrued interest receivable | ||
Servicing rights | ||
Financial liabilities | ||
Deposits | 40,779 | 32,024 |
Advances from the Federal Home Loan Bank | 10,092 | 10,120 |
Accrued interest payable | ||
Federal funds sold | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets | ||
Cash and due from banks | ||
Interest-earning demand deposits | ||
Federal funds sold | ||
Interest-earning time deposits in banks | ||
Loans, net | 93,534 | 83,538 |
Federal Home Loan Bank stock | ||
Accrued interest receivable | ||
Servicing rights | 952 | 483 |
Financial liabilities | ||
Deposits | ||
Advances from the Federal Home Loan Bank | ||
Accrued interest payable | ||
Federal funds sold |
Note 7 - Earnings (Loss) Per 37
Note 7 - Earnings (Loss) Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share, Basic | $ 0.45 | $ (0.29) | $ 1.19 | $ (0.71) |
Weighted Average Number of Shares Issued, Basic | 719,531 | 704,412 | 696,600 | |
Weighted Average Number of Shares, Employee Stock Ownership Plan Shares Not Committed to be Released | 48,754 | 52,353 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 |
Note 7 - Earnings (Loss) Per 38
Note 7 - Earnings (Loss) Per Share - Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 293 | $ (187) | $ 773 | $ (460) |
Basic earnings per share, weighted average shares (in shares) | 648,230 | 644,247 | 647,617 | 644,247 |
Basic earnings per share (in dollars per share) | $ 0.45 | $ (0.29) | $ 1.19 | $ (0.71) |
Restricted stock awards (in shares) | 0 | |||
Diluted earnings per share, weighted average shares (in shares) | 650,110 | 644,247 | 648,243 | 644,247 |
Diluted earnings per share (in dollars per share) | $ 0.45 | $ (0.29) | $ 1.19 | $ (0.71) |
Restricted Stock [Member] | ||||
Restricted stock awards (in shares) | 1,880 | 627 |
Note 8 - Employee Stock Owner39
Note 8 - Employee Stock Ownership Plan (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 10,000 | $ 7,000 | $ 23,000 | $ 20,000 |
Share Price at Formation Date | $ 10 | $ 10 | ||
Shares Held in Employee Stock Option Plan, Committed-to-be-Released | 47,681 | 47,681 | ||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 763,000 | $ 763,000 | ||
Share Price | $ 16 | $ 16 |
Note 9 - Equity Incentive Pla40
Note 9 - Equity Incentive Plan (Details Textual) - USD ($) | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2017 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | ||
The 2017 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 97,524 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 60,080 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 14.09 | $ 14.09 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 175,000 | $ 175,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.87 | ||
The 2017 Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 69,660 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 60,080 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||
Allocated Share-based Compensation Expense | 9,000 | $ 9,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
The 2017 Equity Incentive Plan [Member] | Restricted Stock Awards, Restricted Stock Units and Unrestricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 27,864 | ||
The 2017 Equity Incentive Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,931 | 22,931 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||
Allocated Share-based Compensation Expense | 16,000 | $ 16,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 307,000 | $ 307,000 |
Note 9 - Equity Incentive Pla41
Note 9 - Equity Incentive Plan - Stock Option Activity (Details) - The 2017 Equity Incentive Plan [Member] - $ / shares | Jun. 30, 2017 | Sep. 30, 2017 |
Options outstanding at January 1, 2017, Options (in shares) | ||
Options outstanding at January 1, 2017, Weighted average exercise price (in dollars per share) | ||
Granted, Options (in shares) | 60,080 | |
Granted, Weighted average exercise price (in dollars per share) | $ 14.09 | $ 14.09 |
Granted, Remaining contractual life (Year) | 10 years | |
Exercised, Options (in shares) | ||
Exercised, Weighted average exercise price (in dollars per share) | ||
Forfeited, Options (in shares) | ||
Forfeited, Weighted average exercise price (in dollars per share) | ||
Expired, Options (in shares) | ||
Expired, Weighted average exercise price (in dollars per share) | ||
Options outstanding at June 30, 2017, Options (in shares) | 60,080 | |
Options outstanding at June 30, 2017, Weighted average exercise price (in dollars per share) | $ 14.09 | |
Remaining contractual life of options (Year) | 9 years 292 days |
Note 9 - Equity Incentive Pla42
Note 9 - Equity Incentive Plan - Fair Value Assumptions (Details) - The 2017 Equity Incentive Plan [Member] - Employee Stock Option [Member] | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Expected volatility | 13.87% |
Risk-free interest rate | 2.18% |
Expected dividend yield | 0.00% |
Expected life (Year) | 7 years |
Exercise price for the stock options (in dollars per share) | $ 14.09 |
Note 9 - Equity Incentive Pla43
Note 9 - Equity Incentive Plan - Restricted Stock Activity (Details) - The 2017 Equity Incentive Plan [Member] - Restricted Stock [Member] - $ / shares | Jun. 30, 2017 | Sep. 30, 2017 |
Non-vested at January 1, 2017, Service-based restricted stock awards (in shares) | ||
Non-vested at January 1, 2017, Weighted average grant date fair value (in dollars per share) | ||
Granted, Service-based restricted stock awards (in shares) | 22,931 | 22,931 |
Granted, Weighted average grant date fair value (in dollars per share) | $ 14.09 | |
Vested, Service-based restricted stock awards (in shares) | ||
Vested, Weighted average grant date fair value (in dollars per share) | ||
Forfeited, Service-based restricted stock awards (in shares) | ||
Forfeited, Weighted average grant date fair value (in dollars per share) | ||
Nonvested at June 30, 2017, Service-based restricted stock awards (in shares) | 22,931 | |
Nonvested at June 30, 2017, Weighted average grant date fair value (in dollars per share) | $ 14.09 |
Note 10 - Change in Corporate44
Note 10 - Change in Corporate Form (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Oct. 19, 2015 |
Sale of Stock, Price Per Share | $ 10 | ||
Common Stock, Subscriptions, Percentage | 8.00% | ||
Common Stock, Shares, Issued | 719,531 | 696,600 | 696,600 |
Costs of Conversion and to Issue Stock | $ 1.2 |