Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 20, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | QUAINT OAK BANCORP INC | ||
Entity Central Index Key | 1,391,933 | ||
Trading Symbol | qnto | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,958,049 | ||
Entity Public Float | $ 17,356,992 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Due from banks, non-interest-bearing | $ 64 | $ 399 |
Due from banks, interest-bearing | 7,846 | 8,901 |
Cash and cash equivalents | 7,910 | 9,300 |
Investment in interest-earning time deposits | 4,879 | 6,098 |
Investment securities available for sale | 7,912 | 9,555 |
Loans held for sale | 7,006 | 4,712 |
Loans receivable, net of allowance for loan losses (2017 $1,812; 2016 $1,605) | 201,667 | 176,807 |
Accrued interest receivable | 1,021 | 862 |
Investment in Federal Home Loan Bank stock, at cost | 1,234 | 713 |
Bank-owned life insurance | 3,814 | 3,728 |
Premises and equipment, net | 1,988 | 1,730 |
Goodwill | 515 | 515 |
Other intangible, net of accumulated amortization | 416 | 465 |
Other real estate owned, net | 435 | |
Prepaid expenses and other assets | 1,234 | 1,243 |
Total Assets | 239,596 | 216,163 |
Liabilities | ||
Non-interest bearing | 7,956 | 5,852 |
Interest-bearing | 178,265 | 171,155 |
Total deposits | 186,221 | 177,007 |
Federal Home Loan Bank short-term borrowings | 10,000 | 7,000 |
Federal Home Loan Bank long-term borrowings | 18,000 | 8,500 |
Accrued interest payable | 167 | 142 |
Advances from borrowers for taxes and insurance | 2,423 | 2,210 |
Accrued expenses and other liabilities | 600 | 514 |
Total Liabilities | 217,411 | 195,373 |
Stockholders’ Equity | ||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock – $0.01 par value; 9,000,000 shares authorized; 2,777,250 issued; 1,920,024 and 1,891,150 outstanding at December 31, 2017 and 2016, respectively | 28 | 28 |
Additional paid-in capital | 14,481 | 14,240 |
Treasury stock, at cost: 2017 857,226 shares; 2016 886,100 shares | (4,675) | (4,611) |
Unallocated common stock held by: | ||
Employee Stock Ownership Plan (ESOP) | (253) | (320) |
Recognition & Retention Plan Trust (RRP) | (24) | (47) |
Accumulated other comprehensive loss | (15) | (38) |
Retained earnings | 12,643 | 11,538 |
Total Stockholders' Equity | 22,185 | 20,790 |
Total Liabilities and Stockholders’ Equity | $ 239,596 | $ 216,163 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans receivable, allowance for loan losses | $ 1,812 | $ 1,605 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 9,000,000 | 9,000,000 |
Common stock, shares issued (in shares) | 2,777,250 | 2,777,250 |
Common stock, shares outstanding (in shares) | 1,920,024 | 1,891,150 |
Treasury stock, at cost, shares (in shares) | 857,226 | 886,100 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Income | ||
Interest on loans | $ 10,231,000 | $ 8,857,000 |
Interest and dividends on time deposits and investment securities | 357,000 | 326,000 |
Total Interest Income | 10,588,000 | 9,183,000 |
Interest Expense | ||
Interest on deposits | 2,681,000 | 2,432,000 |
Interest on Federal Home Loan Bank borrowings | 321,000 | 133,000 |
Total Interest Expense | 3,002,000 | 2,565,000 |
Net Interest Income | 7,586,000 | 6,618,000 |
Provision for Loan Losses | 284,000 | 292,000 |
Net Interest Income after Provision for Loan Losses | 7,302,000 | 6,326,000 |
Non-Interest Income | ||
Mortgage banking and title abstract fees | 730,000 | 637,000 |
Other fees and services charges | 64,000 | 96,000 |
Insurance commissions | 389,000 | 182,000 |
Income from bank-owned life insurance | 86,000 | 90,000 |
Net gain on the sale of residential mortgage loans | 2,094,000 | 1,636,000 |
Gain on the sale of SBA loans | 48,000 | 108,000 |
Loss on sales and write-downs of other real estate owned | (68,000) | (193,000) |
Other | 99,000 | 47,000 |
Total Non-Interest Income, net | 3,442,000 | 2,603,000 |
Non-Interest Expense | ||
Salaries and employee benefits | 5,478,000 | 4,512,000 |
Directors’ fees and expenses | 204,000 | 203,000 |
Occupancy and equipment | 573,000 | 552,000 |
Data processing | 331,000 | 191,000 |
Professional fees | 367,000 | 378,000 |
FDIC deposit insurance assessment | 174,000 | 139,000 |
Other real estate owned expenses | 14,000 | 43,000 |
Advertising | 195,000 | 113,000 |
Amortization of other intangible | 49,000 | 20,000 |
Other | 687,000 | 544,000 |
Total Non-Interest Expense | 8,072,000 | 6,695,000 |
Income before Income Taxes | 2,672,000 | 2,234,000 |
Income Taxes | 1,205,000 | 736,000 |
Net Income | $ 1,467,000 | $ 1,498,000 |
Earnings per share – basic (in dollars per share) | $ 0.79 | $ 0.84 |
Average shares outstanding - basic (in shares) | 1,857,457 | 1,781,410 |
Earnings per share - diluted (in dollars per share) | $ 0.74 | $ 0.77 |
Average shares outstanding - diluted (in shares) | 1,994,832 | 1,935,903 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income | $ 1,467,000 | $ 1,498,000 |
Other Comprehensive Income (Loss): | ||
Unrealized gains (losses) on investment securities available for sale | 38,000 | (39,000) |
Income tax effect | (13,000) | 13,000 |
Net other comprehensive income (loss) | 25,000 | (26,000) |
Total Comprehensive Income | $ 1,492,000 | $ 1,472,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | The 401(k) Plan [Member]Common Stock [Member] | The 401(k) Plan [Member]Additional Paid-in Capital [Member] | The 401(k) Plan [Member]Treasury Stock [Member] | The 401(k) Plan [Member]Unallocated Common Stock Held by Benefit Plans[Member] | The 401(k) Plan [Member]AOCI Attributable to Parent [Member] | The 401(k) Plan [Member]Retained Earnings [Member] | The 401(k) Plan [Member] | The 2013 Stock Incentive Plan [Member]Common Stock [Member] | The 2013 Stock Incentive Plan [Member]Additional Paid-in Capital [Member] | The 2013 Stock Incentive Plan [Member]Treasury Stock [Member] | The 2013 Stock Incentive Plan [Member]Unallocated Common Stock Held by Benefit Plans[Member] | The 2013 Stock Incentive Plan [Member]AOCI Attributable to Parent [Member] | The 2013 Stock Incentive Plan [Member]Retained Earnings [Member] | The 2013 Stock Incentive Plan [Member] | The 2008 Stock Option Plan [Member]Common Stock [Member] | The 2008 Stock Option Plan [Member]Additional Paid-in Capital [Member] | The 2008 Stock Option Plan [Member]Treasury Stock [Member] | The 2008 Stock Option Plan [Member]Unallocated Common Stock Held by Benefit Plans[Member] | The 2008 Stock Option Plan [Member]AOCI Attributable to Parent [Member] | The 2008 Stock Option Plan [Member]Retained Earnings [Member] | The 2008 Stock Option Plan [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Unallocated Common Stock Held by Benefit Plans[Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2015 | 1,841,475 | |||||||||||||||||||||||||||
Balance beginning of the year at Dec. 31, 2015 | $ 28,000 | $ 14,013,000 | $ (4,859,000) | $ (457,000) | $ (12,000) | $ 10,323,000 | $ 19,036,000 | |||||||||||||||||||||
Common stock allocated by ESOP | 104,000 | 67,000 | 171,000 | |||||||||||||||||||||||||
Treasury stock purchased (in shares) | (1,435) | |||||||||||||||||||||||||||
Treasury stock purchased | (17,000) | (17,000) | ||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 7,796 | 5,396 | 37,918 | |||||||||||||||||||||||||
Reissuance of treasury stock | $ 52,000 | $ 40,000 | $ 92,000 | $ (28,000) | $ 28,000 | $ (7,000) | $ 197,000 | $ 190,000 | ||||||||||||||||||||
Stock based compensation expense | 129,000 | 129,000 | ||||||||||||||||||||||||||
Release of 4,864 vested RRP shares | (23,000) | 23,000 | ||||||||||||||||||||||||||
Cash dividends declared | (283,000) | (283,000) | ||||||||||||||||||||||||||
Net Income | 1,498,000 | 1,498,000 | ||||||||||||||||||||||||||
Other comprehensive loss, net | (26,000) | $ (26,000) | ||||||||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2016 | 1,891,150 | 1,891,150 | ||||||||||||||||||||||||||
Balance end of the year at Dec. 31, 2016 | $ 28,000 | 14,240,000 | (4,611,000) | (367,000) | (38,000) | 11,538,000 | $ 20,790,000 | |||||||||||||||||||||
Common stock allocated by ESOP | 118,000 | 67,000 | 185,000 | |||||||||||||||||||||||||
Treasury stock purchased (in shares) | (29,393) | |||||||||||||||||||||||||||
Treasury stock purchased | (347,000) | (347,000) | ||||||||||||||||||||||||||
Reissuance of treasury stock (in shares) | 7,336 | 5,397 | 45,534 | |||||||||||||||||||||||||
Reissuance of treasury stock | $ 56,000 | $ 38,000 | $ 94,000 | $ (28,000) | $ 28,000 | $ (11,000) | $ 217,000 | $ 206,000 | ||||||||||||||||||||
Stock based compensation expense | 129,000 | 129,000 | ||||||||||||||||||||||||||
Release of 4,864 vested RRP shares | (23,000) | 23,000 | ||||||||||||||||||||||||||
Cash dividends declared | (364,000) | (364,000) | ||||||||||||||||||||||||||
Net Income | 1,467,000 | 1,467,000 | ||||||||||||||||||||||||||
Reclassification of certain income tax effects from accumulated other comprehensive income | (2,000) | 2,000 | ||||||||||||||||||||||||||
Other comprehensive loss, net | 25,000 | $ 25,000 | ||||||||||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2017 | 1,920,024 | 1,920,024 | ||||||||||||||||||||||||||
Balance end of the year at Dec. 31, 2017 | $ 28,000 | $ 14,481,000 | $ (4,675,000) | $ (277,000) | $ (15,000) | $ 12,643,000 | $ 22,185,000 |
Consolidated Statement of Stoc7
Consolidated Statement of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock [Member] | ||
Release of vested shares (in shares) | 4,864 | 4,864 |
Cash dividends declared, per share (in dollars per share) | $ 0.19 | |
Retained Earnings [Member] | ||
Cash dividends declared, per share (in dollars per share) | $ 0.158 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net Income | $ 1,467,000 | $ 1,498,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 284,000 | 292,000 |
Depreciation expense | 192,000 | 184,000 |
Amortization of other intangible | 49,000 | 20,000 |
Net amortization of securities premiums | 19,000 | 19,000 |
Accretion of deferred loan fees and costs, net | (333,000) | (324,000) |
Deferred income taxes | 232,000 | (185,000) |
Stock-based compensation expense | 314,000 | 300,000 |
Net gain on the sale of residential mortgage loans | (2,094,000) | (1,636,000) |
Gain on the sale of SBA loans | (48,000) | (108,000) |
Net loss on sale and write-downs of other real estate owned | 68,000 | 193,000 |
Increase in the cash surrender value of bank-owned life insurance | (86,000) | (90,000) |
Changes in assets and liabilities which provided (used) cash: | ||
Loans held for sale-originations | (87,963,000) | (64,262,000) |
Loans held for sale-proceeds | 87,763,000 | 66,250,000 |
Accrued interest receivable | (159,000) | 121,000 |
Prepaid expenses and other assets | (236,000) | (76,000) |
Accrued interest payable | 25,000 | 19,000 |
Accrued expenses and other liabilities | 86,000 | 93,000 |
Net Cash Provided by (Used in) Operating Activities | (420,000) | 2,308,000 |
Cash Flows from Investing Activities | ||
Net decrease in investment in interest-earning time deposits | 1,219,000 | 38,000 |
Purchase of investment securities available for sale | (7,833,000) | |
Principal repayments on investment securities available for sale | 1,662,000 | 1,225,000 |
Net increase in loans receivable | (24,763,000) | (33,362,000) |
Net increase in investment in Federal Home Loan Bank stock | (521,000) | (95,000) |
Proceeds from the sale of other real estate owned | 389,000 | 1,076,000 |
Capitalized expenditures on other real estate owned | (22,000) | (294,000) |
Purchase of premises and equipment | (450,000) | (80,000) |
Purchase of insurance agency | (1,000,000) | |
Net Cash Used in Investing Activities | (22,486,000) | (40,325,000) |
Cash Flows from Financing Activities | ||
Net increase in demand deposits and savings accounts | 1,244,000 | 6,501,000 |
Net increase in certificate accounts | 7,970,000 | 21,277,000 |
Proceeds from Federal Home Loan Bank short-term borrowings | 7,000,000 | 2,000,000 |
Repayment of Federal Home Loan Bank short-term borrowings | (4,000,000) | (1,000,000) |
Proceeds from Federal Home Loan Bank long-term borrowings | 12,000,000 | 2,000,000 |
Repayment of Federal Home Loan Bank long-term borrowings | (2,500,000) | (1,000,000) |
Dividends paid | (364,000) | (283,000) |
Purchase of treasury stock | (347,000) | (17,000) |
Proceeds from the reissuance of treasury stock | 94,000 | 92,000 |
Proceeds from the exercise of stock options | 206,000 | 190,000 |
Increase in advances from borrowers for taxes and insurance | 213,000 | 351,000 |
Net Cash Provided by Financing Activities | 21,516,000 | 30,111,000 |
Net Decrease in Cash and Cash Equivalents | (1,390,000) | (7,906,000) |
Cash and Cash Equivalents-Beginning of Year | 9,300,000 | 17,206,000 |
Cash and Cash Equivalents-End of Year | 7,910,000 | 9,300,000 |
Supplementary Disclosure of Cash Flow and Non-Cash Information: | ||
Cash payments for interest | 2,977,000 | 2,546,000 |
Cash payments for income taxes | $ 1,139,000 | $ 794,000 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1 The consolidated financial stat ements include the accounts of Quaint Oak Bancorp, Inc., a Pennsylvania chartered corporation (the "Company" or "Quaint Oak Bancorp") and its wholly owned subsidiary, Quaint Oak Bank, a Pennsylvania chartered stock savings bank, along with its wholly owned subsidiaries. At December 31, 2017, five July 2009. July 2012 August 2016 The Bank is subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. Pursuant to the Bank’s election under Section 10 two |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 2 Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company ’s most significant estimates are the determination of the allowance for loan losses and valuation of deferred tax assets. Significant Group Concentrations of Credit Risk The Bank has a significant concentration of loans in Philadelphia County, Pennsylvania. The concentration of credit by type of loan is set forth in Note 7. December 31, 2017, one 48% 45% Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include non-interest earning and interest-earning demand deposits and money market accounts with various financial institutions, all of which mature within ninety Investment Securities Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities available for sale are carried at fair value. Unrealized gains and losses are reported in other comprehensive income, net of related deferred tax effects. Realized gains and losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. S ecurities classified as held to maturity are those debt securities the Company has both the intent and ability to hold to maturity regardless of the changes in market conditions, liquidity needs, or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, which are recognized in interest income using the interest method over the terms of the securities. T he Company follows the accounting guidance related to recognition and presentation of other-than-temporary impairment. This accounting guidance specifies that (a) if a company does not not not not not not not no December 31, 2017 2016. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No years ended December 31 , 2017 2016. Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan . The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans , commercial business, and consumer loans. The residential loan segment has two one four one four five The accrual of interest is generally discontinued when principal or interest has become 90 no Allowance for Loan Losses The allowance for loan losses represents management ’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company ’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are identified as impaired. For loans that are identified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may -evaluated quarterly to ensure their relevance in the current economic environment. Residential mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not For loans secured by real estate, estimated fair values are determined primarily through third the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower ’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one four $500,000, may current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not may may not Loans Held for Sale Loans originated by the Bank ’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are Bank Owned Life Insurance (“BOLl”) The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the Consolidated Balance Sheets. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the expected useful lives of the related assets that range from three thirty-nine Intangible Assets Intangible assets on the consolidated balance sheets represent the acquisition by Quaint Oak Insurance Agency of the renewal rights to a book of business on August 1, 2016 $1.0 $515,000 $485,000 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may Other Real Estate Owned Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. The Co mpany has no December 31, 2017. December 31, 2016 three $435,000. Advertising Costs T he Company expenses all advertising costs as incurred. Advertising costs are included in non-interest expense on the Consolidated Statements of Income. T ransfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 Company, ( 2 3 not I ncome Taxes Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not On December 22, 2017, 2017. 34% 21%. The Company follows guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. A tax position is recognized as a benefit only if it is more likely than not 50 not not no no December 31, 2017 2016. no January 1, 2013. Comprehensive Income (Loss) Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the stockholders’ equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). Treasury Stock and Unallocated Common Stock The acquisition of treasury stock by the Company, including unallocated stock held by certain benefit plans, is recorded under the cost method. At the date of subsequent reissue, treasury stock is reduced by the cost of such stock on a first first Share-Based Compensation Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost is measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock option and restricted share plans. The stock compensation accounting guidance requires that compensation c ost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the closing price of the Company’s common stock on the grant date is used for restricted stock awards. At December 31, 201 7, three 2008 2008 2013 May 2008 2013. 13. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 13. Earnings Per Share Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. Off-Balance Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. Reclassifications Certain items in the 20 16 2017 not Change in Accounting Principal On February 14, 2018, ASU 2018 02 220 H.R.1, 2018 The Company has elected to early adopt this accounting standard, which provides a benefit to the financial statements by more accurately aligning the impacts of the items carried in accumulated other comprehensive income with the associated tax effect. The adoption was applied on a modified retrospective and resulted in a one $2,000 no Recent Accounting Pronouncements I n May 2014, 2014 09, Revenue from Contracts with Customers December 15, 2016, not not not 606. In January 2016, 2016 01, Financial Instruments – Overall (Subtopic 825 10 not ’s other deferred tax assets. ASU 2016 01 January 1, 2018 not In February 2016, 2016 02, Leases (Topic 842 one 12 not may December 15, 2018, practical expedients it may not to the financial statements. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s balance sheet is estimated to result in less than a 1% In June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13 December 15, 2019, December 15, 2018. first one first one In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight may December 15, 2017, ’s statement of cash flows. In December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 460, not 606. 2016 20 2016 20 January 1, 2018 not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2019. not In March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 not December 15, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 not not The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. 1 not 2 not not In January 2018, 2018 01, Leases (Topic 842 not 842 not 840. 842 842; 842 2016 02. not In February 2018, 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 December 22, 2017, H.R.1, 2018 December 15, 2018, 1 not 2 not December 31, 2017, 1 no |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 – Earnings Per Share Earnings per share (“EPS”) consists of two not December 31, 201 7 2016, The following table sets forth the composition of the weighted average shares (denominator) used in the basic and dilutive earnings per share computations. For the Year Ended December 31, 201 7 201 6 Net Income $ 1,467,000 $ 1,498,000 Weighted average shares outstanding – basic 1,857,457 1,781,410 Effect of dilutive common stock equivalents 137,375 154,493 Adjusted weighted average shares outstanding – diluted 1,994,832 1,935,903 Basic earnings per share $ 0.79 $ 0.84 Diluted earnings per share $ 0.74 $ 0.77 |
Note 4 - Accumulated Other Comp
Note 4 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 4 – Accumu lated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss by component, net of tax, for the years ended December 31, 2017 2016 Unrealized Losses on Investment Securities Available for Sale (1) 201 7 201 6 Balance beginning of the year $ (38 ) $ (12 ) Other comprehensive income (loss) before reclassifications 25 (26 ) Amount reclassified from accumulated other comprehensive loss -- -- Total other comprehensive income 25 (26 ) Reclassification of certain income tax effects from accumulated (2 ) -- Balance end of the year $ (15 ) $ (38 ) ____________________ ____ ( 1 All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 5 - Investment in Interest
Note 5 - Investment in Interest-earning Time Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | Note 5 – Investment in Interest-Earning Time Deposits The investment in interest-earning time deposits as of December 31, 2017 2016, 20 17 20 1 6 Due in one year or less $ 761 $ 2,849 Due after one year through five years 4,118 3,249 Total $ 4,879 $ 6,098 |
Note 6 - Investment Securities
Note 6 - Investment Securities Available for Sale | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6 The amortized cost , gross unrealized gains and losses, and fair value of investment securities available for sale at December 31, 2017 2016 December 31, 201 7 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 5,624 $ 19 $ -- $ 5,643 Federal Home Loan Mortgage Corporation securities 1,377 -- (35 ) 1,342 Federal National Mortgage Association securities 570 -- -- 570 Total mortgage-backed securities 7,571 19 (35 ) 7,555 Debt securities: U.S. government agency 360 -- (3 ) 357 Total available-for-sale-securities $ 7,931 $ 19 $ (38 ) $ 7,912 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 6,608 $ 1 $ (19 ) $ 6,590 Federal Home Loan Mortgage Corporation securities 1,892 -- (21 ) 1,871 Federal National Mortgage Association securities 752 -- (12 ) 740 Total mortgage-backed securities 9,252 1 (52 ) 9,201 Debt securities: U.S. government agency 360 -- (6 ) 354 Total available-for-sale-securities $ 9,612 $ 1 $ (58 ) $ 9,555 The amortized cost and fair value of debt securities at December 31, 201 7, may Available for Sale Amortized Cost Fair Value Due after one year through five years $ 360 $ 357 Due after ten years 7,571 7,555 Total $ 7,931 $ 7,912 The following tables show the Company ’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2017 2016 December 31 , 201 7 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Federal Home Loan Mortgage Corporation mortgage-backed securities 2 $ -- $ -- $ 1,342 $ (35 ) $ 1,342 $ (35 ) Debt securities, U.S. government agency 1 -- -- 357 (3 ) 357 (3 ) Total 3 $ -- $ -- $ 1,699 $ (38 ) $ 1,699 $ (38 ) December 31 , 2016 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Governmental National Mortgage Association mortgage-backed securities 8 $ 5,874 $ (19 ) $ -- $ -- $ 5,874 $ (19 ) Federal Home Loan Mortgage Corporation mortgage-backed securities 2 1,871 (21 ) -- -- 1,871 (21 ) Federal National Mortgage Association mortgage-backed securities 1 740 (12 ) -- -- 740 (12 ) Debt securities, U.S. government agency 1 354 (6 ) -- -- 354 (6 ) Total 12 $ 8,839 $ (58 ) $ -- $ -- $ 8,839 $ (58 ) At December 31, 2017, three 2.21% ’s amortized cost basis. Management believes that the estimated fair value of the securities disclosed above is primarily dependent on the movement of market interest rates. Management evaluated the length of time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer, including any specific events which may not December 31, 2017 no December 31, 2017 2016. |
Note 7 - Loans Receivable, Net
Note 7 - Loans Receivable, Net and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 7 - Loans Receivable, Net and Allowance for Loan Losses T he composition of net loans receivable is as follows (in thousands): December 31 , 201 7 December 31, 20 1 6 Real estate loans: One-to-four family residential: Owner occupied $ 5,681 $ 5,389 Non-owner occupied 51,833 51,893 Total one-to-four family residential 57,514 57,282 Multi-family (five or more) residential 21,715 14,641 Commercial real estate 92,234 77,730 Construction 15,632 15,355 Home equity 5,129 4,775 Total real estate loans 192,224 169,783 Commercial business 11,954 9,295 Other consumer 138 26 Total Loans 204,316 179,104 Deferred loan fees and costs (837 ) (692 ) Allowance for loan losses (1,812 ) (1,605 ) Net Loans $ 201,667 $ 176,807 The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company ’s internal risk rating system as of December 31, 2017 2016 (in thousands): December 31, 201 7 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,258 $ 423 $ -- $ -- $ 5,681 One-to-four family residential non-owner occupied 51,372 29 432 -- 51,833 Multi-family residential 21,715 -- -- -- 21,715 Commercial real estate 91,549 399 286 -- 92,234 Construction 13,562 -- 2,070 -- 15,632 Home equity 5,129 -- -- -- 5,129 Commercial business 11,419 535 -- -- 11,954 Other consumer 138 -- -- -- 138 Total $ 200,142 $ 1,386 $ 2,788 $ -- $ 204,316 December 31, 20 16 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,389 $ -- $ -- $ -- $ 5,389 One-to-four family residential non-owner occupied 50,864 122 907 -- 51,893 Multi-family residential 14,641 -- -- -- 14,641 Commercial real estate 76,281 117 1,332 -- 77,730 Construction 13,355 -- 2,000 -- 15,355 Home equity 4,775 -- -- -- 4,775 Commercial business 9,295 -- -- -- 9,295 Other consumer 26 -- -- -- 26 Total $ 174,626 $ 239 $ 4,239 $ -- $ 179,104 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31, 201 7 December 31 , 20 1 7 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 442 442 -- 937 24 Multi-family residential -- -- -- -- -- Commercial real estate -- -- -- 398 38 Construction 2,069 2,069 -- 2,064 58 Home equity 45 45 -- 47 5 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 214 214 70 214 5 Multi-family residential -- -- -- -- -- Commercial real estate 133 133 1 395 9 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 656 656 70 1,151 29 Multi-family residential -- -- -- -- -- Commercial real estate 133 133 1 793 47 Construction 2,069 2,069 -- 2,064 58 Home equity 45 45 -- 47 5 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 2,903 $ 2,903 $ 71 $ 4,055 $ 139 The following table presents impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31, 201 6 December 31, 20 16 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 925 925 -- 1,208 56 Multi-family residential -- -- -- -- -- Commercial real estate 660 660 -- 660 7 Construction -- -- -- -- -- Home equity 49 49 -- 82 6 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 167 167 28 169 8 Multi-family residential -- -- -- -- -- Commercial real estate 133 133 11 133 9 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 1,092 1,092 28 1,377 64 Multi-family residential -- -- -- -- -- Commercial real estate 793 793 11 793 16 Construction -- -- -- -- -- Home equity 49 49 -- 82 6 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 1,934 $ 1,934 $ 39 $ 2,252 $ 86 The loan portfolio also includes certain loans that have been modified in a troubled debt restructuring, where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from loss mitigation activities and could include reductions in the interest rate, payment extensions, forbearance, or other actions. At December 31, 2017, eight $714,000 eight December 31, 2016, eight $733,000 eight December 31, 2016. not six During the year ended December 31, 2017, no The following tables present the Company ’s TDR loans as of December 31, 2017 2016 December 31, 201 7 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 5 536 -- 536 25 Multi-family residential -- -- -- -- -- Commercial real estate 1 133 -- 133 1 Construction -- -- -- -- -- Home equity 2 45 -- 45 -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 8 $ 714 $ -- $ 714 $ 26 December 31, 201 6 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 5 551 -- 551 28 Multi-family residential -- -- -- -- -- Commercial real estate 1 133 -- 133 11 Construction -- -- -- -- -- Home equity 2 49 -- 49 -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 8 $ 733 $ -- $ 733 $ 39 The contractual aging of the TDRs in the table s above as of December 31, 2017 2016 December 31 , 201 7 Accruing Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non- Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 536 -- -- -- 536 Multi-family residential -- -- -- -- -- Commercial real estate 133 -- -- -- 133 Construction -- -- -- -- -- Home equity 45 -- -- -- 45 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 714 $ -- $ -- $ -- $ 714 December 31, 201 6 Accruing Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non- Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 551 -- -- -- 551 Multi-family residential -- -- -- -- -- Commercial real estate 133 -- -- -- 133 Construction -- -- -- -- -- Home equity 49 -- -- -- 49 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 733 $ -- $ -- $ -- $ 733 Any reserve for an impaired TDR loan is based upon the present value of the future expected cash flows discounted at the loan ’s original effective rate or upon the fair value of the collateral less costs to sell, if the loan is deemed collateral dependent. At December 31, 2017 no The general practice of the Bank is to work with borrowers so that they are able to pay back their loan in full. If a borrower continues to be delinquent or cannot meet the terms of a TDR modification and the loan is determined to be uncollectible, the loan will be charged off. Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 201 7 December 31, 2017 ( December 31 , 201 7 1-4 Family Residential Owner Occupied 1-4 Family Residential Non- Owner Occupied Multi- Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 41 $ 503 $ 103 $ 616 $ 138 $ 37 $ 87 $ 80 $ 1,605 Charge-offs -- (56 ) -- (24 ) -- -- -- -- (80 ) Recoveries -- -- -- 3 -- -- -- -- 3 Provision 7 93 49 92 (2 ) (10 ) 53 2 284 Ending balance $ 48 $ 540 $ 152 $ 687 $ 136 $ 27 $ 140 $ 82 $ 1,812 Ending balance evaluated for impairment Individually $ -- $ 70 $ -- $ 1 $ -- $ -- $ -- $ -- $ 71 Collectively $ 48 $ 470 $ 152 $ 686 $ 136 $ 27 $ 140 $ 82 $ 1,741 Loans receivable: Ending balance $ 5,681 $ 51,833 $ 21,715 $ 92,234 $ 15,632 $ 5,129 $ 12,092 $ -- $ 204,316 Ending balance evaluated for impairment Individually $ -- $ 656 $ -- $ 133 $ 2,069 $ 45 $ -- $ -- $ 2,903 Collectively $ 5,681 $ 51,177 $ 21,715 $ 92,101 $ 13,563 $ 5,084 $ 12,092 $ -- $ 201,413 The Bank allocated increased allowance for loan loss provisions to the commercial real estate , commercial business, and multi-family portfolio classes for the year ended December 31, 2017, 1 4 December 31, 2017, Following is a summary, by loan portfolio class, of changes in the allowance for loan losses for the year ended December 31, 201 6 December 31, 2016 ( December 31, 201 6 1-4 Family Residential Owner Occupied 1-4 Family Residential Non- Owner Occupied Multi- Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 55 $ 486 $ 81 $ 389 $ 153 $ 50 $ 18 $ 81 $ 1,313 Charge-offs -- -- -- -- -- -- -- -- -- Recoveries -- -- -- -- -- -- -- -- -- Provision (14 ) 17 22 227 (15 ) (13 ) 69 (1 ) 292 Ending balance $ 41 $ 503 $ 103 $ 616 $ 138 $ 37 $ 87 $ 80 $ 1,605 Ending balance evaluated for impairment Individually $ -- $ 28 $ -- $ 11 $ -- $ -- $ -- $ -- $ 39 Collectively $ 41 $ 475 $ 103 $ 605 $ 138 $ 37 $ 87 $ 80 $ 1,566 Loans receivable: Ending balance $ 5,389 $ 51,893 $ 14,641 $ 77,730 $ 15,355 $ 4,775 $ 9,321 $ -- $ 179,104 Ending balance evaluated for impairment Individually $ -- $ 1,092 $ -- $ 793 $ -- $ 49 $ -- $ -- $ 1,934 Collectively $ 5,389 $ 50,801 $ 14,641 $ 76,937 $ 15,355 $ 4,726 $ 9,321 $ -- $ 177,170 The Bank allocated increased allowance for loan loss provisions to the commercial real estate , commercial business, and multi-family portfolio classes for the year ended December 31, 2016, 1 4 December 31, 2016, one four December 31, 2016 The following table presents non -accrual loans by classes of the loan portfolio as of December 31, 2017 2016 December 31, 201 7 December 31, 201 6 One-to-four family residential owner occupied $ -- $ -- One-to-four family residential non-owner occupied 120 541 Multi-family residential -- -- Commercial real estate -- 660 Construction 2,069 -- Home equity -- -- Commercial business -- -- Other consumer -- -- Total $ 2,189 $ 1,201 Non-performing loans, which consist of non-accruing loans plus accruing loans 90 3.1 $1.9 December 31, 2017 2016, For the years ended December 31, 2017 2016 no $119,000 $115,000 December 31, 2017 2016, The performance and credit quality of the loan portfolio are also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of December 31, 2017 2016 December 31 , 201 7 30- 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 670 $ 423 $ 1,093 $ 4,588 $ 5,681 $ 423 One-to-four family residential non-owner o ccupied 969 337 1,306 50,527 51,833 217 Multi-family residential 313 -- 313 21,402 21,715 -- Commercial real estate 505 241 746 91,488 92,234 241 Construction 407 2,069 2,476 13,156 15,632 -- Home equity 51 -- 51 5,078 5,129 -- Commercial business -- -- -- 11,954 11,954 -- Other consumer -- -- -- 138 138 -- Total $ 2,915 $ 3,070 $ 5,985 $ 198,331 $ 204,316 $ 881 December 31, 201 6 30- 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 310 $ 9 $ 319 $ 5,070 $ 5,389 $ 9 One-to-four family residential non-owner occupied 271 778 1,049 50,844 51,893 237 Multi-family residential -- -- -- 14,641 14,641 -- Commercial real estate 385 777 1,162 76,568 77,730 117 Construction 596 308 904 14,451 15,355 308 Home equity 115 -- 115 4,660 4,775 -- Commercial business 43 -- 43 9,252 9,295 -- Other consumer -- -- -- 26 26 -- Total $ 1,720 $ 1,872 $ 3,592 $ 175,512 $ 179,104 $ 671 |
Note 8 - Premises and Equipment
Note 8 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8 The components of premises and equipment at December 31, 2017 2016 201 7 201 6 Land and land improvements $ 299 $ 299 Buildings 1,316 1,178 Leasehold improvements 436 382 Furniture, fixtures and equipment 1,180 922 3,231 2,781 Accumulated depreciation (1,243 ) (1,051 ) Premises and equipment, net $ 1,988 $ 1,730 Depreciation expense for the years ended December 31, 201 7 2016 $192,000 $184,000, T he Company leases its office at 501 $151,000 $121,000 December 31, 2017 2016, |
Note 9 - Goodwill and Other Int
Note 9 - Goodwill and Other Intangible, Net | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 9 – Goodwill and Other Intangible, Net On August 1, 2016, a book of business produced and serviced by an independent insurance agency located in New Britain, Pennsylvania, that provides a broad range of personal and commercial insurance coverage solutions. The Company paid $1.0 $515,000 $485,000 ten December 31, 2017 $416,000, $69,000. December 31, 2017 2016 $49,000 $20,000, Estimated amortization expense of other intangible for each of the next five 2018 $ 49 2019 49 2020 49 2021 49 202 2 49 Thereafter 171 Total $ 416 |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | N ote 10 Deposits and the weighted average interest rate at December 31, 2017 2016 201 7 201 6 Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Non-interest bearing checking accounts $ 7,956 -- % $ 5,852 -- % Passbook accounts 463 0.15 1,189 0.15 Savings accounts 2,353 0.22 1,784 0.20 Money market accounts 30,411 0.79 31,114 0.79 Certificate of deposit accounts 145,038 1.77 137,068 1.69 Total $ 186,221 1.47 % $ 177,007 1.41 % A summary of certificates of deposit by maturity at December 31, 2017 Year s ending December 31: 201 8 $ 42,895 201 9 25,863 20 20 39,841 20 21 27,366 20 22 9,073 Total $ 145,038 The aggregate amount of certificates of deposit with a minimum denomination of $ 250,000 $18.5 $14.5 December 31, 2017 2016, |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | N ote 11 As of December 31, 201 7, $115.6 $28.0 $15.5 December 31, 2017 2016, December 31, 2017, $535,000 no December 31, 2017 2016. Federal Home Loan Bank short-term borrowings and the weighted interest rate consist of the following at December 31, 2017 2016 At or For the Year Ended December 31, 201 7 201 6 FHLB short-term borrowings: Average balance outstanding $ 8,654 $ 5,692 Maximum amount outstanding at any month-end during the period 11,500 7,000 Balance outstanding at end of period 10,000 7,000 Average interest rate during the period 1.17 % 0.54 % Weighted average interest rate at end of period 1.54 % 0.74 % Federal Home Loan Bank long-term borrowings and the weighted interest rate consist of the following at December 31, 2017 2016 December 31, 201 7 December 31, 201 6 Fixed rate borrowings maturing: Amount Weighted Interest Rate Amount Weighted Interest Rate 2017 $ -- - % $ 2,500 1.15 % 2018 3,000 1.46 3,000 1.46 2019 3,000 1.86 2,000 1.95 2020 2,000 2.00 1,000 2.15 2021 3,000 2.05 -- -- 2022 3,000 2.18 -- -- 2023 3,000 2.33 -- -- 2 024 1,000 2.54 -- -- Total FHLB long-term debt $ 18,000 2.01 % $ 8,500 1.56 % |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 2 On December 22, 2017, 2017. 3 4% 21%. $297,000 December 31, 2017. The components of income tax expense for the years ended December 31, 2017 2016 201 7 201 6 Federal: Current $ 911 $ 888 Deferred (65 ) (185 ) Change in corporate tax rate 297 -- Total federal 1,143 703 State, current 62 33 Total $ 1,205 $ 736 The following table represents reconciliation between the reported income tax expense and the income tax expense which would be computed by applying the normal federal income tax rate of 34% December 31, 2017 2016 201 7 201 6 Federal income tax at statutory rate $ 907 $ 759 State tax, net of federal benefit 42 22 Stock compensation expense (21 ) (21 ) Change in corporate tax rate 297 -- Other (20 ) (24 ) Total $ 1,205 $ 736 The components of the net deferred tax asset at December 31, 2017 2016 20 1 7 20 1 6 Deferred tax assets: Allowance for loan losses $ 380 $ 546 Stock-based compensation 13 25 Interest on non-accrual loans 5 6 Unrealized loss on investment securities available for sale 4 19 Deferred loan fees 176 235 Organization cost 1 2 Total deferred tax assets 579 833 Deferred tax liabilities: Bank premises and equipment (94 ) (103 ) Intangible (5 ) (3 ) Total deferred tax liabilities (99 ) (106 ) Net Deferred Tax Asset $ 480 $ 727 The net deferred tax asset at December 31, 20 17 2016 $480,000 $727,000, No December 31, 2017 2016, |
Note 13 - Stock Compensation Pl
Note 13 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 1 3 – Stock Compensation Plans Employee Stock Ownership Plan The Company maintains an Employee Stock Ownership Plan (ESOP) for the benefit of employees who meet the eligibility requirements of the plan. Using proceeds from a loan from the Company, the ESOP purchased 8%, 222,180 2007. 7.75% 15 Shares of the Company ’s common stock purchased by the ESOP are held in a suspense account and reported as unallocated common stock held by the ESOP in stockholders’ equity until released for allocation to participants. As the debt is repaid, shares are released from collateral and are allocated to each eligible participant based on the ratio of each such participant’s base compensation to the total base compensation of eligible plan participants. As the unearned shares are committed to be released and allocated among participants, the Company recognizes compensation expense equal to the average market value of the shares, and the shares become outstanding for earnings per share computations. During the years ended December 31, 2017 2016, $185,000 $171,000 The following table represents the components of the ESOP shares at December 31, 20 17 2016: 20 17 20 16 Allocated shares 167,643 153,647 Unreleased shares 52,956 68,533 Total ESOP shares 220,599 222,180 Fair value of unreleased shares (in thousands) $ 688 $ 822 Recognition and Retention and Stock Incentive Plan s In May 2008, 2008 2008 111,090 $4.68 $520,000. May 2013, 2013 no 48,750, 25%, may As of December 31, 2017, 10,061 22,168 none five A summary of the status of the shares awarded under the RRP and Stock Incentive Plan as of December 31, 2017 2016 201 7 201 6 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the year 20,524 $ 8.10 30,784 $ 8.10 Granted -- -- -- -- Vested (10,263 ) 8.10 (10,260 ) 8.10 Forfeited (200 ) 8.10 -- -- Unvested at the end of the year 10,061 $ 8.10 20,524 $ 8.10 Compensation expense on the restricted stock awards is recognized ratably over the five During each of the years ended December 31, 2017 2016, $84,000 $29,000 December 31, 2017, $31,000 0.4 Stock Options In May 2008, 2008 277,726 no May 2013 195,000 48,750 may 146,250 For grants in May 2008, $5.00 422 As of December 31, 201 7, 265,302 57,636 4,152 five ten A summary of option activity under the Company’s Option Plan and Stock Incentive Plan for the years ended December 31 , 2017 2016 as follows: 201 7 201 6 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 316,348 $ 6.49 3.8 354,266 $ 6.33 4.7 Granted -- -- -- -- -- -- Exercised (45,534 ) 5.00 -- (37,918 ) 5.00 -- Forfeited (5,512 ) 6.89 -- -- -- -- Outstanding at the end of the period 265,302 $ 6.74 3.2 316,348 $ 6.49 3.8 Exercisable at the end of the period 235,462 $ 6.57 2.9 255,708 $ 6.11 3.2 At both December 31, 2017 2016, $1.7 $1.5 December 31, 2017 December 31, 2016. During each of the years ended December 31, 2017 2016, $45,000 $11,000 December 31, 2017, $17,000 0.4 |
Note 14 - Transactions With Exe
Note 14 - Transactions With Executive Officers and Directors | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 14 Certain directors and executive officers of the Company, their families and their affiliates are customers of the Bank. Any transactions with such parties, including loans and commitments, are in the ordinary course of business at normal terms, including interest rate and collateralization, prevailing at the time and do not None December 31, 2017 2016, |
Note 15 - Financial Instruments
Note 15 - Financial Instruments With Off-balance Sheet Risk | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 15 The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. T he Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. A summary of the Company's financial instrument commitments at December 31, 2017 2016 20 17 20 16 Commitments to originate loans $ 15,921 $ 10,228 Unfunded commitments under lines of credit 19,162 15,443 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral held varies, but includes principally residential and commercial real estate . The Company leases its office at 501 ennsylvania as well as other office facilities and equipment. The leases range in terms from one 10 Future minimum annual rental payments required under non-cancelable operating leases are as follows (in thousands): Year Rental Amount 201 8 $ 132 201 9 115 20 20 112 20 21 101 2022 40 Thereafter 175 $ 675 |
Note 16 - Regulatory Matters
Note 16 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 1 6 The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth below) of total, Tier 1, 1 1 December 31, 2017, In July 2013 January 1, 2019. 1 1 1 4.5% January 1, 2015. 1 4.0% 6.0% January 1, 2015. 2.5% January 1, 2016 January 1, 2019. 100% 150% 90 1 1 Bank holding companies are generally subject to statutory capital requirements, which were implemented by certain of the new capital regulations described above that became effective on January 1, 2015. As of December 31, 2017 no December 31, 2017 not T he Bank’s actual capital amounts and ratios at December 31, 2017 2016 Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 20 1 7 : Total capital (to risk-weighted assets) $ 21,674 12.31 % > 14,090 > 8.00 % > 17,613 > 10.00 % Tier 1 capital (to risk-weighted assets) 19,835 11.26 > 10,568 > 6.00 > 14,090 > 8.00 Common Equity Tier 1 capital (to risk-weighted assets) 19,835 11.26 > 7,926 > 4.50 > 11,449 > 6.50 Tier 1 capital (to average assets) 19,835 8.54 > 9,288 > 4.00 > 11,610 > 5.00 Actual For Capital Adequacy P urposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total capital (to risk-weighted assets) $ 20,302 13.20 % > 12,307 > 8.00 % > 15,383 > 10.00 % Tier 1 capital (to risk-weighted assets) 18,670 12.14 > 9,230 > 6.00 > 12,307 > 8.00 Common Equity Tier 1 capital (to risk-weighted assets) 18,670 12.14 > 6,922 > 4.50 > 9,999 > 6.50 Tier 1 capital (to average assets) 18,670 8.94 > 8,356 > 4.00 > 10,445 > 5.00 Under the Dodd-Frank Wall Street Reform and Consumer Protection Act the Board of Governors of the Federal Reserve System as the primary regulator for the Company is authorized to extend leverage capital requirements and risk based capital requirements applicable to depository institutions and bank holding companies to thrift holding companies. Legislation adopted in late 2014 B anking regulations place certain restrictions on dividends paid by the Bank to the Company. The Bank is subject to certain restrictions on the amount of dividends that it may |
Note 17 - Fair Value Measuremen
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 7 Fair value estimates are based on quoted market prices, if available, quoted market prices of similar assets or liabilities, or the present value of expected future cash flows and other valuation techniques. These valuations are significantly affected by discount rates, cash flow assumptions, and risk assumptions used. Therefore, fair values estimates may not not may Fair value is determined at one not not not not The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one This hierarchy requires the use of observable market data when available. The following is a discussion of assets and liabilities measured at fair value on a recurring and non-recurring basis and valuation techniques applied: Investment Securities Available For Sale: 1 2 We may .S. GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. Impaired Loans: Impaired loans are carried at the lower of cost or the fair value of the collateral for collateral-dependent loans less estimated costs to sell. Collateral is primarily in the form of real estate. The use of independent appraisals, discounted cash flow models and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and impaired loans are therefore classified within Level 3 Other Real Estate Owned: Other real estate owned is carried at the lower of the investment in the real estate or the fair value of the real estate less estimated selling costs. The use of independent appraisals and management’s best judgment are significant inputs in arriving at the fair value measure of the underlying collateral and therefore other real estate owned is classified within Level 3 T he table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2017 ( Dec ember 3 1 , 2017 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 5,643 $ -- $ 5,643 $ -- Federal Home Loan Mortgage Corporation mortgage-backed securities 1,342 -- 1,342 -- Federal National Mortgage Association mortgage- backed securities 570 -- 570 -- Debt securities, U.S. government agency 357 -- 357 -- Total investment securities available for sale $ 7,912 $ -- $ 7,912 $ -- Total recurring fair value measurements $ 7,912 $ -- $ 7,912 $ -- Nonrecurring fair value measurements Impaired loans $ 2,832 $ -- $ -- $ 2,832 Total nonrecurring fair value measurements $ 2,832 $ -- $ -- $ 2,832 T he table below sets forth the financial assets and liabilities that were accounted for on a recurring and nonrecurring basis by level within the fair value hierarchy as of December 31, 2016 ( Dec ember 3 1, 2016 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 6,590 $ -- $ 6,590 $ -- Federal Home Loan Mortgage Corporation mortgage-backed securities 1,871 -- 1,871 -- Federal National Mortgage Association mortgage- backed securities 740 -- 740 -- Debt securities, U.S. government agency 354 -- 354 -- Total investment securities available for sale $ 9,555 $ -- $ 9,555 $ -- Total recurring fair value measurements $ 9,555 $ -- $ 9,555 $ -- Nonrecurring fair value measurements Impaired loans $ 1,895 $ -- $ -- $ 1,895 Other real estate owned 435 -- -- 435 Total nonrecurring fair value measurements $ 2,330 $ -- $ -- $ 2,330 T he following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has used Level 3 December 31, 2017 2016 December 31 , 201 7 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 2,832 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 27% (1%) December 31, 201 6 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,895 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 22% (2%) Other real estate owned $ 435 Appraisal of collateral (1) Appraisal adjustments ( 2) 0% - 29% (12%) _________________ ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 ( 2 Appraisals may The estimated fair values of the Company ’s financial instruments were as follows at December 31, 2017 2016 Fair Value Measurements at December 31, 201 7 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 7,910 $ 7,910 $ 7,910 $ -- $ -- Investment in interest-earning time deposits 4,879 4,912 -- -- 4,912 Investment securities available for sale 7,912 7,912 -- 7,912 -- Loans held for sale 7,006 7,232 -- 7,232 -- Loans receivable, net 201,667 202,803 -- -- 202,803 Accrued interest receivable 1,021 1,021 1,021 -- -- Investment in FHLB stock 1,234 1,234 1,234 -- -- Bank-owned life insurance 3,814 3,814 3,814 -- -- Financial Liabilities Deposits 186,221 187,309 41,183 -- 146,126 FHLB short-term borrowings 10,000 10,000 10,000 -- -- FHLB long-term borrowings 18,000 16,982 -- -- 16,982 Accrued interest payable 167 167 167 -- -- Fair Value Measurements at December 31, 201 6 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 9,300 $ 9,300 $ 9,300 $ -- $ -- Investment in interest-earning time deposits 6,098 6,163 -- -- 6,163 Investment securities available for sale 9,555 9,555 -- 9,555 -- Loans held for sale 4,712 4,879 -- 4,879 -- Loans receivable, net 176,807 177,870 -- -- 177,870 Accrued interest receivable 862 862 862 -- -- Investment in FHLB stock 713 713 713 -- -- Bank-owned life insurance 3,728 3,728 3,728 -- -- Financial Liabilities Deposits 177,007 179,050 39,939 -- 139,111 FHLB short-term borrowings 7,000 7,000 7,000 -- -- FHLB long-term borrowings 8,500 8,507 -- -- 8,507 Accrued interest payable 142 142 142 -- -- The following methods and assumptions were used to measure the fair value of financial instruments recorded at cost on the Company ’s consolidated balance sheets: Cash and Cash Equivalents. The carrying amounts reported in the consolidated balance sheets for cash and short-term instruments approximate those assets’ fair values. Interest-Earning Time Deposits. Fair values for interest-earning time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. The Company generally purchases amounts below the insured limit, limiting the amount of credit risk on these time deposits. Loans Held for Sale . Fair values of loans held for sale are based on commitments on hand from investors at prevailing market rates. Loans Receivable, Net. The fair values of loans are estimated using discounted cash flow methodology. The discount rates take into account interest rates currently being offered to customers for loans with similar terms, the credit risk associated with the loan and market factors, including liquidity. The valuation of the loan portfolio reflects discounts that the Company believes are consistent with transactions occurring in the market place for both performing and distressed loan types. The carrying value that fair value is compared to is net of the allowance for loan losses and other associated premiums and discounts. Due to the significant judgment involved in evaluating credit quality, loans are classified with Level 3 Accrued Interest Receivable. The carrying amount of accrued interest receivable approximates its fair value. Investment in Federal Home Loan Bank Stock. The carrying amount of restricted investment in Federal Home Loan Bank stock approximates fair value, and considers the limited marketability of such securities. Bank-Owned Life Insurance. The carrying amount of the investment in bank-owned life insurance approximates its cash surrender value under the insurance policies. Deposits. The carrying amount is considered a reasonable estimate of fair value for demand savings and money market deposit accounts. The fair value of fixed maturity certificates of deposit is estimated by a discounted cash flow method using the rates currently offered for deposits of similar maturities. Federal Home Loan Bank Borrowings. Fair values of long-term FHLB borrowings are estimated based on rates currently available to the Company for similar terms and remaining maturities. The carrying amount of short-term FHLB borrowings approximates its fair value. Accrued Interest Payable . The carrying amount of accrued interest payable approximates its fair value. Off-Balance Sheet Financial Instruments. Off-balance sheet financial instruments consist of commitments to extend credit. Fair values for commitments to extend credit are estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present credit standing of the counterparties. The estimated fair value of the commitments to extend credit are insignificant and therefore are not |
Note 18 - Quaint Oak Bancorp, I
Note 18 - Quaint Oak Bancorp, Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 1 8 – Quaint Oak Bancorp, Inc. (Parent Company Only) Condensed financial statements of Quaint Oak Bancorp, Inc. are as follows (in thousands): Balance Sheet s December 31, 20 17 20 16 Assets Cash and cash equivalents $ 211 $ 206 Investment in Quaint Oak Bank 20,552 19,201 Premises and equipment, net 1,423 1,322 Other assets 10 77 Total Assets $ 22,196 $ 20,806 Liabilities and Stockholders ’ Equity Other liabilities $ 11 $ 16 Stockholders ’ equity 22,185 20,790 Total Liabilities and Stockholders ’ Equity $ 22,196 $ 20,806 Statement s of Income For the Year Ended December 31, 201 7 201 6 Income Dividends from subsidiary $ 250 $ -- Rental income 149 108 Total Income 399 108 Expenses Occupancy and equipment expense 101 96 Other expenses 96 91 Total Expenses 197 187 Net Income (Loss) Before Income Taxes 202 (79 ) Equity in Undistributed Net Income of Subsidiary 1,246 1,550 Income Tax Benefit 19 27 Net Income $ 1,467 $ 1,498 Comprehensive Income $ 1,492 $ 1,472 Statement s of Cash Flows For the Year Ended December 31, 20 17 201 6 Operating Activities Net income $ 1,467 $ 1,498 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net income in subsidiary (1,246 ) (1,550 ) Depreciation expense 38 35 Stock-based compensation expense 314 300 Decrease (Increase) in other assets (13 ) (92 ) (Decrease) Increase in other liabilities (5 ) 3 Net cash provided by operating activities 555 194 Investing Activities Purchase of property and equipment (139 ) (46 ) Net cash used in investing activities (139 ) (46 ) Financing Activities Dividends paid (364 ) (283 ) Purchase of treasury stock (347 ) (17 ) Proceeds from the reissuance of treasury stock 94 92 Proceeds from the exercise of stock options 206 190 Net cash used in financing activities (411 ) (18 ) Net Increase in Cash and Cash Equivalents 5 130 Cash and Cash Equivalents-Beginning of Year 206 76 Cash and Cash Equivalents-End of Year $ 211 $ 206 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Company ’s most significant estimates are the determination of the allowance for loan losses and valuation of deferred tax assets. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk The Bank has a significant concentration of loans in Philadelphia County, Pennsylvania. The concentration of credit by type of loan is set forth in Note 7. December 31, 2017, one 48% 45% |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include non-interest earning and interest-earning demand deposits and money market accounts with various financial institutions, all of which mature within ninety |
Investment, Policy [Policy Text Block] | Investment Securities Management determines the appropriate classification of debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time but not for sale would be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company’s assets and liabilities, liquidity needs, regulatory capital requirements, and other similar factors. Securities available for sale are carried at fair value. Unrealized gains and losses are reported in other comprehensive income, net of related deferred tax effects. Realized gains and losses, determined on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest income using the interest method over the terms of the securities. S ecurities classified as held to maturity are those debt securities the Company has both the intent and ability to hold to maturity regardless of the changes in market conditions, liquidity needs, or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, which are recognized in interest income using the interest method over the terms of the securities. T he Company follows the accounting guidance related to recognition and presentation of other-than-temporary impairment. This accounting guidance specifies that (a) if a company does not not not not not not not no December 31, 2017 2016. |
Federal Home Loan Bank Stock [Policy Text Block] | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No years ended December 31 , 2017 2016. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan . The loans receivable portfolio is segmented into residential loans, commercial real estate loans, construction loans , commercial business, and consumer loans. The residential loan segment has two one four one four five The accrual of interest is generally discontinued when principal or interest has become 90 no |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses represents management ’s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately charged off, no The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company ’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may may The allowance consists of specific, general and unallocated components. The specific component relates to loans that are identified as impaired. For loans that are identified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative factors. These significant factors may -evaluated quarterly to ensure their relevance in the current economic environment. Residential mortgage lending generally entails a lower risk of default than other types of lending. Consumer loans and commercial real estate loans generally involve more risk of collectability because of the type and nature of the collateral and, in certain cases, the absence of collateral. It is the Company’s policy to establish a specific reserve for loss on any delinquent loan when it determines that a loss is probable. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. A loan is considered a troubled debt restructuring (“TDR”) if the Company, for economic or legal reasons related to a debtor’s financial difficulties, grants a concession to the debtor that it would not For loans secured by real estate, estimated fair values are determined primarily through third the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower ’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for all loans (except one four $500,000, may current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not may may not |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale Loans originated by the Bank ’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, are intended for sale in the secondary market and are carried at the lower of cost or fair value. Gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance (“BOLl”) The Company purchases bank owned life insurance as a mechanism for funding various employee benefit costs. The Company is the beneficiary of these policies that insure the lives of certain officers of its subsidiaries. The Company has recognized the cash surrender value under the insurance policies as an asset in the Consolidated Balance Sheets. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the expected useful lives of the related assets that range from three thirty-nine |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets on the consolidated balance sheets represent the acquisition by Quaint Oak Insurance Agency of the renewal rights to a book of business on August 1, 2016 $1.0 $515,000 $485,000 ten The Company will complete a goodwill and other intangible asset analysis at least on an annual basis or more often if events and circumstances indicate that there may |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned or foreclosed assets are comprised of property acquired through a foreclosure proceeding or acceptance of a deed in lieu of foreclosure and loans classified as in-substance foreclosures. A loan is classified as in-substance foreclosure when the Bank has taken possession of the collateral regardless of whether formal foreclosure proceedings take place. Other real estate properties are initially recorded at fair value, net of estimated selling costs at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of cost or fair value less estimated costs to sell. Net revenue and expenses from operations and additions to the valuation allowance are included in other expenses. The Co mpany has no December 31, 2017. December 31, 2016 three $435,000. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs T he Company expenses all advertising costs as incurred. Advertising costs are included in non-interest expense on the Consolidated Statements of Income. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | T ransfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 Company, ( 2 3 not |
Income Tax, Policy [Policy Text Block] | I ncome Taxes Deferred income taxes are provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not On December 22, 2017, 2017. 34% 21%. The Company follows guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. A tax position is recognized as a benefit only if it is more likely than not 50 not not no no December 31, 2017 2016. no January 1, 2013. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the stockholders’ equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss). |
Treasury Stock and Unallocated Common Stock [Policy Text Block] | Treasury Stock and Unallocated Common Stock The acquisition of treasury stock by the Company, including unallocated stock held by certain benefit plans, is recorded under the cost method. At the date of subsequent reissue, treasury stock is reduced by the cost of such stock on a first first |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation Stock compensation accounting guidance requires that the compensation cost relating to share-based payment transactions be recognized in financial statements. That cost is measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation accounting guidance covers a wide range of share-based compensation arrangements including stock option and restricted share plans. The stock compensation accounting guidance requires that compensation c ost for all stock awards be calculated and recognized over the employees’ service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the closing price of the Company’s common stock on the grant date is used for restricted stock awards. At December 31, 201 7, three 2008 2008 2013 May 2008 2013. 13. The Company also has an employee stock ownership plan (“ESOP”). This plan is more fully described in Note 13. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Amounts reported in earnings per share reflect earnings available to common stockholders for the period divided by the weighted average number of shares of common stock outstanding during the period, exclusive of unearned ESOP shares, unvested restricted stock (RRP) shares and treasury shares. Stock options and unvested restricted stock are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would have a dilutive effect if converted to common stock, computed using the “treasury stock” method. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Financial Instruments In the ordinary course of business, the Bank has entered into off-balance sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated balance sheet when they are funded. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain items in the 20 16 2017 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Change in Accounting Principal On February 14, 2018, ASU 2018 02 220 H.R.1, 2018 The Company has elected to early adopt this accounting standard, which provides a benefit to the financial statements by more accurately aligning the impacts of the items carried in accumulated other comprehensive income with the associated tax effect. The adoption was applied on a modified retrospective and resulted in a one $2,000 no Recent Accounting Pronouncements I n May 2014, 2014 09, Revenue from Contracts with Customers December 15, 2016, not not not 606. In January 2016, 2016 01, Financial Instruments – Overall (Subtopic 825 10 not ’s other deferred tax assets. ASU 2016 01 January 1, 2018 not In February 2016, 2016 02, Leases (Topic 842 one 12 not may December 15, 2018, practical expedients it may not to the financial statements. Based on the Company’s preliminary analysis of its current portfolio, the impact to the Company’s balance sheet is estimated to result in less than a 1% In June 2016, 2016 13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13 December 15, 2019, December 15, 2018. first one first one In August 2016, 2016 15, Statement of Cash Flows (Topic 230 eight may December 15, 2017, ’s statement of cash flows. In December 2016, 2016 20, Technical Corrections and Improvements to Topic 606, 460, not 606. 2016 20 2016 20 January 1, 2018 not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2019. not In March 2017, 2017 08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310 20 not December 15, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 not not The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. 1 not 2 not not In January 2018, 2018 01, Leases (Topic 842 not 842 not 840. 842 842; 842 2016 02. not In February 2018, 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 December 22, 2017, H.R.1, 2018 December 15, 2018, 1 not 2 not December 31, 2017, 1 no |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 201 7 201 6 Net Income $ 1,467,000 $ 1,498,000 Weighted average shares outstanding – basic 1,857,457 1,781,410 Effect of dilutive common stock equivalents 137,375 154,493 Adjusted weighted average shares outstanding – diluted 1,994,832 1,935,903 Basic earnings per share $ 0.79 $ 0.84 Diluted earnings per share $ 0.74 $ 0.77 |
Note 4 - Accumulated Other Co29
Note 4 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Losses on Investment Securities Available for Sale (1) 201 7 201 6 Balance beginning of the year $ (38 ) $ (12 ) Other comprehensive income (loss) before reclassifications 25 (26 ) Amount reclassified from accumulated other comprehensive loss -- -- Total other comprehensive income 25 (26 ) Reclassification of certain income tax effects from accumulated (2 ) -- Balance end of the year $ (15 ) $ (38 ) |
Note 5 - Investment in Intere30
Note 5 - Investment in Interest-earning Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Investments in Interest-Earning Time Deposits by Contractual Maturity [Table Text Block] | 20 17 20 1 6 Due in one year or less $ 761 $ 2,849 Due after one year through five years 4,118 3,249 Total $ 4,879 $ 6,098 |
Note 6 - Investment Securitie31
Note 6 - Investment Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | December 31, 201 7 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 5,624 $ 19 $ -- $ 5,643 Federal Home Loan Mortgage Corporation securities 1,377 -- (35 ) 1,342 Federal National Mortgage Association securities 570 -- -- 570 Total mortgage-backed securities 7,571 19 (35 ) 7,555 Debt securities: U.S. government agency 360 -- (3 ) 357 Total available-for-sale-securities $ 7,931 $ 19 $ (38 ) $ 7,912 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Available for Sale: Mortgage-backed securities: Governmental National Mortgage Association securities $ 6,608 $ 1 $ (19 ) $ 6,590 Federal Home Loan Mortgage Corporation securities 1,892 -- (21 ) 1,871 Federal National Mortgage Association securities 752 -- (12 ) 740 Total mortgage-backed securities 9,252 1 (52 ) 9,201 Debt securities: U.S. government agency 360 -- (6 ) 354 Total available-for-sale-securities $ 9,612 $ 1 $ (58 ) $ 9,555 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due after one year through five years $ 360 $ 357 Due after ten years 7,571 7,555 Total $ 7,931 $ 7,912 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31 , 201 7 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Federal Home Loan Mortgage Corporation mortgage-backed securities 2 $ -- $ -- $ 1,342 $ (35 ) $ 1,342 $ (35 ) Debt securities, U.S. government agency 1 -- -- 357 (3 ) 357 (3 ) Total 3 $ -- $ -- $ 1,699 $ (38 ) $ 1,699 $ (38 ) December 31 , 2016 Less than Twelve Months Twelve Months or Greater Total Number of Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Governmental National Mortgage Association mortgage-backed securities 8 $ 5,874 $ (19 ) $ -- $ -- $ 5,874 $ (19 ) Federal Home Loan Mortgage Corporation mortgage-backed securities 2 1,871 (21 ) -- -- 1,871 (21 ) Federal National Mortgage Association mortgage-backed securities 1 740 (12 ) -- -- 740 (12 ) Debt securities, U.S. government agency 1 354 (6 ) -- -- 354 (6 ) Total 12 $ 8,839 $ (58 ) $ -- $ -- $ 8,839 $ (58 ) |
Note 7 - Loans Receivable, Ne32
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31 , 201 7 December 31, 20 1 6 Real estate loans: One-to-four family residential: Owner occupied $ 5,681 $ 5,389 Non-owner occupied 51,833 51,893 Total one-to-four family residential 57,514 57,282 Multi-family (five or more) residential 21,715 14,641 Commercial real estate 92,234 77,730 Construction 15,632 15,355 Home equity 5,129 4,775 Total real estate loans 192,224 169,783 Commercial business 11,954 9,295 Other consumer 138 26 Total Loans 204,316 179,104 Deferred loan fees and costs (837 ) (692 ) Allowance for loan losses (1,812 ) (1,605 ) Net Loans $ 201,667 $ 176,807 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 201 7 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,258 $ 423 $ -- $ -- $ 5,681 One-to-four family residential non-owner occupied 51,372 29 432 -- 51,833 Multi-family residential 21,715 -- -- -- 21,715 Commercial real estate 91,549 399 286 -- 92,234 Construction 13,562 -- 2,070 -- 15,632 Home equity 5,129 -- -- -- 5,129 Commercial business 11,419 535 -- -- 11,954 Other consumer 138 -- -- -- 138 Total $ 200,142 $ 1,386 $ 2,788 $ -- $ 204,316 December 31, 20 16 Pass Special Mention Substandard Doubtful Total One-to-four family residential owner occupied $ 5,389 $ -- $ -- $ -- $ 5,389 One-to-four family residential non-owner occupied 50,864 122 907 -- 51,893 Multi-family residential 14,641 -- -- -- 14,641 Commercial real estate 76,281 117 1,332 -- 77,730 Construction 13,355 -- 2,000 -- 15,355 Home equity 4,775 -- -- -- 4,775 Commercial business 9,295 -- -- -- 9,295 Other consumer 26 -- -- -- 26 Total $ 174,626 $ 239 $ 4,239 $ -- $ 179,104 |
Impaired Financing Receivables [Table Text Block] | December 31 , 20 1 7 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 442 442 -- 937 24 Multi-family residential -- -- -- -- -- Commercial real estate -- -- -- 398 38 Construction 2,069 2,069 -- 2,064 58 Home equity 45 45 -- 47 5 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 214 214 70 214 5 Multi-family residential -- -- -- -- -- Commercial real estate 133 133 1 395 9 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 656 656 70 1,151 29 Multi-family residential -- -- -- -- -- Commercial real estate 133 133 1 793 47 Construction 2,069 2,069 -- 2,064 58 Home equity 45 45 -- 47 5 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 2,903 $ 2,903 $ 71 $ 4,055 $ 139 December 31, 20 16 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 925 925 -- 1,208 56 Multi-family residential -- -- -- -- -- Commercial real estate 660 660 -- 660 7 Construction -- -- -- -- -- Home equity 49 49 -- 82 6 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- With an allowance recorded: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 167 167 28 169 8 Multi-family residential -- -- -- -- -- Commercial real estate 133 133 11 133 9 Construction -- -- -- -- -- Home equity -- -- -- -- -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total: One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 1,092 1,092 28 1,377 64 Multi-family residential -- -- -- -- -- Commercial real estate 793 793 11 793 16 Construction -- -- -- -- -- Home equity 49 49 -- 82 6 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 1,934 $ 1,934 $ 39 $ 2,252 $ 86 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | December 31, 201 7 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 5 536 -- 536 25 Multi-family residential -- -- -- -- -- Commercial real estate 1 133 -- 133 1 Construction -- -- -- -- -- Home equity 2 45 -- 45 -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 8 $ 714 $ -- $ 714 $ 26 December 31, 201 6 Number of Contracts Recorded Investment Non-Accrual Accruing Related Allowance One-to-four family residential owner occupied -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 5 551 -- 551 28 Multi-family residential -- -- -- -- -- Commercial real estate 1 133 -- 133 11 Construction -- -- -- -- -- Home equity 2 49 -- 49 -- Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total 8 $ 733 $ -- $ 733 $ 39 |
Contractual Aging of Troubled Debt Restructurings [Table Text Block] | December 31 , 201 7 Accruing Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non- Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 536 -- -- -- 536 Multi-family residential -- -- -- -- -- Commercial real estate 133 -- -- -- 133 Construction -- -- -- -- -- Home equity 45 -- -- -- 45 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 714 $ -- $ -- $ -- $ 714 December 31, 201 6 Accruing Past Due Less than 30 Days Past Due 30-89 Days Greater than 90 Days Non- Accrual Total One-to-four family residential owner occupied $ -- $ -- $ -- $ -- $ -- One-to-four family residential non-owner occupied 551 -- -- -- 551 Multi-family residential -- -- -- -- -- Commercial real estate 133 -- -- -- 133 Construction -- -- -- -- -- Home equity 49 -- -- -- 49 Commercial business -- -- -- -- -- Other consumer -- -- -- -- -- Total $ 733 $ -- $ -- $ -- $ 733 |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | December 31 , 201 7 1-4 Family Residential Owner Occupied 1-4 Family Residential Non- Owner Occupied Multi- Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 41 $ 503 $ 103 $ 616 $ 138 $ 37 $ 87 $ 80 $ 1,605 Charge-offs -- (56 ) -- (24 ) -- -- -- -- (80 ) Recoveries -- -- -- 3 -- -- -- -- 3 Provision 7 93 49 92 (2 ) (10 ) 53 2 284 Ending balance $ 48 $ 540 $ 152 $ 687 $ 136 $ 27 $ 140 $ 82 $ 1,812 Ending balance evaluated for impairment Individually $ -- $ 70 $ -- $ 1 $ -- $ -- $ -- $ -- $ 71 Collectively $ 48 $ 470 $ 152 $ 686 $ 136 $ 27 $ 140 $ 82 $ 1,741 Loans receivable: Ending balance $ 5,681 $ 51,833 $ 21,715 $ 92,234 $ 15,632 $ 5,129 $ 12,092 $ -- $ 204,316 Ending balance evaluated for impairment Individually $ -- $ 656 $ -- $ 133 $ 2,069 $ 45 $ -- $ -- $ 2,903 Collectively $ 5,681 $ 51,177 $ 21,715 $ 92,101 $ 13,563 $ 5,084 $ 12,092 $ -- $ 201,413 December 31, 201 6 1-4 Family Residential Owner Occupied 1-4 Family Residential Non- Owner Occupied Multi- Family Residential Commercial Real Estate Construction Home Equity Commercial Business and Other Consumer Unallocated Total Allowance for loan losses: Beginning balance $ 55 $ 486 $ 81 $ 389 $ 153 $ 50 $ 18 $ 81 $ 1,313 Charge-offs -- -- -- -- -- -- -- -- -- Recoveries -- -- -- -- -- -- -- -- -- Provision (14 ) 17 22 227 (15 ) (13 ) 69 (1 ) 292 Ending balance $ 41 $ 503 $ 103 $ 616 $ 138 $ 37 $ 87 $ 80 $ 1,605 Ending balance evaluated for impairment Individually $ -- $ 28 $ -- $ 11 $ -- $ -- $ -- $ -- $ 39 Collectively $ 41 $ 475 $ 103 $ 605 $ 138 $ 37 $ 87 $ 80 $ 1,566 Loans receivable: Ending balance $ 5,389 $ 51,893 $ 14,641 $ 77,730 $ 15,355 $ 4,775 $ 9,321 $ -- $ 179,104 Ending balance evaluated for impairment Individually $ -- $ 1,092 $ -- $ 793 $ -- $ 49 $ -- $ -- $ 1,934 Collectively $ 5,389 $ 50,801 $ 14,641 $ 76,937 $ 15,355 $ 4,726 $ 9,321 $ -- $ 177,170 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | December 31, 201 7 December 31, 201 6 One-to-four family residential owner occupied $ -- $ -- One-to-four family residential non-owner occupied 120 541 Multi-family residential -- -- Commercial real estate -- 660 Construction 2,069 -- Home equity -- -- Commercial business -- -- Other consumer -- -- Total $ 2,189 $ 1,201 |
Past Due Financing Receivables [Table Text Block] | December 31 , 201 7 30- 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 670 $ 423 $ 1,093 $ 4,588 $ 5,681 $ 423 One-to-four family residential non-owner o ccupied 969 337 1,306 50,527 51,833 217 Multi-family residential 313 -- 313 21,402 21,715 -- Commercial real estate 505 241 746 91,488 92,234 241 Construction 407 2,069 2,476 13,156 15,632 -- Home equity 51 -- 51 5,078 5,129 -- Commercial business -- -- -- 11,954 11,954 -- Other consumer -- -- -- 138 138 -- Total $ 2,915 $ 3,070 $ 5,985 $ 198,331 $ 204,316 $ 881 December 31, 201 6 30- 89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Loans Receivable > 90 Days and Accruing One-to-four family residential owner occupied $ 310 $ 9 $ 319 $ 5,070 $ 5,389 $ 9 One-to-four family residential non-owner occupied 271 778 1,049 50,844 51,893 237 Multi-family residential -- -- -- 14,641 14,641 -- Commercial real estate 385 777 1,162 76,568 77,730 117 Construction 596 308 904 14,451 15,355 308 Home equity 115 -- 115 4,660 4,775 -- Commercial business 43 -- 43 9,252 9,295 -- Other consumer -- -- -- 26 26 -- Total $ 1,720 $ 1,872 $ 3,592 $ 175,512 $ 179,104 $ 671 |
Note 8 - Premises and Equipme33
Note 8 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 201 7 201 6 Land and land improvements $ 299 $ 299 Buildings 1,316 1,178 Leasehold improvements 436 382 Furniture, fixtures and equipment 1,180 922 3,231 2,781 Accumulated depreciation (1,243 ) (1,051 ) Premises and equipment, net $ 1,988 $ 1,730 |
Note 9 - Goodwill and Other I34
Note 9 - Goodwill and Other Intangible, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2018 $ 49 2019 49 2020 49 2021 49 202 2 49 Thereafter 171 Total $ 416 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | 201 7 201 6 Amount Weighted Average Interest Rate Amount Weighted Average Interest Rate Non-interest bearing checking accounts $ 7,956 -- % $ 5,852 -- % Passbook accounts 463 0.15 1,189 0.15 Savings accounts 2,353 0.22 1,784 0.20 Money market accounts 30,411 0.79 31,114 0.79 Certificate of deposit accounts 145,038 1.77 137,068 1.69 Total $ 186,221 1.47 % $ 177,007 1.41 % |
Certificate of Deposit by Maturity [Table Text Block] | Year s ending December 31: 201 8 $ 42,895 201 9 25,863 20 20 39,841 20 21 27,366 20 22 9,073 Total $ 145,038 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | At or For the Year Ended December 31, 201 7 201 6 FHLB short-term borrowings: Average balance outstanding $ 8,654 $ 5,692 Maximum amount outstanding at any month-end during the period 11,500 7,000 Balance outstanding at end of period 10,000 7,000 Average interest rate during the period 1.17 % 0.54 % Weighted average interest rate at end of period 1.54 % 0.74 % |
Federal Home Loan Bank Advances [Member] | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 201 7 December 31, 201 6 Fixed rate borrowings maturing: Amount Weighted Interest Rate Amount Weighted Interest Rate 2017 $ -- - % $ 2,500 1.15 % 2018 3,000 1.46 3,000 1.46 2019 3,000 1.86 2,000 1.95 2020 2,000 2.00 1,000 2.15 2021 3,000 2.05 -- -- 2022 3,000 2.18 -- -- 2023 3,000 2.33 -- -- 2 024 1,000 2.54 -- -- Total FHLB long-term debt $ 18,000 2.01 % $ 8,500 1.56 % |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 7 201 6 Federal: Current $ 911 $ 888 Deferred (65 ) (185 ) Change in corporate tax rate 297 -- Total federal 1,143 703 State, current 62 33 Total $ 1,205 $ 736 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 7 201 6 Federal income tax at statutory rate $ 907 $ 759 State tax, net of federal benefit 42 22 Stock compensation expense (21 ) (21 ) Change in corporate tax rate 297 -- Other (20 ) (24 ) Total $ 1,205 $ 736 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 20 1 7 20 1 6 Deferred tax assets: Allowance for loan losses $ 380 $ 546 Stock-based compensation 13 25 Interest on non-accrual loans 5 6 Unrealized loss on investment securities available for sale 4 19 Deferred loan fees 176 235 Organization cost 1 2 Total deferred tax assets 579 833 Deferred tax liabilities: Bank premises and equipment (94 ) (103 ) Intangible (5 ) (3 ) Total deferred tax liabilities (99 ) (106 ) Net Deferred Tax Asset $ 480 $ 727 |
Note 13 - Stock Compensation 38
Note 13 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | 20 17 20 16 Allocated shares 167,643 153,647 Unreleased shares 52,956 68,533 Total ESOP shares 220,599 222,180 Fair value of unreleased shares (in thousands) $ 688 $ 822 |
Share-based Compensation, Activity [Table Text Block] | 201 7 201 6 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested at the beginning of the year 20,524 $ 8.10 30,784 $ 8.10 Granted -- -- -- -- Vested (10,263 ) 8.10 (10,260 ) 8.10 Forfeited (200 ) 8.10 -- -- Unvested at the end of the year 10,061 $ 8.10 20,524 $ 8.10 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 201 7 201 6 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Outstanding at the beginning of the year 316,348 $ 6.49 3.8 354,266 $ 6.33 4.7 Granted -- -- -- -- -- -- Exercised (45,534 ) 5.00 -- (37,918 ) 5.00 -- Forfeited (5,512 ) 6.89 -- -- -- -- Outstanding at the end of the period 265,302 $ 6.74 3.2 316,348 $ 6.49 3.8 Exercisable at the end of the period 235,462 $ 6.57 2.9 255,708 $ 6.11 3.2 |
Note 15 - Financial Instrumen39
Note 15 - Financial Instruments With Off-balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Financial Instrument Commitments [Table Text Block] | 20 17 20 16 Commitments to originate loans $ 15,921 $ 10,228 Unfunded commitments under lines of credit 19,162 15,443 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Rental Amount 201 8 $ 132 201 9 115 20 20 112 20 21 101 2022 40 Thereafter 175 $ 675 |
Note 16 - Regulatory Matters (T
Note 16 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 20 1 7 : Total capital (to risk-weighted assets) $ 21,674 12.31 % > 14,090 > 8.00 % > 17,613 > 10.00 % Tier 1 capital (to risk-weighted assets) 19,835 11.26 > 10,568 > 6.00 > 14,090 > 8.00 Common Equity Tier 1 capital (to risk-weighted assets) 19,835 11.26 > 7,926 > 4.50 > 11,449 > 6.50 Tier 1 capital (to average assets) 19,835 8.54 > 9,288 > 4.00 > 11,610 > 5.00 Actual For Capital Adequacy P urposes To be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2016: Total capital (to risk-weighted assets) $ 20,302 13.20 % > 12,307 > 8.00 % > 15,383 > 10.00 % Tier 1 capital (to risk-weighted assets) 18,670 12.14 > 9,230 > 6.00 > 12,307 > 8.00 Common Equity Tier 1 capital (to risk-weighted assets) 18,670 12.14 > 6,922 > 4.50 > 9,999 > 6.50 Tier 1 capital (to average assets) 18,670 8.94 > 8,356 > 4.00 > 10,445 > 5.00 |
Note 17 - Fair Value Measurem41
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Dec ember 3 1 , 2017 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 5,643 $ -- $ 5,643 $ -- Federal Home Loan Mortgage Corporation mortgage-backed securities 1,342 -- 1,342 -- Federal National Mortgage Association mortgage- backed securities 570 -- 570 -- Debt securities, U.S. government agency 357 -- 357 -- Total investment securities available for sale $ 7,912 $ -- $ 7,912 $ -- Total recurring fair value measurements $ 7,912 $ -- $ 7,912 $ -- Nonrecurring fair value measurements Impaired loans $ 2,832 $ -- $ -- $ 2,832 Total nonrecurring fair value measurements $ 2,832 $ -- $ -- $ 2,832 Dec ember 3 1, 2016 Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring fair value measurements Investment securities available for sale Governmental National Mortgage Association mortgage-backed securities $ 6,590 $ -- $ 6,590 $ -- Federal Home Loan Mortgage Corporation mortgage-backed securities 1,871 -- 1,871 -- Federal National Mortgage Association mortgage- backed securities 740 -- 740 -- Debt securities, U.S. government agency 354 -- 354 -- Total investment securities available for sale $ 9,555 $ -- $ 9,555 $ -- Total recurring fair value measurements $ 9,555 $ -- $ 9,555 $ -- Nonrecurring fair value measurements Impaired loans $ 1,895 $ -- $ -- $ 1,895 Other real estate owned 435 -- -- 435 Total nonrecurring fair value measurements $ 2,330 $ -- $ -- $ 2,330 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | December 31 , 201 7 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 2,832 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 27% (1%) December 31, 201 6 Quantitative Information About Level 3 Fair Value Measurements Total Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,895 Appraisal of collateral (1) Appraisal adjustments (2) 0% - 22% (2%) Other real estate owned $ 435 Appraisal of collateral (1) Appraisal adjustments ( 2) 0% - 29% (12%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 201 7 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 7,910 $ 7,910 $ 7,910 $ -- $ -- Investment in interest-earning time deposits 4,879 4,912 -- -- 4,912 Investment securities available for sale 7,912 7,912 -- 7,912 -- Loans held for sale 7,006 7,232 -- 7,232 -- Loans receivable, net 201,667 202,803 -- -- 202,803 Accrued interest receivable 1,021 1,021 1,021 -- -- Investment in FHLB stock 1,234 1,234 1,234 -- -- Bank-owned life insurance 3,814 3,814 3,814 -- -- Financial Liabilities Deposits 186,221 187,309 41,183 -- 146,126 FHLB short-term borrowings 10,000 10,000 10,000 -- -- FHLB long-term borrowings 18,000 16,982 -- -- 16,982 Accrued interest payable 167 167 167 -- -- Fair Value Measurements at December 31, 201 6 Carrying Amount Fair Value Estimate Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Financial Assets Cash and cash equivalents $ 9,300 $ 9,300 $ 9,300 $ -- $ -- Investment in interest-earning time deposits 6,098 6,163 -- -- 6,163 Investment securities available for sale 9,555 9,555 -- 9,555 -- Loans held for sale 4,712 4,879 -- 4,879 -- Loans receivable, net 176,807 177,870 -- -- 177,870 Accrued interest receivable 862 862 862 -- -- Investment in FHLB stock 713 713 713 -- -- Bank-owned life insurance 3,728 3,728 3,728 -- -- Financial Liabilities Deposits 177,007 179,050 39,939 -- 139,111 FHLB short-term borrowings 7,000 7,000 7,000 -- -- FHLB long-term borrowings 8,500 8,507 -- -- 8,507 Accrued interest payable 142 142 142 -- -- |
Note 18 - Quaint Oak Bancorp,42
Note 18 - Quaint Oak Bancorp, Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 20 17 20 16 Assets Cash and cash equivalents $ 211 $ 206 Investment in Quaint Oak Bank 20,552 19,201 Premises and equipment, net 1,423 1,322 Other assets 10 77 Total Assets $ 22,196 $ 20,806 Liabilities and Stockholders ’ Equity Other liabilities $ 11 $ 16 Stockholders ’ equity 22,185 20,790 Total Liabilities and Stockholders ’ Equity $ 22,196 $ 20,806 |
Condensed Income Statement [Table Text Block] | For the Year Ended December 31, 201 7 201 6 Income Dividends from subsidiary $ 250 $ -- Rental income 149 108 Total Income 399 108 Expenses Occupancy and equipment expense 101 96 Other expenses 96 91 Total Expenses 197 187 Net Income (Loss) Before Income Taxes 202 (79 ) Equity in Undistributed Net Income of Subsidiary 1,246 1,550 Income Tax Benefit 19 27 Net Income $ 1,467 $ 1,498 Comprehensive Income $ 1,492 $ 1,472 |
Condensed Cash Flow Statement [Table Text Block] | For the Year Ended December 31, 20 17 201 6 Operating Activities Net income $ 1,467 $ 1,498 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed net income in subsidiary (1,246 ) (1,550 ) Depreciation expense 38 35 Stock-based compensation expense 314 300 Decrease (Increase) in other assets (13 ) (92 ) (Decrease) Increase in other liabilities (5 ) 3 Net cash provided by operating activities 555 194 Investing Activities Purchase of property and equipment (139 ) (46 ) Net cash used in investing activities (139 ) (46 ) Financing Activities Dividends paid (364 ) (283 ) Purchase of treasury stock (347 ) (17 ) Proceeds from the reissuance of treasury stock 94 92 Proceeds from the exercise of stock options 206 190 Net cash used in financing activities (411 ) (18 ) Net Increase in Cash and Cash Equivalents 5 130 Cash and Cash Equivalents-Beginning of Year 206 76 Cash and Cash Equivalents-End of Year $ 211 $ 206 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Number of Wholly-Owned Subsidiaries | 5 |
Number of Subsidiary Branch Offices | 2 |
Note 2 - Summary of Significa44
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Aug. 01, 2016USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 0 | |||
Impairment of Federal Home Loan Bank Stock | $ 0 | 0 | |||
Past Due Period of Principal or Interest Payment | 90 days | ||||
Threshold for Loans to be Evaluated Annually, Minimum | $ 500,000 | ||||
Payments to Acquire Businesses, Gross | 1,000,000 | ||||
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | $ 435,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | ||
Number of Share-Based Plans | 3 | ||||
Accounting Standards Update 2018-02 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | Retained Earnings [Member] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 2,000 | ||||
Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncement, Estimated Increase in Assets and Liabilities | 1.00% | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||||
Number of Mortgage Loans in Foreclosure Proceedings | 0 | ||||
Signature Insurance Services, LLC [Member] | |||||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||||
Goodwill, Acquired During Period | 515,000 | ||||
Signature Insurance Services, LLC [Member] | Other Intangible Assets [Member] | |||||
Finite-lived Intangible Assets Acquired | $ 485,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 39 years | ||||
Loans Sold [Member] | Credit Concentration Risk [Member] | |||||
Number of Investors | 1 | ||||
Percentage of Loans Sold From Mortgage Loans Held for Sale | 48.00% | ||||
Percentage Gains on Loans Sold From Mortgage Loans Held for Sale | 45.00% |
Note 3 - Earnings Per Share - W
Note 3 - Earnings Per Share - Weighted Average Shares Used in Basic and Dilutive Earnings Per Share Computations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income | $ 1,467,000 | $ 1,498,000 |
Weighted average shares outstanding – basic (in shares) | 1,857,457 | 1,781,410 |
Effect of dilutive common stock equivalents (in shares) | 137,375 | 154,493 |
Adjusted weighted average shares outstanding – diluted (in shares) | 1,994,832 | 1,935,903 |
Basic earnings per share (in dollars per share) | $ 0.79 | $ 0.84 |
Diluted earnings per share (in dollars per share) | $ 0.74 | $ 0.77 |
Note 4 - Accumulated Other Co46
Note 4 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Balance beginning of the year | $ 20,790 | $ 19,036 | |
Reclassification of certain income tax effects from accumulated other comprehensive income | |||
Balance end of the year | 22,185 | 20,790 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance beginning of the year | [1] | (38) | (12) |
Other comprehensive income (loss) before reclassifications | [1] | 25 | (26) |
Amount reclassified from accumulated other comprehensive loss | [1] | ||
Total other comprehensive income (loss) | [1] | 25 | (26) |
Reclassification of certain income tax effects from accumulated other comprehensive income | [1] | (2) | |
Balance end of the year | [1] | $ (15) | $ (38) |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Note 5 - Investment in Intere47
Note 5 - Investment in Interest-earning Time Deposits - Investment in Interest-earnings Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Due in one year or less | $ 761 | $ 2,849 |
Due after one year through five years | 4,118 | 3,249 |
Total | $ 4,879 | $ 6,098 |
Note 6 - Investment Securitie48
Note 6 - Investment Securities Available for Sale (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 3 | 12 |
Percentage of Aggregate Depreciation Held by Debt Securities | 2.21% | |
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 |
Note 6 - Investment Securitie49
Note 6 - Investment Securities Available for Sale - Amortized Cost and Fair Value of Investment Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Amortized cost | $ 7,931 | $ 9,612 |
Gross unrealized gains | 19 | 1 |
Gross unrealized losses | (38) | (58) |
Investment securities available for sale | 7,912 | 9,555 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 7,571 | 9,252 |
Gross unrealized gains | 19 | 1 |
Gross unrealized losses | (35) | (52) |
Investment securities available for sale | 7,555 | 9,201 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 360 | 360 |
Gross unrealized gains | ||
Gross unrealized losses | (3) | (6) |
Investment securities available for sale | 357 | 354 |
Government National Mortgage Association (GNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 5,624 | 6,608 |
Gross unrealized gains | 19 | 1 |
Gross unrealized losses | (19) | |
Investment securities available for sale | 5,643 | 6,590 |
Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 1,377 | 1,892 |
Gross unrealized gains | ||
Gross unrealized losses | (35) | (21) |
Investment securities available for sale | 1,342 | 1,871 |
Federal National Mortgage Association (FNMA) Insured Loans [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 570 | 752 |
Gross unrealized gains | ||
Gross unrealized losses | (12) | |
Investment securities available for sale | $ 570 | $ 740 |
Note 6 - Investment Securitie50
Note 6 - Investment Securities Available for Sale - Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Due after one year through five years, amortized cost | $ 360 | |
Due after one year through five years, fair value | 357 | |
Due after ten years, amortized cost | 7,571 | |
Due after ten years, fair value | 7,555 | |
Total, amortized cost | 7,931 | $ 9,612 |
Total, fair value | $ 7,912 |
Note 6 - Investment Securitie51
Note 6 - Investment Securities Available for Sale - Gross Unrealized Losses and Fair Value (Details) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Number of securities | 3 | 12 |
Fair value, less than twelve months | $ 8,839 | |
Gross unrealized losses, less than twelve months | (58) | |
Fair value, twelve months or greater | 1,699 | |
Gross unrealized losses, twelve months or greater | (38) | |
Fair value | 1,699 | 8,839 |
Gross unrealized losses | $ (38) | $ (58) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | ||
Number of securities | 2 | 2 |
Fair value, less than twelve months | $ 1,871 | |
Gross unrealized losses, less than twelve months | (21) | |
Fair value, twelve months or greater | 1,342 | |
Gross unrealized losses, twelve months or greater | (35) | |
Fair value | 1,342 | 1,871 |
Gross unrealized losses | $ (35) | $ (21) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | ||
Number of securities | 8 | |
Fair value, less than twelve months | $ 5,874 | |
Gross unrealized losses, less than twelve months | (19) | |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 5,874 | |
Gross unrealized losses | $ (19) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | ||
Number of securities | 1 | |
Fair value, less than twelve months | $ 740 | |
Gross unrealized losses, less than twelve months | (12) | |
Fair value, twelve months or greater | ||
Gross unrealized losses, twelve months or greater | ||
Fair value | 740 | |
Gross unrealized losses | $ (12) | |
US Government Agencies Debt Securities [Member] | ||
Number of securities | 1 | 1 |
Fair value, less than twelve months | $ 354 | |
Gross unrealized losses, less than twelve months | (6) | |
Fair value, twelve months or greater | 357 | |
Gross unrealized losses, twelve months or greater | (3) | |
Fair value | 357 | 354 |
Gross unrealized losses | $ (3) | $ (6) |
Note 7 - Loans Receivable, Ne52
Note 7 - Loans Receivable, Net and Allowance for Loan Losses (Details Textual) | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Troubled Debt Restructuring, Number of Contracts | 8 | 8 |
Financing Receivable, Modifications, Recorded Investment | $ 714,000 | $ 733,000 |
Financing Receivable, Modifications, Number of Contracts | 0 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | |
Loans and Leases Receivable, Gross | 204,316,000 | 179,104,000 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 119,000 | 115,000 |
Nonperforming Financial Instruments [Member] | ||
Loans and Leases Receivable, Gross | $ 3,100,000 | $ 1,900,000 |
Note 7 - Loans Receivable, Ne53
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Composition of Net Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate loans: | |||
Loans | $ 204,316 | $ 179,104 | |
Deferred loan fees and costs | (837) | (692) | |
Allowance for loan losses | (1,812) | (1,605) | $ (1,313) |
Net Loans | 201,667 | 176,807 | |
Real Estate Portfolio Segment [Member] | |||
Real estate loans: | |||
Loans | 192,224 | 169,783 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | |||
Real estate loans: | |||
Loans | 5,681 | 5,389 | |
Allowance for loan losses | (48) | (41) | (55) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | |||
Real estate loans: | |||
Loans | 51,833 | 51,893 | |
Allowance for loan losses | (540) | (503) | (486) |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Loans [Member] | |||
Real estate loans: | |||
Loans | 57,514 | 57,282 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | |||
Real estate loans: | |||
Loans | 21,715 | 14,641 | |
Allowance for loan losses | (152) | (103) | (81) |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |||
Real estate loans: | |||
Loans | 92,234 | 77,730 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Real estate loans: | |||
Loans | 15,632 | 15,355 | |
Allowance for loan losses | (136) | (138) | (153) |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Real estate loans: | |||
Loans | 5,129 | 4,775 | |
Allowance for loan losses | (27) | (37) | $ (50) |
Commercial Portfolio Segment [Member] | |||
Real estate loans: | |||
Loans | 11,954 | 9,295 | |
Consumer Portfolio Segment [Member] | |||
Real estate loans: | |||
Loans | $ 138 | $ 26 |
Note 7 - Loans Receivable, Ne54
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio by Credit Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | $ 204,316 | $ 179,104 |
Pass [Member] | ||
Loans | 200,142 | 174,626 |
Special Mention [Member] | ||
Loans | 1,386 | 239 |
Substandard [Member] | ||
Loans | 2,788 | 4,239 |
Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | ||
Loans | 192,224 | 169,783 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | 5,681 | 5,389 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 5,258 | 5,389 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | 423 | |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 51,833 | 51,893 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Pass [Member] | ||
Loans | 51,372 | 50,864 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Special Mention [Member] | ||
Loans | 29 | 122 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Substandard [Member] | ||
Loans | 432 | 907 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | 21,715 | 14,641 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Pass [Member] | ||
Loans | 21,715 | 14,641 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | 92,234 | 77,730 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Pass [Member] | ||
Loans | 91,549 | 76,281 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Loans | 399 | 117 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Loans | 286 | 1,332 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 15,632 | 15,355 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 13,562 | 13,355 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | 2,070 | 2,000 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 5,129 | 4,775 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
Loans | 5,129 | 4,775 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Doubtful [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | 11,954 | 9,295 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 11,419 | 9,295 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 535 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans | 138 | 26 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 138 | 26 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans |
Note 7 - Loans Receivable, Ne55
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Impaired Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related allowance | $ 71 | $ 39 |
Recorded investment | 2,903 | 1,934 |
Unpaid principal balance | 2,903 | 1,934 |
Average recorded investment | 4,055 | 2,252 |
Interest income recognized | 139 | 86 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Recorded investment, with no related allowance recorded | 442 | 925 |
Unpaid principal balance, with no related allowance recorded | 442 | 925 |
Average recorded investment, with no related allowance recorded | 937 | 1,208 |
Interest income recognized, with no related allowance recorded | 24 | 56 |
Recorded investment, with an allowance recorded | 214 | 167 |
Unpaid principal balance, with an allowance recorded | 214 | 167 |
Related allowance | 70 | 28 |
Average recorded investment, with an allowance recorded | 214 | 169 |
Interest income recognized, with an allowance recorded | 5 | 8 |
Recorded investment | 656 | 1,092 |
Unpaid principal balance | 656 | 1,092 |
Average recorded investment | 1,151 | 1,377 |
Interest income recognized | 29 | 64 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Recorded investment, with no related allowance recorded | 660 | |
Unpaid principal balance, with no related allowance recorded | 660 | |
Average recorded investment, with no related allowance recorded | 398 | 660 |
Interest income recognized, with no related allowance recorded | 38 | 7 |
Recorded investment, with an allowance recorded | 133 | 133 |
Unpaid principal balance, with an allowance recorded | 133 | 133 |
Related allowance | 1 | 11 |
Average recorded investment, with an allowance recorded | 395 | 133 |
Interest income recognized, with an allowance recorded | 9 | 9 |
Recorded investment | 133 | 793 |
Unpaid principal balance | 133 | 793 |
Average recorded investment | 793 | 793 |
Interest income recognized | 47 | 16 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Recorded investment, with no related allowance recorded | 2,069 | |
Unpaid principal balance, with no related allowance recorded | 2,069 | |
Average recorded investment, with no related allowance recorded | 2,064 | |
Interest income recognized, with no related allowance recorded | 58 | |
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | 2,069 | |
Unpaid principal balance | 2,069 | |
Average recorded investment | 2,064 | |
Interest income recognized | 58 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Recorded investment, with no related allowance recorded | 45 | 49 |
Unpaid principal balance, with no related allowance recorded | 45 | 49 |
Average recorded investment, with no related allowance recorded | 47 | 82 |
Interest income recognized, with no related allowance recorded | 5 | 6 |
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | 45 | 49 |
Unpaid principal balance | 45 | 49 |
Average recorded investment | 47 | 82 |
Interest income recognized | 5 | 6 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized | ||
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | ||
Unpaid principal balance, with no related allowance recorded | ||
Average recorded investment, with no related allowance recorded | ||
Interest income recognized, with no related allowance recorded | ||
Recorded investment, with an allowance recorded | ||
Unpaid principal balance, with an allowance recorded | ||
Related allowance | ||
Average recorded investment, with an allowance recorded | ||
Interest income recognized, with an allowance recorded | ||
Recorded investment | ||
Unpaid principal balance | ||
Average recorded investment | ||
Interest income recognized |
Note 7 - Loans Receivable, Ne56
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Troubled Debt Restructuring Loans (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Troubled debt restructuring, number of contracts | 8 | 8 |
Troubled debt restructuring, recorded investment | $ 714,000 | $ 733,000 |
Troubled debt restructuring, related allowance | 26,000 | 39,000 |
Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 714,000 | $ 733,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructuring, number of contracts | 5 | 5 |
Troubled debt restructuring, recorded investment | $ 536,000 | $ 551,000 |
Troubled debt restructuring, related allowance | 25,000 | 28,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 536,000 | $ 551,000 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructuring, number of contracts | 1 | 1 |
Troubled debt restructuring, recorded investment | $ 133,000 | $ 133,000 |
Troubled debt restructuring, related allowance | 1,000 | 11,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 133,000 | $ 133,000 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructuring, number of contracts | 2 | 2 |
Troubled debt restructuring, recorded investment | $ 45,000 | $ 49,000 |
Troubled debt restructuring, related allowance | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | $ 45,000 | $ 49,000 |
Commercial Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Commercial Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructuring, number of contracts | ||
Troubled debt restructuring, recorded investment | ||
Troubled debt restructuring, related allowance | ||
Consumer Portfolio Segment [Member] | Nonaccruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | Accruing Instrument [Member] | ||
Troubled debt restructuring, recorded investment |
Note 7 - Loans Receivable, Ne57
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Contractual Aging of the TDRs (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 714,000 | 733,000 |
Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 714,000 | 733,000 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 536,000 | 551,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 536,000 | 551,000 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 133,000 | 133,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 133,000 | 133,000 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | 45,000 | 49,000 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | 45,000 | 49,000 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | ||
Troubled debt restructurings, non-accrual | ||
Troubled debt restructuring, recorded investment | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Troubled debt restructurings, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Troubled debt restructurings, past due |
Note 7 - Loans Receivable, Ne58
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Changes in the Allowance for Loan Losses and Recorded Investment in Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for loan losses, beginning balance | $ 1,605 | $ 1,313 |
Charge-offs | (80) | |
Recoveries | 3 | |
Provision | 284 | 292 |
Allowance for loan losses, ending balance | 1,812 | 1,605 |
Allowance for loan losses, individually evaluated for impairment | 71 | 39 |
Allowance for loan losses, collectively evaluated for impairment | 1,741 | 1,566 |
Loans receivable, ending balance | 204,316 | 179,104 |
Loans receivable, individually evaluated for impairment | 2,903 | 1,934 |
Loans receivable, collectively evaluated for impairment | 201,413 | 177,170 |
Real Estate Portfolio Segment [Member] | ||
Loans receivable, ending balance | 192,224 | 169,783 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Allowance for loan losses, beginning balance | 41 | 55 |
Charge-offs | ||
Recoveries | ||
Provision | 7 | (14) |
Allowance for loan losses, ending balance | 48 | 41 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 48 | 41 |
Loans receivable, ending balance | 5,681 | 5,389 |
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 5,681 | 5,389 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Allowance for loan losses, beginning balance | 503 | 486 |
Charge-offs | (56) | |
Recoveries | ||
Provision | 93 | 17 |
Allowance for loan losses, ending balance | 540 | 503 |
Allowance for loan losses, individually evaluated for impairment | 70 | 28 |
Allowance for loan losses, collectively evaluated for impairment | 470 | 475 |
Loans receivable, ending balance | 51,833 | 51,893 |
Loans receivable, individually evaluated for impairment | 656 | 1,092 |
Loans receivable, collectively evaluated for impairment | 51,177 | 50,801 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Allowance for loan losses, beginning balance | 103 | 81 |
Charge-offs | ||
Recoveries | ||
Provision | 49 | 22 |
Allowance for loan losses, ending balance | 152 | 103 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 152 | 103 |
Loans receivable, ending balance | 21,715 | 14,641 |
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 21,715 | 14,641 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate and Lines of Credit [Member] | ||
Allowance for loan losses, beginning balance | 616 | 389 |
Charge-offs | (24) | |
Recoveries | 3 | |
Provision | 92 | 227 |
Allowance for loan losses, ending balance | 687 | 616 |
Allowance for loan losses, individually evaluated for impairment | 1 | 11 |
Allowance for loan losses, collectively evaluated for impairment | 686 | 605 |
Loans receivable, ending balance | 92,234 | 77,730 |
Loans receivable, individually evaluated for impairment | 133 | 793 |
Loans receivable, collectively evaluated for impairment | 92,101 | 76,937 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Allowance for loan losses, beginning balance | 138 | 153 |
Charge-offs | ||
Recoveries | ||
Provision | (2) | (15) |
Allowance for loan losses, ending balance | 136 | 138 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 136 | 138 |
Loans receivable, ending balance | 15,632 | 15,355 |
Loans receivable, individually evaluated for impairment | 2,069 | |
Loans receivable, collectively evaluated for impairment | 13,563 | 15,355 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Allowance for loan losses, beginning balance | 37 | 50 |
Charge-offs | ||
Recoveries | ||
Provision | (10) | (13) |
Allowance for loan losses, ending balance | 27 | 37 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 27 | 37 |
Loans receivable, ending balance | 5,129 | 4,775 |
Loans receivable, individually evaluated for impairment | 45 | 49 |
Loans receivable, collectively evaluated for impairment | 5,084 | 4,726 |
Commercial and Consumer Portfolio Segments [Member] | ||
Allowance for loan losses, beginning balance | 87 | 18 |
Charge-offs | ||
Recoveries | ||
Provision | 53 | 69 |
Allowance for loan losses, ending balance | 140 | 87 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 140 | 87 |
Loans receivable, ending balance | 12,092 | 9,321 |
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment | 12,092 | 9,321 |
Unallocated Financing Receivables [Member] | ||
Allowance for loan losses, beginning balance | 80 | 81 |
Charge-offs | ||
Recoveries | ||
Provision | 2 | (1) |
Allowance for loan losses, ending balance | 82 | 80 |
Allowance for loan losses, individually evaluated for impairment | ||
Allowance for loan losses, collectively evaluated for impairment | 82 | 80 |
Loans receivable, ending balance | ||
Loans receivable, individually evaluated for impairment | ||
Loans receivable, collectively evaluated for impairment |
Note 7 - Loans Receivable, Ne59
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Non-accrual Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans | $ 2,189 | $ 1,201 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans | 120 | 541 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans | 660 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 2,069 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | ||
Commercial Portfolio Segment [Member] | ||
Loans | ||
Consumer Portfolio Segment [Member] | ||
Loans |
Note 7 - Loans Receivable, Ne60
Note 7 - Loans Receivable, Net and Allowance for Loan Losses - Loan Portfolio Summarized by Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans, past due | $ 5,985 | $ 3,592 |
Loans, current | 198,331 | 175,512 |
Loans | 204,316 | 179,104 |
Loans > 90 days and accruing | 881 | 671 |
The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 2,915 | 1,720 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 3,070 | 1,872 |
Real Estate Portfolio Segment [Member] | ||
Loans | 192,224 | 169,783 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | ||
Loans, past due | 1,093 | 319 |
Loans, current | 4,588 | 5,070 |
Loans | 5,681 | 5,389 |
Loans > 90 days and accruing | 423 | 9 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 670 | 310 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Owner Occupied Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 423 | 9 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | ||
Loans, past due | 1,306 | 1,049 |
Loans, current | 50,527 | 50,844 |
Loans | 51,833 | 51,893 |
Loans > 90 days and accruing | 217 | 237 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 969 | 271 |
Real Estate Portfolio Segment [Member] | One-to-four Family Residential Non-owner Occupied Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 337 | 778 |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | ||
Loans, past due | 313 | |
Loans, current | 21,402 | 14,641 |
Loans | 21,715 | 14,641 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 313 | |
Real Estate Portfolio Segment [Member] | Multi-family (Five Or More) Residential Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | ||
Loans, past due | 746 | 1,162 |
Loans, current | 91,488 | 76,568 |
Loans | 92,234 | 77,730 |
Loans > 90 days and accruing | 241 | 117 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 505 | 385 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 241 | 777 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans, past due | 2,476 | 904 |
Loans, current | 13,156 | 14,451 |
Loans | 15,632 | 15,355 |
Loans > 90 days and accruing | 308 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 407 | 596 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | 2,069 | 308 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans, past due | 51 | 115 |
Loans, current | 5,078 | 4,660 |
Loans | 5,129 | 4,775 |
Loans > 90 days and accruing | ||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 51 | 115 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Commercial Portfolio Segment [Member] | ||
Loans, past due | 43 | |
Loans, current | 11,954 | 9,252 |
Loans | 11,954 | 9,295 |
Loans > 90 days and accruing | ||
Commercial Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | 43 | |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | ||
Loans, past due | ||
Loans, current | 138 | 26 |
Loans | 138 | 26 |
Loans > 90 days and accruing | ||
Consumer Portfolio Segment [Member] | The 30 to 89 Days Delinquent [Member] | ||
Loans, past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, past due |
Note 8 - Premises and Equipme61
Note 8 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation | $ 192,000 | $ 184,000 |
Office Facilities and Equipment [Member] | ||
Operating Leases, Rent Expense, Net | $ 151,000 | $ 121,000 |
Note 8 - Premises and Equipme62
Note 8 - Premises and Equipment - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Premises and equipment | $ 3,231 | $ 2,781 |
Accumulated depreciation | (1,243) | (1,051) |
Premises and equipment, net | 1,988 | 1,730 |
Land and Land Improvements [Member] | ||
Premises and equipment | 299 | 299 |
Building [Member] | ||
Premises and equipment | 1,316 | 1,178 |
Leasehold Improvements [Member] | ||
Premises and equipment | 436 | 382 |
Furniture and Fixtures [Member] | ||
Premises and equipment | $ 1,180 | $ 922 |
Note 9 - Goodwill and Other I63
Note 9 - Goodwill and Other Intangible, Net (Details Textual) - USD ($) | Aug. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||
Finite-Lived Intangible Assets, Net | 416,000 | 465,000 | |
Amortization of Intangible Assets | 49,000 | $ 20,000 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets, Net | 416,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 69,000 | ||
Signature Insurance Services, LLC [Member] | |||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||
Goodwill, Acquired During Period | 515,000 | ||
Signature Insurance Services, LLC [Member] | Other Intangible Assets [Member] | |||
Finite-lived Intangible Assets Acquired | $ 485,000 | ||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 9 - Goodwill and Other I64
Note 9 - Goodwill and Other Intangible, Net - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 49 | |
2,019 | 49 | |
2,020 | 49 | |
2,021 | 49 | |
2,022 | 49 | |
Thereafter | 171 | |
Total | $ 416 | $ 465 |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Time Deposits, at or Above FDIC Insurance Limit | $ 18.5 | $ 14.5 |
Note 10 - Deposits - Summary of
Note 10 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-interest bearing checking accounts, amount | $ 7,956 | $ 5,852 |
Money market accounts, amount | $ 30,411 | $ 31,114 |
Money market accounts, weighted average interest rate | 0.79% | 0.79% |
Certificate of deposit accounts, amount | $ 145,038 | $ 137,068 |
Certificate of deposit accounts, weighted average interest rate | 1.77% | 1.69% |
Total, amount | $ 186,221 | $ 177,007 |
Total, weighted average interest rate | 1.47% | 1.41% |
Passbook Accounts [Member] | ||
Interest-bearing deposits, amount | $ 463 | $ 1,189 |
Interest-bearing deposits, weighted average interest rate | 0.15% | 0.15% |
Savings Accounts [Member] | ||
Interest-bearing deposits, amount | $ 2,353 | $ 1,784 |
Interest-bearing deposits, weighted average interest rate | 0.22% | 0.20% |
Note 10 - Deposits - Certificat
Note 10 - Deposits - Certificate of Deposit by Maturity (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 42,895 |
2,019 | 25,863 |
2,020 | 39,841 |
2,021 | 27,366 |
2,022 | 9,073 |
Total | $ 145,038 |
Note 11 - Borrowings (Details T
Note 11 - Borrowings (Details Textual) - Line of Credit [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Federal Home Loan Bank [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 115,600,000 | |
Long-term Line of Credit | 28,000,000 | $ 15,500,000 |
Federal Reserve Bank of Philadelphia [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 535,000 | |
Long-term Line of Credit | $ 0 | $ 0 |
Note 11 - Borrowings - Federal
Note 11 - Borrowings - Federal Home Loan Bank Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Average balance outstanding | $ 8,654 | $ 5,692 |
Maximum amount outstanding at any month-end during the period | 11,500 | 7,000 |
Balance outstanding at end of period | $ 10,000 | $ 7,000 |
Average interest rate during the period | 1.17% | 0.54% |
Weighted average interest rate at end of period | 1.54% | 0.74% |
Note 11 - Borrowings - Federa70
Note 11 - Borrowings - Federal Home Loan Bank Long-term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
2017, amount | $ 2.5 | |
2017, weighted interest rate | 1.15% | |
2018, amount | $ 3 | $ 3 |
2018, weighted interest rate | 1.46% | 1.46% |
2019, amount | $ 3 | $ 2 |
2019, weighted interest rate | 1.86% | 1.95% |
2020, amount | $ 2 | $ 1 |
2020, weighted interest rate | 2.00% | 2.15% |
2021, amount | $ 3 | |
2021, weighted interest rate | 2.05% | |
2022, amount | $ 3 | |
2022, weighted interest rate | 2.18% | |
2023, amount | $ 3 | |
2023, weighted interest rate | 2.33% | |
2024, amount | $ 1 | |
2024, weighted interest rate | 2.54% | |
Total FHLB long-term debt, amount | $ 18 | $ 8.5 |
Total FHLB long-term debt, weighted interest rate | 2.01% | 1.56% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 297,000 | |||
Deferred Tax Assets, Net | 480,000 | 727,000 | ||
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 | ||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current | $ 911,000 | $ 888,000 |
Deferred | (65,000) | (185,000) |
Change in corporate tax rate | 297,000 | |
Total federal | 1,143,000 | 703,000 |
State, current | 62,000 | 33,000 |
Total | $ 1,205,000 | $ 736,000 |
Note 12 - Income Taxes - Effect
Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal income tax at statutory rate | $ 907 | $ 759 |
State tax, net of federal benefit | 42 | 22 |
Stock compensation expense | (21) | (21) |
Change in corporate tax rate | 297 | |
Other | (20) | (24) |
Total | $ 1,205 | $ 736 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for loan losses | $ 380,000 | $ 546,000 |
Stock-based compensation | 13,000 | 25,000 |
Interest on non-accrual loans | 5,000 | 6,000 |
Unrealized loss on investment securities available for sale | 4,000 | 19,000 |
Deferred loan fees | 176,000 | 235,000 |
Organization cost | 1,000 | 2,000 |
Total deferred tax assets | 579,000 | 833,000 |
Deferred tax liabilities: | ||
Bank premises and equipment | (94,000) | (103,000) |
Intangible | (5,000) | (3,000) |
Total deferred tax liabilities | (99,000) | (106,000) |
Net Deferred Tax Asset | $ 480,000 | $ 727,000 |
Note 13 - Stock Compensation 75
Note 13 - Stock Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2013 | May 31, 2008 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2007 | Dec. 31, 2015 | |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 185,000 | $ 171,000 | ||||
Restricted Stock [Member] | ||||||
Allocated Share-based Compensation Expense, Net of Tax | 84,000 | 84,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 29,000 | 29,000 | ||||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense, Net of Tax | 45,000 | 45,000 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 11,000 | 11,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 146 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,700,000 | 1,700,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,500,000 | $ 1,500,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 17,000 | |||||
Employee Stock Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
The 2008 Recognition and Retention Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 111,090 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 4.68 | |||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ 520,000 | |||||
The 2013 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 195,000 | |||||
The 2013 Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 48,750 | |||||
Percentage of Shares May Be Granted As Restricted Stock Awards | 25.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 22,168 | |||||
The 2013 Stock Incentive Plan [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 146,250 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 57,636 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 265,302 | |||||
The RRP and Stock Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 10,061 | 20,524 | 30,784 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
The RRP and Stock Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 31,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 146 days | |||||
The 2008 Stock Option Plan [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,152 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 277,726 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 5 | |||||
Employee Stock Ownership Plan [Member] | ||||||
Percentage of Company Shares Purchased by ESOP | 8.00% | |||||
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP | 222,180 | |||||
ESOP Loan Interest Rate | 7.75% | |||||
Employee Stock Ownership Plan (ESOP), Loan Term | 15 years |
Note 13 - Stock Compensation 76
Note 13 - Stock Compensation Plans - Components of the ESOP Shares (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allocated shares (in shares) | 167,643 | 153,647 |
Unreleased shares (in shares) | 52,956 | 68,533 |
Total ESOP shares (in shares) | 220,599 | 222,180 |
Fair value of unreleased shares (in thousands) | $ 688 | $ 822 |
Note 13 - Stock Compensation 77
Note 13 - Stock Compensation Plans - Status of Shares Under the RRP and Stock Incentive Plan (Details) - Restricted Stock [Member] - The RRP and Stock Incentive Plan [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unvested at the beginning of the year (in shares) | 20,524 | 30,784 |
Unvested at the beginning of the year (in dollars per share) | $ 8.10 | $ 8.10 |
Granted, number of shares (in shares) | ||
Granted, weighted average grant date fair value (in dollars per share) | ||
Vested, number of shares (in shares) | (10,263) | (10,260) |
Vested, weighted average grant date fair value (in dollars per share) | $ 8.10 | $ 8.10 |
Forfeited, number of shares (in shares) | (200) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 8.10 | |
Unvested at the end of the year (in shares) | 10,061 | 20,524 |
Unvested at the end of the year (in dollars per share) | $ 8.10 | $ 8.10 |
Note 13 - Stock Compensation 78
Note 13 - Stock Compensation Plans - Summary of Option Activity (Details) - Employee Stock Option [Member] - The Option Plan and Stock Incentive Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding at the beginning of the year, number of shares (in shares) | 316,348 | 354,266 | |
Outstanding at the beginning of the year, weighted average exercise price (in dollars per share) | $ 6.49 | $ 6.33 | |
Outstanding at the beginning of the year, weighted average remaining contractual life (Year) | 3 years 73 days | 3 years 292 days | 4 years 255 days |
Granted, number of shares (in shares) | |||
Granted, weighted average exercise price (in dollars per share) | |||
Granted, weighted average remaining contractual life (Year) | |||
Exercised, number of shares (in shares) | (45,534) | (37,918) | |
Exercised, weighted average exercise price (in dollars per share) | $ 5 | $ 5 | |
Exercised, weighted average remaining contractual life (Year) | |||
Forfeited, number of shares (in shares) | (5,512) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 6.89 | ||
Outstanding at end of period, number of shares (in shares) | 265,302 | 316,348 | 354,266 |
Outstanding at end of period, weighted average exercise price (in dollars per share) | $ 6.74 | $ 6.49 | $ 6.33 |
Exercisable at end of period, number of shares (in shares) | 235,462 | 255,708 | |
Exercisable at end of period, weighted average exercise price (in dollars per share) | $ 6.57 | $ 6.11 | |
Exercisable at end of period, weighted average remaining contractual life (Year) | 2 years 328 days | 3 years 73 days |
Note 14 - Transactions With E79
Note 14 - Transactions With Executive Officers and Directors (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable, Related Parties | $ 0 | $ 0 |
Note 15 - Financial Instrumen80
Note 15 - Financial Instruments With Off-balance Sheet Risk (Details Textual) - Office Facilities and Equipment [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract | 10 years |
Note 15 - Financial Instrumen81
Note 15 - Financial Instruments with Off-balance Sheet Risk - Financial Instrument Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Loan Origination Commitments [Member] | ||
Contractual obligations | $ 15,921 | $ 10,228 |
Unfunded Commitments Under Lines of Credit [Member] | ||
Contractual obligations | $ 19,162 | $ 15,443 |
Note 15 - Financial Instrumen82
Note 15 - Financial Instruments with Off-balance Sheet Risk - Minimum Rental Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 132 |
2,019 | 115 |
2,020 | 112 |
2,021 | 101 |
2,022 | 40 |
Thereafter | 175 |
$ 675 |
Note 16 - Regulatory Matters (D
Note 16 - Regulatory Matters (Details Textual) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Common Equity Tier 1 Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | 4.00% |
Capital Conservation Buffer | 2.50% | ||
Risk Weighting for Certain Assets | 150.00% | 100.00% |
Note 16 - Regulatory Matters -
Note 16 - Regulatory Matters - Compliance With Regulatory Capital Requirements Under Banking Regulations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Total capital (to risk-weighted assets), actual, amount | $ 21,674 | $ 20,302 | |
Total capital (to risk-weighted assets), actual, ratio | 12.31% | 13.20% | |
Total capital (to risk-weighted assets), for capital adequacy, amount | $ 14,090 | $ 12,307 | |
Total capital (to risk-weighted assets), for capital adequacy, ratio | 8.00% | 8.00% | |
Total capital (to risk-weighted assets), to be well capitalized, amount | $ 17,613 | $ 15,383 | |
Total capital (to risk-weighted assets), to be well capitalized, ratio | 10.00% | 10.00% | |
Tier 1 capital (to risk-weighted assets), actual, amount | $ 19,835 | $ 18,670 | |
Tier 1 capital (to risk-weighted assets), actual, ratio | 11.26% | 12.14% | |
Tier 1 capital (to risk-weighted assets), for capital adequacy, amount | $ 10,568 | $ 9,230 | |
Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio | 6.00% | 6.00% | 4.00% |
Tier 1 capital (to risk-weighted assets), to be well capitalized, amount | $ 14,090 | $ 12,307 | |
Tier 1 capital (to risk-weighted assets), to be well capitalized, ratio | 8.00% | 8.00% | |
Common Equity Tier 1 capital (to risk-weighted assets), actual, amount | $ 19,835 | $ 18,670 | |
Common Equity Tier 1 capital (to risk-weighted assets), actual, ratio | 11.26% | 12.14% | |
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy, amount | $ 7,926 | $ 6,922 | |
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio | 4.50% | 4.50% | |
Common Equity Tier 1 capital (to risk-weighted assets), to be well capitalized, amount | $ 11,449 | $ 9,999 | |
Common Equity Tier 1 capital (to risk-weighted assets), to be well capitalized, ratio | 6.50% | 6.50% | |
Tier 1 capital (to average assets), actual, amount | $ 19,835 | $ 18,670 | |
Tier 1 capital (to average assets), actual, ratio | 8.54% | 8.94% | |
Tier 1 capital (to average assets), for capital adequacy, amount | $ 9,288 | $ 8,356 | |
Tier 1 capital (to average assets), for capital adequacy, ratio | 4.00% | 4.00% | |
Tier 1 capital (to average assets), to be well capitalized, amount | $ 11,610 | $ 10,445 | |
Tier 1 capital (to average assets), to be well capitalized, ratio | 5.00% | 5.00% |
Note 17 - Fair Value Measurem85
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments - Financial Assets and Liabilities on a Recurring and Nonrecurring (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investment securities available for sale | $ 7,912 | $ 9,555 |
Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | 7,912 | 9,555 |
Total recurring fair value measurements | 7,912 | 9,555 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Total recurring fair value measurements | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 7,912 | 9,555 |
Total recurring fair value measurements | 7,912 | 9,555 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Total recurring fair value measurements | ||
Fair Value, Measurements, Nonrecurring [Member] | ||
Impaired loans | 2,832 | 1,895 |
Total nonrecurring fair value measurements | 2,832 | 2,330 |
Other real estate owned | 435 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | ||
Total nonrecurring fair value measurements | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | ||
Total nonrecurring fair value measurements | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 2,832 | 1,895 |
Total nonrecurring fair value measurements | 2,832 | 2,330 |
Other real estate owned | 435 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Investment securities available for sale | 7,555 | 9,201 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | ||
Investment securities available for sale | 5,643 | 6,590 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | 5,643 | 6,590 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 5,643 | 6,590 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Government National Mortgage Association (GNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | ||
Investment securities available for sale | 1,342 | 1,871 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | 1,342 | 1,871 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 1,342 | 1,871 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal Home Loan Mortgage Corporation (FHLMC) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | ||
Investment securities available for sale | 570 | 740 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | 570 | 740 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 570 | 740 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Federal National Mortgage Association (FNMA) Insured Loans [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale | 357 | 354 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Investment securities available for sale | 357 | 354 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 357 | 354 |
US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale |
Note 17 - Fair Value Measurem86
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments - Additional Quantitative Information About Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Appraisal of Collateral [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Impaired Loans [Member] | |||
Total fair value | $ 2,832 | $ 1,895 | |
Valuation techniques | [1] | Appraisal of collateral | Appraisal of collateral |
Unobservable input | [2] | Appraisal adjustments | Appraisal adjustments |
Impaired Loans [Member] | Minimum [Member] | |||
Unobservable input, range | 0.00% | 0.00% | |
Impaired Loans [Member] | Maximum [Member] | |||
Unobservable input, range | 27.00% | 22.00% | |
Impaired Loans [Member] | Weighted Average [Member] | |||
Unobservable input, range | 1.00% | 2.00% | |
Other Real Estate Owned [Member] | |||
Total fair value | $ 435 | ||
Valuation techniques | [1] | Appraisal of collateral | |
Unobservable input | [2] | Appraisal adjustments | |
Other Real Estate Owned [Member] | Minimum [Member] | |||
Unobservable input, range | 0.00% | ||
Other Real Estate Owned [Member] | Maximum [Member] | |||
Unobservable input, range | 29.00% | ||
Other Real Estate Owned [Member] | Weighted Average [Member] | |||
Unobservable input, range | 12.00% | ||
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. |
Note 17 - Fair Value Measurem87
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Assets | ||
Investment securities available for sale | $ 7,912 | $ 9,555 |
Accrued interest receivable | 1,021 | 862 |
Bank-owned life insurance | 3,814 | 3,728 |
Reported Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 7,910 | 9,300 |
Investment in interest-earning time deposits | 4,879 | 6,098 |
Investment securities available for sale | 7,912 | 9,555 |
Loans held for sale | 7,006 | 4,712 |
Loans receivable, net | 201,667 | 176,807 |
Accrued interest receivable | 1,021 | 862 |
Investment in FHLB stock | 1,234 | 713 |
Bank-owned life insurance | 3,814 | 3,728 |
Financial Liabilities | ||
Deposits | 186,221 | 177,007 |
FHLB short-term borrowings | 10,000 | 7,000 |
FHLB long-term borrowings | 18,000 | 8,500 |
Accrued interest payable | 167 | 142 |
Estimate of Fair Value Measurement [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 7,910 | 9,300 |
Investment in interest-earning time deposits | 4,912 | 6,163 |
Investment securities available for sale | 7,912 | 9,555 |
Loans held for sale | 7,232 | 4,879 |
Loans receivable, net | 202,803 | 177,870 |
Accrued interest receivable | 1,021 | 862 |
Investment in FHLB stock | 1,234 | 713 |
Bank-owned life insurance | 3,814 | 3,728 |
Financial Liabilities | ||
Deposits | 187,309 | 179,050 |
FHLB short-term borrowings | 10,000 | 7,000 |
FHLB long-term borrowings | 16,982 | 8,507 |
Accrued interest payable | 167 | 142 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | 7,910 | 9,300 |
Investment in interest-earning time deposits | ||
Investment securities available for sale | ||
Loans held for sale | ||
Loans receivable, net | ||
Accrued interest receivable | 1,021 | 862 |
Investment in FHLB stock | 1,234 | 713 |
Bank-owned life insurance | 3,814 | 3,728 |
Financial Liabilities | ||
Deposits | 41,183 | 39,939 |
FHLB short-term borrowings | 10,000 | 7,000 |
FHLB long-term borrowings | ||
Accrued interest payable | 167 | 142 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | ||
Investment in interest-earning time deposits | ||
Investment securities available for sale | 7,912 | 9,555 |
Loans held for sale | 7,232 | 4,879 |
Loans receivable, net | ||
Accrued interest receivable | ||
Investment in FHLB stock | ||
Bank-owned life insurance | ||
Financial Liabilities | ||
Deposits | ||
FHLB short-term borrowings | ||
FHLB long-term borrowings | ||
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Cash and cash equivalents | ||
Investment in interest-earning time deposits | 4,912 | 6,163 |
Investment securities available for sale | ||
Loans held for sale | ||
Loans receivable, net | 202,803 | 177,870 |
Accrued interest receivable | ||
Investment in FHLB stock | ||
Bank-owned life insurance | ||
Financial Liabilities | ||
Deposits | 146,126 | 139,111 |
FHLB short-term borrowings | ||
FHLB long-term borrowings | 16,982 | 8,507 |
Accrued interest payable |
Note 18 - Quaint Oak Bancorp,88
Note 18 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Cash and cash equivalents | $ 7,910 | $ 9,300 | $ 17,206 |
Premises and equipment, net | 1,988 | 1,730 | |
Other assets | 1,234 | 1,243 | |
Total Assets | 239,596 | 216,163 | |
Liabilities and Stockholders’ Equity | |||
Stockholders’ equity | 22,185 | 20,790 | 19,036 |
Total Liabilities and Stockholders’ Equity | 239,596 | 216,163 | |
Parent Company [Member] | |||
Assets | |||
Cash and cash equivalents | 211 | 206 | $ 76 |
Investment in Quaint Oak Bank | 20,552 | 19,201 | |
Premises and equipment, net | 1,423 | 1,322 | |
Other assets | 10 | 77 | |
Total Assets | 22,196 | 20,806 | |
Liabilities and Stockholders’ Equity | |||
Other liabilities | 11 | 16 | |
Stockholders’ equity | 22,185 | 20,790 | |
Total Liabilities and Stockholders’ Equity | $ 22,196 | $ 20,806 |
Note 18 - Quaint Oak Bancorp,89
Note 18 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Statements of Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends from subsidiary | $ 250,000 | |
Occupancy and equipment expense | 573,000 | 552,000 |
Other expenses | 687,000 | 544,000 |
Total Expenses | 8,072,000 | 6,695,000 |
Net Income (Loss) Before Income Taxes | 2,672,000 | 2,234,000 |
Income Tax Benefit | (1,205,000) | (736,000) |
Net Income | 1,467,000 | 1,498,000 |
Comprehensive Income | 1,492,000 | 1,472,000 |
Parent Company [Member] | ||
Rental income | 149,000 | 108,000 |
Total Income | 399,000 | 108,000 |
Occupancy and equipment expense | 101,000 | 96,000 |
Other expenses | 96,000 | 91,000 |
Total Expenses | 197,000 | 187,000 |
Net Income (Loss) Before Income Taxes | 202,000 | (79,000) |
Equity in Undistributed Net Income of Subsidiary | 1,246,000 | 1,550,000 |
Income Tax Benefit | 19,000 | 27,000 |
Net Income | 1,467,000 | 1,498,000 |
Comprehensive Income | $ 1,492,000 | $ 1,472,000 |
Note 18 - Quaint Oak Bancorp,90
Note 18 - Quaint Oak Bancorp, Inc. (Parent Company Only) - Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | ||
Net Income | $ 1,467,000 | $ 1,498,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 192,000 | 184,000 |
Stock-based compensation expense | 314,000 | 300,000 |
Net cash provided by operating activities | (420,000) | 2,308,000 |
Investing Activities | ||
Purchase of property and equipment | (450,000) | (80,000) |
Net cash used in investing activities | (22,486,000) | (40,325,000) |
Financing Activities | ||
Dividends paid | (364,000) | (283,000) |
Purchase of treasury stock | (347,000) | (17,000) |
Proceeds from the reissuance of treasury stock | 94,000 | 92,000 |
Proceeds from the exercise of stock options | 206,000 | 190,000 |
Net cash used in financing activities | 21,516,000 | 30,111,000 |
Net Increase in Cash and Cash Equivalents | (1,390,000) | (7,906,000) |
Cash and Cash Equivalents-Beginning of Year | 9,300,000 | 17,206,000 |
Cash and Cash Equivalents-End of Year | 7,910,000 | 9,300,000 |
Parent Company [Member] | ||
Operating Activities | ||
Net Income | 1,467,000 | 1,498,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Undistributed net income in subsidiary | (1,246,000) | (1,550,000) |
Depreciation expense | 38,000 | 35,000 |
Stock-based compensation expense | 314,000 | 300,000 |
Decrease (Increase) in other assets | (13,000) | (92,000) |
(Decrease) Increase in other liabilities | (5,000) | 3,000 |
Net cash provided by operating activities | 555,000 | 194,000 |
Investing Activities | ||
Purchase of property and equipment | (139,000) | (46,000) |
Net cash used in investing activities | (139,000) | (46,000) |
Financing Activities | ||
Dividends paid | (364,000) | (283,000) |
Purchase of treasury stock | (347,000) | (17,000) |
Proceeds from the reissuance of treasury stock | 94,000 | 92,000 |
Proceeds from the exercise of stock options | 206,000 | 190,000 |
Net cash used in financing activities | (411,000) | (18,000) |
Net Increase in Cash and Cash Equivalents | 5,000 | 130,000 |
Cash and Cash Equivalents-Beginning of Year | 206,000 | 76,000 |
Cash and Cash Equivalents-End of Year | $ 211,000 | $ 206,000 |