Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 08, 2017 | |
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 | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,633,288 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 10,535 | $ 7,939 |
Interest-bearing demand deposits with other banks | 1,243 | 2,637 |
Money market mutual funds | 158 | 129 |
Cash and cash equivalents | 11,936 | 10,705 |
Investments in available-for-sale securities (at fair value) | 123,143 | 117,867 |
Federal Home Loan Bank stock, at cost | 3,008 | 2,787 |
Loans, net | 702,085 | 624,425 |
Bank owned life insurance | 19,694 | 19,395 |
Premises and equipment, net | 14,457 | 11,587 |
Accrued interest receivable | 2,532 | 2,320 |
Deferred tax asset, net | 4,240 | 4,913 |
Other assets | 2,047 | 1,544 |
Total assets | 883,142 | 795,543 |
Deposits: | ||
Noninterest-bearing | 170,136 | 158,075 |
Interest-bearing | 531,214 | 469,907 |
Total deposits | 701,350 | 627,982 |
Federal Home Loan Bank advances | 60,075 | 49,858 |
Other liabilities | 7,715 | 8,554 |
Total liabilities | 769,140 | 686,394 |
Shareholders' equity: | ||
Preferred stock; authorized 50,000 shares: no shares issued and outstanding | ||
Common stock, no par value: 30,000,000 shares authorized; 9,652,448 shares issued, 9,633,288 shares outstanding at June 30, 2017 and 9,652,448 issued and outstanding at December 31, 2016 | ||
Additional paid-in capital | 43,976 | 43,393 |
Retained earnings | 69,632 | 66,229 |
Accumulated other comprehensive income | 3,753 | 2,622 |
Unearned compensation - ESOP | (2,976) | (3,095) |
Treasury stock: 19,160 shares at June 30, 2017 | (383) | |
Total shareholders' equity | 114,002 | 109,149 |
Total liabilities and shareholders' equity | $ 883,142 | $ 795,543 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 9,652,448 | 9,652,448 |
Common stock, shares outstanding | 9,633,288 | 9,652,448 |
Treasury stock, shares | 19,160 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 7,911 | $ 6,159 | $ 15,144 | $ 12,250 |
Interest and dividends on securities | 902 | 861 | 1,775 | 1,742 |
Interest on interest-bearing deposits | 3 | 6 | 9 | 14 |
Total interest and dividend income | 8,816 | 7,026 | 16,928 | 14,006 |
Interest expense: | ||||
Interest on deposits | 678 | 529 | 1,248 | 1,084 |
Interest on Federal Home Loan Bank advances | 201 | 152 | 411 | 294 |
Total interest expense | 879 | 681 | 1,659 | 1,378 |
Net interest and dividend income | 7,937 | 6,345 | 15,269 | 12,628 |
Provision for loan losses | 892 | 210 | 1,455 | 321 |
Net interest and dividend income after provision for loan losses | 7,045 | 6,135 | 13,814 | 12,307 |
Noninterest income: | ||||
Customer service fees on deposit accounts | 346 | 292 | 684 | 597 |
Service charges and fees - other | 481 | 448 | 983 | 866 |
Gain on sale of securities, net | 58 | 17 | 540 | 37 |
Other income | 185 | 210 | 364 | 402 |
Total noninterest income | 1,070 | 967 | 2,571 | 1,902 |
Noninterest expense: | ||||
Salaries and employee benefits | 3,727 | 3,159 | 7,403 | 6,281 |
Occupancy expense | 450 | 417 | 921 | 782 |
Equipment expense | 157 | 164 | 307 | 309 |
FDIC assessment | 73 | 96 | 141 | 190 |
Data processing | 176 | 165 | 366 | 328 |
Marketing expense | 100 | 51 | 150 | 108 |
Professional fees | 215 | 313 | 429 | 578 |
Other | 977 | 715 | 1,779 | 1,428 |
Total noninterest expense | 5,875 | 5,080 | 11,496 | 10,004 |
Income before income tax expense | 2,240 | 2,022 | 4,889 | 4,205 |
Income tax expense | 639 | 659 | 1,486 | 1,355 |
Net income | $ 1,601 | $ 1,363 | $ 3,403 | $ 2,850 |
Income per share: | ||||
Basic (in dollars per share) | $ 0.17 | $ 0.15 | $ 0.37 | $ 0.31 |
Diluted (in dollars per share) | $ 0.17 | $ 0.15 | $ 0.37 | $ 0.31 |
Weighted Average Shares: | ||||
Basic (in shares) | 9,193,836 | 9,173,317 | 9,193,206 | 9,170,340 |
Diluted (in shares) | 9,198,286 | 9,173,317 | 9,193,206 | 9,170,340 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,601 | $ 1,363 | $ 3,403 | $ 2,850 |
Other comprehensive income: | ||||
Change in net unrealized holding gains | 1,605 | 1,028 | 2,344 | 1,871 |
Reclassification adjustment for realized gains in net income | (58) | (17) | (540) | (37) |
Net change in unrealized gain | 1,547 | 1,011 | 1,804 | 1,834 |
Income tax effect | (577) | (348) | (673) | (666) |
Net of tax amount | 970 | 663 | 1,131 | 1,168 |
Change in net unrealized holding gains on securities transferred from held-to-maturity to available-for-sale | 2,239 | 2,239 | ||
Income tax effect | (894) | (894) | ||
Net of tax amount | 1,345 | 1,345 | ||
Other comprehensive income | 970 | 2,008 | 1,131 | 2,513 |
Total comprehensive income | $ 2,571 | $ 3,371 | $ 4,534 | $ 5,363 |
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 Income | Unearned Compensation ESOP | Treasury Stock | Total |
Balance at Dec. 31, 2015 | $ 43,159 | $ 59,890 | $ 1,690 | $ (3,333) | $ 101,406 | ||
Balance (in shares) at Dec. 31, 2015 | 9,498,722 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,850 | 2,850 | |||||
Net change in other comprehensive income | 2,513 | 2,513 | |||||
ESOP shares earned | 43 | 119 | 162 | ||||
Balance at Jun. 30, 2016 | 43,202 | 62,740 | 4,203 | (3,214) | 106,931 | ||
Balance (in shares) at Jun. 30, 2016 | 9,498,722 | ||||||
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 | 3,403 | 3,403 | |||||
Net change in other comprehensive income | 1,131 | 1,131 | |||||
Stock-based compensation expense | 460 | 460 | |||||
Treasury stock acquired | (383) | (383) | |||||
Treasury stock acquired (in shares) | (19,160) | ||||||
ESOP shares earned | 123 | 119 | 242 | ||||
Balance at Jun. 30, 2017 | $ 43,976 | $ 69,632 | $ 3,753 | $ (2,976) | $ (383) | $ 114,002 | |
Balance (in shares) at Jun. 30, 2017 | 9,633,288 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 3,403 | $ 2,850 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities premiums, net of accretion | 398 | 413 |
ESOP expense | 242 | 162 |
Gain on sale of securities, net | (540) | (37) |
Change in deferred loan fees, net | 66 | (27) |
Provision for loan losses | 1,455 | 321 |
Depreciation and amortization | 420 | 419 |
(Increase) decrease in accrued interest receivable | (212) | 68 |
Increase in taxes receivable | (448) | (127) |
Share-based compensation expense | 460 | |
Increase in cash surrender value of life insurance | (299) | (312) |
Increase in other assets | (55) | |
Decrease in other liabilities | (839) | (115) |
Net cash provided by operating activities | 4,051 | 3,615 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (12,490) | (369) |
Proceeds from sales of available-for-sale securities | 1,621 | 400 |
Proceeds from pay downs, maturities and calls of available-for-sale securities | 7,539 | 5,968 |
Proceeds from pay downs, maturities and calls of held-to-maturity securities | 220 | |
(Purchase) redemption of Federal Home Loan Bank stock | (221) | 943 |
Loan originations and purchases, net of paydowns | (79,181) | (25,265) |
Recoveries of loans previously charged off | 23 | |
Additions to premises and equipment | (3,290) | (689) |
Net cash used in investing activities | (86,022) | (18,769) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 37,481 | 48,635 |
Net increase (decrease) in time deposits | 35,887 | (18,541) |
Proceeds from advances from Federal Home Loan Bank | 7,000 | 11,500 |
Net change in Federal Home Loan Bank short-term advances | 3,217 | (29,976) |
Purchase of treasury stock | (383) | |
Net cash provided by financing activities | 83,202 | 11,618 |
Net increase (decrease) in cash and cash equivalents | 1,231 | (3,536) |
Cash and cash equivalents at beginning of period | 10,705 | 20,464 |
Cash and cash equivalents at end of period | 11,936 | 16,928 |
Supplemental disclosures: | ||
Interest paid | 1,621 | 1,375 |
Income taxes paid | $ 1,934 | 1,482 |
Held-to-maturity securities transferred to available-for-sale | $ 44,240 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
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 of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and six-month periods ended June 30, 2017 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 16, 2017. 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 | 6 Months Ended |
Jun. 30, 2017 | |
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. Expenses incurred related to the offering were $1.5 million, and were recorded against offering proceeds. 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 | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements In May 2014, the FASB issued ASU (Accounting Standards Update) No. 2014-09 – Revenue from Contracts with Customers (Topic 606). 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 March 2016, the FASB issued ASU 2016-09, Compensation Stock – Compensation (Topic 718): “Improvements to Employee Share Based Payment Accounting.” 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 November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): “Restricted Cash.” 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.” interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect the application of this guidance will have a material impact on the Company’s financial statements. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016: Amortized Gross Gross Cost Unrealized Unrealized Fair (In thousands) Basis Gains Losses Value June 30, 2017 State and municipal $ 57,101 $ 2,084 $ 8 $ 59,177 Corporate debt 1,000 8 - 1,008 Asset-backed securities 8,275 47 17 8,305 Government mortgage-backed securities 36,827 461 168 37,120 Trust preferred securities 1,356 - 136 1,220 Marketable equity securities 12,734 4,019 282 16,471 117,293 6,619 611 123,301 Money market mutual funds included in cash and cash equivalents (158 ) - - (158 ) Total available-for-sale securities $ 117,135 $ 6,619 $ 611 $ 123,143 December 31, 2016 State and municipal $ 49,367 $ 1,281 $ 68 $ 50,580 Corporate debt 1,000 31 - 1,031 Asset-backed securities 8,747 - 69 8,678 Government mortgage-backed securities 41,818 435 339 41,914 Trust preferred securities 1,368 - 400 968 Marketable equity securities 11,492 3,551 218 14,825 113,792 5,298 1,094 117,996 Money market mutual funds included in cash and cash equivalents (129 ) - - (129 ) Total available-for-sale securities $ 113,663 $ 5,298 $ 1,094 $ 117,867 The scheduled maturities of debt securities were as follows at June 30, 2017: Available-for-Sale Amortized Fair (In thousands) Cost Value Due within one year $ 1,106 $ 1,117 Due after one year through five years 2,628 2,684 Due after five years through ten years 8,974 9,316 Due after ten years 46,749 48,288 Government mortgage-backed securities 36,827 37,120 Asset-backed securities 8,275 8,305 $ 104,559 $ 106,830 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 more are as follows at June 30, 2017 and December 31, 2016: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses June 30, 2017 Temporarily impaired securities: State and municipal $ 628 $ 6 $ 161 $ 2 $ 789 $ 8 Asset-backed securities 1,215 11 562 6 1,777 17 Government mortgage-backed securities 13,081 90 3,097 78 16,178 168 Trust preferred securities 15 29 1,205 107 1,220 136 Marketable equity securities 1,564 170 592 112 2,156 282 Total temporarily impaired securities $ 16,503 $ 306 $ 5,617 $ 305 $ 22,120 $ 611 December 31, 2016 Temporarily impaired securities: State and municipal $ 6,413 $ 63 $ 160 $ 5 $ 6,573 $ 68 Asset-backed securities 8,104 60 574 9 8,678 69 Government mortgage-backed securities 20,868 247 2,770 92 23,638 339 Trust preferred securities 26 18 942 382 968 400 Marketable equity securities 1,942 104 768 114 2,710 218 Total temporarily impaired securities $ 37,353 $ 492 $ 5,214 $ 602 $ 42,567 $ 1,094 Government mortgage-backed securities, state and municipal securities and asset-backed securities : Management believes that no individual unrealized loss at June 30, 2017 represents an other-than-temporarily impairment (OTTI) because the decline in fair value of these securities is primarily attributable to changes in 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. Marketable equity securities : Management continuously monitors equity securities for impairment by reviewing the financial condition of the issuer, company-specific events, industry developments, and general economic conditions. Management reviews corporate financial reports, credit agency reports and other publicly available information. Based on these reviews, none of these securities are considered to be other-than-temporarily impaired. Trust preferred securities : Management monitors its pooled-trust preferred securities for possible other-than-temporary impairment on a quarterly basis. This review includes an analysis of collateral reports, cash flows, stress default levels and financial ratios of the underlying issuers. Management utilizes a third party to compile this data and perform other-than-temporary impairment cash flow testing. Critical assumptions that go into the other-than-temporary impairment cash flow testing are prepayment speeds, default rates of the underlying issuers and discount margins. The result of the third-party other-than-temporary impairment cash flow testing indicated no other-than-temporary impairment as of June 30, 2017. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans | (5) Loans A summary of loans is as follows: At At June 30, December 31, (Dollars in thousands) 2017 2016 Amount Percent Amount Percent Commercial real estate $ 348,148 48.86 % $ 336,102 53.07 % Commercial 216,225 30.35 % 166,157 26.23 % Residential real estate 73,046 10.25 % 76,850 12.13 % Construction and land development 63,183 8.87 % 48,161 7.60 % Consumer 11,928 1.67 % 6,172 0.97 % 712,530 100.00 % 633,442 100.00 % Allowance for loan losses (9,952 ) (8,590 ) Deferred loan fees, net (493 ) (427 ) Net loans $ 702,085 $ 624,425 The following tables set forth information regarding the activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2017 and 2016: For the three months ended June 30, (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total Allowance for loan losses: Balance at March 31, 2017 $ 4,513 $ 2,780 $ 320 $ 1,041 $ 375 $ 110 $ 9,139 Charge-offs - (61 ) - - (18 ) - (79 ) Recoveries - - - - - - - Provision (benefit) 127 562 (2 ) 100 115 (10 ) 892 Balance at June 30, 2017 $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Balance at March 31, 2016 $ 4,030 $ 2,084 $ 384 $ 1,184 $ 111 $ 227 $ 8,020 Charge-offs - - - - (8 ) - (8 ) Recoveries - - - - 9 - 9 Provision (benefit) (29 ) 213 (20 ) 102 (10 ) (46 ) 210 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 For the six months ended June 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, 2016 $ 4,503 $ 2,513 $ 328 $ 882 $ 279 $ 85 $ 8,590 Charge-offs (6 ) (61 ) - - (26 ) - (93 ) Recoveries - - - - - - - Provision (benefit) 143 829 (10 ) 259 219 15 1,455 Balance at June 30, 2017 $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Balance at December 31, 2015 $ 3,827 $ 2,138 $ 412 $ 1,236 $ 119 $ 173 $ 7,905 Charge-offs - - - - (18 ) - (18 ) Recoveries - 1 12 - 10 - 23 Provision (benefit) 174 158 (60 ) 50 (9 ) 8 321 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 The following table sets forth information regarding the allowance for loan losses and related loan balances by segment at June 30, 2017 and December 31, 2016: (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total June 30, 2017 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 27 $ - $ - $ - $ - $ 27 Ending balance: Collectively evaluated for impairment 4,640 3,254 318 1,141 472 100 9,925 Total allowance for loan losses ending balance $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Loans: Ending balance: Individually evaluated for impairment $ 4,248 $ 1,801 $ 412 $ - $ - $ - $ 6,461 Ending balance: Collectively evaluated for impairment 343,900 214,424 72,634 63,183 11,928 - 706,069 Total loans ending balance $ 348,148 $ 216,225 $ 73,046 $ 63,183 $ 11,928 $ - $ 712,530 December 31, 2016 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 46 $ - $ - $ - $ - $ 46 Ending balance: Collectively evaluated for impairment 4,503 2,467 328 882 279 85 8,544 Total allowance for loan losses ending balance $ 4,503 $ 2,513 $ 328 $ 882 $ 279 $ 85 $ 8,590 Loans: Ending balance: Individually evaluated for impairment $ 1,956 $ 1,660 $ 422 $ - $ - $ - $ 4,038 Ending balance: Collectively evaluated for impairment 334,146 164,497 76,428 48,161 6,172 - 629,404 Total loans ending balance $ 336,102 $ 166,157 $ 76,850 $ 48,161 $ 6,172 $ - $ 633,442 The following tables set forth information regarding non-accrual loans and loan delinquencies by portfolio segment at June 30, 2017 and December 31, 2016: (In thousands) 30 - 59 Days 60 - 89 Days 90 Days or More Past Due Total Past Due Total Current Total Loans 90 Days or More Past Due and Accruing Non-accrual Loans June 30, 2017 Commercial real estate $ - $ - $ - $ - $ 348,148 $ 348,148 $ - $ 2,667 Commercial 69 - - 69 216,156 216,225 - 903 Residential real estate - 333 155 488 72,558 73,046 - 663 Construction and land development - - - - 63,183 63,183 - - Consumer 4 1 1 6 11,922 11,928 - 1 Total $ 73 $ 334 $ 156 $ 563 $ 711,967 $ 712,530 $ - $ 4,234 December 31, 2016 Commercial real estate $ - $ - $ 346 $ 346 $ 335,756 $ 336,102 $ - $ 346 Commercial 29 - - 29 166,128 166,157 - 933 Residential real estate - - - - 76,850 76,850 303 Construction and land development - - - - 48,161 48,161 - - Consumer - - - - 6,172 6,172 - - Total $ 29 $ - $ 346 $ 375 $ 633,067 $ 633,442 $ - $ 1,582 Information about the Company’s impaired loans by portfolio segment was as follows at and for the period ended June 30, 2017 and at and for the year ended December 31, 2016: (In thousands) Recorded Unpaid Related Average Interest June 30, 2017 With no related allowance recorded: Commercial real estate $ 4,248 $ 4,248 $ - $ 2,484 $ 33 Commercial 966 966 - 922 29 Residential real estate 412 412 - 417 10 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 5,626 5,626 - 3,823 72 With an allowance recorded: Commercial real estate - - - - - Commercial 835 835 27 847 - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 835 835 27 847 - Total Commercial real estate 4,248 4,248 - 2,484 33 Commercial 1,801 1,801 27 1,769 29 Residential real estate 412 412 - 417 10 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 6,461 $ 6,461 $ 27 $ 4,670 $ 72 December 31, 2016 With no related allowance recorded: Commercial real estate $ 1,956 $ 1,956 $ - $ 2,744 $ 188 Commercial 799 799 - 794 42 Residential real estate 422 422 - 429 20 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 3,177 3,177 - 3,967 250 With an allowance recorded: Commercial real estate - - - - - Commercial 861 861 46 886 - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 861 861 46 886 - Total Commercial real estate 1,956 1,956 - 2,744 188 Commercial 1,660 1,660 46 1,680 42 Residential real estate 422 422 - 429 20 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 4,038 $ 4,038 $ 46 $ 4,853 $ 250 The following summarizes troubled debt restructurings entered into during the six months ended June 30, 2017: (Dollars in thousands) Number Pre- Post- June 30, 2017 Troubled debt restructurings: Commercial 1 $ 249 $ 249 1 $ 249 $ 249 In 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 June 30, 2017 and December 31, 2016: (In thousands) Commercial Commercial Residential Construction Consumer Total June 30, 2017 Grade: Pass $ 333,362 $ 206,018 $ - $ 63,183 $ - $ 602,563 Special mention 3,338 2,404 - - - 5,742 Substandard 11,448 7,803 698 - - 19,949 Not formally rated - - 72,348 - 11,928 84,276 Total $ 348,148 $ 216,225 $ 73,046 $ 63,183 $ 11,928 $ 712,530 December 31, 2016 Grade: Pass $ 319,712 $ 157,306 $ - $ 48,161 $ - $ 525,179 Special mention 4,471 1,668 - - - 6,139 Substandard 11,919 7,183 729 - - 19,831 Not formally rated - - 76,121 - 6,172 82,293 Total $ 336,102 $ 166,157 $ 76,850 $ 48,161 $ 6,172 $ 633,442 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. All other residential and consumer loans are not formally rated. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | (6) 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 loans and other qualified assets. Maturities of advances from the FHLB as of June 30, 2017 are summarized as follows: (In thousands) 2017 $ 33,275 2018 12,000 2019 4,919 2020 6,381 Thereafter 3,500 Total $ 60,075 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (7) 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). A financial instrument’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 Financial Instruments Measured on a Recurring Basis The Company’s investments in U.S. Government and federal agency, state and municipal, corporate debt, asset-backed and government mortgage-backed securities available-for-sale 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 Company classifies its investments in trust preferred securities as Level 3 securities. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalization and other transactions across the capital structure, offerings in the equity or debt markets, and changes in financial ratios or cash flows. The Company classified its investments in marketable equity securities as Level 1 securities. Such securities are classified as Level 1 securities because fair values are obtained through quoted market prices for identical securities in active exchange markets. The following summarizes financial instruments measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016: 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 June 30, 2017 State and municipal $ 59,177 $ - $ 59,177 $ - Corporate debt 1,008 - 1,008 - Asset-backed securities 8,305 - 8,305 - Mortgage-backed securities 37,120 - 37,120 - Trust preferred securities 1,220 - - 1,220 Marketable equity securities 16,313 16,313 - - Totals $ 123,143 $ 16,313 $ 105,610 $ 1,220 December 31, 2016 State and municipal $ 50,580 $ - $ 50,580 $ - Corporate debt 1,031 - 1,031 - Asset-backed securities 8,678 - 8,678 - Mortgage-backed securities 41,914 - 41,914 - Trust preferred securities 968 - - 968 Marketable equity securities 14,696 14,696 - - Totals $ 117,867 $ 14,696 $ 102,203 $ 968 The following is a summary of activity for Level 3 financial instruments measured at fair value on a recurring basis for the six-month periods ended June 30, 2017 and 2016. (In thousands) Available-for- Balance beginning January 1, 2017 $ 968 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 264 Paydowns (12 ) Ending balance, June 30, 2017 $ 1,220 Balance beginning January 1, 2016 $ 1,116 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income (183 ) Paydowns - Ending balance, June 30, 2016 $ 933 The Company’s impaired loans are reported at the fair value of the underlying collateral 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, therefore classifies such loans as Level 3 because the discounts are a significant input that is not observable. The following summarizes financial instruments measured at fair value on a nonrecurring basis at June 30, 2017 and December 31, 2016: 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 June 30, 2017 Impaired loan $ 808 $ - $ - $ 808 December 31, 2016 Impaired loan $ 815 $ - $ - $ 815 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 June 30, 2017 and December 31, 2016: (In thousands) Fair Value Valuation Technique Unobservable Input June 30, 2017 Impaired loan $ 808 Business valuation Comparable company valuations December 31, 2016 Impaired loan $ 815 Business valuation Comparable company valuations |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Of Financial Instrument [Abstract] | |
Fair Value of Financial Instruments | (8) 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 June 30, 2017 and December 31, 2016: Carrying Fair Value (In thousands) Amount Level 1 Level 2 Level 3 Total June 30, 2017 Financial assets: Cash and cash equivalents $ 11,936 $ 11,936 $ - $ - $ 11,936 Available-for-sale securities 123,143 16,313 105,610 1,220 123,143 Federal Home Loan Bank of Boston stock 3,008 3,008 - - 3,008 Loans, net 702,085 - - 711,119 711,119 Accrued interest receivable 2,532 - 2,532 - 2,532 Financial liabilities: Deposits 701,350 - - 701,224 701,224 Federal Home Loan Bank advances 60,075 - 60,033 - 60,033 December 31, 2016 Financial assets: Cash and cash equivalents $ 10,705 $ 10,705 $ - $ - $ 10,705 Available-for-sale securities 117,867 14,696 102,203 968 117,867 Federal Home Loan Bank of Boston stock 2,787 2,787 - - 2,787 Loans, net 624,425 - - 632,278 632,278 Accrued interest receivable 2,320 - 2,320 - 2,320 Financial liabilities: Deposits 627,982 - - 628,060 628,060 Federal Home Loan Bank advances 49,858 - 49,901 - 49,901 |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | (9) 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. Beginning January 1, 2016, 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 June 30, 2017 and December 31, 2016, 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 June 30, 2017 Total Capital (to Risk Weighted Assets) $ 113,105 14.8 % $ 61,258 > 8.0 % $ 76,572 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 101,847 13.3 45,943 > 6.0 61,258 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 101,847 13.3 34,457 > 4.5 49,772 > 6.5 Tier 1 Capital (to Average Assets) 101,847 12.0 33,819 > 4.0 42,273 > 5.0 December 31, 2016 Total Capital (to Risk Weighted Assets) $ 107,731 15.9 % $ 54,272 > 8.0 % $ 67,840 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 97,750 14.4 40,704 > 6.0 54,272 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 97,750 14.4 30,528 > 4.5 44,096 > 6.5 Tier 1 Capital (to Average Assets) 97,750 12.6 31,058 > 4.0 38,822 > 5.0 The Company may use capital management tools such as cash dividends and common share repurchases. Massachusetts regulations restrict repurchases for the first three years following the stock offering except where compelling and valid business reasons are established to the satisfaction of the Massachusetts Commissioner of Banks, and except to fund stock benefit plans. The Company is also subject to the Federal Reserve Board’s notice provisions for stock repurchases. In January 2017, the Company received a non-objection from the Federal Reserve Bank to adopt a stock repurchase program for up to 6.6% of its common stock. As of June 30, 2017, the Company had repurchased 19,160 shares of its stock at an average price of $19.94 per share, or 3.1% of the 625,015 shares authorized for repurchase under the Company’s repurchase program. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 6 Months Ended |
Jun. 30, 2017 | |
Employee Stock Ownership Plan [Abstract] | |
Employee Stock Ownership Plan | (10) 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 contributed funds to a subsidiary to loan 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 (3.75% at December 31, 2016). Loan payments are principally funded by cash contributions from the Bank. June 30, 2017 December 31, 2016 Allocated 47,620 23,810 Committed to be allocated 11,905 23,810 Unallocated 297,627 309,532 Total 357,152 357,152 The fair value of unallocated shares was approximately $6.7 million at June 30, 2017. Total compensation expense recognized in connection with the ESOP for the three months ended June 30, 2017 and June 30, 2016 was $128,000 and $84,000, respectively. Total compensation expense recognized for the six months ended June 30, 2017 and June 30, 2016 was $242,000 and $162,000, respectively. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | (11) 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. Unallocated ESOP shares, treasury stock and unvested restricted stock is not deemed outstanding for earnings per share calculation. Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Net Income attributable to common shareholders $ 1,601 $ 1,363 $ 3,403 $ 2,850 Average number of common shares outstanding 9,652,448 9,498,722 9,652,448 9,498,722 Less: average unallocated ESOP shares (301,483 ) (325,405 ) (303,855 ) (328,382 ) average unvested restricted stock (140,916 ) - (144,738 ) - average treasury stock acquired (16,213 ) - (10,649 ) - Average number of common shares outstanding to calculate basic earnings per common share 9,193,836 9,173,317 9,193,206 9,170,340 Effect of dilutive unvested restricted stock and stock option awards 4,450 - - - Average number of common shares outstanding to calculate diluted earnings per common share 9,198,286 9,173,317 9,193,206 9,170,340 Earnings per common share: Basic $ 0.17 $ 0.15 $ 0.37 $ 0.31 Diluted $ 0.17 $ 0.15 $ 0.37 $ 0.31 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | (12) 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 other 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 six months ended June 30, 2017, is presented in the table below: Stock Option Weighted Weighted Average Aggregate Balance at December 31, 2016 384,268 $ 17.40 Granted - - Balance at June 30, 2017 384,268 $ 17.40 9.39 $ 1,364,151 Outstanding and expected to vest at June 30, 2017 384,268 $ 17.40 9.39 $ 1,364,151 Exercisable at June 30, 2017 - - - - Unrecognized compensation cost $ 1,691,000 Weighted average remaining recognition period (years) 4.39 For the three and six months ended June 30, 2017, total expense for the stock options was $96,000 and $193,000, respectively. There was no stock-based compensation expense for the three and six months ended June 30, 2016. Restricted Stock Shares issued upon vesting of restricted stock may be either authorized but unissued shares or reacquired shares held by the Company. Any shares not issued 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 six months June 30, 2017: Outstanding Restricted Weighted Average Restricted stock awards at December 31, 2016 153,726 $ 17.40 Granted - - Restricted stock awards at June 30, 2017 153,726 $ 17.40 Unrecognized compensation cost $ 2,342,000 Weighted average remaining recognition period (years) 4.39 For the three and six months ended June 30, 2017, total expense for the restricted stock awards was $133,000 and $267,000, respectively. There was no stock-based compensation expense for the three and six months ended June 30, 2016. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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 of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three- and six-month periods ended June 30, 2017 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 16, 2017. 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 FASB issued ASU (Accounting Standards Update) No. 2014-09 – Revenue from Contracts with Customers (Topic 606). 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 March 2016, the FASB issued ASU 2016-09, Compensation Stock – Compensation (Topic 718): “Improvements to Employee Share Based Payment Accounting.” 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 November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): “Restricted Cash.” 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.” interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The Company does not expect the application of this guidance will have a material impact on the Company’s financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 State and municipal $ 57,101 $ 2,084 $ 8 $ 59,177 Corporate debt 1,000 8 - 1,008 Asset-backed securities 8,275 47 17 8,305 Government mortgage-backed securities 36,827 461 168 37,120 Trust preferred securities 1,356 - 136 1,220 Marketable equity securities 12,734 4,019 282 16,471 117,293 6,619 611 123,301 Money market mutual funds included in cash and cash equivalents (158 ) - - (158 ) Total available-for-sale securities $ 117,135 $ 6,619 $ 611 $ 123,143 December 31, 2016 State and municipal $ 49,367 $ 1,281 $ 68 $ 50,580 Corporate debt 1,000 31 - 1,031 Asset-backed securities 8,747 - 69 8,678 Government mortgage-backed securities 41,818 435 339 41,914 Trust preferred securities 1,368 - 400 968 Marketable equity securities 11,492 3,551 218 14,825 113,792 5,298 1,094 117,996 Money market mutual funds included in cash and cash equivalents (129 ) - - (129 ) Total available-for-sale securities $ 113,663 $ 5,298 $ 1,094 $ 117,867 |
Schedule of maturities of debt securities | Available-for-Sale Amortized Fair (In thousands) Cost Value Due within one year $ 1,106 $ 1,117 Due after one year through five years 2,628 2,684 Due after five years through ten years 8,974 9,316 Due after ten years 46,749 48,288 Government mortgage-backed securities 36,827 37,120 Asset-backed securities 8,275 8,305 $ 104,559 $ 106,830 |
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 June 30, 2017 Temporarily impaired securities: State and municipal $ 628 $ 6 $ 161 $ 2 $ 789 $ 8 Asset-backed securities 1,215 11 562 6 1,777 17 Government mortgage-backed securities 13,081 90 3,097 78 16,178 168 Trust preferred securities 15 29 1,205 107 1,220 136 Marketable equity securities 1,564 170 592 112 2,156 282 Total temporarily impaired securities $ 16,503 $ 306 $ 5,617 $ 305 $ 22,120 $ 611 December 31, 2016 Temporarily impaired securities: State and municipal $ 6,413 $ 63 $ 160 $ 5 $ 6,573 $ 68 Asset-backed securities 8,104 60 574 9 8,678 69 Government mortgage-backed securities 20,868 247 2,770 92 23,638 339 Trust preferred securities 26 18 942 382 968 400 Marketable equity securities 1,942 104 768 114 2,710 218 Total temporarily impaired securities $ 37,353 $ 492 $ 5,214 $ 602 $ 42,567 $ 1,094 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of summary of loans | At At June 30, December 31, (Dollars in thousands) 2017 2016 Amount Percent Amount Percent Commercial real estate $ 348,148 48.86 % $ 336,102 53.07 % Commercial 216,225 30.35 % 166,157 26.23 % Residential real estate 73,046 10.25 % 76,850 12.13 % Construction and land development 63,183 8.87 % 48,161 7.60 % Consumer 11,928 1.67 % 6,172 0.97 % 712,530 100.00 % 633,442 100.00 % Allowance for loan losses (9,952 ) (8,590 ) Deferred loan fees, net (493 ) (427 ) Net loans $ 702,085 $ 624,425 |
Schedule of allowance for loan losses by portfolio segment | For the three months ended June 30, (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total Allowance for loan losses: Balance at March 31, 2017 $ 4,513 $ 2,780 $ 320 $ 1,041 $ 375 $ 110 $ 9,139 Charge-offs - (61 ) - - (18 ) - (79 ) Recoveries - - - - - - - Provision (benefit) 127 562 (2 ) 100 115 (10 ) 892 Balance at June 30, 2017 $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Balance at March 31, 2016 $ 4,030 $ 2,084 $ 384 $ 1,184 $ 111 $ 227 $ 8,020 Charge-offs - - - - (8 ) - (8 ) Recoveries - - - - 9 - 9 Provision (benefit) (29 ) 213 (20 ) 102 (10 ) (46 ) 210 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 For the six months ended June 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, 2016 $ 4,503 $ 2,513 $ 328 $ 882 $ 279 $ 85 $ 8,590 Charge-offs (6 ) (61 ) - - (26 ) - (93 ) Recoveries - - - - - - - Provision (benefit) 143 829 (10 ) 259 219 15 1,455 Balance at June 30, 2017 $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Balance at December 31, 2015 $ 3,827 $ 2,138 $ 412 $ 1,236 $ 119 $ 173 $ 7,905 Charge-offs - - - - (18 ) - (18 ) Recoveries - 1 12 - 10 - 23 Provision (benefit) 174 158 (60 ) 50 (9 ) 8 321 Balance at June 30, 2016 $ 4,001 $ 2,297 $ 364 $ 1,286 $ 102 $ 181 $ 8,231 |
Schedule of loan balances by segment | (In thousands) Commercial Real Estate Commercial Residential Real Estate Construction and Land Development Consumer Unallocated Total June 30, 2017 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 27 $ - $ - $ - $ - $ 27 Ending balance: Collectively evaluated for impairment 4,640 3,254 318 1,141 472 100 9,925 Total allowance for loan losses ending balance $ 4,640 $ 3,281 $ 318 $ 1,141 $ 472 $ 100 $ 9,952 Loans: Ending balance: Individually evaluated for impairment $ 4,248 $ 1,801 $ 412 $ - $ - $ - $ 6,461 Ending balance: Collectively evaluated for impairment 343,900 214,424 72,634 63,183 11,928 - 706,069 Total loans ending balance $ 348,148 $ 216,225 $ 73,046 $ 63,183 $ 11,928 $ - $ 712,530 December 31, 2016 Allowance for loan losses: Ending balance: Individually evaluated for impairment $ - $ 46 $ - $ - $ - $ - $ 46 Ending balance: Collectively evaluated for impairment 4,503 2,467 328 882 279 85 8,544 Total allowance for loan losses ending balance $ 4,503 $ 2,513 $ 328 $ 882 $ 279 $ 85 $ 8,590 Loans: Ending balance: Individually evaluated for impairment $ 1,956 $ 1,660 $ 422 $ - $ - $ - $ 4,038 Ending balance: Collectively evaluated for impairment 334,146 164,497 76,428 48,161 6,172 - 629,404 Total loans ending balance $ 336,102 $ 166,157 $ 76,850 $ 48,161 $ 6,172 $ - $ 633,442 |
Schedule of non accrual loans and past-due loans by portfolio segment | (In thousands) 30 - 59 Days 60 - 89 Days 90 Days or More Past Due Total Past Due Total Current Total Loans 90 Days or More Past Due and Accruing Non-accrual Loans June 30, 2017 Commercial real estate $ - $ - $ - $ - $ 348,148 $ 348,148 $ - $ 2,667 Commercial 69 - - 69 216,156 216,225 - 903 Residential real estate - 333 155 488 72,558 73,046 - 663 Construction and land development - - - - 63,183 63,183 - - Consumer 4 1 1 6 11,922 11,928 - 1 Total $ 73 $ 334 $ 156 $ 563 $ 711,967 $ 712,530 $ - $ 4,234 December 31, 2016 Commercial real estate $ - $ - $ 346 $ 346 $ 335,756 $ 336,102 $ - $ 346 Commercial 29 - - 29 166,128 166,157 - 933 Residential real estate - - - - 76,850 76,850 303 Construction and land development - - - - 48,161 48,161 - - Consumer - - - - 6,172 6,172 - - Total $ 29 $ - $ 346 $ 375 $ 633,067 $ 633,442 $ - $ 1,582 |
Schedule of impaired loans by portfolio segment | (In thousands) Recorded Unpaid Related Average Interest June 30, 2017 With no related allowance recorded: Commercial real estate $ 4,248 $ 4,248 $ - $ 2,484 $ 33 Commercial 966 966 - 922 29 Residential real estate 412 412 - 417 10 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 5,626 5,626 - 3,823 72 With an allowance recorded: Commercial real estate - - - - - Commercial 835 835 27 847 - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 835 835 27 847 - Total Commercial real estate 4,248 4,248 - 2,484 33 Commercial 1,801 1,801 27 1,769 29 Residential real estate 412 412 - 417 10 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 6,461 $ 6,461 $ 27 $ 4,670 $ 72 December 31, 2016 With no related allowance recorded: Commercial real estate $ 1,956 $ 1,956 $ - $ 2,744 $ 188 Commercial 799 799 - 794 42 Residential real estate 422 422 - 429 20 Construction and land development - - - - - Consumer - - - - - Total impaired with no related allowance 3,177 3,177 - 3,967 250 With an allowance recorded: Commercial real estate - - - - - Commercial 861 861 46 886 - Residential real estate - - - - - Construction and land development - - - - - Consumer - - - - - Total impaired with an allowance recorded 861 861 46 886 - Total Commercial real estate 1,956 1,956 - 2,744 188 Commercial 1,660 1,660 46 1,680 42 Residential real estate 422 422 - 429 20 Construction and land development - - - - - Consumer - - - - - Total impaired loans $ 4,038 $ 4,038 $ 46 $ 4,853 $ 250 |
Schedule of troubled debt restructurings | (Dollars in thousands) Number Pre- Post- June 30, 2017 Troubled debt restructurings: Commercial 1 $ 249 $ 249 1 $ 249 $ 249 |
Schedule of loans by risk rating and portfolio segment | (In thousands) Commercial Commercial Residential Construction Consumer Total June 30, 2017 Grade: Pass $ 333,362 $ 206,018 $ - $ 63,183 $ - $ 602,563 Special mention 3,338 2,404 - - - 5,742 Substandard 11,448 7,803 698 - - 19,949 Not formally rated - - 72,348 - 11,928 84,276 Total $ 348,148 $ 216,225 $ 73,046 $ 63,183 $ 11,928 $ 712,530 December 31, 2016 Grade: Pass $ 319,712 $ 157,306 $ - $ 48,161 $ - $ 525,179 Special mention 4,471 1,668 - - - 6,139 Substandard 11,919 7,183 729 - - 19,831 Not formally rated - - 76,121 - 6,172 82,293 Total $ 336,102 $ 166,157 $ 76,850 $ 48,161 $ 6,172 $ 633,442 |
Federal Home Loan Bank Advanc23
Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of maturities of advances from the FHLB | (In thousands) 2017 $ 33,275 2018 12,000 2019 4,919 2020 6,381 Thereafter 3,500 Total $ 60,075 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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 June 30, 2017 State and municipal $ 59,177 $ - $ 59,177 $ - Corporate debt 1,008 - 1,008 - Asset-backed securities 8,305 - 8,305 - Mortgage-backed securities 37,120 - 37,120 - Trust preferred securities 1,220 - - 1,220 Marketable equity securities 16,313 16,313 - - Totals $ 123,143 $ 16,313 $ 105,610 $ 1,220 December 31, 2016 State and municipal $ 50,580 $ - $ 50,580 $ - Corporate debt 1,031 - 1,031 - Asset-backed securities 8,678 - 8,678 - Mortgage-backed securities 41,914 - 41,914 - Trust preferred securities 968 - - 968 Marketable equity securities 14,696 14,696 - - Totals $ 117,867 $ 14,696 $ 102,203 $ 968 |
Schedule of summary of activity for Level 3 financial instruments measured at fair value on a recurring basis | (In thousands) Available-for- Balance beginning January 1, 2017 $ 968 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income 264 Paydowns (12 ) Ending balance, June 30, 2017 $ 1,220 Balance beginning January 1, 2016 $ 1,116 Total gains or (losses) (realized/unrealized) Included in earnings - Included in other comprehensive income (183 ) Paydowns - Ending balance, June 30, 2016 $ 933 |
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 June 30, 2017 Impaired loan $ 808 $ - $ - $ 808 December 31, 2016 Impaired loan $ 815 $ - $ - $ 815 |
Schedule of summary of the 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 June 30, 2017 Impaired loan $ 808 Business valuation Comparable company valuations December 31, 2016 Impaired loan $ 815 Business valuation Comparable company valuations |
Fair Value of Financial Instr25
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Financial assets: Cash and cash equivalents $ 11,936 $ 11,936 $ - $ - $ 11,936 Available-for-sale securities 123,143 16,313 105,610 1,220 123,143 Federal Home Loan Bank of Boston stock 3,008 3,008 - - 3,008 Loans, net 702,085 - - 711,119 711,119 Accrued interest receivable 2,532 - 2,532 - 2,532 Financial liabilities: Deposits 701,350 - - 701,224 701,224 Federal Home Loan Bank advances 60,075 - 60,033 - 60,033 December 31, 2016 Financial assets: Cash and cash equivalents $ 10,705 $ 10,705 $ - $ - $ 10,705 Available-for-sale securities 117,867 14,696 102,203 968 117,867 Federal Home Loan Bank of Boston stock 2,787 2,787 - - 2,787 Loans, net 624,425 - - 632,278 632,278 Accrued interest receivable 2,320 - 2,320 - 2,320 Financial liabilities: Deposits 627,982 - - 628,060 628,060 Federal Home Loan Bank advances 49,858 - 49,901 - 49,901 |
Regulatory Capital (Table)
Regulatory Capital (Table) | 6 Months Ended |
Jun. 30, 2017 | |
Regulatory Capital [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 June 30, 2017 Total Capital (to Risk Weighted Assets) $ 113,105 14.8 % $ 61,258 > 8.0 % $ 76,572 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 101,847 13.3 45,943 > 6.0 61,258 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 101,847 13.3 34,457 > 4.5 49,772 > 6.5 Tier 1 Capital (to Average Assets) 101,847 12.0 33,819 > 4.0 42,273 > 5.0 December 31, 2016 Total Capital (to Risk Weighted Assets) $ 107,731 15.9 % $ 54,272 > 8.0 % $ 67,840 > 10.0 % Tier 1 Capital (to Risk Weighted Assets) 97,750 14.4 40,704 > 6.0 54,272 > 8.0 Common Equity Tier 1 Capital (to Risk Weighted Assets) 97,750 14.4 30,528 > 4.5 44,096 > 6.5 Tier 1 Capital (to Average Assets) 97,750 12.6 31,058 > 4.0 38,822 > 5.0 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Employee Stock Ownership Plan [Abstract] | |
Schedule of Employee Stock Ownership Plan | June 30, 2017 December 31, 2016 Allocated 47,620 23,810 Committed to be allocated 11,905 23,810 Unallocated 297,627 309,532 Total 357,152 357,152 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of earning per share | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2017 2016 2017 2016 Net Income attributable to common shareholders $ 1,601 $ 1,363 $ 3,403 $ 2,850 Average number of common shares outstanding 9,652,448 9,498,722 9,652,448 9,498,722 Less: average unallocated ESOP shares (301,483 ) (325,405 ) (303,855 ) (328,382 ) average unvested restricted stock (140,916 ) - (144,738 ) - average treasury stock acquired (16,213 ) - (10,649 ) - Average number of common shares outstanding to calculate basic earnings per common share 9,193,836 9,173,317 9,193,206 9,170,340 Effect of dilutive unvested restricted stock and stock option awards 4,450 - - - Average number of common shares outstanding to calculate diluted earnings per common share 9,198,286 9,173,317 9,193,206 9,170,340 Earnings per common share: Basic $ 0.17 $ 0.15 $ 0.37 $ 0.31 Diluted $ 0.17 $ 0.15 $ 0.37 $ 0.31 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | Stock Option Weighted Weighted Average Aggregate Balance at December 31, 2016 384,268 $ 17.40 Granted - - Balance at June 30, 2017 384,268 $ 17.40 9.39 $ 1,364,151 Outstanding and expected to vest at June 30, 2017 384,268 $ 17.40 9.39 $ 1,364,151 Exercisable at June 30, 2017 - - - - Unrecognized compensation cost $ 1,691,000 Weighted average remaining recognition period (years) 4.39 |
Schedule of activity in restricted stock awards under the Equity Plan | Outstanding Restricted Weighted Average Restricted stock awards at December 31, 2016 153,726 $ 17.40 Granted - - Restricted stock awards at June 30, 2017 153,726 $ 17.40 Unrecognized compensation cost $ 2,342,000 Weighted average remaining recognition period (years) 4.39 |
Corporate Structure (Detail Tex
Corporate Structure (Detail Textuals) $ / shares in Units, $ in Millions | Jul. 15, 2015USD ($)$ / sharesshares |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Number of shares issued | 5,034,323 |
Offering expenses | $ | $ 1.5 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 117,135 | $ 113,663 |
Gross Unrealized Gains | 6,619 | 5,298 |
Gross Unrealized Losses | 611 | 1,094 |
Fair Value | 123,143 | 117,867 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 57,101 | 49,367 |
Gross Unrealized Gains | 2,084 | 1,281 |
Gross Unrealized Losses | 8 | 68 |
Fair Value | 59,177 | 50,580 |
Corporate debt | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,000 | 1,000 |
Gross Unrealized Gains | 8 | 31 |
Gross Unrealized Losses | ||
Fair Value | 1,008 | 1,031 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 8,275 | 8,747 |
Gross Unrealized Gains | 47 | |
Gross Unrealized Losses | 17 | 69 |
Fair Value | 8,305 | 8,678 |
Government mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 36,827 | 41,818 |
Gross Unrealized Gains | 461 | 435 |
Gross Unrealized Losses | 168 | 339 |
Fair Value | 37,120 | 41,914 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,356 | 1,368 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | 136 | 400 |
Fair Value | 1,220 | 968 |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 12,734 | 11,492 |
Gross Unrealized Gains | 4,019 | 3,551 |
Gross Unrealized Losses | 282 | 218 |
Fair Value | 16,471 | 14,825 |
Available for sale securities excluded Money market mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 117,293 | 113,792 |
Gross Unrealized Gains | 6,619 | 5,298 |
Gross Unrealized Losses | 611 | 1,094 |
Fair Value | 123,301 | 117,996 |
Money market mutual funds included in cash and cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | (158) | (129) |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ (158) | $ (129) |
Investment Securities (Details
Investment Securities (Details 1) $ in Thousands | Jun. 30, 2017USD ($) |
Available-for-Sale Amortized Cost | |
Due within one year | $ 1,106 |
Due after one year through five years | 2,628 |
Due after five years through ten years | 8,974 |
Due after ten years | 46,749 |
Amortized Cost | 104,559 |
Available-for-Sale Fair Value | |
Due within one year | 1,117 |
Due after one year through five years | 2,684 |
Due after five years through ten years | 9,316 |
Due after ten years | 48,288 |
Fair Value | 106,830 |
Available-for-Sale | Government mortgage-backed securities | |
Available-for-Sale Amortized Cost | |
Amortized Cost | 36,827 |
Available-for-Sale Fair Value | |
Fair Value | 37,120 |
Available-for-Sale | Asset-backed securities | |
Available-for-Sale Amortized Cost | |
Amortized Cost | 8,275 |
Available-for-Sale Fair Value | |
Fair Value | $ 8,305 |
Investment Securities (Detail33
Investment Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | $ 16,503 | $ 37,353 |
Unrealized Losses, Less than 12 Months | 306 | 492 |
Fair Value, 12 Months or Longer | 5,617 | 5,214 |
Unrealized Losses, 12 Months or Longer | 305 | 602 |
Fair Value, Total | 22,120 | 42,567 |
Unrealized Losses, Total | 611 | 1,094 |
State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 628 | 6,413 |
Unrealized Losses, Less than 12 Months | 6 | 63 |
Fair Value, 12 Months or Longer | 161 | 160 |
Unrealized Losses, 12 Months or Longer | 2 | 5 |
Fair Value, Total | 789 | 6,573 |
Unrealized Losses, Total | 8 | 68 |
Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1,215 | 8,104 |
Unrealized Losses, Less than 12 Months | 11 | 60 |
Fair Value, 12 Months or Longer | 562 | 574 |
Unrealized Losses, 12 Months or Longer | 6 | 9 |
Fair Value, Total | 1,777 | 8,678 |
Unrealized Losses, Total | 17 | 69 |
Government mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 13,081 | 20,868 |
Unrealized Losses, Less than 12 Months | 90 | 247 |
Fair Value, 12 Months or Longer | 3,097 | 2,770 |
Unrealized Losses, 12 Months or Longer | 78 | 92 |
Fair Value, Total | 16,178 | 23,638 |
Unrealized Losses, Total | 168 | 339 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 15 | 26 |
Unrealized Losses, Less than 12 Months | 29 | 18 |
Fair Value, 12 Months or Longer | 1,205 | 942 |
Unrealized Losses, 12 Months or Longer | 107 | 382 |
Fair Value, Total | 1,220 | 968 |
Unrealized Losses, Total | 136 | 400 |
Marketable equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less than 12 Months | 1,564 | 1,942 |
Unrealized Losses, Less than 12 Months | 170 | 104 |
Fair Value, 12 Months or Longer | 592 | 768 |
Unrealized Losses, 12 Months or Longer | 112 | 114 |
Fair Value, Total | 2,156 | 2,710 |
Unrealized Losses, Total | $ 282 | $ 218 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 30, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 712,530 | $ 633,442 | ||||
Gross loans, Percent | 100.00% | 100.00% | ||||
Allowance for loan losses | $ (9,952) | $ (9,139) | $ (8,590) | $ (8,231) | $ (8,020) | $ (7,905) |
Deferred loan fees, net | (493) | (427) | ||||
Net loans | 702,085 | 624,425 | ||||
Commercial real estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 348,148 | $ 336,102 | ||||
Gross loans, Percent | 48.86% | 53.07% | ||||
Allowance for loan losses | $ (4,640) | (4,513) | $ (4,503) | (4,001) | (4,030) | (3,827) |
Commercial | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 216,225 | $ 166,157 | ||||
Gross loans, Percent | 30.35% | 26.23% | ||||
Allowance for loan losses | $ (3,281) | (2,780) | $ (2,513) | (2,297) | (2,084) | (2,138) |
Residential real estate | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 73,046 | $ 76,850 | ||||
Gross loans, Percent | 10.25% | 12.13% | ||||
Allowance for loan losses | $ (318) | (320) | $ (328) | (364) | (384) | (412) |
Construction and land development | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 63,183 | $ 48,161 | ||||
Gross loans, Percent | 8.87% | 7.60% | ||||
Allowance for loan losses | $ (1,141) | (1,041) | $ (882) | (1,286) | (1,184) | (1,236) |
Consumer | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Gross loans, Amount | $ 11,928 | $ 6,172 | ||||
Gross loans, Percent | 1.67% | 0.97% | ||||
Allowance for loan losses | $ (472) | $ (375) | $ (279) | $ (102) | $ (111) | $ (119) |
Loans (Details 1)
Loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | $ 9,139 | $ 8,020 | $ 8,590 | $ 7,905 | ||
Charge-offs | (79) | (8) | (93) | (18) | ||
Recoveries | 9 | 23 | ||||
Provision (benefit) | 892 | 210 | 1,455 | 321 | ||
Ending balance | 9,952 | 8,231 | 9,952 | 8,231 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | $ 27 | $ 46 | ||||
Ending balance: Collectively evaluated for impairment | 9,925 | 8,544 | ||||
Total allowance for loan losses ending balance | 9,139 | 8,020 | 8,590 | 7,905 | 9,952 | 8,590 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 6,461 | 4,038 | ||||
Ending balance: Collectively evaluated for impairment | 706,069 | 629,404 | ||||
Total loans ending balance | 712,530 | 633,442 | ||||
Commercial Real Estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 4,513 | 4,030 | 4,503 | 3,827 | ||
Charge-offs | (6) | |||||
Recoveries | ||||||
Provision (benefit) | 127 | (29) | 143 | 174 | ||
Ending balance | 4,640 | 4,001 | 4,640 | 4,001 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | 4,640 | 4,503 | ||||
Total allowance for loan losses ending balance | 4,513 | 4,030 | 4,503 | 3,827 | 4,640 | 4,503 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 4,248 | 1,956 | ||||
Ending balance: Collectively evaluated for impairment | 343,900 | 334,146 | ||||
Total loans ending balance | 348,148 | 336,102 | ||||
Commercial | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 2,780 | 2,084 | 2,513 | 2,138 | ||
Charge-offs | (61) | (61) | ||||
Recoveries | 1 | |||||
Provision (benefit) | 562 | 213 | 829 | 158 | ||
Ending balance | 3,281 | 2,297 | 3,281 | 2,297 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | 27 | 46 | ||||
Ending balance: Collectively evaluated for impairment | 3,254 | 2,467 | ||||
Total allowance for loan losses ending balance | 2,780 | 2,084 | 2,513 | 2,138 | 3,281 | 2,513 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 1,801 | 1,660 | ||||
Ending balance: Collectively evaluated for impairment | 214,424 | 164,497 | ||||
Total loans ending balance | 216,225 | 166,157 | ||||
Residential Real Estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 320 | 384 | 328 | 412 | ||
Charge-offs | ||||||
Recoveries | 12 | |||||
Provision (benefit) | (2) | (20) | (10) | (60) | ||
Ending balance | 318 | 364 | 318 | 364 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | 318 | 328 | ||||
Total allowance for loan losses ending balance | 320 | 384 | 328 | 412 | 318 | 328 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | 412 | 422 | ||||
Ending balance: Collectively evaluated for impairment | 72,634 | 76,428 | ||||
Total loans ending balance | 73,046 | 76,850 | ||||
Construction and Land Development | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 1,041 | 1,184 | 882 | 1,236 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision (benefit) | 100 | 102 | 259 | 50 | ||
Ending balance | 1,141 | 1,286 | 1,141 | 1,286 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | 1,141 | 882 | ||||
Total allowance for loan losses ending balance | 1,041 | 1,184 | 882 | 1,236 | 1,141 | 882 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | 63,183 | 48,161 | ||||
Total loans ending balance | 63,183 | 48,161 | ||||
Consumer | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 375 | 111 | 279 | 119 | ||
Charge-offs | (18) | (8) | (26) | (18) | ||
Recoveries | 9 | 10 | ||||
Provision (benefit) | 115 | (10) | 219 | (9) | ||
Ending balance | 472 | 102 | 472 | 102 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | 472 | 279 | ||||
Total allowance for loan losses ending balance | 375 | 111 | 279 | 119 | 472 | 279 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | 11,928 | 6,172 | ||||
Total loans ending balance | 11,928 | 6,172 | ||||
Unallocated | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 110 | 227 | 85 | 173 | ||
Charge-offs | ||||||
Recoveries | ||||||
Provision (benefit) | (10) | (46) | 15 | 8 | ||
Ending balance | 100 | 181 | 100 | 181 | ||
Allowance for loan losses: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | 100 | 85 | ||||
Total allowance for loan losses ending balance | $ 110 | $ 227 | $ 85 | $ 173 | 100 | 85 |
Loans: | ||||||
Ending balance: Individually evaluated for impairment | ||||||
Ending balance: Collectively evaluated for impairment | ||||||
Total loans ending balance |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 563 | $ 375 |
Total Current | 711,967 | 633,067 |
Total Loans | 712,530 | 633,442 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 4,234 | 1,582 |
30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 73 | 29 |
60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 334 | |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 156 | 346 |
Commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 346 | |
Total Current | 348,148 | 335,756 |
Total Loans | 348,148 | 336,102 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 2,667 | 346 |
Commercial real estate | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 346 | |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 69 | 29 |
Total Current | 216,156 | 166,128 |
Total Loans | 216,225 | 166,157 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 903 | 933 |
Commercial | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 69 | 29 |
Commercial | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Commercial | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 488 | |
Total Current | 72,558 | 76,850 |
Total Loans | 73,046 | 76,850 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 663 | 303 |
Residential real estate | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Residential real estate | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 333 | |
Residential real estate | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 155 | |
Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Total Current | 63,183 | 48,161 |
Total Loans | 63,183 | 48,161 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | ||
Construction and land development | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Construction and land development | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Construction and land development | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | ||
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6 | |
Total Current | 11,922 | 6,172 |
Total Loans | 11,928 | 6,172 |
90 Days or More Past Due and Accruing | ||
Nonaccrual Loans | 1 | |
Consumer | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4 | |
Consumer | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1 |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
With no related allowance recorded: | ||
Recorded Investment | $ 5,626 | $ 3,177 |
Unpaid Principal Balance | 5,626 | 3,177 |
Average Recorded Investment | 3,823 | 3,967 |
Interest Income Recognized | 72 | 250 |
With an allowance recorded: | ||
Recorded Investment | 835 | 861 |
Unpaid Principal Balance | 835 | 861 |
Related Allowance | 27 | 46 |
Average Recorded Investment | 847 | 886 |
Interest Income Recognized | ||
Total | ||
Recorded Investment | 6,461 | 4,038 |
Unpaid Principal Balance | 6,461 | 4,038 |
Related Allowance | 27 | 46 |
Average Recorded Investment | 4,670 | 4,853 |
Interest Income Recognized | 72 | 250 |
Commercial real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 4,248 | 1,956 |
Unpaid Principal Balance | 4,248 | 1,956 |
Average Recorded Investment | 2,484 | 2,744 |
Interest Income Recognized | 33 | 188 |
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Total | ||
Recorded Investment | 4,248 | 1,956 |
Unpaid Principal Balance | 4,248 | 1,956 |
Related Allowance | ||
Average Recorded Investment | 2,484 | 2,744 |
Interest Income Recognized | 33 | 188 |
Commercial | ||
With no related allowance recorded: | ||
Recorded Investment | 966 | 799 |
Unpaid Principal Balance | 966 | 799 |
Average Recorded Investment | 922 | 794 |
Interest Income Recognized | 29 | 42 |
With an allowance recorded: | ||
Recorded Investment | 835 | 861 |
Unpaid Principal Balance | 835 | 861 |
Related Allowance | 27 | 46 |
Average Recorded Investment | 847 | 886 |
Interest Income Recognized | ||
Total | ||
Recorded Investment | 1,801 | 1,660 |
Unpaid Principal Balance | 1,801 | 1,660 |
Related Allowance | 27 | 46 |
Average Recorded Investment | 1,769 | 1,680 |
Interest Income Recognized | 29 | 42 |
Residential real estate | ||
With no related allowance recorded: | ||
Recorded Investment | 412 | 422 |
Unpaid Principal Balance | 412 | 422 |
Average Recorded Investment | 417 | 429 |
Interest Income Recognized | 10 | 20 |
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Total | ||
Recorded Investment | 412 | 422 |
Unpaid Principal Balance | 412 | 422 |
Related Allowance | ||
Average Recorded Investment | 417 | 429 |
Interest Income Recognized | 10 | 20 |
Construction and land development | ||
With no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Total | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Consumer | ||
With no related allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
With an allowance recorded: | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized | ||
Total | ||
Recorded Investment | ||
Unpaid Principal Balance | ||
Related Allowance | ||
Average Recorded Investment | ||
Interest Income Recognized |
Loans (Details 4)
Loans (Details 4) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)Contract | |
Troubled debt restructurings: | |
Number of Contracts | Contract | 1 |
Pre- Modification Outstanding Recorded Investment | $ 249 |
Post-Modification Outstanding Recorded Investment | $ 249 |
Commercial | |
Troubled debt restructurings: | |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 712,530 | $ 633,442 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 602,563 | 525,179 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,742 | 6,139 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 19,949 | 19,831 |
Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 84,276 | 82,293 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 348,148 | 336,102 |
Commercial real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 333,362 | 319,712 |
Commercial real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,338 | 4,471 |
Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,448 | 11,919 |
Commercial real estate | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 216,225 | 166,157 |
Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 206,018 | 157,306 |
Commercial | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,404 | 1,668 |
Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,803 | 7,183 |
Commercial | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 73,046 | 76,850 |
Residential real estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Residential real estate | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 698 | 729 |
Residential real estate | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 72,348 | 76,121 |
Construction and land development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 63,183 | 48,161 |
Construction and land development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 63,183 | 48,161 |
Construction and land development | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Construction and land development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Construction and land development | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,928 | 6,172 |
Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | ||
Consumer | Not formally rated | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 11,928 | $ 6,172 |
Loans (Detail Textuals)
Loans (Detail Textuals) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Receivables [Abstract] | |
Troubled debt restructuring, total | $ 249 |
Re-amortization term of commercial loan | 3 years |
Federal Home Loan Bank Advanc41
Federal Home Loan Bank Advances (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Advances from Federal Home Loan Banks [Abstract] | |
2,017 | $ 33,275 |
2,018 | 12,000 |
2,019 | 4,919 |
2,020 | 6,381 |
Thereafter | 3,500 |
Total | $ 60,075 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 123,143 | $ 117,867 |
State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 59,177 | 50,580 |
Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,008 | 1,031 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 8,305 | 8,678 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 37,120 | 41,914 |
Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,220 | 968 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 16,313 | 14,696 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 105,610 | 102,203 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,220 | 968 |
Recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 123,143 | 117,867 |
Recurring basis | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 59,177 | 50,580 |
Recurring basis | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,008 | 1,031 |
Recurring basis | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 8,305 | 8,678 |
Recurring basis | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 37,120 | 41,914 |
Recurring basis | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,220 | 968 |
Recurring basis | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 16,313 | 14,696 |
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] | ||
Totals | 16,313 | 14,696 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
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] | ||
Totals | ||
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] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Quoted Prices in Active Markets for Identical Assets Level 1 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 16,313 | 14,696 |
Recurring basis | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 105,610 | 102,203 |
Recurring basis | Significant Other Observable Inputs Level 2 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 59,177 | 50,580 |
Recurring basis | Significant Other Observable Inputs Level 2 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,008 | 1,031 |
Recurring basis | Significant Other Observable Inputs Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 8,305 | 8,678 |
Recurring basis | Significant Other Observable Inputs Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 37,120 | 41,914 |
Recurring basis | Significant Other Observable Inputs Level 2 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Other Observable Inputs Level 2 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,220 | 968 |
Recurring basis | Significant Unobservable Inputs Level 3 | State and municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Corporate debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | ||
Recurring basis | Significant Unobservable Inputs Level 3 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 1,220 | 968 |
Recurring basis | Significant Unobservable Inputs Level 3 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals |
Fair Value Measurements (Deta43
Fair Value Measurements (Details 1) - Recurring basis - Fair Value Level 3 - Available-for-Sale Securities - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance beginning | $ 968 | $ 1,116 |
Total gains or (losses) (realized/unrealized) | ||
Included in earnings | ||
Included in other comprehensive income | 264 | (183) |
Paydowns | (12) | |
Ending balance | $ 1,220 | $ 933 |
Fair Value Measurements (Deta44
Fair Value Measurements (Details 2) - Nonrecurring basis - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 808 | $ 815 |
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 | ||
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 808 | $ 815 |
Fair Value Measurements (Deta45
Fair Value Measurements (Details 3) - Nonrecurring basis - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 808 | $ 815 |
Fair Value Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impaired loans Fair Value | $ 808 | $ 815 |
Valuation Technique | Business valuation | Business valuation |
Unobservable Input | Comparable company valuations | Comparable company valuations |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||||
Cash and cash equivalents | $ 11,936 | $ 10,705 | $ 16,928 | $ 20,464 |
Available-for-sale securities | 123,143 | 117,867 | ||
Federal Home Loan Bank of Boston stock | 3,008 | 2,787 | ||
Accrued interest receivable | 2,532 | 2,320 | ||
Carrying Amount | ||||
Financial assets: | ||||
Cash and cash equivalents | 11,936 | 10,705 | ||
Available-for-sale securities | 123,143 | 117,867 | ||
Federal Home Loan Bank of Boston stock | 3,008 | 2,787 | ||
Loans, net | 702,085 | 624,425 | ||
Accrued interest receivable | 2,532 | 2,320 | ||
Financial liabilities: | ||||
Deposits | 701,350 | 627,982 | ||
Federal Home Loan Bank advances | 60,075 | 49,858 | ||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 11,936 | 10,705 | ||
Available-for-sale securities | 123,143 | 117,867 | ||
Federal Home Loan Bank of Boston stock | 3,008 | 2,787 | ||
Loans, net | 711,119 | 632,278 | ||
Accrued interest receivable | 2,532 | 2,320 | ||
Financial liabilities: | ||||
Deposits | 701,224 | 628,060 | ||
Federal Home Loan Bank advances | 60,033 | 49,901 | ||
Fair Value Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents | 11,936 | 10,705 | ||
Available-for-sale securities | 16,313 | 14,696 | ||
Federal Home Loan Bank of Boston stock | 3,008 | 2,787 | ||
Loans, net | ||||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Deposits | ||||
Federal Home Loan Bank advances | ||||
Fair Value Level 2 | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Available-for-sale securities | 105,610 | 102,203 | ||
Federal Home Loan Bank of Boston stock | ||||
Loans, net | ||||
Accrued interest receivable | 2,532 | 2,320 | ||
Financial liabilities: | ||||
Deposits | ||||
Federal Home Loan Bank advances | 60,033 | 49,901 | ||
Fair Value Level 3 | ||||
Financial assets: | ||||
Cash and cash equivalents | ||||
Available-for-sale securities | 1,220 | 968 | ||
Federal Home Loan Bank of Boston stock | ||||
Loans, net | 711,119 | 632,278 | ||
Accrued interest receivable | ||||
Financial liabilities: | ||||
Deposits | 701,224 | 628,060 | ||
Federal Home Loan Bank advances |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
Total Capital (to Risk Weighted Assets), Actual Capital, Amount | $ 113,105 | $ 107,731 |
Total Capital (to Risk Weighted Assets), Actual Capital, Ratio | 14.80% | 15.90% |
Total Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 61,258 | $ 54,272 |
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 | $ 76,572 | $ 67,840 |
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 | $ 101,847 | $ 97,750 |
Tier 1 Capital (to Risk Weighted Assets), Actual Capital, Ratio | 13.30% | 14.40% |
Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 45,943 | $ 40,704 |
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 | $ 61,258 | $ 54,272 |
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 | $ 101,847 | $ 97,750 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Capital, Ratio | 13.30% | 14.40% |
Common Equity Tier 1 Capital (to Risk Weighted Assets), For Capital Adequacy Purposes, Amount | $ 34,457 | $ 30,528 |
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 | $ 49,772 | $ 44,096 |
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 | $ 101,847 | $ 97,750 |
Tier 1 Capital (to Average Assets), Actual Capital, Ratio | 12.00% | 12.60% |
Tier 1 Capital (to Average Assets), For Capital Adequacy Purposes, Amount | $ 33,819 | $ 31,058 |
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 | $ 42,273 | $ 38,822 |
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 | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
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% | |
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 | 19,160 | |
Average cost per share of stock repurchase | $ 19.94 | |
Percentage of common stock shares repurchased | 3.10% | |
Number of shares authorised to repurchased | 625,015 |
Employee Stock Ownership Plan49
Employee Stock Ownership Plan (Details) - shares | Jun. 30, 2017 | Dec. 31, 2016 |
Shares held by the ESOP include the following: | ||
Allocated | 47,620 | 23,810 |
Committed to be allocated | 11,905 | 23,810 |
Unallocated | 297,627 | 309,532 |
Total | 357,152 | 357,152 |
Employee Stock Ownership Plan50
Employee Stock Ownership Plan (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
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 | 3.75% | ||||
Fair value of unallocated shares | $ 6,700 | $ 6,700 | |||
Compensation expense | $ 128 | $ 84 | $ 242 | $ 162 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net Income attributable to common shareholders | $ 1,601 | $ 1,363 | $ 3,403 | $ 2,850 |
Average number of common shares outstanding | 9,652,448 | 9,498,722 | 9,652,448 | 9,498,722 |
Less: | ||||
average unallocated ESOP shares | (301,483) | (325,405) | (303,855) | (328,382) |
average unvested restricted stock | (140,916) | (144,738) | ||
average treasury stock acquired | (16,213) | (10,649) | ||
Average number of common shares outstanding to calculate basic earnings per common share | 9,193,836 | 9,173,317 | 9,193,206 | 9,170,340 |
Effect of dilutive unvested restricted stock and stock option awards | 4,450 | |||
Average number of common shares outstanding to calculate diluted earnings per common share | 9,198,286 | 9,173,317 | 9,193,206 | 9,170,340 |
Earnings per common share, Basic | $ 0.17 | $ 0.15 | $ 0.37 | $ 0.31 |
Earnings per common share, Diluted | $ 0.17 | $ 0.15 | $ 0.37 | $ 0.31 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - Stock option | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Stock Option Awards | |
Balance at December 31, 2016 | shares | 384,268 |
Granted | shares | |
Balance at June 30, 2017 | shares | 384,268 |
Outstanding and expected to vest at March 31, 2017 | shares | 384,268 |
Exercisable at June 30, 2017 | shares | |
Unrecognized compensation cost | $ | $ 1,691,000 |
Weighted average remaining recognition period (years) | 4 years 4 months 21 days |
Weighted Average Exercise Price | |
Balance at December 31, 2016 | $ / shares | $ 17.4 |
Granted | $ / shares | |
Balance at June 30, 2017 | $ / shares | 17.4 |
Outstanding and expected to vest at June 30, 2017 | $ / shares | 17.4 |
Exercisable at June 30, 2017 | $ / shares | |
Weighted Average Remaining Contractual Term (years) | |
Outstanding and expected to vest at June 30, 2017 | 9 years 4 months 21 days |
Exercisable at June 30, 2017 | 9 years 4 months 21 days |
Aggregate Intrinsic Value | |
Balance at June 30, 2017 | $ | $ 1,364,151,000 |
Outstanding and expected to vest at March 31, 2017 | $ | 1,364,151,000 |
Exercisable at June 30, 2017 | $ |
Share-Based Compensation (Det53
Share-Based Compensation (Details 1) - Restricted stock $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Restricted stock awards at December 31, 2016 | shares | 153,726 |
Granted | shares | |
Restricted stock awards at June 30, 2017 | shares | 153,726 |
Unrecognized compensation cost | $ | $ 2,342,000 |
Weighted average remaining recognition period (years) | 4 years 4 months 21 days |
Weighted Average Grant Price | |
Restricted stock awards at December 31, 2016 | $ / shares | $ 17.4 |
Granted | $ / shares | |
Restricted stock awards at June 30, 2017 | $ / shares | $ 17.4 |
Share-Based Compensation (Det54
Share-Based Compensation (Detail Textuals) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)shares | |
Restricted stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares reserved for future issuance | shares | 178,575 | 178,575 |
Vesting period (years) | 5 years | |
Share based compensation expenses | $ | $ 133,000 | $ 267,000 |
Stock option | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Shares reserved for future issuance | shares | 446,440 | 446,440 |
Options expiration period | 10 years | |
Share based compensation expenses | $ | $ 96,000 | $ 193,000 |