| Pennsylvania | | | 6021 | | | 25-1606091 | |
| (State or Other Jurisdiction of | | | (Primary Standard Industrial Classification Code Number) | | | (I.R.S. Employer Identification Number) | |
| Hugh T. Wilkinson, Esq. Kenneth B. Tabach, Esq. Silver, Freedman, Taff & Tiernan LLP 3299 K Street, N.W. , Suite 100 Washington, DC 20007 (202) 295-4500 | | | |
| Large accelerated filer ☐ | | | Accelerated filer | ☐ | | ||||||||
| Non-accelerated filer | ☐ | | | | Smaller reporting company | ☒ | | ||||||
| | | | Emerging growth company | ☐ | |
| | |||||||||||||||||||||
Title of each class of securities to be registered | | | Amount to be registered | | | Proposed maximum offering price per share | | | Proposed maximum aggregate offering price | | | Amount of registration fee(6) | | |||||||||
Common Stock, par value $1.25 | | | | | 440,852(1) | | | | N/A | | | | $ | 6,619,390(4) | | | | | $ | 824.11 | | |
Series C Non-Cumulative Preferred Stock | | | | | 286,888(2) | | | | N/A | | | | | 2,868,880(5) | | | | | | 357.18 | | |
Series D Non-Cumulative Preferred Stock | | | | | 133,705(3) | | | | N/A | | | | | 1,337,050(5) | | | | | | 166.46 | | |
Total | | | | | | | | | | | | | $ | 10,825,320 | | | | | $ | 1,347.75 | | |
|
| | | COMMUNITY FIRST BANCORP, INC. 444 East Main Street P.O. Box 130 Reynoldsville, PA 15851 | |
| | | Emclaire Common Stock | | | Equivalent Value of One Share of Northern Hancock Common Stock | | ||||||
At May 3, 2017 | | | | $ | 29.44 | | | | | $ | 32.18 | | |
At June 20, 2017 | | | | $ | 26.50 | | | | | $ | 29.30 | | |
| | | Emclaire Common Stock | | | Equivalent Value of One Share of Community First Common Stock | | ||||||
At May 24, 2018 | | | | $ | 34.25 | | | | | $ | 48.08 | | |
At , 2018 | | | | | | | | | | | | | |
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| Emclaire Common Stock Hypothetical Closing Prices | | Per Share Stock Consideration | | Per Share Cash Consideration | | Hypothetical Implied Value of a Share of Northern Hancock Common Stock(*) | | Emclaire Common Stock Hypothetical Closing Prices | | Per Share Stock Consideration | | Per Share Cash Consideration | | Hypothetical Implied Value of a Share of Community First Common Stock(*) | | |||||||||||||||||||||||||||
| | $ | 25.00 | | | | $ | 24.48 | | | | $ | 3.35 | | | | $ | 27.83 | | | | $ | 30.50 | | | | $ | 32.62 | | | | $ | 6.95 | | | $43.57 | | ||||||
| | | 25.50 | | | | | 24.97 | | | | | 3.35 | | | | | 28.32 | | | | | 31.00 | | | | | 37.22 | | | | | 6.95 | | | 44.17 | | ||||||
| | | 26.00 | | | | | 25.46 | | | | | 3.35 | | | | | 28.81 | | | | | 31.50 | | | | | 37.83 | | | | | 6.95 | | | 44.78 | | ||||||
| | | 26.50 | | | | | 25.95 | | | | | 3.35 | | | | | 29.30 | | | | | 32.00 | | | | | 38.43 | | | | | 6.95 | | | 45.38 | | ||||||
| | | 27.00 | | | | | 26.44 | | | | | 3.35 | | | | | 29.79 | | | | | 32.50 | | | | | 39.03 | | | | | 6.95 | | | 45.98 | | ||||||
| | | 27.50 | | | | | 26.93 | | | | | 3.35 | | | | | 30.28 | | | | | 33.00 | | | | | 39.63 | | | | | 6.95 | | | 46.58 | | ||||||
| | | 28.00 | | | | | 27.42 | | | | | 3.35 | | | | | 30.77 | | | | | 33.50 | | | | | 40.23 | | | | | 6.95 | | | 47.18 | | ||||||
| | | 28.50 | | | | | 27.91 | | | | | 3.35 | | | | | 31.26 | | | | | 34.00 | | | | | 40.83 | | | | | 6.95 | | | 47.78 | | ||||||
| | | 29.00 | | | | | 28.40 | | | | | 3.35 | | | | | 31.75 | | | | | 34.25 | | | | | 41.13 | | | | | 6.95 | | | 48.08 | | ||||||
| | | 29.44 | | | | | 28.83 | | | | | 3.35 | | | | | 32.18 | | | | | 34.50 | | | | | 41.43 | | | | | 6.95 | | | 48.38 | | ||||||
| | | 30.00 | | | | | 29.38 | | | | | 3.35 | | | | | 32.73 | | | | | 35.00 | | | | | 42.03 | | | | | 6.95 | | | 48.98 | | ||||||
| | | 30.50 | | | | | 29.87 | | | | | 3.35 | | | | | 33.22 | | | | | 35.50 | | | | | 42.63 | | | | | 6.95 | | | 49.58 | | ||||||
| | | 31.00 | | | | | 30.35 | | | | | 3.35 | | | | | 33.70 | | | | | 36.00 | | | | | 43.23 | | | | | 6.95 | | | 50.18 | | ||||||
| | | 31.50 | | | | | 30.85 | | | | | 3.35 | | | | | 34.20 | | | | | 36.50 | | | | | 43.83 | | | | | 6.95 | | | 50.78 | | ||||||
| | | 32.00 | | | | | 31.34 | | | | | 3.35 | | | | | 34.69 | | | |||||||||||||||||||||||
| | | 32.50 | | | | | 31.83 | | | | | 3.35 | | | | | 35.18 | | | |||||||||||||||||||||||
| | | 33.00 | | | | | 32.32 | | | | | 3.35 | | | | | 35.67 | | | |||||||||||||||||||||||
| | | 33.50 | | | | | 32.81 | | | | | 3.35 | | | | | 36.16 | | | |||||||||||||||||||||||
| | | 34.00 | | | | | 33.30 | | | | | 3.35 | | | | | 36.65 | | |
| Emclaire Common Stock Hypothetical Closing Prices | | | Per Share Stock Consideration | | | Per Share Cash Consideration | | | Hypothetical Implied Value of a Share of Community First Common Stock(*) | | |||||||||
| | $ | 37.00 | | | | | $ | 44.43 | | | | | $ | 6.95 | | | | $51.38 | |
| | | 37.50 | | | | | | 45.03 | | | | | | 6.95 | | | | 51.98 | |
| | | 38.00 | | | | | | 45.63 | | | | | | 6.95 | | | | 52.58 | |
| | | Emclaire Common Stock | | | Equivalent Value of One Share of Northern Hancock Common Stock | | ||||||
At May 3, 2017 | | | | $ | 29.44 | | | | | $ | 32.18 | | |
At June 20, 2017 | | | | $ | 26.50 | | | | | $ | 29.30 | | |
| | | Emclaire Common Stock | | | Equivalent Value of One Share of Community First Common Stock | | ||||||
At May 24, 2018 | | | | $ | 34.25 | | | | | $ | 48.08 | | |
At , 2018 | | | | $ | | | | | | $ | | | |
| | | As of March 31, 2017 | | | As of December 31, | | ||||||||||||||||||||||||||||||
| | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||
| | | (Dollar amounts in thousands, except share data) | | |||||||||||||||||||||||||||||||||
Balance Sheet | | | | | | | | ||||||||||||||||||||||||||||||
Total assets | | | | $ | 706,317 | | | | | $ | 692,135 | | | | | $ | 600,595 | | | | | $ | 581,909 | | | | | $ | 525,842 | | | | | $ | 509,014 | | |
Loans Receivable, net | | | | | 535,204 | | | | | | 515,435 | | | | | | 429,891 | | | | | | 379,648 | | | | | | 352,430 | | | | | | 333,801 | | |
Deposits | | | | | 606,106 | | | | | | 584,940 | | | | | | 489,887 | | | | | | 501,819 | | | | | | 432,006 | | | | | | 432,459 | | |
Borrowed Funds | | | | | 36,750 | | | | | | 44,000 | | | | | | 49,250 | | | | | | 21,500 | | | | | | 44,150 | | | | | | 20,000 | | |
Stockholders’ equity | | | | | 54,761 | | | | | | 54,073 | | | | | | 52,839 | | | | | | 47,990 | | | | | | 45,072 | | | | | | 51,725 | | |
Stockholders’ equity per common share | | | | $ | 25.44 | | | | | $ | 25.12 | | | | | $ | 24.64 | | | | | $ | 24.14 | | | | | $ | 22.66 | | | | | $ | 23.72 | | |
Market value per common share | | | | $ | 29.25 | | | | | $ | 29.25 | | | | | $ | 24.00 | | | | | $ | 25.00 | | | | | $ | 25.14 | | | | | $ | 20.85 | | |
Common shares outstanding | | | | | 2,152,358 | | | | | | 2,152,358 | | | | | | 2,144,808 | | | | | | 1,780,658 | | | | | | 1,768,658 | | | | | | 1,759,408 | | |
| | | For the three months ended March 31, | | | For the year ended December 31, | | ||||||||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||||||||||
| | | (Dollar amounts in thousands, except share data) | | | ||||||||||||||||||||||||||||||||||||||
Income Statement | | | | | | | | | |||||||||||||||||||||||||||||||||||
Net interest income | | | | $ | 5,156 | | | | | $ | 4,517 | | | | | $ | 19,480 | | | | | $ | 17,747 | | | | | $ | 17,235 | | | | | $ | 15,921 | | | | | $ | 15,786 | | |
Noninterest income | | | | | 856 | | | | | | 780 | | | | | | 3,655 | | | | | | 4,094 | | | | | | 4,087 | | | | | | 3,860 | | | | | | 4,893 | | |
Net income | | | | | 956 | | | | | | 802 | | | | | | 3,986 | | | | | | 4,154 | | | | | | 4,017 | | | | | | 3,808 | | | | | | 3,654 | | |
Basic earnings per common share | | | | $ | 0.44 | | | | | $ | 0.37 | | | | | $ | 1.86 | | | | | $ | 2.06 | | | | | $ | 2.21 | | | | | $ | 1.92 | | | | | $ | 1.80 | | |
Diluted earnings per common share | | | | $ | 0.44 | | | | | $ | 0.37 | | | | | $ | 1.85 | | | | | $ | 2.05 | | | | | $ | 2.20 | | | | | $ | 1.91 | | | | | $ | 1.80 | | |
Cash dividends per common share | | | | $ | 0.27 | | | | | $ | 0.26 | | | | | $ | 1.04 | | | | | $ | 0.96 | | | | | $ | 0.88 | | | | | $ | 0.80 | | | | | $ | 0.82 | | |
Key Ratios(1) | | | | | | | | | |||||||||||||||||||||||||||||||||||
Return on average assets | | | | | 0.56% | | | | | | 0.53% | | | | | | 0.60% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.73% | | | | | | 0.70% | | |
Return on average equity | | | | | 7.12% | | | | | | 6.02% | | | | | | 7.32% | | | | | | 7.89% | | | | | | 8.47% | | | | | | 7.73% | | | | | | 7.05% | | |
Return on average common equity | | | | | 7.12% | | | | | | 6.02% | | | | | | 7.32% | | | | | | 8.34% | | | | | | 9.24% | | | | | | 8.32% | | | | | | 7.56% | | |
Net interest margin | | | | | 3.31% | | | | | | 3.32% | | | | | | 3.23% | | | | | | 3.33% | | | | | | 3.35% | | | | | | 3.40% | | | | | | 3.34% | | |
Nonperforming assets to total assets | | | | | 0.47% | | | | | | 0.52% | | | | | | 0.52% | | | | | | 0.54% | | | | | | 1.21% | | | | | | 1.01% | | | | | | 1.41% | | |
Efficiency ratio | | | | | 74.20% | | | | | | 72.82% | | | | | | 72.78% | | | | | | 73.67% | | | | | | 72.13% | | | | | | 70.48% | | | | | | 67.41% | | |
(Dollar amounts in thousands, except share data) | | | As of March 31, 2018 | | | As of December 31, | | ||||||||||||||||||||||||||||||
| 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||||||||
Balance Sheet | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | | | $ | 755,808 | | | | | $ | 750,084 | | | | | $ | 692,135 | | | | | $ | 600,595 | | | | | $ | 581,909 | | | | | $ | 525,842 | | |
Loans receivable, net | | | | | 584,481 | | | | | | 577,738 | | | | | | 515,503 | | | | | | 429,891 | | | | | | 379,648 | | | | | | 352,430 | | |
Deposits | | | | | 666,735 | | | | | | 654,643 | | | | | | 584,940 | | | | | | 489,887 | | | | | | 501,819 | | | | | | 432,006 | | |
Borrowed funds | | | | | 20,300 | | | | | | 26,000 | | | | | | 44,000 | | | | | | 49,250 | | | | | | 21,500 | | | | | | 44,150 | | |
Stockholders’ equity | | | | | 58,877 | | | | | | 59,091 | | | | | | 54,073 | | | | | | 52,839 | | | | | | 47,990 | | | | | | 45,072 | | |
Stockholders’ equity per common share | | | | $ | 25.92 | | | | | $ | 26.02 | | | | | $ | 25.12 | | | | | $ | 24.64 | | | | | $ | 24.14 | | | | | $ | 22.66 | | |
Market value per common share | | | | $ | 33.41 | | | | | $ | 30.35 | | | | | $ | 29.25 | | | | | $ | 24.00 | | | | | $ | 25.00 | | | | | $ | 25.14 | | |
Common shares outstanding | | | | | 2,271,139 | | | | | | 2,271,139 | | | | | | 2,152,358 | | | | | | 2,144,808 | | | | | | 1,780,658 | | | | | | 1,768,658 | | |
(Dollar amounts in thousands, except share data) | | | For the three months ended March 31, | | | For the year ended December 31, | | ||||||||||||||||||||||||||||||||||||
| 2018 | | | 2017 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
Income Statement | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | | | $ | 5,845 | | | | | $ | 5,156 | | | | | $ | 21,907 | | | | | $ | 19,480 | | | | | $ | 17,747 | | | | | $ | 17,235 | | | | | $ | 15,921 | | |
Noninterest income | | | | | 899 | | | | | | 856 | | | | | | 5,022 | | | | | | 3,655 | | | | | | 4,094 | | | | | | 4,087 | | | | | | 3,860 | | |
Net income | | | | | 1,362 | | | | | | 956 | | | | | | 4,277 | | | | | | 3,986 | | | | | | 4,154 | | | | | | 4,017 | | | | | | 3,808 | | |
Basic earnings per common share | | | | $ | 0.60 | | | | | $ | 0.44 | | | | | $ | 1.95 | | | | | $ | 1.86 | | | | | $ | 2.06 | | | | | $ | 2.21 | | | | | $ | 1.92 | | |
Diluted earnings per common share | | | | $ | 0.60 | | | | | $ | 0.44 | | | | | $ | 1.93 | | | | | $ | 1.85 | | | | | $ | 2.05 | | | | | $ | 2.20 | | | | | $ | 1.91 | | |
Cash dividends per common share | | | | $ | 0.28 | | | | | $ | 0.27 | | | | | $ | 1.08 | | | | | $ | 1.04 | | | | | $ | 0.96 | | | | | $ | 0.88 | | | | | $ | 0.80 | | |
Key Ratios(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | | | 0.74% | | | | | | 0.56% | | | | | | 0.59% | | | | | | 0.60% | | | | | | 0.70% | | | | | | 0.70% | | | | | | 0.73% | | |
Return on average equity | | | | | 9.38% | | | | | | 7.12% | | | | | | 7.52% | | | | | | 7.32% | | | | | | 7.89% | | | | | | 8.47% | | | | | | 7.73% | | |
Return on average common equity | | | | | 9.38% | | | | | | 7.12% | | | | | | 7.52% | | | | | | 7.32% | | | | | | 8.34% | | | | | | 9.24% | | | | | | 8.32% | | |
Net interest margin | | | | | 3.41% | | | | | | 3.31% | | | | | | 3.29% | | | | | | 3.23% | | | | | | 3.33% | | | | | | 3.35% | | | | | | 3.40% | | |
Nonperforming assets to total assets | | | | | 0.53% | | | | | | 0.47% | | | | | | 0.56% | | | | | | 0.52% | | | | | | 0.54% | | | | | | 1.21% | | | | | | 1.01% | | |
Efficiency ratio | | | | | 68.36% | | | | | | 74.21% | | | | | | 71.49% | | | | | | 72.78% | | | | | | 73.67% | | | | | | 72.13% | | | | | | 70.48% | | |
| Implied Transaction Price Per Share/Earnings Per Share: | | | | | 23.1x | | |
| Implied Transaction Price Per Share/Book Value Per Share: | | | | | 1.92x | | |
| Implied Transaction Price Per Share/Tangible Book Value Per Share: | | | | | 1.92x | | |
| Price to Assets: | | | | | 13.58% | | |
| | | Beginning January 1, 2018 | | | Ending May 14, 2018 | | ||||||
Community First | | | | | 100% | | | | | | 103% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 106% | | |
S&P 500 Index | | | | | 100% | | | | | | 102% | | |
| | | Beginning May 27, 2013 | | | Ending May 14, 2018 | | ||||||
Community First | | | | | 100% | | | | | | 159% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 195% | | |
S&P 500 Index | | | | | 100% | | | | | | 165% | | |
| | | Beginning January 1, 2018 | | | Ending May 14, 2018 | | ||||||
Emclaire | | | | | 100% | | | | | | 101% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 106% | | |
S&P 500 Index | | | | | 100% | | | | | | 102% | | |
| | | Beginning May 27, 2013 | | | Ending May 14, 2018 | | ||||||
Emclaire | | | | | 100% | | | | | | 146% | | |
NASDAQ Bank Index | | | | | 100% | | | | | | 195% | | |
S&P 500 Index | | | | | 100% | | | | | | 165% | | |
| | | Beginning 12/31/12 | | | 12/31/13 | | | 12/31/14 | | | 12/31/15 | | | 12/31/16 | | | Ending 12/31/17 | | ||||||||||||||||||
SNL US Bank NASDAQ Index | | | | | 100% | | | | | | 144% | | | | | | 149% | | | | | | 161% | | | | | | 223% | | | | | | 236% | | |
SNL Bank Pink > $500M Index | | | | | 100% | | | | | | 122% | | | | | | 142% | | | | | | 158% | | | | | | 184% | | | | | | 230% | | |
Mid Atlantic Custom Peer Group | | | | | 100% | | | | | | 114% | | | | | | 124% | | | | | | 133% | | | | | | 148% | | | | | | 181% | | |
EMCF | | | | | 100% | | | | | | 117% | | | | | | 117% | | | | | | 114% | | | | | | 135% | | | | | | 142% | | |
CMFP | | | | | 100% | | | | | | 86% | | | | | | 112% | | | | | | 127% | | | | | | 149% | | | | | | 162% | | |
| Community Banker’s Corporation | | | JTNB Bancorp Inc. | |
| Enterprise Financial Services | | | Mercersburg Financial Corp. | |
| First Resources Bank | | | Apollo Bancorp Inc. | |
| Fleetwood Bank Corp. | | | Clarion County Community Bank | |
| | | CMFP | | | CMFP Peer Group Median | | | CMFP Peer Group Mean | | | CMFP Peer Group High | | | CMFP Peer Group Low | | |||||||||||||||
Total Assets (in Millions) | | | | $ | 128 | | | | | $ | 226 | | | | | $ | 222 | | | | | $ | 293 | | | | | $ | 157 | | |
Market Value (in millions) | | | | | — | | | | | $ | 20 | | | | | $ | 20 | | | | | $ | 31 | | | | | $ | 11 | | |
LTM ROAA(1) | | | | | 0.44% | | | | | | 0.44% | | | | | | 0.57% | | | | | | 1.15% | | | | | | 0.30% | | |
LTM ROAE(1) | | | | | 4.64% | | | | | | 4.39% | | | | | | 5.48% | | | | | | 9.06% | | | | | | 3.37% | | |
Efficiency Ratio | | | | | 86.65% | | | | | | 75.80% | | | | | | 75.00% | | | | | | 80.23% | | | | | | 65.84% | | |
Net interest margin | | | | | 3.84% | | | | | | 3.80% | | | | | | 3.56% | | | | | | 4.10% | | | | | | 2.90% | | |
Dividend Yield | | | | | 2.46% | | | | | | 2.82% | | | | | | 2.72% | | | | | | 4.43% | | | | | | 0.00% | | |
Price/LTM Earnings per share(1) | | | | | 12.46x | | | | | | 18.52x | | | | | | 19.81x | | | | | | 27.48x | | | | | | 12.50x | | |
Price/Tangible book value | | | | | 65.40% | | | | | | 99.65% | | | | | | 105.47% | | | | | | 132.20% | | | | | | 87.80% | | |
Tangible equity/Tangible assets | | | | | 7.14% | | | | | | 9.48% | | | | | | 9.96% | | | | | | 11.79% | | | | | | 8.55% | | |
Loan loss reserves/Loans | | | | | 1.10% | | | | | | 0.98% | | | | | | 0.92% | | | | | | 1.08% | | | | | | 0.49% | | |
Net charge offs/Loans | | | | | 0.02% | | | | | | 0.03% | | | | | | 0.04% | | | | | | 0.08% | | | | | | 0.02% | | |
Non-performing assets + 90 days/Assets | | | | | 0.64% | | | | | | 0.41% | | | | | | 0.81% | | | | | | 2.10% | | | | | | 0.20% | | |
Reserves/Nonperforming assets + 90 days | | | | | — | | | | | | 160.38% | | | | | | 152.13% | | | | | | 280.78% | | | | | | 34.93% | | |
| First Keystone Corp. | | | Honat Bancorp | |
| CB Financial Services Inc. | | | First Priority Financial Corp. | |
| FNB Bancorp Inc. | | | Centric Financial Corp. | |
| Fidelity D&D Bancorp Inc. | | | American Bank Inc. | |
| Meridian Bank | | | Juniata Valley Financial Corp. | |
| Kish Bancorp Inc. | | | Jonestown Bank and Trust Co. | |
| CCFNB Bancorp Inc. | | | Northumberland Bancorp | |
| Dimeco Inc. | | | First Community Financial Corp. | |
| | | EMCF | | | EMCF Peer Group Median | | | EMCF Peer Group Mean | | | EMCF Peer Group High | | | EMCF Peer Group Low | | |||||||||||||||
Total Assets (in Millions) | | | | $ | 756 | | | | | $ | 645 | | | | | $ | 719 | | | | | $ | 1,001 | | | | | $ | 506 | | |
Market Value (in millions) | | | | $ | 76 | | | | | $ | 93 | | | | | $ | 104 | | | | | $ | 193 | | | | | $ | 45 | | |
LTM ROAA(1) | | | | | 0.63% | | | | | | 0.78% | | | | | | 0.75% | | | | | | 1.08% | | | | | | 0.40% | | |
LTM ROAE(1) | | | | | 8.07% | | | | | | 7.37% | | | | | | 7.40% | | | | | | 11.23% | | | | | | 3.85% | | |
Efficiency Ratio | | | | | 68.28% | | | | | | 67.92% | | | | | | 65.07% | | | | | | 84.68% | | | | | | 6.19% | | |
Net interest margin | | | | | 3.30% | | | | | | 3.35% | | | | | | 3.36% | | | | | | 4.00% | | | | | | 2.70% | | |
Dividend Yield | | | | | 3.36% | | | | | | 2.72% | | | | | | 2.79% | | | | | | 4.29% | | | | | | 1.55% | | |
Price/LTM Earnings per share(1) | | | | | 15.97x | | | | | | 20.80x | | | | | | 20.32x | | | | | | 38.10x | | | | | | 13.03x | | |
Price/Tangible book value | | | | | 157.30% | | | | | | 139.00% | | | | | | 140.51% | | | | | | 219.10% | | | | | | 56.80% | | |
Tangible equity/Tangible assets | | | | | 6.47% | | | | | | 8.90% | | | | | | 9.50% | | | | | | 14.88% | | | | | | 6.60% | | |
Loan loss reserves/Loans | | | | | 1.02% | | | | | | 1.20% | | | | | | 1.22% | | | | | | 1.82% | | | | | | 0.67% | | |
Net charge offs/Loans | | | | | 0.04% | | | | | | 0.06% | | | | | | 0.09% | | | | | | 0.38% | | | | | | 0.01% | | |
Nonperforming assets + 90 days/Assets | | | | | 0.53% | | | | | | 0.79% | | | | | | 0.83% | | | | | | 1.49% | | | | | | 0.42% | | |
Reserves/Nonperforming assets + 90 days | | | | | — | | | | | | 122.68% | | | | | | 135.61% | | | | | | 323.71% | | | | | | 49.03% | | |
Buyer | | | Seller | | | State | |
Citizens Bancshares Corp. | | | Regional Bankshares Inc. | | | SC | |
Cadence Bancorp. | | | State Bank Financial Corp | | | TX, GA | |
FVC Bancorp Inc. | | | Colombo Bank | | | VA, MD | |
Coastal South Bancshares Inc. | | | First Citizens Financial Corp | | | SC, GA | |
Salem Five Bancorp | | | Sage Bank | | | MA | |
National Commerce Corp. | | | Landmark Bancshares Inc. | | | AL, GA | |
Center State Bank Corp. | | | Charter Financial Corp. | | | FL, GA | |
RBB Bancorp | | | First American International Corp. | | | CA, NY | |
Premier Financial Bancorp Inc. | | | First Bank of Charleston Inc. | | | WV | |
First US Bancshares Inc | | | Peoples Bank | | | AL, VA | |
Private Investors – David Bolger | | | Beach Community Bank | | | FL | |
Sunstate Bank | | | Intercontinental Bankshares LLC | | | FL | |
Renasant Corp. | | | Brand Group Holdings Inc. | | | MS, GA | |
LGE Community CU | | | Georgia Heritage Bank | | | GA | |
National Commerce Corp. | | | Premier Community Bank of FL | | | AL, FL | |
Harborne Bancorp Inc (MHC) | | | Coastway Bancorp, Inc. | | | MA, RI | |
Seneca-Cayuga Bancorp Inc. (MHC) | | | Medina S&LA | | | NY | |
Parkway Acquisition Corp | | | Great State Bank | | | VA, NC | |
Achieva CU | | | Preferred Community Bank | | | FL | |
Buyer | | | Seller | | | State | |
Private Investors | | | Brickell Bank | | | NA, FL | |
Ameris Bancorp | | | Hamilton State Bancshares | | | GA | |
Park National Corp. | | | New Dominion Bank | | | OH, NC | |
Mid Penn Bancorp Inc. | | | First Priority Financial Corp | | | PA | |
First Commonwealth Financial | | | Garfield Acquisition Corp. | | | PA, OH | |
Juniata Valley Financial Corp. | | | Liverpool Community Bank | | | PA | |
LCNB Corp. | | | Columbus First Bancorp Inc. | | | OH, NC | |
First Citizens BancShares Inc. | | | HomeBancorp Inc. | | | NC, FL | |
South Atlantic Bancshares Inc. | | | Atlantic Bancshares Inc. | | | SC, NA | |
MFB Acquisition Corporation | | | Maryland Financial BK | | | MD | |
William Penn Bancorp Inc. (MHC) | | | Audubon SB | | | PA, NJ | |
First Bancshares Inc. | | | Sunshine Financial Inc | | | MS, FL | |
Banco de Credito e Inversiones | | | TotalBank | | | NA, FL | |
SRP FCU | | | Southern Bank | | | SC, GA | |
FCB Financial Holdings Inc. | | | Floridian Community Holdings Inc. | | | FL | |
Ameris Bancorp | | | Atlantic Coast Financial Corp. | | | GA, FL | |
CB Financial Services Inc. | | | First WV Bancorp Inc. | | | PA, WV | |
WesBanco Inc. | | | First Sentry Bancshares Inc. | | | WV | |
Georgia’s Own CU | | | State Bank of Georgia | | | GA | |
First Federal Bancorp MHC | | | Coastal Banking Co. | | | FL, SC | |
1st Constitution Bancorp | | | New Jersey Community Bank | | | NJ | |
Spencer Savings Bank SLA | | | Wawel Bank (MHC) | | | NJ | |
Kearny Financial Corp. | | | Clifton Bancorp Inc | | | NJ | |
Old Point Financial Corp. | | | Citizens National Bank | | | VA | |
Peoples Bancorp Inc. | | | ASB Financial Corp. | | | OH | |
IBERIABANK Corp. | | | Gibraltar Private B&TC | | | LA, FL | |
First Bank | | | Delanco Bancorp Inc. | | | NJ | |
Old Line Bancshares Inc. | | | Bay Bancorp Inc. | | | MD | |
First Reliance Bankshares | | | Independence Bancshares Inc. | | | SC | |
Brookline Bancorp Inc. | | | First Commons Bank NA | | | MA | |
Fidelity MHC | | | Colonial Co-operative Bank | | | MA | |
National Commerce Corp. | | | First Atlantic Financial Holdings Inc | | | AL, FL | |
Howard Bancorp Inc. | | | 1st Mariner Bank | | | MD | |
Center State Banc Corp. | | | Sunshine Bancorp Inc | | | FL | |
Center State Banc Corp. | | | HCBF Holding Co. | | | FL | |
Lake Michigan CU | | | Encore Bank | | | MI, FL | |
Patriot National Bancorp Inc. | | | Prime Bank | | | CT | |
Atlantic Community Bankshares Inc. | | | BBN Financial Corporation | | | PA, CT | |
Southern Hills Community Bank | | | Adams County Building & LN Co. | | | OH | |
PB Financial Corp | | | CB Financial Corp. | | | NA, NC | |
Valley National Bancorp | | | US AmeriBancorp Inc. | | | NJ, FL | |
Atlantic Bay Mortgage Group LLC | | | Virginia Community Bank | | | VA | |
Delmar Bancorp | | | Liberty Bell Bank | | | MD, NJ | |
Buyer | | | Seller | | | State | |
Select Bancorp Inc. | | | Premara Financial Inc. | | | NC, | |
South Shore Bancorp MHC | | | Braintree Bancorp MHC | | | MA | |
Advantage Bank | | | First Bank of Lilly | | | PA | |
OceanFirst Financial Corp. | | | Sun Bancorp Inc. | | | NJ | |
Bank of McKenney | | | CCB Bankshares Inc. | | | VA | |
United Community Banks Inc. | | | Four Oaks Fincorp Inc. | | | GA, NC | |
Entegra Financial | | | Chattahoochee Bank of Georgia | | | NC, GA | |
Meridian Bancorp Inc. | | | Meetinghouse Bancorp Inc. | | | MA | |
WB&T Bankshares Inc. | | | Pellham Banking Co. | | | GA | |
Private investor – Ying Li | | | Global Bank | | | NY | |
Carolina Financial Corp. | | | First South Bancorp | | | SC, NC | |
BCB Bancorp Inc. | | | IA Bancorp | | | NJ | |
Penn Community Mutual Holdings | | | Chelten Hills Savings Bank | | | PA | |
Charter Financial Corp. | | | Resurgens Bancorp | | | GA | |
Union Bankshares Corp | | | Xenith Bankshares Inc. | | | VA | |
Berkshire Hills Bancorp Inc. | | | Commerce Bancshares Corp. | | | MA | |
Seacoast Banking Corp of FL | | | NorthStar Banking Corp. | | | FL | |
Sandy Spring Bancorp Inc. | | | WashingtonFirst Bankshares Inc. | | | MD, VA | |
| | | EMCF/CMFP(2) | | | Nationwide Precedent Transaction Median | | | Nationwide Precedent Transaction Mean | | | Nationwide Precedent Transaction High | | | Nationwide Precedent Transaction Low | | |||||||||||||||
Transaction price/LTM earnings per share:(1) | | | | | 22.5x | | | | | | 26.3x | | | | | | 30.0x | | | | | | 65.9x | | | | | | 7.8x | | |
Transaction price/Book value per share: | | | | | 185% | | | | | | 157.3% | | | | | | 152.5% | | | | | | 244.2% | | | | | | 5.9% | | |
Transaction price/Tangible book value per share: | | | | | 185% | | | | | | 157.9% | | | | | | 157.9% | | | | | | 261.3% | | | | | | 6.1% | | |
Price/Assets: | | | | | 13.2% | | | | | | 15.9% | | | | | | 16.3% | | | | | | 44.6% | | | | | | 0.2% | | |
Buyer | | | Seller | | | State | |
FVC Bankcorp Inc. | | | Colombo Bank | | | VA, MD | |
Premier Financial Bancorp Inc. | | | First Bank of Charleston Inc. | | | WV | |
Mid Penn Bancorp Inc. | | | First Priority Financial Corp | | | PA | |
First Commonwealth Financial | | | Garfield Acquisition Corp | | | PA, OH | |
Juniata Valley Financial Corp. | | | Liverpool Community Bank | | | PA | |
MFB Acquisition Corporation | | | Maryland Financial BK | | | MD | |
CB Financial Services Inc. | | | First WV Bancorp Inc. | | | PA, WV | |
WesBanco Inc. | | | First Sentry Bancshares Inc. | | | WV | |
1st Constitution Bancorp | | | New Jersey Community Bank | | | NJ | |
Howard Bancorp Inc. | | | 1st Mariner Bank | | | MD | |
Atlantic Community Bancshares Inc. | | | BBN Financial Corporation | | | PA, CT | |
Valley National Bancorp | | | USAmeriBancorp Inc. | | | NJ, FL | |
Delmar Bancorp | | | Liberty Bell Bank | | | MD, NJ | |
Advantage Bank | | | First Bank of Lilly | | | PA | |
OceanFirst Financial Corp. | | | Sun Bancorp Inc. | | | NJ | |
BCB Bancorp Inc. | | | IA Bancorp | | | NJ | |
Sandy Spring Bancorp Inc. | | | WashingtonFirst Bankshares Inc. | | | MD, VA | |
Emclaire Financial Corp | | | Northern Hancock Bank & Trust Company | | | PA, WV | |
Riverview Financial Corporation | | | CBT Financial Corporation | | | PA | |
Sussex Bancorp | | | Community Bank of Bergen County | | | NJ | |
First Bank | | | Bucks County Bank | | | NJ, PA | |
Mid Penn Bancorp, Inc. | | | Scottdale Bank & Trust Company | | | PA | |
Old Line Bancshares, Inc | | | DCB Bancshares, Inc. | | | MD | |
Bryn Mawr Bank Corporation | | | Royal Bancshares of Pennsylvania, Inc. | | | PA | |
NextTier Incorporated | | | Manor Bank | | | PA | |
ACNB Corporation | | | New Windsor Bancorp, Inc. | | | PA, MD | |
Standard Financial Corp. | | | Allegheny Valley Bancorp, Inc. | | | PA | |
United Bankshares, Inc. | | | Cardinal Financial Corporation | | | WV, VA | |
FNB Corporation | | | Yadkin Financial Corporation | | | PA, NC | |
Summit Financial Group, Inc. | | | First Century Bankshares, Inc. | | | WV | |
Investors Bancorp, Inc. | | | Bank of Princeton | | | NJ | |
Revere Bank | | | Monument Bank | | | MD | |
First Sentry Bancshares, Inc | | | Rock Branch Community Bank, Inc. | | | WV | |
Norwood Financial Corp | | | Delaware Bancshares, Inc. | | | PA, NY | |
Summit Financial Group, Inc. | | | Highland County Bankshares, Inc | | | WV, VA | |
Lakeland Bancorp, Inc. | | | Harmony Bank | | | NJ | |
CNB Financial Corp. | | | Lake National Bank | | | PA, OH | |
WSFS Financial Corp. | | | Penn Liberty Financial Corp. | | | DE, PA | |
Buyer | | | Seller | | | State | |
United Bankshares, Inc. | | | Bank of Georgetown | | | WV, DC | |
Regal Bank | | | Community First Bank | | | NJ | |
Revere Bank | | | BlueRidge Bank | | | MD | |
Northfield Bancorp, Inc. | | | Hopewell Valley Community Bank | | | NJ | |
BB&T Corp. | | | National Penn Bancshares Inc. | | | NC, PA | |
Old Line Bancshares, Inc | | | Regal Bancorp, Inc. | | | MD | |
Lakeland Bancorp, Inc. | | | Pascack Bancorp Inc. | | | NJ | |
FNB Corporation | | | Metro Bancorp Inc. | | | PA | |
ESSA Bancorp, Inc. | | | Eagle National Bancorp, Inc. | | | PA | |
Premier Financial Bancorp Inc. | | | First National Bankshares Corp | | | WV | |
Citizens Financial Services, Inc. | | | First National Bank of Fredericksburg | | | PA | |
Juniata Valley Financial Corp | | | FNBPA Bancorp, Inc. | | | PA | |
First Commonwealth Financial | | | First Community Bank | | | PA, OH | |
Hamilton Bancorp, Inc. | | | Fairmount Bancorp, Inc. | | | MD | |
Andover Bancorp, Inc. | | | Community National Bank of Northwest PA | | | OH, PA | |
Delmarva Bancshares, Inc. | | | Easton Bancorp, Inc. | | | MD | |
Howard Bancorp, Inc. | | | Patapsco Bancorp, Inc. | | | MD | |
OceanFirst Financial Corp. | | | Colonial American Bank | | | NJ | |
| | | EMCF/CMFP(2) | | | Regional Precedent Transaction Median | | | Regional Precedent Transaction Mean | | | Regional Precedent Transaction High | | | Regional Precedent Transaction Low | | |||||||||||||||
Transaction price/LTM earnings per share:(1) | | | | | 22.5x | | | | | | 22.4x | | | | | | 23.4x | | | | | | 38.1x | | | | | | 7.8x | | |
Transaction price/Book value per share: | | | | | 185% | | | | | | 137.0% | | | | | | 140.7% | | | | | | 244.2% | | | | | | 60% | | |
Transaction price/Tangible book value per share: | | | | | 185% | | | | | | 140.5% | | | | | | 147.2% | | | | | | 261.3% | | | | | | 60% | | |
Price/Assets: | | | | | 13.2% | | | | | | 13.9% | | | | | | 14.6% | | | | | | 44.6% | | | | | | 4.1% | | |
Buyer | | | Seller | |
Mid Penn Bancorp Inc. | | | First Priority Financial Corp | |
First Commonwealth Financial | | | Garfield Acquisition Corp | |
Juniata Valley Financial Corp. | | | Liverpool Community Bank | |
CB Financial Services Inc. | | | First WV Bancorp Inc. | |
Atlantic Community Bancshares Inc. | | | BBN Financial Corporation | |
Advantage Bank | | | First Bank of Lilly | |
Emclaire Financial Corp | | | Northern Hancock Bank & Trust Company | |
Riverview Financial Corporation | | | CBT Financial Corporation | |
First Bank | | | Bucks County Bank | |
Mid Penn Bancorp, Inc. | | | Scottdale Bank & Trust Company | |
Bryn Mawr Bank Corporation | | | Royal Bancshares of Pennsylvania, Inc. | |
NextTier Incorporated | | | Manor Bank | |
ACNB Corporation | | | New Windsor Bancorp, Inc. | |
Standard Financial Corp. | | | Allegheny Valley Bancorp, Inc. | |
FNB Corporation | | | Yadkin Financial Corporation | |
Norwood Financial Corp | | | Delaware Bancshares, Inc. | |
CNB Financial Corp. | | | Lake National Bank | |
WSFS Financial Corp. | | | Penn Liberty Financial Corp. | |
BB&T Corp. | | | National Penn Bancshares Inc. | |
FNB Corporation | | | Metro Bancorp Inc. | |
ESSA Bancorp, Inc. | | | Eagle National Bancorp, Inc. | |
Citizens Financial Services, Inc. | | | First National Bank of Fredericksburg | |
Juniata Valley Financial Corp | | | FNBPA Bancorp, Inc. | |
First Commonwealth Financial | | | First Community Bank | |
Andover Bancorp, Inc. | | | Community National Bank of Northwest PA | |
| | | EMCF/CMFP(2) | | | Pennsylvania Precedent Transaction Median | | | Pennsylvania Precedent Transaction Mean | | | Pennsylvania Precedent Transaction High | | | Pennsylvania Precedent Transaction Low | | |||||||||||||||
Transaction price/LTM earnings per share:(1) | | | | | 22.5x | | | | | | 22.7x | | | | | | 24.9x | | | | | | 38.1x | | | | | | 13.5x | | |
Transaction price/Book value per share: | | | | | 185% | | | | | | 130% | | | | | | 137.2% | | | | | | 241% | | | | | | 60% | | |
Transaction price/Tangible book value per share: | | | | | 185% | | | | | | 130% | | | | | | 148% | | | | | | 241% | | | | | | 60% | | |
Price/Assets: | | | | | 13.2% | | | | | | 14.7% | | | | | | 15.9% | | | | | | 44.6% | | | | | | 4.1% | | |
Buyer | | | Seller | |
First Commonwealth Financial | | | Garfield Acquisition Corp | |
Juniata Valley Financial Corp. | | | Liverpool Community Bank | |
CB Financial Services Inc. | | | First WV Bancorp Inc. | |
Atlantic Community Bancshares Inc. | | | BBN Financial Corporation | |
Advantage Bank | | | First Bank of Lilly | |
Emclaire Financial Corp | | | Northern Hancock Bank & Trust Company | |
First Bank | | | Bucks County Bank | |
Mid Penn Bancorp, Inc. | | | Scottdale Bank & Trust Company | |
NextTier Incorporated | | | Manor Bank | |
ACNB Corporation | | | New Windsor Bancorp, Inc. | |
CNB Financial Corp. | | | Lake National Bank | |
ESSA Bancorp, Inc. | | | Eagle National Bancorp, Inc. | |
Citizens Financial Services, Inc. | | | First National Bank of Fredericksburg | |
Juniata Valley Financial Corp | | | FNBPA Bancorp, Inc. | |
First Commonwealth Financial | | | First Community Bank | |
Andover Bancorp, Inc. | | | Community National Bank of Northwest PA | |
| | | EMCF/CMFP(2) | | | PA Select Precedent Transaction Median | | | PA Select Precedent Transaction Mean | | | PA Select Precedent Transaction High | | | PA Select Precedent Transaction Low | | |||||||||||||||
Transaction price/LTM earnings per share:(1) | | | | | 22.5x | | | | | | 27.4x | | | | | | 27.1x | | | | | | 38.1x | | | | | | 17.2x | | |
Transaction price/Book value per share: | | | | | 185% | | | | | | 127.1% | | | | | | 128.3% | | | | | | 214.5% | | | | | | 60% | | |
Transaction price/Tangible book value per share: | | | | | 185% | | | | | | 127.1% | | | | | | 129.9% | | | | | | 214.5% | | | | | | 60% | | |
Price/Assets: | | | | | 13.2% | | | | | | 14.5% | | | | | | 16.6% | | | | | | 44.6% | | | | | | 5.8% | | |
Discount Rate | | | 9.0 | | | 10.5 | | | 12.0 | | | 13.5 | | | 15.0 | | | 16.5 | | ||||||||||||||||||
10% | | | | $ | 24.53 | | | | | $ | 28.62 | | | | | $ | 32.71 | | | | | $ | 36.80 | | | | | $ | 40.89 | | | | | $ | 44.98 | | |
11% | | | | $ | 23.45 | | | | | $ | 27.36 | | | | | $ | 31.26 | | | | | $ | 35.17 | | | | | $ | 39.08 | | | | | $ | 42.99 | | |
12% | | | | $ | 22.42 | | | | | $ | 26.16 | | | | | $ | 29.89 | | | | | $ | 33.63 | | | | | $ | 37.37 | | | | | $ | 41.10 | | |
13% | | | | $ | 21.44 | | | | | $ | 25.02 | | | | | $ | 28.59 | | | | | $ | 32.17 | | | | | $ | 35.74 | | | | | $ | 39.31 | | |
14% | | | | $ | 20.52 | | | | | $ | 23.94 | | | | | $ | 27.36 | | | | | $ | 30.78 | | | | | $ | 34.20 | | | | | $ | 37.62 | | |
Discount Rate | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | ||||||||||||||||||
10% | | | | $ | 17.31 | | | | | $ | 19.79 | | | | | $ | 22.26 | | | | | $ | 24.73 | | | | | $ | 27.20 | | | | | $ | 29.68 | | |
11% | | | | $ | 16.55 | | | | | $ | 18.91 | | | | | $ | 21.27 | | | | | $ | 23.64 | | | | | $ | 26.00 | | | | | $ | 28.36 | | |
12% | | | | $ | 15.82 | | | | | $ | 18.08 | | | | | $ | 20.34 | | | | | $ | 22.60 | | | | | $ | 24.86 | | | | | $ | 27.12 | | |
13% | | | | $ | 15.13 | | | | | $ | 17.29 | | | | | $ | 19.46 | | | | | $ | 21.62 | | | | | $ | 23.78 | | | | | $ | 25.94 | | |
14% | | | | $ | 14.48 | | | | | $ | 16.55 | | | | | $ | 18.62 | | | | | $ | 20.69 | | | | | $ | 22.76 | | | | | $ | 24.82 | | |
Discount Rate | | | 9.0 | | | 10.5 | | | 12.0 | | | 13.5 | | | 15.0 | | | 16.5 | | ||||||||||||||||||
10% | | | | $ | 17.32 | | | | | $ | 20.21 | | | | | $ | 23.10 | | | | | $ | 25.99 | | | | | $ | 28.87 | | | | | $ | 31.76 | | |
11% | | | | $ | 16.56 | | | | | $ | 19.32 | | | | | $ | 22.08 | | ��� | | | $ | 24.84 | | | | | $ | 27.60 | | | | | $ | 30.36 | | |
12% | | | | $ | 15.83 | | | | | $ | 18.47 | | | | | $ | 21.11 | | | | | $ | 23.75 | | | | | $ | 26.39 | | | | | $ | 29.02 | | |
13% | | | | $ | 15.14 | | | | | $ | 17.67 | | | | | $ | 20.19 | | | | | $ | 22.71 | | | | | $ | 25.24 | | | | | $ | 27.76 | | |
14% | | | | $ | 14.49 | | | | | $ | 16.91 | | | | | $ | 19.32 | | | | | $ | 21.74 | | | | | $ | 24.15 | | | | | $ | 26.57 | | |
Discount Rate | | | 70% | | | 80% | | | 90% | | | 100% | | | 110% | | | 120% | | ||||||||||||||||||
10% | | | | $ | 12.86 | | | | | $ | 14.69 | | | | | $ | 16.53 | | | | | $ | 18.37 | | | | | $ | 20.20 | | | | | $ | 22.04 | | |
11% | | | | $ | 12.29 | | | | | $ | 14.04 | | | | | $ | 15.80 | | | | | $ | 17.55 | | | | | $ | 19.31 | | | | | $ | 21.07 | | |
12% | | | | $ | 11.75 | | | | | $ | 13.43 | | | | | $ | 15.11 | | | | | $ | 16.78 | | | | | $ | 18.46 | | | | | $ | 20.14 | | |
13% | | | | $ | 11.24 | | | | | $ | 12.84 | | | | | $ | 14.45 | | | | | $ | 16.05 | | | | | $ | 17.66 | | | | | $ | 19.27 | | |
14% | | | | $ | 10.75 | | | | | $ | 12.29 | | | | | $ | 13.83 | | | | | $ | 15.36 | | | | | $ | 16.90 | | | | | $ | 18.44 | | |
| | | Emclaire | | | Community First | | ||||||
Total Assets | | | | | 85% | | | | | | 15% | | |
Total Net Loans | | | | | 84% | | | | | | 16% | | |
Total Deposits | | | | | 85% | | | | | | 15% | | |
Common Equity | | | | | 84% | | | | | | 16% | | |
Tangible Common Equity | | | | | 88% | | | | | | 12% | | |
Estimated Net Income | | | | | 92% | | | | | | 8% | | |
| | | 2017 | | | 2018 | | ||||||
CMFP Common Shares Outstanding: | | | | | 367,132 | | | | | | 367,132 | | |
CMFP Common Annual Dividend: | | | | $ | 0.46 | | | | | $ | 0.50 | | |
EMCF Common Stock Conversion: | | | | | 1.2 | | | | | | 1.2 | | |
EMCF Common Annual Dividends: | | | | $ | 1.08 | | | | | $ | 1.12 | | |
Dividend w/o Merger | | | | $ | 168,880.72 | | | | | $ | 183,566.00 | | |
Dividend w/Merger | | | | $ | 475,803.07 | | | | | $ | 493,425.41 | | |
Aggregate Dividend Pickup | | | | $ | 306,922.35 | | | | | $ | 309,859.41 | | |
Dividend Pickup (%) | | | | | 181.74% | | | | | | 168.80% | | |
Name and Address | | | Shares Beneficially Owned | | | Percent of Outstanding Common Stock Beneficially Owned(1) | | ||||||
Henry H. Deible 200 Lewis Street Reynoldsville, PA 15851 | | | | | 60,058(2) | | | | | | 16.36% | | |
Mary M. Deible 200 Lewis Street Reynoldsville, PA 15851 | | | | | 49,341(3) | | | | | | 13.44% | | |
Eugene E. Deible, III 815 Thompson Street Reynoldsville, PA 15851 | | | | | 40,029(4) | | | | | | 10.90% | | |
Patricia E. Beach 21 Washington Street Landing, NJ 07850 | | | | | 39,142(5) | | | | | | 10.66% | | |
Donald Beach 21 Washington Street Landing, NJ 07850 | | | | | 36,142(6) | | | | | | 9.84% | | |
Name and Address of Beneficial Owner | | | Amount and Nature of Beneficial Ownership as of June 19, 2017(1) | | | Percent of Common Stock | | ||||||
Directors and Certain Officers: | | | | ||||||||||
Mark A. Mangano(2) | | | | | 59,281 | | | | | | 99.3% | | |
Tracy Mangano(2) | | | | | 59,281 | | | | | | 99.3 | | |
Joseph Juszczak | | | | | 50 | | | | | | * | | |
Joseph L. Ludovici | | | | | 50 | | | | | | * | | |
William L. Miller | | | | | 50 | | | | | | * | | |
Robert O’Hara | | | | | 50 | | | | | | * | | |
E. Russell Slack | | | | | 50 | | | | | | * | | |
Victor J. Wicks | | | | | 50 | | | | | | * | | |
Directors and executive officers of Northern Hancock as a group (8 persons) | | | | | 59,581 | | | | | | 99.9 | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1)(2) | | | Percent of Outstanding Common Stock Beneficially Owned(3) | | ||||||
Directors | | | | | | | | | | | | | |
Eugene E. Deible, III | | | | | 40,029(4) | | | | | | 10.90% | | |
Henry H. Deible | | | | | 60,058(5) | | | | | | 16.36% | | |
Henry H. Deible, II | | | | | 320 | | | | | | — | | |
Dr. Harry E. Kunselman | | | | | 2,800 | | | | | | — | | |
Robert M. Hanak, Esquire | | | | | 7,417(6) | | | | | | 2.02% | | |
Eugene V. Zanot | | | | | 6,000 | | | | | | 1.63% | | |
Executive Officers who are not Directors | | | | | | | | | | | | | |
W. Jay Chamberlin Sr. Vice President, Lending and Credit Administration and Chief Credit Officer | | | | | 619 | | | | | | — | | |
Michael D. Robinson, Sr., PhD Sr. Vice President, Finance and Operations and Chief Financial Officer | | | | | 150 | | | | | | — | | |
All Directors and Executive Officers as a Group (8 persons) | | | | | 117,393 | | | | | | 31.97% | | |
| | | March 31, 2017 | | | December 31, | | | | As of March 31, 2018 | | | As of December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | Dollar Amount | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 209,694 | | | | | 38.8% | | | | $ | 198,167 | | | | | 38.0% | | | | $ | 139,305 | | | | | 32.0% | | | | $ | 139,305 | | | | | 27.8% | | | | $ | 105,541 | | | | | 29.5% | | | | $ | 97,246 | | | | | 28.7% | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | | | $ | 224,690 | | | | | 38.1% | | | | $ | 221,823 | | | | | 38.1% | | | | $ | 198,167 | | | | | 38.0% | | | | $ | 139,305 | | | | | 32.0% | | | | $ | 107,173 | | | | | 27.8% | | | | $ | 105,541 | | | | | 29.5% | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | 90,648 | | | | | 16.7% | | | | | 91,359 | | | | | 17.5% | | | | | 87,410 | | | | | 20.1% | | | | | 87,410 | | | | | 23.2% | | | | | 87,928 | | | | | 24.6% | | | | | 85,615 | | | | | 25.2% | | | | | | 100,241 | | | | | 17.0% | | | | | 99,940 | | | | | 17.1% | | | | | 91,359 | | | | | 17.5% | | | | | 87,410 | | | | | 20.1% | | | | | 89,106 | | | | | 23.2% | | | | | 87,928 | | | | | 24.6% | | | ||||||||||||||||||||||||
Commercial real estate | | | | 178,024 | | | | | 32.9% | | | | | 166,994 | | | | | 32.1% | | | | | 129,691 | | | | | 29.8% | | | | | 129,691 | | | | | 28.8% | | | | | 101,499 | | | | | 28.5% | | | | | 98,823 | | | | | 29.2% | | | | | | 196,788 | | | | | 33.3% | | | | | 193,068 | | | | | 33.1% | | | | | 166,994 | | | | | 32.1% | | | | | 129,691 | | | | | 29.8% | | | | | 110,810 | | | | | 28.8% | | | | | 101,499 | | | | | 28.5% | | | ||||||||||||||||||||||||
Total real estate loans | | | | 478,366 | | | | | 88.4% | | | | | 456,520 | | | | | 87.6% | | | | | 356,406 | | | | | 81.9% | | | | | 307,089 | | | | | 79.8% | | | | | 294,968 | | | | | 82.6% | | | | | 281,684 | | | | | 83.1% | | | | | | 521,719 | | | | | 88.4% | | | | | 514,831 | | | | | 88.3% | | | | | 456,520 | | | | | 87.6% | | | | | 356,406 | | | | | 81.9% | | | | | 307,089 | | | | | 79.8% | | | | | 294,968 | | | | | 82.6% | | | ||||||||||||||||||||||||
Other loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | 55,753 | | | | | 10.3% | | | | | 57,788 | | | | | 11.1% | | | | | 71,948 | | | | | 16.5% | | | | | 70,185 | | | | | 18.2% | | | | | 53,214 | | | | | 14.9% | | | | | 45,581 | | | | | 13.4% | | | | | | 59,200 | | | | | 10.0% | | | | | 58,941 | | | | | 10.1% | | | | | 57,788 | | | | | 11.1% | | | | | 71,948 | | | | | 16.5% | | | | | 70,185 | | | | | 18.2% | | | | | 53,214 | | | | | 14.9% | | | ||||||||||||||||||||||||
Consumer | | | | 6,773 | | | | | 1.3% | | | | | 6,672 | | | | | 1.3% | | | | | 6,742 | | | | | 1.6% | | | | | 7,598 | | | | | 2.0% | | | | | 9,117 | | | | | 2.6% | | | | | 11,886 | | | | | 3.5% | | | | | | 9,258 | | | | | 1.6% | | | | | 9,589 | | | | | 1.6% | | | | | 6,672 | | | | | 1.3% | | | | | 6,742 | | | | | 1.6% | | | | | 7,598 | | | | | 2.0% | | | | | 9,117 | | | | | 2.6% | | | ||||||||||||||||||||||||
Total other loans | | | | 62,526 | | | | | 11.6% | | | | | 64,460 | | | | | 12.4% | | | | | 78,690 | | | | | 18.1% | | | | | 77,783 | | | | | 20.2% | | | | | 62,331 | | | | | 17.4% | | | | | 57,467 | | | | | 16.9% | | | | | | 68,458 | | | | | 11.6% | | | | | 68,530 | | | | | 11.7% | | | | | 64,460 | | | | | 12.4% | | | | | 78,690 | | | | | 18.1% | | | | | 77,783 | | | | | 20.2% | | | | | 62,331 | | | | | 17.4% | | | ||||||||||||||||||||||||
Total loans receivable | | | | 540,892 | | | | | 100.0% | | | | | 520,980 | | | | | 100.0% | | | | | 435,096 | | | | | 100.0% | | | | | 384,872 | | | | | 100.0% | | | | | 357,299 | | | | | 100.0% | | | | | 339,151 | | | | | 100.0% | | | | | | | | | | | 100.0% | | | | | 583,361 | | | | | 100.0% | | | | | 520,980 | | | | | 100.0% | | | | | 435,096 | | | | | 100.0% | | | | | 384,872 | | | | | 100.0% | | | | | 357,299 | | | | | 100.0% | | | ||||||||||||||||||||||||
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | | | | 5,688 | | | | | | | | | | 5,545 | | | | | | | | | | 5,205 | | | | | | | | | | 5,224 | | | | | | | | | | 4,869 | | | | | | | | | | 5,350 | | | | | | | | | | | 5,935 | | | | | | | | | | 6,127 | | | | | | | | | | 5,545 | | | | | | | | | | 5,205 | | | | | | | | | | 5,224 | | | | | | | | | | 4,869 | | | | | | | | ||||||||||||||||||||||||
Net loans receivable | | | $ | 535,204 | | | | | | | | | $ | 515,435 | | | | | | | | | $ | 429,891 | | | | | | | | | $ | 379,648 | | | | | | | | | $ | 352,430 | | | | | | | | | $ | 333,801 | | | | | | | | | | $ | 584,242 | | | | | | | | | $ | 577,234 | | | | | | | | | $ | 515,435 | | | | | | | | | $ | 429,891 | | | | | | | | | $ | 379,648 | | | | | | | | | $ | 352,430 | | | | | | | | |
(Dollar amounts in thousands) | | Due in one year or less | | Due from one to five years | | Due from five to ten years | | Due after ten years | | Total | | | Due in one year or less | | Due from one to five years | | Due from five to ten years | | Due after ten years | | Total | | ||||||||||||||||||||||||||||||||||||||||
Residential mortgages | | | $ | 9,086 | | | | $ | 3,732 | | | | $ | 13,477 | | | | $ | 183,399 | | | | $ | 209,694 | | | | | $ | 2,114 | | | | $ | 3,425 | | | | $ | 14,178 | | | | $ | 204,973 | | | | $ | 224,690 | | | ||||||||||
Home equity loans and lines of credit | | | | 773 | | | | | 9,145 | | | | | 22,844 | | | | | 57,886 | | | | | 90,648 | | | | | | 645 | | | | | 10,113 | | | | | 23,015 | | | | | 66,468 | | | | | 100,241 | | | ||||||||||
Commercial real estate | | | | 970 | | | | | 17,289 | | | | | 56,309 | | | | | 103,456 | | | | | 178,024 | | | | | | 1,522 | | | | | 26,090 | | | | | 64,743 | | | | | 104,433 | | | | | 196,788 | | | ||||||||||
Commercial business | | | | 1,149 | | | | | 14,275 | | | | | 11,753 | | | | | 28,576 | | | | | 55,753 | | | | | | 1,139 | | | | | 13,296 | | | | | 17,099 | | | | | 27,666 | | | | | 59,200 | | | ||||||||||
Consumer | | | | 102 | | | | | 3,434 | | | | | 1,659 | | | | | 1,578 | | | | | 6,773 | | | | | | 222 | | | | | 5,233 | | | | | 2,399 | | | | | 1,404 | | | | | 9,258 | | | ||||||||||
| | | $ | 12,080 | | | | $ | 47,875 | | | | $ | 106,042 | | | | $ | 374,895 | | | | $ | 540,892 | | | | | $ | 5,642 | | | | $ | 58,157 | | | | $ | 121,434 | | | | $ | 404,944 | | | | $ | 590,177 | | | |
(Dollar amounts in thousands) | | Due in one year or less | | Due from one to five years | | Due from five to ten years | | Due after ten years | | Total | | | Due in one year or less | | Due from one to five years | | Due from five to ten years | | Due after ten years | | Total | | ||||||||||||||||||||||||||||||||||||||||
Residential mortgages | | | $ | 6,557 | | | | $ | 3,603 | | | | $ | 13,233 | | | | $ | 174,774 | | | | $ | 198,167 | | | | | $ | 6,870 | | | | $ | 3,601 | | | | $ | 13,704 | | | | $ | 197,648 | | | | $ | 221,823 | | | ||||||||||
Home equity loans and lines of credit | | | | 1,044 | | | | | 9,469 | | | | | 23,093 | | | | | 57,753 | | | | | 91,359 | | | | | | 697 | | | | | 10,396 | | | | | 23,769 | | | | | 65,078 | | | | | 99,940 | | | ||||||||||
Commercial real estate | | | | 1,157 | | | | | 13,599 | | | | | 53,454 | | | | | 98,784 | | | | | 166,994 | | | | | | 1,170 | | | | | 24,230 | | | | | 64,773 | | | | | 102,895 | | | | | 193,068 | | | ||||||||||
Commercial business | | | | 1,312 | | | | | 16,434 | | | | | 11,211 | | | | | 28,831 | | | | | 57,788 | | | | | | 968 | | | | | 13,254 | | | | | 18,305 | | | | | 26,414 | | | | | 58,941 | | | ||||||||||
Consumer | | | | 126 | | | | | 3,492 | | | | | 1,370 | | | | | 1,684 | | | | | 6,672 | | | | | | 271 | | | | | 5,179 | | | | | 2,678 | | | | | 1,461 | | | | | 9,589 | | | ||||||||||
| | | $ | 10,196 | | | | $ | 46,597 | | | | $ | 102,361 | | | | $ | 361,826 | | | | $ | 520,980 | | | | | $ | 9,976 | | | | $ | 56,660 | | | | $ | 123,229 | | | | $ | 393,496 | | | | $ | 583,361 | | | |
(Dollar amounts in thousands) | | Fixed rates | | Adjustable rates | | | Fixed rates | | Adjustable rates | | ||||||||||||||||
Residential mortgages | | | $ | 188,129 | | | | $ | 12,479 | | | | | $ | 211,590 | | | | $ | 10,986 | | | ||||
Home equity loans and lines of credit | | | | 75,663 | | | | | 14,212 | | | | | | 87,726 | | | | | 11,870 | | | ||||
Commercial real estate | | | | 32,642 | | | | | 144,413 | | | | | | 31,435 | | | | | 163,831 | | | ||||
Commercial business | | | | 23,850 | | | | | 30,754 | | | | | | 23,809 | | | | | 34,252 | | | ||||
Consumer | | | | 5,034 | | | | | 1,636 | | | | | | 7,419 | | | | | 1,617 | | | ||||
| | | $ | 325,318 | | | | $ | 203,494 | | | | | $ | 361,979 | | | | $ | 222,556 | | | |
(Dollar amounts in thousands) | | Fixed Rates | | Adjustable Rates | | | Fixed rates | | Adjustable rates | | ||||||||||||||||
Residential mortgages | | | $ | 180,213 | | | | $ | 11,397 | | | | | $ | 203,556 | | | | $ | 11,397 | | | ||||
Home equity loans and lines of credit | | | | 76,082 | | | | | 14,233 | | | | | | 85,010 | | | | | 14,233 | | | ||||
Commercial real estate | | | | 34,329 | | | | | 131,508 | | | | | | 60,390 | | | | | 131,508 | | | ||||
Commercial business | | | | 24,170 | | | | | 32,306 | | | | | | 25,667 | | | | | 32,306 | | | ||||
Consumer | | | | 4,833 | | | | | 1,713 | | | | | | 7,605 | | | | | 1,713 | | | ||||
| | | $ | 319,627 | | | | $ | 191,157 | | | | | $ | 382,228 | | | | $ | 191,157 | | | ||||
| |
| | | March 31, 2017 | | | December 31, | | | | As of March 31, 2018 | | | As of December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming loans | | | $ | 3,108 | | | | $ | 3,323 | | | | $ | 3,069 | | | | $ | 6,942 | | | | $ | 5,207 | | | | $ | 6,988 | | | | | $ | 3,157 | | | | $ | 3,693 | | | | $ | 3,323 | | | | $ | 3,069 | | | | $ | 6,942 | | | | $ | 5,207 | | | ||||||||||||
Total as a percentage of gross loans | | | | 0.57% | | | | | 0.64% | | | | | 0.71% | | | | | 1.80% | | | | | 1.46% | | | | | 2.06% | | | | | | 0.56% | | | | | 0.63% | | | | | 0.64% | | | | | 0.71% | | | | | 1.80% | | | | | 1.46% | | | ||||||||||||
Repossessions | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 27 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Real estate acquired through foreclosure | | | | 220 | | | | | 291 | | | | | 160 | | | | | 124 | | | | | 107 | | | | | 180 | | | | | | 820 | | | | | 492 | | | | | 291 | | | | | 160 | | | | | 124 | | | | | 107 | | | ||||||||||||
Total as a percentage of total assets | | | | 0.03% | | | | | 0.04% | | | | | 0.03% | | | | | 0.02% | | | | | 0.02% | | | | | 0.04% | | | | | | 847 | | | | | 0.07% | | | | | 0.04% | | | | | 0.03% | | | | | 0.02% | | | | | 0.02% | | | ||||||||||||
Total nonperforming assets | | | $ | 3,328 | | | | $ | 3,614 | | | | $ | 3,229 | | | | $ | 7,066 | | | | $ | 5,314 | | | | $ | 7,168 | | | | | $ | 4,004 | | | | $ | 4,185 | | | | $ | 3,614 | | | | $ | 3,229 | | | | $ | 7,066 | | | | $ | 5,314 | | | ||||||||||||
Total nonperforming assets as a percentage of total assets | | | | 0.47% | | | | | 0.52% | | | | | 0.54% | | | | | 1.21% | | | | | 1.01% | | | | | 1.41% | | | | | | 0.53% | | | | | 0.56% | | | | | 0.52% | | | | | 0.54% | | | | | 1.21% | | | | | 1.01% | | | ||||||||||||
Allowance for loan losses as a percentage of nonperforming loans | | | | 183.01% | | | | | 166.87% | | | | | 169.60% | | | | | 75.25% | | | | | 93.51% | | | | | 76.56% | | | | | | 187.99% | | | | | 165.91% | | | | | 166.87% | | | | | 169.60% | | | | | 75.25% | | | | | 93.51% | | | |
| | | March 31, 2017 | | | December 31, | | | | Three Months ended March 31, 2018 | | | Year ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | | | $ | 5,545 | | | | $ | 5,205 | | | | $ | 5,224 | | | | $ | 4,869 | | | | $ | 5,350 | | | | $ | 3,536 | | | | | $ | 6,127 | | | | $ | 5,545 | | | | $ | 5,205 | | | | $ | 5,224 | | | | $ | 4,869 | | | | $ | 5,350 | | | ||||||||||||
Provision for loan losses | | | | 162 | | | | | 464 | | | | | 381 | | | | | 670 | | | | | 580 | | | | | 2,154 | | | | | | 380 | | | | | 903 | | | | | 464 | | | | | 381 | | | | | 670 | | | | | 580 | | | ||||||||||||
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | | | | (26) | | | | | (101) | | | | | (79) | | | | | (134) | | | | | (36) | | | | | (90) | | | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | | | | (62) | | | | | (40) | | | | | (101) | | | | | (79) | | | | | (134) | | | | | (36) | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | (1) | | | | | (118) | | | | | (221) | | | | | (72) | | | | | (68) | | | | | (222) | | | | | | (19) | | | | | (114) | | | | | (118) | | | | | (221) | | | | | (72) | | | | | (68) | | | ||||||||||||
Commercial real estate loans | | | | — | | | | | (18) | | | | | (35) | | | | | (2) | | | | | (941) | | | | | (35) | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial business loans | | | | — | | | | | (11) | | | | | (182) | | | | | (17) | | | | | — | | | | | (50) | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | (385) | | | | | (127) | | | | | (18) | | | | | (35) | | | | | (2) | | | | | (941) | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | (—) | | | | | (14) | | | | | (11) | | | | | (182) | | | | | (17) | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Consumer loans | | | | (19) | | | | | (48) | | | | | (50) | | | | | (139) | | | | | (85) | | | | | (101) | | | | | | (119) | | | | | (71) | | | | | (48) | | | | | (50) | | | | | (139) | | | | | (85) | | | ||||||||||||
| | | | (46) | | | | | (296) | | | | | (567) | | | | | (364) | | | | | (1,130) | | | | | (498) | | | | | | (585) | | | | | (366) | | | | | (296) | | | | | (567) | | | | | (364) | | | | | (1,130) | | | ||||||||||||
Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1 | | | | | 84 | | | |||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | | | | 3 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1 | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | | | | 19 | | | | | 3 | | | | | 30 | | | | | 1 | | | | | — | | | | | 27 | | | | | | 1 | | | | | 23 | | | | | 3 | | | | | 30 | | | | | 1 | | | | | — | | | ||||||||||||
Commercial real estate loans | | | | 2 | | | | | 158 | | | | | 88 | | | | | 18 | | | | | 8 | | | | | 8 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial business loans | | | | — | | | | | — | | | | | 31 | | | | | 7 | | | | | 18 | | | | | 15 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | 2 | | | | | 8 | | | | | 158 | | | | | 88 | | | | | 18 | | | | | 8 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | 1 | | | | | 2 | | | | | — | | | | | 31 | | | | | 7 | | | | | 18 | | | |||||||||||||||||||||||||||||||||||||||||||
Consumer loans | | | | 6 | | | | | 11 | | | | | 18 | | | | | 23 | | | | | 42 | | | | | 24 | | | | | | 6 | | | | | 12 | | | | | 11 | | | | | 18 | | | | | 23 | | | | | 42 | | | ||||||||||||
| | | | 27 | | | | | 172 | | | | | 167 | | | | | 49 | | | | | 69 | | | | | 158 | | | | | | 13 | | | | | 45 | | | | | 172 | | | | | 167 | | | | | 49 | | | | | 69 | | | ||||||||||||
Net charge-offs | | | | (19) | | | | | (124) | | | | | (400) | | | | | (315) | | | | | (1,061) | | | | | (340) | | | | | | (572) | | | | | (321) | | | | | (124) | | | | | (400) | | | | | (315) | | | | | (1,061) | | | ||||||||||||
Balance at end of period | | | $ | 5,688 | | | | $ | 5,545 | | | | $ | 5,205 | | | | $ | 5,224 | | | | $ | 4,869 | | | | $ | 5,350 | | | | | $ | 5,935 | | | | $ | 6,127 | | | | $ | 5,545 | | | | $ | 5,205 | | | | $ | 5,224 | | | | $ | 4,869 | | | ||||||||||||
Ratio of net charge-offs to average loans outstanding | | | | 0.00% | | | | | 0.03% | | | | | 0.10% | | | | | 0.08% | | | | | 0.30% | | | | | 0.10% | | | | | | 0.10% | | | | | 0.06% | | | | | 0.03% | | | | | 0.10% | | | | | 0.08% | | | | | 0.30% | | | ||||||||||||
Ratio of allowance to total loans at end of period | | | | 1.05% | | | | | 1.06% | | | | | 1.20% | | | | | 1.36% | | | | | 1.36% | | | | | 1.58% | | | | | | 1.01% | | | | | 1.05% | | | | | 1.06% | | | | | 1.20% | | | | | 1.36% | | | | | 1.36% | | | |
| | | 2018 | | | 2017 | | ||||||||||||||||||
(Dollar amounts in thousands) Loan Categories: | | | Dollar Amount | | | Percent of loans in each category to total loans | | | Dollar Amount | | | Percent of loans in each category to total loans | | ||||||||||||
Residential mortgages | | | | $ | 1,919 | | | | | | 38.1% | | | | | $ | 1,956 | | | | | | 38.8% | | |
Home equity loans and lines of credit | | | | | 651 | | | | | | 17.0% | | | | | | 648 | | | | | | 16.7% | | |
Commercial real estate | | | | | 2,751 | | | | | | 33.3% | | | | | | 2,449 | | | | | | 32.9% | | |
Commercial business | | | | | 560 | | | | | | 10.0% | | | | | | 583 | | | | | | 10.3% | | |
Consumer loans | | | | | 54 | | | | | | 1.6% | | | | | | 52 | | | | | | 1.3% | | |
| | | | $ | 5,935 | | | | | | 100% | | | | | $ | 5,688 | | | | | | 100% | | |
|
| | | 2017 | | | 2016 | | ||||||||||||||||||
(Dollar amounts in thousands) | | | Dollar Amount | | | Percent of loans in each category to total loans | | | Dollar Amount | | | Percent of loans in each category to total loans | | ||||||||||||
Loan Categories: | | | | | | ||||||||||||||||||||
Residential mortgages | | | | $ | 1,956 | | | | | | 38.8% | | | | | $ | 1,577 | | | | | | 34.4% | | |
Home equity loans and lines of credit | | | | | 648 | | | | | | 16.7% | | | | | | 636 | | | | | | 19.9% | | |
Commercial real estate | | | | | 2,449 | | | | | | 32.9% | | | | | | 1,926 | | | | | | 28.9% | | |
Commercial business | | | | | 583 | | | | | | 10.3% | | | | | | 1,162 | | | | | | 15.3% | | |
Consumer loans | | | | | 52 | | | | | | 1.3% | | | | | | 51 | | | | | | 1.5% | | |
| | | | $ | 5,688 | | | | | | 100% | | | | | $ | 5,340 | | | | | | 100% | | |
|
| | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan Categories: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Loan Categories: | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | Dollar Amount | | Percent of loans in each category to total loans | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | | | $ | 1,846 | | | | | 38.0% | | | | $ | 1,429 | | | | | 32.0% | | | | $ | 955 | | | | | 27.8% | | | | $ | 923 | | | | | 29.5% | | | | $ | 828 | | | | | 28.7% | | | | | $ | 2,090 | | | | | 38.1% | | | | $ | 1,846 | | | | | 32.0% | | | | $ | 1,429 | | | | | 27.8% | | | | $ | 955 | | | | | 29.5% | | | | $ | 923 | | | | | 28.7% | | | ||||||||||||||||||||
Home equity loans and lines of credit | | | | 633 | | | | | 17.5% | | | | | 586 | | | | | 20.1% | | | | | 543 | | | | | 23.2% | | | | | 625 | | | | | 24.6% | | | | | 730 | | | | | 25.2% | | | | | | 646 | | | | | 17.1% | | | | | 633 | | | | | 20.1% | | | | | 586 | | | | | 23.2% | | | | | 543 | | | | | 24.6% | | | | | 625 | | | | | 25.2% | | | ||||||||||||||||||||
Commercial real estate | | | | 2,314 | | | | | 32.1% | | | | | 2,185 | | | | | 29.8% | | | | | 2,338 | | | | | 28.8% | | | | | 2,450 | | | | | 28.4% | | | | | 3,090 | | | | | 29.2% | | | | | | 2,753 | | | | | 33.1% | | | | | 2,314 | | | | | 29.8% | | | | | 2,185 | | | | | 28.8% | | | | | 2,338 | | | | | 28.4% | | | | | 2,450 | | | | | 29.2% | | | ||||||||||||||||||||
Commercial business | | | | 700 | | | | | 11.1% | | | | | 960 | | | | | 16.5% | | | | | 1,336 | | | | | 18.2% | | | | | 822 | | | | | 14.9% | | | | | 636 | | | | | 13.4% | | | | | | 585 | | | | | 10.1% | | | | | 700 | | | | | 16.5% | | | | | 960 | | | | | 18.2% | | | | | 1,336 | | | | | 14.9% | | | | | 822 | | | | | 13.4% | | | ||||||||||||||||||||
Consumer loans | | | | 52 | | | | | 1.3% | | | | | 45 | | | | | 1.6% | | | | | 52 | | | | | 2.0% | | | | | 49 | | | | | 2.6% | | | | | 66 | | | | | 3.5% | | | | | | 53 | | | | | 1.6% | | | | | 52 | | | | | 1.6% | | | | | 45 | | | | | 2.0% | | | | | 52 | | | | | 2.6% | | | | | 49 | | | | | 3.5% | | | ||||||||||||||||||||
| | | $ | 5,545 | | | | | 100% | | | | $ | 5,205 | | | | | 100% | | | | $ | 5,224 | | | | | 100% | | | | $ | 4,869 | | | | | 100% | | | | $ | 5,350 | | | | | 100% | | | | | $ | 6,127 | | | | | 100% | | | | $ | 5,545 | | | | | 100% | | | | $ | 5,205 | | | | | 100% | | | | $ | 5,224 | | | | | 100% | | | | $ | 4,869 | | | | | 100% | | | |
(Dollar amounts in thousands) | | | Due in 1 year or less | | | Due from 1 to 3 years | | | Due from 3 to 5 years | | | Due from 5 to 10 years | | | Due after 10 years | | | No scheduled maturity | | | Total | | |||||||||||||||||||||
U.S. Treasury | | | | $ | — | | | | | $ | 1,469 | | | | | $ | 2,958 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,427 | | |
U.S. government sponsored entities and agencies | | | | | 1,986 | | | | | | 978 | | | | | | 8,346 | | | | | | 2,429 | | | | | | — | | | | | | — | | | | | | 13,739 | | |
U.S. agency mortgage-backed securities: residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,466 | | | | | | — | | | | | | 23,466 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | — | | | | | | — | | | | | | — | | | | | | 3,599 | | | | | | 17,734 | | | | | | — | | | | | | 21,333 | | |
Corporate securities | | | | | 999 | | | | | | 492 | | | | | | 1,954 | | | | | | 5,011 | | | | | | — | | | | | | — | | | | | | 8,456 | | |
State and political subdivision | | | | | 350 | | | | | | 2,839 | | | | | | 7,195 | | | | | | 11,015 | | | | | | 3396 | | | | | | — | | | | | | 24,795 | | |
Equity securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 659 | | | | | | 659 | | |
Estimated fair value | | | | $ | 3,335 | | | | | $ | 5,788 | | | | | $ | 20,453 | | | | | $ | 22,054 | | | | | $ | 44,596 | | | | | $ | 659 | | | | | $ | 98,785 | | |
Weighted average yield(1) | | | | | 1.45% | | | | | | 1.97% | | | | | | 2.07% | | | | | | 3.21% | | | | | | 2.24% | | | | | | 2.78% | | | | | | 2.38% | | |
|
(Dollar amounts in thousands) | | | Due in 1 year or less | | | Due from 1 to 3 years | | | Due from 3 to 5 years | | | Due from 5 to 10 years | | | Due after 10 years | | | No scheduled maturity | | | Total | | |||||||||||||||||||||
U.S. Treasury and federal agency | | | | $ | — | | | | | $ | 1,483 | | | | | $ | 2,017 | | | | | $ | 1,007 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,507 | | |
U.S. government sponsored entities and agencies | | | | | — | | | | | | 1,993 | | | | | | 4,053 | | | | | | 2,975 | | | | | | — | | | | | | — | | | | | | 9,020 | | |
U.S. agency mortgage-backed securities: residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,748 | | | | | | — | | | | | | 24,748 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,786 | | | | | | — | | | | | | 24,786 | | |
Corporate securities | | | | | 1,999 | | | | | | 1,000 | | | | | | — | | | | | | 4,456 | | | | | | — | | | | | | — | | | | | | 7,455 | | |
State and political subdivision | | | | | — | | | | | | 1,784 | | | | | | 11,533 | | | | | | 12,132 | | | | | | 988 | | | | | | — | | | | | | 26,437 | | |
Equity securities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,143 | | | | | | 2,143 | | |
Estimated fair value | | | | $ | 1,999 | | | | | $ | 6,260 | | | | | $ | 17,603 | | | | | $ | 20,569 | | | | | $ | 50,522 | | | | | $ | 2,143 | | | | | $ | 99,096 | | |
Weighted average yield(1) | | | | | 2.09% | | | | | | 2.21% | | | | | | 2.84% | | | | | | 4.25% | | | | | | 3.04% | | | | | | 3.36% | | | | | | 3.16% | | |
(Dollar amounts in thousands) | | Due in 1 year or less | | Due from 1 to 3 years | | Due from 3 to 5 years | | Due from 5 to 10 years | | Due after 10 years | | No scheduled maturity | | Total | | | Due in 1 year or less | | Due from 1 to 3 years | | Due from 3 to 5 years | | Due from 5 to 10 years | | Due after 10 years | | No scheduled maturity | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | $ | — | | | | $ | 494 | | | | $ | 3,002 | | | | $ | 1,004 | | | | $ | — | | | | $ | — | | | | $ | 4,500 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | | | $ | — | | | | $ | 1,475 | | | | $ | 2,997 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 4,472 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and agencies | | | | — | | | | | 1,982 | | | | | 2,007 | | | | | 5,009 | | | | | — | | | | | — | | | | | 8,998 | | | | | | — | | | | | 1,985 | | | | | 9,462 | | | | | 2,479 | | | ��� | | | — | | | | | — | | | | | 13,926 | | | |||||||||||||
U.S. agency mortgage-backed securities: residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | 25,626 | | | | | — | | | | | 25,626 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 20,758 | | | | | — | | | | | 20,758 | | | ||||||||||||||
U.S. agency collateralized mortgage obligations: residential | | | | — | | | | | — | | | | | — | | | | | — | | | | | 24,706 | | | | | — | | | | | 24,706 | | | | | | — | | | | | — | | | | | — | | | | | 2,136 | | | | | 19,788 | | | | | — | | | | | 21,924 | | | ||||||||||||||
Corporate securities | | | | 2,001 | | | | | 1,499 | | | | | — | | | | | 4,432 | | | | | — | | | | | — | | | | | 7,932 | | | | | | 1,499 | | | | | — | | | | | 2,493 | | | | | 4,538 | | | | | 500 | | | | | — | | | | | 9,030 | | | ||||||||||||||
State and political subdivision | | | | — | | | | | 2,384 | | | | | 9,366 | | | | | 14,882 | | | | | 976 | | | | | — | | | | | 27,608 | | | | | | 350 | | | | | 4,112 | | | | | 9,767 | | | | | 11,509 | | | | | 3,502 | | | | | — | | | | | 29,240 | | | ||||||||||||||
Equity securities | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,190 | | | | | 2,190 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,817 | | | | | 1,817 | | | ||||||||||||||
Estimated fair value | | | $ | 2,001 | | | | $ | 6,359 | | | | $ | 14,375 | | | | $ | 25,327 | | | | $ | 51,308 | | | | $ | 2,190 | | | | $ | 101,560 | | | | | $ | 1,849 | | | | $ | 7,572 | | | | $ | 24,719 | | | | $ | 20,662 | | | | $ | 44,548 | | | | $ | 1,817 | | | | $ | 101,167 | | | ||||||||||||||
Weighted average yield(1) | | | | 1.19% | | | | | 2.25% | | | | | 2.68% | | | | | 3.30% | | | | | 2.01% | | | | | 3.36% | | | | | 2.45% | | | | | | 1.60% | | | | | 1.98% | | | | | 2.07% | | | | | 3.26% | | | | | 2.14% | | | | | 3.43% | | | | | 2.35% | | | ||||||||||||||
| |
| | | March 31, 2017 | | | December 31, | | ||||||||||||||||||
(Dollar amounts in thousands) | | | 2016 | | | 2015 | | | 2014 | | |||||||||||||||
U.S. Treasury and federal agency | | | | $ | 4,507 | | | | | $ | 4,500 | | | | | $ | 1,466 | | | | | $ | 1,456 | | |
U.S. government sponsored entities and agencies | | | | | 9,020 | | | | | | 8,998 | | | | | | 8,953 | | | | | | 35,224 | | |
U.S. agency mortgage-backed securities: residential | | | | | 24,748 | | | | | | 25,626 | | | | | | 33,150 | | | | | | 38,771 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 24,786 | | | | | | 24,706 | | | | | | 31,440 | | | | | | 36,617 | | |
Corporate securities | | | | | 7,455 | | | | | | 7,932 | | | | | | 7,487 | | | | | | 1,998 | | |
State and political subdivision | | | | | 26,437 | | | | | | 27,608 | | | | | | 28,591 | | | | | | 33,024 | | |
Equity securities | | | | | 2,143 | | | | | | 2,190 | | | | | | 1,894 | | | | | | 2,771 | | |
| | | | $ | 99,096 | | | | | $ | 101,560 | | | | | $ | 112,981 | | | | | $ | 149,861 | | |
|
| | | As of March 31, 2018 | | | As of December 31, | | ||||||||||||||||||
(Dollar amounts in thousands) | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
U.S. Treasury | | | | $ | 4,427 | | | | | $ | 4,472 | | | | | $ | 4,500 | | | | | $ | 1,466 | | |
U.S. government sponsored entities and agencies | | | | | 13,739 | | | | | | 13,926 | | | | | | 8,998 | | | | | | 8,953 | | |
U.S. agency mortgage-backed securities: residential | | | | | 23,466 | | | | | | 20,758 | | | | | | 25,626 | | | | | | 33,150 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 21,333 | | | | | | 21,924 | | | | | | 24,706 | | | | | | 31,440 | | |
Corporate securities | | | | | 8,456 | | | | | | 9,030 | | | | | | 7,932 | | | | | | 7,487 | | |
State and political subdivision | | | | | 24,795 | | | | | | 29,240 | | | | | | 27,608 | | | | | | 28,591 | | |
Equity securities | | | | | 659 | | | | | | 1,817 | | | | | | 2,190 | | | | | | 1,894 | | |
| | | | $ | 96,875 | | | | | $ | 101,167 | | | | | $ | 101,560 | | | | | $ | 112,981 | | |
|
| | | March 31, 2017 | | | December 31, | | | | As of March 31, 2018 | | | As of December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of accounts | | Weighted average rate | | Amount | | % | | Weighted average rate | | Amount | | % | | Weighted average rate | | Amount | | % | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | As of March 31, 2018 | | | 2017 | | 2016 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Type of accounts | | Weighted Average rate | | Amount | | % | | Weighted Average rate | | Amount | | % | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | | | | — | | | | $ | 132,635 | | | | | 21.9% | | | | | — | | | | $ | 123,717 | | | | | 21.2% | | | | | — | | | | $ | 119,790 | | | | | 24.4% | | | | | | — | | | | $ | 129,159 | | | | | 19.4% | | | | | — | | | | $ | 126,263 | | | | | 19.3% | | | | | — | | | | $ | 123,717 | | | | | 21.2% | | | ||||||||||||||||||
Interest bearing demand deposits | | | | 0.23% | | | | | 310,805 | | | | | 51.3% | | | | | 0.21% | | | | | 304,265 | | | | | 52.0% | | | | | 0.15% | | | | | 256,620 | | | | | 52.4% | | | | | | 0.49% | | | | | 366,371 | | | | | 54.9% | | | | | 0.44% | | | | | 357,693 | | | | | 54.6% | | | | | 0.21% | | | | | 304,265 | | | | | 52.0% | | | ||||||||||||||||||
Time deposits | | | | 1.49% | | | | | 162,666 | | | | | 26.8% | | | | | 1.44% | | | | | 156,958 | | | | | 26.8% | | | | | 1.46% | | | | | 113,477 | | | | | 23.2% | | | | | | 1.61% | | | | | 171,205 | | | | | 25.7% | | | | | 1.58% | | | | | 170,687 | | | | | 26.1% | | | | | 1.44% | | | | | 156,958 | | | | | 26.8% | | | ||||||||||||||||||
| | | | 0.52% | | | | $ | 606,106 | | | | | 100.0% | | | | | 0.50% | | | | $ | 584,940 | | | | | 100.0% | | | | | 0.42% | | | | $ | 489,887 | | | | | 100.0% | | | | | | 0.68% | | | | $ | 666,735 | | | | | 100% | | | | | 0.65% | | | | $ | 654,643 | | | | | 100.0% | | | | | 0.50% | | | | $ | 584,940 | | | | | 100.0% | | | |
(Dollar amounts in thousands) | | | Amount | | |||
Three months or less | | | | $ | 7,586 | | |
Over three months to six months | | | | | 7,472 | | |
Over six months to twelve months | | | | | 9,409 | | |
Over twelve months | | | | | 64,148 | | |
| | | | $ | 88,615 | | |
|
(Dollar amounts in thousands) | | | Amount | | |||
Three months or less | | | | $ | 6,115 | | |
Over three months to six months | | | | | 7,956 | | |
Over six months to twelve months | | | | | 9,919 | | |
Over twelve months | | | | | 68,889 | | |
| | | | $ | 92,879 | | |
|
(Dollar amounts in thousands) | | Amount | | | Amount | | ||||||||
Three months or less | | | $ | 4,914 | | | | | $ | 6,426 | | | ||
Over three months to six months | | | | 7,246 | | | | | | 6,025 | | | ||
Over six months to twelve months | | | | 11,489 | | | | | | 11,063 | | | ||
Over twelve months | | | | 58,031 | | | | | | 69,186 | | | ||
| | | $ | 81,680 | | | | | $ | 92,700 | | | |
| | | March 31, 2017 | | | December 31, | | |||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | For the Three Months Ended March 31, 2018 | | | For the Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | March 31, 2017 | | | 2016 | | 2015 | | | 2017 | | 2016 | | |||||||||||||||||||||||||
Ending balance | | | $ | 44,000 | | | | $ | 49,250 | | | | | $ | 20,300 | | | | $ | 26,000 | | | | $ | 44,000 | | | |||||||||||
Average balance | | | | 44,679 | | | | | 37,482 | | | | | 21,489 | | | | | | 24,581 | | | | | 40,537 | | | | | 37,482 | | | ||||||
Maximum balance | | | | 54,250 | | | | | 52,750 | | | | | 55,750 | | | | | | 36,750 | | | | | 54,250 | | | | | 52,750 | | | ||||||
Average rate | | | | 2.85% | | | | | 3.08% | | | | | 3.21% | | | | | | 2.61% | | | | | 3.00% | | | | | 3.08% | | |
| | | March 31, 2017 | | | December 31, 2016 | | | December 31, 2015 | |||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | ||||||||||||||||||
Total capital to risk-weighted assets: | | | | | | | | |||||||||||||||||||||||||||||
Actual | | | | $ | 58,878 | | | | | | 12.39% | | | | | $ | 58,605 | | | | | | 12.69% | | | | | $ | 56,090 | | | | | | 13.99% | |
For capital adequacy purposes | | | | | 38,019 | | | | | | 8.00% | | | | | | 36,945 | | | | | | 8.00% | | | | | | 32,070 | | | | | | 8.00% | |
To be well capitalized | | | | | 47,524 | | | | | | 10.00% | | | | | | 46,181 | | | | | | 10.00% | | | | | | 40,087 | | | | | | 10.00% | |
Tier 1 capital to risk-weighted assets: | | | | | | | | |||||||||||||||||||||||||||||
Actual | | | | $ | 53,184 | | | | | | 11.19% | | | | | $ | 53,050 | | | | | | 11.49% | | | | | $ | 51,073 | | | | | | 12.74% | |
For capital adequacy purposes | | | | | 28,514 | | | | | | 6.00% | | | | | | 27,709 | | | | | | 6.00% | | | | | | 24,052 | | | | | | 6.00% | |
To be well capitalized | | | | | 38,019 | | | | | | 8.00% | | | | | | 36,945 | | | | | | 8.00% | | | | | | 32,070 | | | | | | 8.00% | |
Common Equity Tier 1 capital to risk-weighted assets: | | | | | | | ||||||||||||||||||||||||||||||
Actual | | | | $ | 53,184 | | | | | | 11.19% | | | | | $ | 53,050 | | | | | | 11.49% | | | | | $ | 51,073 | | | | | | 12.74% | |
For capital adequacy purposes | | | | | 21,386 | | | | | | 4.50% | | | | | | 20,781 | | | | | | 4.50% | | | | | | 18,039 | | | | | | 4.50% | |
To be well capitalized | | | | | 30,890 | | | | | | 6.50% | | | | | | 30,018 | | | | | | 6.50% | | | | | | 26,057 | | | | | | 6.50% | |
Tier 1 capital to average assets: | | | | | | | | |||||||||||||||||||||||||||||
Actual | | | | $ | 53,184 | | | | | | 7.75% | | | | | $ | 53,050 | | | | | | 7.84% | | | | | $ | 51,073 | | | | | | 8.83% | |
For capital adequacy purposes | | | | | 27,445 | | | | | | 4.00% | | | | | | 27,081 | | | | | | 4.00% | | | | | | 23,131 | | | | | | 4.00% | |
To be well capitalized | | | | | 34,306 | | | | | | 5.00% | | | | | | 33,852 | | | | | | 5.00% | | | | | | 28,914 | | | | | | 5.00% |
| | | March 31, 2018 | | | December 31, | | ||||||||||||||||||||||||||||||
| | | 2017 | | | 2016 | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Amount | | | Ratio | | | Amount | | | Ratio | | | Amount | | | Ratio | | ||||||||||||||||||
Total capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 64,463 | | | | | | 12.96% | | | | | $ | 64,221 | | | | | | 12.96% | | | | | $ | 58,605 | | | | | | 13.23% | | |
For capital adequacy purposes | | | | | 39,797 | | | | | | 8.00% | | | | | | 39,630 | | | | | | 8.00% | | | | | | 35,424 | | | | | | 8.00% | | |
To be well capitalized | | | | | 49,746 | | | | | | 10.00% | | | | | | 49,537 | | | | | | 10.00% | | | | | | 44,280 | | | | | | 10.00% | | |
Tier 1 capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 58,528 | | | | | | 11.77% | | | | | $ | 58,088 | | | | | | 11.73% | | | | | $ | 53,050 | | | | | | 11.98% | | |
For capital adequacy purposes | | | | | 29,848 | | | | | | 6.00% | | | | | | 29,722 | | | | | | 6.00% | | | | | | 26,568 | | | | | | 6.00% | | |
To be well capitalized | | | | | 39,797 | | | | | | 8.00% | | | | | | 39,630 | | | | | | 8.00% | | | | | | 35,424 | | | | | | 8.00% | | |
Common Equity Tier 1 capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 58,528 | | | | | | 11.77% | | | | | $ | 58,088 | | | | | | 11.73% | | | | | $ | 53,050 | | | | | | 11.98% | | |
For capital adequacy purposes | | | | | 22,386 | | | | | | 4.50% | | | | | | 22,292 | | | | | | 4.50% | | | | | | 19,926 | | | | | | 4.50% | | |
To be well capitalized | | | | | 32,335 | | | | | | 6.50% | | | | | | 32,199 | | | | | | 6.50% | | | | | | 28,782 | | | | | | 6.50% | | |
Tier 1 capital to average assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 58,528 | | | | | | 7.92% | | | | | $ | 58,088 | | | | | | 7.71% | | | | | $ | 53,050 | | | | | | 7.84% | | |
For capital adequacy purposes | | | | | 29,571 | | | | | | 4.00% | | | | | | 30,117 | | | | | | 4.00% | | | | | | 27,081 | | | | | | 4.00% | | |
To be well capitalized | | | | | 36,964 | | | | | | 5.00% | | | | | | 37,647 | | | | | | 5.00% | | | | | | 33,852 | | | | | | 5.00% | | |
| | Three months ended March 31, | | | Three months ended March 31, | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | | 2018 | | 2017 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Average Balance | | Interest | | Yield/ Rate | | Average Balance | | Interest | | Yield/ Rate | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollar amounts in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Average Balance | | Interest | | Yield/ Rate | | Average Balance | | Interest | | Yield/ Rate | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans, taxable | | | $ | 510,752 | | | | $ | 5,374 | | | | | 4.27% | | | | $ | 410,174 | | | | $ | 4,480 | | | | | 4.39% | | | | | $ | 562,925 | | | | $ | 6,173 | | | | | 4.45% | | | | $ | 510,752 | | | | $ | 5,374 | | | | | 4.27% | | | | ||||||||||||||||||||
Loans, tax exempt | | | | 23,782 | | | | | 272 | | | | | 4.64% | | | | | 26,532 | | | | | 317 | | | | | 4.81% | | | | | | 21,656 | | | | | 194 | | | | | 3.64% | | | | | 23,782 | | | | | 272 | | | | | 4.64% | | | | ||||||||||||||||||||
Total loans receivable | | | | 534,534 | | | | | 5,646 | | | | | 4.28% | | | | | 436,706 | | | | | 4,797 | | | | | 4.42% | | | | | | 584,581 | | | | | 6,367 | | | | | 4.42% | | | | | 534,534 | | | | | 5,646 | | | | | 4.28% | | | | ||||||||||||||||||||
Securities, taxable | | | | 73,288 | | | | | 395 | | | | | 2.19% | | | | | 82,670 | | | | | 434 | | | | | 2.11% | | | | | | 72,118 | | | | | 408 | | | | | 2.29% | | | | | 73,288 | | | | | 395 | | | | | 2.19% | | | | ||||||||||||||||||||
Securities, tax exempt | | | | 26,585 | | | | | 197 | | | | | 3.00% | | | | | 28,756 | | | | | 219 | | | | | 3.07% | | | | | | 27,376 | | | | | 175 | | | | | 2.60% | | | | | 26,585 | | | | | 197 | | | | | 3.00% | | | | ||||||||||||||||||||
Total securities | | | | 99,873 | | | | | 592 | | | | | 2.40% | | | | | 111,426 | | | | | 653 | | | | | 2.36% | | | | | | 99,494 | | | | | 583 | | | | | 2.38% | | | | | 99,873 | | | | | 592 | | | | | 2.40% | | | | ||||||||||||||||||||
Interest-earning deposits with banks | | | | 9,085 | | | | | 16 | | | | | 0.71% | | | | | 14,532 | | | | | 20 | | | | | 0.55% | | | | | | 12,172 | | | | | 33 | | | | | 1.10% | | | | | 9,085 | | | | | 16 | | | | | 0.71% | | | | ||||||||||||||||||||
Federal bank stocks | | | | 4,936 | | | | | 53 | | | | | 4.35% | | | | | 3,218 | | | | | 34 | | | | | 4.25% | | | | | | 4,554 | | | | | 64 | | | | | 5.70% | | | | | 4,936 | | | | | 53 | | | | | 4.35% | | | | ||||||||||||||||||||
Total interest-earning cash equivalents | | | | 14,021 | | | | | 69 | | | | | 2.00% | | | | | 17,750 | | | | | 54 | | | | | 1.22% | | | | | | 16,726 | | | | | 97 | | | | | 2.35% | | | | | 14,021 | | | | | 69 | | | | | 2.00% | | | | ||||||||||||||||||||
Total interest-earning assets | | | | 648,428 | | | | | 6,307 | | | | | 3.94% | | | | | 565,882 | | | | | 5,504 | | | | | 3.91% | | | | | | 700,801 | | | | | 7,047 | | | | | 4.08% | | | | | 648,428 | | | | | 6,307 | | | | | 3.94% | | | | ||||||||||||||||||||
Cash and due from banks | | | | 2,646 | | | | | | | | | | | | | | | 2,359 | | | | | | | | | | | | | | | | 2,652 | | | | | | | | | | | | | | | 2,646 | | | | | | | | | | | | | | ||||||||||||||||||||
Other noninterest-earning assets | | | | 46,599 | | | | | | | | | | | | | | | 36,202 | | | | | | | | | | | | | | | | 45,690 | | | | | | | | | | | | | | | 46,599 | | | | | | | | | | | | | | ||||||||||||||||||||
Total Assets | | | $ | 697,673 | | | | | | | | | | | | | | $ | 604,443 | | | | | | | | | | | | | | | $ | 749,143 | | | | | | | | | | | | | | $ | 697,673 | | | | | | | | | | | | | | ||||||||||||||||||||
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | | | $ | 305,637 | | | | $ | 171 | | | | | 0.23% | | | | $ | 269,585 | | | | $ | 130 | | | | | 0.19% | | | | | $ | 361,712 | | | | $ | 402 | | | | | 0.45% | | | | $ | 305,637 | | | | $ | 171 | | | | | 0.23% | | | | ||||||||||||||||||||
Time deposits | | | | 159,778 | | | | | 532 | | | | | 1.35% | | | | | 119,939 | | | | | 458 | | | | | 1.53% | | | | | | 170,691 | | | | | 589 | | | | | 1.40% | | | | | 159,778 | | | | | 532 | | | | | 1.35% | | | | ||||||||||||||||||||
Total interest-bearing deposits | | | | 465,415 | | | | | 703 | | | | | 0.61% | | | | | 389,524 | | | | | 588 | | | | | 0.61% | | | | | | 532,403 | | | | | 991 | | | | | 0.75% | | | | | 465,415 | | | | | 703 | | | | | 0.61% | | | | ||||||||||||||||||||
Borrowed funds, short-term | | | | 10,423 | | | | | 42 | | | | | 1.63% | | | | | 1,460 | | | | | 2 | | | | | 0.42% | | | | | | 4,362 | | | | | 37 | | | | | 3.45% | | | | | 10,423 | | | | | 42 | | | | | 1.63% | | | | ||||||||||||||||||||
Borrowed funds, long-term | | | | 34,256 | | | | | 272 | | | | | 3.21% | | | | | 35,000 | | | | | 242 | | | | | 2.78% | | | | | | 20,219 | | | | | 121 | | | | | 2.43% | | | | | 34,256 | | | | | 272 | | | | | 3.21% | | | | ||||||||||||||||||||
Total borrowed funds | | | | 44,679 | | | | | 314 | | | | | 2.85% | | | | | 36,460 | | | | | 244 | | | | | 2.69% | | | | | | 24,581 | | | | | 158 | | | | | 2.61% | | | | | 44,679 | | | | | 314 | | | | | 2.85% | | | | ||||||||||||||||||||
Total interest-bearing liabilities | | | | 510,094 | | | | | 1,017 | | | | | 0.81% | | | | | 425,984 | | | | | 832 | | | | | 0.79% | | | | | | 556,984 | | | | | 1,149 | | | | | 0.84% | | | | | 510,094 | | | | | 1,017 | | | | | 0.81% | | | | ||||||||||||||||||||
Noninterest-bearing demand deposits | | | | 123,814 | | | | | — | | | | | — | | | | | 116,388 | | | | | — | | | | | — | | | | | | 122,859 | | | | | — | | | | | — | | | | | 123,814 | | | | | — | | | | | — | | | | ||||||||||||||||||||
Funding and cost of funds | | | | 633,908 | | | | | 1,017 | | | | | 0.65% | | | | | 542,372 | | | | | 832 | | | | | 0.62% | | | | | | 679,843 | | | | | 1,149 | | | | | 0.69% | | | | | 633,908 | | | | | 1,017 | | | | | 0.65% | | | | ||||||||||||||||||||
Other noninterest-bearing liabilities | | | | 9,323 | | | | | | | | | | | | | | | 8,513 | | | | | | | | | | | | | | | | 10,420 | | | | | | | | | | | | | | | 9,323 | | | | | | | | | | | | | | ||||||||||||||||||||
Total Liabilities | | | | 643,231 | | | | | | | | | | | | | | | 550,885 | | | | | | | | | | | | | | | | 690,263 | | | | | | | | | | | | | | | 643,231 | | | | | | | | | | | | | | ||||||||||||||||||||
Stockholders’ Equity | | | | 54,442 | | | | | | | | | | | | | | | 53,558 | | | | | | | | | | | | | | | | 58,880 | | | | | | | | | | | | | | | 54,442 | | | | | | | | | | | | | | ||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | | | $ | 697,673 | | | | | | | | | | | | | | $ | 604,443 | | | | | | | | | | | | | | | $ | 749,143 | | | | | | | | | | | | | | | | $ | 697,673 | | | | | | | | | | | | | | | | ||||||||||||||||
Net interest income | | | | | | | | $ | 5,290 | | | | | | | | | | | | | | $ | 4,672 | | | | | | | | | | | | | | | $ | 5,898 | | | | | | | | | | | | | | $ | 5,290 | | | | | | | | | ||||||||||||||||||||
Interest rate spread (difference between weighted average rate on interest-earning assets and interest-bearing liabilities) | | | | | | | | | | | | | | 3.13% | | | | | | | | | | | | | | | 3.13% | | | | | | | | | | | | | | | | 3.24% | | | | | | | | | | | | | | | 3.13% | | | | | | | | | |||||||||||||||
Net interest margin (net interest income as a percentage of average interest-earning assets) | | | | | | | | | | | | | | 3.31% | | | | | | | | | | | | | | | 3.32% | | | | | | | | | | | | | | | | 3.41% | | | | | | | | | | | | | | | 3.31% | | | | ||||||||||||||||||||
|
| | For the year ended December 31, | | | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2016 | | 2015 | | | 2017 | | 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Average Balance | | Interest | | Yield/ Rate | | Average Balance | | Interest | | Yield/ Rate | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollar amounts in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Average Balance | | Interest | | Yield/ Rate | | Average Balance | | Interest | | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Loans, taxable | | | $ | 459,253 | | | | $ | 19,966 | | | | | 4.35% | | | | $ | 375,164 | | | | $ | 16,706 | | | | | 4.45% | | | | | $ | 531,228 | | | | $ | 22,973 | | | | | 4.32% | | | | $ | 459,253 | | | | $ | 19,966 | | | | | 4.35% | ||||||||||||
Loans, tax-exempt | | | | 25,893 | | | | | 1,206 | | | | | 4.66% | | | | | 25,535 | | | | | 1,244 | | | | | 4.87% | | | | | | 23,637 | | | | | 1,088 | | | | | 4.60% | | | | | 25,893 | | | | | 1,206 | | | | | 4.66% | ||||||||||||
Total loans receivable | | | | 485,146 | | | | | 21,172 | | | | | 4.36% | | | | | 400,699 | | | | | 17,950 | | | | | 4.48% | | | | | | 554,865 | | | | | 24,061 | | | | | 4.34% | | | | | 485,146 | | | | | 21,172 | | | | | 4.36% | ||||||||||||
Securities, taxable | | | | 78,767 | | | | | 1,662 | | | | | 2.11% | | | | | 107,009 | | | | | 1,965 | | | | | 1.84% | | | | | | 73,914 | | | | | 1,615 | | | | | 2.18% | | | | | 78,767 | | | | | 1,662 | | | | | 2.11% | ||||||||||||
Securities, tax-exempt | | | | 28,453 | | | | | 865 | | | | | 3.04% | | | | | 31,879 | | | | | 1,126 | | | | | 3.53% | | | | | | 26,338 | | | | | 784 | | | | | 2.98% | | | | | 28,453 | | | | | 865 | | | | | 3.04% | ||||||||||||
Total securities | | | | 107,220 | | | | | 2,527 | | | | | 2.36% | | | | | 138,888 | | | | | 3,091 | | | | | 2.23% | | | | | | 100,252 | | | | | 2,399 | | | | | 2.39% | | | | | 107,220 | | | | | 2,527 | | | | | 2.36% | ||||||||||||
Federal bank stocks | | | | 3,758 | | | | | 186 | | | | | 4.95% | | | | | 2,419 | | | | | 164 | | | | | 6.78% | | | | | | 4,848 | | | | | 242 | | | | | 4.99% | | | | | 3,758 | | | | | 186 | | | | | 4.95% | ||||||||||||
Interest-earning deposits with banks | | | | 25,563 | | | | | 135 | | | | | 0.53% | | | | | 12,328 | | | | | 68 | | | | | 0.55% | | | | | | 22,321 | | | | | 235 | | | | | 1.05% | | | | | 25,563 | | | | | 135 | | | | | 0.53% | ||||||||||||
Total interest-earning cash equivalents | | | | 29,321 | | | | | 321 | | | | | 1.09% | | | | | 14,747 | | | | | 232 | | | | | 1.57% | | | | | | 27,169 | | | | | 477 | | | | | 1.76% | | | | | 29,321 | | | | | 321 | | | | | 1.09% | ||||||||||||
Total interest-earning assets | | | | 621,687 | | | | | 24,020 | | | | | 3.86% | | | | | 554,334 | | | | | 21,273 | | | | | 3.84% | | | | | | 682,286 | | | | | 26,937 | | | | | 3.95% | | | | | 621,687 | | | | | 24,020 | | | | | 3.86% | ||||||||||||
Cash and due from banks | | | | 2,577 | | | | | | | | | | | | | | | 2,440 | | | | | | | | | | | | | | | | 2,741 | | | | | | | | | | | | | | | 2,577 | | | | | | | | | | | ||||||||||||
Other noninterest-earning assets | | | | 42,490 | | | | | | | | | | | | | | | 34,347 | | | | | | | | | | | | | | | | 45,968 | | | | | | | | | | | | | | | 42,490 | | | | | | | | | | | ||||||||||||
Total Assets | | | $ | 666,754 | | | | | | | | | | | | | | $ | 591,121 | | | | | | | | | | | | | | | $ | 730,995 | | | | | | | | | | | | | | $ | 666,754 | | | | | | | | | | | ||||||||||||
Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | | | $ | 290,559 | | | | | 607 | | | | | 0.21% | | | | $ | 272,582 | | | | | 412 | | | | | 0.15% | | | | | $ | 331,157 | | | | | 1,075 | | | | | 0.32% | | | | $ | 290,559 | | | | | 607 | | | | | 0.21% | ||||||||||||
Time deposits | | | | 153,268 | | | | | 2,184 | | | | | 1.42% | | | | | 118,701 | | | | | 1,732 | | | | | 1.46% | | | | | | 165,828 | | | | | 2,200 | | | | | 1.33% | | | | | 153,268 | | | | | 2,184 | | | | | 1.42% | ||||||||||||
Total interest-bearing deposits | | | | 443,827 | | | | | 2,791 | | | | | 0.63% | | | | | 391,283 | | | | | 2,144 | | | | | 0.55% | | | | | | 496,985 | | | | | 3,275 | | | | | 0.66% | | | | | 443,827 | | | | | 2,791 | | | | | 0.63% | ||||||||||||
Borrowed funds, short-term | | | | 2,341 | | | | | 78 | | | | | 3.34% | | | | | 6,284 | | | | | 87 | | | | | 1.38% | | | | | | 4,588 | | | | | 130 | | | | | 2.82% | | | | | 2,341 | | | | | 78 | | | | | 3.34% | ||||||||||||
Borrowed funds, long-term | | | | 35,141 | | | | | 1,076 | | | | | 3.06% | | | | | 15,205 | | | | | 604 | | | | | 3.97% | | | | | | 35,949 | | | | | 1,088 | | | | | 3.03% | | | | | 35,141 | | | | | 1,076 | | | | | 3.06% | ||||||||||||
Total borrowed funds | | | | 37,482 | | | | | 1,154 | | | | | 3.08% | | | | | 21,489 | | | | | 691 | | | | | 3.21% | | | | | | 40,537 | | | | | 1,218 | | | | | 3.00% | | | | | 37,482 | | | | | 1,154 | | | | | 3.08% | ||||||||||||
Total interest-bearing liabilities | | | | 481,309 | | | | | 3,945 | | | | | 0.82% | | | | | 412,772 | | | | | 2,835 | | | | | 0.69% | | | | | | 537,522 | | | | | 4,493 | | | | | 0.84% | | | | | 481,309 | | | | | 3,945 | | | | | 0.82% | ||||||||||||
Noninterest-bearing demand deposits | | | | 122,181 | | | | | — | | | | | — | | | | | 117,455 | | | | | — | | | | | — | | | | | | 126,808 | | | | | — | | | | | — | | | | | 122,181 | | | | | — | | | | | — | ||||||||||||
Funding and cost of funds | | | | 603,490 | | | ��� | | | 3,945 | | | | | 0.65% | | | | | 530,227 | | | | | 2,835 | | | | | 0.53% | | | | | | 664,330 | | | | | 4,493 | | | | | 0.68% | | | | | 603,490 | | | | | 3,945 | | | | | 0.65% | |||||||||||
Other noninterest-bearing liabilities | | | | 8,832 | | | | | | | | | | | | | | | 8,254 | | | | | | | | | | | | | | | | 9,793 | | | | | | | | | | | | | | | 8,832 | | | | | | | | | | | ||||||||||||
Total Liabilities | | | | 612,322 | | | | | | | | | | | | | | | 538,481 | | | | | | | | | | | | | | | | 674,123 | | | | | | | | | | | | | | | 612,322 | | | | | | | | | | | ||||||||||||
Stockholders’ Equity | | | | 54,432 | | | | | | | | | | | | | | | 52,640 | | | | | | | | | | | | | | | | 56,872 | | | | | | | | | | | | | | | 54,432 | | | | | | | | | | | ||||||||||||
Total Liabilities and Stockholders’ Equity | | | $ | 666,754 | | | | | | | | | | | | | | $ | 591,121 | | | | | | | | | | | | | | | $ | 730,995 | | | | | | | | | | | | | | | | $ | 666,754 | | | | | | | | | | | | | ||||||||
Net interest income | | | | | | | | $ | 20,075 | | | | | | | | | | | | | | $ | 18,438 | | | | | | | | | | | | | | | $ | 22,444 | | | | | | | | | | | | | | $ | 20,075 | | | | | | ||||||||||||
Interest rate spread (difference between weighted average rate on interest-earning assets and interest-bearing liabilities) | | | | | | | | | | | | | | 3.04% | | | | | | | | | | | | | | | 3.15% | | | | | | | | | | | | | | | | 3.11% | | | | | | | | | | | | | | | 3.04% | ||||||||||||
Net interest margin (net interest income as a percentage of average interest-earning assets) | | | | | | | | | | | | | | 3.23% | | | | | | | | | | | | | | | 3.33% | | | | | | | | | | | | | | | | 3.29% | | | | | | | | | | | | | | | 3.23% |
| | | Three months ended March 31, 2017 versus 2016 Increase (Decrease) due to | | |||||||||||||||
| | | Volume | | | Rate | | | Total | | |||||||||
| | | (Dollar amounts in thousands) | | |||||||||||||||
Interest income: | | | | | |||||||||||||||
Loans | | | | $ | 1,040 | | | | | $ | (191) | | | | | $ | 849 | | |
Securities | | | | | (68) | | | | | | 7 | | | | | | (61) | | |
Interest-earning deposits with banks | | | | | (9) | | | | | | 5 | | | | | | (4) | | |
Federal bank stocks | | | | | 18 | | | | | | 1 | | | | | | 19 | | |
Total interest-earning assets | | | | | 981 | | | | | | (178) | | | | | | 803 | | |
Interest expense: | | | | | |||||||||||||||
Interest-bearing deposits | | | | | 115 | | | | | | — | | | | | | 115 | | |
Borrowed funds, short-term | | | | | 27 | | | | | | 13 | | | | | | 40 | | |
Borrowed funds, long-term | | | | | (5) | | | | | | 35 | | | | | | 30 | | |
Total interest-bearing liabilities | | | | | 137 | | | | | | 48 | | | | | | 185 | | |
Net interest income | | | | $ | 844 | | | | | $ | (226) | | | | | $ | 618 | | |
|
| | | 2016 versus 2015 Increase (decrease) due to | | |||||||||||||||
| | | Volume | | | Rate | | | Total | | |||||||||
| | | (Dollar amounts in thousands) | | |||||||||||||||
Interest income: | | | | | |||||||||||||||
Loans | | | | $ | 3,696 | | | | | $ | (474) | | | | | $ | 3,222 | | |
Securities | | | | | (738) | | | | | | 174 | | | | | | (564) | | |
Interest-earning deposits with banks | | | | | 70 | | | | | | (3) | | | | | | 67 | | |
Federal bank stocks | | | | | 74 | | | | | | (52) | | | | | | 22 | | |
Total interest-earning assets | | | | | 3,102 | | | | | | (355) | | | | | | 2,747 | | |
Interest expense: | | | | | |||||||||||||||
Interest-bearing deposits | | | | | 308 | | | | | | 339 | | | | | | 647 | | |
Borrowed funds, short term | | | | | (79) | | | | | | 70 | | | | | | (9) | | |
Borrowed funds, long term | | | | | 638 | | | | | | (166) | | | | | | 472 | | |
Total interest-bearing liabilities | | | | | 867 | | | | | | 243 | | | | | | 1,110 | | |
Net interest income | | | | $ | 2,235 | | | | | $ | (598) | | | | | $ | 1,637 | | |
|
(Dollar amounts in thousands) | | | Three months ended March 31, 2018 versus 2017 Increase (Decrease) due to | | |||||||||||||||
| Volume | | | Rate | | | Total | | |||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | |
Loans | | | | $ | 541 | | | | | $ | 180 | | | | | $ | 721 | | |
Securities | | | | | (2) | | | | | | (7) | | | | | | (9) | | |
Interest-earning deposits with banks | | | | | 6 | | | | | | 11 | | | | | | 17 | | |
Federal bank stocks | | | | | (4) | | | | | | 15 | | | | | | 11 | | |
Total interest-earning assets | | | | | 541 | | | | | | 199 | | | | | | 740 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | | | 110 | | | | | | 178 | | | | | | 288 | | |
Borrowed funds, short-term | | | | | (34) | | | | | | 29 | | | | | | (5) | | |
Borrowed funds, long-term | | | | | (94) | | | | | | (57) | | | | | | (151) | | |
Total interest-bearing liabilities | | | | | (18) | | | | | | 150 | | | | | | 132 | | |
Net interest income | | | | $ | 559 | | | | | $ | 49 | | | | | $ | 608 | | |
|
(Dollar amounts in thousands) | | | 2017 versus 2016 Increase (Decrease) due to | | |||||||||||||||
| Volume | | | Rate | | | Total | | |||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | |
Loans | | | | $ | 3,024 | | | | | $ | (135) | | | | | $ | 2,889 | | |
Securities | | | | | (166) | | | | | | 38 | | | �� | | | (128) | | |
Federal bank stocks | | | | | 54 | | | | | | 2 | | | | | | 56 | | |
Interest-earning deposits with banks | | | | | (19) | | | | | | 119 | | | | | | 100 | | |
Total interest-earning assets | | | | | 2,893 | | | | | | 24 | | | | | | 2,917 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 345 | | | | | | 139 | | | | | | 484 | | |
Borrowed funds, short term | | | | | 65 | | | | | | (13) | | | | | | 52 | | |
Borrowed funds, long term | | | | | 25 | | | | | | (13) | | | | | | 12 | | |
Total interest-bearing liabilities | | | | | 435 | | | | | | 113 | | | | | | 548 | | |
Net interest income | | | | $ | 2,458 | | | | | $ | (89) | | | | | $ | 2,369 | | |
|
| | Six months or less | | Six months to one year | | One to three years | | Three to four years | | Over four years | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | (Dollar amounts in thousands) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Six months or less | | Six months to one year | | One to three years | | Three to four years | | Over four years | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | | | $ | 135,637 | | | | $ | 53,291 | | | | $ | 166,258 | | | | $ | 59,447 | | | | $ | 222,289 | | | | $ | 636,922 | | | | | $ | 142,748 | | | | $ | 51,325 | | | | $ | 160,987 | | | | $ | 72,420 | | | | $ | 268,326 | | | | $ | 695,806 | | | ||||||||||||
Total interest-bearing liabilities | | | | 94,503 | | | | | 97,708 | | | | | 204,217 | | | | | 26,312 | | | | | 77,979 | | | | | 500,719 | | | | | | 83,869 | | | | | 82,971 | | | | | 242,626 | | | | | 59,326 | | | | | 82,089 | | | | | 550,881 | | | ||||||||||||
Interest rate sensitivity gap | | | $ | 41,134 | | | | $ | (44,417) | | | | $ | (37,959) | | | | $ | 33,135 | | | | $ | 144,310 | | | | $ | 136,203 | | | | | $ | 58,879 | | | | $ | (31,646) | | | | $ | (81,639) | | | | $ | 13,094 | | | | $ | 186,237 | | | | $ | 144,925 | | | ||||||||||||
Cumulative rate sensitivity gap | | | $ | 41,134 | | | | $ | (3,283) | | | | $ | (41,242) | | | | $ | (8,107) | | | | $ | 136,203 | | | | | | $ | 58,879 | | | | $ | 27,233 | | | | $ | (54,406) | | | | $ | (41,312) | | | | $ | 144,925 | | | | | | | | ||||||||||||||||
Ratio of gap during the period to total interest earning assets | | | | 6.46% | | | | | (6.97)% | | | | | (5.96)% | | | | | 5.20% | | | | | 22.66% | | | | | | | | | | | 8.46% | | | | | (4.55)% | | | | | (11.73)% | | | | | 1.88% | | | | | 26.77% | | | | | | | | ||||||||||||
Ratio of cumulative gap to total interest earning assets | | | | 6.46% | | | | | (0.52)% | | | | | (6.48)% | | | | | (1.27)% | | | | | 21.38% | | | | | | | | | | | 8.46% | | | | | 3.91% | | | | | (7.82)% | | | | | (5.94)% | | | | | 20.83% | | | | | | | | |
| | Increase | | Decrease | | | Increase | | Decrease | | ||||||||||||||||||||||||||||||||||||||||
| | +100 BP | | +200 BP | | -100 BP | | -200 BP | | | +100 BP | | +200 BP | | -100 BP | | -200 BP | | ||||||||||||||||||||||||||||||||
2017 Net interest income – increase (decrease) | | | | 0.78% | | | | | 0.90% | | | | | 0.55% | | | | | (2.96)% | | | |||||||||||||||||||||||||||||
2016 Net interest income – increase (decrease) | | | | (0.77)% | | | | | (1.90)% | | | | | (2.56)% | | | | | (6.48)% | | | | | | (0.77)% | | | | | (1.90)% | | | | | (2.56)% | | | | | (6.48)% | | | ||||||||
2015 Net interest income – increase (decrease) | | | | (0.36)% | | | | | (1.14)% | | | | | (2.80)% | | | | | (6.67)% | | |
Name and Address | | Amount and Nature of Beneficial Ownership(1)(8) | | Percent of Outstanding Common Stock Beneficially Owned | | | Amount and Nature of Beneficial Ownership(1) | | Percent of Outstanding Common Stock Beneficially Owned | | ||||||||||||||||
The Banc Funds Company, L.L.C. 20 North Wacker Drive, Suite 3300 Chicago, IL 60606 | | | | 117,207(2) | | | | | 5.45% | | | | | | 117,207(2) | | | | | 5.16% | | | ||||
Directors: | | | | | | | | | | | | | | |||||||||||||
Robert L. Hunter | | | | 89,292(3) | | | | | 4.15% | | | | | | 89,792(3) | | | | | 3.95% | | | ||||
Robert W. Freeman | | | | 43,661(4) | | | | | 1.92% | | | |||||||||||||||
William C. Marsh | | | | 57,178 | | | | | 2.66% | | | | | | 40,646 | | | | | 1.79% | | | ||||
Robert W. Freeman | | | | 42,568(5) | | | | | 1.98% | | | |||||||||||||||
John B. Mason | | | | 38,542 | | | | | 1.79% | | | | | | 39,042 | | | | | 1.72% | | | ||||
David L. Cox | | | | 38,330(4) | | | | | 1.78% | | | |||||||||||||||
Nicholas D. Varischetti | | | | 34,143 | | | | | 1.59% | | | | | | 34,143 | | | | | 1.50% | | | ||||
James M. Crooks | | | | 27,326(6) | | | | | 1.27% | | | | | | 27,832(5) | | | | | 1.23% | | | ||||
Milissa S. Bauer | | | | 24,486(7) | | | | | 1.14% | | | | | | 25,375(6) | | | | | 1.12% | | | ||||
David L. Cox | | | | 18,830(7) | | | | | * | | | |||||||||||||||
Mark A. Freemer | | | | 16,600 | | | | | * | | | | | | 17,100 | | | | | * | | | ||||
Deanna K. McCarrier | | | | 15,969 | | | | | * | | | | | | 16,544 | | | | | * | | | ||||
Named Executive Officers: | | | | | | | | | | | | | | |||||||||||||
Matthew J. Lucco | | | | 6,037 | | | | | * | | | | | | 6,627 | | | | | * | | | ||||
Jennifer A. Roxbury | | | | 1,012 | | | | | * | | | | | | 1,805 | | | | | * | | | ||||
All directors and executive officers as a group (13 persons) | | | | 394,486 | | | | | 18.33% | | | | | | 362,922 | | | | | 15.98% | | |
| Boenning and Scattergood, Inc. 4 Tower Bridge 200 Barr Harbor Drive, Suite 300 West Conshohocken, PA 19428 Telephone: (800) 883-1212 | | | Janney Montgomery Scott LLC 1717 Arch Street Philadelphia, PA 19103 Telephone: (215) 665-6000 | | | Raymond James & Associates, Inc. 222 South Riverside Plaza Suite 2680 Chicago, IL 60606 Telephone: (312) 471-5100 | |
| | | Market Price | | | Cash Dividend | | | Market Price | | | Cash Dividend | | |||||||||||||||||||||||||||||||||||||
| High | | Low | | Close | | | High | | Low | | Close | | |||||||||||||||||||||||||||||||||||||
2017: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Second quarter (through June 20, 2017) | | | $ | 29.71 | | | | $ | 26.50 | | | | $ | 26.50 | | | | $ | 0.27 | | | |||||||||||||||||||||||||||||
2018: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Third quarter (through , 2018) | | | $ | | | | | $ | | | | | $ | | | | | $ | — | | | |||||||||||||||||||||||||||||
Second quarter | | | | 35.76 | | | | | 31.05 | | | | | 34.30 | | | | | 0.28 | | | |||||||||||||||||||||||||||||
First quarter | | | | 31.50 | | | | | 26.11 | | | | | 29.25 | | | | | 0.27 | | | | | | 33.98 | | | | | 29.70 | | | | | 33.41 | | | | | 0.28 | | | ||||||||
2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
2017: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Fourth quarter | | | $ | 30.00 | | | | $ | 24.02 | | | | $ | 29.25 | | | | $ | 0.26 | | | | | $ | 31.75 | | | | $ | 27.86 | | | | $ | 30.35 | | | | $ | 0.27 | | | ||||||||
Third quarter | | | | 24.95 | | | | | 23.29 | | | | | 24.62 | | | | | 0.26 | | | | | | 29.00 | | | | | 27.83 | | | | | 28.65 | | | | | 0.27 | | | ||||||||
Second quarter | | | | 25.00 | | | | | 23.61 | | | | | 23.94 | | | | | 0.26 | | | | | | 29.71 | | | | | 26.50 | | | | | 27.88 | | | | | 0.27 | | | ||||||||
First quarter | | | | 25.00 | | | | | 22.73 | | | | | 25.00 | | | | | 0.26 | | | | | | 31.50 | | | | | 26.13 | | | | | 29.25 | | | | | 0.27 | | | ||||||||
2015: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
2016: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Fourth quarter | | | $ | 25.00 | | | | $ | 22.90 | | | | $ | 24.00 | | | | $ | 0.24 | | | | | $ | 30.00 | | | | $ | 24.02 | | | | $ | 29.25 | | | | $ | 0.26 | | | ||||||||
Third quarter | | | | 24.96 | | | | | 22.85 | | | | | 22.90 | | | | | 0.24 | | | | | | 24.95 | | | | | 23.29 | | | | | 24.62 | | | | | 0.26 | | | ||||||||
Second quarter | | | | 25.96 | | | | | 22.52 | | | | | 23.94 | | | | | 0.24 | | | | | | 25.00 | | | | | 23.61 | | | | | 23.94 | | | | | 0.26 | | | ||||||||
First quarter | | | | 27.15 | | | | | 23.50 | | | | | 25.10 | | | | | 0.24 | | | | | | 25.00 | | | | | 22.73 | | | | | 25.00 | | | | | 0.26 | | |
| Audited Financial Statements | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | | |
| Unaudited Financial Statements | | | | | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | |
| | | December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Assets | | | | ||||||||||
Cash and due from banks | | | | $ | 2,758 | | | | | $ | 2,359 | | |
Interest earning deposits with banks | | | | | 14,810 | | | | | | 9,187 | | |
Total cash and cash equivalents | | | | | 17,568 | | | | | | 11,546 | | |
Securities available for sale | | | | | 101,560 | | | | | | 112,981 | | |
Loans receivable, net of allowance for loan losses of $5,545 and $5,205 | | | | | 515,435 | | | | | | 429,891 | | |
Loans held for sale | | | | | 68 | | | | | | — | | |
Federal bank stocks, at cost | | | | | 4,861 | | | | | | 4,240 | | |
Bank-owned life insurance | | | | | 11,390 | | | | | | 11,056 | | |
Accrued interest receivable | | | | | 1,815 | | | | | | 1,501 | | |
Premises and equipment, net | | | | | 18,282 | | | | | | 16,114 | | |
Goodwill | | | | | 10,288 | | | | | | 3,664 | | |
Core deposit intangible, net | | | | | 560 | | | | | | 554 | | |
Prepaid expenses and other assets | | | | | 10,308 | | | | | | 9,048 | | |
Total Assets | | | | $ | 692,135 | | | | | $ | 600,595 | | |
Liabilities and Stockholders’ Equity | | | | ||||||||||
Liabilities | | | | ||||||||||
Deposits: | | | | ||||||||||
Non-interest bearing | | | | $ | 123,717 | | | | | $ | 119,790 | | |
Interest bearing | | | | | 461,223 | | | | | | 370,097 | | |
Total deposits | | | | | 584,940 | | | | | | 489,887 | | |
Borrowed funds | | | | | 44,000 | | | | | | 49,250 | | |
Accrued interest payable | | | | | 239 | | | | | | 179 | | |
Accrued expenses and other liabilities | | | | | 8,883 | | | | | | 8,440 | | |
Total Liabilities | | | | | 638,062 | | | | | | 547,756 | | |
Commitments and Contingent Liabilities (Note 13) | | | | ||||||||||
Stockholders’ Equity | | | | ||||||||||
Common stock, $1.25 par value, 12,000,000 shares authorized; 2,254,375 and 2,246,825 shares issued; 2,152,358 and 2,144,808 shares outstanding | | | | | 2,818 | | | | | | 2,808 | | |
Additional paid-in capital | | | | | 27,900 | | | | | | 27,701 | | |
Treasury stock, at cost; 102,017 shares | | | | | (2,114) | | | | | | (2,114) | | |
Retained earnings | | | | | 29,960 | | | | | | 28,206 | | |
Accumulated other comprehensive loss | | | | | (4,491) | | | | | | (3,762) | | |
Total Stockholders’ Equity | | | | | 54,073 | | | | | | 52,839 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 692,135 | | | | | $ | 600,595 | | |
|
| | | December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks | | | | $ | 3,072 | | | | | $ | 2,758 | | |
Interest earning deposits with banks | | | | | 11,302 | | | | | | 14,810 | | |
Total cash and cash equivalents | | | | | 14,374 | | | | | | 17,568 | | |
Securities available for sale | | | | | 101,167 | | | | | | 101,560 | | |
Loans receivable, net of allowance for loan losses of $6,127 and $5,545 | | | | | 577,234 | | | | | | 515,435 | | |
Loans held for sale | | | | | 504 | | | | | | 68 | | |
Federal bank stocks, at cost | | | | | 4,662 | | | | | | 4,861 | | |
Bank-owned life insurance | | | | | 11,724 | | | | | | 11,390 | | |
Accrued interest receivable | | | | | 2,217 | | | | | | 1,815 | | |
Premises and equipment, net | | | | | 18,010 | | | | | | 18,282 | | |
Goodwill | | | | | 10,288 | | | | | | 10,288 | | |
Core deposit intangible, net | | | | | 481 | | | | | | 560 | | |
Prepaid expenses and other assets | | | | | 9,423 | | | | | | 10,308 | | |
Total Assets | | | | $ | 750,084 | | | | | $ | 692,135 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | |
Non-interest bearing | | | | $ | 126,263 | | | | | $ | 123,717 | | |
Interest bearing | | | | | 528,380 | | | | | | 461,223 | | |
Total deposits | | | | | 654,643 | | | | | | 584,940 | | |
Borrowed funds | | | | | 26,000 | | | | | | 44,000 | | |
Accrued interest payable | | | | | 413 | | | | | | 239 | | |
Accrued expenses and other liabilities | | | | | 9,937 | | | | | | 8,883 | | |
Total Liabilities | | | | | 690,993 | | | | | | 638,062 | | |
Commitments and Contingent Liabilities (Note 13) | | | | | | | | | | | | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Common stock, $1.25 par value, 12,000,000 shares authorized; 2,373,156 and 2,254,375 shares issued; 2,271,139 and 2,152,358 shares outstanding | | | | | 2,966 | | | | | | 2,818 | | |
Additional paid-in capital | | | | | 31,031 | | | | | | 27,900 | | |
Treasury stock, at cost; 102,017 shares | | | | | (2,114) | | | | | | (2,114) | | |
Retained earnings | | | | | 32,726 | | | | | | 29,960 | | |
Accumulated other comprehensive loss | | | | | (5,518) | | | | | | (4,491) | | |
Total Stockholders’ Equity | | | | | 59,091 | | | | | | 54,073 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 750,084 | | | | | $ | 692,135 | | |
|
| | | Year ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Interest and dividend income | | | | ||||||||||
Loans receivable, including fees | | | | $ | 20,814 | | | | | $ | 17,578 | | |
Securities: | | | | ||||||||||
Taxable | | | | | 1,662 | | | | | | 1,965 | | |
Exempt from federal income tax | | | | | 628 | | | | | | 807 | | |
Federal bank stocks | | | | | 186 | | | | | | 164 | | |
Deposits with banks | | | | | 135 | | | | | | 68 | | |
Total interest and dividend income | | | | | 23,425 | | | | | | 20,582 | | |
Interest expense | | | | ||||||||||
Deposits | | | | | 2,791 | | | | | | 2,144 | | |
Short-term borrowed funds | | | | | 78 | | | | | | 87 | | |
Long-term borrowed funds | | | | | 1,076 | | | | | | 604 | | |
Total interest expense | | | | | 3,945 | | | | | | 2,835 | | |
Net interest income | | | | | 19,480 | | | | | | 17,747 | | |
Provision for loan losses | | | | | 464 | | | | | | 381 | | |
Net interest income after provision for loan losses | | | | | 19,016 | | | | | | 17,366 | | |
Noninterest income | | | | ||||||||||
Fees and service charges | | | | | 1,616 | | | | | | 1,477 | | |
Net gain on sales of available for sale securities | | | | | 82 | | | | | | 854 | | |
Net gain on sales of loans | | | | | 119 | | | | | | — | | |
Earnings on bank-owned life insurance | | | | | 406 | | | | | | 396 | | |
Other | | | | | 1,432 | | | | | | 1,367 | | |
Total noninterest income | | | | | 3,655 | | | | | | 4,094 | | |
Noninterest expense | | | | ||||||||||
Compensation and employee benefits | | | | | 8,630 | | | | | | 8,223 | | |
Premises and equipment | | | | | 2,849 | | | | | | 2,651 | | |
Intangible asset amortization | | | | | 226 | | | | | | 195 | | |
Professional fees | | | | | 876 | | | | | | 816 | | |
Federal deposit insurance | | | | | 416 | | | | | | 376 | | |
Acquisition costs | | | | | 401 | | | | | | 134 | | |
Other | | | | | 4,039 | | | | | | 3,770 | | |
Total noninterest expense | | | | | 17,437 | | | | | | 16,165 | | |
Income before provision for income taxes | | | | | 5,234 | | | | | | 5,295 | | |
Provision for income taxes | | | | | 1,248 | | | | | | 1,141 | | |
Net income | | | | | 3,986 | | | | | | 4,154 | | |
Preferred stock dividends | | | | | — | | | | | | 75 | | |
Net income available to common stockholders | | | | $ | 3,986 | | | | | $ | 4,079 | | |
Earnings per common share | | | | ||||||||||
Basic | | | | $ | 1.86 | | | | | $ | 2.06 | | |
Diluted | | | | $ | 1.85 | | | | | $ | 2.05 | | |
| | | Year ended December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Interest and dividend income | | | | | | | | | | | | | |
Loans receivable, including fees | | | | $ | 23,738 | | | | | $ | 20,814 | | |
Securities: | | | | | | | | | | | | | |
Taxable | | | | | 1,615 | | | | | | 1,662 | | |
Exempt from federal income tax | | | | | 570 | | | | | | 628 | | |
Federal bank stocks | | | | | 242 | | | | | | 186 | | |
Deposits with banks | | | | | 235 | | | | | | 135 | | |
Total interest and dividend income | | | | | 26,400 | | | | | | 23,425 | | |
Interest expense | | | | | | | | | | | | | |
Deposits | | | | | 3,275 | | | | | | 2,791 | | |
Short-term borrowed funds | | | | | 130 | | | | | | 78 | | |
Long-term borrowed funds | | | | | 1,088 | | | | | | 1,076 | | |
Total interest expense | | | | | 4,493 | | | | | | 3,945 | | |
Net interest income | | | | | 21,907 | | | | | | 19,480 | | |
Provision for loan losses | | | | | 903 | | | | | | 464 | | |
Net interest income after provision for loan losses | | | | | 21,004 | | | | | | 19,016 | | |
Noninterest income | | | | | | | | | | | | | |
Fees and service charges | | | | | 1,749 | | | | | | 1,616 | | |
Net gain on sales of available for sale securities | | | | | 346 | | | | | | 82 | | |
Net gain on sales of loans | | | | | 248 | | | | | | 119 | | |
Other than temporary impairment loss | | | | | (508) | | | | | | — | | |
Earnings on bank-owned life insurance | | | | | 412 | | | | | | 406 | | |
Gain on bargain purchase | | | | | 1,316 | | | | | | — | | |
Other | | | | | 1,459 | | | | | | 1,432 | | |
Total noninterest income | | | | | 5,022 | | | | | | 3,655 | | |
Noninterest expense | | | | | | | | | | | | | |
Compensation and employee benefits | | | | | 9,258 | | | | | | 8,630 | | |
Premises and equipment | | | | | 2,975 | | | | | | 2,849 | | |
Intangible asset amortization | | | | | 246 | | | | | | 226 | | |
Professional fees | | | | | 841 | | | | | | 876 | | |
Federal deposit insurance | | | | | 443 | | | | | | 416 | | |
Acquisition costs | | | | | 1,119 | | | | | | 401 | | |
Other | | | | | 4,753 | | | | | | 4,039 | | |
Total noninterest expense | | | | | 19,635 | | | | | | 17,437 | | |
Income before provision for income taxes | | | | | 6,391 | | | | | | 5,234 | | |
Provision for income taxes | | | | | 2,114 | | | | | | 1,248 | | |
Net income | | | | $ | 4,277 | | | | | $ | 3,986 | | |
Earnings per common share | | | | | | | | | | | | | |
Basic | | | | $ | 1.95 | | | | | $ | 1.86 | | |
Diluted | | | | $ | 1.93 | | | | | $ | 1.85 | | |
| | | Year ended December 31, | | |||||||||
| | | 2016 | | | 2015 | | ||||||
Net income | | | | $ | 3,986 | | | | | $ | 4,154 | | |
Other comprehensive loss | | | | ||||||||||
Unrealized gains/(losses) on securities: | | | | ||||||||||
Unrealized holding gain (loss) arising during the period | | | | | (571) | | | | | | 179 | | |
Reclassification adjustment for gains included in net income | | | | | (82) | | | | | | (854) | | |
| | | | | (653) | | | | | | (675) | | |
Tax effect | | | | | 222 | | | | | | 229 | | |
Net of tax | | | | | (431) | | | | | | (446) | | |
Defined benefit pension plans: | | | | ||||||||||
Net loss arising during the period | | | | | (671) | | | | | | (657) | | |
Reclassification adjustment for amortization of prior service benefit and net loss included in net periodic pension cost | | | | | 220 | | | | | | 174 | | |
| | | | | (451) | | | | | | (483) | | |
Tax effect | | | | | 153 | | | | | | 165 | | |
Net of tax | | | | | (298) | | | | | | (318) | | |
Total other comprehensive loss | | | | | (729) | | | | | | (764) | | |
Comprehensive income | | | | $ | 3,257 | | | | | $ | 3,390 | | |
|
| | | Year ended December 31, | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Net income | | | | $ | 4,277 | | | | | $ | 3,986 | | |
Other comprehensive loss | | | | | | | | | | | | | |
Unrealized gains/(losses) on securities: | | | | | | | | | | | | | |
Unrealized holding gain (loss) arising during the period | | | | | 6 | | | | | | (571) | | |
Reclassification adjustment for other than temporary impairment included in net income | | | | | 508 | | | | | | — | | |
Reclassification adjustment for gains included in net income | | | | | (346) | | | | | | (82) | | |
| | | | | 168 | | | | | | (653) | | |
Tax effect | | | | | (56) | | | | | | 222 | | |
Net of tax | | | | | 112 | | | | | | (431) | | |
Defined benefit pension plans: | | | | | | | | | | | | | |
Net loss arising during the period | | | | | (588) | | | | | | (671) | | |
Reclassification adjustment for amortization of prior service benefit and net loss included in net periodic pension cost | | | | | 239 | | | | | | 220 | | |
| | | | | (349) | | | | | | (451) | | |
Tax effect | | | | | 73 | | | | | | 153 | | |
Net of tax | | | | | (276) | | | | | | (298) | | |
Total other comprehensive loss | | | | | (164) | | | | | | (729) | | |
Comprehensive income | | | | $ | 4,113 | | | | | $ | 3,257 | | |
|
| | | Preferred Stock | | | Common Stock | | | Additional Paid-in Capital | | | Treasury Stock | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total Stockholders’ Equity | | |||||||||||||||||||||
Balance at January 1, 2015 | | | | $ | 5,000 | | | | | $ | 2,353 | | | | | $ | 19,740 | | | | | $ | (2,114) | | | | | $ | 26,009 | | | | | $ | (2,998) | | | | | $ | 47,990 | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,154 | | | | | | | | | | | | 4,154 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (764) | | | | | | (764) | | |
Stock compensation expense | | | | | | | | | | | | | | | | | 184 | | | | | | | | | | | | | | | | | | | | | | | | 184 | | |
Exercise of stock options (3,750 shares), including tax benefit | | | | | | | | | | | 5 | | | | | | 60 | | | | | | | | | | | | | | | | | | | | | | | | 65 | | |
Issuance of common stock (350,000 shares) | | | | | | | | | | | 437 | | | | | | 7,714 | | | | | | | | | | | | | | | | | | | | | | | | 8,151 | | |
Issuance of common stock for restricted stock awards (10,400 shares), including tax benefit | | | | | | | | | | | 13 | | | | | | 3 | | | | | | | | | | | | | | | | | | | | | | | | 16 | | |
Redemption of preferred stock, Series B | | | | | (5,000) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (5,000) | | |
Preferred dividends | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (75) | | | | | | | | | | | | (75) | | |
Cash dividends declared on common stock ($0.96 per share) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,882) | | | | | | | | | | | | (1,882) | | |
Balance at December 31, 2015 | | | | | — | | | | | | 2,808 | | | | | | 27,701 | | | | | | (2,114) | | | | | | 28,206 | | | | | | (3,762) | | | | | | 52,839 | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,986 | | | | | | | | | | | | 3,986 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (729) | | | | | | (729) | | |
Stock compensation expense | | | | | | | | | | | | | | | | | 205 | | | | | | | | | | | | | | | | | | | | | | | | 205 | | |
Issuance of common stock for restricted stock awards (7,550 shares), including tax benefit | | | | | | | | | | | 10 | | | | | | (6) | | | | | | | | | | | | | | | | | | | | | | | | 4 | | |
Cash dividends declared on common stock ($1.04 per share) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2,232) | | | | | | | | | | | | (2,232) | | |
Balance at December 31, 2016 | | | | $ | — | | | | | $ | 2,818 | | | | | $ | 27,900 | | | | | $ | (2,114) | | | | | $ | 29,960 | | | | | $ | (4,491) | | | | | $ | 54,073 | | |
|
| | | Common Stock | | | Additional Paid-in Capital | | | Treasury Stock | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total Stockholders’ Equity | | ||||||||||||||||||
Balance at January 1, 2016 | | | | $ | 2,808 | | | | | $ | 27,701 | | | | | $ | (2,114) | | | | | $ | 28,206 | | | | | $ | (3,762) | | | | | $ | 52,839 | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | 3,986 | | | | | | | | | | | | 3,986 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (729) | | | | | | (729) | | |
Stock compensation expense | | | | | | | | | | | 205 | | | | | | | | | | | | | | | | | | | | | | | | 205 | | |
Issuance of common stock for restricted stock awards (7,550 shares), including tax benefit | | | | | 10 | | | | | | (6) | | | | | | | | | | | | | | | | | | | | | | | | 4 | | |
Cash dividends declared on common stock ($1.04 per share) | | | | | | | | | | | | | | | | | | | | | | | (2,232) | | | | | | | | | | | | (2,232) | | |
Balance at December 31, 2016 | | | | | 2,818 | | | | | | 27,900 | | | | | | (2,114) | | | | | | 29,960 | | | | | | (4,491) | | | | | | 54,073 | | |
Net income | | | | | | | | | | | | | | | | | | | | | | | 4,277 | | | | | | | | | | | | 4,277 | | |
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (164) | | | | | | (164) | | |
Stock compensation expense | | | | | | | | | | | 230 | | | | | | | | | | | | | | | | | | | | | | | | 230 | | |
Exercise of stock options (53,586 shares) | | | | | 67 | | | | | | 1,308 | | | | | | | | | | | | | | | | | | | | | | | | 1,375 | | |
Issuance of common stock (58,445 shares) | | | | | 73 | | | | | | 1,601 | | | | | | | | | | | | | | | | | | | | | | | | 1,674 | | |
Issuance of common stock for restricted stock awards (6,750 shares) | | | | | 8 | | | | | | (8) | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Reclassification of disproportionate tax effects | | | | | | | | | | | | | | | | | | | | | | | 863 | | | | | | (863) | | | | | | — | | |
Cash dividends declared on common stock ($1.08 per share) | | | | | | | | | | | | | | | | | | | | | | | (2,374) | | | | | | | | | | | | (2,374) | | |
Balance at December 31, 2017 | | | | $ | 2,966 | | | | | $ | 31,031 | | | | | $ | (2,114) | | | | | $ | 32,726 | | | | | $ | (5,518) | | | | | $ | 59,091 | | |
|
| | Year ended December 31, | | | Year ended December 31, | | ||||||||||||||||||||
| | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | |||||||||||||
Net income | | | $ | 3,986 | | | | $ | 4,154 | | | | | $ | 4,277 | | | | $ | 3,986 | | | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | |||||||||||||
Depreciation and amortization of premises and equipment | | | | 1,133 | | | | | 1,039 | | | | | | 1,163 | | | | | 1,133 | | | ||||
Provision for loan losses | | | | 464 | | | | | 381 | | | | | | 903 | | | | | 464 | | | ||||
Amortization/accretion of premiums, discounts and deferred costs and fees, net | | | | 434 | | | | | 362 | | | | | | 488 | | | | | 434 | | | ||||
Amortization of intangible assets and mortgage servicing rights | | | | 246 | | | | | 196 | | | | | | 295 | | | | | 246 | | | ||||
Securities impairment loss recognized in earnings | | | | 508 | | | | | — | | | |||||||||||||||
Realized gains on sales of available for sale securities, net | | | | (82) | | | | | (854) | | | | | | (346) | | | | | (82) | | | ||||
Net gains on sales of loans | | | | (119) | | | | | — | | | | | | (248) | | | | | (119) | | | ||||
Net gains on foreclosed real estate | | | | (22) | | | | | (15) | | | | | | (32) | | | | | (22) | | | ||||
Net loss on sales of bank premises and equipment | | | | 10 | | | | | — | | | | | | 16 | | | | | 10 | | | ||||
Loans originated for sale | | | | (2,224) | | | | | — | | | | | | (5,783) | | | | | (2,224) | | | ||||
Proceeds from the sale of loans originated for sale | | | | 2,198 | | | | | — | | | | | | 6,007 | | | | | 2,198 | | | ||||
Write-down of foreclosed real estate | | | | — | | | | | 13 | | | |||||||||||||||
Gain on bargain purchase | | | | (1,316) | | | | | — | | | |||||||||||||||
Restricted stock and stock option compensation | | | | 205 | | | | | 184 | | | | | | 230 | | | | | 205 | | | ||||
Increase in bank-owned life insurance, net | | | | (334) | | | | | (328) | | | | | | (334) | | | | | (334) | | | ||||
(Increase) decrease in accrued interest receivable | | | | (127) | | | | | 42 | | | |||||||||||||||
(Increase) decrease in deferred taxes | | | | 203 | | | | | 1,146 | | | |||||||||||||||
Increase in accrued interest receivable | | | | (299) | | | | | (127) | | | |||||||||||||||
Decrease in deferred taxes | | | | 691 | | | | | 203 | | | |||||||||||||||
(Increase) decrease in prepaid expenses and other assets | | | | (141) | | | | | (3,619) | | | | | | 1,055 | | | | | (141) | | | ||||
Increase (decrease) in accrued interest payable | | | | 31 | | | | | (20) | | | |||||||||||||||
Increase in accrued interest payable | | | | 168 | | | | | 31 | | | |||||||||||||||
Increase (decrease) in accrued expenses and other liabilities | | | | (201) | | | | | 738 | | | | | | 771 | | | | | (201) | | | ||||
Net cash provided by operating activities | | | | 5,660 | | | | | 3,419 | | | | | | 8,214 | | | | | 5,660 | | | ||||
Cash flows from investing activities | | | | | | | | | | | | | | |||||||||||||
Loan originations and principal collections, net | | | | (15,466) | | | | | (27,836) | | | | | | (47,231) | | | | | (15,466) | | | ||||
Purchase of residential mortgage loans | | | | (6,911) | | | | | (19,481) | | | | | | — | | | | | (6,911) | | | ||||
Proceeds from sales of loans held for sale previously classified as portfolio loans | | | | 1,739 | | | | | — | | | | | | 1,790 | | | | | 1,739 | | | ||||
Settlement of syndicated national credits | | | | — | | | | | (7,039) | | | |||||||||||||||
Available for sale securities: | | | | | | | | | | | | | | |||||||||||||
Sales | | | | 6,618 | | | | | 36,314 | | | | | | 18,360 | | | | | 6,618 | | | ||||
Maturities, repayments and calls | | | | 22,790 | | | | | 27,873 | | | | | | 11,453 | | | | | 22,790 | | | ||||
Purchases | | | | (18,522) | | | | | (27,117) | | | | | | (29,474) | | | | | (18,522) | | | ||||
Net cash paid for acquisition | | | | (3,309) | | | | | — | | | |||||||||||||||
Redemption (purchase) of federal bank stocks, net | | | | 357 | | | | | (1,834) | | | |||||||||||||||
Net cash received (paid) for acquisition | | | | 2,517 | | | | | (3,309) | | | |||||||||||||||
Redemption of federal bank stocks, net | | | | 210 | | | | | 357 | | | |||||||||||||||
Proceeds from the sale of bank premises and equipment | | | | 5 | | | | | — | | | |||||||||||||||
Purchases of premises and equipment | | | | (2,142) | | | | | (2,009) | | | | | | (204) | | | | | (2,142) | | | ||||
Proceeds from the sale of foreclosed real estate | | | | 333 | | | | | 307 | | | | | | 210 | | | | | 333 | | | ||||
Net cash used in investing activities | | | | (14,513) | | | | | (20,822) | | | | | | (42,364) | | | | | (14,513) | | | ||||
Cash flows from financing activities | | | | | | | | | | | | | | |||||||||||||
Net increase (decrease) in deposits | | | | 22,353 | | | | | (11,932) | | | |||||||||||||||
Net increase in deposits | | | | 49,955 | | | | | 22,353 | | | |||||||||||||||
Proceeds from long-term debt | | | | 5,000 | | | | | 20,000 | | | | | | 5,000 | | | | | 5,000 | | | ||||
Repayments on long-term debt | | | | (5,500) | | | | | — | | | | | | (16,000) | | | | | (5,500) | | | ||||
Net change in short-term borrowings | | | | (4,750) | | | | | 7,750 | | | | | | (7,000) | | | | | (4,750) | | | ||||
Proceeds from issuance of common stock | | | | 4 | | | | | 8,151 | | | | | | — | | | | | 4 | | | ||||
Redemption of preferred stock (Series B) | | | | — | | | | | (5,000) | | | |||||||||||||||
Proceeds from exercise of stock options, including tax benefit | | | | — | | | | | 81 | | | |||||||||||||||
Proceeds from exercise of stock options | | | | 1,375 | | | | | — | | | |||||||||||||||
Dividends paid | | | | (2,232) | | | | | (1,957) | | | | | | (2,374) | | | | | (2,232) | | | ||||
Net cash provided by financing activities | | | | 14,875 | | | | | 17,093 | | | | | | 30,956 | | | | | 14,875 | | | ||||
Net increase (decrease) in cash and cash equivalents | | | | 6,022 | | | | | (310) | | | | | | (3,194) | | | | | 6,022 | | | ||||
Cash and cash equivalents at beginning of period | | | | 11,546 | | | | | 11,856 | | | | | | 17,568 | | | | | 11,546 | | | ||||
Cash and cash equivalents at end of period | | | $ | 17,568 | | | | $ | 11,546 | | | | | $ | 14,374 | | | | $ | 17,568 | | | ||||
Supplemental information: | | | | | | | | | | | | | | |||||||||||||
Interest paid | | | $ | 3,885 | | | | $ | 2,855 | | | | | $ | 4,319 | | | | $ | 3,885 | | | ||||
Income taxes paid | | | | 600 | | | | | 525 | | | | | | 1,325 | | | | | 600 | | | ||||
Supplemental noncash disclosures: | | | | | | | | | | | | | | |||||||||||||
Transfers from loans to foreclosed real estate | | | | 442 | | | | | 341 | | | | | | 379 | | | | | 442 | | | ||||
Transfers from portfolio loans to loans held for sale | | | | 1,662 | | | | | — | | | | | | 2,202 | | | | | 1,662 | | |
(Dollar amounts in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available for sale: | | | | | | ||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and federal agency | | | | $ | 4,550 | | | | | $ | — | | | | | $ | (50) | | | | | $ | 4,500 | | |
U.S. government sponsored entities and agencies | | | | | 9,186 | | | | | | — | | | | | | (188) | | | | | | 8,998 | | |
U.S. agency mortgage-backed securities: residential | | | | | 25,790 | | | | | | 32 | | | | | | (196) | | | | | | 25,626 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 25,367 | | | | | | 23 | | | | | | (684) | | | | | | 24,706 | | |
State and political subdivision | | | | | 27,853 | | | | | | 17 | | | | | | (262) | | | | | | 27,608 | | |
Corporate debt securities | | | | | 8,012 | | | | | | 5 | | | | | | (85) | | | | | | 7,932 | | |
Equity securities | | | | | 1,829 | | | | | | 373 | | | | | | (12) | | | | | | 2,190 | | |
| | | | $ | 102,587 | | | | | $ | 450 | | | | | $ | (1,477) | | | | | $ | 101,560 | | |
December 31, 2015: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and federal agency | | | | $ | 1,493 | | | | | $ | — | | | | | $ | (27) | | | | | $ | 1,466 | | |
U.S. government sponsored entities and agencies | | | | | 8,998 | | | | | | 2 | | | | | | (47) | | | | | | 8,953 | | |
U.S. agency mortgage-backed securities: residential | | | | | 32,947 | | | | | | 256 | | | | | | (53) | | | | | | 33,150 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 32,289 | | | | | | 23 | | | | | | (872) | | | | | | 31,440 | | |
State and political subdivision | | | | | 28,352 | | | | | | 264 | | | | | | (25) | | | | | | 28,591 | | |
Corporate debt securities | | | | | 7,507 | | | | | | 1 | | | | | | (21) | | | | | | 7,487 | | |
Equity securities | | | | | 1,769 | | | | | | 188 | | | | | | (63) | | | | | | 1,894 | | |
| | | | $ | 113,355 | | | | | $ | 734 | | | | | $ | (1,108) | | | | | $ | 112,981 | | |
|
(Dollar amounts in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
Available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury | | | | $ | 4,541 | | | | | $ | — | | | | | $ | (69) | | | | | $ | 4,472 | | |
U.S. government sponsored entities and agencies | | | | | 14,136 | | | | | | 2 | | | | | | (212) | | | | | | 13,926 | | |
U.S. agency mortgage-backed securities: residential | | | | | 20,904 | | | | | | 7 | | | | | | (153) | | | | | | 20,758 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 22,607 | | | | | | 25 | | | | | | (708) | | | | | | 21,924 | | |
State and political subdivision | | | | | 29,249 | | | | | | 87 | | | | | | (96) | | | | | | 29,240 | | |
Corporate debt securities | | | | | 9,009 | | | | | | 38 | | | | | | (17) | | | | | | 9,030 | | |
Equity securities | | | | | 1,580 | | | | | | 255 | | | | | | (18) | | | | | | 1,817 | | |
| | | | $ | 102,026 | | | | | $ | 414 | | | | | $ | (1,273) | | | | | $ | 101,167 | | |
|
(Dollar amounts in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury | | | | $ | 4,550 | | | | | $ | — | | | | | $ | (50) | | | | | $ | 4,500 | | |
U.S. government sponsored entities and agencies | | | | | 9,186 | | | | | | — | | | | | | (188) | | | | | | 8,998 | | |
U.S. agency mortgage-backed securities: residential | | | | | 25,790 | | | | | | 32 | | | | | | (196) | | | | | | 25,626 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 25,367 | | | | | | 23 | | | | | | (684) | | | | | | 24,706 | | |
State and political subdivision | | | | | 27,853 | | | | | | 17 | | | | | | (262) | | | | | | 27,608 | | |
Corporate debt securities | | | | | 8,012 | | | | | | 5 | | | | | | (85) | | | | | | 7,932 | | |
Equity securities | | | | | 1,829 | | | | | | 373 | | | | | | (12) | | | | | | 2,190 | | |
| | | | $ | 102,587 | | | | | $ | 450 | | | | | $ | (1,477) | | | | | $ | 101,560 | | |
|
(Dollar amounts in thousands) | | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Proceeds | | | $ | 6,618 | | | | $ | 36,314 | | | | | $ | 18,360 | | | | $ | 6,618 | | | ||||
Gains | | | | 108 | | | | | 876 | | | | | | 350 | | | | | 108 | | | ||||
Losses | | | | (26) | | | | | (22) | | | | | | (4) | | | | | (26) | | | ||||
Tax provision related to gains | | | | 28 | | | | | 290 | | | | | | 118 | | | | | 28 | | |
| | Available for sale | | | Available for sale | | ||||||||||||||||||||
(Dollar amounts in thousands) | | Amortized Cost | | Fair Value | | | Amortized Cost | | Fair Value | | ||||||||||||||||
Due in one year or less | | | $ | 2,001 | | | | $ | 2,001 | | | | | $ | 1,851 | | | | $ | 1,849 | | | ||||
Due after one year through five years | | | | 20,886 | | | | | 20,734 | | | | | | 32,578 | | | | | 32,291 | | | ||||
Due after five through ten years | | | | 25,702 | | | | | 25,327 | | | | | | 18,512 | | | | | 18,526 | | | ||||
Due after ten years | | | | 1,012 | | | | | 976 | | | | | | 3,994 | | | | | 4,002 | | | ||||
U.S. agency mortgage-backed securities: residential | | | | 25,790 | | | | | 25,626 | | | | | | 20,904 | | | | | 20,758 | | | ||||
U.S. agency collateralized mortgage obligations: residential | | | | 25,367 | | | | | 24,706 | | | | | | 22,607 | | | | | 21,924 | | | ||||
| | | $ | 100,758 | | | | $ | 99,370 | | | | | $ | 100,446 | | | | $ | 99,350 | | | |
(Dollar amounts in thousands) | | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
Description of Securities | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | ||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and federal agency | | | | $ | 4,500 | | | | | $ | (50) | | | | | $ | — | | | | | $ | — | | | | | $ | 4,500 | | | | | $ | (50) | | |
U.S. government sponsored entities and agencies | | | | | 8,998 | | | | | | (188) | | | | | | — | | | | | | — | | | | | | 8,998 | | | | | | (188) | | |
U.S. agency mortgage-backed securities: residential | | | | | 23,279 | | | | | | (196) | | | | | | — | | | | | | — | | | | | | 23,279 | | | | | | (196) | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 13,568 | | | | | | (438) | | | | | | 9,317 | | | | | | (246) | | | | | | 22,885 | | | | | | (684) | | |
State and political subdivision | | | | | 21,924 | | | | | | (262) | | | | | | — | | | | | | — | | | | | | 21,924 | | | | | | (262) | | |
Corporate debt securities | | | | | 3,927 | | | | | | (85) | | | | | | — | | | | | | — | | | | | | 3,927 | | | | | | (85) | | |
Equity securities | | | | | — | | | | | | — | | | | | | 237 | | | | | | (12) | | | | | | 237 | | | | | | (12) | | |
| | | | $ | 76,196 | | | | | $ | (1,219) | | | | | $ | 9,554 | | | | | $ | (258) | | | | | $ | 85,750 | | | | | $ | (1,477) | | |
|
(Dollar amounts in thousands) | | Less than 12 Months | | 12 Months or More | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Securities | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2015: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | $ | — | | | | $ | — | | | | $ | 1,466 | | | | $ | (27) | | | | $ | 1,466 | | | | $ | (27) | | | |||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Description of Securities | | | Less than 12 Months | | 12 Months or More | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | | | $ | — | | | | $ | — | | | | $ | 4,472 | | | | $ | (69) | | | | $ | 4,472 | | | | $ | (69) | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and agencies | | | | 3,447 | | | | | (42) | | | | | 8,975 | | | | | (170) | | | | | 12,422 | | | | | (212) | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities: residential | | | | 9,659 | | | | | (48) | | | | | 6,581 | | | | | (105) | | | | | 16,240 | | | | | (153) | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 954 | | | | | (16) | | | | | 19,147 | | | | | (692) | | | | | 20,101 | | | | | (708) | | | |||||||||||||||||||||||||||||||||||||||||||
State and political subdivision | | | | 10,510 | | | | | (60) | | | | | 3,487 | | | | | (36) | | | | | 13,997 | | | | | (96) | | | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | | | | 2,992 | | | | | (16) | | | | | 999 | | | | | (1) | | | | | 3,991 | | | | | (17) | | | |||||||||||||||||||||||||||||||||||||||||||
Equity securities | | | | — | | | | | — | | | | | 231 | | | | | (18) | | | | | 231 | | | | | (18) | | | |||||||||||||||||||||||||||||||||||||||||||
| | | $ | 27,562 | | | | $ | (182) | | | | $ | 43,892 | | | | $ | (1,091) | | | | $ | 71,454 | | | | $ | (1,273) | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | | | $ | 4,500 | | | | $ | (50) | | | | $ | — | | | | $ | — | | | | $ | 4,500 | | | | $ | (50) | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and agencies | | | | 4,962 | | | | | (36) | | | | | 1,989 | | | | | (11) | | | | | 6,951 | | | | | (47) | | | | | | 8,998 | | | | | (188) | | | | | — | | | | | — | | | | | 8,998 | | | | | (188) | | | ||||||||||||
U.S. agency mortgage-backed securities: residential | | | | 6,710 | | | | | (53) | | | | | — | | | | | — | | | | | 6,710 | | | | | (53) | | | | | | 23,279 | | | | | (196) | | | | | — | | | | | — | | | | | 23,279 | | | | | (196) | | | ||||||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 4,283 | | | | | (41) | | | | | 25,336 | | | | | (831) | | | | | 29,619 | | | | | (872) | | | | | | 13,568 | | | | | (438) | | | | | 9,317 | | | | | (246) | | | | | 22,885 | | | | | (684) | | | ||||||||||||
State and political subdivision | | | | 1,028 | | | | | (2) | | | | | 1,819 | | | | | (23) | | | | | 2,847 | | | | | (25) | | | | | | 21,924 | | | | | (262) | | | | | — | | | | | — | | | | | 21,924 | | | | | (262) | | | ||||||||||||
Corporate debt securities | | | | 3,484 | | | | | (20) | | | | | 500 | | | | | (1) | | | | | 3,984 | | | | | (21) | | | | | | 3,927 | | | | | (85) | | | | | — | | | | | — | | | | | 3,927 | | | | | (85) | | | ||||||||||||
Equity securities | | | | 1,137 | | | | | (63) | | | | | — | | | | | — | | | | | 1,137 | | | | | (63) | | | | | | — | | | | | — | | | | | 237 | | | | | (12) | | | | | 237 | | | | | (12) | | | ||||||||||||
| | | $ | 21,604 | | | | $ | (215) | | | | $ | 31,110 | | | | $ | (893) | | | | $ | 52,714 | | | | $ | (1,108) | | | | | $ | 76,196 | | | | $ | (1,219) | | | | $ | 9,554 | | | | $ | (258) | | | | $ | 85,750 | | | | $ | (1,477) | | | |
(Dollar amounts in thousands) | | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Mortgage loans on real estate: | | | | | | | | | | | | | | | | | | | | | | | ||||
Residential first mortgages | | | $ | 198,167 | | | | $ | 139,305 | | | | | $ | 221,823 | | | | $ | 198,167 | | | ||||
Home equity loans and lines of credit | | | | 91,359 | | | | | 87,410 | | | | | | 99,940 | | | | | 91,359 | | | ||||
Commercial real estate | | | | 166,994 | | | | | 129,691 | | | | | | 193,068 | | | | | 166,994 | | | ||||
| | | | 456,520 | | | | | 356,406 | | | | | | 514,831 | | | | | 456,520 | | | ||||
Other loans: | | | | | | | | | | | | | | | | | | | | | | | ||||
Commercial business | | | | 57,788 | | | | | 71,948 | | | | | | 58,941 | | | | | 57,788 | | | ||||
Consumer | | | | 6,672 | | | | | 6,742 | | | | | | 9,589 | | | | | 6,672 | | | ||||
| | | | 64,460 | | | | | 78,690 | | | | | | 68,530 | | | | | 64,460 | | | ||||
Total loans, gross | | | | 520,980 | | | | | 435,096 | | | | | | 583,361 | | | | | 520,980 | | | ||||
Less allowance for loan losses | | | | 5,545 | | | | | 5,205 | | | | | | 6,127 | | | | | 5,545 | | | ||||
Total loans, net | | | $ | 515,435 | | | | $ | 429,891 | | | | | $ | 577,234 | | | | $ | 515,435 | | | |
(Dollar amounts in thousands) | | | 2016 | | | 2015 | | ||||||
Balance at the beginning of the year | | | | $ | 5,205 | | | | | $ | 5,224 | | |
Provision for loan losses | | | | | 464 | | | | | | 381 | | |
Charge-offs | | | | | (296) | | | | | | (567) | | |
Recoveries | | | | | 172 | | | | | | 167 | | |
Balance at the end of the year | | | | $ | 5,545 | | | | | $ | 5,205 | | |
|
(Dollar amounts in thousands) | | | 2017 | | | 2016 | | ||||||
Balance at the beginning of the year | | | | $ | 5,545 | | | | | $ | 5,205 | | |
Provision for loan losses | | | | | 903 | | | | | | 464 | | |
Charge-offs | | | | | (366) | | | | | | (296) | | |
Recoveries | | | | | 45 | | | | | | 172 | | |
Balance at the end of the year | | | | $ | 6,127 | | | | | $ | 5,545 | | |
|
(Dollar amounts in thousands) | | Residential Mortgages | | Home Equity & Lines of Credit | | Commercial Real Estate | | Commercial Business | | Consumer | | Total | | | Residential Mortgages | | Home Equity & Lines of Credit | | Commercial Real Estate | | Commercial Business | | Consumer | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | | | $ | 1,429 | | | | $ | 586 | | | | $ | 2,185 | | | | $ | 960 | | | | $ | 45 | | | | $ | 5,205 | | | | | $ | 1,846 | | | | $ | 633 | | | | $ | 2,314 | | | | $ | 700 | | | | $ | 52 | | | | $ | 5,545 | | | ||||||||||||
Charge-offs | | | | (101) | | | | | (118) | | | | | (18) | | | | | (11) | | | | | (48) | | | | | (296) | | | | | | (40) | | | | | (114) | | | | | (127) | | | | | (14) | | | | | (71) | | | | | (366) | | | ||||||||||||
Recoveries | | | | — | | | | | 3 | | | | | 158 | | | | | — | | | | | 11 | | | | | 172 | | | | | | — | | | | | 23 | | | | | 8 | | | | | 2 | | | | | 12 | | | | | 45 | | | ||||||||||||
Provision | | | | 518 | | | | | 162 | | | | | (11) | | | | | (249) | | | | | 44 | | | | | 464 | | | | | | 284 | | | | | 104 | | | | | 558 | | | | | (103) | | | | | 60 | | | | | 903 | | | ||||||||||||
Ending Balance | | | $ | 1,846 | | | | $ | 633 | | | | $ | 2,314 | | | | $ | 700 | | | | $ | 52 | | | | $ | 5,545 | | | ��� | | | $ | 2,090 | | | | $ | 646 | | | | $ | 2,753 | | | | $ | 585 | | | | $ | 53 | | | | $ | 6,127 | | | |||||||||||
Ending ALL balance attributable to loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Individually evaluated for impairment | | | $ | 19 | | | | $ | — | | | | $ | 95 | | | | $ | 6 | | | | $ | — | | | | $ | 120 | | | | | $ | 7 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 7 | | | ||||||||||||
Acquired loans | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Collectively evaluated for impairment | | | | 1,827 | | | | | 633 | | | | | 2,219 | | | | | 694 | | | | | 52 | | | | | 5,425 | | | | | | 2,083 | | | | | 646 | | | | | 2,753 | | | | | 585 | | | | | 53 | | | | | 6,120 | | | ||||||||||||
Total | | | $ | 1,846 | | | | $ | 633 | | | | $ | 2,314 | | | | $ | 700 | | | | $ | 52 | | | | $ | 5,545 | | | | | $ | 2,090 | | | | $ | 646 | | | | $ | 2,753 | | | | $ | 585 | | | | $ | 53 | | | | $ | 6,127 | | | ||||||||||||
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Individually evaluated for impairment | | | $ | 135 | | | | $ | — | | | | $ | 1,014 | | | | $ | 684 | | | | $ | — | | | | $ | 1,833 | | | | | $ | 425 | | | | $ | 8 | | | | $ | 914 | | | | $ | 569 | | | | $ | — | | | | $ | 1,916 | | | ||||||||||||
Acquired loans | | | | 25,024 | | | | | 5,225 | | | | | 27,492 | | | | | 1,182 | | | | | 13 | | | | | 58,936 | | | | | | 20,300 | | | | | 10,873 | | | | | 27,404 | | | | | 1,451 | | | | | 2,893 | | | | | 62,921 | | | ||||||||||||
Collectively evaluated for impairment | | | | 173,008 | | | | | 86,134 | | | | | 138,488 | | | | | 55,922 | | | | | 6,659 | | | | | 460,211 | | | | | | 201,098 | | | | | 89,059 | | | | | 164,750 | | | | | 56,921 | | | | | 6,696 | | | | | 518,524 | | | ||||||||||||
Total | | | $ | 198,167 | | | | $ | 91,359 | | | | $ | 166,994 | | | | $ | 57,788 | | | | $ | 6,672 | | | | $ | 520,980 | | | | | $ | 221,823 | | | | $ | 99,940 | | | | $ | 193,068 | | | | $ | 58,941 | | | | $ | 9,589 | | | | $ | 583,361 | | | ||||||||||||
December 31, 2015: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Beginning Balance | | | $ | 955 | | | | $ | 543 | | | | $ | 2,338 | | | | $ | 1,336 | | | | $ | 52 | | | | $ | 5,224 | | | | | $ | 1,429 | | | | $ | 586 | | | | $ | 2,185 | | | | $ | 960 | | | | $ | 45 | | | | $ | 5,205 | | | ||||||||||||
Charge-offs | | | | (79) | | | | | (221) | | | | | (35) | | | | | (182) | | | | | (50) | | | | | (567) | | | | | | (101) | | | | | (118) | | | | | (18) | | | | | (11) | | | | | (48) | | | | | (296) | | | ||||||||||||
Recoveries | | | | — | | | | | 30 | | | | | 88 | | | | | 31 | | | | | 18 | | | | | 167 | | | | | | — | | | | | 3 | | | | | 158 | | | | | — | | | | | 11 | | | | | 172 | | | ||||||||||||
Provision | | | | 553 | | | | | 234 | | | | | (206) | | | | | (225) | | | | | 25 | | | | | 381 | | | | | | 518 | | | | | 162 | | | | | (11) | | | | | (249) | | | | | 44 | | | | | 464 | | | ||||||||||||
Ending Balance | | | $ | 1,429 | | | | $ | 586 | | | | $ | 2,185 | | | | $ | 960 | | | | $ | 45 | | | | $ | 5,205 | | | | | $ | 1,846 | | | | $ | 633 | | | | $ | 2,314 | | | | $ | 700 | | | | $ | 52 | | | | $ | 5,545 | | | ||||||||||||
Ending ALL balance attributable to loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | | | $ | 29 | | | | $ | — | | | | $ | 5 | | | | $ | 76 | | | | $ | — | | | | $ | 110 | | | |||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | | | | 1,400 | | | | | 586 | | | | | 2,180 | | | | | 884 | | | | | 45 | | | | | 5,095 | | | |||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 1,429 | | | | $ | 586 | | | | $ | 2,185 | | | | $ | 960 | | | | $ | 45 | | | | $ | 5,205 | | | |||||||||||||||||||||||||||||||||||||||||||
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | | | $ | 169 | | | | $ | — | | | | $ | 839 | | | | $ | 999 | | | | $ | — | | | | $ | 2,007 | | | |||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | | | | 139,136 | | | | | 87,410 | | | | | 128,852 | | | | | 70,949 | | | | | 6,742 | | | | | 433,089 | | | |||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 139,305 | | | | $ | 87,410 | | | | $ | 129,691 | | | | $ | 71,948 | | | | $ | 6,742 | | | | $ | 435,096 | | | |
(Dollar amounts in thousands) | | | Residential Mortgages | | | Home Equity & Lines of Credit | | | Commercial Real Estate | | | Commercial Business | | | Consumer | | | Total | | ||||||||||||||||||
Ending ALL balance attributable to loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 19 | | | | | $ | — | | | | | $ | 95 | | | | | $ | 6 | | | | | $ | — | | | | | $ | 120 | | |
Acquired loans | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Collectively evaluated for impairment | | | | | 1,827 | | | | | | 633 | | | | | | 2,219 | | | | | | 694 | | | | | | 52 | | | | | | 5,425 | | |
Total | | | | $ | 1,846 | | | | | $ | 633 | | | | | $ | 2,314 | | | | | $ | 700 | | | | | $ | 52 | | | | | $ | 5,545 | | |
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 135 | | | | | $ | — | | | | | $ | 1,014 | | | | | $ | 684 | | | | | $ | — | | | | | $ | 1,833 | | |
Acquired loans | | | | | 25,024 | | | | | | 5,225 | | | | | | 27,492 | | | | | | 1,182 | | | | | | 13 | | | | | | 58,936 | | |
Collectively evaluated for impairment | | | | | 173,008 | | | | | | 86,134 | | | | | | 138,488 | | | | | | 55,922 | | | | | | 6,659 | | | | | | 460,211 | | |
Total | | | | $ | 198,167 | | | | | $ | 91,359 | | | | | $ | 166,994 | | | | | $ | 57,788 | | | | | $ | 6,672 | | | | | $ | 520,980 | | |
|
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of December 31, 2016 | | | For the year ended December 31, 2016 | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 168 | | | | | $ | 135 | | | | | $ | 19 | | | | | $ | 119 | | | | | $ | 6 | | | | | $ | 6 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 557 | | | | | | 557 | | | | | | 95 | | | | | | 130 | | | | | | 23 | | | | | | — | | |
Commercial business | | | | | 588 | | | | | | 588 | | | | | | 6 | | | | | | 428 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,313 | | | | | $ | 1,280 | | | | | $ | 120 | | | | | $ | 677 | | | | | $ | 29 | | | | | $ | 6 | | |
|
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of December 31, 2016 | | | For the year ended December 31, 2016 | | ||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | $ | — | | | | | $ | — | | | | | $ | 23 | | | | | $ | — | | | | | $ | — | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 631 | | | | | | 457 | | | | | | 735 | | | | | | 3 | | | | | | 3 | | |
Commercial business | | | | | 96 | | | | | | 96 | | | | | | 322 | | | | | | 2 | | | | | | 2 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 727 | | | | | $ | 553 | | | | | $ | 1,080 | | | | | $ | 5 | | | | | $ | 5 | | |
|
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of December 31, 2015 | | | For the year ended December 31, 2015 | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 169 | | | | | $ | 169 | | | | | $ | 29 | | | | | $ | 170 | | | | | $ | 6 | | | | | $ | 6 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 93 | | | | | | 93 | | | | | | 5 | | | | | | 1,613 | | | | | | 12 | | | | | | 9 | | |
Commercial business | | | | | 923 | | | | | | 923 | | | | | | 76 | | | | | | 1,641 | | | | | | 112 | | | | | | 99 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,185 | | | | | $ | 1,185 | | | | | $ | 110 | | | | | $ | 3,424 | | | | | $ | 130 | | | | | $ | 114 | | |
|
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of December 31, 2017 | | | For the year ended December 31, 2017 | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 75 | | | | | $ | 75 | | | | | $ | 7 | | | | | $ | 88 | | | | | $ | 3 | | | | | $ | 3 | | |
Home equity and lines of credit | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | 111 | | | | | | — | | | | | | — | | |
Commercial business | | | | | — | | | | | | — | | | | | | — | | | | | | 118 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 83 | | | | | $ | 83 | | | | | $ | 7 | | | | | $ | 319 | | | | | $ | 3 | | | | | $ | 3 | | |
|
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of December 31, 2015 | | | For the year ended December 31, 2015 | | ||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | $ | — | | | | | $ | — | | | | | $ | 45 | | | | | $ | 7 | | | | | $ | 7 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 1,145 | | | | | | 746 | | | | | | 1,069 | | | | | | 49 | | | | | | 40 | | |
Commercial business | | | | | 76 | | | | | | 76 | | | | | | 66 | | | | | | 3 | | | | | | 3 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,221 | | | | | $ | 822 | | | | | $ | 1,180 | | | | | $ | 59 | | | | | $ | 50 | | |
|
| | | Impaired Loans with No Specific Allowance | | ||||||||||||||||||||||||||||||
| | | As of December 31, 2017 | | | For the year ended December 31, 2017 | | |||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | | |||||||||||||||||
Residential first mortgages | | | | $ | 461 | | | | | $ | 350 | | | | | $ | 289 | | | | | $ | 8 | | | | | $ | 8 | | | | ||
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Commercial real estate | | | | | 1,089 | | | | | | 914 | | | | | | 855 | | | | | | 3 | | | | | | 3 | | | | ||
Commercial business | | | | | 569 | | | | | | 569 | | | | | | 498 | | | | | | 3 | | | | | | 3 | | | | ||
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Total | | | | $ | 2,119 | | | | | $ | 1,833 | | | | | $ | 1,642 | | | | | $ | 14 | | | | | $ | 14 | | | | ||
|
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of December 31, 2016 | | | For the year ended December 31, 2016 | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 168 | | | | | $ | 135 | | | | | $ | 19 | | | | | $ | 119 | | | | | $ | 6 | | | | | $ | 6 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 557 | | | | | | 557 | | | | | | 95 | | | | | | 130 | | | | | | 23 | | | | | | — | | |
Commercial business | | | | | 588 | | | | | | 588 | | | | | | 6 | | | | | | 428 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,313 | | | | | $ | 1,280 | | | | | $ | 120 | | | | | $ | 677 | | | | | $ | 29 | | | | | $ | 6 | | |
|
| | | Impaired Loans with No Specific Allowance | | ||||||||||||||||||||||||||||||
| | | As of December 31, 2016 | | | For the year ended December 31, 2016 | | |||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | | |||||||||||||||||
Residential first mortgages | | | | $ | — | | | | | $ | — | | | | | $ | 23 | | | | | $ | — | | | | | $ | — | | | | ||
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Commercial real estate | | | | | 631 | | | | | | 457 | | | | | | 735 | | | | | | 3 | | | | | | 3 | | | | ||
Commercial business | | | | | 96 | | | | | | 96 | | | | | | 322 | | | | | | 2 | | | | | | 2 | | | | ||
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Total | | | | $ | 727 | | | | | $ | 553 | | | | | $ | 1,080 | | | | | $ | 5 | | | | | $ | 5 | | | | ||
|
(Dollar amounts in thousands) | | Not Rated | | Pass | | Special Mention | | Substandard | | Doubtful | | Total | | | Not Rated | | Pass | | Special Mention | | Substandard | | Doubtful | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 220,730 | | | | $ | — | | | | $ | — | | | | $ | 1,093 | | | | $ | — | | | | $ | 221,823 | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity and lines of credit | | | | 98,946 | | | | | — | | | | | — | | | | | 994 | | | | | — | | | | | 99,940 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | — | | | | | 182,460 | | | | | 2,744 | | | | | 7,864 | | | | | — | | | | | 193,068 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | — | | | | | 56,960 | | | | | 477 | | | | | 1,504 | | | | | — | | | | | 58,941 | | | |||||||||||||||||||||||||||||||||||||||||||
Consumer | | | | 9,443 | | | | | — | | | | | — | | | | | 146 | | | | | — | | | | | 9,589 | | | |||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 329,119 | | | | $ | 239,420 | | | | $ | 3,221 | | | | $ | 11,601 | | | | $ | — | | | | $ | 583,361 | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Residential first mortgages | | | $ | 197,041 | | | | $ | — | | | | $ | — | | | | $ | 1,126 | | | | $ | — | | | | $ | 198,167 | | | | | $ | 197,041 | | | | $ | — | | | | $ | — | | | | $ | 1,126 | | | | $ | — | | | | $ | 198,167 | | | ||||||||||||
Home equity and lines of credit | | | | 91,017 | | | | | — | | | | | — | | | | | 342 | | | | | — | | | | | 91,359 | | | | | | 91,017 | | | | | — | | | | | — | | | | | 342 | | | | | — | | | | | 91,359 | | | ||||||||||||
Commercial real estate | | | | — | | | | | 161,312 | | | | | 1,077 | | | | | 4,605 | | | | | — | | | | | 166,994 | | | | | | — | | | | | 161,312 | | | | | 1,077 | | | | | 4,605 | | | | | — | | | | | 166,994 | | | ||||||||||||
Commercial business | | | | — | | | | | 52,125 | | | | | 4,926 | | | | | 737 | | | | | — | | | | | 57,788 | | | | | | — | | | | | 52,125 | | | | | 4,926 | | | | | 737 | | | | | — | | | | | 57,788 | | | ||||||||||||
Consumer | | | | 6,659 | | | | | — | | | | | — | | | | | 13 | | | | | — | | | | | 6,672 | | | | | | 6,659 | | | | | — | | | | | — | | | | | 13 | | | | | — | | | | | 6,672 | | | ||||||||||||
Total | | | $ | 294,717 | | | | $ | 213,437 | | | | $ | 6,003 | | | | $ | 6,823 | | | | $ | — | | | | $ | 520,980 | | | | | $ | 294,717 | | | | $ | 213,437 | | | | $ | 6,003 | | | | $ | 6,823 | | | | $ | — | | | | $ | 520,980 | | | ||||||||||||
December 31, 2015: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 138,096 | | | | $ | — | | | | $ | — | | | | $ | 1,209 | | | | $ | — | | | | $ | 139,305 | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity and lines of credit | | | | 87,015 | | | | | — | | | | | — | | | | | 395 | | | | | — | | | | | 87,410 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | — | | | | | 125,539 | | | | | 88 | | | | | 4,064 | | | | | — | | | | | 129,691 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | — | | | | | 69,740 | | | | | 942 | | | | | 1,266 | | | | | — | | | | | 71,948 | | | |||||||||||||||||||||||||||||||||||||||||||
Consumer | | | | 6,742 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,742 | | | |||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 231,853 | | | | $ | 195,279 | | | | $ | 1,030 | | | | $ | 6,934 | | | | $ | — | | | | $ | 435,096 | | | |
| | | Performing | | | Nonperforming | | | |||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Accruing Loans Not Past Due | | | Accruing 30 – 59 Days Past Due | | | Accruing 60 – 89 Days Past Due | | | Accruing 90 Days + Past Due | | | Nonaccrual | | | Total Loans | | ||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | | | $ | 218,515 | | | | | $ | 1,936 | | | | | $ | 357 | | | | | $ | 159 | | | | | $ | 856 | | | | | $ | 221,823 | | |
Home equity and lines of credit | | | | | 98,112 | | | | | | 598 | | | | | | 370 | | | | | | 334 | | | | | | 526 | | | | | | 99,940 | | |
Commercial real estate | | | | | 190,451 | | | | | | 1,026 | | | | | | 430 | | | | | | 197 | | | | | | 964 | | | | | | 193,068 | | |
Commercial business | | | | | 58,058 | | | | | | 74 | | | | | | 225 | | | | | | — | | | | | | 584 | | | | | | 58,941 | | |
Consumer | | | | | 9,162 | | | | | | 273 | | | | | | 81 | | | | | | — | | | | | | 73 | | | | | | 9,589 | | |
Total loans | | | | $ | 574,298 | | | | | $ | 3,907 | | | | | $ | 1,463 | | | | | $ | 690 | | | | | $ | 3,003 | | | | | $ | 583,361 | | |
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential first mortgages | | | | $ | 194,830 | | | | | $ | 1,916 | | | | | $ | 295 | | | | | $ | — | | | | | $ | 1,126 | | | | | $ | 198,167 | | |
Home equity and lines of credit | | | | | 90,557 | | | | | | 460 | | | | | | — | | | | | | 2 | | | | | | 340 | | | | | | 91,359 | | |
Commercial real estate | | | | | 165,318 | | | | | | 561 | | | | | | — | | | | | | 42 | | | | | | 1,073 | | | | | | 166,994 | | |
Commercial business | | | | | 56,972 | | | | | | 56 | | | | | | 34 | | | | | | — | | | | | | 726 | | | | | | 57,788 | | |
Consumer | | | | | 6,602 | | | | | | 28 | | | | | | 29 | | | | | | — | | | | | | 13 | | | | | | 6,672 | | |
Total loans | | | | $ | 514,279 | | | | | $ | 3,021 | | | | | $ | 358 | | | | | $ | 44 | | | | | $ | 3,278 | | | | | $ | 520,980 | | |
|
| | | Performing | | | Nonperforming | | | Total Loans | | |||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Accruing Loans Not Past Due | | | Accruing 30 – 59 Days Past Due | | | Accruing 60 – 89 Days Past Due | | | Accruing 90 Days + Past Due | | | Nonaccrual | | |||||||||||||||||||||
December 31, 2016: | | | | | | | | ||||||||||||||||||||||||||||||
Residential first mortgages | | | | $ | 194,830 | | | | | $ | 1,916 | | | | | $ | 295 | | | | | $ | — | | | | | $ | 1,126 | | | | | $ | 198,167 | | |
Home equity and lines of credit | | | | | 90,557 | | | | | | 460 | | | | | | — | | | | | | 2 | | | | | | 340 | | | | | | 91,359 | | |
Commercial real estate | | | | | 165,318 | | | | | | 561 | | | | | | — | | | | | | 42 | | | | | | 1,073 | | | | | | 166,994 | | |
Commercial business | | | | | 56,972 | | | | | | 56 | | | | | | 34 | | | | | | — | | | | | | 726 | | | | | | 57,788 | | |
Consumer | | | | | 6,602 | | | | | | 28 | | | | | | 29 | | | | | | — | | | | | | 13 | | | | | | 6,672 | | |
Total loans | | | | $ | 514,279 | | | | | $ | 3,021 | | | | | $ | 358 | | | | | $ | 44 | | | | | $ | 3,278 | | | | | $ | 520,980 | | |
December 31, 2015: | | | | | | | | ||||||||||||||||||||||||||||||
Residential first mortgages | | | | $ | 136,924 | | | | | $ | 1,097 | | | | | $ | 75 | | | | | $ | — | | | | | $ | 1,209 | | | | | $ | 139,305 | | |
Home equity and lines of credit | | | | | 86,691 | | | | | | 308 | | | | | | 16 | | | | | | — | | | | | | 395 | | | | | | 87,410 | | |
Commercial real estate | | | | | 128,945 | | | | | | — | | | | | | — | | | | | | — | | | | | | 746 | | | | | | 129,691 | | |
Commercial business | | | | | 71,229 | | | | | | — | | | | | | — | | | | | | — | | | | | | 719 | | | | | | 71,948 | | |
Consumer | | | | | 6,723 | | | | | | 19 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,742 | | |
Total loans | | | | $ | 430,512 | | | | | $ | 1,424 | | | | | $ | 91 | | | | | $ | — | | | | | $ | 3,069 | | | | | $ | 435,096 | | |
|
(Dollar amounts in thousands) | | Not Past Due | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days + Past Due | | Total Loans | | | Not Past Due | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days + Past Due | | Total Loans | | ||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 366 | | | | $ | — | | | | $ | 75 | | | | $ | 415 | | | | $ | 856 | | | ||||||||||||||||||||||||||||||||||||
Home equity and lines of credit | | | | 8 | | | | | — | | | | | — | | | | | 518 | | | | | 526 | | | ||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | 341 | | | | | — | | | | | — | | | | | 623 | | | | | 964 | | | ||||||||||||||||||||||||||||||||||||
Commercial business | | | | 569 | | | | | — | | | | | — | | | | | 15 | | | | | 584 | | | ||||||||||||||||||||||||||||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | 73 | | | | | 73 | | | ||||||||||||||||||||||||||||||||||||
Total loans | | | $ | 1,284 | | | | $ | — | | | | $ | 75 | | | | $ | 1,644 | | | | $ | 3,003 | | | ||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 72 | | | | $ | 77 | | | | $ | — | | | | $ | 977 | | | | $ | 1,126 | | | | | $ | 72 | | | | $ | 77 | | | | $ | — | | | | $ | 977 | | | | $ | 1,126 | | | ||||||||||
Home equity and lines of credit | | | | — | | | | | — | | | | | — | | | | | 340 | | | | | 340 | | | | | | — | | | | | — | | | | | — | | | | | 340 | | | | | 340 | | | ||||||||||
Commercial real estate | | | | 397 | | | | | — | | | | | 557 | | | | | 119 | | | | | 1,073 | | | | | | 397 | | | | | — | | | | | 557 | | | | | 119 | | | | | 1,073 | | | ||||||||||
Commercial business | | | | 631 | | | | | — | | | | | — | | | | | 95 | | | | | 726 | | | | | | 631 | | | | | — | | | | | — | | | | | 95 | | | | | 726 | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | 13 | | | | | 13 | | | | | | — | | | | | — | | | | | — | | | | | 13 | | | | | 13 | | | ||||||||||
Total loans | | | $ | 1,100 | | | | $ | 77 | | | | $ | 557 | | | | $ | 1,544 | | | | $ | 3,278 | | | | | $ | 1,100 | | | | $ | 77 | | | | $ | 557 | | | | $ | 1,544 | | | | $ | 3,278 | | | ||||||||||
December 31, 2015: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 75 | | | | $ | — | | | | $ | 79 | | | | $ | 1,055 | | | | $ | 1,209 | | | ||||||||||||||||||||||||||||||||||||
Home equity and lines of credit | | | | 14 | | | | | — | | | | | — | | | | | 381 | | | | | 395 | | | ||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | 623 | | | | | — | | | | | — | | | | | 123 | | | | | 746 | | | ||||||||||||||||||||||||||||||||||||
Commercial business | | | | 690 | | | | | — | | | | | — | | | | | 29 | | | | | 719 | | | ||||||||||||||||||||||||||||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | ��� | — | | | ||||||||||||||||||||||||||||||||||||
Total loans | | | $ | 1,402 | | | | $ | — | | | | $ | 79 | | | | $ | 1,588 | | | | $ | 3,069 | | | |
(Dollar amounts in thousands) | | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Land | | | $ | 4,731 | | | | $ | 3,719 | | | | | $ | 4,986 | | | | $ | 4,731 | | | ||||
Buildings and improvements | | | | 14,122 | | | | | 11,446 | | | | | | 14,328 | | | | | 14,122 | | | ||||
Leasehold improvements | | | | 1,226 | | | | | 1,224 | | | | | | 1,056 | | | | | 1,226 | | | ||||
Furniture, fixtures and equipment | | | | 8,332 | | | | | 7,576 | | | | | | 8,506 | | | | | 8,332 | | | ||||
Software | | | | 3,232 | | | | | 3,206 | | | | | | 3,272 | | | | | 3,232 | | | ||||
Construction in progress | | | | 520 | | | | | 1,692 | | | | | | 517 | | | | | 520 | | | ||||
| | | | 32,163 | | | | | 28,863 | | | | | | 32,665 | | | | | 32,163 | | | ||||
Less: accumulated depreciation and amortization | | | | 13,881 | | | | | 12,749 | | | | | | 14,655 | | | | | 13,881 | | | ||||
| | | $ | 18,282 | | | | $ | 16,114 | | | | | $ | 18,010 | | | | $ | 18,282 | | | |
(Dollar amounts in thousands) | | Amount | | | Amount | | ||||||||
2017 | | | $ | 232 | | | ||||||||
2018 | | | | 200 | | | | | $ | 200 | | | ||
2019 | | | | 201 | | | | | | 201 | | | ||
2020 | | | | 185 | | | | | | 185 | | | ||
2021 | | | | 153 | | | | | | 153 | | | ||
2022 | | | | 124 | | | ||||||||
Thereafter | | | | 515 | | | | | | 391 | | | ||
| | | $ | 1,486 | | | | | $ | 1,254 | | | |
| | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization | | | Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization | | ||||||||||||||||||||||||||||||||
Goodwill | | | $ | 10,288 | | | | $ | — | | | | $ | 3,664 | | | | $ | — | | | | | $ | 10,288 | | | | $ | — | | | | $ | 10,288 | | | | $ | — | | | ||||||||
Core deposit intangibles | | | | 4,259 | | | | | 3,699 | | | | | 4,027 | | | | | 3,473 | | | | | | 4,426 | | | | | 3,945 | | | | | 4,259 | | | | | 3,699 | | | ||||||||
Total | | | $ | 14,547 | | | | $ | 3,699 | | | | $ | 7,691 | | | | $ | 3,473 | | | | | $ | 14,714 | | | | $ | 3,945 | | | | $ | 14,547 | | | | $ | 3,699 | | | |
(Dollar amounts in thousands) | | Amortization Expense | | | Amortization Expense | | ||||||||
2017 | | | $ | 235 | | | ||||||||
2018 | | | | 196 | | | | | $ | 236 | | | ||
2019 | | | | 26 | | | | | | 55 | | | ||
2020 | | | | 21 | | | | | | 43 | | | ||
2021 | | | | 16 | | | | | | 33 | | | ||
2022 | | | | 29 | | | ||||||||
Thereafter | | | | 66 | | | | | | 85 | | | ||
| | | $ | 560 | | | | | $ | 481 | | | |
(Dollar amounts in thousands) | | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of accounts | | Weighted average rate | | Amount | | % | | Weighted average rate | | Amount | | % | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Type of accounts | | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average rate | | Amount | | % | | Weighted average rate | | Amount | | % | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | | | | — | | | | $ | 123,717 | | | | | 21.2% | | | | | — | | | | $ | 119,790 | | | | | 24.4% | | | | | | — | | | | $ | 126,263 | | | | | 19.3% | | | | | — | | | | $ | 123,717 | | | | | 21.2% | | | ||||||||||||
Interest bearing demand deposits | | | | 0.21% | | | | | 304,265 | | | | | 52.0% | | | | | 0.15% | | | | | 256,620 | | | | | 52.4% | | | | | | 0.44% | | | | | 357,693 | | | | | 54.6% | | | | | 0.21% | | | | | 304,265 | | | | | 52.0% | | | ||||||||||||
Time deposits | | | | 1.44% | | | | | 156,958 | | | | | 26.8% | | | | | 1.46% | | | | | 113,477 | | | | | 23.2% | | | | | | 1.58% | | | | | 170,687 | | | | | 26.1% | | | | | 1.44% | | | | | 156,958 | | | | | 26.8% | | | ||||||||||||
| | | | 0.50% | | | | $ | 584,940 | | | | | 100.0% | | | | | .42% | | | | $ | 489,887 | | | | | 100.0% | | | | | | 0.65% | | | | $ | 654,643 | | | | | 100.0% | | | | | 0.50% | | | | $ | 584,940 | | | | | 100.0% | | | |
(Dollar amounts in thousands) | | Amount | | % | | | Amount | | % | | ||||||||||||||||
2017 | | | $ | 47,125 | | | | | 30.0% | | | |||||||||||||||
2018 | | | | 41,455 | | | | | 26.4% | | | | | $ | 46,907 | | | | | 27.5% | | | ||||
2019 | | | | 26,391 | | | | | 16.8% | | | | | | 39,576 | | | | | 23.2% | | | ||||
2020 | | | | 12,669 | | | | | 8.1% | | | | | | 25,214 | | | | | 14.8% | | | ||||
2021 | | | | 18,855 | | | | | 12.0% | | | | | | 31,122 | | | | | 18.2% | | | ||||
2022 | | | | 9,616 | | | | | 5.6% | | | |||||||||||||||
Thereafter | | | | 10,463 | | | | | 6.7% | | | | | | 18,252 | | | | | 10.7% | | | ||||
| | | $ | 156,958 | | | | | 100.0% | | | | | $ | 170,687 | | | | | 100.0% | | | |
(Dollar amounts in thousands) | | Amount | | | Amount | | ||||||||
Three months or less | | | $ | 541 | | | | | $ | 1,876 | | | ||
Over three months to six months | | | | 769 | | | | | | 652 | | | ||
Over six months to twelve months | | | | 2,822 | | | | | | 2,439 | | | ||
Over twelve months | | | | 25,224 | | | | | | 34,022 | | | ||
| | | $ | 29,356 | | | | | $ | 38,989 | | | |
| | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance | | Average Balance | | Average Rate | | Balance | | Average Balance | | Average Rate | | | Balance | | Average Balance | | Average Rate | | Balance | | Average Balance | | Average Rate | | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowed funds | | | $ | 9,500 | | | | $ | 2,341 | | | | | 3.34% | | | | $ | 14,250 | | | | $ | 6,284 | | | | | 1.38% | | | | | $ | 2,500 | | | | $ | 4,588 | | | | | 2.82% | | | | $ | 9,500 | | | | $ | 2,341 | | | | | 3.34% | | | ||||||||||||
Long-term borrowed funds | | | | 34,500 | | | | | 35,141 | | | | | 3.06% | | | | | 35,000 | | | | | 15,205 | | | | | 3.97% | | | | | | 23,500 | | | | | 35,949 | | | | | 3.03% | | | | | 34,500 | | | | | 35,141 | | | | | 3.06% | | | ||||||||||||
| | | $ | 44,000 | | | | $ | 37,482 | | | | | | | | | $ | 49,250 | | | | $ | 21,489 | | | | | | $ | 26,000 | | | | $ | 40,537 | | | | | | | | | $ | 44,000 | | | | $ | 37,482 | | | | | | | | |
(Dollar amounts in thousands) | | | Amount | | |||
2018 | | | | $ | 8,500 | | |
2019 | | | | | 6,000 | | |
2020 | | | | | 6,000 | | |
2021 | | | | | 5,500 | | |
2022 | | | | | — | | |
Thereafter | | | | | — | | |
| | | | $ | 26,000 | | |
|
(Dollar amounts in thousands) | | | Amount | | |||
2017 | | | | $ | 25,000 | | |
2018 | | | | | 6,000 | | |
2019 | | | | | 6,000 | | |
2020 | | | | | 6,000 | | |
2021 | | | | | 1,000 | | |
Thereafter | | | | | — | | |
| | | | $ | 44,000 | | |
|
| | December 31, 2016 | | December 31, 2015 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | December 31, 2017 | | December 31, 2016 | | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | | Ratio | | Amount | | Ratio | | | Amount | | Ratio | | Amount | | Ratio | | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 58,605 | | | | | 12.69% | | | | $ | 56,090 | | | | | 13.99% | | | | | $ | 64,221 | | | | | 12.96% | | | | $ | 58,605 | | | | | 13.23% | | | ||||||||
For capital adequacy purposes | | | | 36,945 | | | | | 8.00% | | | | | 32,070 | | | | | 8.00% | | | | | | 39,630 | | | | | 8.00% | | | | | 35,424 | | | | | 8.00% | | | ||||||||
To be well capitalized | | | | 46,181 | | | | | 10.00% | | | | | 40,087 | | | | | 10.00% | | | | | | 49,537 | | | | | 10.00% | | | | | 44,280 | | | | | 10.00% | | | ||||||||
Tier 1 capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 53,050 | | | | | 11.49% | | | | $ | 51,073 | | | | | 12.74% | | | | | $ | 58,088 | | | | | 11.73% | | | | $ | 53,050 | | | | | 11.98% | | | ||||||||
For capital adequacy purposes | | | | 27,709 | | | | | 6.00% | | | | | 24,052 | | | | | 6.00% | | | | | | 29,722 | | | | | 6.00% | | | | | 26,568 | | | | | 6.00% | | | ||||||||
To be well capitalized | | | | 36,945 | | | | | 8.00% | | | | | 32,070 | | | | | 8.00% | | | | | | 39,630 | | | | | 8.00% | | | | | 35,424 | | | | | 8.00% | | | ||||||||
Common Equity Tier 1 capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 53,050 | | | | | 11.49% | | | | $ | 51,073 | | | | | 12.74% | | | | | $ | 58,088 | | | | | 11.73% | | | | $ | 53,050 | | | | | 11.98% | | | ||||||||
For capital adequacy purposes | | | | 20,781 | | | | | 4.50% | | | | | 18,039 | | | | | 4.50% | | | | | | 22,292 | | | | | 4.50% | | | | | 19,926 | | | | | 4.50% | | | ||||||||
To be well capitalized | | | | 30,018 | | | | | 6.50% | | | | | 26,057 | | | | | 6.50% | | | | | | 32,199 | | | | | 6.50% | | | | | 28,782 | | | | | 6.50% | | | ||||||||
Tier 1 capital to average assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 53,050 | | | | | 7.84% | | | | $ | 51,073 | | | | | 8.83% | | | | | $ | 58,088 | | | | | 7.71% | | | | $ | 53,050 | | | | | 7.84% | | | ||||||||
For capital adequacy purposes | | | | 27,081 | | | | | 4.00% | | | | | 23,131 | | | | | 4.00% | | | | | | 30,117 | | | | | 4.00% | | | | | 27,081 | | | | | 4.00% | | | ||||||||
To be well capitalized | | | | 33,852 | | | | | 5.00% | | | | | 28,914 | | | | | 5.00% | | | | | | 37,647 | | | | | 5.00% | | | | | 33,852 | | | | | 5.00% | | |
(Dollar amounts in thousands) | | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Current | | | $ | 1,045 | | | | $ | (5) | | | | | $ | 1,423 | | | | $ | 1,045 | | | ||||
Deferred | | | | 203 | | | | | 1,146 | | | | | | 691 | | | | | 203 | | | ||||
| | | $ | 1,248 | | | | $ | 1,141 | | | | | $ | 2,114 | | | | $ | 1,248 | | | |
| | 2016 | | 2015 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | | % Pre-tax Income | | Amount | | % Pre-tax Income | | | Amount | | % Pre-tax Income | | Amount | | % Pre-tax Income | | |||||||||||||||||||||||||||||||||
Provision at statutory tax rate | | | $ | 1,779 | | | | | 34.0% | | | | $ | 1,800 | | | | | 34.0% | | | | | $ | 2,173 | | | | | 34.0% | | | | $ | 1,779 | | | | | 34.0% | | | ||||||||
Increase (decrease) resulting from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Tax free gain on bargain purchase | | | | (447) | | | | | (7.0)% | | | | | — | | | | | —% | | | |||||||||||||||||||||||||||||
Tax free interest, net of disallowance | | | | (472) | | | | | (9.0)% | | | | | (542) | | | | | (10.2)% | | | | | | (446) | | | | | (7.0)% | | | | | (472) | | | | | (9.0)% | | | ||||||||
Earnings on bank-owned life insurance | | | | (113) | | | | | (2.2)% | | | | | (112) | | | | | (2.1)% | | | | | | (113) | | | | | (1.8)% | | | | | (113) | | | | | (2.2)% | | | ||||||||
Federal tax rate change | | | | 827 | | | | | 12.9% | | | | | — | | | | | —% | | | |||||||||||||||||||||||||||||
Other, net | | | | 54 | | | | | 1.0% | | | | | (5) | | | | | (0.1)% | | | | | | 120 | | | | | 2.0% | | | | | 54 | | | | | 1.0% | | | ||||||||
Provision | | | $ | 1,248 | | | | | 23.8% | | | | $ | 1,141 | | | | | 21.6% | | | | | $ | 2,114 | | | | | 33.1% | | | | $ | 1,248 | | | | | 23.8% | | | |
(Dollar amounts in thousands) | | | 2016 | | | 2015 | | ||||||
Deferred tax assets: | | | | ||||||||||
Funded status of pension plan | | | | $ | 1,964 | | | | | $ | 1,810 | | |
Allowance for loan losses | | | | | 1,885 | | | | | | 1,805 | | |
Deferred compensation | | | | | 414 | | | | | | 406 | | |
Net unrealized loss on securities | | | | | 349 | | | | | | 127 | | |
Stock compensation | | | | | 160 | | | | | | 155 | | |
Accrued incentive compensation | | | | | 158 | | | | | | 220 | | |
Securities impairment | | | | | 149 | | | | | | 149 | | |
Net operating loss carryforward | | | | | 106 | | | | | | — | | |
Purchase accounting adjustments | | | | | 89 | | | | | | — | | |
Nonaccrual loan interest income | | | | | 73 | | | | | | 68 | | |
Other | | | | | 29 | | | | | | 52 | | |
Gross deferred tax assets | | | | | 5,376 | | | | | | 4,792 | | |
Deferred tax liabilities: | | | | ||||||||||
Accrued pension liability | | | | | 1,525 | | | | | | 1,702 | | |
Depreciation | | | | | 1,006 | | | | | | 908 | | |
Deferred loan fees | | | | | 431 | | | | | | 284 | | |
Intangible assets | | | | | 324 | | | | | | 317 | | |
Other | | | | | 60 | | | | | | 30 | | |
Gross deferred tax liabilities | | | | | 3,346 | | | | | | 3,241 | | |
Net deferred tax asset | | | | $ | 2,030 | | | | | $ | 1,551 | | |
|
(Dollar amounts in thousands) | | | 2017 | | | 2016 | | ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for loan losses | | | | $ | 1,287 | | | | | $ | 1,885 | | |
Funded status of pension plan | | | | | 1,286 | | | | | | 1,964 | | |
Deferred compensation | | | | | 272 | | | | | | 414 | | |
Securities impairment | | | | | 199 | | | | | | 149 | | |
Net unrealized loss on securities | | | | | 180 | | | | | | 349 | | |
Accrued incentive compensation | | | | | 136 | | | | | | 158 | | |
Stock compensation | | | | | 77 | | | | | | 160 | | |
Nonaccrual loan interest income | | | | | 53 | | | | | | 73 | | |
Business combination adjustments | | | | | 38 | | | | | | 89 | | |
Net operating loss carryforward | | | | | — | | | | | | 106 | | |
Other | | | | | 35 | | | | | | 29 | | |
Gross deferred tax assets | | | | | 3,563 | | | | | | 5,376 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Accrued pension liability | | | | | 939 | | | | | | 1,525 | | |
Depreciation | | | | | 652 | | | | | | 1,006 | | |
Deferred loan fees and costs | | | | | 307 | | | | | | 431 | | |
Intangible assets | | | | | 204 | | | | | | 324 | | |
Other | | | | | 52 | | | | | | 60 | | |
Gross deferred tax liabilities | | | | | 2,154 | | | | | | 3,346 | | |
Net deferred tax asset | | | | $ | 1,409 | | | | | $ | 2,030 | | |
|
(Dollar amounts in thousands) | | | 2016 | | | 2015 | | ||||||
Change in plan assets: | | | | ||||||||||
Fair value of plan assets at beginning of year | | | | $ | 9,368 | | | | | $ | 6,851 | | |
Actual return on plan assets | | | | | 612 | | | | | | (120) | | |
Employer contribution | | | | | — | | | | | | 3,000 | | |
Benefits paid | | | | | (649) | | | | | | (363) | | |
Fair value of plan assets at end of year | | | | | 9,331 | | | | | | 9,368 | | |
Change in benefit obligation: | | | | ||||||||||
Benefit obligation at beginning of year | | | | | 10,174 | | | | | | 10,249 | | |
Interest cost | | | | | 465 | | | | | | 403 | | |
Actuarial loss | | | | | 483 | | | | | | 254 | | |
Effect of change in assumptions | | | | | 136 | | | | | | (369) | | |
Benefits paid | | | | | (649) | | | | | | (363) | | |
Benefit obligation at end of year | | | | | 10,609 | | | | | | 10,174 | | |
Funded status (plan assets less benefit obligation) | | | | $ | (1,278) | | | | | $ | (806) | | |
Amounts recognized in accumulated other comprehensive loss, net of tax, consists of: | | | | ||||||||||
Accumulated net actuarial loss | | | | $ | 3,812 | | | | | $ | 3,529 | | |
Accumulated prior service benefit | | | | | — | | | | | | (15) | | |
Amount recognized, end of year | | | | $ | 3,812 | | | | | $ | 3,514 | | |
|
(Dollar amounts in thousands) | | | 2017 | | | 2016 | | ||||||
Change in plan assets: | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | | | $ | 9,331 | | | | | $ | 9,368 | | |
Actual return on plan assets | | | | | 1,218 | | | | | | 612 | | |
Employer contribution | | | | | — | | | | | | — | | |
Benefits paid | | | | | (390) | | | | | | (649) | | |
Fair value of plan assets at end of year | | | | | 10,159 | | | | | | 9,331 | | |
Change in benefit obligation: | | | | | | | | | | | | | |
Benefit obligation at beginning of year | | | | | 10,609 | | | | | | 10,174 | | |
Interest cost | | | | | 438 | | | | | | 465 | | |
Actuarial loss | | | | | 71 | | | | | | 483 | | |
Effect of change in assumptions | | | | | 1,073 | | | | | | 136 | | |
Benefits paid | | | | | (390) | | | | | | (649) | | |
Benefit obligation at end of year | | | | | 11,801 | | | | | | 10,609 | | |
Funded status (plan assets less benefit obligation) | | | | $ | (1,642) | | | | | $ | (1,278) | | |
Amounts recognized in accumulated other comprehensive loss, net of tax, consists of: | | | | | | | | | | | | | |
Accumulated net actuarial loss | | | | $ | 4,838 | | | | | $ | 3,812 | | |
Accumulated prior service benefit | | | | | — | | | | | | — | | |
Amount recognized, end of year | | | | $ | 4,838 | | | | | $ | 3,812 | | |
|
(Dollar amounts in thousands) | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | | Total | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | (Level 2) Significant Other Observable Inputs | | (Level 3) Significant Unobservable Inputs | | |||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Description | | Total | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | (Level 2) Significant Other Observable Inputs | | (Level 3) Significant Unobservable Inputs | | |||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
Money markets | | | $ | 720 | | | | $ | 720 | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||||||||
Mutual funds – debt | | | | 3,368 | | | | | 3,368 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Mutual funds – equity | | | | 5,221 | | | | | 5,221 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Emclaire Financial Corp stock | | | | 850 | | | | | 850 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
| | | $ | 10,159 | | | | $ | 10,159 | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Money markets | | | $ | 870 | | | | $ | 870 | | | | $ | — | | | | $ | — | | | | | $ | 870 | | | | $ | 870 | | | | $ | — | | | | $ | — | | | ||||||||
Mutual funds – debt | | | | 3,247 | | | | | — | | | | | 3,247 | | | | | — | | | | | | 3,247 | | | | | 3,247 | | | | | — | | | | | — | | | ||||||||
Mutual funds – equity | | | | 4,458 | | | | | — | | | | | 4,458 | | | | | — | | | | | | 4,458 | | | | | 4,458 | | | | | — | | | | | — | | | ||||||||
Emclaire Financial Corp stock | | | | 756 | | | | | 756 | | | | | — | | | | | — | | | | | | 756 | | | | | 756 | | | | | — | | | | | — | | | ||||||||
| | | $ | 9,331 | | | | $ | 1,626 | | | | $ | 7,705 | | | | $ | — | | | | | $ | 9,331 | | | | $ | 9,331 | | | | $ | — | | | | $ | — | | | ||||||||
December 31, 2015: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Money markets | | | $ | 757 | | | | $ | 757 | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||||||||
Mutual funds – debt | | | | 4,127 | | | | | — | | | | | 4,127 | | | | | — | | | |||||||||||||||||||||||||||||
Mutual funds – equity | | | | 3,812 | | | | | — | | | | | 3,812 | | | | | — | | | |||||||||||||||||||||||||||||
Emclaire Financial Corp stock | | | | 672 | | | | | 672 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
| | | $ | 9,368 | | | | $ | 1,429 | | | | $ | 7,939 | | | | $ | — | | | | ||||||||||||||||||||||||||||
|
(Dollar amounts in thousands) | | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Interest cost | | | $ | 465 | | | | $ | 403 | | | | | $ | 438 | | | | $ | 465 | | | ||||
Expected return on plan assets | | | | (665) | | | | | (652) | | | | | | (661) | | | | | (665) | | | ||||
Amortization of prior service benefit and net loss | | | | 220 | | | | | 174 | | | | | | 239 | | | | | 220 | | | ||||
Net periodic pension benefit | | | | 20 | | | | | (75) | | | | | | 16 | | | | | 20 | | | ||||
Amortization of prior service benefit and net loss | | | | (220) | | | | | (174) | | | | | | (239) | | | | | (220) | | | ||||
Net loss | | | | 671 | | | | | 657 | | | | | | 588 | | | | | 671 | | | ||||
Total recognized in other comprehensive loss | | | | 451 | | | | | 483 | | | | | | 349 | | | | | 451 | | | ||||
Total recognized in net periodic benefit and other comprehensive loss | | | $ | 471 | | | | $ | 408 | | | | | $ | 365 | | | | $ | 471 | | | |
| | | 2016 | | | 2015 | | ||||||
Discount rate for net periodic benefit cost | | | | | 4.41% | | | | | | 3.91% | | |
Discount rate for benefit obligations | | | | | 4.19% | | | | | | 4.41% | | |
Expected rate of return on plan assets | | | | | 7.25% | | | | | | 7.75% | | |
|
| | | 2017 | | | 2016 | | ||||||
Discount rate for net periodic benefit cost | | | | | 4.19% | | | | | | 4.41% | | |
Discount rate for benefit obligations | | | | | 3.62% | | | | | | 4.19% | | |
Expected rate of return on plan assets | | | | | 7.25% | | | | | | 7.25% | | |
Asset Category | | Target Allocation 2017 | | | Percentage of Plan Assets at Year End | | | Weighted-Average Expected Long-Term Rate of Return 2016 | | |||||||||||||||||||||||||||||||||||||||||
| | Target Allocation 2018 | | | Percentage of Plan Assets at Year End | | | Weighted-Average Expected Long-Term Rate of Return 2017 | | |||||||||||||||||||||||||||||||||||||||||
Asset Category | | Target Allocation 2017 | | | 2016 | | 2015 | | | Weighted-Average Expected Long-Term Rate of Return 2016 | | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||
| | | 54% | | | | | 44% | | | | | | 55% | | | | | 56% | | | | | 54% | | | | | 5.25% | | | |||||||||||||||||||
Debt securities | | | | 37% | | | | | 37% | | | | | 48% | | | | | 2.98% | | | | | | 37% | | | | | 37% | | | | | 37% | | | | | 1.97% | | | ||||||||
Money markets | | | | 8% | | | | | 9% | | | | | 8% | | | | | 0.06% | | | | | | 8% | | | | | 7% | | | | | 9% | | | | | 0.03% | | | ||||||||
| | | | 100% | | | | | 100% | | | | | 100% | | | | | 7.25% | | | | | | 100% | | | | | 100% | | | | | 100% | | | | | 7.25% | | | |
(Dollar amounts in thousands) For year ended December 31, | | Pension Benefits | | | Pension Benefits | | ||||||||
2017 | | | $ | 376 | | | ||||||||
2018 | | | | 365 | | | | | $ | 379 | | | ||
2019 | | | | 379 | | | | | | 386 | | | ||
2020 | | | | 426 | | | | | | 433 | | | ||
2021 | | | | 430 | | | | | | 436 | | | ||
2022 | | | | 480 | | | ||||||||
Following 5 years | | | | 2,457 | | | | | | 2,610 | | |
| | | Shares | | | Weighted-Average Grant-date Fair Value | | ||||||
Nonvested at January 1, 2016 | | | | | 23,450 | | | | | $ | 24.38 | | |
Granted | | | | | 11,000 | | | | | | 26.74 | | |
Vested | | | | | (7,550) | | | | | | 25.30 | | |
Forfeited | | | | | — | | | | | | — | | |
Nonvested as of December 31, 2016 | | | | | 26,900 | | | | | $ | 25.09 | | |
|
| | | Options | | | Weighted- Average Exercise Price | | | Aggregate Intrinsic Value | | | Weighted- Average Remaining Term (in years) | | ||||||||||||
Outstanding as of January 1, 2016 | | | | | 73,000 | | | | | $ | 25.71 | | | | | $ | 9 | | | | | | 1.6 | | |
Granted | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited | | | | | (11,000) | | | | | | 25.68 | | | | | | — | | | | | | — | | |
Outstanding as of December 31, 2016 | | | | | 62,000 | | | | | $ | 25.71 | | | | | $ | 219 | | | | | | 0.6 | | |
Exercisable as of December 31, 2016 | | | | | 62,000 | | | | | $ | 25.71 | | | | | $ | 219 | | | | | | 0.6 | | |
|
| | | Shares | | | Weighted-Average Grant-date Fair Value | | ||||||
Nonvested at January 1, 2017 | | | | | 26,900 | | | | | $ | 25.09 | | |
Granted | | | | | 13,250 | | | | | | 31.37 | | |
Vested | | | | | (6,750) | | | | | | 24.50 | | |
Forfeited | | | | | — | | | | | | — | | |
Nonvested as of December 31, 2017 | | | | | 33,400 | | | | | $ | 27.70 | | |
|
| | | Options | | | Weighted-Average Exercise Price | | | Aggregate Intrinsic Value | | | Weighted-Average Remaining Term (in years) | | ||||||||||||
Outstanding as of January 1, 2017 | | | | | 62,000 | | | | | $ | 25.71 | | | | | $ | 219 | | | | | | 0.60 | | |
Granted | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised | | | | | (53,586) | | | | | | 25.67 | | | | | | 180 | | | | | | — | | |
Forfeited | | | | | (8,414) | | | | | | 26.00 | | | | | | — | | | | | | — | | |
Outstanding as of December 31, 2017 | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
Exercisable as of December 31, 2017 | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
|
(Dollar amounts in thousands) | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | | Total | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | (Level 2) Significant Other Observable Inputs | | (Level 3) Significant Unobservable Inputs | | |||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | $ | 4,500 | | | | $ | 4,500 | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||||||||
(Dollar amounts in thousands) Description | | Total | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | (Level 2) Significant Other Observable Inputs | | (Level 3) Significant Unobservable Inputs | | |||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
U.S. Treasury | | | $ | 4,472 | | | | $ | 4,472 | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||||||||
U.S. government sponsored entities and agencies | | | | 8,998 | | | | | — | | | | | 8,998 | | | | | — | | | | | | 13,926 | | | | | — | | | | | 13,926 | | | | | — | | | ||||||||
U.S. agency mortgage-backed securities: residential | | | | 25,626 | | | | | — | | | | | 25,626 | | | | | — | | | | | | 20,758 | | | | | — | | | | | 20,758 | | | | | — | | | ||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 24,706 | | | | | — | | | | | 24,706 | | | | | — | | | | | | 21,924 | | | | | — | | | | | 21,924 | | | | | — | | | ||||||||
State and political subdivision | | | | 27,608 | | | | | — | | | | | 27,608 | | | | | — | | | | | | 29,240 | | | | | — | | | | | 29,240 | | | | | — | | | ||||||||
Corporate debt securities | | | | 7,932 | | | | | — | | | | | 7,932 | | | | | — | | | | | | 9,030 | | | | | — | | | | | 1,032 | | | | | 7,998 | | | ||||||||
Equity securities | | | | 2,190 | | | | | 2,054 | | | | | — | | | | | 136 | | | | | | 1,817 | | | | | 1,683 | | | | | — | | | | | 134 | | | ||||||||
| | | $ | 101,560 | | | | $ | 6,554 | | | | $ | 94,870 | | | | $ | 136 | | | | | $ | 101,167 | | | | $ | 6,155 | | | | $ | 86,880 | | | | $ | 8,132 | | | ||||||||
December 31, 2015: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | $ | 1,466 | | | | $ | 1,466 | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
U.S. Treasury | | | $ | 4,500 | | | | $ | 4,500 | | | | $ | — | | | | $ | — | | | |||||||||||||||||||||||||||||
U.S. government sponsored entities and agencies | | | | 8,953 | | | | | — | | | | | 8,953 | | | | | — | | | | | | 8,998 | | | | | — | | | | | 8,998 | | | | | — | | | ||||||||
U.S. agency mortgage-backed securities: residential | | | | 33,150 | | | | | — | | | | | 33,150 | | | | | — | | | | | | 25,626 | | | | | — | | | | | 25,626 | | | | | — | | | ||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 31,440 | | | | | — | | | | | 31,440 | | | | | — | | | | | | 24,706 | | | | | — | | | | | 24,706 | | | | | — | | | ||||||||
State and political subdivision | | | | 28,591 | | | | | — | | | | | 28,591 | | | | | — | | | | | | 27,608 | | | | | — | | | | | 27,608 | | | | | — | | | ||||||||
Corporate debt securities | | | | 7,487 | | | | | — | | | | | 7,487 | | | | | — | | | | | | 7,932 | | | | | — | | | | | 7,932 | | | | | — | | | ||||||||
Equity securities | | | | 1,894 | | | | | 1,820 | | | | | — | | | | | 74 | | | | | | 2,190 | | | | | 2,054 | | | | | — | | | | | 136 | | | ||||||||
| | | $ | 112,981 | | | | $ | 3,286 | | | | $ | 109,621 | | | | $ | 74 | | | | | $ | 101,560 | | | | $ | 6,554 | | | | $ | 94,870 | | | | $ | 136 | | | |
(Dollar amounts in thousands) | | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Balance at the beginning of the period | | | $ | 74 | | | | $ | 898 | | | | | $ | 136 | | | | $ | 74 | | | ||||
Total gains or losses (realized/unrealized): | | | | | | | | | | | | | | |||||||||||||
Included in earnings | | | | — | | | | | (298) | | | | | | — | | | | | — | | | ||||
Included in other comprehensive income | | | | 2 | | | | | 61 | | | | | | (2) | | | | | 2 | | | ||||
Issuances | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Sales | | | | — | | | | | (587) | | | | | | — | | | | | — | | | ||||
Acquired | | | | 60 | | | | | — | | | | | | — | | | | | 60 | | | ||||
Transfers in and/or out of Level 3 | | | | — | | | | | — | | | | | | 7,998 | | | | | — | | | ||||
Balance at the end of the period | | | $ | 136 | | | | $ | 74 | | | | | $ | 8,132 | | | | $ | 136 | | | |
(Dollar amounts in thousands) | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Description | | Total | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | (Level 2) Significant Other Observable Inputs | | (Level 3) Significant Unobservable Inputs | | |||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Description | | Total | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | (Level 2) Significant Other Observable Inputs | | (Level 3) Significant Unobservable Inputs | | |||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Impaired residential mortgage loan | | | $ | 58 | | | | $ | — | | | | $ | — | | | | $ | 58 | | | | | $ | 58 | | | | $ | — | | | | $ | — | | | | $ | 58 | | | ||||||||
Impaired commercial real estate loan | | | | 463 | | | | | — | | | | | — | | | | | 463 | | | | | | 463 | | | | | — | | | | | — | | | | | 463 | | | ||||||||
Impaired commercial business loan | | | | 582 | | | | | — | | | | | — | | | | | 582 | | | | | | 582 | | | | | — | | | | | — | | | | | 582 | | | ||||||||
| | | $ | 1,103 | | | | $ | — | | | | $ | — | | | | $ | 1,103 | | | | | $ | 1,103 | | | | $ | — | | | | $ | — | | | | $ | 1,103 | | | ||||||||
December 31, 2015: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
Impaired commercial business loans | | | $ | 596 | | | | $ | — | | | | $ | — | | | | $ | 596 | | | |||||||||||||||||||||||||||||
Other real estate owned | | | | 13 | | | | | — | | | | | — | | | | | 13 | | | |||||||||||||||||||||||||||||
| | | $ | 609 | | | | $ | — | | | | $ | — | | | | $ | 609 | | | | ||||||||||||||||||||||||||||
|
(Dollar amounts in thousands) | | | | | | | Valuation Technique(s) | | Unobservable Input(s) | | Range | | | | | | | | Valuation Technique(s) | | Unobservable Input(s) | | Range | | ||||||||||||||
December 31, 2016: | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Impaired residential mortgage loan | | | $ | 58 | | | Sales comparison approach | | Adjustment for differences between comparable business assets | | | | 10% | | | | | $ | 58 | | | Sales comparison approach | | Adjustment for differences between comparable business assets | | | | 10% | | | ||||||||
Impaired commercial real estate loan | | | | 463 | | | Sales comparison approach | | Adjustment for differences between comparable sales | | | | 37% | | | | | | 463 | | | Sales comparison approach | | Adjustment for differences between comparable sales | | | | 37% | | | ||||||||
Impaired commercial business loan | | | | 582 | | | Liquidation value of business assets | | Adjustment for differences between comparable business assets | | | | 64% | | | | | | 582 | | | Liquidation value of business assets | | Adjustment for differences between comparable business assets | | | | 64% | | | ||||||||
December 31, 2015: | | | | | ||||||||||||||||||||||||||||||||||
Impaired commercial business loans | | | $ | 596 | | | Liquidation value of business assets | | Adjustment for differences between comparable business assets | | | | 65% | | | |||||||||||||||||||||||
Other residential real estate owned | | | | 13 | | | Sales comparison approach | | Adjustment for differences between comparable sales | | | | 10% | | |
(Dollar amounts in thousands) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | | Carrying Amount | | | Fair Value Measurements Using: | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | | Level 1 | | Level 2 | | Level 3 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Description | | Carrying Amount | | | Fair Value Measurements Using: | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | | Level 1 | | Level 2 | | Level 3 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 17,568 | | | | $ | 17,568 | | | | $ | 17,568 | | | | $ | — | | | | $ | — | | | | | $ | 14,374 | | | | $ | 14,374 | | | | $ | 14,374 | | | | $ | — | | | | $ | — | | | ||||||||||
Securities available for sale | | | | 101,560 | | | | | 101,560 | | | | | 6,554 | | | | | 94,870 | | | | | 136 | | | | | | 101,167 | | | | | 101,167 | | | | | 6,155 | | | | | 86,880 | | | | | 8,132 | | | ||||||||||
Loans held for sale | | | | 68 | | | | | 68 | | | | | — | | | | | 68 | | | | | — | | | | | | 504 | | | | | 504 | | | | | — | | | | | 504 | | | | | — | | | ||||||||||
Loans, net | | | | 515,435 | | | | | 519,573 | | | | | — | | | | | — | | | | | 519,573 | | | | | | 577,234 | | | | | 577,616 | | | | | — | | | | | — | | | | | 577,616 | | | ||||||||||
Federal bank stock | | | | 4,861 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | | 4,662 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | ||||||||||
Accrued interest receivable | | | | 1,815 | | | | | 1,815 | | | | | 37 | | | | | 365 | | | | | 1,413 | | | | | | 2,217 | | | | | 2,217 | | | | | 59 | | | | | 338 | | | | | 1,820 | | | ||||||||||
| | | | 641,307 | | | | | 640,584 | | | | | 24,159 | | | | | 95,303 | | | | | 521,122 | | | ||||||||||||||||||||||||||||||||||||
Financial Liabilities: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 584,940 | | | | | 582,458 | | | | | 423,693 | | | | | 158,765 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
FHLB advances | | | | 44,000 | | | | | 44,027 | | | | | — | | | | | 44,027 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | | | | 239 | | | | | 239 | | | | | 7 | | | | | 232 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
| | | | 629,179 | | | | | 626,724 | | | | | 423,700 | | | | | 203,024 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
December 31, 2015: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 11,546 | | | | $ | 11,546 | | | | $ | 11,546 | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||
Securities available for sale | | | | 112,981 | | | | | 112,981 | | | | | 3,286 | | | | | 109,621 | | | | | 74 | | | ||||||||||||||||||||||||||||||||||||
Loans, net | | | | 429,891 | | | | | 436,009 | | | | | — | | | | | — | | | | | 436,009 | | | ||||||||||||||||||||||||||||||||||||
Federal bank stock | | | | 4,240 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
Accrued interest receivable | | | | 1,501 | | | | | 1,501 | | | | | 64 | | | | | 299 | | | | | 1,138 | | | ||||||||||||||||||||||||||||||||||||
| | | | 560,159 | | | | | 562,037 | | | | | 14,896 | | | | | 109,920 | | | | | 437,221 | | | ||||||||||||||||||||||||||||||||||||
Financial Liabilities: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | | | | 489,887 | | | | | 491,781 | | | | | 376,409 | | | | | 115,372 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
FHLB advances | | | | 49,250 | | | | | 50,636 | | | | | — | | | | | 50,636 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Accrued interest payable | | | | 179 | | | | | 179 | | | | | 5 | | | | | 174 | | | | | — | | | ||||||||||||||||||||||||||||||||||||
| | | | 539,316 | | | | | 542,596 | | | | | 376,414 | | | | | 166,182 | | | | | — | | |
(Dollar amounts in thousands) Description | | | Carrying Amount | | | Fair Value Measurements Using: | | ||||||||||||||||||||||||
| Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||||
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 654,643 | | | | | | 657,414 | | | | | | 483,956 | | | | | | 173,458 | | | | | | — | | |
FHLB advances | | | | | 26,000 | | | | | | 25,499 | | | | | | — | | | | | | 25,499 | | | | | | — | | |
Accrued interest payable | | | | | 413 | | | | | | 413 | | | | | | 23 | | | | | | 390 | | | | | | — | | |
December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 17,568 | | | | | $ | 17,568 | | | | | $ | 17,568 | | | | | $ | — | | | | | $ | — | | |
Securities available for sale | | | | | 101,560 | | | | | | 101,560 | | | | | | 6,554 | | | | | | 94,870 | | | | | | 136 | | |
Loans held for sale | | | | | 68 | | | | | | 68 | | | | | | — | | | | | | 68 | | | | | | — | | |
Loans, net | | | | | 515,435 | | | | | | 519,573 | | | | | | — | | | | | | — | | | | | | 519,573 | | |
Federal bank stock | | | | | 4,861 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accrued interest receivable | | | | | 1,815 | | | | | | 1,815 | | | | | | 37 | | | | | | 365 | | | | | | 1,413 | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 584,940 | | | | | | 582,458 | | | | | | 423,693 | | | | | | 158,765 | | | | | | — | | |
FHLB advances | | | | | 44,000 | | | | | | 44,027 | | | | | | — | | | | | | 44,027 | | | | | | — | | |
Accrued interest payable | | | | | 239 | | | | | | 239 | | | | | | 7 | | | | | | 232 | | | | | | — | | |
(Dollar amounts in thousands) | | 2016 | | 2015 | | | | 2017 | | 2016 | | |||||||||||||||||||||||||||||||||||||||
| | Fixed Rate | | Variable Rate | | Fixed Rate | | Variable Rate | | |||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Fixed Rate | | Variable Rate | | Fixed Rate | | Variable Rate | | ||||||||||||||||||||||||||||||||||||||||
| | $ | 11,940 | | | | $ | 12,785 | | | | $ | 1,197 | | | | $ | 2,298 | | | | | $ | 8,611 | | | | $ | 1,022 | | | | $ | 11,940 | | | | $ | 12,785 | | | |||||||||
Unused lines of credit | | | | 5,207 | | | | | 62,594 | | | | | 6,502 | | | | | 48,674 | | | | | | 8,452 | | | | | 71,645 | | | | | 5,207 | | | | | 62,594 | | | ||||||||
| | | $ | 17,147 | | | | $ | 75,379 | | | | $ | 7,699 | | | | $ | 50,972 | | | | | $ | 17,063 | | | | $ | 72,667 | | | | $ | 17,147 | | | | $ | 75,379 | | | |
Condensed Balance Sheets (Dollar amounts in thousands) | | | 2016 | | | 2015 | | ||||||
Assets: | | | | ||||||||||
Cash and cash equivalents | | | | $ | 20 | | | | ��� | $ | 107 | | |
Securities available for sale | | | | | 2,056 | | | | | | 1,834 | | |
Equity in net assets of subsidiaries | | | | | 59,078 | | | | | | 51,209 | | |
Other assets | | | | | 982 | | | | | | 848 | | |
Total Assets | | | | $ | 62,136 | | | | | $ | 53,998 | | |
Liabilities and Stockholders’ Equity: | | | | ||||||||||
Short-term borrowed funds with affiliated subsidiary bank | | | | $ | 1,000 | | | | | $ | 1,000 | | |
Other short-term borrowed funds | | | | | 2,500 | | | | | | — | | |
Long-term borrowed funds | | | | | 4,500 | | | | | | — | | |
Accrued expenses and other liabilities | | | | | 63 | | | | | | 159 | | |
Stockholders’ equity | | | | | 54,073 | | | | | | 52,839 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 62,136 | | | | | $ | 53,998 | | |
|
Condensed Balance Sheets (Dollar amounts in thousands) | | | 2017 | | | 2016 | | ||||||
Assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 53 | | | | | $ | 20 | | |
Securities available for sale | | | | | 1,691 | | | | | | 2,056 | | |
Equity in net assets of subsidiaries | | | | | 63,194 | | | | | | 59,078 | | |
Other assets | | | | | 1,218 | | | | | | 982 | | |
Total Assets | | | | $ | 66,156 | | | | | $ | 62,136 | | |
Liabilities and Stockholders’ Equity: | | | | | | | | | | | | | |
Short-term borrowed funds with affiliated subsidiary bank | | | | $ | 1,000 | | | | | $ | 1,000 | | |
Other short-term borrowed funds | | | | | 2,500 | | | | | | 2,500 | | |
Long-term borrowed funds | | | | | 3,500 | | | | | | 4,500 | | |
Accrued expenses and other liabilities | | | | | 65 | | | | | | 63 | | |
Stockholders’ equity | | | | | 59,091 | | | | | | 54,073 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 66,156 | | | | | $ | 62,136 | | |
|
Condensed Statements of Income (Dollar amounts in thousands) | | | 2017 | | | 2016 | | ||||||
Income: | | | | | | | | | | | | | |
Dividends from subsidiaries | | | | $ | 3,138 | | | | | $ | 3,132 | | |
Investment income | | | | | 62 | | | | | | 66 | | |
Net gain on sales of available for sale securities | | | | | 168 | | | | | | — | | |
Total income | | | | | 3,368 | | | | | | 3,198 | | |
Condensed Statements of Income (Dollar amounts in thousands) | | | 2016 | | | 2015 | | ||||||
Income: | | | | ||||||||||
Dividends from subsidiaries | | | | $ | 3,132 | | | | | $ | 2,731 | | |
Investment income | | | | | 66 | | | | | | 376 | | |
Total income | | | | | 3,198 | | | | | | 3,107 | | |
Expense: | | | | ||||||||||
Interest expense | | | | | 265 | | | | | | 111 | | |
Noninterest expense | | | | | 392 | | | | | | 667 | | |
Total expense | | | | | 657 | | | | | | 778 | | |
Income before income taxes and undistributed subsidiary income | | | | | 2,541 | | | | | | 2,329 | | |
Undistributed equity in net income of subsidiary | | | | | 1,244 | | | | | | 1,688 | | |
Net income before income taxes | | | | | 3,785 | | | | | | 4,017 | | |
Income tax benefit | | | | | 201 | | | | | | 137 | | |
Net income | | | | $ | 3,986 | | | | | $ | 4,154 | | |
Comprehensive income | | | | $ | 3,257 | | | | | $ | 3,390 | | |
|
Condensed Statements of Cash Flows (Dollar amounts in thousands) | | | 2016 | | | 2015 | | ||||||
Operating activities: | | | | ||||||||||
Net income | | | | $ | 3,986 | | | | | $ | 4,154 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | ||||||||||
Undistributed equity in net income of subsidiary | | | | | (1,244) | | | | | | (1,688) | | |
Realized gains on sales of available for sale securities, net | | | | | — | | | | | | (298) | | |
Other, net | | | | | (101) | | | | | | 134 | | |
Net cash provided by operating activities | | | | | 2,641 | | | | | | 2,302 | | |
Investing activities: | | | | ||||||||||
Sales (purchases) of investment securities | | | | | — | | | | | | 885 | | |
Investment in subsidiaries | | | | | (7,500) | | | | | | (1,000) | | |
Net cash used in investing activities | | | | | (7,500) | | | | | | (115) | | |
Financing activities: | | | | ||||||||||
Net change in borrowings | | | | | 7,000 | | | | | | (3,375) | | |
Proceeds from issuance of common stock | | | | | 4 | | | | | | 8,151 | | |
Redemption of preferred stock (Series B) | | | | | — | | | | | | (5,000) | | |
Proceeds from exercise of stock options, including tax benefit | | | | | — | | | | | | 81 | | |
Dividends paid | | | | | (2,232) | | | | | | (1,957) | | |
Net cash provided by (used in) financing activities | | | | | 4,772 | | | | | | (2,100) | | |
Increase (decrease) in cash and cash equivalents | | | | | (87) | | | | | | 87 | | |
Cash and cash equivalents at beginning of period | | | | | 107 | | | | | | 20 | | |
Cash and cash equivalents at end of period | | | | $ | 20 | | | | | $ | 107 | | |
|
Condensed Statements of Income (Dollar amounts in thousands) | | | 2017 | | | 2016 | | ||||||
Expense: | | | | | | | | | | | | | |
Interest expense | | | | | 340 | | | | | | 265 | | |
Noninterest expense | | | | | 463 | | | | | | 392 | | |
Total expense | | | | | 803 | | | | | | 657 | | |
Income before income taxes and undistributed subsidiary income | | | | | 2,565 | | | | | | 2,541 | | |
Undistributed equity in net income of subsidiary | | | | | 1,529 | | | | | | 1,244 | | |
Net income before income taxes | | | | | 4,094 | | | | | | 3,785 | | |
Income tax benefit | | | | | 183 | | | | | | 201 | | |
Net income | | | | $ | 4,277 | | | | | $ | 3,986 | | |
Comprehensive income | | | | $ | 4,113 | | | | | $ | 3,257 | | |
|
Condensed Statements of Cash Flows (Dollar amounts in thousands) | | | 2017 | | | 2016 | | ||||||
Operating activities: | | | | | | | | | | | | | |
Net income | | | | $ | 4,277 | | | | | $ | 3,986 | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | |
Undistributed equity in net income of subsidiary | | | | | (1,529) | | | | | | (1,244) | | |
Realized gains on sales of available for sale securities, net | | | | | (168) | | | | | | — | | |
Other, net | | | | | 35 | | | | | | (101) | | |
Net cash provided by operating activities | | | | | 2,615 | | | | | | 2,641 | | |
Investing activities: | | | | | | | | | | | | | |
Sales of investment securities | | | | | 417 | | | | | | — | | |
Investment in subsidiaries | | | | | (1,000) | | | | | | (7,500) | | |
Net cash used in investing activities | | | | | (583) | | | | | | (7,500) | | |
Financing activities: | | | | | | | | | ��� | | | | |
Net change in borrowings | | | | | (1,000) | | | | | | 7,000 | | |
Proceeds from exercise of stock options | | | | | 1,375 | | | | | | 4 | | |
Dividends paid | | | | | (2,374) | | | | | | (2,232) | | |
Net cash provided by (used in) financing activities | | | | | (1,999) | | | | | | 4,772 | | |
Increase (decrease) in cash and cash equivalents | | | | | 33 | | | | | | (87) | | |
Cash and cash equivalents at beginning of period | | | | | 20 | | | | | | 107 | | |
Cash and cash equivalents at end of period | | | | $ | 53 | | | | | $ | 20 | | |
|
(Dollar amounts in thousands) | | 2016 | | 2015 | | | 2017 | | 2016 | | ||||||||||||||||
Customer bank card processing | | | $ | 516 | | | | $ | 543 | | | | | $ | 591 | | | | $ | 516 | | | ||||
Subscriptions | | | | 481 | | | | | 422 | | | |||||||||||||||
Telephone and data communications | | | | 465 | | | | | 417 | | | | | | 476 | | | | | 465 | | | ||||
Subscriptions | | | | 422 | | | | | 318 | | | |||||||||||||||
Printing and supplies | | | | 362 | | | | | 299 | | | |||||||||||||||
Pennsylvania shares and use taxes | | | | 371 | | | | | 292 | | | |||||||||||||||
Internet banking and bill pay | | | | 346 | | | | | 362 | | | | | | 365 | | | | | 346 | | | ||||
Travel, entertainment and conferences | | | | 330 | | | | | 325 | | | | | | 352 | | | | | 330 | | | ||||
Pennsylvania shares and use taxes | | | | 292 | | | | | 295 | | | |||||||||||||||
Correspondent bank and courier fees | | | | 339 | | | | | 265 | | | |||||||||||||||
Printing and supplies | | | | 291 | | | | | 362 | | | |||||||||||||||
Marketing and advertising | | | | 291 | | | | | 244 | | | | | | 287 | | | | | 291 | | | ||||
Correspondent bank and courier fees | | | | 265 | | | | | 225 | | | |||||||||||||||
Charitable contributions | | | | 180 | | | | | 180 | | | | | | 181 | | | | | 180 | | | ||||
Regulatory examinations | | | | 177 | | | | | 159 | | | | | | 185 | | | | | 177 | | | ||||
Postage and freight | | | | 131 | | | | | 87 | | | | | | 130 | | | | | 131 | | | ||||
Memberships and dues | | | | 94 | | | | | 68 | | | | | | 99 | | | | | 94 | | | ||||
Penalty on prepayment of FHLB advance | | | | 71 | | | | | — | | | | | | — | | | | | 71 | | | ||||
Other | | | | 97 | | | | | 248 | | | | | | 605 | | | | | 97 | | | ||||
Total other noninterest expenses | | | $ | 4,039 | | | | $ | 3,770 | | | | | $ | 4,753 | | | | $ | 4,039 | | | |
(Dollar amounts in thousands, except for per share amounts) | | | For the year ended December 31, | | | | For the year ended December 31, | | ||||||||||||||||||
| 2016 | | 2015 | | | 2017 | | 2016 | | |||||||||||||||||
Earnings per common share – basic | | | | | | | | | | | | | | |||||||||||||
Net income | | | $ | 3,986 | | | | $ | 4,154 | | | | | $ | 4,277 | | | | $ | 3,986 | | | ||||
Less: Preferred stock dividends and discount accretion | | | | — | | | | | 75 | | | |||||||||||||||
Net income available to common stockholders | | | $ | 3,986 | | | | $ | 4,079 | | | |||||||||||||||
Average common shares outstanding | | | | 2,146,130 | | | | | 1,982,072 | | | | | | 2,197,440 | | | | | 2,146,130 | | | ||||
Basic earnings per common share | | | $ | 1.86 | | | | $ | 2.06 | | | | | $ | 1.95 | | | | $ | 1.86 | | | ||||
Earnings per common share – diluted | | | | | | | | | | | | | | |||||||||||||
Net income available to common stockholders | | | $ | 3,986 | | | | $ | 4,079 | | | |||||||||||||||
Net income | | | $ | 4,277 | | | | $ | 3,986 | | | |||||||||||||||
Average common shares outstanding | | | | 2,146,130 | | | | | 1,982,072 | | | | | | 2,197,440 | | | | | 2,146,130 | | | ||||
Add: Dilutive effects of assumed exercises of restricted stock and stock options | | | | 5,971 | | | | | 6,551 | | | | | | 17,128 | | | | | 5,971 | | | ||||
Average shares and dilutive potential common shares | | | | 2,152,101 | | | | | 1,988,623 | | | | | | 2,214,568 | | | | | 2,152,101 | | | ||||
Diluted earnings per common share | | | $ | 1.85 | | | | $ | 2.05 | | | | | $ | 1.93 | | | | $ | 1.85 | | | ||||
Stock options and restricted stock awards not considered in computing diluted earnings per share because they were antidilutive | | | | 57,000 | | | | | 67,000 | | | | | | — | | | | | 57,000 | | |
(Dollar amounts in thousands) | | | Unrealized Gains and Losses on Available-for-Sale Securities | | | Defined Benefit Pension Items | | | Total | | |||||||||
Accumulated Other Comprehensive Income at January 1, 2017 | | | | $ | (679) | | | | | $ | (3,812) | | | | | $ | (4,491) | | |
Other comprehensive income before reclassification | | | | | 5 | | | | | | (388) | | | | | | (383) | | |
Amounts reclassified from accumulated other comprehensive income | | | | | 107 | | | | | | 112 | | | | | | 219 | | |
Net current period other comprehensive income | | | | | 112 | | | | | | (276) | | | | | | (164) | | |
Reclassification of disproportionate tax effects | | | | | (112) | | | | | | (751) | | | | | | (863) | | |
Accumulated Other Comprehensive Income at December 31, 2017 | | | | $ | (679) | | | | | $ | (4,839) | | | | | $ | (5,518) | | |
|
(Dollar amounts in thousands) Details about Accumulated Other Comprehensive Income Components | | | Amount Reclassified From Accumulated Other Comprehensive Income | | | Affected Line Item in the Statement Where Net Income is Presented | | |||
Unrealized gains and losses on available-for-sale securities | | | | $ | (346) | | | | Gain on sale of securities | |
Unrealized gains and losses on available-for-sale securities | | | | | 508 | | | | Other than temporary impairment losses | |
| | | | | (55) | | | | Tax effect | |
| | | | | 107 | | | | Net of tax | |
Amortization of defined benefit pension items: | | | | | | | | | | |
Prior service costs | | | | $ | — | | | | Compensation and employee benefits | |
Actuarial gains | | | | | 239 | | | | Compensation and employee benefits | |
| | | | | 239 | | | | Total before tax | |
| | | | | (127) | | | | Tax effect | |
| | | | | 112 | | | | Net of tax | |
Total reclassifications for the period | | | | $ | 219 | | | | | |
|
(Dollar amounts in thousands) | | | Unrealized Gains and Losses on Available-for- Sale Securities | | | Defined Benefit Pension Items | | | Total | | |||||||||
Accumulated Other Comprehensive Income at January 1, 2016 | | | | $ | (248) | | | | | $ | (3,514) | | | | | $ | (3,762) | | |
Other comprehensive income before reclassification | | | | | (377) | | | | | | (443) | | | | | | (820) | | |
Amounts reclassified from accumulated other comprehensive income | | | | | (54) | | | | | | 145 | | | | | | 91 | | |
Net current period other comprehensive income | | | | | (431) | | | | | | (298) | | | | | | (729) | | |
Accumulated Other Comprehensive Income at December 31, 2016 | | | | $ | (679) | | | | | $ | (3,812) | | | | | $ | (4,491) | | |
|
(Dollar amounts in thousands) | | | | |||||||
Details about Accumulated Other Comprehensive Income Components | | | Amount Reclassified From Accumulated Other Comprehensive Income | | | Affected Line Item in the Statement Where Net Income is Presented | | |||
Unrealized gains and losses on available-for-sale securities | | | | $ | 82 | | | | Gain on sale of securities | |
| | | | | (28) | | | | Tax effect | |
| | | | | 54 | | | | Net of tax | |
Amortization of defined benefit pension items: | | | | |||||||
Prior service costs | | | | $ | 23 | | | | Compensation and employee benefits | |
Actuarial gains | | | | | (243) | | | | Compensation and employee benefits | |
| | | | | (220) | | | | Total before tax | |
| | | | | 75 | | | | Tax effect | |
| | | | | (145) | | | | Net of tax | |
Total reclassifications for the period | | | | $ | (91) | | | | ||
|
(Dollar amounts in thousands) | | Unrealized Gains and Losses on Available- for-Sale Securities | | Defined Benefit Pension Items | | Total | | | Unrealized Gains and Losses on Available-for-Sale Securities | | Defined Benefit Pension Items | | Total | | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income at January 1, 2015 | | | $ | 198 | | | | $ | (3,196) | | | | $ | (2,998) | | | ||||||||||||||||||||||
Accumulated Other Comprehensive Income at January 1, 2016 | | | $ | (248) | | | | $ | (3,514) | | | | $ | (3,762) | | | ||||||||||||||||||||||
Other comprehensive income before reclassification | | | | 118 | | | | | (433) | | | | | (315) | | | | | | (377) | | | | | (443) | | | | | (820) | | | ||||||
| | | ||||||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | | | | (564) | | | | | 115 | | | | | (449) | | | | | | (54) | | | | | 145 | | | | | 91 | | | ||||||
Net current period other comprehensive income | | | | (446) | | | | | (318) | | | | | (764) | | | | | | (431) | | | | | (298) | | | | | (729) | | | ||||||
Accumulated Other Comprehensive Income at December 31, 2015 | | | $ | (248) | | | | $ | (3,514) | | | | $ | (3,762) | | | ||||||||||||||||||||||
Accumulated Other Comprehensive Income at December 31, 2016 | | | $ | (679) | | | | $ | (3,812) | | | | $ | (4,491) | | | |
(Dollar amounts in thousands) | | | | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | | Amount Reclassified From Accumulated Other Comprehensive Income | | Affected Line Item in the Statement Where Net Income is Presented | | |||||||||||||||
(Dollar amounts in thousands) Details about Accumulated Other Comprehensive Income Components | | Amount Reclassified From Accumulated Other Comprehensive Income | | Affected Line Item in the Statement Where Net Income is Presented | | |||||||||||||||
Unrealized gains and losses on available-for-sale securities | | | $ | 854 | | | Gain on sale of securities | | | | $ | 82 | | | Gain on sale of securities | | ||||
| | | | (290) | | | Tax effect | | | | | (28) | | | Tax effect | | ||||
| | | | 564 | | | Net of tax | | | | | 54 | | | Net of tax | | ||||
Amortization of defined benefit pension items: | | | | | | | | | | | | |||||||||
Prior service costs | | | $ | 31 | | | Compensation and employee benefits | | | | $ | 23 | | | Compensation and employee benefits | | ||||
Actuarial gains | | | | (205) | | | Compensation and employee benefits | | | | | (243) | | | Compensation and employee benefits | | ||||
| | | | (174) | | | Total before tax | | | | | (220) | | | Total before tax | | ||||
| | | | 59 | | | Tax effect | | | | | 75 | | | Tax effect | | ||||
| | | | (115) | | | Net of tax | | | | | (145) | | | Net of tax | | ||||
Total reclassifications for the period | | | $ | 449 | | | | | | $ | (91) | | | | | |
(Dollar amounts in thousands) | | | |||||
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | $ | 2,539 | | |
Loans receivable | | | | | 18,480 | | |
Federal bank stocks | | | | | 11 | | |
Accrued interest receivable | | | | | 103 | | |
Premises and equipment | | | | | 708 | | |
Core deposit intangible | | | | | 167 | | |
Prepaid expenses and other assets | | | | | 766 | | |
Total assets acquired | | | | | 22,774 | | |
(Dollar amounts in thousands) | | | |||||
Liabilities assumed: | | | | | | | |
Deposits | | | | | 19,748 | | |
Accrued interest payable | | | | | 6 | | |
Accrued expenses and other liabilities | | | | | 8 | | |
Total liabilities assumed | | | | | 19,762 | | |
Identifiable net assets acquired | | | | | 3,012 | | |
Consideration paid: | | | | | | | |
Cash | | | | | 22 | | |
Common stock | | | | | 1,674 | | |
Total consideration | | | | | 1,696 | | |
Gain on bargain purchase | | | | $ | 1,316 | | |
|
(Dollar amounts in thousands) | | | | | ||||||||||
Assets acquired: | | | | | | | | | ||||||
Cash and cash equivalents | | | $ | 9,899 | | | | | $ | 9,899 | | | ||
Securities available for sale | | | | 60 | | | | | | 60 | | | ||
Loans receivable | | | | 66,145 | | | | | | 66,145 | | | ||
Federal bank stocks | | | | 978 | | | | | | 978 | | | ||
Accrued interest receivable | | | | 187 | | | | | | 187 | | | ||
Premises and equipment | | | | 1,169 | | | | | | 1,169 | | | ||
Goodwill | | | | 6,624 | | | | | | 6,624 | | | ||
Core deposit intangible | | | | 232 | | | | | | 232 | | | ||
Prepaid expenses and other assets | | | | 989 | | | | | | 989 | | | ||
Total assets acquired | | | | 86,283 | | | | | | 86,283 | | | ||
Liabilities assumed: | | | | | | | | | ||||||
Deposits | | | | 72,700 | | | | | | 72,700 | | | ||
Accrued interest payable | | | | 29 | | | | | | 29 | | | ||
Accrued expenses and other liabilities | | | | 346 | | | | | | 346 | | | ||
Total liabilities assumed | | | | 73,075 | | | | | | 73,075 | | | ||
Consideration paid | | | $ | 13,208 | | | | | $ | 13,208 | | | |
| | March 31, 2017 | | December 31, 2016 | | | March 31, 2018 | | December 31, 2017 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | |||||||||||||
Cash and due from banks | | | $ | 2,489 | | | | $ | 2,758 | | | | | $ | 2,529 | | | | $ | 3,072 | | | ||||
Interest earning deposits with banks | | | | 12,711 | | | | | 14,810 | | | | | | 14,648 | | | | | 11,302 | | | ||||
Cash and cash equivalents | | | | 15,200 | | | | | 17,568 | | | | | | 17,177 | | | | | 14,374 | | | ||||
Securities available for sale | | | | 99,096 | | | | | 101,560 | | | |||||||||||||||
Securities – available for sale | | | | 96,216 | | | | | 99,350 | | | |||||||||||||||
Securities – equity investments | | | | 659 | | | | | 1,817 | | | |||||||||||||||
Loans held for sale | | | | — | | | | | 68 | | | | | | 239 | | | | | 504 | | | ||||
Loans receivable, net of allowance for loan losses of $5,688 and $5,545 | | | | 535,204 | | | | | 515,435 | | | |||||||||||||||
Loans receivable, net of allowance for loan losses of $5,935 and $6,127 | | | | 584,242 | | | | | 577,234 | | | |||||||||||||||
Federal bank stocks, at cost | | | | 4,626 | | | | | 4,861 | | | | | | 4,329 | | | | | 4,662 | | | ||||
Bank-owned life insurance | | | | 11,473 | | | | | 11,390 | | | | | | 11,808 | | | | | 11,724 | | | ||||
Accrued interest receivable | | | | 1,935 | | | | | 1,815 | | | | | | 2,236 | | | | | 2,217 | | | ||||
Premises and equipment, net | | | | 18,076 | | | | | 18,282 | | | | | | 17,911 | | | | | 18,010 | | | ||||
Goodwill | | | | 10,288 | | | | | 10,288 | | | | | | 10,288 | | | | | 10,288 | | | ||||
Core deposit intangible, net | | | | 500 | | | | | 560 | | | | | | 413 | | | | | 481 | | | ||||
Prepaid expenses and other assets | | | | 9,919 | | | | | 10,308 | | | | | | 10,290 | | | | | 9,423 | | | ||||
Total Assets | | | $ | 706,317 | | | | $ | 692,135 | | | | | $ | 755,808 | | | | $ | 750,084 | | | ||||
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | |||||||||||||
Liabilities: | | | | | | | | | | | | | | |||||||||||||
Deposits: | | | | | | | | | | | | | | |||||||||||||
Non-interest bearing | | | $ | 132,635 | | | | $ | 123,717 | | | | | $ | 129,159 | | | | $ | 126,263 | | | ||||
Interest bearing | | | | 473,471 | | | | | 461,223 | | | | | | 537,576 | | | | | 528,380 | | | ||||
Total deposits | | | | 606,106 | | | | | 584,940 | | | | | | 666,735 | | | | | 654,643 | | | ||||
Short-term borrowed funds | | | | 2,500 | | | | | 9,500 | | | | | | 2,050 | | | | | 2,500 | | | ||||
Long-term borrowed funds | | | | 34,250 | | | | | 34,500 | | | | | | 18,250 | | | | | 23,500 | | | ||||
Accrued interest payable | | | | 253 | | | | | 239 | | | | | | 367 | | | | | 413 | | | ||||
Accrued expenses and other liabilities | | | | 8,447 | | | | | 8,883 | | | | | | 9,529 | | | | | 9,937 | | | ||||
Total Liabilities | | | | 651,556 | | | | | 638,062 | | | | | | 696,931 | | | | | 690,993 | | | ||||
Commitments and Contingent Liabilities | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Stockholders’ Equity: | | | | | | | | | | | | | | |||||||||||||
Common stock, $1.25 par value, 12,000,000 shares authorized; 2,254,375 shares issued; 2,152,358 shares outstanding | | | | 2,818 | | | | | 2,818 | | | |||||||||||||||
Common stock, $1.25 par value, 12,000,000 shares authorized; 2,373,156 and 2,373,156 shares issued; 2,271,139 and 2,271,139 shares outstanding, respectively | | | | 2,966 | | | | | 2,966 | | | |||||||||||||||
Additional paid-in capital | | | | 27,955 | | | | | 27,900 | | | | | | 31,106 | | | | | 31,031 | | | ||||
Treasury stock, at cost; 102,017 shares | | | | (2,114) | | | | | (2,114) | | | | | | (2,114) | | | | | (2,114) | | | ||||
Retained earnings | | | | 30,335 | | | | | 29,960 | | | | | | 33,639 | | | | | 32,726 | | | ||||
Accumulated other comprehensive loss | | | | (4,233) | | | | | (4,491) | | | | | | (6,720) | | | | | (5,518) | | | ||||
Total Stockholders’ Equity | | | | 54,761 | | | | | 54,073 | | | | | | 58,877 | | | | | 59,091 | | | ||||
Total Liabilities and Stockholders’ Equity | | | $ | 706,317 | | | | $ | 692,135 | | | | | $ | 755,808 | | | | $ | 750,084 | | | |
| | For the three months ended March 31, | | | For the three months ended March 31, | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2018 | | 2017 | | ||||||||||||||||
Interest and dividend income: | | | | | | | | | | | | | | |||||||||||||
Loans receivable, including fees | | | $ | 5,565 | | | | $ | 4,702 | | | | | $ | 6,337 | | | | $ | 5,565 | | | ||||
Securities: | | | | | | | | | | | | | | |||||||||||||
Taxable | | | | 395 | | | | | 434 | | | | | | 408 | | | | | 395 | | | ||||
Exempt from federal income tax | | | | 143 | | | | | 159 | | | | | | 152 | | | | | 143 | | | ||||
Federal bank stocks | | | | 53 | | | | | 34 | | | | | | 64 | | | | | 53 | | | ||||
Interest earning deposits with banks | | | | 16 | | | | | 20 | | | | | | 33 | | | | | 16 | | | ||||
Total interest and dividend income | | | | 6,172 | | | | | 5,349 | | | | | | 6,994 | | | | | 6,172 | | | ||||
Interest expense: | | | | | | | | | | | | | | |||||||||||||
Deposits | | | | 703 | | | | | 588 | | | | | | 991 | | | | | 703 | | | ||||
Borrowed funds | | | | 313 | | | | | 244 | | | | | | 158 | | | | | 313 | | | ||||
Total interest expense | | | | 1,016 | | | | | 832 | | | | | | 1,149 | | | | | 1,016 | | | ||||
Net interest income | | | | 5,156 | | | | | 4,517 | | | | | | 5,845 | | | | | 5,156 | | | ||||
Provision for loan losses | | | | 162 | | | | | 181 | | | | | | 380 | | | | | 162 | | | ||||
Net interest income after provision for loan losses | | | | 4,994 | | | | | 4,336 | | | | | | 5,465 | | | | | 4,994 | | | ||||
Noninterest income: | | | | | | | | | | | | | | |||||||||||||
Fees and service charges | | | | 408 | | | | | 345 | | | | | | 437 | | | | | 408 | | | ||||
Net gain on sales of available for sale securities | | | | — | | | | | 2 | | | |||||||||||||||
Net realized loss on sales of securities | | | | (29) | | | | | — | | | |||||||||||||||
Net gain on sales of loans | | | | 6 | | | | | — | | | | | | 22 | | | | | 6 | | | ||||
Earnings on bank-owned life insurance | | | | 101 | | | | | 98 | | | | | | 104 | | | | | 101 | | | ||||
Other | | | | 341 | | | | | 335 | | | | | | 365 | | | | | 341 | | | ||||
Total noninterest income | | | | 856 | | | | | 780 | | | | | | 899 | | | | | 856 | | | ||||
Noninterest expense: | | | | | | | | | | | | | | |||||||||||||
Compensation and employee benefits | | | | 2,323 | | | | | 2,048 | | | | | | 2,453 | | | | | 2,323 | | | ||||
Premises and equipment | | | | 758 | | | | | 685 | | | | | | 770 | | | | | 758 | | | ||||
Intangible asset amortization | | | | 60 | | | | | 49 | | | | | | 69 | | | | | 60 | | | ||||
Professional fees | | | | 202 | | | | | 183 | | | | | | 216 | | | | | 202 | | | ||||
Federal deposit insurance | | | | 108 | | | | | 93 | | | | | | 137 | | | | | 108 | | | ||||
Acquisition costs | | | | — | | | | | 309 | | | |||||||||||||||
Other | | | | 1,170 | | | | | 651 | | | | | | 1,091 | | | | | 1,170 | | | ||||
Total noninterest expense | | | | 4,621 | | | | | 4,018 | | | | | | 4,736 | | | | | 4,621 | | | ||||
Income before provision for income taxes | | | | 1,229 | | | | | 1,098 | | | | | | 1,628 | | | | | 1,229 | | | ||||
Provision for income taxes | | | | 273 | | | | | 296 | | | | | | 266 | | | | | 273 | | | ||||
Net income | | | $ | 956 | | | | $ | 802 | | | | | $ | 1,362 | | | | $ | 956 | | | ||||
Basic earnings per common share | | | $ | 0.44 | | | | $ | 0.37 | | | | | $ | 0.60 | | | | $ | 0.44 | | | ||||
Diluted earnings per common share | | | | 0.44 | | | | | 0.37 | | | | | | 0.60 | | | | | 0.44 | | | ||||
Average common shares outstanding – basic | | | | 2,152,358 | | | | | 2,144,808 | | | | | | 2,271,139 | | | | | 2,152,358 | | | ||||
Average common shares outstanding – diluted | | | | 2,168,014 | | | | | 2,153,625 | | | | | | 2,285,315 | | | | | 2,168,014 | | |
| | For the three months ended March 31, | | | For the three months ended March 31, | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2018 | | 2017 | | ||||||||||||||||
Net income | | | $ | 956 | | | | $ | 802 | | | | | $ | 1,362 | | | | $ | 956 | | | ||||
Other comprehensive income | | | | | | | | | | | | | | |||||||||||||
Unrealized gains on securities: | | | ||||||||||||||||||||||||
Unrealized holding gain arising during the period | | | | 391 | | | | | 1,332 | | | |||||||||||||||
Reclassification adjustment for gains included in net income | | | | — | | | | | (2) | | | |||||||||||||||
Unrealized gains/(losses) on securities available for sale: | | | | | | | | | | | | |||||||||||||||
Unrealized holding gain (loss) arising during the period | | | | (1,314) | | | | | 391 | | | |||||||||||||||
Reclassification adjustment for losses included in net income | | | | 29 | | | | | — | | | |||||||||||||||
| | | | 391 | | | | | 1,330 | | | | | | (1,285) | | | | | 391 | | | ||||
Tax effect | | | | (133) | | | | | (452) | | | | | | 270 | | | | | (133) | | | ||||
Net of tax | | | | 258 | | | | | 878 | | | | | | (1,015) | | | | | 258 | | | ||||
Comprehensive income | | | $ | 1,214 | | | | $ | 1,680 | | | | | $ | 347 | | | | $ | 1,214 | | | |
| | For the three months ended March 31, | | | For the three months ended March 31, | | ||||||||||||||||||||
| | 2017 | | 2016 | | | 2018 | | 2017 | | ||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | |||||||||||||
Net income | | | $ | 956 | | | | $ | 802 | | | | | $ | 1,362 | | | | $ | 956 | | | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | | | | |||||||||||||
Depreciation and amortization | | | | 292 | | | | | 273 | | | | | | 294 | | | | | 292 | | | ||||
Provision for loan losses | | | | 162 | | | | | 181 | | | | | | 380 | | | | | 162 | | | ||||
Amortization of premiums, net | | | | 158 | | | | | 74 | | | | | | 120 | | | | | 158 | | | ||||
Amortization of intangible assets and mortgage servicing rights | | | | 77 | | | | | 49 | | | | | | 81 | | | | | 77 | | | ||||
Realized gains on sales of available for sale securities, net | | | | — | | | | | (2) | | | |||||||||||||||
Realized losses on sales of securities, net | | | | 29 | | | | | — | | | |||||||||||||||
Net gains on sales of loans | | | | (6) | | | | | — | | | | | | (22) | | | | | (6) | | | ||||
Net gains on foreclosed real estate | | | | — | | | | | (9) | | | |||||||||||||||
Net loss on foreclosed real estate | | | | 41 | | | | | — | | | |||||||||||||||
Gain on sale of premises and equipment | | | | (25) | | | | | — | | | |||||||||||||||
Loans originated for sale | | | | (1,791) | | | | | — | | | | | | (1,237) | | | | | (1,791) | | | ||||
Proceeds from the sale of loans originated for sale | | | | 1,865 | | | | | — | | | | | | 1,524 | | | | | 1,865 | | | ||||
Stock compensation expense | | | | 55 | | | | | 46 | | | | | | 75 | | | | | 55 | | | ||||
Increase in bank-owned life insurance, net | | | | (83) | | | | | (82) | | | | | | (84) | | | | | (83) | | | ||||
Increase in accrued interest receivable | | | | (120) | | | | | (211) | | | | | | (19) | | | | | (120) | | | ||||
Decrease in prepaid expenses and other assets | | | | 168 | | | | | 180 | | | |||||||||||||||
(Increase) decrease in prepaid expenses and other assets | | | | (215) | | | | | 168 | | | |||||||||||||||
Increase in accrued interest payable | | | | 14 | | | | | 41 | | | | | | (46) | | | | | 14 | | | ||||
Decrease in accrued expenses and other liabilities | | | | (435) | | | | | (738) | | | | | | (407) | | | | | (435) | | | ||||
Net cash provided by operating activities | | | | 1,312 | | | | | 604 | | | | | | 1,851 | | | | | 1,312 | | | ||||
Cash flows from investing activities | | | | | | | | | | | | | | |||||||||||||
Loan originations and principal collections, net | | | | (20,102) | | | | | 2,641 | | | | | | (7,992) | | | | | (20,102) | | | ||||
Purchase of residential mortgage loans | | | | — | | | | | (6,911) | | | |||||||||||||||
Available for sale securities: | | | ||||||||||||||||||||||||
Securities: | | | | | | | | | | | | |||||||||||||||
Sales | | | | — | | | | | 3,679 | | | | | | 6,531 | | | | | — | | | ||||
Maturities, repayments and calls | | | | 3,821 | | | | | 2,066 | | | | | | 1,902 | | | | | 3,821 | | | ||||
Purchases | | | | (983) | | | | | (3,906) | | | | | | (5,667) | | | | | (983) | | | ||||
Redemption of federal bank stocks | | | | 235 | | | | | 1,191 | | | | | | 333 | | | | | 235 | | | ||||
Proceeds from the sale of bank premises and equipment | | | | 155 | | | | | — | | | |||||||||||||||
Proceeds from the sale of foreclosed real estate | | | | 100 | | | | | 91 | | | | | | 129 | | | | | 100 | | | ||||
Purchases of premises and equipment | | | | (86) | | | | | (83) | | | | | | (195) | | | | | (86) | | | ||||
Net cash used in investing activities | | | | (17,015) | | | | | (1,232) | | | | | | (4,804) | | | | | (17,015) | | | ||||
Cash flows from financing activities | | | | | | | | | | | | | | |||||||||||||
Net increase in deposits | | | | 21,166 | | | | | 20,792 | | | | | | 12,092 | | | | | 21,166 | | | ||||
Repayments on long-term debt | | | | (5,250) | | | | | — | | | |||||||||||||||
Net change in short-term borrowings | | | | (7,250) | | | | | (14,250) | | | | | | (450) | | | | | (7,250) | | | ||||
Dividends paid | | | | (581) | | | | | (558) | | | | | | (636) | | | | | (581) | | | ||||
Net cash provided by financing activities | | | | 13,335 | | | | | 5,984 | | | | | | 5,756 | | | | | 13,335 | | | ||||
Increase (decrease) in cash and cash equivalents | | | | (2,368) | | | | | 5,356 | | | | | | 2,803 | | | | | (2,368) | | | ||||
Cash and cash equivalents at beginning of period | | | | 17,568 | | | | | 11,546 | | | | | | 14,374 | | | | | 17,568 | | | ||||
Cash and cash equivalents at end of period | | | $ | 15,200 | | | | $ | 16,902 | | | | | $ | 17,177 | | | | $ | 15,200 | | | ||||
Supplemental information: | | | | | | | | | | | | | | |||||||||||||
Interest paid | | | $ | 1,002 | | | | $ | 791 | | | | | $ | 1,195 | | | | $ | 1,002 | | | ||||
Supplemental noncash disclosure: | | | | | | | | | | | | | | |||||||||||||
Transfers from loans to foreclosed real estate | | | | 29 | | | | | 86 | | | | | | 498 | | | | | 29 | | |
| | For the three months ended March 31, | | | Common Stock | | Additional Paid-in Capital | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders’ Equity | | ||||||||||||||||||||||||||||||||||
| | 2017 | | 2016 | | |||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | | | $ | 54,073 | | | | $ | 52,839 | | | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2017 | | | $ | 2,818 | | | | $ | 27,900 | | | | $ | (2,114) | | | | $ | 29,960 | | | | $ | (4,491) | | | | $ | 54,073 | | | |||||||||||||||||||
Net income | | | | 956 | | | | | 802 | | | | | | | | | | | | | | | | | | | | | 956 | | | | | | | | | | 956 | | | ||||||||
Other comprehensive income | | | | 258 | | | | | 878 | | | | | | | | | | | | | | | | | | | | | | | | | | 258 | | | | | 258 | | | ||||||||
Stock compensation expense | | | | 55 | | | | | 46 | | | | | | | | | | | 55 | | | | | | | | | | | | | | | | | | | | 55 | | | ||||||||
Dividends declared on common stock | | | | (581) | | | | | (558) | | | |||||||||||||||||||||||||||||||||||||||
Balance at end of period | | | $ | 54,761 | | | | $ | 54,007 | | | |||||||||||||||||||||||||||||||||||||||
Cash dividend per common share | | | $ | 0.27 | | | | $ | 0.26 | | | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock ($0.27 per share) | | | | | | | | | | | | | | | | | | | (581) | | | | | | | | | | (581) | | | |||||||||||||||||||
Balance at March 31, 2017 | | | $ | 2,818 | | | | $ | 27,955 | | | | $ | (2,114) | | | | $ | 30,335 | | | | $ | (4,233) | | | | $ | 54,761 | | | |||||||||||||||||||
Balance at January 1, 2018, as previously presented | | | $ | 2,966 | | | | $ | 31,031 | | | | $ | (2,114) | | | | $ | 32,726 | | | | $ | (5,518) | | | | $ | 59,091 | | | |||||||||||||||||||
Cumulative effect of change in accounting principle for marketable equity securities, net of tax | | | | | | | | | | | | | | | | | | | 187 | | | | | (187) | | | | | — | | | |||||||||||||||||||
Balance at January 1, 2018, as adjusted | | | | 2,966 | | | | | 31,031 | | | | | (2,114) | | | | | 32,913 | | | | | (5,705) | | | | | 59,091 | | | |||||||||||||||||||
Net income | | | | | | | | | | | | | | | | | | | 1,362 | | | | | | | | | | 1,362 | | | |||||||||||||||||||
Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | (1,015) | | | | | (1,015) | | | |||||||||||||||||||
Stock compensation expense | | | | | | | | | 75 | | | | | | | | | | | | | | | | | | | | 75 | | | |||||||||||||||||||
Cash dividends declared on common stock ($0.28 per share) | | | | | | | | | | | | | | | | | | | (636) | | | | | | | | | | (636) | | | |||||||||||||||||||
Balance at March 31, 2018 | | | $ | 2,966 | | | | $ | 31,106 | | | | $ | (2,114) | | | | $ | 33,639 | | | | $ | (6,720) | | | | $ | 58,877 | | | |
(Dollar amounts in thousands) | | | | | | | |
Assets acquired: | | | |||||
Cash and cash equivalents | | | | $ | 9,899 | | |
Securities available for sale | | | | | 60 | | |
Loans receivable | | | | | 66,145 | | |
Federal bank stocks | | | | | 978 | | |
Accrued interest receivable | | | | | 187 | | |
Premises and equipment | | | | | 1,169 | | |
Goodwill | | | | | 6,624 | | |
Core deposit intangible | | | | | 232 | | |
Prepaid expenses and other assets | | | | | 989 | | |
Total assets acquired | | | | | 86,283 | | |
Liabilities assumed: | | | |||||
Deposits | | | | | 72,700 | | |
Accrued interest payable | | | | | 29 | | |
Accrued expenses and other liabilities | | | | | 346 | | |
Total liabilities assumed | | | | | 73,075 | | |
Consideration paid | | | | $ | 13,208 | | |
|
| | For the three months ended March 31, | | |||||||||||||||||||||||
(Dollar amounts in thousands, except for per share amounts) | | | For the three months ended March 31, | | ||||||||||||||||||||||
| 2017 | | 2016 | | | 2018 | | 2017 | | |||||||||||||||||
Earnings per common share – basic | | | | | | | | | | | | | | |||||||||||||
Net income | | | $ | 956 | | | | $ | 802 | | | | | $ | 1,362 | | | | $ | 956 | | | ||||
Average common shares outstanding | | | | 2,152,358 | | | | | 2,144,808 | | | | | | 2,271,139 | | | | | 2,152,358 | | | ||||
Basic earnings per common share | | | $ | 0.44 | | | | $ | 0.37 | | | | | $ | 0.60 | | | | $ | 0.44 | | | ||||
Earnings per common share – diluted | | | | | | | | | | | | | | |||||||||||||
Net income | | | $ | 956 | | | | $ | 802 | | | | | $ | 1,362 | | | | $ | 956 | | | ||||
Average common shares outstanding | | | | 2,152,358 | | | | | 2,144,808 | | | | | | 2,271,139 | | | | | 2,152,358 | | | ||||
Add: Dilutive effects of assumed issuance of restricted stock and exercise of stock options | | | | 15,656 | | | | | 8,817 | | | | | | 14,176 | | | | | 15,656 | | | ||||
Average shares and dilutive potential common shares | | | | 2,168,014 | | | | | 2,153,625 | | | | | | 2,285,315 | | | | | 2,168,014 | | | ||||
Diluted earnings per common share | | | $ | 0.44 | | | | $ | 0.37 | | | | | $ | 0.60 | | | | $ | 0.44 | | | ||||
Stock options not considered in computing earnings per share because they were antidilutive | | | | — | | | | | 67,000 | | | | | | — | | | | | — | | |
(Dollar amounts in thousands) | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | ||||||||||||||||||||||||||||||||
Available for sale: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2017: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | $ | 4,547 | | | | $ | — | | | | $ | (40) | | | | $ | 4,507 | | | | | $ | 4,538 | | | | $ | — | | | | $ | (111) | | | | $ | 4,427 | | | ||||||||
U.S. government sponsored entities and agencies | | | | 9,176 | | | | | — | | | | | (156) | | | | | 9,020 | | | | | | 14,126 | | | | | — | | | | | (387) | | | | | 13,739 | | | ||||||||
U.S. agency mortgage-backed securities: residential | | | | 24,841 | | | | | 99 | | | | | (192) | | | | | 24,748 | | | | | | 23,957 | | | | | 4 | | | | | (495) | | | | | 23,466 | | | ||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 25,423 | | | | | 19 | | | | | (656) | | | | | 24,786 | | | | | | 22,204 | | | | | 33 | | | | | (904) | | | | | 21,333 | | | ||||||||
State and political subdivisions | | | | 26,406 | | | | | 107 | | | | | (76) | | | | | 26,437 | | | | | | 25,265 | | | | | 10 | | | | | (480) | | | | | 24,795 | | | ||||||||
Corporate debt securities | | | | 7,511 | | | | | 23 | | | | | (79) | | | | | 7,455 | | | | | | 8,508 | | | | | 15 | | | | | (67) | | | | | 8,456 | | | ||||||||
Equity securities | | | | 1,829 | | | | | 337 | | | | | (23) | | | | | 2,143 | | | |||||||||||||||||||||||||||||
| | | $ | 99,733 | | | | $ | 585 | | | | $ | (1,222) | | | | $ | 99,096 | | | |||||||||||||||||||||||||||||
December 31, 2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | | 4,550 | | | | | — | | | | | (50) | | | | | 4,500 | | | |||||||||||||||||||||||||||||
U.S. government sponsored entities and agencies | | | | 9,186 | | | | | — | | | | | (188) | | | | | 8,998 | | | |||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities: residential | | | | 25,790 | | | | | 32 | | | | | (196) | | | | | 25,626 | | | |||||||||||||||||||||||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 25,367 | | | | | 23 | | | | | (684) | | | | | 24,706 | | | |||||||||||||||||||||||||||||
State and political subdivisions | | | | 27,853 | | | | | 17 | | | | | (262) | | | | | 27,608 | | | |||||||||||||||||||||||||||||
Corporate debt securities | | | | 8,012 | | | | | 5 | | | | | (85) | | | | | 7,932 | | | |||||||||||||||||||||||||||||
Equity securities | | | | 1,829 | | | | | 373 | | | | | (12) | | | | | 2,190 | | | |||||||||||||||||||||||||||||
| | | $ | 102,587 | | | | $ | 450 | | | | $ | (1,477) | | | | $ | 101,560 | | | | | $ | 98,598 | | | | $ | 62 | | | | $ | (2,444) | | | | $ | 96,216 | | | |
(Dollar amounts in thousands) | | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Fair Value | | ||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and federal agency | | | | | 4,541 | | | | | | — | | | | | | (69) | | | | | | 4,472 | | |
U.S. government sponsored entities and agencies | | | | | 14,136 | | | | | | 2 | | | | | | (212) | | | | | | 13,926 | | |
U.S. agency mortgage-backed securities: residential | | | | | 20,904 | | | | | | 7 | | | | | | (153) | | | | | | 20,758 | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 22,607 | | | | | | 25 | | | | | | (708) | | | | | | 21,924 | | |
State and political subdivisions | | | | | 29,249 | | | | | | 87 | | | | | | (96) | | | | | | 29,240 | | |
Corporate debt securities | | | | | 9,009 | | | | | | 38 | | | | | | (17) | | | | | | 9,030 | | |
| | | | $ | 100,446 | | | | | $ | 159 | | | | | $ | (1,255) | | | | | $ | 99,350 | | |
|
| | Available for sale | | |||||||||||||||||||||||
(Dollar amounts in thousands) | | | Available for sale | | ||||||||||||||||||||||
| Amortized Cost | | Fair Value | | | Amortized Cost | | Fair Value | | |||||||||||||||||
Due in one year or less | | | $ | 2,002 | | | | $ | 1,999 | | | | | $ | 3,350 | | | | $ | 3,336 | | | ||||
Due after one year through five years | | | | 23,925 | | | | | 23,864 | | | | | | 26,768 | | | | | 26,231 | | | ||||
Due after five through ten years | | | | 20,701 | | | | | 20,568 | | | | | | 18,825 | | | | | 18,454 | | | ||||
Due after ten years | | | | 1,012 | | | | | 988 | | | | | | 3,494 | | | | | 3,396 | | | ||||
Mortgage-backed securities: residential | | | | 24,841 | | | | | 24,748 | | | | | | 23,957 | | | | | 23,466 | | | ||||
Collateralized mortgage obligations: residential | | | | 25,423 | | | | | 24,786 | | | | | | 22,204 | | | | | 21,333 | | | ||||
| | | $ | 97,904 | | | | $ | 96,953 | | | | | $ | 98,598 | | | | $ | 96,216 | | | |
(Dollar amounts in thousands) | | Less than 12 Months | | 12 Months or More | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Securities | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2017: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Less than 12 Months | | 12 Months or More | | Total | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) Description of Securities | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | $ | 4,507 | | | | $ | (40) | | | | $ | — | | | | $ | — | | | | $ | 4,507 | | | | $ | (40) | | | | | $ | — | | | | $ | — | | | | $ | 4,427 | | | | $ | (111) | | | | $ | 4,427 | | | | $ | (111) | | | ||||||||||||
U.S. government sponsored entities and agencies | | | | 9,020 | | | | | (156) | | | | | — | | | | | — | | | | | 9,020 | | | | | (156) | | | | | | 4,866 | | | | | (125) | | | | | 8,873 | | | | | (262) | | | | | 13,739 | | | | | (387) | | | ||||||||||||
U.S. agency mortgage-backed securities: residential | | | | 13,386 | | | | | (192) | | | | | — | | | | | — | | | | | 13,386 | | | | | (192) | | | | | | 13,565 | | | | | (289) | | | | | 6,256 | | | | | (206) | | | | | 19,821 | | | | | (495) | | | ||||||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 9,888 | | | | | (225) | | | | | 13,080 | | | | | (431) | | | | | 22,968 | | | | | (656) | | | | | | 1,935 | | | | | (7) | | | | | 17,567 | | | | | (897) | | | | | 19,502 | | | | | (904) | | | ||||||||||||
State and political subdivisions | | | | 7,815 | | | | | (76) | | | | | — | | | | | — | | | | | 7,815 | | | | | (76) | | | | | | 18,824 | | | | | (412) | | | | | 2,387 | | | | | (68) | | | | | 21,211 | | | | | (480) | | | ||||||||||||
Corporate debt securities | | | | 3,932 | | | | | (79) | | | | | — | | | | | — | | | | | 3,932 | | | | | (79) | | | | | | 2,942 | | | | | (65) | | | | | 500 | | | | | (2) | | | | | 3,442 | | | | | (67) | | | ||||||||||||
Equity securities | | | | — | | | | | — | | | | | 227 | | | | | (23) | | | | | 227 | | | | | (23) | | | |||||||||||||||||||||||||||||||||||||||||||
| | | $ | 48,548 | | | | $ | (768) | | | | $ | 13,307 | | | | $ | (454) | | | | $ | 61,855 | | | | $ | (1,222) | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency | | | $ | 4,500 | | | | $ | (50) | | | | $ | — | | | | $ | — | | | | $ | 4,500 | | | | $ | (50) | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored entities and agencies | | | | 8,998 | | | | | (188) | | | | | — | | | | | — | | | | | 8,998 | | | | | (188) | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency mortgage-backed securities: residential | | | | 23,279 | | | | | (196) | | | | | — | | | | | — | | | | | 23,279 | | | | | (196) | | | |||||||||||||||||||||||||||||||||||||||||||
U.S. agency collateralized mortgage obligations: residential | | | | 13,568 | | | | | (438) | | | | | 9,317 | | | | | (246) | | | | | 22,885 | | | | | (684) | | | |||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | | | | 21,924 | | | | | (262) | | | | | — | | | | | — | | | | | 21,924 | | | | | (262) | | | |||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | | | | 3,927 | | | | | (85) | | | | | — | | | | | — | | | | | 3,927 | | | | | (85) | | | |||||||||||||||||||||||||||||||||||||||||||
Equity securities | | | | — | | | | | — | | | | | 237 | | | | | (12) | | | | | 237 | | | | | (12) | | | |||||||||||||||||||||||||||||||||||||||||||
| | | $ | 76,196 | | | | $ | (1,219) | | | | $ | 9,554 | | | | $ | (258) | | | | $ | 85,750 | | | | $ | (1,477) | | | | | $ | 42,132 | | | | $ | (898) | | | | $ | 40,010 | | | | $ | (1,546) | | | | $ | 82,142 | | | | $ | (2,444) | | | |
| | | Less than 12 Months | | | 12 Months or More | | | Total | | |||||||||||||||||||||||||||
(Dollar amounts in thousands) Description of Securities | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | ||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and federal agency | | | | $ | — | | | | | $ | — | | | | | $ | 4,472 | | | | | $ | (69) | | | | | $ | 4,472 | | | | | $ | (69) | | |
U.S. government sponsored entities and agencies | | | | | 3,447 | | | | | | (42) | | | | | | 8,975 | | | | | | (170) | | | | | | 12,422 | | | | | | (212) | | |
U.S. agency mortgage-backed securities: residential | | | | | 9,659 | | | | | | (48) | | | | | | 6,581 | | | | | | (105) | | | | | | 16,240 | | | | | | (153) | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 954 | | | | | | (16) | | | | | | 19,147 | | | | | | (692) | | | | | | 20,101 | | | | | | (708) | | |
State and political subdivisions | | | | | 10,510 | | | | | | (60) | | | | | | 3,487 | | | | | | (36) | | | | | | 13,997 | | | | | | (96) | | |
Corporate debt securities | | | | | 2,992 | | | | | | (16) | | | | | | 999 | | | | | | (1) | | | | | | 3,991 | | | | | | (17) | | |
| | | | $ | 27,562 | | | | | $ | (182) | | | | | $ | 43,661 | | | | | $ | (1,073) | | | | | $ | 71,223 | | | | | $ | (1,255) | | |
|
| | For the three months ended March 31, | | |||||||||||||||||||||||
(Dollar amounts in thousands) | | | For the three months ended March 31, | | ||||||||||||||||||||||
| 2017 | | 2016 | | | 2018 | | 2017 | | |||||||||||||||||
Proceeds | | | $ | — | | | | $ | 3,679 | | | | | $ | 6,531 | | | | $ | — | | | ||||
Gains | | | | — | | | | | 2 | | | |||||||||||||||
Tax provision related to gains | | | | — | | | | | 1 | | | |||||||||||||||
Losses | | | | (29) | | | | | — | | | |||||||||||||||
Tax provision related to losses | | | | (6) | | | | | — | | |
(Dollar amounts in thousands) | | March 31, 2017 | | December 31, 2016 | | | March 31, 2018 | | December 31, 2017 | | ||||||||||||||||
Mortgage loans on real estate: | | | | | | | | | | | | | | |||||||||||||
Residential first mortgages | | | $ | 209,694 | | | | $ | 198,167 | | | | | $ | 224,690 | | | | $ | 221,823 | | | ||||
Home equity loans and lines of credit | | | | 90,648 | | | | | 91,359 | | | | | | 100,241 | | | | | 99,940 | | | ||||
Commercial real estate | | | | 178,024 | | | | | 166,994 | | | | | | 196,788 | | | | | 193,068 | | | ||||
| | | | 478,366 | | | | | 456,520 | | | | | | 521,719 | | | | | 514,831 | | | ||||
Other loans: | | | | | | | | | | | | | | |||||||||||||
Commercial business | | | | 55,753 | | | | | 57,788 | | | | | | 59,200 | | | | | 58,941 | | | ||||
Consumer | | | | 6,773 | | | | | 6,672 | | | | | | 9,258 | | | | | 9,589 | | | ||||
| | | | 62,526 | | | | | 64,460 | | | | | | 68,458 | | | | | 68,530 | | | ||||
Total loans, gross | | | | 540,892 | | | | | 520,980 | | | | | | 590,177 | | | | | 583,361 | | | ||||
Less allowance for loan losses | | | | 5,688 | | | | | 5,545 | | | | | | 5,935 | | | | | 6,127 | | | ||||
Total loans, net | | | $ | 535,204 | | | | $ | 515,435 | | | | | $ | 584,242 | | | | $ | 577,234 | | | |
(Dollar amounts in thousands) | | | Residential Mortgages | | | Home Equity & Lines of Credit | | | Commercial Real Estate | | | Commercial Business | | | Consumer | | | Total | | ||||||||||||||||||
Three months ended March 31, 2017: | | | | | | | | ||||||||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | ||||||||||||||||||||||||||||||
Beginning Balance | | | | $ | 1,846 | | | | | $ | 633 | | | | | $ | 2,314 | | | | | $ | 700 | | | | | $ | 52 | | | | | $ | 5,545 | | |
Charge-offs | | | | | (26) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | (19) | | | | | | (46) | | |
Recoveries | | | | | — | | | | | | 19 | | | | | | 2 | | | | | | — | | | | | | 6 | | | | | | 27 | | |
Provision | | | | | 136 | | | | | | (3) | | | | | | 133 | | | | | | (117) | | | | | | 13 | | | | | | 162 | | |
Ending Balance | | | | $ | 1,956 | | | | | $ | 648 | | | | | $ | 2,449 | | | | | $ | 583 | | | | | $ | 52 | | | | | $ | 5,688 | | |
|
(Dollar amounts in thousands) | | | Residential Mortgages | | | Home Equity & Lines of Credit | | | Commercial Real Estate | | | Commercial Business | | | Consumer | | | Total | ||||||||||||||||||
Three months ended March 31, 2016: | | | | | | | | |||||||||||||||||||||||||||||
Allowance for loan losses: | | | | | | | | |||||||||||||||||||||||||||||
Beginning Balance | | | | $ | 1,429 | | | | | $ | 586 | | | | | $ | 2,185 | | | | | $ | 960 | | | | | $ | 45 | | | | | $ | 5,205 | |
Charge-offs | | | | | (33) | | | | | | — | | | | | | — | | | | | | — | | | | | | (9) | | | | | | (42) | |
Recoveries | | | | | — | | | | | | 1 | | | | | | 4 | | | | | | — | | | | | | 3 | | | | | | 8 | |
Provision | | | | | 181 | | | | | | 49 | | | | | | (263) | | | | | | 202 | | | | | | 12 | | | | | | 181 | |
Ending Balance | | | | $ | 1,577 | | | | | $ | 636 | | | | | $ | 1,926 | | | | | $ | 1,162 | | | | | $ | 51 | | | | | $ | 5,352 | |
At March 31, 2017: | | | | | | | | |||||||||||||||||||||||||||||
Ending ALL balance attributable to loans: | | | | | | | | |||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 10 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 10 | |
Acquired loans collectively evaluated for impairment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | |
Originated loans collectively evaluated for impairment | | | | | 1,946 | | | | | | 648 | | | | | | 2,449 | | | | | | 583 | | | | | | 52 | | | | | | 5,678 | |
Total | | | | $ | 1,956 | | | | | $ | 648 | | | | | $ | 2,449 | | | | | $ | 583 | | | | | $ | 52 | | | | | $ | 5,688 | |
Total loans: | | | | | | | | |||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 449 | | | | | $ | — | | | | | $ | 991 | | | | | $ | 641 | | | | | $ | — | | | | | $ | 2,081 | |
Acquired loans collectively evaluated for impairment | | | | | 23,574 | | | | | | 4,760 | | | | | | 26,559 | | | | | | 1,043 | | | | | | — | | | | | | 55,936 | |
Originated loans collectively evaluated for impairment | | | | | 185,671 | | | | | | 85,888 | | | | | | 150,474 | | | | | | 54,069 | | | | | | 6,773 | | | | | | 482,875 | |
Total | | | | $ | 209,694 | | | | | $ | 90,648 | | | | | $ | 178,024 | | | | | $ | 55,753 | | | | | $ | 6,773 | | | | | $ | 540,892 | |
At December 31, 2016: | | | | | | | | |||||||||||||||||||||||||||||
Ending ALL balance attributable to loans: | | | | | | | | |||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 19 | | | | | $ | — | | | | | $ | 95 | | | | | $ | 6 | | | | | $ | — | | | | | $ | 120 | |
Acquired loans collectively evaluated for impairment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | |
Originated loans collectively evaluated for impairment | | | | | 1,827 | | | | | | 633 | | | | | | 2,219 | | | | | | 694 | | | | | | 52 | | | | | | 5,425 | |
Total | | | | $ | 1,846 | | | | | $ | 633 | | | | | $ | 2,314 | | | | | $ | 700 | | | | | $ | 52 | | | | | $ | 5,545 | |
Total loans: | | | | | | | | |||||||||||||||||||||||||||||
Individually evaluated for impairment | | | | $ | 135 | | | | | $ | — | | | | | $ | 1,014 | | | | | $ | 684 | | | | | $ | — | | | | | $ | 1,833 | |
Acquired loans collectively evaluated for impairment | | | | | 25,024 | | | | | | 5,225 | | | | | | 27,492 | | | | | | 1,182 | | | | | | 13 | | | | | | 58,936 | |
Originated loans collectively evaluated for impairment | | | | | 173,008 | | | | | | 86,134 | | | | | | 138,488 | | | | | | 55,922 | | | | | | 6,659 | | | | | | 460,211 | |
Total | | | | $ | 198,167 | | | | | $ | 91,359 | | | | | $ | 166,994 | | | | | $ | 57,788 | | | | | $ | 6,672 | | | | | $ | 520,980 | |
|
(Dollar amounts in thousands) | | | Residential Mortgages | | | Home Equity & Lines of Credit | | | Commercial Real Estate | | | Commercial Business | | | Consumer | | | Total | | ||||||||||||||||||
Three months ended March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning Balance | | | | $ | 2,090 | | | | | $ | 646 | | | | | $ | 2,753 | | | | | $ | 585 | | | | | $ | 53 | | | | | $ | 6,127 | | |
Charge-offs | | | | | (62) | | | | | | (19) | | | | | | (385) | | | | | | — | | | | | | (119) | | | | | | (585) | | |
Recoveries | | | | | 3 | | | | | | 1 | | | | | | 2 | | | | | | 1 | | | | | | 6 | | | | | | 13 | | |
Provision | | | | | (112) | | | | | | 23 | | | | | | 381 | | | | | | (26) | | | | | | 114 | | | | | | 380 | | |
Ending Balance | | | | $ | 1,919 | | | | | $ | 651 | | | | | $ | 2,751 | | | | | $ | 560 | | | | | $ | 54 | | | | | $ | 5,935 | | |
At March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending ALL balance attributable to loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 6 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6 | | |
Acquired loans collectively evaluated for impairment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Originated loans collectively evaluated for impairment | | | | | 1,913 | | | | | | 651 | | | | | | 2,751 | | | | | | 560 | | | | | | 54 | | | | | | 5,929 | | |
Total | | | | $ | 1,919 | | | | | $ | 651 | | | | | $ | 2,751 | | | | | $ | 560 | | | | | $ | 54 | | | | | $ | 5,935 | | |
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 419 | | | | | $ | 8 | | | | | $ | 336 | | | | | $ | 555 | | | | | $ | — | | | | | $ | 1,318 | | |
Acquired loans collectively evaluated for impairment | | | | | 19,418 | | | | | | 10,429 | | | | | | 25,716 | | | | | | 2,342 | | | | | | 1,570 | | | | | | 59,475 | | |
Originated loans collectively evaluated for impairment | | | | | 204,853 | | | | | | 89,804 | | | | | | 170,736 | | | | | | 56,303 | | | | | | 7,688 | | | | | | 529,384 | | |
Total | | | | $ | 224,690 | | | | | $ | 100,241 | | | | | $ | 196,788 | | | | | $ | 59,200 | | | | | $ | 9,258 | | | | | $ | 590,177 | | |
At December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending ALL balance attributable to loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 7 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7 | | |
Acquired loans collectively evaluated for impairment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Originated loans collectively evaluated for impairment | | | | | 2,083 | | | | | | 646 | | | | | | 2,753 | | | | | | 585 | | | | | | 53 | | | | | | 6,120 | | |
Total | | | | $ | 2,090 | | | | | $ | 646 | | | | | $ | 2,753 | | | | | $ | 585 | | | | | $ | 53 | | | | | $ | 6,127 | | |
|
(Dollar amounts in thousands) | | | Residential Mortgages | | | Home Equity & Lines of Credit | | | Commercial Real Estate | | | Commercial Business | | | Consumer | | | Total | | ||||||||||||||||||
Total loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Individually evaluated for impairment | | | | $ | 425 | | | | | $ | 8 | | | | | $ | 914 | | | | | $ | 569 | | | | | $ | — | | | | | $ | 1,916 | | |
Acquired loans collectively evaluated for impairment | | | | | 20,300 | | | | | | 10,873 | | | | | | 27,404 | | | | | | 1,451 | | | | | | 2,893 | | | | | | 62,921 | | |
Originated loans collectively evaluated for impairment | | | | | 201,098 | | | | | | 89,059 | | | | | | 164,750 | | | | | | 56,921 | | | | | | 6,696 | | | | | | 518,524 | | |
Total | | | | $ | 221,823 | | | | | $ | 99,940 | | | | | $ | 193,068 | | | | | $ | 58,941 | | | | | $ | 9,589 | | | | | $ | 583,361 | | |
Three months ended March 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning Balance | | | | $ | 1,846 | | | | | $ | 633 | | | | | $ | 2,314 | | | | | $ | 700 | | | | | $ | 52 | | | | | $ | 5,545 | | |
Charge-offs | | | | | (26) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | (19) | | | | | | (46) | | |
Recoveries | | | | | — | | | | | | 19 | | | | | | 2 | | | | | | — | | | | | | 6 | | | | | | 27 | | |
Provision | | | | | 136 | | | | | | (3) | | | | | | 133 | | | | | | (117) | | | | | | 13 | | | | | | 162 | | |
Ending Balance | | | | $ | 1,956 | | | | | $ | 648 | | | | | $ | 2,449 | | | | | $ | 583 | | | | | $ | 52 | | | | | $ | 5,688 | | |
|
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of March 31, 2018 | | | For the three months ended March 31, 2018 | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 75 | | | | | $ | 75 | | | | | $ | 6 | | | | | $ | 75 | | | | | $ | 1 | | | | | $ | 1 | | |
Home equity and lines of credit | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial business | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 83 | | | | | $ | 83 | | | | | $ | 6 | | | | | $ | 83 | | | | | $ | 1 | | | | | $ | 1 | | |
|
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of March 31, 2018 | | | For the three months ended March 31, 2018 | | ||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | $ | 456 | | | | | $ | 344 | | | | | $ | 347 | | | | | $ | 1 | | | | | $ | 1 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 336 | | | | | | 336 | | | | | | 625 | | | | | | — | | | | | | — | | |
Commercial business | | | | | 555 | | | | | | 555 | | | | | | 562 | | | | | | 1 | | | | | | 1 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,347 | | | | | $ | 1,235 | | | | | $ | 1,534 | | | | | $ | 2 | | | | | $ | 2 | | |
|
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of December 31, 2017 | | | For the year ended December 31, 2017 | | ||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 75 | | | | | $ | 75 | | | | | $ | 7 | | | | | $ | 88 | | | | | $ | 3 | | | | | $ | 3 | | |
Home equity and lines of credit | | | | | 8 | | | | | | 8 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | 111 | | | | | | — | | | | | | — | | |
Commercial business | | | | | — | | | | | | — | | | | | | — | | | | | | 118 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 83 | | | | | $ | 83 | | | | | $ | 7 | | | | | $ | 319 | | | | | $ | 3 | | | | | $ | 3 | | |
|
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of December 31, 2017 | | | For the year ended December 31, 2017 | | ||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | $ | 461 | | | | | $ | 350 | | | | | $ | 289 | | | | | $ | 8 | | | | | $ | 8 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 1,089 | | | | | | 914 | | | | | | 855 | | | | | | 3 | | | | | | 3 | | |
Commercial business | | | | | 569 | | | | | | 569 | | | | | | 498 | | | | | | 3 | | | | | | 3 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 2,119 | | | | | $ | 1,833 | | | | | $ | 1,642 | | | | | $ | 14 | | | | | $ | 14 | | |
|
(Dollar amounts in thousands) | | | | | | | | ||||||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of March 31, 2017 | | | For the three months ended March 31, 2017 | | ||||||||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 77 | | | | | $ | 77 | | | | | $ | 10 | | | | | $ | 106 | | | | | $ | 1 | | | | | $ | 1 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | 279 | | | | | | — | | | | | | — | | |
Commercial business | | | | | — | | | | | | — | | | | | | — | | | | | | 294 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 77 | | | | | $ | 77 | | | | | $ | 10 | | | | | $ | 679 | | | | | $ | 1 | | | | | $ | 1 | | |
|
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of March 31, 2017 | | | March 31, 2017 | | ||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | $ | 409 | | | | | $ | 372 | | | | | $ | 186 | | | | | $ | 7 | | | | | $ | 7 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 1,165 | | | | | | 991 | | | | | | 724 | | | | | | 1 | | | | | | 1 | | |
Commercial business | | | | | 641 | | | | | | 641 | | | | | | 369 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 2,215 | | | | | $ | 2,004 | | | | | $ | 1,279 | | | | | $ | 8 | | | | | $ | 8 | | |
|
(Dollar amounts in thousands) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Impaired Loans with Specific Allowance | | | Impaired Loans with Specific Allowance | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | As of December 31, 2016 | | For the year ended December 31, 2016 | | | As of March 31, 2017 | | For the three months ended March 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Unpaid Principal Balance | | Recorded Investment | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized in Period | | Cash Basis Interest Recognized in Period | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Unpaid Principal Balance | | Recorded Investment | | Related Allowance | | Average Recorded Investment | | Interest Income Recognized in Period | | Cash Basis Interest Recognized in Period | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 168 | | | | $ | 135 | | | | $ | 19 | | | | $ | 119 | | | | $ | 6 | | | | $ | 6 | | | | | $ | 77 | | | | $ | 77 | | | | $ | 10 | | | | $ | 106 | | | | $ | 1 | | | | $ | 1 | | | ||||||||||||
Home equity and lines of credit | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Commercial real estate | | | | 557 | | | | | 557 | | | | | 95 | | | | | 130 | | | | | 23 | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | 279 | | | | | — | | | | | — | | | ||||||||||||
Commercial business | | | | 588 | | | | | 588 | | | | | 6 | | | | | 428 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | 294 | | | | | — | | | | | — | | | ||||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Total | | | $ | 1,313 | | | | $ | 1,280 | | | | $ | 120 | | | | $ | 677 | | | | $ | 29 | | | | $ | 6 | | | | | $ | 77 | | | | $ | 77 | | | | $ | 10 | | | | $ | 679 | | | | $ | 1 | | | | $ | 1 | | | |
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of December 31, 2016 | | | December 31, 2016 | | ||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | | — | | | | | | — | | | | | | 23 | | | | | | — | | | | | | — | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 631 | | | | | | 457 | | | | | | 735 | | | | | | 3 | | | | | | 3 | | |
Commercial business | | | | | 96 | | | | | | 96 | | | | | | 322 | | | | | | 2 | | | | | | 2 | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 727 | | | | | | 553 | | | | | | 1,080 | | | | | | 5 | | | | | | 5 | | |
|
(Dollar amounts in thousands) | | | | | | | | ||||||||||||||||||||||||||||||
| | | Impaired Loans with Specific Allowance | | |||||||||||||||||||||||||||||||||
| | | As of March 31, 2016 | | | For the three months ended March 31, 2016 | | ||||||||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Related Allowance | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | ||||||||||||||||||
Residential first mortgages | | | | $ | 78 | | | | | $ | 78 | | | | | $ | 19 | | | | | $ | 124 | | | | | $ | 1 | | | | | $ | 1 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | — | | | | | | — | | | | | | — | | | | | | 47 | | | | | | — | | | | | | — | | |
Commercial business | | | | | 629 | | | | | | 629 | | | | | | 78 | | | | | | 776 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 707 | | | | | $ | 707 | | | | | $ | 97 | | | | | $ | 947 | | | | | $ | 1 | | | | | $ | 1 | | |
|
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of March 31, 2016 | | | For the three months ended March 31, 2016 | | ||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | $ | 91 | | | | | $ | 58 | | | | | $ | 29 | | | | | $ | 2 | | | | | $ | 2 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 1,256 | | | | | | 857 | | | | | | 801 | | | | | | 1 | | | | | | 1 | | |
Commercial business | | | | | 75 | | | | | | 75 | | | | | | 76 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,422 | | | | | $ | 990 | | | | | $ | 906 | | | | | $ | 3 | | | | | $ | 3 | | |
|
| | | Impaired Loans with No Specific Allowance | | |||||||||||||||||||||||||||
| | | As of March 31, 2017 | | | For the three months ended March 31, 2017 | | ||||||||||||||||||||||||
| | | Unpaid Principal Balance | | | Recorded Investment | | | Average Recorded Investment | | | Interest Income Recognized in Period | | | Cash Basis Interest Recognized in Period | | |||||||||||||||
Residential first mortgages | | | | $ | 409 | | | | | $ | 372 | | | | | $ | 186 | | | | | $ | 7 | | | | | $ | 7 | | |
Home equity and lines of credit | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial real estate | | | | | 1,165 | | | | | | 991 | | | | | | 724 | | | | | | 1 | | | | | | 1 | | |
Commercial business | | | | | 641 | | | | | | 641 | | | | | | 369 | | | | | | — | | | | | | — | | |
Consumer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 2,215 | | | | | $ | 2,004 | | | | | $ | 1,279 | | | | | $ | 8 | | | | | $ | 8 | | |
|
(Dollar amounts in thousands) | | Not Rated | | Pass | | Special Mention | | Substandard | | Doubtful | | Total | | | Not Rated | | Pass | | Special Mention | | Substandard | | Doubtful | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2017: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 208,905 | | | | $ | — | | | | $ | — | | | | $ | 789 | | | | $ | — | | | | $ | 209,694 | | | | | $ | 223,500 | | | | $ | — | | | | $ | — | | | | $ | 1,190 | | | | $ | — | | | | $ | 224,690 | | | ||||||||||||
Home equity and lines of credit | | | | 89,997 | | | | | — | | | | | — | | | | | 651 | | | | | — | | | | | 90,648 | | | | | | 99,447 | | | | | — | | | | | — | | | | | 794 | | | | | — | | | | | 100,241 | | | ||||||||||||
Commercial real estate | | | | — | | | | | 171,228 | | | | | 1,505 | | | | | 5,291 | | | | | — | | | | | 178,024 | | | | | | — | | | | | 185,187 | | | | | 4,193 | | | | | 7,408 | | | | | — | | | | | 196,788 | | | ||||||||||||
Commercial business | | | | — | | | | | 54,105 | | | | | 472 | | | | | 1,176 | | | | | — | | | | | 55,753 | | | | | | — | | | | | 57,240 | | | | | 394 | | | | | 1,566 | | | | | — | | | | | 59,200 | | | ||||||||||||
Consumer | | | | 6,773 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,773 | | | | | | 9,184 | | | | | — | | | | | — | | | | | 74 | | | | | — | | | | | 9,258 | | | ||||||||||||
Total | | | $ | 305,675 | | | | $ | 225,333 | | | | $ | 1,977 | | | | $ | 7,907 | | | | $ | — | | | | $ | 540,892 | | | | | $ | 332,131 | | | | $ | 242,427 | | | | $ | 4,587 | | | | $ | 11,032 | | | | $ | — | | | | $ | 590,177 | | | ||||||||||||
December 31, 2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 197,041 | | | | $ | — | | | | $ | — | | | | $ | 1,126 | | | | $ | — | | | | $ | 198,167 | | | | | $ | 220,730 | | | | $ | — | | | | $ | — | | | | $ | 1,093 | | | | $ | — | | | | $ | 221,823 | | | ||||||||||||
Home equity and lines of credit | | | | 91,017 | | | | | — | | | | | — | | | | | 342 | | | | | — | | | | | 91,359 | | | | | | 98,946 | | | | | — | | | | | — | | | | | 994 | | | | | — | | | | | 99,940 | | | ||||||||||||
Commercial real estate | | | | — | | | | | 161,312 | | | | | 1,077 | | | | | 4,605 | | | | | — | | | | | 166,994 | | | | | | — | | | | | 182,460 | | | | | 2,744 | | | | | 7,864 | | | | | — | | | | | 193,068 | | | ||||||||||||
Commercial business | | | | — | | | | | 52,125 | | | | | 4,926 | | | | | 737 | | | | | — | | | | | 57,788 | | | | | | — | | | | | 56,960 | | | | | 477 | | | | | 1,504 | | | | | — | | | | | 58,941 | | | ||||||||||||
Consumer | | | | 6,659 | | | | | — | | | | | — | | | | | 13 | | | | | — | | | | | 6,672 | | | | | | 9,443 | | | | | — | | | | | — | | | | | 146 | | | | | — | | | | | 9,589 | | | ||||||||||||
Total | | | $ | 294,717 | | | | $ | 213,437 | | | | $ | 6,003 | | | | $ | 6,823 | | | | $ | — | | | | $ | 520,980 | | | | | $ | 329,119 | | | | $ | 239,420 | | | | $ | 3,221 | | | | $ | 11,601 | | | | $ | — | | | | $ | 583,361 | | | |
| | | Performing | | | Nonperforming | | | | | | | | ||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Accruing Loans Not Past Due | | | Accruing 30 – 59 Days Past Due | | | Accruing 60 – 89 Days Past Due | | | Accruing 90+ Days Past Due | | | Nonaccrual | | | Total | | ||||||||||||||||||
March 31, 2017: | | | | | | | | ||||||||||||||||||||||||||||||
Residential first mortgages | | | | $ | 207,189 | | | | | $ | 1,756 | | | | | $ | 7 | | | | | $ | — | | | | | $ | 742 | | | | | $ | 209,694 | | |
Home equity and lines of credit | | | | | 89,722 | | | | | | 265 | | | | | | 10 | | | | | | 123 | | | | | | 528 | | | | | | 90,648 | | |
Commercial real estate | | | | | 176,115 | | | | | | 835 | | | | | | — | | | | | | 47 | | | | | | 1,027 | | | | | | 178,024 | | |
Commercial business | | | | | 54,980 | | | | | | 32 | | | | | | 100 | | | | | | — | | | | | | 641 | | | | | | 55,753 | | |
Consumer | | | | | 6,754 | | | | | | 17 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 6,773 | | |
Total loans | | | | $ | 534,760 | | | | | $ | 2,905 | | | | | $ | 119 | | | | | $ | 170 | | | | | $ | 2,938 | | | | | $ | 540,892 | | |
|
| | Performing | | Nonperforming | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | Accruing Loans Not Past Due | | Accruing 30 – 59 Days Past Due | | Accruing 60 – 89 Days Past Due | | Accruing 90+ Days Past Due | | Nonaccrual | | Total | | | | Performing | | Nonperforming | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | Accruing Loans Not Past Due | | Accruing 30 – 59 Days Past Due | | Accruing 60 – 89 Days Past Due | | Accruing 90+ Days Past Due | | Nonaccrual | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 221,330 | | | | $ | 1,979 | | | | $ | 268 | | | | $ | 231 | | | | $ | 882 | | | | $ | 224,690 | | | |||||||||||||||||||||||||||||||||||||||||||
Home equity and lines of credit | | | | 98,455 | | | | | 923 | | | | | 182 | | | | | — | | | | | 681 | | | | | 100,241 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | | | | 194,368 | | | | | 1,465 | | | | | 199 | | | | | 255 | | | | | 501 | | | | | 196,788 | | | |||||||||||||||||||||||||||||||||||||||||||
Commercial business | | | | 58,399 | | | | | 41 | | | | | 198 | | | | | — | | | | | 562 | | | | | 59,200 | | | |||||||||||||||||||||||||||||||||||||||||||
Consumer | | | | 8,959 | | | | | 182 | | | | | 72 | | | | | — | | | | | 45 | | | | | 9,258 | | | |||||||||||||||||||||||||||||||||||||||||||
Total loans | | | $ | 581,511 | | | | $ | 4,590 | | | | $ | 919 | | | | $ | 486 | | | | $ | 2,671 | | | | $ | 590,177 | | | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 194,830 | | | | $ | 1,916 | | | | $ | 295 | | | | $ | — | | | | $ | 1,126 | | | | $ | 198,167 | | | | | $ | 218,515 | | | | $ | 1,936 | | | | $ | 357 | | | | $ | 159 | | | | $ | 856 | | | | $ | 221,823 | | | ||||||||||||
Home equity and lines of credit | | | | 90,557 | | | | | 460 | | | | | — | | | | | 2 | | | | | 340 | | | | | 91,359 | | | | | | 98,112 | | | | | 598 | | | | | 370 | | | | | 334 | | | | | 526 | | | | | 99,940 | | | ||||||||||||
Commercial real estate | | | | 165,318 | | | | | 561 | | | | | — | | | | | 42 | | | | | 1,073 | | | | | 166,994 | | | | | | 190,451 | | | | | 1,026 | | | | | 430 | | | | | 197 | | | | | 964 | | | | | 193,068 | | | ||||||||||||
Commercial business | | | | 56,972 | | | | | 56 | | | | | 34 | | | | | — | | | | | 726 | | | | | 57,788 | | | | | | 58,058 | | | | | 74 | | | | | 225 | | | | | — | | | | | 584 | | | | | 58,941 | | | ||||||||||||
Consumer | | | | 6,602 | | | | | 28 | | | | | 29 | | | | | — | | | | | 13 | | | | | 6,672 | | | | | | 9,162 | | | | | 273 | | | | | 81 | | | | | — | | | | | 73 | | | | | 9,589 | | | ||||||||||||
Total loans | | | $ | 514,279 | | | | $ | 3,021 | | | | $ | 358 | | | | $ | 44 | | | | $ | 3,278 | | | | $ | 520,980 | | | | | $ | 574,298 | | | | $ | 3,907 | | | | $ | 1,463 | | | | $ | 690 | | | | $ | 3,003 | | | | $ | 583,361 | | | |
(Dollar amounts in thousands) | | Not Past Due | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days + Past Due | | Total | | | Not Past Due | | 30 – 59 Days Past Due | | 60 – 89 Days Past Due | | 90 Days + Past Due | | Total | | ||||||||||||||||||||||||||||||||||||||||
March 31, 2017: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | $ | 71 | | | | $ | 394 | | | | $ | — | | | | $ | 277 | | | | $ | 742 | | | | | $ | 361 | | | | $ | 75 | | | | $ | — | | | | $ | 446 | | | | $ | 882 | | | ||||||||||
Home equity and lines of credit | | | | — | | | | | — | | | | | — | | | | | 528 | | | | | 528 | | | | | | 8 | | | | | — | | | | | — | | | | | 673 | | | | | 681 | | | ||||||||||
Commercial real estate | | | | 384 | | | | | — | | | | | — | | | | | 643 | | | | | 1,027 | | | | | | 330 | | | | | 96 | | | | | — | | | | | 75 | | | | | 501 | | | ||||||||||
Commercial business | | | | 578 | | | | | 39 | | | | | — | | | | | 24 | | | | | 641 | | | | | | 555 | | | | | — | | | | | — | | | | | 7 | | | | | 562 | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | 45 | | | | | 45 | | | ||||||||||
Total loans | | | $ | 1,033 | | | | $ | 433 | | | | $ | — | | | | $ | 1,472 | | | | $ | 2,938 | | | | | $ | 1,254 | | | | $ | 171 | | | | $ | — | | | | $ | 1,246 | | | | $ | 2,671 | | | ||||||||||
December 31, 2016: | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Residential first mortgages | | | | 72 | | | | | 77 | | | | | — | | | | | 977 | | | | | 1,126 | | | | | | 366 | | | | | — | | | | | 75 | | | | | 415 | | | | | 856 | | | ||||||||||
Home equity and lines of credit | | | | — | | | | | — | | | | | — | | | | | 340 | | | | | 340 | | | | | | 8 | | | | | — | | | | | — | | | | | 518 | | | | | 526 | | | ||||||||||
Commercial real estate | | | | 397 | | | | | — | | | | | 557 | | | | | 119 | | | | | 1,073 | | | | | | 341 | | | | | — | | | | | — | | | | | 623 | | | | | 964 | | | ||||||||||
Commercial business | | | | 631 | | | | | — | | | | | — | | | | | 95 | | | | | 726 | | | | | | 569 | | | | | — | | | | | — | | | | | 15 | | | | | 584 | | | ||||||||||
Consumer | | | | — | | | | | — | | | | | — | | | | | 13 | | | | | 13 | | | | | | — | | | | | — | | | | | — | | | | | 73 | | | | | 73 | | | ||||||||||
Total loans | | | $ | 1,100 | | | | $ | 77 | | | | $ | 557 | | | | $ | 1,544 | | | | $ | 3,278 | | | | | $ | 1,284 | | | | $ | — | | | | $ | 75 | | | | $ | 1,644 | | | | $ | 3,003 | | | |
| | March 31, 2017 | | December 31, 2016 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | March 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization | | | Gross Carrying Amount | | Accumulated Amortization | | Gross Carrying Amount | | Accumulated Amortization | | |||||||||||||||||||||||||||||||||
Goodwill | | | $ | 10,288 | | | | $ | — | | | | $ | 10,288 | | | | $ | — | | | | | $ | 10,288 | | | | $ | — | | | | $ | 10,288 | | | | $ | — | | | ||||||||
Core deposit intangibles | | | | 4,259 | | | | | 3,759 | | | | | 4,259 | | | | | 3,699 | | | | | | 4,426 | | | | | 4,013 | | | | | 4,426 | | | | | 3,945 | | | ||||||||
Total | | | $ | 14,547 | | | | $ | 3,759 | | | | $ | 14,547 | | | | $ | 3,699 | | | | | $ | 14,714 | | | | $ | 4,013 | | | | $ | 14,714 | | | | $ | 3,945 | | | |
| | | Options | | | Weighted- Average Exercise Price | | | Aggregate Intrinsic Value (in thousands) | | | Weighted- Average Remaining Term (in years) | | ||||||||||||
Outstanding as of January 1, 2017 | | | | | 62,000 | | | | | $ | 25.71 | | | | | $ | 219 | | | | | | 0.6 | | |
Granted | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Forfeited | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding as of March 31, 2017 | | | | | 62,000 | | | | | $ | 25.71 | | | | | $ | 219 | | | | | | 0.3 | | |
Exercisable as of March 31, 2017 | | | | | 62,000 | | | | | $ | 25.71 | | | | | $ | 219 | | | | | | 0.3 | | |
|
| | Shares | | Weighted- Average Grant-date Fair Value | | | Shares | | Weighted- Average Grant-date Fair Value | | ||||||||||||||||
Nonvested at January 1, 2017 | | | | 26,900 | | | | $ | 25.09 | | | |||||||||||||||
Nonvested at January 1, 2018 | | | | 33,400 | | | | $ | 27.70 | | | |||||||||||||||
Granted | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Vested | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Forfeited | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Nonvested as of March 31, 2017 | | | | 26,900 | | | | $ | 25.09 | | | |||||||||||||||
Nonvested as of March 31, 2018 | | | | 33,400 | | | | $ | 27.70 | | | |
(Dollar amounts in thousands) | | | | | | ||||||||||||||||||||
Description | | | Total | | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | | (Level 2) Significant Other Observable Inputs | | | (Level 3) Significant Unobservable Inputs | | ||||||||||||
March 31, 2017: | | | | | | ||||||||||||||||||||
U.S. Treasury and federal agency | | | | $ | 4,507 | | | | | $ | 4,507 | | | | | $ | — | | | | | $ | — | | |
U.S. government sponsored entities and agencies | | | | | 9,020 | | | | | | — | | | | | | 9,020 | | | | | | — | | |
U.S. agency mortgage-backed securities: residential | | | | | 24,748 | | | | | | — | | | | | | 24,748 | | | | | | — | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 24,786 | | | | | | — | | | | | | 24,786 | | | | | | — | | |
State and political subdivision | | | | | 26,437 | | | | | | — | | | | | | 26,437 | | | | | | — | | |
Corporate debt securities | | | | | 7,455 | | | | | | — | | | | | | 7,455 | | | | | | — | | |
Equity securities | | | | | 2,143 | | | | | | 2,007 | | | | | | — | | | | | | 136 | | |
| | | | $ | 99,096 | | | | | $ | 6,514 | | | | | $ | 92,446 | | | | | $ | 136 | | |
December 31, 2016: | | | | | | ||||||||||||||||||||
U.S. Treasury and federal agency | | | | | 4,500 | | | | | | 4,500 | | | | | | — | | | | | | — | | |
U.S. government sponsored entities and agencies | | | | | 8,998 | | | | | | — | | | | | | 8,998 | | | | | | — | | |
U.S. agency mortgage-backed securities: residential | | | | | 25,626 | | | | | | — | | | | | | 25,626 | | | | | | — | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 24,706 | | | | | | — | | | | | | 24,706 | | | | | | — | | |
State and political subdivisions | | | | | 27,608 | | | | | | — | | | | | | 27,608 | | | | | | — | | |
Corporate debt securities | | | | | 7,932 | | | | | | — | | | | | | 7,932 | | | | | | — | | |
Equity securities | | | | | 2,190 | | | | | | 2,054 | | | | | | — | | | | | | 136 | | |
| | | | $ | 101,560 | | | | | $ | 6,554 | | | | | $ | 94,870 | | | | | $ | 136 | | |
|
(Dollar amounts in thousands) Description | | | Total | | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | | (Level 2) Significant Other Observable Inputs | | | (Level 3) Significant Unobservable Inputs | | ||||||||||||
March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and federal agency | | | | $ | 4,427 | | | | | $ | 4,427 | | | | | $ | — | | | | | $ | — | | |
U.S. government sponsored entities and agencies | | | | | 13,739 | | | | | | — | | | | | | 13,739 | | | | | | — | | |
U.S. agency mortgage-backed securities: residential | | | | | 23,466 | | | | | | — | | | | | | 23,466 | | | | | | — | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 21,333 | | | | | | — | | | | | | 21,333 | | | | | | — | | |
State and political subdivision | | | | | 24,795 | | | | | | — | | | | | | 24,795 | | | | | | — | | |
Corporate debt securities | | | | | 8,456 | | | | | | — | | | | | | 4,956 | | | | | | 3,500 | | |
| | | | $ | 96,216 | | | | | $ | 4,427 | | | | | $ | 88,289 | | | | | $ | 3,500 | | |
Equity securities | | | | $ | 659 | | | | | $ | 633 | | | | | $ | — | | | | | $ | 25 | | |
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities available for sale | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and federal agency | | | | | 4,472 | | | | | | 4,472 | | | | | | — | | | | | | — | | |
U.S. government sponsored entities and agencies | | | | | 13,926 | | | | | | — | | | | | | 13,926 | | | | | | — | | |
U.S. agency mortgage-backed securities: residential | | | | | 20,758 | | | | | | — | | | | | | 20,758 | | | | | | — | | |
U.S. agency collateralized mortgage obligations: residential | | | | | 21,924 | | | | | | — | | | | | | 21,924 | | | | | | — | | |
State and political subdivisions | | | | | 29,240 | | | | | | — | | | | | | 29,240 | | | | | | — | | |
Corporate debt securities | | | | | 9,030 | | | | | | — | | | | | | 1,032 | | | | | | 7,998 | | |
| | | | $ | 99,350 | | | | | $ | 4,472 | | | | | $ | 86,880 | | | | | $ | 7,998 | | |
Equity securities | | | | $ | 1,817 | | | | | $ | 1,683 | | | | | $ | — | | | | | $ | 134 | | |
|
| | Three months ended March 31, | | |||||||||||||||||||||||
(Dollar amounts in thousands) | | | Three months ended March 31, | | ||||||||||||||||||||||
| 2017 | | 2016 | | | 2018 | | 2017 | | |||||||||||||||||
Balance at the beginning of the period | | | $ | 136 | | | | $ | 74 | | | | | $ | 8,132 | | | | $ | 136 | | | ||||
Total gains or losses (realized/unrealized): | | | | — | | | | | — | | | | | | | | | | | | | | ||||
Included in earnings | | | | — | | | | | — | | | | | | 1 | | | | | — | | | ||||
Included in other comprehensive income | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Acquired | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Transfers in and/or out of Level 3 | | | | — | | | | | — | | | | | | (4,608) | | | | | — | | | ||||
Balance at the end of the period | | | $ | 136 | | | | $ | 74 | | | | | $ | 3,525 | | | | $ | 136 | | | |
(Dollar amounts in thousands) | | | | | | ||||||||||||||||||||
Description | | | Total | | | (Level 1) Quoted Prices in Active Markets for Identical Assets | | | (Level 2) Significant Other Observable Inputs | | | (Level 3) Significant Unobservable Inputs | | ||||||||||||
December 31, 2016: | | | | | | ||||||||||||||||||||
Impaired residential mortgage loan | | | | $ | 58 | | | | | $ | — | | | | | $ | — | | | | | $ | 58 | | |
Impaired commercial real estate loan | | | | | 463 | | | | | | 463 | | | | | ||||||||||
Impaired commercial business loan | | | | | 582 | | | | | | — | | | | | | — | | | | | | 582 | | |
| | | | $ | 1,103 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,103 | | |
|
(Dollar amounts in thousands) | | | | | | | | | Valuation Technique(s) | | | Unobservable Input(s) | | | Weighted Average | | |||
December 31, 2016: | | | | | | ||||||||||||||
Impaired residential mortgage loan | | | | $ | 58 | | | | Sales comparison approach | | | Adjustment for differences between comparable sales | | | | | 10% | | |
Impaired commercial real estate loan | | | | | 463 | | | | Sales comparison approach | | | Adjustment for differences between comparable sales | | | | | 37% | | |
Impaired commercial business loan | | | | | 582 | | | | Liquidation value of business assets | | | Adjustment for differences between comparable business assets | | | | | 64% | | |
(Dollar amounts in thousands) | | | | | | | |||||||||||||||||||||||||
Description | | | Carrying Amount | | | Fair Value Measurements using: | | ||||||||||||||||||||||||
| Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||||
March 31, 2017: | | | | | | | |||||||||||||||||||||||||
Financial Assets: | | | | | | | |||||||||||||||||||||||||
Cash and cash equivalents | | | | $ | 15,200 | | | | | $ | 15,200 | | | | | $ | 15,200 | | | | | $ | — | | | | | $ | — | | |
Securities available for sale | | | | | 99,096 | | | | | | 99,096 | | | | | | 6,514 | | | | | | 92,446 | | | | | | 136 | | |
Loans held for sale | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loans, net | | | | | 535,204 | | | | | | 537,243 | | | | | | — | | | | | | — | | | | | | 537,243 | | |
Federal bank stock | | | | | 4,626 | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accrued interest receivable | | | | | 1,935 | | | | | | 1,935 | | | | | | 76 | | | | | | 364 | | | | | | 1,495 | | |
| | | | $ | 656,061 | | | | | $ | 653,474 | | | | | $ | 21,790 | | | | | $ | 92,810 | | | | | $ | 538,874 | | |
Financial Liabilities: | | | | | | | |||||||||||||||||||||||||
Deposits | | | | | 606,106 | | | | | | 607,796 | | | | | | 443,440 | | | | | | 164,356 | | | | | | — | | |
Borrowed funds | | | | | 36,750 | | | | | | 36,902 | | | | | | — | | | | | | 36,902 | | | | | | — | | |
Accrued interest payable | | | | | 253 | | | | | | 253 | | | | | | 5 | | | | | | 248 | | | | | | — | | |
| | | | $ | 643,109 | | | | | $ | 644,951 | | | | | $ | 443,445 | | | | | $ | 201,506 | | | | | $ | — | | |
| | | Carrying Amount | | | Fair Value Measurements using: | | ||||||||||||||||||||||||
| Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||||
December 31, 2016: | | | | | | | |||||||||||||||||||||||||
Financial Assets: | | | | | | | |||||||||||||||||||||||||
Cash and cash equivalents | | | | $ | 17,568 | | | | | $ | 17,568 | | | | | $ | 17,568 | | | | | $ | — | | | | | $ | — | | |
Securities available for sale | | | | | 101,560 | | | | | | 101,560 | | | | | | 6,554 | | | | | | 94,870 | | | | | | 136 | | |
Loans held for sale | | | | | 68 | | | | | | 68 | | | | | | — | | | | | | 68 | | | | | | — | | |
Loans, net | | | | | 515,435 | | | | | | 519,573 | | | | | | — | | | | | | — | | | | | | 519,573 | | |
Federal bank stock | | | | | 4,861 | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accrued interest receivable | | | | | 1,815 | | | | | | 1,815 | | | | | | 37 | | | | | | 365 | | | | | | 1,413 | | |
| | | | $ | 641,307 | | | | | $ | 640,584 | | | | | $ | 24,159 | | | | | $ | 95,303 | | | | | $ | 521,122 | | |
Financial Liabilities: | | | | | | | |||||||||||||||||||||||||
Deposits | | | | | 584,940 | | | | | | 582,458 | | | | | | 423,693 | | | | | | 158,765 | | | | | | — | | |
Borrowed funds | | | | | 44,000 | | | | | | 44,027 | | | | | | — | | | | | | 44,027 | | | | | | — | | |
Accrued interest payable | | | | | 239 | | | | | | 239 | | | | | | 7 | | | | | | 232 | | | | | | — | | |
| | | | $ | 629,179 | | | | | $ | 626,724 | | | | | $ | 423,700 | | | | | $ | 203,024 | | | | | $ | — | | |
| | | Carrying Amount | | | Fair Value Measurements using: | | ||||||||||||||||||||||||
(Dollar amounts in thousands) Description | | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||
March 31, 2018: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 17,177 | | | | | $ | 17,177 | | | | | $ | 17,177 | | | | | $ | — | | | | | $ | — | | |
Securities – available for sale | | | | | 96,216 | | | | | | 96,216 | | | | | | 4,427 | | | | | | 88,290 | | | | | | 3,500 | | |
Securities – equities | | | | | 659 | | | | | | 659 | | | | | | 633 | | | | | | — | | | | | | 25 | | |
Loans held for sale | | | | | 239 | | | | | | 239 | | | | | | — | | | | | | 239 | | | | | | — | | |
Loans, net | | | | | 584,242 | | | | | | 575,740 | | | | | | — | | | | | | — | | | | | | 575,740 | | |
Federal bank stock | | | | | 4,329 | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accrued interest receivable | | | | | 2,236 | | | | | | 2,236 | | | | | | 61 | | | | | | 353 | | | | | | 1,822 | | |
| | | | $ | 705,098 | | | | | $ | 692,267 | | | | | $ | 22,298 | | | | | $ | 88,882 | | | | | $ | 581,087 | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | ��� | | | | | | | | | | | |
Deposits | | | | | 666,735 | | | | | | 669,069 | | | | | | 495,530 | | | | | | 173,539 | | | | | | — | | |
Borrowed funds | | | | | 20,300 | | | | | | 19,984 | | | | | | — | | | | | | 19,984 | | | | | | — | | |
Accrued interest payable | | | | | 367 | | | | | | 367 | | | | | | 24 | | | | | | 343 | | | | | | — | | |
| | | | $ | 687,402 | | | | | $ | 689,420 | | | | | $ | 495,554 | | | | | $ | 193,866 | | | | | $ | — | | |
| | | Carrying Amount | | | Fair Value Measurements using: | | ||||||||||||||||||||||||
| | | Total | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||
December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 14,374 | | | | | $ | 14,374 | | | | | $ | 14,374 | | | | | $ | — | | | | | $ | — | | |
Securities – available for sale | | | | | 99,350 | | | | | | 99,350 | | | | | | 4,472 | | | | | | 86,880 | | | | | | 7,998 | | |
Securities – equities | | | | | 1,817 | | | | | | 1,817 | | | | | | 1,683 | | | | | | — | | | | | | 134 | | |
Loans held for sale | | | | | 504 | | | | | | 504 | | | | | | — | | | | | | 504 | | | | | | — | | |
Loans, net | | | | | 577,234 | | | | | | 577,616 | | | | | | — | | | | | | — | | | | | | 577,616 | | |
Federal bank stock | | | | | 4,662 | | | | | | — | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accrued interest receivable | | | | | 2,217 | | | | | | 2,217 | | | | | | 59 | | | | | | 338 | | | | | | 1,820 | | |
| | | | $ | 700,158 | | | | | $ | 695,878 | | | | | $ | 20,588 | | | | | $ | 87,722 | | | | | $ | 587,568 | | |
Financial Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | 654,643 | | | | | | 657,414 | | | | | | 483,956 | | | | | | 173,458 | | | | | | — | | |
Borrowed funds | | | | | 26,000 | | | | | | 25,499 | | | | | | — | | | | | | 25,499 | | | | | | — | | |
Accrued interest payable | | | | | 413 | | | | | | 413 | | | | | | 23 | | | | | | 390 | | | | | | — | | |
| | | | $ | 681,056 | | | | | $ | 683,326 | | | | | $ | 483,979 | | | | | $ | 199,347 | | | | | $ | — | | |
|
| | March 31, 2017 | | December 31, 2016 | | |||||||||||||||||||||||||||||||||||||||||||||
(Dollar amounts in thousands) | | | March 31, 2018 | | December 31, 2017 | | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | | Ratio | | Amount | | Ratio | | | Amount | | Ratio | | Amount | | Ratio | | |||||||||||||||||||||||||||||||||
Total capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 58,878 | | | | | 12.39% | | | | $ | 58,605 | | | | | 12.69% | | | | | $ | 64,463 | | | | | 12.96% | | | | $ | 64,221 | | | | | 12.96% | | | ||||||||
For capital adequacy purposes | | | | 38,019 | | | | | 8.00% | | | | | 36,945 | | | | | 8.00% | | | | | | 39,797 | | | | | 8.00% | | | | | 39,630 | | | | | 8.00% | | | ||||||||
To be well capitalized | | | | 47,524 | | | | | 10.00% | | | | | 46,181 | | | | | 10.00% | | | | | | 49,746 | | | | | 10.00% | | | | | 49,537 | | | | | 10.00% | | | ||||||||
Tier 1 capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 53,184 | | | | | 11.19% | | | | $ | 53,050 | | | | | 11.49% | | | | | $ | 58,528 | | | | | 11.77% | | | | $ | 58,088 | | | | | 11.73% | | | ||||||||
For capital adequacy purposes | | | | 28,514 | | | | | 6.00% | | | | | 27,709 | | | | | 6.00% | | | | | | 29,848 | | | | | 6.00% | | | | | 29,722 | | | | | 6.00% | | | ||||||||
To be well capitalized | | | | 38,019 | | | | | 8.00% | | | | | 36,945 | | | | | 8.00% | | | | | | 39,797 | | | | | 8.00% | | | | | 39,630 | | | | | 8.00% | | | ||||||||
Common Equity Tier 1 capital to risk-weighted assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 53,184 | | | | | 11.19% | | | | $ | 53,050 | | | | | 11.49% | | | | | $ | 58,528 | | | | | 11.77% | | | | $ | 58,088 | | | | | 11.73% | | | ||||||||
For capital adequacy purposes | | | | 21,386 | | | | | 4.50% | | | | | 20,781 | | | | | 4.50% | | | | | | 22,386 | | | | | 4.50% | | | | | 22,292 | | | | | 4.50% | | | ||||||||
To be well capitalized | | | | 30,890 | | | | | 6.50% | | �� | | | | 30,018 | | | | | 6.50% | | | | | | 32,335 | | | | | 6.50% | | | | | 32,199 | | | | | 6.50% | | | |||||||
Tier 1 capital to average assets: | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Actual | | | $ | 53,184 | | | | | 7.75% | | | | $ | 53,050 | | | | | 7.84% | | | | | $ | 58,528 | | | | | 7.92% | | | | $ | 58,088 | | | | | 7.71% | | | ||||||||
For capital adequacy purposes | | | | 27,445 | | | | | 4.00% | | | | | 27,081 | | | | | 4.00% | | | | | | 29,571 | | | | | 4.00% | | | | | 30,117 | | | | | 4.00% | | | ||||||||
To be well capitalized | | | | 34,306 | | | | | 5.00% | | | | | 33,852 | | | | | 5.00% | | | | | | 36,964 | | | | | 5.00% | | | | | 37,647 | | | | | 5.00% | | |
(Dollar amounts in thousands) | | Unrealized Gains and Losses on Available-for- Sale Securities | | Defined Benefit Pension Items | | Totals | | | Unrealized Gains and Losses on Available-for-Sale Securities | | Defined Benefit Pension Items | | Totals | | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at January 1, 2017 | | | $ | (679) | | | | $ | (3,812) | | | | $ | (4,491) | | | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at January 1, 2018, as previously presented | | | $ | (679) | | | | $ | (4,839) | | | | $ | (5,518) | | | ||||||||||||||||||||||
Cumulative effect of change in accounting principle for marketable equity securities, net of tax | | | $ | (187) | | | | $ | — | | | | $ | (187) | | | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at January 1, 2018, as adjusted | | | $ | (866) | | | | $ | (4,839) | | | | $ | (5,705) | | | ||||||||||||||||||||||
Other comprehensive income before reclassification | | | | 258 | | | | | — | | | | | 258 | | | | | | (1,038) | | | | | — | | | | | (1,038) | | | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | | | | — | | | | | — | | | | | — | | | | | | 23 | | | | | — | | | | | 23 | | | ||||||
Net current period other comprehensive income | | | | 258 | | | | | — | | | | | 258 | | | | | | (1,015) | | | | | — | | | | | (1,015) | | | ||||||
Accumulated Other Comprehensive Income (Loss) at March 31, 2017 | | | $ | (421) | | | | $ | (3,812) | | | | $ | (4,233) | | | ||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at March 31, 2018 | | | $ | (1,881) | | | | $ | (4,839) | | | | $ | (6,720) | | | |
(Dollar amounts in thousands) Details about Accumulated Other Comprehensive Loss Components | | | Amount Reclassified from Accumulated Other Comprehensive Income For the three months ended March 31, 2018 | | | Affected Line Item in the Statement Where Net Income is Presented | | |||
Unrealized gains and losses on available-for-sale securities | | | | $ | (29) | | | | Net gain on sale of securities | |
| | | | | 6 | | | | Provision for income taxes | |
Total reclassifications for the period | | | | $ | (23) | | | | Net of tax | |
|
(Dollar amounts in thousands) | | | Unrealized Gains and Losses on Available-for-Sale Securities | | | Defined Benefit Pension Items | | | Totals | | |||||||||
Accumulated Other Comprehensive Income (Loss) at January 1, 2017 | | | | $ | (679) | | | | | $ | (3,812) | | | | | $ | (4,491) | | |
Other comprehensive income before reclassification | | | | | 258 | | | | | | — | | | | | | 258 | | |
Amounts reclassified from accumulated other comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | |
Net current period other comprehensive income | | | | | 258 | | | | | | — | | | | | | 258 | | |
Accumulated Other Comprehensive Income (Loss) at March 31, 2017 | | | | $ | (421) | | | | | $ | (3,812) | | | | | $ | (4,233) | | |
|
(Dollar amounts in thousands) | | | Unrealized Gains and Losses on Available-for- Sale Securities | | | Defined Benefit Pension Items | | | Totals | | |||||||||
Accumulated Other Comprehensive Income (Loss) at January 1, 2016 | | | | $ | (248) | | | | | $ | (3,514) | | | | | $ | (3,762) | | |
Other comprehensive income before reclassification | | | | | 879 | | | | | | — | | | | | | 879 | | |
Amounts reclassified from accumulated other comprehensive income (loss) | | | | | (1) | | | | | | — | | | | | | (1) | | |
Net current period other comprehensive income | | | | | 878 | | | | | | — | | | | | | 878 | | |
Accumulated Other Comprehensive Income (Loss) at March 31, 2016 | | | | $ | 630 | | | | | $ | (3,514) | | | | | $ | (2,884) | | |
|
(Dollar amounts in thousands) | | | | |||||||
Details about Accumulated Other Comprehensive Loss Components | | | Amount Reclassified from Accumulated Other Comprehensive Income For the three months ended March 31, 2016 | | | Affected Line Item in the Statement Where Net Income is Presented | | |||
Unrealized gains and losses on available-for-sale securities | | | | $ | 2 | | | | Net gain on sale of available-for-sale securities | |
| | | | | (1) | | | | Provision for income taxes | |
Total reclassifications for the period | | | | $ | 1 | | | | Net of tax | |
|
| | | For the three months ended March 31, | | |||||||||
| | | 2018 | | | 2017 | | ||||||
Noninterest income | | | | | | | | | | | | | |
In-scope of Topic 606: | | | | | | | | | | | | | |
Service charges on deposits | | | | | | | | | | | | | |
Maintenance fees | | | | $ | 39 | | | | | $ | 39 | | |
Overdraft fees | | | | | 329 | | | | | | 298 | | |
Other fees | | | | | 69 | | | | | | 71 | | |
Electronic banking fees | | | | | 315 | | | | | | 270 | | |
Noninterest income (in-scope of Topic 606) | | | | | 752 | | | | | | 678 | | |
Noninterest income (out-of-scope of Topic 606)(1) | | | | | 147 | | | | | | 178 | | |
Total noninterest income | | | | $ | 899 | | | | | $ | 856 | | |
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| If to the Company, to: | | | William C. Marsh Chairman, President and Chief Executive Officer Emclaire Financial Corp 612 Main Street Emlenton, Pennsylvania 16373 Fax: (724) 867-1007 | |
| With required copies (which shall not constitute notice) to: | | | Raymond A. Tiernan, Esquire Hugh T. Wilkinson, Esquire Silver, Freedman, Taff & Tiernan LLP 3299 K Street, NW, Suite 100 Washington, DC 20007 Fax: (202) 337-5502 | |
| If to CFB, to: | | | Henry H. Deible President and Chief Executive Officer Community First Bancorp, Inc. 444 Main Street Reynoldsville, Pennsylvania 15851 Fax: (814) 653-2106 | |
| With required copies (which shall not constitute notice) to: | | | Nicholas Bybel, Jr., Esquire Fax: | |
EMCLAIRE FINANCIAL CORP By: /s/ William C. Marsh | ||||||||
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Name: Matthew J. Lucco | | | By: Name: William C. Marsh Title: Chairman, President and Chief Executive Officer | |
| Name: Title: Secretary | | | | ||||
| Title: President and Chief Executive Officer | |
| Name and Address of Shareholder | | | Shares of Community First Bancorp, Inc. Common Stock Beneficially Owned | | | Shares of Community First Bank Series A Preferred Stock Beneficially Owned | | | Shares of Community First Bank Series B Preferred Stock Beneficially Owned | | |
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| | | 1017 Mumma Road, Suite 302 Lemoyne, PA 17043 Office: 717-412-0859 Mobile: 724-388-7093 Fax: 717-731-8205 | |
EMCLAIRE FINANCIAL CORP By: /s/ William C. Marsh William C. Marsh Chairman of the Board, President and Chief Executive Officer (Duly Authorized Representative) POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that the persons whose signatures appear below constitute and appoint William C. Marsh and Matthew J. Lucco, and each one of them, as their true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for them and in their names, places and steads, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to sign any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and any and all amendments thereto, and to file the same, with all exhibits thereto, and the other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or their substitutes, may lawfully do or cause to be done by virtue thereof. |
| Signature | | | Title | | | Date | |
| /s/ William C. Marsh William C. Marsh | | | Chairman of the Board, President and Chief Executive Officer (principal executive officer) | | | ||
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| /s/ Amanda L. Engles Amanda L. Engles | | | (principal financial and accounting officer) | | | | |
| /s/ Milissa S. Milissa S. Bauer | | | Director | | | | |
| /s/ David L. David L. Cox | | | Director | | | | |
| /s/ James M. James M. Crooks | | | Director | | | | |
| /s/ Robert W. Robert W. Freeman | | | Director | | | | |
| /s/ Mark A. Mark A. Freemer | | | Director | | | | |
| /s/ Robert L. Robert L. Hunter | | | Director | | | |
| Signature | | | Title | | | Date | |
| /s/ John B. John B. Mason | | | Director | | | | |
| /s/ Deanna K. Deanna K. McCarrier | | | Director | | | | |
| /s/ Nicholas D. Nicholas D. Varischetti | | | Director | | | ||
|