Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 10, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | 1895 Bancorp of Wisconsin, Inc. | |
Entity Central Index Key | 0001751692 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | BCOW | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 4,876,677 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 32,540 | $ 7,782 |
Fed funds sold | 2,143 | 141 |
Cash and cash equivalents | 34,683 | 7,923 |
Available for sale securities, stated at fair value | 64,695 | 65,731 |
Loans held for sale | 1,233 | 771 |
Loans, net of allowance for loan losses of $3,426 and $3,262, respectively | 360,083 | 369,830 |
Premises and equipment, net | 7,692 | 8,163 |
Mortgage servicing rights, net | 2,117 | 2,103 |
Federal Home Loan Bank stock, at cost | 984 | 1,261 |
Accrued interest receivable | 1,170 | 1,106 |
Cash value of life insurance | 13,500 | 13,400 |
Other assets | 10,794 | 10,811 |
TOTAL ASSETS | 496,951 | 481,099 |
Liabilities and Stockholders' Equity | ||
Deposits | 405,665 | 406,137 |
Advance payments by borrowers for taxes and insurance | 4,333 | 1,240 |
Federal Home Loan Bank advances | 24,651 | 30,010 |
Accrued interest payable | 503 | 372 |
Other liabilities | 5,108 | 5,159 |
Total liabilities | 440,260 | 442,918 |
Common stock, $0.01 par value, 90,000,000 shares authorized, 4,876,677 shares issued as of March 31, 2019 | 49 | |
Additional paid-in capital | 19,980 | |
Unallocated common stock of Employee Stock Ownership Plan, 175,528 shares as of March 31, 2019 | (1,755) | |
Retained earnings | 39,293 | 39,764 |
Accumulated other comprehensive loss, net of income taxes | (876) | (1,583) |
Total stockholders' equity | 56,691 | 38,181 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 496,951 | $ 481,099 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) shares in Thousands, $ in Thousands | Mar. 31, 2019USD ($)$ / sharesshares |
Allowance for loan and lease losses | $ | $ 3,426 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 |
Common Stock, Shares Authorized | 90,000,000 |
Common Stock, Shares, Issued | 4,876,677 |
Unallocated common stock of Employee Stock Ownership Plan | 175,528 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest and dividend income: | ||
Loans, including fees | $ 3,988 | $ 3,401 |
Securities, taxable | 392 | 494 |
Other | 65 | 11 |
Total interest and dividend income | 4,445 | 3,906 |
Interest expense: | ||
Interest-bearing deposits | 1,180 | 795 |
Borrowed funds | 123 | 144 |
Total interest expense | 1,303 | 939 |
Net interest income | 3,142 | 2,967 |
Provision for loan losses | 0 | 0 |
Net interest income after provision for loan losses | 3,142 | 2,967 |
Noninterest income: | ||
Service charges and other fees | 186 | 191 |
Loan servicing | 222 | 144 |
Net gain on sale of loans | 124 | 220 |
Net gain on sale of securities | 21 | |
Increase in cash surrender value of insurance | 100 | 99 |
Other | 118 | 11 |
Total noninterest income | 750 | 686 |
Noninterest expense: | ||
Salaries and employee benefits | 2,427 | 2,087 |
Foreclosed assets, net | 7 | 1 |
Advertising and promotions | 56 | 12 |
Data processing | 206 | 206 |
Occupancy and equipment | 458 | 419 |
FDIC assessment | 93 | 78 |
Other | 1,325 | 707 |
Total noninterest expense | 4,572 | 3,510 |
(Loss) income before income taxes | (680) | 143 |
(Credit) provision for income taxes | (209) | 13 |
Net (loss) income | $ (471) | $ 130 |
Earnings per common share | ||
Basic | $ (0.10) | |
Diluted | $ (0.10) | |
Average common shares outstanding | ||
Basic | 4,701 | |
Diluted | 4,701 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (471) | $ 130 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) arising during the period | 969 | (994) |
Reclassification adjustment for gains realized in net income | (21) | |
Other comprehensive income (loss) before income tax effect | 969 | (1,015) |
Income tax effect of other comprehensive income (loss) items | 262 | (274) |
Other comprehensive income (loss), net of income tax | 707 | (741) |
Comprehensive income (loss) | $ 236 | $ (611) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2019 - USD ($) $ in Thousands | Total | Common stock | Additional Paid-in Capital | Unallocated common stock of ESOP | Retained earnings | Accumulated other comprehensive loss |
Balance at Dec. 31, 2018 | $ 38,181 | $ 39,764 | $ (1,583) | |||
Net loss | (471) | (471) | ||||
Other comprehensive income | 707 | 707 | ||||
Net proceeds from stock offering (4,876,677 shares issued) | 20,029 | $ 49 | $ 19,980 | |||
Purchase of ESOP shares (175,528 shares purchased) | (1,755) | $ (1,755) | ||||
Balance at Mar. 31, 2019 | $ 56,691 | $ 49 | $ 19,980 | $ (1,755) | $ 39,293 | $ (876) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - shares shares in Thousands | Mar. 31, 2019 | Sep. 05, 2018 |
Net proceeds from stock offering, Shares, Issued | 4,876,677 | 2,145,738 |
Purchase of ESOP shares purchased | 175,528 |
Consolidated Statements of Cash
Consolidated Statements of Cash flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (471) | $ 130 |
Adjustments to reconcile net (loss) income to net cash from operating activities: | ||
Net amortization of investment securities | 63 | 105 |
Depreciation | 172 | 160 |
Write-down of premises and equipment | 8 | |
Gain on sale of premises and equipment | (97) | |
Net gain on sale of investment securities | (21) | |
Deferred income taxes | (203) | (1) |
Originations of mortgage loans held for sale | (17,201) | (15,390) |
Proceeds from sales of mortgage loans held for sale | 16,863 | 13,220 |
Net gain on sale of mortgage loans held for sale | (124) | (220) |
Net change in cash value of life insurance | (100) | (99) |
Changes in operating assets and liabilities: | ||
Mortgage servicing rights | (14) | 81 |
Accrued interest receivable and other assets | (106) | (67) |
Accrued interest payable and other liabilities | 80 | (552) |
Net cash used in operating activities | (1,138) | (2,646) |
Cash Flows From Investing Activities | ||
Proceeds from sales of securities available for sale | 9,518 | |
Maturities, prepayments, and calls of securities available for sale | 1,942 | 1,753 |
Net decrease (increase) in loans | 9,747 | (27,842) |
Net capital receipts (expenditures) for premises and equipment | 396 | (103) |
Net decrease (increase) in Federal Home Loan Bank stock | 277 | (90) |
Cash paid, net of cash received, for sale of branch | (3,490) | |
Net cash provided by (used in) investing activities | 8,872 | (16,764) |
Cash Flows From Financing Activities | ||
Net increase in deposits | 3,018 | 9,107 |
Net increase in advance payments by borrowers for taxes and insurance | 3,093 | 4,004 |
Net proceeds from stock offering | 18,274 | |
Proceeds from issuance of Federal Home Loan Bank advances | 1,992 | |
Principal payments on Federal Home Loan Bank advances | (5,359) | |
Net cash provided by financing activities | 19,026 | 15,103 |
Net increase (decrease) in cash and cash equivalents | 26,760 | (4,307) |
Cash and cash equivalents at beginning of period | 7,923 | 12,497 |
Cash and cash equivalents at end of period | 34,683 | 8,190 |
Supplemental cash flow information: | ||
Cash paid during the year for interest | 1,172 | $ 939 |
Non-cash investing and financing activities | ||
Cash | 3,490 | |
Premises and equipment | 686 | |
Deposits | $ 4,290 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION 1895 Bancorp of Wisconsin, Inc. (the “Company”) was formed in January 2019 to serve as the mid-tier stock holding company for PyraMax Bank, FSB (the “Bank”) upon the reorganization of the Bank into the two-tier mutual holding company structure. As of December 31, 2018, the reorganization had not been completed, and therefore, the Company had no assets or liabilities and had not conducted any business activities other than organizational activities as of and for the year ended December 31, 2018. Accordingly, the financial information contained in these financial statements relates solely to the Bank for periods prior to January 8, 2019. PyraMax Bank, FSB (the “Bank”) is chartered as a federal savings bank. The Bank operates as a full-service financial institution, providing a full range of financial services, including the granting of commercial, residential, and consumer loans and acceptance of deposits from individual customers and small businesses in the metropolitan Milwaukee, Wisconsin, area. The Bank is subject to competition from other financial and nonfinancial institutions providing financial products. In addition, the Bank is subject to the regulations of certain regulatory agencies and undergoes periodic examination by those regulatory agencies. On September 5, 2018, the Board of Directors of the Bank adopted a Plan of Reorganization from a Mutual Savings Bank to a Mutual Holding Company and Stock Issuance Plan (the “Plan”). The Plan was approved by the Board of Governors of the Federal Reserve System and by the affirmative vote of a majority of the total votes eligible to be cast by the voting members of the Bank at a special meeting. Pursuant to the Plan, on January 8, 2019, the Bank converted to a stock savings bank and issued all of its outstanding stock to a new holding company, named 1895 Bancorp of Wisconsin, Inc. Pursuant to the Plan, the new holding company sold 2,145,738 shares of common stock (including 175,528 shares to be issued to the Bank’s employee stock ownership plan “ESOP”) at $10.00 per share, for gross offering proceeds of approximately $21.5 million in its subscription offering. In addition, on January 8, 2019, 48,767 shares and $100,000 were contributed to a newly formed charitable foundation, 1895 Bancorp of Wisconsin Community Foundation. 1895 Bancorp of Wisconsin, Inc. was organized as a corporation under the laws of the United States and offered 45% of its common stock to be outstanding to the Bank’s eligible members, the ESOP, a community foundation and certain other persons. 1895 Bancorp of Wisconsin, MHC was organized as a mutual holding company under the laws of the United States and owns 55% of the outstanding common stock of 1895 Bancorp of Wisconsin, Inc. The accompanying unaudited interim financial statements and the notes thereto have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the accompanying unaudited interim financial statements contain all normal recurring adjustments necessary to present fairly the financial positions results of operations, changes in equity and cash flows for the periods presented. The accompanying unaudited financial statements and related notes should be read in conjunction with the audited annual financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission on April 1, 2019. In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, and reported amounts of revenues and expenses during the reporting period. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the fair values of securities, financial instruments and mortgage servicing rights, and the valuation of deferred income tax assets. Actual results could differ from those estimates. On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies and define an “emerging growth company.” As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. The Company intends to take advantage of the benefits of the extended transition periods allowed under the JOBS Act. Accordingly, the Company’s financial statements may not be comparable to those of public companies that adopt new or revised financial accounting standards as of an earlier date. The effective dates of the following recent accounting standards reflect those that relate to non-issuer companies. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards | NOTE 2 – RECENT ACCOUNTING STANDARDS The Bank recently adopted the following Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This amendment supersedes and replaces nearly all existing revenue recognition guidance. Under the amended guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Management adopted this new accounting standard beginning with the interim period ended March 31, 2019, with no material impact on the Bank’s financial statements. The following ASUs have been issued by the FASB and may impact the Bank’s financial statements in future reporting periods: ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) . ASU 2016-13 requires organizations to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption will be permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently assessing the impact of adopting ASU 2016-13 on the Bank’s financial statements. ASU 2016-02, Leases (Topic 842) . This ASU affects any entity that enters into a lease, and is intended to increase the transparency and comparability of financial reporting. The ASU requires, among other changes, a lessee to recognize on its balance sheet a lease asset and a lease liability for those leases previously classified as operating leases. The lease asset will represent the right to use the underlying asset for the lease term, and the lease liability will represent the discounted value of the required lease payments to the lessor. The ASU will also require entities to disclose key information about leasing arrangements. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. Management is currently evaluating the impact of adopting ASU 2016-02 on the Bank’s financial statements. ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities . This ASU applies to all entities that hold financial assets or owe financial liabilities, and is intended to provide more useful information on the recognition, measurement, presentation and disclosure of financial instruments. Among other things, this ASU 1) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) eliminates the requirement to disclose the fair values of financial instruments measured at amortized cost for entities that are not public business entities; 4) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair values required to be disclosed for financial instruments measured at amortized cost; 5) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 6) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and 7) clarifies that an entity should evaluate the need for a valuation allowance on deferred tax assets related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 31, 2019. Early adoption is permitted. The adoption of ASU 2016-01 is not expected to have a material impact on the Bank’s financial statements. |
Securities Available-for-sale
Securities Available-for-sale | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available-for-sale | NOTE 3 – SECURITIES AVAILABLE-FOR-SALE The amortized costs and fair values of securities available-for-sale were as follows: March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of states and political subdivisions $ 10,829 $ 36 $ (107 ) $ 10,758 Government-sponsored mortgage-backed securities 51,184 18 (1,145 ) 50,057 Corporate collateralized mortgage obligations 390 1 — 391 Asset-backed securities 3,243 — (2 ) 3,241 Certificates of deposit 249 — (1 ) 248 Total $ 65,895 $ 55 $ (1,255 ) $ 64,695 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of states and political subdivisions $ 11,348 $ 25 $ (204 ) $ 11,169 Government-sponsored mortgage-backed securities 52,363 4 (1,992 ) 50,375 Corporate collateralized mortgage obligations 410 1 (1 ) 410 Asset-backed securities 3,530 2 (1 ) 3,531 Certificates of deposit 249 — (3 ) 246 Total $ 67,900 $ 32 $ (2,201 ) $ 65,731 The amortized costs and fair values of securities available-for-sale, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, expected maturities will differ from contractual maturities for mortgage-backed securities, as the expected repayment terms may be less than the underlying mortgage pool contractual maturities. Therefore, these securities are not included in the maturity categories in the maturity summary below. March 31, 2019 Amortized Cost Fair Value (in thousands) Debt and other securities: Due in one year or less $ 1,445 $ 1,445 Due after one through 5 years 6,435 6,388 Due after 5 through 10 years 3,198 3,173 Due after 10 years — — Mortgage-related securities 51,574 50,448 Asset-backed securities 3,243 3,241 Total $ 65,895 $ 64,695 Gross unrealized losses on securities available-for-sale and the fair values of the related securities, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position were as follows: March 31, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Obligations of states and political subdivisions $ — $ — $ 7,747 $ (107 ) $ 7,747 $ (107 ) Government-sponsored mortgage-backed securities — — 45,257 (1,145 ) 45,257 (1,145 ) Asset-backed securities 2,558 (2 ) — — 2,558 (2 ) Certificates of deposit — — 248 (1 ) 248 (1 ) Total $ 2,558 $ (2 ) $ 53,252 $ (1,253 ) $ 55,810 $ (1,255 ) December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Obligations of states and political subdivisions $ 1,567 $ (5 ) $ 6,909 $ (199 ) $ 8,476 $ (204 ) Government-sponsored mortgage-backed securities 29 — 49,549 (1,992 ) 49,578 (1,992 ) Corporate collateralized mortgage obligations 204 — 147 (1 ) 351 (1 ) Asset-backed securities 813 (1 ) — — 813 (1 ) Certificates of deposit — — 246 (3 ) 246 (3 ) Total $ 2,613 $ (6 ) $ 56,851 $ (2,195 ) $ 59,464 $ (2,201 ) At March 31, 2019 and December 31, 2018, respectively, the Bank had 51 and 59 debt securities with unrealized losses representing aggregate depreciation of approximately 2.2% and 3.6% from their respective amortized cost bases. These unrealized losses relate principally to changes in interest rates and were not caused by changes in the financial condition of the issuers, the quality of any underlying assets or applicable credit enhancements. In analyzing whether unrealized losses on debt securities are other-than-temporary, management considers whether the securities are issued by a government body or agency, whether a rating agency has downgraded the securities, industry analysts’ reports, the financial condition and performance of the issuer and the quality of any underlying assets or credit enhancements. As management has the intent and ability to hold these debt securities to projected recovery, none of these declines are deemed to be other-than-temporary. The following table provides a summary of the proceeds from sales of securities available-for-sale, as well as gross gains and losses, for the periods presented: Three Months ended March 31, 2019 2018 (in thousands) Proceeds from sales of securities available-for-sale $ — $ 9,518 Gross realized gains — 91 Gross realized losses — 70 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans | NOTE 4 – LOANS Major classifications of loans are summarized as follows: March 31, 2019 December 31, 2018 (in thousands) Commercial: Real estate $ 189,440 $ 191,645 Land development 2,405 2,187 Other 32,495 30,508 Residential real estate: First mortgages 99,944 108,084 Construction 1,797 2,097 Consumer: Home equity and lines of credit 35,122 36,154 Other 1,838 1,914 Subtotal 363,041 372,589 Net deferred loan fees 468 503 Allowance for loan losses (3,426 ) (3,262 ) Loans, net $ 360,083 $ 369,830 The Bank provides several types of loans to its customers, including commercial, residential, construction and consumer loans. Significant loan concentrations are considered to exist for a financial institution when there are amounts loaned to one borrower or to multiple borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. While the Bank’s credit risks are geographically concentrated within the metropolitan Milwaukee, Wisconsin area, there are no concentrations with individual borrowers or groups of related borrowers. During the normal course of business, the Bank may transfer a portion of a loan as a participation loan to another financial institution in order to manage portfolio risk. In order to be eligible for sales treatment, all cash flows from the loan must be divided proportionately, and rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties, and no loan holder can have the right to pledge or exchange the entire loan. As of March 31, 2019 and December 31, 2018, respectively, the Bank had transferred $16,739 and $61,328 in participation loans which were eligible for sales treatment to other financial institutions, all of which were being serviced by the Bank. An analysis of past due loans is presented below: March 31, 2019 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 189,440 $ 189,440 Land development — 303 303 2,102 2,405 Other — — — 32,495 32,495 Residential real estate: First mortgages 1,069 227 1,296 98,648 99,944 Construction — — — 1,797 1,797 Consumer: Home equity and lines of credit 218 35 253 34,869 35,122 Other — — — 1,838 1,838 Total $ 1,287 $ 565 $ 1,852 $ 361,189 $ 363,041 December 31, 2018 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 191,645 $ 191,645 Land development — 303 303 1,884 2,187 Other — — — 30,508 30,508 Residential real estate: First mortgages 1,470 91 1,561 106,523 108,084 Construction — — — 2,097 2,097 Consumer: Home equity and lines of credit 215 13 228 35,926 36,154 Other 2 — 2 1,912 1,914 Total $ 1,687 $ 407 $ 2,094 $ 370,495 $ 372,589 There were no loans 90 days or more past due and accruing interest as of March 31, 2019 or December 31, 2018. A summary of activity in the allowance for loan losses for the three months ended March 31, 2019 and 2018 is presented below: Commercial Residential Consumer Total (in thousands) Three months ended March 31, 2019 Allowance for loan losses Beginning balance $ 1,448 $ 1,250 $ 564 $ 3,262 Provision for loan losses — — — — Loans charged-off — (37 ) (1 ) (38 ) Recoveries 196 — 6 202 Ending balance $ 1,644 $ 1,213 $ 569 $ 3,426 Three months ended March 31, 2018 Allowance for loan losses Beginning balance $ 1,369 $ 1,246 $ 478 $ 3,093 Provision for loan losses — — — — Loans charged-off — — (5 ) (5 ) Recoveries 3 — 12 15 Ending balance $ 1,372 $ 1,246 $ 485 $ 3,103 A summary of the allowance for loan losses for loans evaluated individually and collectively for impairment is presented below: March 31, 2019 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 1,152 $ 1,153 $ 35 $ 2,340 Collectively evaluated for impairment 223,188 100,588 36,925 360,701 Total loans $ 224,340 $ 101,741 $ 36,960 $ 363,041 Allowance for loan losses: Individually evaluated for impairment $ — $ 6 $ 6 $ 12 Collectively evaluated for impairment 1,644 1,207 563 3,414 Total allowance for loan losses $ 1,644 $ 1,213 $ 569 $ 3,426 December 31, 2018 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 1,165 $ 1,176 $ 36 $ 2,377 Collectively evaluated for impairment 223,175 109,005 38,032 370,212 Total loans $ 224,340 $ 110,181 $ 38,068 $ 372,589 Allowance for loan losses: Individually evaluated for impairment $ — $ 6 $ 6 $ 12 Collectively evaluated for impairment 1,448 1,244 558 3,250 Total allowance for loan losses $ 1,448 $ 1,250 $ 564 $ 3,262 The Bank regularly evaluates various attributes of loans to determine the appropriateness of the allowance for loan losses. The credit quality indicators monitored differ depending on the class of loan. Pass ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable. Watch and Special Mention ratings are assigned to loans where management has some concern that the collateral or debt service ability may not be adequate, though the collectability of the contractual loan payments is still probable. Substandard ratings are assigned to loans that do not have adequate collateral and/or debt service ability such that collectability of the contractual loan payments is no longer probable. A summary of the Bank’s internal risk ratings of loans is presented below: March 31, 2019 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 182,533 $ 5,974 $ 933 $ 189,440 Land development 401 1,701 303 2,405 Other 28,654 3,690 151 32,495 Total $ 211,588 $ 11,365 $ 1,387 $ 224,340 December 31, 2018 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 186,303 $ 4,403 $ 939 $ 191,645 Land development 158 1,726 303 2,187 Other 25,939 4,408 161 30,508 Total $ 212,400 $ 10,537 $ 1,403 $ 224,340 There were no loans rated Doubtful or Loss as of March 31, 2019 and December 31, 2018. Residential real estate and consumer loans are generally evaluated based on whether or not loans are performing in accordance with their contractual terms. Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans is presented below: March 31, 2019 Performing Non Performing Total (in thousands) Residential real estate: First mortgages $ 98,709 $ 1,235 $ 99,944 Construction 1,797 — 1,797 Consumer: Home equity and lines of credit 34,923 199 35,122 Other 1,838 — 1,838 Total $ 137,267 $ 1,434 $ 138,701 December 31, 2018 Performing Non Performing Total (in thousands) Residential real estate: First mortgages $ 107,018 $ 1,066 $ 108,084 Construction 2,097 — 2,097 Consumer: Home equity and lines of credit 35,984 170 36,154 Other 1,914 — 1,914 Total $ 147,013 $ 1,236 $ 148,249 Information regarding impaired loans is presented below: As of and for the Three Months Ended March 31, 2019 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages 91 91 6 91 — Construction — — — — — Consumer: Home equity and lines of credit 6 6 6 6 — Other — — — — — Total impaired loans with reserve 97 97 12 97 — Impaired loans with no reserve: Commercial: Real estate 698 698 NA 700 8 Land development 303 303 NA 303 — Other 151 151 NA 156 2 Residential real estate: First mortgages 1,062 1,369 NA 1,067 4 Construction — — NA — — Consumer: Home equity and lines of credit 29 56 NA 30 — Other — — NA — — Total impaired loans with no reserve 2,243 2,577 NA 2,256 14 Total impaired loans $ 2,340 $ 2,674 $ 12 $ 2,353 $ 14 As of and for the Year Ended December 31, 2018 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages 91 91 6 154 3 Construction — — — — — Consumer: Home equity and lines of credit 6 6 6 124 — Other — — — — — Total impaired loans with reserve 97 97 12 278 3 Impaired loans with no reserve: Commercial: Real estate 701 701 NA 658 40 Land development 303 303 NA 303 — Other 161 161 NA 46 2 Residential real estate: First mortgages 1,085 1,375 NA 1,235 25 Construction — — NA — — Consumer: Home equity and lines of credit 30 56 NA 32 — Other — — NA — — Total impaired loans with no reserve 2,280 2,596 NA 2,274 67 Total impaired loans $ 2,377 $ 2,693 $ 12 $ 2,552 $ 70 Management regularly monitors impaired loan relationships. In the event facts and circumstances change, additional reserves may be necessary. There were no additional funds committed to impaired loans as of March 31, 2019 and December 31, 2018. Nonperforming loans are as follows: March 31, 2019 December 31, 2018 (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 1,114 $ 906 Nonaccrual loans, troubled debt restructurings 635 649 Total nonperforming loans (NPLs) $ 1,749 $ 1,555 Restructured loans, accruing $ 456 $ 459 There were no loans modified as troubled debt restructurings during the three months ended March 31, 2019 and 2018. The Bank considers a troubled debt restructuring in default if it becomes past due more than 90 days. There were no troubled debt restructurings within the past twelve months for which there was a default during the three months ended March 31, 2019 and 2018. Information on non-accrual loans is presented below: March 31, 2019 December 31, 2018 (in thousands) Non-accrual loans: Commercial: Real estate $ — $ — Land development 303 303 Other 13 16 Residential real estate: First mortgages 1,234 1,066 Construction — — Consumer: Home equity and lines of credit — 170 Other 199 — Total non-accrual loans $ 1,749 $ 1,555 Total non-accrual loans to total loans 0.48 % 0.42 % Total non-accrual loans to total assets 0.35 % 0.32 % |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 5 – MORTGAGE SERVICING RIGHTS Loans serviced for others are not included in the balance sheets. The unpaid principal balance of mortgage loans serviced for others was $335,591 and $332,515 as of March 31, 2019 and December 31, 2018, respectively. A summary of activity in the Bank’s mortgage servicing rights is presented below: Three Months Ended March 31, 2019 2018 (in thousands) Mortgage servicing rights beginning balance $ 2,103 $ 2,270 Additions 79 32 Amortization (65 ) (113 ) Mortgage servicing rights ending balance $ 2,117 $ 2,189 Fair value at beginning of period $ 3,371 $ 3,158 Fair value at end of period $ 3,386 $ 3,109 The estimated fair value of mortgage servicing rights was determined using a valuation model that calculates the present value of expected future servicing and ancillary income, net of expected servicing costs. The model incorporates various assumptions such as discount rates, prepayment speeds and ancillary income and servicing costs. At March 31, 2019 and December 31, 2018, the model used discount rates ranging from 10% to 14%, respectively, and prepayment speeds ranging from 7% to 43%, respectively, both of which were based on market data from independent organizations. The following table summarizes the estimated future amortization expense for mortgage servicing rights for the periods indicated. The projections of amortization expense are based on existing asset balances as of March 31, 2019. The actual amortization expense the Bank recognizes in any given period may vary significantly depending on changes in interest rates, market conditions and regulatory requirements. Estimated future amortization as of March 31, 2019: (in thousands) 2019 $ 447 2020 420 2021 391 2022 364 2023 333 Thereafter 162 Total $ 2,117 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 6 – DEPOSITS The composition of deposits is summarized below: March 31, 2019 December 31, 2018 (in thousands) Non-interest bearing checking $ 54,328 $ 85,988 Interest bearing checking 25,681 25,556 Money market 57,425 59,071 Statement savings 51,004 53,245 Certificates of deposit 217,227 182,277 Total $ 405,665 $ 406,137 The Bank held $17,493 and $12,787 in certificates of deposit which met or exceeded the FDIC insurance limit of $250 as of March 31, 2019 and December 31, 2018, respectively. The scheduled maturities of certificates of deposit are presented below: March 31, 2019 (in thousands) 2019 $ 58,658 2020 72,262 2021 17,104 2022 16,768 2023 44,890 Thereafter 7,545 Total $ 217,227 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 3 Months Ended |
Mar. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | NOTE 7 – FEDERAL HOME LOAN BANK ADVANCES Federal Home Loan Bank advances consist of the following: March 31, 2019 December 31, 2018 Rate Amount Rate Amount (dollars in thousands) Open line of credit — % $ — 2.61 % $ 5,350 Fixed rate, fixed term advances 1.13% to 1.50% 24,000 1.13% to 1.50% 24,000 Advance structured note, payments due monthly, maturing February 2030 7.47 % 651 7.47 % 660 Total $ 24,651 $ 30,010 The scheduled maturities of Federal Home Loan Bank advances are presented below: March 31, 2019 Weighted Average Rate Amount (dollars in thousands) 2019 1.25 % $ 17,027 2020 7.47 % 39 2021 1.45 % 7,042 2022 7.47 % 46 2023 7.47 % 49 Thereafter 7.47 % 448 Total $ 24,651 Actual maturities may differ from scheduled maturities due to call options on various Federal Home Loan Bank advances. The Bank maintains a master contract agreement with the Federal Home Loan Bank, which provides for borrowing up to the lesser of 22.22 times the Federal Home Loan Bank stock owned, a determined percentage of the book value of the Bank’s qualifying real estate loans, or a determined percentage of the Bank’s assets. The Federal Home Loan Bank provides both fixed and floating rate advances. Floating rates are tied to short-term market rates of interest such as the London InterBank Offered Rate, federal funds or Treasury bill rates. Federal Home Loan Bank advances are subject to a prepayment penalty if they are repaid prior to maturity. The Bank has pledged approximately $151,093 and $151,708 of qualifying loans as collateral for Federal Home Loan Bank advances as of March 31, 2019 and December 31, 2018, respectively. Federal Home Loan Bank advances are also secured by approximately $984 and $1,261 of Federal Home Loan Bank stock held by the Bank as of March 31, 2019 and December 31, 2018, respectively. The Bank’s available and unused portion of this borrowing agreement totaled $0 and $800 as of March 31, 2019 and December 31, 2018, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 8 – EMPLOYEE BENEFIT PLANS The Bank sponsors a 401(k) profit sharing covering substantially all employees certain age and minimum service requirements. The Bank may then match a discretionary percentage of each eligible participant’s contribution. Matching contributions were $89 and $85 for the three months ended March 31, 2019 and 2018, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 – INCOME TAXES Deferred tax assets are deferred tax consequences attributable to deductible temporary differences and carryforwards. After the deferred tax asset has been measured using the applicable enacted tax rate and provisions of the enacted tax law, it is then necessary to assess the need for a valuation allowance. A valuation allowance is needed when, based on the weight of the available evidence, it is more likely than not that some portion of the deferred asset will not be realized. As required by generally accepted accounting principles, available evidence is weighted heavily on cumulative losses, with less weight placed on future projected profitability. Realization of the deferred tax asset is dependent on whether there will be sufficient future taxable income of the appropriate character in the period during which deductible temporary differences reverse or within the carryforward periods available under tax law. Income tax expense for the three months ended March 31, 2019 was ($209) compared to $13 for the three months ended March 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 10 – COMMITMENTS AND CONTINGENCIES In the normal course of business, the Bank may be involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the Bank’s financial statements. No material legal proceedings existed at March 31, 2019. In the normal course of business, the Bank is party to financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These instruments include commitments to extend credit and commitments to sell loans. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the balance sheets. The Bank’s exposure to credit losses is represented by the contractual, or notional, amount of these commitments. The Bank follows the same credit policies in making commitments as it does for on-balance-sheet instruments. As some of the commitments are expected to expire without being drawn upon, and some of the commitments may not be drawn upon to the total extent of the commitment, the notional amount of these commitments does not necessarily represent future cash requirements of the Bank. The contractual amounts of off-balance-sheet credit-related financial instruments are summarized below: March 31, 2019 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 17,360 $ 36,204 $ 53,564 Standby letters of credit — 23 23 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 680 — 680 Commitments to sell loans 9,464 — 9,464 Overdraft protection program commitments 3,861 — 3,861 Total $ 31,365 $ 36,227 $ 67,592 December 31, 2018 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 19,255 $ 37,258 $ 56,513 Standby letters of credit — 33 33 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 612 — 612 Commitments to sell loans 6,617 — 6,617 Overdraft protection program commitments 3,894 — 3,894 Total $ 30,378 $ 37,291 $ 67,669 Commitments to extend credit and commitments to sell loans are agreements to lend to a customer at fixed or variable rates, 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 amount of collateral obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable; inventory; property, plant and equipment; real estate; and stocks and bonds. Standby letters of credit are conditional lending commitments issued by the Bank to guarantee the performance of a customer to a third party. Generally, all standby letters of credit have expiration dates within one year. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral supporting these commitments. Standby letters of credit are not reflected in the financial statements, since recording the fair value of these guarantees would not have a significant impact on the financial statements. The Bank participates in the Federal Home Loan Bank of Chicago Mortgage Partnership Finance Program (the “Program”). In addition to entering into forward commitments to sell mortgage loans to a secondary market agency, the Bank enters into firm commitments to deliver loans to the Federal Home Loan Bank of Chicago through the Program. Under the Program, loans are funded by the Federal Home Loan Bank of Chicago, and the Bank receives an agency fee reported as a component of gain on sale of loans. The Bank had $2,549 and $1,882 of commitments to deliver loans through the Program as of March 31, 2019 and December 31, 2018, respectively. Once delivered to the Program, the Bank provides a contractually agreed-upon credit enhancement and performs servicing of the loans. Under the credit enhancement, the Bank is liable for losses on loans delivered through the Program after application of any mortgage insurance and a contractually agreed-upon credit enhancement provided by the Program, subject to an agreed-upon maximum. The Bank receives a fee for this credit enhancement. The Bank records a liability for expected losses in excess of anticipated credit enhancement fees. As of March 31, 2019 and December 31, 2018, the Bank had no liability outstanding related to the Program. Unfunded commitments under overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit may or may not require collateral and may or may not contain a specific maturity date. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | NOTE 11 – EMPLOYEE STOCK OWNERSHIP PLAN The Bank established a tax qualified Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees in conjunction with the Reorganization, effective January 1, 2019. Eligible employees become 20% vested in their accounts after 1 year of service, 40% vested after 2 years of service, 60% vested after 3 years of service, 80% vested after 4 years of service, and 100% vested after 5 or more years of service, or earlier, upon death, disability or attainment of normal retirement age. The ESOP purchased 175,528 shares of the Company’s common stock, which was funded by a loan from the Company. Unreleased ESOP shares collateralize the loan payable, and the cost of the shares is recorded as contra-equity account in the stockholders’ equity of the Company. Shares are to be released as debt payments are made by the ESOP to the loan. The ESOP’s sources of repayment of the loan can included dividends, if any, on the unallocated stock held by the ESOP, and discretionary contributions from the Company to the ESOP and earnings thereon. Compensation expense for the ESOP is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the period. The Company recognizes compensation expense ratably over the year based upon the Company’s estimate of the number of shares expected to be allocated by the ESOP. Unearned compensation applicable to the ESOP is reflected as a reduction of stockholders’ equity in the consolidated balance sheet. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to stockholders’ equity. The Company recognized $17 in compensation expense for the three months ended March 31, 2019. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 12 – RELATED PARTY TRANSACTIONS A summary of loans to directors, executive officers, and their affiliates follows: March 31, 2019 December 31, 2018 (in thousands) Beginning balance $ 1,289 $ 1,477 New loans — 62 Repayments (52 ) (250 ) Ending balance $ 1,237 $ 1,289 Deposits from directors, executive officers, and their affiliates totaled $925 and $938 at March 31, 2019 and December 31, 2018, respectively. The Bank utilizes the services of law firms in which certain of the Bank’s directors are partners. Fees paid to the firms for these services were $12 and $13 during the three months ended March 31, 2019 and 2018, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 13 – FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurements and Disclosures defines fair values, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This accounting standard applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements. The standard also emphasizes that fair value (i.e., the price that would be received in an orderly transaction that is not a forced liquidation or distressed sale at the measurement date), among other things, is based on exit price versus entry price, should include assumptions about risk such as nonperformance risk in liability fair values, and is a market-based measurement, not an entity-specific measurement. When considering the assumptions that market participants would use in pricing an asset or liability, this accounting standard establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The fair value hierarchy prioritizes inputs used to measure fair value into three broad levels. Level 1 inputs – In general, fair values determined by Level 1 inputs use quoted market prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs – Fair values determined by Level 2 inputs use inputs other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets where there are few transactions and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs – Level 3 inputs are unobservable inputs for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Bank’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Some assets and liabilities, such as securities available-for-sale, are measured at fair value on a recurring basis under accounting principles generally accepted in the United States. Other assets and liabilities, such as impaired loans, may be measured at fair value on a nonrecurring basis. Following is a description of the Bank’s valuation methodology and significant inputs used for each asset and liability measured at fair value on a recurring or nonrecurring basis. Securities available-for-sale – Securities available-for-sale may be classified as Level 1 or Level 2 measurements within the fair value hierarchy. Level 1 securities include equity securities traded on a national exchange. The fair value measurements of Level 1 securities are based on the quoted market price of those securities. Level 2 securities include U.S. government and agency securities, obligations of states and political subdivisions, corporate debt securities and mortgage-related securities. The fair value measurements of Level 2 securities are obtained from independent pricing services and are based on recent sales of similar securities and other observable market data. Impaired loans – Loans are not measured at fair value on a recurring basis. However, loans determined to be impaired may be measured at fair value on a nonrecurring basis. The fair value measurements of collateral-dependent impaired loans are based on the fair values of the underlying collateral. Independent appraisals are obtained to determine the fair values of underlying collateral, and generally utilize one or more valuation methodologies, typically includes comparable sales and income approaches. Management routinely evaluates the fair value measurements of independent appraisers and adjusts those valuations based on differences noted between actual selling prices of collateral and the most recently appraised value. Such adjustments are usually significant, which results in a Level 3 classification. All other impaired loan measurements are based on the present value of expected future cash flows discounted at the applicable effective interest rate and are not considered fair value measurements. Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value. Recurring Fair Value Measurements Using March 31, 2019 Level 1 Level 2 Level 3 (in thousands) Securities available-for-sale: Obligations of states and political subdivisions $ 10,758 $ — $ 10,758 $ — Government-sponsored mortgage-backed securities 50,057 — 50,057 — Corporate collateralized mortgage obligations 391 — 391 — Asset-backed securities 3,241 — 3,241 — Certificates of deposit 248 — 248 — Total $ 64,695 $ — $ 64,695 $ — Recurring Fair Value Measurements Using December 31, 2018 Level 1 Level 2 Level 3 (in thousands) Securities available-for-sale: Obligations of states and political subdivisions $ 11,169 $ — $ 11,169 $ — Government-sponsored mortgage-backed securities 50,375 — 50,375 — Corporate collateralized mortgage obligations 410 — 410 — Asset-backed securities 3,531 — 3,531 — Certificates of deposit 246 — 246 — Total $ 65,731 $ — $ 65,731 $ — Assets measured at fair value on a nonrecurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value. Recurring Fair Value Measurements Using March 31, 2019 Level 1 Level 2 Level 3 (in thousands) Loans $ 85 $ — $ — $ 85 Recurring Fair Value Measurements Using December 31, 2018 Level 1 Level 2 Level 3 (in thousands) Loans $ 85 $ — $ — $ 85 Loans with a carrying amount of $97 were considered impaired and written down to their estimated fair value of $85 as of March 31, 2019 and December 31, 2018. As a result, the Bank recognized a specific valuation allowance against these impaired loans totaling $12 as of March 31, 2019 and December 31, 2018. The following table presents quantitative information about nonrecurring Level 3 fair value measurements: March 31, 2019 Fair Value Valuation Technique Significant Unobservable Input(s) Range/Weighted Average (dollars in thousands) Impaired loans $ 85 Market and/or Management 10-20% December 31, 2018 Fair Value Valuation Technique Significant Unobservable Input(s) Range/Weighted Average (dollars in thousands) Impaired loans $ 85 Market and/or Management 10-20% The Bank estimates fair values for all financial instruments, regardless of whether such instruments are measured at fair value. The following methods and assumptions were used by the Bank to estimate fair value of financial instruments not previously discussed. Cash and cash equivalents – Fair value approximates the carrying value. Loans held-for-sale – Fair value is based on commitments on hand from investors or prevailing market prices. Loans – Fair values of variable rate loans that reprice frequently are based on carrying values. Fair values of other loans are estimated by discounting future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings. Fair values of impaired and other nonperforming loans are estimated using discounted expected future cash flows or the fair value of the underlying collateral, as applicable. Accrued interest receivable and payable – Fair value approximates the carrying value. Cash surrender value of bank-owned life insurance – Fair value is based on third-party reported values of the assets. Federal Home Loan Bank stock – Fair value is the redeemable (carrying) value based on the redemption provisions of the Federal Home Loan Bank of Chicago. Deposits and advance payments by borrowers for taxes and insurance – Fair values of deposits with no stated maturity, such as demand deposits, savings and money market accounts, including advance payments by borrowers for taxes and insurance, by definition, are the amounts payable on demand on the reporting date. Fair values of fixed rate time deposits are estimated using discounted cash flows applying interest rates currently being offered on similar time deposits. Federal Home Loan Bank advances – Fair values of fixed rate, fixed term borrowings are estimated by discounting future cash flows using the current rates at which similar borrowings would be made. Fair values of borrowings with variable rates, or maturing within 90 days, approximate the carrying values of those borrowings. Commitments – These financial instruments are not generally marketable or subject to sale. Further, interest rates on any amounts drawn under these financial instruments would generally be established at market rates at the time of the draw(s). Fair values of the Bank’s commitments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the counterparty’s credit rating and discounted cash flow analyses. The fair values of the Bank’s commitments were not material at March 31, 2019 and December 31, 2018. The contractual amounts of commitments are presented in Note 10. The carrying values and estimated fair values of financial instruments are presented below: March 31, 2019 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 34,683 $ 34,683 $ — $ — Available for sale securities 64,695 — 64,695 — Loans held for sale 1,233 — 1,233 — Loans 360,083 — — 359,445 Accrued interest receivable 1,170 1,170 — — Federal Home Loan Bank stock 984 — — 984 Cash value of life insurance 13,500 — — 13,500 Financial liabilities: Deposits 405,665 188,438 — 216,419 Advance payments by borrowers for taxes and insurance 4,333 4,333 — — Federal Home Loan Bank advances 24,651 — — 24,451 Accrued interest payable 503 503 — — December 31, 2018 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 7,923 $ 7,923 $ — $ — Available for sale securities 65,731 — 65,731 — Loans held for sale 771 — 771 — Loans 369,830 — — 362,233 Accrued interest receivable 1,106 1,106 — — Federal Home Loan Bank stock 1,261 — — 1,261 Cash value of life insurance 13,400 — — 13,400 Financial liabilities: Deposits 406,137 223,860 — 180,703 Advance payments by borrowers for taxes and insurance 1,240 1,240 — — Federal Home Loan Bank advances 30,010 — — 29,499 Accrued interest payable 372 372 — — The fair value of a financial instrument is the current amount that would be exchanged between market participants, other than in a forced liquidation. Fair value is best determined based on quoted market prices. However, in many instances, there are no quoted market prices for the Bank’s various financial instruments. 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 instrument. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Bank. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates to not reflect any premium or discount that could result from offering for sale at one time the Bank’s entire holdings of a particular instrument. Because no market exists for a significant portion of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters that could affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business. Deposits with no stated maturities are defined as having a fair value equivalent to the amount payable on demand. This prohibits adjusting fair value derived from retaining those deposits for an expected future period of time. This component, commonly referred to as a deposit base intangible, is neither considered in the above amounts, nor is it recorded as an intangible assets on the balance sheets. In addition, the tax ramifications related to the realization of unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Equity and Regulatory Matters
Equity and Regulatory Matters | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Equity and Regulatory Matters | NOTE 14 – EQUITY AND REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about their components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1, Tier 1 and Total capital to risk-weighted assets, and of Tier 1 capital to average assets. It is management’s opinion that the Bank met all applicable capital adequacy requirements as of March 31, 2019 and December 31, 2018. As of March 31, 2019 and December 31, 2018, the Bank was categorized as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum regulatory capital ratios as set forth in the table below. The Bank’s actual and required capital amounts and ratios are presented below: March 31, 2019 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Leverage (Tier 1) $ 45,189 9.3 % $ 19,358 4.0 % $ 24,197 5.0 % Risk-based: Common Tier 1 45,189 12.5 % 16,282 4.5 % 23,519 6.5 % Tier 1 45,189 12.5 % 21,710 6.0 % 28,946 8.0 % Total 48,615 13.4 % 28,946 8.0 % 36,183 10.0 % December 31, 2018 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Leverage (Tier 1) $ 35,955 7.5 % $ 19,110 4.0 % $ 23,887 5.0 % Risk-based: Common Tier 1 35,955 10.0 % 16,153 4.5 % 23,333 6.5 % Tier 1 35,955 10.0 % 21,538 6.0 % 28,717 8.0 % Total 39,217 10.9 % 28,717 8.0 % 35,897 10.0 % |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 15 – EARNINGS PER SHARE Earnings per common share for the three months ended March 31, 2019 are presented in the following table. Earnings per common share for the three months ended March 31, 2018 are not presented as the Company’s initial public offering was completed on January 8, 2019. Three months ended March 31, 2019 Net loss $ (471 ) Shares outstanding for basic EPS Average shares outstanding 4,877 Less: Average unallocated ESOP shares 176 Subtotal 4,701 Additional dilutive shares — Shares outstanding for basic and dilutive EPS 4,701 Basic and diluted loss per share $ (0.10 ) |
Securities Available-for-sale (
Securities Available-for-sale (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Costs and Fair Value of Securities Available for Sale | The amortized costs and fair values of securities available-for-sale were as follows: March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of states and political subdivisions $ 10,829 $ 36 $ (107 ) $ 10,758 Government-sponsored mortgage-backed securities 51,184 18 (1,145 ) 50,057 Corporate collateralized mortgage obligations 390 1 — 391 Asset-backed securities 3,243 — (2 ) 3,241 Certificates of deposit 249 — (1 ) 248 Total $ 65,895 $ 55 $ (1,255 ) $ 64,695 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Obligations of states and political subdivisions $ 11,348 $ 25 $ (204 ) $ 11,169 Government-sponsored mortgage-backed securities 52,363 4 (1,992 ) 50,375 Corporate collateralized mortgage obligations 410 1 (1 ) 410 Asset-backed securities 3,530 2 (1 ) 3,531 Certificates of deposit 249 — (3 ) 246 Total $ 67,900 $ 32 $ (2,201 ) $ 65,731 |
Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity | The amortized costs and fair values of securities available-for-sale, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, expected maturities will differ from contractual maturities for mortgage-backed securities, as the expected repayment terms may be less than the underlying mortgage pool contractual maturities. Therefore, these securities are not included in the maturity categories in the maturity summary below. March 31, 2019 Amortized Cost Fair Value (in thousands) Debt and other securities: Due in one year or less $ 1,445 $ 1,445 Due after one through 5 years 6,435 6,388 Due after 5 through 10 years 3,198 3,173 Due after 10 years — — Mortgage-related securities 51,574 50,448 Asset-backed securities 3,243 3,241 Total $ 65,895 $ 64,695 |
Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values, Aggregated by Investment category and Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position | Gross unrealized losses on securities available-for-sale and the fair values of the related securities, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position were as follows: March 31, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Obligations of states and political subdivisions $ — $ — $ 7,747 $ (107 ) $ 7,747 $ (107 ) Government-sponsored mortgage-backed securities — — 45,257 (1,145 ) 45,257 (1,145 ) Asset-backed securities 2,558 (2 ) — — 2,558 (2 ) Certificates of deposit — — 248 (1 ) 248 (1 ) Total $ 2,558 $ (2 ) $ 53,252 $ (1,253 ) $ 55,810 $ (1,255 ) December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss (in thousands) Obligations of states and political subdivisions $ 1,567 $ (5 ) $ 6,909 $ (199 ) $ 8,476 $ (204 ) Government-sponsored mortgage-backed securities 29 — 49,549 (1,992 ) 49,578 (1,992 ) Corporate collateralized mortgage obligations 204 — 147 (1 ) 351 (1 ) Asset-backed securities 813 (1 ) — — 813 (1 ) Certificates of deposit — — 246 (3 ) 246 (3 ) Total $ 2,613 $ (6 ) $ 56,851 $ (2,195 ) $ 59,464 $ (2,201 ) |
Summary of Proceeds from Sales of Securities Available-for-sale, as well as Gross Gains and Losses | The following table provides a summary of the proceeds from sales of securities available-for-sale, as well as gross gains and losses, for the periods presented: Three Months ended March 31, 2019 2018 (in thousands) Proceeds from sales of securities available-for-sale $ — $ 9,518 Gross realized gains — 91 Gross realized losses — 70 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Summary of Major Classifications of Loans | Major classifications of loans are summarized as follows: March 31, 2019 December 31, 2018 (in thousands) Commercial: Real estate $ 189,440 $ 191,645 Land development 2,405 2,187 Other 32,495 30,508 Residential real estate: First mortgages 99,944 108,084 Construction 1,797 2,097 Consumer: Home equity and lines of credit 35,122 36,154 Other 1,838 1,914 Subtotal 363,041 372,589 Net deferred loan fees 468 503 Allowance for loan losses (3,426 ) (3,262 ) Loans, net $ 360,083 $ 369,830 |
Schedule of Analysis of Past due Loans | An analysis of past due loans is presented below: March 31, 2019 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 189,440 $ 189,440 Land development — 303 303 2,102 2,405 Other — — — 32,495 32,495 Residential real estate: First mortgages 1,069 227 1,296 98,648 99,944 Construction — — — 1,797 1,797 Consumer: Home equity and lines of credit 218 35 253 34,869 35,122 Other — — — 1,838 1,838 Total $ 1,287 $ 565 $ 1,852 $ 361,189 $ 363,041 December 31, 2018 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 191,645 $ 191,645 Land development — 303 303 1,884 2,187 Other — — — 30,508 30,508 Residential real estate: First mortgages 1,470 91 1,561 106,523 108,084 Construction — — — 2,097 2,097 Consumer: Home equity and lines of credit 215 13 228 35,926 36,154 Other 2 — 2 1,912 1,914 Total $ 1,687 $ 407 $ 2,094 $ 370,495 $ 372,589 |
Summary of Activity in Allowance for Loan and Lease Losses | A summary of activity in the allowance for loan losses for the three months ended March 31, 2019 and 2018 is presented below: Commercial Residential Consumer Total (in thousands) Three months ended March 31, 2019 Allowance for loan losses Beginning balance $ 1,448 $ 1,250 $ 564 $ 3,262 Provision for loan losses — — — — Loans charged-off — (37 ) (1 ) (38 ) Recoveries 196 — 6 202 Ending balance $ 1,644 $ 1,213 $ 569 $ 3,426 Three months ended March 31, 2018 Allowance for loan losses Beginning balance $ 1,369 $ 1,246 $ 478 $ 3,093 Provision for loan losses — — — — Loans charged-off — — (5 ) (5 ) Recoveries 3 — 12 15 Ending balance $ 1,372 $ 1,246 $ 485 $ 3,103 |
Summary of Allowance for Loan and Lease Losses for Loans Evaluated Individually and Collectively for Impairment | A summary of the allowance for loan losses for loans evaluated individually and collectively for impairment is presented below: March 31, 2019 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 1,152 $ 1,153 $ 35 $ 2,340 Collectively evaluated for impairment 223,188 100,588 36,925 360,701 Total loans $ 224,340 $ 101,741 $ 36,960 $ 363,041 Allowance for loan losses: Individually evaluated for impairment $ — $ 6 $ 6 $ 12 Collectively evaluated for impairment 1,644 1,207 563 3,414 Total allowance for loan losses $ 1,644 $ 1,213 $ 569 $ 3,426 December 31, 2018 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 1,165 $ 1,176 $ 36 $ 2,377 Collectively evaluated for impairment 223,175 109,005 38,032 370,212 Total loans $ 224,340 $ 110,181 $ 38,068 $ 372,589 Allowance for loan losses: Individually evaluated for impairment $ — $ 6 $ 6 $ 12 Collectively evaluated for impairment 1,448 1,244 558 3,250 Total allowance for loan losses $ 1,448 $ 1,250 $ 564 $ 3,262 |
Summary of Internal Risk Ratings of Loans | A summary of the Bank’s internal risk ratings of loans is presented below: March 31, 2019 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 182,533 $ 5,974 $ 933 $ 189,440 Land development 401 1,701 303 2,405 Other 28,654 3,690 151 32,495 Total $ 211,588 $ 11,365 $ 1,387 $ 224,340 December 31, 2018 Pass Watch and Special Mention Substandard Total (in thousands) Commercial: Real estate $ 186,303 $ 4,403 $ 939 $ 191,645 Land development 158 1,726 303 2,187 Other 25,939 4,408 161 30,508 Total $ 212,400 $ 10,537 $ 1,403 $ 224,340 |
Summary of Information Regarding the Credit Quality Indicators for Residential Real Estate and Consumer Loans | Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans is presented below: March 31, 2019 Performing Non Performing Total (in thousands) Residential real estate: First mortgages $ 98,709 $ 1,235 $ 99,944 Construction 1,797 — 1,797 Consumer: Home equity and lines of credit 34,923 199 35,122 Other 1,838 — 1,838 Total $ 137,267 $ 1,434 $ 138,701 December 31, 2018 Performing Non Performing Total (in thousands) Residential real estate: First mortgages $ 107,018 $ 1,066 $ 108,084 Construction 2,097 — 2,097 Consumer: Home equity and lines of credit 35,984 170 36,154 Other 1,914 — 1,914 Total $ 147,013 $ 1,236 $ 148,249 |
Summary of Information Regarding Impaired Loans | Information regarding impaired loans is presented below: As of and for the Three Months Ended March 31, 2019 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages 91 91 6 91 — Construction — — — — — Consumer: Home equity and lines of credit 6 6 6 6 — Other — — — — — Total impaired loans with reserve 97 97 12 97 — Impaired loans with no reserve: Commercial: Real estate 698 698 NA 700 8 Land development 303 303 NA 303 — Other 151 151 NA 156 2 Residential real estate: First mortgages 1,062 1,369 NA 1,067 4 Construction — — NA — — Consumer: Home equity and lines of credit 29 56 NA 30 — Other — — NA — — Total impaired loans with no reserve 2,243 2,577 NA 2,256 14 Total impaired loans $ 2,340 $ 2,674 $ 12 $ 2,353 $ 14 As of and for the Year Ended December 31, 2018 Recorded Investment Unpaid Principal Reserve Average Investment Interest Recognized (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages 91 91 6 154 3 Construction — — — — — Consumer: Home equity and lines of credit 6 6 6 124 — Other — — — — — Total impaired loans with reserve 97 97 12 278 3 Impaired loans with no reserve: Commercial: Real estate 701 701 NA 658 40 Land development 303 303 NA 303 — Other 161 161 NA 46 2 Residential real estate: First mortgages 1,085 1,375 NA 1,235 25 Construction — — NA — — Consumer: Home equity and lines of credit 30 56 NA 32 — Other — — NA — — Total impaired loans with no reserve 2,280 2,596 NA 2,274 67 Total impaired loans $ 2,377 $ 2,693 $ 12 $ 2,552 $ 70 |
Summary of Nonperforming Loans | Nonperforming loans are as follows: March 31, 2019 December 31, 2018 (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 1,114 $ 906 Nonaccrual loans, troubled debt restructurings 635 649 Total nonperforming loans (NPLs) $ 1,749 $ 1,555 Restructured loans, accruing $ 456 $ 459 |
Summary of Information Regarding Non-accrual Loans | Information on non-accrual loans is presented below: March 31, 2019 December 31, 2018 (in thousands) Non-accrual loans: Commercial: Real estate $ — $ — Land development 303 303 Other 13 16 Residential real estate: First mortgages 1,234 1,066 Construction — — Consumer: Home equity and lines of credit — 170 Other 199 — Total non-accrual loans $ 1,749 $ 1,555 Total non-accrual loans to total loans 0.48 % 0.42 % Total non-accrual loans to total assets 0.35 % 0.32 % |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Summary of Activity in Mortgage Servicing Rights | A summary of activity in the Bank’s mortgage servicing rights is presented below: Three Months Ended March 31, 2019 2018 (in thousands) Mortgage servicing rights beginning balance $ 2,103 $ 2,270 Additions 79 32 Amortization (65 ) (113 ) Mortgage servicing rights ending balance $ 2,117 $ 2,189 Fair value at beginning of period $ 3,371 $ 3,158 Fair value at end of period $ 3,386 $ 3,109 |
Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights | The following table summarizes the estimated future amortization expense for mortgage servicing rights for the periods indicated. The projections of amortization expense are based on existing asset balances as of March 31, 2019. The actual amortization expense the Bank recognizes in any given period may vary significantly depending on changes in interest rates, market conditions and regulatory requirements. Estimated future amortization as of March 31, 2019: (in thousands) 2019 $ 447 2020 420 2021 391 2022 364 2023 333 Thereafter 162 Total $ 2,117 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits is summarized below: March 31, 2019 December 31, 2018 (in thousands) Non-interest bearing checking $ 54,328 $ 85,988 Interest bearing checking 25,681 25,556 Money market 57,425 59,071 Statement savings 51,004 53,245 Certificates of deposit 217,227 182,277 Total $ 405,665 $ 406,137 |
Scheduled Maturities of Certificates of Deposit | The scheduled maturities of certificates of deposit are presented below: March 31, 2019 (in thousands) 2019 $ 58,658 2020 72,262 2021 17,104 2022 16,768 2023 44,890 Thereafter 7,545 Total $ 217,227 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Summary of Federal Home Loan Bank Advances | Federal Home Loan Bank advances consist of the following: March 31, 2019 December 31, 2018 Rate Amount Rate Amount (dollars in thousands) Open line of credit — % $ — 2.61 % $ 5,350 Fixed rate, fixed term advances 1.13% to 1.50% 24,000 1.13% to 1.50% 24,000 Advance structured note, payments due monthly, maturing February 2030 7.47 % 651 7.47 % 660 Total $ 24,651 $ 30,010 |
Schedule of Maturities of Federal Home Loan Bank Advances | The scheduled maturities of Federal Home Loan Bank advances are presented below: March 31, 2019 Weighted Average Rate Amount (dollars in thousands) 2019 1.25 % $ 17,027 2020 7.47 % 39 2021 1.45 % 7,042 2022 7.47 % 46 2023 7.47 % 49 Thereafter 7.47 % 448 Total $ 24,651 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts of Off-balance-sheet Credit-related Financial Instruments | The contractual amounts of off-balance-sheet credit-related financial instruments are summarized below: March 31, 2019 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 17,360 $ 36,204 $ 53,564 Standby letters of credit — 23 23 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 680 — 680 Commitments to sell loans 9,464 — 9,464 Overdraft protection program commitments 3,861 — 3,861 Total $ 31,365 $ 36,227 $ 67,592 December 31, 2018 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 19,255 $ 37,258 $ 56,513 Standby letters of credit — 33 33 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 612 — 612 Commitments to sell loans 6,617 — 6,617 Overdraft protection program commitments 3,894 — 3,894 Total $ 30,378 $ 37,291 $ 67,669 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Loans to Directors, Executive Officers and Affiliates | A summary of loans to directors, executive officers, and their affiliates follows: March 31, 2019 December 31, 2018 (in thousands) Beginning balance $ 1,289 $ 1,477 New loans — 62 Repayments (52 ) (250 ) Ending balance $ 1,237 $ 1,289 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value. Recurring Fair Value Measurements Using March 31, 2019 Level 1 Level 2 Level 3 (in thousands) Securities available-for-sale: Obligations of states and political subdivisions $ 10,758 $ — $ 10,758 $ — Government-sponsored mortgage-backed securities 50,057 — 50,057 — Corporate collateralized mortgage obligations 391 — 391 — Asset-backed securities 3,241 — 3,241 — Certificates of deposit 248 — 248 — Total $ 64,695 $ — $ 64,695 $ — Recurring Fair Value Measurements Using December 31, 2018 Level 1 Level 2 Level 3 (in thousands) Securities available-for-sale: Obligations of states and political subdivisions $ 11,169 $ — $ 11,169 $ — Government-sponsored mortgage-backed securities 50,375 — 50,375 — Corporate collateralized mortgage obligations 410 — 410 — Asset-backed securities 3,531 — 3,531 — Certificates of deposit 246 — 246 — Total $ 65,731 $ — $ 65,731 $ — |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value. Recurring Fair Value Measurements Using March 31, 2019 Level 1 Level 2 Level 3 (in thousands) Loans $ 85 $ — $ — $ 85 Recurring Fair Value Measurements Using December 31, 2018 Level 1 Level 2 Level 3 (in thousands) Loans $ 85 $ — $ — $ 85 |
Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements | The following table presents quantitative information about nonrecurring Level 3 fair value measurements: March 31, 2019 Fair Value Valuation Technique Significant Unobservable Input(s) Range/Weighted Average (dollars in thousands) Impaired loans $ 85 Market and/or Management 10-20% December 31, 2018 Fair Value Valuation Technique Significant Unobservable Input(s) Range/Weighted Average (dollars in thousands) Impaired loans $ 85 Market and/or Management 10-20% |
Summary of Carrying Values and Estimated Fair Values of Financial Instruments | The carrying values and estimated fair values of financial instruments are presented below: March 31, 2019 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 34,683 $ 34,683 $ — $ — Available for sale securities 64,695 — 64,695 — Loans held for sale 1,233 — 1,233 — Loans 360,083 — — 359,445 Accrued interest receivable 1,170 1,170 — — Federal Home Loan Bank stock 984 — — 984 Cash value of life insurance 13,500 — — 13,500 Financial liabilities: Deposits 405,665 188,438 — 216,419 Advance payments by borrowers for taxes and insurance 4,333 4,333 — — Federal Home Loan Bank advances 24,651 — — 24,451 Accrued interest payable 503 503 — — December 31, 2018 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 7,923 $ 7,923 $ — $ — Available for sale securities 65,731 — 65,731 — Loans held for sale 771 — 771 — Loans 369,830 — — 362,233 Accrued interest receivable 1,106 1,106 — — Federal Home Loan Bank stock 1,261 — — 1,261 Cash value of life insurance 13,400 — — 13,400 Financial liabilities: Deposits 406,137 223,860 — 180,703 Advance payments by borrowers for taxes and insurance 1,240 1,240 — — Federal Home Loan Bank advances 30,010 — — 29,499 Accrued interest payable 372 372 — — |
Equity and Regulatory Matters (
Equity and Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Banks Actual and Required Capital Amounts and Ratios | The Bank’s actual and required capital amounts and ratios are presented below: March 31, 2019 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Leverage (Tier 1) $ 45,189 9.3 % $ 19,358 4.0 % $ 24,197 5.0 % Risk-based: Common Tier 1 45,189 12.5 % 16,282 4.5 % 23,519 6.5 % Tier 1 45,189 12.5 % 21,710 6.0 % 28,946 8.0 % Total 48,615 13.4 % 28,946 8.0 % 36,183 10.0 % December 31, 2018 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Leverage (Tier 1) $ 35,955 7.5 % $ 19,110 4.0 % $ 23,887 5.0 % Risk-based: Common Tier 1 35,955 10.0 % 16,153 4.5 % 23,333 6.5 % Tier 1 35,955 10.0 % 21,538 6.0 % 28,717 8.0 % Total 39,217 10.9 % 28,717 8.0 % 35,897 10.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per common share for the three months ended March 31, 2019 are presented in the following table. Earnings per common share for the three months ended March 31, 2018 are not presented as the Company’s initial public offering was completed on January 8, 2019. Three months ended March 31, 2019 Net loss $ (471 ) Shares outstanding for basic EPS Average shares outstanding 4,877 Less: Average unallocated ESOP shares 176 Subtotal 4,701 Additional dilutive shares — Shares outstanding for basic and dilutive EPS 4,701 Basic and diluted loss per share $ (0.10 ) |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended |
Sep. 05, 2018 | Mar. 31, 2019 | |
Percent of outstanding common stock | 55.00% | |
Common Stock, Shares, Issued | 2,145,738,000 | 4,876,677,000 |
Common Stock, Par or Stated Value Per Share | $ 10 | $ 0.01 |
Proceeds from Issuance of Common Stock | $ 21,500 | $ 18,274 |
Charitable Foundation [Member] | ||
Shares, Issued | 48,767,000 | |
Stock Issued During Period, Value, Other | $ 100,000 | |
Common Stock [Member] | ||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | 175,528,000 | |
Employee Stock Ownership Plan (ESOP), Plan Description | 1895 Bancorp of Wisconsin, Inc. was organized as a corporation under the laws of the United States and offered 45% of its common stock to be outstanding to the Bank’s eligible members, the ESOP, a community foundation and certain other persons. |
Securities Available-for-sale -
Securities Available-for-sale - Summary of Amortized Costs and Fair Value of Securities Available-for-sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 65,895 | $ 67,900 |
Securities Available for Sale, Gross Unrealized Gains | 55 | 32 |
Securities Available for Sale, Gross Unrealized Losses | (1,255) | (2,201) |
Securities Available for Sale, Fair Value | 64,695 | 65,731 |
Obligations of States and Political Subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 10,829 | 11,348 |
Securities Available for Sale, Gross Unrealized Gains | 36 | 25 |
Securities Available for Sale, Gross Unrealized Losses | (107) | (204) |
Securities Available for Sale, Fair Value | 10,758 | 11,169 |
Government-sponsored Mortgage-backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 51,184 | 52,363 |
Securities Available for Sale, Gross Unrealized Gains | 18 | 4 |
Securities Available for Sale, Gross Unrealized Losses | (1,145) | (1,992) |
Securities Available for Sale, Fair Value | 50,057 | 50,375 |
Corporate Collateralized Mortgage Obligations [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 390 | 410 |
Securities Available for Sale, Gross Unrealized Gains | 1 | 1 |
Securities Available for Sale, Gross Unrealized Losses | (1) | |
Securities Available for Sale, Fair Value | 391 | 410 |
Asset-backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 3,243 | 3,530 |
Securities Available for Sale, Gross Unrealized Gains | 2 | |
Securities Available for Sale, Gross Unrealized Losses | (2) | (1) |
Securities Available for Sale, Fair Value | 3,241 | 3,531 |
Certificates of Deposit [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 249 | 249 |
Securities Available for Sale, Gross Unrealized Losses | (1) | (3) |
Securities Available for Sale, Fair Value | $ 248 | $ 246 |
Securities Available for Sale -
Securities Available for Sale - Summary of Amortized Costs and Fair Values of Securities Available-for-sale, by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less | $ 1,445 | |
Due after one through 5 years | 6,388 | |
Due after 5 through 10 years | 3,173 | |
Due after 10 years | 0 | |
Total | 64,695 | $ 65,731 |
Due in one year or less | 1,445 | |
Due after one through 5 years | 6,435 | |
Due after 5 through 10 years | 3,198 | |
Due after 10 years | 0 | |
Total | 65,895 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 50,448 | |
Amortized Cost | 51,574 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 3,241 | |
Amortized Cost | $ 3,243 |
Securities Available for Sale_2
Securities Available for Sale - Summary of Gross Unrealized Losses on Securities Available-for-sale and Fair Values, Aggregated by Investment category and Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 2,558 | $ 2,613 |
Unrealized Loss | (2) | (6) |
Fair Value | 53,252 | 56,851 |
Unrealized Loss | (1,253) | (2,195) |
Fair Value | 55,810 | 59,464 |
Unrealized Loss | (1,255) | (2,201) |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 1,567 | |
Unrealized Loss | (5) | |
Fair Value | 7,747 | 6,909 |
Unrealized Loss | (107) | (199) |
Fair Value | 7,747 | 8,476 |
Unrealized Loss | (107) | (204) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 29 | |
Fair Value | 45,257 | 49,549 |
Unrealized Loss | (1,145) | (1,992) |
Fair Value | 45,257 | 49,578 |
Unrealized Loss | (1,145) | (1,992) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 204 | |
Fair Value | 147 | |
Unrealized Loss | (1) | |
Fair Value | 351 | |
Unrealized Loss | (1) | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 2,558 | 813 |
Unrealized Loss | (2) | (1) |
Fair Value | 2,558 | 813 |
Unrealized Loss | (2) | (1) |
Certificates of Deposit [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 248 | 246 |
Unrealized Loss | (1) | (3) |
Fair Value | 248 | 246 |
Unrealized Loss | $ (1) | $ (3) |
Securities Available for Sale_3
Securities Available for Sale - Additional Information (Detail) - DebtInstrument | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized losses | 51 | 59 |
Percentage of depreciation from amortized cost bases | 2.20% | 3.60% |
Securities Available for Sale_4
Securities Available for Sale - Summary of Proceeds from Sales of Securities Available-for-sale, as well as Gross Gains and Losses (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Proceeds from sales of securities available-for-sale | $ 9,518 |
Gross realized gains | 91 |
Gross realized losses | $ 70 |
Loans - Summary of Major Classi
Loans - Summary of Major Classifications of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 363,041 | $ 372,589 | ||
Net deferred loan fees | 468 | 503 | ||
Allowance for loan and lease losses | (3,426) | (3,262) | $ (3,103) | $ (3,093) |
Loans, net | 360,083 | 369,830 | ||
Commercial [Member] | Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 189,440 | 191,645 | ||
Commercial [Member] | Land [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 2,405 | 2,187 | ||
Commercial [Member] | Other Commercial Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 32,495 | 30,508 | ||
Residential Real Estate [Member] | First Mortgage [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 99,944 | 108,084 | ||
Residential Real Estate [Member] | Construction Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 1,797 | 2,097 | ||
Consumer [Member] | Other Consumer Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | 1,838 | 1,914 | ||
Consumer [Member] | Home Equity Lines Of Credit [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, gross | $ 35,122 | $ 36,154 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans 90 days or more past due and accruing interest | $ 0 | $ 0 | |
Internal risk ratings of loans | 363,041,000 | 372,589,000 | |
Additional committed impared loans | 0 | 0 | |
Loans modified as troubled debt restructurings | 0 | 0 | |
Troubled debt restructurings within past twelve months for which there was a default | 0 | $ 0 | |
Doubtful [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Internal risk ratings of loans | 0 | 0 | |
Other Financial Institutions [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Participation loans transferred | $ 16,739,000 | $ 61,328,000 |
Loans - Schedule of Analysis of
Loans - Schedule of Analysis of Past due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | $ 1,852 | $ 2,094 |
Current Loans | 361,189 | 370,495 |
Total Loans | 363,041 | 372,589 |
Commercial Real Estate [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Current Loans | 189,440 | 191,645 |
Total Loans | 189,440 | 191,645 |
Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 303 | 303 |
Current Loans | 2,102 | 1,884 |
Total Loans | 2,405 | 2,187 |
Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Current Loans | 32,495 | 30,508 |
Total Loans | 32,495 | 30,508 |
Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 1,296 | 1,561 |
Current Loans | 98,648 | 106,523 |
Total Loans | 99,944 | 108,084 |
Residential Real Estate Construction [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Current Loans | 1,797 | 2,097 |
Total Loans | 1,797 | 2,097 |
Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 253 | 228 |
Current Loans | 34,869 | 35,926 |
Total Loans | 35,122 | 36,154 |
Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 2 | |
Current Loans | 1,838 | 1,912 |
Total Loans | 1,838 | 1,914 |
Loans Past Due 30-89 Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 1,287 | 1,687 |
Loans Past Due 30-89 Days [Member] | Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 1,069 | 1,470 |
Loans Past Due 30-89 Days [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 218 | 215 |
Loans Past Due 30-89 Days [Member] | Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 2 | |
Loans Past Due 90+ Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 565 | 407 |
Loans Past Due 90+ Days [Member] | Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 303 | 303 |
Loans Past Due 90+ Days [Member] | Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 227 | 91 |
Loans Past Due 90+ Days [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | $ 35 | $ 13 |
Loans - Summary of Activity in
Loans - Summary of Activity in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 3,262 | $ 3,093 |
Loans charged-off | (38) | (5) |
Recoveries | 202 | 15 |
Ending balance | 3,426 | 3,103 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,448 | 1,369 |
Recoveries | 196 | 3 |
Ending balance | 1,644 | 1,372 |
Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,250 | 1,246 |
Loans charged-off | (37) | |
Ending balance | 1,213 | 1,246 |
Consumer [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 564 | 478 |
Loans charged-off | (1) | (5) |
Recoveries | 6 | 12 |
Ending balance | $ 569 | $ 485 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan and Lease Losses for Loans Evaluated Individually and Collectively for Impairment (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | $ 2,340 | $ 2,377 | ||
Collectively evaluated for impairment | 360,701 | 370,212 | ||
Total loans | 363,041 | 372,589 | ||
Individually evaluated for impairment | 12 | 12 | ||
Collectively evaluated for impairment | 3,414 | 3,250 | ||
Total allowance for loan losses | 3,426 | 3,262 | $ 3,103 | $ 3,093 |
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 1,152 | 1,165 | ||
Collectively evaluated for impairment | 223,188 | 223,175 | ||
Total loans | 224,340 | 224,340 | ||
Collectively evaluated for impairment | 1,644 | 1,448 | ||
Total allowance for loan losses | 1,644 | 1,448 | 1,372 | 1,369 |
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 1,153 | 1,176 | ||
Collectively evaluated for impairment | 100,588 | 109,005 | ||
Total loans | 101,741 | 110,181 | ||
Individually evaluated for impairment | 6 | 6 | ||
Collectively evaluated for impairment | 1,207 | 1,244 | ||
Total allowance for loan losses | 1,213 | 1,250 | 1,246 | 1,246 |
Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually evaluated for impairment | 35 | 36 | ||
Collectively evaluated for impairment | 36,925 | 38,032 | ||
Total loans | 36,960 | 38,068 | ||
Individually evaluated for impairment | 6 | 6 | ||
Collectively evaluated for impairment | 563 | 558 | ||
Total allowance for loan losses | $ 569 | $ 564 | $ 485 | $ 478 |
Loans - Summary of Internal Ris
Loans - Summary of Internal Risk Ratings of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 363,041 | $ 372,589 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 189,440 | 191,645 |
Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 2,405 | 2,187 |
Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 32,495 | 30,508 |
Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 224,340 | 224,340 |
Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 189,440 | 191,645 |
Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 2,405 | 2,187 |
Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 32,495 | 30,508 |
Pass [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 211,588 | 212,400 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 182,533 | 186,303 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 401 | 158 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 28,654 | 25,939 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 11,365 | 10,537 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 5,974 | 4,403 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,701 | 1,726 |
Watch and Special Mention [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 3,690 | 4,408 |
Substandard [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,387 | 1,403 |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 933 | 939 |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 303 | 303 |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 151 | $ 161 |
Loans - Summary of Information
Loans - Summary of Information Regarding the Credit Quality Indicators for Residential Real Estate and Consumer Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 363,041 | $ 372,589 |
Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 138,701 | 148,249 |
Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 99,944 | 108,084 |
Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,797 | 2,097 |
Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 35,122 | 36,154 |
Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,838 | 1,914 |
Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 137,267 | 147,013 |
Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 98,709 | 107,018 |
Performing [Member] | Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,797 | 2,097 |
Performing [Member] | Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 34,923 | 35,984 |
Performing [Member] | Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,838 | 1,914 |
Non Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,434 | 1,236 |
Non Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,235 | 1,066 |
Non Performing [Member] | Credit Quality [Member] | Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 199 | $ 170 |
Loans - Summary of Informatio_2
Loans - Summary of Information Regarding Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 97 | $ 97 |
Recorded Investment | 2,340 | 2,377 |
Unpaid Principal | 97 | 97 |
Principal Balance | 2,674 | 2,693 |
Reserve | 12 | 12 |
Average Investment | 97 | 278 |
Average Investment | 2,353 | 2,552 |
Interest Recognized | 0 | 3 |
Interest Recognized | 14 | 70 |
Recorded Investment | 2,243 | 2,280 |
Principal Balance | 2,577 | 2,596 |
Related Allowance | 12 | 12 |
Average Investment | 2,256 | 2,274 |
Interest Recognized | 14 | 67 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 698 | 701 |
Principal Balance | 698 | 701 |
Average Investment | 700 | 658 |
Interest Recognized | 8 | 40 |
Commercial Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 303 | 303 |
Principal Balance | 303 | 303 |
Average Investment | 303 | 303 |
Commercial Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 151 | 161 |
Principal Balance | 151 | 161 |
Average Investment | 156 | 46 |
Interest Recognized | 2 | 2 |
Residential real estate and consumer First mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 91 | 91 |
Unpaid Principal | 91 | 91 |
Reserve | 6 | 6 |
Average Investment | 91 | 154 |
Interest Recognized | 3 | |
Recorded Investment | 1,062 | 1,085 |
Principal Balance | 1,369 | 1,375 |
Average Investment | 1,067 | 1,235 |
Interest Recognized | 4 | 25 |
Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 6 | 6 |
Unpaid Principal | 6 | 6 |
Reserve | 6 | 6 |
Average Investment | 6 | 124 |
Recorded Investment | 29 | 30 |
Principal Balance | 56 | 56 |
Average Investment | $ 30 | $ 32 |
Loans - Summary of Nonperformin
Loans - Summary of Nonperforming Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans, other than troubled debt restructurings | $ 1,114 | $ 906 |
Total nonperforming loans (NPLs) | 1,749 | 1,555 |
Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 456 | 459 |
Non Accruing Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | $ 635 | $ 649 |
Loans - Summary of Informatio_3
Loans - Summary of Information on Non-accrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 1,749 | $ 1,555 |
Total non-accrual loans to total loans | 0.48% | 0.42% |
Total non-accrual loans to total assets | 0.35% | 0.32% |
Commercial Land [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 303 | $ 303 |
Commercial Loan Other [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | 13 | 16 |
Residential Real Estate First Mortgages [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | 1,234 | 1,066 |
Consumer Home Equity and Lines of Credit [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 170 | |
Consumer Other [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 199 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Unpaid principal balance of mortgage loans serviced for others | $ 335,591 | $ 332,515 |
Minimum [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Discount rates used in valuation model | 10.00% | 10.00% |
Prepayment speeds used in valuation model | 7.00% | 7.00% |
Maximum [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Discount rates used in valuation model | 14.00% | 14.00% |
Prepayment speeds used in valuation model | 43.00% | 43.00% |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Mortgage servicing rights beginning balance | $ 2,103 | $ 2,270 |
Additions | 79 | 32 |
Amortization | (65) | (113) |
Mortgage servicing rights ending balance | 2,117 | 2,189 |
Fair value at beginning of period | 3,371 | 3,158 |
Fair value at end of period | $ 3,386 | $ 3,109 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 | $ 447 |
2020 | 420 |
2021 | 391 |
2022 | 364 |
2023 | 333 |
Thereafter | 162 |
Total | $ 2,117 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Non-interest bearing checking | $ 54,328 | $ 85,988 |
Interest bearing checking | 25,681 | 25,556 |
Money market | 57,425 | 59,071 |
Statement savings | 51,004 | 53,245 |
Certificates of deposit | 217,227 | 182,277 |
Total | $ 405,665 | $ 406,137 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2019 | $ 58,658 |
2020 | 72,262 |
2021 | 17,104 |
2022 | 16,768 |
2023 | 44,890 |
Thereafter | 7,545 |
Total | $ 217,227 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Certificates of deposit federally insured | $ 250 | $ 250 |
Certificates of deposit with balances of $250 or more | $ 17,493 | $ 12,787 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank Advances total | $ 24,651 | $ 30,010 |
Open Line of Credit [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advance structured note, payments due monthly, maturing February 2030 | 2.61% | |
Federal Home Loan Bank Advances total | $ 5,350 | |
Fixed Rate Fixed Term Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank Advances total | $ 24,000 | $ 24,000 |
Advance Structured Note [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advance structured note, payments due monthly, maturing February 2030 | 7.47% | 7.47% |
Federal Home Loan Bank Advances total | $ 651 | $ 660 |
Minimum [Member] | Fixed Rate Fixed Term Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advance structured note, payments due monthly, maturing February 2030 | 1.13% | 1.13% |
Maximum [Member] | Fixed Rate Fixed Term Advances [Member] | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Advance structured note, payments due monthly, maturing February 2030 | 1.50% | 1.50% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Schedule of Maturities of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value [Abstract] | ||
2019 | 1.25% | |
2020 | 7.47% | |
2021 | 1.45% | |
2022 | 7.47% | |
2023 | 7.47% | |
Thereafter | 7.47% | |
2019 | $ 17,027 | |
2020 | 39 | |
2021 | 7,042 | |
2022 | 46 | |
2023 | 49 | |
Thereafter | 448 | |
Total | $ 24,651 | $ 30,010 |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank stock to maximum borrowing capacity | The Bank maintains a master contract agreement with the Federal Home Loan Bank, which provides for borrowing up to the lesser of 22.22 times the Federal Home Loan Bank stock owned, a determined percentage of the book value of the Bank’s qualifying real estate loans, or a determined percentage of the Bank’s assets. | |
Qualifying loans pledged as collateral | $ 151,093,000 | $ 151,708,000 |
Federal Home Loan Bank stock held | 984,000 | 1,261,000 |
Available and unused funds under borrowing agreement | $ 0 | $ 800,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Matching contributions | $ 89 | $ 85 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Expense (Benefit) | $ (209) | $ 13 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Credit Related Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 67,592 | $ 67,669 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 53,564 | 56,513 |
Credit Enhancement Under FHLB of Chicago Mortgage Partnership Finance Program [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 680 | 612 |
Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 9,464 | 6,617 |
Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,861 | 3,894 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 23 | 33 |
Fixed Rate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 31,365 | 30,378 |
Fixed Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 17,360 | 19,255 |
Fixed Rate [Member] | Credit Enhancement Under FHLB of Chicago Mortgage Partnership Finance Program [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 680 | 612 |
Fixed Rate [Member] | Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 9,464 | 6,617 |
Fixed Rate [Member] | Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,861 | 3,894 |
Variable Rate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 36,227 | 37,291 |
Variable Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 36,204 | 37,258 |
Variable Rate [Member] | Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 23 | $ 33 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - Mortgage Partnership Finance Program [Member] - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Commitments | $ 2,549,000 | $ 1,882,000 |
Other commitments | $ 0 | $ 0 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)shares | |
ESOP Purchased | shares | 175,528 |
Compensation Expense | $ | $ 17 |
Share-based Compensation Award, Tranche One [Member] | |
Vested Percentage | 20.00% |
Vested Years Of Service | 1 year |
Share-based Compensation Award, Tranche Two [Member] | |
Vested Percentage | 40.00% |
Vested Years Of Service | 2 years |
Share-based Compensation Award, Tranche Three [Member] | |
Vested Percentage | 60.00% |
Vested Years Of Service | 3 years |
Sharebased Compensation Award Tranche Four [Member] | |
Vested Percentage | 80.00% |
Vested Years Of Service | 4 years |
Sharebased Compensation Award Tranche Five [Member] | |
Vested Percentage | 100.00% |
Vested Years Of Service | 5 years |
Related Party Transactions - Su
Related Party Transactions - Summary of Loans to Directors, Executive Officers and Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 1,289 | $ 1,477 |
New loans | 62 | |
Repayments | (52) | (250) |
Ending balance | $ 1,237 | $ 1,289 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Fees paid to law firms | $ 12 | $ 13 | |
Directors, Executive Officers and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits from directors, executive officers and affiliates | $ 925 | $ 938 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 64,695 | $ 65,731 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 10,758 | 11,169 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 50,057 | 50,375 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 391 | 410 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 3,241 | 3,531 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 248 | 246 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 64,695 | 65,731 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 10,758 | 11,169 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 50,057 | 50,375 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 391 | 410 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 3,241 | 3,531 |
Fair Value, Measurements, Recurring [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 248 | $ 246 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 85 | $ 85 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 85 | $ 85 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements (Detail) $ in Thousands | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 85 | $ 85 |
Appraisals [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 10 | 10 |
Appraisals [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 20 | 20 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Values and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Available for sale securities | $ 64,695 | $ 65,731 |
Loans | 360,083 | 369,830 |
Accrued interest receivable | 1,170 | 1,106 |
Federal Home Loan Bank stock | 984 | 1,261 |
Cash value of life insurance | 13,500 | 13,400 |
Financial liabilities: | ||
Deposits | 405,665 | 406,137 |
Advance payments by borrowers for taxes and insurance | 4,333 | 1,240 |
Federal Home Loan Bank advances | 24,651 | 30,010 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 34,683 | 7,923 |
Accrued interest receivable | 1,170 | 1,106 |
Financial liabilities: | ||
Deposits | 188,438 | 223,860 |
Advance payments by borrowers for taxes and insurance | 4,333 | 1,240 |
Accrued interest payable | 503 | 372 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale securities | 64,695 | 65,731 |
Loans held for sale | 1,233 | 771 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans | 359,445 | 362,233 |
Federal Home Loan Bank stock | 984 | 1,261 |
Cash value of life insurance | 13,500 | 13,400 |
Financial liabilities: | ||
Deposits | 216,419 | 180,703 |
Federal Home Loan Bank advances | 24,451 | 29,499 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 34,683 | 7,923 |
Available for sale securities | 64,695 | 65,731 |
Loans held for sale | 1,233 | 771 |
Loans | 360,083 | 369,830 |
Accrued interest receivable | 1,170 | 1,106 |
Federal Home Loan Bank stock | 984 | 1,261 |
Cash value of life insurance | 13,500 | 13,400 |
Financial liabilities: | ||
Deposits | 405,665 | 406,137 |
Advance payments by borrowers for taxes and insurance | 4,333 | 1,240 |
Federal Home Loan Bank advances | 24,651 | 30,010 |
Accrued interest payable | $ 503 | $ 372 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Impaired loans | $ 97 | $ 97 |
Recognition of valuation allowance against impaired loans | 85 | 85 |
Valuation allowance against impaired loans | $ 12 | $ 12 |
Equity and Regulatory Matters -
Equity and Regulatory Matters - Schedule of Banks Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Leverage tier 1 capital actual amount | $ 45,189 | $ 35,955 |
Common Tier 1 risk based capital actual amount | 45,189 | 35,955 |
Tier 1 risk based capital actual amount | 45,189 | 35,955 |
Total risk based capital actual amount | $ 48,615 | $ 39,217 |
Leverage tier 1 capital actual ratio | 9.30% | 7.50% |
Common Tier 1 risk based capital actual ratio | 12.50% | 10.00% |
Tier 1 risk based capital actual ratio | 12.50% | 10.00% |
Total risk based capital actual ratio | 13.40% | 10.90% |
Leverage tier 1 capital for capital adequacy purposes amount | $ 19,358 | $ 19,110 |
Common tier 1 risk based capital for capital adequacy purposes amount | 16,282 | 16,153 |
Tier 1 risk based capital for capital adequacy purposes amount | 21,710 | 21,538 |
Total risk based capital for capital adequacy purposes amount | $ 28,946 | $ 28,717 |
Leverage tier 1 capital for capital adequacy purposes ratio | 4.00% | 4.00% |
Common tier 1 risk based capital for capital adequacy purposes ratio | 4.50% | 4.50% |
Tier 1 risk based capital for capital adequacy purposes ratio | 6.00% | 6.00% |
Total risk based capital for capital adequacy purposes ratio | 8.00% | 8.00% |
Leverage tier 1 capital to be well capitalized under prompt corrective action provisions amount | $ 24,197 | $ 23,887 |
Common tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 23,519 | 23,333 |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 28,946 | 28,717 |
Total risk based capital to be well capitalized under prompt corrective action provisions amount | $ 36,183 | $ 35,897 |
Leverage tier 1 capital to be well capitalized under prompt corrective action provisions ratio | 5.00% | 5.00% |
Common tier 1 risk based capital to be well capitalized under prompt corrective action provisions ratio | 6.50% | 6.50% |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions ratio | 8.00% | 8.00% |
Total risk based capital to be well capitalized under prompt corrective action provisions ratio | 10.00% | 10.00% |
Earnings Per Share - Earnings p
Earnings Per Share - Earnings per common share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net loss | $ (471) | $ 130 |
Shares outstanding for basic EPS | ||
Average shares outstanding | 4,877 | |
Less: Average unallocated ESOP shares | 176 | |
Subtotal | 4,701 | |
Additional dilutive shares | ||
Shares outstanding for basic and dilutive EPS | 4,701 | |
Basic and diluted loss per share | $ (0.10) |