Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RNDB | |
Entity Registrant Name | Randolph Bancorp, Inc. | |
Entity Central Index Key | 0001667161 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 5,760,552 | |
Entity Shell Company | false | |
Entity File Number | 001-37780 | |
Entity Tax Identification Number | 811844402 | |
Entity Address, Address Line One | 10 Cabot Place | |
Entity Address, City or Town | Stoughton | |
Entity Address, State or Province | Massachusetts | |
Entity Address, Postal Zip Code | 02072 | |
City Area Code | 781 | |
Local Phone Number | 963-2100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 3,614 | $ 3,451 |
Interest-bearing deposits | 7,561 | 3,667 |
Total cash and cash equivalents | 11,175 | 7,118 |
Certificates of deposit | 2,205 | 2,205 |
Securities available for sale, at fair value | 48,851 | 50,556 |
Loans held for sale, at fair value | 102,784 | 38,474 |
Loans, net of allowance for loan losses of $4,154 in 2019 and $4,437 in 2018 | 451,870 | 483,846 |
Federal Home Loan Bank of Boston stock, at cost | 5,375 | 4,700 |
Accrued interest receivable | 1,665 | 1,504 |
Mortgage servicing rights, net | 8,201 | 7,786 |
Premises and equipment, net | 6,162 | 6,368 |
Bank-owned life insurance | 8,349 | 8,256 |
Foreclosed real estate, net | 90 | 65 |
Other assets | 5,842 | 3,462 |
Total assets | 652,569 | 614,340 |
Deposits: | ||
Non-interest bearing | 65,420 | 64,229 |
Interest bearing | 313,584 | 312,321 |
Brokered | 62,649 | 60,580 |
Total deposits | 441,653 | 437,130 |
Federal Home Loan Bank of Boston advances | 121,553 | 89,036 |
Mortgagors' escrow accounts | 1,863 | 2,129 |
Post-employment benefit obligations | 2,424 | 2,551 |
Other liabilities | 5,723 | 5,533 |
Total liabilities | 573,216 | 536,379 |
Commitments and contingencies (Note 14) | ||
Stockholders' Equity: | ||
Preferred stock, no par value; authorized: 1,000,000 shares; issued: none | ||
Common stock, $.01 par value; authorized: 15,000,000 shares; issued and outstanding: 5,797,705 shares at June 30, 2019 and 5,903,793 shares at December 31, 2018 | 58 | 60 |
Additional paid-in capital | 54,083 | 55,608 |
Retained earnings | 29,784 | 28,329 |
ESOP-Unearned compensation | (4,038) | (4,132) |
Accumulated other comprehensive loss, net of tax | (534) | (1,904) |
Total stockholders' equity | 79,353 | 77,961 |
Total liabilities and stockholders' equity | $ 652,569 | $ 614,340 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 4,154 | $ 4,437 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,797,705 | 5,903,793 |
Common stock, shares outstanding | 5,797,705 | 5,903,793 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Loans | $ 6,058 | $ 4,586 | $ 11,646 | $ 8,881 |
Securities-taxable | 358 | 398 | 742 | 736 |
Securities-tax exempt | 12 | 21 | 28 | 85 |
Interest-bearing deposits and certificates of deposit | 26 | 34 | 54 | 64 |
Total interest and dividend income | 6,454 | 5,039 | 12,470 | 9,766 |
Interest expense: | ||||
Deposits | 1,221 | 730 | 2,381 | 1,210 |
Federal Home Loan Bank of Boston advances | 744 | 276 | 1,222 | 541 |
Total interest expense | 1,965 | 1,006 | 3,603 | 1,751 |
Net interest income | 4,489 | 4,033 | 8,867 | 8,015 |
Provision (credit) for loan losses | (144) | (90) | (144) | 5 |
Net interest income after provision (credit) for loan losses | 4,633 | 4,123 | 9,011 | 8,010 |
Non-interest income: | ||||
Customer service fees | 362 | 439 | 691 | 739 |
Gain on loan origination and sale activities, net | 5,068 | 1,854 | 7,656 | 3,401 |
Mortgage servicing fees, net | 224 | 291 | 543 | 625 |
Gain on sales of securities | 49 | |||
Increase in cash surrender value of life insurance | 48 | 38 | 93 | 76 |
Other | 153 | 161 | 285 | 300 |
Total non-interest income | 5,855 | 2,783 | 9,268 | 5,190 |
Non-interest expenses: | ||||
Salaries and employee benefits | 6,092 | 4,979 | 11,504 | 9,415 |
Occupancy and equipment | 643 | 729 | 1,299 | 1,427 |
Data processing | 197 | 166 | 391 | 336 |
Professional fees | 287 | 320 | 555 | 572 |
Marketing | 180 | 321 | 368 | 624 |
Other | 1,464 | 1,397 | 2,624 | 2,535 |
Total non-interest expenses | 8,863 | 7,912 | 16,741 | 14,909 |
Income (loss) before income taxes | 1,625 | (1,006) | 1,538 | (1,709) |
Income tax expense | 119 | 4 | 83 | 8 |
Net income (loss) | $ 1,506 | $ (1,010) | $ 1,455 | $ (1,717) |
Weighted average common shares outstanding (basic and diluted) | 5,465,205 | 5,580,683 | 5,471,846 | 5,594,559 |
Net income (loss) per common share (basic and diluted) | $ 0.28 | $ (0.18) | $ 0.27 | $ (0.31) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Net income (loss) | $ 1,506 | $ (1,010) | $ 1,455 | $ (1,717) | |
Securities available for sale: | |||||
Unrealized holding gains (losses) | 716 | (173) | 1,394 | (1,228) | |
Reclassification adjustment for net gains realized in income | [1] | 0 | (49) | ||
Net unrealized gains (losses) | 716 | (173) | 1,394 | (1,277) | |
Related tax effects | 38 | ||||
Net-of-tax amount | 754 | (173) | 1,394 | (1,277) | |
Related tax effects | 0 | 0 | |||
Net-of-tax amount | (12) | (11) | (24) | (23) | |
Total other comprehensive income (loss) | 742 | (184) | 1,370 | (1,300) | |
Comprehensive income (loss) | 2,248 | (1,194) | 2,825 | (3,017) | |
Supplemental Retirement Plan [Member] | |||||
Securities available for sale: | |||||
Actuarial losses | [2] | 9 | 9 | 18 | 18 |
Prior service credits | [2] | (21) | (20) | (42) | (41) |
Net change in supplemental retirement plan | $ 12 | $ 11 | $ 24 | $ 23 | |
[1] | Amount is included in gain on sales of securities in the consolidated statements of operations. | ||||
[2] | Amounts are included in other non-interest expenses in the consolidated statements of operations. |
Consolidated Statements Changes
Consolidated Statements Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Compensation ESOP [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Dec. 31, 2017 | $ 81,483 | $ 61 | $ 56,493 | $ 30,415 | $ (4,319) | $ (1,167) |
Beginning balance, shares at Dec. 31, 2017 | 6,034,276 | |||||
Net income (loss) | (1,717) | (1,717) | ||||
Other comprehensive income (loss) | (1,300) | (1,300) | ||||
Stock repurchased | (631) | $ (1) | (630) | |||
Stock repurchased, shares | (39,438) | |||||
Stock-based compensation | 387 | 387 | ||||
Restricted stock awards forfeited, shares | (7,042) | |||||
ESOP shares committed to be released | 151 | 57 | 94 | |||
Ending balance at Jun. 30, 2018 | 78,373 | $ 60 | 56,307 | 28,698 | (4,225) | (2,467) |
Ending balance, shares at Jun. 30, 2018 | 5,987,796 | |||||
Beginning balance at Dec. 31, 2017 | 81,483 | $ 61 | 56,493 | 30,415 | (4,319) | (1,167) |
Beginning balance, shares at Dec. 31, 2017 | 6,034,276 | |||||
Ending balance at Dec. 31, 2018 | 77,961 | $ 60 | 55,608 | 28,329 | (4,132) | (1,904) |
Ending balance, shares at Dec. 31, 2018 | 5,903,793 | |||||
Beginning balance at Mar. 31, 2018 | 79,871 | $ 61 | 56,657 | 29,708 | (4,272) | (2,283) |
Beginning balance, shares at Mar. 31, 2018 | 6,029,776 | |||||
Net income (loss) | (1,010) | (1,010) | ||||
Other comprehensive income (loss) | (184) | (184) | ||||
Stock repurchased | (561) | $ (1) | (560) | |||
Stock repurchased, shares | (34,938) | |||||
Stock-based compensation | 180 | 180 | ||||
Restricted stock awards forfeited, shares | (7,042) | |||||
ESOP shares committed to be released | 77 | 30 | 47 | |||
Ending balance at Jun. 30, 2018 | 78,373 | $ 60 | 56,307 | 28,698 | (4,225) | (2,467) |
Ending balance, shares at Jun. 30, 2018 | 5,987,796 | |||||
Beginning balance at Dec. 31, 2018 | 77,961 | $ 60 | 55,608 | 28,329 | (4,132) | (1,904) |
Beginning balance, shares at Dec. 31, 2018 | 5,903,793 | |||||
Net income (loss) | 1,455 | 1,455 | ||||
Other comprehensive income (loss) | 1,370 | 1,370 | ||||
Stock repurchased | (2,029) | $ (2) | (2,027) | |||
Stock repurchased, shares | (136,923) | |||||
Restricted stock awards granted, shares | 33,335 | |||||
Stock-based compensation | 458 | 458 | ||||
Restricted stock awards forfeited, shares | (2,500) | |||||
ESOP shares committed to be released | 138 | 44 | 94 | |||
Ending balance at Jun. 30, 2019 | 79,353 | $ 58 | 54,083 | 29,784 | (4,038) | (534) |
Ending balance, shares at Jun. 30, 2019 | 5,797,705 | |||||
Beginning balance at Mar. 31, 2019 | 78,395 | $ 59 | 55,419 | 28,278 | (4,085) | (1,276) |
Beginning balance, shares at Mar. 31, 2019 | 5,893,293 | |||||
Net income (loss) | 1,506 | 1,506 | ||||
Other comprehensive income (loss) | 742 | 742 | ||||
Stock repurchased | (1,600) | $ (1) | (1,599) | |||
Stock repurchased, shares | (106,423) | |||||
Restricted stock awards granted, shares | 10,835 | |||||
Stock-based compensation | 242 | 242 | ||||
ESOP shares committed to be released | 68 | 21 | 47 | |||
Ending balance at Jun. 30, 2019 | $ 79,353 | $ 58 | $ 54,083 | $ 29,784 | $ (4,038) | $ (534) |
Ending balance, shares at Jun. 30, 2019 | 5,797,705 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,455,000 | $ (1,717,000) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Provision (credit) for loan losses | (144,000) | 5,000 |
Loans originated for sale | (313,599,000) | (181,394,000) |
Net gain on sales of mortgage loans | (6,296,000) | (3,111,000) |
Proceeds from sales of mortgage loans | 285,347,000 | 169,238,000 |
Net amortization of securities | 68,000 | 96,000 |
Net change in deferred loan costs and fees, and purchase premiums | 30,000 | (82,000) |
Gain on sales of securities | (49,000) | |
Depreciation and amortization | 425,000 | 408,000 |
Stock-based compensation | 458,000 | 387,000 |
ESOP expense | 138,000 | 151,000 |
Increase in cash surrender value of life insurance | (93,000) | (76,000) |
Net increase in mortgage servicing rights | (415,000) | (448,000) |
Other, net | (3,681,000) | 440,000 |
Net cash used in operating activities | (36,307,000) | (16,152,000) |
Cash flows from investing activities: | ||
Redemptions of certificates of deposit | 245,000 | |
Securities available for sale: | ||
Calls/maturities | 500,000 | 470,000 |
Purchases | (9,993,000) | |
Sales | 0 | 8,958,000 |
Principal payments on mortgage-backed securities | 2,531,000 | 4,263,000 |
Loan originations, net of principal repayments | 5,668,000 | (25,393,000) |
Loan purchases | (2,186,000) | (1,860,000) |
Proceeds from residential portfolio loan sale | 3,996,000 | |
(Purchases) redemptions of Federal Home Loan Bank of Boston stock | (675,000) | 155,000 |
Purchases of premises and equipment | (219,000) | (1,259,000) |
Net cash provided by (used in) investing activities | 5,619,000 | (20,418,000) |
Cash flows from financing activities: | ||
Net increase in non-brokered deposits | 2,454,000 | 12,006,000 |
Net increase in brokered deposits | 2,069,000 | 44,057,000 |
Net increase (decrease) in short-term Federal Home Loan Bank of Boston borrowings | 19,152,000 | (17,063,000) |
Issuance of long-term Federal Home Loan Bank of Boston advances | 15,000,000 | |
Repayments of long-term Federal Home Loan Bank of Boston advances | (1,635,000) | (2,211,000) |
Net increase (decrease) in mortgagors' escrow accounts | (266,000) | 652,000 |
Repurchases of common stock | (2,029,000) | (631,000) |
Net cash provided by financing activities | 34,745,000 | 36,810,000 |
Net change in cash and cash equivalents | 4,057,000 | 240,000 |
Cash and cash equivalents at beginning of period | 7,118,000 | 8,822,000 |
Cash and cash equivalents at end of period | 11,175,000 | 9,062,000 |
Supplemental cash flow information: | ||
Interest paid on deposits and borrowed funds | 3,864,000 | 1,715,000 |
Income taxes paid | 15,000 | $ 16,000 |
Non-cash items: | ||
Transfer of held for sale loans to portfolio | 3,969,000 | |
Transfer of portfolio loans to held for sale | $ 28,608,000 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | 1. BASIS OF FINANCIAL STATEMENT PRESENTATION The consolidated financial statements include the accounts of Randolph Bancorp, Inc. (“Bancorp”) and its wholly-owned subsidiary, Envision Bank (the “Bank”, together with Bancorp, the “Company”). The Bank has subsidiaries involved in owning investment securities and foreclosed real estate properties and a subsidiary which provides loan closing services. All intercompany accounts and transactions have been eliminated in consolidation. These financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying interim financial statements do not include all information required under GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. The operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or any other interim period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS On January 1, 2019, the Company early adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments In February 2016, FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In April 2017, the FASB issued ASU 2017-08 Receivables – Non-refundable Fees and Other Costs In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement – Changes to the Disclosure Requirements for Fair Value Measurement, . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 3 . ACCUMULATED OTHER COMPREHENSIVE LOSS Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities are reported as a separate component of stockholders’ equity, such items, along with net income (loss), are components of comprehensive income (loss). The components of accumulated other comprehensive loss, included in total stockholders’ equity, are as follows: June 30, December 31, 2019 2018 (In thousands) Securities available for sale: Net unrealized gain (loss) $ 60 $ (1,334 ) Tax effect (313 ) (313 ) Net-of-tax amount (253 ) (1,647 ) Supplemental retirement plan Unrecognized net actuarial loss (587 ) (605 ) Unrecognized net prior service credit 353 395 (234 ) (210 ) Tax effect (47 ) (47 ) Net-of-tax amount (281 ) (257 ) Accumulated other comprehensive loss $ (534 ) $ (1,904 ) |
Securities Available for Sale
Securities Available for Sale | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale | 4 . SECURITIES AVAILABLE FOR SALE The amortized cost and fair value of securities available for sale, including gross unrealized gains and losses, are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) June 30, 2019 Debt securities: U.S. Government-sponsored enterprises $ 4,000 $ 21 $ (10 ) $ 4,011 Corporate 1,519 19 (2 ) 1,536 Municipal 989 11 — 1,000 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 25,043 337 (255 ) 25,125 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 9,036 — (86 ) 8,950 U.S. Government-guaranteed 1,655 — (1 ) 1,654 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,540 20 — 1,560 U.S. Government-guaranteed 4,491 19 (27 ) 4,483 Total debt securities 48,273 427 (381 ) 48,319 Mutual fund 518 14 — 532 Total securities available for sale $ 48,791 $ 441 $ (381 ) $ 48,851 December 31, 2018 Debt securities: U.S. Government-sponsored enterprises $ 3,999 $ 13 $ (31 ) $ 3,981 Corporate 1,524 6 (18 ) 1,512 Municipal 1,489 18 — 1,507 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 26,989 71 (754 ) 26,306 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 9,094 — (487 ) 8,607 U.S. Government-guaranteed 1,796 — (33 ) 1,763 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,642 — (17 ) 1,625 U.S. Government-guaranteed 4,839 2 (104 ) 4,737 Total debt securities 51,372 110 (1,444 ) 50,038 Mutual fund 518 — — 518 Total securities available for sale $ 51,890 $ 110 $ (1,444 ) $ 50,556 For the six months ended June 30, 2018, proceeds from sales of available for sale securities amounted to $9.0 million with gross realized gains of $49,000 and no gross realized losses. There were no sales of securities during the six months ended June 30, 2019. The amortized cost and fair value of debt securities by contractual maturity at June 30, 2019 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 3,000 $ 2,997 After 1 year through 5 years 2,669 2,700 After 5 years through 10 years 839 850 6,508 6,547 Mortgage-backed securities 41,765 41,772 $ 48,273 $ 48,319 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value June 30, 2019 (In thousands) Debt securities: U.S. Government-sponsored enterprises $ — $ — $ (10 ) $ 1,990 Corporate (2 ) 513 — — Residential mortgage-backed securities: U.S. Government-sponsored enterprises — — (255 ) 11,060 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises — — (86 ) 8,950 U.S. Government-guaranteed (1 ) 1,654 — — Collateralized mortgage obligations: U.S. Government-guaranteed — — (27 ) 2,791 Total debt securities $ (3 ) $ 2,167 $ (378 ) $ 24,791 December 31, 2018 Debt securities: U.S. Government-sponsored enterprises $ — $ — $ (31 ) $ 1,969 Corporate (5 ) 497 (13 ) 506 Residential mortgage-backed securities: U.S. Government-sponsored enterprises (6 ) 7,038 (748 ) 12,981 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises — — (487 ) 8,607 U.S. Government-guaranteed — — (33 ) 1,763 Collateralized mortgage obligations: U.S. Government-sponsored enterprises — — (17 ) 1,625 U.S. Government-guaranteed — — (104 ) 3,879 Total debt securities $ (11 ) $ 7,535 $ (1,433 ) $ 31,330 At June 30, 2019, 22 debt securities had unrealized losses with aggregate depreciation of 1.39% from the Company’s amortized cost basis. The unrealized losses at June 30, 2019, which related primarily to securities issued by U.S. government-sponsored enterprises, were due to interest rate increases since the date on which they were purchased. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of these investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell any debt securities and it is more likely than not that the Company will not be required to sell any debt securities before recovery of its amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at June 30, 2019. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 5. LOANS AND ALLOWANCE FOR LOAN LOSSES A summary of the loan portfolio is as follows: June 30, 2019 December 31, 2018 (In thousands) Mortgage loans on real estate: Residential: One-to-four family $ 229,079 $ 246,756 Home equity loans and lines of credit 43,162 43,545 Commercial 114,547 113,642 Construction 38,733 42,139 425,521 446,082 Commercial and industrial 11,554 21,285 Consumer 17,470 19,407 Total loans 454,545 486,774 Allowance for loan losses (4,154 ) (4,437 ) Net deferred loan costs and fees, and purchase premiums 1,479 1,509 $ 451,870 $ 483,846 In June 2019, management transferred $28.6 million of one-to-four family residential mortgage loans from the loan portfolio to loans held for sale. The decision to sell these loans was prompted by the decrease in mortgage rates. In addition, the sale of these loans will provide liquidity to fund future portfolio loan growth. In connection with this transfer, the Company recognized a favorable fair value adjustment of $170,000, which is included in gain on loan origination and sale activities for the three months ended June 30, 2019. In July 2019, the Bank committed to sell $21.8 million of the transferred loans. In August 2019, the Bank committed to sell the remaining $6.8 million of the transferred loans. The sales of loans under these commitments are expected to be completed in August 2019 and are subject to standard closing conditions for transactions of this nature. The following tables present activity in the allowance for loan losses by loan category for the three and six months ended June 30, 2019 and 2018, and allocation of the allowance to each category as of June 30, 2019 and December 31, 2018: Second Residential Mortgages Commercial Commercial 1-4 Family and Real Estate Construction and Industrial Consumer Total (In thousands) Three Months Ended June 30, 2019 Allowance at March 31, 2019 $ 1,086 $ 292 $ 1,642 $ 803 $ 248 $ 211 $ 4,282 Provision (credit) for loan losses (83 ) 5 (17 ) (48 ) 16 (17 ) (144 ) Loans charged-off — — — — — (3 ) (3 ) Recoveries 15 — — — — 4 19 Balance at June 30, 2019 $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Three Months Ended June 30, 2018 Allowance at March 31, 2018 $ 876 $ 365 $ 1,700 $ 386 $ 319 $ 198 $ 3,844 Provision (credit) for loan losses 88 (85 ) (195 ) 57 (21 ) 66 (90 ) Loans charged-off — — — — — (22 ) (22 ) Recoveries 5 — — — — 5 10 Balance at June 30, 2018 $ 969 $ 280 $ 1,505 $ 443 $ 298 $ 247 $ 3,742 Six Months Ended June 30, 2019 Allowance at December 31, 2018 $ 1,092 $ 292 $ 1,648 $ 765 $ 265 $ 375 $ 4,437 Provision (credit) for loan losses (95 ) 5 (23 ) (10 ) (1 ) (20 ) (144 ) Loans charged-off — — — — — (168 ) (168 ) Recoveries 21 — — — — 8 29 Balance at June 30, 2019 $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Six Months Ended June 30, 2018 Allowance at December 31, 2017 $ 854 $ 359 $ 1,620 $ 351 $ 335 $ 218 $ 3,737 Provision (credit) for loan losses 85 (79 ) (115 ) 92 (37 ) 59 5 Loans charged-off — — — — — (37 ) (37 ) Recoveries 30 — — — — 7 37 Balance at June 30, 2018 $ 969 $ 280 $ 1,505 $ 443 $ 298 $ 247 $ 3,742 Additional information pertaining to the allowance for loan losses at June 30, 2019 and December 31, 2018 is as follows: Second Residential Mortgages Commercial Commercial 1-4 Family and Real Estate Construction and Industrial Consumer Total June 30, 2019 (In thousands) Allowance for impaired loans $ 102 $ — $ — $ — $ — $ 24 $ 126 Allowance for non-impaired loans 916 297 1,625 755 264 171 4,028 Total allowance for loan losses $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Impaired loans $ 5,534 $ 337 $ 49 $ — $ — $ 49 $ 5,969 Non-impaired loans 223,545 42,825 114,498 38,733 11,554 17,421 448,576 Total loans $ 229,079 $ 43,162 $ 114,547 $ 38,733 $ 11,554 $ 17,470 $ 454,545 December 31, 2018 Allowance for impaired loans $ 108 $ — $ — $ — $ — $ 174 $ 282 Allowance for non-impaired loans 984 292 1,648 765 265 201 4,155 Total allowance for loan losses $ 1,092 $ 292 $ 1,648 $ 765 $ 265 $ 375 $ 4,437 Impaired loans $ 6,291 $ 408 $ 52 $ — $ — $ 199 $ 6,950 Non-impaired loans 240,465 43,137 113,590 42,139 21,285 19,208 479,824 Total loans $ 246,756 $ 43,545 $ 113,642 $ 42,139 $ 21,285 $ 19,407 $ 486,774 The following is a summary of past due and non-accrual loans at June 30, 2019 and December 31, 2018: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Non-accrual Loans (In thousands) June 30, 2019 Residential one-to-four family $ 1,042 $ 43 $ — $ 1,085 $ 1,978 Home equity loans and lines of credit 169 40 — 209 337 Commercial real estate — — — — — Construction — — — — — Commercial and industrial — — — — — Consumer 72 23 — 95 — Total $ 1,283 $ 106 $ — $ 1,389 $ 2,315 December 31, 2018 Residential one-to-four family $ 655 $ 207 $ 635 $ 1,497 $ 2,474 Home equity loans and lines of credit 520 — — 520 407 Commercial real estate — — — — — Construction — — — — — Commercial and industrial — — — — — Consumer 25 4 — 29 149 Total $ 1,200 $ 211 $ 635 $ 2,046 $ 3,030 The following is a summary of impaired loans at June 30, 2019 and December 31, 2018: Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) June 30, 2019 Impaired loans without a valuation allowance: Residential one-to-four family $ 3,717 $ 3,717 Home equity loans and lines of credit 337 337 Commercial real estate 49 49 Total 4,103 4,103 Impaired loans with a valuation allowance: Residential one-to-four family 1,817 1,817 $ 102 Consumer 49 49 24 1,866 1,866 126 Total impaired loans $ 5,969 $ 5,969 $ 126 December 31, 2018 Impaired loans without a valuation allowance: Residential one-to-four family $ 4,280 $ 4,280 Home equity loans and lines of credit 408 408 Commercial real estate 52 52 Total 4,740 4,740 Impaired loans with a valuation allowance: Residential one-to-four family 2,011 2,011 $ 108 Home equity loans and lines of credit 199 199 174 Total 2,210 2,210 282 Total impaired loans $ 6,950 $ 6,950 $ 282 Additional information pertaining to impaired loans follows: Average Interest Cash Basis Recorded Income Interest Investment Recognized Recognized (In thousands) Six Months Ended June 30, 2019 Residential one-to-four family $ 5,630 $ 126 $ 51 Home equity loans and lines of credit 437 10 10 Commercial real estate 187 2 — Consumer 49 1 — Total $ 6,303 $ 139 $ 61 Six Months Ended June 30, 2018 Residential one-to-four family $ 4,965 $ 116 $ 40 Home equity loans and lines of credit 262 3 25 Commercial real estate 312 9 — Total $ 5,539 $ 128 $ 65 Three Months Ended June 30, 2019 Residential one-to-four family $ 5,498 $ 49 $ 19 Home equity loans and lines of credit 337 4 4 Commercial real estate 187 1 — Consumer 49 — — Total $ 6,071 $ 54 $ 23 Three Months Ended June 30, 2018 Residential one-to-four family $ 4,988 $ 62 $ 20 Home equity loans and lines of credit 253 — 4 Commercial real estate 294 4 — Total $ 5,535 $ 66 $ 24 No additional funds are committed to be advanced in connection with impaired loans. Troubled Debt Restructurings The Company periodically grants concessions to borrowers experiencing financial difficulties. The Company’s troubled debt restructurings consist primarily of interest rate concessions for periods of three months to thirty years for residential real estate loans, and for periods up to one year for commercial real estate loans. At June 30, 2019, the Company had sixteen residential real estate loans and one commercial real estate loan aggregating $3,260,000 and $49,000, respectively, which were subject to troubled debt restructuring agreements. At June 30, 2018, the Company had nineteen residential real estate loans and two commercial real estate loan aggregating $3,959,000 and $120,000, respectively, which were subject to troubled debt restructuring agreements. As of June 30, 2019 and 2018, $3,309,000 and $4,079,000, respectively, in troubled debt restructurings were performing in accordance with the terms of the modified loan agreements. Included in such amounts are $649,000 and $1,107,000, respectively, that are being accounted for as non-accrual loans. For the six months ended June 30, 2019 six months ended June 30, 2018 Management performs a discounted cash flow calculation to determine the amount of valuation reserve required on each of the troubled debt restructurings. Any reserve required is recorded as part of the allowance for loan losses. During the three and six months ended June 30, 2019 and 2018, there were no material changes to the allowance for loan losses as a result of loan modifications made which were considered a troubled debt restructuring. During the three and six months ended June 30, 2019 and 2018, there were no troubled debt restructurings that defaulted (over 30 days past due) within twelve months of the restructure date. Credit Quality Information The Company utilizes an eight-grade internal loan rating system for commercial real estate, construction and commercial and industrial loans, as follows: Loans rated 1 – 3B are considered “pass” rated loans with low to average risk. Loans rated 4 are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5 are considered “substandard” and are inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 6 are considered “doubtful” and have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7 are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial and industrial loans. Annually, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. The following table presents the Company’s loans by risk rating at the dates indicated: June 30, 2019 December 31, 2018 Commercial Real Construction Commercial and Industrial Commercial Real Construction Commercial and Industrial (In thousands) Loans rated 1 - 3B (Pass rated) $ 114,342 $ 38,733 $ 10,459 $ 113,642 $ 42,139 $ 21,285 Loans rated 4 205 — 1,095 — — — Loans rated 5 - 7 — — — — — — $ 114,547 $ 38,733 $ 11,554 $ 113,642 $ 42,139 $ 21,285 Residential mortgages, home equity loans and lines of credit, and consumer loans are monitored for credit quality based primarily on their payment status. When one of these loans becomes more than 90 days delinquent, it is assigned an internal loan rating. At June 30, 2019, $49,000 in consumer loans and $2,411,000 in residential mortgages were rated as substandard, and $600,000 in residential mortgages and $337,000 in home equity loans were rated as special mention. At December 31, 2018, one consumer loan for $149,000 was rated as doubtful, $2,469,000 in residential mortgages and one consumer loan for $50,000 were rated as substandard, and $936,000 in residential mortgages and $407,000 in home equity loans were rated as special mention. |
Loan Servicing
Loan Servicing | 6 Months Ended |
Jun. 30, 2019 | |
Transfers And Servicing [Abstract] | |
Loan Servicing | 6 . LOAN SERVICING Mortgage loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of residential mortgage loans serviced for others were $993.0 million and $929.3 million at June 30, 2019 and December 31, 2018, respectively. The following table summarizes the activity relating to mortgage servicing rights for the six months ended June 30, 2019 and 2018 (in thousands): June 30, 2019 June 30, 2018 Mortgage servicing rights: Balance at beginning of year $ 7,794 $ 6,487 Additions through originations 1,100 851 Amortization (572 ) (480 ) Balance at end of period $ 8,322 $ 6,858 Valuation allowance: Balance at beginning of year $ 8 $ 90 Provision (credit) 113 (77 ) Balance at end of period $ 121 $ 13 Amortized cost, net $ 8,201 $ 6,845 Fair value $ 8,356 $ 7,380 During the six months ended June 30, 2019 and 2018, the Company increased (reduced) the valuation allowance for its mortgage servicing rights by $113,000 and ( |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES Income tax expense for the three months ended June 30, 2019 includes a state tax expense of $81,000 and reversal of the federal tax expense benefit of $38,000 recognized in the first quarter of 2019. The state tax expense is based on the projected state tax rate for the year. The reversal of the federal tax benefit was fully offset by a tax benefit included in other comprehensive income. During the six months ended June 30, 2019 and 2018, the Company recorded a current state tax expense of $83,000 and $8,000, respectively. Since 2014, the Company has maintained a valuation allowance for all of its deferred tax assets based on a determination that it was more likely than not that such assets would not be realized. This determination was based on the Company’s net operating loss (“NOL”) carryforward position, its current period operating results, exclusive of non-recurring items, and its expectations for the upcoming year. In performing subsequent assessments, management has concluded that no significant changes in the key factors affecting the realizability of the deferred tax asset has occurred and that a valuation allowance for all deferred tax assets should be maintained. The Company’s NOL carryforward at June 30, 2019 was $13.6 million. The tax valuation allowance at such date totaled $2.7 million. |
On-Balance Sheet Derivative Ins
On-Balance Sheet Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
On-Balance Sheet Derivative Instruments and Hedging Activities | 8. ON-BALANCE SHEET DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative Loan Commitments Mortgage loan interest rate lock commitments qualify as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold either in the secondary market, to large aggregators of loans or to other financial institutions. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to an increase in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. The notional amount of derivative loan commitments was $171,598,000 and $36,852,000 at June 30, 2019 and December 31, 2018, respectively. The fair value of such commitments at June 30, 2019 and December 31, 2018 was $2,220,000 and $627,000, respectively, and is included in other assets in the consolidated balance sheets. Forward Loan Sale Commitments The Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments and, effective in the fourth quarter of 2018, To Be Announced (“TBA”) securities to mitigate the risk of potential decreases in the value of loans that would result from the exercise of the derivative loan commitments. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments and TBA securities will experience changes in fair value that serve to offset the change in fair value of derivative loan commitments the degree to which depends on the notional amount of such sale commitments. The notional amount of forward loan sale commitments and TBA securities was $190,852,000 and $42,021,000 at June 30, 2019 and December 31, 2018, respectively. The fair value of these derivative instruments was $369,000 and $253,000 at June 30, 2019 and December 31, 2018, respectively, of which $527,000 and $263,000 are included in other liabilities in the consolidated balance sheets and $158,000 and $10,000 are included in other assets in the consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Ownership Plan | 9. The Company maintains an Employee Stock Ownership Plan (“ESOP”), which is a tax-qualified retirement plan providing eligible employees the opportunity to own Bancorp stock. Bancorp made a loan to the ESOP for the purchase of 469,498 shares of its common stock at $10.00 per share in connection with its initial public offering in July 2016. The loan is payable annually over 25 years with interest at the prime rate to be reset each January 1 st Shares are committed to be released on a monthly basis and allocated as of December 31 st |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Share Repurchase Program | 10. SHARE REPURCHASE PROGRAM In September 2017, the Company’s Board of Directors adopted a share repurchase program under which the Company may repurchase up to 10%, or 586,854 shares, of its then outstanding common shares. In September 2018, this program was extended for an additional year. Repurchases under the program may be made in open market or in privately negotiated transactions and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. Any repurchased shares will be held by the Company as authorized but unissued shares. The repurchase program may be suspended or terminated at any time without prior notice and is currently set to expire on September 14, 2019. As of June 30, 2019, the Company had repurchased 254,800 shares at a cost of $3,860,000 in connection with this program. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 11. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share represents net income (loss) divided by the weighted average of common shares outstanding during the period. Unvested restricted shares of common stock having dividend rights are treated as “participating securities” and, accordingly, are considered outstanding in computing basic earnings (loss) per share. Unallocated ESOP shares are not considered to be outstanding for purposes of computing earnings per share. None of the Company’s outstanding stock options were included in the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2019 and 2018 as their impact would have been anti-dilutive. The following table sets forth the calculation of the average number of shares outstanding used to calculate the basic and diluted income (loss) per share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Average number of common shares outstanding 5,871,321 6,005,578 5,880,309 6,021,802 Less: Average unallocated ESOP shares (406,116 ) (424,895 ) (408,463 ) (427,243 ) 5,465,205 5,580,683 5,471,846 5,594,559 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION Under the Randolph Bancorp, Inc. 2017 Stock Option and Incentive Plan (the “Equity Plan”), the Company may grant options, restricted stock, restricted units or performance awards to its directors, officers and employees. Both incentive stock options and nonqualified stock options may be granted under the Equity Plan with 586,872 shares initially reserved for options. The exercise price of each option equals the market price of the Company’s stock on the date of the grant and the maximum term of each options is 10 years. The total number of shares initially reserved for restricted stock is 234,749. Options and awards generally vest ratably over three to five years. Options awarded to one individual in 2019 vest based on the achievement of specific annual performance goals. The fair value of shares awarded is based on the market price at the date of grant. Stock Options The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions: • Volatility is based on peer group volatility because the Company does not have a sufficient trading history. • Expected life represents the period of time that the option is expected to be outstanding, taking into account the contractual term, and the vesting period. • Expected dividend yield is based on the Company's history and expectation of dividend payouts. • The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. During the six months ended June 30, 2019 and 2018 the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants: 2019 2018 Options granted 57,252 27,000 Vesting period (years) 1-5 3-5 Expiration period (years) 10 10 Expected volatility 29.87 % 29.87 % Expected life (years) 6.5 6.5 Expected dividend yield — — Risk free interest rate 2.37% - 2.61% 2.68% -2.77% Option fair value $2.99 - $5.83 $5.79 A summary of stock option activity for the six months ended June 30, 2019 is presented in the table below: Options Stock Option Grants Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2019 312,705 $ 14.78 8.73 $ — Granted 57,252 14.93 8.34 — Expired (3,250 ) 14.66 — — Balance at June 30, 2019 366,707 $ 14.83 8.54 $ 135,971 Exercisable at June 30, 2019 64,018 $ 14.76 — $ 24,942 Unrecognized compensation cost (inclusive of directors' options) $ 1,189,000 Weighted average remaining recognition period (years) 3.23 For the six months ended June 30, 2019 and 2018, stock-based compensation expense applicable to stock options was $192,000 and $145,000, respectively. For the three months ended June 30, 2019 and 2018, stock-based compensation expense applicable to stock options was $101,000 and $71,000, respectively. Restricted Stock Shares issued may be either authorized but unissued shares or reacquired shares held by the Company. Any shares forfeited because vesting requirements are not met will become available for reissuance under the Equity Plan. The fair market value of shares awarded, based on the market price at the date of grant, is amortized over the applicable vesting period. Restricted stock awarded to date has been at no cost to the awardee. The following table presents the activity in restricted stock awards under the Equity Plan for the six months ended June 30, 2019: Restricted Stock Awards Weighted Average Grant Price Restricted stock awards at January 1, 2019 126,694 $ 14.66 Granted 33,335 15.07 Vested — — Forfeited (2,500 ) 15.00 Restricted stock awards at June 30, 2019 157,529 $ 14.74 Unrecognized compensation cost $ 1,938,000 Weighted average remaining recognition period (years) 3.52 For the six months ended June 30, 2019 and 2018, stock-based compensation expense applicable to restricted stock was $266,000 and $242,000, respectively. For the three months ended June 30, 2019 and 2018 stock-based compensation expense applicable to restricted stock was $141,000 and $109,000, respectively. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 13. Determination of fair value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the asset or liability. The following methods and assumptions were used by the Company in estimating fair value disclosures: Cash and cash equivalents Certificates of deposit Securities Federal Home Loan Bank of Boston (“FHLBB”) stock Loans held for sale Fair values are based on commitments in effect from investors or prevailing market prices and include the servicing value of the loans. Loans Mortgage servicing rights Deposit liabilities FHLBB advances Accrued interest On-balance-sheet derivatives Off-balance sheet credit-related instruments Assets and liabilities recorded at fair value on a recurring basis Assets and liabilities recorded at fair value on a recurring basis are summarized below. Total Level 1 Level 2 Level 3 Fair (In thousands) June 30, 2019 Assets: Securities available for sale: Debt securities $ — $ 48,319 $ — $ 48,319 Mutual fund — 532 — 532 Portfolio loans (fair value option) — 4,986 — 4,986 Loans held for sale (fair value option) — 102,784 — 102,784 Derivative loan commitments — 2,220 — 2,220 Forward loan sale commitments — 158 — 158 Liabilities: Forward loan sale commitments, including TBAs — 527 — 527 December 31, 2018 Assets: Securities available for sale: Debt securities $ — $ 50,038 $ — $ 50,038 Mutual fund — 518 — 518 Portfolio loans (fair value option) — 3,680 — 3,680 Loans held for sale (fair value option) — 38,474 — 38,474 Derivative loan commitments — 627 — 627 Forward loan sale commitments — 10 — 10 Liabilities: Forward loan sale commitments, including TBAs — 263 — 263 There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the six months ended June 30, 2019 and 2018. Assets recorded at fair value on a non-recurring basis The Company may also be required, from time to time, to record certain other assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of June 30, 2019 and December 31, 2018. Period Ended June 30, 2019 June 30, 2019 Level 1 Level 2 Level 3 Total Gains (Losses) (In thousands) Collateral dependent impaired loans $ — $ — $ 952 $ — Mortgage servicing rights — 8,201 — (113 ) Foreclosed real estate — — 90 — $ — $ 8,201 $ 1,042 $ (113 ) December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Collateral dependent impaired loans $ — $ — $ 1,352 Mortgage servicing rights — 7,786 — Foreclosed real estate — — 65 $ — $ 7,786 $ 1,417 The Company recorded an increase in the valuation allowance for its mortgage servicing rights of $113,000 during the six months ended June 30, 2019 There were no liabilities measured at fair value on a non-recurring basis at June 30, 2019 and December 31, 2018. Summary of fair values of financial instruments The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable. June 30, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Certificates of deposit $ 2,205 $ 2,202 $ — $ 2,202 $ — Securities available for sale 48,851 48,851 — 48,851 — Loans held for sale 102,784 102,784 — 102,784 — Loans, net 451,870 452,181 — — 452,181 Derivative assets 2,378 2,378 — 2,378 — Financial liabilities: Deposits $ 441,653 $ 441,585 $ — $ 441,585 $ — FHLBB advances 121,553 121,675 — 121,675 — Derivative liabilities 527 527 — 527 — December 31, 2018 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Certificates of deposit $ 2,205 $ 2,196 $ — $ 2,196 $ — Securities available for sale 50,556 50,556 — 50,556 — Loans held for sale 38,474 38,474 — 38,474 — Loans, net 483,846 473,612 — — 473,612 Derivative assets 637 637 — 637 — Financial liabilities: Deposits $ 437,130 435,964 $ — $ 435,964 $ — FHLBB advances 89,036 88,894 — 88,894 — Derivative liabilities 263 263 — 263 — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Loan commitments The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of market, credit and interest rate risk which are not recognized in the consolidated financial statements. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following financial instruments were outstanding, at the dates indicated, whose contract amounts represent credit risk: June 30, 2019 December 31, 2018 (In thousands) Commitments to originate loans $ 178,241 $ 38,404 Unused lines and letters of credit 49,577 45,977 Unadvanced funds on construction loans 13,820 14,175 Overdraft lines of credit 8,266 8,475 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The majority of these financial instruments are collateralized by real estate. Other contingencies The Company is not currently a party to any pending legal proceedings that it believes would have a material adverse effect on its financial condition, results of operations or cash flows. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 15. SEGMENT INFORMATION The Company reports its activities in one of two business segments, namely Envision Bank (“EB”) and Envision Mortgage (“EM”). Envision Bank operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s five full service branch offices and investing those funds in residential and commercial real estate loans, home equity lines of credit, construction loans, commercial and industrial loans, and consumer loans. Envision Mortgage’s operations primarily consist of the origination and sale of residential mortgage loans and the servicing of loans sold to government-sponsored entities. A portion of the loans originated by Envision Mortgage are held in the loan portfolio of Envision Bank. S egment information as of and for the three and six months ended June 30, 2019 follows: For the Three Months Ended June 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 4,161 $ 328 $ 4,489 Credit for loan losses (144 ) — (144 ) Net interest income after credit for loan losses 4,305 328 4,633 Non-interest income: Customer service fees 322 40 362 Gain on loan origination and sale activities, net (1) — 5,289 5,289 Mortgage servicing fees, net (92 ) 316 224 Other 97 104 201 Total non-interest income 327 5,749 6,076 Non-interest expenses: Salaries and employee benefits 1,786 4,306 6,092 Occupancy and equipment 370 273 643 Other non-interest expenses 1,298 830 2,128 Total non-interest expenses 3,454 5,409 8,863 Income before income taxes and elimination of inter-segment profit $ 1,178 $ 668 1,846 Elimination of inter-segment profit (221 ) Income before income taxes 1,625 Income tax expense 119 Net income $ 1,506 Total assets June 30, 2019 $ 512,162 $ 140,407 $ 652,569 For the Six Months Ended June 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 8,343 $ 524 $ 8,867 Credit for loan losses (144 ) — (144 ) Net interest income after credit for loan losses 8,487 524 9,011 Non-interest income: Customer service fees 617 74 691 Gain on loan origination and sale activities, net (1) — 8,033 8,033 Mortgage servicing fees, net (180 ) 723 543 Other 222 156 378 Total non-interest income 659 8,986 9,645 Non-interest expenses: Salaries and employee benefits 3,325 8,179 11,504 Occupancy and equipment 770 529 1,299 Other non-interest expenses 2,252 1,686 3,938 Total non-interest expenses 6,347 10,394 16,741 Income (loss) before income taxes and elimination of inter-segment profit $ 2,799 $ (884 ) 1,915 Elimination of inter-segment profit (377 ) Income before income taxes 1,538 Income tax expense 83 Net income $ 1,455 (1) Before elimination of inter-segment profit The information above was derived from the internal management reporting system used by management to measure performance of the segments. The Company’s internal transfer pricing arrangements determined by management primarily consist of the following: 1. EM’s cost of funds is based on the weighted average rate of overnight advances from the FHLBB for the period. 2. EM is credited with service released premiums and a sales premium totaling 1.50% for new loans transferred to EB’s loans held for investment, and a 1.00% fee for HELOC originations. This income for the three and six months ended June 30, 2019 totaled $221,000 and $377,000, respectively. 3. Loan servicing fees are charged to EB by EM based on the number of residential mortgage loans held in portfolio at a rate of 0.14% per annum and amounted to $92,000 and $180,000 for the three and six months ended June 30, 2019, respectively. 4. Certain cost centers provide services to both business segments. The cost centers include Finance, Marketing, IT and Administration. Costs which are common to both business segments are referred to as “indirect costs” and are allocated using relevant benchmarks, e.g. headcount, number of accounts, etc. Segment information as of and for the three and six months ended June 30, 2018 follows: For the Three Months Ended June 30, 2018 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 3,800 $ 233 $ 4,033 Credit for loan losses (90 ) — (90 ) Net interest income after credit for loan losses 3,890 233 4,123 Non-interest income: Customer service fees 410 29 439 Gain on loan origination and sale activities, net (1) — 2,265 2,265 Mortgage servicing fees, net (73 ) 364 291 Other 114 85 199 Total non-interest income 451 2,743 3,194 Non-interest expenses: Salaries and employee benefits 1,612 3,367 4,979 Occupancy and equipment 373 356 729 Other non-interest expenses 1,227 977 2,204 Total non-interest expenses 3,212 4,700 7,912 Income (loss) before income taxes and elimination of inter-segment profit $ 1,129 $ (1,724 ) (595 ) Elimination of inter-segment profit (411 ) Loss before income taxes (1,006 ) Income tax expense 4 Net loss $ (1,010 ) Total assets June 30, 2018 $ 489,214 $ 76,695 $ 565,909 For the Six Months Ended June 30, 2018 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 7,539 $ 476 $ 8,015 Provision for loan losses 5 — 5 Net interest income after provision for loan losses 7,534 476 8,010 Non-interest income: Customer service fees 711 28 739 Gain on loan origination and sale activities, net (1) — 4,085 4,085 Mortgage servicing fees, net (141 ) 766 625 Other 248 177 425 Total non-interest income 818 5,056 5,874 Non-interest expenses: Salaries and employee benefits 3,248 6,167 9,415 Occupancy and equipment 773 654 1,427 Other non-interest expenses 2,238 1,829 4,067 Total non-interest expenses 6,259 8,650 14,909 Income (loss) before income taxes and elimination of inter-segment profit $ 2,093 $ (3,118 ) (1,025 ) Elimination of inter-segment profit (684 ) Loss before income taxes (1,709 ) Income tax expense 8 Net loss $ (1,717 ) (1) Before elimination of inter-segment profit The information above was derived from the internal management reporting system used by management to measure performance of the segments. The Company’s internal transfer pricing arrangements determined by management primarily consist of the following: 1. EM’s cost of funds is based on the weighted average rate of overnight advances from the FHLBB for the period. 2. EM is credited with service released premiums and a sales premium totaling 1.50% for new loans transferred to EB’s loans held for investment, and a 1.00% fee for HELOC originations. This income for the three and six months ended June 30, 2018 totaled $411,000 and $684,000, respectively. 3. Loan servicing fees are charged to EB by EM based on the number of residential mortgage loans held in portfolio at a rate of 0.14% per annum and amounted to $73,000 and $141,000 for the three and six months ended June 30, 2018, respectively. 4. Certain cost centers provide services to both business segments. The cost centers include Finance, Marketing, IT and Administration. Costs which are common to both business segments are referred to as “indirect costs” and are allocated using relevant benchmarks, e.g. headcount, number of accounts, etc. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 16. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from contracts with customers within the scope of Accounting Standards Codification (“ASC”) ("Topic 606") is measured based on the consideration specified in the contract and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are generally satisfied as services are rendered and can either be satisfied at a point in time or over time. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. In certain cases, other parties are involved with providing services to our customers. If the Company is a principal in the transaction (providing services itself or through a third party on its behalf), revenues are reported based on the gross consideration received from the customer and any related expenses are reported in noninterest expense. If the Company is an agent in the transaction (referring to another party to provide services), the Company reports its net fee or commission retained as revenue. Accounting Policy Updates The Company early adopted Topic 606, “Revenue from Contracts with Customers” on January 1, 2019 and has applied the guidance to all contracts within the scope of Topic 606 as of that date. As a result, the Company has modified its accounting policy for revenue recognition as detailed in this Note. As discussed in Note 1, there were no material changes to our consolidated financial statements at or for the three and six months ended June 30, 2019 as a result of adopting Topic 606. The Company applied the practical expedient pertaining to contracts with original expected duration of one year or less and does not disclose information about remaining performance obligations on such contracts. The Company also applied the practical expedient pertaining to contracts for which, at contract inception, the period between when the entity transfers the services and when the customer pays for those services will be one year or less. As such, the Company does not adjust the consideration from customers for the effects of a significant financing component. A substantial portion of the Company’s revenue is specifically excluded from the scope of Topic 606. This exclusion is associated with financial instruments, including interest income on loans and investment securities, in addition to loan derivative income and gains on loan and investment sales. For the revenue that is within the scope of Topic 606, the following is a description of principal activities from which the Company generates its revenue from contracts with customers, separated by the timing of revenue recognition. Revenue Recognized at a Point in Time The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Additionally, revenue is collected from loan fees, such as application fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. Revenue Recognized Over Time The Company recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes service charges on deposit accounts. Fee revenue from service charges on deposit accounts represent the service charges assessed to customers who hold deposit accounts at the Bank. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | On January 1, 2019, the Company early adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments In February 2016, FASB issued ASU 2016-02, Leases In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses In April 2017, the FASB issued ASU 2017-08 Receivables – Non-refundable Fees and Other Costs In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement – Changes to the Disclosure Requirements for Fair Value Measurement, . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss and Related Tax Effects | The components of accumulated other comprehensive loss, included in total stockholders’ equity, are as follows: June 30, December 31, 2019 2018 (In thousands) Securities available for sale: Net unrealized gain (loss) $ 60 $ (1,334 ) Tax effect (313 ) (313 ) Net-of-tax amount (253 ) (1,647 ) Supplemental retirement plan Unrecognized net actuarial loss (587 ) (605 ) Unrecognized net prior service credit 353 395 (234 ) (210 ) Tax effect (47 ) (47 ) Net-of-tax amount (281 ) (257 ) Accumulated other comprehensive loss $ (534 ) $ (1,904 ) |
Securities Available for Sale (
Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of amortized cost and fair value of securities | The amortized cost and fair value of securities available for sale, including gross unrealized gains and losses, are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) June 30, 2019 Debt securities: U.S. Government-sponsored enterprises $ 4,000 $ 21 $ (10 ) $ 4,011 Corporate 1,519 19 (2 ) 1,536 Municipal 989 11 — 1,000 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 25,043 337 (255 ) 25,125 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 9,036 — (86 ) 8,950 U.S. Government-guaranteed 1,655 — (1 ) 1,654 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,540 20 — 1,560 U.S. Government-guaranteed 4,491 19 (27 ) 4,483 Total debt securities 48,273 427 (381 ) 48,319 Mutual fund 518 14 — 532 Total securities available for sale $ 48,791 $ 441 $ (381 ) $ 48,851 December 31, 2018 Debt securities: U.S. Government-sponsored enterprises $ 3,999 $ 13 $ (31 ) $ 3,981 Corporate 1,524 6 (18 ) 1,512 Municipal 1,489 18 — 1,507 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 26,989 71 (754 ) 26,306 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 9,094 — (487 ) 8,607 U.S. Government-guaranteed 1,796 — (33 ) 1,763 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 1,642 — (17 ) 1,625 U.S. Government-guaranteed 4,839 2 (104 ) 4,737 Total debt securities 51,372 110 (1,444 ) 50,038 Mutual fund 518 — — 518 Total securities available for sale $ 51,890 $ 110 $ (1,444 ) $ 50,556 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of debt securities by contractual maturity at June 30, 2019 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 3,000 $ 2,997 After 1 year through 5 years 2,669 2,700 After 5 years through 10 years 839 850 6,508 6,547 Mortgage-backed securities 41,765 41,772 $ 48,273 $ 48,319 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value June 30, 2019 (In thousands) Debt securities: U.S. Government-sponsored enterprises $ — $ — $ (10 ) $ 1,990 Corporate (2 ) 513 — — Residential mortgage-backed securities: U.S. Government-sponsored enterprises — — (255 ) 11,060 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises — — (86 ) 8,950 U.S. Government-guaranteed (1 ) 1,654 — — Collateralized mortgage obligations: U.S. Government-guaranteed — — (27 ) 2,791 Total debt securities $ (3 ) $ 2,167 $ (378 ) $ 24,791 December 31, 2018 Debt securities: U.S. Government-sponsored enterprises $ — $ — $ (31 ) $ 1,969 Corporate (5 ) 497 (13 ) 506 Residential mortgage-backed securities: U.S. Government-sponsored enterprises (6 ) 7,038 (748 ) 12,981 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises — — (487 ) 8,607 U.S. Government-guaranteed — — (33 ) 1,763 Collateralized mortgage obligations: U.S. Government-sponsored enterprises — — (17 ) 1,625 U.S. Government-guaranteed — — (104 ) 3,879 Total debt securities $ (11 ) $ 7,535 $ (1,433 ) $ 31,330 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loan Portfolio | A summary of the loan portfolio is as follows: June 30, 2019 December 31, 2018 (In thousands) Mortgage loans on real estate: Residential: One-to-four family $ 229,079 $ 246,756 Home equity loans and lines of credit 43,162 43,545 Commercial 114,547 113,642 Construction 38,733 42,139 425,521 446,082 Commercial and industrial 11,554 21,285 Consumer 17,470 19,407 Total loans 454,545 486,774 Allowance for loan losses (4,154 ) (4,437 ) Net deferred loan costs and fees, and purchase premiums 1,479 1,509 $ 451,870 $ 483,846 |
Summary of Activity in the Allowance for Loan Losses by Loan Category | The following tables present activity in the allowance for loan losses by loan category for the three and six months ended June 30, 2019 and 2018, and allocation of the allowance to each category as of June 30, 2019 and December 31, 2018: Second Residential Mortgages Commercial Commercial 1-4 Family and Real Estate Construction and Industrial Consumer Total (In thousands) Three Months Ended June 30, 2019 Allowance at March 31, 2019 $ 1,086 $ 292 $ 1,642 $ 803 $ 248 $ 211 $ 4,282 Provision (credit) for loan losses (83 ) 5 (17 ) (48 ) 16 (17 ) (144 ) Loans charged-off — — — — — (3 ) (3 ) Recoveries 15 — — — — 4 19 Balance at June 30, 2019 $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Three Months Ended June 30, 2018 Allowance at March 31, 2018 $ 876 $ 365 $ 1,700 $ 386 $ 319 $ 198 $ 3,844 Provision (credit) for loan losses 88 (85 ) (195 ) 57 (21 ) 66 (90 ) Loans charged-off — — — — — (22 ) (22 ) Recoveries 5 — — — — 5 10 Balance at June 30, 2018 $ 969 $ 280 $ 1,505 $ 443 $ 298 $ 247 $ 3,742 Six Months Ended June 30, 2019 Allowance at December 31, 2018 $ 1,092 $ 292 $ 1,648 $ 765 $ 265 $ 375 $ 4,437 Provision (credit) for loan losses (95 ) 5 (23 ) (10 ) (1 ) (20 ) (144 ) Loans charged-off — — — — — (168 ) (168 ) Recoveries 21 — — — — 8 29 Balance at June 30, 2019 $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Six Months Ended June 30, 2018 Allowance at December 31, 2017 $ 854 $ 359 $ 1,620 $ 351 $ 335 $ 218 $ 3,737 Provision (credit) for loan losses 85 (79 ) (115 ) 92 (37 ) 59 5 Loans charged-off — — — — — (37 ) (37 ) Recoveries 30 — — — — 7 37 Balance at June 30, 2018 $ 969 $ 280 $ 1,505 $ 443 $ 298 $ 247 $ 3,742 |
Summary of Additional Information Pertaining to the Allowance for Loan Losses | Additional information pertaining to the allowance for loan losses at June 30, 2019 and December 31, 2018 is as follows: Second Residential Mortgages Commercial Commercial 1-4 Family and Real Estate Construction and Industrial Consumer Total June 30, 2019 (In thousands) Allowance for impaired loans $ 102 $ — $ — $ — $ — $ 24 $ 126 Allowance for non-impaired loans 916 297 1,625 755 264 171 4,028 Total allowance for loan losses $ 1,018 $ 297 $ 1,625 $ 755 $ 264 $ 195 $ 4,154 Impaired loans $ 5,534 $ 337 $ 49 $ — $ — $ 49 $ 5,969 Non-impaired loans 223,545 42,825 114,498 38,733 11,554 17,421 448,576 Total loans $ 229,079 $ 43,162 $ 114,547 $ 38,733 $ 11,554 $ 17,470 $ 454,545 December 31, 2018 Allowance for impaired loans $ 108 $ — $ — $ — $ — $ 174 $ 282 Allowance for non-impaired loans 984 292 1,648 765 265 201 4,155 Total allowance for loan losses $ 1,092 $ 292 $ 1,648 $ 765 $ 265 $ 375 $ 4,437 Impaired loans $ 6,291 $ 408 $ 52 $ — $ — $ 199 $ 6,950 Non-impaired loans 240,465 43,137 113,590 42,139 21,285 19,208 479,824 Total loans $ 246,756 $ 43,545 $ 113,642 $ 42,139 $ 21,285 $ 19,407 $ 486,774 |
Schedule of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual loans at June 30, 2019 and December 31, 2018: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Non-accrual Loans (In thousands) June 30, 2019 Residential one-to-four family $ 1,042 $ 43 $ — $ 1,085 $ 1,978 Home equity loans and lines of credit 169 40 — 209 337 Commercial real estate — — — — — Construction — — — — — Commercial and industrial — — — — — Consumer 72 23 — 95 — Total $ 1,283 $ 106 $ — $ 1,389 $ 2,315 December 31, 2018 Residential one-to-four family $ 655 $ 207 $ 635 $ 1,497 $ 2,474 Home equity loans and lines of credit 520 — — 520 407 Commercial real estate — — — — — Construction — — — — — Commercial and industrial — — — — — Consumer 25 4 — 29 149 Total $ 1,200 $ 211 $ 635 $ 2,046 $ 3,030 |
Summary of Impaired Loans and Additional Information Pertaining to Impaired Loans | The following is a summary of impaired loans at June 30, 2019 and December 31, 2018: Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) June 30, 2019 Impaired loans without a valuation allowance: Residential one-to-four family $ 3,717 $ 3,717 Home equity loans and lines of credit 337 337 Commercial real estate 49 49 Total 4,103 4,103 Impaired loans with a valuation allowance: Residential one-to-four family 1,817 1,817 $ 102 Consumer 49 49 24 1,866 1,866 126 Total impaired loans $ 5,969 $ 5,969 $ 126 December 31, 2018 Impaired loans without a valuation allowance: Residential one-to-four family $ 4,280 $ 4,280 Home equity loans and lines of credit 408 408 Commercial real estate 52 52 Total 4,740 4,740 Impaired loans with a valuation allowance: Residential one-to-four family 2,011 2,011 $ 108 Home equity loans and lines of credit 199 199 174 Total 2,210 2,210 282 Total impaired loans $ 6,950 $ 6,950 $ 282 Additional information pertaining to impaired loans follows: Average Interest Cash Basis Recorded Income Interest Investment Recognized Recognized (In thousands) Six Months Ended June 30, 2019 Residential one-to-four family $ 5,630 $ 126 $ 51 Home equity loans and lines of credit 437 10 10 Commercial real estate 187 2 — Consumer 49 1 — Total $ 6,303 $ 139 $ 61 Six Months Ended June 30, 2018 Residential one-to-four family $ 4,965 $ 116 $ 40 Home equity loans and lines of credit 262 3 25 Commercial real estate 312 9 — Total $ 5,539 $ 128 $ 65 Three Months Ended June 30, 2019 Residential one-to-four family $ 5,498 $ 49 $ 19 Home equity loans and lines of credit 337 4 4 Commercial real estate 187 1 — Consumer 49 — — Total $ 6,071 $ 54 $ 23 Three Months Ended June 30, 2018 Residential one-to-four family $ 4,988 $ 62 $ 20 Home equity loans and lines of credit 253 — 4 Commercial real estate 294 4 — Total $ 5,535 $ 66 $ 24 |
Summary of Company's Loans by Risk Rating | The following table presents the Company’s loans by risk rating at the dates indicated: June 30, 2019 December 31, 2018 Commercial Real Construction Commercial and Industrial Commercial Real Construction Commercial and Industrial (In thousands) Loans rated 1 - 3B (Pass rated) $ 114,342 $ 38,733 $ 10,459 $ 113,642 $ 42,139 $ 21,285 Loans rated 4 205 — 1,095 — — — Loans rated 5 - 7 — — — — — — $ 114,547 $ 38,733 $ 11,554 $ 113,642 $ 42,139 $ 21,285 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Transfers And Servicing [Abstract] | |
Summary of Activity Relating to Mortgage Servicing Rights | The following table summarizes the activity relating to mortgage servicing rights for the six months ended June 30, 2019 and 2018 (in thousands): June 30, 2019 June 30, 2018 Mortgage servicing rights: Balance at beginning of year $ 7,794 $ 6,487 Additions through originations 1,100 851 Amortization (572 ) (480 ) Balance at end of period $ 8,322 $ 6,858 Valuation allowance: Balance at beginning of year $ 8 $ 90 Provision (credit) 113 (77 ) Balance at end of period $ 121 $ 13 Amortized cost, net $ 8,201 $ 6,845 Fair value $ 8,356 $ 7,380 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Average Number of Shares Outstanding Used to Calculate Basic and Diluted Income (Loss) Per Share | The following table sets forth the calculation of the average number of shares outstanding used to calculate the basic and diluted income (loss) per share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Average number of common shares outstanding 5,871,321 6,005,578 5,880,309 6,021,802 Less: Average unallocated ESOP shares (406,116 ) (424,895 ) (408,463 ) (427,243 ) 5,465,205 5,580,683 5,471,846 5,594,559 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Grants of Options to Purchase Shares of Common Stock | During the six months ended June 30, 2019 and 2018 the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants: 2019 2018 Options granted 57,252 27,000 Vesting period (years) 1-5 3-5 Expiration period (years) 10 10 Expected volatility 29.87 % 29.87 % Expected life (years) 6.5 6.5 Expected dividend yield — — Risk free interest rate 2.37% - 2.61% 2.68% -2.77% Option fair value $2.99 - $5.83 $5.79 |
Summary of Stock Options Activity | A summary of stock option activity for the six months ended June 30, 2019 is presented in the table below: Options Stock Option Grants Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2019 312,705 $ 14.78 8.73 $ — Granted 57,252 14.93 8.34 — Expired (3,250 ) 14.66 — — Balance at June 30, 2019 366,707 $ 14.83 8.54 $ 135,971 Exercisable at June 30, 2019 64,018 $ 14.76 — $ 24,942 Unrecognized compensation cost (inclusive of directors' options) $ 1,189,000 Weighted average remaining recognition period (years) 3.23 |
Summary of Activity in Restricted Stock Awards Under Equity Plan | The following table presents the activity in restricted stock awards under the Equity Plan for the six months ended June 30, 2019: Restricted Stock Awards Weighted Average Grant Price Restricted stock awards at January 1, 2019 126,694 $ 14.66 Granted 33,335 15.07 Vested — — Forfeited (2,500 ) 15.00 Restricted stock awards at June 30, 2019 157,529 $ 14.74 Unrecognized compensation cost $ 1,938,000 Weighted average remaining recognition period (years) 3.52 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis | Assets and liabilities recorded at fair value on a recurring basis are summarized below. Total Level 1 Level 2 Level 3 Fair (In thousands) June 30, 2019 Assets: Securities available for sale: Debt securities $ — $ 48,319 $ — $ 48,319 Mutual fund — 532 — 532 Portfolio loans (fair value option) — 4,986 — 4,986 Loans held for sale (fair value option) — 102,784 — 102,784 Derivative loan commitments — 2,220 — 2,220 Forward loan sale commitments — 158 — 158 Liabilities: Forward loan sale commitments, including TBAs — 527 — 527 December 31, 2018 Assets: Securities available for sale: Debt securities $ — $ 50,038 $ — $ 50,038 Mutual fund — 518 — 518 Portfolio loans (fair value option) — 3,680 — 3,680 Loans held for sale (fair value option) — 38,474 — 38,474 Derivative loan commitments — 627 — 627 Forward loan sale commitments — 10 — 10 Liabilities: Forward loan sale commitments, including TBAs — 263 — 263 |
Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis | The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of June 30, 2019 and December 31, 2018. Period Ended June 30, 2019 June 30, 2019 Level 1 Level 2 Level 3 Total Gains (Losses) (In thousands) Collateral dependent impaired loans $ — $ — $ 952 $ — Mortgage servicing rights — 8,201 — (113 ) Foreclosed real estate — — 90 — $ — $ 8,201 $ 1,042 $ (113 ) December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Collateral dependent impaired loans $ — $ — $ 1,352 Mortgage servicing rights — 7,786 — Foreclosed real estate — — 65 $ — $ 7,786 $ 1,417 |
Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments | The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable. June 30, 2019 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Certificates of deposit $ 2,205 $ 2,202 $ — $ 2,202 $ — Securities available for sale 48,851 48,851 — 48,851 — Loans held for sale 102,784 102,784 — 102,784 — Loans, net 451,870 452,181 — — 452,181 Derivative assets 2,378 2,378 — 2,378 — Financial liabilities: Deposits $ 441,653 $ 441,585 $ — $ 441,585 $ — FHLBB advances 121,553 121,675 — 121,675 — Derivative liabilities 527 527 — 527 — December 31, 2018 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Certificates of deposit $ 2,205 $ 2,196 $ — $ 2,196 $ — Securities available for sale 50,556 50,556 — 50,556 — Loans held for sale 38,474 38,474 — 38,474 — Loans, net 483,846 473,612 — — 473,612 Derivative assets 637 637 — 637 — Financial liabilities: Deposits $ 437,130 435,964 $ — $ 435,964 $ — FHLBB advances 89,036 88,894 — 88,894 — Derivative liabilities 263 263 — 263 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding Contract Amounts Represent Credit Risk | The following financial instruments were outstanding, at the dates indicated, whose contract amounts represent credit risk: June 30, 2019 December 31, 2018 (In thousands) Commitments to originate loans $ 178,241 $ 38,404 Unused lines and letters of credit 49,577 45,977 Unadvanced funds on construction loans 13,820 14,175 Overdraft lines of credit 8,266 8,475 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | S egment information as of and for the three and six months ended June 30, 2019 follows: For the Three Months Ended June 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 4,161 $ 328 $ 4,489 Credit for loan losses (144 ) — (144 ) Net interest income after credit for loan losses 4,305 328 4,633 Non-interest income: Customer service fees 322 40 362 Gain on loan origination and sale activities, net (1) — 5,289 5,289 Mortgage servicing fees, net (92 ) 316 224 Other 97 104 201 Total non-interest income 327 5,749 6,076 Non-interest expenses: Salaries and employee benefits 1,786 4,306 6,092 Occupancy and equipment 370 273 643 Other non-interest expenses 1,298 830 2,128 Total non-interest expenses 3,454 5,409 8,863 Income before income taxes and elimination of inter-segment profit $ 1,178 $ 668 1,846 Elimination of inter-segment profit (221 ) Income before income taxes 1,625 Income tax expense 119 Net income $ 1,506 Total assets June 30, 2019 $ 512,162 $ 140,407 $ 652,569 For the Six Months Ended June 30, 2019 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 8,343 $ 524 $ 8,867 Credit for loan losses (144 ) — (144 ) Net interest income after credit for loan losses 8,487 524 9,011 Non-interest income: Customer service fees 617 74 691 Gain on loan origination and sale activities, net (1) — 8,033 8,033 Mortgage servicing fees, net (180 ) 723 543 Other 222 156 378 Total non-interest income 659 8,986 9,645 Non-interest expenses: Salaries and employee benefits 3,325 8,179 11,504 Occupancy and equipment 770 529 1,299 Other non-interest expenses 2,252 1,686 3,938 Total non-interest expenses 6,347 10,394 16,741 Income (loss) before income taxes and elimination of inter-segment profit $ 2,799 $ (884 ) 1,915 Elimination of inter-segment profit (377 ) Income before income taxes 1,538 Income tax expense 83 Net income $ 1,455 (1) Before elimination of inter-segment profit Segment information as of and for the three and six months ended June 30, 2018 follows: For the Three Months Ended June 30, 2018 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 3,800 $ 233 $ 4,033 Credit for loan losses (90 ) — (90 ) Net interest income after credit for loan losses 3,890 233 4,123 Non-interest income: Customer service fees 410 29 439 Gain on loan origination and sale activities, net (1) — 2,265 2,265 Mortgage servicing fees, net (73 ) 364 291 Other 114 85 199 Total non-interest income 451 2,743 3,194 Non-interest expenses: Salaries and employee benefits 1,612 3,367 4,979 Occupancy and equipment 373 356 729 Other non-interest expenses 1,227 977 2,204 Total non-interest expenses 3,212 4,700 7,912 Income (loss) before income taxes and elimination of inter-segment profit $ 1,129 $ (1,724 ) (595 ) Elimination of inter-segment profit (411 ) Loss before income taxes (1,006 ) Income tax expense 4 Net loss $ (1,010 ) Total assets June 30, 2018 $ 489,214 $ 76,695 $ 565,909 For the Six Months Ended June 30, 2018 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 7,539 $ 476 $ 8,015 Provision for loan losses 5 — 5 Net interest income after provision for loan losses 7,534 476 8,010 Non-interest income: Customer service fees 711 28 739 Gain on loan origination and sale activities, net (1) — 4,085 4,085 Mortgage servicing fees, net (141 ) 766 625 Other 248 177 425 Total non-interest income 818 5,056 5,874 Non-interest expenses: Salaries and employee benefits 3,248 6,167 9,415 Occupancy and equipment 773 654 1,427 Other non-interest expenses 2,238 1,829 4,067 Total non-interest expenses 6,259 8,650 14,909 Income (loss) before income taxes and elimination of inter-segment profit $ 2,093 $ (3,118 ) (1,025 ) Elimination of inter-segment profit (684 ) Loss before income taxes (1,709 ) Income tax expense 8 Net loss $ (1,717 ) (1) Before elimination of inter-segment profit |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss and Related Tax Effects (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total other comprehensive income (loss) | $ 742 | $ (184) | $ 1,370 | $ (1,300) | |
Accumulated other comprehensive loss, net of tax | $ (534) | (534) | $ (1,904) | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | 60 | (1,334) | |||
Other comprehensive Loss, Tax effect | (313) | (313) | |||
Total other comprehensive income (loss) | (253) | (1,647) | |||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | (587) | (605) | |||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | 353 | 395 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | (234) | (210) | |||
Other comprehensive Loss, Tax effect | (47) | (47) | |||
Total other comprehensive income (loss) | $ (281) | $ (257) |
Securities Available for Sale -
Securities Available for Sale - Schedule of Amortized Cost and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 48,791 | $ 51,890 |
Gross Unrealized Gains | 441 | 110 |
Gross Unrealized Losses | (381) | (1,444) |
Fair Value | 48,851 | 50,556 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 48,273 | 51,372 |
Gross Unrealized Gains | 427 | 110 |
Gross Unrealized Losses | (381) | (1,444) |
Fair Value | 48,319 | 50,038 |
Debt Securities [Member] | US Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,000 | 3,999 |
Gross Unrealized Gains | 21 | 13 |
Gross Unrealized Losses | (10) | (31) |
Fair Value | 4,011 | 3,981 |
Debt Securities [Member] | Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,519 | 1,524 |
Gross Unrealized Gains | 19 | 6 |
Gross Unrealized Losses | (2) | (18) |
Fair Value | 1,536 | 1,512 |
Debt Securities [Member] | Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 989 | 1,489 |
Gross Unrealized Gains | 11 | 18 |
Fair Value | 1,000 | 1,507 |
Debt Securities [Member] | Residential Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 25,043 | 26,989 |
Gross Unrealized Gains | 337 | 71 |
Gross Unrealized Losses | (255) | (754) |
Fair Value | 25,125 | 26,306 |
Debt Securities [Member] | Commercial Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,036 | 9,094 |
Gross Unrealized Losses | (86) | (487) |
Fair Value | 8,950 | 8,607 |
Debt Securities [Member] | Commercial Mortgage Backed Securities, U.S. Government-guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,655 | 1,796 |
Gross Unrealized Losses | (1) | (33) |
Fair Value | 1,654 | 1,763 |
Debt Securities [Member] | Collateralized Mortgage Obligations, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,540 | 1,642 |
Gross Unrealized Gains | 20 | |
Gross Unrealized Losses | (17) | |
Fair Value | 1,560 | 1,625 |
Debt Securities [Member] | Collateralized Mortgage Obligations, US Government Guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,491 | 4,839 |
Gross Unrealized Gains | 19 | 2 |
Gross Unrealized Losses | (27) | (104) |
Fair Value | 4,483 | 4,737 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 518 | 518 |
Gross Unrealized Gains | 14 | |
Fair Value | $ 532 | $ 518 |
Securities Available for Sale_2
Securities Available for Sale - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2019USD ($)Debt_Security | Jun. 30, 2018USD ($) | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds from sales of available-for-sale securities | $ 0 | $ 8,958,000 |
Available-for-sale securities, gross realized gains | 49,000 | |
Available-for-sale securities, gross realized losses | $ 0 | |
Number of debt securities with unrealized losses | Debt_Security | 22 | |
Unrealized losses debt securities aggregate depreciation percentage | 1.39% |
Securities Available for Sale_3
Securities Available for Sale - Investments Classified by Contractual Maturity Date (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Available-for-sale Securities, Debt Maturities, Amortized Cost | |
Within 1 year | $ 3,000 |
After 1 year through 5 years | 2,669 |
After 5 years through 10 years | 839 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 6,508 |
Mortgage-backed securities | 41,765 |
Available-for-sale Debt Securities, Amortized Cost Basis, Total | 48,273 |
Available-for-sale Securities, Debt Maturities, Fair Value | |
Within 1 year | 2,997 |
After 1 year through 5 years | 2,700 |
After 5 years through 10 years | 850 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value Total | 6,547 |
Mortgage-backed securities | 41,772 |
Available-for-sale Securities, Debt Securities, Fair Value Total | $ 48,319 |
Securities Available for Sale_4
Securities Available for Sale - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (Detail) - Debt Securities [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | $ (3) | $ (11) |
Less Than Twelve Months, Fair Value | 2,167 | 7,535 |
Over Twelve Months, Gross Unrealized Losses | (378) | (1,433) |
Over Twelve Months, Fair Value | 24,791 | 31,330 |
US Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Over Twelve Months, Gross Unrealized Losses | (10) | (31) |
Over Twelve Months, Fair Value | 1,990 | 1,969 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (2) | (5) |
Less Than Twelve Months, Fair Value | 513 | 497 |
Over Twelve Months, Gross Unrealized Losses | (13) | |
Over Twelve Months, Fair Value | 506 | |
Residential Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (6) | |
Less Than Twelve Months, Fair Value | 7,038 | |
Over Twelve Months, Gross Unrealized Losses | (255) | (748) |
Over Twelve Months, Fair Value | 11,060 | 12,981 |
Commercial Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Over Twelve Months, Gross Unrealized Losses | (86) | (487) |
Over Twelve Months, Fair Value | 8,950 | 8,607 |
Commercial Mortgage Backed Securities, U.S. Government-guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (1) | |
Less Than Twelve Months, Fair Value | 1,654 | |
Over Twelve Months, Gross Unrealized Losses | (33) | |
Over Twelve Months, Fair Value | 1,763 | |
Collateralized Mortgage Obligations, US Government Guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Over Twelve Months, Gross Unrealized Losses | (27) | (104) |
Over Twelve Months, Fair Value | $ 2,791 | 3,879 |
Collateralized Mortgage Obligations, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Over Twelve Months, Gross Unrealized Losses | (17) | |
Over Twelve Months, Fair Value | $ 1,625 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 454,545 | $ 486,774 |
Allowance for loan losses | (4,154) | (4,437) |
Net deferred loan costs and fees, and purchase premiums | 1,479 | 1,509 |
Net loans | 451,870 | 483,846 |
Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 425,521 | 446,082 |
Commercial Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 114,547 | 113,642 |
Commercial Real Estate Loans [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 114,547 | 113,642 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11,554 | 21,285 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 17,470 | 19,407 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 229,079 | 246,756 |
One-to-Four Family [Member] | Residential Real Estate [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 229,079 | 246,756 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 43,162 | 43,545 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 38,733 | 42,139 |
Construction [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 38,733 | $ 42,139 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)TDR | Jun. 30, 2018USD ($)TDR | Aug. 07, 2019USD ($) | Jul. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Transfer of portfolio loans to held for sale | $ 28,600,000 | $ 28,608,000 | ||||||
Fair value adjustment included in gain on loan orgination and sale activities | $ 170,000 | |||||||
Impaired loans, additional funds committed | 0 | 0 | $ 0 | |||||
Loans subject to troubled debt restructurings | TDR | 2 | 0 | ||||||
Troubled debt restructuring amount | $ 3,309,000 | $ 4,079,000 | ||||||
Changes to allowance for loan losses | 0 | 0 | $ 0 | $ 0 | 0 | |||
Minimum past due days for loan rating | 90 days | |||||||
Total loans | 454,545,000 | 454,545,000 | $ 454,545,000 | $ 486,774,000 | ||||
30 - 59 Days Past Due [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Troubled debt restructurings defaulted over 30 days past due | 0 | 0 | 0 | 0 | ||||
Non Accrual Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Troubled debt restructuring amount | 649,000 | $ 1,107,000 | ||||||
Home Equity Loans and Lines of Credit [Member] | Special Mention [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 337,000 | 337,000 | $ 337,000 | 407,000 | ||||
Residential Real Estate [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans subject to troubled debt restructurings | TDR | 16 | 19 | ||||||
Loans subject to troubled debt restructurings, amount | 3,260,000 | 3,260,000 | 3,959,000 | $ 3,260,000 | $ 3,959,000 | |||
Residential Real Estate [Member] | Minimum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Troubled debt restructuring, interest rate concession period | 3 months | |||||||
Residential Real Estate [Member] | Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Troubled debt restructuring, interest rate concession period | 30 years | |||||||
Commercial Real Estate Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans subject to troubled debt restructurings | TDR | 1 | 2 | ||||||
Loans subject to troubled debt restructurings, amount | 49,000 | 49,000 | $ 120,000 | $ 49,000 | $ 120,000 | |||
Total loans | 114,547,000 | 114,547,000 | 114,547,000 | 113,642,000 | ||||
Commercial Real Estate Loans [Member] | Special Mention [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 205,000 | 205,000 | $ 205,000 | |||||
Commercial Real Estate Loans [Member] | Maximum [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Troubled debt restructuring, interest rate concession period | 1 year | |||||||
Residential Mortgage [Member] | Substandard [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 2,411,000 | 2,411,000 | $ 2,411,000 | 2,469,000 | ||||
Residential Mortgage [Member] | Special Mention [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 600,000 | 600,000 | 600,000 | 936,000 | ||||
Residential Mortgage [Member] | Subsequent Event [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Transferred loans committed to sell | $ 6,800,000 | $ 21,800,000 | ||||||
Other Modified Loan [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Troubled debt restructuring amount | 87,000,000 | |||||||
Consumer Loans [Member] | Doubtful [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | 149,000 | |||||||
Consumer Loans [Member] | Substandard [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans | $ 49,000 | $ 49,000 | $ 49,000 | $ 50,000 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary of Activity in the Allowance for Loan Losses by Loan Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 4,282 | $ 3,844 | $ 4,437 | $ 3,737 |
Provision (credit) for loan losses | (144) | (90) | (144) | 5 |
Loans charged-off | (3) | (22) | (168) | (37) |
Recoveries | 19 | 10 | 29 | 37 |
Ending balance | 4,154 | 3,742 | 4,154 | 3,742 |
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,642 | 1,700 | 1,648 | 1,620 |
Provision (credit) for loan losses | (17) | (195) | (23) | (115) |
Ending balance | 1,625 | 1,505 | 1,625 | 1,505 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 248 | 319 | 265 | 335 |
Provision (credit) for loan losses | 16 | (21) | (1) | (37) |
Ending balance | 264 | 298 | 264 | 298 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 211 | 198 | 375 | 218 |
Provision (credit) for loan losses | (17) | 66 | (20) | 59 |
Loans charged-off | (3) | (22) | (168) | (37) |
Recoveries | 4 | 5 | 8 | 7 |
Ending balance | 195 | 247 | 195 | 247 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,086 | 876 | 1,092 | 854 |
Provision (credit) for loan losses | (83) | 88 | (95) | 85 |
Recoveries | 15 | 5 | 21 | 30 |
Ending balance | 1,018 | 969 | 1,018 | 969 |
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 292 | 365 | 292 | 359 |
Provision (credit) for loan losses | 5 | (85) | 5 | (79) |
Ending balance | 297 | 280 | 297 | 280 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 803 | 386 | 765 | 351 |
Provision (credit) for loan losses | (48) | 57 | (10) | 92 |
Ending balance | $ 755 | $ 443 | $ 755 | $ 443 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Summary of Additional Information Pertaining to the Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | $ 126 | $ 282 | ||||
Allowance for non-impaired loans | 4,028 | 4,155 | ||||
Total allowance for loan losses | 4,154 | $ 4,282 | 4,437 | $ 3,742 | $ 3,844 | $ 3,737 |
Impaired loans | 5,969 | 6,950 | ||||
Non-impaired loans | 448,576 | 479,824 | ||||
Total loans | 454,545 | 486,774 | ||||
Commercial Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 1,625 | 1,648 | ||||
Total allowance for loan losses | 1,625 | 1,642 | 1,648 | 1,505 | 1,700 | 1,620 |
Impaired loans | 49 | 52 | ||||
Non-impaired loans | 114,498 | 113,590 | ||||
Total loans | 114,547 | 113,642 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 264 | 265 | ||||
Total allowance for loan losses | 264 | 248 | 265 | 298 | 319 | 335 |
Non-impaired loans | 11,554 | 21,285 | ||||
Total loans | 11,554 | 21,285 | ||||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | 24 | 174 | ||||
Allowance for non-impaired loans | 171 | 201 | ||||
Total allowance for loan losses | 195 | 211 | 375 | 247 | 198 | 218 |
Impaired loans | 49 | 199 | ||||
Non-impaired loans | 17,421 | 19,208 | ||||
Total loans | 17,470 | 19,407 | ||||
One-to-Four Family [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | 102 | 108 | ||||
Allowance for non-impaired loans | 916 | 984 | ||||
Total allowance for loan losses | 1,018 | 1,086 | 1,092 | 969 | 876 | 854 |
Impaired loans | 5,534 | 6,291 | ||||
Non-impaired loans | 223,545 | 240,465 | ||||
Total loans | 229,079 | 246,756 | ||||
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 297 | 292 | ||||
Total allowance for loan losses | 297 | 292 | 292 | 280 | 365 | 359 |
Impaired loans | 337 | 408 | ||||
Non-impaired loans | 42,825 | 43,137 | ||||
Total loans | 43,162 | 43,545 | ||||
Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 755 | 765 | ||||
Total allowance for loan losses | 755 | $ 803 | 765 | $ 443 | $ 386 | $ 351 |
Non-impaired loans | 38,733 | 42,139 | ||||
Total loans | $ 38,733 | $ 42,139 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Schedule of Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,389 | $ 2,046 |
Non-accrual Loans | 2,315 | 3,030 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 95 | 29 |
Non-accrual Loans | 149 | |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,085 | 1,497 |
Non-accrual Loans | 1,978 | 2,474 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 209 | 520 |
Non-accrual Loans | 337 | 407 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,283 | 1,200 |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72 | 25 |
30 - 59 Days Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,042 | 655 |
30 - 59 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 169 | 520 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 106 | 211 |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23 | 4 |
60 - 89 Days Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 43 | 207 |
60 - 89 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 40 | |
90 Days or More Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 635 | |
90 Days or More Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 635 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | $ 4,103 | $ 4,740 |
Unpaid Principal Balance without a valuation allowance | 4,103 | 4,740 |
Recorded Investment with a valuation allowance | 1,866 | 2,210 |
Unpaid Principal Balance with a valuation allowance | 1,866 | 2,210 |
Related Allowance, Total impaired loans | 126 | 282 |
Recorded Investment, Total impaired loans | 5,969 | 6,950 |
Unpaid Principal Balance, Total impaired loans | 5,969 | 6,950 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 49 | 52 |
Unpaid Principal Balance without a valuation allowance | 49 | 52 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment with a valuation allowance | 49 | |
Unpaid Principal Balance with a valuation allowance | 49 | |
Related Allowance, Total impaired loans | 24 | |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 3,717 | 4,280 |
Unpaid Principal Balance without a valuation allowance | 3,717 | 4,280 |
Recorded Investment with a valuation allowance | 1,817 | 2,011 |
Unpaid Principal Balance with a valuation allowance | 1,817 | 2,011 |
Related Allowance, Total impaired loans | 102 | 108 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 337 | 408 |
Unpaid Principal Balance without a valuation allowance | $ 337 | 408 |
Recorded Investment with a valuation allowance | 199 | |
Unpaid Principal Balance with a valuation allowance | 199 | |
Related Allowance, Total impaired loans | $ 174 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Summary of Additional Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 6,071 | $ 5,535 | $ 6,303 | $ 5,539 |
Interest Income Recognized | 54 | 66 | 139 | 128 |
Cash Basis Interest Recognized | 23 | 24 | 61 | 65 |
Residential Real Estate [Member] | One-to-Four Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 5,498 | 4,988 | 5,630 | 4,965 |
Interest Income Recognized | 49 | 62 | 126 | 116 |
Cash Basis Interest Recognized | 19 | 20 | 51 | 40 |
Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 337 | 253 | 437 | 262 |
Interest Income Recognized | 4 | 10 | 3 | |
Cash Basis Interest Recognized | 4 | 4 | 10 | 25 |
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 187 | 294 | 187 | 312 |
Interest Income Recognized | 1 | $ 4 | 2 | $ 9 |
Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 49 | 49 | ||
Interest Income Recognized | $ 1 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Summary of Company's Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 454,545 | $ 486,774 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 38,733 | 42,139 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 114,547 | 113,642 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 11,554 | 21,285 |
Pass [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 38,733 | 42,139 |
Pass [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 114,342 | 113,642 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10,459 | $ 21,285 |
Special Mention [Member] | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 205 | |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 1,095 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Transfers And Servicing [Abstract] | |||
Unpaid principal balances of residential mortgage loans serviced for others | $ 993,000,000 | $ 929,300,000 | |
Increase (reduced) the valuation allowance of mortgage servicing rights | $ 113,000 | $ (77,000) |
Loan Servicing - Summary of Act
Loan Servicing - Summary of Activity Relating to Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Mortgage servicing rights: | ||
Balance at beginning of year | $ 7,794 | $ 6,487 |
Additions through originations | 1,100 | 851 |
Amortization | (572) | (480) |
Balance at end of period | 8,322 | 6,858 |
Valuation allowance: | ||
Balance at beginning of year | 8 | 90 |
Provision (credit) | 113 | (77) |
Balance at end of period | 121 | 13 |
Amortized cost, net | 8,201 | 6,845 |
Fair value | $ 8,356 | $ 7,380 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current state tax expense | $ 81,000 | $ 83,000 | $ 8,000 |
Reversal of federal tax expense benefit | 38,000 | ||
Net operating loss carryforward | 13,600,000 | 13,600,000 | |
Valuation allowance on deferred tax assets | $ 2,700,000 | $ 2,700,000 |
On-Balance Sheet Derivative I_2
On-Balance Sheet Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Loan Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional amount | $ 171,598,000 | $ 36,852,000 |
Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional amount | 190,852,000 | 42,021,000 |
Fair value of derivative instruments | 369,000 | 253,000 |
Other Assets [Member] | Derivative Loan Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Asset | 2,220,000 | 627,000 |
Other Assets [Member] | Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Asset | 158,000 | 10,000 |
Other Liabilities [Member] | Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Liability | $ 527,000 | $ 263,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Loan repaid term | 25 years | |||
Number of allocated shares | 18,780 | 18,780 | ||
Annual allocation of shares, expiration year | 2040 | |||
ESOP expense | $ 68,000 | $ 77,000 | $ 138,000 | $ 151,000 |
Unallocated shares | 403,768 | 403,768 | ||
Unallocated shares, value | $ 6,097,000 | $ 6,097,000 | ||
Common Stock [Member] | ||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Sale of stock, price per share | $ 10 | $ 10 | ||
The Randolph Savings Charitable Foundation, Inc. [Member] | ||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Sale of share in employee stock ownership plan | 469,498 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Class Of Stock [Line Items] | |||||
Cost of shares repurchased | $ 1,600,000 | $ 561,000 | $ 2,029,000 | $ 631,000 | |
September 2017 Share Repurchase Program [Member] | |||||
Class Of Stock [Line Items] | |||||
Stock repurchase program percentage of outstanding shares repurchased | 10.00% | ||||
Number of shares authorized to repurchase | 586,854 | ||||
Number of shares repurchased | 254,800 | ||||
Cost of shares repurchased | $ 3,860,000 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive common stock equivalents outstanding | 0 | 0 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Calculation of Average Number of Shares Outstanding Used to Calculate Basic and Diluted Income (Loss) Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Average number of common shares outstanding | 5,871,321 | 6,005,578 | 5,880,309 | 6,021,802 |
Less: Average unallocated ESOP shares | (406,116) | (424,895) | (408,463) | (427,243) |
Average number of common shares outstanding (basic and diluted) | 5,465,205 | 5,580,683 | 5,471,846 | 5,594,559 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options term | 10 years | 10 years | ||
Stock-based compensation expense | $ 101,000 | $ 71,000 | $ 192,000 | $ 145,000 |
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 141,000 | $ 109,000 | $ 266,000 | $ 242,000 |
Minimum [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 1 year | 3 years | ||
Maximum [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 5 years | 5 years | ||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reserved for issuance | 586,872 | 586,872 | ||
Stock options term | 10 years | |||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reserved for issuance | 234,749 | 234,749 | ||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 3 years | |||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options and awards vesting period | 5 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Grants of Options to Purchase Shares of Common Stock (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted | 57,252 | 27,000 |
Option fair value | $ 5.79 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expiration period (years) | 10 years | 10 years |
Expected volatility | 29.87% | 29.87% |
Expected life (years) | 6 years 6 months | 6 years 6 months |
Risk free interest rate, minimum | 2.37% | 2.68% |
Risk free interest rate, maximum | 2.61% | 2.77% |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Option fair value | $ 2.99 | |
Minimum [Member] | Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period (years) | 1 year | 3 years |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Option fair value | $ 5.83 | |
Maximum [Member] | Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period (years) | 5 years | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Activity (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Stock Option Grants | |||
Beginning Balance | 312,705 | ||
Granted | 57,252 | 27,000 | |
Expired | (3,250) | ||
Ending Balance | 366,707 | 312,705 | |
Exercisable at June 30, 2019 | 64,018 | ||
Unrecognized compensation cost (inclusive of directors' options) | $ 1,189,000 | ||
Weighted Average Exercise Price | |||
Beginning Balance | $ 14.78 | ||
Granted | 14.93 | ||
Expired | 14.66 | ||
Ending Balance | 14.83 | $ 14.78 | |
Exercisable at June 30, 2019 | $ 14.76 | ||
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | |||
Weighted Average Remaining Contractual Term | 8 years 6 months 14 days | 8 years 8 months 23 days | |
Weighted Average Remaining Contractual Term, Granted | 8 years 4 months 2 days | ||
Aggregate Intrinsic Value, Outstanding | $ 135,971 | ||
Aggregate Intrinsic Value, Exercisable | $ 24,942 | ||
Stock Options [Member] | |||
Stock Option Grants | |||
Weighted average remaining recognition period (years) | 3 years 2 months 23 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity in Restricted Stock Awards Under Equity Plan (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Restricted Stock Awards | |
Beginning Balance | shares | 126,694 |
Granted | shares | 33,335 |
Forfeited | shares | (2,500) |
Ending Balance | shares | 157,529 |
Unrecognized compensation cost | $ | $ 1,938,000 |
Weighted Average Grant Price | |
Beginning Balance | $ / shares | $ 14.66 |
Granted | $ / shares | 15.07 |
Forfeited | $ / shares | 15 |
Ending Balance | $ / shares | $ 14.74 |
Restricted Stock [Member] | |
Restricted Stock Awards | |
Weighted average remaining recognition period (years) | 3 years 6 months 7 days |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | $ 48,851 | $ 50,556 |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 48,319 | 50,038 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 532 | 518 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 48,851 | 50,556 |
Fair value, Loans held for sale | 102,784 | 38,474 |
Derivative assets | 2,378 | 637 |
Derivative liabilities | 527 | 263 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Portfolio loans | 4,986 | 3,680 |
Fair value, Loans held for sale | 102,784 | 38,474 |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 48,319 | 50,038 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 532 | 518 |
Fair Value, Measurements, Recurring [Member] | Derivative Loan Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,220 | 627 |
Fair Value, Measurements, Recurring [Member] | Forward Loan Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 158 | 10 |
Fair Value, Measurements, Recurring [Member] | Forward Loan Sale Commitments, including TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 527 | 263 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, Portfolio loans | 4,986 | 3,680 |
Fair value, Loans held for sale | 102,784 | 38,474 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 48,319 | 50,038 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 532 | 518 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivative Loan Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,220 | 627 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 158 | 10 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Loan Sale Commitments, including TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 527 | $ 263 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Additional information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 | |
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 1 to level 2 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 2 to level 1 transfers, amount | 0 | 0 | |
Increase (decrease) in valuation allowance of mortgage servicing rights | 113,000 | $ (77,000) | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities measured at fair value on nonrecurring basis | $ 0 | $ 0 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights, fair value | $ 8,356 | $ 7,380 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on assets held, mortgage servicing rights | (113) | ||
Gains (Losses) on assets held | (113) | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights, fair value | 8,201 | $ 7,786 | |
Assets, Fair Value Disclosure | 8,201 | 7,786 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, Collateral dependent impaired loans | 952 | 1,352 | |
Fair value, Foreclosed real estate | 90 | 65 | |
Assets, Fair Value Disclosure | $ 1,042 | $ 1,417 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Securities available for sale | $ 48,851 | $ 50,556 |
Level 2 [Member] | ||
Financial assets: | ||
Certificates of deposit | 2,202 | 2,196 |
Securities available for sale | 48,851 | 50,556 |
Loans held for sale | 102,784 | 38,474 |
Derivative assets | 2,378 | 637 |
Financial liabilities: | ||
Deposits | 441,585 | 435,964 |
FHLBB advances | 121,675 | 88,894 |
Derivative liabilities | 527 | 263 |
Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 452,181 | 473,612 |
Carrying Amount [Member] | ||
Financial assets: | ||
Certificates of deposit | 2,205 | 2,205 |
Securities available for sale | 48,851 | 50,556 |
Loans held for sale | 102,784 | 38,474 |
Loans, net | 451,870 | 483,846 |
Derivative assets | 2,378 | 637 |
Financial liabilities: | ||
Deposits | 441,653 | 437,130 |
FHLBB advances | 121,553 | 89,036 |
Derivative liabilities | 527 | 263 |
Fair Value [Member] | ||
Financial assets: | ||
Certificates of deposit | 2,202 | 2,196 |
Securities available for sale | 48,851 | 50,556 |
Loans held for sale | 102,784 | 38,474 |
Loans, net | 452,181 | 473,612 |
Derivative assets | 2,378 | 637 |
Financial liabilities: | ||
Deposits | 441,585 | 435,964 |
FHLBB advances | 121,675 | 88,894 |
Derivative liabilities | $ 527 | $ 263 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Financial Instruments Outstanding Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments to Originate Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 178,241 | $ 38,404 |
Unused Lines and Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 49,577 | 45,977 |
Unadvanced Funds on Construction Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 13,820 | 14,175 |
Overdraft Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 8,266 | $ 8,475 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)SegmentOffice | Jun. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of business segments | Segment | 2 | |||
Number of branch offices | Office | 5 | |||
Servicing fees amount | $ (224,000) | $ (291,000) | $ (543,000) | $ (625,000) |
Envision Mortgage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premium percentage for new loans | 1.50% | 1.50% | ||
Premium income | 221,000 | 411,000 | $ 377,000 | $ 684,000 |
Percentage of fees for HELOC | 1.00% | 1.00% | ||
Servicing fees amount | (316,000) | (364,000) | $ (723,000) | $ (766,000) |
Envision Bank [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of loan servicing fees | 0.14% | 0.14% | ||
Servicing fees amount | $ 92,000 | $ 73,000 | $ 180,000 | $ 141,000 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 4,489,000 | $ 4,033,000 | $ 8,867,000 | $ 8,015,000 | ||
Provision (credit) for loan losses | (144,000) | (90,000) | (144,000) | 5,000 | ||
Net interest income after provision (credit) for loan losses | 4,633,000 | 4,123,000 | 9,011,000 | 8,010,000 | ||
Non-interest income: | ||||||
Customer service fees | 362,000 | 439,000 | 691,000 | 739,000 | ||
Gain on loan origination and sale activities, net | [1] | 5,289,000 | 2,265,000 | 8,033,000 | 4,085,000 | |
Mortgage servicing fees, net | 224,000 | 291,000 | 543,000 | 625,000 | ||
Other | 201,000 | 199,000 | 378,000 | 425,000 | ||
Total non-interest income | 6,076,000 | 3,194,000 | 9,645,000 | 5,874,000 | ||
Non-interest expenses: | ||||||
Salaries and employee benefits | 6,092,000 | 4,979,000 | 11,504,000 | 9,415,000 | ||
Occupancy and equipment | 643,000 | 729,000 | 1,299,000 | 1,427,000 | ||
Other non-interest expenses | 2,128,000 | 2,204,000 | 3,938,000 | 4,067,000 | ||
Total non-interest expenses | 8,863,000 | 7,912,000 | 16,741,000 | 14,909,000 | ||
Income (loss) before income taxes and elimination of inter-segment profit | 1,846,000 | (595,000) | 1,915,000 | (1,025,000) | ||
Elimination of inter-segment profit | (221,000) | (411,000) | (377,000) | (684,000) | ||
Income (loss) before income taxes | 1,625,000 | (1,006,000) | 1,538,000 | (1,709,000) | ||
Income tax expense | 119,000 | 4,000 | 83,000 | 8,000 | ||
Net income (loss) | 1,506,000 | (1,010,000) | 1,455,000 | (1,717,000) | ||
Total assets | 652,569,000 | 565,909,000 | 652,569,000 | 565,909,000 | $ 614,340,000 | |
Envision Bank [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 4,161,000 | 3,800,000 | 8,343,000 | 7,539,000 | ||
Provision (credit) for loan losses | (144,000) | (90,000) | (144,000) | 5,000 | ||
Net interest income after provision (credit) for loan losses | 4,305,000 | 3,890,000 | 8,487,000 | 7,534,000 | ||
Non-interest income: | ||||||
Customer service fees | 322,000 | 410,000 | 617,000 | 711,000 | ||
Mortgage servicing fees, net | (92,000) | (73,000) | (180,000) | (141,000) | ||
Other | 97,000 | 114,000 | 222,000 | 248,000 | ||
Total non-interest income | 327,000 | 451,000 | 659,000 | 818,000 | ||
Non-interest expenses: | ||||||
Salaries and employee benefits | 1,786,000 | 1,612,000 | 3,325,000 | 3,248,000 | ||
Occupancy and equipment | 370,000 | 373,000 | 770,000 | 773,000 | ||
Other non-interest expenses | 1,298,000 | 1,227,000 | 2,252,000 | 2,238,000 | ||
Total non-interest expenses | 3,454,000 | 3,212,000 | 6,347,000 | 6,259,000 | ||
Income (loss) before income taxes and elimination of inter-segment profit | 1,178,000 | 1,129,000 | 2,799,000 | 2,093,000 | ||
Total assets | 512,162,000 | 489,214,000 | 512,162,000 | 489,214,000 | ||
Envision Mortgage [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 328,000 | 233,000 | 524,000 | 476,000 | ||
Net interest income after provision (credit) for loan losses | 328,000 | 233,000 | 524,000 | 476,000 | ||
Non-interest income: | ||||||
Customer service fees | 40,000 | 29,000 | 74,000 | 28,000 | ||
Gain on loan origination and sale activities, net | [1] | 5,289,000 | 2,265,000 | 8,033,000 | 4,085,000 | |
Mortgage servicing fees, net | 316,000 | 364,000 | 723,000 | 766,000 | ||
Other | 104,000 | 85,000 | 156,000 | 177,000 | ||
Total non-interest income | 5,749,000 | 2,743,000 | 8,986,000 | 5,056,000 | ||
Non-interest expenses: | ||||||
Salaries and employee benefits | 4,306,000 | 3,367,000 | 8,179,000 | 6,167,000 | ||
Occupancy and equipment | 273,000 | 356,000 | 529,000 | 654,000 | ||
Other non-interest expenses | 830,000 | 977,000 | 1,686,000 | 1,829,000 | ||
Total non-interest expenses | 5,409,000 | 4,700,000 | 10,394,000 | 8,650,000 | ||
Income (loss) before income taxes and elimination of inter-segment profit | 668,000 | (1,724,000) | (884,000) | (3,118,000) | ||
Total assets | $ 140,407,000 | $ 76,695,000 | $ 140,407,000 | $ 76,695,000 | ||
[1] | Before elimination of inter-segment profit |