Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | UCFC | |
Entity Registrant Name | UNITED COMMUNITY FINANCIAL CORP | |
Entity Central Index Key | 707,886 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,929,496 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and deposits with banks | $ 32,584 | $ 34,365 |
Federal funds sold | 34,393 | 12,515 |
Total cash and cash equivalents | 66,977 | 46,880 |
Securities: | ||
Available for sale, at fair value | 247,630 | 270,561 |
Held to maturity, (fair value of $78,194 and $82,126, respectively) | 81,294 | 82,911 |
Loans held for sale, at lower of cost or market | 211 | |
Loans held for sale, at fair value | 107,701 | 83,541 |
Loans, net of allowance for loan losses of $21,405 and $21,202 | 2,099,781 | 1,999,877 |
Federal Home Loan Bank stock, at cost | 19,324 | 19,324 |
Premises and equipment, net | 21,645 | 22,094 |
Accrued interest receivable | 8,454 | 8,190 |
Real estate owned and other repossessed assets, net | 877 | 1,253 |
Goodwill | 20,221 | 20,221 |
Cash surrender value of life insurance | 63,354 | 62,488 |
Other assets | 29,551 | 28,360 |
Total assets | 2,770,558 | 2,649,905 |
Deposits: | ||
Non-interest bearing | 383,082 | 354,970 |
Interest bearing | ||
Customer deposits | 1,563,043 | 1,445,293 |
Brokered deposits | 189,220 | 156,476 |
Total interest bearing deposits | 1,752,263 | 1,601,769 |
Total deposits | 2,135,345 | 1,956,739 |
Federal Home Loan Bank advances | ||
Long-term Federal Home Loan Bank advances | 48,927 | 48,536 |
Short-term Federal Home Loan Bank advances | 248,000 | 308,000 |
Total Federal Home Loan Bank advances | 296,927 | 356,536 |
Repurchase agreements and other | 191 | 197 |
Total borrowed funds | 297,118 | 356,733 |
Advance payments by borrowers for taxes and insurance | 19,253 | 25,038 |
Accrued interest payable | 964 | 1,097 |
Accrued expenses and other liabilities | 16,394 | 16,033 |
Total liabilities | 2,469,074 | 2,355,640 |
Shareholders' Equity: | ||
Preferred stock-no par value; 1,000,000 shares authorized and no shares issued or outstanding | ||
Common stock-no par value; 499,000,000 shares authorized; 54,138,910 shares issued and 49,904,074 and 49,800,126 shares, respectively, outstanding | 177,311 | 177,458 |
Retained earnings | 179,965 | 167,852 |
Accumulated other comprehensive loss | (24,077) | (18,685) |
Treasury stock, at cost, 4,234,836 and 4,338,784 shares, respectively | (31,715) | (32,360) |
Total shareholders’ equity | 301,484 | 294,265 |
Total liabilities and shareholders’ equity | 2,770,558 | 2,649,905 |
Customer list intangible [Member] | ||
Securities: | ||
Intangible assets | 1,980 | 2,060 |
Core deposit intangibles [Member] | ||
Securities: | ||
Intangible assets | $ 1,769 | $ 1,934 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Held to maturity, Fair Value | $ 78,194 | $ 82,126 |
Allowance for loan losses | $ 21,405 | $ 21,202 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 499,000,000 | 499,000,000 |
Common stock, shares issued | 54,138,910 | 54,138,910 |
Common stock, shares outstanding | 49,904,074 | 49,800,126 |
Treasury stock, shares | 4,234,836 | 4,338,784 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income | ||||
Loans | $ 23,275 | $ 20,011 | $ 46,034 | $ 37,569 |
Loans held for sale | 1,012 | 872 | 1,870 | 1,533 |
Securities available for sale, nontaxable | 356 | 418 | 744 | 836 |
Securities available for sale, taxable | 1,193 | 1,479 | 2,408 | 3,081 |
Securities held to maturity, nontaxable | 61 | 52 | 112 | 114 |
Securities held to maturity, taxable | 398 | 454 | 820 | 919 |
Federal Home Loan Bank stock dividends | 274 | 227 | 554 | 441 |
Other interest earning assets | 92 | 40 | 169 | 120 |
Total interest income | 26,661 | 23,553 | 52,711 | 44,613 |
Interest expense | ||||
Deposits | 3,790 | 1,987 | 6,887 | 3,608 |
Federal Home Loan Bank advances | 1,576 | 1,064 | 2,996 | 2,019 |
Repurchase agreements and other | 8 | 16 | ||
Total interest expense | 5,366 | 3,059 | 9,883 | 5,643 |
Net interest income | 21,295 | 20,494 | 42,828 | 38,970 |
(Recovery) provision for loan losses | (138) | 842 | 269 | 2,317 |
Net interest income after provision for loan losses | 21,433 | 19,652 | 42,559 | 36,653 |
Non-interest income | ||||
Insurance agency income | 513 | 472 | 1,090 | 945 |
Brokerage income | 300 | 301 | 572 | 623 |
Deposit related fees | 1,392 | 1,411 | 2,692 | 2,701 |
Mortgage servicing fees | 813 | 729 | 1,625 | 1,465 |
Mortgage servicing rights valuation | (20) | (2) | (11) | (5) |
Mortgage servicing rights amortization | (542) | (486) | (1,042) | (935) |
Other service fees | 61 | 33 | 99 | 62 |
Net gains (losses): | ||||
Securities available for sale (includes $94, $301, $233, and $330, respectively, accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities) | 94 | 301 | 233 | 330 |
Mortgage banking income | 1,205 | 2,117 | 2,563 | 3,440 |
Real estate owned and other repossessed assets, net | (113) | (18) | (191) | (70) |
Debit/credit card fees | 1,177 | 1,326 | 2,126 | 2,249 |
Trust fees | 473 | 420 | 942 | 702 |
Other income | 499 | 486 | 973 | 967 |
Total non-interest income | 5,852 | 7,090 | 11,671 | 12,474 |
Non-interest expense | ||||
Salaries and employee benefits | 8,937 | 8,749 | 18,935 | 17,724 |
Occupancy | 950 | 943 | 2,050 | 1,907 |
Equipment and data processing | 2,372 | 2,306 | 4,526 | 4,385 |
Financial institutions tax | 495 | 510 | 991 | 1,000 |
Advertising | 290 | 265 | 525 | 389 |
Amortization of intangible assets | 132 | 113 | 245 | 196 |
FDIC insurance premiums | 288 | 340 | 578 | 528 |
Other insurance premiums | 109 | 109 | 218 | 221 |
Legal and consulting fees | 147 | 184 | 446 | 413 |
Other professional fees | 499 | 420 | 890 | 940 |
Supervisory fees | 42 | 84 | ||
Real estate owned and other repossessed asset expenses | 34 | 23 | 70 | 85 |
Acquisition costs | 4,962 | |||
Other expenses | 1,235 | 1,214 | 2,572 | 2,716 |
Total non-interest expenses | 15,530 | 15,176 | 32,130 | 35,466 |
Income before income taxes | 11,755 | 11,566 | 22,100 | 13,661 |
Income tax expense (includes $20, $105, $49 and $115 income tax expense from reclassification items) | 2,214 | 3,377 | 4,003 | 3,934 |
Net income | 9,541 | 8,189 | 18,097 | 9,727 |
Other comprehensive (loss) income | ||||
Unrealized (loss) gain on securities, available for sale, net of reclassifications and tax of $ 381, $842, $1,449 and $1,362, respectively | (1,433) | 1,562 | (5,453) | 2,527 |
Accretion of unrealized losses on securities transferred from available for sale to held to maturity, net of tax of $8, $17, $16 and $35, respectively | 31 | 32 | 61 | 65 |
Total other comprehensive (loss) income | (1,402) | 1,594 | (5,392) | 2,592 |
Comprehensive income | $ 8,139 | $ 9,783 | $ 12,705 | $ 12,319 |
Earnings per share | ||||
Basic | $ 0.19 | $ 0.16 | $ 0.36 | $ 0.20 |
Diluted | $ 0.19 | $ 0.16 | $ 0.36 | $ 0.20 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Accumulated other comprehensive income | $ 94 | $ 301 | $ 233 | $ 330 |
Income tax expense from reclassification items | 20 | 105 | 49 | 115 |
Unrealized (loss) gain on securities available for sale, net of reclassifications, tax | 381 | 842 | 1,449 | 1,362 |
Accretion of unrealized losses on securities transferred from available for sale to held to maturity, tax | $ 8 | $ 17 | $ 16 | $ 35 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Ohio Legacy Corp. [Member] | Common Stock [Member] | Common Stock [Member]Ohio Legacy Corp. [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Treasury Stock [Member]Ohio Legacy Corp. [Member] |
Balance at Dec. 31, 2016 | $ 249,806 | $ 174,360 | $ 152,675 | $ (21,040) | $ (56,189) | |||
Balance, shares at Dec. 31, 2016 | 46,581,370 | |||||||
Net income | 9,727 | 9,727 | ||||||
Other comprehensive income (loss) | 2,592 | 2,592 | ||||||
Stock option exercises, value | 74 | $ (176) | 250 | |||||
Stock option exercises, shares | 33,418 | |||||||
Stock option expense | 1 | $ 1 | ||||||
Restricted stock grants, value | $ (511) | 511 | ||||||
Restricted stock grants, shares | 68,761 | |||||||
Restricted stock expense | 456 | $ 456 | ||||||
Vesting of Long-term Incentive Plan, value | 597 | $ 87 | 510 | |||||
Vesting of Long-term Incentive Plan, shares | 68,783 | |||||||
Purchase of shares, value | $ 25,816 | $ 3,261 | $ 22,555 | |||||
Purchase of shares, shares | 3,033,604 | |||||||
Cash dividend payments | (2,980) | (2,980) | ||||||
Treasury stock purchases, value | (609) | (609) | ||||||
Treasury stock purchases, shares | (70,915) | |||||||
Balance at Jun. 30, 2017 | 285,480 | $ 177,478 | 159,422 | (18,448) | (32,972) | |||
Balance, shares at Jun. 30, 2017 | 49,715,021 | |||||||
Balance at Mar. 31, 2017 | (20,042) | |||||||
Net income | 8,189 | |||||||
Other comprehensive income (loss) | 1,594 | |||||||
Balance at Jun. 30, 2017 | 285,480 | $ 177,478 | 159,422 | (18,448) | (32,972) | |||
Balance, shares at Jun. 30, 2017 | 49,715,021 | |||||||
Balance at Dec. 31, 2017 | 294,265 | $ 177,458 | 167,852 | (18,685) | (32,360) | |||
Balance, shares at Dec. 31, 2017 | 49,800,126 | |||||||
Net income | 18,097 | 18,097 | ||||||
Other comprehensive income (loss) | (5,392) | (5,392) | ||||||
Stock option exercises, value | $ 232 | $ (292) | 524 | |||||
Stock option exercises, shares | 70,101 | 70,101 | ||||||
Stock option expense | $ 32 | $ 32 | ||||||
Restricted stock grants, value | $ (433) | 433 | ||||||
Restricted stock grants, shares | 57,985 | |||||||
Restricted stock forfeitures, shares | (807) | |||||||
Restricted stock expense | 471 | $ 477 | (6) | |||||
Vesting of Long-term Incentive Plan, value | 344 | $ 69 | 275 | |||||
Vesting of Long-term Incentive Plan, shares | 36,871 | |||||||
Cash dividend payments | (5,984) | (5,984) | ||||||
Treasury stock purchases, value | (581) | (581) | ||||||
Treasury stock purchases, shares | (60,202) | |||||||
Balance at Jun. 30, 2018 | 301,484 | $ 177,311 | 179,965 | (24,077) | (31,715) | |||
Balance, shares at Jun. 30, 2018 | 49,904,074 | |||||||
Balance at Mar. 31, 2018 | (22,675) | |||||||
Net income | 9,541 | |||||||
Other comprehensive income (loss) | (1,402) | |||||||
Balance at Jun. 30, 2018 | $ 301,484 | $ 177,311 | $ 179,965 | $ (24,077) | $ (31,715) | |||
Balance, shares at Jun. 30, 2018 | 49,904,074 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividend payments, per share | $ 0.12 | $ 0.06 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 18,097,000 | $ 9,727,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | 269,000 | 2,317,000 |
Mortgage banking income | (4,760,000) | (540,000) |
Changes in fair value on loans held for sale | 2,197,000 | (2,900,000) |
Net losses on real estate owned and other repossessed assets sold | 191,000 | 70,000 |
Net gain on available for sale securities sold | (233,000) | (330,000) |
Amortization of premiums and accretion of discounts | 2,781,000 | 1,911,000 |
Depreciation and amortization | 1,359,000 | 1,321,000 |
Net change in interest receivable | (264,000) | 159,000 |
Net change in interest payable | (133,000) | 176,000 |
Net change in prepaid and other assets | (3,545,000) | 2,268,000 |
Net change in other liabilities | 705,000 | 2,924,000 |
Stock based compensation | 503,000 | 457,000 |
Net principal disbursed on loans originated for sale | (165,861,000) | (114,733,000) |
Proceeds from sale of loans held for sale | 143,172,000 | 121,673,000 |
Net change in deferred tax assets | 3,547,000 | (2,043,000) |
Cash surrender value of life insurance | (866,000) | (767,000) |
Net cash from operating activities | (2,841,000) | 21,690,000 |
Cash Flows from Investing Activities | ||
Proceeds from the principal repayments and maturities of securities available for sale | 5,488,000 | 16,063,000 |
Proceeds from the principal repayments and maturities of securities held to maturity | 4,428,000 | 8,732,000 |
Proceeds from the sale of securities available for sale | 10,361,000 | 53,171,000 |
Proceeds from the sale of real estate owned and other repossessed assets | 674,000 | 881,000 |
Proceeds from the sale of loans held for investment | 2,250,000 | |
Proceeds from the sale of premises and equipment | 3,000 | |
Purchases of premises and equipment | (893,000) | (1,547,000) |
Principal disbursed on loans, net of repayments | (82,540,000) | (111,004,000) |
Loans purchased | (18,246,000) | (27,039,000) |
Purchase of securities held to maturity | (3,000,000) | |
Net cash received in acquisitions | 25,672,000 | |
Net cash from investing activities | (83,728,000) | (32,818,000) |
Cash Flows from Financing Activities | ||
Net increase in checking, savings and money market accounts | 79,339,000 | 47,573,000 |
Net increase in certificates of deposit | 99,451,000 | 65,291,000 |
Net decrease in advance payments by borrowers for taxes and insurance | (5,785,000) | (2,356,000) |
Net change in short-term FHLB advances | (60,000,000) | (86,500,000) |
Net change in repurchase agreements and other borrowed funds | (6,000) | (3,238,000) |
Proceeds from the exercise of stock options | 232,000 | 74,000 |
Dividends paid | (5,984,000) | (2,980,000) |
Purchase of treasury stock | (581,000) | (609,000) |
Net cash from financing activities | 106,666,000 | 17,255,000 |
Change in cash and cash equivalents | 20,097,000 | 6,127,000 |
Cash and cash equivalents, beginning of period | 46,880,000 | 45,887,000 |
Cash and cash equivalents, end of period | $ 66,977,000 | $ 52,014,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION United Community Financial Corp. (United Community or the Company) was incorporated in the State of Ohio in February 1998 for the purpose of owning all of the outstanding capital stock of Home Savings and Loan Company of Youngstown, Ohio (Home Savings and Loan) issued upon the conversion of Home Savings and Loan from a mutual savings association to a permanent capital stock savings association (Conversion). Upon consummation of the Conversion on July 8, 1998, United Community became the unitary thrift holding company for Home Savings and Loan. Immediately following United Community’s acquisition of Ohio Legacy Corp. (OLCB) on January 31, 2018, Home Savings and Loan was merged into Premier Bank & Trust, OLCB’s wholly-owned, state-chartered bank subsidiary (PB&T), and the surviving bank changed its name to Home Savings Bank. In connection with OLCB acquisition, United Community became a financial holding company, and Home Savings Bank, its wholly-owned bank subsidiary following the merger (Home Savings or the Bank), is now an Ohio bank. Home Savings conducts its business from its main office located in Youngstown, Ohio, 35 retail banking offices, 13 loan production centers and three wealth management offices located throughout Ohio, western Pennsylvania, West Virginia, southeast Michigan, Indiana and Kentucky. On January 29, 2016, United Community acquired James & Sons Insurance. James & Sons Insurance was merged into HSB Insurance, LLC, a wholly-owned subsidiary of United Community. HSB Insurance, LLC d/b/a James & Sons Insurance is an insurance agency that offers a wide variety of insurance products for business and residential customers, which include auto, homeowners, life-health, commercial, surety bonds and aviation. On February 28, 2017, HSB Insurance, LLC acquired certain assets of Eich Brothers Insurance. Eich Brothers Insurance is an insurance agency that offers insurance products for business and residential customers, which include auto, commercial, homeowners and life-health. On July 1, 2017, HSB Insurance, LLC acquired certain assets of Stevens Insurance Agency, which offers insurance products for business and residential customers, including auto, commercial, homeowners and life-health. HSB Capital, LLC, a wholly-owned subsidiary of United Community, was formed by United Community during 2016 for the purpose of providing mezzanine funding for customers. Mezzanine loans are offered to customers in United Community’s market area and are expected to be repaid from the cash flow from the operations of the business. HSB Insurance, Inc., a wholly-owned subsidiary of the Company which was formed and began operations on June 1, 2017, is a Delaware-based captive insurance company which insures against certain risks unique to the operations of the Company and its subsidiaries and for which insurance may not be currently available or economically feasible in today's insurance marketplace. HSB Insurance, Inc. pools resources with several other similar insurance company subsidiaries of financial institutions to spread a limited amount of risk among themselves. HSB Insurance, Inc. is subject to regulations of the State of Delaware and undergoes periodic examinations by the Delaware Division of Insurance. The accompanying consolidated financial statements of United Community have been prepared in accordance with instructions relating to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (U.S. GAAP) for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of results for the interim periods. The results of operations for the three and six months ended June 30, 2018, are not necessarily indicative of the results to be expected for the year ending December 31, 2018. The consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes contained in United Community’s Form 10-K for the year ended December 31, 2017. The consolidated financial statements include the accounts of United Community and its subsidiaries, Home Savings, HSB Insurance, LLC, HSB Capital, LLC and HSB Insurance, Inc. All material inter-company transactions have been eliminated. Some items in the prior year financial statements were reclassified to conform to the current presentation. These reclassifications had no effect on prior year consolidated statements of operations or shareholders’ equity. |
RECENT ACCOUNTING DEVELOPMENTS
RECENT ACCOUNTING DEVELOPMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
RECENT ACCOUNTING DEVELOPMENTS | 2. RECENT ACCOUNTING DEVELOPMENTS On January 1, 2018, the Company adopted Accounting Standars Update (ASU) 2014-09 Revenue from Contracts with Customers The Company adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606 while prior period amounts continue to be reported in accordance with legacy GAAP. The adoption of ASC 606 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. In January 2016, the FASB issued ASU 2016-01 , Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . In February 2016, the Financial Accounting Standars Board (FASB) issued ASU 2016-02 - Leases (Topic 842) In June 2016, the FASB Issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments • Debt prepayment or debt extinguishment costs. • Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing. • Contingent consideration payments made after a business combination. • Proceeds from the settlement of insurance claims. • Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies. • Distributions received from equity method investees. • Beneficial interests in securitization transactions. • Separately identifiable cash flows and application of the predominance principle. For public business entities, the guidance in ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for all entities. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . In March 2017, the FASB issued Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . In May 2017, the FASB issued ASU 2017-09 , Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting ( ASU 2017-09) . ASU 2017-09 applies to entities that change the terms or conditions of a share-based payment award. The FASB adopted ASU 2017-09 to provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to the modification of the terms and conditions of a share-based payment award. The amendments in ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. These amendments require the entity to account for the effects of a modification unless all of the following conditions are met: • The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or value using an alternative measurement method) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification; • The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and • The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The amendments should be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) : (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception ( ASU 2017-11). ASU 2017-11 simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. ASU 2017-11 will require companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. Companies that provide earnings per share (EPS) data will adjust their basic EPS calculation for the effect of the feature when triggered (i.e., when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down round feature) and will also recognize the effect of the trigger within equity. The provisions of ASU 2017-11 related to down rounds are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . In May 2018, the FASB issued ASU 2018-06, Codification Improvements to Topic 942, Financial Services—Depository and Lending Accounting for Net Deferred Tax Charges Financial Services – Depository and Lending – Income Taxes In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Compensation—Stock Compensation Equity—Equity-Based Payments to Non-Employees. In July, the FASB issued ASU 2018-09, Codification Improvements. ASU 2018-09 affects a wide variety of Topics in the Codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in ASU 2018-09 do not require transition guidance and will be effective upon issuance of ASU 2018-09. However, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. The adoption of this guidance is not expected to have an impact of the Company’s consolidated financial statements. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (ASU 2018-10). affecting narrow aspects of the guidance issued in the amendments in ASU 2016-02. |
STOCK COMPENSATION
STOCK COMPENSATION | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
STOCK COMPENSATION | 3. STOCK COMPENSATION Stock Options: On April 30, 2015, shareholders approved the United Community Financial Corp. 2015 Long-Term Incentive Compensation Plan (the 2015 Plan). The purpose of the 2015 Plan is to provide a means through which United Community may attract and retain employees and non-employee directors, to provide incentives that align their interest with those of United Community’s shareholders and promote the success of United Community’s business. All employees and non-employee directors are eligible to participate in the 2015 Plan. The 2015 Plan provides for the issuance of up to 1,200,000 shares that are to be used for awards of stock options, stock awards, stock units, stock appreciation rights (SARs), annual bonus awards and long-term incentive awards. On April 26, 2007, shareholders approved the United Community Financial Corp. 2007 Long-Term Incentive Plan (as amended, the 2007 Plan). The purpose of the 2007 Plan was to promote and advance the interests of United Community and its shareholders by enabling United Community to attract, retain and reward directors, directors emeritus, managerial and other key employees of United Community, including Home Savings, by facilitating their purchase of an ownership interest in United Community. The 2007 Plan was terminated on April 30, 2015 upon the adoption of the 2015 Plan, although the 2007 Plan survives with respect to awards issued under the 2007 Plan that remain outstanding and exercisable. The 2007 Plan provided for the issuance of up to 2,000,000 shares that were to be used for awards of restricted stock, stock options, performance awards, SARs, or other forms of stock-based incentive awards. Because the 2007 Plan terminated, no additional awards may be made under it. On July 12, 1999, shareholders approved the United Community Financial Corp. 1999 Long-Term Incentive Plan (as amended, the 1999 Plan). The purpose of the 1999 Plan was the same as the 2007 Plan. The 1999 Plan terminated on May 20, 2009, although the 1999 Plan survives with respect to options issued under the 1999 Plan remain outstanding and exercisable. The 1999 Plan provided for the grant of either incentive or nonqualified stock options. Options were awarded at exercise prices that were not less than the fair market value of the share at the grant date. The maximum number of common shares that could be issued under the 1999 Plan was 3,569,766. Because the 1999 Plan terminated, no additional options may be issued under it. There were 50,000 stock options granted under the 2015 Plan during the six months ended June 30, 2018 and none granted during the six months ended June 30, 2017. Pursuant to the terms of the 2015 Plan, any options granted must be exercised within 10 years from the date of grant. Expenses related to prior stock option grants are included with salaries and employee benefits. The Company recognized $19,000 and $32,000 in stock option expense for the three and six months ended June 30, 2018, respectively. The Company recognized $0 and $1,000 in stock option expense for the three and six months ended June 30, 2017, respectively. The Company expects to recognize an additional $39,000 in stock option expense for the remainder of 2018. A summary of option activity for the six months ended June 30, 2018 in the 2015 Plan, the 2007 Plan and the 1999 Plan is as follows: For the six months ended June 30, 2018 Weighted Aggregate average intrinsic value Shares exercise price (in thousands) Outstanding at beginning of year 260,533 $ 2.55 Granted 50,000 9.66 Exercised (70,101 ) 3.31 Forfeited and expired — — Outstanding at end of period 240,432 3.81 $ 1,726 Shares subject to options exercisable at end of period 190,432 2.28 $ 1,659 Information related to stock options for the six months ended June 30, 2018 and 2017 follows: June 30, 2018 June 30, 2017 Intrinsic value of options exercised $ 450,486 $ 208,633 Cash received from option exercises 232,000 74,000 Tax benefit realized from option exercises 67,298 73,022 Weighted average fair value of options granted, per share $ 1.54 $ — Information related to stock options granted during the six months ended June 30, 2018 were as follows: Six Months Ended June 30, 2018 Risk-free interest rate 2.69 % Expected term (years) 5 Expected stock volatility 19.68 % Dividend yield 2.48 % As of June 30, 2018, there were 50,000 nonvested stock options outstanding. Outstanding stock options at June 30, 2018 have a weighted average remaining life of 3.93 years and may be exercised in the range of $1.20 to $9.66 per share. Restricted Stock Awards: The 2007 Plan permitted and the 2015 Plan permits the issuance of restricted stock awards to eligible employees and nonemployee directors. Nonvested shares at June 30, 2018 aggregated 223,816, of which 24,908 are expected to vest during the remainder of 2018, 124,237 in 2019, 40,315 in 2020 and 34,356 in 2021. Expense related to restricted stock awards is charged to salaries and employee benefits and is recognized over the vesting period of the awards based on the fair value of the shares at the grant date. The Company recognized approximately $229,000 and $471,000 in restricted stock award expense for the three and six months ended June 30, 2018, respectively. The Company recognized approximately $185,000 and $456,000 in restricted stock award expense for the three and six months ended June 30, 2017, respectively. The Company expects to recognize additional expenses related to restricted stock awards of approximately $410,000 in 2018, $456,000 in 2019, $236,000 in 2020 and $112,000 in 2021. The total average per share fair value of shares vested during the six months ended June 30, 2018 was $9.47. A summary of changes in the Company’s nonvested restricted shares for the six months ended June 30, 2018 is as follows: For the six months ended June 30, 2018 Weighted average grant date Shares fair value Nonvested at beginning of year 277,035 $ 6.73 Granted 57,985 $ 9.75 Vested (110,397 ) $ 6.23 Forfeited (807 ) $ 7.48 Nonvested shares at end of period 223,816 $ 7.75 Annual Incentive Plan The Annual Incentive Plan (AIP) provides incentive compensation awards to certain officers of the Company. Annual incentive awards are generally based upon the actual performance of the Company and individual participant performance for the twelve months ending December 31, compared to the actual performance of a peer group during the same twelve-month period. The target incentive awards for each year are measured as a percentage of the base salary of participating officers. Once the awards under the AIP are calculated, they are paid in cash and/or restricted stock. The restricted stock vests equally over three years, beginning on the first anniversary of the date the restricted stock is issued. The Company incurred $95,000 and $190,000 in expense for the restricted stock portion of the AIP for the three and six months ended June 30, 2018 and $426,000 and $871,000 for the cash portion of the AIP for the three and six months ended June 30, 2018. The Company incurred $46,000 and $122,000 in expense for the restricted stock portion of the AIP for the three and six months ended June 30, 2017 and $434,000 and $930,000 for the cash portion of the AIP for the three and six months ended June 30, 2017. Long-term Incentive Plan The Long-term Incentive Plan (LTIP) provides a long-term incentive compensation opportunity to certain executive officers, whose participation and target award opportunities will be approved by the Compensation Committee of the Board of Directors. Each participant in the LTIP will be granted a target number of Performance Share Units (PSUs). Target PSUs will be determined as a percentage of base salary and translated into share units based on the Company’s average stock price at the appropriate measurement date. The performance period for the annual grant for a given year will be from January 1, year 1 through December 31, year 3. The Company incurred $212,000 and $381,000 for the LTIP for the three and six months ended June 30, 2018. The Company incurred $(4,000) and $149,000 in expense for the LTIP for the three and six months ended June 30, 2017, respectively. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | 4. REVENUE RECOGNITION The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this result, the following five steps are applied: Step 1: Identify the contract(s) with the customer Step 2: Identify the performance obligation(s) in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The new revenue guidance applies to all contracts with customers to provide goods or services in the ordinary course of business, except for loans and securities, which are specifically excluded from the scope. Because loans and securities are outside the scope of the revenue standard, the Company will not use the new standard to account for gains and losses on its investments in securities, loans and derivatives. The Company also will not use the standard to account for interest and dividend income on financial instruments owned or those included in the Company’s lending activities. Home Savings’ servicing of loans sold to investors requires Home Savings to provide specific administrative functions for the owner(s) of these assets. These administrative functions include collecting cash flows from borrowers and remitting them to beneficial interest holders, monitoring delinquencies and executing foreclosures. Servicing rights that relate to transferred financial assets meet the conditions for sale accounting under ASC 860. ASC 860 requires the recognition of a servicing asset or liability when the benefits of servicing obtained from the contract are respectively greater than or less than adequate compensation (as defined in ASC 860) for performing the servicing. While ASC 860 provides initial recognition and subsequent measurement guidance for recognized servicing assets and liabilities, it does not include any explicit guidance for recognizing contractually specified servicing fees when servicing income is equal to adequate compensation. Therefore, income from servicing financial assets in the scope of ASC 860 is not in the scope of ASC 606, regardless of whether a servicing asset or liability exists. This is because ASC 606 contains an exception to its scope for contracts that fall under ASC 860. Deposit-related fees and charges are in the scope of ASC 606, even though ASC 405 is listed as an exception to the scope of the standard. That is because ASC 405, which the Company applies to determine the appropriate liability accounting for customer deposits, does not provide a model for recognizing fees related to customer deposits (e.g., automated teller machine fees, nonsufficient funds fees, account maintenance or dormancy fees). When reviewing standard customer agreements, fees are charged as the service is rendered and therefore there are no changes to recognizing income for deposit-related fees. The Company records real estate owned and other repossessed assets (OREO) at fair value less costs to sell upon foreclosure. The objective is to sell OREO within a short period of time because of regulatory and capital requirements. After foreclosure, these assets are carried at the lower of their carrying amount or their fair value less selling costs, so significant gains and losses are uncommon upon sale. OREO is often sold in a transaction that, under the standard, may not be considered a contract with a customer because the sale of the asset is not an output of the entity’s ordinary activities. However, sales of nonfinancial assets, including in substance nonfinancial assets, should be accounted for using new guidance in ASC 610-20, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets, which requires entities to apply certain measurement and recognition concepts of ASC 606. Accordingly, the Company recognizes the sale of a real estate property, along with any associated gain or loss, when control of the property transfers to the buyer. For sales of existing real estate properties, this generally will occur at a point in time. Insurance agency income is within the scope of ASC 606. The majority (75%) of the Company’s insurance agency income is derived from direct-bill customers. With this arrangement, the customer is billed directly from the insurance carrier. As a result, the insurance carrier pays a commission to the Company upon completion of the required documentation (policy application or renewal) and recognizes income at that time. Due to the nature and timing of receipt of these commissions, there will be no change in the manner in which income is recognized. Agency-billed customers account for approximately 25% of the overall insurance agency income. Premiums are collected from customers and remitted to the insurance carrier, net of commission, within a short period of time. At the time the premiums are remitted to the insurance carrier, all work is completed and revenue recognized at that time. Due to the nature and timing of when the premiums are recognized, there will be no change to the timing of the recognition of insurance agency income. Debit card fee income is earned as a result of standard interchange fees contractually obligated by Visa to be paid. Fees are paid when they are essentially earned, which include fees charged to a merchant for the presentment of credit/debit card transactions (interchange). The service is considered complete upon fulfillment of the transaction when the interchange fee is earned and paid. Credit card fees are paid when earned as a result of an agreement between the bank and a third party provider. AS a result, there is no change to the timing of recognition of this income. Trust fee income is calculated based on assets under management. Fees are recognized at the end of the month to which the service has been provided for customers billed monthly. This amounts of approximately 85% of trust fee income recognized, which is collected within a short period of time after the fee is assessed to the customer. Quarterly and annual fees are accrued and collected based on the contractual agreements with customers. Fees are assessed to these customers and paid at the end of each quarter. Due to the nature and timing of when monthly fees are assessed, there will be no change to the way those fees are currently recognized. Quarterly and annual fees will continue to be recognized over the period when the fees are earned, regardless of when they are assessed to the customer. Brokerage revenue is recognized each month as sales occur. Brokerage revenue is paid from sales to customers by a third-party. In a manner similar to that of insurance agency revenue, income is paid directly to the Bank by the third-party once the sale to the customer is complete. Due to the nature and timing of when the income is earned, there will be no change to timing of when this income is recognized. |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
SECURITIES | 5. SECURITIES Components of the available for sale portfolio are as follows: June 30, 2018 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (Dollars in thousands) Available for Sale U.S. Treasury and government sponsored entities' securities $ 124,639 $ — $ (4,201 ) $ 120,438 States of the U.S. and political subdivisions 48,414 65 (834 ) 47,645 Other 489 — — $ 489 Mortgage-backed GSE securities: residential 82,134 35 (3,111 ) 79,058 Total $ 255,676 $ 100 $ (8,146 ) $ 247,630 December 31, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (Dollars in thousands) Available for Sale U.S. Treasury and government sponsored entities' securities $ 124,982 $ 19 $ (1,184 ) $ 123,817 States of the U.S. and political subdivisions 58,806 955 (138 ) 59,623 Mortgage-backed GSE securities: residential 87,917 42 (838 ) 87,121 Total $ 271,705 $ 1,016 $ (2,160 ) $ 270,561 Components of held to maturity securities portfolio are as follows: June 30, 2018 Gross Gross Amortized unrecognized unrecognized Fair cost gains losses value (Dollars in thousands) Held to maturity Mortgage-backed GSE securities: residential $ 69,077 $ — $ (2,967 ) $ 66,110 States of the U.S. and political subdivisions 12,217 25 (158 ) 12,084 Total $ 81,294 $ 25 $ (3,125 ) $ 78,194 December 31, 2017 Gross Gross Amortized unrecognized unrecognized Fair cost gains losses value (Dollars in thousands) Held to maturity Mortgage-backed GSE securities: residential $ 73,682 $ — $ (890 ) $ 72,792 States of the U.S. and political subdivisions 9,229 112 (7 ) 9,334 Total $ 82,911 $ 112 $ (897 ) $ 82,126 Debt securities available for sale by contractual maturity, repricing or expected call date are shown below: June 30, 2018 Amortized cost Fair value (Dollars in thousands) Due in one year or less $ — $ — Due after one year through five years 53,039 51,469 Due after five years through ten years 72,155 69,529 Due after ten years 47,859 47,085 Other 489 489 Mortgage-backed GSE securities: residential 82,134 79,058 Total $ 255,676 $ 247,630 Debt securities held to maturity by contractual maturity, repricing or expected call date are shown below: June 30, 2018 Amortized cost Fair value (Dollars in thousands) Due in one year or less $ 3,000 $ 3,024 Due after one year through five years — — Due after five years through ten years 8,442 8,297 Due after ten years 775 763 Mortgage-backed GSE securities: residential 69,077 66,110 Total $ 81,294 $ 78,194 Securities pledged for public funds were approximately $141.3 million at June 30, 2018 and approximately $129.8 million at December 31, 2017. Securities available for sale that have been in an unrealized loss position for less than twelve months or twelve months or more at June 30, 2018 are as follows: June 30, 2018 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: U.S. Treasury and government sponsored entities $ 99,820 $ (3,238 ) $ 20,618 $ (963 ) $ 120,438 $ (4,201 ) States of the U.S. and political subdivisions 22,769 (419 ) 13,669 (415 ) 36,438 (834 ) Mortgage-backed GSE securities: residential 26,475 (978 ) 51,901 (2,133 ) 78,376 (3,111 ) Total temporarily impaired securities $ 149,064 $ (4,635 ) $ 86,188 $ (3,511 ) $ 235,252 $ (8,146 ) Securities available for sale that have been in an unrealized loss position for less than twelve months or twelve months or more at December 31, 2017 are as follows: December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: U.S. Treasury and government sponsored entities $ 99,766 $ (734 ) $ 21,222 $ (450 ) $ 120,988 $ (1,184 ) States of the U.S. and political subdivisions — — 14,009 (138 ) 14,009 (138 ) Mortgage-backed GSE securities: residential 28,837 (154 ) 57,588 (684 ) 86,425 (838 ) Total temporarily impaired securities $ 128,603 $ (888 ) $ 92,819 $ (1,272 ) $ 221,422 $ (2,160 ) All of the U.S. treasury and government sponsored entities and mortgage-backed securities available for sale that were temporarily impaired at June 30, 2018 and December 31, 2017, were impaired due to the level of interest rates at the time of purchase compared to current interest rates. Unrealized losses on these securities have not been recognized into income during the three and six months ended June 30, 2018 and 2017 because the issuer’s securities are of high credit quality (rated AA or higher), it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There is risk that longer term rates could rise further resulting in greater unrealized losses. The Company expects to realize all interest and principal on these securities and has no intent to sell, and more than likely will not be required to sell, these securities before their anticipated recovery. All of the obligations of U.S. states and political subdivisions held for sale that were temporarily impaired at June 30, 2018 and December 31, 2017, were impaired due to the level of interest rates at the time of purchase compared to current interest rates. Unrealized losses on these securities have not been recognized into income for the three and six months ended June 30, 2018 or 2017 because the issuer’s securities are of high credit quality (rated AA or higher), it is likely that management will not be required to sell, and has no intent to sell, the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. Securities held to maturity that have been in an unrecognized loss position for less than twelve months or twelve months or more are as follows: June 30, 2018 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: Mortgage-backed GSE securities: residential $ — $ — $ 66,110 $ (3,924 ) $ 66,110 $ (3,924 ) States of the U.S. and political subdivisions 8,349 (158 ) — — 8,349 (158 ) Total temporarily impaired securities $ 8,349 $ (158 ) $ 66,110 $ (3,924 ) $ 74,459 $ (4,082 ) December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: Mortgage-backed GSE securities: residential $ — $ — $ 72,792 $ (1,925 ) $ 72,792 $ (1,925 ) States of the U.S. and political subdivisions 608 (7 ) — — 608 (7 ) Total temporarily impaired securities $ 608 $ (7 ) $ 72,792 $ (1,925 ) $ 73,400 $ (1,932 ) During the third quarter of 2015, Home Savings transferred securities with a total amortized cost of $105.3 million with a corresponding fair value of $103.8 million from available for sale to held to maturity. The net unrealizable loss, net of taxes, on these securities at the date of transfer was $999,000. The fair value at the date of transfer becomes the securities’ new cost basis. The unrealized holding loss at the time of transfer continues to be reported in accumulated other comprehensive income, net of tax, and is amortized over the remaining lives of the securities as an adjustment of the yield. The amortization of the unamortized holding loss reported in accumulated other comprehensive income will directly offset the effect on interest income from the accretion of the reduced amortized cost for the transferred securities. Because of this transfer, the total losses less than 12 months and greater than 12 months reported in the table above will not agree to the unrealized losses reported in the inventory of held to maturity securities. The inventory table reports unrealized gains and losses based upon the transferred securities adjusted cost basis and current fair value. The reporting of losses less than 12 months and greater than 12 months represents that actual period of time that these securities have been in an unrealized loss position and the securities amortized cost basis as if the transfer did not occur. All of the mortgage-backed securities held to maturity that were temporarily impaired at June 30, 2018 and December 31, 2017, were impaired due to the level of interest rates at the time of purchase compared to current interest rates. Unrealized losses on these securities have not been recognized into income for the three and six months ended June 30, 2018 and 2017 because the issuer’s securities are of high credit quality (rated AA or higher), it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There is risk that longer term rates could rise further resulting in greater unrealized losses. The Company expects to realize all interest and principal on these securities and has no intent to sell and more than likely will not be required to sell these securities before their anticipated recovery. All of the obligations of U.S. states and political subdivisions held to maturity that were temporarily impaired at June 30, 2018, and December 31, 2017, were impaired due to the level of interest rates at the time of purchase compared to current interest rates. Unrealized losses on these securities have not been recognized into income for the three and six months ended June 30, 2018 or 2017 because the issuer’s securities are of high credit quality (rated AA or higher), it is likely that management will not be required to sell and has no intent to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. Proceeds from the sale of available for sale securities were $5.7 million and $48.1 million, for the three months ended June 30, 2018 and 2017, respectively. Gross gains of $94,000 and $345,000 were realized on these sales during the three months ended June 30, 2018 and 2017, respectively. Gross losses of $0 and $44,000 were realized on these sales during these same periods. Proceeds from the sale of available for sale securities were $10.4 million and $53.2 million, for the six months ended June 30, 2018 and 2017, respectively. Gross gains of $233,000 and $374,000 were realized on these sales during the six months ended June 30, 2018 and 2017, respectively. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
LOANS | 6. LOANS Portfolio loans consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Commercial loans Multifamily $ 141,004 $ 120,480 Nonresidential 396,624 381,611 Land 16,887 15,162 Construction 127,691 116,863 Secured 212,173 177,994 Unsecured 6,438 10,506 Total commercial loans 900,817 822,616 Residential mortgage loans One-to four-family 888,583 870,939 Construction 40,623 49,092 Total residential mortgage loans 929,206 920,031 Consumer loans Home equity 187,771 195,852 Auto 83,829 64,364 Marine 1,404 1,526 Recreational vehicle 4,879 5,696 Other 7,026 6,056 Total consumer loans 284,909 273,494 Total loans 2,114,932 2,016,141 Less: Allowance for loan losses 21,405 21,202 Deferred loan costs, net (6,254 ) (4,938 ) Total 15,151 16,264 Loans, net $ 2,099,781 $ 1,999,877 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and are based on impairment method as of June 30, 2018 and December 31, 2017 and activity for the three and six months ended June 30, 2018 and 2017. Allowance For Loan Losses Commercial Loans Residential Loans Consumer Loans Total (Dollars in thousands) For the three months ended June 30, 2018 Beginning balance $ 13,095 $ 5,701 $ 2,814 $ 21,610 Provision (recovery) (263 ) 180 (55 ) (138 ) Charge-offs (75 ) (96 ) (83 ) (254 ) Recoveries 51 82 54 187 Ending balance $ 12,808 $ 5,867 $ 2,730 $ 21,405 For the six months ended June 30, 2018 Beginning balance $ 12,542 $ 5,860 $ 2,800 $ 21,202 Provision 133 87 49 269 Charge-offs (75 ) (181 ) (269 ) (525 ) Recoveries 208 101 150 459 Ending balance $ 12,808 $ 5,867 $ 2,730 $ 21,405 As of June 30, 2018 Period-end amount allocated to: Loans individually evaluated for impairment $ 514 $ 834 $ 313 1,661 Loans collectively evaluated for impairment 12,239 5,033 2,417 19,689 Loans acquired with deteriorated credit quality 55 — — 55 Ending balance $ 12,808 $ 5,867 $ 2,730 $ 21,405 Period-end balances: Loans individually evaluated for impairment 3,119 14,455 6,204 23,778 Loans collectively evaluated for impairment 896,607 914,751 278,705 2,090,063 Loans acquired with deteriorated credit quality 1,091 — — 1,091 Ending balance $ 900,817 $ 929,206 $ 284,909 $ 2,114,932 Allowance For Loan Losses Commercial Loans Residential Loans Consumer Loans Total For the three months ended June 30, 2017 Beginning balance $ 10,182 $ 5,912 $ 2,876 $ 18,970 Provision 503 295 44 842 Charge-offs (12 ) (273 ) (150 ) (435 ) Recoveries 148 34 101 283 Ending balance $ 10,821 $ 5,968 $ 2,871 $ 19,660 For the six months ended June 30, 2017 Beginning balance $ 10,824 $ 5,538 $ 2,725 $ 19,087 Provision 1,025 865 427 2,317 Charge-offs (1,323 ) (503 ) (479 ) (2,305 ) Recoveries 295 68 198 561 Ending balance $ 10,821 $ 5,968 $ 2,871 $ 19,660 As of December 31, 2017 Period-end amount allocated to: Loans individually evaluated for impairment $ 516 $ 1,145 $ 398 $ 2,059 Loans collectively evaluated for impairment 11,971 4,715 2,402 19,088 Loans acquired with deteriorated credit quality 55 — — 55 Ending balance $ 12,542 $ 5,860 $ 2,800 $ 21,202 Period-end balances: Loans individually evaluated for impairment $ 3,356 $ 16,140 $ 6,754 $ 26,250 Loans collectively evaluated for impairment 818,066 903,891 266,740 1,988,697 Loans acquired with deteriorated credit quality 1,194 — — 1,194 Ending balance $ 822,616 $ 920,031 $ 273,494 $ 2,016,141 The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required based on an analysis using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations, estimated collateral values, general economic conditions in the market area and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. Other loans not reviewed specifically by management are evaluated as a homogenous group of loans (generally single-family residential mortgage loans and all consumer credits except marine loans) using a loss factor applied to the outstanding loan balance to determine the level of reserve required. This loss factor consists of two components, a quantitative and a qualitative component. The quantitative component is based on a historical analysis of all charged-off loans, net of recoveries. In determining the qualitative factors, consideration is given to such attributes as lending policies, economic conditions, nature and volume of the portfolio, management, loan quality trend, loan review, collateral value, concentrations, economic cycles and other external factors. As of June 30, 2018, the Company evaluated 24 quarters of net charge-off history and applied this information to the current period. This component is combined with the qualitative component to arrive at the loss factor, which is applied to the outstanding balance of homogenous loans. The following table presents loans individually evaluated for impairment by class of loans as of and for six months ended June 30, 2018: Impaired Loans (Dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ 28 $ — $ — $ — $ — $ — Nonresidential 630 137 — 100 4 4 Land 706 — — 6 — — Construction 2,457 — — — — — Secured 1,115 907 — 901 — — Unsecured 184 — — — — — Total commercial loans 5,120 1,044 — 1,007 4 4 Residential mortgage loans One-to four-family 6,918 5,994 — 5,602 74 58 Construction — — — — — — Total residential mortgage loans 6,918 5,994 — 5,602 74 58 Consumer loans Home equity 1,496 1,224 — 1,087 11 10 Auto 29 22 — 33 — — Marine 553 181 — 181 — — Recreational vehicle 520 100 — 122 4 4 Other 1 — — 6 — — Total consumer loans 2,599 1,527 — 1,429 15 14 Total $ 14,637 $ 8,565 $ — $ 8,038 $ 93 $ 76 With a specific allowance recorded Commercial loans Multifamily $ 422 $ 275 $ 28 $ 275 $ — $ — Nonresidential 1,235 1,232 13 1,356 52 44 Land — — — — — — Construction — — — — — — Secured 819 568 473 579 — — Unsecured — — — — — — Total commercial loans 2,476 2,075 514 2,210 52 44 Residential mortgage loans One-to four-family 8,574 8,461 834 9,793 233 195 Construction — — — — — — Total residential mortgage loans 8,574 8,461 834 9,793 233 195 Consumer loans Home equity 4,282 4,201 295 4,505 123 110 Auto — — — — — — Marine 95 95 1 97 2 2 Recreational vehicle 393 381 17 393 11 10 Other — — — — — — Total consumer loans 4,770 4,677 313 4,995 136 122 Total 15,820 15,213 1,661 16,998 421 361 Total impaired loans $ 30,457 $ 23,778 $ 1,661 $ 25,036 $ 514 $ 437 The following table presents loans individually evaluated for impairment by class of loans as of and for six months ended June 30, 2017: Impaired Loans (Dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ 470 $ 413 $ — $ 277 $ 3 $ 3 Nonresidential 2,030 1,464 — 1,040 50 49 Land 3,922 9 — 17 — — Construction 3,593 — — — — — Secured 242 190 — 190 — — Unsecured 500 — — — — Total commercial loans 10,757 2,076 — 1,524 53 52 Residential mortgage loans One-to four-family 7,704 5,762 — 6,095 50 41 Construction — — — — — — Total residential mortgage loans 7,704 5,762 — 6,095 50 41 Consumer loans Home equity 1,965 1,535 — 1,577 8 7 Auto 34 18 — 11 — — Marine 540 169 — 210 — — Recreational vehicle 560 152 — 164 5 5 Other — — — — — — Total consumer loans 3,099 1,874 — 1,962 13 12 Total $ 21,560 $ 9,712 $ — $ 9,581 $ 116 $ 105 With a specific allowance recorded Commercial loans Multifamily $ — $ — $ — $ — $ — $ — Nonresidential 501 456 5 2,164 12 11 Land — — — — — — Construction — — — — — — Secured — — — 57 — — Unsecured — — — — — — Total commercial loans 501 456 5 2,221 12 11 Residential mortgage loans One-to four-family 10,526 10,428 1,171 10,764 273 229 Construction — — — — — — Total residential mortgage loans 10,526 10,428 1,171 10,764 273 229 Consumer loans Home equity 4,973 4,919 377 5,212 151 134 Auto — — — — — — Marine 104 104 1 106 3 3 Recreational vehicle 702 691 62 681 14 13 Other — — — — — — Total consumer loans 5,779 5,714 440 5,999 168 150 Total 16,806 16,598 1,616 18,984 453 390 Total impaired loans $ 38,366 $ 26,310 $ 1,616 $ 28,565 $ 569 $ 495 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2017: Impaired Loans (Dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no specific allowance recorded Commercial loans Multifamily $ 41 $ — $ — Nonresidential 651 144 — Land 716 9 — Construction 2,467 — — Secured 1,042 894 — Unsecured 187 — — Total commercial loans 5,104 1,047 — Residential mortgage loans One-to four-family 6,432 5,441 — Construction — — — Total residential mortgage loans 6,432 5,441 — Consumer loans Home equity 1,399 1,059 — Auto 29 14 — Marine 553 181 — Recreational vehicle 578 151 — Other 3 3 — Total consumer loans 2,562 1,408 — Total $ 14,098 $ 7,896 $ — With a specific allowance recorded Commercial loans Multifamily $ 422 $ 275 $ 28 Nonresidential 1,455 1,423 16 Land — — — Construction — — — Secured 893 611 472 Unsecured — — — Total commercial loans 2,770 2,309 516 Residential mortgage loans One-to four-family 10,874 10,699 1,145 Construction — — — Total residential mortgage loans 10,874 10,699 1,145 Consumer loans Home equity 4,921 4,840 377 Auto — — — Marine 100 100 1 Recreational vehicle 418 406 20 Other — — — Total consumer loans 5,439 5,346 398 Total 19,083 18,354 2,059 Total impaired loans $ 33,181 $ 26,250 $ 2,059 The following table presents the average balance, interest income recognized and cash basis income recognized for loans individually evaluated for impairment by class of loans for the three months ended June 30, 2018: Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ — $ — $ — Nonresidential 78 1 1 Land 5 — — Construction — — — Secured 905 — — Unsecured — — — Total commercial loans 988 1 1 Residential mortgage loans One-to four-family 5,683 30 30 Construction — — — Total residential mortgage loans 5,683 30 30 Consumer loans Home equity 1,101 6 6 Auto 42 — — Marine 181 — — Recreational vehicle 108 2 2 Other 8 — — Total consumer loans 1,440 8 8 Total $ 8,111 $ 39 $ 39 With a specific allowance recorded Commercial loans Multifamily $ 275 $ — $ — Nonresidential 1,323 22 22 Land — — — Construction — — — Secured 563 — — Unsecured — — — Total commercial loans 2,161 22 22 Residential mortgage loans One-to four-family 9,340 98 96 Construction — — — Total residential mortgage loans 9,340 98 96 Consumer loans Home equity 4,338 57 56 Auto — — — Marine 96 1 1 Recreational vehicle 387 5 5 Other — — — Total consumer loans 4,821 63 62 Total 16,322 183 180 Total impaired loans $ 24,433 $ 222 $ 219 The following table presents the average balance, interest income recognized and cash basis income recognized for loans individually evaluated for impairment by class of loans for the three months ended June 30, 2017: Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ 416 $ — $ — Nonresidential 815 25 25 Land 9 — — Construction — — — Secured 190 — — Unsecured — — — Total commercial loans 1,430 25 25 Residential mortgage loans One-to four-family 5,763 20 20 Construction — — — Total residential mortgage loans 5,763 20 20 Consumer loans Home equity 1,574 3 3 Auto 16 — — Marine 182 — — Recreational vehicle 186 2 2 Other — — — Total consumer loans 1,958 5 5 Total $ 9,151 $ 50 $ 50 With a specific allowance recorded Commercial loans Multifamily $ — $ — $ — Nonresidential 1,179 5 5 Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans 1,179 5 5 Residential mortgage loans One-to four-family 10,783 114 111 Construction — — — Total residential mortgage loans 10,783 114 111 Consumer loans Home equity 5,151 66 66 Auto — — — Marine 105 1 1 Recreational vehicle 708 7 6 Other — — — Total consumer loans 5,964 74 73 Total 17,926 193 189 Total impaired loans $ 27,077 $ 243 $ 239 Home Savings reclassifies a collateralized mortgage loan and a consumer loan secured by real estate to real estate owned and other repossessed assets once it has either obtained legal title to the real estate collateral or the borrower voluntarily conveys all interest in the real property to the Bank to satisfy the loan through a deed in lieu of foreclosure or similar legal agreement. The table below presents loans that are in the process of foreclosure at June 30, 2018 and December 31, 2017, but legal title, deed in lieu of foreclosure or similar legal agreement to the property has not yet been obtained: June 30, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Recorded Investment (Dollars in thousands) (Dollars in thousands) Mortgage loans in process of foreclosure $ 3,587 $ 3,452 $ 2,588 $ 2,428 Consumer loans in process of foreclosure 1,148 1,058 613 608 The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans as of June 30, 2018: Nonaccrual Loans and Loans Past Due Over 90 Days and Still Accruing As of June 30, 2018 Nonaccrual Loans past due over 90 days and still accruing (Dollars in thousands) Commercial loans Multifamily $ 275 $ — Nonresidential 1,111 — Land — — Construction — — Secured 1,475 — Unsecured — — Total commercial loans 2,861 — Residential mortgage loans One-to four-family 6,146 — Construction — — Total residential mortgage loans 6,146 — Consumer Loans Home equity 1,477 — Auto 63 — Marine 181 — Recreational vehicle 62 — Other — — Total consumer loans 1,783 — Total nonaccrual loans and loans past due over 90 days and still accruing $ 10,790 $ — The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans as of December 31, 2017: Nonaccrual Loans and Loans Past Due Over 90 Days and Still Accruing As of December 31, 2017 Nonaccrual Loans past due over 90 days and still accruing (Dollars in thousands) Commercial loans Multifamily $ 275 $ — Nonresidential 1,218 — Land 9 — Construction — — Secured 1,505 — Unsecured — — Total commercial loans 3,007 — Residential mortgage loans One-to four-family 6,076 — Construction — — Total residential mortgage loans 6,076 — Consumer Loans Home equity 2,074 — Auto 155 — Marine 181 — Recreational vehicle 208 — Other 2 — Total consumer loans 2,620 — Total nonaccrual loans and loans past due over 90 days and still accruing $ 11,703 $ — The following table presents an age analysis of past-due loans, segregated by class of loans as of June 30, 2018: Past Due Loans (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Loans Total Loans Commercial loans Multifamily $ — $ — $ 275 $ 275 $ 140,729 $ 141,004 Nonresidential 114 — 1,094 1,208 395,416 396,624 Land — — — — 16,887 16,887 Construction — — — — 127,691 127,691 Secured 92 — 1,474 1,566 210,607 212,173 Unsecured — — — — 6,438 6,438 Total commercial loans 206 — 2,843 3,049 897,768 900,817 Residential mortgage loans One-to four-family 2,683 1,327 3,991 8,001 880,582 888,583 Construction — — — — 40,623 40,623 Total residential mortgage loans 2,683 1,327 3,991 8,001 921,205 929,206 Consumer Loans: Home equity 746 295 1,261 2,302 185,469 187,771 Automobile 188 55 57 300 83,529 83,829 Marine — — 181 181 1,223 1,404 Recreational vehicle 68 51 62 181 4,698 4,879 Other 4 2 — 6 7,020 7,026 Total consumer loans 1,006 403 1,561 2,970 281,939 284,909 Total loans $ 3,895 $ 1,730 $ 8,395 $ 14,020 $ 2,100,912 $ 2,114,932 The following table presents an age analysis of past-due loans, segregated by class of loans as of December 31, 2017: Past Due Loans (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Loans Total Loans Commercial loans Multifamily $ — $ — $ 275 $ 275 $ 120,205 $ 120,480 Nonresidential 20 — 1,199 1,219 380,392 381,611 Land — — 9 9 15,153 15,162 Construction — — — — 116,863 116,863 Secured 114 4 110 228 177,766 177,994 Unsecured — — — — 10,506 10,506 Total commercial loans 134 4 1,593 1,731 820,885 822,616 Residential mortgage loans One-to four-family 4,704 1,523 4,804 11,031 859,908 870,939 Construction — — — — 49,092 49,092 Total residential mortgage loans 4,704 1,523 4,804 11,031 909,000 920,031 Consumer Loans: Home equity 1,184 120 1,793 3,097 192,755 195,852 Automobile 187 100 82 369 63,995 64,364 Marine — — 181 181 1,345 1,526 Recreational vehicle 47 — 165 212 5,484 5,696 Other 31 3 2 36 6,020 6,056 Total consumer loans 1,449 223 2,223 3,895 269,599 273,494 Total loans $ 6,287 $ 1,750 $ 8,620 $ 16,657 $ 1,999,484 $ 2,016,141 As of June 30, 2018 and December 31, 2017, the Company has a recorded investment in troubled debt restructurings of $18.2 million and $19.8 million, respectively. The Company allocated $1.2 million of specific allowance for those loans at June 30, 2018 and $1.6 million at December 31, 2017. The Company has committed to lend, to existing troubled debt restructuring relationships, additional amounts totaling up to $39,000 and $37,000 at June 30, 2018 and December 31, 2017, respectively. The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended June 30, 2018: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Recorded Investment (In thousands) Commercial loans Multifamily — $ — $ — Nonresidential — — — Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans — — — Residential mortgage loans One-to four-family 3 521 547 Construction — — — Total residential mortgage loans 3 521 547 Consumer loans Home equity 2 113 113 Auto — — — Marine — — — Recreational vehicle — — — Other — — — Total consumer loans 2 113 113 Total restructured loans 5 $ 634 $ 660 The troubled debt restructurings described above increased the allowance for loan losses by $3,000 and resulted in no charge-offs during the three months ended June 30, 2018. There were no loans modified as a troubled debt restructuring that occurred during the three months ended June 30, 2017. The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2018: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Recorded Investment (In thousands) Commercial loans Multifamily — $ — $ — Nonresidential 1 124 124 Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans 1 124 124 Residential mortgage loans One-to four-family 3 521 547 Construction — — — Total residential mortgage loans 3 521 547 Consumer loans Home equity 2 113 113 Auto — — — Marine — — — Recreational vehicle Other — — — Total consumer loans 2 113 113 Total restructured loans 6 $ 758 $ 784 The troubled debt restructurings described above increased the allowance for loan losses by $3,000 and resulted in no charge-offs during the six months ended June 30, 2018. The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2017: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Recorded Investment (Dollars in thousands) Commercial loans Multifamily — $ — $ — Nonresidential — — — Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans — — — Residential mortgage loans One-to four-family 1 75 84 Construction — — — Total residential mortgage loans 1 75 84 Consumer loans Home equity — — — Auto — — — Marine — — — Recreational vehicle 1 115 115 Other — — — Total consumer loans 1 115 115 Total restructured loans 2 $ 190 $ 199 The troubled debt restrucurings described above increased the allowance for loan losses by $6,000 and resulted in no charge-offs during the six months ended June 30, 2017. The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within a twelve-month cycle following the modification during the period ended June 30, 2018. Number of loans Recorded Investment (Dollars in thousands) Commercial loans Multifamily — $ — Nonresidential 1 121 Land — — Construction — — Secured — — Unsecured — — Total commercial loans 1 121 Residential mortgage loans One-to four-family 2 357 Construction — — Total residential mortgage loans 2 357 Consumer loans Home equity — — Auto — — Marine — — Recreational vehicle — — Other — — Total consumer loans — — Total restructured loans 3 $ 478 The troubled debt restructurings that subsequently defaulted described above resulted in no charge-offs during the three and six months ended June 30, 2018, and had no effect on the provision for loan losses. The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within a twelve month cycle following the modification during the period ended June 30, 2017: Number of loans Recorded Investment (Dollars in thousands) Commercial loans Multifamily — $ — Nonresidential — — Land — — Construction — — Secured — — Unsecured — — Total commercial loans — — Residential mortgage loans One-to four-family 1 164 Construction — — Total residential mortgage loans 1 164 Consumer loans Home equity 1 47 Auto — — Marine — — Recreational vehicle — — Other — — Total consumer loans 1 47 Total restructured loans 2 $ 211 The troubled debt restructurings that subsequently defaulted described above resulted in no of charge-offs during the three and six months ended June 30, 2017, and had no effect on the provision for loan losses. A troubled debt restructuring is considered to be in payment default once it is 30 days contractually past due under the modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed in accordance with the Company’s internal underwriting policy. Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information and current economic trends. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes homogeneous loans past due 90 cumulative days, and all non-homogeneous loans, including commercial loans and commercial real estate loans. Smaller balance homogeneous loans are primarily monitored by payment status. Asset quality ratings are divided into two groups: Pass (unclassified) and Classified. Within the unclassified group, certain loans that display potential weakness are risk rated as special mention. In addition, there are three classified risk ratings: substandard, doubtful and loss. These specific credit risk categories are defined as follows: Special Mention. Loans classified as special mention have potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss. Loans classified as loss are considered uncollectible and of such little value, that continuance as assets is not warranted. Although there may be a chance of recovery on these assets, it is not practical or desirable to defer writing off the asset. The Company monitors loans on a monthly basis to determine if they should be included in one of the categories listed above. All impaired non-homogeneous credits classified as substandard, doubtful or loss are analyzed on an individual basis for a specific reserve requirement. This analysis is performed on each individual credit at least annually or more frequently if warranted. As of June 30, 2018 and December 31, 2017, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: June 30, 2018 (Dollars in thousands) Unclassified Classified Unclassified Special Mention Substandard Doubtful Loss Total Classified Total Loans Commercial Loans Multifamily $ 138,238 $ 2,491 $ 275 $ — $ — $ 275 $ 141,004 Nonresidential 379,794 5,162 11,668 — — 11,668 396,624 Land 16,887 — — — — — 16,887 Construction 119,065 8,626 — — — — 127,691 Secured 186,069 4,851 21,253 — — 21,253 212,173 Unsecured 6,345 — 93 — — 93 6,438 Total commercial loans 846,398 21,130 33,289 — — 33,289 900,817 Residential mortgage loans One-to four-family 880,779 1,102 6,702 — — 6,702 888,583 Construction 40,623 — — — — — 40,623 Total residential mortgage loans 921,402 1,102 6,702 — — 6,702 929,206 Consumer Loans Home equity 186,276 — 1,495 — — 1,495 187,771 Auto 83,766 — 63 — — 63 83,829 Marine 1,223 — 181 — — 181 1,404 Recreational vehicle 4,817 — 62 — — 62 4,879 Other 7,025 — 1 — — 1 7,026 Total consumer loans 283,107 — 1,802 — — 1,802 284,909 Total loans $ 2,050,907 $ 22,232 $ 41,793 $ — $ — $ 41,793 $ 2,114,932 December 31, 2017 (Dollars in thousands) Unclassified Classified Unclassified Special Mention Substandard Doubtful Loss Total Classified Total Loans Commercial Loans Multifamily $ 118,716 $ 1,334 $ 430 $ — $ — $ 430 $ 120,480 Nonresidential 367,553 6,394 7,664 — — 7,664 381,611 Land 15,153 — 9 — — 9 15,162 Construction 116,460 403 — — — — 116,863 Secured 149,912 6,092 21,990 — — 21,990 177,994 Unsecured 10,412 — 94 — — 94 10,506 Total commercial loans 778,206 14,223 30,187 — — 30,187 822,616 Residential mortgage loans One-to four-family 861,971 1,585 7,383 — — 7,383 870,939 Construction 49,092 — — — — — 49,092 Total residential mortgage loans 911,063 1,585 7,383 — — 7,383 920,031 Consumer Loans Home equity 193,733 — 2,119 — — 2,119 195,852 Auto 64,209 — 155 — — 155 64,364 Marine 1,345 — 181 — — 181 1,526 Recreational vehicle 5,488 — 208 — — 208 5,696 Other 6,051 — 5 — — 5 6,056 Total consumer loans 270,826 — 2,668 — — 2,668 273,494 Total loans $ 1,960,095 $ 15,808 $ 40,238 $ — $ — $ 40,238 $ 2,016,141 Purchased Credit Impaired Loans: The Company has purchased loans for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows: June 30, 2018 December 31, 2017 (Dollars in thousands) Commercial loans $ 1,091 $ 1,194 Residential mortgage loans — — Consumer loans — — Outstanding balance $ 1,091 $ 1,194 Carrying amount, net of allowance of $55,000 and $55,000 1,036 1,139 Accretable yield, or income expected to be collected, is as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Beginning of period $ 110 $ 128 $ 110 $ — New loans purchased — — — 158 Accretion of income 6 12 6 42 Balance at end of period $ 104 $ 116 $ 104 $ 116 For the purchased credit impaired loans disclosed above, there was no change in the allowance for loan losses for the three and six months ended June 30, 2018 and 2017. Income is not recognized on purchased credit impaired loans if the Company cannot reasonably estimate cash flows expected to be collected. The carrying amounts of such loans are as follows: June 30, 2018 June 30, 2017 (Dollars in thousands) Loans at beginning of period $ 1,194 $ — Loans purchased during the period — 1,797 Loans at end of period 1,091 1,438 |
MORTGAGE BANKING ACTIVITIES
MORTGAGE BANKING ACTIVITIES | 6 Months Ended |
Jun. 30, 2018 | |
Mortgage Banking [Abstract] | |
MORTGAGE BANKING ACTIVITIES | 7. MORTGAGE BANKING ACTIVITIES Mortgage loans serviced for others, which are not reported in United Community’s assets, totaled $1.3 billion as of June 30, 2018 and $1.3 billion as of December 31, 2017. Mortgage banking income is comprised of gains recognized on the sale of loans and changes in fair value of mortgage banking derivatives. The principal balances of mortgage loans serviced for others are as follows: June 30, 2018 December 31, 2017 (Dollars in thousands) Mortgage loan portfolios serviced for: FHLMC $ 999,051 $ 1,003,441 FNMA 290,200 242,444 Private investor 18,775 23,404 During the second quarter of 2017, the Company sold $27.9 million of adjustable rate one-to four-family mortgages to a private investor in a bulk mortgage loan sale. The Company recognized 45 basis points of mortgage service release premium as part of the gain recognized on this sale. Customer escrow balances with loans serviced for FHLMC, FNMA and the private investor totaled $11.1 million and $15.3 million at June 30, 2018 and December 31, 2017, respectively. Activity for capitalized mortgage servicing rights, included in other assets, was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance, beginning of period $ 6,843 $ 5,977 $ 6,681 $ 6,070 Originations 641 670 1,303 1,026 Amortized to expense (542 ) (486 ) (1,042 ) (935 ) Balance, end of period 6,942 6,161 6,942 6,161 Less valuation allowance (20 ) (5 ) (20 ) (5 ) Net balance $ 6,922 $ 6,156 $ 6,922 $ 6,156 Activity in the valuation allowance for mortgage servicing rights was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance, beginning of period $ — $ (3 ) $ (9 ) $ — Impairment charges (20 ) (2 ) (20 ) (5 ) Recoveries — — 9 — Balance, end of period $ (20 ) $ (5 ) $ (20 ) $ (5 ) The fair value of mortgage servicing rights as of June 30, 2018, was approximately $11.7 million and at December 31, 2017, the fair value was approximately $10.9 million. Key economic assumptions in measuring the value of mortgage servicing rights at June 30, 2018, and December 31, 2017, were as follows: June 30, 2018 December 31, 2017 Weighted average prepayment rate 140 PSA 181 PSA Weighted average life (in years) 7.37 6.35 Weighted average discount rate 11.00% 9.00% |
OTHER REAL ESTATE OWNED AND OTH
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS | 8. OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS Real estate owned and other repossessed assets at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 December 31, 2017 (Dollars in thousands) Real estate owned and other repossessed assets $ 1,125 $ 1,656 Valuation allowance (248 ) (403 ) End of period $ 877 $ 1,253 Activity in the valuation allowance was as follows: Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Beginning of period $ 287 $ 549 $ 403 $ 1,012 Additions (recoveries) charged to expense 10 — 33 (38 ) Sales of real estate owned with a valuation allowance (49 ) (160 ) (188 ) (585 ) End of period $ 248 $ 389 $ 248 $ 389 Expenses related to foreclosed and repossessed assets include: Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Net loss on sales $ 103 $ 18 $ 158 $ 108 Provision for (recovery of) unrealized losses 10 — 33 (38 ) Operating expenses, net of rental income 34 23 70 85 Total expenses $ 147 $ 41 $ 261 $ 155 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | 9. FAIR VALUE MEASUREMENT Fair value is the exchange price that would be received for an asset if paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own beliefs about the assumptions that market participants would use in pricing an asset or liability. United Community uses the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Available for sale securities : The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). Impaired loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Other real estate owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are individually evaluated at least annually for additional impairment and adjusted accordingly. Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by Home Savings. Once received, a member of the Special Assets Department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with the independent data sources such as recent market data or industry-wide statistics. In addition to the Special Assets Department review, a third party independent review is also performed. On an annual basis, Home Savings compares the actual selling price of collateral that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. At the time a property is acquired and classified as real estate owned, the fair value is determined utilizing the most appropriate method. A fair value in excess of $250,000 will be supported by an appraisal. After determination of fair value, each property will be recorded at the lower of cost (i.e., recorded investment in the loan) or the estimated net realizable value on the date of transfer to real estate owned. In determining net realizable value, reductions to fair market value may be taken for estimated costs of sale, conditions that must be remedied immediately upon acquisition, and other factors that negatively impact the marketability and prompt sale of the property. Mortgage servicing rights: On a quarterly basis, loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Fair value is determined at a tranche level, based on market prices for comparable mortgage servicing contracts, when available, or alternatively based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can be validated against available market data (Level 2). Loans held for sale: Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors (Level 2). Loans held for sale, at fair value : The Company elected the fair value option for all conventional residential one-to four-family loans held for sale originated after January 1, 2016 and all permanent construction loans held for sale originated on or after January 1, 2015. The fair value of conventional loans held for sale is determined using the current 15 day forward contract price for either 15 or 30 year conventional mortgages (Level 2). The fair value of the Company’s permanent construction loans held for sale is determined using the current 60 day forward contract price for 30 year conventional loans which is then adjusted by extrapolating this rate to the estimated time period remaining until construction is complete. The fair value is also adjusted for unobservable market data such as estimated fall out rates and the estimated time from origination to completion of construction (Level 3). Purchased and written certificate of deposit option: Home Savings periodically enters into written and purchased option derivative instruments to facilitate the Power CD. The written and purchased options are mirror derivative instruments which are carried at fair value on the consolidated balance sheets. Home Savings uses an independent third party that performs a market valuation analysis for purchased and written certificate of deposit options. (Level 2). Assets and Liabilities Measured on a Recurring Basis: Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at June 30, 2018 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Available for sale securities U.S. Treasury and government sponsored entities' securities $ 120,438 $ — $ 120,438 $ — States of the U.S. and political subdivisions 47,645 — 47,645 — Other 489 489 — — Mortgage-backed GSE securities: residential 79,058 — 79,058 — Loans held for sale, at fair value 107,701 — 31,011 76,690 Purchased certificate of deposit option 472 — 472 — Liabilities Written certificate of deposit option (472 ) — (472 ) — Fair Value Measurements at December 31, 2017 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Available for sale securities U.S. Treasury and government sponsored entities' securities $ 123,817 $ — $ 123,817 $ — States of the U.S. and political subdivisions 59,623 — 59,623 — Mortgage-backed GSE securities: residential 87,121 — 87,121 — Loans held for sale, at fair value 83,541 — 18,525 65,016 Purchased certificate of deposit option 809 — 809 — Liabilities Written certificate of deposit option (809 ) — (809 ) — There were no transfers between Level 1 and Level 2 during the first six months of 2018 or fiscal year 2017. The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2018 and 2017. Loans Held for Sale, At Fair Value For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance of recurring Level 3 assets at beginning of period $ 64,552 $ 67,439 $ 65,016 $ 53,761 Total gains (losses) for the period Included in change in fair value of loans held for sale 19 1,822 (2,139 ) 2,412 Included in other comprehensive income — — — — Originations/Draws on construction perm loans 35,517 25,945 62,327 51,245 Amortization — — — — Sales (23,398 ) (25,211 ) (48,514 ) (37,423 ) Balance of recurring Level 3 assets at end of period $ 76,690 $ 69,995 $ 76,690 $ 69,995 The following table presents quantitative information about recurring Level 3 fair value measurements at June 30, 2018: Valuation Unobservable Fair Value Technique(s) Input(s) Range Loans held for sale, at fair value $ 76,690 Comparable sales Time discount 0.00-2.00% The following table presents quantitative information about recurring Level 3 fair value measurements at December 31, 2017: Valuation Unobservable Fair Value Technique(s) Input(s) Range Construction loans held for sale $ 65,016 Comparable sales Time discount 0.00-1.96% The fair value of loans held for sale, at fair value was determined using pricing from a quoted market, discounted for the length of time to the completion of the construction project. Assets and Liabilities Measured on a Non-Recurring Basis: Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2018 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Impaired loans: Commercial loans Multifamily $ 247 $ — $ — $ 247 Residential loans One-to four-family residential 131 — — 131 Consumer loans Auto 16 — — 16 Marine 38 — — 38 Mortgage servicing rights 240 — 240 — Other real estate owned, net Commercial loans Construction loans 227 — — 227 Residential loans One-to four-family residential 59 — — 59 Fair Value Measurements at December 31, 2017 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Impaired loans: Commercial loans Multifamily $ 247 $ — $ — $ 247 Nonresidential 2 — — 2 Secured 40 — — 40 Residential loans One-to four-family residential 1,010 — — 1,010 Consumer loans Home Equity 89 — — 89 Auto 13 — — 13 Marine 169 — — 169 Recreational vehicle 86 — — 86 Mortgage servicing rights 382 — 382 — Other real estate owned, net Commercial loans Construction loans 354 — — 354 Residential loans One-to four-family residential 82 — — 82 Impaired loans with specific allocations of the allowance for loan losses, carried at fair value, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a net carrying amount of $432,000 at June 30, 2018, that includes a specific valuation allowance of $490,000. This resulted in an increase of the provision for loan losses of $105,000 and $147,000 during the three and six months ended June 30, 2018, respectively. Impaired loans with specific allocations of the allowance for loan losses, carried at fair value, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a net carrying amount of $1.4 million at June 30, 2017, which includes a specific valuation allowance of $5,000. This resulted in an increase in the provision for loan losses of $252,000 and $479,000 for the three and six months ended June 30, 2017. Impaired loans with specific allocations of the allowance for loan losses, carried at fair value, which are measured for impairment using the fair value of the collateral for collateral dependent loans, had a net carrying amount of $1.7 million at December 31, 2017, that includes a specific valuation allowance of $491,000. The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral dependent impaired loans included in the above table primarily relate to the adjustment between carrying values versus appraised value. During the reported periods, discounts applied to appraisals for estimated selling costs were 10%. At June 30, 2018, $240,000 in mortgage servicing rights were carried at fair value, resulting in a net valuation allowance of $20,000. At June 30, 2017, mortgage servicing rights carried at fair value totaled $87,000, resulting in a net valuation allowance of $5,000. Mortgage servicing rights are valued by an independent third party that is active in purchasing and selling these instruments. A net impairment reflected in other income totaled $20,000 and $11,000 for the three and six months ended June 30, 2018, respectively. Net impairment reflected in other income totaled $2,000 and $5,000 for the three and six months ended June 30, 2017. The value reflects the characteristics of the underlying loans. At June 30, 2018, other real estate owned, carried at fair value, which is measured for impairment using the fair value of the property less estimated selling costs, and had a net carrying amount of $286,000, with a valuation allowance of $248,000. This resulted in expense of $10,000 and $33,000 during the three and six months ended June 30, 2018. At June 30, 2017, other real estate owned, carried at fair value, which is measured for impairment using the fair value of the property less estimated selling costs, and had a net carrying amount of $483,000 with a valuation allowance of $389,000. This resulted in a recovery of expense of $0 and $(38,000) during the three and six months ended June 30, 2017. At December 31, 2017, other real estate owned had a net carrying amount of $436,000, with a valuation allowance of $403,000. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at June 30, 2018: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial loans Multifamily $ 247 Sales comparison approach Adjustment for differences between comparable sales 0.00-35.00% (15.00%) Residential loans One-to four-family residential 131 Sales comparison approach Adjustment for differences between comparable sales 0.00%-10.77% (4.27%) Consumer loans Auto 16 Sales comparison approach Adjustment for differences between comparable sales 0.00%-17.85% (8.93%) Marine 38 Sales comparison approach Adjustment for differences between comparable sales 0.00%-17.85% (8.93%) Other real estate owned, net Commercial loans Construction loans 227 Sales comparison approach Adjustment for differences between comparable sales 0.00%-50.00% (45.85%) Residential loans One-to four-family residential 59 Sales comparison approach Adjustment for differences between comparable sales 0.00%-14.22% (14.22%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2017: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial loans Multifamily $ 247 Sales comparison approach Adjustment for differences between comparable sales 0.00-35.00% (15.00%) Nonresidential 2 Sales comparison approach Adjustment for differences between comparable sales 0.00-35.00% (15.00%) Secured 40 Sales comparison approach Adjustment for differences between comparable sales 0.00%-64.00% (16.00%) Residential loans One-to four-family residential 1,010 Sales comparison approach Adjustment for differences between comparable sales 0.00%-10.77% (4.27%) Consumer loans Home Equity 89 Sales comparison approach Adjustment for differences between comparable sales 0.00%-17.85% (8.93%) Other real estate owned: Commercial loans Construction loans 354 Sales comparison approach Adjustment for differences between comparable sales 0.00%-52.90% (52.41%) Residential loans One-to four-family residential 82 Sales comparison approach Adjustment for differences between comparable sales 0.00%-13.43% (13.43%) The Company has elected the fair value option for newly originated residential mortgage and permanent construction loans held for sale. These loans are intended for sale and the Company believes that fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 or more days past due nor on nonaccrual status as of June 30, 2018 and December 31, 2017. June 30, 2018 December 31, 2017 (Dollars in thousands) Aggregate fair value $ 107,701 $ 83,541 Contractual balance 106,255 79,898 Gain 1,446 3,643 The total amount of gains and losses from changes in fair value included in earnings for the three and six months ended June 30, 2018 and 2017 for loans held for sale, at fair value were: For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Interest income $ — $ — $ — $ — Interest expense — — — — Change in fair value 285 2,149 (2,197 ) 2,900 Total change in fair value $ 285 $ 2,149 $ (2,197 ) $ 2,900 In accordance with U.S. GAAP, the carrying value and estimated fair values of financial instruments at June 30, 2018 and December 31, 2017, were as follows: Fair Value Measurements at June 30, 2018 Using: June 30, 2018 Carrying Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Cash and cash equivalents $ 66,977 $ 66,977 $ — $ — Available for sale securities 247,630 489 247,141 — Held to maturity securities 81,294 — 78,194 — Loans held for sale, at fair value 107,701 — 31,011 76,690 Loans, net 2,099,781 — — 2,065,231 FHLB stock 19,324 n/a n/a n/a Accrued interest receivable 8,454 — 1,970 6,484 Purchased certificate of deposit option 472 — 472 — Liabilities: Deposits: Checking, savings and money market accounts (1,330,737 ) (1,330,737 ) — — Certificates of deposit (804,608 ) — (801,541 ) — FHLB advances (296,927 ) — (296,942 ) — Repurchase agreements and other (191 ) — (180 ) — Advance payments by borrowers for taxes and insurance (19,253 ) (19,253 ) — — Accrued interest payable (964 ) — (964 ) — Written certificate of deposit option (472 ) — (472 ) — Fair Value Measurements at December 31, 2017 Using: December 31, 2017 Carrying Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Cash and cash equivalents $ 46,880 $ 46,880 $ — $ — Available for sale securities 270,561 — 270,561 — Held to maturity securities 82,911 — 82,126 — Loans held for sale at lower of cost or market 211 — 217 — Loans held for sale, at fair value 83,541 — 18,525 65,016 Loans, net 1,999,877 — — 1,990,289 FHLB stock 19,324 n/a n/a n/a Accrued interest receivable 8,190 — 2,244 5,946 Purchased certificate of deposit option 809 — 809 — Liabilities: Deposits: Checking, savings and money market accounts (1,251,398 ) (1,251,398 ) — — Certificates of deposit (705,341 ) — (705,238 ) — FHLB advances (356,536 ) — (356,521 ) — Repurchase agreements and other (197 ) — (190 ) — Advance payments by borrowers for taxes and insurance (25,038 ) (25,038 ) — — Accrued interest payable (1,097 ) — (1,097 ) — Written certificate of deposit option (809 ) — (809 ) — The methods and assumptions, not previously presented, used to estimate fair values are described as follows: (a) Cash and Cash Equivalents The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1. (b) FHLB Stock It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability. (c) Held to maturity securities Fair values for held to maturity securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments. For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows. (d) Loans Beginning January 1, 2018, fair values of loans, excluding loans held for sale, are estimated based on the price received to sell the asset (exit price), considering the lifetime credit risk of the loan portfolio. For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based the weighted average next repricing date and weighted average index, resulting in a Level 3 classification. Fair values for other loans are estimated using the weighted average months to maturity and weighted average contractual interest rate, using weightings based on principal balances, resulting in a Level 3 classification. Impaired loans are valued at the lower of cost or fair value as described previously. The methods utilized to estimate the fair value of loans represent an exit price. At December 31, 2017, fair values of loans, excluding loans held for sale, were estimated as follows: For variable rate, loans that reprice frequently and with no significant change in credit risk, fair values were based on carrying values resulting in a Level 3 classification. Fair values for other loans were estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similarly credit quality resulting in a Level 3 classification. Impaired loans were valued at the lower of cost or fair value. The methods utilized at December 31, 2017 to estimate fair value did not necessarily represent an exit price. (e) Deposits The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings, and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of variable rate, fixed-term money market accounts approximate their fair values at the reporting date resulting in a Level 1 classification. Fair values for fixed and variable rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of deposit to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification. (f) Other Borrowings Short-term borrowings, generally, maturing within 90 days, approximate their fair values resulting in a Level 2 classification. The fair values of Home Savings long-term borrowings are estimated using discounted cash flow analyses based on the current borrowing rates for similar types of borrowing arrangements resulting in a Level 2 classification. (g) Accrued Interest Receivable/Payable The carrying amounts of accrued interest approximate fair value resulting in a Level 2 or Level 3 classification, depending on the classification of the underlying asset or liability. (h) Off-balance Sheet Instruments Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. The fair value of commitments is not material. |
STATEMENT OF CASH FLOWS SUPPLEM
STATEMENT OF CASH FLOWS SUPPLEMENTAL DISCLOSURE | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
STATEMENT OF CASH FLOWS SUPPLEMENTAL DISCLOSURE | 10. STATEMENT OF CASH FLOWS SUPPLEMENTAL DISCLOSURE Supplemental disclosures of cash flow information are summarized below. For the Six Months Ended June 30, 2018 2017 (Dollars in thousands) Supplemental disclosures of cash flow information Cash paid during the period for: Interest on deposits and borrowings $ 10,016 $ 5,396 Income taxes 500 250 Supplemental schedule of noncash activities: Transfers from loans to real estate owned and other repossessed assets 489 282 Transfers from loans to loans held for sale — 27,921 Transfers from premises and equipment to other assets, held for sale — 1,720 Accretion of securities held to maturity 77 100 Issuance of common stock - Ohio Legacy Corp. acquisition — 25,816 Net assets acquired from Ohio Legacy Corp., excluding cash and cash equivalents — 36 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 11. EARNINGS PER SHARE The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. As such, earnings per share is computed using the two-class method as required by ASC 206-10-45. Basic earnings per common share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which, excludes the participating securities. Diluted earnings per common share includes the dilutive effect of additional potential common shares from stock compensation awards, but also excludes awards considered participating securities. There were 50,000 stock options that were anti-dilutive for the three and six months ended June 30, 2018 and no stock options were anti-dilutive for the three and six months ended June 30, 2017. For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands, except per share data) Net income per consolidated statements of income $ 9,541 $ 8,189 $ 18,097 $ 9,727 Net income allocated to participating securities (41 ) (49 ) (91 ) (61 ) Net income allocated to common stock $ 9,500 $ 8,140 $ 18,006 $ 9,666 Basic earnings per common share computation: Distributed earnings allocated to common stock $ 2,982 $ 1,483 $ 5,954 $ 2,962 Undistributed earnings allocated to common stock 6,518 6,657 12,052 6,704 Net income allocated to common stock $ 9,500 $ 8,140 $ 18,006 $ 9,666 Weighted average common shares outstanding, including shares considered participating securities 49,906 49,691 49,877 49,158 Less: Average participating securities (212 ) (299 ) (250 ) (309 ) Weighted average shares 49,694 49,392 49,627 48,849 Basic earnings per common share $ 0.19 $ 0.16 $ 0.36 $ 0.20 Diluted earnings per common share computation: Net income allocated to common stock $ 9,500 $ 8,140 $ 18,006 $ 9,666 Weighted average common shares outstanding for basic earnings per common share 49,694 49,392 49,627 48,849 Add: Dilutive effects of assumed exercises of stock options and LTIP awards 250 403 262 398 Weighted average shares and dilutive potential common shares 49,944 49,795 49,889 49,247 Diluted earnings per common share $ 0.19 $ 0.16 $ 0.36 $ 0.20 |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | 12. OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) included in the consolidated statements of shareholders’ equity consists of unrealized gains and losses on available for sale securities, accretion of unrealized losses on held to maturity securities and disproportionate tax effects. The change includes reclassification of net gains or (losses) on sales of securities of $94,000 and $301,000 for the three months ended June 30, 2018 and 2017, respectively, and $233,000 and $330,000 for the six months ended June 30, 2018 and 2017, respectively. Reclassifications also includes accretion of unrealized losses on held to maturity securities. Other comprehensive income (loss) components and related tax effects for the three-month periods are as follows: Unrealized Gains (Losses) on Securities Available Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2018 (Dollars in thousands) Balances at beginning of period, net of tax $ (4,924 ) $ (17,110 ) $ (641 ) $ (22,675 ) Other comprehensive loss before reclassifications (1,359 ) — — (1,359 ) Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 31 31 Reclassification adjustment for gains realized in income (74 ) — — (74 ) Net current period other comprehensive income (1,433 ) — 31 (1,402 ) Balances at end of period, net of tax $ (6,357 ) $ (17,110 ) $ (610 ) $ (24,077 ) Unrealized Gains (Losses) on Securities Available for Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2017 (Dollars in thousands) Balances at beginning of period, net of tax $ (2,165 ) $ (17,110 ) $ (767 ) $ (20,042 ) Other comprehensive income before reclassifications 1,758 — — 1,758 Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 32 32 Reclassification adjustment for gains realized in income (196 ) — — (196 ) Net current period other comprehensive income 1,562 — 32 1,594 Balances at end of period, net of tax $ (603 ) $ (17,110 ) $ (735 ) $ (18,448 ) Other comprehensive income (loss) components and related tax effects for the six-month periods are as follows: Unrealized Gains (Losses) on Securities Available Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2018 (Dollars in thousands) Balances at beginning of period, net of tax $ (904 ) $ (17,110 ) $ (671 ) $ (18,685 ) Other comprehensive loss before reclassifications (5,269 ) — — (5,269 ) Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 61 61 Reclassification adjustment for gains realized in income (184 ) — — (184 ) Net current period other comprehensive income (5,453 ) — 61 (5,392 ) Balances at end of period, net of tax $ (6,357 ) $ (17,110 ) $ (610 ) $ (24,077 ) Unrealized Gains (Losses) on Securities Available for Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2017 (Dollars in thousands) Balances at beginning of period, net of tax $ (3,130 ) $ (17,110 ) $ (800 ) $ (21,040 ) Other comprehensive income before reclassifications 2,742 — 2,742 Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 65 65 Reclassification adjustment for gains realized in income (215 ) — — (215 ) Net current period other comprehensive income 2,527 — 65 2,592 Balances at end of period, net of tax $ (603 ) $ (17,110 ) $ (735 ) $ (18,448 ) As of June 30, 2014, management concluded it was more likely than not that the Company’s net deferred tax asset (DTA) would be realized and accordingly determined a full deferred tax valuation allowance was no longer required. Upon reversal of the former full deferred tax valuation allowance as of June 30, 2014, certain disproportionate tax effects are retained in accumulated other comprehensive income (loss) totaling approximately a ($16.6) million loss. Almost the entire disproportionate tax effect is attributable to valuation allowance expense recorded through other comprehensive income (loss) on the tax benefit of losses sustained on the available for sale securities portfolio while the Company was in a full deferred tax valuation allowance. This valuation allowance was appropriately reversed through continuing operations at June 30, 2014, leaving the original expense in accumulated other comprehensive income (loss), where it will remain in accordance with the Company’s election of the “portfolio approach”, until such time as the Company would cease to have an available for sale security portfolio. The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the three months ended June 30, 2018: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (94 ) Net gains on securities 20 Tax expense Total reclassification during the period $ (74 ) Net of tax, increase to net income The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the three months ended June 30, 2017: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (301 ) Net gains 105 Tax expense Total reclassification during the period $ (196 ) Net of tax, increase to net income The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the six months ended June 30, 2018: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (233 ) Net gains 49 Tax expense Total reclassification during the period $ (184 ) Net of tax The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the six months ended June 30, 2017: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (330 ) Net gains on securities 115 Tax expense Total reclassification during the period $ (215 ) Net of tax, increase to net income |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Banking And Thrift [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS | 13. REGULATORY CAPITAL REQUIREMENTS Home Savings and United Community are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Home Savings and United Community. The regulations require Home Savings to meet specific capital adequacy guidelines in keeping with the regulatory framework for prompt corrective action that involve quantitative measures of Home Savings’ assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. Home Savings’ capital classification is also subject to qualitative judgments by the regulators about components of capital, risk weightings, and other factors. The Basel III Capital Rules establish a common equity Tier 1 minimum capital requirement (4.5% of risk-weighted assets), a minimum Tier 1 capital to risk-based assets requirement (6% of risk-weighted assets) and assigns a risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The rules also require unrealized gains and losses on certain available-for-sale securities holdings to be included for purposes of calculating regulatory capital requirements unless a one-time opt-in or opt-out is exercised. In connection with the adoption of the Basel III Capital Rules, United Community and Home Savings elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1. The rule limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital risk-based weighted assets in addition to the amount necessary to meeting its minimum risk-based capital requirements. The capital conservation buffer requirement will be phased in through January 1, 2019, when the full capital conservation buffer requirement will be effective. The capital conservation buffer for 2018 is 1.875%. The capital conservation buffer for 2017 was 1.25%. The final rule also implemented consolidated capital requirements. Quantitative measures established by regulation for capital adequacy require Home Savings to maintain minimum ratios of Tier 1 (or Core) capital (as defined in the regulations) to average total assets (as defined) and of total risk-based capital (as defined) to risk-weighted assets (as defined). United Community and Home Savings’ Common Equity Tier 1 capital consists of common stock and related paid-in capital, net of treasury stock, and retained earnings. Common Equity Tier 1 for both United Community and Home Savings is reduced by intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Actual and regulatory required capital ratios for Home Savings, along with the dollar amount of capital implied by such ratios, are presented below. June 30, 2018 To Be Well Capitalized Minimum Capital Under Prompt Requirements Corrective Action Actual Per Regulation*** Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 297,086 14.18 % $ 208,136 9.88 % $ 210,771 10.00 % Tier 1 capital (to risk-weighted assets) 275,748 13.16 % 165,982 7.88 % 168,617 8.00 % Common equity Tier 1 capital (to risk-weighted assets) 275,748 13.16 % 134,367 6.38 % 137,001 6.50 % Tier 1 capital (to average assets)** 275,748 10.23 % 107,584 4.00 % 134,480 5.00 % December 31, 2017 To Be Well Capitalized Minimum Capital Under Prompt Requirements Corrective Action Actual Per Regulation*** Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 292,928 14.70 % $ 184,235 9.25 % $ 199,173 10.00 % Tier 1 capital (to risk-weighted assets) 271,777 13.64 % 144,400 7.25 % 159,338 8.00 % Common equity Tier 1 capital (to risk-weighted assets) 271,777 13.64 % 114,525 5.75 % 129,463 6.50 % Tier 1 capital (to average assets)** 271,777 10.42 % 104,308 4.00 % 130,385 5.00 % ** Tier 1 Leverage Capital Ratio *** The capital ratios are reflective of the capital conservation buffer Management believes that as of June 30, 2018 and December 31, 2017, Home Savings met all capital adequacy requirements to which it was subject. As of June 30, 2018 and December 31, 2017, Home Savings met the capital requirements to be deemed well capitalized. There are no known conditions that would change this classification subsequent to June 30, 2018. The components of Home Savings’ regulatory capital are as follows: June 30, 2018 December 31, 2017 Total shareholders' equity $ 272,816 $ 276,494 Add (deduct) Accumulated other comprehensive loss 24,092 18,701 Intangible assets (21,160 ) (20,903 ) Disallowed deferred tax assets — (2,515 ) Disallowed capitalized mortgage loan servicing rights — — Tier 1 Capital 275,748 271,777 Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets 21,338 21,151 Total risk-based capital $ 297,086 $ 292,928 Actual and regulatory required consolidated capital ratios for United Community, along with the dollar amount of capital implied by such ratios, are presented below. June 30, 2018 Minimum Capital Requirements Actual Per Regulation*** Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 322,996 15.33 % $ 208,003 9.88 % Tier 1 capital (to risk-weighted assets) 301,591 14.32 % 165,876 7.88 % Common equity Tier 1 capital (to risk-weighted assets) 301,591 14.32 % 134,281 6.38 % Tier 1 capital (to average assets)** 301,591 11.15 % 108,227 4.00 % December 31, 2017 Minimum Capital Requirements Actual Per Regulation*** Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 306,946 15.35 % $ 184,881 9.25 % Tier 1 capital (to risk-weighted assets) 285,744 14.29 % 144,907 7.25 % Common equity Tier 1 capital (to risk-weighted assets) 285,744 14.29 % 114,926 5.75 % Tier 1 capital (to average assets)** 285,744 10.93 % 104,588 4.00 % ** Tier 1 Leverage Capital Ratio *** The capital ratios are reflective of the capital conservation buffer United Community’s capital also exceeded the “well capitalized” ratios of 6.0% Tier 1 risk-based capital and 10% total risk-based capital required for United Community to engage in activities permissible only for a bank holding company that meets financial holding company requirements. The components of United Community’s consolidated regulatory capital are as follows: June 30, 2018 December 31, 2017 Total shareholders' equity $ 301,484 $ 294,265 Add (deduct) Accumulated other comprehensive loss 24,077 18,701 Intangible assets (23,970 ) (23,416 ) Disallowed deferred tax assets — (3,806 ) Disallowed capitalized mortgage loan servicing rights — — Tier 1 Capital 301,591 285,744 Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets 21,405 21,202 Total risk-based capital $ 322,996 $ 306,946 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 14. INCOME TAXES Significant components of the deferred tax assets and liabilities are as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Deferred tax assets: Loan loss reserves $ 4,495 $ 4,452 Depreciation 655 413 Other real estate owned valuation 52 85 Tax credits carryforward — 2,193 Unrealized loss on securities available for sale 1,690 241 Unrealized loss on securities held to maturity 201 217 Interest on nonaccrual loans 490 482 Net operating loss carryforward — 914 Purchase accounting adjustment 260 442 Accrued bonuses 586 551 Other 131 176 Deferred tax assets 8,560 10,166 Deferred tax liabilities: Deferred loan fees 1,476 1,145 Federal Home Loan Bank stock dividends 2,787 2,787 Mortgage servicing rights 1,453 1,401 FHLB prepayment penalty 143 307 Prepaid expenses 595 306 Deferred tax liabilities 6,454 5,946 Net deferred tax asset $ 2,106 $ 4,220 The Company’s ultimate realization of the net deferred tax asset is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the nature and amount of historical and projected future taxable income, the scheduled reversal of deferred tax assets and liabilities, and available tax planning strategies in making this assessment. The amount of deferred taxes recognized could be impacted by changes to any of these variables. Effective tax rates differ from the statutory federal income tax rate of 21% for 2018 and 35% for 2017 due to the following: For the Three Months Ended June 30, 2018 2017 Dollars Rate Dollars Rate (Dollars in thousands) Tax at statutory rate: $ 2,469 21.00 % $ 4,048 35.00 % Increase (decrease) due to: Tax exempt income (147 ) (1.25 )% (166 ) (1.44 )% Life insurance (91 ) (0.77 )% (137 ) (1.18 )% Stock compensation (4 ) (0.03 )% (138 ) (1.19 )% Other (13 ) (0.11 )% (230 ) (1.99 )% Income tax provision $ 2,214 18.83 % $ 3,377 29.20 % For the Six Months Ended June 30, 2018 2017 Dollars Rate Dollars Rate (Dollars in thousands) Tax at statutory rate: $ 4,641 21.00 % $ 4,781 35.00 % Increase (decrease) due to: Tax exempt income (181 ) (0.82 )% (337 ) (2.47 )% Life insurance (182 ) (0.82 )% (269 ) (1.97 )% Stock compensation (132 ) (0.60 )% (198 ) (1.45 )% Other (143 ) (0.65 )% (43 ) (0.31 )% Income tax provision $ 4,003 18.11 % $ 3,934 28.80 % |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 15. GOODWILL AND INTANGIBLE ASSETS Goodwill: The change in goodwill during the periods presented is as follows: June 30, 2018 December 31, 2017 (In thousands) Beginning of the year $ 20,221 $ 208 Effect of adjustments-James & Sons Insurance — 636 Acquired goodwill-OLCB — 19,168 Acquired goodwill-Eich Brothers Insurance — 209 Impairment — — End of the year $ 20,221 $ 20,221 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. If the carrying amount of a reporting unit is zero or less than zero, a qualitative analysis of whether it is more likely than not that the reporting unit goodwill is impaired will be performed. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment. The Company did not have any reporting units with a carrying amount of zero or less than zero at June 30, 2018 or December 31, 2017. Acquired Intangible Assets: June 30, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Amortized intangible assets: Core deposit intangibles $ 11,184 $ 9,415 $ 11,184 $ 9,250 Customer list intangible 2,222 242 2,222 162 Total $ 13,406 $ 9,657 $ 13,406 $ 9,412 Aggregate amortization expense for the three months ended June 30, 2018 and 2017 was $132,000 and $113,000, respectively. Aggregate amortization expense for the six months ended June 30, 2018 and 2017 was $245,000 and $196,000, respectively. Estimated amortization expense for the remainder of 2018 and the next five years is as follows: Remainder of 2018 $ 256,000 2019 510,000 2020 510,000 2021 510,000 2022 510,000 2023 510,000 |
QUALIFIED AFFORDABLE HOUSING PR
QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS | 6 Months Ended |
Jun. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS | 16. QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS The Company invests in qualified affordable housing projects. At June 30, 2018 and December 31, 2017, the balance of the investment for qualified affordable housing projects was $5.6 million and $5.8 million, respectively. These balances are reflected in other assets on the consolidated balance sheet. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $4.5 million and $5.3 million at June 30, 2018 and December 31, 2017, respectively. The Company expects to fulfill these commitments over the next eight to ten years. During the three months ended June 30, 2018 and 2017, the Company recognized amortization expense of $122,000 and $36,000, respectively, which was included within income tax expense on the consolidated statements of income. During the six months ended June 30, 2018 and 2017, the Company recognized amortization expense of $243,000 and $90,000, respectively. Additionally, during the three months ended June 30, 2018 and 2017, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $138,000 and $44,000, respectively. During the six months ended June 30, 2018 and 2017, the Company recognized tax credits and other benefits from its investment in affordable housing tax credits of $277,000 and $110,000, respectively. During the three and six months ended June 30, 2018 and 2017, the Company incurred no impairment losses. |
RECENT ACCOUNTING DEVELOPMENTS
RECENT ACCOUNTING DEVELOPMENTS (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Revenue from Contracts with Customers | On January 1, 2018, the Company adopted Accounting Standars Update (ASU) 2014-09 Revenue from Contracts with Customers The Company adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606 while prior period amounts continue to be reported in accordance with legacy GAAP. The adoption of ASC 606 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded. |
Recognition and Measurement of Financial Assets and Financial Liabilities | In January 2016, the FASB issued ASU 2016-01 , Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . |
Leases | In February 2016, the Financial Accounting Standars Board (FASB) issued ASU 2016-02 - Leases (Topic 842) In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases (ASU 2018-10). affecting narrow aspects of the guidance issued in the amendments in ASU 2016-02. |
Measurement of Credit Losses on Financial Instruments | In June 2016, the FASB Issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . |
Classification of Certain Cash Receipts and Cash Payments | In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments • Debt prepayment or debt extinguishment costs. • Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing. • Contingent consideration payments made after a business combination. • Proceeds from the settlement of insurance claims. • Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies. • Distributions received from equity method investees. • Beneficial interests in securitization transactions. • Separately identifiable cash flows and application of the predominance principle. For public business entities, the guidance in ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for all entities. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. |
Simplifying the Test for Goodwill Impairment | In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . |
Premium Amortization on Purchased Callable Debt Securities | In March 2017, the FASB issued Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . |
Scope of Modification Accounting | In May 2017, the FASB issued ASU 2017-09 , Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting ( ASU 2017-09) . ASU 2017-09 applies to entities that change the terms or conditions of a share-based payment award. The FASB adopted ASU 2017-09 to provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to the modification of the terms and conditions of a share-based payment award. The amendments in ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. These amendments require the entity to account for the effects of a modification unless all of the following conditions are met: • The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or value using an alternative measurement method) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification; • The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and • The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. The amendments should be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Compensation—Stock Compensation Equity—Equity-Based Payments to Non-Employees. |
Distinguishing Liabilities from Equity, Derivatives and Hedging | In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) : (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception ( ASU 2017-11). ASU 2017-11 simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. ASU 2017-11 will require companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. Companies that provide earnings per share (EPS) data will adjust their basic EPS calculation for the effect of the feature when triggered (i.e., when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down round feature) and will also recognize the effect of the trigger within equity. The provisions of ASU 2017-11 related to down rounds are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Targeted Improvements to Accounting for Hedging Activities | In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . |
Financial Services - Depository and Lending | In May 2018, the FASB issued ASU 2018-06, Codification Improvements to Topic 942, Financial Services—Depository and Lending Accounting for Net Deferred Tax Charges Financial Services – Depository and Lending – Income Taxes |
Accounting Pronouncements | In July, the FASB issued ASU 2018-09, Codification Improvements. ASU 2018-09 affects a wide variety of Topics in the Codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in ASU 2018-09 do not require transition guidance and will be effective upon issuance of ASU 2018-09. However, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. The adoption of this guidance is not expected to have an impact of the Company’s consolidated financial statements. |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity in 2015 Plan, 2007 Plan and 1999 Plan | A summary of option activity for the six months ended June 30, 2018 in the 2015 Plan, the 2007 Plan and the 1999 Plan is as follows: For the six months ended June 30, 2018 Weighted Aggregate average intrinsic value Shares exercise price (in thousands) Outstanding at beginning of year 260,533 $ 2.55 Granted 50,000 9.66 Exercised (70,101 ) 3.31 Forfeited and expired — — Outstanding at end of period 240,432 3.81 $ 1,726 Shares subject to options exercisable at end of period 190,432 2.28 $ 1,659 |
Information Related to Stock Options | Information related to stock options for the six months ended June 30, 2018 and 2017 follows: June 30, 2018 June 30, 2017 Intrinsic value of options exercised $ 450,486 $ 208,633 Cash received from option exercises 232,000 74,000 Tax benefit realized from option exercises 67,298 73,022 Weighted average fair value of options granted, per share $ 1.54 $ — |
Information Related to Stock Options Granted | Information related to stock options granted during the six months ended June 30, 2018 were as follows: Six Months Ended June 30, 2018 Risk-free interest rate 2.69 % Expected term (years) 5 Expected stock volatility 19.68 % Dividend yield 2.48 % |
Summary of Changes in Company's Nonvested Restricted Shares | A summary of changes in the Company’s nonvested restricted shares for the six months ended June 30, 2018 is as follows: For the six months ended June 30, 2018 Weighted average grant date Shares fair value Nonvested at beginning of year 277,035 $ 6.73 Granted 57,985 $ 9.75 Vested (110,397 ) $ 6.23 Forfeited (807 ) $ 7.48 Nonvested shares at end of period 223,816 $ 7.75 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Components of Available for Sale Portfolio | Components of the available for sale portfolio are as follows: June 30, 2018 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (Dollars in thousands) Available for Sale U.S. Treasury and government sponsored entities' securities $ 124,639 $ — $ (4,201 ) $ 120,438 States of the U.S. and political subdivisions 48,414 65 (834 ) 47,645 Other 489 — — $ 489 Mortgage-backed GSE securities: residential 82,134 35 (3,111 ) 79,058 Total $ 255,676 $ 100 $ (8,146 ) $ 247,630 December 31, 2017 Gross Gross Amortized unrealized unrealized Fair cost gains losses value (Dollars in thousands) Available for Sale U.S. Treasury and government sponsored entities' securities $ 124,982 $ 19 $ (1,184 ) $ 123,817 States of the U.S. and political subdivisions 58,806 955 (138 ) 59,623 Mortgage-backed GSE securities: residential 87,917 42 (838 ) 87,121 Total $ 271,705 $ 1,016 $ (2,160 ) $ 270,561 |
Components of Held to Maturity Securities Portfolio | Components of held to maturity securities portfolio are as follows: June 30, 2018 Gross Gross Amortized unrecognized unrecognized Fair cost gains losses value (Dollars in thousands) Held to maturity Mortgage-backed GSE securities: residential $ 69,077 $ — $ (2,967 ) $ 66,110 States of the U.S. and political subdivisions 12,217 25 (158 ) 12,084 Total $ 81,294 $ 25 $ (3,125 ) $ 78,194 December 31, 2017 Gross Gross Amortized unrecognized unrecognized Fair cost gains losses value (Dollars in thousands) Held to maturity Mortgage-backed GSE securities: residential $ 73,682 $ — $ (890 ) $ 72,792 States of the U.S. and political subdivisions 9,229 112 (7 ) 9,334 Total $ 82,911 $ 112 $ (897 ) $ 82,126 |
Available For Sale Securities [Member] | |
Debt Securities by Contractual Maturity | Debt securities available for sale by contractual maturity, repricing or expected call date are shown below: June 30, 2018 Amortized cost Fair value (Dollars in thousands) Due in one year or less $ — $ — Due after one year through five years 53,039 51,469 Due after five years through ten years 72,155 69,529 Due after ten years 47,859 47,085 Other 489 489 Mortgage-backed GSE securities: residential 82,134 79,058 Total $ 255,676 $ 247,630 |
Securities Available for Sale and Held to Maturity in Unrealized and Unrecognized Loss Position | Securities available for sale that have been in an unrealized loss position for less than twelve months or twelve months or more at June 30, 2018 are as follows: June 30, 2018 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: U.S. Treasury and government sponsored entities $ 99,820 $ (3,238 ) $ 20,618 $ (963 ) $ 120,438 $ (4,201 ) States of the U.S. and political subdivisions 22,769 (419 ) 13,669 (415 ) 36,438 (834 ) Mortgage-backed GSE securities: residential 26,475 (978 ) 51,901 (2,133 ) 78,376 (3,111 ) Total temporarily impaired securities $ 149,064 $ (4,635 ) $ 86,188 $ (3,511 ) $ 235,252 $ (8,146 ) Securities available for sale that have been in an unrealized loss position for less than twelve months or twelve months or more at December 31, 2017 are as follows: December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: U.S. Treasury and government sponsored entities $ 99,766 $ (734 ) $ 21,222 $ (450 ) $ 120,988 $ (1,184 ) States of the U.S. and political subdivisions — — 14,009 (138 ) 14,009 (138 ) Mortgage-backed GSE securities: residential 28,837 (154 ) 57,588 (684 ) 86,425 (838 ) Total temporarily impaired securities $ 128,603 $ (888 ) $ 92,819 $ (1,272 ) $ 221,422 $ (2,160 ) |
Held To Maturity Securities [Member] | |
Debt Securities by Contractual Maturity | Debt securities held to maturity by contractual maturity, repricing or expected call date are shown below: June 30, 2018 Amortized cost Fair value (Dollars in thousands) Due in one year or less $ 3,000 $ 3,024 Due after one year through five years — — Due after five years through ten years 8,442 8,297 Due after ten years 775 763 Mortgage-backed GSE securities: residential 69,077 66,110 Total $ 81,294 $ 78,194 |
Securities Available for Sale and Held to Maturity in Unrealized and Unrecognized Loss Position | Securities held to maturity that have been in an unrecognized loss position for less than twelve months or twelve months or more are as follows: June 30, 2018 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: Mortgage-backed GSE securities: residential $ — $ — $ 66,110 $ (3,924 ) $ 66,110 $ (3,924 ) States of the U.S. and political subdivisions 8,349 (158 ) — — 8,349 (158 ) Total temporarily impaired securities $ 8,349 $ (158 ) $ 66,110 $ (3,924 ) $ 74,459 $ (4,082 ) December 31, 2017 Less than 12 months 12 months or more Total Fair Unrealized loss Fair Unrealized Fair Unrealized value Loss value Loss value Loss (Dollars in thousands) Description of securities: Mortgage-backed GSE securities: residential $ — $ — $ 72,792 $ (1,925 ) $ 72,792 $ (1,925 ) States of the U.S. and political subdivisions 608 (7 ) — — 608 (7 ) Total temporarily impaired securities $ 608 $ (7 ) $ 72,792 $ (1,925 ) $ 73,400 $ (1,932 ) |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Portfolio of Loans | Portfolio loans consist of the following: June 30, December 31, 2018 2017 (Dollars in thousands) Commercial loans Multifamily $ 141,004 $ 120,480 Nonresidential 396,624 381,611 Land 16,887 15,162 Construction 127,691 116,863 Secured 212,173 177,994 Unsecured 6,438 10,506 Total commercial loans 900,817 822,616 Residential mortgage loans One-to four-family 888,583 870,939 Construction 40,623 49,092 Total residential mortgage loans 929,206 920,031 Consumer loans Home equity 187,771 195,852 Auto 83,829 64,364 Marine 1,404 1,526 Recreational vehicle 4,879 5,696 Other 7,026 6,056 Total consumer loans 284,909 273,494 Total loans 2,114,932 2,016,141 Less: Allowance for loan losses 21,405 21,202 Deferred loan costs, net (6,254 ) (4,938 ) Total 15,151 16,264 Loans, net $ 2,099,781 $ 1,999,877 |
Investment in Loans by Portfolio Segment and Based on Impairment | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and are based on impairment method as of June 30, 2018 and December 31, 2017 and activity for the three and six months ended June 30, 2018 and 2017. Allowance For Loan Losses Commercial Loans Residential Loans Consumer Loans Total (Dollars in thousands) For the three months ended June 30, 2018 Beginning balance $ 13,095 $ 5,701 $ 2,814 $ 21,610 Provision (recovery) (263 ) 180 (55 ) (138 ) Charge-offs (75 ) (96 ) (83 ) (254 ) Recoveries 51 82 54 187 Ending balance $ 12,808 $ 5,867 $ 2,730 $ 21,405 For the six months ended June 30, 2018 Beginning balance $ 12,542 $ 5,860 $ 2,800 $ 21,202 Provision 133 87 49 269 Charge-offs (75 ) (181 ) (269 ) (525 ) Recoveries 208 101 150 459 Ending balance $ 12,808 $ 5,867 $ 2,730 $ 21,405 As of June 30, 2018 Period-end amount allocated to: Loans individually evaluated for impairment $ 514 $ 834 $ 313 1,661 Loans collectively evaluated for impairment 12,239 5,033 2,417 19,689 Loans acquired with deteriorated credit quality 55 — — 55 Ending balance $ 12,808 $ 5,867 $ 2,730 $ 21,405 Period-end balances: Loans individually evaluated for impairment 3,119 14,455 6,204 23,778 Loans collectively evaluated for impairment 896,607 914,751 278,705 2,090,063 Loans acquired with deteriorated credit quality 1,091 — — 1,091 Ending balance $ 900,817 $ 929,206 $ 284,909 $ 2,114,932 Allowance For Loan Losses Commercial Loans Residential Loans Consumer Loans Total For the three months ended June 30, 2017 Beginning balance $ 10,182 $ 5,912 $ 2,876 $ 18,970 Provision 503 295 44 842 Charge-offs (12 ) (273 ) (150 ) (435 ) Recoveries 148 34 101 283 Ending balance $ 10,821 $ 5,968 $ 2,871 $ 19,660 For the six months ended June 30, 2017 Beginning balance $ 10,824 $ 5,538 $ 2,725 $ 19,087 Provision 1,025 865 427 2,317 Charge-offs (1,323 ) (503 ) (479 ) (2,305 ) Recoveries 295 68 198 561 Ending balance $ 10,821 $ 5,968 $ 2,871 $ 19,660 As of December 31, 2017 Period-end amount allocated to: Loans individually evaluated for impairment $ 516 $ 1,145 $ 398 $ 2,059 Loans collectively evaluated for impairment 11,971 4,715 2,402 19,088 Loans acquired with deteriorated credit quality 55 — — 55 Ending balance $ 12,542 $ 5,860 $ 2,800 $ 21,202 Period-end balances: Loans individually evaluated for impairment $ 3,356 $ 16,140 $ 6,754 $ 26,250 Loans collectively evaluated for impairment 818,066 903,891 266,740 1,988,697 Loans acquired with deteriorated credit quality 1,194 — — 1,194 Ending balance $ 822,616 $ 920,031 $ 273,494 $ 2,016,141 |
Presentation of Average Balance, Interest Income Recognized and Cash Basis Income Recognized for Loans Individually Evaluated for Impairment by Classs | The following table presents loans individually evaluated for impairment by class of loans as of and for six months ended June 30, 2018: Impaired Loans (Dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ 28 $ — $ — $ — $ — $ — Nonresidential 630 137 — 100 4 4 Land 706 — — 6 — — Construction 2,457 — — — — — Secured 1,115 907 — 901 — — Unsecured 184 — — — — — Total commercial loans 5,120 1,044 — 1,007 4 4 Residential mortgage loans One-to four-family 6,918 5,994 — 5,602 74 58 Construction — — — — — — Total residential mortgage loans 6,918 5,994 — 5,602 74 58 Consumer loans Home equity 1,496 1,224 — 1,087 11 10 Auto 29 22 — 33 — — Marine 553 181 — 181 — — Recreational vehicle 520 100 — 122 4 4 Other 1 — — 6 — — Total consumer loans 2,599 1,527 — 1,429 15 14 Total $ 14,637 $ 8,565 $ — $ 8,038 $ 93 $ 76 With a specific allowance recorded Commercial loans Multifamily $ 422 $ 275 $ 28 $ 275 $ — $ — Nonresidential 1,235 1,232 13 1,356 52 44 Land — — — — — — Construction — — — — — — Secured 819 568 473 579 — — Unsecured — — — — — — Total commercial loans 2,476 2,075 514 2,210 52 44 Residential mortgage loans One-to four-family 8,574 8,461 834 9,793 233 195 Construction — — — — — — Total residential mortgage loans 8,574 8,461 834 9,793 233 195 Consumer loans Home equity 4,282 4,201 295 4,505 123 110 Auto — — — — — — Marine 95 95 1 97 2 2 Recreational vehicle 393 381 17 393 11 10 Other — — — — — — Total consumer loans 4,770 4,677 313 4,995 136 122 Total 15,820 15,213 1,661 16,998 421 361 Total impaired loans $ 30,457 $ 23,778 $ 1,661 $ 25,036 $ 514 $ 437 The following table presents loans individually evaluated for impairment by class of loans as of and for six months ended June 30, 2017: Impaired Loans (Dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ 470 $ 413 $ — $ 277 $ 3 $ 3 Nonresidential 2,030 1,464 — 1,040 50 49 Land 3,922 9 — 17 — — Construction 3,593 — — — — — Secured 242 190 — 190 — — Unsecured 500 — — — — Total commercial loans 10,757 2,076 — 1,524 53 52 Residential mortgage loans One-to four-family 7,704 5,762 — 6,095 50 41 Construction — — — — — — Total residential mortgage loans 7,704 5,762 — 6,095 50 41 Consumer loans Home equity 1,965 1,535 — 1,577 8 7 Auto 34 18 — 11 — — Marine 540 169 — 210 — — Recreational vehicle 560 152 — 164 5 5 Other — — — — — — Total consumer loans 3,099 1,874 — 1,962 13 12 Total $ 21,560 $ 9,712 $ — $ 9,581 $ 116 $ 105 With a specific allowance recorded Commercial loans Multifamily $ — $ — $ — $ — $ — $ — Nonresidential 501 456 5 2,164 12 11 Land — — — — — — Construction — — — — — — Secured — — — 57 — — Unsecured — — — — — — Total commercial loans 501 456 5 2,221 12 11 Residential mortgage loans One-to four-family 10,526 10,428 1,171 10,764 273 229 Construction — — — — — — Total residential mortgage loans 10,526 10,428 1,171 10,764 273 229 Consumer loans Home equity 4,973 4,919 377 5,212 151 134 Auto — — — — — — Marine 104 104 1 106 3 3 Recreational vehicle 702 691 62 681 14 13 Other — — — — — — Total consumer loans 5,779 5,714 440 5,999 168 150 Total 16,806 16,598 1,616 18,984 453 390 Total impaired loans $ 38,366 $ 26,310 $ 1,616 $ 28,565 $ 569 $ 495 The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2017: Impaired Loans (Dollars in thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no specific allowance recorded Commercial loans Multifamily $ 41 $ — $ — Nonresidential 651 144 — Land 716 9 — Construction 2,467 — — Secured 1,042 894 — Unsecured 187 — — Total commercial loans 5,104 1,047 — Residential mortgage loans One-to four-family 6,432 5,441 — Construction — — — Total residential mortgage loans 6,432 5,441 — Consumer loans Home equity 1,399 1,059 — Auto 29 14 — Marine 553 181 — Recreational vehicle 578 151 — Other 3 3 — Total consumer loans 2,562 1,408 — Total $ 14,098 $ 7,896 $ — With a specific allowance recorded Commercial loans Multifamily $ 422 $ 275 $ 28 Nonresidential 1,455 1,423 16 Land — — — Construction — — — Secured 893 611 472 Unsecured — — — Total commercial loans 2,770 2,309 516 Residential mortgage loans One-to four-family 10,874 10,699 1,145 Construction — — — Total residential mortgage loans 10,874 10,699 1,145 Consumer loans Home equity 4,921 4,840 377 Auto — — — Marine 100 100 1 Recreational vehicle 418 406 20 Other — — — Total consumer loans 5,439 5,346 398 Total 19,083 18,354 2,059 Total impaired loans $ 33,181 $ 26,250 $ 2,059 The following table presents the average balance, interest income recognized and cash basis income recognized for loans individually evaluated for impairment by class of loans for the three months ended June 30, 2018: Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ — $ — $ — Nonresidential 78 1 1 Land 5 — — Construction — — — Secured 905 — — Unsecured — — — Total commercial loans 988 1 1 Residential mortgage loans One-to four-family 5,683 30 30 Construction — — — Total residential mortgage loans 5,683 30 30 Consumer loans Home equity 1,101 6 6 Auto 42 — — Marine 181 — — Recreational vehicle 108 2 2 Other 8 — — Total consumer loans 1,440 8 8 Total $ 8,111 $ 39 $ 39 With a specific allowance recorded Commercial loans Multifamily $ 275 $ — $ — Nonresidential 1,323 22 22 Land — — — Construction — — — Secured 563 — — Unsecured — — — Total commercial loans 2,161 22 22 Residential mortgage loans One-to four-family 9,340 98 96 Construction — — — Total residential mortgage loans 9,340 98 96 Consumer loans Home equity 4,338 57 56 Auto — — — Marine 96 1 1 Recreational vehicle 387 5 5 Other — — — Total consumer loans 4,821 63 62 Total 16,322 183 180 Total impaired loans $ 24,433 $ 222 $ 219 The following table presents the average balance, interest income recognized and cash basis income recognized for loans individually evaluated for impairment by class of loans for the three months ended June 30, 2017: Average Recorded Investment Interest Income Recognized Cash Basis Income Recognized With no specific allowance recorded Commercial loans Multifamily $ 416 $ — $ — Nonresidential 815 25 25 Land 9 — — Construction — — — Secured 190 — — Unsecured — — — Total commercial loans 1,430 25 25 Residential mortgage loans One-to four-family 5,763 20 20 Construction — — — Total residential mortgage loans 5,763 20 20 Consumer loans Home equity 1,574 3 3 Auto 16 — — Marine 182 — — Recreational vehicle 186 2 2 Other — — — Total consumer loans 1,958 5 5 Total $ 9,151 $ 50 $ 50 With a specific allowance recorded Commercial loans Multifamily $ — $ — $ — Nonresidential 1,179 5 5 Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans 1,179 5 5 Residential mortgage loans One-to four-family 10,783 114 111 Construction — — — Total residential mortgage loans 10,783 114 111 Consumer loans Home equity 5,151 66 66 Auto — — — Marine 105 1 1 Recreational vehicle 708 7 6 Other — — — Total consumer loans 5,964 74 73 Total 17,926 193 189 Total impaired loans $ 27,077 $ 243 $ 239 |
Loans in Process of Foreclosure | The table below presents loans that are in the process of foreclosure at June 30, 2018 and December 31, 2017, but legal title, deed in lieu of foreclosure or similar legal agreement to the property has not yet been obtained: June 30, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Recorded Investment (Dollars in thousands) (Dollars in thousands) Mortgage loans in process of foreclosure $ 3,587 $ 3,452 $ 2,588 $ 2,428 Consumer loans in process of foreclosure 1,148 1,058 613 608 |
Presentation of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days and Still on Accrual by Class of Loans | The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans as of June 30, 2018: Nonaccrual Loans and Loans Past Due Over 90 Days and Still Accruing As of June 30, 2018 Nonaccrual Loans past due over 90 days and still accruing (Dollars in thousands) Commercial loans Multifamily $ 275 $ — Nonresidential 1,111 — Land — — Construction — — Secured 1,475 — Unsecured — — Total commercial loans 2,861 — Residential mortgage loans One-to four-family 6,146 — Construction — — Total residential mortgage loans 6,146 — Consumer Loans Home equity 1,477 — Auto 63 — Marine 181 — Recreational vehicle 62 — Other — — Total consumer loans 1,783 — Total nonaccrual loans and loans past due over 90 days and still accruing $ 10,790 $ — The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days and still on accrual by class of loans as of December 31, 2017: Nonaccrual Loans and Loans Past Due Over 90 Days and Still Accruing As of December 31, 2017 Nonaccrual Loans past due over 90 days and still accruing (Dollars in thousands) Commercial loans Multifamily $ 275 $ — Nonresidential 1,218 — Land 9 — Construction — — Secured 1,505 — Unsecured — — Total commercial loans 3,007 — Residential mortgage loans One-to four-family 6,076 — Construction — — Total residential mortgage loans 6,076 — Consumer Loans Home equity 2,074 — Auto 155 — Marine 181 — Recreational vehicle 208 — Other 2 — Total consumer loans 2,620 — Total nonaccrual loans and loans past due over 90 days and still accruing $ 11,703 $ — |
Presentation of Age Analysis of Past-Due Loans, Segregated by Class of Loans | The following table presents an age analysis of past-due loans, segregated by class of loans as of June 30, 2018: Past Due Loans (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Loans Total Loans Commercial loans Multifamily $ — $ — $ 275 $ 275 $ 140,729 $ 141,004 Nonresidential 114 — 1,094 1,208 395,416 396,624 Land — — — — 16,887 16,887 Construction — — — — 127,691 127,691 Secured 92 — 1,474 1,566 210,607 212,173 Unsecured — — — — 6,438 6,438 Total commercial loans 206 — 2,843 3,049 897,768 900,817 Residential mortgage loans One-to four-family 2,683 1,327 3,991 8,001 880,582 888,583 Construction — — — — 40,623 40,623 Total residential mortgage loans 2,683 1,327 3,991 8,001 921,205 929,206 Consumer Loans: Home equity 746 295 1,261 2,302 185,469 187,771 Automobile 188 55 57 300 83,529 83,829 Marine — — 181 181 1,223 1,404 Recreational vehicle 68 51 62 181 4,698 4,879 Other 4 2 — 6 7,020 7,026 Total consumer loans 1,006 403 1,561 2,970 281,939 284,909 Total loans $ 3,895 $ 1,730 $ 8,395 $ 14,020 $ 2,100,912 $ 2,114,932 The following table presents an age analysis of past-due loans, segregated by class of loans as of December 31, 2017: Past Due Loans (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Current Loans Total Loans Commercial loans Multifamily $ — $ — $ 275 $ 275 $ 120,205 $ 120,480 Nonresidential 20 — 1,199 1,219 380,392 381,611 Land — — 9 9 15,153 15,162 Construction — — — — 116,863 116,863 Secured 114 4 110 228 177,766 177,994 Unsecured — — — — 10,506 10,506 Total commercial loans 134 4 1,593 1,731 820,885 822,616 Residential mortgage loans One-to four-family 4,704 1,523 4,804 11,031 859,908 870,939 Construction — — — — 49,092 49,092 Total residential mortgage loans 4,704 1,523 4,804 11,031 909,000 920,031 Consumer Loans: Home equity 1,184 120 1,793 3,097 192,755 195,852 Automobile 187 100 82 369 63,995 64,364 Marine — — 181 181 1,345 1,526 Recreational vehicle 47 — 165 212 5,484 5,696 Other 31 3 2 36 6,020 6,056 Total consumer loans 1,449 223 2,223 3,895 269,599 273,494 Total loans $ 6,287 $ 1,750 $ 8,620 $ 16,657 $ 1,999,484 $ 2,016,141 |
Loans by Class Modified as Troubled Debt Restructurings | The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended June 30, 2018: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Recorded Investment (In thousands) Commercial loans Multifamily — $ — $ — Nonresidential — — — Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans — — — Residential mortgage loans One-to four-family 3 521 547 Construction — — — Total residential mortgage loans 3 521 547 Consumer loans Home equity 2 113 113 Auto — — — Marine — — — Recreational vehicle — — — Other — — — Total consumer loans 2 113 113 Total restructured loans 5 $ 634 $ 660 The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2018: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Recorded Investment (In thousands) Commercial loans Multifamily — $ — $ — Nonresidential 1 124 124 Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans 1 124 124 Residential mortgage loans One-to four-family 3 521 547 Construction — — — Total residential mortgage loans 3 521 547 Consumer loans Home equity 2 113 113 Auto — — — Marine — — — Recreational vehicle Other — — — Total consumer loans 2 113 113 Total restructured loans 6 $ 758 $ 784 The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2017: Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Recorded Investment (Dollars in thousands) Commercial loans Multifamily — $ — $ — Nonresidential — — — Land — — — Construction — — — Secured — — — Unsecured — — — Total commercial loans — — — Residential mortgage loans One-to four-family 1 75 84 Construction — — — Total residential mortgage loans 1 75 84 Consumer loans Home equity — — — Auto — — — Marine — — — Recreational vehicle 1 115 115 Other — — — Total consumer loans 1 115 115 Total restructured loans 2 $ 190 $ 199 |
Loans by Class Modified as Troubled Debt Restructurings with Payment Default | The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within a twelve-month cycle following the modification during the period ended June 30, 2018. Number of loans Recorded Investment (Dollars in thousands) Commercial loans Multifamily — $ — Nonresidential 1 121 Land — — Construction — — Secured — — Unsecured — — Total commercial loans 1 121 Residential mortgage loans One-to four-family 2 357 Construction — — Total residential mortgage loans 2 357 Consumer loans Home equity — — Auto — — Marine — — Recreational vehicle — — Other — — Total consumer loans — — Total restructured loans 3 $ 478 The following table presents loans by class modified as troubled debt restructurings for which there was a payment default within a twelve month cycle following the modification during the period ended June 30, 2017: Number of loans Recorded Investment (Dollars in thousands) Commercial loans Multifamily — $ — Nonresidential — — Land — — Construction — — Secured — — Unsecured — — Total commercial loans — — Residential mortgage loans One-to four-family 1 164 Construction — — Total residential mortgage loans 1 164 Consumer loans Home equity 1 47 Auto — — Marine — — Recreational vehicle — — Other — — Total consumer loans 1 47 Total restructured loans 2 $ 211 |
Risk Category of Loans by Class of Loans | As of June 30, 2018 and December 31, 2017, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: June 30, 2018 (Dollars in thousands) Unclassified Classified Unclassified Special Mention Substandard Doubtful Loss Total Classified Total Loans Commercial Loans Multifamily $ 138,238 $ 2,491 $ 275 $ — $ — $ 275 $ 141,004 Nonresidential 379,794 5,162 11,668 — — 11,668 396,624 Land 16,887 — — — — — 16,887 Construction 119,065 8,626 — — — — 127,691 Secured 186,069 4,851 21,253 — — 21,253 212,173 Unsecured 6,345 — 93 — — 93 6,438 Total commercial loans 846,398 21,130 33,289 — — 33,289 900,817 Residential mortgage loans One-to four-family 880,779 1,102 6,702 — — 6,702 888,583 Construction 40,623 — — — — — 40,623 Total residential mortgage loans 921,402 1,102 6,702 — — 6,702 929,206 Consumer Loans Home equity 186,276 — 1,495 — — 1,495 187,771 Auto 83,766 — 63 — — 63 83,829 Marine 1,223 — 181 — — 181 1,404 Recreational vehicle 4,817 — 62 — — 62 4,879 Other 7,025 — 1 — — 1 7,026 Total consumer loans 283,107 — 1,802 — — 1,802 284,909 Total loans $ 2,050,907 $ 22,232 $ 41,793 $ — $ — $ 41,793 $ 2,114,932 December 31, 2017 (Dollars in thousands) Unclassified Classified Unclassified Special Mention Substandard Doubtful Loss Total Classified Total Loans Commercial Loans Multifamily $ 118,716 $ 1,334 $ 430 $ — $ — $ 430 $ 120,480 Nonresidential 367,553 6,394 7,664 — — 7,664 381,611 Land 15,153 — 9 — — 9 15,162 Construction 116,460 403 — — — — 116,863 Secured 149,912 6,092 21,990 — — 21,990 177,994 Unsecured 10,412 — 94 — — 94 10,506 Total commercial loans 778,206 14,223 30,187 — — 30,187 822,616 Residential mortgage loans One-to four-family 861,971 1,585 7,383 — — 7,383 870,939 Construction 49,092 — — — — — 49,092 Total residential mortgage loans 911,063 1,585 7,383 — — 7,383 920,031 Consumer Loans Home equity 193,733 — 2,119 — — 2,119 195,852 Auto 64,209 — 155 — — 155 64,364 Marine 1,345 — 181 — — 181 1,526 Recreational vehicle 5,488 — 208 — — 208 5,696 Other 6,051 — 5 — — 5 6,056 Total consumer loans 270,826 — 2,668 — — 2,668 273,494 Total loans $ 1,960,095 $ 15,808 $ 40,238 $ — $ — $ 40,238 $ 2,016,141 |
Schedule of Purchased Credit Impaired Loans for which Payments Would Not be Collected | The carrying amount of those loans is as follows: June 30, 2018 December 31, 2017 (Dollars in thousands) Commercial loans $ 1,091 $ 1,194 Residential mortgage loans — — Consumer loans — — Outstanding balance $ 1,091 $ 1,194 Carrying amount, net of allowance of $55,000 and $55,000 1,036 1,139 |
Accretable Yield or Income Expected to be Collected | Accretable yield, or income expected to be collected, is as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Beginning of period $ 110 $ 128 $ 110 $ — New loans purchased — — — 158 Accretion of income 6 12 6 42 Balance at end of period $ 104 $ 116 $ 104 $ 116 |
Carrying Amount of Purchased Credit Impaired Loans | Income is not recognized on purchased credit impaired loans if the Company cannot reasonably estimate cash flows expected to be collected. The carrying amounts of such loans are as follows: June 30, 2018 June 30, 2017 (Dollars in thousands) Loans at beginning of period $ 1,194 $ — Loans purchased during the period — 1,797 Loans at end of period 1,091 1,438 |
MORTGAGE BANKING ACTIVITIES (Ta
MORTGAGE BANKING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Mortgage Banking [Abstract] | |
Principal Balances of Mortgage Servicing Rights | The principal balances of mortgage loans serviced for others are as follows: June 30, 2018 December 31, 2017 (Dollars in thousands) Mortgage loan portfolios serviced for: FHLMC $ 999,051 $ 1,003,441 FNMA 290,200 242,444 Private investor 18,775 23,404 |
Capitalized Mortgage Servicing Rights | Activity for capitalized mortgage servicing rights, included in other assets, was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance, beginning of period $ 6,843 $ 5,977 $ 6,681 $ 6,070 Originations 641 670 1,303 1,026 Amortized to expense (542 ) (486 ) (1,042 ) (935 ) Balance, end of period 6,942 6,161 6,942 6,161 Less valuation allowance (20 ) (5 ) (20 ) (5 ) Net balance $ 6,922 $ 6,156 $ 6,922 $ 6,156 |
Valuation Allowance for Mortgage Servicing Rights | Activity in the valuation allowance for mortgage servicing rights was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance, beginning of period $ — $ (3 ) $ (9 ) $ — Impairment charges (20 ) (2 ) (20 ) (5 ) Recoveries — — 9 — Balance, end of period $ (20 ) $ (5 ) $ (20 ) $ (5 ) |
Key Economic Assumptions in Measuring Value of Mortgage Servicing Rights | Key economic assumptions in measuring the value of mortgage servicing rights at June 30, 2018, and December 31, 2017, were as follows: June 30, 2018 December 31, 2017 Weighted average prepayment rate 140 PSA 181 PSA Weighted average life (in years) 7.37 6.35 Weighted average discount rate 11.00% 9.00% |
OTHER REAL ESTATE OWNED AND O30
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate Owned and Other Repossessed Assets | Real estate owned and other repossessed assets at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 December 31, 2017 (Dollars in thousands) Real estate owned and other repossessed assets $ 1,125 $ 1,656 Valuation allowance (248 ) (403 ) End of period $ 877 $ 1,253 |
Valuation Allowance Related to Real Estate Owned | Activity in the valuation allowance was as follows: Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Beginning of period $ 287 $ 549 $ 403 $ 1,012 Additions (recoveries) charged to expense 10 — 33 (38 ) Sales of real estate owned with a valuation allowance (49 ) (160 ) (188 ) (585 ) End of period $ 248 $ 389 $ 248 $ 389 |
Expenses Related to Foreclosed and Repossessed Assets | Expenses related to foreclosed and repossessed assets include: Three Months Ended Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Net loss on sales $ 103 $ 18 $ 158 $ 108 Provision for (recovery of) unrealized losses 10 — 33 (38 ) Operating expenses, net of rental income 34 23 70 85 Total expenses $ 147 $ 41 $ 261 $ 155 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and Liabilities Measured on a Recurring Basis: Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at June 30, 2018 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Available for sale securities U.S. Treasury and government sponsored entities' securities $ 120,438 $ — $ 120,438 $ — States of the U.S. and political subdivisions 47,645 — 47,645 — Other 489 489 — — Mortgage-backed GSE securities: residential 79,058 — 79,058 — Loans held for sale, at fair value 107,701 — 31,011 76,690 Purchased certificate of deposit option 472 — 472 — Liabilities Written certificate of deposit option (472 ) — (472 ) — Fair Value Measurements at December 31, 2017 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Available for sale securities U.S. Treasury and government sponsored entities' securities $ 123,817 $ — $ 123,817 $ — States of the U.S. and political subdivisions 59,623 — 59,623 — Mortgage-backed GSE securities: residential 87,121 — 87,121 — Loans held for sale, at fair value 83,541 — 18,525 65,016 Purchased certificate of deposit option 809 — 809 — Liabilities Written certificate of deposit option (809 ) — (809 ) — |
Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30, 2018 and 2017. Loans Held for Sale, At Fair Value For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Balance of recurring Level 3 assets at beginning of period $ 64,552 $ 67,439 $ 65,016 $ 53,761 Total gains (losses) for the period Included in change in fair value of loans held for sale 19 1,822 (2,139 ) 2,412 Included in other comprehensive income — — — — Originations/Draws on construction perm loans 35,517 25,945 62,327 51,245 Amortization — — — — Sales (23,398 ) (25,211 ) (48,514 ) (37,423 ) Balance of recurring Level 3 assets at end of period $ 76,690 $ 69,995 $ 76,690 $ 69,995 |
Assets and Liabilities Measured at Fair Value on Non-recurring Basis | Assets and Liabilities Measured on a Non-Recurring Basis: Assets and liabilities measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2018 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable June 30, Assets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Impaired loans: Commercial loans Multifamily $ 247 $ — $ — $ 247 Residential loans One-to four-family residential 131 — — 131 Consumer loans Auto 16 — — 16 Marine 38 — — 38 Mortgage servicing rights 240 — 240 — Other real estate owned, net Commercial loans Construction loans 227 — — 227 Residential loans One-to four-family residential 59 — — 59 Fair Value Measurements at December 31, 2017 Using: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, Assets Inputs Inputs 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Impaired loans: Commercial loans Multifamily $ 247 $ — $ — $ 247 Nonresidential 2 — — 2 Secured 40 — — 40 Residential loans One-to four-family residential 1,010 — — 1,010 Consumer loans Home Equity 89 — — 89 Auto 13 — — 13 Marine 169 — — 169 Recreational vehicle 86 — — 86 Mortgage servicing rights 382 — 382 — Other real estate owned, net Commercial loans Construction loans 354 — — 354 Residential loans One-to four-family residential 82 — — 82 |
Fair Value Option for Newly Originated Residential Mortgage and Permanent Construction Loans Held for Sale | The Company has elected the fair value option for newly originated residential mortgage and permanent construction loans held for sale. These loans are intended for sale and the Company believes that fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 or more days past due nor on nonaccrual status as of June 30, 2018 and December 31, 2017. June 30, 2018 December 31, 2017 (Dollars in thousands) Aggregate fair value $ 107,701 $ 83,541 Contractual balance 106,255 79,898 Gain 1,446 3,643 |
Amount of Gains and Losses from Changes in Fair Value Included in Earnings | The total amount of gains and losses from changes in fair value included in earnings for the three and six months ended June 30, 2018 and 2017 for loans held for sale, at fair value were: For the Three Months Ended For the Six Months Ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 (Dollars in thousands) Interest income $ — $ — $ — $ — Interest expense — — — — Change in fair value 285 2,149 (2,197 ) 2,900 Total change in fair value $ 285 $ 2,149 $ (2,197 ) $ 2,900 |
Carrying Value and Estimated Fair Values of Financial Instruments | In accordance with U.S. GAAP, the carrying value and estimated fair values of financial instruments at June 30, 2018 and December 31, 2017, were as follows: Fair Value Measurements at June 30, 2018 Using: June 30, 2018 Carrying Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Cash and cash equivalents $ 66,977 $ 66,977 $ — $ — Available for sale securities 247,630 489 247,141 — Held to maturity securities 81,294 — 78,194 — Loans held for sale, at fair value 107,701 — 31,011 76,690 Loans, net 2,099,781 — — 2,065,231 FHLB stock 19,324 n/a n/a n/a Accrued interest receivable 8,454 — 1,970 6,484 Purchased certificate of deposit option 472 — 472 — Liabilities: Deposits: Checking, savings and money market accounts (1,330,737 ) (1,330,737 ) — — Certificates of deposit (804,608 ) — (801,541 ) — FHLB advances (296,927 ) — (296,942 ) — Repurchase agreements and other (191 ) — (180 ) — Advance payments by borrowers for taxes and insurance (19,253 ) (19,253 ) — — Accrued interest payable (964 ) — (964 ) — Written certificate of deposit option (472 ) — (472 ) — Fair Value Measurements at December 31, 2017 Using: December 31, 2017 Carrying Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Assets: Cash and cash equivalents $ 46,880 $ 46,880 $ — $ — Available for sale securities 270,561 — 270,561 — Held to maturity securities 82,911 — 82,126 — Loans held for sale at lower of cost or market 211 — 217 — Loans held for sale, at fair value 83,541 — 18,525 65,016 Loans, net 1,999,877 — — 1,990,289 FHLB stock 19,324 n/a n/a n/a Accrued interest receivable 8,190 — 2,244 5,946 Purchased certificate of deposit option 809 — 809 — Liabilities: Deposits: Checking, savings and money market accounts (1,251,398 ) (1,251,398 ) — — Certificates of deposit (705,341 ) — (705,238 ) — FHLB advances (356,536 ) — (356,521 ) — Repurchase agreements and other (197 ) — (190 ) — Advance payments by borrowers for taxes and insurance (25,038 ) (25,038 ) — — Accrued interest payable (1,097 ) — (1,097 ) — Written certificate of deposit option (809 ) — (809 ) — |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |
Quantitative Information About Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value | The following table presents quantitative information about recurring Level 3 fair value measurements at June 30, 2018: Valuation Unobservable Fair Value Technique(s) Input(s) Range Loans held for sale, at fair value $ 76,690 Comparable sales Time discount 0.00-2.00% The following table presents quantitative information about recurring Level 3 fair value measurements at December 31, 2017: Valuation Unobservable Fair Value Technique(s) Input(s) Range Construction loans held for sale $ 65,016 Comparable sales Time discount 0.00-1.96% |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |
Quantitative Information About Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value | The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at June 30, 2018: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial loans Multifamily $ 247 Sales comparison approach Adjustment for differences between comparable sales 0.00-35.00% (15.00%) Residential loans One-to four-family residential 131 Sales comparison approach Adjustment for differences between comparable sales 0.00%-10.77% (4.27%) Consumer loans Auto 16 Sales comparison approach Adjustment for differences between comparable sales 0.00%-17.85% (8.93%) Marine 38 Sales comparison approach Adjustment for differences between comparable sales 0.00%-17.85% (8.93%) Other real estate owned, net Commercial loans Construction loans 227 Sales comparison approach Adjustment for differences between comparable sales 0.00%-50.00% (45.85%) Residential loans One-to four-family residential 59 Sales comparison approach Adjustment for differences between comparable sales 0.00%-14.22% (14.22%) The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at December 31, 2017: Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial loans Multifamily $ 247 Sales comparison approach Adjustment for differences between comparable sales 0.00-35.00% (15.00%) Nonresidential 2 Sales comparison approach Adjustment for differences between comparable sales 0.00-35.00% (15.00%) Secured 40 Sales comparison approach Adjustment for differences between comparable sales 0.00%-64.00% (16.00%) Residential loans One-to four-family residential 1,010 Sales comparison approach Adjustment for differences between comparable sales 0.00%-10.77% (4.27%) Consumer loans Home Equity 89 Sales comparison approach Adjustment for differences between comparable sales 0.00%-17.85% (8.93%) Other real estate owned: Commercial loans Construction loans 354 Sales comparison approach Adjustment for differences between comparable sales 0.00%-52.90% (52.41%) Residential loans One-to four-family residential 82 Sales comparison approach Adjustment for differences between comparable sales 0.00%-13.43% (13.43%) |
STATEMENT OF CASH FLOWS SUPPL32
STATEMENT OF CASH FLOWS SUPPLEMENTAL DISCLOSURE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are summarized below. For the Six Months Ended June 30, 2018 2017 (Dollars in thousands) Supplemental disclosures of cash flow information Cash paid during the period for: Interest on deposits and borrowings $ 10,016 $ 5,396 Income taxes 500 250 Supplemental schedule of noncash activities: Transfers from loans to real estate owned and other repossessed assets 489 282 Transfers from loans to loans held for sale — 27,921 Transfers from premises and equipment to other assets, held for sale — 1,720 Accretion of securities held to maturity 77 100 Issuance of common stock - Ohio Legacy Corp. acquisition — 25,816 Net assets acquired from Ohio Legacy Corp., excluding cash and cash equivalents — 36 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands, except per share data) Net income per consolidated statements of income $ 9,541 $ 8,189 $ 18,097 $ 9,727 Net income allocated to participating securities (41 ) (49 ) (91 ) (61 ) Net income allocated to common stock $ 9,500 $ 8,140 $ 18,006 $ 9,666 Basic earnings per common share computation: Distributed earnings allocated to common stock $ 2,982 $ 1,483 $ 5,954 $ 2,962 Undistributed earnings allocated to common stock 6,518 6,657 12,052 6,704 Net income allocated to common stock $ 9,500 $ 8,140 $ 18,006 $ 9,666 Weighted average common shares outstanding, including shares considered participating securities 49,906 49,691 49,877 49,158 Less: Average participating securities (212 ) (299 ) (250 ) (309 ) Weighted average shares 49,694 49,392 49,627 48,849 Basic earnings per common share $ 0.19 $ 0.16 $ 0.36 $ 0.20 Diluted earnings per common share computation: Net income allocated to common stock $ 9,500 $ 8,140 $ 18,006 $ 9,666 Weighted average common shares outstanding for basic earnings per common share 49,694 49,392 49,627 48,849 Add: Dilutive effects of assumed exercises of stock options and LTIP awards 250 403 262 398 Weighted average shares and dilutive potential common shares 49,944 49,795 49,889 49,247 Diluted earnings per common share $ 0.19 $ 0.16 $ 0.36 $ 0.20 |
OTHER COMPREHENSIVE INCOME (L34
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) Components and Related Tax Effects | Other comprehensive income (loss) components and related tax effects for the three-month periods are as follows: Unrealized Gains (Losses) on Securities Available Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2018 (Dollars in thousands) Balances at beginning of period, net of tax $ (4,924 ) $ (17,110 ) $ (641 ) $ (22,675 ) Other comprehensive loss before reclassifications (1,359 ) — — (1,359 ) Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 31 31 Reclassification adjustment for gains realized in income (74 ) — — (74 ) Net current period other comprehensive income (1,433 ) — 31 (1,402 ) Balances at end of period, net of tax $ (6,357 ) $ (17,110 ) $ (610 ) $ (24,077 ) Unrealized Gains (Losses) on Securities Available for Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2017 (Dollars in thousands) Balances at beginning of period, net of tax $ (2,165 ) $ (17,110 ) $ (767 ) $ (20,042 ) Other comprehensive income before reclassifications 1,758 — — 1,758 Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 32 32 Reclassification adjustment for gains realized in income (196 ) — — (196 ) Net current period other comprehensive income 1,562 — 32 1,594 Balances at end of period, net of tax $ (603 ) $ (17,110 ) $ (735 ) $ (18,448 ) Other comprehensive income (loss) components and related tax effects for the six-month periods are as follows: Unrealized Gains (Losses) on Securities Available Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2018 (Dollars in thousands) Balances at beginning of period, net of tax $ (904 ) $ (17,110 ) $ (671 ) $ (18,685 ) Other comprehensive loss before reclassifications (5,269 ) — — (5,269 ) Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 61 61 Reclassification adjustment for gains realized in income (184 ) — — (184 ) Net current period other comprehensive income (5,453 ) — 61 (5,392 ) Balances at end of period, net of tax $ (6,357 ) $ (17,110 ) $ (610 ) $ (24,077 ) Unrealized Gains (Losses) on Securities Available for Sale Disproportionate Tax Effect from Securities Available for Sale Losses on Securities Transferred From Available for Sale to Held to Maturity Total June 30, 2017 (Dollars in thousands) Balances at beginning of period, net of tax $ (3,130 ) $ (17,110 ) $ (800 ) $ (21,040 ) Other comprehensive income before reclassifications 2,742 — 2,742 Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income — — 65 65 Reclassification adjustment for gains realized in income (215 ) — — (215 ) Net current period other comprehensive income 2,527 — 65 2,592 Balances at end of period, net of tax $ (603 ) $ (17,110 ) $ (735 ) $ (18,448 ) |
Summary of Reclassification Out of Each Component of Accumulated Comprehensive Income (Loss) | The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the three months ended June 30, 2018: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (94 ) Net gains on securities 20 Tax expense Total reclassification during the period $ (74 ) Net of tax, increase to net income The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the three months ended June 30, 2017: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (301 ) Net gains 105 Tax expense Total reclassification during the period $ (196 ) Net of tax, increase to net income The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the six months ended June 30, 2018: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (233 ) Net gains 49 Tax expense Total reclassification during the period $ (184 ) Net of tax The following are significant amounts reclassified out of each component of accumulated comprehensive income (loss) for the six months ended June 30, 2017: Details About Amount Reclassified Affected Line Item on Accumulated From Accumulated the Statement Where Other Comprehensive Other Comprehensive Net Income is Income Components Income Presented (Dollars in thousands) Realized net gains on the sale of available for sale securities $ (330 ) Net gains on securities 115 Tax expense Total reclassification during the period $ (215 ) Net of tax, increase to net income |
REGULATORY CAPITAL REQUIREMEN35
REGULATORY CAPITAL REQUIREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
United Community [Member] | |
Actual and Statutory Required Capital Amounts and Ratios | Actual and regulatory required consolidated capital ratios for United Community, along with the dollar amount of capital implied by such ratios, are presented below. June 30, 2018 Minimum Capital Requirements Actual Per Regulation*** Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 322,996 15.33 % $ 208,003 9.88 % Tier 1 capital (to risk-weighted assets) 301,591 14.32 % 165,876 7.88 % Common equity Tier 1 capital (to risk-weighted assets) 301,591 14.32 % 134,281 6.38 % Tier 1 capital (to average assets)** 301,591 11.15 % 108,227 4.00 % December 31, 2017 Minimum Capital Requirements Actual Per Regulation*** Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 306,946 15.35 % $ 184,881 9.25 % Tier 1 capital (to risk-weighted assets) 285,744 14.29 % 144,907 7.25 % Common equity Tier 1 capital (to risk-weighted assets) 285,744 14.29 % 114,926 5.75 % Tier 1 capital (to average assets)** 285,744 10.93 % 104,588 4.00 % |
Components of Regulatory Capital | The components of United Community’s consolidated regulatory capital are as follows: June 30, 2018 December 31, 2017 Total shareholders' equity $ 301,484 $ 294,265 Add (deduct) Accumulated other comprehensive loss 24,077 18,701 Intangible assets (23,970 ) (23,416 ) Disallowed deferred tax assets — (3,806 ) Disallowed capitalized mortgage loan servicing rights — — Tier 1 Capital 301,591 285,744 Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets 21,405 21,202 Total risk-based capital $ 322,996 $ 306,946 |
Home Savings [Member] | |
Actual and Statutory Required Capital Amounts and Ratios | Actual and regulatory required capital ratios for Home Savings, along with the dollar amount of capital implied by such ratios, are presented below. June 30, 2018 To Be Well Capitalized Minimum Capital Under Prompt Requirements Corrective Action Actual Per Regulation*** Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 297,086 14.18 % $ 208,136 9.88 % $ 210,771 10.00 % Tier 1 capital (to risk-weighted assets) 275,748 13.16 % 165,982 7.88 % 168,617 8.00 % Common equity Tier 1 capital (to risk-weighted assets) 275,748 13.16 % 134,367 6.38 % 137,001 6.50 % Tier 1 capital (to average assets)** 275,748 10.23 % 107,584 4.00 % 134,480 5.00 % December 31, 2017 To Be Well Capitalized Minimum Capital Under Prompt Requirements Corrective Action Actual Per Regulation*** Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Total capital (to risk-weighted assets) $ 292,928 14.70 % $ 184,235 9.25 % $ 199,173 10.00 % Tier 1 capital (to risk-weighted assets) 271,777 13.64 % 144,400 7.25 % 159,338 8.00 % Common equity Tier 1 capital (to risk-weighted assets) 271,777 13.64 % 114,525 5.75 % 129,463 6.50 % Tier 1 capital (to average assets)** 271,777 10.42 % 104,308 4.00 % 130,385 5.00 % ** Tier 1 Leverage Capital Ratio *** The capital ratios are reflective of the capital conservation buffer |
Components of Regulatory Capital | The components of Home Savings’ regulatory capital are as follows: June 30, 2018 December 31, 2017 Total shareholders' equity $ 272,816 $ 276,494 Add (deduct) Accumulated other comprehensive loss 24,092 18,701 Intangible assets (21,160 ) (20,903 ) Disallowed deferred tax assets — (2,515 ) Disallowed capitalized mortgage loan servicing rights — — Tier 1 Capital 275,748 271,777 Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets 21,338 21,151 Total risk-based capital $ 297,086 $ 292,928 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the deferred tax assets and liabilities are as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Deferred tax assets: Loan loss reserves $ 4,495 $ 4,452 Depreciation 655 413 Other real estate owned valuation 52 85 Tax credits carryforward — 2,193 Unrealized loss on securities available for sale 1,690 241 Unrealized loss on securities held to maturity 201 217 Interest on nonaccrual loans 490 482 Net operating loss carryforward — 914 Purchase accounting adjustment 260 442 Accrued bonuses 586 551 Other 131 176 Deferred tax assets 8,560 10,166 Deferred tax liabilities: Deferred loan fees 1,476 1,145 Federal Home Loan Bank stock dividends 2,787 2,787 Mortgage servicing rights 1,453 1,401 FHLB prepayment penalty 143 307 Prepaid expenses 595 306 Deferred tax liabilities 6,454 5,946 Net deferred tax asset $ 2,106 $ 4,220 |
Summary of Difference in Effective Tax Rates and Statutory Federal Income Tax Rate of 35% | Effective tax rates differ from the statutory federal income tax rate of 21% for 2018 and 35% for 2017 due to the following: For the Three Months Ended June 30, 2018 2017 Dollars Rate Dollars Rate (Dollars in thousands) Tax at statutory rate: $ 2,469 21.00 % $ 4,048 35.00 % Increase (decrease) due to: Tax exempt income (147 ) (1.25 )% (166 ) (1.44 )% Life insurance (91 ) (0.77 )% (137 ) (1.18 )% Stock compensation (4 ) (0.03 )% (138 ) (1.19 )% Other (13 ) (0.11 )% (230 ) (1.99 )% Income tax provision $ 2,214 18.83 % $ 3,377 29.20 % For the Six Months Ended June 30, 2018 2017 Dollars Rate Dollars Rate (Dollars in thousands) Tax at statutory rate: $ 4,641 21.00 % $ 4,781 35.00 % Increase (decrease) due to: Tax exempt income (181 ) (0.82 )% (337 ) (2.47 )% Life insurance (182 ) (0.82 )% (269 ) (1.97 )% Stock compensation (132 ) (0.60 )% (198 ) (1.45 )% Other (143 ) (0.65 )% (43 ) (0.31 )% Income tax provision $ 4,003 18.11 % $ 3,934 28.80 % |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Change in Goodwill | The change in goodwill during the periods presented is as follows: June 30, 2018 December 31, 2017 (In thousands) Beginning of the year $ 20,221 $ 208 Effect of adjustments-James & Sons Insurance — 636 Acquired goodwill-OLCB — 19,168 Acquired goodwill-Eich Brothers Insurance — 209 Impairment — — End of the year $ 20,221 $ 20,221 |
Schedule of Acquired Intangible Assets | Acquired Intangible Assets: June 30, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (In thousands) Amortized intangible assets: Core deposit intangibles $ 11,184 $ 9,415 $ 11,184 $ 9,250 Customer list intangible 2,222 242 2,222 162 Total $ 13,406 $ 9,657 $ 13,406 $ 9,412 |
Estimated Amortization Expense | Estimated amortization expense for the remainder of 2018 and the next five years is as follows: Remainder of 2018 $ 256,000 2019 510,000 2020 510,000 2021 510,000 2022 510,000 2023 510,000 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018RetailBankingOfficeLoanProductionCenterManagementOffice | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Number of retail banking offices | RetailBankingOffice | 35 |
Number of loan production centers | LoanProductionCenter | 13 |
Number of wealth management offices | ManagementOffice | 3 |
HSB Insurance, Inc. [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Operations commenced date | Jun. 1, 2017 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Apr. 30, 2015 | Apr. 26, 2007 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares, Granted | 50,000 | ||||||
Stock Option [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Outstanding nonvested stock options | 50,000 | 50,000 | |||||
Weighted average remaining life for outstanding stock | 3 years 11 months 4 days | ||||||
Exercise price range, lower range limit | $ 1.20 | ||||||
Exercise price range, upper range limit | $ 9.66 | ||||||
Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 229,000 | $ 185,000 | $ 471,000 | $ 456,000 | |||
Expected additional expense for 2018 | $ 410,000 | $ 410,000 | |||||
Nonvested shares | 223,816 | 223,816 | 277,035 | ||||
Expected to vest shares during remainder of 2018 | 24,908 | ||||||
Expected to vest shares during 2019 | 124,237 | ||||||
Expected to vest shares during 2020 | 40,315 | ||||||
Expected to vest shares during 2021 | 34,356 | ||||||
Expected additional expense for 2019 | $ 456,000 | $ 456,000 | |||||
Expected additional expense for 2020 | 236,000 | 236,000 | |||||
Expected additional expense for 2021 | 112,000 | $ 112,000 | |||||
Total average per share fair value of shares vested | $ 9.47 | ||||||
2015 Long Term Incentive Compensation Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Authorized shares of stock, option plan, maximum | 1,200,000 | ||||||
2015 Long Term Incentive Compensation Plan [Member] | Stock Option [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares, Granted | 50,000 | 0 | |||||
Option expiry term (Years) | 10 years | ||||||
Stock-based compensation expense | 19,000 | 0 | $ 32,000 | $ 1,000 | |||
Expected additional expense for 2018 | $ 39,000 | $ 39,000 | |||||
2007 Long-Term Incentive Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Authorized shares of stock, option plan, maximum | 2,000,000 | ||||||
1999 Long-Term Incentive Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Authorized shares of stock, option plan, maximum | 3,569,766 | 3,569,766 | |||||
Annual Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 95,000 | 46,000 | $ 190,000 | 122,000 | |||
Annual Incentive Plan [Member] | Restricted Stock [Member] | Beginning on first anniversary of issue date [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation vesting period | 3 years | ||||||
Annual Incentive Plan [Member] | Cash Portion [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 426,000 | 434,000 | $ 871,000 | 930,000 | |||
Long Term Incentive Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 212,000 | $ (4,000) | $ 381,000 | $ 149,000 |
Stock Compensation - Summary of
Stock Compensation - Summary of Option Activity in 2015 Plan, 2007 Plan and 1999 Plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares, Outstanding at beginning of year | shares | 260,533 |
Shares, Granted | shares | 50,000 |
Shares, Exercised | shares | (70,101) |
Shares, Outstanding at end of period | shares | 240,432 |
Shares, Shares subject to options exercisable at end of period | shares | 190,432 |
Weighted average exercise price, Outstanding at beginning of year | $ / shares | $ 2.55 |
Weighted average exercise price, Granted | $ / shares | 9.66 |
Weighted average exercise price, Exercised | $ / shares | 3.31 |
Weighted average exercise price, Outstanding at end of period | $ / shares | 3.81 |
Weighted average exercise price, Shares subject to options exercisable at end of period | $ / shares | $ 2.28 |
Aggregate intrinsic value, Outstanding at end of period | $ | $ 1,726 |
Aggregate intrinsic value, Shares subject to options exercisable at end of period | $ | $ 1,659 |
Stock Compensation - Informatio
Stock Compensation - Information Related to Stock Options (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Intrinsic value of options exercised | $ 450,486 | $ 208,633 |
Cash received from option exercises | 232,000 | 74,000 |
Tax benefit realized from option exercises | $ 67,298 | $ 73,022 |
Weighted average fair value of options granted, per share | $ 1.54 |
Stock Compensation - Informat42
Stock Compensation - Information Related to Stock Options Granted (Detail) - Stock Option [Member] | 6 Months Ended |
Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk-free interest rate | 2.69% |
Expected term (years) | 5 years |
Expected stock volatility | 19.68% |
Dividend yield | 2.48% |
Stock Compensation - Summary 43
Stock Compensation - Summary of Changes in Company's Nonvested Restricted Shares (Detail) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Nonvested shares, Beginning balance | shares | 277,035 |
Shares, Granted | shares | 57,985 |
Shares, Vested | shares | (110,397) |
Shares, Forfeited | shares | (807) |
Shares, Nonvested shares, Ending balance | shares | 223,816 |
Weighted average grant date fair value, Nonvested shares, Beginning balance | $ / shares | $ 6.73 |
Weighted average grant date fair value, Granted | $ / shares | 9.75 |
Weighted average grant date fair value, Vested | $ / shares | 6.23 |
Weighted average grant date fair value, Forfeited | $ / shares | 7.48 |
Weighted average grant date fair value, Nonvested shares, Ending balance | $ / shares | $ 7.75 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - ASC 606 [Member] | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Percentage of insurance agency income derived from direct-bill customers | 75.00% |
Percentage of insurance agency income derived from agency-billed customer | 25.00% |
Percentage of trust fee income recognized | 85.00% |
Securities - Components of Avai
Securities - Components of Available for Sale Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total amortized cost | $ 255,676 | $ 271,705 |
Available-for-sale securities, Gross unrealized gains | 100 | 1,016 |
Available-for-sale securities, Gross unrealized losses | (8,146) | (2,160) |
Available-for-sale securities, Total fair value | 247,630 | 270,561 |
U.S. Treasury and Government Sponsored Entities' Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total amortized cost | 124,639 | 124,982 |
Available-for-sale securities, Gross unrealized gains | 19 | |
Available-for-sale securities, Gross unrealized losses | (4,201) | (1,184) |
Available-for-sale securities, Total fair value | 120,438 | 123,817 |
States of the U.S. and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total amortized cost | 48,414 | 58,806 |
Available-for-sale securities, Gross unrealized gains | 65 | 955 |
Available-for-sale securities, Gross unrealized losses | (834) | (138) |
Available-for-sale securities, Total fair value | 47,645 | 59,623 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total amortized cost | 489 | |
Available-for-sale securities, Total fair value | 489 | |
Mortgage-Backed GSE Securities: Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total amortized cost | 82,134 | 87,917 |
Available-for-sale securities, Gross unrealized gains | 35 | 42 |
Available-for-sale securities, Gross unrealized losses | (3,111) | (838) |
Available-for-sale securities, Total fair value | $ 79,058 | $ 87,121 |
Securities - Components of Held
Securities - Components of Held to Maturity Securities Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities, Total amortized cost | $ 81,294 | $ 82,911 |
Held to maturity securities, Gross unrecognized gains | 25 | 112 |
Held to maturity securities, Gross unrecognized losses | (3,125) | (897) |
Held to maturity securities, Fair value | 78,194 | 82,126 |
Mortgage-Backed GSE Securities: Residential [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities, Total amortized cost | 69,077 | 73,682 |
Held to maturity securities, Gross unrecognized losses | (2,967) | (890) |
Held to maturity securities, Fair value | 66,110 | 72,792 |
States of the U.S. and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity securities, Total amortized cost | 12,217 | 9,229 |
Held to maturity securities, Gross unrecognized gains | 25 | 112 |
Held to maturity securities, Gross unrecognized losses | (158) | (7) |
Held to maturity securities, Fair value | $ 12,084 | $ 9,334 |
Securities - Debt Securities Av
Securities - Debt Securities Available for Sale by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Available For Sale Securities Debt Maturities [Abstract] | ||
Due after one year through five years, amortized cost | $ 53,039 | |
Due after five years through ten years, amortized cost | 72,155 | |
Due after ten years, amortized cost | 47,859 | |
Other, amortized cost | 489 | |
Mortgage-backed GSE securities: residential, amortized cost | 82,134 | |
Total amortized cost | 255,676 | $ 271,705 |
Due after one year through five years, fair value | 51,469 | |
Due after five years through ten years, fair value | 69,529 | |
Due after ten years, fair value | 47,085 | |
Other, fair value | 489 | |
Mortgage-backed GSE securities: residential, fair value | 79,058 | |
Total fair value | $ 247,630 | $ 270,561 |
Securities - Debt Securities He
Securities - Debt Securities Held to Maturity by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less, amortized cost | $ 3,000 | |
Due after five years through ten years, amortized cost | 8,442 | |
Due after ten years, amortized cost | 775 | |
Mortgage-backed GSE securities: residential, amortized cost | 69,077 | |
Held to maturity securities, Total amortized cost | 81,294 | $ 82,911 |
Due in one year or less, fair value | 3,024 | |
Due after five years through ten years, fair value | 8,297 | |
Due after ten years, fair value | 763 | |
Mortgage-backed GSE securities: residential, fair value | 66,110 | |
Held to maturity securities, Total fair value | $ 78,194 | $ 82,126 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | ||||||
Securities pledged for public funds | $ 141,300,000 | $ 141,300,000 | $ 129,800,000 | |||
Available for sale securities transferred to held to maturity, total amortized cost | $ 105,300,000 | |||||
Available for sale securities transferred to held to maturity fair value | 103,800,000 | |||||
Net unrealized loss, net of taxes, on securities at date of transfer | $ (999,000) | |||||
Proceeds from the sale of securities available for sale | 5,700,000 | $ 48,100,000 | 10,361,000 | $ 53,171,000 | ||
Gross gains realized on sales of securities available for sale | 94,000 | 345,000 | 233,000 | 374,000 | ||
Gross losses realized on sales of securities available for sale | $ 0 | $ 44,000 | $ 0 | $ 44,000 |
Securities - Securities Availab
Securities - Securities Available for Sale in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | $ 149,064 | $ 128,603 |
Unrealized loss, Less than 12 months | (4,635) | (888) |
Fair value, 12 months or more | 86,188 | 92,819 |
Unrealized loss, 12 months or more | (3,511) | (1,272) |
Total Fair value | 235,252 | 221,422 |
Total, unrealized loss | (8,146) | (2,160) |
States of the U.S. and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 22,769 | |
Unrealized loss, Less than 12 months | (419) | |
Fair value, 12 months or more | 13,669 | 14,009 |
Unrealized loss, 12 months or more | (415) | (138) |
Total Fair value | 36,438 | 14,009 |
Total, unrealized loss | (834) | (138) |
U.S. Treasury and Government Sponsored Entities' Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 99,820 | 99,766 |
Unrealized loss, Less than 12 months | (3,238) | (734) |
Fair value, 12 months or more | 20,618 | 21,222 |
Unrealized loss, 12 months or more | (963) | (450) |
Total Fair value | 120,438 | 120,988 |
Total, unrealized loss | (4,201) | (1,184) |
Mortgage-Backed GSE Securities: Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 26,475 | 28,837 |
Unrealized loss, Less than 12 months | (978) | (154) |
Fair value, 12 months or more | 51,901 | 57,588 |
Unrealized loss, 12 months or more | (2,133) | (684) |
Total Fair value | 78,376 | 86,425 |
Total, unrealized loss | $ (3,111) | $ (838) |
Securities - Securities Held to
Securities - Securities Held to Maturity in Unrecognized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair value, Less than 12 months | $ 8,349 | $ 608 |
Unrealized loss, Less than 12 months | (158) | (7) |
Fair value, 12 months or more | 66,110 | 72,792 |
Unrealized loss, 12 months or more | (3,924) | (1,925) |
Total fair value | 74,459 | 73,400 |
Total unrealized loss | (4,082) | (1,932) |
Mortgage-Backed GSE Securities: Residential [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair value, 12 months or more | 66,110 | 72,792 |
Unrealized loss, 12 months or more | (3,924) | (1,925) |
Total fair value | 66,110 | 72,792 |
Total unrealized loss | (3,924) | (1,925) |
States of the U.S. and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 8,349 | 608 |
Unrealized loss, Less than 12 months | (158) | (7) |
Total fair value | 8,349 | 608 |
Total unrealized loss | $ (158) | $ (7) |
Loans - Schedule of Portfolio o
Loans - Schedule of Portfolio of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | $ 2,114,932 | $ 2,016,141 | ||||
Allowance for loan losses | 21,405 | $ 21,610 | 21,202 | $ 19,660 | $ 18,970 | $ 19,087 |
Deferred loan costs, net | (6,254) | (4,938) | ||||
Total | 15,151 | 16,264 | ||||
Loans, net | 2,099,781 | 1,999,877 | ||||
Commercial Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 900,817 | 822,616 | ||||
Allowance for loan losses | 12,808 | 13,095 | 12,542 | 10,821 | 10,182 | 10,824 |
Commercial Loans [Member] | Multifamily [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 141,004 | 120,480 | ||||
Commercial Loans [Member] | Nonresidential [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 396,624 | 381,611 | ||||
Commercial Loans [Member] | Land [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 16,887 | 15,162 | ||||
Commercial Loans [Member] | Construction [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 127,691 | 116,863 | ||||
Commercial Loans [Member] | Secured [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 212,173 | 177,994 | ||||
Commercial Loans [Member] | Unsecured [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 6,438 | 10,506 | ||||
Residential Mortgage Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 929,206 | 920,031 | ||||
Allowance for loan losses | 5,867 | 5,701 | 5,860 | 5,968 | 5,912 | 5,538 |
Residential Mortgage Loans [Member] | Construction [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 40,623 | 49,092 | ||||
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 888,583 | 870,939 | ||||
Consumer Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 284,909 | 273,494 | ||||
Allowance for loan losses | 2,730 | $ 2,814 | 2,800 | $ 2,871 | $ 2,876 | $ 2,725 |
Consumer Loans [Member] | Home Equity [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 187,771 | 195,852 | ||||
Consumer Loans [Member] | Auto [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 83,829 | 64,364 | ||||
Consumer Loans [Member] | Marine [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 1,404 | 1,526 | ||||
Consumer Loans [Member] | Recreational Vehicle [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | 4,879 | 5,696 | ||||
Consumer Loans [Member] | Other [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Total loans | $ 7,026 | $ 6,056 |
Loans - Investment in Loans by
Loans - Investment in Loans by Portfolio Segment and Based on Impairment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance, Beginning balance | $ 21,610 | $ 18,970 | $ 21,202 | $ 19,087 | |
Provision (recovery) for loan losses | (138) | 842 | 269 | 2,317 | |
Charge-offs | (254) | (435) | (525) | (2,305) | |
Recoveries | 187 | 283 | 459 | 561 | |
Allowance, Ending balance | 21,405 | 19,660 | 21,405 | 19,660 | |
Allowance, Loans individually evaluated for impairment | 1,661 | 1,616 | 1,661 | 1,616 | $ 2,059 |
Allowance, Loans collectively evaluated for impairment | 19,689 | 19,689 | 19,088 | ||
Allowance, Loans acquired with deteriorated credit quality | 55 | ||||
Period-end balances, Loans individually evaluated for impairment | 23,778 | 23,778 | 26,250 | ||
Period-end balances, Loans collectively evaluated for impairment | 2,090,063 | 2,090,063 | 1,988,697 | ||
Period-end balances, Loans acquired with deteriorated credit quality | 1,194 | ||||
Total loans | 2,114,932 | 2,114,932 | 2,016,141 | ||
Loans Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance, Loans acquired with deteriorated credit quality | 55 | 55 | |||
Period-end balances, Loans acquired with deteriorated credit quality | 1,091 | 1,091 | |||
Commercial Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance, Beginning balance | 13,095 | 10,182 | 12,542 | 10,824 | |
Provision (recovery) for loan losses | (263) | 503 | 133 | 1,025 | |
Charge-offs | (75) | (12) | (75) | (1,323) | |
Recoveries | 51 | 148 | 208 | 295 | |
Allowance, Ending balance | 12,808 | 10,821 | 12,808 | 10,821 | |
Allowance, Loans individually evaluated for impairment | 514 | 5 | 514 | 5 | 516 |
Allowance, Loans collectively evaluated for impairment | 12,239 | 12,239 | 11,971 | ||
Allowance, Loans acquired with deteriorated credit quality | 55 | ||||
Period-end balances, Loans individually evaluated for impairment | 3,119 | 3,119 | 3,356 | ||
Period-end balances, Loans collectively evaluated for impairment | 896,607 | 896,607 | 818,066 | ||
Period-end balances, Loans acquired with deteriorated credit quality | 1,194 | ||||
Total loans | 900,817 | 900,817 | 822,616 | ||
Commercial Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance, Loans acquired with deteriorated credit quality | 55 | 55 | |||
Period-end balances, Loans acquired with deteriorated credit quality | 1,091 | 1,091 | |||
Residential Mortgage Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance, Beginning balance | 5,701 | 5,912 | 5,860 | 5,538 | |
Provision (recovery) for loan losses | 180 | 295 | 87 | 865 | |
Charge-offs | (96) | (273) | (181) | (503) | |
Recoveries | 82 | 34 | 101 | 68 | |
Allowance, Ending balance | 5,867 | 5,968 | 5,867 | 5,968 | |
Allowance, Loans individually evaluated for impairment | 834 | 1,171 | 834 | 1,171 | 1,145 |
Allowance, Loans collectively evaluated for impairment | 5,033 | 5,033 | 4,715 | ||
Period-end balances, Loans individually evaluated for impairment | 14,455 | 14,455 | 16,140 | ||
Period-end balances, Loans collectively evaluated for impairment | 914,751 | 914,751 | 903,891 | ||
Total loans | 929,206 | 929,206 | 920,031 | ||
Consumer Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance, Beginning balance | 2,814 | 2,876 | 2,800 | 2,725 | |
Provision (recovery) for loan losses | (55) | 44 | 49 | 427 | |
Charge-offs | (83) | (150) | (269) | (479) | |
Recoveries | 54 | 101 | 150 | 198 | |
Allowance, Ending balance | 2,730 | 2,871 | 2,730 | 2,871 | |
Allowance, Loans individually evaluated for impairment | 313 | $ 440 | 313 | $ 440 | 398 |
Allowance, Loans collectively evaluated for impairment | 2,417 | 2,417 | 2,402 | ||
Period-end balances, Loans individually evaluated for impairment | 6,204 | 6,204 | 6,754 | ||
Period-end balances, Loans collectively evaluated for impairment | 278,705 | 278,705 | 266,740 | ||
Total loans | $ 284,909 | $ 284,909 | $ 273,494 |
Loans - Presentation of Average
Loans - Presentation of Average Balance, Interest Income Recognized and Cash Basis Income Recognized for Loans Individually Evaluated for Impairment by Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | $ 14,637 | $ 21,560 | $ 14,637 | $ 21,560 | $ 14,098 |
With no specific allowance recorded, Recorded Investment | 8,565 | 9,712 | 8,565 | 9,712 | 7,896 |
With no specific allowance recorded, Average Recorded Investment | 8,111 | 9,151 | 8,038 | 9,581 | |
With no specific allowance recorded, Interest Income Recognized | 39 | 50 | 93 | 116 | |
With no specific allowance recorded, Cash Basis Income Recognized | 39 | 50 | 76 | 105 | |
With a specific allowance recorded, Unpaid Principal Balance | 15,820 | 16,806 | 15,820 | 16,806 | 19,083 |
With a specific allowance recorded, Recorded Investment | 15,213 | 16,598 | 15,213 | 16,598 | 18,354 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 1,661 | 1,616 | 1,661 | 1,616 | 2,059 |
With a specific allowance recorded, Average Recorded Investment | 16,322 | 17,926 | 16,998 | 18,984 | |
With a specific allowance recorded, Interest Income Recognized | 183 | 193 | 421 | 453 | |
With a specific allowance recorded, Cash Basis Income Recognized | 180 | 189 | 361 | 390 | |
Total Unpaid Principal Balance | 30,457 | 38,366 | 30,457 | 38,366 | 33,181 |
Total Recorded Investment | 23,778 | 26,310 | 23,778 | 26,310 | 26,250 |
Total Average Recorded Investment | 24,433 | 27,077 | 25,036 | 28,565 | |
Total Interest Income Recognized | 222 | 243 | 514 | 569 | |
Total Cash Basis Income Recognized | 219 | 239 | 437 | 495 | |
Commercial Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 5,120 | 10,757 | 5,120 | 10,757 | 5,104 |
With no specific allowance recorded, Recorded Investment | 1,044 | 2,076 | 1,044 | 2,076 | 1,047 |
With no specific allowance recorded, Average Recorded Investment | 988 | 1,430 | 1,007 | 1,524 | |
With no specific allowance recorded, Interest Income Recognized | 1 | 25 | 4 | 53 | |
With no specific allowance recorded, Cash Basis Income Recognized | 1 | 25 | 4 | 52 | |
With a specific allowance recorded, Unpaid Principal Balance | 2,476 | 501 | 2,476 | 501 | 2,770 |
With a specific allowance recorded, Recorded Investment | 2,075 | 456 | 2,075 | 456 | 2,309 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 514 | 5 | 514 | 5 | 516 |
With a specific allowance recorded, Average Recorded Investment | 2,161 | 1,179 | 2,210 | 2,221 | |
With a specific allowance recorded, Interest Income Recognized | 22 | 5 | 52 | 12 | |
With a specific allowance recorded, Cash Basis Income Recognized | 22 | 5 | 44 | 11 | |
Commercial Loans [Member] | Multifamily [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 28 | 470 | 28 | 470 | 41 |
With no specific allowance recorded, Recorded Investment | 413 | 413 | |||
With no specific allowance recorded, Average Recorded Investment | 416 | 277 | |||
With no specific allowance recorded, Interest Income Recognized | 3 | ||||
With no specific allowance recorded, Cash Basis Income Recognized | 3 | ||||
With a specific allowance recorded, Unpaid Principal Balance | 422 | 422 | 422 | ||
With a specific allowance recorded, Recorded Investment | 275 | 275 | 275 | ||
With a specific allowance recorded, Allowance for Loan Losses Allocated | 28 | 28 | 28 | ||
With a specific allowance recorded, Average Recorded Investment | 275 | 275 | |||
Commercial Loans [Member] | Nonresidential [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 630 | 2,030 | 630 | 2,030 | 651 |
With no specific allowance recorded, Recorded Investment | 137 | 1,464 | 137 | 1,464 | 144 |
With no specific allowance recorded, Average Recorded Investment | 78 | 815 | 100 | 1,040 | |
With no specific allowance recorded, Interest Income Recognized | 1 | 25 | 4 | 50 | |
With no specific allowance recorded, Cash Basis Income Recognized | 1 | 25 | 4 | 49 | |
With a specific allowance recorded, Unpaid Principal Balance | 1,235 | 501 | 1,235 | 501 | 1,455 |
With a specific allowance recorded, Recorded Investment | 1,232 | 456 | 1,232 | 456 | 1,423 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 13 | 5 | 13 | 5 | 16 |
With a specific allowance recorded, Average Recorded Investment | 1,323 | 1,179 | 1,356 | 2,164 | |
With a specific allowance recorded, Interest Income Recognized | 22 | 5 | 52 | 12 | |
With a specific allowance recorded, Cash Basis Income Recognized | 22 | 5 | 44 | 11 | |
Commercial Loans [Member] | Land [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 706 | 3,922 | 706 | 3,922 | 716 |
With no specific allowance recorded, Recorded Investment | 9 | 9 | 9 | ||
With no specific allowance recorded, Average Recorded Investment | 5 | 9 | 6 | 17 | |
Commercial Loans [Member] | Construction [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 2,457 | 3,593 | 2,457 | 3,593 | 2,467 |
Commercial Loans [Member] | Secured [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 1,115 | 242 | 1,115 | 242 | 1,042 |
With no specific allowance recorded, Recorded Investment | 907 | 190 | 907 | 190 | 894 |
With no specific allowance recorded, Average Recorded Investment | 905 | 190 | 901 | 190 | |
With a specific allowance recorded, Unpaid Principal Balance | 819 | 819 | 893 | ||
With a specific allowance recorded, Recorded Investment | 568 | 568 | 611 | ||
With a specific allowance recorded, Allowance for Loan Losses Allocated | 473 | 473 | 472 | ||
With a specific allowance recorded, Average Recorded Investment | 563 | 579 | 57 | ||
Commercial Loans [Member] | Unsecured [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 184 | 500 | 184 | 500 | 187 |
Residential Mortgage Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 6,918 | 7,704 | 6,918 | 7,704 | 6,432 |
With no specific allowance recorded, Recorded Investment | 5,994 | 5,762 | 5,994 | 5,762 | 5,441 |
With no specific allowance recorded, Average Recorded Investment | 5,683 | 5,763 | 5,602 | 6,095 | |
With no specific allowance recorded, Interest Income Recognized | 30 | 20 | 74 | 50 | |
With no specific allowance recorded, Cash Basis Income Recognized | 30 | 20 | 58 | 41 | |
With a specific allowance recorded, Unpaid Principal Balance | 8,574 | 10,526 | 8,574 | 10,526 | 10,874 |
With a specific allowance recorded, Recorded Investment | 8,461 | 10,428 | 8,461 | 10,428 | 10,699 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 834 | 1,171 | 834 | 1,171 | 1,145 |
With a specific allowance recorded, Average Recorded Investment | 9,340 | 10,783 | 9,793 | 10,764 | |
With a specific allowance recorded, Interest Income Recognized | 98 | 114 | 233 | 273 | |
With a specific allowance recorded, Cash Basis Income Recognized | 96 | 111 | 195 | 229 | |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 6,918 | 7,704 | 6,918 | 7,704 | 6,432 |
With no specific allowance recorded, Recorded Investment | 5,994 | 5,762 | 5,994 | 5,762 | 5,441 |
With no specific allowance recorded, Average Recorded Investment | 5,683 | 5,763 | 5,602 | 6,095 | |
With no specific allowance recorded, Interest Income Recognized | 30 | 20 | 74 | 50 | |
With no specific allowance recorded, Cash Basis Income Recognized | 30 | 20 | 58 | 41 | |
With a specific allowance recorded, Unpaid Principal Balance | 8,574 | 10,526 | 8,574 | 10,526 | 10,874 |
With a specific allowance recorded, Recorded Investment | 8,461 | 10,428 | 8,461 | 10,428 | 10,699 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 834 | 1,171 | 834 | 1,171 | 1,145 |
With a specific allowance recorded, Average Recorded Investment | 9,340 | 10,783 | 9,793 | 10,764 | |
With a specific allowance recorded, Interest Income Recognized | 98 | 114 | 233 | 273 | |
With a specific allowance recorded, Cash Basis Income Recognized | 96 | 111 | 195 | 229 | |
Consumer Loans [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 2,599 | 3,099 | 2,599 | 3,099 | 2,562 |
With no specific allowance recorded, Recorded Investment | 1,527 | 1,874 | 1,527 | 1,874 | 1,408 |
With no specific allowance recorded, Average Recorded Investment | 1,440 | 1,958 | 1,429 | 1,962 | |
With no specific allowance recorded, Interest Income Recognized | 8 | 5 | 15 | 13 | |
With no specific allowance recorded, Cash Basis Income Recognized | 8 | 5 | 14 | 12 | |
With a specific allowance recorded, Unpaid Principal Balance | 4,770 | 5,779 | 4,770 | 5,779 | 5,439 |
With a specific allowance recorded, Recorded Investment | 4,677 | 5,714 | 4,677 | 5,714 | 5,346 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 313 | 440 | 313 | 440 | 398 |
With a specific allowance recorded, Average Recorded Investment | 4,821 | 5,964 | 4,995 | 5,999 | |
With a specific allowance recorded, Interest Income Recognized | 63 | 74 | 136 | 168 | |
With a specific allowance recorded, Cash Basis Income Recognized | 62 | 73 | 122 | 150 | |
Consumer Loans [Member] | Home Equity [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 1,496 | 1,965 | 1,496 | 1,965 | 1,399 |
With no specific allowance recorded, Recorded Investment | 1,224 | 1,535 | 1,224 | 1,535 | 1,059 |
With no specific allowance recorded, Average Recorded Investment | 1,101 | 1,574 | 1,087 | 1,577 | |
With no specific allowance recorded, Interest Income Recognized | 6 | 3 | 11 | 8 | |
With no specific allowance recorded, Cash Basis Income Recognized | 6 | 3 | 10 | 7 | |
With a specific allowance recorded, Unpaid Principal Balance | 4,282 | 4,973 | 4,282 | 4,973 | 4,921 |
With a specific allowance recorded, Recorded Investment | 4,201 | 4,919 | 4,201 | 4,919 | 4,840 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 295 | 377 | 295 | 377 | 377 |
With a specific allowance recorded, Average Recorded Investment | 4,338 | 5,151 | 4,505 | 5,212 | |
With a specific allowance recorded, Interest Income Recognized | 57 | 66 | 123 | 151 | |
With a specific allowance recorded, Cash Basis Income Recognized | 56 | 66 | 110 | 134 | |
Consumer Loans [Member] | Auto [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 29 | 34 | 29 | 34 | 29 |
With no specific allowance recorded, Recorded Investment | 22 | 18 | 22 | 18 | 14 |
With no specific allowance recorded, Average Recorded Investment | 42 | 16 | 33 | 11 | |
Consumer Loans [Member] | Marine [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 553 | 540 | 553 | 540 | 553 |
With no specific allowance recorded, Recorded Investment | 181 | 169 | 181 | 169 | 181 |
With no specific allowance recorded, Average Recorded Investment | 181 | 182 | 181 | 210 | |
With a specific allowance recorded, Unpaid Principal Balance | 95 | 104 | 95 | 104 | 100 |
With a specific allowance recorded, Recorded Investment | 95 | 104 | 95 | 104 | 100 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 1 | 1 | 1 | 1 | 1 |
With a specific allowance recorded, Average Recorded Investment | 96 | 105 | 97 | 106 | |
With a specific allowance recorded, Interest Income Recognized | 1 | 1 | 2 | 3 | |
With a specific allowance recorded, Cash Basis Income Recognized | 1 | 1 | 2 | 3 | |
Consumer Loans [Member] | Recreational Vehicle [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 520 | 560 | 520 | 560 | 578 |
With no specific allowance recorded, Recorded Investment | 100 | 152 | 100 | 152 | 151 |
With no specific allowance recorded, Average Recorded Investment | 108 | 186 | 122 | 164 | |
With no specific allowance recorded, Interest Income Recognized | 2 | 2 | 4 | 5 | |
With no specific allowance recorded, Cash Basis Income Recognized | 2 | 2 | 4 | 5 | |
With a specific allowance recorded, Unpaid Principal Balance | 393 | 702 | 393 | 702 | 418 |
With a specific allowance recorded, Recorded Investment | 381 | 691 | 381 | 691 | 406 |
With a specific allowance recorded, Allowance for Loan Losses Allocated | 17 | 62 | 17 | 62 | 20 |
With a specific allowance recorded, Average Recorded Investment | 387 | 708 | 393 | 681 | |
With a specific allowance recorded, Interest Income Recognized | 5 | 7 | 11 | 14 | |
With a specific allowance recorded, Cash Basis Income Recognized | 5 | $ 6 | 10 | $ 13 | |
Consumer Loans [Member] | Other [Member] | |||||
Financing Receivable Impaired [Line Items] | |||||
With no specific allowance recorded, Unpaid Principal Balance | 1 | 1 | 3 | ||
With no specific allowance recorded, Recorded Investment | $ 3 | ||||
With no specific allowance recorded, Average Recorded Investment | $ 8 | $ 6 |
Loans - Loans in Process of For
Loans - Loans in Process of Foreclosure (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | $ 30,457 | $ 33,181 | $ 38,366 |
Total Recorded Investment | 23,778 | 26,250 | |
Residential Mortgage Loans [Member] | Loans In Process Of Foreclosure [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 3,587 | 2,588 | |
Total Recorded Investment | 3,452 | 2,428 | |
Consumer Loans [Member] | Loans In Process Of Foreclosure [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Principal Balance | 1,148 | 613 | |
Total Recorded Investment | $ 1,058 | $ 608 |
Loans - Presentation of Recorde
Loans - Presentation of Recorded Investment in Nonaccrual Loans and Loans Past Due Over 90 Days and Still on Accrual by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | $ 10,790 | $ 11,703 |
Commercial Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 2,861 | 3,007 |
Commercial Loans [Member] | Multifamily [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 275 | 275 |
Commercial Loans [Member] | Nonresidential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 1,111 | 1,218 |
Commercial Loans [Member] | Land [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 9 | |
Commercial Loans [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 1,475 | 1,505 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 6,146 | 6,076 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 6,146 | 6,076 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 1,783 | 2,620 |
Consumer Loans [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 1,477 | 2,074 |
Consumer Loans [Member] | Auto [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 63 | 155 |
Consumer Loans [Member] | Marine [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | 181 | 181 |
Consumer Loans [Member] | Recreational Vehicle [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | $ 62 | 208 |
Consumer Loans [Member] | Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Financing receivable, recorded investment, Nonaccrual | $ 2 |
Loans - Presentation of Age Ana
Loans - Presentation of Age Analysis of Past-Due Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 14,020 | $ 16,657 |
Current Loans | 2,100,912 | 1,999,484 |
Total loans | 2,114,932 | 2,016,141 |
30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,895 | 6,287 |
60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,730 | 1,750 |
Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 8,395 | 8,620 |
Commercial Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,049 | 1,731 |
Current Loans | 897,768 | 820,885 |
Total loans | 900,817 | 822,616 |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 206 | 134 |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4 | |
Commercial Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,843 | 1,593 |
Commercial Loans [Member] | Multifamily [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 275 | 275 |
Current Loans | 140,729 | 120,205 |
Total loans | 141,004 | 120,480 |
Commercial Loans [Member] | Multifamily [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 275 | 275 |
Commercial Loans [Member] | Nonresidential [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,208 | 1,219 |
Current Loans | 395,416 | 380,392 |
Total loans | 396,624 | 381,611 |
Commercial Loans [Member] | Nonresidential [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 114 | 20 |
Commercial Loans [Member] | Nonresidential [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,094 | 1,199 |
Commercial Loans [Member] | Land [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 9 | |
Current Loans | 16,887 | 15,153 |
Total loans | 16,887 | 15,162 |
Commercial Loans [Member] | Land [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 9 | |
Commercial Loans [Member] | Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current Loans | 127,691 | 116,863 |
Total loans | 127,691 | 116,863 |
Commercial Loans [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,566 | 228 |
Current Loans | 210,607 | 177,766 |
Total loans | 212,173 | 177,994 |
Commercial Loans [Member] | Secured [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 92 | 114 |
Commercial Loans [Member] | Secured [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4 | |
Commercial Loans [Member] | Secured [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,474 | 110 |
Commercial Loans [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current Loans | 6,438 | 10,506 |
Total loans | 6,438 | 10,506 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 8,001 | 11,031 |
Current Loans | 921,205 | 909,000 |
Total loans | 929,206 | 920,031 |
Residential Mortgage Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,683 | 4,704 |
Residential Mortgage Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,327 | 1,523 |
Residential Mortgage Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,991 | 4,804 |
Residential Mortgage Loans [Member] | Construction [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current Loans | 40,623 | 49,092 |
Total loans | 40,623 | 49,092 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 8,001 | 11,031 |
Current Loans | 880,582 | 859,908 |
Total loans | 888,583 | 870,939 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,683 | 4,704 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,327 | 1,523 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,991 | 4,804 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,970 | 3,895 |
Current Loans | 281,939 | 269,599 |
Total loans | 284,909 | 273,494 |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,006 | 1,449 |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 403 | 223 |
Consumer Loans [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,561 | 2,223 |
Consumer Loans [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,302 | 3,097 |
Current Loans | 185,469 | 192,755 |
Total loans | 187,771 | 195,852 |
Consumer Loans [Member] | Home Equity [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 746 | 1,184 |
Consumer Loans [Member] | Home Equity [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 295 | 120 |
Consumer Loans [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,261 | 1,793 |
Consumer Loans [Member] | Automobile [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 300 | 369 |
Current Loans | 83,529 | 63,995 |
Total loans | 83,829 | 64,364 |
Consumer Loans [Member] | Automobile [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 188 | 187 |
Consumer Loans [Member] | Automobile [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 55 | 100 |
Consumer Loans [Member] | Automobile [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 57 | 82 |
Consumer Loans [Member] | Marine [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 181 | 181 |
Current Loans | 1,223 | 1,345 |
Total loans | 1,404 | 1,526 |
Consumer Loans [Member] | Marine [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 181 | 181 |
Consumer Loans [Member] | Recreational Vehicle [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 181 | 212 |
Current Loans | 4,698 | 5,484 |
Total loans | 4,879 | 5,696 |
Consumer Loans [Member] | Recreational Vehicle [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 68 | 47 |
Consumer Loans [Member] | Recreational Vehicle [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 51 | |
Consumer Loans [Member] | Recreational Vehicle [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 62 | 165 |
Consumer Loans [Member] | Other [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6 | 36 |
Current Loans | 7,020 | 6,020 |
Total loans | 7,026 | 6,056 |
Consumer Loans [Member] | Other [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4 | 31 |
Consumer Loans [Member] | Other [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 2 | 3 |
Consumer Loans [Member] | Other [Member] | Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 2 |
Loans - Additional Information
Loans - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Allowance for loan losses | $ 21,405,000 | $ 19,660,000 | $ 21,405,000 | $ 19,660,000 | $ 21,610,000 | $ 21,202,000 | $ 18,970,000 | $ 19,087,000 |
Amounts charged off | $ 254,000 | 435,000 | $ 525,000 | $ 2,305,000 | ||||
Number of loans modified as troubled debt restructurings | Loan | 5 | 6 | 2 | |||||
Troubled debt restructuring period past due considered payment default | 30 days | |||||||
Period of cumulative homogeneous loans past due included in company analysis | 90 days | |||||||
Purchased Credit Impaired Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Allowance for loan losses | $ 55,000 | $ 55,000 | 55,000 | |||||
Increment in allowance for loan losses | 0 | $ 0 | 0 | $ 0 | ||||
Troubled Debt Restructuring [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Recorded investment in trouble debt restructuring | 18,200,000 | 18,200,000 | 19,800,000 | |||||
Allowance for loan losses | 1,200,000 | 1,200,000 | 1,600,000 | |||||
Commitment to lend additional amounts | 39,000 | 39,000 | $ 37,000 | |||||
Increment in allowance for loan losses | 3,000 | 3,000 | 6,000 | |||||
Amounts charged off | 0 | 0 | 0 | |||||
Number of loans modified as troubled debt restructurings | Loan | 0 | |||||||
TDRs with Subsequent Default [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Increment in allowance for loan losses | 0 | $ 0 | 0 | 0 | ||||
Amounts charged off | $ 0 | $ 0 | $ 0 | $ 0 |
Loans - Loans by Class Modified
Loans - Loans by Class Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018USD ($)Loan | Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 5 | 6 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 634 | $ 758 | $ 190 |
Post-Modification Recorded Investment | $ 660 | $ 784 | $ 199 |
Commercial Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 124 | ||
Post-Modification Recorded Investment | $ 124 | ||
Commercial Loans [Member] | Nonresidential [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 124 | ||
Post-Modification Recorded Investment | $ 124 | ||
Residential Mortgage Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 3 | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 521 | $ 521 | $ 75 |
Post-Modification Recorded Investment | $ 547 | $ 547 | $ 84 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 3 | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 521 | $ 521 | $ 75 |
Post-Modification Recorded Investment | $ 547 | $ 547 | $ 84 |
Consumer Loans [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 2 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 113 | $ 113 | $ 115 |
Post-Modification Recorded Investment | $ 113 | $ 113 | $ 115 |
Consumer Loans [Member] | Home Equity [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 2 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 113 | $ 113 | |
Post-Modification Recorded Investment | $ 113 | $ 113 | |
Consumer Loans [Member] | Recreational Vehicle [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of Loans | Loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 115 | ||
Post-Modification Recorded Investment | $ 115 |
Loans - Loans by Class Modifi60
Loans - Loans by Class Modified as Troubled Debt Restructurings with Payment Default (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 3 | 2 |
Recorded Investment | $ | $ 478 | $ 211 |
Commercial Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Recorded Investment | $ | $ 121 | |
Commercial Loans [Member] | Nonresidential [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Recorded Investment | $ | $ 121 | |
Residential Mortgage Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 2 | 1 |
Recorded Investment | $ | $ 357 | $ 164 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 2 | 1 |
Recorded Investment | $ | $ 357 | $ 164 |
Consumer Loans [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Recorded Investment | $ | $ 47 | |
Consumer Loans [Member] | Home Equity [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | Loan | 1 | |
Recorded Investment | $ | $ 47 |
Loans - Risk Category of Loans
Loans - Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 2,114,932 | $ 2,016,141 |
Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,050,907 | 1,960,095 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 22,232 | 15,808 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 41,793 | 40,238 |
Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 41,793 | 40,238 |
Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 900,817 | 822,616 |
Commercial Loans [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 846,398 | 778,206 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 21,130 | 14,223 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 33,289 | 30,187 |
Commercial Loans [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 33,289 | 30,187 |
Commercial Loans [Member] | Multifamily [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 141,004 | 120,480 |
Commercial Loans [Member] | Multifamily [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 138,238 | 118,716 |
Commercial Loans [Member] | Multifamily [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,491 | 1,334 |
Commercial Loans [Member] | Multifamily [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 275 | 430 |
Commercial Loans [Member] | Multifamily [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 275 | 430 |
Commercial Loans [Member] | Nonresidential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 396,624 | 381,611 |
Commercial Loans [Member] | Nonresidential [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 379,794 | 367,553 |
Commercial Loans [Member] | Nonresidential [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,162 | 6,394 |
Commercial Loans [Member] | Nonresidential [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,668 | 7,664 |
Commercial Loans [Member] | Nonresidential [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,668 | 7,664 |
Commercial Loans [Member] | Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 16,887 | 15,162 |
Commercial Loans [Member] | Land [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 16,887 | 15,153 |
Commercial Loans [Member] | Land [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9 | |
Commercial Loans [Member] | Land [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9 | |
Commercial Loans [Member] | Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 127,691 | 116,863 |
Commercial Loans [Member] | Construction [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 119,065 | 116,460 |
Commercial Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,626 | 403 |
Commercial Loans [Member] | Secured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 212,173 | 177,994 |
Commercial Loans [Member] | Secured [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 186,069 | 149,912 |
Commercial Loans [Member] | Secured [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,851 | 6,092 |
Commercial Loans [Member] | Secured [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 21,253 | 21,990 |
Commercial Loans [Member] | Secured [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 21,253 | 21,990 |
Commercial Loans [Member] | Unsecured [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,438 | 10,506 |
Commercial Loans [Member] | Unsecured [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,345 | 10,412 |
Commercial Loans [Member] | Unsecured [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 93 | 94 |
Commercial Loans [Member] | Unsecured [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 93 | 94 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 929,206 | 920,031 |
Residential Mortgage Loans [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 921,402 | 911,063 |
Residential Mortgage Loans [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,102 | 1,585 |
Residential Mortgage Loans [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,702 | 7,383 |
Residential Mortgage Loans [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,702 | 7,383 |
Residential Mortgage Loans [Member] | Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 40,623 | 49,092 |
Residential Mortgage Loans [Member] | Construction [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 40,623 | 49,092 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 888,583 | 870,939 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 880,779 | 861,971 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,102 | 1,585 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,702 | 7,383 |
Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,702 | 7,383 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 284,909 | 273,494 |
Consumer Loans [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 283,107 | 270,826 |
Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,802 | 2,668 |
Consumer Loans [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,802 | 2,668 |
Consumer Loans [Member] | Home Equity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 187,771 | 195,852 |
Consumer Loans [Member] | Home Equity [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 186,276 | 193,733 |
Consumer Loans [Member] | Home Equity [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,495 | 2,119 |
Consumer Loans [Member] | Home Equity [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,495 | 2,119 |
Consumer Loans [Member] | Auto [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 83,829 | 64,364 |
Consumer Loans [Member] | Auto [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 83,766 | 64,209 |
Consumer Loans [Member] | Auto [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 63 | 155 |
Consumer Loans [Member] | Auto [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 63 | 155 |
Consumer Loans [Member] | Marine [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,404 | 1,526 |
Consumer Loans [Member] | Marine [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,223 | 1,345 |
Consumer Loans [Member] | Marine [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 181 | 181 |
Consumer Loans [Member] | Marine [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 181 | 181 |
Consumer Loans [Member] | Recreational Vehicle [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,879 | 5,696 |
Consumer Loans [Member] | Recreational Vehicle [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,817 | 5,488 |
Consumer Loans [Member] | Recreational Vehicle [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 62 | 208 |
Consumer Loans [Member] | Recreational Vehicle [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 62 | 208 |
Consumer Loans [Member] | Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,026 | 6,056 |
Consumer Loans [Member] | Other [Member] | Unclassified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,025 | 6,051 |
Consumer Loans [Member] | Other [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1 | 5 |
Consumer Loans [Member] | Other [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 1 | $ 5 |
Loans - Schedule of Purchased C
Loans - Schedule of Purchased Credit Impaired Loans for which Payments Would Not be Collected (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable Impaired [Line Items] | |||
Total loans | $ 2,114,932 | $ 2,016,141 | |
Purchased credit impairment loans, Net carrying amount | 2,099,781 | 1,999,877 | |
Commercial Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total loans | 900,817 | 822,616 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total loans | 929,206 | 920,031 | |
Consumer Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total loans | 284,909 | 273,494 | |
Purchased Credit Impaired Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total loans | 1,091 | 1,194 | $ 1,438 |
Purchased credit impairment loans, Net carrying amount | 1,036 | 1,139 | |
Purchased Credit Impaired Loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Total loans | $ 1,091 | $ 1,194 |
Loans - Schedule of Purchased63
Loans - Schedule of Purchased Credit Impaired Loans for which Payments Would Not be Collected (Parenthetical) (Detail) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Impaired [Line Items] | ||||||
Allowance for loan losses | $ 21,405,000 | $ 21,610,000 | $ 21,202,000 | $ 19,660,000 | $ 18,970,000 | $ 19,087,000 |
Purchased Credit Impaired Loans [Member] | ||||||
Financing Receivable Impaired [Line Items] | ||||||
Allowance for loan losses | $ 55,000 | $ 55,000 |
Loans - Accretable Yield or Inc
Loans - Accretable Yield or Income Expected to be Collected (Detail) - Purchased Credit Impaired Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable Impaired [Line Items] | ||||
Beginning of period | $ 110 | $ 128 | $ 110 | |
New loans purchased | 0 | $ 158 | ||
Accretion of income | 6 | 12 | 6 | 42 |
Balance at end of period | $ 104 | $ 116 | $ 104 | $ 116 |
Loans - Carrying Amount of Purc
Loans - Carrying Amount of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable Impaired [Line Items] | ||
Beginning Balance | $ 2,016,141 | |
Loans purchased during the period | 18,246 | $ 27,039 |
Ending Balance | 2,114,932 | |
Purchased Credit Impaired Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Beginning Balance | 1,194 | |
Loans purchased during the period | 1,797 | |
Ending Balance | $ 1,091 | $ 1,438 |
Mortgage Banking Activities - A
Mortgage Banking Activities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Mortgage Loan Activity [Line Items] | |||
Mortgage loans serviced for others | $ 1,300,000 | $ 1,300,000 | |
Fair value of mortgage servicing rights | 11,700 | 10,900 | |
Private Investor [Member] | |||
Mortgage Loan Activity [Line Items] | |||
Mortgage loans serviced for others | 18,775 | 23,404 | |
Private Investor [Member] | Adjustable Rate Residential Mortgages [Member] | One-to Four-Family [Member] | |||
Mortgage Loan Activity [Line Items] | |||
Mortgage loans serviced for others | $ 27,900 | ||
Percentage of mortgage service release premium as part of gain recognized on sale | 0.45% | ||
FHLMC, FNMA and Private Investor [Member] | |||
Mortgage Loan Activity [Line Items] | |||
Customer escrow balances | $ 11,100 | $ 15,300 |
Mortgage Banking Activities - P
Mortgage Banking Activities - Principal Balances of Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Mortgage loan portfolios serviced for: | ||
Mortgage loans serviced for others | $ 1,300,000 | $ 1,300,000 |
FHLMC [Member] | ||
Mortgage loan portfolios serviced for: | ||
Mortgage loans serviced for others | 999,051 | 1,003,441 |
FNMA [Member] | ||
Mortgage loan portfolios serviced for: | ||
Mortgage loans serviced for others | 290,200 | 242,444 |
Private Investor [Member] | ||
Mortgage loan portfolios serviced for: | ||
Mortgage loans serviced for others | $ 18,775 | $ 23,404 |
Mortgage Banking Activities - C
Mortgage Banking Activities - Capitalized Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | |
Mortgage Banking [Abstract] | ||||||
Balance, beginning of period | $ 6,843 | $ 5,977 | $ 6,681 | $ 6,070 | ||
Originations | 641 | 670 | 1,303 | 1,026 | ||
Amortized to expense | (542) | (486) | (1,042) | (935) | ||
Balance, end of period | 6,942 | 6,161 | 6,942 | 6,161 | ||
Less valuation allowance | (20) | (5) | (20) | (5) | $ (9) | $ (3) |
Net balance | $ 6,922 | $ 6,156 | $ 6,922 | $ 6,156 |
Mortgage Banking Activities - V
Mortgage Banking Activities - Valuation Allowance for Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Mortgage Banking [Abstract] | ||||
Balance, beginning of period | $ (3) | $ (9) | ||
Impairment charges | $ (20) | (2) | (20) | $ (5) |
Recoveries | 9 | |||
Balance, end of period | $ (20) | $ (5) | $ (20) | $ (5) |
Mortgage Banking Activities - K
Mortgage Banking Activities - Key Economic Assumptions in Measuring Value of Mortgage Servicing Rights (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Mortgage Banking [Abstract] | ||
Weighted average prepayment rate | 140.00% | 181.00% |
Weighted average life (in years) | 7 years 4 months 13 days | 6 years 4 months 6 days |
Weighted average discount rate | 11.00% | 9.00% |
Other Real Estate Owned and O71
Other Real Estate Owned and Other Repossessed Assets - Real Estate Owned and Other Repossessed Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Other Real Estate And Foreclosed Assets [Abstract] | ||||||
Real estate owned and other repossessed assets | $ 1,125 | $ 1,656 | ||||
Valuation allowance | (248) | $ (287) | (403) | $ (389) | $ (549) | $ (1,012) |
End of period | $ 877 | $ 1,253 |
Other Real Estate Owned and O72
Other Real Estate Owned and Other Repossessed Assets - Valuation Allowance Related to Real Estate Owned (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other Real Estate And Foreclosed Assets [Abstract] | ||||
Beginning of period | $ 287,000 | $ 549,000 | $ 403,000 | $ 1,012,000 |
Additions (recoveries) charged to expense | 10,000 | 0 | 33,000 | (38,000) |
Sales of real estate owned with a valuation allowance | (49,000) | (160,000) | (188,000) | (585,000) |
End of period | $ 248,000 | $ 389,000 | $ 248,000 | $ 389,000 |
Other Real Estate Owned and O73
Other Real Estate Owned and Other Repossessed Assets - Expenses Related to Foreclosed and Repossessed Assets (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Other Real Estate And Foreclosed Assets [Abstract] | ||||
Net loss on sales | $ 103,000 | $ 18,000 | $ 158,000 | $ 108,000 |
Provision for (recovery of) unrealized losses | 10,000 | 0 | 33,000 | (38,000) |
Operating expenses, net of rental income | 34,000 | 23,000 | 70,000 | 85,000 |
Total expenses | $ 147,000 | $ 41,000 | $ 261,000 | $ 155,000 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Increase in fair value | $ 250,000 | ||||
Transfers between level 1 and level 2 | 0 | $ 0 | |||
Fair value of the collateral dependent loans, net carrying amount | $ 432,000 | $ 1,400,000 | 432,000 | $ 1,400,000 | 1,700,000 |
Specific allowance for collateral dependent loans | 490,000 | 5,000 | $ 490,000 | 5,000 | 491,000 |
Discount applied to appraisals for estimated selling costs percentage | 10.00% | ||||
Mortgage servicing rights carried at fair value, valuation allowance net change during the period | $ 20,000 | 5,000 | |||
Net (recovery) impairment reflected in other income | 20,000 | 2,000 | 11,000 | 5,000 | |
Other real estate owned carried at fair value | 286,000 | 483,000 | 286,000 | 483,000 | 436,000 |
Valuation allowance related to other real estate owned | 248,000 | 389,000 | 248,000 | 389,000 | 403,000 |
Additions (recoveries) charged to expense | 10,000 | 0 | $ 33,000 | (38,000) | |
Maximum maturity period of short term borrowings | 90 days | ||||
Collateral Dependent Loans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Increase (decrease) in provision for loan losses | 105,000 | 252,000 | $ 147,000 | 479,000 | |
Mortgage Servicing Rights [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Mortgage servicing rights | 240,000 | $ 87,000 | 240,000 | $ 87,000 | |
Construction [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Fair value option, loans held as assets, aggregate amount in nonaccrual status | $ 0 | $ 0 | $ 0 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | $ 247,630 | $ 270,561 |
Loans held for sale, at fair value | 107,701 | 83,541 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 107,701 | 83,541 |
Purchased certificate of deposit option | 472 | 809 |
Written certificate of deposit option | (472) | (809) |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Government Sponsored Entities' Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 120,438 | 123,817 |
Fair Value, Measurements, Recurring [Member] | States of the U.S. and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 47,645 | 59,623 |
Fair Value, Measurements, Recurring [Member] | Other Available for Sale Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 489 | |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed GSE Securities: Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 79,058 | 87,121 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Available for Sale Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 489 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 31,011 | 18,525 |
Purchased certificate of deposit option | 472 | 809 |
Written certificate of deposit option | (472) | (809) |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury and Government Sponsored Entities' Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 120,438 | 123,817 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | States of the U.S. and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 47,645 | 59,623 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed GSE Securities: Residential [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available for sale securities, Fair value | 79,058 | 87,121 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | $ 76,690 | $ 65,016 |
Fair Value Measurement - Reconc
Fair Value Measurement - Reconciliation of All Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Included in change in fair value of loans held for sale | $ (2,197) | $ 2,900 | ||
Loans Held For Sale [Member] | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Balance of recurring Level 3 assets at beginning of period | $ 64,552 | $ 67,439 | 65,016 | 53,761 |
Included in change in fair value of loans held for sale | 19 | 1,822 | (2,139) | 2,412 |
Included in other comprehensive income | 0 | |||
Originations/Draws on construction perm loans | 35,517 | 25,945 | 62,327 | 51,245 |
Amortization | 0 | |||
Sales | (23,398) | (25,211) | (48,514) | (37,423) |
Balance of recurring Level 3 assets at end of period | $ 76,690 | $ 69,995 | $ 76,690 | $ 69,995 |
Fair Value Measurement - Quanti
Fair Value Measurement - Quantitative Information About Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Loans held for sale, at fair value | $ 107,701 | $ 83,541 |
Construction [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Loans held for sale, at fair value | 107,701 | 83,541 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Loans held for sale, at fair value | 107,701 | 83,541 |
Fair Value, Measurements, Recurring [Member] | Comparable Sales [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Loans held for sale, at fair value | $ 76,690 | |
Fair Value, Measurements, Recurring [Member] | Comparable Sales [Member] | Construction [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Loans held for sale, at fair value | $ 65,016 | |
Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Comparable Sales [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value Inputs, Time discount | 0.00% | |
Fair Value, Measurements, Recurring [Member] | Minimum [Member] | Comparable Sales [Member] | Construction [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value Inputs, Time discount | 0.00% | |
Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Comparable Sales [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value Inputs, Time discount | 2.00% | |
Fair Value, Measurements, Recurring [Member] | Maximum [Member] | Comparable Sales [Member] | Construction [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value Inputs, Time discount | 1.96% |
Fair Value Measurement - Asse78
Fair Value Measurement - Assets and Liabilities Measured at Fair Value on Non-recurring Basis (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Mortgage Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | $ 240,000 | $ 87,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 247,000 | $ 247,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Nonresidential [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 2,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | One-to Four-Family [Member] | Residential Mortgage Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 131,000 | 1,010,000 | |
Other real estate owned, net | 59,000 | 82,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Auto [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 16,000 | 13,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Marine [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 38,000 | 169,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 240,000 | 382,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Construction [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other real estate owned, net | 227,000 | 354,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Secured [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 40,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Home Equity [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 89,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Recreational Vehicle [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 86,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights | 240,000 | 382,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Multifamily [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 247,000 | 247,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Nonresidential [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 2,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | One-to Four-Family [Member] | Residential Mortgage Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 131,000 | 1,010,000 | |
Other real estate owned, net | 59,000 | 82,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Auto [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 16,000 | 13,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Marine [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 38,000 | 169,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Construction [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other real estate owned, net | $ 227,000 | 354,000 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Secured [Member] | Commercial Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 40,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Home Equity [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | 89,000 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | Recreational Vehicle [Member] | Consumer Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Impaired loans | $ 86,000 |
Fair Value Measurement - Quan79
Fair Value Measurement - Quantitative Information About Level 3 Fair Value Measurements for Financial Instruments Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Impaired Loans [Member] | Multifamily [Member] | Commercial Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 247 | $ 247 |
Impaired Loans [Member] | Multifamily [Member] | Commercial Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | 0.00% |
Impaired Loans [Member] | Multifamily [Member] | Commercial Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 35.00% | 35.00% |
Impaired Loans [Member] | Multifamily [Member] | Commercial Loans [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 15.00% | 15.00% |
Impaired Loans [Member] | Nonresidential [Member] | Commercial Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 2 | |
Impaired Loans [Member] | Nonresidential [Member] | Commercial Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | |
Impaired Loans [Member] | Nonresidential [Member] | Commercial Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 35.00% | |
Impaired Loans [Member] | Nonresidential [Member] | Commercial Loans [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 15.00% | |
Impaired Loans [Member] | Auto [Member] | Consumer Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 16 | |
Impaired Loans [Member] | Auto [Member] | Consumer Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | |
Impaired Loans [Member] | Auto [Member] | Consumer Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 17.85% | |
Impaired Loans [Member] | Auto [Member] | Consumer Loans [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 8.93% | |
Impaired Loans [Member] | Marine [Member] | Consumer Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 38 | |
Impaired Loans [Member] | Marine [Member] | Consumer Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | |
Impaired Loans [Member] | Marine [Member] | Consumer Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 17.85% | |
Impaired Loans [Member] | Marine [Member] | Consumer Loans [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 8.93% | |
Impaired Loans [Member] | Secured [Member] | Commercial Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 40 | |
Impaired Loans [Member] | Secured [Member] | Commercial Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | |
Impaired Loans [Member] | Secured [Member] | Commercial Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 64.00% | |
Impaired Loans [Member] | Secured [Member] | Commercial Loans [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 16.00% | |
Impaired Loans [Member] | Home Equity [Member] | Consumer Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 89 | |
Impaired Loans [Member] | Home Equity [Member] | Consumer Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | |
Impaired Loans [Member] | Home Equity [Member] | Consumer Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 17.85% | |
Impaired Loans [Member] | Home Equity [Member] | Consumer Loans [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 8.93% | |
Impaired Loans [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 131 | $ 1,010 |
Impaired Loans [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | 0.00% |
Impaired Loans [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 10.77% | 10.77% |
Impaired Loans [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 4.27% | 4.27% |
Other Real Estate Owned [Member] | Construction [Member] | Commercial Loans [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 227 | $ 354 |
Other Real Estate Owned [Member] | Construction [Member] | Commercial Loans [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | 0.00% |
Other Real Estate Owned [Member] | Construction [Member] | Commercial Loans [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 50.00% | 52.90% |
Other Real Estate Owned [Member] | Construction [Member] | Commercial Loans [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 45.85% | 52.41% |
Other Real Estate Owned [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value | $ 59 | $ 82 |
Other Real Estate Owned [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Minimum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 0.00% | 0.00% |
Other Real Estate Owned [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Maximum [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 14.22% | 13.43% |
Other Real Estate Owned [Member] | Residential Mortgage Loans [Member] | One-to Four-Family [Member] | Weighted Average [Member] | Sales Comparison Approach [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Adjustment for differences between comparable sales | 14.22% | 13.43% |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Option for Newly Originated Residential Mortgage and Permanent Construction Loans Held for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Aggregate fair value | $ 107,701 | $ 83,541 |
Construction [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Aggregate fair value | 107,701 | 83,541 |
Contractual balance | 106,255 | 79,898 |
Gain | $ 1,446 | $ 3,643 |
Fair Value Measurement - Amount
Fair Value Measurement - Amount of Gains and Losses from Changes in Fair Value Included in Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||
Change in fair value | $ (2,197) | $ 2,900 | ||
Construction [Member] | ||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||||
Change in fair value | $ 285 | $ 2,149 | (2,197) | 2,900 |
Total change in fair value | $ 285 | $ 2,149 | $ (2,197) | $ 2,900 |
Fair Value Measurement - Carryi
Fair Value Measurement - Carrying Value and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Carrying Value | $ 66,977 | $ 46,880 | $ 52,014 | $ 45,887 |
Available for sale securities, Fair value | 247,630 | 270,561 | ||
Held to maturity securities, Carrying Value | 81,294 | 82,911 | ||
Loans held for sale at lower of cost or market, Carrying Value | 211 | |||
Loans held for sale, at fair value | 107,701 | 83,541 | ||
Loans, net, Carrying Value | 2,099,781 | 1,999,877 | ||
FHLB stock, Carrying Value | 19,324 | 19,324 | ||
Accrued interest receivable, Carrying Value | 8,454 | 8,190 | ||
FHLB advances, Carrying Value | (296,927) | (356,536) | ||
Advance payments by borrowers for taxes and insurance, Carrying Value | (19,253) | (25,038) | ||
Accrued interest payable, Carrying Value | (964) | (1,097) | ||
Held to maturity securities, Fair value | 78,194 | 82,126 | ||
Reported Value Measurement [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents, Carrying Value | 66,977 | 46,880 | ||
Available for sale securities, Fair value | 247,630 | 270,561 | ||
Held to maturity securities, Carrying Value | 81,294 | 82,911 | ||
Loans held for sale at lower of cost or market, Carrying Value | 211 | |||
Loans held for sale, at fair value | 107,701 | 83,541 | ||
Loans, net, Carrying Value | 2,099,781 | 1,999,877 | ||
FHLB stock, Carrying Value | 19,324 | 19,324 | ||
Accrued interest receivable, Carrying Value | 8,454 | 8,190 | ||
Purchased certificate of deposit option, Carrying Value | 472 | 809 | ||
Checking, savings and money market accounts, Carrying Value | (1,330,737) | (1,251,398) | ||
Certificates of deposit, Carrying Value | (804,608) | (705,341) | ||
FHLB advances, Carrying Value | (296,927) | (356,536) | ||
Repurchase agreements and other, Carrying Value | (191) | (197) | ||
Advance payments by borrowers for taxes and insurance, Carrying Value | (19,253) | (25,038) | ||
Accrued interest payable, Carrying Value | (964) | (1,097) | ||
Written certificate of deposit option, Carrying Value | (472) | (809) | ||
Estimate of Fair Value Measurement [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Available for sale securities, Fair value | 489 | |||
Cash and cash equivalents, Fair Value | 66,977 | 46,880 | ||
Checking, savings and money market accounts, Fair Value | (1,330,737) | (1,251,398) | ||
Advance payments by borrowers for taxes and insurance, Fair Value | (19,253) | (25,038) | ||
Estimate of Fair Value Measurement [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Available for sale securities, Fair value | 247,141 | 270,561 | ||
Loans held for sale, at fair value | 31,011 | 18,525 | ||
Held to maturity securities, Fair value | 78,194 | 82,126 | ||
Loans held for sale at lower of cost or market, Fair Value | 217 | |||
Accrued interest receivable, Fair Value | 1,970 | 2,244 | ||
Purchased certificate of deposit option, Fair Value | 472 | 809 | ||
Certificates of deposit, Fair Value | (801,541) | (705,238) | ||
FHLB advances, Fair Value | (296,942) | (356,521) | ||
Repurchase agreements and other, Fair Value | (180) | (190) | ||
Accrued interest payable, Fair Value | (964) | (1,097) | ||
Written certificate of deposit option, Fair Value | (472) | (809) | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Loans held for sale, at fair value | 76,690 | 65,016 | ||
Loans, net, Fair Value | 2,065,231 | 1,990,289 | ||
Accrued interest receivable, Fair Value | $ 6,484 | $ 5,946 |
Statement of Cash Flows Suppl83
Statement of Cash Flows Supplemental Disclosure - Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Supplemental Cash Flow Information [Line Items] | ||
Interest on deposits and borrowings | $ 10,016 | $ 5,396 |
Income taxes | 500 | 250 |
Supplemental schedule of noncash activities: | ||
Transfers from loans to real estate owned and other repossessed assets | 489 | 282 |
Transfers from loans to loans held for sale | 27,921 | |
Transfers from premises and equipment to other assets, held for sale | 1,720 | |
Accretion of securities held to maturity | $ 77 | 100 |
Ohio Legacy Corp. [Member] | ||
Supplemental schedule of noncash activities: | ||
Issuance of common stock | 25,816 | |
Net assets acquired excluding cash and cash equivalents | $ 36 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock Option [Member] | ||||
Earnings Per Common Share [Line Items] | ||||
Number of anti-dilutive shares related to stock options | 50,000 | 0 | 50,000 | 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income per consolidated statements of income | $ 9,541 | $ 8,189 | $ 18,097 | $ 9,727 |
Net income allocated to participating securities | (41) | (49) | (91) | (61) |
Net income allocated to common stock | 9,500 | 8,140 | 18,006 | 9,666 |
Distributed earnings allocated to common stock | 2,982 | 1,483 | 5,954 | 2,962 |
Undistributed earnings allocated to common stock | 6,518 | 6,657 | 12,052 | 6,704 |
Net income allocated to common stock | $ 9,500 | $ 8,140 | $ 18,006 | $ 9,666 |
Weighted average common shares outstanding, including shares considered participating securities | 49,906 | 49,691 | 49,877 | 49,158 |
Less: Average participating securities | (212) | (299) | (250) | (309) |
Weighted average shares | 49,694 | 49,392 | 49,627 | 48,849 |
Basic earnings per common share | $ 0.19 | $ 0.16 | $ 0.36 | $ 0.20 |
Weighted average common shares outstanding for basic earnings per common share | 49,694 | 49,392 | 49,627 | 48,849 |
Add: Dilutive effects of assumed exercises of stock options and LTIP awards | 250 | 403 | 262 | 398 |
Weighted average shares and dilutive potential common shares | 49,944 | 49,795 | 49,889 | 49,247 |
Diluted earnings per common share | $ 0.19 | $ 0.16 | $ 0.36 | $ 0.20 |
Other Comprehensive Income (L86
Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2014 | |
Equity [Abstract] | |||||
Reclassification of net gains or (losses) included in other comprehensive income | $ 94 | $ 301 | $ 233 | $ 330 | |
Effect of disproportionate tax on accumulated other comprehensive income (loss) | $ (16,600) |
Other Comprehensive Income (L87
Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) Components and Related Tax Effects (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | $ 294,265 | $ 249,806 | ||
Other comprehensive income (loss) before reclassifications | $ (1,359) | $ 1,758 | (5,269) | 2,742 |
Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income | 31 | 32 | 61 | 65 |
Reclassification adjustment for gains realized in income | (74) | (196) | (184) | (215) |
Total other comprehensive (loss) income | (1,402) | 1,594 | (5,392) | 2,592 |
Balance | 301,484 | 285,480 | 301,484 | 285,480 |
Unrealized Gains (Losses) on Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (4,924) | (2,165) | (904) | (3,130) |
Other comprehensive income (loss) before reclassifications | (1,359) | 1,758 | (5,269) | 2,742 |
Reclassification adjustment for gains realized in income | (74) | (196) | (184) | (215) |
Total other comprehensive (loss) income | (1,433) | 1,562 | (5,453) | 2,527 |
Balance | (6,357) | (603) | (6,357) | (603) |
Disproportionate Tax Effect from Securities Available for Sale [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (17,110) | (17,110) | (17,110) | (17,110) |
Balance | (17,110) | (17,110) | (17,110) | (17,110) |
Losses on Securities Transferred From Available for Sale to Held to Maturity [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (641) | (767) | (671) | (800) |
Accretion of unrealized losses of securities transferred from available for sale to held to maturity recognized in other comprehensive income | 31 | 32 | 61 | 65 |
Total other comprehensive (loss) income | 31 | 32 | 61 | 65 |
Balance | (610) | (735) | (610) | (735) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (22,675) | (20,042) | (18,685) | (21,040) |
Total other comprehensive (loss) income | (5,392) | 2,592 | ||
Balance | $ (24,077) | $ (18,448) | $ (24,077) | $ (18,448) |
Other Comprehensive Income (L88
Other Comprehensive Income (Loss) - Summary of Reclassification Out of Each Component of Accumulated Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||
Net gains on securities available for sale | $ 94 | $ 301 | $ 233 | $ 330 |
Tax expense | (2,214) | (3,377) | (4,003) | (3,934) |
Net income | 9,541 | 8,189 | 18,097 | 9,727 |
Amount Reclassified From Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||
Net income | (74) | (196) | (184) | (215) |
Amount Reclassified From Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Available for Sale [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||
Net gains on securities available for sale | (94) | (301) | (233) | (330) |
Tax expense | $ 20 | $ 105 | $ 49 | $ 115 |
Regulatory Capital Requiremen89
Regulatory Capital Requirements - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Capital adequacy requirements | The Basel III Capital Rules establish a common equity Tier 1 minimum capital requirement (4.5% of risk-weighted assets), a minimum Tier 1 capital to risk-based assets requirement (6% of risk-weighted assets) and assigns a risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual status and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The rules also require unrealized gains and losses on certain available-for-sale securities holdings to be included for purposes of calculating regulatory capital requirements unless a one-time opt-in or opt-out is exercised. In connection with the adoption of the Basel III Capital Rules, United Community and Home Savings elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1. The rule limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital risk-based weighted assets in addition to the amount necessary to meeting its minimum risk-based capital requirements. | ||
Capital conservation buffer rate | 1.25% | ||
United Community [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Tier 1 capital to risk-weighted assets, To Be Well Capitalized Ratio | 6.00% | ||
Total risk-based capital to risk-weighted assets, To Be Well Capitalized Ratio | 10.00% | ||
Scenario Forecast [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Capital conservation buffer rate | 1.875% |
Regulatory Capital Requiremen90
Regulatory Capital Requirements - Actual and Statutory Required Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
United Community [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual Amount | $ 322,996 | $ 306,946 |
Tier 1 capital (to risk-weighted assets), Actual Amount | 301,591 | 285,744 |
Common equity Tier 1 capital (to risk-weighted assets), Actual Amount | 301,591 | 285,744 |
Tier 1 capital (to average assets), Actual Amount | $ 301,591 | $ 285,744 |
Total capital (to risk-weighted assets), Actual Ratio | 15.33% | 15.35% |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 14.32% | 14.29% |
Common equity Tier 1 capital (to risk-weighted assets), Actual Ratio | 14.32% | 14.29% |
Tier 1 capital (to average assets), Actual Ratio | 11.15% | 10.93% |
Total capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Amount | $ 208,003 | $ 184,881 |
Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Amount | 165,876 | 144,907 |
Common equity Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Amount | 134,281 | 114,926 |
Tier 1 capital (to average assets), Minimum Capital Requirements Per Regulation Amount | $ 108,227 | $ 104,588 |
Total capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Ratio | 9.88% | 9.25% |
Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Ratio | 7.88% | 7.25% |
Common equity Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Ratio | 6.38% | 5.75% |
Tier 1 capital (to average assets), Minimum Capital Requirements Per Regulation Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | |
Home Savings [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk-weighted assets), Actual Amount | $ 297,086 | $ 292,928 |
Tier 1 capital (to risk-weighted assets), Actual Amount | 275,748 | 271,777 |
Common equity Tier 1 capital (to risk-weighted assets), Actual Amount | 275,748 | 271,777 |
Tier 1 capital (to average assets), Actual Amount | $ 275,748 | $ 271,777 |
Total capital (to risk-weighted assets), Actual Ratio | 14.18% | 14.70% |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 13.16% | 13.64% |
Common equity Tier 1 capital (to risk-weighted assets), Actual Ratio | 13.16% | 13.64% |
Tier 1 capital (to average assets), Actual Ratio | 10.23% | 10.42% |
Total capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Amount | $ 208,136 | $ 184,235 |
Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Amount | 165,982 | 144,400 |
Common equity Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Amount | 134,367 | 114,525 |
Tier 1 capital (to average assets), Minimum Capital Requirements Per Regulation Amount | $ 107,584 | $ 104,308 |
Total capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Ratio | 9.88% | 9.25% |
Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Ratio | 7.88% | 7.25% |
Common equity Tier 1 capital (to risk-weighted assets), Minimum Capital Requirements Per Regulation Ratio | 6.38% | 5.75% |
Tier 1 capital (to average assets), Minimum Capital Requirements Per Regulation Ratio | 4.00% | 4.00% |
Total capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 210,771 | $ 199,173 |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 168,617 | 159,338 |
Common equity Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 137,001 | 129,463 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 134,480 | $ 130,385 |
Total capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common equity Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Regulatory Capital Requiremen91
Regulatory Capital Requirements - Components of Regulatory Capital (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Total shareholders' equity | $ 301,484 | $ 294,265 | $ 285,480 | $ 249,806 |
Accumulated other comprehensive loss | (24,077) | (18,685) | ||
United Community [Member] | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Total shareholders' equity | 301,484 | 294,265 | ||
Accumulated other comprehensive loss | 24,077 | 18,701 | ||
Intangible assets | (23,970) | (23,416) | ||
Disallowed deferred tax assets | (3,806) | |||
Tier 1 Capital | 301,591 | 285,744 | ||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 21,405 | 21,202 | ||
Total risk-based capital | 322,996 | 306,946 | ||
Home Savings [Member] | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Total shareholders' equity | 272,816 | 276,494 | ||
Accumulated other comprehensive loss | 24,092 | 18,701 | ||
Intangible assets | (21,160) | (20,903) | ||
Disallowed deferred tax assets | (2,515) | |||
Tier 1 Capital | 275,748 | 271,777 | ||
Allowance for loan losses and allowance for unfunded lending commitments limited to 1.25% of total risk-weighted assets | 21,338 | 21,151 | ||
Total risk-based capital | $ 297,086 | $ 292,928 |
Regulatory Capital Requiremen92
Regulatory Capital Requirements - Components of Regulatory Capital (Parenthetical) (Detail) | Jun. 30, 2018 | Dec. 31, 2017 |
United Community [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Allowance for loan and allowance for unfunded lending commitments, percentage of risk-weighted assets | 1.25% | 1.25% |
Home Savings [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Allowance for loan and allowance for unfunded lending commitments, percentage of risk-weighted assets | 1.25% | 1.25% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Loan loss reserves | $ 4,495 | $ 4,452 |
Depreciation | 655 | 413 |
Other real estate owned valuation | 52 | 85 |
Tax credits carryforward | 2,193 | |
Unrealized loss on securities available for sale | 1,690 | 241 |
Unrealized loss on securities held to maturity | 201 | 217 |
Interest on nonaccrual loans | 490 | 482 |
Net operating loss carryforward | 914 | |
Purchase accounting adjustment | 260 | 442 |
Accrued bonuses | 586 | 551 |
Other | 131 | 176 |
Deferred tax assets | 8,560 | 10,166 |
Deferred tax liabilities: | ||
Deferred loan fees | 1,476 | 1,145 |
Federal Home Loan Bank stock dividends | 2,787 | 2,787 |
Mortgage servicing rights | 1,453 | 1,401 |
FHLB prepayment penalty | 143 | 307 |
Prepaid expenses | 595 | 306 |
Deferred tax liabilities | 6,454 | 5,946 |
Net deferred tax asset | $ 2,106 | $ 4,220 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Difference in Effective Tax Rates and Statutory Federal Income Tax Rate of 35% (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax at statutory rate, amount | $ 2,469 | $ 4,048 | $ 4,641 | $ 4,781 |
Tax exempt income, amount | (147) | (166) | (181) | (337) |
Life insurance, amount | (91) | (137) | (182) | (269) |
Stock compensation, amount | (4) | (138) | (132) | (198) |
Other, amount | (13) | (230) | (143) | (43) |
Income tax provision, total amount | $ 2,214 | $ 3,377 | $ 4,003 | $ 3,934 |
Tax at statutory rate, rate | 21.00% | 35.00% | 21.00% | 35.00% |
Tax exempt income, rate | (1.25%) | (1.44%) | (0.82%) | (2.47%) |
Life insurance, rate | (0.77%) | (1.18%) | (0.82%) | (1.97%) |
Stock compensation, rate | (0.03%) | (1.19%) | (0.60%) | (1.45%) |
Other, rate | (0.11%) | (1.99%) | (0.65%) | (0.31%) |
Income tax provision, total rate | 18.83% | 29.20% | 18.11% | 28.80% |
Goodwill and Intangible Asset95
Goodwill and Intangible Assets - Change in Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning of the year | $ 208 |
End of the year | 20,221 |
James & Sons Insurance [Member] | |
Goodwill [Line Items] | |
Effect of adjustments | 636 |
OLCB [Member] | |
Goodwill [Line Items] | |
Acquired goodwill | 19,168 |
Eich Brothers Insurance [Member] | |
Goodwill [Line Items] | |
Acquired goodwill | $ 209 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)ReportingUnit | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)ReportingUnit | |
Goodwill And Intangible Assets [Line Items] | |||||
Number of reporting units with carrying amount of zero or less than zero | ReportingUnit | 0 | 0 | |||
Carrying amount of reporting unit | $ 0 | $ 0 | $ 0 | ||
Amortization of intangible assets | 132,000 | $ 113,000 | 245,000 | $ 196,000 | |
Maximum [Member] | |||||
Goodwill And Intangible Assets [Line Items] | |||||
Carrying amount of reporting unit | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,406 | $ 13,406 |
Accumulated Amortization | 9,657 | 9,412 |
Core deposit intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,184 | 11,184 |
Accumulated Amortization | 9,415 | 9,250 |
Customer list intangible [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,222 | 2,222 |
Accumulated Amortization | $ 242 | $ 162 |
Goodwill and Intangible Asset98
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) | Jun. 30, 2018USD ($) |
Intangible Assets Accumulated Amortization [Abstract] | |
Remainder of 2018 | $ 256,000 |
2,019 | 510,000 |
2,020 | 510,000 |
2,021 | 510,000 |
2,022 | 510,000 |
2,023 | $ 510,000 |
Qualified Affordable Housing 99
Qualified Affordable Housing Project Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Investment in qualified affordable housing projects | $ 5,600,000 | $ 5,600,000 | $ 5,800,000 | ||
Unfunded commitments of investments in qualified affordable housing projects | 4,500,000 | 4,500,000 | $ 5,300,000 | ||
Recognized amortization expense included in income tax expense | 122,000 | $ 36,000 | 243,000 | $ 90,000 | |
Recognized tax credits and other benefits from investment in affordable housing tax credits | 138,000 | 44,000 | 277,000 | 110,000 | |
Impairment losses related to investment in qualified affordable housing projects | $ 0 | $ 0 | $ 0 | $ 0 | |
Minimum [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Expected period for fulfillment of investment commitments | 8 years | ||||
Maximum [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Expected period for fulfillment of investment commitments | 10 years |