Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | First Seacoast Bancorp | |
Entity Central Index Key | 0001769267 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Address, State or Province | NH | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Trading Symbol | FSEA | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common stock | |
Entity Common Stock, Shares Outstanding | 6,083,500 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 6,505 | $ 5,889 |
Interest bearing time deposits with other banks | 2,735 | 6,461 |
Securities available-for-sale, at fair value | 40,367 | 39,443 |
Federal Home Loan Bank stock | 2,445 | 3,718 |
Loans | 338,245 | 321,422 |
Less allowance for loan losses | 2,799 | 2,806 |
Net loans | 335,446 | 318,616 |
Land, building and equipment, net | 5,413 | 5,581 |
Bank-owned life insurance | 4,238 | 4,156 |
Accrued interest receivable | 1,271 | 1,164 |
Other assets | 1,894 | 2,086 |
Total assets | 400,314 | 387,114 |
Deposits: | ||
Non-interest bearing deposits | 53,845 | 42,262 |
Interest bearing deposits | 232,290 | 232,184 |
Total deposits | 286,135 | 274,446 |
Advances from Federal Home Loan Bank | 50,927 | 75,737 |
Mortgagors' tax escrow | 1,928 | 761 |
Deferred compensation liability | 1,559 | 1,547 |
Other liabilities | 2,776 | 1,896 |
Total liabilities | 343,325 | 354,387 |
Stockholders' Equity: | ||
Preferred Stock, $.01 par value, 10,000,000 and -0- shares authorized as of September 30, 2019 and December 31, 2018, respectively; none issued and outstanding as of September 30, 2019 and December 31, 2018 | ||
Common Stock, $.01 par value, 90,000,000 and -0- shares authorized as of September 30, 2019 and December 31, 2018, respectively; 6,083,500 and -0- shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively | 61 | |
Additional paid-in capital | 25,641 | |
Equity Capital | 32,970 | 33,192 |
Accumulated other comprehensive income (loss) | 642 | (465) |
Unearned compensation - ESOP 232,511 and -0- shares unallocated at September 30, 2019 and December 31, 2018, respectively | (2,325) | |
Total stockholders' equity | 56,989 | 32,727 |
Total liabilities and stockholders' equity | $ 400,314 | $ 387,114 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock par value per share | $ 0.01 | $ 0.01 |
Common stock,number of shares authorized | 90,000,000 | 0 |
Common stock,number of shares issued | 6,083,500 | 0 |
Common stock,number of shares outstanding | 6,083,500 | 0 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
ESOP,Unearned Compensation,Shares | 232,511 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 3,557 | $ 3,265 | $ 10,422 | $ 9,569 |
Interest on debt securities: | ||||
Taxable | 155 | 201 | 572 | 561 |
Non-taxable | 174 | 78 | 425 | 196 |
Total interest on debt securities | 329 | 279 | 997 | 757 |
Dividends | 35 | 61 | 154 | 164 |
Total interest and dividend income | 3,921 | 3,605 | 11,573 | 10,490 |
Interest expense: | ||||
Interest on deposits | 616 | 442 | 1,692 | 1,181 |
Interest on Federal Home Loan Bank advances | 275 | 388 | 1,295 | 1,034 |
Total interest expense | 891 | 830 | 2,987 | 2,215 |
Net interest and dividend income | 3,030 | 2,775 | 8,586 | 8,275 |
Provision for loan losses | 30 | 25 | 100 | |
Net interest income after provision for loan losses | 3,030 | 2,745 | 8,561 | 8,175 |
Noninterest income: | ||||
Customer service fees | 263 | 267 | 736 | 753 |
Gain on sale of loans | 51 | 9 | 86 | 32 |
Securities gains (losses), net | 50 | (1) | 40 | (1) |
Income from bank-owned life insurance | 23 | 32 | 82 | 90 |
Loan servicing fee income (loss) | 0 | 13 | (25) | 87 |
Investment services fees | 43 | 42 | 148 | 120 |
Other income | 14 | 11 | 38 | 33 |
Total noninterest income | 444 | 373 | 1,105 | 1,114 |
Noninterest expense: | ||||
Salaries and employee benefits | 1,919 | 1,606 | 5,444 | 4,785 |
Director compensation | 72 | 57 | 228 | 166 |
Occupancy expense | 167 | 157 | 507 | 533 |
Equipment expense | 132 | 135 | 397 | 408 |
Marketing | 536 | 133 | 783 | 383 |
Data processing | 220 | 207 | 524 | 707 |
Deposit insurance fees (credit) | (15) | 66 | 105 | 181 |
Professional fees and assessments | 194 | 139 | 437 | 411 |
Debit card fees | 41 | 56 | 116 | 122 |
Employee travel and education expenses | 62 | 61 | 181 | 186 |
Charitable Foundation expense | 758 | 758 | ||
Other expense | 221 | 166 | 618 | 495 |
Total noninterest expense | 4,307 | 2,783 | 10,098 | 8,377 |
(Loss) income before income tax (benefit) expense | (833) | 335 | (432) | 912 |
Income tax (benefit) expense | (220) | 62 | (210) | 163 |
Net (loss) income | $ (613) | $ 273 | $ (222) | $ 749 |
Earnings per share: | ||||
Basic | $ (0.13) | $ (0.14) | ||
Diluted | $ (0.13) | $ (0.14) | ||
Weighted Average Shares: | ||||
Basic | 4,833,426 | 1,628,847 | ||
Diluted | 4,833,426 | 1,628,847 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net (loss) income | $ (613) | $ 273 | $ (222) | $ 749 |
Other comprehensive income (loss), net of income taxes: | ||||
Unrealized holding gains (losses) on securities available-for-sale arising during the period net of income taxes of $90, $(106), $409 and $(309), respectively | 243 | (283) | 1,093 | (824) |
Reclassification adjustment for gains and losses and net amortization or accretion on securities available-for-sale included in net income net of income taxes of $(8), $6, $5 and $23, respectively | (23) | 17 | 14 | 62 |
Other comprehensive income (loss) | 220 | (266) | 1,107 | (762) |
Comprehensive (loss) income | $ (393) | $ 7 | $ 885 | $ (13) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized holding gains (losses) on securities available-for-sale arising during the period net of income taxes | $ 90 | $ (106) | $ 409 | $ (309) |
Reclassification adjustment for gains and losses and net amortization or accretion on securities available-for-sale included in net income net of income taxes | $ (8) | $ 6 | $ 5 | $ 23 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY CAPITAL - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Equity Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned CompensationESOP [Member] |
Beginning Balance at Dec. 31, 2017 | $ 31,898 | $ 32,112 | $ (214) | |||
Net (loss) income | 749 | 749 | ||||
Other comprehensive loss | (762) | (762) | ||||
Ending Balance at Sep. 30, 2018 | 31,885 | 32,861 | (976) | |||
Beginning Balance at Jun. 30, 2018 | 31,878 | 32,588 | (710) | |||
Net (loss) income | 273 | 273 | ||||
Other comprehensive loss | (266) | (266) | ||||
Ending Balance at Sep. 30, 2018 | 31,885 | 32,861 | (976) | |||
Beginning Balance at Dec. 31, 2018 | 32,727 | 33,192 | (465) | |||
Net (loss) income | (222) | (222) | ||||
Other comprehensive loss | 1,107 | 1,107 | ||||
Issuance of 3,345,925 shares to the mutual holding company | $ 33 | $ 33 | ||||
Issuance of 3,345,925 shares to the mutual holding company (shares) | 3,345,925 | 3,345,925 | ||||
Issuance of 2,676,740 shares in the initial public offering, net of expenses of $1,568,397 | $ 25,066 | $ 27 | $ 25,039 | |||
Issuance of 2,676,740 shares in the initial public offering, net of expenses of $1,568,397 (shares) | 2,676,740 | 2,676,740 | ||||
Issuance and contribution of 60,835 shares to the First Seacoast Community Foundation, Inc. | $ 609 | $ 1 | 608 | |||
Issuance and contribution of 60,835 shares to the First Seacoast Community Foundation, Inc. (shares) | 60,835 | 60,835 | ||||
Purchase of 238,473 shares of common stock by the ESOP | $ (2,385) | $ (2,385) | ||||
ESOP shares earned - 5,962 shares | 54 | (6) | 60 | |||
Ending Balance at Sep. 30, 2019 | 56,989 | $ 61 | 25,641 | 32,970 | 642 | (2,325) |
Ending Balance (shares) at Sep. 30, 2019 | 6,083,500 | |||||
Beginning Balance at Jun. 30, 2019 | 34,005 | 33,583 | 422 | |||
Net (loss) income | (613) | (613) | ||||
Other comprehensive loss | 220 | 220 | ||||
Issuance of 3,345,925 shares to the mutual holding company | $ 33 | $ 33 | ||||
Issuance of 3,345,925 shares to the mutual holding company (shares) | 3,345,925 | 3,345,925 | ||||
Issuance of 2,676,740 shares in the initial public offering, net of expenses of $1,568,397 | $ 25,066 | $ 27 | 25,039 | |||
Issuance of 2,676,740 shares in the initial public offering, net of expenses of $1,568,397 (shares) | 2,676,740 | 2,676,740 | ||||
Issuance and contribution of 60,835 shares to the First Seacoast Community Foundation, Inc. | $ 609 | $ 1 | 608 | |||
Issuance and contribution of 60,835 shares to the First Seacoast Community Foundation, Inc. (shares) | 60,835 | 60,835 | ||||
Purchase of 238,473 shares of common stock by the ESOP | $ (2,385) | (2,385) | ||||
ESOP shares earned - 5,962 shares | 54 | (6) | 60 | |||
Ending Balance at Sep. 30, 2019 | $ 56,989 | $ 61 | $ 25,641 | $ 32,970 | $ 642 | $ (2,325) |
Ending Balance (shares) at Sep. 30, 2019 | 6,083,500 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY CAPITAL (Parenthetical) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($)shares | Sep. 30, 2019USD ($)shares | |
Stock issued during period shares to mutual holding company | 3,345,925 | 3,345,925 |
Stock issued during period,initial public offer | 2,676,740 | 2,676,740 |
Payments of Stock Issuance Costs | $ | $ 1,568,397 | $ 1,568,397 |
Stock issued during period shares to charitable organisations | 60,835 | 60,835 |
Stock repurchased during period shares,for esop | 238,473 | 238,473 |
Number of shares commited to be released each year,esop | 5,962 | 5,962 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (222) | $ 749 |
Adjustments to reconcile net (loss) income to net cash provided (used) by operating activities: | ||
ESOP expense | 54 | |
Depreciation | 397 | 408 |
Net amortization of bond premium | 59 | 85 |
Contribution of stock to charitable foundation | 608 | |
Provision for loan losses | 25 | 100 |
Gain on sale of loans | (86) | (32) |
Securities (gains) losses, net | (40) | 1 |
Proceeds from loans held for sale | 5,269 | 3,409 |
Origination of loans held for sale | (5,183) | (3,377) |
Increase in bank-owned life insurance | (82) | (90) |
Increase in deferred fees on loans | (91) | (24) |
Deferred tax benefit | (296) | (19) |
Increase in accrued interest receivable | (107) | (144) |
Decrease (increase) in other assets | 74 | (293) |
Increase (decrease) in deferred compensation liability | 12 | (295) |
Increase (decrease) in other liabilities | 882 | (870) |
Net cash provided (used) by operating activities | 1,273 | (392) |
Cash flows from investing activities: | ||
Proceeds from sales and maturities of securities available-for-sale | 14,954 | 1,848 |
Purchase of securities available-for-sale | (14,376) | (9,665) |
Purchase of property and equipment | (229) | (125) |
Loan originations and principal collections, net | (16,765) | (12,064) |
Net redemption (purchase) of Federal Home Loan Bank stock | 1,273 | (422) |
Proceeds from sales of interest bearing time deposits with other banks | 3,726 | |
Purchase of interest bearing time deposits with other banks | (1,492) | |
Net cash used by investing activities | (11,417) | (21,920) |
Cash flows from financing activities: | ||
Net increase in NOW, demand deposits, money market and savings accounts | 9,225 | 24,203 |
Net increase in certificates of deposit | 2,464 | 2,177 |
Increase in mortgagors' escrow accounts | 1,167 | 1,283 |
Proceeds from sale of common stock, net | 25,099 | |
Common stock purchased by ESOP | (2,385) | |
Proceeds from short-term FHLB advances | 191,845 | 192,090 |
Payments on short-term FHLB advances | (216,655) | (178,070) |
Payments on long-term FHLB advances | (12,000) | |
Decrease in repurchase agreements | (6,137) | |
Net cash provided by financing activities | 10,760 | 23,546 |
Net change in cash and cash equivalents | 616 | 1,234 |
Cash and cash equivalents at beginning of period | 5,889 | 5,650 |
Cash and cash equivalents at end of period | 6,505 | 6,884 |
Cash activities: | ||
Cash paid for interest | 3,012 | 2,210 |
Cash paid for income taxes | ||
Effect of change in fair value of investments available for sale: | ||
Investment securities available-for-sale | 1,521 | (1,047) |
Deferred taxes | (414) | 285 |
Other comprehensive income (loss) | $ 1,107 | $ (762) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of First Seacoast Bancorp (the “Company”) were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim consolidated financial information, general practices within the banking industry and with instructions for Form 10-Q S-X. The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, FSB Service Corporation, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. Corporate Structure The Company is the holding company for the Bank (formerly named Federal Savings Bank). Effective July 16, 2019, pursuant to a Plan of Reorganization from Mutual Savings Bank to Mutual Holding Company and Stock Issuance Plan (the “Plan of Reorganization”), the Bank reorganized into the mutual holding company structure and the Company completed a concurrent stock offering (collectively, the “Reorganization:”). In the stock offering the Company sold a total of shares of common stock, which included shares sold to the First Seacoast Bank Employee Stock Ownership Plan (the “ESOP”), at a price of $ per share. The Company’s common stock began trading on the NASDAQ Capital Market under the symbol “FSEA” on July 17, 2019. Pursuant to the Plan of Reorganization, the Bank adopted an employee stock ownership plan (“ESOP”), which purchased 238,473 shares of common stock in the stock offering with the proceeds of a loan from the Company. As a result of the Reorganization, a total of 6,083,500 shares of common stock of the Company are issued and outstanding, of which 55% are issued to the MHC, 44% were sold to the Bank’s eligible members, the ESOP, and certain other persons in the stock offering, and 1% were contributed to the Foundation. Expenses incurred related to the offering were $1.6 million, and were deducted from the stock offering proceeds. Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Accounting Standards Adopted in 2019 As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. As a result, the Company’s consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2019, there is no significant difference in the comparability of the Company’s consolidated financial statements as a result of this extended transition period. The Company’s status as an “emerging growth company” will end on the earlier of: (i) the last day of the fiscal year of the Company during which it had total annual gross revenues of $1.07 billion (as adjusted for inflation) or more; (ii) the last day of the fiscal year of the Company following the fifth anniversary of the effective date of the Company’s initial public offering; (iii) the date on which the Company has, during the previous three-year period, issued more than $1.0 billion in non-convertible non-voting non-affiliates). In May 2014, the Financial Accounting Standards Board (“FASB”) issued amendments to Accounting Standards Codification (“ASC”) section 606, “Revenue from Contracts with Customers,” 2014-09, “Revenue from Contracts with Customers.” 2015-14, “Revenue from Contracts with Customers (Topic 606).” 2015-14 2014-09 non-public The Company adopted this ASU as of January 1, 2019 utilizing the modified retrospective approach with no cumulative effect adjustment to opening equity capital deemed to be necessary. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, non-interest The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities, as well as revenue related to our mortgage servicing activities. Descriptions of our revenue-generating activities that are within the scope of ASC 606, which are presented in our consolidated statements of income as components of non-interest • Customer service fees—these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer, debit card transaction or ATM withdrawal). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Investment service fees—these represent fees for investment advisory services which are generally based on the market values of assets under management. Assets under management totaled approximately $47.7 million and $39.1 million at September 30, 2019 (unaudited) and December 31, 2018, respectively. Our wealth management group, FSB Wealth Management, assists individuals and families in building and preserving their wealth by providing investment services. The investment management group manages portfolios utilizing a variety of investment products. This group also provides a full-service brokerage offering equities, mutual funds, life insurance, and annuity products. In January 2016 the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): 1. Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. 2. Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3. Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4. Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5. Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6. Require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7. Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale The amendments of this ASU were adopted on January 1, 2019 and did not materially impact the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ” non-public In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230): Restricted Cash. ” beginning-of-period end-of-period non-public In March 2017, the FASB issued ASU 2017-07, “ Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ” non-public Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842).” 2018-10, Codification Improvements to Topic 842, Leases,” 2016-02 2018-11, Leases (Topic 842) – Targeted Improvements,” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” available-for-sale held-to-maturity available-for-sale 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” 2019-05, “Financial Instruments—Credit Losses, Topic 326.” 2016-13 2016-13 In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ” In August 2018, the FASB issued ASU 2018-14, “ Compensation—Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20). ” non-public |
Securities Available-for-Sale
Securities Available-for-Sale | 9 Months Ended |
Sep. 30, 2019 | |
Debt Securities, Available-for-sale [Abstract] | |
Securities Available-for-Sale | 2. Securities Available-for-Sale The amortized cost and fair value of securities available-for-sale, September 30, 2019 Amortized Gross Gross Fair U.S. Government-sponsored enterprises obligations $ 13,198 $ 34 $ (5 ) $ 13,227 Residential mortgage backed securities 1,327 — (2 ) 1,325 Municipal bonds 24,962 858 (5 ) 25,815 $ 39,487 $ 892 $ (12 ) $ 40,367 December 31, 2018 Amortized Gross Gross Fair Value U.S. Government-sponsored enterprises obligations $ 24,219 $ 8 $ (500 ) $ 23,727 Residential mortgage backed securities 1,374 — (47 ) 1,327 Municipal bonds 14,490 39 (140 ) 14,389 $ 40,083 $ 47 $ (687 ) $ 39,443 The amortized cost and fair values of available-for-sale Amortized Fair Value September 30, 2019 Due after one year through five years $ 10,710 $ 10,711 Due after five years through ten years 2,990 3,019 Due after ten years 24,460 25,312 Total U.S. Government-sponsored enterprises obligations and municipal bonds 38,160 39,042 Mortgage-backed securities 1,327 1,325 $ 39,487 $ 40,367 The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2019 (unaudited) and December 31, 2018 (dollars in thousands): Less than 12 Months More than 12 Months Total Number of Fair Unrealized Number of Fair Unrealized Fair Unrealized September 30, 2019 U.S. Government-sponsored enterprises obligation s — $ — $ — 2 $ 3,995 $ (5 ) $ 3,995 $ (5 ) Residential mortgage backed securities — — — 1 1,325 (2 ) 1,325 (2 ) Municipal bonds 1 625 (5 ) — — — 625 (5 ) 1 $ 625 $ (5 ) 3 $ 5,320 $ (7 ) $ 5,945 $ (12 ) December 31, 2018 U.S. Government-sponsored enterprises obligation s 4 $ 4,937 $ (32 ) 15 $ 16,781 $ (468 ) $ 21,718 $ (500 ) Residential mortgage backed securities 1 1,327 (47 ) — — — 1,327 (47 ) Municipal bonds 13 6,014 (63 ) 9 4,051 (77 ) 10,065 (140 ) 18 $ 12,278 $ (142 ) 24 $ 20,832 $ (545 ) $ 33,110 $ (687 ) In evaluating whether the investments have suffered an other-than-temporary decline, management evaluated the amount of the decline compared to cost, the length of time and extent to which fair value has been less than cost, the underlying creditworthiness of the issuer, the fair values exhibited during the year and estimated future fair values. In general, management concluded the declines are due to coupon rates compared to market rates and current economic conditions. The Company does not intend to sell investments with unrealized losses and it is more likely than not that the Company will not be required to sell these investments before recovery of their amortized cost basis. Based on evaluations of the underlying issuers’ financial condition, current trends and economic conditions, management does not believe any securities suffered an other-than-temporary decline in value as of September 30, 2019 (unaudited) or December 31, 2018. Gross realized gains were $52,000 and $6,000 and gross realized losses were $2,000 and $7,000 for the three months ended September 30, 2019 and 2018 (unaudited), respectively. Proceeds related to these gains and losses totaled $9.9 million and $1.6 million for the three months ended September 30, 2019 and 2018 (unaudited), respectively. Gross realized gains were $62,000 and $6,000 and gross realized losses were $22,000 and $7,000 for the nine months ended September 30, 2019 and 2018 (unaudited), respectively. Proceeds related to these gains and losses totaled $15.0 million and $1.8 million for the nine months ended September 30, 2019 and 2018 (unaudited), respectively. As of September 30, 2019 (unaudited) or December 31, 2018, there were no holdings that were issued by a single state or political subdivision which comprised more than 10% of the total fair value of the Company’s available-for-sale |
Loans
Loans | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans | 3. Loans The Company’s lending activities are primarily conducted in and around Dover, New Hampshire, and in the areas surrounding its branches. The Company grants commercial real estate loans, multifamily 5+ dwelling unit loans, commercial and industrial loans, acquisition, development and land loans, 1–4 family residential loans, home equity line of credit loans and consumer loans. Most loans are collateralized by real estate. The ability and willingness of real estate, commercial and construction loan borrowers to honor their repayment commitments is generally dependent on the health of the real estate sector in the borrowers’ geographic area and the general economy. Loans consisted of the following at September 30, 2019 (unaudited) and December 31, 2018 (in thousands): September 30, December 31, Commercial real estate (CRE) $ 65,651 $ 63,853 Multifamily (MF) 4,689 4,928 Commercial and industrial (C+I) 25,327 21,990 Acquisition, development, and land (ADL) 17,977 15,580 1-4 211,405 201,759 Home equity line of credit (HELOC) 10,319 11,151 Consumer (CON) 1,920 1,295 Total loans 337,288 320,556 Net deferred loan costs 957 866 Allowance for loan losses (2,799 ) (2,806 ) Total loans, net $ 335,446 $ 318,616 Changes in the allowance for loan losses (“ALL”) for the three and nine months ended September 30, 2019 and 2018 (unaudited) by portfolio segment are summarized as follows (in thousands): CRE MF C+I ADL RES HELOC CON Unallocated Total Balance, June 30, 2019 $ 721 $ 22 $ 216 $ 82 $ 1,728 $ 54 $ 9 $ — $ 2,832 Provision for loan losses (2 ) — 190 52 (272 ) — 25 7 — Charge-offs — — (35 ) — — — (17 ) — (52 ) Recoveries — — — — 18 — 1 — 19 Balance, September 30, 2019 719 22 371 134 1,474 54 18 7 2,799 Balance, June 30, 2018 462 24 167 349 1,564 66 12 230 2,874 Provision for loan losses 3 (3 ) (14 ) (57 ) 42 (3 ) (1 ) 63 30 Charge-offs — — — — — — — — — Recoveries — — — — — — 1 — 1 Balance, September 30, 2018 $ 465 $ 21 $ 153 $ 292 $ 1,606 $ 63 $ 12 $ 293 $ 2,905 Balance, December 31, 2018 $ 559 $ 22 $ 232 $ 88 $ 1,593 $ 69 $ 7 $ 236 $ 2,806 Provision for loan losses 160 — 174 46 (137 ) (15 ) 26 (229 ) 25 Charge-offs — — (35 ) — — — (17 ) — (52 ) Recoveries — — — — 18 — 2 — 20 Balance, September 30, 2019 719 22 371 134 1,474 54 18 7 2,799 Balance, December 31, 2017 367 30 169 303 1,629 70 11 224 2,803 Provision for loan losses 98 (9 ) (16 ) (11 ) (23 ) (7 ) (1 ) 69 100 Charge-offs — — — — — — — — — Recoveries — — — — — — 2 — 2 Balance, September 30, 2018 $ 465 $ 21 $ 153 $ 292 $ 1,606 $ 63 $ 12 $ 293 $ 2,905 As of September 30, 2019 (unaudited) and December 31, 2018, information about loans and the ALL by portfolio segment are summarized below (in thousands): CRE MF C+I ADL RES HELOC CON Unallocated Total September 30, 2019 Loan Balances Individually evaluated for impairment $ 111 $ — $ 1,140 $ — $ 66 $ — $ — $ — $ 1,317 Collectively evaluated for impairment 65,540 4,689 24,187 17,977 211,339 10,319 1,920 — 335,971 Total $ 65,651 $ 4,689 $ 25,327 $ 17,977 $ 211,405 $ 10,319 $ 1,920 $ — $ 337,288 ALL related to the loans Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 719 22 371 134 1,474 54 18 7 2,799 Total $ 719 $ 22 $ 371 $ 134 $ 1,474 $ 54 $ 18 $ 7 $ 2,799 December 31, 2018 Loan Balances Individually evaluated for impairment $ 244 $ — $ 1,267 $ — $ 68 $ — $ — $ — $ 1,579 Collectively evaluated for impairment 63,609 4,928 20,723 15,580 201,691 11,151 1,295 — 318,977 Total $ 63,853 $ 4,928 $ 21,990 $ 15,580 $ 201,759 $ 11,151 $ 1,295 $ — $ 320,556 ALL related to the loans Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 559 22 232 88 1,593 69 7 236 2,806 Total $ 559 $ 22 $ 232 $ 88 $ 1,593 $ 69 $ 7 $ 236 $ 2,806 The following is an aged analysis of past due loans by portfolio segment as of September 30, 2019 (unaudited) (in thousands): 30-59 Days 60-89 Days 90 + Days Total Past Due Current Total Loans Non-Accrual CRE $ — $ — $ — $ — $ 65,651 $ 65,651 $ — MF — — — — 4,689 4,689 — C+I — — — — 25,327 25,327 1,055 ADL — — — — 17,977 17,977 — RES 204 — — 204 211,201 211,405 66 HELOC — — — — 10,319 10,319 — CON — — — — 1,920 1,920 — $ 204 $ — $ — $ 204 $ 337,084 $ 337,288 $ 1,121 The following is an aged analysis of past due loans by portfolio segment as of December 31, 2018 (in thousands): 30-59 Days 60-89 Days 90 + Days Total Past Due Current Total Loans Non-Accrual CRE $ 93 $ — $ — $ 93 $ 63,760 $ 63,853 $ — MF — — — — 4,928 4,928 — C+I — — — — 21,990 21,990 — ADL — — — — 15,580 15,580 — RES 256 — 68 324 201,435 201,759 68 HELOC 99 — — 99 11,052 11,151 — CON — — — — 1,295 1,295 — $ 448 $ — $ 68 $ 516 $ 320,040 $ 320,556 $ 68 There were no loans collateralized by residential real estate property in the process of foreclosure at September 30, 2019 (unaudited) and December 31, 2018. The following table provides information on impaired loans as of September 30, 2019 (unaudited) and December 31, 2018 (in thousands): Recorded Unpaid Related Average Interest September 30, 2019 With no related allowance recorded: CRE $ — $ — $ — $ — $ — MF — — — — — C+I 1,055 1,095 — 109 — ADL — — — — — RES 66 66 — 275 43 HELOC — — — — — CON — — — — — Total impaired loans $ 1,121 $ 1,161 $ — $ 384 $ 43 December 31, 2018 With no related allowance recorded: CRE $ — $ — $ — $ 112 $ — MF — — — — — C+I — — — — — ADL — — — 470 — RES 68 68 — 34 3 HELOC — — — — — CON — — — — — Total impaired loans $ 68 $ 68 $ — $ 616 $ 3 Credit Quality Information The Company utilizes a ten-grade Loans rated 1 through 6: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 7: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 8: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 9: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 10: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted and should be charged off. On an annual basis, or more often if needed, the Company formally reviews the ratings on its commercial and industrial, commercial real estate, and multifamily loans. On a periodic basis, the Company engages an independent third party to review a significant portion of loans within these segments and to assess the credit risk management practices of its commercial lending department. Management uses the results of these reviews as part of its annual review process and overall credit risk administration. On a quarterly basis, the Company formally reviews the ratings on its applicable residential real estate and home equity loans if they have become classified as non-accrual. loan-to-value The following presents the internal risk rating of loans by portfolio segment as of September 30, 2019 (unaudited) (in thousands): Pass Special Substandard Total CRE $ 64,828 $ 712 $ 111 $ 65,651 MF 4,689 — — 4,689 C+I 21,699 2,488 1,140 25,327 ADL 17,977 — — 17,977 RES 211,339 — 66 211,405 HELOC 10,319 — — 10,319 CON 1,920 — — 1,920 Total $ 332,771 $ 3,200 $ 1,317 $ 337,288 The following presents the internal risk rating of loans by portfolio segment as of December 31, 2018 (in thousands): Pass Special Substandard Total CRE $ 62,873 $ 736 $ 244 $ 63,853 MF 4,928 — — 4,928 C+I 20,700 23 1,267 21,990 ADL 15,580 — — 15,580 RES 201,435 256 68 201,759 HELOC 11,151 — — 11,151 CON 1,295 — — 1,295 Total $ 317,962 $ 1,015 $ 1,579 $ 320,556 Certain directors and executive officers of the Company and companies in which they have significant ownership interests were customers of the Company. Loans outstanding to these persons and entities at September 30, 2019 (unaudited) and December 31, 2018 were $6.2 million and $5.5 million, respectively. |
Loan Servicing
Loan Servicing | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Loan Servicing | 4. Loan Servicing Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of such loans were $48.8 million and $49.2 million at September 30, 2019 (unaudited) and December 31, 2018, respectively. Substantially all of these loans were originated by the Company non-recourse Company The Company The Company’s residential mortgage investor loan servicing portfolio is primarily comprised of fixed rate loans concentrated in the Company’s market areas. The following summarizes activity in mortgage servicing rights for the three and nine months ended September 30, 2019 and 2018 (unaudited) (in thousands): 2019 2018 Balance, June 30 $ 394 $ 482 Change in fair value due to change in assumptions (32 ) (17 ) Balance, September 30 362 465 Balance, December 31 479 473 Change in fair value due to change in assumptions (117 ) (8 ) Balance, September 30 $ 362 $ 465 Fair value at September 30, 2019 (unaudited) was determined using a discount rate of 9.50%, prepayment speed of 15.44% and a weighted average default rate of 3.12%. Fair value at September 30, 2018 (unaudited) was determined using a discount rate of 9.50%, prepayment speed of 8.94% and a weighted average default rate of 2.84%. Mortgage servicing rights are included in other assets on the accompanying consolidated balance sheets. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Deposits | 5. Deposits Deposits consisted of the following at September 30, 2019 (unaudited) and December 31, 2018 (in thousands): September 30, December 31, NOW and demand deposits $ 117,307 $ 109,580 Money market deposits 63,199 60,952 Regular and other savings deposits 40,545 41,294 Time deposits of $250,000 and greater 16,191 13,325 Time deposits less than $250,000 48,893 49,295 $ 286,135 $ 274,446 At September 30, 2019 (unaudited), the scheduled maturities of time deposits were as follows (in thousands): 2019 $ 46,419 2020 12,965 2021 4,595 2022 660 2023 445 $ 65,084 There were no brokered deposits included in time deposits at September 30, 2019 (unaudited) and December 31, 2018. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | 6. Borrowings Federal Home Loan Bank (FHLB A summary of borrowings from the FHLB is as follows (dollars in thousands): September 30, 2019 (unaudited) Principal Amounts Maturity Dates Interest Rates $ 28,665 2019 2.12% to 2.32 % – fixed 20,000 2020 2.11% to 2.19% – fixed 2,262 2022 0.00% to 0.00 % – fixed $ 50,927 December 31, 2018 Principal Amounts Maturity Dates Interest Rates $ 73,475 2019 2.54% to 2.68% – fixed 2,262 2022 0.00% to 0.00% – fixed $ 75,737 All borrowings from the FHLB are secured by a blanket security agreement on qualified collateral, principally residential mortgage loans and certain U.S. government sponsored mortgage-backed securities in an aggregate amount equal to outstanding advances. The Company’s unused remaining available borrowing capacity at the FHLB was approximately $95.0 million and $72.1 million at September 30, 2019 (unaudited) and December 31, 2018, respectively. At September 30, 2019 (unaudited) and December 31, 2018, the Company had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB’s collateral pledging program. The Company has an overnight line of credit with the FHLB that may be drawn up to $3.0 million. Additionally, the Company has a total of $5.0 million of unsecured Fed Funds borrowing lines of credit with two correspondent banks. The entire balance of all these credit facilities was available at September 30, 2019 (unaudited). |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 7. Employee Benefits Employee Stock Ownership Plan As part of the stock offering, the Company established the First Seacoast Bank Employee Stock Ownership Plan (“ESOP”) to provide eligible employees of the Company the opportunity to own Company stock. The ESOP is a tax-qualified The ESOP funded its purchase of 238,473 shares through a loan from the Company equal to 100% of the aggregate purchase price of the common stock. The ESOP trustee will repay the loan principally through the Bank’s contributions to the ESOP over the remaining loan term of 19.8 years. At September 30, 2019, the remaining principal balance on the ESOP debt was $2.4 million. Under applicable accounting requirements, the Company records compensation expense for the ESOP equal to fair market value of shares when they are committed to be released from the suspense account to participants’ accounts under the plan. Total compensation expense recognized in connection with the ESOP for the three and nine months ended September 30, 2019 was $54,000. September 30, 2019 Shares held by the ESOP include the following: Allocated — Committed to be allocated 5,962 Unallocated 232,511 Total 238,473 The fair value of unallocated shares was approximately $2.2 million at September 30, 2019. 401(k) Plan During the year ended December 31, 2018, the Company sponsored two 401(k) defined contribution plans for substantially all employees pursuant to which employees of the Bank could elect to make contributions to the plans subject to Internal Revenue Service limits. The Company also made matching and profit-sharing contributions to eligible participants in accordance with the plans’ provisions. As of December 31, 2018, these plans were combined into one defined contribution plan. The Company’s contributions for the three months ended September 30, 2019 and 2018 (unaudited) were $44 and $27 (in thousands), respectively, and $123 and $91 (in thousands) for the nine months ended September 30, 2019 and 2018 (unaudited), respectively. Pension Plan The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (The Pentegra DB Plan), a tax-qualified Employee Retirement Income Security Act of 1974 The funded status (fair value of plan assets divided by funding target) as of July 1, 2019 is as follows: 2019 92.61%(1) (1) Fair value of plan assets reflects any contributions received through June 30, 2019. Based upon the funded status of the Pentegra DB Plan as of July 1, 2019, no funding improvement plan or rehabilitation plan has been implemented or is pending as of September 30, 2019 (unaudited). Total pension plan expense for the three months ended September 30, 2019 and 2018 (unaudited) was $87 and $68 (in thousands), respectively, and $260 and $272 (in thousands) for the nine months ended September 30, 2019 and 2018 (unaudited), respectively, and is included in salaries and employee benefits expense in the accompanying consolidated financial statements. The Company did not pay a surcharge to the Pentegra DB Plan during the three or nine months ended September 30, 2019 (unaudited). The Company enacted a “hard freeze” for the Pentegra DB Plan as of December 31, 2018, eliminating all future service-related accruals for participants. Prior to this enactment the Company maintained a “soft freeze” status that continued service-related accruals for its active participants with no new participants permitted into the Pentegra DB Plan. The Bank estimates a contribution amount of approximately $346 (in thousands) for the year ending December 31, 2019. Supplemental Executive Retirement Plans Salary Continuation Plan The Company maintains a nonqualified supplemental retirement plan for its current and former President. The plan provides supplemental retirement benefits payable in installments over a period of years upon retirement or death. The recorded liability at September 30, 2019 (unaudited) and December 31, 2018 relating to this supplemental retirement plan was $545 and $565 (in thousands), respectively. The discount rate used to determine the Company’s obligation was 5.00%. The projected rate of salary increase for its current President was 5%. The expense of this salary retirement plan was $22 and $36 (in thousands) for the three months ended September 30, 2019 and 2018 (unaudited), respectively and $68 and $72 (in thousands) for the nine months ended September 30, 2019 and 2018 (unaudited), respectively. The Company maintained a nonqualified supplemental retirement plan for its former President. The plan was terminated in May 2018 with the balance paid out in full upon the former President’s retirement. The recorded liability at September 30, 2019 (unaudited) and December 31, 2018 relating to this supplemental retirement plan was $-0-. $-0- $-0- Executive Supplemental Retirement Plan The recorded liability at September 30, 2019 (unaudited) and December 31, 2018 relating to the supplemental retirement plan for the Bank’s former President was $207 (in thousands). The discount rate used to determine the Company’s obligation was 6.25% at September 30, 2019 (unaudited) and December 31, 2018. Endorsement Method Split Dollar Plan The Company has an endorsement method split dollar plan for a former President/Director. The recorded liability at September 30, 2019 (unaudited) and December 31, 2018 relating to this supplemental executive benefit agreement was $39 and $58 (in thousands), respectively. The expense of this supplemental plan was $(6) and $(5) (in thousands) for the three months ended September 30, 2019 and 2018 (unaudited), respectively and $(19) and $(15) (in thousands) for the nine months ended September 30, 2019 and 2018 (unaudited), respectively. Deferred Directors Supplemental Retirement Plan The Company has a supplemental retirement plan for eligible directors that provides for monthly benefits based upon years of service to the Company, subject to certain limitations as set forth in the agreements. The present value of these future payments is being accrued over the estimated period of service. The estimated liability at September 30, 2019 (unaudited) and December 31, 2018 relating to this plan was $564 and $562 (in thousands), respectively. The discount rate used to determine the Company’s obligation was 6.25% at September 30, 2019 (unaudited) and December 31, 2018. Total supplemental retirement plan expense amounted to $20 and $13 (in thousands) for the three months ended September 30, 2019 and 2018 (unaudited), respectively and $71 and $41 (in thousands) for the nine months ended September 30, 2019 and 2018 (unaudited), respectively. Additionally, the Company has a deferred director’s fee plan which allows members of the board of directors to defer the receipt of fees that otherwise would be paid to them. At September 30, 2019 (unaudited) and December 31, 2018, the total deferred director’s fees amounted to $204 and $154 (in thousands), respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Other Comprehensive Income Loss [Abstract] | |
Other Comprehensive Income (Loss) | 8. Other Comprehensive Income (Loss) The Company reports certain items as “other comprehensive income (loss)” and reflects total comprehensive income in the consolidated financial statements for all periods containing elements of other comprehensive income (loss). A summary of the reclassification adjustments out of accumulated other comprehensive income Reclassification Adjustment Three Months Three Months Affected Line Item Statements of Income (Gains) losses on securities available for sale $ (50 ) $ 1 Securities gains (losses), net Tax effect 13 — Income tax (benefit) expense $ (37 ) $ 1 Net (loss) income Net amortization of premium on securities $ 19 $ 22 Interest on debt securities Tax effect (5 ) (6 ) Income tax (benefit) expense $ 14 $ 16 Net (loss) income Nine Months Nine Months (Gains) losses on securities available for sale $ (40 ) $ 1 Securities gains (losses), net Tax effect 11 — Income tax (benefit) expense $ (29 ) $ 1 Net (loss) income Net amortization of premium on securities $ 59 $ 85 Interest on debt securities Tax effect (16 ) (24 ) Income tax (benefit) expense $ 43 $ 61 Net (loss) income |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Regulatory Matters [Abstract] | |
Regulatory Matters | 9. Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below). Management believes that, as of September 30, 2019 (unaudited) and December 31, 2018, the Bank met all capital adequacy requirements to which it is subject, including the capital conservation buffer, at those dates. As fully phased in on January 1, 2019, the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (“Basel III Capital Rules”) require the Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (effectively resulting in a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 7.0%), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (effectively resulting in a minimum Tier 1 capital ratio of 8.5%), (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (effectively resulting in a minimum total capital ratio of 10.5%) and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average quarterly assets. The capital conservation buffer is designed to absorb losses during periods of economic stress and effectively increases the minimum required risk-weighted capital ratios. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets below the effective minimum will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The following table presents actual and required capital ratios as of September 30, 2019 (unaudited) and December 31, 2018 for the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of September 30, 2019 (unaudited) and December 31, 2018 based on the phase-in wer e phased-in. Actual Minimum Minimum Capital Phased-In Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of September 30, 2019 Total Capital (to risk-weighted assets) $ 49,006 18.89 % $ 20,749 8.0 % $ 27,233 10.5 % Tier I Capital (to risk-weighted assets) 46,153 17.79 15,562 6.0 22,046 8.5 Tier I Capital (to average assets) 46,153 11.56 15,967 4.0 15,967 4.0 Common Equity Tier 1 (to risk-weighted assets) 46,153 17.79 11,671 4.5 18,155 7.0 Actual Minimum Minimum Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2018 Total Capital (to risk-weighted assets) $ 36,044 14.41 % $ 20,011 8.0 % $ 25,012 10.0 % Tier I Capital (to risk-weighted assets) 33,192 13.27 15,008 6.0 20,009 8.0 Tier I Capital (to average assets) 33,192 8.68 15,296 4.0 19,118 5.0 Common Equity Tier 1 (to risk-weighted assets) 33,192 13.27 11,256 4.5 16,258 6.5 Actual Minimum Capital Phase-In Minimum Capital Phased-In Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2018 Total Capital (to risk-weighted assets) $ 36,044 14.41 % $ 24,701 9.875 % $ 26,264 10.5 % Tier I Capital (to risk-weighted assets) 33,192 13.27 19,698 7.875 21,261 8.5 Tier I Capital (to average assets) 33,192 8.68 15,296 4.000 15,296 4.0 Common Equity Tier 1 (to risk-weighted assets) 33,192 13.27 15,946 6.375 17,509 7.0 |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Fair Values of Assets and Liabilities [Abstract] | |
Fair Values of Assets and Liabilities | 10. Fair Values of Assets and Liabilities Determination of Fair Value The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from one level to another. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value of cash flows 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. The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability and reliability of the assumptions used to determine fair value. Level 1—Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2—Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3—Level 3 inputs are unobservable inputs for the asset or liability. For assets and liabilities, fair value is based upon the lowest level of observable input that is significant to the fair value measurement. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon models that primarily use, as inputs, observable market-based parameters. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities carried at fair value for September 30, 2019 (unaudited) and December 31, 2018. There were no significant transfers between levels of the fair value hierarchy during the three or nine months ended September 30, 2019 and 2018 (unaudited). Financial Assets and Financial Liabilities: Financial assets and financial liabilities measured at fair value on a recurring basis include the following: Securities Available-for-Sale Mortgage Servicing Rights The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2019 (unaudited) and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Total Level 1 Level 2 Level 3 September 30, 2019 Mortgage servicing rights $ 362 $ — $ — $ 362 Securities available-for-sale: U.S. Government-sponsored enterprises obligations 13,227 — 13,227 — Mortgage-backed securities 1,325 — 1,325 — Municipal bonds 25,815 — 25,815 — $ 40,729 $ — $ 40,367 $ 362 Total Level 1 Level 2 Level 3 December 31, 2018 Mortgage servicing rights $ 479 $ — $ — $ 479 Securities available-for-sale: U.S. Government-sponsored enterprises obligations 23,727 — 23,727 — Mortgage-backed securities 1,327 — 1,327 — Municipal bonds 14,389 — 14,389 — $ 39,922 $ — $ 39,443 $ 479 See Note 4, Loan Servicing, for a rollforward of our Level 3 item and related inputs and assumptions used to determine fair value at September 30, 2019 (unaudited). Certain financial assets and financial liabilities are measured at fair value on a non-recurring non-recurring Estimates of fair value used for other collateral supporting commercial loans generally are based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. Financial assets measured at fair value on a non-recurring non-recurring At September 30, 2019, the Company’s only asset measured at fair value on a nonrecurring basis is a loan identified as impaired for which a partial write-off The following summarizes assets measured at fair value on a nonrecurring basis at September 30, 2019 and December 31, 2018: Fair Value Measurements at Reporting Date Using: (In thousands) Total Quoted Prices in Significant Significant September 30, 2019 Impaired Loans $ 1,055 $ — $ — $ 1,055 December 31, 2018 Impaired Loans $ — $ — $ — $ — The following is a summary of the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis at September 30, 2019 and December 31, 2018: (In thousands) Fair Value Valuation Technique Unobservable Input September 30, 2019 Impaired Loans $ 1,055 Market Approach Selling Costs December 31, 2018 Impaired Loans $ — NA NA Non-Financial Non-Financial non-financial non-financial Non-financial non-recurring charge-off non-interest ASC Topic 825, “ Financial Instruments, ” non-recurring non-recurring 2016-01 Summary of Fair Values of Financial Instruments not Carried at Fair Value The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments at September , (unaudited) and December , are as follows: Carrying Fair Level 1 Level 2 Level 3 (in thousands) September 30, 2019 Financial Assets: Cash and due from banks $ 6,505 $ 6,505 $ 6,505 $ — $ — Interest-bearing time deposits with other banks 2,735 2,735 — 2,735 — Federal Home Loan Bank stock 2,445 2,445 — 2,445 — Bank-owned life insurance 4,238 4,238 — 4,238 — Loans, net 335,446 329,164 — — 329,164 Accrued interest receivable 1,271 1,271 1,271 — — Financial Liabilities: Deposits $ 286,135 $ 286,187 $ 221,051 $ 65,136 $ — Advances from Federal Home Loan Bank 50,927 50,852 — 50,852 — Mortgagors’ tax escrow 1,928 1,928 — 1,928 — December 31, 2018 Financial Assets: Cash and due from banks $ 5,889 $ 5,889 $ 5,889 $ — $ — Interest-bearing time deposits with other banks 6,461 6,461 — 6,461 — Federal Home Loan Bank stock 3,718 3,718 — 3,718 — Bank-owned life insurance 4,156 4,156 — 4,156 — Loans, net 318,615 307,582 — — 307,582 Accrued interest receivable 1,164 1,164 1,164 — — Financial Liabilities: Deposits $ 274,446 $ 258,446 $ 196,481 $ 61,965 $ — Advances from Federal Home Loan Bank 75,737 75,541 — 75,541 — Mortgagors’ tax escrow 761 761 — 761 — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of First Seacoast Bancorp (the “Company”) were prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim consolidated financial information, general practices within the banking industry and with instructions for Form 10-Q S-X. The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiary, the Bank, and the Bank’s wholly owned subsidiary, FSB Service Corporation, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. |
Corporate Structure | Corporate Structure The Company is the holding company for the Bank (formerly named Federal Savings Bank). Effective July 16, 2019, pursuant to a Plan of Reorganization from Mutual Savings Bank to Mutual Holding Company and Stock Issuance Plan (the “Plan of Reorganization”), the Bank reorganized into the mutual holding company structure and the Company completed a concurrent stock offering (collectively, the “Reorganization:”). In the stock offering the Company sold a total of shares of common stock, which included shares sold to the First Seacoast Bank Employee Stock Ownership Plan (the “ESOP”), at a price of $ per share. The Company’s common stock began trading on the NASDAQ Capital Market under the symbol “FSEA” on July 17, 2019. Pursuant to the Plan of Reorganization, the Bank adopted an employee stock ownership plan (“ESOP”), which purchased 238,473 shares of common stock in the stock offering with the proceeds of a loan from the Company. As a result of the Reorganization, a total of 6,083,500 shares of common stock of the Company are issued and outstanding, of which 55% are issued to the MHC, 44% were sold to the Bank’s eligible members, the ESOP, and certain other persons in the stock offering, and 1% were contributed to the Foundation. Expenses incurred related to the offering were $1.6 million, and were deducted from the stock offering proceeds. |
Earnings Per Share | Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. |
Accounting Standards Adopted in 2019 | Accounting Standards Adopted in 2019 As an “emerging growth company,” as defined in Title 1 of Jumpstart Our Business Startups (JOBS) Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. As a result, the Company’s consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of September 30, 2019, there is no significant difference in the comparability of the Company’s consolidated financial statements as a result of this extended transition period. The Company’s status as an “emerging growth company” will end on the earlier of: (i) the last day of the fiscal year of the Company during which it had total annual gross revenues of $1.07 billion (as adjusted for inflation) or more; (ii) the last day of the fiscal year of the Company following the fifth anniversary of the effective date of the Company’s initial public offering; (iii) the date on which the Company has, during the previous three-year period, issued more than $1.0 billion in non-convertible non-voting non-affiliates). In May 2014, the Financial Accounting Standards Board (“FASB”) issued amendments to Accounting Standards Codification (“ASC”) section 606, “Revenue from Contracts with Customers,” 2014-09, “Revenue from Contracts with Customers.” 2015-14, “Revenue from Contracts with Customers (Topic 606).” 2015-14 2014-09 non-public The Company adopted this ASU as of January 1, 2019 utilizing the modified retrospective approach with no cumulative effect adjustment to opening equity capital deemed to be necessary. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, non-interest The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities, as well as revenue related to our mortgage servicing activities. Descriptions of our revenue-generating activities that are within the scope of ASC 606, which are presented in our consolidated statements of income as components of non-interest • Customer service fees—these represent general service fees for monthly account maintenance and activity- or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer, debit card transaction or ATM withdrawal). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Investment service fees—these represent fees for investment advisory services which are generally based on the market values of assets under management. Assets under management totaled approximately $47.7 million and $39.1 million at September 30, 2019 (unaudited) and December 31, 2018, respectively. Our wealth management group, FSB Wealth Management, assists individuals and families in building and preserving their wealth by providing investment services. The investment management group manages portfolios utilizing a variety of investment products. This group also provides a full-service brokerage offering equities, mutual funds, life insurance, and annuity products. In January 2016 the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): 1. Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; however, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. 2. Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. 3. Eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. 4. Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. 5. Require an entity to present separately in other comprehensive income the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. 6. Require separate presentation of financial assets and financial liabilities by measurement category and form of financial assets (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. 7. Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale The amendments of this ASU were adopted on January 1, 2019 and did not materially impact the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ” non-public In November 2016, the FASB issued ASU 2016-18, “ Statement of Cash Flows (Topic 230): Restricted Cash. ” beginning-of-period end-of-period non-public In March 2017, the FASB issued ASU 2017-07, “ Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. ” non-public |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842).” 2018-10, Codification Improvements to Topic 842, Leases,” 2016-02 2018-11, Leases (Topic 842) – Targeted Improvements,” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” available-for-sale held-to-maturity available-for-sale 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses,” 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” 2019-05, “Financial Instruments—Credit Losses, Topic 326.” 2016-13 2016-13 In August 2018, the FASB issued ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ” In August 2018, the FASB issued ASU 2018-14, “ Compensation—Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20). ” non-public |
Securities Available-for-Sale (
Securities Available-for-Sale (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Securities, Available-for-sale [Abstract] | |
Schedule of amortized cost and fair value of securities available-for-sale (Detail) | The amortized cost and fair value of securities available-for-sale, September 30, 2019 Amortized Gross Gross Fair U.S. Government-sponsored enterprises obligations $ 13,198 $ 34 $ (5 ) $ 13,227 Residential mortgage backed securities 1,327 — (2 ) 1,325 Municipal bonds 24,962 858 (5 ) 25,815 $ 39,487 $ 892 $ (12 ) $ 40,367 December 31, 2018 Amortized Gross Gross Fair Value U.S. Government-sponsored enterprises obligations $ 24,219 $ 8 $ (500 ) $ 23,727 Residential mortgage backed securities 1,374 — (47 ) 1,327 Municipal bonds 14,490 39 (140 ) 14,389 $ 40,083 $ 47 $ (687 ) $ 39,443 |
Schedule of amortized cost and fair values of available-for-sale securities by contractual maturity | The amortized cost and fair values of available-for-sale Amortized Fair Value September 30, 2019 Due after one year through five years $ 10,710 $ 10,711 Due after five years through ten years 2,990 3,019 Due after ten years 24,460 25,312 Total U.S. Government-sponsored enterprises obligations and municipal bonds 38,160 39,042 Mortgage-backed securities 1,327 1,325 $ 39,487 $ 40,367 |
Summary of gross unrealized losses and fair value for those investments with unrealized losses | The following is a summary of gross unrealized losses and fair value for those investments with unrealized losses, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2019 (unaudited) and December 31, 2018 (dollars in thousands): Less than 12 Months More than 12 Months Total Number of Fair Unrealized Number of Fair Unrealized Fair Unrealized September 30, 2019 U.S. Government-sponsored enterprises obligation s — $ — $ — 2 $ 3,995 $ (5 ) $ 3,995 $ (5 ) Residential mortgage backed securities — — — 1 1,325 (2 ) 1,325 (2 ) Municipal bonds 1 625 (5 ) — — — 625 (5 ) 1 $ 625 $ (5 ) 3 $ 5,320 $ (7 ) $ 5,945 $ (12 ) December 31, 2018 U.S. Government-sponsored enterprises obligation s 4 $ 4,937 $ (32 ) 15 $ 16,781 $ (468 ) $ 21,718 $ (500 ) Residential mortgage backed securities 1 1,327 (47 ) — — — 1,327 (47 ) Municipal bonds 13 6,014 (63 ) 9 4,051 (77 ) 10,065 (140 ) 18 $ 12,278 $ (142 ) 24 $ 20,832 $ (545 ) $ 33,110 $ (687 ) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans consisted of the following at September 30, 2019 (unaudited) and December 31, 2018 (in thousands): September 30, December 31, Commercial real estate (CRE) $ 65,651 $ 63,853 Multifamily (MF) 4,689 4,928 Commercial and industrial (C+I) 25,327 21,990 Acquisition, development, and land (ADL) 17,977 15,580 1-4 211,405 201,759 Home equity line of credit (HELOC) 10,319 11,151 Consumer (CON) 1,920 1,295 Total loans 337,288 320,556 Net deferred loan costs 957 866 Allowance for loan losses (2,799 ) (2,806 ) Total loans, net $ 335,446 $ 318,616 |
Schedule Of Allowance For Loans And Leases Receivable Classification | Changes in the allowance for loan losses (“ALL”) for the three and nine months ended September 30, 2019 and 2018 (unaudited) by portfolio segment are summarized as follows (in thousands): CRE MF C+I ADL RES HELOC CON Unallocated Total Balance, June 30, 2019 $ 721 $ 22 $ 216 $ 82 $ 1,728 $ 54 $ 9 $ — $ 2,832 Provision for loan losses (2 ) — 190 52 (272 ) — 25 7 — Charge-offs — — (35 ) — — — (17 ) — (52 ) Recoveries — — — — 18 — 1 — 19 Balance, September 30, 2019 719 22 371 134 1,474 54 18 7 2,799 Balance, June 30, 2018 462 24 167 349 1,564 66 12 230 2,874 Provision for loan losses 3 (3 ) (14 ) (57 ) 42 (3 ) (1 ) 63 30 Charge-offs — — — — — — — — — Recoveries — — — — — — 1 — 1 Balance, September 30, 2018 $ 465 $ 21 $ 153 $ 292 $ 1,606 $ 63 $ 12 $ 293 $ 2,905 Balance, December 31, 2018 $ 559 $ 22 $ 232 $ 88 $ 1,593 $ 69 $ 7 $ 236 $ 2,806 Provision for loan losses 160 — 174 46 (137 ) (15 ) 26 (229 ) 25 Charge-offs — — (35 ) — — — (17 ) — (52 ) Recoveries — — — — 18 — 2 — 20 Balance, September 30, 2019 719 22 371 134 1,474 54 18 7 2,799 Balance, December 31, 2017 367 30 169 303 1,629 70 11 224 2,803 Provision for loan losses 98 (9 ) (16 ) (11 ) (23 ) (7 ) (1 ) 69 100 Charge-offs — — — — — — — — — Recoveries — — — — — — 2 — 2 Balance, September 30, 2018 $ 465 $ 21 $ 153 $ 292 $ 1,606 $ 63 $ 12 $ 293 $ 2,905 As of September 30, 2019 (unaudited) and December 31, 2018, information about loans and the ALL by portfolio segment are summarized below (in thousands): CRE MF C+I ADL RES HELOC CON Unallocated Total September 30, 2019 Loan Balances Individually evaluated for impairment $ 111 $ — $ 1,140 $ — $ 66 $ — $ — $ — $ 1,317 Collectively evaluated for impairment 65,540 4,689 24,187 17,977 211,339 10,319 1,920 — 335,971 Total $ 65,651 $ 4,689 $ 25,327 $ 17,977 $ 211,405 $ 10,319 $ 1,920 $ — $ 337,288 ALL related to the loans Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 719 22 371 134 1,474 54 18 7 2,799 Total $ 719 $ 22 $ 371 $ 134 $ 1,474 $ 54 $ 18 $ 7 $ 2,799 December 31, 2018 Loan Balances Individually evaluated for impairment $ 244 $ — $ 1,267 $ — $ 68 $ — $ — $ — $ 1,579 Collectively evaluated for impairment 63,609 4,928 20,723 15,580 201,691 11,151 1,295 — 318,977 Total $ 63,853 $ 4,928 $ 21,990 $ 15,580 $ 201,759 $ 11,151 $ 1,295 $ — $ 320,556 ALL related to the loans Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 559 22 232 88 1,593 69 7 236 2,806 Total $ 559 $ 22 $ 232 $ 88 $ 1,593 $ 69 $ 7 $ 236 $ 2,806 |
Past Due Financing Receivables | The following is an aged analysis of past due loans by portfolio segment as of September 30, 2019 (unaudited) (in thousands): 30-59 Days 60-89 Days 90 + Days Total Past Due Current Total Loans Non-Accrual CRE $ — $ — $ — $ — $ 65,651 $ 65,651 $ — MF — — — — 4,689 4,689 — C+I — — — — 25,327 25,327 1,055 ADL — — — — 17,977 17,977 — RES 204 — — 204 211,201 211,405 66 HELOC — — — — 10,319 10,319 — CON — — — — 1,920 1,920 — $ 204 $ — $ — $ 204 $ 337,084 $ 337,288 $ 1,121 The following is an aged analysis of past due loans by portfolio segment as of December 31, 2018 (in thousands): 30-59 Days 60-89 Days 90 + Days Total Past Due Current Total Loans Non-Accrual CRE $ 93 $ — $ — $ 93 $ 63,760 $ 63,853 $ — MF — — — — 4,928 4,928 — C+I — — — — 21,990 21,990 — ADL — — — — 15,580 15,580 — RES 256 — 68 324 201,435 201,759 68 HELOC 99 — — 99 11,052 11,151 — CON — — — — 1,295 1,295 — $ 448 $ — $ 68 $ 516 $ 320,040 $ 320,556 $ 68 |
Impaired Financing Receivables | The following table provides information on impaired loans as of September 30, 2019 (unaudited) and December 31, 2018 (in thousands): Recorded Unpaid Related Average Interest September 30, 2019 With no related allowance recorded: CRE $ — $ — $ — $ — $ — MF — — — — — C+I 1,055 1,095 — 109 — ADL — — — — — RES 66 66 — 275 43 HELOC — — — — — CON — — — — — Total impaired loans $ 1,121 $ 1,161 $ — $ 384 $ 43 December 31, 2018 With no related allowance recorded: CRE $ — $ — $ — $ 112 $ — MF — — — — — C+I — — — — — ADL — — — 470 — RES 68 68 — 34 3 HELOC — — — — — CON — — — — — Total impaired loans $ 68 $ 68 $ — $ 616 $ 3 |
Financing Receivble Credit Quality Indicators | The following presents the internal risk rating of loans by portfolio segment as of September 30, 2019 (unaudited) (in thousands): Pass Special Substandard Total CRE $ 64,828 $ 712 $ 111 $ 65,651 MF 4,689 — — 4,689 C+I 21,699 2,488 1,140 25,327 ADL 17,977 — — 17,977 RES 211,339 — 66 211,405 HELOC 10,319 — — 10,319 CON 1,920 — — 1,920 Total $ 332,771 $ 3,200 $ 1,317 $ 337,288 The following presents the internal risk rating of loans by portfolio segment as of December 31, 2018 (in thousands): Pass Special Substandard Total CRE $ 62,873 $ 736 $ 244 $ 63,853 MF 4,928 — — 4,928 C+I 20,700 23 1,267 21,990 ADL 15,580 — — 15,580 RES 201,435 256 68 201,759 HELOC 11,151 — — 11,151 CON 1,295 — — 1,295 Total $ 317,962 $ 1,015 $ 1,579 $ 320,556 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule of Servicing Assets at Fair Value | The following summarizes activity in mortgage servicing rights for the three and nine months ended September 30, 2019 and 2018 (unaudited) (in thousands): 2019 2018 Balance, June 30 $ 394 $ 482 Change in fair value due to change in assumptions (32 ) (17 ) Balance, September 30 362 465 Balance, December 31 479 473 Change in fair value due to change in assumptions (117 ) (8 ) Balance, September 30 $ 362 $ 465 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Deposit Liabilities | Deposits consisted of the following at September 30, 2019 (unaudited) and December 31, 2018 (in thousands): September 30, December 31, NOW and demand deposits $ 117,307 $ 109,580 Money market deposits 63,199 60,952 Regular and other savings deposits 40,545 41,294 Time deposits of $250,000 and greater 16,191 13,325 Time deposits less than $250,000 48,893 49,295 $ 286,135 $ 274,446 |
Maturities of Time Deposits | At September 30, 2019 (unaudited), the scheduled maturities of time deposits were as follows (in thousands): 2019 $ 46,419 2020 12,965 2021 4,595 2022 660 2023 445 $ 65,084 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | A summary of borrowings from the FHLB is as follows (dollars in thousands): September 30, 2019 (unaudited) Principal Amounts Maturity Dates Interest Rates $ 28,665 2019 2.12% to 2.32 % – fixed 20,000 2020 2.11% to 2.19% – fixed 2,262 2022 0.00% to 0.00 % – fixed $ 50,927 December 31, 2018 Principal Amounts Maturity Dates Interest Rates $ 73,475 2019 2.54% to 2.68% – fixed 2,262 2022 0.00% to 0.00% – fixed $ 75,737 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Company Compensation Expense for the ESOP | the Company records compensation expense for the ESOP equal to fair market value of shares when they are committed to be released from the suspense account to participants’ accounts under the plan. September 30, 2019 Shares held by the ESOP include the following: Allocated — Committed to be allocated 5,962 Unallocated 232,511 Total 238,473 |
Schedule of Funded Status Valuation Report Percentage | The funded status (fair value of plan assets divided by funding target) as of July 1, 2019 is as follows: 2019 92.61%(1) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Other Comprehensive Income Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | A summary of the reclassification adjustments out of accumulated other comprehensive income Reclassification Adjustment Three Months Three Months Affected Line Item Statements of Income (Gains) losses on securities available for sale $ (50 ) $ 1 Securities gains (losses), net Tax effect 13 — Income tax (benefit) expense $ (37 ) $ 1 Net (loss) income Net amortization of premium on securities $ 19 $ 22 Interest on debt securities Tax effect (5 ) (6 ) Income tax (benefit) expense $ 14 $ 16 Net (loss) income Nine Months Nine Months (Gains) losses on securities available for sale $ (40 ) $ 1 Securities gains (losses), net Tax effect 11 — Income tax (benefit) expense $ (29 ) $ 1 Net (loss) income Net amortization of premium on securities $ 59 $ 85 Interest on debt securities Tax effect (16 ) (24 ) Income tax (benefit) expense $ 43 $ 61 Net (loss) income |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum Minimum Capital Phased-In Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of September 30, 2019 Total Capital (to risk-weighted assets) $ 49,006 18.89 % $ 20,749 8.0 % $ 27,233 10.5 % Tier I Capital (to risk-weighted assets) 46,153 17.79 15,562 6.0 22,046 8.5 Tier I Capital (to average assets) 46,153 11.56 15,967 4.0 15,967 4.0 Common Equity Tier 1 (to risk-weighted assets) 46,153 17.79 11,671 4.5 18,155 7.0 Actual Minimum Minimum Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2018 Total Capital (to risk-weighted assets) $ 36,044 14.41 % $ 20,011 8.0 % $ 25,012 10.0 % Tier I Capital (to risk-weighted assets) 33,192 13.27 15,008 6.0 20,009 8.0 Tier I Capital (to average assets) 33,192 8.68 15,296 4.0 19,118 5.0 Common Equity Tier 1 (to risk-weighted assets) 33,192 13.27 11,256 4.5 16,258 6.5 Actual Minimum Capital Phase-In Minimum Capital Phased-In Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) As of December 31, 2018 Total Capital (to risk-weighted assets) $ 36,044 14.41 % $ 24,701 9.875 % $ 26,264 10.5 % Tier I Capital (to risk-weighted assets) 33,192 13.27 19,698 7.875 21,261 8.5 Tier I Capital (to average assets) 33,192 8.68 15,296 4.000 15,296 4.0 Common Equity Tier 1 (to risk-weighted assets) 33,192 13.27 15,946 6.375 17,509 7.0 |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Fair Values of Assets and Liabilities [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table summarizes financial assets measured at fair value on a recurring basis as of September 30, 2019 (unaudited) and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Total Level 1 Level 2 Level 3 September 30, 2019 Mortgage servicing rights $ 362 $ — $ — $ 362 Securities available-for-sale: U.S. Government-sponsored enterprises obligations 13,227 — 13,227 — Mortgage-backed securities 1,325 — 1,325 — Municipal bonds 25,815 — 25,815 — $ 40,729 $ — $ 40,367 $ 362 Total Level 1 Level 2 Level 3 December 31, 2018 Mortgage servicing rights $ 479 $ — $ — $ 479 Securities available-for-sale: U.S. Government-sponsored enterprises obligations 23,727 — 23,727 — Mortgage-backed securities 1,327 — 1,327 — Municipal bonds 14,389 — 14,389 — $ 39,922 $ — $ 39,443 $ 479 |
Fair Value Measurements, Nonrecurring | The following summarizes assets measured at fair value on a nonrecurring basis at September 30, 2019 and December 31, 2018: Fair Value Measurements at Reporting Date Using: (In thousands) Total Quoted Prices in Significant Significant September 30, 2019 Impaired Loans $ 1,055 $ — $ — $ 1,055 December 31, 2018 Impaired Loans $ — $ — $ — $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following is a summary of the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis at September 30, 2019 and December 31, 2018: (In thousands) Fair Value Valuation Technique Unobservable Input September 30, 2019 Impaired Loans $ 1,055 Market Approach Selling Costs December 31, 2018 Impaired Loans $ — NA NA |
Fair Value Measurements, Recurring and Nonrecurring | The estimated fair values, and related carrying or notional amounts, of the Company’s financial instruments at September , (unaudited) and December , are as follows: Carrying Fair Level 1 Level 2 Level 3 (in thousands) September 30, 2019 Financial Assets: Cash and due from banks $ 6,505 $ 6,505 $ 6,505 $ — $ — Interest-bearing time deposits with other banks 2,735 2,735 — 2,735 — Federal Home Loan Bank stock 2,445 2,445 — 2,445 — Bank-owned life insurance 4,238 4,238 — 4,238 — Loans, net 335,446 329,164 — — 329,164 Accrued interest receivable 1,271 1,271 1,271 — — Financial Liabilities: Deposits $ 286,135 $ 286,187 $ 221,051 $ 65,136 $ — Advances from Federal Home Loan Bank 50,927 50,852 — 50,852 — Mortgagors’ tax escrow 1,928 1,928 — 1,928 — December 31, 2018 Financial Assets: Cash and due from banks $ 5,889 $ 5,889 $ 5,889 $ — $ — Interest-bearing time deposits with other banks 6,461 6,461 — 6,461 — Federal Home Loan Bank stock 3,718 3,718 — 3,718 — Bank-owned life insurance 4,156 4,156 — 4,156 — Loans, net 318,615 307,582 — — 307,582 Accrued interest receivable 1,164 1,164 1,164 — — Financial Liabilities: Deposits $ 274,446 $ 258,446 $ 196,481 $ 61,965 $ — Advances from Federal Home Loan Bank 75,737 75,541 — 75,541 — Mortgagors’ tax escrow 761 761 — 761 — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jul. 17, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Percentage Of Common Stock Shares offered to eligible members | 44.00% | |||
Percentage Of Common Stock Shares offered to Charitable Foundation | 1.00% | |||
Equity Method Investment Ownership Percentage | 55.00% | |||
Assets Under Management | $ 47.7 | $ 47.7 | $ 39.1 | |
Emerging Growth of Company Status | (i) the last day of the fiscal year of the company during which it had total annual gross revenues of $1.07 billion or more; (ii) the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the company pursuant to an effective registration statement under the Securities Act of 1933; (iii) the date on which the issuer has, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; or (iv) the date on which the issuer is deemed to be a "large accelerated filer" under Securities and Exchange Commission regulations (generally, at least $700 million of voting and non-voting equity held by non-affiliates). | |||
Common Stock, Shares, Issued | 6,083,500 | 6,083,500 | 6,083,500 | 0 |
Stock issued during period,initial public offer | 2,676,740 | 2,676,740 | ||
Repurchase of Share Esop | 238,473 | |||
Employee Stock Ownership Price Per Share | $ 10 | $ 10 | ||
Plan of Reorganization, Description of Equity Securities Issued or to be Issued | In addition, as part of the Reorganization, the Company issued 3,345,925 shares of common stock to First Seacoast Bancorp, MHC (the “MHC”), the Bank’s parent mutual holding company, and 60,835 shares of common stock and $150,000 in cash to First Seacoast Community Foundation, Inc. (the “Foundation”), a charitable foundation formed in connection with the reorganization and dedicated to supporting charitable organizations operating in the Bank’s local community. The Company’s common stock began trading on the NASDAQ Capital Market under the symbol “FSEA” on July 17, 2019. Pursuant to the Plan of Reorganization, the Bank adopted an employee stock ownership plan (“ESOP”), which purchased 238,473 shares of common stock in the stock offering with the proceeds of a loan from the Company. As a result of the Reorganization, a total of 6,083,500 shares of common stock of the Company are issued and outstanding, of which 55% are issued to the MHC, 44% were sold to the Bank’s eligible members, the ESOP, and certain other persons in the stock offering, and 1% were contributed to the Foundation. | |||
Stock issuance cost | $ 1.6 | |||
ESOP,Unearned Compensation,Shares | 238,473 | 238,473 |
Securities Available-for-Sale -
Securities Available-for-Sale - Schedule of amortized cost and fair value of securities available-for-sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | $ 39,487 | $ 40,083 |
Gross Unrealized Gains | 892 | 47 |
Gross Unrealized Losses | (12) | (687) |
Fair Value | 40,367 | 39,443 |
U.S. Government-sponsored enterprises obligations [Member] | ||
Amortized Cost | 13,198 | 24,219 |
Gross Unrealized Gains | 34 | 8 |
Gross Unrealized Losses | (5) | (500) |
Fair Value | 13,227 | 23,727 |
Residential mortgage backed securities [Member] | ||
Amortized Cost | 1,327 | 1,374 |
Gross Unrealized Losses | (2) | (47) |
Fair Value | 1,325 | 1,327 |
Municipal bonds [Member] | ||
Amortized Cost | 24,962 | 14,490 |
Gross Unrealized Gains | 858 | 39 |
Gross Unrealized Losses | (5) | (140) |
Fair Value | $ 25,815 | $ 14,389 |
Securities Available-for-Sale_2
Securities Available-for-Sale - Schedule of amortized cost and fair values of available-for-sale securities by contractual maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Due after one year through five years, Amortized Cost | $ 10,710 | |
Due after five years through ten years, Amortized Cost | 2,990 | |
Due after ten years, Amortized Cost | 24,460 | |
Total U.S. Government-sponsored enterprises obligations and municipal bonds, Amortized Cost | 38,160 | |
Mortgage-backed securities, Amortized Cost | 39,487 | $ 40,083 |
Due after one year through five years, Fair Value | 10,711 | |
Due after five years through ten years, Fair Value | 3,019 | |
Due after ten years, Fair Value | 25,312 | |
Total U.S. Government-sponsored enterprises obligations and municipal bonds, Fair Value | 39,042 | |
Mortgage-backed securities, Fair Value | 40,367 | 39,443 |
Residential mortgage backed securities | ||
Mortgage-backed securities, Amortized Cost | 1,327 | 1,374 |
Mortgage-backed securities, Fair Value | $ 1,325 | $ 1,327 |
Securities Available-for-Sale_3
Securities Available-for-Sale - Summary of gross unrealized losses and fair value for those investments with unrealized losses (Detail) $ in Thousands | Sep. 30, 2019USD ($)Number | Dec. 31, 2018USD ($)Number |
Less than 12 Months, Number of Securities | Number | 1 | 18 |
Less than 12 Months, Fair Value | $ 625 | $ 12,278 |
Less than 12 Months, Unrealized Losses | $ (5) | $ (142) |
More than 12 Months, Number of Securities | Number | 3 | 24 |
More than 12 Months, Fair Value | $ 5,320 | $ 20,832 |
More than 12 Months, Unrealized Losses | (7) | (545) |
Total, Fair Value | 5,945 | 33,110 |
Total, Unrealized Losses | $ (12) | $ (687) |
U.S. Government-sponsored enterprises obligations | ||
Less than 12 Months, Number of Securities | Number | 4 | |
Less than 12 Months, Fair Value | $ 4,937 | |
Less than 12 Months, Unrealized Losses | $ (32) | |
More than 12 Months, Number of Securities | Number | 2 | 15 |
More than 12 Months, Fair Value | $ 3,995 | $ 16,781 |
More than 12 Months, Unrealized Losses | (5) | (468) |
Total, Fair Value | 3,995 | 21,718 |
Total, Unrealized Losses | $ (5) | $ (500) |
Residential mortgage backed securities | ||
Less than 12 Months, Number of Securities | Number | 1 | |
Less than 12 Months, Fair Value | $ 1,327 | |
Less than 12 Months, Unrealized Losses | (47) | |
More than 12 Months, Number of Securities | Number | 1 | |
More than 12 Months, Fair Value | $ 1,325 | |
More than 12 Months, Unrealized Losses | (2) | |
Total, Fair Value | 1,325 | 1,327 |
Total, Unrealized Losses | $ (2) | $ (47) |
Municipal bonds | ||
Less than 12 Months, Number of Securities | Number | 1 | 13 |
Less than 12 Months, Fair Value | $ 625 | $ 6,014 |
Less than 12 Months, Unrealized Losses | (5) | $ (63) |
More than 12 Months, Number of Securities | Number | 9 | |
More than 12 Months, Fair Value | $ 4,051 | |
More than 12 Months, Unrealized Losses | (77) | |
Total, Fair Value | 625 | 10,065 |
Total, Unrealized Losses | $ (5) | $ (140) |
Securities Available-for-Sale_4
Securities Available-for-Sale - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018 | |
Gross realized gains on securities available for sale | $ 52,000 | $ 6,000 | $ 62,000 | $ 6,000 | |
Gross realized losses on securities available for sale | 2,000 | 7,000 | 22,000 | 7,000 | |
Proceeds from realized gains and losses on sale of available for sale securities | $ 9,900 | $ 1,600 | $ 15,000 | $ 1,800 | |
Number of debt securities held | 0 | 0 | |||
US States and Political Subdivisions Debt Securities [Member] | Available-for-sale Securities [Member] | |||||
Concentration risk percentage of available for sale of securities | 10.00% | 10.00% |
Loans - Loans Consisted (Detail
Loans - Loans Consisted (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Total Loans | $ 337,288 | $ 320,556 | ||||
Net deferred loan costs | 957 | 866 | ||||
Allowance for loan losses | (2,799) | $ (2,832) | (2,806) | $ (2,905) | $ (2,874) | $ (2,803) |
Net loans | 335,446 | 318,616 | ||||
CRE [Member] | ||||||
Total Loans | 65,651 | 63,853 | ||||
Allowance for loan losses | (719) | (721) | (559) | (465) | (462) | (367) |
MF [Member] | ||||||
Total Loans | 4,689 | 4,928 | ||||
Allowance for loan losses | (22) | (22) | (22) | (21) | (24) | (30) |
C+I [Member] | ||||||
Total Loans | 25,327 | 21,990 | ||||
Allowance for loan losses | (371) | (216) | (232) | (153) | (167) | (169) |
ADL [Member] | ||||||
Total Loans | 17,977 | 15,580 | ||||
Allowance for loan losses | (134) | (82) | (88) | (292) | (349) | (303) |
RES [Member] | ||||||
Total Loans | 211,405 | 201,759 | ||||
Allowance for loan losses | (1,474) | (1,728) | (1,593) | (1,606) | (1,564) | (1,629) |
HELOC [Member] | ||||||
Total Loans | 10,319 | 11,151 | ||||
Allowance for loan losses | (54) | (54) | (69) | (63) | (66) | (70) |
CON [Member] | ||||||
Total Loans | 1,920 | 1,295 | ||||
Allowance for loan losses | $ (18) | $ (9) | $ (7) | $ (12) | $ (12) | $ (11) |
Loans - Transactions In The All
Loans - Transactions In The Allowance For Loan Losses ("ALL") (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance | $ 2,832 | $ 2,874 | $ 2,806 | $ 2,803 |
Provision for loan losses | 30 | 25 | 100 | |
Charge-offs | (52) | (52) | ||
Recoveries | 19 | 1 | 20 | 2 |
Balance | 2,799 | 2,905 | 2,799 | 2,905 |
CRE [Member] | ||||
Balance | 721 | 462 | 559 | 367 |
Provision for loan losses | (2) | 3 | 160 | 98 |
Balance | 719 | 465 | 719 | 465 |
MF [Member] | ||||
Balance | 22 | 24 | 22 | 30 |
Provision for loan losses | (3) | (9) | ||
Balance | 22 | 21 | 22 | 21 |
C+I [Member] | ||||
Balance | 216 | 167 | 232 | 169 |
Provision for loan losses | 190 | (14) | 174 | (16) |
Charge-offs | (35) | (35) | ||
Balance | 371 | 153 | 371 | 153 |
ADL [Member] | ||||
Balance | 82 | 349 | 88 | 303 |
Provision for loan losses | 52 | (57) | 46 | (11) |
Balance | 134 | 292 | 134 | 292 |
RES [Member] | ||||
Balance | 1,728 | 1,564 | 1,593 | 1,629 |
Provision for loan losses | (272) | 42 | (137) | (23) |
Recoveries | 18 | 18 | ||
Balance | 1,474 | 1,606 | 1,474 | 1,606 |
HELOC [Member] | ||||
Balance | 54 | 66 | 69 | 70 |
Provision for loan losses | (3) | (15) | (7) | |
Balance | 54 | 63 | 54 | 63 |
CON [Member] | ||||
Balance | 9 | 12 | 7 | 11 |
Provision for loan losses | 25 | (1) | 26 | (1) |
Charge-offs | (17) | (17) | ||
Recoveries | 1 | 1 | 2 | 2 |
Balance | 18 | 12 | 18 | 12 |
Unallocated [Member] | ||||
Balance | 230 | 236 | 224 | |
Provision for loan losses | 7 | 63 | (229) | 69 |
Balance | $ 7 | $ 293 | $ 7 | $ 293 |
Loans - Information About Loans
Loans - Information About Loans And The ALL By Portfolio Segment Are Summarized (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Individually evaluated for impairment | $ 1,317 | $ 1,579 | ||||
Collectively evaluated for impairment | 335,971 | 318,977 | ||||
Total | 337,288 | 320,556 | ||||
Collectively evaluated for impairment | 2,799 | 2,806 | ||||
Total | 2,799 | $ 2,832 | 2,806 | $ 2,905 | $ 2,874 | $ 2,803 |
CRE [Member] | ||||||
Individually evaluated for impairment | 111 | 244 | ||||
Collectively evaluated for impairment | 65,540 | 63,609 | ||||
Total | 65,651 | 63,853 | ||||
Collectively evaluated for impairment | 719 | 559 | ||||
Total | 719 | 721 | 559 | 465 | 462 | 367 |
MF [Member] | ||||||
Collectively evaluated for impairment | 4,689 | 4,928 | ||||
Total | 4,689 | 4,928 | ||||
Collectively evaluated for impairment | 22 | 22 | ||||
Total | 22 | 22 | 22 | 21 | 24 | 30 |
C+I [Member] | ||||||
Individually evaluated for impairment | 1,140 | 1,267 | ||||
Collectively evaluated for impairment | 24,187 | 20,723 | ||||
Total | 25,327 | 21,990 | ||||
Collectively evaluated for impairment | 371 | 232 | ||||
Total | 371 | 216 | 232 | 153 | 167 | 169 |
ADL [Member] | ||||||
Collectively evaluated for impairment | 17,977 | 15,580 | ||||
Total | 17,977 | 15,580 | ||||
Collectively evaluated for impairment | 134 | 88 | ||||
Total | 134 | 82 | 88 | 292 | 349 | 303 |
RES [Member] | ||||||
Individually evaluated for impairment | 66 | 68 | ||||
Collectively evaluated for impairment | 211,339 | 201,691 | ||||
Total | 211,405 | 201,759 | ||||
Collectively evaluated for impairment | 1,474 | 1,593 | ||||
Total | 1,474 | 1,728 | 1,593 | 1,606 | 1,564 | 1,629 |
HELOC [Member] | ||||||
Collectively evaluated for impairment | 10,319 | 11,151 | ||||
Total | 10,319 | 11,151 | ||||
Collectively evaluated for impairment | 54 | 69 | ||||
Total | 54 | 54 | 69 | 63 | 66 | 70 |
CON [Member] | ||||||
Collectively evaluated for impairment | 1,920 | 1,295 | ||||
Total | 1,920 | 1,295 | ||||
Collectively evaluated for impairment | 18 | 7 | ||||
Total | 18 | $ 9 | 7 | 12 | 12 | 11 |
Unallocated [Member] | ||||||
Collectively evaluated for impairment | 7 | 236 | ||||
Total | $ 7 | $ 236 | $ 293 | $ 230 | $ 224 |
Loans - Analysis Of Past Due Lo
Loans - Analysis Of Past Due Loans By Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total Past Due | $ 204 | $ 516 |
Total Current | 337,084 | 320,040 |
Total Loans | 337,288 | 320,556 |
Non-Accrual Loans | 1,121 | 68 |
30-59 Days Past Due [Member] | ||
Total Past Due | 204 | 448 |
Greater than 90 Days [Member] | ||
Total Past Due | 68 | |
CRE [Member] | ||
Total Past Due | 93 | |
Total Current | 65,651 | 63,760 |
Total Loans | 65,651 | 63,853 |
CRE [Member] | 30-59 Days Past Due [Member] | ||
Total Past Due | 93 | |
MF [Member] | ||
Total Current | 4,689 | 4,928 |
Total Loans | 4,689 | 4,928 |
C+I [Member] | ||
Total Current | 25,327 | 21,990 |
Total Loans | 25,327 | 21,990 |
Non-Accrual Loans | 1,055 | |
ADL [Member] | ||
Total Current | 17,977 | 15,580 |
Total Loans | 17,977 | 15,580 |
RES [Member] | ||
Total Past Due | 204 | 324 |
Total Current | 211,201 | 201,435 |
Total Loans | 211,405 | 201,759 |
Non-Accrual Loans | 66 | 68 |
RES [Member] | 30-59 Days Past Due [Member] | ||
Total Past Due | 204 | 256 |
RES [Member] | Greater than 90 Days [Member] | ||
Total Past Due | 68 | |
HELOC [Member] | ||
Total Past Due | 99 | |
Total Current | 10,319 | 11,052 |
Total Loans | 10,319 | 11,151 |
HELOC [Member] | 30-59 Days Past Due [Member] | ||
Total Past Due | 99 | |
CON [Member] | ||
Total Current | 1,920 | 1,295 |
Total Loans | $ 1,920 | $ 1,295 |
Loans - Provides Information On
Loans - Provides Information On Impaired Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Recorded Carrying Value | $ 1,121 | $ 68 |
Unpaid Principal Balance | 1,161 | 68 |
Average Recorded Investment | 384 | 616 |
Interest Income Recognized | 43 | 3 |
CRE [Member] | ||
Average Recorded Investment | 112 | |
C+I [Member] | ||
Recorded Carrying Value | 1,055 | |
Unpaid Principal Balance | 1,095 | |
Average Recorded Investment | 109 | |
ADL [Member] | ||
Average Recorded Investment | 470 | |
RES [Member] | ||
Recorded Carrying Value | 66 | 68 |
Unpaid Principal Balance | 66 | 68 |
Average Recorded Investment | 275 | 34 |
Interest Income Recognized | $ 43 | $ 3 |
Loans - Internal Risk Rating Of
Loans - Internal Risk Rating Of Loans By Portfolio Segment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total Loans | $ 337,288 | $ 320,556 |
Pass [Member] | ||
Total Loans | 332,771 | 317,962 |
Special Mention [Member] | ||
Total Loans | 3,200 | 1,015 |
Substandard [Member] | ||
Total Loans | 1,317 | 1,579 |
CRE [Member] | ||
Total Loans | 65,651 | 63,853 |
CRE [Member] | Pass [Member] | ||
Total Loans | 64,828 | 62,873 |
CRE [Member] | Special Mention [Member] | ||
Total Loans | 712 | 736 |
CRE [Member] | Substandard [Member] | ||
Total Loans | 111 | 244 |
MF [Member] | ||
Total Loans | 4,689 | 4,928 |
MF [Member] | Pass [Member] | ||
Total Loans | 4,689 | 4,928 |
C+I [Member] | ||
Total Loans | 25,327 | 21,990 |
C+I [Member] | Pass [Member] | ||
Total Loans | 21,699 | 20,700 |
C+I [Member] | Special Mention [Member] | ||
Total Loans | 2,488 | 23 |
C+I [Member] | Substandard [Member] | ||
Total Loans | 1,140 | 1,267 |
ADL [Member] | ||
Total Loans | 17,977 | 15,580 |
ADL [Member] | Pass [Member] | ||
Total Loans | 17,977 | 15,580 |
RES [Member] | ||
Total Loans | 211,405 | 201,759 |
RES [Member] | Pass [Member] | ||
Total Loans | 211,339 | 201,435 |
RES [Member] | Special Mention [Member] | ||
Total Loans | 256 | |
RES [Member] | Substandard [Member] | ||
Total Loans | 66 | 68 |
HELOC [Member] | ||
Total Loans | 10,319 | 11,151 |
HELOC [Member] | Pass [Member] | ||
Total Loans | 10,319 | 11,151 |
CON [Member] | ||
Total Loans | 1,920 | 1,295 |
CON [Member] | Pass [Member] | ||
Total Loans | $ 1,920 | $ 1,295 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Loans Outstanding | $ 6.2 | $ 5.5 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Transferred Financial Assets Principal Amount Outstanding | $ 48,800 | $ 48,800 | $ 49,200 | ||
Loan servicing fee income (loss) | $ 0 | $ 13 | $ (25) | $ 87 | |
Servicing Assets and Servicing Liabilities at Fair Value Discount Rate | 9.50% | 9.50% | |||
Servicing Assets and Servicing Liabilities at Fair Value prepayment speed | 15.44% | 8.94% | |||
Servicing Assets and Servicing Liabilities at Fair Value weighted average default rate | 3.12% | 2.84% |
Loan Servicing - Summary Of Act
Loan Servicing - Summary Of Activity In Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Balance, beginning of period | $ 394 | $ 482 | $ 479 | $ 473 |
Change in fair value due to change in assumptions | (32) | (17) | (117) | (8) |
Balance, end of period | $ 362 | $ 465 | $ 362 | $ 465 |
Deposits - Deposit Liabilities
Deposits - Deposit Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
NOW and demand deposits | $ 117,307 | $ 109,580 |
Money market deposits | 63,199 | 60,952 |
Regular and other savings deposits | 40,545 | 41,294 |
Time deposits of $250,000 and greater | 16,191 | 13,325 |
Time deposits less than $250,000 | 48,893 | 49,295 |
Total deposits | $ 286,135 | $ 274,446 |
Deposits - Time Deposit Maturit
Deposits - Time Deposit Maturities (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
2019 | $ 46,419 |
2020 | 12,965 |
2021 | 4,595 |
2022 | 660 |
2023 | 445 |
Total | $ 65,084 |
Deposits - Additional informati
Deposits - Additional information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Time Deposits [Member] | ||
Brokered deposits | $ 0 | $ 0 |
Borrowings - Schedule Of Federa
Borrowings - Schedule Of Federal Home Loan Bank Advances By Branch Of FHLB Bank (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Principal Amounts | $ 50,927 | $ 75,737 |
Federal Home Loan Bank Advances One [Member] | ||
Principal Amounts | $ 28,665 | $ 73,475 |
Maturity Dates | 2019 | 2019 |
Federal Home Loan Bank Advances Two [Member] | ||
Principal Amounts | $ 20,000 | $ 2,262 |
Maturity Dates | 2020 | 2022 |
Federal Home Loan Bank Advances Three [Member] | ||
Principal Amounts | $ 2,262 | |
Maturity Dates | 2022 | |
Minimum [Member] | Federal Home Loan Bank Advances One [Member] | ||
Interest Rates | 2.12% | 2.54% |
Minimum [Member] | Federal Home Loan Bank Advances Two [Member] | ||
Interest Rates | 2.11% | 0.00% |
Minimum [Member] | Federal Home Loan Bank Advances Three [Member] | ||
Interest Rates | 0.00% | |
Maximum [Member] | Federal Home Loan Bank Advances One [Member] | ||
Interest Rates | 2.32% | 2.68% |
Maximum [Member] | Federal Home Loan Bank Advances Two [Member] | ||
Interest Rates | 2.19% | 0.00% |
Maximum [Member] | Federal Home Loan Bank Advances Three [Member] | ||
Interest Rates | 0.00% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Banks unused remaining borrowing capacity | $ 95 | $ 72.1 |
Federal home loan bank maximum borrowing capacity | 3 | |
Fed Funds borrowing [Member] | ||
Fed funds borrowing capacity | $ 5 |
Employee Benefits - Compensatio
Employee Benefits - Compensation expense for the ESOP at an amount equal to the shares allocated by the ESOP (Detail) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | ||
Allocated | ||
Committed to be allocated | 5,962 | |
Unallocated | 232,511 | 0 |
Total | 238,473 |
Employee Benefits - fair value
Employee Benefits - fair value of plan assets divided by funding target (Detail) | Jul. 01, 2019 | |
Pension Plan [Member] | ||
Percentage of funding status | 92.61% | [1] |
[1] | Fair value of plan assets reflects any contributions received through June 30, 2019. |
Employee Benefits - Additional
Employee Benefits - Additional information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 17, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 44,000 | $ 27,000 | $ 123,000 | $ 91,000 | |||
Stock Repurchase | 238,473 | ||||||
Deferred Compensation Liability, Current and Noncurrent | $ 1,559,000 | $ 1,559,000 | $ 1,547,000 | ||||
Number of shares commited to be released each year,esop | 5,962 | 5,962 | |||||
First Seacoast Bank Employee Stock Ownership Plan [Member] | |||||||
Number of shares commited to be released each year,esop | 11,924 | 11,924 | |||||
Employee stock option unallocated shares fair value | $ 2,200,000 | $ 2,200,000 | |||||
Employee stock option compensation recognized | 54,000 | $ 54,000 | |||||
Employee stock option plan [Member] | |||||||
Stock Repurchase | 238,473 | ||||||
Remaining Loan Term | 19 years 9 months 18 days | ||||||
Percentage of Purchase price common stock | 100.00% | ||||||
Remaining Principal Balance of Debt | 2,400,000 | $ 2,400,000 | |||||
Scenario Forecast [Member] | |||||||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | $ 346,000 | ||||||
Pentegra DB Plan [Member] | |||||||
Pension Cost (Reversal of Cost) | 87,000 | 68,000 | 260,000 | 272,000 | |||
Salary Continuation Plan [Member] | Supplemental Employee Retirement Plan [Member] | |||||||
Liability, Defined Benefit Plan | $ 545,000 | $ 545,000 | 565,000 | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.00% | 5.00% | |||||
Employee salary incremental percent | 5.00% | ||||||
Defined Contribution Plan, Cost | $ 22,000 | 36,000 | $ 68,000 | 72,000 | |||
Salary Continuation Plan [Member] | Former Employee [Member] | Supplemental Employee Retirement Plan [Member] | |||||||
Pension Cost (Reversal of Cost) | 0 | 0 | 0 | 25,000 | |||
Liability, Defined Benefit Plan | 0 | 0 | $ 0 | ||||
Executive Supplemental Retirement Plan [Member] | Supplemental Employee Retirement Plan [Member] | |||||||
Liability, Defined Benefit Plan | 207,000 | 207,000 | |||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 6.25% | ||||||
Endorsement Method Split Dollar Plan [Member] | Supplemental Employee Retirement Plan [Member] | |||||||
Pension Cost (Reversal of Cost) | (6,000) | (5,000) | (19,000) | (15,000) | |||
Liability, Defined Benefit Plan | 39,000 | 39,000 | $ 58,000 | ||||
Deferred Directors Supplemental Retirement Plan [Member] | Supplemental Employee Retirement Plan [Member] | |||||||
Liability, Defined Benefit Plan | 564,000 | 564,000 | $ 562,000 | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 6.25% | ||||||
Defined Contribution Plan, Cost | 20,000 | $ 13,000 | 71,000 | $ 41,000 | |||
Deferred Compensation Liability, Current and Noncurrent | $ 204,000 | $ 204,000 | $ 154,000 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of Other Comprehensive Income Loss [Abstract] | ||||
(Gains) losses on securities available for sale | $ (50) | $ 1 | $ (40) | $ 1 |
Tax effect | 13 | 11 | ||
Net income | (37) | 1 | (29) | 1 |
Net amortization of premium on securities | 19 | 22 | 59 | 85 |
Tax effect | (5) | (6) | (16) | (24) |
Net income | $ 14 | $ 16 | $ 43 | $ 61 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Capital Requirements (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Actual, Total Capital (to risk- weighted assets) | $ 49,006 | $ 36,044 | |
Actual, Tier I Capital (to risk- weighted assets) | 46,153 | 33,192 | |
Actual, Tier I Capital (to average assets) | 46,153 | 33,192 | |
Actual, Common Equity Tier 1 (to risk-weighted assets) | $ 46,153 | $ 33,192 | |
Actual Ratio, Total Capital (to risk- weighted assets) | 18.89% | 14.41% | |
Actual Ratio, Tier I Capital (to risk- weighted assets) | 17.79% | 13.27% | |
Actual Ratio, Tier I Capital (to average assets) | 11.56% | 8.68% | |
Actual Ratio, Common Equity Tier 1 (to risk-weighted assets) | 17.79% | 13.27% | |
Minimum Capital Requirement, Total Capital (to risk-weighted assets) | $ 20,749 | $ 20,011 | |
Minimum Capital Requirement, Tier I Capital (to risk-weighted assets) | 15,562 | 15,008 | |
Minimum Capital Requirement, Tier I Capital (to average assets) | 15,967 | 15,296 | |
Minimum Capital Requirement, Common Equity Tier 1 (to risk-weighted assets) | $ 11,671 | $ 11,256 | |
Minimum Capital Requirement Ratio, Total Capital (to risk-weighted assets) | 8.00% | 8.00% | 8.00% |
Minimum Capital Requirement Ratio, Tier I Capital (to risk-weighted assets) | 6.00% | 6.00% | 6.00% |
Minimum Capital Requirement Ratio, Tier I Capital (to average assets) | 4.00% | 4.00% | 4.00% |
Minimum Capital Requirement Ratio, Common Equity Tier 1 (to risk-weighted assets) | 4.50% | 4.50% | 4.50% |
Minimum To Be Well Capitalized Under Prompt Corrective, Total Capital (to risk-weighted assets) | $ 25,012 | ||
Minimum To Be Well Capitalized Under Prompt Corrective, Tier I Capital (to risk-weighted assets) | 20,009 | ||
Minimum To Be Well Capitalized Under Prompt Corrective, Tier I Capital (to average assets) | 19,118 | ||
Minimum To Be Well Capitalized Under Prompt Corrective, Common Equity Tier 1 (to risk-weighted assets) | $ 16,258 | ||
Minimum To Be Well Capitalized Under Prompt Corrective Ratio, Total Capital (to risk-weighted assets) | 10.00% | ||
Minimum To Be Well Capitalized Under Prompt Corrective Ratio, Tier I Capital (to risk-weighted assets) | 8.00% | ||
Minimum To Be Well Capitalized Under Prompt Corrective Ratio, Tier I Capital (to average assets) | 5.00% | ||
Minimum To Be Well Capitalized Under Prompt Corrective Ratio, Common Equity Tier 1 (to risk-weighted assets) | 6.50% | ||
Fully Phased-In | |||
Minimum Capital Requirement, Total Capital (to risk-weighted assets) | $ 27,233 | $ 26,264 | |
Minimum Capital Requirement, Tier I Capital (to risk-weighted assets) | 22,046 | 21,261 | |
Minimum Capital Requirement, Tier I Capital (to average assets) | 15,967 | 15,296 | |
Minimum Capital Requirement, Common Equity Tier 1 (to risk-weighted assets) | $ 18,155 | $ 17,509 | |
Minimum Capital Requirement Ratio, Total Capital (to risk-weighted assets) | 10.50% | 10.50% | 10.50% |
Minimum Capital Requirement Ratio, Tier I Capital (to risk-weighted assets) | 8.50% | 8.50% | 8.50% |
Minimum Capital Requirement Ratio, Tier I Capital (to average assets) | 4.00% | 4.00% | |
Minimum Capital Requirement Ratio, Common Equity Tier 1 (to risk-weighted assets) | 7.00% | 7.00% | 7.00% |
Basel III Phase-In Schedule | |||
Minimum Capital Requirement, Total Capital (to risk-weighted assets) | $ 24,701 | ||
Minimum Capital Requirement, Tier I Capital (to risk-weighted assets) | 19,698 | ||
Minimum Capital Requirement, Tier I Capital (to average assets) | 15,296 | ||
Minimum Capital Requirement, Common Equity Tier 1 (to risk-weighted assets) | $ 15,946 | ||
Minimum Capital Requirement Ratio, Total Capital (to risk-weighted assets) | 9.875% | ||
Minimum Capital Requirement Ratio, Tier I Capital (to risk-weighted assets) | 7.875% | ||
Minimum Capital Requirement Ratio, Tier I Capital (to average assets) | 4.00% | ||
Minimum Capital Requirement Ratio, Common Equity Tier 1 (to risk-weighted assets) | 6.375% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Total Capital (to risk-weighted assets) | 8.00% | 8.00% | 8.00% |
Tier I Capital (to risk-weighted assets) | 6.00% | 6.00% | 6.00% |
Tier I Capital (to average assets) | 4.00% | 4.00% | 4.00% |
Common Equity Tier 1 (to risk-weighted assets) | 4.50% | 4.50% | 4.50% |
Capital Conservation Buffer Ratio | 2.50% | ||
Fully Phased In [Member] | |||
Total Capital (to risk-weighted assets) | 10.50% | 10.50% | 10.50% |
Tier I Capital (to risk-weighted assets) | 8.50% | 8.50% | 8.50% |
Tier I Capital (to average assets) | 4.00% | 4.00% | |
Common Equity Tier 1 (to risk-weighted assets) | 7.00% | 7.00% | 7.00% |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Fair Value, by Balance Sheet Grouping (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | $ 40,367 | $ 39,443 |
U.S. Government-sponsored enterprises obligations [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 13,227 | 23,727 |
Municipal bonds [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 25,815 | 14,389 |
Fair Value, Measurements, Recurring [Member] | ||
Assets, Fair Value Disclosure | 40,729 | 39,922 |
Fair Value, Measurements, Recurring [Member] | U.S. Government-sponsored enterprises obligations [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 13,227 | 23,727 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed securities [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 1,325 | 1,327 |
Fair Value, Measurements, Recurring [Member] | Municipal bonds [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 25,815 | 14,389 |
Fair Value, Measurements, Recurring [Member] | Mortgage servicing rights [member] | ||
Assets, Fair Value Disclosure | 362 | 479 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure | 40,367 | 39,443 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government-sponsored enterprises obligations [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 13,227 | 23,727 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 1,325 | 1,327 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal bonds [Member] | ||
Securities available-for-sale: | ||
Debt Securities, Available-for-sale | 25,815 | 14,389 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure | 362 | 479 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage servicing rights [member] | ||
Assets, Fair Value Disclosure | $ 362 | $ 479 |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Summarizes Assets Measured At Fair Value On A Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Nonaccrual Fair Value Disclosure | ||
Fair Value, Nonrecurring [Member] | ||
Financing Receivable Nonaccrual Fair Value Disclosure | $ 1,055 | |
Significant Unobservable Inputs Level 3 | Fair Value, Nonrecurring [Member] | ||
Financing Receivable Nonaccrual Fair Value Disclosure | $ 1,055 |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Assets Measured At Fair Value On A Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Nonaccrual Fair Value Disclosure | ||
Valuation, Market Approach [Member] | Selling Costs Provision | ||
Financing Receivable Nonaccrual Fair Value Disclosure | $ 1,055 |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities - Fair Value Measurements, Recurring and Nonrecurring (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Assets: | ||
Cash and due from banks | $ 6,505 | $ 5,889 |
Interest-bearing time deposits with other banks | 2,735 | 6,461 |
Federal Home Loan Bank stock | 2,445 | 3,718 |
Bank-owned life insurance | 4,238 | 4,156 |
Loans, net | 335,446 | 318,616 |
Accrued interest receivable | 1,271 | 1,164 |
Financial Liabilities: | ||
Deposits | 286,135 | 274,446 |
Advances from Federal Home Loan Bank | 50,927 | 75,737 |
Mortgagors' tax escrow | 1,928 | 761 |
Deposits [Member] | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 286,187 | 258,446 |
Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 221,051 | 196,481 |
Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 65,136 | 61,965 |
Federal Home Loan Bank Borrowings [Member] | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 50,852 | 75,541 |
Federal Home Loan Bank Borrowings [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 50,852 | 75,541 |
Mortgagors' tax escrow [member] | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 1,928 | 761 |
Mortgagors' tax escrow [member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Financial Liabilities Fair Value Disclosure | 1,928 | 761 |
Cash and due from banks [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 6,505 | 5,889 |
Cash and due from banks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 6,505 | 5,889 |
Interest-bearing time deposits with other banks [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 2,735 | 6,461 |
Interest-bearing time deposits with other banks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 2,735 | 6,461 |
Federal Home Loan Bank stock [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 2,445 | 3,718 |
Federal Home Loan Bank stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 2,445 | 3,718 |
Bank-owned life insurance [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 4,238 | 4,156 |
Bank-owned life insurance [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 4,238 | 4,156 |
Loans, net [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 329,164 | 307,582 |
Loans, net [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 329,164 | 307,582 |
Accrued interest receivable [member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | 1,271 | 1,164 |
Accrued interest receivable [member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure | $ 1,271 | $ 1,164 |