Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Abstract] | ||
Entity Registrant Name | First Northwest Bancorp | |
Entity Central Index Key | 0001556727 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Common Stock, Shares Outstanding | 10,988,181 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 14,738 | $ 15,430 |
Interest-bearing deposits in banks | 12,919 | 10,893 |
Investment securities available for sale, at fair value | 258,476 | 262,967 |
Investment securities held to maturity, at amortized cost | 43,024 | 43,503 |
Loans held for sale | 969 | 0 |
Loans receivable (net of allowance for loan losses of $9,759 and $9,533) | 883,195 | 863,852 |
Federal Home Loan Bank (FHLB) stock, at cost | 6,927 | 6,927 |
Accrued interest receivable | 4,114 | 4,048 |
Premises and equipment, net | 14,955 | 15,255 |
Mortgage servicing rights, net | 1,001 | 1,044 |
Bank-owned life insurance, net | 29,462 | 29,319 |
Prepaid expenses and other assets | 9,009 | 5,520 |
Total assets | 1,278,789 | 1,258,758 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Deposits | 952,755 | 940,260 |
Borrowings | 135,174 | 136,552 |
Accrued interest payable | 279 | 521 |
Accrued expenses and other liabilities | 15,020 | 8,071 |
Advances from borrowers for taxes and insurance | 2,154 | 1,090 |
Total liabilities | 1,105,382 | 1,086,494 |
Shareholders' Equity | ||
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding | 0 | 0 |
Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 10,992,181 shares at March 31, 2019, and 11,170,018 shares at December 31, 2018 | 110 | 112 |
Additional paid-in capital | 104,374 | 105,825 |
Retained earnings | 82,436 | 81,607 |
Accumulated other comprehensive loss, net of tax | (3,128) | (4,731) |
Unearned employee stock ownership plan (ESOP) shares | (10,385) | (10,549) |
Total shareholders' equity | 173,407 | 172,264 |
Total liabilities and shareholders' equity | $ 1,278,789 | $ 1,258,758 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses | $ 9,759 | $ 9,533 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
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) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 10,992,181 | 11,170,018 |
Common stock, shares outstanding (in shares) | 10,992,181 | 11,170,018 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INTEREST INCOME | ||
Interest and fees on loans receivable | $ 9,932 | $ 8,583 |
Interest on mortgage-backed securities | 1,257 | 1,297 |
Interest on investment securities | 1,010 | 862 |
Interest on deposits and other | 67 | 45 |
FHLB dividends | 88 | 59 |
Total interest income | 12,354 | 10,846 |
INTEREST EXPENSE | ||
Deposits | 1,924 | 985 |
Borrowings | 990 | 889 |
Total interest expense | 2,914 | 1,874 |
Net interest income | 9,440 | 8,972 |
PROVISION FOR LOAN LOSSES | 335 | 310 |
Net interest income after provision for loan losses | 9,105 | 8,662 |
NONINTEREST INCOME | ||
Loan and deposit service fees | 1,065 | 893 |
Mortgage servicing fees, net of amortization | 45 | 62 |
Net gain on sale of loans | 87 | 167 |
Net gain on sale of investment securities | 0 | 122 |
Increase in cash surrender value of bank-owned life insurance | 143 | 149 |
Other income | 71 | 89 |
Total noninterest income | 1,411 | 1,482 |
NONINTEREST EXPENSE | ||
Compensation and benefits | 4,573 | 4,811 |
Data processing | 631 | 628 |
Occupancy and equipment | 1,108 | 1,102 |
Supplies, postage, and telephone | 228 | 231 |
Regulatory assessments and state taxes | 169 | 126 |
Advertising | 143 | 324 |
Professional fees | 298 | 322 |
FDIC insurance premium | 77 | 76 |
Other | 573 | 655 |
Total noninterest expense | 7,800 | 8,275 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 2,716 | 1,869 |
PROVISION FOR INCOME TAXES | 509 | 346 |
NET INCOME | $ 2,207 | $ 1,523 |
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.15 |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.14 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 2,207 | $ 1,523 |
Unrealized gain on securities: | ||
Unrealized holding gain (loss), net of tax provision (benefit) of $427 and $(551), respectively | 1,603 | (2,078) |
Reclassification adjustment for net loss (gain) on sales of securities realized in income, net of taxes of $0 and $(26), respectively | 0 | (96) |
Other comprehensive income (loss), net of tax | 1,603 | (2,174) |
COMPREHENSIVE INCOME (LOSS) | $ 3,810 | $ (651) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Tax provision (benefit) | $ 427 | $ (551) |
Reclassification adjustments, Tax | $ 0 | $ (26) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Unearned ESOP Shares | Accumulated Other Comprehensive (Loss) Income, Net of Tax |
Shares, beginning balance (in shares) at Dec. 31, 2017 | 11,785,507 | |||||
Beginning balance at Dec. 31, 2017 | $ 177,045 | $ 118 | $ 111,106 | $ 78,602 | $ (11,208) | $ (1,573) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 1,523 | 1,523 | ||||
Common stock repurchased (in shares) | (208,113) | |||||
Common stock repurchased | (3,385) | $ (2) | (2,080) | (1,303) | ||
Other comprehensive income, net of tax | (2,174) | (2,174) | ||||
Share-based compensation | 273 | 273 | ||||
ESOP shares committed to be released | 220 | 55 | 165 | |||
Shares, ending balance (in shares) at Mar. 31, 2018 | 11,577,394 | |||||
Ending balance at Mar. 31, 2018 | $ 173,502 | $ 116 | 109,354 | 78,822 | (11,043) | (3,747) |
Shares, beginning balance (in shares) at Dec. 31, 2018 | 11,170,018 | 11,170,018 | ||||
Beginning balance at Dec. 31, 2018 | $ 172,264 | $ 112 | 105,825 | 81,607 | (10,549) | (4,731) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,207 | 2,207 | ||||
Common stock repurchased (in shares) | (177,837) | |||||
Common stock repurchased | (2,826) | $ (2) | (1,777) | (1,047) | ||
Other comprehensive income, net of tax | 1,603 | 1,603 | ||||
Share-based compensation | 283 | 283 | ||||
ESOP shares committed to be released | 207 | 43 | 164 | |||
Cash dividends declared and paid ($0.03 per share) | $ (331) | (331) | ||||
Shares, ending balance (in shares) at Mar. 31, 2019 | 10,992,181 | 10,992,181 | ||||
Ending balance at Mar. 31, 2019 | $ 173,407 | $ 110 | $ 104,374 | $ 82,436 | $ (10,385) | $ (3,128) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) | 3 Months Ended |
Mar. 31, 2019$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Cash dividend declared, price per share (in dollars per share) | $ 0.03 |
Cash dividend paid, price per share (in dollars per share) | $ 0.03 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,207 | $ 1,523 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 333 | 332 |
Amortization and accretion of premiums and discounts on investments, net | 458 | 496 |
Amortization (accretion) of deferred loan fees, net | 167 | (49) |
Amortization of mortgage servicing rights, net | 66 | 47 |
Additions to mortgage servicing rights, net | (20) | (56) |
Net (decrease) increase on the valuation allowance on mortgage servicing rights | (3) | 0 |
Provision for loan losses | 335 | 310 |
Allocation of ESOP shares | 207 | 220 |
Share-based compensation | 283 | 273 |
Gain on sale of loans, net | (87) | (167) |
Gain on sale of securities available for sale, net | 0 | (122) |
Increase in cash surrender value of life insurance, net | (143) | (149) |
Origination of loans held for sale | (4,420) | (5,640) |
Proceeds from loans held for sale | 3,538 | 6,595 |
Change in assets and liabilities: | ||
(Increase) decrease in accrued interest receivable | (66) | 104 |
Increase in prepaid expenses and other assets | (3,916) | (467) |
Decrease in accrued interest payable | (242) | (115) |
Increase in accrued expenses and other liabilities | 6,949 | 2,243 |
Net cash from operating activities | 5,646 | 5,378 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of securities available for sale | 0 | (12,935) |
Proceeds from maturities, calls, and principal repayments of securities available for sale | 6,108 | 9,077 |
Proceeds from sales of securities available for sale | 0 | 32,859 |
Proceeds from maturities, calls, and principal repayments of securities held to maturity | 434 | 2,315 |
Redemption of FHLB stock | 0 | 634 |
Proceeds from sale of real estate owned and repossessed assets | 0 | 31 |
Net increase in loans receivable | (19,845) | (20,012) |
Purchase of premises and equipment, net | (33) | (954) |
Net cash from investing activities | (13,336) | 11,015 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase (decrease) in deposits | 12,495 | (4,410) |
Net decrease in FHLB short-term advances | (1,378) | (21,151) |
Net increase in advances from borrowers for taxes and insurance | 1,064 | 902 |
Dividends paid | (331) | 0 |
Repurchase of common stock | (2,826) | (3,385) |
Net cash from financing activities | 9,024 | (28,044) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,334 | (11,651) |
CASH AND CASH EQUIVALENTS, beginning of period | 26,323 | 36,801 |
CASH AND CASH EQUIVALENTS, end of period | 27,657 | 25,150 |
Cash paid during the year for: | ||
Interest on deposits and borrowings | 3,156 | 1,989 |
NONCASH INVESTING ACTIVITIES | ||
Unrealized gain (loss) on securities available for sale | 2,030 | (2,751) |
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses | $ 74 | $ 34 |
Basis of Presentation and Criti
Basis of Presentation and Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Critical Accounting Policies | Basis of Presentation and Critical Accounting Policies Organization and Nature of business - First Northwest Bancorp, a Washington corporation, became the holding company of First Federal Savings and Loan Association of Port Angeles on January 29, 2015, upon completion of the Bank's conversion from a mutual to stock form of organization (the "Conversion"). In connection with the Conversion, the Company issued an aggregate of 12,167,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $121.7 million . An additional 933,360 shares of Company common stock and $400,000 in cash were contributed to the First Federal Community Foundation ("Foundation"), a charitable foundation that was established in connection with the Conversion, resulting in the issuance of a total of 13,100,360 shares. The Company received $117.6 million in net proceeds from the stock offering of which $58.4 million were contributed to the Bank upon Conversion. Pursuant to the Bank's Plan of Conversion (the "Plan") adopted by its Board of Directors, and as approved by its members, the Company established an employee stock ownership plan ("ESOP"). On December 18, 2015, the ESOP completed its open market purchases, with funds borrowed from the Company, of 8% of the common stock issued in the Conversion for a total of 1,048,029 shares. First Northwest's business activities generally are limited to passive investment activities and oversight of its investment in First Federal. Accordingly, the information set forth in this report, including the consolidated unaudited financial statements and related data, relates primarily to the Bank. The Bank is a community-oriented financial institution providing commercial and consumer banking services to individuals and businesses in Western Washington State with offices in Clallam, Jefferson, Kitsap, and Whatcom counties. These services include deposit and lending transactions that are supplemented with borrowing and investing activities. Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. The Company changed its fiscal year from June 30 to December 31 effective December 31, 2017. Operating results for the three months ended March 31, 2019 , are not necessarily indicative of the results that may be expected for future periods. In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses ("ALLL"), fair value of financial instruments, and deferred tax assets and liabilities. Principles of consolidation - The accompanying consolidated financial statements include the accounts of First Northwest Bancorp and its wholly owned subsidiary, First Federal. All material intercompany accounts and transactions have been eliminated in consolidation. Subsequent Events - The Company has evaluated subsequent events for potential recognition and disclosure and determined there are no such events or transactions requiring recognition or disclosure. Recently adopted accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases . ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The ASU requires a lessee to recognize on the balance sheet assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. Unlike current GAAP, which requires that only capital leases be recognized on the balance sheet, the ASC requires that both types of leases by recognized on the balance sheet. For public companies, this update is effective for interim and annual periods beginning after December 15, 2018. The adoption of ASU No. 2016-02 effective January 1, 2019 resulted in a right-of-use asset and corresponding lease obligation liability of $3,919,000 . The Corporation chose the effective date as the date of initial application. Consequently, prior period financial information has not been updated or restated. The right-of-use asset is included in other assets and the lease obligation liability is included in other liabilities on the March 31, 2019 , consolidated balance sheet. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). This ASU was issued to provide investors better insight to an entity’s risk management hedging strategies by permitting companies to recognize the economic results of its hedging strategies in its financial statements. The amendments in this ASU permit hedge accounting for hedging relationships involving non-financial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. This ASU is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. Adoption of ASU 2017-12 did not have a material impact on the Company’s consolidated financial statements. In June 2018, FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . These amendments provide specific guidance for transactions for acquiring goods and services from nonemployees and specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers . This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods beginning after December 15, 2020. Early adoption is permitted but not earlier than the adoption of Topic 606. Adoption of this ASU did not have a material effect on the Company's consolidated financial statements as it has not historically issued share-based payments in exchange for goods or services to be consumed within its operations. In July 2018, FASB issued ASU No. 2018-09, Codification Improvements . These amendments provide clarifications and corrections to certain ASC subtopics including the following: 220-10 (Income Statement - Reporting Comprehensive Income - Overall), 470-50 (Debt - Modifications and Extinguishments), 480-10 (Distinguishing Liabilities from Equity - Overall), 718-740 (Compensation - Stock Compensation - Income Taxes), 805-740 (Business Combinations - Income Taxes), 815-10 (Derivatives and Hedging - Overall), and 820-10 (Fair Value Measurement - Overall). Some of the amendments in ASU 2018-09 do not require transition guidance and will be effective upon issuance; however, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018. Adoption of ASU 2018-09 did not have a material impact on the Company's consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16 Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . The amendments in this ASU permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (LIBOR) swap rate, the Overnight Index Swap (OIS) Rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. The amendments in this ASU are required to be adopted concurrently with the amendments in ASU 2017-12. For public companies, this would be for fiscal years, and interim periods within those fiscal years beginning after December 15, 2018. Adoption of ASU 2018-16 did not have a material impact on the Company's consolidated financial statements. Recently adopted regulatory rule In August 2018, the Securities and Exchange Commission issued a final rule that amends certain of its disclosure requirements. The rule simplifies various disclosure requirements for public companies including primarily that it (i) eliminates the requirement for public companies to disclose in their filings a schedule of earnings to fixed charges, (ii) requires an analysis of changes in stockholders’ equity for the current and comparative year-to-date interim periods in interim reports, and (iii) reduces the requirements for market price information disclosures in annual reports. These changes are effective for public companies beginning on November 5, 2018. The Company will be complying with these new requirements beginning with the Quarterly Report for the period ended March 31, 2019, on Form 10-Q. Recently issued accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Loss , which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model (CECL) will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company will change processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. At this time, we cannot reasonably estimate the impact the implementation of this ASU will have on the Company's consolidated financial statements. The Company's internal project management team continues to review models, work with our third-party vendor, and discuss changes to processes and procedures to ensure the Company is fully compliant with the amendments at the adoption date. In August 2018, FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. This guidance eliminates certain disclosure requirements for fair value measurements: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, an entity’s policy for the timing of transfers between levels of the fair value hierarchy and an entity’s valuation processes for Level 3 fair value measurements. This guidance also adds new disclosure requirements for public entities: changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements, including how the weighted average is calculated. Furthermore, this guidance modifies certain requirements which will involve disclosing: transfers into and out of Level 3 of the fair value hierarchy, purchases and issuances of Level 3 assets and liabilities, and information about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. This ASU is not expected to have a material impact on the Company's consolidated financial statements. In August 2018, FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract to provide guidance on implementation costs incurred in a cloud computing arrangement that is a service contract. The ASU aligns the accounting for such costs with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of such arrangements that are service contracts and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized. This ASU, which is effective for fiscal years beginning after December 15, 2019, is not expected to have a material impact on the Company’s financial statements. Reclassifications - Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on net income or shareholders' equity. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2019 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 882 $ 31 $ (1 ) $ 912 U.S. government agency issued asset-backed securities (ABS agency) 26,066 — (347 ) 25,719 Corporate issued asset-backed securities (ABS corporate) 37,888 — (814 ) 37,074 Corporate issued debt securities (Corporate debt) 9,986 — (492 ) 9,494 U.S. Small Business Administration securities (SBA) 33,553 60 (217 ) 33,396 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 143,520 140 (2,133 ) 141,527 Corporate issued mortgage-backed securities (MBS corporate) 10,568 — (214 ) 10,354 Total securities available for sale $ 262,463 $ 231 $ (4,218 ) $ 258,476 Held to Maturity Municipal bonds $ 11,850 $ 70 $ — $ 11,920 SBA 149 — (1 ) 148 Mortgage-backed securities: MBS agency 31,025 43 (586 ) 30,482 Total securities held to maturity $ 43,024 $ 113 $ (587 ) $ 42,550 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2018 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 882 $ — $ (13 ) $ 869 ABS agency 26,125 — (373 ) 25,752 ABS corporate 37,897 — (1,174 ) 36,723 Corporate debt 9,986 98 (196 ) 9,888 SBA 35,936 23 (289 ) 35,670 Mortgage-backed securities: MBS agency 147,205 12 (3,762 ) 143,455 MBS corporate 10,953 — (343 ) 10,610 Total securities available for sale $ 268,984 $ 133 $ (6,150 ) $ 262,967 Held to Maturity Municipal bonds $ 11,919 $ 43 $ — $ 11,962 SBA 302 — (1 ) 301 Mortgage-backed securities: MBS agency 31,282 40 (595 ) 30,727 Total securities held to maturity $ 43,503 $ 83 $ (596 ) $ 42,990 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of March 31, 2019 : Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ — $ — $ (1 ) $ 114 $ (1 ) $ 114 ABS agency (56 ) 14,643 (291 ) 11,076 (347 ) 25,719 ABS corporate (365 ) 14,731 (449 ) 22,343 (814 ) 37,074 Corporate debt (161 ) 4,839 (331 ) 4,655 (492 ) 9,494 SBA (20 ) 4,855 (197 ) 12,242 (217 ) 17,097 Mortgage-backed securities: MBS agency — — (2,133 ) 112,999 (2,133 ) 112,999 MBS corporate — — (214 ) 10,354 (214 ) 10,354 Total available for sale $ (602 ) $ 39,068 $ (3,616 ) $ 173,783 $ (4,218 ) $ 212,851 Held to Maturity Municipal bonds $ — $ — $ — $ — $ — $ — SBA — — (1 ) 148 (1 ) 148 Mortgage-backed securities: MBS agency — — (586 ) 23,671 (586 ) 23,671 Total held to maturity $ — $ — $ (587 ) $ 23,819 $ (587 ) $ 23,819 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2018 : Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (8 ) $ 757 $ (5 ) $ 110 $ (13 ) $ 867 ABS agency (302 ) 23,286 (71 ) 2,466 (373 ) 25,752 ABS corporate (571 ) 14,527 (603 ) 22,196 (1,174 ) 36,723 Corporate debt — — (196 ) 4,791 (196 ) 4,791 SBA (44 ) 13,400 (245 ) 13,089 (289 ) 26,489 Mortgage-backed securities: MBS agency (28 ) 17,996 (3,734 ) 120,617 (3,762 ) 138,613 MBS corporate — — (343 ) 10,610 (343 ) 10,610 Total available for sale $ (953 ) $ 69,966 $ (5,197 ) $ 173,879 $ (6,150 ) $ 243,845 Held to Maturity SBA $ (1 ) $ — $ — $ 301 $ (1 ) $ 301 Mortgage-backed securities: MBS agency (70 ) 6,241 (525 ) 18,073 (595 ) 24,314 Total held to maturity $ (71 ) $ 6,241 $ (525 ) $ 18,374 $ (596 ) $ 24,615 The Company may hold certain investment securities in an unrealized loss position that are not considered other than temporarily impaired ("OTTI"). At March 31, 2019 and December 31, 2018 , there were 59 and 69 investment securities in an unrealized loss position, respectively. We believe that the unrealized losses on our investment securities relate principally to the general change in interest rates and market demand, and not credit quality, that has occurred since the initial purchase, and such unrecognized losses or gains will continue to vary with general interest rate level fluctuations in the future. Certain investments in a loss position are guaranteed by government entities or government sponsored entities. The Company does not intend to sell the securities in an unrealized loss position and believes it is not likely it will be required to sell these investments prior to a market price recovery or maturity. There were no OTTI losses during the three months ended March 31, 2019 and 2018 . The amortized cost and estimated fair value of investment securities by contractual maturity are shown in the following tables at the dates indicated. Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately. March 31, 2019 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,163 7,121 499 498 Due after five through ten years 11,611 11,526 1,898 1,861 Due after ten years 135,314 133,234 28,628 28,123 Total mortgage-backed securities 154,088 151,881 31,025 30,482 All other investment securities: Due within one year — — — — Due after one through five years — — 731 745 Due after five through ten years 18,463 17,906 6,538 6,583 Due after ten years 89,912 88,689 4,730 4,740 Total all other investment securities 108,375 106,595 11,999 12,068 Total investment securities $ 262,463 $ 258,476 $ 43,024 $ 42,550 December 31, 2018 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,204 7,089 578 569 Due after five through ten years 11,862 11,637 2,035 1,978 Due after ten years 139,092 135,339 28,669 28,180 Total mortgage-backed securities 158,158 154,065 31,282 30,727 All other investment securities: Due within one year — — — — Due after one through five years — — 734 741 Due after five through ten years 19,564 19,362 6,728 6,743 Due after ten years 91,262 89,540 4,759 4,779 Total all other investment securities 110,826 108,902 12,221 12,263 Total investment securities $ 268,984 $ 262,967 $ 43,503 $ 42,990 Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended March 31, 2019 2018 (In thousands) Proceeds from sales $ — $ 32,859 Gross realized gains — 164 Gross realized losses — (42 ) |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable | Loans Receivable Loans receivable consisted of the following at the dates indicated: March 31, 2019 December 31, 2018 (In thousands) Real Estate: One-to-four family $ 338,669 $ 336,178 Multi-family 81,576 82,331 Commercial real estate 250,521 253,235 Construction and land 63,536 54,102 Total real estate loans 734,302 725,846 Consumer: Home equity 37,058 37,629 Auto and other consumer 99,070 87,357 Total consumer loans 136,128 124,986 Commercial business loans 18,496 18,898 Total loans 888,926 869,730 Less: Net deferred loan fees 285 299 Premium on purchased loans, net (4,313 ) (3,954 ) Allowance for loan losses 9,759 9,533 Total loans receivable, net $ 883,195 $ 863,852 Allowance for Loan Losses. The Company maintains a general allowance for loan losses based on evaluating known and inherent risks in the loan portfolio, including management’s continuing analysis of the factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, actual loan loss experience, and current and anticipated economic conditions. The reserve is an estimate based upon factors and trends identified by management at the time the financial statements are prepared. The following tables summarize changes in the ALLL and loan portfolio by segment and impairment method for the periods shown: At or For the Three Months Ended March 31, 2019 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,297 $ 762 $ 2,289 $ 585 $ 480 $ 1,611 $ 334 $ 175 $ 9,533 Provision for loan losses 142 7 48 115 (14 ) 177 (141 ) 1 335 Charge-offs — — — — — (186 ) (4 ) — (190 ) Recoveries 2 — — — 1 76 2 — 81 Ending balance $ 3,441 $ 769 $ 2,337 $ 700 $ 467 $ 1,678 $ 191 $ 176 $ 9,759 At March 31, 2019 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,441 $ 769 $ 2,337 $ 700 $ 467 $ 1,678 $ 191 $ 176 $ 9,759 General reserve 3,403 768 2,328 699 463 1,624 184 176 9,645 Specific reserve 38 1 9 1 4 54 7 — 114 Total loans $ 338,669 $ 81,576 $ 250,521 $ 63,536 $ 37,058 $ 99,070 $ 18,496 $ — $ 888,926 Loans collectively evaluated (1) 335,525 81,466 248,568 63,467 36,450 98,852 18,191 — 882,519 Loans individually evaluated (2) 3,144 110 1,953 69 608 218 305 — 6,407 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Three Months Ended March 31, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 3,061 $ 648 $ 1,847 $ 648 $ 787 $ 712 $ 265 $ 792 $ 8,760 Provision for loan losses 105 (1 ) 206 31 (51 ) 331 444 (755 ) 310 Charge-offs — — — — — (123 ) — — (123 ) Recoveries 1 — — — 8 28 — — 37 Ending balance $ 3,167 $ 647 $ 2,053 $ 679 $ 744 $ 948 $ 709 $ 37 $ 8,984 At December 31, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,297 $ 762 $ 2,289 $ 585 $ 480 $ 1,611 $ 334 $ 175 $ 9,533 General reserve 3,262 761 2,281 584 474 1,552 168 175 9,257 Specific reserve 35 1 8 1 6 59 166 — 276 Total loans $ 336,178 $ 82,331 $ 253,235 $ 54,102 $ 37,629 $ 87,357 $ 18,898 $ — $ 869,730 Loans collectively evaluated (1) 333,062 82,221 251,263 54,058 37,002 87,113 18,453 — 863,172 Loans individually evaluated (2) 3,116 110 1,972 44 627 244 445 — 6,558 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. Impaired loans. A loan is considered impaired when First Federal has determined that it may be unable to collect payments of principal or interest when due under the contractual terms of the loan. In the process of identifying loans as impaired, management takes into consideration factors that include payment history and status, collateral value, financial condition of the borrower, and the probability of collecting scheduled payments in the future. Minor payment delays and insignificant payment shortfalls typically do not result in a loan being classified as impaired. The significance of payment delays and shortfalls is considered by management on a case-by-case basis after taking into consideration the totality of circumstances surrounding the loans and the borrowers, including payment history and amounts of any payment shortfall, length and reason for delay, and likelihood of return to stable performance. Impairment is measured on a loan-by-loan basis for all loans in the portfolio except smaller balance homogeneous loans and certain qualifying troubled debt restructuring ("TDR") loans. The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: March 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 303 $ 336 $ — $ 306 $ 339 $ — Commercial real estate 1,292 1,360 — 1,308 1,374 — Construction and land — 1 — — 1 — Home equity 323 469 — 330 478 — Auto and other consumer — 306 — — 276 — Commercial business — — — — 3 — Total 1,918 2,472 — 1,944 2,471 — With an allowance recorded: One-to-four family 2,841 3,112 38 2,810 3,085 35 Multi-family 110 110 1 110 110 1 Commercial real estate 661 661 9 664 663 8 Construction and land 69 101 1 44 71 1 Home equity 285 353 4 297 364 6 Auto and other consumer 218 218 54 244 244 59 Commercial business 305 305 7 445 445 166 Total 4,489 4,860 114 4,614 4,982 276 Total impaired loans: One-to-four family 3,144 3,448 38 3,116 3,424 35 Multi-family 110 110 1 110 110 1 Commercial real estate 1,953 2,021 9 1,972 2,037 8 Construction and land 69 102 1 44 72 1 Home equity 608 822 4 627 842 6 Auto and other consumer 218 524 54 244 520 59 Commercial business 305 305 7 445 448 166 Total $ 6,407 $ 7,332 $ 114 $ 6,558 $ 7,453 $ 276 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 304 $ 5 $ 408 $ 8 Commercial real estate 1,296 12 2,389 27 Construction and land — — 2,487 68 Home equity 324 10 361 4 Auto and other consumer — 7 — 5 Total 1,924 34 5,645 112 With an allowance recorded: One-to-four family 2,831 68 3,381 66 Multi-family 110 1 114 1 Commercial real estate 663 7 795 10 Construction and land 53 2 51 3 Home equity 300 7 286 6 Auto and other consumer 263 7 101 2 Commercial business 328 5 675 3 Total 4,548 97 5,403 91 Total impaired loans: One-to-four family 3,135 73 3,789 74 Multi-family 110 1 114 1 Commercial real estate 1,959 19 3,184 37 Construction and land 53 2 2,538 71 Home equity 624 17 647 10 Auto and other consumer 263 14 101 7 Commercial business 328 5 675 3 Total $ 6,472 $ 131 $ 11,048 $ 203 Interest income recognized on a cash basis on impaired loans for the three months ended March 31, 2019 and 2018 , was $92,000 and $166,000 , respectively. The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: March 31, 2019 December 31, 2018 (In thousands) One-to-four family $ 803 $ 759 Commercial real estate 129 133 Construction and land 69 44 Home equity 352 369 Auto and other consumer 218 245 Commercial business 35 173 Total nonaccrual loans $ 1,606 $ 1,723 Past due loans. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. There were no loans past due 90 days or more and still accruing interest at March 31, 2019 and December 31, 2018 . The following table presents past due loans, net of partial loan charge-offs, by class, as of March 31, 2019 : 30-59 Days 60-89 Days 90 Days or More Total Current Total Loans (In thousands) Real Estate: One-to-four family $ 625 $ 50 $ 100 $ 775 $ 337,894 $ 338,669 Multi-family — — — — 81,576 81,576 Commercial real estate — — — — 250,521 250,521 Construction and land 48 — 66 114 63,422 63,536 Total real estate loans 673 50 166 889 733,413 734,302 Consumer: Home equity 149 — — 149 36,909 37,058 Auto and other consumer 578 230 11 819 98,251 99,070 Total consumer loans 727 230 11 968 135,160 136,128 Commercial business loans — — 35 35 18,461 18,496 Total loans $ 1,400 $ 280 $ 212 $ 1,892 $ 887,034 $ 888,926 The following table presents past due loans, net of partial loan charge-offs, by class, as of December 31, 2018 : 30-59 Days 60-89 Days 90 Days or More Total Current Total Loans (In thousands) Real Estate: One-to-four family $ 289 $ 176 $ 164 $ 629 $ 335,549 $ 336,178 Multi-family — — — — 82,331 82,331 Commercial real estate — — — — 253,235 253,235 Construction and land 35 14 31 80 54,022 54,102 Total real estate loans 324 190 195 709 725,137 725,846 Consumer: Home equity 97 30 9 136 37,493 37,629 Auto and other consumer 471 92 — 563 86,794 87,357 Total consumer loans 568 122 9 699 124,287 124,986 Commercial business loans 923 — — 923 17,975 18,898 Total loans $ 1,815 $ 312 $ 204 $ 2,331 $ 867,399 $ 869,730 Credit quality indicator. Federal regulations provide for the classification of lower quality loans and other assets, such as debt and equity securities, as substandard, doubtful, or loss; risk ratings 6, 7, and 8 in our 8-point risk rating system, respectively. An asset is considered substandard if it is inadequately protected by the current net worth and pay capacity of the borrower or of any collateral pledged. Substandard assets include those characterized by the distinct possibility that First Federal will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions, and values. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets without the establishment of a specific loss reserve is not warranted. When First Federal classifies problem assets as either substandard or doubtful, it may establish a specific allowance to address the risk specifically or allow the loss to be addressed in the general allowance. General allowances represent loss allowances that have been established to recognize the inherent risk associated with lending activities but that, unlike specific allowances, have not been specifically allocated to particular problem assets. When an insured institution classifies problem assets as a loss, it is required to charge off such assets in the period in which they are deemed uncollectible. Assets that do not currently expose First Federal to sufficient risk to warrant classification as substandard or doubtful but do possess identified weaknesses are designated as either watch or special mention assets; risk ratings 4 and 5 in our risk rating system, respectively. Loans not otherwise classified are considered pass graded loans and are rated 1-3 in our risk rating system. Additionally, First Federal categorizes loans as performing or nonperforming based on payment activity. Loans that are more than 90 days past due and nonaccrual loans are considered nonperforming. The following table represents the internally assigned grade as of March 31, 2019 , by class of loans: Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 332,957 $ 3,779 $ 666 $ 1,267 $ 338,669 Multi-family 77,470 3,996 110 — 81,576 Commercial real estate 236,666 9,630 2,872 1,353 250,521 Construction and land 63,116 351 — 69 63,536 Total real estate loans 710,209 17,756 3,648 2,689 734,302 Consumer: Home equity 35,955 540 82 481 37,058 Auto and other consumer 96,928 1,571 319 252 99,070 Total consumer loans 132,883 2,111 401 733 136,128 Commercial business loans 15,669 1,096 1,696 35 18,496 Total loans $ 858,761 $ 20,963 $ 5,745 $ 3,457 $ 888,926 The following table represents the internally assigned grade as of December 31, 2018 , by class of loans: Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 330,476 $ 3,767 $ 957 $ 978 $ 336,178 Multi-family 82,221 — 110 — 82,331 Commercial real estate 244,919 6,281 663 1,372 253,235 Construction and land 51,480 2,578 — 44 54,102 Total real estate loans 709,096 12,626 1,730 2,394 725,846 Consumer: Home equity 36,559 465 123 482 37,629 Auto and other consumer 85,579 1,310 151 317 87,357 Total consumer loans 122,138 1,775 274 799 124,986 Commercial business loans 16,520 1,733 472 173 18,898 Total loans $ 847,754 $ 16,134 $ 2,476 $ 3,366 $ 869,730 The following table represents the credit risk profile based on payment activity as of March 31, 2019 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 803 $ 337,866 $ 338,669 Multi-family — 81,576 81,576 Commercial real estate 129 250,392 250,521 Construction and land 69 63,467 63,536 Consumer: Home equity 352 36,706 37,058 Auto and other consumer 218 98,852 99,070 Commercial business 35 18,461 18,496 Total loans $ 1,606 $ 887,320 $ 888,926 The following table represents the credit risk profile based on payment activity as of December 31, 2018 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 759 $ 335,419 $ 336,178 Multi-family — 82,331 82,331 Commercial real estate 133 253,102 253,235 Construction and land 44 54,058 54,102 Consumer: Home equity 369 37,260 37,629 Auto and other consumer 245 87,112 87,357 Commercial business 173 18,725 18,898 Total loans $ 1,723 $ 868,007 $ 869,730 Troubled debt restructuring. A TDR is a loan to a borrower who is experiencing financial difficulty that has been modified from its original terms and conditions in such a way that First Federal is granting the borrower a concession of some kind. First Federal has granted a variety of concessions to borrowers in the form of loan modifications. The modifications are generally related to the loan's interest rate, term and payment amount or a combination thereof. Upon identifying a receivable as a TDR loan, First Federal classifies the loan as impaired for purposes of determining the allowance for loan losses. This requires the loan to initially be evaluated individually for impairment, generally based on the expected cash flows under the new terms discounted at the loan’s original effective interest rates. For TDR loans that subsequently default, the method of determining impairment is generally the fair value of the collateral less estimated selling costs. TDR loans may be upgraded in their classification and placed on accrual status once there is a sustained period of repayment performance, usually six months or longer, and there is a reasonable assurance that repayment will continue. First Federal allows reclassification of a troubled debt restructuring back into the general loan pool (as a non-troubled debt restructuring) if the borrower is able to refinance the loan at then-current market rates and meet all of the underwriting criteria of First Federal required of other borrowers. The refinance must be based on the borrower’s ability to repay the debt and no special concessions of rate and/or term are granted to the borrower. The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: March 31, 2019 December 31, 2018 (In thousands) Total TDR loans $ 3,722 $ 3,745 Allowance for loan losses related to TDR loans 46 43 Total nonaccrual TDR loans 83 84 There were no newly restructured and renewals or modifications of existing TDR loans that occurred during the three months ended March 31, 2019 . The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the three months ended March 31, 2019 . Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 48 $ 48 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the three months ended March 31, 2018 , by type of concession granted. Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 180 $ 180 2 — — 180 180 Post-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 179 $ 179 2 $ — $ — $ 179 $ 179 There were no TDR loans which incurred a payment default within 12 months of the restructure date during the three months ended March 31, 2018 . No additional funds were committed to be advanced in connection with impaired loans at March 31, 2019 . The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. March 31, 2019 December 31, 2018 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 2,342 $ 83 $ 2,425 $ 2,358 $ 84 $ 2,442 Multi-family 110 — 110 110 — 110 Commercial real estate 661 — 661 663 — 663 Home equity 256 — 256 258 — 258 Commercial business 270 — 270 272 — 272 Total TDR loans $ 3,639 $ 83 $ 3,722 $ 3,661 $ 84 $ 3,745 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits in excess of the Federal Deposit Insurance Corporation ("FDIC") insured limit, currently $250,000 , at March 31, 2019 and December 31, 2018 , was $101.8 million and $107.0 million , respectively. Deposits and weighted-average interest rates at the dates indicated are as follows: March 31, 2019 December 31, 2018 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Savings $ 163,292 0.89% $ 143,412 0.74% Transaction accounts 268,718 0.05% 262,152 0.05% Money market accounts 265,713 0.42% 273,344 0.43% Certificates of deposit 255,032 2.05% 261,352 1.86% $ 952,755 0.83% $ 940,260 0.77% Maturities of certificates at the dates indicated are as follows: March 31, 2019 December 31, 2018 (In thousands) Within one year or less $ 149,202 $ 148,119 After one year through two years 76,209 78,966 After two years through three years 16,595 20,934 After three years through four years 5,132 6,759 After four years through five years 7,894 6,574 After five years — — $ 255,032 $ 261,352 Brokered certificates of deposits of $10,000 are included in the March 31, 2019, certificate of deposits total. As needed, we will increase our portfolio of these brokered deposits as a source of additional funding in future periods. Deposits at March 31, 2019 and December 31, 2018 , included $81.6 million and $80.0 million , respectively, in public fund deposits. Investment securities with a carrying value of $47.4 million and $47.6 million were pledged as collateral for these deposits at March 31, 2019 and December 31, 2018 , respectively. This exceeds the minimum collateral requirements established by the Washington Public Deposit Protection Commission. Interest on deposits by type for the periods shown was as follows: Three Months Ended March 31, 2019 2018 (In thousands) Savings $ 316 $ 16 Transaction accounts 36 4 Insured money market accounts 320 215 Certificates of deposit 1,252 750 $ 1,924 $ 985 |
Federal Taxes on Income
Federal Taxes on Income | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Federal Taxes on Income | Federal Taxes on Income Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. These calculations are based on many complex factors including estimates of the timing of reversals of temporary differences, the interpretation of federal income tax laws, and a determination of the differences between the tax and the financial reporting basis of assets and liabilities. Actual results could differ significantly from the estimates and interpretations used in determining the current and deferred income tax assets and liabilities. Under current Federal income tax regulations, charitable contribution deductions are limited to 10% of taxable income. Due to this limitation, the Company currently has a valuation allowance of $1.2 million for financial statement reporting purposes related to its contribution to the Foundation. The contribution carryforward and related valuation allowance will expire in 2020. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company evaluates whether its deferred tax assets will be realized and adjusts the amount of its valuation allowance, if necessary. Effective January 1, 2018, the corporate U.S. statutory federal income tax rate was reduced from 35% to 21% under the Tax Cuts and Jobs Act. The Company completed its accounting under ASC 740 in December 2017 for all material deferred tax assets and liabilities with provisional amounts recorded for immaterial items. The effective tax rates were 18.7% and 18.5% for the three months ended March 31, 2019 and 2018 , respectively. The effective tax rates differ from the statutory maximum federal tax rate for 2018 and 2017 of 21% and 35%, respectively, largely due to the nontaxable earnings on bank owned life insurance and tax-exempt interest income earned on certain investment securities and loans. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 (In thousands, except share data) Numerator: Net income $ 2,207 $ 1,523 Denominator: Basic weighted average common shares outstanding 9,973,125 10,491,647 Dilutive restricted stock grants 77,143 113,009 Diluted weighted average common shares outstanding 10,050,268 10,604,656 Basic earnings per share $ 0.22 $ 0.15 Diluted earnings per share $ 0.22 $ 0.14 Unallocated ESOP shares are not included as outstanding for either basic or diluted earnings per share calculations. As of March 31, 2019 and 2018 , there were 833,782 and 886,671 shares in the ESOP that remain unallocated, respectively. Potential dilutive shares are excluded from the computation of EPS if their effect is anti-dilutive. There were no restricted stock award anti-dilutive shares at March 31, 2019 and 2018 , respectively. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefits | Employee Benefits Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12 -month period are eligible to participate in the ESOP. Pursuant to the Plan, the ESOP purchased shares in the open market with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46% . The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three months ended March 31, 2019 and 2018 , was $207,000 and $220,000 , respectively. Shares issued to the ESOP as of the dates indicated are as follows: March 31, 2019 December 31, 2018 (Dollars in thousands) Allocated shares 174,584 174,584 Committed to be released shares 39,663 26,442 Unallocated shares 833,782 847,003 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 12,982 $ 12,561 Stock-based Compensation On November 16, 2015 , the Company's shareholders approved the First Northwest Bancorp 2015 Equity Incentive Plan (the "2015 EIP"), which provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units to eligible participants. The cost of awards under the 2015 EIP generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the 2015 EIP is 1,834,050 . The 2015 EIP provides for the use of authorized but unissued shares or shares that have been reacquired by First Northwest to fund share-based awards. At March 31, 2019 , there were 1,316,550 total shares available for grant under the 2015 EIP, including 72,014 shares available to be granted as restricted stock. During the three months ended March 31, 2019 and 2018 , no shares of restricted stock were awarded and no stock options were granted. Awarded shares of restricted stock vest ratably over five years from the date of grant as long as the eligible participant remains in service to the Company. The Company recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the grant date amortized over five years . For the three months ended March 31, 2019 and 2018 , total compensation expense for the 2015 EIP was $283,000 and $273,000 , respectively. Included in the above compensation expense for the three months ended March 31, 2019 and 2018 , was directors' compensation of $85,000 and $85,000 , respectively. The following tables provide a summary of changes in non-vested restricted stock awards for the period shown: For the Three Months Ended March 31, 2019 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2019 290,600 $ 13.72 Granted — — Vested — — Non-vested at March 31, 2019 290,600 13.72 As of March 31, 2019 , there was $3.2 million of total unrecognized compensation cost related to non-vested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of approximately 3.06 years. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Employee Benefits Employee Stock Ownership Plan In connection with the Conversion, the Company established an ESOP for eligible employees of the Company and the Bank. Employees of the Company and the Bank who have been credited with at least 1,000 hours of service during a 12 -month period are eligible to participate in the ESOP. Pursuant to the Plan, the ESOP purchased shares in the open market with funds borrowed from First Northwest. The Bank will make contributions to the ESOP in amounts necessary to amortize the ESOP loan payable to First Northwest over a period of 20 years, bearing estimated interest at 2.46% . The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Bank's discretionary contributions to the ESOP and earnings on the ESOP assets. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average daily market prices of the shares and the shares become outstanding for EPS computations. The compensation expense is accrued monthly throughout the year. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings; dividends on unallocated ESOP shares are recorded as a reduction of debt and accrued interest. Compensation expense related to the ESOP for the three months ended March 31, 2019 and 2018 , was $207,000 and $220,000 , respectively. Shares issued to the ESOP as of the dates indicated are as follows: March 31, 2019 December 31, 2018 (Dollars in thousands) Allocated shares 174,584 174,584 Committed to be released shares 39,663 26,442 Unallocated shares 833,782 847,003 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 12,982 $ 12,561 Stock-based Compensation On November 16, 2015 , the Company's shareholders approved the First Northwest Bancorp 2015 Equity Incentive Plan (the "2015 EIP"), which provides for the grant of incentive stock options, non-qualified stock options, restricted stock and restricted stock units to eligible participants. The cost of awards under the 2015 EIP generally is based on the fair value of the awards on their grant date. The maximum number of shares that may be utilized for awards under the 2015 EIP is 1,834,050 . The 2015 EIP provides for the use of authorized but unissued shares or shares that have been reacquired by First Northwest to fund share-based awards. At March 31, 2019 , there were 1,316,550 total shares available for grant under the 2015 EIP, including 72,014 shares available to be granted as restricted stock. During the three months ended March 31, 2019 and 2018 , no shares of restricted stock were awarded and no stock options were granted. Awarded shares of restricted stock vest ratably over five years from the date of grant as long as the eligible participant remains in service to the Company. The Company recognizes compensation expense for the restricted stock awards based on the fair value of the shares at the grant date amortized over five years . For the three months ended March 31, 2019 and 2018 , total compensation expense for the 2015 EIP was $283,000 and $273,000 , respectively. Included in the above compensation expense for the three months ended March 31, 2019 and 2018 , was directors' compensation of $85,000 and $85,000 , respectively. The following tables provide a summary of changes in non-vested restricted stock awards for the period shown: For the Three Months Ended March 31, 2019 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2019 290,600 $ 13.72 Granted — — Vested — — Non-vested at March 31, 2019 290,600 13.72 As of March 31, 2019 , there was $3.2 million of total unrecognized compensation cost related to non-vested shares granted as restricted stock awards. The cost is expected to be recognized over the remaining weighted-average vesting period of approximately 3.06 years. |
Fair Value Accounting and Measu
Fair Value Accounting and Measurement | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting and Measurement | Fair Value Accounting and Measurement Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants in the Company’s principal market. The Company has established and documented its process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, management determines the fair value of the Company’s assets and liabilities using valuation models or third-party pricing services, both of which rely on market-based parameters when available, such as interest rate yield curves, option volatilities and credit spreads, or unobservable inputs. Unobservable inputs may be based on management’s judgment, assumptions, and estimates related to credit quality, liquidity, interest rates, and other relevant inputs. Any changes to valuation methodologies are reviewed by management to ensure they are relevant and justified. Valuation methodologies are refined as more market-based data becomes available. A three-level valuation hierarchy is used in determining fair value that is based on the transparency of the inputs used in the valuation process. The inputs used in determining fair value in each of the three levels of the hierarchy are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Either: (i) quoted prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. Level 3 - Unobservable inputs. The hierarchy gives the highest ranking to Level 1 inputs and the lowest ranking to Level 3 inputs. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the overall fair value measurement. Qualitative disclosures of valuation techniques - Securities available for sale: where quoted prices are available in an active market, securities are classified as Level 1. Level 1 instruments include highly liquid government bonds, securities issued by the U.S. Treasury, and exchange-traded equity securities. If quoted prices are not available, management determines fair value using pricing models, quoted prices of similar securities, which are considered Level 2, or discounted cash flows. In certain cases, where there is limited activity in the market for a particular instrument, assumptions must be made to determine their fair value. Such instruments are classified as Level 3. Assets and liabilities measured at fair value on a recurring basis - Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly, or quarterly). The following tables show the Company’s assets measured at fair value on a recurring basis at the dates indicated: March 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 912 $ — $ 912 ABS agency — 25,719 — 25,719 ABS corporate — 37,074 — 37,074 Corporate debt — 9,494 — 9,494 SBA — 33,396 — 33,396 MBS agency — 141,527 — 141,527 MBS corporate — 10,354 — 10,354 $ — $ 258,476 $ — $ 258,476 December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 869 $ — $ 869 ABS agency — 25,752 — 25,752 ABS corporate — 36,723 — 36,723 Corporate debt — 9,888 — 9,888 SBA — 35,670 — 35,670 MBS agency — 143,455 — 143,455 MBS corporate — 10,610 — 10,610 $ — $ 262,967 $ — $ 262,967 Assets and liabilities measured at fair value on a nonrecurring basis - Assets are considered to be fair valued on a nonrecurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the consolidated balance sheets. Generally, nonrecurring valuation is the result of the application of other accounting pronouncements that require assets or liabilities to be assessed for impairment or recorded at the lower of cost or fair value. The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: March 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,407 $ 6,407 December 31, 2018 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,558 $ 6,558 At March 31, 2019 and December 31, 2018 , there were no impaired loans with discounts to appraisal disposition value or other unobservable inputs. The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: March 31, 2019 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 27,657 $ 27,657 $ 27,657 $ — $ — Investment securities available for sale 258,476 258,476 — 258,476 — Investment securities held to maturity 43,024 42,550 — 42,550 — Loans held for sale 969 940 — 940 — Loans receivable, net 883,195 861,865 — — 861,865 FHLB stock 6,927 6,927 — 6,927 — Accrued interest receivable 4,114 4,114 — 4,114 — Mortgage servicing rights, net 1,001 1,748 — — 1,748 Financial liabilities Demand deposits $ 697,723 $ 697,723 $ 697,723 $ — $ — Time deposits 255,032 254,190 — 254,190 — Borrowings 135,174 135,849 — 135,849 — Accrued interest payable 279 279 — 279 — December 31, 2018 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 26,323 $ 26,323 $ 26,323 $ — $ — Investment securities available for sale 262,967 262,967 — 262,967 — Investment securities held to maturity 43,503 42,990 — 42,990 — Loans receivable, net 863,852 840,861 — — 840,861 FHLB stock 6,927 6,927 — 6,927 — Accrued interest receivable 4,048 4,048 — 4,048 — Mortgage servicing rights, net 1,044 1,479 — — 1,479 Financial liabilities Demand deposits $ 678,908 $ 678,908 $ 678,908 $ — $ — Time deposits 261,352 259,549 — 259,549 — Borrowings 136,552 137,153 — 137,153 — Accrued interest payable 521 521 — 521 — Financial assets and liabilities other than investment securities are not traded in active markets. Estimated fair values require subjective judgments and are approximate. The estimates of fair value in the previous table are not necessarily representative of amounts that could be realized in actual market transactions, or of the underlying value of the Company. The methods and assumptions used by the Company in estimating fair values of financial instruments as set forth below in accordance with ASC Topic 825, Financial Instruments , as amended by ASU 2016-01 requiring public entities to use the exit price notion effective January 1, 2018, are as follows: Securities - Fair values for investment securities are primarily measured using information from a third-party pricing service. The pricing service uses pricing models based on market data. In the event that limited or less transparent information is provided by the third-party pricing service, fair value is estimated using secondary pricing services or non-binding third-party broker quotes. Loans receivable, net - At March 31, 2019 , the fair value of loans is estimated by discounting the future cash flows using the current rate at which similar loans and leases would be made to borrowers with similar credit and for the same remaining maturities. Additionally, to be consistent with the requirements under FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the loans were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. Mortgage servicing rights, net - The estimated fair value of mortgage servicing rights is based on market prices for comparable mortgage servicing contracts when available. If no comparable contract is available, the estimated fair value is based on a valuation model that calculates the present value of estimated future net servicing income. |
Noninterest Income
Noninterest Income | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Noninterest Income | Noninterest Income On January 1, 2018, the Company adopted the amendments of ASU 2014-09 Revenue from Contracts with Customers (Topic 606) and all subsequent ASUs that modified Topic 606. The Company has included the following table regarding the Company’s noninterest income for the periods presented. Three Months Ended March 31, 2019 2018 (In thousands) Noninterest income: Loan fees (1) $ 239 $ 125 Deposit fees 447 392 Debit interchange income 22 32 Credit card interchange income 402 406 Investment securities gain (loss), net (1) — 122 Gain on loan sales, net (1) 87 167 Increase in cash surrender value of BOLI (1) 143 149 Other income: Investment services revenue 48 74 Gain or loss on subsidiary (1) 14 14 Remaining other income 9 1 Total other income 71 89 Total noninterest income $ 1,411 $ 1,482 (1) Not within scope of Topic 606 The Company recognizes revenue as it is earned and noted no impact to its revenue recognition policies as a result of the adoption of ASU 2014-09. The following is a discussion of key revenues within the scope of the new revenue guidance. Deposit fees - The Company earns fees from its deposit customers for account maintenance, transaction-based activity and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts on a monthly basis. The performance obligation is satisfied and the fees are recognized on a monthly basis as the service period is completed. Transaction-based fees on deposit accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. Debit interchange income - Debit and Automated Teller Machine ("ATM") interchange income represent fees earned when a debit card issued by the Company is used. The Company earns interchange fees from debit cardholder transactions through card networks. In addition, the Company earns interchange fees for use of its ATM by customers of other banking institutions. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholder's debit card. Certain expenses directly associated with the credit and debit card are netted against interchange income. Credit card interchange income - Credit card interchange income represents fees earned when a credit card issued by the Bank through a third-party vendor is used. Similar to the debit card interchange, the Bank earns an interchange fee for each transaction made with a Bank-branded credit card. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the cardholder's credit card. Certain expenses directly related to the credit card interchange contract are netted against interchange income. Investment services revenue - Commissions received on the sale of investment related products is determined by a percentage of underlying instruments sold and is recognized when the sale is finalized. Sale of other real estate owned (OREO) - Gains/losses on the sale of OREO are included in non-interest expense and are generally recognized when the performance obligation is complete. This is typically at delivery of control over the property to the buyer at time of each real estate closing. |
Basis of Presentation and Cri_2
Basis of Presentation and Critical Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation - The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 . In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements in accordance with GAAP have been included. The Company changed its fiscal year from June 30 to December 31 effective December 31, 2017. Operating results for the three months ended March 31, 2019 , are not necessarily indicative of the results that may be expected for future periods. In preparing the unaudited interim consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to a determination of the allowance for loan losses ("ALLL"), fair value of financial instruments, and deferred tax assets and liabilities. |
Principles of Consolidation | Principles of consolidation - The accompanying consolidated financial statements include the accounts of First Northwest Bancorp and its wholly owned subsidiary, First Federal. All material intercompany accounts and transactions have been eliminated in consolidation. |
Subsequent Events | Subsequent Events - The Company has evaluated subsequent events for potential recognition and disclosure and determined there are no such events or transactions requiring recognition or disclosure. |
Recently Adopted Accounting Policies, Regulatory Rule and Issued Accounting Pronouncements | Recently adopted accounting pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases . ASU 2016-02 is intended to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The ASU requires a lessee to recognize on the balance sheet assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. Unlike current GAAP, which requires that only capital leases be recognized on the balance sheet, the ASC requires that both types of leases by recognized on the balance sheet. For public companies, this update is effective for interim and annual periods beginning after December 15, 2018. The adoption of ASU No. 2016-02 effective January 1, 2019 resulted in a right-of-use asset and corresponding lease obligation liability of $3,919,000 . The Corporation chose the effective date as the date of initial application. Consequently, prior period financial information has not been updated or restated. The right-of-use asset is included in other assets and the lease obligation liability is included in other liabilities on the March 31, 2019 , consolidated balance sheet. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). This ASU was issued to provide investors better insight to an entity’s risk management hedging strategies by permitting companies to recognize the economic results of its hedging strategies in its financial statements. The amendments in this ASU permit hedge accounting for hedging relationships involving non-financial risk and interest rate risk by removing certain limitations in cash flow and fair value hedging relationships. In addition, the ASU requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. This ASU is effective for fiscal years beginning after December 15, 2018, and early adoption is permitted. Adoption of ASU 2017-12 did not have a material impact on the Company’s consolidated financial statements. In June 2018, FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . These amendments provide specific guidance for transactions for acquiring goods and services from nonemployees and specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers . This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods beginning after December 15, 2020. Early adoption is permitted but not earlier than the adoption of Topic 606. Adoption of this ASU did not have a material effect on the Company's consolidated financial statements as it has not historically issued share-based payments in exchange for goods or services to be consumed within its operations. In July 2018, FASB issued ASU No. 2018-09, Codification Improvements . These amendments provide clarifications and corrections to certain ASC subtopics including the following: 220-10 (Income Statement - Reporting Comprehensive Income - Overall), 470-50 (Debt - Modifications and Extinguishments), 480-10 (Distinguishing Liabilities from Equity - Overall), 718-740 (Compensation - Stock Compensation - Income Taxes), 805-740 (Business Combinations - Income Taxes), 815-10 (Derivatives and Hedging - Overall), and 820-10 (Fair Value Measurement - Overall). Some of the amendments in ASU 2018-09 do not require transition guidance and will be effective upon issuance; however, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018. Adoption of ASU 2018-09 did not have a material impact on the Company's consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16 Derivatives and Hedging (Topic 815), Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . The amendments in this ASU permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (LIBOR) swap rate, the Overnight Index Swap (OIS) Rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. The amendments in this ASU are required to be adopted concurrently with the amendments in ASU 2017-12. For public companies, this would be for fiscal years, and interim periods within those fiscal years beginning after December 15, 2018. Adoption of ASU 2018-16 did not have a material impact on the Company's consolidated financial statements. Recently adopted regulatory rule In August 2018, the Securities and Exchange Commission issued a final rule that amends certain of its disclosure requirements. The rule simplifies various disclosure requirements for public companies including primarily that it (i) eliminates the requirement for public companies to disclose in their filings a schedule of earnings to fixed charges, (ii) requires an analysis of changes in stockholders’ equity for the current and comparative year-to-date interim periods in interim reports, and (iii) reduces the requirements for market price information disclosures in annual reports. These changes are effective for public companies beginning on November 5, 2018. The Company will be complying with these new requirements beginning with the Quarterly Report for the period ended March 31, 2019, on Form 10-Q. Recently issued accounting pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Loss , which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model (CECL) will require entities to adopt an impairment model based on expected losses rather than incurred losses. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Upon adoption, the Company will change processes and procedures to calculate the allowance for loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for other-than-temporary impairment on investment securities available for sale will be replaced with an allowance approach. At this time, we cannot reasonably estimate the impact the implementation of this ASU will have on the Company's consolidated financial statements. The Company's internal project management team continues to review models, work with our third-party vendor, and discuss changes to processes and procedures to ensure the Company is fully compliant with the amendments at the adoption date. In August 2018, FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. This guidance eliminates certain disclosure requirements for fair value measurements: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, an entity’s policy for the timing of transfers between levels of the fair value hierarchy and an entity’s valuation processes for Level 3 fair value measurements. This guidance also adds new disclosure requirements for public entities: changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop recurring and nonrecurring Level 3 fair value measurements, including how the weighted average is calculated. Furthermore, this guidance modifies certain requirements which will involve disclosing: transfers into and out of Level 3 of the fair value hierarchy, purchases and issuances of Level 3 assets and liabilities, and information about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. This guidance is effective for public companies in fiscal years beginning after December 15, 2019, with early adoption permitted. This ASU is not expected to have a material impact on the Company's consolidated financial statements. In August 2018, FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract to provide guidance on implementation costs incurred in a cloud computing arrangement that is a service contract. The ASU aligns the accounting for such costs with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of such arrangements that are service contracts and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized. This ASU, which is effective for fiscal years beginning after December 15, 2019, is not expected to have a material impact on the Company’s financial statements. |
Reclassifications | Reclassifications - Certain amounts in the unaudited interim consolidated financial statements for prior periods have been reclassified to conform to the current unaudited financial statement presentation with no effect on net income or shareholders' equity. |
Earnings per Share | Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. In addition, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities and are included in the computation of earnings per share. |
Fair Value Accounting and Measurement | Fair value is the price to sell an asset or transfer a liability in an orderly transaction between market participants in the Company’s principal market. The Company has established and documented its process for determining the fair values of its assets and liabilities, where applicable. Fair value is based on quoted market prices, when available, for identical or similar assets or liabilities. In the absence of quoted market prices, management determines the fair value of the Company’s assets and liabilities using valuation models or third-party pricing services, both of which rely on market-based parameters when available, such as interest rate yield curves, option volatilities and credit spreads, or unobservable inputs. Unobservable inputs may be based on management’s judgment, assumptions, and estimates related to credit quality, liquidity, interest rates, and other relevant inputs. Any changes to valuation methodologies are reviewed by management to ensure they are relevant and justified. Valuation methodologies are refined as more market-based data becomes available. A three-level valuation hierarchy is used in determining fair value that is based on the transparency of the inputs used in the valuation process. The inputs used in determining fair value in each of the three levels of the hierarchy are as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Either: (i) quoted prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. Level 3 - Unobservable inputs. The hierarchy gives the highest ranking to Level 1 inputs and the lowest ranking to Level 3 inputs. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the overall fair value measurement. Qualitative disclosures of valuation techniques - Securities available for sale: where quoted prices are available in an active market, securities are classified as Level 1. Level 1 instruments include highly liquid government bonds, securities issued by the U.S. Treasury, and exchange-traded equity securities. If quoted prices are not available, management determines fair value using pricing models, quoted prices of similar securities, which are considered Level 2, or discounted cash flows. In certain cases, where there is limited activity in the market for a particular instrument, assumptions must be made to determine their fair value. Such instruments are classified as Level 3. Assets and liabilities measured at fair value on a recurring basis - Assets and liabilities are considered to be fair valued on a recurring basis if fair value is measured regularly (i.e., daily, weekly, monthly, or quarterly). |
Fair Value of Financial Instruments | Financial assets and liabilities other than investment securities are not traded in active markets. Estimated fair values require subjective judgments and are approximate. The estimates of fair value in the previous table are not necessarily representative of amounts that could be realized in actual market transactions, or of the underlying value of the Company. The methods and assumptions used by the Company in estimating fair values of financial instruments as set forth below in accordance with ASC Topic 825, Financial Instruments , as amended by ASU 2016-01 requiring public entities to use the exit price notion effective January 1, 2018, are as follows: Securities - Fair values for investment securities are primarily measured using information from a third-party pricing service. The pricing service uses pricing models based on market data. In the event that limited or less transparent information is provided by the third-party pricing service, fair value is estimated using secondary pricing services or non-binding third-party broker quotes. Loans receivable, net - At March 31, 2019 , the fair value of loans is estimated by discounting the future cash flows using the current rate at which similar loans and leases would be made to borrowers with similar credit and for the same remaining maturities. Additionally, to be consistent with the requirements under FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the loans were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. Mortgage servicing rights, net - The estimated fair value of mortgage servicing rights is based on market prices for comparable mortgage servicing contracts when available. If no comparable contract is available, the estimated fair value is based on a valuation model that calculates the present value of estimated future net servicing income. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities | The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2019 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 882 $ 31 $ (1 ) $ 912 U.S. government agency issued asset-backed securities (ABS agency) 26,066 — (347 ) 25,719 Corporate issued asset-backed securities (ABS corporate) 37,888 — (814 ) 37,074 Corporate issued debt securities (Corporate debt) 9,986 — (492 ) 9,494 U.S. Small Business Administration securities (SBA) 33,553 60 (217 ) 33,396 Mortgage-backed securities: U.S. government agency issued mortgage-backed securities (MBS agency) 143,520 140 (2,133 ) 141,527 Corporate issued mortgage-backed securities (MBS corporate) 10,568 — (214 ) 10,354 Total securities available for sale $ 262,463 $ 231 $ (4,218 ) $ 258,476 Held to Maturity Municipal bonds $ 11,850 $ 70 $ — $ 11,920 SBA 149 — (1 ) 148 Mortgage-backed securities: MBS agency 31,025 43 (586 ) 30,482 Total securities held to maturity $ 43,024 $ 113 $ (587 ) $ 42,550 The amortized cost, gross unrealized gains and losses, and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2018 , are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Available for Sale Municipal bonds $ 882 $ — $ (13 ) $ 869 ABS agency 26,125 — (373 ) 25,752 ABS corporate 37,897 — (1,174 ) 36,723 Corporate debt 9,986 98 (196 ) 9,888 SBA 35,936 23 (289 ) 35,670 Mortgage-backed securities: MBS agency 147,205 12 (3,762 ) 143,455 MBS corporate 10,953 — (343 ) 10,610 Total securities available for sale $ 268,984 $ 133 $ (6,150 ) $ 262,967 Held to Maturity Municipal bonds $ 11,919 $ 43 $ — $ 11,962 SBA 302 — (1 ) 301 Mortgage-backed securities: MBS agency 31,282 40 (595 ) 30,727 Total securities held to maturity $ 43,503 $ 83 $ (596 ) $ 42,990 |
Schedule of Available-For-Sale Securities in a Continuous Unrealized Loss Position | The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of March 31, 2019 : Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ — $ — $ (1 ) $ 114 $ (1 ) $ 114 ABS agency (56 ) 14,643 (291 ) 11,076 (347 ) 25,719 ABS corporate (365 ) 14,731 (449 ) 22,343 (814 ) 37,074 Corporate debt (161 ) 4,839 (331 ) 4,655 (492 ) 9,494 SBA (20 ) 4,855 (197 ) 12,242 (217 ) 17,097 Mortgage-backed securities: MBS agency — — (2,133 ) 112,999 (2,133 ) 112,999 MBS corporate — — (214 ) 10,354 (214 ) 10,354 Total available for sale $ (602 ) $ 39,068 $ (3,616 ) $ 173,783 $ (4,218 ) $ 212,851 Held to Maturity Municipal bonds $ — $ — $ — $ — $ — $ — SBA — — (1 ) 148 (1 ) 148 Mortgage-backed securities: MBS agency — — (586 ) 23,671 (586 ) 23,671 Total held to maturity $ — $ — $ (587 ) $ 23,819 $ (587 ) $ 23,819 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2018 : Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (8 ) $ 757 $ (5 ) $ 110 $ (13 ) $ 867 ABS agency (302 ) 23,286 (71 ) 2,466 (373 ) 25,752 ABS corporate (571 ) 14,527 (603 ) 22,196 (1,174 ) 36,723 Corporate debt — — (196 ) 4,791 (196 ) 4,791 SBA (44 ) 13,400 (245 ) 13,089 (289 ) 26,489 Mortgage-backed securities: MBS agency (28 ) 17,996 (3,734 ) 120,617 (3,762 ) 138,613 MBS corporate — — (343 ) 10,610 (343 ) 10,610 Total available for sale $ (953 ) $ 69,966 $ (5,197 ) $ 173,879 $ (6,150 ) $ 243,845 Held to Maturity SBA $ (1 ) $ — $ — $ 301 $ (1 ) $ 301 Mortgage-backed securities: MBS agency (70 ) 6,241 (525 ) 18,073 (595 ) 24,314 Total held to maturity $ (71 ) $ 6,241 $ (525 ) $ 18,374 $ (596 ) $ 24,615 |
Schedule of Held-To-Maturity Securities in a Continuous Unrealized Loss Position | The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of March 31, 2019 : Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ — $ — $ (1 ) $ 114 $ (1 ) $ 114 ABS agency (56 ) 14,643 (291 ) 11,076 (347 ) 25,719 ABS corporate (365 ) 14,731 (449 ) 22,343 (814 ) 37,074 Corporate debt (161 ) 4,839 (331 ) 4,655 (492 ) 9,494 SBA (20 ) 4,855 (197 ) 12,242 (217 ) 17,097 Mortgage-backed securities: MBS agency — — (2,133 ) 112,999 (2,133 ) 112,999 MBS corporate — — (214 ) 10,354 (214 ) 10,354 Total available for sale $ (602 ) $ 39,068 $ (3,616 ) $ 173,783 $ (4,218 ) $ 212,851 Held to Maturity Municipal bonds $ — $ — $ — $ — $ — $ — SBA — — (1 ) 148 (1 ) 148 Mortgage-backed securities: MBS agency — — (586 ) 23,671 (586 ) 23,671 Total held to maturity $ — $ — $ (587 ) $ 23,819 $ (587 ) $ 23,819 The following shows the unrealized gross losses and fair value of the investment portfolio by length of time that individual securities in each category have been in a continuous loss position as of December 31, 2018 : Less Than Twelve Months Twelve Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (In thousands) Available for Sale Municipal bonds $ (8 ) $ 757 $ (5 ) $ 110 $ (13 ) $ 867 ABS agency (302 ) 23,286 (71 ) 2,466 (373 ) 25,752 ABS corporate (571 ) 14,527 (603 ) 22,196 (1,174 ) 36,723 Corporate debt — — (196 ) 4,791 (196 ) 4,791 SBA (44 ) 13,400 (245 ) 13,089 (289 ) 26,489 Mortgage-backed securities: MBS agency (28 ) 17,996 (3,734 ) 120,617 (3,762 ) 138,613 MBS corporate — — (343 ) 10,610 (343 ) 10,610 Total available for sale $ (953 ) $ 69,966 $ (5,197 ) $ 173,879 $ (6,150 ) $ 243,845 Held to Maturity SBA $ (1 ) $ — $ — $ 301 $ (1 ) $ 301 Mortgage-backed securities: MBS agency (70 ) 6,241 (525 ) 18,073 (595 ) 24,314 Total held to maturity $ (71 ) $ 6,241 $ (525 ) $ 18,374 $ (596 ) $ 24,615 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | Expected maturities of mortgage-backed securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties; therefore, these securities are shown separately. March 31, 2019 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,163 7,121 499 498 Due after five through ten years 11,611 11,526 1,898 1,861 Due after ten years 135,314 133,234 28,628 28,123 Total mortgage-backed securities 154,088 151,881 31,025 30,482 All other investment securities: Due within one year — — — — Due after one through five years — — 731 745 Due after five through ten years 18,463 17,906 6,538 6,583 Due after ten years 89,912 88,689 4,730 4,740 Total all other investment securities 108,375 106,595 11,999 12,068 Total investment securities $ 262,463 $ 258,476 $ 43,024 $ 42,550 December 31, 2018 Available-for-Sale Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Mortgage-backed securities: Due within one year $ — $ — $ — $ — Due after one through five years 7,204 7,089 578 569 Due after five through ten years 11,862 11,637 2,035 1,978 Due after ten years 139,092 135,339 28,669 28,180 Total mortgage-backed securities 158,158 154,065 31,282 30,727 All other investment securities: Due within one year — — — — Due after one through five years — — 734 741 Due after five through ten years 19,564 19,362 6,728 6,743 Due after ten years 91,262 89,540 4,759 4,779 Total all other investment securities 110,826 108,902 12,221 12,263 Total investment securities $ 268,984 $ 262,967 $ 43,503 $ 42,990 |
Summary of Sales of Available-For-Sale and Held-To-Maturity Securities | Sales of securities available-for-sale for the periods shown are summarized as follows: Three Months Ended March 31, 2019 2018 (In thousands) Proceeds from sales $ — $ 32,859 Gross realized gains — 164 Gross realized losses — (42 ) |
Loans Receivable - (Tables)
Loans Receivable - (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans Receivable Balances | Loans receivable consisted of the following at the dates indicated: March 31, 2019 December 31, 2018 (In thousands) Real Estate: One-to-four family $ 338,669 $ 336,178 Multi-family 81,576 82,331 Commercial real estate 250,521 253,235 Construction and land 63,536 54,102 Total real estate loans 734,302 725,846 Consumer: Home equity 37,058 37,629 Auto and other consumer 99,070 87,357 Total consumer loans 136,128 124,986 Commercial business loans 18,496 18,898 Total loans 888,926 869,730 Less: Net deferred loan fees 285 299 Premium on purchased loans, net (4,313 ) (3,954 ) Allowance for loan losses 9,759 9,533 Total loans receivable, net $ 883,195 $ 863,852 |
Schedule of Activity in Allowance for Loan Losses | The following tables summarize changes in the ALLL and loan portfolio by segment and impairment method for the periods shown: At or For the Three Months Ended March 31, 2019 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) ALLL: Beginning balance $ 3,297 $ 762 $ 2,289 $ 585 $ 480 $ 1,611 $ 334 $ 175 $ 9,533 Provision for loan losses 142 7 48 115 (14 ) 177 (141 ) 1 335 Charge-offs — — — — — (186 ) (4 ) — (190 ) Recoveries 2 — — — 1 76 2 — 81 Ending balance $ 3,441 $ 769 $ 2,337 $ 700 $ 467 $ 1,678 $ 191 $ 176 $ 9,759 At March 31, 2019 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,441 $ 769 $ 2,337 $ 700 $ 467 $ 1,678 $ 191 $ 176 $ 9,759 General reserve 3,403 768 2,328 699 463 1,624 184 176 9,645 Specific reserve 38 1 9 1 4 54 7 — 114 Total loans $ 338,669 $ 81,576 $ 250,521 $ 63,536 $ 37,058 $ 99,070 $ 18,496 $ — $ 888,926 Loans collectively evaluated (1) 335,525 81,466 248,568 63,467 36,450 98,852 18,191 — 882,519 Loans individually evaluated (2) 3,144 110 1,953 69 608 218 305 — 6,407 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. At or For the Three Months Ended March 31, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total ALLL: (In thousands) Beginning balance $ 3,061 $ 648 $ 1,847 $ 648 $ 787 $ 712 $ 265 $ 792 $ 8,760 Provision for loan losses 105 (1 ) 206 31 (51 ) 331 444 (755 ) 310 Charge-offs — — — — — (123 ) — — (123 ) Recoveries 1 — — — 8 28 — — 37 Ending balance $ 3,167 $ 647 $ 2,053 $ 679 $ 744 $ 948 $ 709 $ 37 $ 8,984 At December 31, 2018 One-to- four family Multi-family Commercial real estate Construction and land Home equity Auto and other consumer Commercial business Unallocated Total (In thousands) Total ALLL $ 3,297 $ 762 $ 2,289 $ 585 $ 480 $ 1,611 $ 334 $ 175 $ 9,533 General reserve 3,262 761 2,281 584 474 1,552 168 175 9,257 Specific reserve 35 1 8 1 6 59 166 — 276 Total loans $ 336,178 $ 82,331 $ 253,235 $ 54,102 $ 37,629 $ 87,357 $ 18,898 $ — $ 869,730 Loans collectively evaluated (1) 333,062 82,221 251,263 54,058 37,002 87,113 18,453 — 863,172 Loans individually evaluated (2) 3,116 110 1,972 44 627 244 445 — 6,558 (1) Loans collectively evaluated for general reserves. (2) Loans individually evaluated for specific reserves. |
Schedules of Impaired Loans | The following table presents a summary of loans individually evaluated for impairment by portfolio segment at the dates indicated: March 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With no allowance recorded: One-to-four family $ 303 $ 336 $ — $ 306 $ 339 $ — Commercial real estate 1,292 1,360 — 1,308 1,374 — Construction and land — 1 — — 1 — Home equity 323 469 — 330 478 — Auto and other consumer — 306 — — 276 — Commercial business — — — — 3 — Total 1,918 2,472 — 1,944 2,471 — With an allowance recorded: One-to-four family 2,841 3,112 38 2,810 3,085 35 Multi-family 110 110 1 110 110 1 Commercial real estate 661 661 9 664 663 8 Construction and land 69 101 1 44 71 1 Home equity 285 353 4 297 364 6 Auto and other consumer 218 218 54 244 244 59 Commercial business 305 305 7 445 445 166 Total 4,489 4,860 114 4,614 4,982 276 Total impaired loans: One-to-four family 3,144 3,448 38 3,116 3,424 35 Multi-family 110 110 1 110 110 1 Commercial real estate 1,953 2,021 9 1,972 2,037 8 Construction and land 69 102 1 44 72 1 Home equity 608 822 4 627 842 6 Auto and other consumer 218 524 54 244 520 59 Commercial business 305 305 7 445 448 166 Total $ 6,407 $ 7,332 $ 114 $ 6,558 $ 7,453 $ 276 The following table presents the average recorded investment in loans individually evaluated for impairment and the related interest income recognized for the periods shown: Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) With no allowance recorded: One-to-four family $ 304 $ 5 $ 408 $ 8 Commercial real estate 1,296 12 2,389 27 Construction and land — — 2,487 68 Home equity 324 10 361 4 Auto and other consumer — 7 — 5 Total 1,924 34 5,645 112 With an allowance recorded: One-to-four family 2,831 68 3,381 66 Multi-family 110 1 114 1 Commercial real estate 663 7 795 10 Construction and land 53 2 51 3 Home equity 300 7 286 6 Auto and other consumer 263 7 101 2 Commercial business 328 5 675 3 Total 4,548 97 5,403 91 Total impaired loans: One-to-four family 3,135 73 3,789 74 Multi-family 110 1 114 1 Commercial real estate 1,959 19 3,184 37 Construction and land 53 2 2,538 71 Home equity 624 17 647 10 Auto and other consumer 263 14 101 7 Commercial business 328 5 675 3 Total $ 6,472 $ 131 $ 11,048 $ 203 Interest income recognized on a cash basis on impaired loans for the three months ended March 31, 2019 and 2018 , was $92,000 and $166,000 , respectively. |
Schedule of Recorded Investments in Nonaccrual Loans | The following table presents the recorded investment in nonaccrual loans by class of loan at the dates indicated: March 31, 2019 December 31, 2018 (In thousands) One-to-four family $ 803 $ 759 Commercial real estate 129 133 Construction and land 69 44 Home equity 352 369 Auto and other consumer 218 245 Commercial business 35 173 Total nonaccrual loans $ 1,606 $ 1,723 |
Schedule of Past Due Loans by Class | The following table presents past due loans, net of partial loan charge-offs, by class, as of March 31, 2019 : 30-59 Days 60-89 Days 90 Days or More Total Current Total Loans (In thousands) Real Estate: One-to-four family $ 625 $ 50 $ 100 $ 775 $ 337,894 $ 338,669 Multi-family — — — — 81,576 81,576 Commercial real estate — — — — 250,521 250,521 Construction and land 48 — 66 114 63,422 63,536 Total real estate loans 673 50 166 889 733,413 734,302 Consumer: Home equity 149 — — 149 36,909 37,058 Auto and other consumer 578 230 11 819 98,251 99,070 Total consumer loans 727 230 11 968 135,160 136,128 Commercial business loans — — 35 35 18,461 18,496 Total loans $ 1,400 $ 280 $ 212 $ 1,892 $ 887,034 $ 888,926 The following table presents past due loans, net of partial loan charge-offs, by class, as of December 31, 2018 : 30-59 Days 60-89 Days 90 Days or More Total Current Total Loans (In thousands) Real Estate: One-to-four family $ 289 $ 176 $ 164 $ 629 $ 335,549 $ 336,178 Multi-family — — — — 82,331 82,331 Commercial real estate — — — — 253,235 253,235 Construction and land 35 14 31 80 54,022 54,102 Total real estate loans 324 190 195 709 725,137 725,846 Consumer: Home equity 97 30 9 136 37,493 37,629 Auto and other consumer 471 92 — 563 86,794 87,357 Total consumer loans 568 122 9 699 124,287 124,986 Commercial business loans 923 — — 923 17,975 18,898 Total loans $ 1,815 $ 312 $ 204 $ 2,331 $ 867,399 $ 869,730 |
Schedule of Loans by Risk Category | The following table represents the internally assigned grade as of March 31, 2019 , by class of loans: Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 332,957 $ 3,779 $ 666 $ 1,267 $ 338,669 Multi-family 77,470 3,996 110 — 81,576 Commercial real estate 236,666 9,630 2,872 1,353 250,521 Construction and land 63,116 351 — 69 63,536 Total real estate loans 710,209 17,756 3,648 2,689 734,302 Consumer: Home equity 35,955 540 82 481 37,058 Auto and other consumer 96,928 1,571 319 252 99,070 Total consumer loans 132,883 2,111 401 733 136,128 Commercial business loans 15,669 1,096 1,696 35 18,496 Total loans $ 858,761 $ 20,963 $ 5,745 $ 3,457 $ 888,926 The following table represents the internally assigned grade as of December 31, 2018 , by class of loans: Pass Watch Special Mention Substandard Total (In thousands) Real Estate: One-to-four family $ 330,476 $ 3,767 $ 957 $ 978 $ 336,178 Multi-family 82,221 — 110 — 82,331 Commercial real estate 244,919 6,281 663 1,372 253,235 Construction and land 51,480 2,578 — 44 54,102 Total real estate loans 709,096 12,626 1,730 2,394 725,846 Consumer: Home equity 36,559 465 123 482 37,629 Auto and other consumer 85,579 1,310 151 317 87,357 Total consumer loans 122,138 1,775 274 799 124,986 Commercial business loans 16,520 1,733 472 173 18,898 Total loans $ 847,754 $ 16,134 $ 2,476 $ 3,366 $ 869,730 The following table represents the credit risk profile based on payment activity as of March 31, 2019 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 803 $ 337,866 $ 338,669 Multi-family — 81,576 81,576 Commercial real estate 129 250,392 250,521 Construction and land 69 63,467 63,536 Consumer: Home equity 352 36,706 37,058 Auto and other consumer 218 98,852 99,070 Commercial business 35 18,461 18,496 Total loans $ 1,606 $ 887,320 $ 888,926 The following table represents the credit risk profile based on payment activity as of December 31, 2018 , by class of loans: Nonperforming Performing Total (In thousands) Real Estate: One-to-four family $ 759 $ 335,419 $ 336,178 Multi-family — 82,331 82,331 Commercial real estate 133 253,102 253,235 Construction and land 44 54,058 54,102 Consumer: Home equity 369 37,260 37,629 Auto and other consumer 245 87,112 87,357 Commercial business 173 18,725 18,898 Total loans $ 1,723 $ 868,007 $ 869,730 |
Schedule of Troubled Debt Restructured Loans | The following is a summary of TDR loans which incurred a payment default within 12 months of the restructure date during the three months ended March 31, 2019 . Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) TDR loans that subsequently defaulted One- to four-family 1 $ — $ — $ 48 $ 48 The following table presents newly restructured and renewals or modifications of existing TDR loans by class that occurred during the three months ended March 31, 2018 , by type of concession granted. Number of Contracts Rate Modification Term Modification Combination Total Modifications (Dollars in thousands) Pre-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 180 $ 180 2 — — 180 180 Post-modification outstanding recorded investment One- to four-family 2 $ — $ — $ 179 $ 179 2 $ — $ — $ 179 $ 179 The following table is a summary of information pertaining to TDR loans included in impaired loans at the dates indicated: March 31, 2019 December 31, 2018 (In thousands) Total TDR loans $ 3,722 $ 3,745 Allowance for loan losses related to TDR loans 46 43 Total nonaccrual TDR loans 83 84 The following table presents TDR loans by class at the dates indicated by accrual and nonaccrual status. March 31, 2019 December 31, 2018 Accrual Nonaccrual Total Accrual Nonaccrual Total (In thousands) One-to-four family $ 2,342 $ 83 $ 2,425 $ 2,358 $ 84 $ 2,442 Multi-family 110 — 110 110 — 110 Commercial real estate 661 — 661 663 — 663 Home equity 256 — 256 258 — 258 Commercial business 270 — 270 272 — 272 Total TDR loans $ 3,639 $ 83 $ 3,722 $ 3,661 $ 84 $ 3,745 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits and Weighted Average Interest Rates | Deposits and weighted-average interest rates at the dates indicated are as follows: March 31, 2019 December 31, 2018 Amount Weighted-Average Interest Rate Amount Weighted-Average Interest Rate (Dollars in thousands) Savings $ 163,292 0.89% $ 143,412 0.74% Transaction accounts 268,718 0.05% 262,152 0.05% Money market accounts 265,713 0.42% 273,344 0.43% Certificates of deposit 255,032 2.05% 261,352 1.86% $ 952,755 0.83% $ 940,260 0.77% |
Schedule of Maturities of Time Deposits | Maturities of certificates at the dates indicated are as follows: March 31, 2019 December 31, 2018 (In thousands) Within one year or less $ 149,202 $ 148,119 After one year through two years 76,209 78,966 After two years through three years 16,595 20,934 After three years through four years 5,132 6,759 After four years through five years 7,894 6,574 After five years — — $ 255,032 $ 261,352 |
Schedule of Interest on Deposits | Interest on deposits by type for the periods shown was as follows: Three Months Ended March 31, 2019 2018 (In thousands) Savings $ 316 $ 16 Transaction accounts 36 4 Insured money market accounts 320 215 Certificates of deposit 1,252 750 $ 1,924 $ 985 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following table presents a reconciliation of the components used to compute basic and diluted earnings per share for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 (In thousands, except share data) Numerator: Net income $ 2,207 $ 1,523 Denominator: Basic weighted average common shares outstanding 9,973,125 10,491,647 Dilutive restricted stock grants 77,143 113,009 Diluted weighted average common shares outstanding 10,050,268 10,604,656 Basic earnings per share $ 0.22 $ 0.15 Diluted earnings per share $ 0.22 $ 0.14 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Employee Stock Ownership Plan (ESOP) | Shares issued to the ESOP as of the dates indicated are as follows: March 31, 2019 December 31, 2018 (Dollars in thousands) Allocated shares 174,584 174,584 Committed to be released shares 39,663 26,442 Unallocated shares 833,782 847,003 Total ESOP shares issued 1,048,029 1,048,029 Fair value of unallocated shares $ 12,982 $ 12,561 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Changes in Non-Vested Restricted Stock Awards | The following tables provide a summary of changes in non-vested restricted stock awards for the period shown: For the Three Months Ended March 31, 2019 Shares Weighted-Average Grant Date Fair Value Non-vested at January 1, 2019 290,600 $ 13.72 Granted — — Vested — — Non-vested at March 31, 2019 290,600 13.72 |
Fair Value Accounting and Mea_2
Fair Value Accounting and Measurement (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables show the Company’s assets measured at fair value on a recurring basis at the dates indicated: March 31, 2019 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 912 $ — $ 912 ABS agency — 25,719 — 25,719 ABS corporate — 37,074 — 37,074 Corporate debt — 9,494 — 9,494 SBA — 33,396 — 33,396 MBS agency — 141,527 — 141,527 MBS corporate — 10,354 — 10,354 $ — $ 258,476 $ — $ 258,476 December 31, 2018 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) Securities available-for-sale Municipal bonds $ — $ 869 $ — $ 869 ABS agency — 25,752 — 25,752 ABS corporate — 36,723 — 36,723 Corporate debt — 9,888 — 9,888 SBA — 35,670 — 35,670 MBS agency — 143,455 — 143,455 MBS corporate — 10,610 — 10,610 $ — $ 262,967 $ — $ 262,967 |
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present the Company’s assets measured at fair value on a nonrecurring basis at the dates indicated: March 31, 2019 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,407 $ 6,407 December 31, 2018 Level 1 Level 2 Level 3 Total (In thousands) Impaired loans $ — $ — $ 6,558 $ 6,558 |
Schedule of the Carrying Value and Estimated Fair Value of Financial Instruments | The following tables present the carrying value and estimated fair value of financial instruments at the dates indicated: March 31, 2019 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 27,657 $ 27,657 $ 27,657 $ — $ — Investment securities available for sale 258,476 258,476 — 258,476 — Investment securities held to maturity 43,024 42,550 — 42,550 — Loans held for sale 969 940 — 940 — Loans receivable, net 883,195 861,865 — — 861,865 FHLB stock 6,927 6,927 — 6,927 — Accrued interest receivable 4,114 4,114 — 4,114 — Mortgage servicing rights, net 1,001 1,748 — — 1,748 Financial liabilities Demand deposits $ 697,723 $ 697,723 $ 697,723 $ — $ — Time deposits 255,032 254,190 — 254,190 — Borrowings 135,174 135,849 — 135,849 — Accrued interest payable 279 279 — 279 — December 31, 2018 Carrying Amount Estimated Fair Value Fair Value Measurements Using: Level 1 Level 2 Level 3 (In thousands) Financial assets Cash and cash equivalents $ 26,323 $ 26,323 $ 26,323 $ — $ — Investment securities available for sale 262,967 262,967 — 262,967 — Investment securities held to maturity 43,503 42,990 — 42,990 — Loans receivable, net 863,852 840,861 — — 840,861 FHLB stock 6,927 6,927 — 6,927 — Accrued interest receivable 4,048 4,048 — 4,048 — Mortgage servicing rights, net 1,044 1,479 — — 1,479 Financial liabilities Demand deposits $ 678,908 $ 678,908 $ 678,908 $ — $ — Time deposits 261,352 259,549 — 259,549 — Borrowings 136,552 137,153 — 137,153 — Accrued interest payable 521 521 — 521 — |
Noninterest Income (Tables)
Noninterest Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest Income | The Company has included the following table regarding the Company’s noninterest income for the periods presented. Three Months Ended March 31, 2019 2018 (In thousands) Noninterest income: Loan fees (1) $ 239 $ 125 Deposit fees 447 392 Debit interchange income 22 32 Credit card interchange income 402 406 Investment securities gain (loss), net (1) — 122 Gain on loan sales, net (1) 87 167 Increase in cash surrender value of BOLI (1) 143 149 Other income: Investment services revenue 48 74 Gain or loss on subsidiary (1) 14 14 Remaining other income 9 1 Total other income 71 89 Total noninterest income $ 1,411 $ 1,482 (1) Not within scope of Topic 606 |
Basis of Presentation and Cri_3
Basis of Presentation and Critical Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 29, 2015 | Mar. 31, 2019 | Dec. 18, 2015 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued (in shares) | 13,100,360 | ||
Gross proceeds from stock offering | $ 121,700 | ||
Proceeds from initial public offering | 117,600 | ||
Capital contribution to subsidiary | 58,400 | ||
Percentage of shares to be purchased | 8.00% | ||
Number of shares to be purchased (in shares) | 1,048,029 | ||
Contributions to charitable organization | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Value of charitable consideration, cash portion | $ 400 | ||
IPO | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued (in shares) | 12,167,000 | ||
Share price (in dollars per share) | $ 10 | ||
Secondary Offering | Contributions to charitable organization | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Number of shares issued (in shares) | 933,360 | ||
Accounting Standards Update 2016-02 | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Operating lease, right-of-use asset | $ 3,919 | ||
Operating lease liabilities | $ 3,919 |
Securities - Amortized Cost, Gr
Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available for Sale | ||
Amortized Cost | $ 262,463 | $ 268,984 |
Gross Unrealized Gains | 231 | 133 |
Gross Unrealized Losses | (4,218) | (6,150) |
Estimated Fair Value | 258,476 | 262,967 |
Held to Maturity | ||
Amortized Cost | 43,024 | 43,503 |
Gross Unrealized Gains | 113 | 83 |
Gross Unrealized Losses | (587) | (596) |
Estimated Fair Value | 42,550 | 42,990 |
Investment Securities | ||
Available for Sale | ||
Amortized Cost | 108,375 | 110,826 |
Estimated Fair Value | 106,595 | 108,902 |
Held to Maturity | ||
Estimated Fair Value | 12,068 | 12,263 |
Investment Securities | Municipal bonds | ||
Available for Sale | ||
Amortized Cost | 882 | 882 |
Gross Unrealized Gains | 31 | 0 |
Gross Unrealized Losses | (1) | (13) |
Estimated Fair Value | 912 | 869 |
Held to Maturity | ||
Amortized Cost | 11,850 | 11,919 |
Gross Unrealized Gains | 70 | 43 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 11,920 | 11,962 |
Investment Securities | U.S. government agency issued asset-backed securities (ABS agency) | ||
Available for Sale | ||
Amortized Cost | 26,066 | 26,125 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (347) | (373) |
Estimated Fair Value | 25,719 | 25,752 |
Investment Securities | Corporate issued asset-backed securities (ABS corporate) | ||
Available for Sale | ||
Amortized Cost | 37,888 | 37,897 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (814) | (1,174) |
Estimated Fair Value | 37,074 | 36,723 |
Investment Securities | Corporate issued debt securities (Corporate debt) | ||
Available for Sale | ||
Amortized Cost | 9,986 | 9,986 |
Gross Unrealized Gains | 0 | 98 |
Gross Unrealized Losses | (492) | (196) |
Estimated Fair Value | 9,494 | 9,888 |
Investment Securities | U.S. Small Business Administration securities (SBA) | ||
Available for Sale | ||
Amortized Cost | 33,553 | 35,936 |
Gross Unrealized Gains | 60 | 23 |
Gross Unrealized Losses | (217) | (289) |
Estimated Fair Value | 33,396 | 35,670 |
Held to Maturity | ||
Amortized Cost | 149 | 302 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (1) |
Estimated Fair Value | 148 | 301 |
Mortgage-backed Securities | ||
Available for Sale | ||
Amortized Cost | 154,088 | 158,158 |
Estimated Fair Value | 151,881 | 154,065 |
Held to Maturity | ||
Estimated Fair Value | 30,482 | 30,727 |
Mortgage-backed Securities | U.S. government agency issued mortgage-backed securities (MBS agency) | ||
Available for Sale | ||
Amortized Cost | 143,520 | 147,205 |
Gross Unrealized Gains | 140 | 12 |
Gross Unrealized Losses | (2,133) | (3,762) |
Estimated Fair Value | 141,527 | 143,455 |
Held to Maturity | ||
Amortized Cost | 31,025 | 31,282 |
Gross Unrealized Gains | 43 | 40 |
Gross Unrealized Losses | (586) | (595) |
Estimated Fair Value | 30,482 | 30,727 |
Mortgage-backed Securities | Corporate issued mortgage-backed securities (MBS corporate) | ||
Available for Sale | ||
Amortized Cost | 10,568 | 10,953 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (214) | (343) |
Estimated Fair Value | $ 10,354 | $ 10,610 |
Securities - Securities in a Co
Securities - Securities in a Continuous Unrealized Gross Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | $ (602) | $ (953) |
Twelve Months or Longer | (3,616) | (5,197) |
Gross Unrealized Losses | (4,218) | (6,150) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 39,068 | 69,966 |
Twelve Months or Longer | 173,783 | 173,879 |
Fair Value | 212,851 | 243,845 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (71) |
Twelve Months or Longer | (587) | (525) |
Total | (587) | (596) |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 0 | 6,241 |
Twelve Months or Longer | 23,819 | 18,374 |
Total | 23,819 | 24,615 |
Investment Securities | Municipal bonds | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (8) |
Twelve Months or Longer | (1) | (5) |
Gross Unrealized Losses | (1) | (13) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 0 | 757 |
Twelve Months or Longer | 114 | 110 |
Fair Value | 114 | 867 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | |
Twelve Months or Longer | 0 | |
Total | 0 | |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 0 | |
Twelve Months or Longer | 0 | |
Total | 0 | |
Investment Securities | ABS agency | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (56) | (302) |
Twelve Months or Longer | (291) | (71) |
Gross Unrealized Losses | (347) | (373) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 14,643 | 23,286 |
Twelve Months or Longer | 11,076 | 2,466 |
Fair Value | 25,719 | 25,752 |
Investment Securities | ABS corporate | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (365) | (571) |
Twelve Months or Longer | (449) | (603) |
Gross Unrealized Losses | (814) | (1,174) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 14,731 | 14,527 |
Twelve Months or Longer | 22,343 | 22,196 |
Fair Value | 37,074 | 36,723 |
Investment Securities | Corporate debt | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (161) | 0 |
Twelve Months or Longer | (331) | (196) |
Gross Unrealized Losses | (492) | (196) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 4,839 | 0 |
Twelve Months or Longer | 4,655 | 4,791 |
Fair Value | 9,494 | 4,791 |
Investment Securities | SBA | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | (20) | (44) |
Twelve Months or Longer | (197) | (245) |
Gross Unrealized Losses | (217) | (289) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 4,855 | 13,400 |
Twelve Months or Longer | 12,242 | 13,089 |
Fair Value | 17,097 | 26,489 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (1) |
Twelve Months or Longer | (1) | 0 |
Total | (1) | (1) |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 148 | 301 |
Total | 148 | 301 |
Mortgage-backed Securities | MBS agency | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (28) |
Twelve Months or Longer | (2,133) | (3,734) |
Gross Unrealized Losses | (2,133) | (3,762) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 0 | 17,996 |
Twelve Months or Longer | 112,999 | 120,617 |
Fair Value | 112,999 | 138,613 |
Held to Maturity, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | (70) |
Twelve Months or Longer | (586) | (525) |
Total | (586) | (595) |
Held to Maturity, Fair Value | ||
Less Than Twelve Months | 0 | 6,241 |
Twelve Months or Longer | 23,671 | 18,073 |
Total | 23,671 | 24,314 |
Mortgage-backed Securities | MBS corporate | ||
Available for Sale, Gross Unrealized Losses | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | (214) | (343) |
Gross Unrealized Losses | (214) | (343) |
Available for Sale, Fair Value | ||
Less Than Twelve Months | 0 | 0 |
Twelve Months or Longer | 10,354 | 10,610 |
Fair Value | $ 10,354 | $ 10,610 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)security | Mar. 31, 2018USD ($) | Dec. 31, 2018security | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities in an unrealized loss position | security | 59 | 69 | |
OTTI losses | $ | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-sale Securities, Amortized Cost | ||
Amortized Cost | $ 262,463 | $ 268,984 |
Available-for-sale Securities, Estimated Fair Value | ||
Total | 258,476 | 262,967 |
Held-to-maturity Securities, Amortized Cost | ||
Total | 43,024 | 43,503 |
Held-to-maturity Securities, Estimated Fair Value | ||
Total | 42,550 | 42,990 |
Mortgage-backed Securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 7,163 | 7,204 |
Due after five through ten years | 11,611 | 11,862 |
Due after ten years | 135,314 | 139,092 |
Amortized Cost | 154,088 | 158,158 |
Available-for-sale Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 7,121 | 7,089 |
Due after five through ten years | 11,526 | 11,637 |
Due after ten years | 133,234 | 135,339 |
Total | 151,881 | 154,065 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 499 | 578 |
Due after five through ten years | 1,898 | 2,035 |
Due after ten years | 28,628 | 28,669 |
Total | 31,025 | 31,282 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 498 | 569 |
Due after five through ten years | 1,861 | 1,978 |
Due after ten years | 28,123 | 28,180 |
Total | 30,482 | 30,727 |
Investment Securities | ||
Available-for-sale Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 18,463 | 19,564 |
Due after ten years | 89,912 | 91,262 |
Amortized Cost | 108,375 | 110,826 |
Available-for-sale Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 0 | 0 |
Due after five through ten years | 17,906 | 19,362 |
Due after ten years | 88,689 | 89,540 |
Total | 106,595 | 108,902 |
Held-to-maturity Securities, Amortized Cost | ||
Due within one year | 0 | 0 |
Due after one through five years | 731 | 734 |
Due after five through ten years | 6,538 | 6,728 |
Due after ten years | 4,730 | 4,759 |
Total | 11,999 | 12,221 |
Held-to-maturity Securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one through five years | 745 | 741 |
Due after five through ten years | 6,583 | 6,743 |
Due after ten years | 4,740 | 4,779 |
Total | $ 12,068 | $ 12,263 |
Securities - Sale of Available-
Securities - Sale of Available-for-sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 0 | $ 32,859 |
Gross realized gains | 0 | 164 |
Gross realized losses | $ 0 | $ (42) |
Loans Receivable - Balance of L
Loans Receivable - Balance of Loans Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 888,926 | $ 869,730 | ||
Net deferred loan fees | 285 | 299 | ||
Premium on purchased loans, net | (4,313) | (3,954) | ||
Allowance for loan losses | 9,759 | 9,533 | $ 8,984 | $ 8,760 |
Total loans receivable, net | 883,195 | 863,852 | ||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 734,302 | 725,846 | ||
Real Estate | Real estate loans | One-to-four family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 338,669 | 336,178 | ||
Allowance for loan losses | 3,441 | 3,297 | 3,167 | 3,061 |
Real Estate | Real estate loans | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 81,576 | 82,331 | ||
Allowance for loan losses | 769 | 762 | 647 | 648 |
Real Estate | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 250,521 | 253,235 | ||
Allowance for loan losses | 2,337 | 2,289 | 2,053 | 1,847 |
Real Estate | Construction and land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 63,536 | 54,102 | ||
Allowance for loan losses | 700 | 585 | 679 | 648 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 136,128 | 124,986 | ||
Consumer | Home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 37,058 | 37,629 | ||
Allowance for loan losses | 467 | 480 | 744 | 787 |
Consumer | Auto and other consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 99,070 | 87,357 | ||
Allowance for loan losses | 1,678 | 1,611 | 948 | 712 |
Commercial business loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | 18,496 | 18,898 | ||
Allowance for loan losses | $ 191 | $ 334 | $ 709 | $ 265 |
Loans Receivable - Allowance fo
Loans Receivable - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | $ 9,533 | $ 8,760 | ||
Provision for loan losses | 335 | 310 | ||
Charge-offs | (190) | (123) | ||
Recoveries | 81 | 37 | ||
Ending balance | 9,759 | 8,984 | ||
Total ALLL | 9,533 | 8,760 | $ 9,759 | $ 9,533 |
General reserve | 9,645 | 9,257 | ||
Specific reserve | 114 | 276 | ||
Total loans | 888,926 | 869,730 | ||
Loans collectively evaluated | 882,519 | 863,172 | ||
Loans individually evaluated | 6,407 | 6,558 | ||
Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Total loans | 734,302 | 725,846 | ||
Real Estate | Real estate loans | One-to-four family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 3,297 | 3,061 | ||
Provision for loan losses | 142 | 105 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 2 | 1 | ||
Ending balance | 3,441 | 3,167 | ||
Total ALLL | 3,297 | 3,061 | 3,441 | 3,297 |
General reserve | 3,403 | 3,262 | ||
Specific reserve | 38 | 35 | ||
Total loans | 338,669 | 336,178 | ||
Loans collectively evaluated | 335,525 | 333,062 | ||
Loans individually evaluated | 3,144 | 3,116 | ||
Real Estate | Real estate loans | Multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 762 | 648 | ||
Provision for loan losses | 7 | (1) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 769 | 647 | ||
Total ALLL | 762 | 648 | 769 | 762 |
General reserve | 768 | 761 | ||
Specific reserve | 1 | 1 | ||
Total loans | 81,576 | 82,331 | ||
Loans collectively evaluated | 81,466 | 82,221 | ||
Loans individually evaluated | 110 | 110 | ||
Real Estate | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 2,289 | 1,847 | ||
Provision for loan losses | 48 | 206 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 2,337 | 2,053 | ||
Total ALLL | 2,289 | 1,847 | 2,337 | 2,289 |
General reserve | 2,328 | 2,281 | ||
Specific reserve | 9 | 8 | ||
Total loans | 250,521 | 253,235 | ||
Loans collectively evaluated | 248,568 | 251,263 | ||
Loans individually evaluated | 1,953 | 1,972 | ||
Real Estate | Construction and land | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 585 | 648 | ||
Provision for loan losses | 115 | 31 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 700 | 679 | ||
Total ALLL | 585 | 648 | 700 | 585 |
General reserve | 699 | 584 | ||
Specific reserve | 1 | 1 | ||
Total loans | 63,536 | 54,102 | ||
Loans collectively evaluated | 63,467 | 54,058 | ||
Loans individually evaluated | 69 | 44 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Total loans | 136,128 | 124,986 | ||
Consumer | Home equity | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 480 | 787 | ||
Provision for loan losses | (14) | (51) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 1 | 8 | ||
Ending balance | 467 | 744 | ||
Total ALLL | 480 | 787 | 467 | 480 |
General reserve | 463 | 474 | ||
Specific reserve | 4 | 6 | ||
Total loans | 37,058 | 37,629 | ||
Loans collectively evaluated | 36,450 | 37,002 | ||
Loans individually evaluated | 608 | 627 | ||
Consumer | Auto and other consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 1,611 | 712 | ||
Provision for loan losses | 177 | 331 | ||
Charge-offs | (186) | (123) | ||
Recoveries | 76 | 28 | ||
Ending balance | 1,678 | 948 | ||
Total ALLL | 1,611 | 712 | 1,678 | 1,611 |
General reserve | 1,624 | 1,552 | ||
Specific reserve | 54 | 59 | ||
Total loans | 99,070 | 87,357 | ||
Loans collectively evaluated | 98,852 | 87,113 | ||
Loans individually evaluated | 218 | 244 | ||
Commercial business loans | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 334 | 265 | ||
Provision for loan losses | (141) | 444 | ||
Charge-offs | (4) | 0 | ||
Recoveries | 2 | 0 | ||
Ending balance | 191 | 709 | ||
Total ALLL | 334 | 265 | 191 | 334 |
General reserve | 184 | 168 | ||
Specific reserve | 7 | 166 | ||
Total loans | 18,496 | 18,898 | ||
Loans collectively evaluated | 18,191 | 18,453 | ||
Loans individually evaluated | 305 | 445 | ||
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning balance | 175 | 792 | ||
Provision for loan losses | 1 | (755) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 176 | 37 | ||
Total ALLL | $ 175 | $ 792 | 176 | 175 |
General reserve | 176 | 175 | ||
Specific reserve | 0 | 0 | ||
Total loans | 0 | 0 | ||
Loans collectively evaluated | 0 | 0 | ||
Loans individually evaluated | $ 0 | $ 0 |
Loans Receivable - Impaired Loa
Loans Receivable - Impaired Loans By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | $ 1,918 | $ 1,944 | |
Recorded Investment, Allowance Recorded | 4,489 | 4,614 | |
Recorded Investment | 6,407 | 6,558 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 2,472 | 2,471 | |
Unpaid Principal Balance, Allowance Recorded | 4,860 | 4,982 | |
Unpaid Principal Balance | 7,332 | 7,453 | |
Related Allowance | 114 | 276 | |
Average Recorded Investment | |||
Average Recorded Investment, No Allowance Recorded | 1,924 | $ 5,645 | |
Average Recorded Investment, Allowance Recorded | 4,548 | 5,403 | |
Average Recorded Investment | 6,472 | 11,048 | |
Interest Income Recognized | |||
Interest Income Recognized, No Allowance Recorded | 34 | 112 | |
Interest Income Recognized, Allowance Recorded | 97 | 91 | |
Interest Income Recognized | 131 | 203 | |
Real Estate | Real estate loans | One-to-four family | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 303 | 306 | |
Recorded Investment, Allowance Recorded | 2,841 | 2,810 | |
Recorded Investment | 3,144 | 3,116 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 336 | 339 | |
Unpaid Principal Balance, Allowance Recorded | 3,112 | 3,085 | |
Unpaid Principal Balance | 3,448 | 3,424 | |
Related Allowance | 38 | 35 | |
Average Recorded Investment | |||
Average Recorded Investment, No Allowance Recorded | 304 | 408 | |
Average Recorded Investment, Allowance Recorded | 2,831 | 3,381 | |
Average Recorded Investment | 3,135 | 3,789 | |
Interest Income Recognized | |||
Interest Income Recognized, No Allowance Recorded | 5 | 8 | |
Interest Income Recognized, Allowance Recorded | 68 | 66 | |
Interest Income Recognized | 73 | 74 | |
Real Estate | Real estate loans | Multi-family | |||
Recorded Investment | |||
Recorded Investment, Allowance Recorded | 110 | 110 | |
Recorded Investment | 110 | 110 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, Allowance Recorded | 110 | 110 | |
Unpaid Principal Balance | 110 | 110 | |
Related Allowance | 1 | 1 | |
Average Recorded Investment | |||
Average Recorded Investment, Allowance Recorded | 110 | 114 | |
Average Recorded Investment | 110 | 114 | |
Interest Income Recognized | |||
Interest Income Recognized, Allowance Recorded | 1 | 1 | |
Interest Income Recognized | 1 | 1 | |
Real Estate | Commercial real estate | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 1,292 | 1,308 | |
Recorded Investment, Allowance Recorded | 661 | 664 | |
Recorded Investment | 1,953 | 1,972 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 1,360 | 1,374 | |
Unpaid Principal Balance, Allowance Recorded | 661 | 663 | |
Unpaid Principal Balance | 2,021 | 2,037 | |
Related Allowance | 9 | 8 | |
Average Recorded Investment | |||
Average Recorded Investment, No Allowance Recorded | 1,296 | 2,389 | |
Average Recorded Investment, Allowance Recorded | 663 | 795 | |
Average Recorded Investment | 1,959 | 3,184 | |
Interest Income Recognized | |||
Interest Income Recognized, No Allowance Recorded | 12 | 27 | |
Interest Income Recognized, Allowance Recorded | 7 | 10 | |
Interest Income Recognized | 19 | 37 | |
Real Estate | Construction and land | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 69 | 44 | |
Recorded Investment | 69 | 44 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 1 | 1 | |
Unpaid Principal Balance, Allowance Recorded | 101 | 71 | |
Unpaid Principal Balance | 102 | 72 | |
Related Allowance | 1 | 1 | |
Average Recorded Investment | |||
Average Recorded Investment, No Allowance Recorded | 0 | 2,487 | |
Average Recorded Investment, Allowance Recorded | 53 | 51 | |
Average Recorded Investment | 53 | 2,538 | |
Interest Income Recognized | |||
Interest Income Recognized, No Allowance Recorded | 0 | 68 | |
Interest Income Recognized, Allowance Recorded | 2 | 3 | |
Interest Income Recognized | 2 | 71 | |
Consumer | Home equity | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 323 | 330 | |
Recorded Investment, Allowance Recorded | 285 | 297 | |
Recorded Investment | 608 | 627 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 469 | 478 | |
Unpaid Principal Balance, Allowance Recorded | 353 | 364 | |
Unpaid Principal Balance | 822 | 842 | |
Related Allowance | 4 | 6 | |
Average Recorded Investment | |||
Average Recorded Investment, No Allowance Recorded | 324 | 361 | |
Average Recorded Investment, Allowance Recorded | 300 | 286 | |
Average Recorded Investment | 624 | 647 | |
Interest Income Recognized | |||
Interest Income Recognized, No Allowance Recorded | 10 | 4 | |
Interest Income Recognized, Allowance Recorded | 7 | 6 | |
Interest Income Recognized | 17 | 10 | |
Consumer | Auto and other consumer | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 218 | 244 | |
Recorded Investment | 218 | 244 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 306 | 276 | |
Unpaid Principal Balance, Allowance Recorded | 218 | 244 | |
Unpaid Principal Balance | 524 | 520 | |
Related Allowance | 54 | 59 | |
Average Recorded Investment | |||
Average Recorded Investment, No Allowance Recorded | 0 | 0 | |
Average Recorded Investment, Allowance Recorded | 263 | 101 | |
Average Recorded Investment | 263 | 101 | |
Interest Income Recognized | |||
Interest Income Recognized, No Allowance Recorded | 7 | 5 | |
Interest Income Recognized, Allowance Recorded | 7 | 2 | |
Interest Income Recognized | 14 | 7 | |
Commercial business loans | |||
Recorded Investment | |||
Recorded Investment, No Allowance Recorded | 0 | 0 | |
Recorded Investment, Allowance Recorded | 305 | 445 | |
Recorded Investment | 305 | 445 | |
Unpaid Principal Balance | |||
Unpaid Principal Balance, No Allowance Recorded | 0 | 3 | |
Unpaid Principal Balance, Allowance Recorded | 305 | 445 | |
Unpaid Principal Balance | 305 | 448 | |
Related Allowance | 7 | $ 166 | |
Average Recorded Investment | |||
Average Recorded Investment, Allowance Recorded | 328 | 675 | |
Average Recorded Investment | 328 | 675 | |
Interest Income Recognized | |||
Interest Income Recognized, Allowance Recorded | 5 | 3 | |
Interest Income Recognized | $ 5 | $ 3 |
Loans Receivable - Narrative (D
Loans Receivable - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income recognized on a cash basis for impaired loans | $ 92,000 | $ 166,000 | |
Loans | 888,926,000 | $ 869,730,000 | |
Troubled debt restructuring, debtor, subsequent periods, contingent payments, amount | 0 | ||
90 Days or More Past Due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans Receivable - Nonaccrual L
Loans Receivable - Nonaccrual Loans by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 1,606 | $ 1,723 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 803 | 759 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 129 | 133 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 69 | 44 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 352 | 369 |
Consumer | Auto and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | 218 | 245 |
Consumer | Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment, nonaccrual loans | $ 35 | $ 173 |
Loans Receivable - Reconciliati
Loans Receivable - Reconciliation of Past Due Loans (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,892,000 | $ 2,331,000 |
Current | 887,034,000 | 867,399,000 |
Total loans | 888,926,000 | 869,730,000 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,400,000 | 1,815,000 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 280,000 | 312,000 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 212,000 | 204,000 |
Total loans | 0 | 0 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 889,000 | 709,000 |
Current | 733,413,000 | 725,137,000 |
Total loans | 734,302,000 | 725,846,000 |
Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 673,000 | 324,000 |
Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50,000 | 190,000 |
Real Estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 166,000 | 195,000 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 775,000 | 629,000 |
Current | 337,894,000 | 335,549,000 |
Total loans | 338,669,000 | 336,178,000 |
Real Estate | Real estate loans | One-to-four family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 625,000 | 289,000 |
Real Estate | Real estate loans | One-to-four family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50,000 | 176,000 |
Real Estate | Real estate loans | One-to-four family | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100,000 | 164,000 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 81,576,000 | 82,331,000 |
Total loans | 81,576,000 | 82,331,000 |
Real Estate | Real estate loans | Multi-family | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Real estate loans | Multi-family | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Real estate loans | Multi-family | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 250,521,000 | 253,235,000 |
Total loans | 250,521,000 | 253,235,000 |
Real Estate | Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 114,000 | 80,000 |
Current | 63,422,000 | 54,022,000 |
Total loans | 63,536,000 | 54,102,000 |
Real Estate | Construction and land | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 48,000 | 35,000 |
Real Estate | Construction and land | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 14,000 |
Real Estate | Construction and land | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 66,000 | 31,000 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 968,000 | 699,000 |
Current | 135,160,000 | 124,287,000 |
Total loans | 136,128,000 | 124,986,000 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 727,000 | 568,000 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 230,000 | 122,000 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,000 | 9,000 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 149,000 | 136,000 |
Current | 36,909,000 | 37,493,000 |
Total loans | 37,058,000 | 37,629,000 |
Consumer | Home equity | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 149,000 | 97,000 |
Consumer | Home equity | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 30,000 |
Consumer | Home equity | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 9,000 |
Consumer | Auto and other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 819,000 | 563,000 |
Current | 98,251,000 | 86,794,000 |
Total loans | 99,070,000 | 87,357,000 |
Consumer | Auto and other consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 578,000 | 471,000 |
Consumer | Auto and other consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 230,000 | 92,000 |
Consumer | Auto and other consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,000 | 0 |
Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35,000 | 923,000 |
Current | 18,461,000 | 17,975,000 |
Total loans | 18,496,000 | 18,898,000 |
Commercial business loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 923,000 |
Commercial business loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial business loans | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 35,000 | $ 0 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 888,926 | $ 869,730 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 858,761 | 847,754 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,963 | 16,134 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,745 | 2,476 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,457 | 3,366 |
Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,606 | 1,723 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 887,320 | 868,007 |
Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 734,302 | 725,846 |
Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 710,209 | 709,096 |
Real Estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,756 | 12,626 |
Real Estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,648 | 1,730 |
Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,689 | 2,394 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 338,669 | 336,178 |
Real Estate | Real estate loans | One-to-four family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 332,957 | 330,476 |
Real Estate | Real estate loans | One-to-four family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,779 | 3,767 |
Real Estate | Real estate loans | One-to-four family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 666 | 957 |
Real Estate | Real estate loans | One-to-four family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,267 | 978 |
Real Estate | Real estate loans | One-to-four family | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 803 | 759 |
Real Estate | Real estate loans | One-to-four family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 337,866 | 335,419 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 81,576 | 82,331 |
Real Estate | Real estate loans | Multi-family | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 77,470 | 82,221 |
Real Estate | Real estate loans | Multi-family | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,996 | 0 |
Real Estate | Real estate loans | Multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 110 | 110 |
Real Estate | Real estate loans | Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Real estate loans | Multi-family | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Real estate loans | Multi-family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 81,576 | 82,331 |
Real Estate | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 250,521 | 253,235 |
Real Estate | Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 236,666 | 244,919 |
Real Estate | Commercial real estate | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,630 | 6,281 |
Real Estate | Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,872 | 663 |
Real Estate | Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,353 | 1,372 |
Real Estate | Commercial real estate | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 129 | 133 |
Real Estate | Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 250,392 | 253,102 |
Real Estate | Construction and land | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 63,536 | 54,102 |
Real Estate | Construction and land | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 63,116 | 51,480 |
Real Estate | Construction and land | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 351 | 2,578 |
Real Estate | Construction and land | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Construction and land | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 69 | 44 |
Real Estate | Construction and land | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 69 | 44 |
Real Estate | Construction and land | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 63,467 | 54,058 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 136,128 | 124,986 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 132,883 | 122,138 |
Consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,111 | 1,775 |
Consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 401 | 274 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 733 | 799 |
Consumer | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 37,058 | 37,629 |
Consumer | Home equity | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,955 | 36,559 |
Consumer | Home equity | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 540 | 465 |
Consumer | Home equity | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 82 | 123 |
Consumer | Home equity | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 481 | 482 |
Consumer | Home equity | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 352 | 369 |
Consumer | Home equity | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36,706 | 37,260 |
Consumer | Auto and other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 99,070 | 87,357 |
Consumer | Auto and other consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 96,928 | 85,579 |
Consumer | Auto and other consumer | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,571 | 1,310 |
Consumer | Auto and other consumer | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 319 | 151 |
Consumer | Auto and other consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 252 | 317 |
Consumer | Auto and other consumer | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 218 | 245 |
Consumer | Auto and other consumer | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 98,852 | 87,112 |
Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,496 | 18,898 |
Commercial business loans | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,669 | 16,520 |
Commercial business loans | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,096 | 1,733 |
Commercial business loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,696 | 472 |
Commercial business loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35 | 173 |
Commercial business loans | Nonperforming | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35 | 173 |
Commercial business loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 18,461 | $ 18,725 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)contract | Dec. 31, 2018USD ($) | |
Financing Receivable, Modifications [Line Items] | ||
Total TDR loans | $ 3,722 | $ 3,745 |
Allowance for loan losses related to TDR loans | 46 | 43 |
Total nonaccrual TDR loans | 83 | 84 |
Real Estate | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDR loans | 661 | 663 |
Total nonaccrual TDR loans | 0 | 0 |
One-to-four family | Real Estate | Real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Total TDR loans | 2,425 | 2,442 |
Total nonaccrual TDR loans | $ 83 | $ 84 |
Number of contracts | contract | 1 | |
Number of modifications | $ 48 | |
One-to-four family | Real Estate | Real estate loans | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | 0 | |
One-to-four family | Real Estate | Real estate loans | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | 0 | |
One-to-four family | Real Estate | Real estate loans | Combination Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Number of modifications | $ 48 |
Loans Receivable - Troubled D_2
Loans Receivable - Troubled Debt Restructuring Schedule of Modified Loans (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification, number of contracts | contract | 2,000 |
Financing receivable, modifications, pre-modification recorded investment | $ 180 |
Financing receivable, modifications, post-modification, number of contracts | contract | 2,000 |
Financing receivable, modifications, post-modification recorded investment | $ 179 |
One-to-four family | Real Estate | Real estate loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification, number of contracts | contract | 2,000 |
Financing receivable, modifications, pre-modification recorded investment | $ 180 |
Financing receivable, modifications, post-modification, number of contracts | contract | 2,000 |
Financing receivable, modifications, post-modification recorded investment | $ 179 |
Rate Modification | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification recorded investment | 0 |
Financing receivable, modifications, post-modification recorded investment | 0 |
Rate Modification | One-to-four family | Real Estate | Real estate loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification recorded investment | 0 |
Financing receivable, modifications, post-modification recorded investment | 0 |
Term Modification | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification recorded investment | 0 |
Financing receivable, modifications, post-modification recorded investment | 0 |
Term Modification | One-to-four family | Real Estate | Real estate loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification recorded investment | 0 |
Financing receivable, modifications, post-modification recorded investment | 0 |
Combination Modification | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification recorded investment | 180 |
Financing receivable, modifications, post-modification recorded investment | 179 |
Combination Modification | One-to-four family | Real Estate | Real estate loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, modifications, pre-modification recorded investment | 180 |
Financing receivable, modifications, post-modification recorded investment | $ 179 |
Loans Receivable - Troubled D_3
Loans Receivable - Troubled Debt Restructured Loans by Class (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | $ 3,639 | $ 3,661 |
Nonaccrual loans | 83 | 84 |
Total TDR loans | 3,722 | 3,745 |
Real Estate | Real estate loans | One-to-four family | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 2,342 | 2,358 |
Nonaccrual loans | 83 | 84 |
Total TDR loans | 2,425 | 2,442 |
Real Estate | Real estate loans | Multi-family | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 110 | 110 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 110 | 110 |
Real Estate | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 661 | 663 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 661 | 663 |
Consumer | Home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 256 | 258 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | 256 | 258 |
Commercial business loans | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual loans | 270 | 272 |
Nonaccrual loans | 0 | 0 |
Total TDR loans | $ 270 | $ 272 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Time deposits in excess of FDIC limit of $250,000 | $ 101,800 | $ 107,000 |
Brokered certificates of deposit | 10 | |
Public fund deposits | 81,600 | 80,000 |
Investment securities pledged as collateral, carrying value | $ 47,400 | $ 47,600 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Amount | |||
Savings | $ 163,292 | $ 143,412 | |
Transaction accounts | 268,718 | 262,152 | |
Money market accounts | 265,713 | 273,344 | |
Certificates of deposit | 255,032 | 261,352 | |
Total Deposits | $ 952,755 | $ 940,260 | |
Weighted-Average Interest Rate | |||
Weighted-average interest rate, savings | 0.89% | 0.74% | |
Weighted-average interest rate, transaction accounts | 0.05% | 0.05% | |
Weighted-average interest rate, money market accounts | 0.42% | 0.43% | |
Weighted-average interest rate, certificates of deposit and jumbo certificates | 2.05% | 1.86% | |
Weighted-average interest rate | 0.83% | 0.77% | |
Time Deposits, Fiscal Year Maturity [Abstract] | |||
Within one year or less | $ 149,202 | $ 148,119 | |
After one year through two years | 76,209 | 78,966 | |
After two years through three years | 16,595 | 20,934 | |
After three years through four years | 5,132 | 6,759 | |
After four years through five years | 7,894 | 6,574 | |
After five years | 0 | 0 | |
Total time deposits | 255,032 | $ 261,352 | |
Interest Expense, Deposits [Abstract] | |||
Savings | 316 | $ 16 | |
Transaction accounts | 36 | 4 | |
Insured money market accounts | 320 | 215 | |
Certificates of deposit | 1,252 | 750 | |
Interest expense | $ 1,924 | $ 985 |
Federal Taxes on Income (Detail
Federal Taxes on Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 1.2 | |
Effective income tax rate | 18.70% | 18.50% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Numerator: | |||
Net income | $ 2,207 | $ 1,523 | |
Denominator: | |||
Basic weighted average common shares outstanding (in shares) | 9,973,125 | 10,491,647 | |
Dilutive restricted stock grants (in shares) | 77,143 | 113,009 | |
Diluted weighted average common shares outstanding (in shares) | 10,050,268 | 10,604,656 | |
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.15 | |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.14 | |
Unallocated shares (in shares) | 833,782 | 886,671 | 847,003 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Minimum service period (over 12 month period) | 1000 hours | ||
Requisite service period | 12 months | ||
Debt structure, amortization period | 20 years | ||
Debt structure, estimated interest rate | 2.46% | ||
Allocation of ESOP shares | $ 207 | $ 220 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |||
Allocated shares (in shares) | 174,584 | 174,584 | |
Committed to be released shares (in shares) | 39,663 | 26,442 | |
Unallocated shares (in shares) | 833,782 | 886,671 | 847,003 |
Total ESOP shares (in shares) | 1,048,029 | 1,048,029 | |
Fair value of unallocated shares | $ 12,982 | $ 12,561 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Nov. 16, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 0 | 0 | |
Restricted Stock Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards granted (in shares) | 0 | 0 | |
Vesting period | 5 years | ||
Amortization period | 5 years | ||
Total unrecognized compensation costs | $ 3,200 | ||
Remaining weighted-average vesting period | 3 years 22 days | ||
First Northwest Bancorp 2015 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (in shares) | 1,834,050 | ||
Number of shares available for grant (in shares) | 1,316,550 | ||
Total compensation expense | $ 283 | $ 273 | |
First Northwest Bancorp 2015 Equity Incentive Plan | Restricted Stock Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant (in shares) | 72,014 | ||
Director | First Northwest Bancorp 2015 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation expense | $ 85 | $ 85 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Non-Vested Restricted Stock Awards (Details) - Restricted Stock Award - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Shares | ||
Non-vested, beginning of period (in shares) | 290,600 | |
Granted (in shares) | 0 | 0 |
Vested (in shares) | 0 | |
Non-vested at end of period (in shares) | 290,600 | |
Weighted-Average Grant Date Fair Value | ||
Non-vested at beginning of period (in dollars per share) | $ 13.72 | |
Granted (in dollars per share) | 0 | |
Vested (in dollars per share) | 0 | |
Non-vested at end of period (in dollars per share) | $ 13.72 |
Fair Value Accounting and Mea_3
Fair Value Accounting and Measurement - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 258,476 | $ 262,967 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 258,476 | 262,967 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 258,476 | 262,967 |
Recurring | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 912 | 869 |
Recurring | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 25,719 | 25,752 |
Recurring | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 37,074 | 36,723 |
Recurring | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 9,494 | 9,888 |
Recurring | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 33,396 | 35,670 |
Recurring | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 141,527 | 143,455 |
Recurring | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 10,354 | 10,610 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 258,476 | 262,967 |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 912 | 869 |
Recurring | Significant Other Observable Inputs (Level 2) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 25,719 | 25,752 |
Recurring | Significant Other Observable Inputs (Level 2) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 37,074 | 36,723 |
Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 9,494 | 9,888 |
Recurring | Significant Other Observable Inputs (Level 2) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 33,396 | 35,670 |
Recurring | Significant Other Observable Inputs (Level 2) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 141,527 | 143,455 |
Recurring | Significant Other Observable Inputs (Level 2) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 10,354 | 10,610 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ABS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | ABS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | MBS agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | MBS corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale, at fair value | $ 0 | $ 0 |
Fair Value Accounting and Mea_4
Fair Value Accounting and Measurement - Schedule of Assets on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 6,407 | $ 6,558 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,407 | 6,558 |
Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 6,407 | $ 6,558 |
Fair Value Accounting and Mea_5
Fair Value Accounting and Measurement - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets | ||
Investment securities available for sale, at fair value | $ 258,476 | $ 262,967 |
Investment securities held to maturity | 42,550 | 42,990 |
Accrued interest receivable | 4,114 | 4,048 |
Financial liabilities | ||
Accrued interest payable | 279 | 521 |
Level 1 | ||
Financial assets | ||
Cash and cash equivalents | 27,657 | 26,323 |
Investment securities available for sale, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | |
Loans receivable, net | 0 | 0 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 1 | Demand deposits | ||
Financial liabilities | ||
Deposits | 697,723 | 678,908 |
Level 1 | Time deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 2 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale, at fair value | 258,476 | 262,967 |
Investment securities held to maturity | 42,550 | 42,990 |
Loans held for sale | 940 | |
Loans receivable, net | 0 | 0 |
FHLB stock | 6,927 | 6,927 |
Accrued interest receivable | 4,114 | 4,048 |
Mortgage servicing rights, net | 0 | 0 |
Financial liabilities | ||
Borrowings | 135,849 | 137,153 |
Accrued interest payable | 279 | 521 |
Level 2 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 2 | Time deposits | ||
Financial liabilities | ||
Deposits | 254,190 | 259,549 |
Level 3 | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Investment securities available for sale, at fair value | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | |
Loans receivable, net | 861,865 | 840,861 |
FHLB stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Mortgage servicing rights, net | 1,748 | 1,479 |
Financial liabilities | ||
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Level 3 | Demand deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Level 3 | Time deposits | ||
Financial liabilities | ||
Deposits | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 27,657 | 26,323 |
Investment securities available for sale, at fair value | 258,476 | 262,967 |
Investment securities held to maturity | 43,024 | 43,503 |
Loans held for sale | 969 | |
Loans receivable, net | 883,195 | 863,852 |
FHLB stock | 6,927 | 6,927 |
Accrued interest receivable | 4,114 | 4,048 |
Mortgage servicing rights, net | 1,001 | 1,044 |
Financial liabilities | ||
Borrowings | 135,174 | 136,552 |
Accrued interest payable | 279 | 521 |
Carrying Value | Demand deposits | ||
Financial liabilities | ||
Deposits | 697,723 | 678,908 |
Carrying Value | Time deposits | ||
Financial liabilities | ||
Deposits | 255,032 | 261,352 |
Fair Value | ||
Financial assets | ||
Cash and cash equivalents | 27,657 | 26,323 |
Investment securities available for sale, at fair value | 258,476 | 262,967 |
Investment securities held to maturity | 42,550 | 42,990 |
Loans held for sale | 940 | |
Loans receivable, net | 861,865 | 840,861 |
FHLB stock | 6,927 | 6,927 |
Accrued interest receivable | 4,114 | 4,048 |
Mortgage servicing rights, net | 1,748 | 1,479 |
Financial liabilities | ||
Borrowings | 135,849 | 137,153 |
Accrued interest payable | 279 | 521 |
Fair Value | Demand deposits | ||
Financial liabilities | ||
Deposits | 697,723 | 678,908 |
Fair Value | Time deposits | ||
Financial liabilities | ||
Deposits | $ 254,190 | $ 259,549 |
Noninterest Income (Details)
Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Other income | $ 71 | $ 89 |
Total noninterest income | 1,411 | 1,482 |
Loan fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not within scope of ASC 606 | 239 | 125 |
Deposit fees | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income within scope of ASC 606 | 447 | 392 |
Debit interchange income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income within scope of ASC 606 | 22 | 32 |
Credit card interchange income | ||
Disaggregation of Revenue [Line Items] | ||
Noninterest income within scope of ASC 606 | 402 | 406 |
Investment securities gain (loss), net | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not within scope of ASC 606 | 0 | 122 |
Gain on loan sales, net | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not within scope of ASC 606 | 87 | 167 |
Increase in cash surrender value of bank-owned life insurance | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not within scope of ASC 606 | 143 | 149 |
Investment services revenue | ||
Disaggregation of Revenue [Line Items] | ||
Other income | 48 | 74 |
Gain or loss on subsidiary | ||
Disaggregation of Revenue [Line Items] | ||
Other income | 14 | 14 |
Remaining other income | ||
Disaggregation of Revenue [Line Items] | ||
Other income | $ 9 | $ 1 |