Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2019 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | BCOW |
Entity Registrant Name | 1895 Bancorp of Wisconsin, Inc. |
Entity Central Index Key | 0001751692 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Address, State or Province | WI |
Entity Interactive Data Current | Yes |
Title of 12(b) Security | Common Stock |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 4,876,677 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 32,044 | $ 7,782 |
Fed funds sold | 4,116 | 141 |
Cash and cash equivalents | 36,160 | 7,923 |
Available for sale securities, stated at fair value | 68,465 | 65,731 |
Loans held for sale | 3,616 | 771 |
Loans, net of allowance for loan losses of $3,187 and $3,262 respectively | 340,431 | 369,830 |
Premises and equipment, net | 7,578 | 8,163 |
Mortgage servicing rights, net | 2,263 | 2,103 |
Federal Home Loan Bank stock, at cost | 913 | 1,261 |
Accrued interest receivable | 1,120 | 1,106 |
Cash value of life insurance | 12,887 | 13,400 |
Foreclosed assets | 134 | 0 |
Other assets | 9,742 | 10,811 |
TOTAL ASSETS | 483,309 | 481,099 |
Liabilities and Stockholders' Equity | ||
Deposits | 398,713 | 406,137 |
Advance payments by borrowers for taxes and insurance | 9,139 | 1,240 |
Federal Home Loan Bank advances | 12,642 | 30,010 |
Accrued interest payable | 575 | 372 |
Other liabilities | 4,725 | 5,159 |
Total liabilities | 425,794 | 442,918 |
Common stock, $0.01 par value, 90,000,000 shares authorized, 4,876,677 shares issued as of June 30, 2019 | 49 | |
Additional paid-in capital | 19,978 | |
Unallocated common stock of Employee Stock Ownership Plan, 172,017 shares as of June 30, 2019 | (1,720) | |
Retained earnings | 39,284 | 39,764 |
Accumulated other comprehensive loss, net of income taxes | (76) | (1,583) |
Total stockholders' equity | 57,515 | 38,181 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 483,309 | $ 481,099 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) shares in Thousands, $ in Thousands | Jun. 30, 2019USD ($)$ / sharesshares |
Allowance for loan and lease losses | $ | $ 3,187 |
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 | 172,017 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Loans, including fees | $ 3,871 | $ 3,686 | $ 7,859 | $ 7,087 |
Securities, taxable | 400 | 411 | 792 | 905 |
Other | 91 | 10 | 156 | 21 |
Total interest and dividend income | 4,362 | 4,107 | 8,807 | 8,013 |
Interest expense: | ||||
Interest-bearing deposits | 1,274 | 876 | 2,454 | 1,671 |
Borrowed funds | 62 | 133 | 185 | 277 |
Total interest expense | 1,336 | 1,009 | 2,639 | 1,948 |
Net interest income | 3,026 | 3,098 | 6,168 | 6,065 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Net interest income after provision for loan losses | 3,026 | 3,098 | 6,168 | 6,065 |
Noninterest income: | ||||
Service charges and other fees | 223 | 224 | 409 | 415 |
Loan servicing | 366 | 188 | 588 | 332 |
Net gain (loss) on sale of loans | (214) | 217 | (90) | 437 |
Net gain on sale of securities | 46 | 67 | ||
Increase in cash surrender value of insurance | 101 | 100 | 201 | 199 |
Death benefit gain | 158 | 158 | ||
Other | 18 | 22 | 136 | 33 |
Total noninterest income | 652 | 797 | 1,402 | 1,483 |
Noninterest expense: | ||||
Salaries and employee benefits | 2,303 | 2,862 | 4,730 | 4,949 |
Foreclosed assets, net | 8 | 15 | 1 | |
Advertising and promotions | 44 | 41 | 100 | 53 |
Data processing | 197 | 153 | 403 | 359 |
Occupancy and equipment | 419 | 404 | 877 | 823 |
FDIC assessment | 46 | 85 | 139 | 163 |
Other | 763 | 1,010 | 2,088 | 1,717 |
Total noninterest expense | 3,780 | 4,555 | 8,352 | 8,065 |
Loss before income taxes | (102) | (660) | (782) | (517) |
Income tax benefit | (93) | (207) | (302) | (194) |
Net loss | $ (9) | $ (453) | $ (480) | $ (323) |
Earnings per common share | ||||
Basic | $ 0 | $ (0.10) | ||
Diluted | $ 0 | $ (0.10) | ||
Average common shares outstanding | ||||
Basic | 4,701 | 4,701 | ||
Diluted | 4,701 | 4,701 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (9) | $ (453) | $ (480) | $ (323) |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) arising during the period | 1,096 | (328) | 2,065 | (1,275) |
Reclassification adjustment for gains realized in net income | (46) | (67) | ||
Other comprehensive income (loss) before tax effect | 1,096 | (374) | 2,065 | (1,342) |
Tax effect of other comprehensive income (loss) items | 296 | (101) | 558 | (361) |
Other comprehensive income (loss), net of tax | 800 | (273) | 1,507 | (981) |
Comprehensive income (loss) | $ 791 | $ (726) | $ 1,027 | $ (1,304) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 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 | (480) | (480) | ||||
Other comprehensive income | 1,507 | 1,507 | ||||
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) | ||||
ESOP shares committed to be released (3,511 shares) | 33 | (2) | 35 | |||
Balance at Jun. 30, 2019 | $ 57,515 | $ 49 | $ 19,978 | $ (1,720) | $ 39,284 | $ (76) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - shares shares in Thousands | Jun. 30, 2019 | Sep. 05, 2018 |
Net proceeds from stock offering, Shares, Issued | 4,876,677 | 2,145,738 |
Purchase of ESOP shares purchased | 172,017 | |
ESOP shares committed to be released | 3,511 |
Consolidated Statements of Cash
Consolidated Statements of Cash flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (480) | $ (323) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Net amortization of investment securities | 134 | 188 |
Depreciation | 342 | 318 |
Write-down of premises and equipment | 8 | |
Gain on sale of premises and equipment | (97) | |
Net gain on sale of available for sale securities | (67) | |
Deferred income taxes | 152 | (194) |
Originations of mortgage loans held for sale | (32,126) | (31,127) |
Proceeds from sales of mortgage loans held for sale | 29,191 | 30,553 |
ESOP compensation | 33 | |
Net gain on sale of mortgage loans held for sale | (142) | (379) |
Net loss on bulk sales of mortgage loans | 232 | |
Gain on death benefit | (158) | |
Net change in cash value of life insurance | (101) | (199) |
Changes in operating assets and liabilities: | ||
Mortgage servicing rights | (160) | 107 |
Accrued interest receivable and other assets | 345 | (41) |
Accrued interest payable and other liabilities | (232) | 325 |
Net cash used in operating activities | (3,067) | (831) |
Cash Flows From Investing Activities | ||
Proceeds from sales of available for sale securities | 14,392 | |
Maturities, prepayments, and calls of available for sale securities | 5,266 | 4,171 |
Purchases of available for sale securities | (6,068) | |
Net decrease (increase) in loans | 29,265 | (36,821) |
Net capital receipts (expenditures) for premises and equipment | 340 | (266) |
Proceeds from life insurance policies | 772 | |
Net decrease (increase) in Federal Home Loan Bank stock | 348 | (382) |
Net cash provided by (used in) investing activities | 29,923 | (18,906) |
Cash Flows From Financing Activities | ||
Net (decrease) increase in deposits | (7,424) | 15,269 |
Net increase in advance payments by borrowers for taxes and insurance | 7,899 | 6,982 |
Proceeds from stock offering | 20,029 | |
Purchase of ESOP shares | (1,755) | |
Principal payments on Federal Home Loan Bank advances | (17,368) | (7,016) |
Net cash provided by financing activities | 1,381 | 15,235 |
Net increase (decrease) in cash and cash equivalents | 28,237 | (4,502) |
Cash and cash equivalents at beginning of period | 7,923 | 12,497 |
Cash and cash equivalents at end of period | 36,160 | 7,995 |
Supplemental cash flow information: | ||
Cash paid during the year for interest | 2,436 | $ 1,942 |
Noncash activities: | ||
Loans transferred to foreclosed assets | $ 134 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 two-tier 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 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 non-issuer 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 |
Recent Accounting Standards
Recent Accounting Standards | 6 Months Ended |
Jun. 30, 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) ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): available-for-sale 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) 2016-13 2016-13 ASU 2016-02, Leases (Topic 842) 2016-02 2016-02 |
Securities Available-for-sale
Securities Available-for-sale | 6 Months Ended |
Jun. 30, 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 June 30, 2019 Amortized Gross Gross Fair (in thousands) Obligations of states and political subdivisions $ 9,421 $ 67 $ (20 ) $ 9,468 Government-sponsored mortgage-backed securities 54,169 380 (542 ) 54,007 Corporate collateralized mortgage obligations 346 7 — 353 Asset-backed securities 2,926 4 (4 ) 2,926 Certificates of deposit 1,707 5 (1 ) 1,711 Total $ 68,569 $ 463 $ (567 ) $ 68,465 December 31, 2018 Amortized Gross Gross Fair (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, June 30, 2019 Amortized Fair (in thousands) Debt and other securities: Due in one year or less $ 374 $ 374 Due after one through 5 years 8,297 8,319 Due after 5 through 10 years 2,457 2,486 Due after 10 years — — Mortgage-related securities 54,515 54,360 Asset-backed securities 2,926 2,926 Total $ 68,569 $ 68,465 Gross unrealized losses on securities available-for-sale June 30, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) Obligations of states and political subdivisions $ — $ — $ 5,018 $ (20 ) $ 5,018 $ (20 ) Government-sponsored mortgage-backed securities 1 — 30,112 (542 ) 30,113 (542 ) Asset-backed securities 893 (4 ) — — 893 (4 ) Certificates of deposit 249 (1 ) 249 — 498 (1 ) Total $ 1,143 $ (5 ) $ 35,379 $ (562 ) $ 36,522 $ (567 ) December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (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 June 30, 2019 and December 31, 2018, respectively, the Bank had 33 and 59 debt securities with unrealized losses representing aggregate depreciation of approximately 1.5% 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, Three Months ended June 30, Six Months ended 2019 2018 2019 2018 (in thousands) (in thousands) Proceeds from sales of securities available-for-sale $ — $ 4,875 $ — $ 14,392 Gross realized gains — 46 — 137 Gross realized losses — — — 70 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | NOTE 4 – LOANS Major classifications of loans are summarized as follows: June 30, December 31, (in thousands) Commercial: Real estate $ 190,173 $ 191,645 Land development 1,851 2,187 Other 38,546 30,508 Residential real estate: First mortgages 73,206 108,084 Construction 3,669 2,097 Consumer: Home equity and lines of credit 34,016 36,154 Other 1,763 1,914 Subtotal 343,224 372,589 Net deferred loan costs 394 503 Allowance for loan losses (3,187 ) (3,262 ) Loans, net $ 340,431 $ 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 June 30, 2019 and December 31, 2018, respectively, the Bank had transferred $60,357 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: June 30, 2019 30-89 Days 90 Days or Total Past Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 190,173 $ 190,173 Land development — — — 1,851 1,851 Other — — — 38,546 38,546 Residential real estate: First mortgages 399 491 890 72,316 73,206 Construction — — — 3,669 3,669 Consumer: Home equity and lines of credit 42 35 77 33,939 34,016 Other 1 — 1 1,762 1,763 Total $ 442 $ 526 $ 968 $ 342,256 $ 343,224 December 31, 2018 30-89 Days 90 Days or Total Past 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 June 30, 2019 or December 31, 2018. A summary of activity in the allowance for loan losses for the three and six months ended June 30, 2019 and 2018 is presented below: Commercial Residential Consumer Total (in thousands) Three months ended June 30, 2019 Allowance for loan losses Beginning balance $ 1,644 $ 1,213 $ 569 $ 3,426 Provision for loan losses — — — — Loans charged-off (214 ) (46 ) (4 ) (264 ) Recoveries 15 5 5 25 Ending balance $ 1,445 $ 1,172 $ 570 $ 3,187 Three months ended June 30, 2018 Allowance for loan losses Beginning balance $ 1,372 $ 1,246 $ 485 $ 3,103 Provision for loan losses — — — — Loans charged-off — — (29 ) (29 ) Recoveries 9 3 6 18 Ending balance $ 1,381 $ 1,249 $ 462 $ 3,092 Commercial Residential Consumer Total (in thousands) Six months ended June 30, 2019 Allowance for loan losses Beginning balance $ 1,448 $ 1,250 $ 564 $ 3,262 Provision for loan losses — — — — Loans charged-off (214 ) (83 ) (5 ) (302 ) Recoveries 211 5 11 227 Ending balance $ 1,445 $ 1,172 $ 570 $ 3,187 Six months ended June 30, 2018 Allowance for loan losses Beginning balance $ 1,369 $ 1,246 $ 478 $ 3,093 Provision for loan losses — — — — Loans charged-off — — (34 ) (34 ) Recoveries 12 3 18 33 Ending balance $ 1,381 $ 1,249 $ 462 $ 3,092 A summary of the allowance for loan losses for loans evaluated individually and collectively for impairment is presented below: June 30, 2019 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 386 $ 1,046 $ 60 $ 1,492 Collectively evaluated for impairment 230,184 75,829 35,719 341,732 Total loans $ 230,570 $ 76,875 $ 35,779 $ 343,224 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ 31 $ 31 Collectively evaluated for impairment 1,445 1,172 539 3,156 Total allowance for loan losses $ 1,445 $ 1,172 $ 570 $ 3,187 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 Watch and Special Mention Substandard A summary of the Bank’s internal risk ratings of loans is presented below: June 30, 2019 Pass Watch and Substandard Total (in thousands) Commercial: Real estate $ 184,168 $ 5,632 $ 373 $ 190,173 Land development 176 1,675 — 1,851 Other 35,142 3,158 246 38,546 Total $ 219,486 $ 10,465 $ 619 $ 230,570 December 31, 2018 Pass Watch and 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 June 30, 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: June 30, 2019 Performing Non Total (in thousands) Residential real estate: First mortgages $ 71,902 $ 1,304 $ 73,206 Construction 3,669 — 3,669 Consumer: Home equity and lines of credit 33,799 217 34,016 Other 1,763 — 1,763 Total $ 111,133 $ 1,521 $ 112,654 December 31, 2018 Performing Non 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 Six Months Ended June 30, 2019 Recorded Unpaid Reserve Average Interest (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages — — — 76 — Construction — — — — — Consumer: Home equity and lines of credit 31 31 31 10 — Other — — — — — Total impaired loans with reserve 31 31 31 86 — Impaired loans with no reserve: Commercial: Real estate 140 140 NA 585 15 Land development — — NA 253 — Other 246 254 NA 210 6 Residential real estate: First mortgages 1,046 1,362 NA 1,060 9 Construction — — NA — — Consumer: Home equity and lines of credit 29 56 NA 30 — Other — — NA — — Total impaired loans with no reserve 1,461 1,812 NA 2,138 30 Total impaired loans $ 1,492 $ 1,843 $ 31 $ 2,224 $ 30 As of and for the Year Ended December 31, 2018 Recorded Unpaid Reserve Average Interest (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 June 30, 2019 and December 31, 2018. Nonperforming loans are as follows: June 30, December 31, (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 908 $ 906 Nonaccrual loans, troubled debt restructurings 622 649 Total nonperforming loans (NPLs) $ 1,530 $ 1,555 Restructured loans, accruing $ 453 $ 459 There were no loans modified as troubled debt restructurings during the three and six months ended June 30, 2019 and 2018. The Bank considers a troubled debt restructuring in default if it becomes past due more than 90 days. There were no Information on non-accrual June 30, December 31, (in thousands) Commercial: Real estate $ — $ — Land development — 303 Other 9 16 Residential real estate: First mortgages 1,304 1,066 Construction — — Consumer: Home equity and lines of credit 217 170 Other — — Total non-accrual $ 1,530 $ 1,555 Total non-accrual 0.45 % 0.42 % Total non-accrual 0.32 % 0.32 % |
Foreclosed Assets
Foreclosed Assets | 6 Months Ended |
Jun. 30, 2019 | |
ForeclosedAssetsAbstract [Abstract] | |
Foreclosed assets text block | NOTE 5 – FORECLOSED ASSETS Foreclosed assets are summarized as follows: June 30, December 31, (in thousands) Commercial: Real estate $ — $ — Land development — — Other 90 — Residential real estate: First mortgages 44 — Construction — — Consumer: Home equity and lines of credit — — Other — — Total foreclosed assets $ 134 $ — There was no valuation allowance on foreclosed assets as of June 30, 2019. A summary of the Bank’s foreclosed assets is presented below. Six Months Ended June 30, 2019 2018 (in thousands) Foreclosed assets, beginning of period $ — $ — Loans receivable transferred 134 — Sales, net of gain/loss — — Write downs — — Other — — Foreclosed assets, end of period $ 134 $ — No loans were in the process of foreclosure as of June 30, 2019 and December 31, 2018. There was no foreclosure activity during the first three months of 2019 and 2018. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 6 – 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 $348,945 and $332,515 as of June 30, 2019 and December 31, 2018, respectively. A summary of activity in the Bank’s mortgage servicing rights is presented below: Three Months Ended June 30, Three Months Ended June 30, 2019 2018 2019 2018 (dollars in thousands) Mortgage servicing rights beginning balance $ 2,117 $ 2,189 $ 2,103 $ 2,270 Additions 250 49 329 81 Amortization (104 ) (75 ) (169 ) (188 ) Mortgage servicing rights ending balance $ 2,263 $ 2,163 $ 2,263 $ 2,163 Fair value at beginning of period $ 3,386 $ 3,109 $ 3,371 $ 3,158 Fair value at end of period $ 2,891 $ 3,008 $ 2,891 $ 3,008 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 June 30, 2019, the model used discount rates ranging from 10% to 13.5%, and prepayment speeds ranging from 9.5% to 42.8%, 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 June 30, 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 June 30, 2019: (in thousands) 2019 $ 478 2020 449 2021 418 2022 389 2023 356 Thereafter 173 Total $ 2,263 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 7 – DEPOSITS The composition of deposits is summarized below: June 30, December 31, (in thousands) Non-interest $ 58,362 $ 85,988 Interest bearing checking 25,480 25,556 Money market 69,132 59,071 Statement savings 51,162 53,245 Certificates of deposit 194,577 182,277 Total $ 398,713 $ 406,137 The Bank held $18,549 and $12,787 in certificates of deposit which met or exceeded the FDIC insurance limit of $250 as of June 30, 2019 and December 31, 2018, respectively. The scheduled maturities of certificates of deposit are presented below: June 30, 2019 (in thousands) 2019 $ 76,608 2020 101,065 2021 14,358 2022 1,606 2023 607 Thereafter 333 Total $ 194,577 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | NOTE 8 – FEDERAL HOME LOAN BANK ADVANCES Federal Home Loan Bank advances consist of the following: June 30, 2019 December 31, 2018 Rate Amount Rate Amount (dollars in thousands) Open line of credit —% $ — 2.61% $ 5,350 Fixed rate, fixed term advances 1.41% to 1.50% 12,000 1.13% to 1.50% 24,000 Advance structured note, payments due monthly, maturing February 2030 7.47% 642 7.47% 660 Total $ 12,642 $ 30,010 The scheduled maturities of Federal Home Loan Bank advances are presented below: June 30, 2019 Weighted Amount (dollars in thousands) 2019 1.53% $ 5,038 2020 7.47% 41 2021 1.45% 7,044 2022 7.47% 47 2023 7.47% 51 Thereafter 7.47% 421 Total $ 12,642 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 value of 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 $150,505 and $151,708 of qualifying loans as collateral for Federal Home Loan Bank advances as of June 30, 2019 and December 31, 2018, respectively. Federal Home Loan Bank advances are also secured by approximately $913 and $1,261 of Federal Home Loan Bank stock held by the Bank as of June 30, 2019 and December 31, 2018, respectively. The Bank’s available and unused portion of this borrowing agreement totaled $0 and $800 as of June 30, 2019 and December 31, 2018, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 9 – 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 $85 and $74 for the three months ended June 30, 2019 and 2018, respectively, and $174 and $159 for the six months ended June 30, 2019 and 2018, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 – 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 benefit was $93 and $207 for the three months ended June 30, 2019 and 2018, respectively, and $302 and $194 for the six months ended June 30, 2019 and 2018, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 11 – 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 June 30, 2019. In the normal course of business, the Bank is party to financial instruments with off-balance-sheet 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 The contractual amounts of off-balance-sheet June 30, 2019 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 23,004 $ 39,058 $ 62,062 Standby letters of credit — 23 23 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 725 — 725 Commitments to sell loans 16,660 — 16,660 Overdraft protection program commitments 3,811 — 3,811 Total $ 44,200 $ 39,081 $ 83,281 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 $3,806 and $1,882 of commitments to deliver loans through the Program as of June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | NOTE 12 – 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 and $33 in compensation expense for the three and six months ended June 30, 2019, respectively. The following table provides the allocated and unallocated shares of common stock associated with the ESOP. June 30, (dollars in Shares committed to be released 3,511 Total unallocated shares 172,017 Total ESOP shares 175,528 Fair value of unallocated shares $ 1,612 The fair value of the unallocated shares is based on a per share price of $9.37 on June 30, 2019. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 13 – RELATED PARTY TRANSACTIONS A summary of loans to directors, executive officers, and their affiliates follows: June 30, December 31, (in thousands) Beginning balance $ 1,289 $ 1,477 New loans 340 62 Repayments (250 ) (250 ) Ending balance $ 1,379 $ 1,289 Deposits from directors, executive officers, and their affiliates totaled $1,242 and $938 at June 30, 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 $9 and $8 during the three months ended June 30, 2019 and 2018, respectively, and $21 and $21 six months ended June 30, 2019 and 2018, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 14 – FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurements and Disclosures 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, 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 available-for-sale Impaired loans Foreclosed assets non-recurring 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 June 30, 2019 Level 1 Level 2 Level 3 (in thousands) Securities available-for-sale: Obligations of states and political subdivisions $ 9,468 $ — $ 9,468 $ — Government-sponsored mortgage-backed securities 54,007 — 54,007 — Corporate collateralized mortgage obligations 353 — 353 — Asset-backed securities 2,926 — 2,926 — Certificates of deposit 1,711 — 1,711 — Total $ 68,465 $ — $ 68,465 $ — Recurring Fair Value 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. Nonrecurring Fair Value June 30, 2019 Level 1 Level 2 Level 3 (in thousands) Loans $ — $ — $ — $ — Foreclosed assets 134 — — 134 Total $ 134 $ — $ — $ 134 Nonrecurring Fair Value December 31, 2018 Level 1 Level 2 Level 3 (in thousands) Loans $ 85 $ — $ — $ 85 Loans with a carrying amount of $31 and $97, respectively, were considered impaired and written down to their estimated fair value of $0 and $85 as of June 30, 2019 and December 31, 2018, respectively. As a result, the Bank recognized a specific valuation allowance against these impaired loans totaling $31 and $12 as of June 30, 2019 and December 31, 2018, respectively. Loans with a carrying value of $394 were transferred to foreclosed assets and written down to their estimated fair value of $134 as of June 30, 2019. As a result, the Bank recognized a charge-off The following table presents quantitative information about nonrecurring Level 3 fair value measurements: June 30, 2019 Fair Value Valuation Significant Range/ (dollars in thousands) Impaired loans $ — Market and/or income approach Management discount to appraised rates 10-20% Foreclosed assets $ 134 Market and/or income approach Management discount to appraised rates 10-20% December 31, 2018 Fair Value Valuation Significant Range/ (dollars in thousands) Impaired loans $ 85 Market and/or income approach Management discount to appraised rates 10-20% The carrying values and estimated fair values of financial instruments are presented below: June 30, 2019 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 36,160 $ 36,160 $ — $ — Available for sale securities 68,465 — 68,465 — Loans held for sale 3,616 — 3,616 — Loans 340,431 — — 341,341 Accrued interest receivable 1,120 1,120 — — Federal Home Loan Bank stock 913 — — 913 Cash value of life insurance 12,887 — — 12,887 Financial liabilities: Deposits 398,713 210,597 — 194,885 Advance payments by borrowers for taxes and insurance 9,139 9,139 — — Federal Home Loan Bank advances 12,642 — — 12,801 Accrued interest payable 575 575 — — 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- off-balance-sheet 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 | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Equity and Regulatory Matters | NOTE 15 – 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 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 June 30, 2019 and December 31, 2018. As of June 30, 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: June 30, 2019 Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Leverage (Tier 1) $ 45,134 9.5% $ 19,009 4.0% $ 23,762 5.0% Risk-based: Common Tier 1 45,134 12.6% 16,173 4.5% 23,361 6.5% Tier 1 45,134 12.6% 21,564 6.0% 28,752 8.0% Total 48,321 13.4% 28,752 8.0% 35,939 10.0% December 31, 2018 Actual For Capital Adequacy To Be Well Capitalized 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 | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 16 – EARNINGS PER SHARE Earnings per common share for the three months and six months ended June 30, 2019 are presented in the following table. Earnings per common share for the three months and six months ended June 30, 2018 are not presented as the Company’s initial public offering was completed on January 8, 2019. Three months ended Six months ended Net loss $ (9 ) $ (480 ) Shares outstanding for basic EPS Average shares outstanding 4,877 4,877 Less: Average unallocated ESOP shares 176 176 Subtotal 4,701 4,701 Additional dilutive shares — — Shares outstanding for basic and dilutive EPS 4,701 4,701 Basic and diluted loss per share $ (0.00 ) $ (0.10 ) |
Securities Available-for-sale (
Securities Available-for-sale (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 Amortized Gross Gross Fair (in thousands) Obligations of states and political subdivisions $ 9,421 $ 67 $ (20 ) $ 9,468 Government-sponsored mortgage-backed securities 54,169 380 (542 ) 54,007 Corporate collateralized mortgage obligations 346 7 — 353 Asset-backed securities 2,926 4 (4 ) 2,926 Certificates of deposit 1,707 5 (1 ) 1,711 Total $ 68,569 $ 463 $ (567 ) $ 68,465 December 31, 2018 Amortized Gross Gross Fair (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, June 30, 2019 Amortized Fair (in thousands) Debt and other securities: Due in one year or less $ 374 $ 374 Due after one through 5 years 8,297 8,319 Due after 5 through 10 years 2,457 2,486 Due after 10 years — — Mortgage-related securities 54,515 54,360 Asset-backed securities 2,926 2,926 Total $ 68,569 $ 68,465 |
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 June 30, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) Obligations of states and political subdivisions $ — $ — $ 5,018 $ (20 ) $ 5,018 $ (20 ) Government-sponsored mortgage-backed securities 1 — 30,112 (542 ) 30,113 (542 ) Asset-backed securities 893 (4 ) — — 893 (4 ) Certificates of deposit 249 (1 ) 249 — 498 (1 ) Total $ 1,143 $ (5 ) $ 35,379 $ (562 ) $ 36,522 $ (567 ) December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (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, Three Months ended June 30, Six Months ended 2019 2018 2019 2018 (in thousands) (in thousands) Proceeds from sales of securities available-for-sale $ — $ 4,875 $ — $ 14,392 Gross realized gains — 46 — 137 Gross realized losses — — — 70 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Major Classifications of Loans | Major classifications of loans are summarized as follows: June 30, December 31, (in thousands) Commercial: Real estate $ 190,173 $ 191,645 Land development 1,851 2,187 Other 38,546 30,508 Residential real estate: First mortgages 73,206 108,084 Construction 3,669 2,097 Consumer: Home equity and lines of credit 34,016 36,154 Other 1,763 1,914 Subtotal 343,224 372,589 Net deferred loan costs 394 503 Allowance for loan losses (3,187 ) (3,262 ) Loans, net $ 340,431 $ 369,830 |
Schedule of Analysis of Past due Loans | An analysis of past due loans is presented below: June 30, 2019 30-89 Days 90 Days or Total Past Current Total Loans (in thousands) Commercial: Real estate $ — $ — $ — $ 190,173 $ 190,173 Land development — — — 1,851 1,851 Other — — — 38,546 38,546 Residential real estate: First mortgages 399 491 890 72,316 73,206 Construction — — — 3,669 3,669 Consumer: Home equity and lines of credit 42 35 77 33,939 34,016 Other 1 — 1 1,762 1,763 Total $ 442 $ 526 $ 968 $ 342,256 $ 343,224 December 31, 2018 30-89 Days 90 Days or Total Past 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 and six months ended June 30, 2019 and 2018 is presented below: Commercial Residential Consumer Total (in thousands) Three months ended June 30, 2019 Allowance for loan losses Beginning balance $ 1,644 $ 1,213 $ 569 $ 3,426 Provision for loan losses — — — — Loans charged-off (214 ) (46 ) (4 ) (264 ) Recoveries 15 5 5 25 Ending balance $ 1,445 $ 1,172 $ 570 $ 3,187 Three months ended June 30, 2018 Allowance for loan losses Beginning balance $ 1,372 $ 1,246 $ 485 $ 3,103 Provision for loan losses — — — — Loans charged-off — — (29 ) (29 ) Recoveries 9 3 6 18 Ending balance $ 1,381 $ 1,249 $ 462 $ 3,092 Commercial Residential Consumer Total (in thousands) Six months ended June 30, 2019 Allowance for loan losses Beginning balance $ 1,448 $ 1,250 $ 564 $ 3,262 Provision for loan losses — — — — Loans charged-off (214 ) (83 ) (5 ) (302 ) Recoveries 211 5 11 227 Ending balance $ 1,445 $ 1,172 $ 570 $ 3,187 Six months ended June 30, 2018 Allowance for loan losses Beginning balance $ 1,369 $ 1,246 $ 478 $ 3,093 Provision for loan losses — — — — Loans charged-off — — (34 ) (34 ) Recoveries 12 3 18 33 Ending balance $ 1,381 $ 1,249 $ 462 $ 3,092 |
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: June 30, 2019 Commercial Residential Consumer Total (in thousands) Loans: Individually evaluated for impairment $ 386 $ 1,046 $ 60 $ 1,492 Collectively evaluated for impairment 230,184 75,829 35,719 341,732 Total loans $ 230,570 $ 76,875 $ 35,779 $ 343,224 Allowance for loan losses: Individually evaluated for impairment $ — $ — $ 31 $ 31 Collectively evaluated for impairment 1,445 1,172 539 3,156 Total allowance for loan losses $ 1,445 $ 1,172 $ 570 $ 3,187 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: June 30, 2019 Pass Watch and Substandard Total (in thousands) Commercial: Real estate $ 184,168 $ 5,632 $ 373 $ 190,173 Land development 176 1,675 — 1,851 Other 35,142 3,158 246 38,546 Total $ 219,486 $ 10,465 $ 619 $ 230,570 December 31, 2018 Pass Watch and 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: June 30, 2019 Performing Non Total (in thousands) Residential real estate: First mortgages $ 71,902 $ 1,304 $ 73,206 Construction 3,669 — 3,669 Consumer: Home equity and lines of credit 33,799 217 34,016 Other 1,763 — 1,763 Total $ 111,133 $ 1,521 $ 112,654 December 31, 2018 Performing Non 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 Six Months Ended June 30, 2019 Recorded Unpaid Reserve Average Interest (in thousands) Impaired loans with reserve: Commercial: Real estate $ — $ — $ — $ — $ — Land development — — — — — Other — — — — — Residential real estate: First mortgages — — — 76 — Construction — — — — — Consumer: Home equity and lines of credit 31 31 31 10 — Other — — — — — Total impaired loans with reserve 31 31 31 86 — Impaired loans with no reserve: Commercial: Real estate 140 140 NA 585 15 Land development — — NA 253 — Other 246 254 NA 210 6 Residential real estate: First mortgages 1,046 1,362 NA 1,060 9 Construction — — NA — — Consumer: Home equity and lines of credit 29 56 NA 30 — Other — — NA — — Total impaired loans with no reserve 1,461 1,812 NA 2,138 30 Total impaired loans $ 1,492 $ 1,843 $ 31 $ 2,224 $ 30 As of and for the Year Ended December 31, 2018 Recorded Unpaid Reserve Average Interest (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: June 30, December 31, (in thousands) Nonaccrual loans, other than troubled debt restructurings $ 908 $ 906 Nonaccrual loans, troubled debt restructurings 622 649 Total nonperforming loans (NPLs) $ 1,530 $ 1,555 Restructured loans, accruing $ 453 $ 459 |
Summary of Information Regarding Non-accrual Loans | Information on non-accrual June 30, December 31, (in thousands) Commercial: Real estate $ — $ — Land development — 303 Other 9 16 Residential real estate: First mortgages 1,304 1,066 Construction — — Consumer: Home equity and lines of credit 217 170 Other — — Total non-accrual $ 1,530 $ 1,555 Total non-accrual 0.45 % 0.42 % Total non-accrual 0.32 % 0.32 % |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
ForeclosedAssetsAbstract [Abstract] | |
Schedule of Foreclosed assets table text block | Foreclosed assets are summarized as follows: June 30, December 31, (in thousands) Commercial: Real estate $ — $ — Land development — — Other 90 — Residential real estate: First mortgages 44 — Construction — — Consumer: Home equity and lines of credit — — Other — — Total foreclosed assets $ 134 $ — |
Schedule of no valuation allowance foreclosed assets table text block | A summary of the Bank’s foreclosed assets is presented below. Six Months Ended June 30, 2019 2018 (in thousands) Foreclosed assets, beginning of period $ — $ — Loans receivable transferred 134 — Sales, net of gain/loss — — Write downs — — Other — — Foreclosed assets, end of period $ 134 $ — |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Three Months Ended June 30, 2019 2018 2019 2018 (dollars in thousands) Mortgage servicing rights beginning balance $ 2,117 $ 2,189 $ 2,103 $ 2,270 Additions 250 49 329 81 Amortization (104 ) (75 ) (169 ) (188 ) Mortgage servicing rights ending balance $ 2,263 $ 2,163 $ 2,263 $ 2,163 Fair value at beginning of period $ 3,386 $ 3,109 $ 3,371 $ 3,158 Fair value at end of period $ 2,891 $ 3,008 $ 2,891 $ 3,008 |
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 June 30, 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 June 30, 2019: (in thousands) 2019 $ 478 2020 449 2021 418 2022 389 2023 356 Thereafter 173 Total $ 2,263 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits is summarized below: June 30, December 31, (in thousands) Non-interest $ 58,362 $ 85,988 Interest bearing checking 25,480 25,556 Money market 69,132 59,071 Statement savings 51,162 53,245 Certificates of deposit 194,577 182,277 Total $ 398,713 $ 406,137 |
Scheduled Maturities of Certificates of Deposit | The scheduled maturities of certificates of deposit are presented below: June 30, 2019 (in thousands) 2019 $ 76,608 2020 101,065 2021 14,358 2022 1,606 2023 607 Thereafter 333 Total $ 194,577 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Summary of Federal Home Loan Bank Advances | Federal Home Loan Bank advances consist of the following: June 30, 2019 December 31, 2018 Rate Amount Rate Amount (dollars in thousands) Open line of credit —% $ — 2.61% $ 5,350 Fixed rate, fixed term advances 1.41% to 1.50% 12,000 1.13% to 1.50% 24,000 Advance structured note, payments due monthly, maturing February 2030 7.47% 642 7.47% 660 Total $ 12,642 $ 30,010 |
Schedule of Maturities of Federal Home Loan Bank Advances | The scheduled maturities of Federal Home Loan Bank advances are presented below: June 30, 2019 Weighted Amount (dollars in thousands) 2019 1.53% $ 5,038 2020 7.47% 41 2021 1.45% 7,044 2022 7.47% 47 2023 7.47% 51 Thereafter 7.47% 421 Total $ 12,642 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 Fixed Rate Variable Rate Total (in thousands) Commitments to extend credit $ 23,004 $ 39,058 $ 62,062 Standby letters of credit — 23 23 Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program 725 — 725 Commitments to sell loans 16,660 — 16,660 Overdraft protection program commitments 3,811 — 3,811 Total $ 44,200 $ 39,081 $ 83,281 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 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Table) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures | The following table provides the allocated and unallocated shares of common stock associated with the ESOP. June 30, (dollars in Shares committed to be released 3,511 Total unallocated shares 172,017 Total ESOP shares 175,528 Fair value of unallocated shares $ 1,612 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, (in thousands) Beginning balance $ 1,289 $ 1,477 New loans 340 62 Repayments (250 ) (250 ) Ending balance $ 1,379 $ 1,289 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 Level 1 Level 2 Level 3 (in thousands) Securities available-for-sale: Obligations of states and political subdivisions $ 9,468 $ — $ 9,468 $ — Government-sponsored mortgage-backed securities 54,007 — 54,007 — Corporate collateralized mortgage obligations 353 — 353 — Asset-backed securities 2,926 — 2,926 — Certificates of deposit 1,711 — 1,711 — Total $ 68,465 $ — $ 68,465 $ — Recurring Fair Value 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. Nonrecurring Fair Value June 30, 2019 Level 1 Level 2 Level 3 (in thousands) Loans $ — $ — $ — $ — Foreclosed assets 134 — — 134 Total $ 134 $ — $ — $ 134 Nonrecurring Fair Value 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: June 30, 2019 Fair Value Valuation Significant Range/ (dollars in thousands) Impaired loans $ — Market and/or income approach Management discount to appraised rates 10-20% Foreclosed assets $ 134 Market and/or income approach Management discount to appraised rates 10-20% December 31, 2018 Fair Value Valuation Significant Range/ (dollars in thousands) Impaired loans $ 85 Market and/or income approach Management discount to appraised rates 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: June 30, 2019 Carrying Value Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and cash equivalents $ 36,160 $ 36,160 $ — $ — Available for sale securities 68,465 — 68,465 — Loans held for sale 3,616 — 3,616 — Loans 340,431 — — 341,341 Accrued interest receivable 1,120 1,120 — — Federal Home Loan Bank stock 913 — — 913 Cash value of life insurance 12,887 — — 12,887 Financial liabilities: Deposits 398,713 210,597 — 194,885 Advance payments by borrowers for taxes and insurance 9,139 9,139 — — Federal Home Loan Bank advances 12,642 — — 12,801 Accrued interest payable 575 575 — — 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) | 6 Months Ended |
Jun. 30, 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: June 30, 2019 Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Leverage (Tier 1) $ 45,134 9.5% $ 19,009 4.0% $ 23,762 5.0% Risk-based: Common Tier 1 45,134 12.6% 16,173 4.5% 23,361 6.5% Tier 1 45,134 12.6% 21,564 6.0% 28,752 8.0% Total 48,321 13.4% 28,752 8.0% 35,939 10.0% December 31, 2018 Actual For Capital Adequacy To Be Well Capitalized 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) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Earnings per common share for the three months and six months ended June 30, 2018 are not presented as the Company’s initial public offering was completed on January 8, 2019. Three months ended Six months ended Net loss $ (9 ) $ (480 ) Shares outstanding for basic EPS Average shares outstanding 4,877 4,877 Less: Average unallocated ESOP shares 176 176 Subtotal 4,701 4,701 Additional dilutive shares — — Shares outstanding for basic and dilutive EPS 4,701 4,701 Basic and diluted loss per share $ (0.00 ) $ (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 | 6 Months Ended |
Sep. 05, 2018 | Jun. 30, 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 | $ 20,029 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | $ 68,569 | $ 67,900 |
Securities Available for Sale, Gross Unrealized Gains | 463 | 32 |
Securities Available for Sale, Gross Unrealized Losses | (567) | (2,201) |
Securities Available for Sale, Fair Value | 68,465 | 65,731 |
Obligations of States and Political Subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 9,421 | 11,348 |
Securities Available for Sale, Gross Unrealized Gains | 67 | 25 |
Securities Available for Sale, Gross Unrealized Losses | (20) | (204) |
Securities Available for Sale, Fair Value | 9,468 | 11,169 |
Government-sponsored Mortgage-backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 54,169 | 52,363 |
Securities Available for Sale, Gross Unrealized Gains | 380 | 4 |
Securities Available for Sale, Gross Unrealized Losses | (542) | (1,992) |
Securities Available for Sale, Fair Value | 54,007 | 50,375 |
Corporate Collateralized Mortgage Obligations [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 346 | 410 |
Securities Available for Sale, Gross Unrealized Gains | 7 | 1 |
Securities Available for Sale, Gross Unrealized Losses | (1) | |
Securities Available for Sale, Fair Value | 353 | 410 |
Asset-backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 2,926 | 3,530 |
Securities Available for Sale, Gross Unrealized Gains | 4 | 2 |
Securities Available for Sale, Gross Unrealized Losses | (4) | (1) |
Securities Available for Sale, Fair Value | 2,926 | 3,531 |
Certificates of Deposit [Member] | ||
Marketable Securities [Line Items] | ||
Securities Available for Sale, Amortized Cost | 1,707 | 249 |
Securities Available for Sale, Gross Unrealized Gains | 5 | |
Securities Available for Sale, Gross Unrealized Losses | (1) | (3) |
Securities Available for Sale, Fair Value | $ 1,711 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less | $ 374 | |
Due after one through 5 years | 8,319 | |
Due after 5 through 10 years | 2,486 | |
Due after 10 years | 0 | |
Total | 68,465 | $ 65,731 |
Due in one year or less | 374 | |
Due after one through 5 years | 8,297 | |
Due after 5 through 10 years | 2,457 | |
Due after 10 years | 0 | |
Total | 68,569 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 54,360 | |
Amortized Cost | 54,515 | |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 2,926 | |
Amortized Cost | $ 2,926 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 1,143 | $ 2,613 |
Unrealized Loss | (5) | (6) |
Fair Value | 35,379 | 56,851 |
Unrealized Loss | (562) | (2,195) |
Fair Value | 36,522 | 59,464 |
Unrealized Loss | (567) | (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 | 5,018 | 6,909 |
Unrealized Loss | (20) | (199) |
Fair Value | 5,018 | 8,476 |
Unrealized Loss | (20) | (204) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 1 | 29 |
Fair Value | 30,112 | 49,549 |
Unrealized Loss | (542) | (1,992) |
Fair Value | 30,113 | 49,578 |
Unrealized Loss | (542) | (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 | 893 | 813 |
Unrealized Loss | (4) | (1) |
Fair Value | 893 | 813 |
Unrealized Loss | (4) | (1) |
Certificates of Deposit [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 249 | |
Unrealized Loss | (1) | |
Fair Value | 249 | 246 |
Unrealized Loss | (3) | |
Fair Value | 498 | 246 |
Unrealized Loss | $ (1) | $ (3) |
Securities Available for Sale_3
Securities Available for Sale - Additional Information (Detail) - DebtInstrument | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized losses | 33 | 59 |
Percentage of depreciation from amortized cost bases | 1.50% | 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) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of securities available-for-sale | $ 4,875 | $ 14,392 |
Gross realized gains | $ 46 | 137 |
Gross realized losses | $ 70 |
Loans - Summary of Major Classi
Loans - Summary of Major Classifications of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | $ 343,224 | $ 372,589 | ||||
Net deferred loan costs | 394 | 503 | ||||
Allowance for loan and lease losses | (3,187) | $ (3,426) | (3,262) | $ (3,092) | $ (3,103) | $ (3,093) |
Loans, net | 340,431 | 369,830 | ||||
Commercial [Member] | Real Estate [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 190,173 | 191,645 | ||||
Commercial [Member] | Land [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 1,851 | 2,187 | ||||
Commercial [Member] | Other Commercial Loan [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 38,546 | 30,508 | ||||
Residential Real Estate [Member] | First Mortgage [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 73,206 | 108,084 | ||||
Residential Real Estate [Member] | Construction Loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 3,669 | 2,097 | ||||
Consumer [Member] | Other Consumer Loan [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | 1,763 | 1,914 | ||||
Consumer [Member] | Home Equity Lines Of Credit [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans, gross | $ 34,016 | $ 36,154 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Loans 90 days or more past due and accruing interest | $ 0 | $ 0 | $ 0 | ||
Internal risk ratings of loans | 343,224,000 | 343,224,000 | 372,589,000 | ||
Additional committed impared loans | 0 | 0 | 0 | ||
Loans modified as troubled debt restructurings | 0 | $ 0 | 0 | $ 0 | |
Troubled debt restructurings within past twelve months for which there was a default | 0 | $ 0 | 0 | $ 0 | |
Doubtful [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Internal risk ratings of loans | $ 0 | 0 | 0 | ||
Other Financial Institutions [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Participation loans transferred | $ 60,357,000 | $ 61,328,000 |
Loans - Schedule of Analysis of
Loans - Schedule of Analysis of Past due Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | $ 968 | $ 2,094 |
Current Loans | 342,256 | 370,495 |
Total Loans | 343,224 | 372,589 |
Commercial Real Estate [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Current Loans | 190,173 | 191,645 |
Total Loans | 190,173 | 191,645 |
Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 0 | 303 |
Current Loans | 1,851 | 1,884 |
Total Loans | 1,851 | 2,187 |
Commercial Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Current Loans | 38,546 | 30,508 |
Total Loans | 38,546 | 30,508 |
Residential Real Estate First Mortgages [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 890 | 1,561 |
Current Loans | 72,316 | 106,523 |
Total Loans | 73,206 | 108,084 |
Residential Real Estate Construction [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Current Loans | 3,669 | 2,097 |
Total Loans | 3,669 | 2,097 |
Consumer Home Equity and Lines of Credit [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 77 | 228 |
Current Loans | 33,939 | 35,926 |
Total Loans | 34,016 | 36,154 |
Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 1 | 2 |
Current Loans | 1,762 | 1,912 |
Total Loans | 1,763 | 1,914 |
Loans Past Due 30-89 Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 442 | 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 | 399 | 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 | 42 | 215 |
Loans Past Due 30-89 Days [Member] | Consumer Other [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 1 | 2 |
Loans Past Due 90+ Days [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 526 | 407 |
Loans Past Due 90+ Days [Member] | Commercial Land Development [Member] | ||
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items] | ||
Past Due | 0 | 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 | 491 | 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 3,426 | $ 3,103 | $ 3,262 | $ 3,093 |
Loans charged-off | (264) | (29) | (302) | (34) |
Recoveries | 25 | 18 | 227 | 33 |
Ending balance | 3,187 | 3,092 | 3,187 | 3,092 |
Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | 1,644 | 1,372 | 1,448 | 1,369 |
Loans charged-off | (214) | (214) | ||
Recoveries | 15 | 9 | 211 | 12 |
Ending balance | 1,445 | 1,381 | 1,445 | 1,381 |
Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | 1,213 | 1,246 | 1,250 | 1,246 |
Loans charged-off | (46) | (83) | ||
Recoveries | 5 | 3 | 5 | 3 |
Ending balance | 1,172 | 1,249 | 1,172 | 1,249 |
Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | 569 | 485 | 564 | 478 |
Loans charged-off | (4) | (29) | (5) | (34) |
Recoveries | 5 | 6 | 11 | 18 |
Ending balance | $ 570 | $ 462 | $ 570 | $ 462 |
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 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | $ 1,492 | $ 2,377 | ||||
Collectively evaluated for impairment | 341,732 | 370,212 | ||||
Total loans | 343,224 | 372,589 | ||||
Individually evaluated for impairment | 31 | 12 | ||||
Collectively evaluated for impairment | 3,156 | 3,250 | ||||
Total allowance for loan losses | 3,187 | $ 3,426 | 3,262 | $ 3,092 | $ 3,103 | $ 3,093 |
Commercial [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | 386 | 1,165 | ||||
Collectively evaluated for impairment | 230,184 | 223,175 | ||||
Total loans | 230,570 | 224,340 | ||||
Collectively evaluated for impairment | 1,445 | 1,448 | ||||
Total allowance for loan losses | 1,445 | 1,644 | 1,448 | 1,381 | 1,372 | 1,369 |
Residential [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | 1,046 | 1,176 | ||||
Collectively evaluated for impairment | 75,829 | 109,005 | ||||
Total loans | 76,875 | 110,181 | ||||
Individually evaluated for impairment | 6 | |||||
Collectively evaluated for impairment | 1,172 | 1,244 | ||||
Total allowance for loan losses | 1,172 | 1,213 | 1,250 | 1,249 | 1,246 | 1,246 |
Consumer [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Individually evaluated for impairment | 60 | 36 | ||||
Collectively evaluated for impairment | 35,719 | 38,032 | ||||
Total loans | 35,779 | 38,068 | ||||
Individually evaluated for impairment | 31 | 6 | ||||
Collectively evaluated for impairment | 539 | 558 | ||||
Total allowance for loan losses | $ 570 | $ 569 | $ 564 | $ 462 | $ 485 | $ 478 |
Loans - Summary of Internal Ris
Loans - Summary of Internal Risk Ratings of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 343,224 | $ 372,589 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 190,173 | 191,645 |
Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,851 | 2,187 |
Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 38,546 | 30,508 |
Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 230,570 | 224,340 |
Internal Credit Risk Rating [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 190,173 | 191,645 |
Internal Credit Risk Rating [Member] | Commercial Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,851 | 2,187 |
Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 38,546 | 30,508 |
Pass [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 219,486 | 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 | 184,168 | 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 | 176 | 158 |
Pass [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 35,142 | 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 | 10,465 | 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 | 5,632 | 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 | 1,675 | 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 | 3,158 | 4,408 |
Substandard [Member] | Internal Credit Risk Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 619 | 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 | 373 | 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 | |
Substandard [Member] | Internal Credit Risk Rating [Member] | Commercial Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 246 | $ 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | $ 343,224 | $ 372,589 |
Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 112,654 | 148,249 |
Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 73,206 | 108,084 |
Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 3,669 | 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 | 34,016 | 36,154 |
Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,763 | 1,914 |
Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 111,133 | 147,013 |
Performing [Member] | Credit Quality [Member] | Residential First Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 71,902 | 107,018 |
Performing [Member] | Credit Quality [Member] | Residential Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 3,669 | 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 | 33,799 | 35,984 |
Performing [Member] | Credit Quality [Member] | Consumer Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,763 | 1,914 |
Non Performing [Member] | Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable gross carrying amount | 1,521 | 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 | 1,304 | 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 | $ 217 | $ 170 |
Loans - Summary of Informatio_2
Loans - Summary of Information Regarding Impaired Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 31 | $ 97 |
Recorded Investment | 1,492 | 2,377 |
Unpaid Principal | 31 | 97 |
Principal Balance | 1,843 | 2,693 |
Reserve | 31 | 12 |
Average Investment | 86 | 278 |
Average Investment | 2,224 | 2,552 |
Interest Recognized | 3 | |
Interest Recognized | 30 | 70 |
Recorded Investment | 1,461 | 2,280 |
Principal Balance | 1,812 | 2,596 |
Related Allowance | 31 | 12 |
Average Investment | 2,138 | 2,274 |
Interest Recognized | 30 | 67 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 140 | 701 |
Principal Balance | 140 | 701 |
Average Investment | 585 | 658 |
Interest Recognized | 15 | 40 |
Commercial Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 303 | |
Principal Balance | 303 | |
Average Investment | 253 | 303 |
Commercial Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 246 | 161 |
Principal Balance | 254 | 161 |
Average Investment | 210 | 46 |
Interest Recognized | 6 | 2 |
Residential real estate and consumer First mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 91 | |
Unpaid Principal | 91 | |
Reserve | 6 | |
Average Investment | 76 | 154 |
Interest Recognized | 3 | |
Recorded Investment | 1,046 | 1,085 |
Principal Balance | 1,362 | 1,375 |
Average Investment | 1,060 | 1,235 |
Interest Recognized | 9 | 25 |
Consumer Home Equity and Lines of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 31 | 6 |
Unpaid Principal | 31 | 6 |
Reserve | 31 | 6 |
Average Investment | 10 | 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Nonaccrual loans, other than troubled debt restructurings | $ 908 | $ 906 |
Total nonperforming loans (NPLs) | 1,530 | 1,555 |
Accruing Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | 453 | 459 |
Non Accruing Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Restructured loans | $ 622 | $ 649 |
Loans - Summary of Informatio_3
Loans - Summary of Information on Non-accrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 1,530 | $ 1,555 |
Total non-accrual loans to total loans | 0.45% | 0.42% |
Total non-accrual loans to total assets | 0.32% | 0.32% |
Commercial Land [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 303 | |
Commercial Loan Other [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 9 | 16 |
Residential Real Estate First Mortgages [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | 1,304 | 1,066 |
Consumer Home Equity and Lines of Credit [Member] | ||
Non Performing Loans [Line Items] | ||
Total non-accrual loans | $ 217 | $ 170 |
Foreclosed Assets - Additional
Foreclosed Assets - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Loans Member [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Foreclosure Assets In Process | $ 0 | $ 0 |
Foreclosed Assets - Schedule of
Foreclosed Assets - Schedule of Foreclosed assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets | $ 134 | $ 0 |
Commercial other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets | 90 | |
Residential First Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Foreclosed assets | $ 44 |
Foreclosed Assets - Schedule _2
Foreclosed Assets - Schedule of no valuation allowance foreclosed assets (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
ForeclosedAssetsAbstract [Abstract] | |
Foreclosed assets, beginning of period | $ 0 |
Loans receivable transferred | 134 |
Foreclosed assets, end of period | $ 134 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Unpaid principal balance of mortgage loans serviced for others | $ 348,945 | $ 332,515 |
Minimum [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Discount rates used in valuation model | 10.00% | |
Prepayment speeds used in valuation model | 9.50% | |
Maximum [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Discount rates used in valuation model | 13.50% | |
Prepayment speeds used in valuation model | 42.80% |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||||
Mortgage servicing rights beginning balance | $ 2,117 | $ 2,189 | $ 2,103 | $ 2,270 |
Additions | 250 | 49 | 329 | 81 |
Amortization | (104) | (75) | (169) | (188) |
Mortgage servicing rights ending balance | 2,263 | 2,163 | 2,263 | 2,163 |
Fair value at beginning of period | 3,386 | 3,109 | 3,371 | 3,158 |
Fair value at end of period | $ 2,891 | $ 3,008 | $ 2,891 | $ 3,008 |
Mortgage Servicing Rights - S_2
Mortgage Servicing Rights - Summary of Estimated Future Amortization Expense for Mortgage Servicing Rights (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2019 | $ 478 |
2020 | 449 |
2021 | 418 |
2022 | 389 |
2023 | 356 |
Thereafter | 173 |
Total | $ 2,263 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Non-interest bearing checking | $ 58,362 | $ 85,988 |
Interest bearing checking | 25,480 | 25,556 |
Money market | 69,132 | 59,071 |
Statement savings | 51,162 | 53,245 |
Certificates of deposit | 194,577 | 182,277 |
Total | $ 398,713 | $ 406,137 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2019 | $ 76,608 |
2020 | 101,065 |
2021 | 14,358 |
2022 | 1,606 |
2023 | 607 |
Thereafter | 333 |
Total | $ 194,577 |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Certificates of deposit federally insured | $ 250 | $ 250 |
Certificates of deposit with balances of $250 or more | $ 18,549 | $ 12,787 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Summary of Federal Home Loan Bank Advances (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank Advances total | $ 12,642 | $ 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 | $ 12,000 | $ 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 | $ 642 | $ 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 | 1.41% | 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 | Jun. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value [Abstract] | ||
2019 | 1.53% | |
2020 | 7.47% | |
2021 | 1.45% | |
2022 | 7.47% | |
2023 | 7.47% | |
Thereafter | 7.47% | |
2019 | $ 5,038 | |
2020 | 41 | |
2021 | 7,044 | |
2022 | 47 | |
2023 | 51 | |
Thereafter | 421 | |
Total | $ 12,642 | $ 30,010 |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 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 value of 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 | $ 150,505,000 | $ 151,708,000 |
Federal Home Loan Bank stock held | 913,000 | 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retirement Benefits [Abstract] | ||||
Matching contributions | $ 85 | $ 74 | $ 174 | $ 159 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Expense (Benefit) | $ (93) | $ (207) | $ (302) | $ (194) |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Contractual Amounts of Off-balance Sheet Credit Related Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 83,281 | $ 67,669 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 62,062 | 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 | 725 | 612 |
Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 16,660 | 6,617 |
Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,811 | 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 | 44,200 | 30,378 |
Fixed Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 23,004 | 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 | 725 | 612 |
Fixed Rate [Member] | Commitments to Sell Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 16,660 | 6,617 |
Fixed Rate [Member] | Overdraft Protection Program Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 3,811 | 3,894 |
Variable Rate [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 39,081 | 37,291 |
Variable Rate [Member] | Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 39,058 | 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 ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Commitments | $ 3,806,000 | $ 1,882,000 |
Other commitments | $ 0 | $ 0 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Employee Stock Ownership Plan (ESOP) Disclosures (Detail) shares in Thousands, $ in Thousands | Jun. 30, 2019USD ($)shares |
Shares committed to be released | 3,511 |
Total unallocated shares | 172,017 |
Total ESOP shares | 175,528 |
Fair value of unallocated shares | $ | $ 1,612 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
ESOP Purchased | 175,528 | |
Compensation Expense | $ 17 | $ 33 |
Fair Value of Unallocated Shares Of ESOP Share Price | $ 9.37 | |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 1,289 | $ 1,477 |
New loans | 340 | 62 |
Repayments | (250) | (250) |
Ending balance | $ 1,379 | $ 1,289 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Fees paid to law firms | $ 9 | $ 8 | $ 21 | $ 21 | |
Directors, Executive Officers and Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Deposits from directors, executive officers and affiliates | $ 1,242 | $ 1,242 | $ 938 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 68,465 | $ 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 | 9,468 | 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 | 54,007 | 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 | 353 | 410 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 2,926 | 3,531 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,711 | 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 | 68,465 | 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 | 9,468 | 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 | 54,007 | 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 | 353 | 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 | 2,926 | 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 | $ 1,711 | $ 246 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Assets Measured at Fair Value on a Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 85 | |
Foreclosed assets | $ 134 | |
Total | 134 | |
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 | |
Foreclosed assets | 134 | |
Total | $ 134 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Quantitative Information about Nonrecurring Level 3 Fair Value Measurements (Detail) $ in Thousands | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 85 | |
Foreclosed assets | $ 134 | |
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] | Minimum [Member] | Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 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 |
Appraisals [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | Foreclosed Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 20 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Values and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Available for sale securities | $ 68,465 | $ 65,731 |
Loans | 340,431 | 369,830 |
Accrued interest receivable | 1,120 | 1,106 |
Federal Home Loan Bank stock | 913 | 1,261 |
Cash value of life insurance | 12,887 | 13,400 |
Financial liabilities: | ||
Deposits | 398,713 | 406,137 |
Advance payments by borrowers for taxes and insurance | 9,139 | 1,240 |
Federal Home Loan Bank advances | 12,642 | 30,010 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 36,160 | 7,923 |
Accrued interest receivable | 1,120 | 1,106 |
Financial liabilities: | ||
Deposits | 210,597 | 223,860 |
Advance payments by borrowers for taxes and insurance | 9,139 | 1,240 |
Accrued interest payable | 575 | 372 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Available for sale securities | 68,465 | 65,731 |
Loans held for sale | 3,616 | 771 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans | 341,341 | 362,233 |
Federal Home Loan Bank stock | 913 | 1,261 |
Cash value of life insurance | 12,887 | 13,400 |
Financial liabilities: | ||
Deposits | 194,885 | 180,703 |
Federal Home Loan Bank advances | 12,801 | 29,499 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 36,160 | 7,923 |
Available for sale securities | 68,465 | 65,731 |
Loans held for sale | 3,616 | 771 |
Loans | 340,431 | 369,830 |
Accrued interest receivable | 1,120 | 1,106 |
Federal Home Loan Bank stock | 913 | 1,261 |
Cash value of life insurance | 12,887 | 13,400 |
Financial liabilities: | ||
Deposits | 398,713 | 406,137 |
Advance payments by borrowers for taxes and insurance | 9,139 | 1,240 |
Federal Home Loan Bank advances | 12,642 | 30,010 |
Accrued interest payable | $ 575 | $ 372 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Impaired loans | $ 31 | $ 97 |
Recognition of valuation allowance against impaired loans | 0 | 85 |
Valuation allowance against impaired loans | 31 | 12 |
Loans carrying value transferred | 134 | |
Write down to fair value estimate | 134 | |
Bank recognise write off | 260 | |
Foreclosed assets | $ 134 | $ 0 |
Equity and Regulatory Matters -
Equity and Regulatory Matters - Schedule of Banks Actual and Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Leverage tier 1 capital actual amount | $ 45,134 | $ 35,955 |
Common Tier 1 risk based capital actual amount | 45,134 | 35,955 |
Tier 1 risk based capital actual amount | 45,134 | 35,955 |
Total risk based capital actual amount | $ 48,321 | $ 39,217 |
Leverage tier 1 capital actual ratio | 9.50% | 7.50% |
Common Tier 1 risk based capital actual ratio | 12.60% | 10.00% |
Tier 1 risk based capital actual ratio | 12.60% | 10.00% |
Total risk based capital actual ratio | 13.40% | 10.90% |
Leverage tier 1 capital for capital adequacy purposes amount | $ 19,009 | $ 19,110 |
Common tier 1 risk based capital for capital adequacy purposes amount | 16,173 | 16,153 |
Tier 1 risk based capital for capital adequacy purposes amount | 21,564 | 21,538 |
Total risk based capital for capital adequacy purposes amount | $ 28,752 | $ 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 | $ 23,762 | $ 23,887 |
Common tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 23,361 | 23,333 |
Tier 1 risk based capital to be well capitalized under prompt corrective action provisions amount | 28,752 | 28,717 |
Total risk based capital to be well capitalized under prompt corrective action provisions amount | $ 35,939 | $ 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net loss | $ (9) | $ (453) | $ (480) | $ (323) |
Shares outstanding for basic EPS | ||||
Average shares outstanding | 4,877 | 4,877 | ||
Less: Average unallocated ESOP shares | 176 | 176 | ||
Subtotal | 4,701 | 4,701 | ||
Additional dilutive shares | ||||
Shares outstanding for basic and dilutive EPS | 4,701 | 4,701 | ||
Basic and diluted loss per share | $ 0 | $ (0.10) |