Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Provident Bancorp, Inc. | |
Entity Central Index Key | 1,635,840 | |
Trading Symbol | pvbc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,634,368 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 9,899 | $ 10,326 |
Short-term investments | 16,089 | 37,363 |
Cash and cash equivalents | 25,988 | 47,689 |
Investments in available-for-sale securities (at fair value) | 52,476 | 61,429 |
Federal Home Loan Bank stock, at cost | 1,925 | 1,854 |
Loans, net | 783,292 | 742,138 |
Assets held-for-sale | 3,286 | |
Bank owned life insurance | 26,055 | 25,540 |
Premises and equipment, net | 14,943 | 10,981 |
Accrued interest receivable | 2,584 | 2,345 |
Deferred tax asset, net | 5,347 | 4,920 |
Other assets | 2,561 | 2,083 |
Total assets | 915,171 | 902,265 |
Deposits: | ||
Noninterest-bearing | 195,641 | 186,222 |
Interest-bearing | 555,829 | 563,835 |
Total deposits | 751,470 | 750,057 |
Federal Home Loan Bank advances | 29,902 | 26,841 |
Other liabilities | 11,663 | 9,590 |
Total liabilities | 793,035 | 786,488 |
Shareholders' equity: | ||
Preferred stock; authorized 50,000 shares: no shares issued and outstanding | ||
Common stock, no par value: 30,000,000 shares authorized; 9,662,181 shares issued, 9,634,368 shares outstanding at September 30, 2018 and 9,657,319 shares issued, 9,628,496 shares outstanding at December 31, 2017 | 0 | 0 |
Additional paid-in capital | 45,572 | 44,592 |
Retained earnings | 80,516 | 74,047 |
Accumulated other comprehensive (loss) income | (700) | 589 |
Unearned compensation - ESOP | (2,679) | (2,857) |
Treasury stock: 27,813 and 28,823 shares at September 30, 2018 and December 31, 2017, respectively | (573) | (594) |
Total shareholders' equity | 122,136 | 115,777 |
Total liabilities and shareholders' equity | $ 915,171 | $ 902,265 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 9,662,181 | 9,657,319 |
Common stock, shares outstanding | 9,634,368 | 9,628,496 |
Treasury stock, shares | 27,813 | 28,823 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 10,219 | $ 8,403 | $ 29,420 | $ 23,547 |
Interest and dividends on securities | 411 | 822 | 1,256 | 2,597 |
Interest on short-term investments | 203 | 14 | 287 | 23 |
Total interest and dividend income | 10,833 | 9,239 | 30,963 | 26,167 |
Interest expense: | ||||
Interest on deposits | 1,225 | 783 | 3,154 | 2,031 |
Interest on Federal Home Loan Bank advances | 204 | 222 | 522 | 633 |
Total interest expense | 1,429 | 1,005 | 3,676 | 2,664 |
Net interest and dividend income | 9,404 | 8,234 | 27,287 | 23,503 |
Provision for loan losses | 1,421 | 1,012 | 2,715 | 2,467 |
Net interest and dividend income after provision for loan losses | 7,983 | 7,222 | 24,572 | 21,036 |
Noninterest income: | ||||
Gain on sale of securities, net | 1,851 | 2,391 | ||
Bank owned life insurance income | 172 | 167 | 515 | 468 |
Other income | 5 | 11 | 43 | 75 |
Total noninterest income | 1,059 | 2,897 | 3,190 | 5,468 |
Noninterest expense: | ||||
Salaries and employee benefits | 4,150 | 3,948 | 12,583 | 11,361 |
Occupancy expense | 456 | 411 | 1,323 | 1,332 |
Equipment expense | 118 | 149 | 361 | 456 |
FDIC assessment | 75 | 75 | 226 | 216 |
Data processing | 200 | 177 | 597 | 543 |
Marketing expense | 54 | 81 | 168 | 231 |
Professional fees | 274 | 227 | 851 | 656 |
Directors' compensation | 141 | 133 | 467 | 433 |
Other | 755 | 713 | 2,434 | 2,182 |
Total noninterest expense | 6,223 | 5,914 | 19,010 | 17,410 |
Income before income tax expense | 2,819 | 4,205 | 8,752 | 9,094 |
Income tax expense | 741 | 1,434 | 2,262 | 2,920 |
Net income | $ 2,078 | $ 2,771 | $ 6,490 | $ 6,174 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.22 | $ 0.30 | $ 0.70 | $ 0.67 |
Diluted (in dollars per share) | $ 0.22 | $ 0.30 | $ 0.70 | $ 0.67 |
Weighted Average Shares: | ||||
Basic (in shares) | 9,247,367 | 9,201,634 | 9,233,760 | 9,196,046 |
Diluted (in shares) | 9,355,410 | 9,213,056 | 9,309,712 | 9,196,046 |
Customer service fees on deposit accounts | ||||
Noninterest income: | ||||
Fees and commission | $ 380 | $ 376 | $ 1,081 | $ 1,053 |
Service charges and fees - other | ||||
Noninterest income: | ||||
Fees and commission | $ 502 | $ 492 | $ 1,551 | $ 1,481 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,078 | $ 2,771 | $ 6,490 | $ 6,174 |
Other comprehensive income (loss): | ||||
Unrealized holding (losses) gains | (411) | 315 | (1,717) | 2,660 |
Reclassification adjustment for realized gains in net income | (1,851) | (2,391) | ||
Unrealized (loss) gain | (411) | (1,536) | (1,717) | 269 |
Income tax effect | 100 | 569 | 428 | (105) |
Net of tax amount | (311) | (967) | (1,289) | 164 |
Total comprehensive income | $ 1,767 | $ 1,804 | $ 5,201 | $ 6,338 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Shares of Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Unearned Compensation ESOP | Treasury Stock | Total |
Balance at Dec. 31, 2016 | $ 43,393 | $ 66,229 | $ 2,622 | $ (3,095) | $ 109,149 | ||
Balance (in shares) at Dec. 31, 2016 | 9,652,448 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 6,174 | 6,174 | |||||
Other comprehensive (loss) income | 164 | 164 | |||||
Stock-based compensation expense | 691 | 691 | |||||
Treasury stock acquired | $ (492) | (492) | |||||
Treasury stock acquired (in shares) | (24,460) | ||||||
ESOP shares earned | 190 | 178 | 368 | ||||
Balance at Sep. 30, 2017 | 44,274 | 72,403 | 2,786 | (2,917) | (492) | 116,054 | |
Balance (in shares) at Sep. 30, 2017 | 9,627,988 | ||||||
Balance at Dec. 31, 2017 | 44,592 | 74,047 | 589 | (2,857) | (594) | 115,777 | |
Balance (in shares) at Dec. 31, 2017 | 9,628,496 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 6,490 | 6,490 | |||||
Other comprehensive (loss) income | (1,289) | (1,289) | |||||
Stock-based compensation expense | 695 | 695 | |||||
Restricted stock award grants (in shares) | 4,862 | ||||||
Exercise of stock options | (21) | 21 | |||||
Exercise of stock options (in shares) | 1,010 | ||||||
ESOP shares earned | 285 | 178 | 463 | ||||
Balance at Sep. 30, 2018 | $ 45,572 | $ 80,516 | $ (700) | $ (2,679) | $ (573) | $ 122,136 | |
Balance (in shares) at Sep. 30, 2018 | 9,634,368 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 6,490 | $ 6,174 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities premiums, net of accretion | 215 | 618 |
ESOP expense | 463 | 368 |
Gain on sale of securities, net | (2,391) | |
Change in deferred loan fees, net | 101 | 382 |
Provision for loan losses | 2,715 | 2,467 |
Depreciation and amortization | 550 | 626 |
Increase in accrued interest receivable | (239) | (315) |
Share-based compensation expense | 695 | 691 |
Increase in cash surrender value of life insurance | (515) | (467) |
Increase in other assets | (478) | (324) |
Increase in other liabilities | 2,073 | 333 |
Net cash provided by operating activities | 12,070 | 8,162 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (13,120) | |
Proceeds from sales of available-for-sale securities | 11,915 | |
Proceeds from pay downs, maturities and calls of available-for-sale securities | 7,022 | 11,430 |
Purchase of Federal Home Loan Bank stock, net of redemptions | (71) | (950) |
Loan originations and purchases, net of paydowns | (43,970) | (126,961) |
Additions to premises and equipment | (1,079) | (3,410) |
Purchase of bank owned life insurance | (5,500) | |
Additions to assets held-for-sale | (147) | |
Net cash used in investing activities | (38,245) | (126,596) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 12,189 | 55,621 |
Net (decrease) increase in time deposits | (10,776) | 41,670 |
Proceeds from advances from Federal Home Loan Bank | 10,000 | 7,000 |
Net change in Federal Home Loan Bank short-term advances | (6,939) | 21,507 |
Purchase of treasury stock | (492) | |
Net cash provided by financing activities | 4,474 | 125,306 |
Net (decrease) increase in cash and cash equivalents | (21,701) | 6,872 |
Cash and cash equivalents at beginning of period | 47,689 | 10,705 |
Cash and cash equivalents at end of period | 25,988 | 17,577 |
Supplemental disclosures: | ||
Interest paid | 3,716 | 2,653 |
Income taxes paid | 2,520 | 3,219 |
Assets held-for-sale transferred to premises and equipment | $ 3,433 | |
Fixed assets transferred to assets held-for-sale | $ 3,213 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The accompanying unaudited financial statements of Provident Bancorp, Inc., a Massachusetts corporation (the “Company”), were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”). However, in the opinion of management, all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and nine-month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the annual report on Form 10-K the Company filed with the Securities and Exchange Commission on March 15, 2018. The consolidated financial statements include the accounts of Provident Bancorp, Inc., its wholly owned subsidiary, The Provident Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Provident Security Corporation and 5 Market Street Security Corporation. Provident Security Corporation and 5 Market Street Security Corporation were established to buy, sell, and hold investments for their own account. All significant inter-company balances and transactions have been eliminated in consolidation. |
Corporate Structure
Corporate Structure | 9 Months Ended |
Sep. 30, 2018 | |
Corporate Structure [Abstract] | |
Corporate Structure | (2) Corporate Structure On July 15, 2015, the Company issued 4,274,425 shares of common stock to the public at $10.00 per share, including 357,152 shares purchased by The Provident Bank Employee Stock Ownership Plan. In addition, the Company issued 5,034,323 shares to Provident Bancorp, the Company’s mutual holding company (the “MHC”), and 189,974 shares to The Provident Community Charitable Organization, Inc., a charitable foundation that was formed in connection with the stock offering and is dedicated to supporting charitable organizations operating in the Bank’s local community. Upon the completion of the stock offering, a special “liquidation account” was established for the benefit of certain depositors of the Bank in an amount equal to the percentage ownership interest in the equity of the Company to be held by persons other than the MHC as of the date of the latest balance sheet contained in the prospectus utilized in connection with the offering. The Company is not permitted to pay dividends on its capital stock if the Company’s shareholders’ equity would be reduced below the amount of the liquidation account. The liquidation account is reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 – Revenue from Contracts with Customers (Topic 606). This ASU was effective for the Company on January 1, 2018. Because the ASU does not apply to revenue associated with leases and financial instruments (including loans and securities), the Company concluded that the new guidance did not impact the elements of its consolidated statements of income most closely associated with leases and financial instruments (such as interest income, interest expense and securities gains). The Company completed its identification of all revenue streams included in its financial statements and has identified its deposit-related fees, service charges, debit and prepaid card interchange income and other fee income to be within the scope of the standard. The Company has also completed its review of the related contracts. The Company's overall assessment indicates that adoption of this ASU did not materially change its current method and timing of recognizing revenue for the identified revenue streams and therefore, the adoption of this ASU as of January 1, 2018, did not have a significant impact to the Company's financial condition, results of operations and consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments.” In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (subtopic 310-20): “Premium Amortization on Purchased Callable Debt Securities.” In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): “Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | (4) Investment Securities The following summarizes the amortized cost of investment securities classified as available-for-sale and their approximate fair values at September 30, 2018 and December 31, 2017: Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value September 30, 2018 State and municipal securities $ 20,145 $ 207 $ 313 $ 20,039 Asset-backed securities 6,754 - 209 6,545 Government mortgage-backed securities 26,535 136 779 25,892 Total available-for-sale securities $ 53,434 $ 343 $ 1,301 $ 52,476 December 31, 2017 State and municipal securities $ 20,726 $ 745 $ 17 $ 21,454 Asset-backed securities 7,524 30 37 7,517 Government mortgage-backed securities 32,421 317 280 32,458 Total available-for-sale securities $ 60,671 $ 1,092 $ 334 $ 61,429 The scheduled maturities of debt securities were as follows at September 30, 2018: Available-for-Sale Amortized Fair (In thousands) Cost Value Due in one year or less $ 95 $ 95 Due after one year through five years 604 610 Due after five years through ten years 2,118 2,144 Due after ten years 17,328 17,190 Government mortgage-backed securities 26,535 25,892 Asset-backed securities 6,754 6,545 $ 53,434 $ 52,476 The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or longer are as follows at September 30, 2018 and December 31, 2017: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses September 30, 2018 Temporarily impaired securities: State and municipal securities $ 11,352 $ 277 $ 584 $ 36 $ 11,936 $ 313 Asset-backed securities 4,051 121 2,494 88 6,545 209 Government mortgage-backed securities 7,750 208 12,042 571 19,792 779 Total temporarily impaired securities $ 23,153 $ 606 $ 15,120 $ 695 $ 38,273 $ 1,301 December 31, 2017 Temporarily impaired securities: State and municipal securities $ - $ - $ 611 $ 17 $ 611 $ 17 Asset-backed securities 1,745 13 1,335 24 3,080 37 Government mortgage-backed securities 5,231 20 13,584 260 18,815 280 Total temporarily impaired securities $ 6,976 $ 33 $ 15,530 $ 301 $ 22,506 $ 334 Government mortgage-backed securities, state and municipal securities and asset-backed securities : Management believes that no individual unrealized loss at September 30, 2018 represents an other-than-temporary impairment (OTTI) because the decline in fair value of these securities is primarily attributable to changes in market interest rates and not credit quality, and because the Company has the intent and ability to hold these investments until market price recovery or maturity. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans | (5) Loans A summary of loans is as follows: At At September 30, December 31, (Dollars in thousands) 2018 2017 Amount Percent Amount Percent Commercial real estate $ 361,765 45.48 % $ 371,510 49.35 % Commercial 300,584 37.79 % 240,223 31.91 % Residential real estate 60,034 7.55 % 67,724 9.00 % Construction and land development 52,870 6.64 % 55,828 7.42 % Consumer 20,119 2.53 % 17,455 2.32 % 795,372 100.00 % 752,740 100.00 % Allowance for loan losses (11,134 ) (9,757 ) Deferred loan fees, net (946 ) (845 ) Net loans $ 783,292 $ 742,138 The following tables set forth information regarding the activity in the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2018 and 2017: For the three months ended September 30, (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total Allowance for loan losses: Balance at June 30, 2018 $ 4,106 $ 4,512 $ 282 $ 968 $ 735 $ 27 $ 10,630 Charge-offs (790 ) (50 ) - - (128 ) - (968 ) Recoveries - 26 2 - 23 - 51 Provision (credit) 969 272 (22 ) 25 200 (23 ) 1,421 Balance at September 30, 2018 $ 4,285 $ 4,760 $ 262 $ 993 $ 830 $ 4 $ 11,134 Balance at June 30, 2017 $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Charge-offs - (2 ) - - (80 ) - (82 ) Recoveries - 45 - - 5 - 50 Provision (credit) 1,029 60 (22 ) (177 ) 172 (50 ) 1,012 Balance at September 30, 2017 $ 5,669 $ 3,384 $ 296 $ 964 $ 569 $ 50 $ 10,932 For the nine months ended September 30, (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total Allowance for loan losses: Balance at December 31, 2017 $ 4,483 $ 3,280 $ 300 $ 965 $ 649 $ 80 $ 9,757 Charge-offs (790 ) (101 ) - - (526 ) - (1,417 ) Recoveries - 27 2 - 50 - 79 Provision (credit) 592 1,554 (40 ) 28 657 (76 ) 2,715 Balance at September 30, 2018 $ 4,285 $ 4,760 $ 262 $ 993 $ 830 $ 4 $ 11,134 Balance at December 31, 2016 $ 4,503 $ 2,513 $ 328 $ 882 $ 279 $ 85 $ 8,590 Charge-offs (6 ) (63 ) - - (106 ) - (175 ) Recoveries - 45 - - 5 - 50 Provision (credit) 1,172 889 (32 ) 82 391 (35 ) 2,467 Balance at September 30, 2017 $ 5,669 $ 3,384 $ 296 $ 964 $ 569 $ 50 $ 10,932 The following table sets forth information regarding the allowance for loan losses and related loan balances by segment at September 30, 2018 and December 31, 2017: (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total September 30, 2018 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 765 $ - $ - $ - $ - $ 765 Ending balance: Collectively evaluated for impairment 4,285 3,995 262 993 830 4 10,369 Total allowance for loan losses ending balance $ 4,285 $ 4,760 $ 262 $ 993 $ 830 $ 4 $ 11,134 Loans: Ending balance: Individually evaluated for impairment $ 4,342 $ 4,070 $ 392 $ - $ - $ 8,804 Ending balance: Collectively evaluated for impairment 357,423 296,514 59,642 52,870 20,119 786,568 Total loans ending balance $ 361,765 $ 300,584 $ 60,034 $ 52,870 $ 20,119 $ 795,372 December 31, 2017 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: Collectively evaluated for impairment 4,483 3,280 300 965 649 80 9,757 Total allowance for loan losses ending balance $ 4,483 $ 3,280 $ 300 $ 965 $ 649 $ 80 $ 9,757 Loans: Ending balance: Individually evaluated for impairment $ 8,623 $ 3,202 $ 404 $ - $ - $ 12,229 Ending balance: Collectively evaluated for impairment 362,887 237,021 67,320 55,828 17,455 740,511 Total loans ending balance $ 371,510 $ 240,223 $ 67,724 $ 55,828 $ 17,455 $ 752,740 The following tables set forth information regarding non-accrual loans and loan delinquencies by portfolio segment at September 30, 2018 and December 31, 2017: 90 Days 90 Days Total or More 30 - 59 60 - 89 or More Past Total Total Past Due Non-accrual (In thousands) Days Days Past Due Due Current Loans and Accruing Loans September 30, 2018 Commercial real estate $ - $ 519 $ 2,879 $ 3,398 $ 358,367 $ 361,765 $ - $ 2,879 Commercial 248 2,731 248 3,227 297,357 300,584 - 3,552 Residential real estate 565 131 - 696 59,338 60,034 - 855 Construction and land development - - - - 52,870 52,870 - - Consumer 62 71 65 198 19,921 20,119 - 68 Total $ 875 $ 3,452 $ 3,192 $ 7,519 $ 787,853 $ 795,372 $ - $ 7,354 December 31, 2017 Commercial real estate $ - $ 3,669 $ - $ 3,669 $ 367,841 $ 371,510 $ - $ 7,102 Commercial 12 - - 12 240,211 240,223 - 1,505 Residential real estate 699 178 81 958 66,766 67,724 364 Construction and land development - - - - 55,828 55,828 - - Consumer 63 45 60 168 17,287 17,455 - 62 Total $ 774 $ 3,892 $ 141 $ 4,807 $ 747,933 $ 752,740 $ - $ 9,033 Information about the Company’s impaired loans by portfolio segment was as follows at and for the nine months ended September 30, 2018 and at and for the year ended December 31, 2017: Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized September 30, 2018 With no related allowance recorded: Commercial real estate $ 4,342 $ 6,645 $ - $ 6,684 $ 51 Commercial 2,474 2,474 - 3,328 30 Residential real estate 392 392 - 398 15 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 7,208 9,511 - 10,410 96 With an allowance recorded: Commercial real estate - - - - - Commercial 1,596 1,596 765 1,599 52 Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 1,596 1,596 765 1,599 52 Total Commercial real estate 4,342 6,645 - 6,684 51 Commercial 4,070 4,070 765 4,927 82 Residential real estate 392 392 - 398 15 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 8,804 $ 11,107 $ 765 $ 12,009 $ 148 December 31, 2017 With no related allowance recorded: Commercial real estate $ 8,623 $ 10,139 $ - $ 4,562 $ 70 Commercial 3,202 3,202 - 2,054 123 Residential real estate 404 404 - 412 20 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 12,229 13,745 - 7,028 213 With an allowance recorded: Commercial real estate - - - - - Commercial - - - - - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded - - - - - Total Commercial real estate 8,623 10,139 - 4,562 70 Commercial 3,202 3,202 - 2,054 123 Residential real estate 404 404 - 412 20 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 12,229 $ 13,745 $ - $ 7,028 $ 213 There were no troubled debt restructurings during the nine months ended September 30, 2018. The following summarizes troubled debt restructurings entered into during the nine months ended September 30, 2017: (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment September 30, 2017 Troubled debt restructurings: Commercial 1 $ 249 $ 249 1 $ 249 $ 249 In the nine months ended September 30, 2017, the Company approved one troubled debt restructure totaling $249,000, with no specific reserve required based on an analysis of the borrower’s collateral coverage. The term of this commercial loan was extended to a three-year term. The following tables present the Company’s loans by risk rating and portfolio segment at September 30, 2018 and December 31, 2017: (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction Consumer Total September 30, 2018 Grade: Pass $ 350,705 $ 279,072 $ - $ 52,870 $ - $ 682,647 Special mention 6,248 11,748 - - - 17,996 Substandard 4,812 8,168 579 - - 13,559 Doubtful - 1,596 - - - 1,596 Not formally rated - - 59,455 - 20,119 79,574 Total $ 361,765 $ 300,584 $ 60,034 $ 52,870 $ 20,119 $ 795,372 December 31, 2017 Grade: Pass $ 355,623 $ 224,190 $ - $ 55,828 $ - $ 635,641 Special mention 6,852 9,155 - - - 16,007 Substandard 9,035 6,878 679 - - 16,592 Not formally rated - - 67,045 - 17,455 84,500 Total $ 371,510 $ 240,223 $ 67,724 $ 55,828 $ 17,455 $ 752,740 Credit Quality Information The Company utilizes a seven grade internal loan risk rating system for commercial real estate, construction and land development, and commercial loans as follows: Loans rated 1-3 : Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4 : Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5 : Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 6 : Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7 : Loans in this category are considered uncollectible “loss” and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and land development, and commercial loans. For residential real estate and consumer loans, the Company initially assesses credit quality based upon the borrower’s ability to pay and rates such loans as pass. Subsequent risk rating downgrades are based upon the borrower’s payment activity. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Deposits | (6) Deposits A summary of deposit balances, by type is as follows: September 30, December 31, (In thousands) 2018 2017 NOW and demand $ 318,962 $ 309,514 Regular savings 116,692 112,610 Money market deposits 224,394 225,735 Total non-certificate accounts 660,048 647,859 Certificate accounts of $250,000 or more 14,096 5,061 Certificate accounts less than $250,000 77,326 97,137 Total certificate accounts 91,422 102,198 Total deposits $ 751,470 $ 750,057 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | (7) Federal Home Loan Bank Advances Borrowings from the Federal Home Loan Bank (the “FHLB”) are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one to four family properties, certain commercial real estate loans and other qualified assets. Maturities of advances from the FHLB as of September 30, 2018 are summarized as follows: (In thousands) Fiscal Year-End Dollar Amount 2019 4,962 2020 11,440 2021 5,000 2023 8,500 Total $ 29,902 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (8) Fair Value Measurements The Company reports certain assets at fair value in accordance with GAAP, which defines fair value and establishes a framework for measuring fair value in accordance with generally accepted accounting principles. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair values: Basis of Fair Value Measurements · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; · Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). An asset’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Fair Values of Assets Measured on a Recurring Basis The Company’s investments in state and municipal, asset-backed and government mortgage-backed available-for-sale securities are generally classified within Level 2 of the fair value hierarchy. For these investments, the Company obtains fair value measurements from independent pricing services. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, trading levels, market consensus prepayment speeds, credit information and the instrument’s terms and conditions The following summarizes financial instruments measured at fair value on a recurring basis at September 30, 2018 and December 31, 2017: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 September 30, 2018 State and municipal securities $ 20,039 $ - $ 20,039 $ - Asset-backed securities 6,545 - 6,545 - Mortgage-backed securities 25,892 - 25,892 - Totals $ 52,476 $ - $ 52,476 $ - December 31, 2017 State and municipal securities $ 21,454 $ - $ 21,454 $ - Asset-backed securities 7,517 - 7,517 - Mortgage-backed securities 32,458 - 32,458 - Totals $ 61,429 $ - $ 61,429 $ - Fair Values of Assets Measured on a Non-Recurring Basis The Company’s impaired loans are reported at the fair value of the underlying collateral, less estimated costs to sell, if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based upon appraisals of similar properties obtained from a third party. However, the Company generally discounts appraisals to arrive at fair value, and therefore classifies such loans as Level 3 because the discounts are a significant input that is not observable. The following summarizes assets measured at fair value on a nonrecurring basis at September 30, 2018 and December 31, 2017: Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 September 30, 2018 Impaired loans $ 3,710 $ - $ - $ 3,710 December 31, 2017 Impaired loan $ 3,670 $ - $ - $ 3,670 The following is a summary of the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis at September 30, 2018 and December 31, 2017: (In thousands) Fair Value Valuation Technique Unobservable Input September 30, 2018 Impaired loans $ 3,710 Real estate appraisals and business evaluation Discount for dated appraisals and comparable company evaluations December 31, 2017 Impaired loan $ 3,670 Real estate appraisals Discount for dated appraisals |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Of Financial Instrument [Abstract] | |
Fair Value of Financial Instruments | (9) Fair Value of Financial Instruments GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Certain financial instruments and all nonfinancial instruments are excluded from the disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying amounts and estimated fair values of the Company's financial instruments, all of which are held or issued for purposes other than trading, are as follows at September 30, 2018 and December 31, 2017: Carrying Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total September 30, 2018 Financial assets: Cash and cash equivalents $ 25,988 $ 25,988 $ - $ - $ 25,988 Available-for-sale securities 52,476 - 52,476 - 52,476 Federal Home Loan Bank of Boston stock 1,925 1,925 - - 1,925 Loans, net 783,292 - - 774,229 774,229 Accrued interest receivable 2,584 - 2,584 - 2,584 Financial liabilities: Deposits 751,470 - - 751,427 751,427 Federal Home Loan Bank advances 29,902 - 29,499 - 29,499 December 31, 2017 Financial assets: Cash and cash equivalents $ 47,689 $ 47,689 $ - $ - $ 47,689 Available-for-sale securities 61,429 - 61,429 - 61,429 Federal Home Loan Bank of Boston stock 1,854 1,854 - - 1,854 Loans, net 742,138 - - 745,637 745,637 Accrued interest receivable 2,345 - 2,345 - 2,345 Financial liabilities: Deposits 750,057 - - 749,898 749,898 Federal Home Loan Bank advances 26,841 - 26,655 - 26,655 |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | (10) Regulatory Capital The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015 (with a phase-in period of two to four years for certain components), the Bank became subject to capital regulations adopted by the FDIC, which implement the Basel III regulatory capital reforms and the changes required by the Dodd-Frank Act. The new regulations require a new Common Equity Tier 1 (“CET1”) capital ratio of 4.5%, a minimum Tier 1 capital to risk-weighted assets ratio of 6.0%, a minimum total capital to risk-weighted assets ratio of 8.0% and a minimum Tier 1 leverage ratio of 4.0%. CET1 generally consists of common stock and retained earnings, subject to applicable adjustments and deductions. Under new prompt corrective action regulations, in order to be considered “well capitalized,” the Bank must maintain a CET1 capital ratio of 6.5% and a Tier 1 ratio of 8.0%, a total risk based capital ratio of 10% and a Tier 1 leverage ratio of 5.0%. In addition, the regulations establish a capital conservation buffer above the required capital ratios that started phasing in on January 1, 2016 at 0.625% of risk-weighted assets and increases each year by 0.625% until it is fully phased in at 2.5% effective January 1, 2019. At September 30, 2018, the Bank exceeded the fully phased in regulatory requirement for the capital conservation buffer. Failure to maintain the capital conservation buffer limits the ability of the Bank and the Company to pay dividends, repurchases shares or pay discretionary bonuses. As of September 30, 2018 and December 31, 2017, the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. The Bank’s actual capital amounts and ratios are presented in the following table. To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio September 30, 2018 Total Capital (to Risk Weighted Assets) $ 125,071 15.0 % $ 66,636 > 8.0 % $ 83,294 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 114,651 13.8 49,977 > 6.0 66,636 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 114,651 13.8 37,482 > 4.5 54,141 > 6.5 Tier 1 Capital (to Average Assets) 114,651 12.4 36,916 > 4.0 46,146 > 5.0 December 31, 2017 Total Capital (to Risk Weighted Assets) $ 116,869 15.0 % $ 62,514 > 8.0 % $ 78,142 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 107,112 13.7 46,885 > 6.0 62,514 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 107,112 13.7 35,164 > 4.5 50,792 > 6.5 Tier 1 Capital (to Average Assets) 107,112 11.8 36,299 > 4.0 45,374 > 5.0 As a result of the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies are required to develop a “Community Bank Leverage Ratio” (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution’s risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies must set the minimum capital for the new Community Bank Leverage Ratio at not less than 8% and not more than 10%. A financial institution can elect to be subject to this new definition. The Company may use capital management tools such as cash dividends and common share repurchases. In January 2017, the Company received a non-objection from the Federal Reserve Board to adopt a stock repurchase program for up to 6.6% of its common stock. As of September 30, 2018, the Company had repurchased 28,823 shares of its stock at an average price of $20.59 per share, or 4.6% of the 625,015 shares authorized for repurchase under the Company’s repurchase program. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2018 | |
Employee Stock Ownership Plan [Abstract] | |
Employee Stock Ownership Plan | (11) Employee Stock Ownership Plan The Bank maintains an Employee Stock Ownership Plan (“ESOP”) to provide eligible employees the opportunity to own Company stock. This plan is a tax-qualified retirement plan for the benefit of Bank employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares committed to be released per year through 2029 is 23,810. The Company loaned funds to the ESOP to purchase 357,152 shares of the Company’s common stock at a price of $10.00 per share. The loan is payable annually over 15 years at a rate per annum equal to the Prime Rate as of December 31 (4.50% at December 31, 2017). Loan payments are principally funded by cash contributions from the Bank. September 30, 2018 December 31, 2017 Allocated 83,334 47,620 Committed to be allocated 5,952 23,810 Unallocated 267,866 285,722 Total 357,152 357,152 The fair value of unallocated shares was approximately $7.8 million at September 30, 2018. Total compensation expense recognized in connection with the ESOP for the three months ended September 30, 2018 and 2017 was $166,000 and $127,000, respectively. Total compensation expense recognized for the nine months ended September 30, 2018 and 2017 was $463,000 and $368,000, respectively. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | (12) Earnings Per Common Share Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares, treasury stock and unvested restricted stock is not deemed outstanding for earnings per share calculations. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Net Income attributable to common shareholders $ 2,078 $ 2,771 $ 6,490 $ 6,174 Average number of common shares issued 9,660,543 9,652,448 9,658,405 9,652,448 Less: average unallocated ESOP shares (274,452 ) (296,398 ) (280,274 ) (301,342 ) average unvested restricted stock (110,230 ) (133,258 ) (115,659 ) (140,869 ) average treasury stock acquired (28,494 ) (21,158 ) (28,712 ) (14,191 ) Average number of common shares outstanding 9,247,367 9,201,634 9,233,760 9,196,046 to calculate basic earnings per common share Effect of dilutive unvested restricted stock and stock option awards 108,043 11,422 75,952 - Average number of common shares outstanding 9,355,410 9,213,056 9,309,712 9,196,046 to calculate diluted earnings per common share Earnings per common share: Basic $ 0.22 $ 0.30 $ 0.70 $ 0.67 Diluted $ 0.22 $ 0.30 $ 0.70 $ 0.67 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | (13) Share-Based Compensation Under the Provident Bancorp, Inc. 2016 Equity Incentive Plan (the "Equity Plan"), the Company may grant options, restricted stock, restricted units or performance awards to its directors, officers and employees. Both incentive stock options and non-qualified stock options may be granted under the Equity Plan, with the total shares reserved for options equaling 446,440. The exercise price of each option equals the market price of the Company’s stock on the date of grant and the term of each option is generally ten years. The total number of shares reserved for restricted stock or restricted units is 178,575. Options and other awards vest ratably over five years. Expense related to options and restricted stock granted to directors is recognized in directors’ compensation within non-interest expense. Stock Options The fair value of each option is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions: · Volatility is based on peer group volatility because the Company does not have a sufficient trading history. · Expected life represents the period of time that the option is expected to be outstanding, taking into account the contractual term, and the vesting period. · The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. A summary of the status of the Company’s stock option grants for the nine months ended September 30, 2018, is presented in the table below: Stock Option Awards Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at December 31, 2017 396,443 $ 17.61 Granted 12,170 27.20 Forfeited (9,740 ) 17.40 Exercised (2,435 ) 17.40 Outstanding at September 30, 2018 396,438 $ 17.89 8.24 $ 4,496,000 Outstanding and expected to vest at September 30, 2018 396,438 $ 17.89 8.24 $ 4,496,000 Vested and Exercisable at September 30, 2018 74,419 $ 17.40 8.13 $ 681,000 Unrecognized compensation cost $ 1,343,000 Weighted average remaining recognition period (years) 3.13 For the three months ended September 30, 2018 and 2017, total expense for the stock options was $94,000 and $97,000, respectively. For the nine months ended September 30, 2018 and 2017, total expense for the stock options was $295,000 and $290,000, respectively. Restricted Stock Shares issued upon the granting of restricted stock may be either authorized but unissued shares or reacquired shares held by the Company. Any shares forfeited because vesting requirements are not met will again be available for issuance under the Equity Plan. The fair market value of shares awarded, based on the market prices at the date of grant, is recorded as unearned compensation and amortized over the applicable vesting period. The following table presents the activity in restricted stock awards under the Equity Plan for the nine months ended September 30, 2018: Unvested Restricted Stock Awards Weighted Average Grant Date Price Unvested restricted stock awards at December 31, 2017 127,852 $ 17.59 Granted 4,862 27.20 Forfeited (3,896 ) 17.40 Unvested restricted stock awards at September 30 , 2018 128,818 $ 17.89 Unrecognized compensation cost $ 1,851,000 Weighted average remaining recognition period (years) 3.13 For the three months ended September 30, 2018 and 2017, total expense for the restricted stock awards was $121,000 and $134,000, respectively. For the nine months ended September 30, 2018 and 2017, total expense for the restricted stock awards was $400,000 and $401,000, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies U.S. Small Bus. Admin. v. The Provident Bank, As previously disclosed, on A pril 3, 2018 , $543,000 that would be provided to the participating institution |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements of Provident Bancorp, Inc., a Massachusetts corporation (the “Company”), were prepared in accordance with the instructions for Form 10-Q and with Regulation S-X and do not include information or footnotes necessary for a complete presentation of the financial condition, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”). However, in the opinion of management, all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and nine-month periods ended September 30, 2018 are not necessarily indicative of the results that may be expected for future periods, including the entire fiscal year. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the annual report on Form 10-K the Company filed with the Securities and Exchange Commission on March 15, 2018. The consolidated financial statements include the accounts of Provident Bancorp, Inc., its wholly owned subsidiary, The Provident Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Provident Security Corporation and 5 Market Street Security Corporation. Provident Security Corporation and 5 Market Street Security Corporation were established to buy, sell, and hold investments for their own account. All significant inter-company balances and transactions have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 – Revenue from Contracts with Customers (Topic 606). This ASU was effective for the Company on January 1, 2018. Because the ASU does not apply to revenue associated with leases and financial instruments (including loans and securities), the Company concluded that the new guidance did not impact the elements of its consolidated statements of income most closely associated with leases and financial instruments (such as interest income, interest expense and securities gains). The Company completed its identification of all revenue streams included in its financial statements and has identified its deposit-related fees, service charges, debit and prepaid card interchange income and other fee income to be within the scope of the standard. The Company has also completed its review of the related contracts. The Company's overall assessment indicates that adoption of this ASU did not materially change its current method and timing of recognizing revenue for the identified revenue streams and therefore, the adoption of this ASU as of January 1, 2018, did not have a significant impact to the Company's financial condition, results of operations and consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): “Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments.” In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): “Classification of Certain Cash Receipts and Cash Payments.” In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (subtopic 310-20): “Premium Amortization on Purchased Callable Debt Securities.” In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): “Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost of investment securities classified as available-for-sale and their approximate fair values | Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value September 30, 2018 State and municipal securities $ 20,145 $ 207 $ 313 $ 20,039 Asset-backed securities 6,754 - 209 6,545 Government mortgage-backed securities 26,535 136 779 25,892 Total available-for-sale securities $ 53,434 $ 343 $ 1,301 $ 52,476 December 31, 2017 State and municipal securities $ 20,726 $ 745 $ 17 $ 21,454 Asset-backed securities 7,524 30 37 7,517 Government mortgage-backed securities 32,421 317 280 32,458 Total available-for-sale securities $ 60,671 $ 1,092 $ 334 $ 61,429 |
Schedule of maturities of debt securities | Available-for-Sale Amortized Fair (In thousands) Cost Value Due in one year or less $ 95 $ 95 Due after one year through five years 604 610 Due after five years through ten years 2,118 2,144 Due after ten years 17,328 17,190 Government mortgage-backed securities 26,535 25,892 Asset-backed securities 6,754 6,545 $ 53,434 $ 52,476 |
Schedule of aggregate fair value and unrealized losses of securities that have been in a continuous unrealized-loss position | Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses September 30, 2018 Temporarily impaired securities: State and municipal securities $ 11,352 $ 277 $ 584 $ 36 $ 11,936 $ 313 Asset-backed securities 4,051 121 2,494 88 6,545 209 Government mortgage-backed securities 7,750 208 12,042 571 19,792 779 Total temporarily impaired securities $ 23,153 $ 606 $ 15,120 $ 695 $ 38,273 $ 1,301 December 31, 2017 Temporarily impaired securities: State and municipal securities $ - $ - $ 611 $ 17 $ 611 $ 17 Asset-backed securities 1,745 13 1,335 24 3,080 37 Government mortgage-backed securities 5,231 20 13,584 260 18,815 280 Total temporarily impaired securities $ 6,976 $ 33 $ 15,530 $ 301 $ 22,506 $ 334 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of loans | At At September 30, December 31, (Dollars in thousands) 2018 2017 Amount Percent Amount Percent Commercial real estate $ 361,765 45.48 % $ 371,510 49.35 % Commercial 300,584 37.79 % 240,223 31.91 % Residential real estate 60,034 7.55 % 67,724 9.00 % Construction and land development 52,870 6.64 % 55,828 7.42 % Consumer 20,119 2.53 % 17,455 2.32 % 795,372 100.00 % 752,740 100.00 % Allowance for loan losses (11,134 ) (9,757 ) Deferred loan fees, net (946 ) (845 ) Net loans $ 783,292 $ 742,138 |
Schedule of allowance for loan losses by portfolio segment | For the three months ended September 30, (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total Allowance for loan losses: Balance at June 30, 2018 $ 4,106 $ 4,512 $ 282 $ 968 $ 735 $ 27 $ 10,630 Charge-offs (790 ) (50 ) - - (128 ) - (968 ) Recoveries - 26 2 - 23 - 51 Provision (credit) 969 272 (22 ) 25 200 (23 ) 1,421 Balance at September 30, 2018 $ 4,285 $ 4,760 $ 262 $ 993 $ 830 $ 4 $ 11,134 Balance at June 30, 2017 $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Charge-offs - (2 ) - - (80 ) - (82 ) Recoveries - 45 - - 5 - 50 Provision (credit) 1,029 60 (22 ) (177 ) 172 (50 ) 1,012 Balance at September 30, 2017 $ 5,669 $ 3,384 $ 296 $ 964 $ 569 $ 50 $ 10,932 For the nine months ended September 30, (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total Allowance for loan losses: Balance at December 31, 2017 $ 4,483 $ 3,280 $ 300 $ 965 $ 649 $ 80 $ 9,757 Charge-offs (790 ) (101 ) - - (526 ) - (1,417 ) Recoveries - 27 2 - 50 - 79 Provision (credit) 592 1,554 (40 ) 28 657 (76 ) 2,715 Balance at September 30, 2018 $ 4,285 $ 4,760 $ 262 $ 993 $ 830 $ 4 $ 11,134 Balance at December 31, 2016 $ 4,503 $ 2,513 $ 328 $ 882 $ 279 $ 85 $ 8,590 Charge-offs (6 ) (63 ) - - (106 ) - (175 ) Recoveries - 45 - - 5 - 50 Provision (credit) 1,172 889 (32 ) 82 391 (35 ) 2,467 Balance at September 30, 2017 $ 5,669 $ 3,384 $ 296 $ 964 $ 569 $ 50 $ 10,932 |
Schedule of loan balances by segment | (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total September 30, 2018 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 765 $ - $ - $ - $ - $ 765 Ending balance: Collectively evaluated for impairment 4,285 3,995 262 993 830 4 10,369 Total allowance for loan losses ending balance $ 4,285 $ 4,760 $ 262 $ 993 $ 830 $ 4 $ 11,134 Loans: Ending balance: Individually evaluated for impairment $ 4,342 $ 4,070 $ 392 $ - $ - $ 8,804 Ending balance: Collectively evaluated for impairment 357,423 296,514 59,642 52,870 20,119 786,568 Total loans ending balance $ 361,765 $ 300,584 $ 60,034 $ 52,870 $ 20,119 $ 795,372 December 31, 2017 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: Collectively evaluated for impairment 4,483 3,280 300 965 649 80 9,757 Total allowance for loan losses ending balance $ 4,483 $ 3,280 $ 300 $ 965 $ 649 $ 80 $ 9,757 Loans: Ending balance: Individually evaluated for impairment $ 8,623 $ 3,202 $ 404 $ - $ - $ 12,229 Ending balance: Collectively evaluated for impairment 362,887 237,021 67,320 55,828 17,455 740,511 Total loans ending balance $ 371,510 $ 240,223 $ 67,724 $ 55,828 $ 17,455 $ 752,740 |
Schedule of non accrual loans and past-due loans by portfolio segment | 90 Days 90 Days Total or More 30 - 59 60 - 89 or More Past Total Total Past Due Non-accrual (In thousands) Days Days Past Due Due Current Loans and Accruing Loans September 30, 2018 Commercial real estate $ - $ 519 $ 2,879 $ 3,398 $ 358,367 $ 361,765 $ - $ 2,879 Commercial 248 2,731 248 3,227 297,357 300,584 - 3,552 Residential real estate 565 131 - 696 59,338 60,034 - 855 Construction and land development - - - - 52,870 52,870 - - Consumer 62 71 65 198 19,921 20,119 - 68 Total $ 875 $ 3,452 $ 3,192 $ 7,519 $ 787,853 $ 795,372 $ - $ 7,354 December 31, 2017 Commercial real estate $ - $ 3,669 $ - $ 3,669 $ 367,841 $ 371,510 $ - $ 7,102 Commercial 12 - - 12 240,211 240,223 - 1,505 Residential real estate 699 178 81 958 66,766 67,724 364 Construction and land development - - - - 55,828 55,828 - - Consumer 63 45 60 168 17,287 17,455 - 62 Total $ 774 $ 3,892 $ 141 $ 4,807 $ 747,933 $ 752,740 $ - $ 9,033 |
Schedule of impaired loans by portfolio segment | Unpaid Average Interest Recorded Principal Related Recorded Income (In thousands) Investment Balance Allowance Investment Recognized September 30, 2018 With no related allowance recorded: Commercial real estate $ 4,342 $ 6,645 $ - $ 6,684 $ 51 Commercial 2,474 2,474 - 3,328 30 Residential real estate 392 392 - 398 15 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 7,208 9,511 - 10,410 96 With an allowance recorded: Commercial real estate - - - - - Commercial 1,596 1,596 765 1,599 52 Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 1,596 1,596 765 1,599 52 Total Commercial real estate 4,342 6,645 - 6,684 51 Commercial 4,070 4,070 765 4,927 82 Residential real estate 392 392 - 398 15 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 8,804 $ 11,107 $ 765 $ 12,009 $ 148 December 31, 2017 With no related allowance recorded: Commercial real estate $ 8,623 $ 10,139 $ - $ 4,562 $ 70 Commercial 3,202 3,202 - 2,054 123 Residential real estate 404 404 - 412 20 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 12,229 13,745 - 7,028 213 With an allowance recorded: Commercial real estate - - - - - Commercial - - - - - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded - - - - - Total Commercial real estate 8,623 10,139 - 4,562 70 Commercial 3,202 3,202 - 2,054 123 Residential real estate 404 404 - 412 20 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 12,229 $ 13,745 $ - $ 7,028 $ 213 |
Schedule of troubled debt restructuring | (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment September 30, 2017 Troubled debt restructurings: Commercial 1 $ 249 $ 249 1 $ 249 $ 249 |
Schedule of loans by risk rating and portfolio segment | (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction Consumer Total September 30, 2018 Grade: Pass $ 350,705 $ 279,072 $ - $ 52,870 $ - $ 682,647 Special mention 6,248 11,748 - - - 17,996 Substandard 4,812 8,168 579 - - 13,559 Doubtful - 1,596 - - - 1,596 Not formally rated - - 59,455 - 20,119 79,574 Total $ 361,765 $ 300,584 $ 60,034 $ 52,870 $ 20,119 $ 795,372 December 31, 2017 Grade: Pass $ 355,623 $ 224,190 $ - $ 55,828 $ - $ 635,641 Special mention 6,852 9,155 - - - 16,007 Substandard 9,035 6,878 679 - - 16,592 Not formally rated - - 67,045 - 17,455 84,500 Total $ 371,510 $ 240,223 $ 67,724 $ 55,828 $ 17,455 $ 752,740 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Schedule of deposit balances by type | September 30, December 31, (In thousands) 2018 2017 NOW and demand $ 318,962 $ 309,514 Regular savings 116,692 112,610 Money market deposits 224,394 225,735 Total non-certificate accounts 660,048 647,859 Certificate accounts of $250,000 or more 14,096 5,061 Certificate accounts less than $250,000 77,326 97,137 Total certificate accounts 91,422 102,198 Total deposits $ 751,470 $ 750,057 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of maturities of advances from the FHLB | (In thousands) Fiscal Year-End Dollar Amount 2019 4,962 2020 11,440 2021 5,000 2023 8,500 Total $ 29,902 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of activity for Level 3 financial instruments measured at fair value on a recurring basis | Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 September 30, 2018 State and municipal securities $ 20,039 $ - $ 20,039 $ - Asset-backed securities 6,545 - 6,545 - Mortgage-backed securities 25,892 - 25,892 - Totals $ 52,476 $ - $ 52,476 $ - December 31, 2017 State and municipal securities $ 21,454 $ - $ 21,454 $ - Asset-backed securities 7,517 - 7,517 - Mortgage-backed securities 32,458 - 32,458 - Totals $ 61,429 $ - $ 61,429 $ - |
Schedule of financial instruments measured at fair value on a nonrecurring basis | Fair Value Measurements at Reporting Date Using: Quoted Prices in Significant Significant Active Markets for Other Observable Unobservable Identical Assets Inputs Inputs (In thousands) Total Level 1 Level 2 Level 3 September 30, 2018 Impaired loans $ 3,710 $ - $ - $ 3,710 December 31, 2017 Impaired loan $ 3,670 $ - $ - $ 3,670 |
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis | (In thousands) Fair Value Valuation Technique Unobservable Input September 30, 2018 Impaired loans $ 3,710 Real estate appraisals and business evaluation Discount for dated appraisals and comparable company evaluations December 31, 2017 Impaired loan $ 3,670 Real estate appraisals Discount for dated appraisals |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Of Financial Instrument [Abstract] | |
Schedule of carrying amounts and estimated fair values of financial instruments, held or issued for purposes other than trading | Carrying Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total September 30, 2018 Financial assets: Cash and cash equivalents $ 25,988 $ 25,988 $ - $ - $ 25,988 Available-for-sale securities 52,476 - 52,476 - 52,476 Federal Home Loan Bank of Boston stock 1,925 1,925 - - 1,925 Loans, net 783,292 - - 774,229 774,229 Accrued interest receivable 2,584 - 2,584 - 2,584 Financial liabilities: Deposits 751,470 - - 751,427 751,427 Federal Home Loan Bank advances 29,902 - 29,499 - 29,499 December 31, 2017 Financial assets: Cash and cash equivalents $ 47,689 $ 47,689 $ - $ - $ 47,689 Available-for-sale securities 61,429 - 61,429 - 61,429 Federal Home Loan Bank of Boston stock 1,854 1,854 - - 1,854 Loans, net 742,138 - - 745,637 745,637 Accrued interest receivable 2,345 - 2,345 - 2,345 Financial liabilities: Deposits 750,057 - - 749,898 749,898 Federal Home Loan Bank advances 26,841 - 26,655 - 26,655 |
Regulatory Capital (Table)
Regulatory Capital (Table) | 9 Months Ended |
Sep. 30, 2018 | |
Banking and Thrift [Abstract] | |
Schedule of actual capital amounts and ratios | To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio September 30, 2018 Total Capital (to Risk Weighted Assets) $ 125,071 15.0 % $ 66,636 > 8.0 % $ 83,294 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 114,651 13.8 49,977 > 6.0 66,636 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 114,651 13.8 37,482 > 4.5 54,141 > 6.5 Tier 1 Capital (to Average Assets) 114,651 12.4 36,916 > 4.0 46,146 > 5.0 December 31, 2017 Total Capital (to Risk Weighted Assets) $ 116,869 15.0 % $ 62,514 > 8.0 % $ 78,142 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 107,112 13.7 46,885 > 6.0 62,514 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 107,112 13.7 35,164 > 4.5 50,792 > 6.5 Tier 1 Capital (to Average Assets) 107,112 11.8 36,299 > 4.0 45,374 > 5.0 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Employee Stock Ownership Plan [Abstract] | |
Schedule of Employee Stock Ownership Plan | September 30, 2018 December 31, 2017 Allocated 83,334 47,620 Committed to be allocated 5,952 23,810 Unallocated 267,866 285,722 Total 357,152 357,152 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earning per share | Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share amounts) 2018 2017 2018 2017 Net Income attributable to common shareholders $ 2,078 $ 2,771 $ 6,490 $ 6,174 Average number of common shares issued 9,660,543 9,652,448 9,658,405 9,652,448 Less: average unallocated ESOP shares (274,452 ) (296,398 ) (280,274 ) (301,342 ) average unvested restricted stock (110,230 ) (133,258 ) (115,659 ) (140,869 ) average treasury stock acquired (28,494 ) (21,158 ) (28,712 ) (14,191 ) Average number of common shares outstanding 9,247,367 9,201,634 9,233,760 9,196,046 to calculate basic earnings per common share Effect of dilutive unvested restricted stock and stock option awards 108,043 11,422 75,952 - Average number of common shares outstanding 9,355,410 9,213,056 9,309,712 9,196,046 to calculate diluted earnings per common share Earnings per common share: Basic $ 0.22 $ 0.30 $ 0.70 $ 0.67 Diluted $ 0.22 $ 0.30 $ 0.70 $ 0.67 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | Stock Option Awards Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at December 31, 2017 396,443 $ 17.61 Granted 12,170 27.20 Forfeited (9,740 ) 17.40 Exercised (2,435 ) 17.40 Outstanding at September 30, 2018 396,438 $ 17.89 8.24 $ 4,496,000 Outstanding and expected to vest at September 30, 2018 396,438 $ 17.89 8.24 $ 4,496,000 Vested and Exercisable at September 30, 2018 74,419 $ 17.40 8.13 $ 681,000 Unrecognized compensation cost $ 1,343,000 Weighted average remaining recognition period (years) 3.13 |
Schedule of activity in restricted stock awards under the Equity Plan | Unvested Restricted Stock Awards Weighted Average Grant Date Price Unvested restricted stock awards at December 31, 2017 127,852 $ 17.59 Granted 4,862 27.20 Forfeited (3,896 ) 17.40 Unvested restricted stock awards at September 30 , 2018 128,818 $ 17.89 Unrecognized compensation cost $ 1,851,000 Weighted average remaining recognition period (years) 3.13 |
Corporate Structure (Detail Tex
Corporate Structure (Detail Textuals) | Jul. 15, 2015$ / sharesshares |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Number of shares issued | 5,034,323 |
Provident Community Charitable Organization, Inc. | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Number of shares issued | 189,974 |
Provident Bank Employee Stock Ownership Plan | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Number of shares issued | 4,274,425 |
Price per share | $ / shares | $ 10 |
Number of shares purchased | 357,152 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | $ 53,434 | $ 60,671 |
Gross Unrealized Gains | 343 | 1,092 |
Gross Unrealized Losses | 1,301 | 334 |
Fair Value | 52,476 | 61,429 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 20,145 | 20,726 |
Gross Unrealized Gains | 207 | 745 |
Gross Unrealized Losses | 313 | 17 |
Fair Value | 20,039 | 21,454 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 6,754 | 7,524 |
Gross Unrealized Gains | 0 | 30 |
Gross Unrealized Losses | 209 | 37 |
Fair Value | 6,545 | 7,517 |
Government mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost Basis | 26,535 | 32,421 |
Gross Unrealized Gains | 136 | 317 |
Gross Unrealized Losses | 779 | 280 |
Fair Value | $ 25,892 | $ 32,458 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Available-for-Sale Amortized Cost | ||
Due in one year or less | $ 95 | |
Due after one year through five years | 604 | |
Due after five years through ten years | 2,118 | |
Due after ten years | 17,328 | |
Amortized Cost | 53,434 | $ 60,671 |
Available-for-Sale Fair Value | ||
Due in one year or less | 95 | |
Due after one year through five years | 610 | |
Due after five years through ten years | 2,144 | |
Due after ten years | 17,190 | |
Fair Value | 52,476 | 61,429 |
Government mortgage-backed securities | ||
Available-for-Sale Amortized Cost | ||
Amortized Cost | 26,535 | 32,421 |
Available-for-Sale Fair Value | ||
Fair Value | 25,892 | 32,458 |
Asset-backed securities | ||
Available-for-Sale Amortized Cost | ||
Amortized Cost | 6,754 | 7,524 |
Available-for-Sale Fair Value | ||
Fair Value | $ 6,545 | $ 7,517 |
Investment Securities (Detail_2
Investment Securities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | $ 23,153 | $ 6,976 |
Unrealized Losses, Less than 12 Months | 606 | 33 |
Fair Value, 12 Months or Longer | 15,120 | 15,530 |
Unrealized Losses, 12 Months or Longer | 695 | 301 |
Fair Value, Total | 38,273 | 22,506 |
Unrealized Losses, Total | 1,301 | 334 |
State and municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 11,352 | 0 |
Unrealized Losses, Less than 12 Months | 277 | 0 |
Fair Value, 12 Months or Longer | 584 | 611 |
Unrealized Losses, 12 Months or Longer | 36 | 17 |
Fair Value, Total | 11,936 | 611 |
Unrealized Losses, Total | 313 | 17 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 4,051 | 1,745 |
Unrealized Losses, Less than 12 Months | 121 | 13 |
Fair Value, 12 Months or Longer | 2,494 | 1,335 |
Unrealized Losses, 12 Months or Longer | 88 | 24 |
Fair Value, Total | 6,545 | 3,080 |
Unrealized Losses, Total | 209 | 37 |
Government mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 7,750 | 5,231 |
Unrealized Losses, Less than 12 Months | 208 | 20 |
Fair Value, 12 Months or Longer | 12,042 | 13,584 |
Unrealized Losses, 12 Months or Longer | 571 | 260 |
Fair Value, Total | 19,792 | 18,815 |
Unrealized Losses, Total | $ 779 | $ 280 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 795,372 | $ 752,740 | ||||
Gross loans, Percent | 100.00% | 100.00% | ||||
Allowance for loan losses | $ (11,134) | $ (10,630) | $ (9,757) | $ (10,932) | $ (9,952) | $ (8,590) |
Deferred loan fees, net | (946) | (845) | ||||
Net loans | 783,292 | 742,138 | ||||
Commercial real estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 361,765 | $ 371,510 | ||||
Gross loans, Percent | 45.48% | 49.35% | ||||
Allowance for loan losses | $ (4,285) | (4,106) | $ (4,483) | (5,669) | (4,640) | (4,503) |
Commercial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 300,584 | $ 240,223 | ||||
Gross loans, Percent | 37.79% | 31.91% | ||||
Allowance for loan losses | $ (4,760) | (4,512) | $ (3,280) | (3,384) | (3,281) | (2,513) |
Residential real estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 60,034 | $ 67,724 | ||||
Gross loans, Percent | 7.55% | 9.00% | ||||
Allowance for loan losses | $ (262) | (282) | $ (300) | (296) | (318) | (328) |
Construction and land development | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 52,870 | $ 55,828 | ||||
Gross loans, Percent | 6.64% | 7.42% | ||||
Allowance for loan losses | $ (993) | (968) | $ (965) | (964) | (1,141) | (882) |
Consumer | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 20,119 | $ 17,455 | ||||
Gross loans, Percent | 2.53% | 2.32% | ||||
Allowance for loan losses | $ (830) | $ (735) | $ (649) | $ (569) | $ (472) | $ (279) |
Loans (Details 1)
Loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | $ 10,630 | $ 9,952 | $ 9,757 | $ 8,590 | ||
Charge-offs | (968) | (82) | (1,417) | (175) | ||
Recoveries | 51 | 50 | 79 | 50 | ||
Provision (credit) | 1,421 | 1,012 | 2,715 | 2,467 | ||
Ending balance | 11,134 | 10,932 | 11,134 | 10,932 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | $ 765 | $ 0 | ||||
Ending balance: Collectively evaluated for impairment | 10,369 | 9,757 | ||||
Total allowance for loan losses ending balance | 10,630 | 9,952 | 9,757 | 8,590 | 11,134 | 9,757 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 8,804 | 12,229 | ||||
Ending balance: Collectively evaluated for impairment | 786,568 | 740,511 | ||||
Total loans ending balance | 795,372 | 752,740 | ||||
Commercial Real Estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 4,106 | 4,640 | 4,483 | 4,503 | ||
Charge-offs | (790) | 0 | (790) | (6) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision (credit) | 969 | 1,029 | 592 | 1,172 | ||
Ending balance | 4,285 | 5,669 | 4,285 | 5,669 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 4,285 | 4,483 | ||||
Total allowance for loan losses ending balance | 4,106 | 4,640 | 4,483 | 4,503 | 4,285 | 4,483 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 4,342 | 8,623 | ||||
Ending balance: Collectively evaluated for impairment | 357,423 | 362,887 | ||||
Total loans ending balance | 361,765 | 371,510 | ||||
Commercial | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 4,512 | 3,281 | 3,280 | 2,513 | ||
Charge-offs | (50) | (2) | (101) | (63) | ||
Recoveries | 26 | 45 | 27 | 45 | ||
Provision (credit) | 272 | 60 | 1,554 | 889 | ||
Ending balance | 4,760 | 3,384 | 4,760 | 3,384 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | 765 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 3,995 | 3,280 | ||||
Total allowance for loan losses ending balance | 4,512 | 3,281 | 3,280 | 2,513 | 4,760 | 3,280 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 4,070 | 3,202 | ||||
Ending balance: Collectively evaluated for impairment | 296,514 | 237,021 | ||||
Total loans ending balance | 300,584 | 240,223 | ||||
Residential Real Estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 282 | 318 | 300 | 328 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 2 | 0 | 2 | 0 | ||
Provision (credit) | (22) | (22) | (40) | (32) | ||
Ending balance | 262 | 296 | 262 | 296 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 262 | 300 | ||||
Total allowance for loan losses ending balance | 282 | 318 | 300 | 328 | 262 | 300 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 392 | 404 | ||||
Ending balance: Collectively evaluated for impairment | 59,642 | 67,320 | ||||
Total loans ending balance | 60,034 | 67,724 | ||||
Construction and Land Development | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 968 | 1,141 | 965 | 882 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision (credit) | 25 | (177) | 28 | 82 | ||
Ending balance | 993 | 964 | 993 | 964 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 993 | 965 | ||||
Total allowance for loan losses ending balance | 968 | 1,141 | 965 | 882 | 993 | 965 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 52,870 | 55,828 | ||||
Total loans ending balance | 52,870 | 55,828 | ||||
Consumer | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 735 | 472 | 649 | 279 | ||
Charge-offs | (128) | (80) | (526) | (106) | ||
Recoveries | 23 | 5 | 50 | 5 | ||
Provision (credit) | 200 | 172 | 657 | 391 | ||
Ending balance | 830 | 569 | 830 | 569 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 830 | 649 | ||||
Total allowance for loan losses ending balance | 735 | 472 | 649 | 279 | 830 | 649 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 20,119 | 17,455 | ||||
Total loans ending balance | 20,119 | 17,455 | ||||
Unallocated | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 27 | 100 | 80 | 85 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision (credit) | (23) | (50) | (76) | (35) | ||
Ending balance | 4 | 50 | 4 | 50 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 4 | 80 | ||||
Total allowance for loan losses ending balance | $ 27 | $ 100 | $ 80 | $ 85 | $ 4 | $ 80 |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 7,519 | $ 4,807 |
Total Current | 787,853 | 747,933 |
Total Loans | 795,372 | 752,740 |
90 Days or More Past Due and Accruing | 0 | |
Nonaccrual Loans | 7,354 | 9,033 |
30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 875 | 774 |
60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,452 | 3,892 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,192 | 141 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,398 | 3,669 |
Total Current | 358,367 | 367,841 |
Total Loans | 361,765 | 371,510 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 2,879 | 7,102 |
Commercial real estate | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 519 | 3,669 |
Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,879 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,227 | 12 |
Total Current | 297,357 | 240,211 |
Total Loans | 300,584 | 240,223 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 3,552 | 1,505 |
Commercial | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 248 | 12 |
Commercial | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,731 | 0 |
Commercial | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 248 | 0 |
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 696 | 958 |
Total Current | 59,338 | 66,766 |
Total Loans | 60,034 | 67,724 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 855 | 364 |
Residential real estate | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 565 | 699 |
Residential real estate | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 131 | 178 |
Residential real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 81 |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Total Current | 52,870 | 55,828 |
Total Loans | 52,870 | 55,828 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 0 | 0 |
Construction and land development | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land development | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Construction and land development | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 198 | 168 |
Total Current | 19,921 | 17,287 |
Total Loans | 20,119 | 17,455 |
90 Days or More Past Due and Accruing | 0 | 0 |
Nonaccrual Loans | 68 | 62 |
Consumer | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 62 | 63 |
Consumer | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 71 | 45 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 65 | $ 60 |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
With no related allowance recorded: | ||
Recorded Investment | $ 7,208 | $ 12,229 |
Unpaid Principal Balance | 9,511 | 13,745 |
Average Recorded Investment | 10,410 | 7,028 |
Interest Income Recognized | 96 | 213 |
With an allowance recorded: | ||
Recorded Investment | 1,596 | 0 |
Unpaid Principal Balance | 1,596 | 0 |
Related Allowance | 765 | 0 |
Average Recorded Investment | 1,599 | 0 |
Interest Income Recognized | 52 | 0 |
Total | ||
Recorded Investment | 8,804 | 12,229 |
Unpaid Principal Balance | 11,107 | 13,745 |
Related Allowance | 765 | 0 |
Average Recorded Investment | 12,009 | 7,028 |
Interest Income Recognized | 148 | 213 |
Commercial real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 4,342 | 8,623 |
Unpaid Principal Balance | 6,645 | 10,139 |
Average Recorded Investment | 6,684 | 4,562 |
Interest Income Recognized | 51 | 70 |
With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total | ||
Recorded Investment | 4,342 | 8,623 |
Unpaid Principal Balance | 6,645 | 10,139 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 6,684 | 4,562 |
Interest Income Recognized | 51 | 70 |
Commercial | ||
With no related allowance recorded: | ||
Recorded Investment | 2,474 | 3,202 |
Unpaid Principal Balance | 2,474 | 3,202 |
Average Recorded Investment | 3,328 | 2,054 |
Interest Income Recognized | 30 | 123 |
With an allowance recorded: | ||
Recorded Investment | 1,596 | 0 |
Unpaid Principal Balance | 1,596 | 0 |
Related Allowance | 765 | 0 |
Average Recorded Investment | 1,599 | 0 |
Interest Income Recognized | 52 | 0 |
Total | ||
Recorded Investment | 4,070 | 3,202 |
Unpaid Principal Balance | 4,070 | 3,202 |
Related Allowance | 765 | 0 |
Average Recorded Investment | 4,927 | 2,054 |
Interest Income Recognized | 82 | 123 |
Residential real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 392 | 404 |
Unpaid Principal Balance | 392 | 404 |
Average Recorded Investment | 398 | 412 |
Interest Income Recognized | 15 | 20 |
With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total | ||
Recorded Investment | 392 | 404 |
Unpaid Principal Balance | 392 | 404 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 398 | 412 |
Interest Income Recognized | 15 | 20 |
Construction and land development | ||
With no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Consumer | ||
With no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
With an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Loans (Details 4)
Loans (Details 4) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)Contract | |
Troubled debt restructuring: | |
Number of Contracts | Contract | 1 |
Pre- Modification Outstanding Recorded Investment | $ 249 |
Post-Modification Outstanding Recorded Investment | $ 249 |
Commercial | |
Troubled debt restructuring: | |
Number of Contracts | Contract | 1 |
Pre- Modification Outstanding Recorded Investment | $ 249 |
Post-Modification Outstanding Recorded Investment | $ 249 |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 795,372 | $ 752,740 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 682,647 | 635,641 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 17,996 | 16,007 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,559 | 16,592 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,596 | |
Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 79,574 | 84,500 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 361,765 | 371,510 |
Commercial Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 350,705 | 355,623 |
Commercial Real Estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,248 | 6,852 |
Commercial Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,812 | 9,035 |
Commercial Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Commercial Real Estate | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 300,584 | 240,223 |
Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 279,072 | 224,190 |
Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,748 | 9,155 |
Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 8,168 | 6,878 |
Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,596 | |
Commercial | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Residential Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 60,034 | 67,724 |
Residential Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Residential Real Estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Residential Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 579 | 679 |
Residential Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Residential Real Estate | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 59,455 | 67,045 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 52,870 | 55,828 |
Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 52,870 | 55,828 |
Construction and Land Development | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Construction and Land Development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Construction and Land Development | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 20,119 | 17,455 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | |
Consumer | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 20,119 | $ 17,455 |
Loans (Detail Textuals)
Loans (Detail Textuals) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Receivables [Abstract] | |
Troubled debt restructuring, total | $ 249,000 |
Re-amortization term of commercial loan | 3 years |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
NOW and demand | $ 318,962 | $ 309,514 |
Regular savings | 116,692 | 112,610 |
Money market deposits | 224,394 | 225,735 |
Total non-certificate accounts | 660,048 | 647,859 |
Certificate accounts of $250,000 or more | 14,096 | 5,061 |
Certificate accounts less than $250,000 | 77,326 | 97,137 |
Total certificate accounts | 91,422 | 102,198 |
Total deposits | $ 751,470 | $ 750,057 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Advances from Federal Home Loan Banks [Abstract] | |
2,019 | $ 4,962 |
2,020 | 11,440 |
2,021 | 5,000 |
2,023 | 8,500 |
Total | $ 29,902 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | $ 52,476 | $ 61,429 |
State and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 20,039 | 21,454 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 6,545 | 7,517 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 25,892 | 32,458 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 52,476 | 61,429 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 52,476 | 61,429 |
Recurring basis | State and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 20,039 | 21,454 |
Recurring basis | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 6,545 | 7,517 |
Recurring basis | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 25,892 | 32,458 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | State and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 52,476 | 61,429 |
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 20,039 | 21,454 |
Recurring basis | Significant Other Observable Inputs Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 6,545 | 7,517 |
Recurring basis | Significant Other Observable Inputs Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 25,892 | 32,458 |
Recurring basis | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | Significant Unobservable Inputs Level 3 | State and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | Significant Unobservable Inputs Level 3 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | 0 | 0 |
Recurring basis | Significant Unobservable Inputs Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in available-for-sale securities (at fair value) | $ 0 | $ 0 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - Nonrecurring basis - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 3,710 | $ 3,670 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 3,710 | $ 3,670 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) - Nonrecurring basis - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 3,710 | $ 3,670 |
Fair Value Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 3,710 | $ 3,670 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||||
Cash and cash equivalents | $ 25,988 | $ 47,689 | $ 17,577 | $ 10,705 |
Available-for-sale securities | 52,476 | 61,429 | ||
Federal Home Loan Bank of Boston stock | 1,925 | 1,854 | ||
Accrued interest receivable | 2,584 | 2,345 | ||
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents | 25,988 | 47,689 | ||
Available-for-sale securities | 52,476 | 61,429 | ||
Federal Home Loan Bank of Boston stock | 1,925 | 1,854 | ||
Loans, net | 783,292 | 742,138 | ||
Accrued interest receivable | 2,584 | 2,345 | ||
Financial liabilities: | ||||
Deposits | 751,470 | 750,057 | ||
Federal Home Loan Bank advances | 29,902 | 26,841 | ||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 25,988 | 47,689 | ||
Available-for-sale securities | 52,476 | 61,429 | ||
Federal Home Loan Bank of Boston stock | 1,925 | 1,854 | ||
Loans, net | 774,229 | 745,637 | ||
Accrued interest receivable | 2,584 | 2,345 | ||
Financial liabilities: | ||||
Deposits | 751,427 | 749,898 | ||
Federal Home Loan Bank advances | 29,499 | 26,655 | ||
Fair Value Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 25,988 | 47,689 | ||
Available-for-sale securities | 0 | 0 | ||
Federal Home Loan Bank of Boston stock | 1,925 | 1,854 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
Federal Home Loan Bank advances | 0 | 0 | ||
Fair Value Level 2 | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available-for-sale securities | 52,476 | 61,429 | ||
Federal Home Loan Bank of Boston stock | 0 | 0 | ||
Loans, net | 0 | 0 | ||
Accrued interest receivable | 2,584 | 2,345 | ||
Financial liabilities: | ||||
Deposits | 0 | 0 | ||
Federal Home Loan Bank advances | 29,499 | 26,655 | ||
Fair Value Level 3 | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ||
Federal Home Loan Bank of Boston stock | 0 | 0 | ||
Loans, net | 774,229 | 745,637 | ||
Accrued interest receivable | 0 | 0 | ||
Financial liabilities: | ||||
Deposits | 751,427 | 749,898 | ||
Federal Home Loan Bank advances | $ 0 | $ 0 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Banking and Thrift [Abstract] | ||
Total Capital (to Risk Weighted Assets), Actual Capital, Amount | $ 125,071 | $ 116,869 |
Total Capital (to Risk Weighted Assets), Actual Capital, Ratio | 15.00% | 15.00% |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 66,636 | $ 62,514 |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 83,294 | $ 78,142 |
Total Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets), Actual Capital, Amount | $ 114,651 | $ 107,112 |
Tier 1 Capital (to Risk Weighted Assets), Actual Capital, Ratio | 13.80% | 13.70% |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 49,977 | $ 46,885 |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 66,636 | $ 62,514 |
Tier 1 Capital (to Risk Weighted Assets),To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Capital, Amount | $ 114,651 | $ 107,112 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Capital, Ratio | 13.80% | 13.70% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 37,482 | $ 35,164 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 54,141 | $ 50,792 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets), Actual Capital, Amount | $ 114,651 | $ 107,112 |
Tier 1 Capital (to Average Assets), Actual Capital, Ratio | 12.40% | 11.80% |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes, Amount | $ 36,916 | $ 36,299 |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 46,146 | $ 45,374 |
Tier 1 Capital (to Average Assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
Regulatory Capital (Detail Text
Regulatory Capital (Detail Textuals) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Banking and Thrift [Abstract] | ||
Common equity Tier 1 ("CETI") capital ratio | 4.50% | 4.50% |
Minimum Tier 1 capital to risk-weighted assets ratio | 6.00% | 6.00% |
Minimum total capital to risk-weighted assets ratio | 8.00% | 8.00% |
Minimum Tier 1 leverage ratio | 4.00% | 4.00% |
CETI capital ratio | 6.50% | 6.50% |
Tier 1 ratio | 8.00% | 8.00% |
Total risk based capital ratio | 10.00% | 10.00% |
Tier 1 leverage ratio | 5.00% | 5.00% |
Capital conservation buffer above required capital ratios in beginning January 1, 2016 | 0.625% | |
Capital conservation buffer fully phased | 2.50% | |
Percentage of stock repurchase plan authorized | 6.60% | |
Number of shares repurchased | 28,823 | |
Average cost per share of stock repurchase | $ 20.59 | |
Percentage of common stock shares repurchased | 4.60% | |
Number of shares authorized to repurchased | 625,015 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plan (Details) - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Shares held by the ESOP include the following: | ||
Allocated | 83,334 | 47,620 |
Committed to be allocated | 5,952 | 23,810 |
Unallocated | 267,866 | 285,722 |
Total | 357,152 | 357,152 |
Employee Stock Ownership Plan_3
Employee Stock Ownership Plan (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Employee Stock Ownership Plan [Abstract] | |||||
Number of shares committed to be released per year through 2029 | 23,810 | 23,810 | |||
ESOP shares | 357,152 | 357,152 | 357,152 | ||
Share price | $ 10 | $ 10 | |||
ESOP payable term | 15 years | ||||
ESOP prime rate percentage | 4.50% | ||||
Fair value of unallocated shares | $ 7,800 | $ 7,800 | |||
Compensation expense | $ 166 | $ 127 | $ 463 | $ 368 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net Income attributable to common shareholders | $ 2,078 | $ 2,771 | $ 6,490 | $ 6,174 |
Average number of common shares issued | 9,660,543 | 9,652,448 | 9,658,405 | 9,652,448 |
Less: | ||||
average unallocated ESOP shares | (274,452) | (296,398) | (280,274) | (301,342) |
average unvested restricted stock | (110,230) | (133,258) | (115,659) | (140,869) |
average treasury stock acquired | (28,494) | (21,158) | (28,712) | (14,191) |
Average number of common shares outstanding to calculate basic earnings per common share | 9,247,367 | 9,201,634 | 9,233,760 | 9,196,046 |
Effect of dilutive unvested restricted stock and stock option awards | 108,043 | 11,422 | 75,952 | 0 |
Average number of common shares outstanding to calculate diluted earnings per common share | 9,355,410 | 9,213,056 | 9,309,712 | 9,196,046 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.22 | $ 0.30 | $ 0.70 | $ 0.67 |
Diluted (in dollars per share) | $ 0.22 | $ 0.30 | $ 0.70 | $ 0.67 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - Stock option $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Stock Option Awards | |
Outstanding at December 31, 2017 | shares | 396,443 |
Granted | shares | 12,170 |
Forfeited | shares | (9,740) |
Exercised | shares | (2,435) |
Outstanding at September 30, 2018 | shares | 396,438 |
Outstanding and expected to vest at September 30, 2018 | shares | 396,438 |
Vested and Exercisable at September 30, 2018 | shares | 74,419 |
Unrecognized compensation cost | $ | $ 1,343,000 |
Weighted average remaining recognition period (years) | 3 years 1 month 17 days |
Weighted Average Exercise Price | |
Outstanding at December 31, 2017 | $ / shares | $ 17.61 |
Granted | $ / shares | 27.20 |
Forfeited | $ / shares | 17.40 |
Exercised | $ / shares | 17.40 |
Outstanding at September 30, 2018 | $ / shares | 17.89 |
Outstanding and expected to vest at September 30, 2018 | $ / shares | 17.89 |
Vested and Exercisable at September 30, 2018 | $ / shares | $ 17.40 |
Weighted Average Remaining Contractual Term (years) | |
Outstanding at September 30, 2018 | 8 years 2 months 27 days |
Outstanding and expected to vest at September 30, 2018 | 8 years 2 months 27 days |
Vested and Exercisable at September 30, 2018 | 8 years 1 month 17 days |
Aggregate Intrinsic Value | |
Outstanding at September 30, 2018 | $ | $ 4,496,000 |
Outstanding and expected to vest at September 30, 2018 | $ | 4,496,000 |
Vested and Exercisable at September 30, 2018 | $ | $ 681,000 |
Share-Based Compensation (Det_2
Share-Based Compensation (Details 1) - Restricted stock $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Unvested Restricted Stock Awards | |
Unvested restricted stock awards at January 1, 2018 | shares | 127,852 |
Granted | shares | 4,862 |
Forfeited | shares | (3,896) |
Unvested restricted stock awards at September 30 , 2018 | shares | 128,818 |
Unrecognized compensation cost | $ | $ 1,851,000 |
Weighted average remaining recognition period (years) | 3 years 1 month 17 days |
Weighted Average Grant Date Price | |
Unvested restricted stock awards at January 1, 2018 | $ / shares | $ 17.59 |
Granted | $ / shares | 27.20 |
Forfeited | $ / shares | 17.40 |
Unvested restricted stock awards at September 30 , 2018 | $ / shares | $ 17.89 |
Share-Based Compensation (Det_3
Share-Based Compensation (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock option | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share based compensation expenses | $ 94,000 | $ 97,000 | $ 295,000 | $ 290,000 |
Restricted stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Share based compensation expenses | $ 121,000 | $ 134,000 | $ 400,000 | $ 401,000 |
2016 Equity Incentive Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Vesting period (years) | 5 years | |||
2016 Equity Incentive Plan | Stock option | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Shares reserved for future issuance | 446,440 | 446,440 | ||
Options expiration period | 10 years | |||
2016 Equity Incentive Plan | Restricted stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Shares reserved for future issuance | 178,575 | 178,575 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Textuals) | Apr. 03, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate principal outstanding balance foreclosure sale | $ 7,500,000 |
Aggregate principal outstanding balance retain by bank | 4,900,000 |
Aggregate principal outstanding balance retain by another institution | 2,600,000 |
Proceeds from sale of foreclosed assets | 8,300,000 |
Amount retain from proceeds of foreclosure sale | 2,000,000 |
Dispute proceeds deposit in suspense account | 1,400,000 |
Dispute proceeds deposit in suspense account by another institution | $ 543,000 |