Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 28, 2018 | Jun. 30, 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 | ||
Entity Public Float | $ 8.5 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 1,085 | $ 1,419 |
Interest-earning demand deposits | 2,997 | 8,438 |
Federal funds sold | 11,711 | |
Cash and cash equivalents | 15,793 | 9,857 |
Interest-earning time deposits in banks | 744 | 992 |
Loans held for sale | 3,234 | |
Loans, net of allowance for loan losses of $1,123 and $1,063 at December 31, 2017 and 2016, respectively | 97,512 | 83,008 |
Premises and equipment | 1,894 | 1,934 |
Federal Home Loan Bank stock | 468 | 468 |
Foreclosed real estate held for sale, net | 586 | |
Accrued interest receivable | 267 | 203 |
Bank owned life insurance | 5,589 | 5,418 |
Servicing rights | 937 | 483 |
Prepaid expenses and other assets | 441 | 269 |
Total assets | 126,879 | 103,218 |
Liabilities | ||
Demand | 37,025 | 28,676 |
Savings and money market accounts | 24,742 | 16,404 |
Time | 39,921 | 31,761 |
Total deposits | 101,688 | 76,841 |
Federal funds purchased | 0 | 1,000 |
Borrowings | 9,027 | 10,027 |
Other liabilities | 812 | 781 |
Total liabilities | 111,527 | 88,649 |
Commitments and Contingencies | ||
Redeemable common stock held by Employee Stock Ownership Plan (ESOP) | 160 | 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 | 7 | 7 |
Additional paid-in capital | 5,827 | 5,761 |
Unearned ESOP shares | (472) | (501) |
Retained earnings | 9,990 | 9,302 |
Total shareholders' equity | 15,352 | 14,569 |
Less maximum cash obligation related to ESOP shares | (160) | (73) |
Total shareholders' equity less maximum cash obligation related to ESOP shares | 15,192 | 14,496 |
Total liabilities and shareholders' equity | $ 126,879 | $ 103,218 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans, allowance for loan losses | $ 1,123 | $ 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Income | ||
Loans | $ 4,254 | $ 3,363 |
Interest-bearing deposits | 178 | 61 |
Total interest income | 4,432 | 3,424 |
Interest Expense | ||
Deposits | 840 | 606 |
Borrowings | 175 | 115 |
Total interest expense | 1,015 | 721 |
Net Interest Income | 3,417 | 2,703 |
Provision for Loan Losses | 70 | |
Net Interest Income After Provision for Loan Losses | 3,347 | 2,703 |
Noninterest Income | ||
Service charges and fees | 365 | 282 |
Gain on sale of loans | 1,462 | 689 |
Gain on sale of foreclosed real estate, net | 15 | 21 |
Income from bank owned life insurance | 171 | 171 |
Loan servicing fees, net | 39 | 30 |
Other operating | 22 | 37 |
Total noninterest income | 2,074 | 1,230 |
Noninterest Expense | ||
Salaries and employee benefits | 2,615 | 2,449 |
Occupancy and equipment | 396 | 411 |
Data processing fees | 516 | 439 |
Franchise taxes | 39 | 42 |
FDIC insurance premiums | 45 | 54 |
Insurance premiums | 39 | 45 |
Professional services | 450 | 395 |
Impairment losses and expenses of foreclosed real estate | 15 | 18 |
Loss on disposals of premises and equipment | 25 | |
Other | 593 | 614 |
Total noninterest expense | 4,733 | 4,467 |
Net Income (Loss) | $ 688 | $ (534) |
Earnings (loss) per share - basic (in dollars per share) | $ 1.06 | $ (0.83) |
Earnings (loss) per share - diluted (in dollars per share) | $ 1.06 | $ (0.83) |
Weighted average shares basic (in shares) | 647,472 | 644,247 |
Weighted average shares diluted (in shares) | 650,340 | 644,247 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - 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, 2015 | $ 7 | $ 5,754 | $ (523) | $ 9,836 | $ (44) | $ 15,030 |
ESOP shares earned | 7 | 22 | 29 | |||
Change related to ESOP shares | (29) | (29) | ||||
Net income (loss) | (534) | (534) | ||||
Balance at Dec. 31, 2016 | 7 | 5,761 | (501) | 9,302 | (73) | 14,496 |
Change related to ESOP shares | (87) | (87) | ||||
Net income (loss) | 688 | 688 | ||||
ESOP shares earned | 16 | 29 | 45 | |||
Compensation expense related to restricted shares | 32 | 32 | ||||
Compensation expense related to stock options | 18 | 18 | ||||
Balance at Dec. 31, 2017 | $ 7 | $ 5,827 | $ (472) | $ 9,990 | $ (160) | $ 15,192 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | ||
Net income (loss) | $ 688,000 | $ (534,000) |
Items not requiring (providing) cash | ||
Depreciation and amortization | 258,000 | 270,000 |
Provision for Loan Losses | 70,000 | |
Deferred loan origination fees, costs, premiums, discounts, net | 1,000 | |
Gain on sale of loans | (1,462,000) | (689,000) |
Proceeds from sales of loans originated for sale | 21,876,000 | 16,425,000 |
Loans originated for sale | (20,951,000) | (15,829,000) |
Gain on sale of foreclosed real estate | (15,000) | (21,000) |
Loss on disposals of premises and equipment | 25,000 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 45,000 | 29,000 |
Compensation expense related to stock benefit plans | 50,000 | |
Increase in cash surrender value of life insurance | (171,000) | (171,000) |
Changes in | ||
Accrued interest receivable | (64,000) | 14,000 |
Prepaid expenses and other assets | (172,000) | (119,000) |
Other liabilities | 31,000 | 3,000 |
Net cash provided by (used in) operating activities | 208,000 | (621,000) |
Investing Activities | ||
Net change in loans | (17,808,000) | (7,178,000) |
Net change in interest-earning time deposits | 248,000 | |
Purchase of premises and equipment | (160,000) | (95,000) |
Proceeds from sale of foreclosed assets | 601,000 | 266,000 |
Net cash used in investing activities | (17,119,000) | (7,007,000) |
Financing Activities | ||
Net increase in deposits | 24,847,000 | 4,575,000 |
Net change in federal funds purchased | (1,000,000) | 1,000,000 |
Proceeds from borrowings | 3,100,000 | |
Repayment of borrowings | (1,000,000) | |
Net cash provided by financing activities | 22,847,000 | 8,675,000 |
Increase in Cash and Cash Equivalents | 5,936,000 | 1,047,000 |
Cash and Cash Equivalents, Beginning of Year | 9,857,000 | 8,810,000 |
Cash and Cash Equivalents, End of Year | 15,793,000 | 9,857,000 |
Supplemental Disclosure of Cash Flow Information | ||
Interest on deposits and borrowings | 1,023,000 | 715,000 |
Supplemental Disclosure of Noncash Investing Activities | ||
Transfers from loans to real estate acquired through foreclosure | 586,000 | |
Transfers from loans to loans held for sale | $ 3,234,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1: Nature of Operations and Summary of Significant Accounting Policies Nature of Operations New Bancorp, Inc. was formed to serve as the stock holding company for New Buffalo Savings Bank (the “Bank”) upon completion of its mutual-to-stock conversion. The conversion was effective October 19, 2015. 696,600 $10.00 The Bank conducts a general banking business in southwestern Michigan which primarily consists of attracting deposits from the general public and applying those funds to the origination of loans for residential, consumer and nonresidential purposes. Principles of Consolidation The consolidated financial statements include New Bancorp, Inc. and its wholly-owned subsidiary the Bank, together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 , mortgage servicing rights, valuation of deferred tax assets and fair values of financial instruments. Reclassifications Certain reclassifications have been made to the December 31, 201 7 December 31, 2016 no Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three December 31, 2017, $11.6 $1.9 December 31, 2017, not Interest- earning Deposits in Banks Interest-earning time deposits in banks mature within the year 2018 Loans Held for Sale L oans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Loans 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 uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may may not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group ’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of depreciable assets is 39 10 three seven Federal Home Loan Bank Stock Federal Home Loan Bank (“FHLB”) stock is a required investment for institutions that are members of the FHLB system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. Foreclosed Real Estate Held for Sale Real estate acquired through, or in lieu of, loan foreclosure is held for sale and is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. There were no December 31, 2017. December 31, 2016. Servicing Rights S ervicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860 50 Fair value is based on market prices for comparable servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may may Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Fair value in excess of the carrying amount of servicing assets for that stratum is not Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percenta ge of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is de emed to be surrendered when ( 1 2 3 not Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes two not not T ax positions are recognized if it is more likely than not, not 50 not 50 not not siders the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company has established a full valuation allowance for its net deferred tax asset as of December 31, 2017 2016. 9, Bank Owned Life Insurance The cash surrender value of bank owned life insurance policies represents the value of life insurance policies on certain current and former officers of the Company for which the Company is the beneficiary. The Company accounts for these assets using the cash surrender value method in determining the carrying value of the insurance policies. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income. The Company had no December 31, 2017 2016. Income (L oss) Per Share Basic income (loss) per share excludes dilution and 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, less unallocated Employee Stock Ownership Plan (the “ESOP”) shares. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the year, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may Unallocated common shares held by the Company ’s ESOP are shown as a reduction in shareholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings (loss) per share calculations until they are committed to be released. Emerging Growth Company Critical Accounting Policy Disclosure W e are an “emerging growth company,” as defined in Section 2 1933 2012 not As an “emerging growth company” we have elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, our financial statements may not |
Note 2 - Restriction on Cash an
Note 2 - Restriction on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Cash Restrictions and Due from Banks [Text Block] | Note 2: Restriction on Cash and Due From Banks The Company is generally required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank. The Company had no December 31, 2017. |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3: Securities The Company had no December 31, 2017 2016. The Company had no December 31, 2017 2016. |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4: Loans and Allowance for Loan Losses Classes of loans at December 31, 2017 2016 2017 2016 (In thousands) Real estate loans Residential $ 41,474 $ 38,636 Commercial 45,623 35,709 Construction and land 10,746 10,233 Commercial business 909 1,000 Consumer and other 557 335 Total loans 99,309 85,913 Less: Net deferred loan fees, premiums and discounts (176 ) (70 ) Undisbursed loans in process (498 ) (1,772 ) Allowance for loan losses (1,123 ) (1,063 ) Net loans $ 97,512 $ 83,008 The risk characteristics applicable to each segment of the loan portfolio are described below: Residential 1 - 4 1 4 1 4 $4.8 $4.7 December 31, 2017 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 During 2016, 7a 7a 75% 75% 25% 2017 80% 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 Company’s market area) and the creditworthiness of a borrower. The following tables present by portfolio segment, the activity in the allowance for loan losses for the years ended December 31, 2017 2016, December 31, 2017 2016: December 31, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Balance, January 1, 2017 $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 Provision for loan losses (99 ) 151 4 11 3 70 Charge-offs (17 ) (9 ) - - - (26 ) Recoveries - 16 - - - 16 Balance, December 31, 2017 $ 540 $ 484 $ 76 $ 15 $ 8 $ 1,123 Allowance for loan losses: Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 540 $ 484 $ 76 $ 15 $ 8 $ 1,123 Loans: Ending balance $ 41,474 $ 45,623 $ 10,746 $ 909 $ 557 $ 99,309 Ending balance; individually evaluated for impairment $ 2,294 $ 33 $ 2,312 $ - $ - $ 4,639 Ending balance; collectively evaluated for impairment $ 39,180 $ 45,590 $ 8,434 $ 909 $ 557 $ 94,670 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Balance, January 1, 2016 $ 648 $ 383 $ 102 $ 19 $ 3 $ 1,155 Provision (credit) for loan losses 141 (57 ) (71 ) (15 ) 2 - Charge-offs (133 ) - - - - (133 ) Recoveries - - 41 - - 41 Balance, December 31, 2016 $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 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 $ 38,636 $ 35,709 $ 10,233 $ 1,000 $ 335 $ 85,913 Ending balance; individually evaluated for impairment $ 2,779 $ 533 $ 1,709 $ - $ - $ 5,021 Ending balance; collectively evaluated for impairment $ 35,857 $ 35,176 $ 8,524 $ 1,000 $ 335 $ 80,892 Internal Risk Categories The Company 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 four 90 60 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 table s present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of December 31, 2017 2016: December 31, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 39,639 $ 45,136 $ 9,839 $ 876 $ 557 $ 96,047 Special mention/Watch 48 - - - 48 Substandard 1,787 487 907 33 - 3,214 Doubtful - - - - - - Total $ 41,474 $ 45,623 $ 10,746 $ 909 $ 557 $ 99,309 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 36,324 $ 35,211 $ 9,210 $ 965 $ 325 $ 82,035 Special mention/Watch 415 - - - 10 425 Substandard 1,897 498 1,023 35 - 3,453 Doubtful - - - - - - Total $ 38,636 $ 35,709 $ 10,233 $ 1,000 $ 335 $ 85,913 The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No The following table s present the Company’s loan portfolio aging analysis of the recorded investment in loans as of December 31, 2017 2016: December 31, 2017 Total Loans > 30-59 Days 60-89 Days Greater Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real estate Residential $ 73 $ 196 $ - $ 269 $ 41,205 $ 41,474 $ - Commercial - - - 45,623 45,623 - Construction and land - - - - 10,746 10,746 - Commercial business - - - - 909 909 - Consumer - - - - 557 557 - Total $ 73 $ 196 $ - $ 269 $ 99,040 $ 99,309 $ - December 31, 2016 Total Loans > 30-59 Days 60-89 Days Greater 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 $ 38,115 $ 38,636 $ - Commercial - - 4 4 35,705 35,709 - Construction and land - - - - 10,233 10,233 - Commercial business - - - - 1,000 1,000 - Consumer - - - - 335 335 - Total $ 194 $ - $ 331 $ 525 $ 85,388 $ 85,913 $ - A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310 10 35 16 Company 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 and for the years ended December 31, 2017 2016: As of and for the year ended December 31, 2017 Unpaid Average Balance of Interest Recorded Balance Principal Balance Specific Allowance Impaired Loans Income Recognized (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 2,294 $ 2,439 $ - $ 2,166 $ 73 Commercial 33 33 - 35 2 Construction and land 2,312 2,323 - 1,799 90 Commercial business - - - - - Consumer - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - Commercial - - - - - Construction and land - - - - - Commercial business - - - - - Consumer - - - - - Totals $ 4,639 $ 4,795 $ - $ 4,000 $ 165 As of and for the year ended December 31, 2016 Unpaid Average Balance of Interest Recorded Balance Principal Balance Specific Allowance Impaired Loans Income Recognized (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 2,779 $ 2,936 $ - $ 2,420 $ 140 Commercial 533 560 - 230 28 Construction and land 1,709 1,709 - 1,760 95 Commercial business - - - - - Consumer - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - Commercial - - - - - Construction and land - - - - - Commercial business - - - - - Consumer - - - - - Totals $ 5,021 $ 5,205 $ - $ 4,410 $ 263 The following table presents the Company’s nonaccrual loans at December 31, 2017 2016. December 31, 2017 2016 (In thousands) Real estate loans Residential $ 1,629 $ 614 Commercial - 4 Construction and land 728 - Commercial business - - Consumer and other - - Total nonaccrual $ 2,357 $ 618 The Company had no e years ended December 31, 2017 December 31, 2016. The Company had no December 31, 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 Company’s internal underwriting policy. |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5: Premises and Equipment Major classifications of premises and equipment, stated at cost, at December 31, 2017 2016, 2017 2016 (In thousands) Land $ 342 $ 342 Buildings and improvements 3,252 3,155 Furniture and equipment 2,508 2,503 6,102 6,000 Less accumulated depreciation 4,208 4,066 Net premises and equipment $ 1,894 $ 1,934 |
Note 6 - Loan Servicing
Note 6 - Loan Servicing | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | Note 6: Loan Servicing Loans serviced for others are not consolidated balance sheets. The risks inherent in servicing assets relate primarily to changes in prepayments that result from shifts in interest rates. The unpaid principal balances of mortgage and other loans serviced for others were $70.1 $50.5 December 31, 2017 2016, December 31, 2017 $26.4 S ervicing rights activity for the years ended December 31, 2017 2016 2017 2016 (In thousands) Balance at beginning of year $ 483 $ 317 Additions 537 251 Amortization (83 ) (85 ) Balance at end of year $ 937 $ 483 The fair value of servicing rights approximates the carrying value at December 31, 2017 2016. |
Note 7 - Time Deposits
Note 7 - Time Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 7: Time Deposits Time deposits in denominations of $250,000 $10.5 $6.1 December 31, 2017 2016, At December 31, 2017, 2017 (In thousands) Maturing year ending December 31, 2018 $ 13,658 2019 13,345 2020 8,486 2021 1,440 2022 2,721 Thereafter 271 Balance at end of year $ 39,921 The Company held $2.3 and $3.3 December 31, 2017 2016, |
Note 8 - Borrowings
Note 8 - Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8: Borrowings Scheduled maturities of a dvances from the Federal Home Loan Bank were as follows at December 31, 2017: Maturing in year ended Interest rate December 31, 2017 (In thousands) 1.34% - 1.80% 2018 $ 4,100 1.85% 2019 1,927 2.08% 2020 3,000 Balance at end of year $ 9,027 The Company’s advances totalling $9.0 $10.0 December 31, 2017 2016, $38.7 $23.9 December 31, 2017 2016, December 31, 2017, $11.2 The Company had no December 31, 2017 and $1.0 million outstanding at December 31, 2016 year ended.. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9: I ncome Taxes A reconciliation of the federal income tax benefit at the statutory rate to the Company’s actual income tax benefit is shown below: Year Ended December 31, 2017 2016 (In thousands) Computed at statutory rate (34%) $ 234 $ (182 ) Increase (decrease) resulting from: Bank-owned life insurance (58 ) (58 ) Effect of Tax Cuts and Jobs Act 1,633 - Change in valuation allowance (1,818 ) 234 Other 9 3 Actual income tax (benefit) $ - $ - On December 22, 2017, 34% 21%. As a result of enactment of the legislation, the composition of the Company's net deferred tax asset at December 31, 2017 2016 2017 2016 (In thousands) Deferred tax assets Allowance for loan losses $ 240 $ 368 Deferred compensation 48 58 Net operating loss carryforward 2,640 4,287 Deferred loan origination costs - 12 Stock based compensation 11 - Loans held for sale 35 - Other 37 8 Deferred tax assets 3,011 4,733 Deferred tax liabilities Federal Home Loan Bank stock dividends (10 ) (16 ) Servicing rights (200 ) (167 ) Depreciation (22 ) (24 ) Deferred loan costs (71 ) - Deferred tax liabilities (303 ) (207 ) Net deferred tax asset before valuation allowance 2,708 4,526 Valuation allowance Beginning balance (4,526 ) (4,292 ) (Increase) decrease during period 1,818 (234 ) Ending balance (2,708 ) (4,526 ) Net deferred tax asset $ - $ - As of December 31, 2017 2016, December 31, 2017 2016, not three not not The Company had a total valuation allowance on its deferred tax assets of $2.6 $4.5 December 31, 2017 2016, ’s net deferred tax assets, which was attributable to the change in federal income tax rates pursuant to the Tax Cuts and Jobs Act (the “Tax Act”) enacted in December 2017. 21% The Company ’s net operating loss of $12.2 December 31, 2017, December 31, 2030 $1.0 December 31, 2017 December 31, 2024 Retained earnings at both December 31, 2017 2016, $1.5 no $315,000 $510,000 December 31, 2017 2016, As of December 31, 2017 2016, no not twelve The Company is subject to U.S. federal and Indiana income tax. The Company is no 201 4. |
Note 10 - Regulatory Matters
Note 10 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 10: 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 Quantitative measures established by regulation to ensure capital adequacy requires the Bank to maintain minimum amounts and ratios (set forth in the table below), of total capital, Tier 1 1 1 Basel III was effective for the Company on January 1, 2015. 1capital 1 zero 2.50 2019. Management believes, as of December 31, 2017 2016, As of December 31, 2017 2016, 1 1, 1 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 December 31, 2017 Total Capital (to Risk-Weighted Assets) $ 15,094 16.3 % $ 7,394 8.0 % $ 9,243 10.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 13,971 15.1 % $ 5,546 6.0 % $ 7,394 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 13,971 15.1 % $ 4,159 4.5 % $ 6,008 6.5 % Tier I Leverage Capital (to Average Total Assets) $ 13,971 11.3 % $ 4,933 4.0 % $ 6,166 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 1 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 % The Bank is subject to certain restrictions on the amounts of dividends that it may ’s payment of dividends is limited to net income for the current year plus the two December 31, 2017, $520,000 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 11: Related Party Transactions At December 31, 2017 2016, $2.1 $2.4 December 31, 2017 and 2016, $400,000 $$600,000, $670,000 $600,000, At December 31, 2017 2016, $437,000 $694,000, |
Note 12 - Employee Benefits
Note 12 - Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 12: Employee Benefits The Company has an agreement to provide partial reimbursement of medical coverage expenses for the former executive officers. The liability recorded under these agreements was $160,000 $167,000 December 31, 2017 2016, no December 31, 2017 $48,000 December 31, 2016. During 2015, Company’s President that provides supplemental retirement benefits. The Company will contribute a total of $150,000 five 15 4.50%. $66,000 $22,000 December 31, 2017 The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (the “Plan”), a multiemployer defined benefit pension plan, for the benefit of substantially all employees. The risks of participating in a multiemployer plan are different from single-employer plans in the following aspects: 1. Assets contributed to the multiemployer plan by one may 2. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may 3. If the Company chooses to stop participating in its multiemployer plan, the Company may The Company maintained participation in the Plan for the years ended December 31, 2017 2016. 13 5645888 three 333. 1974 413 no 2011. $73,000 $66,000, December 31, 2017 2016, December 31, 2017 2016 97.20% 97.15%, Total contributions made to the Pentegra DB Plan as reported on the Form 5500, equal $153.2 $163.1 June 30, 2016 2015, not 5% The Company has a retirement savings 401 401 one 21 may 3% $34,000 $19,000, December 31, 2017 2016, As part of the Company ’s stock conversion, shares were purchased by the ESOP with a loan from New Bancorp, Inc. All employees of the Bank meeting certain tenure requirements are entitled to participate in the ESOP. The ESOP acquired 55,728 December 31, 2017 2016, 2,975 2,732 47,235 December 31, 2017. $45,000 $29,000 December 31, 2017 2016, The stock price at the formation date was $10.00. 47,235 $912,000 $19.30 December 31, 2017. In the event the ESOP is unable to satisfy the obligation to repurchase the shares held by each beneficiary upon the beneficiary ’s termination or retirement, the Company is obligated to repurchase the shares. At December 31, 2017 2016, $160,000 $73,000, no 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 five ten Each option has an exercise price of $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 December 31, 2017 60,080 14.09 9.5 As of December 31, 2017, $165,000 The cost of stock options will be amortized over the five 2017 $2.87 $18,000 December 31, 2017. The fair value of the Company's stock options granted in 2017 $3.06 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 expected 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 December 31, 2017 22,931 $ 14.09 As of December 31, 2017, $291,000 The cost of the restricted shares will be amortized over the five $32,000 December 30, 2017. |
Note 13 - Earnings (Loss) Per S
Note 13 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 13: 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 earnings (loss) per share for the years ended December 31, 2017 Year Ended December 31, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 688 Basic earnings per share 647,472 $ 1.06 Effect of dilutive securities Restricted stock awards and stock options 2,868 Diluted earnings per share 650,340 $ 1.06 Loss per share for the year ended December 31, 2016 $0.83, 696,600 52,353 no December 31, 2016. |
Note 14 - Commitments and Credi
Note 14 - Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14: Commitments and Credit Risk Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no may may not ’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations, including receipt of collateral, as those utilized for on-balance-sheet instruments. At December 31, 2017, $1.3 3.875% 4.875%. December 31, 2017, $498,000 $6.7 $3.8 At December 31, 2016, $670,000, 3.5% 4.5%. December 31, 2016, $1.8 $5.5 $3.8 The Company had commitments under outstanding financial standby letters of credit totaling $169,000 $219,000 December 31, 2017 2016, |
Note 15- Disclosures About Fair
Note 15- Disclosures About Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 15: Disclosures about Fair Value of Assets and Liabilities F air 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 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, 2017 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, 2017 Impaired loans $ - $ - $ - $ - December 31, 2016 Impaired loans $ 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 sheet s, as well as the general classification of such assets pursuant to the valuation hierarchy. For assets classified within Level 3 Collateral-dependent Impaired Loans, Net of ALLL 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 Company 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 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 December 31, 2017 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) December 31, 2017 Financial assets Cash and due from banks $ 1,085 $ 1,085 $ 1,085 $ - $ - Interest-earning demand deposits 2,997 2,997 2,997 - - Federal funds sold 11,711 11,711 11,711 - - Interest-earning time deposits in banks 744 744 - 744 - Loans and loans held for sale, net 100,746 100,273 - - 100,273 Federal Home Loan Bank stock 468 468 - 468 - Accrued interest receivable 267 267 - 267 - Servicing rights 937 937 - - 937 Financial liabilities Deposits 101,688 101,603 61,767 39,836 - Advances from the Federal Home Loan Bank 9,027 9,024 - 9,024 - Accrued interest payable 30 30 - 30 - 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 11,127 1,000 10,127 - 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 and Interest-bearing Demand Deposits The carrying amount approximates fair value. Interest- earning Time Deposits in Banks The carrying amount approximates fair value. Federal Funds Sold The carrying amount approximates fair value. Loans and Loans Held for Sale 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 Company 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 Company. The rates were the average of current rates offered by local competitors of the Company. 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 FHLB. 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. The fair value of loan commitments was not December 31, 2017 2016. |
Note 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 16: Recent Accounting Pronouncements FASB ASU 2014 ‑ 09, In May 2014, 2014‑09, March 2016 2016‑08, April 2016, 2016‑10, May 2016, 2016‑12, As an emerging growth company, these amendments are effective for annual reporting periods beginning after December 15, 2018, December 15, 2019. 2014 09. 2014 09, not FASB ASU 2016 01, In January 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities The amendments in this update are effective, as to the Company, for fiscal years beginning after December 15, 2017, years. Early adoption of the amendments in this update is not not not No. 2016 01 January 1, 2018, FASB ASU 2016 02, In February 2016 FASB issued ASU 2016 02, Leases. ● A lea se 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 ‑ Based Payments. In March 2016, 2016‑09 two For emerging growth companies, the amendments are effective for annual periods beginning after December 15, 2017 December 15, 2018. not 2016 09 not 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 17 - Change in Corporate F
Note 17 - Change in Corporate Form | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Change in Corporate Form [Text Block] | Note 17: Change in Corporate Form On October 19, 2015, Bank consummated its mutual –to-stock conversion pursuant to which it became a Federal stock savings bank and the wholly owned subsidiary of New Bancorp, Inc., as parent of the Bank. As part of the conversion, 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 totaled $1.2 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. |
Note 18 - Condensed Financial I
Note 18 - Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 18: Condensed Financial Information (Parent Company Only) Presented below is condensed financial information as to the financial position, results of operations and cash flows of New Bancorp, Inc.: Condensed Balance Sheets December 31, 2017 and 2016 2017 2016 (In thousands) Assets Cash $ 1,376 $ 1,615 Investment in Bank subsidiary 13,980 12,955 Total assets $ 15,356 $ 14,570 Liabilities and Shareholders' Equity Liabilities $ 4 $ 1 Redeemable common stock held by ESOP 160 73 Shareholders' equity less maximum cash obligation related to ESOP shares 15,192 14,496 Total liabilities and shareholders' equity $ 15,356 $ 14,570 Condensed Statement of Operations For the Years Ended December 31, 2017 2016 2017 2016 (In thousands) Income Interest income $ 19 $ 18 Equity in net income (loss) of Bank subsidiary 988 (295 ) Expenses General and administrative expenses 319 257 Total expenses 319 257 Net income (loss) $ 688 $ (534 ) Condensed Statement of Cash Flows For the Years Ended December 31, 2017 2016 2017 2016 (In thousands) Operating activities Net income (loss) $ 688 $ (534 ) Other adjustments 61 21 Items not requiring cash: Equity in net (income) loss of Bank subsidiary (988) 295 Net cash used in operating activities (239) (218 ) Net change in cash (239) (218 ) Cash at beginning of year 1,615 1,833 Cash at end of year $ 1,376 $ 1,615 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include New Bancorp, Inc. and its wholly-owned subsidiary the Bank, together referred to as the “Company.” Intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 , mortgage servicing rights, 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, 201 7 December 31, 2016 no |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all liquid investments with original maturities of three December 31, 2017, $11.6 $1.9 December 31, 2017, not |
Deposits in Banks [Policy Text Block] | Interest- earning Deposits in Banks Interest-earning time deposits in banks mature within the year 2018 |
Loans Held-for-sale [Policy Text Block] | Loans Held for Sale L oans originated and intended for sale in the secondary market are carried at the lower of cost or fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to noninterest income. Gains and losses on loan sales are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans 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. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | 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 uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may may not A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group ’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Accordingly, the Company does not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of depreciable assets is 39 10 three seven |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock Federal Home Loan Bank (“FHLB”) stock is a required investment for institutions that are members of the FHLB system. The required investment in the common stock is based on a predetermined formula, carried at cost and evaluated for impairment. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Foreclosed Real Estate Held for Sale Real estate acquired through, or in lieu of, loan foreclosure is held for sale and is initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net income or expense from foreclosed assets. There were no December 31, 2017. December 31, 2016. |
Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block] | Servicing Rights S ervicing assets are recognized separately when rights are acquired through purchase or through sale of financial assets. Under the servicing assets and liabilities accounting guidance (ASC 860 50 Fair value is based on market prices for comparable servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds and default rates and losses. These variables change from quarter to quarter as market conditions and projected interest rates change, and may may Each class of separately recognized servicing assets subsequently measured using the amortization method are evaluated and measured for impairment. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the carrying amount of the servicing assets for that tranche. The valuation allowance is adjusted to reflect changes in the measurement of impairment after the initial measurement of impairment. Fair value in excess of the carrying amount of servicing assets for that stratum is not Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percenta ge of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is de emed to be surrendered when ( 1 2 3 not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes two not not T ax positions are recognized if it is more likely than not, not 50 not 50 not not siders the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company has established a full valuation allowance for its net deferred tax asset as of December 31, 2017 2016. 9, |
Life Settlement Contracts, Policy [Policy Text Block] | Bank Owned Life Insurance The cash surrender value of bank owned life insurance policies represents the value of life insurance policies on certain current and former officers of the Company for which the Company is the beneficiary. The Company accounts for these assets using the cash surrender value method in determining the carrying value of the insurance policies. |
Comprehensive Income, Policy [Policy Text Block] | any is the beneficiary. The Company accounts for these assets using the cash surrender value method in determining the carrying value of the insurance policies. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income. The Company had no December 31, 2017 2016. |
Earnings Per Share, Policy [Policy Text Block] | Income (L oss) Per Share Basic income (loss) per share excludes dilution and 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, less unallocated Employee Stock Ownership Plan (the “ESOP”) shares. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the year, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may Unallocated common shares held by the Company ’s ESOP are shown as a reduction in shareholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings (loss) per share calculations until they are committed to be released. |
Emerging Growth Company, Policy [Policy Text Block] | Emerging Growth Company Critical Accounting Policy Disclosure W e are an “emerging growth company,” as defined in Section 2 1933 2012 not As an “emerging growth company” we have elected to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, our financial statements may not |
Note 4 - Loans and Allowance 26
Note 4 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2017 2016 (In thousands) Real estate loans Residential $ 41,474 $ 38,636 Commercial 45,623 35,709 Construction and land 10,746 10,233 Commercial business 909 1,000 Consumer and other 557 335 Total loans 99,309 85,913 Less: Net deferred loan fees, premiums and discounts (176 ) (70 ) Undisbursed loans in process (498 ) (1,772 ) Allowance for loan losses (1,123 ) (1,063 ) Net loans $ 97,512 $ 83,008 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | December 31, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Balance, January 1, 2017 $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 Provision for loan losses (99 ) 151 4 11 3 70 Charge-offs (17 ) (9 ) - - - (26 ) Recoveries - 16 - - - 16 Balance, December 31, 2017 $ 540 $ 484 $ 76 $ 15 $ 8 $ 1,123 Allowance for loan losses: Ending balance, individually evaluated for impairment $ - $ - $ - $ - $ - $ - Ending balance, collectively evaluated for impairment $ 540 $ 484 $ 76 $ 15 $ 8 $ 1,123 Loans: Ending balance $ 41,474 $ 45,623 $ 10,746 $ 909 $ 557 $ 99,309 Ending balance; individually evaluated for impairment $ 2,294 $ 33 $ 2,312 $ - $ - $ 4,639 Ending balance; collectively evaluated for impairment $ 39,180 $ 45,590 $ 8,434 $ 909 $ 557 $ 94,670 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Allowance for loan losses: Balance, January 1, 2016 $ 648 $ 383 $ 102 $ 19 $ 3 $ 1,155 Provision (credit) for loan losses 141 (57 ) (71 ) (15 ) 2 - Charge-offs (133 ) - - - - (133 ) Recoveries - - 41 - - 41 Balance, December 31, 2016 $ 656 $ 326 $ 72 $ 4 $ 5 $ 1,063 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 $ 38,636 $ 35,709 $ 10,233 $ 1,000 $ 335 $ 85,913 Ending balance; individually evaluated for impairment $ 2,779 $ 533 $ 1,709 $ - $ - $ 5,021 Ending balance; collectively evaluated for impairment $ 35,857 $ 35,176 $ 8,524 $ 1,000 $ 335 $ 80,892 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2017 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 39,639 $ 45,136 $ 9,839 $ 876 $ 557 $ 96,047 Special mention/Watch 48 - - - 48 Substandard 1,787 487 907 33 - 3,214 Doubtful - - - - - - Total $ 41,474 $ 45,623 $ 10,746 $ 909 $ 557 $ 99,309 December 31, 2016 Real Estate Construction Commercial Residential Commercial and Land Business Consumer Total (In thousands) Pass $ 36,324 $ 35,211 $ 9,210 $ 965 $ 325 $ 82,035 Special mention/Watch 415 - - - 10 425 Substandard 1,897 498 1,023 35 - 3,453 Doubtful - - - - - - Total $ 38,636 $ 35,709 $ 10,233 $ 1,000 $ 335 $ 85,913 |
Past Due Financing Receivables [Table Text Block] | December 31, 2017 Total Loans > 30-59 Days 60-89 Days Greater Than Total Total Loans 90 Days & Past Due Past Due 90 Days Past Due Current Receivable Accruing (In thousands) Real estate Residential $ 73 $ 196 $ - $ 269 $ 41,205 $ 41,474 $ - Commercial - - - 45,623 45,623 - Construction and land - - - - 10,746 10,746 - Commercial business - - - - 909 909 - Consumer - - - - 557 557 - Total $ 73 $ 196 $ - $ 269 $ 99,040 $ 99,309 $ - December 31, 2016 Total Loans > 30-59 Days 60-89 Days Greater 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 $ 38,115 $ 38,636 $ - Commercial - - 4 4 35,705 35,709 - Construction and land - - - - 10,233 10,233 - Commercial business - - - - 1,000 1,000 - Consumer - - - - 335 335 - Total $ 194 $ - $ 331 $ 525 $ 85,388 $ 85,913 $ - |
Impaired Financing Receivables [Table Text Block] | As of and for the year ended December 31, 2017 Unpaid Average Balance of Interest Recorded Balance Principal Balance Specific Allowance Impaired Loans Income Recognized (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 2,294 $ 2,439 $ - $ 2,166 $ 73 Commercial 33 33 - 35 2 Construction and land 2,312 2,323 - 1,799 90 Commercial business - - - - - Consumer - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - Commercial - - - - - Construction and land - - - - - Commercial business - - - - - Consumer - - - - - Totals $ 4,639 $ 4,795 $ - $ 4,000 $ 165 As of and for the year ended December 31, 2016 Unpaid Average Balance of Interest Recorded Balance Principal Balance Specific Allowance Impaired Loans Income Recognized (In thousands) Loans without a specific valuation allowance: Real estate Residential $ 2,779 $ 2,936 $ - $ 2,420 $ 140 Commercial 533 560 - 230 28 Construction and land 1,709 1,709 - 1,760 95 Commercial business - - - - - Consumer - - - - - Loans with a specific valuation allowance: Real estate Residential - - - - - Commercial - - - - - Construction and land - - - - - Commercial business - - - - - Consumer - - - - - Totals $ 5,021 $ 5,205 $ - $ 4,410 $ 263 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, 2017 2016 (In thousands) Real estate loans Residential $ 1,629 $ 614 Commercial - 4 Construction and land 728 - Commercial business - - Consumer and other - - Total nonaccrual $ 2,357 $ 618 |
Note 5 - Premises and Equipme27
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 (In thousands) Land $ 342 $ 342 Buildings and improvements 3,252 3,155 Furniture and equipment 2,508 2,503 6,102 6,000 Less accumulated depreciation 4,208 4,066 Net premises and equipment $ 1,894 $ 1,934 |
Note 6 - Loan Servicing (Tables
Note 6 - Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Servicing Assets at Fair Value [Table Text Block] | 2017 2016 (In thousands) Balance at beginning of year $ 483 $ 317 Additions 537 251 Amortization (83 ) (85 ) Balance at end of year $ 937 $ 483 |
Note 7 - Time Deposits (Tables)
Note 7 - Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Deposits, Schedule of Maturities [Table Text Block] | 2017 (In thousands) Maturing year ending December 31, 2018 $ 13,658 2019 13,345 2020 8,486 2021 1,440 2022 2,721 Thereafter 271 Balance at end of year $ 39,921 |
Note 8 - Borrowings (Tables)
Note 8 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Federal Home Loan Bank, Advances, Maturities [Table Text Block] | Maturing in year ended Interest rate December 31, 2017 (In thousands) 1.34% - 1.80% 2018 $ 4,100 1.85% 2019 1,927 2.08% 2020 3,000 Balance at end of year $ 9,027 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2017 2016 (In thousands) Computed at statutory rate (34%) $ 234 $ (182 ) Increase (decrease) resulting from: Bank-owned life insurance (58 ) (58 ) Effect of Tax Cuts and Jobs Act 1,633 - Change in valuation allowance (1,818 ) 234 Other 9 3 Actual income tax (benefit) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2017 2016 (In thousands) Deferred tax assets Allowance for loan losses $ 240 $ 368 Deferred compensation 48 58 Net operating loss carryforward 2,640 4,287 Deferred loan origination costs - 12 Stock based compensation 11 - Loans held for sale 35 - Other 37 8 Deferred tax assets 3,011 4,733 Deferred tax liabilities Federal Home Loan Bank stock dividends (10 ) (16 ) Servicing rights (200 ) (167 ) Depreciation (22 ) (24 ) Deferred loan costs (71 ) - Deferred tax liabilities (303 ) (207 ) Net deferred tax asset before valuation allowance 2,708 4,526 Valuation allowance Beginning balance (4,526 ) (4,292 ) (Increase) decrease during period 1,818 (234 ) Ending balance (2,708 ) (4,526 ) Net deferred tax asset $ - $ - |
Note 10 - Regulatory Matters (T
Note 10 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 Total Capital (to Risk-Weighted Assets) $ 15,094 16.3 % $ 7,394 8.0 % $ 9,243 10.0 % Tier 1 Capital (to Risk-Weighted Assets) $ 13,971 15.1 % $ 5,546 6.0 % $ 7,394 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets) $ 13,971 15.1 % $ 4,159 4.5 % $ 6,008 6.5 % Tier I Leverage Capital (to Average Total Assets) $ 13,971 11.3 % $ 4,933 4.0 % $ 6,166 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 1 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 12 - Employee Benefits (Ta
Note 12 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 60,080 14.09 9.5 |
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 December 31, 2017 22,931 $ 14.09 |
Note 13 - Earnings (Loss) Per34
Note 13 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2017 Weighted- Net Average Per Share Income Shares Amount (In thousands) Net income $ 688 Basic earnings per share 647,472 $ 1.06 Effect of dilutive securities Restricted stock awards and stock options 2,868 Diluted earnings per share 650,340 $ 1.06 |
Note 15- Disclosures About Fa35
Note 15- Disclosures About Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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, 2017 Impaired loans $ - $ - $ - $ - December 31, 2016 Impaired loans $ 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) December 31, 2017 Financial assets Cash and due from banks $ 1,085 $ 1,085 $ 1,085 $ - $ - Interest-earning demand deposits 2,997 2,997 2,997 - - Federal funds sold 11,711 11,711 11,711 - - Interest-earning time deposits in banks 744 744 - 744 - Loans and loans held for sale, net 100,746 100,273 - - 100,273 Federal Home Loan Bank stock 468 468 - 468 - Accrued interest receivable 267 267 - 267 - Servicing rights 937 937 - - 937 Financial liabilities Deposits 101,688 101,603 61,767 39,836 - Advances from the Federal Home Loan Bank 9,027 9,024 - 9,024 - Accrued interest payable 30 30 - 30 - 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 11,127 1,000 10,127 - Accrued interest payable 7 7 - 7 - |
Note 18 - Condensed Financial36
Note 18 - Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, 2017 and 2016 2017 2016 (In thousands) Assets Cash $ 1,376 $ 1,615 Investment in Bank subsidiary 13,980 12,955 Total assets $ 15,356 $ 14,570 Liabilities and Shareholders' Equity Liabilities $ 4 $ 1 Redeemable common stock held by ESOP 160 73 Shareholders' equity less maximum cash obligation related to ESOP shares 15,192 14,496 Total liabilities and shareholders' equity $ 15,356 $ 14,570 |
Condensed Income Statement [Table Text Block] | 2017 2016 (In thousands) Income Interest income $ 19 $ 18 Equity in net income (loss) of Bank subsidiary 988 (295 ) Expenses General and administrative expenses 319 257 Total expenses 319 257 Net income (loss) $ 688 $ (534 ) |
Condensed Cash Flow Statement [Table Text Block] | 2017 2016 (In thousands) Operating activities Net income (loss) $ 688 $ (534 ) Other adjustments 61 21 Items not requiring cash: Equity in net (income) loss of Bank subsidiary (988) 295 Net cash used in operating activities (239) (218 ) Net change in cash (239) (218 ) Cash at beginning of year 1,615 1,833 Cash at end of year $ 1,376 $ 1,615 |
Note 1 - Nature of Operations37
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Oct. 19, 2015 | |
Common Stock, Shares, Issued | 719,531 | 696,600 | 696,600 |
Share Price | $ 19.30 | $ 10 | |
Cash, Uninsured Amount | $ 11,600 | ||
Restricted Cash and Cash Equivalents | 1,900 | ||
Mortgage Loans in Process of Foreclosure, Amount | 0 | $ 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 0 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | ||
Building [Member] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years |
Note 2 - Restriction on Cash 38
Note 2 - Restriction on Cash and Due From Banks (Details Textual) $ in Thousands | Dec. 31, 2017USD ($) |
Federal Reserve Bank, Reserve Balance Requirement | $ 0 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities | $ 0 | $ 0 |
Proceeds from Sale of Available-for-sale Securities | $ 0 | $ 0 |
Note 4 - Loans and Allowance 40
Note 4 - Loans and Allowance for Loan Losses (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Small Business Administration Loans, Percentage of Principal Balance, Guaranteed | 75.00% | |
Small Business Administration Loans, Percentage of Principal Balance, Sold | 75.00% | |
Small Business Administration Loans, Percentage of Principal Balance, Retained | 25.00% | |
United State Department of Agriculture, Percentage of Principle Balance, Guaranteed | 80.00% | |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Residential Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 4.8 | $ 4.7 |
Note 4 - Loans and Allowance 41
Note 4 - Loans and Allowance for Loan Losses - Classes of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate loans | |||
Loans | $ 99,309 | $ 85,913 | |
Net deferred loan fees, premiums and discounts | (176) | (70) | |
Undisbursed loans in process | (498) | (1,772) | |
Allowance for loan losses | (1,123) | (1,063) | $ (1,155) |
Net loans | 97,512 | 83,008 | |
Residential Portfolio Segment [Member] | |||
Real estate loans | |||
Loans | 41,474 | 38,636 | |
Allowance for loan losses | (540) | (656) | (648) |
Commercial Real Estate Portfolio Segment [Member] | |||
Real estate loans | |||
Loans | 45,623 | 35,709 | |
Allowance for loan losses | (484) | (326) | (383) |
Construction and Land Real Estate [Member] | |||
Real estate loans | |||
Loans | 10,746 | 10,233 | |
Allowance for loan losses | (76) | (72) | (102) |
Commercial Portfolio Segment [Member] | |||
Real estate loans | |||
Loans | 909 | 1,000 | |
Allowance for loan losses | (15) | (4) | (19) |
Consumer Portfolio Segment [Member] | |||
Real estate loans | |||
Loans | 557 | 335 | |
Allowance for loan losses | $ (8) | $ (5) | $ (3) |
Note 4 - Loans and Allowance 42
Note 4 - Loans and Allowance for Loan Losses - Activity in Allowance for Loan Losses and Recorded Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 1,063 | $ 1,155 |
Provision (credit) for loan losses | 70 | |
Charge-offs | (26) | (133) |
Recoveries | 16 | 41 |
Balance | 1,123 | 1,063 |
Ending balance, individually evaluated for impairment | ||
Ending balance, collectively evaluated for impairment | 1,123 | 1,063 |
Loans | 99,309 | 85,913 |
Ending balance; individually evaluated for impairment | 4,639 | 5,021 |
Ending balance; collectively evaluated for impairment | 94,670 | 80,892 |
Residential Portfolio Segment [Member] | ||
Balance | 656 | 648 |
Provision (credit) for loan losses | (99) | 141 |
Charge-offs | (17) | (133) |
Recoveries | ||
Balance | 540 | 656 |
Ending balance, individually evaluated for impairment | ||
Ending balance, collectively evaluated for impairment | 540 | 656 |
Loans | 41,474 | 38,636 |
Ending balance; individually evaluated for impairment | 2,294 | 2,779 |
Ending balance; collectively evaluated for impairment | 39,180 | 35,857 |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance | 326 | 383 |
Provision (credit) for loan losses | 151 | (57) |
Charge-offs | (9) | |
Recoveries | 16 | |
Balance | 484 | 326 |
Ending balance, individually evaluated for impairment | ||
Ending balance, collectively evaluated for impairment | 484 | 326 |
Loans | 45,623 | 35,709 |
Ending balance; individually evaluated for impairment | 33 | 533 |
Ending balance; collectively evaluated for impairment | 45,590 | 35,176 |
Construction and Land Real Estate [Member] | ||
Balance | 72 | 102 |
Provision (credit) for loan losses | 4 | (71) |
Charge-offs | ||
Recoveries | 41 | |
Balance | 76 | 72 |
Ending balance, individually evaluated for impairment | ||
Ending balance, collectively evaluated for impairment | 76 | 72 |
Loans | 10,746 | 10,233 |
Ending balance; individually evaluated for impairment | 2,312 | 1,709 |
Ending balance; collectively evaluated for impairment | 8,434 | 8,524 |
Commercial Portfolio Segment [Member] | ||
Balance | 4 | 19 |
Provision (credit) for loan losses | 11 | (15) |
Charge-offs | ||
Recoveries | ||
Balance | 15 | 4 |
Ending balance, individually evaluated for impairment | ||
Ending balance, collectively evaluated for impairment | 15 | 4 |
Loans | 909 | 1,000 |
Ending balance; individually evaluated for impairment | ||
Ending balance; collectively evaluated for impairment | 909 | 1,000 |
Consumer Portfolio Segment [Member] | ||
Balance | 5 | 3 |
Provision (credit) for loan losses | 3 | 2 |
Charge-offs | ||
Recoveries | ||
Balance | 8 | 5 |
Ending balance, individually evaluated for impairment | ||
Ending balance, collectively evaluated for impairment | 8 | 5 |
Loans | 557 | 335 |
Ending balance; individually evaluated for impairment | ||
Ending balance; collectively evaluated for impairment | $ 557 | $ 335 |
Note 4 - Loans and Allowance 43
Note 4 - Loans and Allowance for Loan Losses - Credit Risk Profile Based on Internal Rating Category (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | $ 99,309 | $ 85,913 |
Residential Portfolio Segment [Member] | ||
Loans | 41,474 | 38,636 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 45,623 | 35,709 |
Construction and Land Real Estate [Member] | ||
Loans | 10,746 | 10,233 |
Commercial Portfolio Segment [Member] | ||
Loans | 909 | 1,000 |
Consumer Portfolio Segment [Member] | ||
Loans | 557 | 335 |
Pass [Member] | ||
Loans | 96,047 | 82,035 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans | 39,639 | 36,324 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 45,136 | 35,211 |
Pass [Member] | Construction and Land Real Estate [Member] | ||
Loans | 9,839 | 9,210 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 876 | 965 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 557 | 325 |
Special Mention [Member] | ||
Loans | 48 | 425 |
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans | 48 | 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 | 3,214 | 3,453 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans | 1,787 | 1,897 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 487 | 498 |
Substandard [Member] | Construction and Land Real Estate [Member] | ||
Loans | 907 | 1,023 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 33 | 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 4 - Loans and Allowance 44
Note 4 - Loans and Allowance for Loan Losses - Aging Analysis of the Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans past due | $ 269 | $ 525 |
Current | 99,040 | 85,388 |
Loans | 99,309 | 85,913 |
90 days past due and still accruing | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 73 | 194 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 196 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | 331 | |
Residential Portfolio Segment [Member] | ||
Loans past due | 269 | 521 |
Current | 41,205 | 38,115 |
Loans | 41,474 | 38,636 |
90 days past due and still accruing | ||
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 73 | 194 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 196 | |
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 | 45,623 | 35,705 |
Loans | 45,623 | 35,709 |
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 | 10,746 | 10,233 |
Loans | 10,746 | 10,233 |
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 | 909 | 1,000 |
Loans | 909 | 1,000 |
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 | 557 | 335 |
Loans | 557 | 335 |
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 4 - Loans and Allowance 45
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Specific allowance | ||
Recorded balance | 4,639 | 5,021 |
Unpaid principal balance | 4,795 | 5,205 |
Average balance of impaired loans | 4,000 | 4,410 |
Interest income recognized | 165 | 263 |
Residential Portfolio Segment [Member] | ||
Recorded balance, with no valuation allowance | 2,294 | 2,779 |
Unpaid principal balance, with no valuation allowance | 2,439 | 2,936 |
Average balance of impaired loans, with no valuation allowance | 2,166 | 2,420 |
Interest income recognized, with no valuation allowance | 73 | 140 |
Recorded balance, with a valuation allowance | ||
Unpaid principal balance, with a valuation allowance | ||
Specific 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 | 33 | 533 |
Unpaid principal balance, with no valuation allowance | 33 | 560 |
Average balance of impaired loans, with no valuation allowance | 35 | 230 |
Interest income recognized, with no valuation allowance | 2 | 28 |
Recorded balance, with a valuation allowance | ||
Unpaid principal balance, with a valuation allowance | ||
Specific 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 | 2,312 | 1,709 |
Unpaid principal balance, with no valuation allowance | 2,323 | 1,709 |
Average balance of impaired loans, with no valuation allowance | 1,799 | 1,760 |
Interest income recognized, with no valuation allowance | 90 | 95 |
Recorded balance, with a valuation allowance | ||
Unpaid principal balance, with a valuation allowance | ||
Specific 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 | ||
Specific 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 | ||
Specific allowance | ||
Average balance of impaired loans, with a valuation allowance | ||
Interest income recognized, with a valuation allowance |
Note 4 - Loans and Allowance 46
Note 4 - Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Nonaccrual loans | $ 2,357 | $ 618 |
Residential Portfolio Segment [Member] | ||
Nonaccrual loans | 1,629 | 614 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual loans | 4 | |
Construction and Land Real Estate [Member] | ||
Nonaccrual loans | 728 | |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | ||
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans |
Note 5 - Premises and Equipme47
Note 5 - Premises and Equipment - Major Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Land | $ 6,102 | $ 6,000 |
Less accumulated depreciation | 4,208 | 4,066 |
Net premises and equipment | 1,894 | 1,934 |
Land [Member] | ||
Land | 342 | 342 |
Building and Building Improvements [Member] | ||
Land | 3,252 | 3,155 |
Furniture and Fixtures [Member] | ||
Land | $ 2,508 | $ 2,503 |
Note 6 - Loan Servicing (Detail
Note 6 - Loan Servicing (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $ 70.1 | $ 50.5 |
Small Business Administration Loans [Member] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $ 26.4 |
Note 6 - Loan Servicing - Mortg
Note 6 - Loan Servicing - Mortgage Servicing Rights Activity (Details) - Mortgage Servicing Rights [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at beginning of year | $ 483 | $ 317 |
Additions | 537 | 251 |
Amortization | (83) | (85) |
Balance at end of year | $ 937 | $ 483 |
Note 7 - Time Deposits (Details
Note 7 - Time Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Time Deposits, at or Above FDIC Insurance Limit | $ 10.5 | $ 6.1 |
Interest-bearing Domestic Deposit, Brokered | $ 2.3 | $ 3.3 |
Note 7 - Time Deposits - Schedu
Note 7 - Time Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 13,658 | |
2,019 | 13,345 | |
2,020 | 8,486 | |
2,021 | 1,440 | |
2,022 | 2,721 | |
Thereafter | 271 | |
Balance at end of year | $ 39,921 | $ 31,761 |
Note 8 - Borrowings (Details Te
Note 8 - Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Advances from Federal Home Loan Banks | $ 9,027 | $ 10,027 |
Federal Funds Purchased | 0 | 1,000 |
Federal Home Loan Bank [Member] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 11,200 | |
Eligible Mortage Loans [Member] | ||
Advances from Federal Home Loan Banks | $ 38,700 | $ 23,900 |
Note 8 - Borrowings - Maturitie
Note 8 - Borrowings - Maturities of Advances From the Federal Home Loan Bank (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Federal Home Loan Bank Advances, 2018 | $ 4,100 |
Interest rate, 2019 | 1.85% |
Federal Home Loan Bank Advances, 2019 | $ 1,927 |
Interest rate, 2020 | 2.08% |
Federal Home Loan Bank Advances, 2020 | $ 3,000 |
Federal Home Loan Bank Advances, total | $ 9,027 |
Minimum [Member] | |
Interest rate, 2018 | 1.34% |
Maximum [Member] | |
Interest rate, 2018 | 1.80% |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |||
Deferred Tax Assets, Valuation Allowance | $ 2,708,000 | $ 4,526,000 | $ 4,292,000 | |
Bad Debt Reserve forTax Purposes of Qualified Lender | 1,500,000 | 1,500,000 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | 0 | 0 | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability that Would Have Been Recognized | 315,000 | 510,000 | ||
Unrecognized Tax Benefits | 0 | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | $ 0 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards | $ 12,200,000 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2030 | |||
State and Local Jurisdiction [Member] | Indiana Department of Revenue [Member] | ||||
Operating Loss Carryforwards | $ 1,000,000 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2024 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Federal Income Tax Expense (Benefit) at the Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Computed at statutory rate (34%) | $ 234 | $ (182) |
Bank-owned life insurance | (58) | (58) |
Effect of Tax Cuts and Jobs Act | 1,633 | |
Change in valuation allowance | (1,818) | 234 |
Other | 9 | 3 |
Actual income tax (benefit) |
Note 9 - Income Taxes - Composi
Note 9 - Income Taxes - Composition of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred tax assets | ||
Allowance for loan losses | $ 240 | $ 368 |
Deferred compensation | 48 | 58 |
Net operating loss carryforward | 2,640 | 4,287 |
Deferred loan origination costs | 12 | |
Stock based compensation | 11 | |
Loans held for sale | 35 | |
Other | 37 | 8 |
Deferred tax assets | 3,011 | 4,733 |
Deferred tax liabilities | ||
Federal Home Loan Bank stock dividends | (10) | (16) |
Servicing rights | (200) | (167) |
Depreciation | (22) | (24) |
Deferred loan costs | (71) | |
Deferred tax liabilities | (303) | (207) |
Net deferred tax asset before valuation allowance | 2,708 | 4,526 |
Valuation allowance | ||
Beginning balance | (4,526) | (4,292) |
(Increase) decrease during period | 1,818 | (234) |
Ending balance | (2,708) | (4,526) |
Net deferred tax asset | $ 0 | $ 0 |
Note 10 - Regulatory Matters (D
Note 10 - Regulatory Matters (Details Textual) - USD ($) $ in Billions | Jan. 01, 2019 | Dec. 31, 2017 | Dec. 31, 2015 |
Capital Conservation Buffer | 0.00% | ||
Retained Earnings, Unappropriated | $ 520 | ||
Scenario, Forecast [Member] | |||
Capital Conservation Buffer | 2.50% |
Note 10 - Regulatory Matters -
Note 10 - Regulatory Matters - Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital | $ 15,094 | $ 13,943 |
Capital to Risk Weighted Assets | 16.30% | 17.60% |
Capital Required for Capital Adequacy | $ 7,394 | $ 6,327 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 9,243 | $ 7,908 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I Capital | $ 13,971 | $ 12,954 |
Tier 1 Capital to Risk Weighted Assets | 15.10% | 16.40% |
Tier 1 Risk Based Capital Required for Capital Adequacy | $ 5,546 | $ 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 | $ 7,394 | $ 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 | $ 13,971 | $ 12,954 |
Common Equity Tier 1 Risk Based Capital to Risk Weighted Assets | 15.10% | 16.40% |
Common Equity Tier 1 Risk Based Capital Required for Capital Adequacy | $ 4,159 | $ 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 | $ 6,008 | $ 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 | $ 13,971 | $ 12,954 |
Tier 1 Leverage Capital to Average Assets | 11.30% | 12.90% |
Tier 1 Leverage Capital Required for Capital Adequacy | $ 4,933 | $ 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 | $ 6,166 | $ 5,030 |
Tier I Leverage Capital Required to be Well Capitalized to Risk Weighted Assets | 5.00% | 5.00% |
Note 11 - Related Party Trans59
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Notes Payable, Related Parties, Noncurrent | $ 2,100,000 | $ 2,400,000 |
Payments to Fund Long-term Loans to Related Parties | 400,000 | 600,000 |
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties | 670,000 | 600,000 |
Related Party Deposit Liabilities | $ 437,000 | $ 694,000 |
Note 12 - Employee Benefits (De
Note 12 - Employee Benefits (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 19, 2015 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 55,728 | ||||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 2,975 | 2,732 | |||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | 47,235 | ||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 45,000 | $ 29,000 | |||
Share Price at Formation Date | $ 10 | ||||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 912,000 | ||||
Share Price | $ 19.30 | $ 10 | |||
Employee Stock Ownership Plan (ESOP), Fair Value of Shares Subject to Repurchase Obligation | $ 160,000 | 73,000 | |||
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 | $ 165,000 | ||||
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 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 5 years | ||||
Allocated Share-based Compensation Expense | $ 18,000 | ||||
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 | $ 32,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | 291,000 | ||||
Pension Plan [Member] | |||||
Defined Contribution Plan, Cost | $ 34,000 | 19,000 | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 3.00% | ||||
Pentegra Defined Benefit Plan (The Plan) [Member] | |||||
Defined Contribution Plan, Cost | $ 73,000 | $ 66,000 | |||
Defined Benefit Plan, Funded Percentage | 97.20% | 97.15% | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 153,200,000 | $ 163,100,000 | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | ||||
Former Executive Officers [Member] | |||||
Accrued Employee Benefits | $ 160,000 | 167,000 | |||
Defined Contribution Plan, Cost | 0 | $ 48,000 | |||
President [Member] | |||||
Accrued Employee Benefits | 66,000 | ||||
Defined Contribution Plan, Cost | $ 22,000 | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Five Years | $ 150,000 | ||||
Defined Benefit Plans, Accrued Interest Rate on Funds | 4.50% |
Note 12 - Employee Benefits - S
Note 12 - Employee Benefits - Stock Option Activity (Details) - The 2017 Equity Incentive Plan [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 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 182 days |
Note 12 - Employee Benefits - F
Note 12 - Employee Benefits - Fair Value Assumptions (Details) - The 2017 Equity Incentive Plan [Member] - Employee Stock Option [Member] | 12 Months Ended |
Dec. 31, 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 12 - Employee Benefits - R
Note 12 - Employee Benefits - Restricted Stock Activity (Details) - The 2017 Equity Incentive Plan [Member] - Restricted Stock [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 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 13 - Earnings (Loss) Per64
Note 13 - Earnings (Loss) Per Share (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Oct. 19, 2015 | |
Earnings Per Share, Basic and Diluted | $ 0.83 | ||
Common Stock, Shares, Issued | 719,531 | 696,600 | 696,600 |
Weighted Average Number of Shares, Employee Stock Ownership Plan Shares Not Committed to be Released | 52,353 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,868 | 0 |
Note 13 - Earnings (Loss) Per65
Note 13 - Earnings (Loss) Per Share - Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 688 | $ (534) |
Basic earnings per share, weighted average shares (in shares) | 647,472 | 644,247 |
Basic earnings per share (in dollars per share) | $ 1.06 | $ (0.83) |
Restricted stock awards and stock options (in shares) | 2,868 | 0 |
Diluted earnings per share, weighted average shares (in shares) | 650,340 | 644,247 |
Diluted earnings per share (in dollars per share) | $ 1.06 | $ (0.83) |
Note 14 - Commitments and Cre66
Note 14 - Commitments and Credit Risk (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loan Origination Commitments [Member] | ||
Fair Value, Concentration of Risk, Commitments | $ 1,300,000 | $ 670,000 |
Loan Origination Commitments [Member] | Minimum [Member] | ||
Fair Value Inputs, Interest Rate | 3.875% | 3.50% |
Loan Origination Commitments [Member] | Maximum [Member] | ||
Fair Value Inputs, Interest Rate | 4.875% | 4.50% |
Construction Loans [Member] | ||
Fair Value, Concentration of Risk, Commitments | $ 498,000 | $ 1,800,000 |
Commercial Lines of Credit [Member] | ||
Fair Value, Concentration of Risk, Commitments | 6,700,000 | 5,500,000 |
Consumer Lines of Credit [Member] | ||
Fair Value, Concentration of Risk, Commitments | 3,800,000 | 3,800,000 |
Standby Letters of Credit Commitments [Member] | ||
Fair Value, Concentration of Risk, Commitments | $ 169,000 | $ 219,000 |
Note 15 - Disclosures About Fai
Note 15 - Disclosures About Fair Value of Assets and Liabilities - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Impaired loans | $ 232 | |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | $ 232 |
Note 15 - Disclosures About F68
Note 15 - Disclosures About Fair Value of Assets and Liabilities - Quantitative Information About Unobservable Inputs (Details) - Market Approach Valuation Technique [Member] - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Impaired loans (collateral dependent) | $ 232 |
Valuation technique | Marketable comparable properties |
Minimum [Member] | |
Range | 10.00% |
Maximum [Member] | |
Range | 15.00% |
Note 15 - Disclosures About F69
Note 15 - Disclosures About Fair Value of Assets and Liabilities - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | |||
Financial assets | |||
Cash and due from banks | $ 1,085 | $ 1,419 | |
Interest-earning demand deposits | 2,997 | 8,438 | |
Federal funds sold | 11,711 | 1,000 | |
Interest-earning time deposits in banks | 744 | 992 | |
Loans, net | 100,746 | $ 83,008 | |
Federal Home Loan Bank stock | 468 | 468 | |
Accrued interest receivable | 267 | 203 | |
Servicing rights | 937 | 483 | |
Financial liabilities | |||
Deposits | 101,688 | 76,841 | |
Advances from the Federal Home Loan Bank | 9,027 | 10,027 | |
Accrued interest payable | 30 | 7 | |
Federal funds sold | 11,711 | 1,000 | |
Estimate of Fair Value Measurement [Member] | |||
Financial assets | |||
Cash and due from banks | 1,085 | 1,419 | |
Interest-earning demand deposits | 2,997 | 8,438 | |
Federal funds sold | 11,711 | 1,000 | |
Interest-earning time deposits in banks | 744 | 992 | |
Loans, net | 100,273 | 83,538 | |
Federal Home Loan Bank stock | 468 | 468 | |
Accrued interest receivable | 267 | 203 | |
Servicing rights | 937 | 483 | |
Financial liabilities | |||
Deposits | 101,603 | 77,104 | |
Advances from the Federal Home Loan Bank | 9,024 | 11,127 | |
Accrued interest payable | 30 | 7 | |
Federal funds sold | 11,711 | 1,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial assets | |||
Cash and due from banks | 1,085 | 1,419 | |
Interest-earning demand deposits | 2,997 | 8,438 | |
Federal funds sold | 11,711 | 1,000 | |
Interest-earning time deposits in banks | |||
Loans, net | |||
Federal Home Loan Bank stock | |||
Accrued interest receivable | |||
Servicing rights | |||
Financial liabilities | |||
Deposits | 61,767 | 45,080 | |
Advances from the Federal Home Loan Bank | 1,000 | ||
Accrued interest payable | |||
Federal funds sold | 11,711 | 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 | 267 | 203 | |
Servicing rights | |||
Financial liabilities | |||
Deposits | 39,836 | 32,024 | |
Advances from the Federal Home Loan Bank | 9,024 | 10,127 | |
Accrued interest payable | 30 | 7 | |
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 | 100,273 | $ 83,538 | |
Federal Home Loan Bank stock | |||
Accrued interest receivable | |||
Servicing rights | 937 | 483 | |
Financial liabilities | |||
Deposits | |||
Advances from the Federal Home Loan Bank | |||
Accrued interest payable | |||
Federal funds sold |
Note 17 - Change in Corporate70
Note 17 - Change in Corporate Form (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 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 |
Note 18 - Condensed Financial71
Note 18 - Condensed Financial Information (Parent Company Only) - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Cash | $ 1,085 | $ 1,419 | |
Total assets | 126,879 | 103,218 | |
Liabilities and Shareholders' Equity | |||
Liabilities | 111,527 | 88,649 | |
Total liabilities and shareholders' equity | 126,879 | 103,218 | |
Parent Company [Member] | |||
Assets | |||
Cash | 1,376 | 1,615 | $ 1,833 |
Investment in Bank subsidiary | 13,980 | 12,955 | |
Total assets | 15,356 | 14,570 | |
Liabilities and Shareholders' Equity | |||
Liabilities | 4 | 1 | |
Redeemable common stock held by ESOP | 160 | 73 | |
Shareholders' equity less maximum cash obligation related to ESOP shares | 15,192 | 14,496 | |
Total liabilities and shareholders' equity | $ 15,356 | $ 14,570 |
Note 18 - Condensed Financial72
Note 18 - Condensed Financial Information (Parent Company Only) - Condensed Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income | ||
Interest income | $ 4,432 | $ 3,424 |
Expenses | ||
Net income (loss) | 688 | (534) |
Parent Company [Member] | ||
Income | ||
Interest income | 19 | 18 |
Equity in net income (loss) of Bank subsidiary | 988 | (295) |
Expenses | ||
General and administrative expenses | 319 | 257 |
Total expenses | 319 | 257 |
Net income (loss) | $ 688 | $ (534) |
Note 18 - Condensed Financial73
Note 18 - Condensed Financial Information (Parent Company Only) - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | ||
Net income (loss) | $ 688 | $ (534) |
Items not requiring (providing) cash | ||
Net cash used in operating activities | 208 | (621) |
Net change in cash | 5,936 | 1,047 |
Cash at beginning of year | 1,419 | |
Cash at end of year | 1,085 | 1,419 |
Parent Company [Member] | ||
Operating Activities | ||
Net income (loss) | 688 | (534) |
Other adjustments | 61 | 21 |
Items not requiring (providing) cash | ||
Equity in net (income) loss of Bank subsidiary | (988) | 295 |
Net cash used in operating activities | (239) | (218) |
Net change in cash | (239) | (218) |
Cash at beginning of year | 1,615 | 1,833 |
Cash at end of year | $ 1,376 | $ 1,615 |