Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | FFBW, Inc. | |
Entity Central Index Key | 0001709017 | |
Trading Symbol | ffbw | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 6,566,478 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock; $0.01 par value |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 4,185 | $ 1,746 |
Fed funds sold | 2,742 | |
Cash and cash equivalents | 4,185 | 4,488 |
Available for sale securities, stated at fair value | 44,603 | 43,751 |
Loans held for sale | 1,118 | 679 |
Loans, net of allowance for loan and lease losses of $2,262 and $2,118, respectively | 193,307 | 198,694 |
Premises and equipment, net | 4,818 | 5,057 |
Foreclosed assets | 84 | 69 |
Other equity investments | 730 | 739 |
Accrued interest receivable | 766 | 768 |
Cash value of life insurance | 7,155 | 7,007 |
Other assets | 1,323 | 1,474 |
TOTAL ASSETS | 258,089 | 262,726 |
Liabilities and Equity | ||
Deposits | 178,698 | 183,205 |
Advance payments by borrowers for taxes and insurance | 1,125 | 55 |
FHLB advances | 14,850 | 17,750 |
Accrued interest payable | 840 | 70 |
Other liabilities | 1,266 | 1,284 |
Total liabilities | 196,779 | 202,364 |
Preferred stock ($0.01 par value, 1,000,000 authorized, no shares issued or outstanding as of September 30, 2019 and December 31, 2018, respectively) | ||
Common stock ($0.01 par value, 19,000,000 and 19,000,000 shares authorized, 6,706,742 and 6,696,742 shares issued, 6,566,748 and 6,696,742 shares outstanding as of September 30, 2019 and December 31, 2018, respectively) | 67 | 67 |
Additional paid in capital | 28,580 | 28,326 |
Unallocated common stock of Employee Stock Ownership Plan ("ESOP") (233,583 and 243,303 shares at September 30, 2019 and December 31, 2018, respectively) | (2,336) | (2,433) |
Retained earnings | 36,002 | 34,995 |
Accumulated other comprehensive income (loss), net of income taxes | 458 | (593) |
Less treasury stock, 140,264 and 0 shares at cost, at September 30, 2019 and December 31, 2018, respectively | (1,461) | |
Total equity | 61,310 | 60,362 |
TOTAL LIABILITIES AND EQUITY | $ 258,089 | $ 262,726 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Allowance for loan and lease losses | $ 2,262 | $ 2,118 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 19,000,000 | 19,000,000 |
Common stock, issued (in shares) | 6,706,742 | 6,696,742 |
Common stock, outstanding (in shares) | 6,566,748 | 6,696,742 |
Unallocated common stock of Employee Stock Ownership Plan, shares (in shares) | 233,583 | 243,303 |
Treasury stock, shares (in shares) | 140,264 | 0 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and dividend income: | ||||
Loans, including fees | $ 2,499 | $ 2,397 | $ 7,444 | $ 6,691 |
Securities | ||||
Taxable | 285 | 315 | 842 | 994 |
Tax-exempt | 5 | 11 | 11 | 48 |
Other | 23 | 17 | 69 | 48 |
Total interest and dividend income | 2,812 | 2,740 | 8,366 | 7,781 |
Interest Expense: | ||||
Interest-bearing deposits | 631 | 451 | 1,863 | 1,139 |
Borrowed funds | 88 | 156 | 267 | 325 |
Total interest expense | 719 | 607 | 2,130 | 1,464 |
Net interest income | 2,093 | 2,133 | 6,236 | 6,317 |
Provision for loan losses | 45 | 111 | 200 | 415 |
Net interest income after provision for loan losses | 2,048 | 2,022 | 6,036 | 5,902 |
Noninterest income: | ||||
Service charges and other fees | 63 | 44 | 162 | 155 |
Net gain on sale of loans | 82 | 67 | 250 | 142 |
Net gain (loss) on sale of securities | 11 | (3) | 20 | |
Increase in cash surrender value of insurance | 50 | 49 | 148 | 144 |
Other noninterest income | 23 | 25 | 72 | 72 |
Total noninterest income | 218 | 196 | 629 | 533 |
Noninterest expense: | ||||
Salaries and employee benefits | 1,082 | 1,053 | 3,210 | 3,249 |
Occupancy and equipment | 223 | 232 | 707 | 691 |
Data processing | 172 | 167 | 516 | 477 |
Technology | 74 | 55 | 231 | 159 |
Foreclosed assets, net | 3 | (1) | 5 | 36 |
Professional fees | 110 | 101 | 326 | 276 |
Other noninterest expense | 111 | 151 | 340 | 474 |
Total noninterest expense | 1,775 | 1,758 | 5,335 | 5,362 |
Income before income taxes | 491 | 460 | 1,330 | 1,073 |
Provision for income taxes | 121 | 111 | 323 | 248 |
Net income | $ 370 | $ 349 | $ 1,007 | $ 825 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.16 | $ 0.13 |
Diluted (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.16 | $ 0.13 |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 370 | $ 349 | $ 1,007 | $ 825 |
Other comprehensive income (loss): | ||||
Unrealized holding gains (losses) arising during the period | 306 | (233) | 1,438 | (1,189) |
Reclassification adjustment for losses (gains) realized in net income | (11) | 3 | (20) | |
Other comprehensive income (loss) before tax effect | 306 | (244) | 1,441 | (1,209) |
Tax effect of other comprehensive income (loss) items | (83) | 66 | (390) | 296 |
Other comprehensive income (loss), net of tax | 223 | (178) | 1,051 | (913) |
Comprehensive income (loss) | $ 593 | $ 171 | $ 2,058 | $ (88) |
Statement of Changes in Equity
Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Unallocated Common Stock of ESOP [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2017 | $ 66 | $ 28,296 | $ (2,563) | $ 33,937 | $ (247) | $ 59,489 | |
Net income | 825 | 825 | |||||
ESOP shares committed to be released (9,720 shares) | 11 | 97 | 108 | ||||
Other comprehensive income (loss) | (913) | (913) | |||||
Balance at Sep. 30, 2018 | 66 | 28,307 | (2,466) | 34,762 | (1,160) | 59,509 | |
Balance at Dec. 31, 2018 | 67 | 28,326 | (2,433) | 34,995 | (593) | 60,362 | |
Net income | 1,007 | 1,007 | |||||
ESOP shares committed to be released (9,720 shares) | 5 | 97 | 102 | ||||
Other comprehensive income (loss) | 1,051 | 1,051 | |||||
Stock based compensation expense | 249 | 249 | |||||
Repurchase of common stock | (1,461) | (1,461) | |||||
Balance at Sep. 30, 2019 | $ 67 | $ 28,580 | $ (2,336) | $ 36,002 | $ 458 | $ (1,461) | $ 61,310 |
Statement of Changes in Equit_2
Statement of Changes in Equity (Unaudited) (Parentheticals) - shares | Sep. 30, 2019 | Sep. 30, 2018 |
ESOP shares committed to be released (in shares) | 9,720 | 9,720 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 1,007,000 | $ 825,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 200,000 | 415,000 |
Depreciation | 265,000 | 254,000 |
Net accretion of loan portfolio discount and deposit premium | (80,000) | (87,000) |
Net amortization on securities available for sale | 283,000 | 412,000 |
(Gain) loss on sales and impairments of foreclosed assets | (7,000) | 17,000 |
(Gain) loss on sale of available for sale securities | 3,000 | (20,000) |
Increase in cash surrender value of life insurance | (148,000) | (144,000) |
ESOP compensation | 102,000 | 108,000 |
Stock based compensation | 249,000 | |
Changes in operating assets and liabilities: | ||
Accrued interest receivable | 2,000 | (105,000) |
Loans held for sale | (439,000) | (91,000) |
Other assets | (239,000) | 81,000 |
Accrued interest payable | 770,000 | 504,000 |
Other liabilities | (18,000) | (71,000) |
Net cash provided by operating activities | 1,950,000 | 2,098,000 |
Cash flows from investing activities: | ||
Proceeds from sales of available for sale securities | 4,837,000 | 7,625,000 |
Maturities, calls, paydowns on available for sale securities | 4,027,000 | 5,496,000 |
Purchases of available for sale securities | (8,561,000) | (7,867,000) |
Net (increase) decrease in loans | 5,195,000 | (26,855,000) |
Purchases of premises and equipment | (26,000) | (75,000) |
Proceeds from redemption of FHLB stock | 215,000 | |
Purchase of FHLB stock | (225,000) | |
Purchase of Bankers' Bank stock | (206,000) | |
Purchase of life insurance | (255,000) | |
Proceeds from sale of foreclosed assets | 76,000 | 823,000 |
Net cash provided by (used in) investing activities | 5,557,000 | (21,333,000) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | (4,519,000) | 3,260,000 |
Net increase in advance payments by borrowers for taxes and insurance | 1,070,000 | 1,143,000 |
Repayments of FHLB advances | (2,900,000) | |
Proceeds from FHLB advances | 7,000,000 | |
Repurchase of common stock | (1,461,000) | |
Net cash provided by (used in) financing activities | (7,810,000) | 11,403,000 |
Net increase (decrease) in cash and cash equivalents | (303,000) | (7,832,000) |
Cash and cash equivalents at beginning | 4,488,000 | 11,813,000 |
Cash and cash equivalents at end | 4,185,000 | 3,981,000 |
Supplemental Cash Flow Disclosures: | ||
Cash paid for interest | 1,360,000 | 960,000 |
Cash paid for income taxes | 343,000 | 70,000 |
Loans transferred to foreclosed assets | 84,000 | 221,000 |
Financed sales of foreclosed assets | $ 21,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of FFBW, Inc. and its wholly-owned subsidiary, First Federal Bank of Wisconsin, (collectively the “Company”) were prepared in accordance with instructions for Form 10 X not In the opinion of management, all adjustments necessary for a fair presentation of the financial statements have been included. The results of operations for the nine September 30, 2019 not may December 31, 2018 10 December 31, 2018. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions. |
Note 2 - Nature of Business and
Note 2 - Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 2 – Nature of Business and Summary of Significant Accounting Policies Organization On October 10, 2017, 2,950,625 $10.00 25,000 45% 3.92% 55% The cost of the reorganization and the issuing of the common stock were deferred and deducted from the sales proceeds of the offering. Reorganization costs of $1,394 At September 30, 2019, 1934, First Federal Bank of Wisconsin is a community bank headquartered in Waukesha, Wisconsin that provides financial services to individuals and businesses from our offices in Waukesha, Brookfield, and the Bay View neighborhood. On September 4, 2019, no The Plan provides for the establishment, upon the completion of the conversion, of special "liquidation accounts" for the benefit of certain depositors of the Bank in an amount equal to the MHC's ownership interest in the stockholders' equity of the Company as of the date of the latest balance sheet contained in the prospectus plus the MHC's net assets (excluding its ownership of the Company). Following the completion of the conversion, the Company and the Bank will not not Direct costs of the conversion and public offering will be deferred and reduce the proceeds from the shares sold in the public offering. Costs of $241 September 30, 2019. The Securities and Exchange Commission declared the New FFBW's Registration Statement effective November 12, 2019. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the fair values of securities, fair value of financial instruments, the valuation of other real estate owned and the valuation of deferred income tax assets. Revenue Recognition Accounting Standards Codification ("ASC") 606, 606" The majority of the Company's revenue-generating transactions are not 606, not 606. 606, Service fees - The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Management reviewed the deposit account agreements, and determined that the agreements can be terminated at any time by either the Company or the account holder. Transaction fees, such as balance transfers, wires and overdraft charges are settled the day the performance obligation is satisfied. The Company's monthly service charges and maintenance fees are for services provided to the customer on a monthly basis and are considered a series of services that have the same pattern of transfer each month. The review of service charges assessed on deposit accounts included the amount of variable consideration that is a part of the monthly charges. It was found that the waiver of service charges due to insufficient funds and dormant account fees is immaterial and would not 606 not Interchange fees - Customers use a Bank-issued debit card to purchase goods and services, and the Company earns interchange fees on those transactions, typically a percentage of the sale amount of the transaction. The Company records the amount due when it receives the settlement from the payment network. Payments from the payment network are received and recorded into income on a daily basis. There are no 606 not Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and balances due from banks and non-maturity deposits in the Federal Home Loan Bank of Chicago (FHLB). The Company may not Available for Sale Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time, but not Declines in fair value of securities that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient enough to allow for any anticipated recovery in fair value. Loans Acquired in a Transfer The Company acquires loans (including debt securities) individually and in groups or portfolios. These loans are initially measured at fair value with no Certain acquired loans may At each reporting date, the Company continues to estimate cash flows expected to be collected for each loan or pool. If expected cash flows have decreased from the acquisition date estimate, the Company recognizes an allowance for loan losses. If expected cash flows have increased from the acquisition date estimate, the Company increases the amount of accretable yield to be recognized as interest income over the remaining life of the loan or pool. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for deferred loan fees and costs, charge-offs, and an allowance for loan losses. Interest on loans is accrued and credited to income based on the unpaid principal balance. Loan-origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is discontinued when, in the opinion of management, there is an indication that the borrower may Allowance for Loan Losses The allowance for loan losses is maintained at the level considered adequate by management to provide for losses that are probable as of the balance sheet date. The allowance for loan losses is established through a provision for loan losses charged to expense as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. In determining the adequacy of the allowance balance, the Company makes evaluations of the loan portfolio and related off-balance sheet commitments, considers current economic conditions and historical loss experience, and reviews specific problem loans and other factors. When establishing the allowance for loan losses, management categorizes loans into risk categories generally based on the nature of the collateral and the basis of repayment. These risk categories and their relevant risk characteristics are as follows: Commercial development : third not not Commercial real estate : may not may Commercial and industrial : may not may 1 4 1 4 not 1 4 may may not may Multifamily real estate: five Consumer: may Management regularly evaluates the allowance for loan losses using the Company’s past loan loss experience, known and inherent risks in the loan portfolio, composition of the loan portfolio, adverse situations that may may A loan is impaired when, based on current information, it is probable that the Company will not not In addition, various regulatory agencies periodically review the allowance for loan losses. These agencies may Troubled Debt Restructurings Loans are accounted for as troubled debt restructurings when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants a “concession” to the borrower that they would not Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Provisions for depreciation are computed on straight-line and accelerated methods over the estimated useful lives of the assets. Other Equity Investments Other Equity Investments consist of Federal Home Loan Bank (“FHLB”) stock and Bankers’ Bank stock. The Company's investment in the FHLB stock is carried at cost, which approximates fair value. The Company is required to hold the stock as a member of the FHLB, and transfer of the stock is substantially restricted. The stock is evaluated for impairment on an annual basis. The Company is required to adjust its reported value of Bankers’ Bank stock, which is considered an equity security without a readily determinable market value, if a comparable transaction is observed. Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to the allowances for loan losses, deferred compensation, depreciation, FHLB stock dividends and non-accrual interest. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not not not 50 no The Company's policy is to recognize interest and penalties related to income tax issues as components of income tax expense. During the periods shown, the Company did not Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Advertising Advertising costs are expensed as incurred. Other Comprehensive Income ( Loss ) Other comprehensive income (loss) is shown on the statements of comprehensive income (loss). The Company’s accumulated other comprehensive income (loss) is composed of the unrealized gain (loss) on securities available for sale, net of tax and is shown on the statements of changes in equity. Reclassification adjustments out of other comprehensive income (loss) for gains (losses) realized on sales of securities available for sale comprise the entire balance of “net gain (loss) on sale of securities” on the statements of income. Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance-sheet financial instruments consisting of commitments to extend credit, unfunded commitments under lines of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. Life Insurance The Company has purchased life insurance policies on certain key executives. Life insurance is measured at the amount that could be realized under the insurance contract as of the balance sheet date, which is generally the cash surrender value of the policy. Subsequent Events Management has reviewed the Company’s operations for potential disclosure or financial statement impacts related to events occurring after September 30, 2019, no November 14, 2019. Recent Accounting Pronouncements The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 may may first The Company recently adopted the following Accounting Standards Updates (ASU) issued by the Financial Accounting Standards Board (FASB). ASU No. 2014 09, The objective of this new standard is to provide a common revenue standard for all entities that enter into contracts with customers to transfer goods, services, or nonfinancial assets. The Company adopted this new accounting standard for the effective January 1, 2019. not ASU No. 2016 01, ASU No. 2018 03, 825 10 ASU No. 2016 01 no may no no 2016 01 December 15, 2018, December 15, 2017. 2016 01 The following Accounting Standards Updates (ASUs) have been issued by the Financial Accounting Standards Board (FASB) and may ASU No. 2016 13, “Credit Losses (Topic 326 ASU No. 2019 04, Codification Improvements to Topic 326.” ASU No. 2019 05, ASU 2016 13 December 15, 2021. December 15, 2018. 2016 13 ASU No. 2016 02 , “Leases (Topic 842 ASU No. 2018 10 , "Codification Improvements to Topic 842." ASU No. 2018 11 , "Targeted Improvements" For lessees, Topic 842 842 2018 01, 2018 10 2018 11. 12 For lessors, Topic 842 one five none five two third not The new standard is effective for the Company on January 1, 2020, may 1 2 January 1, 2020 not not December 15, 2019. ASU No. 2018 13, 820 This ASU modifies the disclosure requirements on fair value measurements in Topic 820, December 15, 2019 no |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 3 Earnings Per Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards and restricted stock units, though no The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share data). Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Net income $ 370 $ 349 $ 1,007 $ 825 Basic potential common shares Weighted average shares outstanding 6,580,622 6,612,500 6,638,791 6,612,500 Weighted average unallocated Employee Stock Ownership Plan Shares (235,720 ) (247,623 ) (238,928 ) (250,863 ) Basic weighted average shares outstanding 6,344,902 6,364,877 6,399,863 6,361,637 Dilutive potential common shares 3,821 - 3,821 - Dilutive weighted average shares outstanding 6,348,723 6,364,877 6,403,684 6,361,637 Basic earnings per share $ 0.06 $ 0.05 $ 0.16 $ 0.13 Diluted earnings per share $ 0.06 $ 0.05 $ 0.16 $ 0.13 |
Note 4 - Available for Sale Sec
Note 4 - Available for Sale Securities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 Available for Sale Securities Amortized costs and fair values of available for sale securities are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2019 Obligations of the US government and US government sponsored agencies $ 1,023 $ 23 $ - $ 1,046 Obligations of states and political subdivisions 7,543 52 (8 ) 7,587 Mortgage-backed securities 31,830 588 (84 ) 32,334 Certificates of deposit 1,500 20 - 1,520 Corporate debt securities 2,079 37 - 2,116 Total available for sale securities $ 43,975 $ 720 $ (92 ) $ 44,603 December 31, 2018 Obligations of the US government and US government sponsored agencies $ 1,299 $ 8 $ - $ 1,307 Obligations of states and political subdivisions 8,381 17 (103 ) 8,295 Mortgage-backed securities 29,164 24 (652 ) 28,536 Certificates of deposit 1,500 1 (55 ) 1,446 Corporate debt securities 4,220 2 (55 ) 4,167 Total available for sale securities $ 44,564 $ 52 $ (865 ) $ 43,751 Fair values of securities are estimated based on financial models or prices paid for similar securities. It is possible interest rates could change considerably, resulting in a material change in estimated fair value. The following table presents the portion of the Company's portfolio which has gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2019 Obligations of the US government and US government sponsored agencies $ - $ - $ - $ - $ - $ - Obligations of states and political subdivisions 994 (4 ) 1,068 (4 ) 2,062 (8 ) Mortgage-backed securities 2,855 (22 ) 5,307 (62 ) 8,162 (84 ) Certificates of deposit - - - - - - Corporate debt securities - - - - - - Total $ 3,849 $ (26 ) $ 6,375 $ (66 ) $ 10,224 $ (92 ) December 31, 2018 Obligations of the US government and US government sponsored agencies $ 175 $ - $ 113 $ - $ 288 $ - Obligations of states and political subdivisions - - 6,142 (103 ) 6,142 (103 ) Mortgage-backed securities 1,171 (24 ) 24,725 (628 ) 25,896 (652 ) Certificates of deposit - - 1,195 (55 ) 1,195 (55 ) Corporate debt securities 384 (2 ) 3,128 (53 ) 3,512 (55 ) Total $ 1,730 $ (26 ) $ 35,303 $ (839 ) $ 37,033 $ (865 ) At September 30, 2019, 15 twelve 8 twelve December 31, 2018, 79 twelve 6 twelve not not The Company regularly assesses the securities portfolio for other-than-temporary impairment (OTTI). The assessments are based on the nature of the securities, the underlying collateral, the financial condition of the issuer, the extent and duration of the loss, our intent related to the individual securities, and the likelihood that the Company will have to sell securities prior to expected recovery. The Company did not nine September 30, 2019 September 30, 2018. The amortized cost and fair value of available for sale securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities in mortgage-backed securities since the anticipated maturities are not not September 30, 2019 Amortized Cost Fair Value Due in one year or less $ 893 $ 902 Due after one year through 5 years 3,527 3,563 Due after 5 years through 10 years 4,227 4,284 Due after 10 years 3,498 3,520 Subtotal $ 12,145 $ 12,269 Mortgage-backed securities 31,830 32,334 Total $ 43,975 $ 44,603 Proceeds from sales of available for sale securities during the three September 30, 2019 September 30, 2018 $0 $1,188, nine September 30, 2019 September 30, 2018 $4,837 $7,625, three September 30, 2019 September 30, 2018 $0 $11, $0 $0 nine September 30, 2019 September 30, 2018 $22 $35, $25 $15, nine September 30, 2019 September 30, 2018, Available for sale securities with a fair value of $1,016 $960 September 30, 2019 December 31, 2018, |
Note 5 - Loans
Note 5 - Loans | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5 Loans Major classifications of loans are as follows: September 30, December 31, 2019 2018 Commercial Development $ 17,602 $ 7,801 Real estate 71,181 69,425 Commercial and industrial 11,273 13,142 Residential real estate and consumer 1-4 family owner-occupied 30,834 41,018 1-4 family investor-owned 29,373 32,312 Multifamily 32,064 34,467 Consumer 3,435 2,733 Subtotal $ 195,762 $ 200,898 Deferred loan fees (193 ) (86 ) Allowance for loan losses (2,262 ) (2,118 ) Net loans $ 193,307 $ 198,694 Analysis of the allowance for loan losses for the three nine September 30, 2019 2018 Three Months Ended Commercial Residential real estate and consumer Total Balance at June 30, 2019 $ 1,053 $ 1,199 $ 2,252 Provision for loan losses 44 1 45 Loans charged off - (36 ) (36 ) Recoveries of loans previously charged off - 1 1 Balance at September, 2019 $ 1,097 $ 1,165 $ 2,262 Balance at June 30, 2018 $ 806 $ 1,102 $ 1,908 Provision for loan losses 47 64 111 Loans charged off - - - Recoveries of loans previously charged off - 1 1 Balance at September 30, 2018 $ 853 $ 1,167 $ 2,020 Nine Months Ended Commercial Residential real estate and consumer Total Balance at December 31, 2018 $ 940 $ 1,178 $ 2,118 Provision for loan losses 157 43 200 Loans charged off - (57 ) (57 ) Recoveries of loans previously charged off - 1 1 Balance at September 30, 2019 $ 1,097 $ 1,165 $ 2,262 Balance at December 31, 2017 $ 660 $ 1,140 $ 1,800 Provision for loan losses 217 198 415 Loans charged off (24 ) (172 ) (196 ) Recoveries of loans previously charged off - 1 1 Balance at September 30, 2018 $ 853 $ 1,167 $ 2,020 Allowance for loan losses at September 30, 2019: Commercial Residential real estate and consumer Total Individually evaluated for impairment $ - $ 84 $ 84 Collectively evaluated for impairment 1,097 1,081 2,178 Total allowance for loan losses $ 1,097 $ 1,165 $ 2,262 Allowance for loan losses at December 31, 2018: Individually evaluated for impairment $ - $ - $ - Collectively evaluated for impairment 940 1,178 2,118 Total allowance for loan losses $ 940 $ 1,178 $ 2,118 September 30, 2019 Commercial Residential real estate and consumer Loans: Individually evaluated for impairment $ 816 $ 1,838 $ 2,654 Collectively evaluated for impairment 99,240 93,868 193,108 Total loans $ 100,056 $ 95,706 $ 195,762 December 31, 2018 Loans: Individually evaluated for impairment $ 87 $ 1,469 $ 1,556 Collectively evaluated for impairment 90,281 109,061 199,342 Total loans $ 90,368 $ 110,530 $ 200,898 Analysis for loans evaluated for impairment as of September 30, 2019 December 31, 2018, As of September 30, 2019 Principal Balance Recorded Investment Related Allowance Average Investment Interest Recognized Loans with related allowance for loan losses: Residential real estate and consumer 1-4 family investor-owned $ 419 $ 412 $ 84 $ 417 $ - Loans with no related allowance for loan losses: Commercial Commercial and industrial 819 816 - 825 11 Residential real estate and consumer 1-4 family owner-occupied 1,014 986 - 995 22 1-4 family investor-owned 402 346 - 353 - Consumer 105 94 - 101 - Total loans with no related allowance for loan losses 2,340 2,242 - 2,274 33 Total impaired loans $ 2,759 $ 2,654 $ 84 $ 2,686 $ 33 As of December 31, 2018 Principal Balance Recorded Investment Related Allowance Average Investment Interest Recognized Loans with no related allowance for loan losses: Commercial Commercial and industrial $ 89 $ 87 $ - $ 93 $ 5 Residential real estate and consumer 1-4 family owner-occupied 1,142 1,120 - 1,137 26 1-4 family investor-owned 248 241 - 246 - Consumer 114 108 - 114 - Total impaired loans $ 1,593 $ 1,556 $ - $ 1,590 $ 31 As of September 30, 2019 December 31, 2018, no The Company regularly evaluates various attributes of loans to determine the appropriateness of the allowance for loan losses. The credit quality indicators monitored differ depending on the class of loan. Commercial loans are generally evaluated using the following internally prepared ratings: “Pass” ratings are assigned to loans with adequate collateral and debt service ability such that collectability of the contractual loan payments is highly probable. “Special mention” ratings are assigned to loans where management has some concern that the collateral or debt service ability may not “Substandard” ratings are assigned to loans that do not no “Doubtful” ratings are assigned to loans that do not Residential real estate and consumer loans are generally evaluated based on whether or not Information regarding the credit quality indicators most closely monitored for commercial loans by class as of September 30, 2019 December 31, 2018, Pass Special Mention Substandard Doubtful Totals September 30, 2019 Development $ 17,602 $ - $ - $ - $ 17,602 Real estate 70,653 528 - - 71,181 Commercial and industrial 8,341 2,916 16 - 11,273 1-4 family investor-owned 28,615 - 758 - 29,373 Multifamily 32,064 - - - 32,064 Totals $ 157,275 $ 3,444 $ 774 $ - $ 161,493 December 31, 2018 Development $ 7,801 $ - $ - $ - $ 7,801 Real estate 69,425 - - - 69,425 Commercial and industrial 13,122 - 20 - 13,142 1-4 family investor-owned 30,558 1,353 401 - 32,312 Multifamily 34,467 - - - 34,467 Totals $ 155,373 $ 1,353 $ 421 $ - $ 157,147 Information regarding the credit quality indicators most closely monitored for residential real estate and consumer loans by class as of September 30, 2019 December 31, 2018, Performing Non-performing Totals September 30, 2019 1-4 family owner-occupied $ 29,531 $ 1,303 $ 30,834 Consumer 3,347 88 3,435 $ 32,878 $ 1,391 $ 34,269 December 31, 2018 1-4 family owner-occupied $ 39,919 $ 1,099 $ 41,018 Consumer 2,625 108 2,733 $ 42,544 $ 1,207 $ 43,751 Loan aging information as of September 30, 2019, Loans Past Due Loans Past Due Nonaccrual September 30, 2019 Current Loans 30-89 Days 90+ Days Total Loans Loans Commercial Development $ 17,602 $ - $ - $ 17,602 $ - Real estate 71,181 - - 71,181 - Commercial and industrial 11,257 16 - 11,273 16 Residential real estate and consumer 1-4 family owner-occupied 30,368 113 353 30,834 353 1-4 family investor-owned 29,253 120 - 29,373 758 Multifamily 32,064 - - 32,064 - Consumer 3,378 57 - 3,435 88 Total $ 195,103 $ 306 $ 353 $ 195,762 $ 1,215 Loan aging information as of December 31, 2018, Loans Past Due Loans Past Due Nonaccrual December 31, 2018 Current Loans 30-89 Days 90+ Days Total Loans Loans Commercial Development $ 7,801 $ - $ - $ 7,801 $ - Real estate 69,425 - - 69,425 - Commercial and industrial 13,076 66 - 13,142 20 Residential real estate and consumer 1-4 family owner-occupied 41,013 5 - 41,018 365 1-4 family investor-owned 32,069 243 - 32,312 241 Multifamily 34,467 - - 34,467 - Consumer 2,733 - - 2,733 94 Total $ 200,584 $ 314 $ - $ 200,898 $ 720 There were no ninety September 30, 2019 December 31, 2018. When, for economic or legal reasons related to the borrower’s financial difficulties, the Company grants a concession to the borrower that the Company would not may nine September 30, 2019, 1 4 $83, 1 4 $421, two $748 $0 No 12 nine September 30, 2019. December 31, 2018, two 1 4 $302, 1 4 $250, $20 $0 No 12 December 31, 2018. Management regularly monitors impaired loan relationships. In the event facts and circumstances change, an additional provision for loan losses may |
Note 6 - Deposits
Note 6 - Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 6 The composition of deposits are as follows: September 30, December 31, 2019 2018 Non-interest bearing checking $ 21,330 $ 22,763 Interest bearing checking 9,458 5,424 Money market 46,017 41,910 Statement savings accounts 12,899 13,773 Health savings accounts 10,728 11,197 Certificates of deposit 78,266 88,138 Total $ 178,698 $ 183,205 Certificates of deposit that meet or exceed the FDIC insurance limit of two hundred fifty thousand $29,540 $30,590 September 30, 2019 December 31, 2018, The scheduled maturities of certificates of deposit are as follows as of September 30, 2019: 2019 $ 23,508 2020 34,892 2021 14,791 2022 2,310 2023 1,983 2024 782 Total $ 78,266 |
Note 7 - FHLB Advances
Note 7 - FHLB Advances | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 7 FHLB advances consist of the following: September 30, 2019 December 31, 2018 Rates Amount Rates Amount Fixed rate, fixed term advances 1.42% - 2.70% $ 8,850 1.42% - 2.70% $ 11,750 Fixed term advances with floating spread 1.68% - 2.09% 6,000 1.54% - 2.05% 6,000 $ 14,850 $ 17,750 The following is a summary of scheduled maturities of fixed term FHLB advances as of September 30, 2019: Fixed Rate Advances Adjustable Rate Advances Weighted Average Rate Amount Weighted Average Rate Amount Total Amount 2019 1.69 % $ 1,350 1.68 % $ 2,000 $ 3,350 2020 2.34 % 6,000 1.83 % 2,000 8,000 2021 0.00 % - 2.09 % 2,000 2,000 2022 1.71 % 1,500 0.00 % - 1,500 Total 2.13 % $ 8,850 1.86 % $ 6,000 $ 14,850 Actual maturities may 1 4 $153,474 $158,923 1 4 September 30, 2019 December 31, 2018, $524 $739 September 30, 2019 December 31, 2018, At September 30, 2019 December 31, 2018, $178 $889, $5,000 $7,000 not September 30, 2019 December 31, 2018. |
Note 8 - Employee Stock Ownersh
Note 8 - Employee Stock Ownership Plan | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Employee Stock Ownership Plan [Text Block] | Note 8 The Company maintains a leveraged employee stock ownership plan (“ESOP”) that covers substantially all employees. The ESOP was established in conjunction with the Company’s stock offering completed in October 2017 December 31. nine September 30, 2019 2018, 9,720 September 30, 2019, $10.47 $102 nine September 30, 2019. September 30, 2018, $11.06 $108 nine September 30, 2018. The ESOP shares as of September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Shares allocated to active participants 15,907 2,947 Shares committed to be released and allocated to participants 9,720 12,960 Total unallocated shares 233,583 243,303 Total ESOP shares 259,210 259,210 Fair value of unallocated shares (based on $10.98 and $10.03 share price at September 30, 2019 and December 31, 2018, respectively) $ 2,565 $ 2,440 |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation Plans | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 9 ASC Topic 718 The following table summarizes the impact of the Company’s share-based payment plans in the financial statements for the period shown: Nine Months Ended September 30, 2019 Total cost of stock grant plan during the year $ 145 Total cost of stock option plan during the year 104 Total cost of share-based payment plans during the year $ 249 Amount of related income tax benefit recognized in income $ 68 The Company adopted the FFBW, Inc. 2018 “2018 2018. November 2018, 2018 129,605 324,012 September 30, 2019, 35,363 101,923 2018 may not Options are granted with an exercise price equal to no five 10 five 20% one The following table summarizes stock options activity for the nine September 30, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Options outstanding as of December 31, 2018 192,089 $ 10.81 Granted 30,000 10.64 Exercised - - Expired or canceled - - Forfeited - - Options outstanding as of September 30, 2019 222,089 $ 10.79 9.26 $ - Options exercisable as of September 30, 2019 - $ - - $ - The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model based on certain assumptions. Since the Company does not The following assumptions were used for options granted during the nine September 30, 2019: For the Nine Months Ended September 30, 2019 Risk-free interest rate 2.30 % Expected volatility 18.38 % Expected dividend yield 0 % Expected life of options (years) 7.5 Weighted average fair value per option of options granted during the year $ 2.90 The total intrinsic value of options exercised during the nine September 30, 2019 $0. The following is a summary of changes in restricted shares for the nine September 30, 2019: Number of Shares Weighted Average Grant Date Fair Value Shares outstanding as of December 31, 2018 84,242 $ 10.82 Granted 10,000 10.64 Exercised - - Forfeited - - Shares outstanding as of September 30, 2019 94,242 $ 10.80 The total intrinsic value of restricted shares that vested during the nine September 30, 2019 $0. As of September 30, 2019, $1.5 2018 September 30, 2019, 2.61 |
Note 10 - Regulatory Capital Ra
Note 10 - Regulatory Capital Ratios | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 10 Regulatory Capital Ratios The Bank is subject to various regulatory capital requirements administered by 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 assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1, 1, 1 December 31, 2018 September 30, 2019, As of September 30, 2019, December 31, 2018, no September 30, 2019 The Bank's actual capital amounts and ratios are presented in the following tables: Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Common Equity Tier 1 capital (to risk‑weighted assets) $ 49,706 24.2 % $ > > % $ > > % Tier 1 capital (to risk‑weighted assets) 49,706 24.2 > > > > Total capital (to risk‑weighted assets) 51,968 25.3 > > > > Tier 1 capital (to average assets) 49,706 19.4 > > > > December 31, 2018 Common Equity Tier 1 capital (to risk‑weighted assets) $ 48,502 23.7 % $ > > % $ > > % Tier 1 capital (to risk‑weighted assets) 48,502 23.7 > > > > Total capital (to risk‑weighted assets) 50,620 24.7 > > > > Tier 1 capital (to average assets) 48,502 18.4 > > > > |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 1 1 Fair Value Measurements Accounting standards describe three may Following is a brief description of each level of the fair value hierarchy: Level 1 Level 2 1 2 not 3 Level 3 one 3 Some assets and liabilities, such as available for sale securities, are measured at fair value on a recurring basis under accounting principles generally accepted in the United States. Other assets and liabilities, such as impaired loans, may Following is a description of the valuation methodology used for each asset measured at fair value on a recurring or nonrecurring basis, as well as the classification of the asset within the fair value hierarchy. Available for sale securities – may 1 2 1 1 2 2 Information regarding the fair value of assets measured at fair value on a recurring basis as of September 30, 2019 December 31, 2018 Recurring Fair Value Measurements Using Assets Measured at Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2019 Assets - Available for sale securities $ 44,603 $ - $ 44,603 $ - December 31, 2018 Assets - Available for sale securities $ 43,751 $ - $ 43,751 $ - Loans - not may not 2 3 Foreclosed Assets – not may may 2 3 3 Information regarding the fair value of assets measured at fair value on a nonrecurring basis as of September 30, 2019 December 31, 2018 Nonrecurring Fair Value Measurements Using Assets Measured at Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) As of September 30, 2019 Assets: Loans $ 328 $ - $ - $ 328 Foreclosed assets 84 - - 84 As of December 31, 2018 Assets : Loans $ - $ - $ - $ - Foreclosed assets 69 - - 69 The carrying value and estimated fair value of financial instruments at September 30, 2019 December 31, 2018 September 30, 2019 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 4,185 $ 4,185 $ - $ - Available for sale securities 44,603 - 44,603 - Loans held for sale 1,118 - 1,118 - Loans 193,307 - - 195,872 Accrued interest receivable 766 766 - - Cash value of life insurance 7,155 - - 7,155 Other equity investments 730 - - 730 Financial liabilities: Deposits 178,698 100,432 - 78,513 Advance payments by borrowers for taxes and insurance 1,125 1,125 - - FHLB advances 14,850 - - 14,835 Accrued interest payable 840 840 - - December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 4,488 $ 4,488 $ - $ - Available for sale securities 43,751 - 43,751 - Loans held for sale 679 - 679 - Loans 198,694 - - 199,048 Accrued interest receivable 768 768 - - Cash value of life insurance 7,007 - - 7,007 Other equity investments 739 - - 739 Financial liabilities: Deposits 183,205 95,067 - 87,531 Advance payments by borrowers for taxes and insurance 55 55 - - FHLB advances 17,750 - - 17,505 Accrued interest payable 70 70 - - Limitations – no not may not may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the fair values of securities, fair value of financial instruments, the valuation of other real estate owned and the valuation of deferred income tax assets. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Accounting Standards Codification ("ASC") 606, 606" The majority of the Company's revenue-generating transactions are not 606, not 606. 606, Service fees - The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Management reviewed the deposit account agreements, and determined that the agreements can be terminated at any time by either the Company or the account holder. Transaction fees, such as balance transfers, wires and overdraft charges are settled the day the performance obligation is satisfied. The Company's monthly service charges and maintenance fees are for services provided to the customer on a monthly basis and are considered a series of services that have the same pattern of transfer each month. The review of service charges assessed on deposit accounts included the amount of variable consideration that is a part of the monthly charges. It was found that the waiver of service charges due to insufficient funds and dormant account fees is immaterial and would not 606 not Interchange fees - Customers use a Bank-issued debit card to purchase goods and services, and the Company earns interchange fees on those transactions, typically a percentage of the sale amount of the transaction. The Company records the amount due when it receives the settlement from the payment network. Payments from the payment network are received and recorded into income on a daily basis. There are no 606 not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and balances due from banks and non-maturity deposits in the Federal Home Loan Bank of Chicago (FHLB). The Company may not |
Marketable Securities, Policy [Policy Text Block] | Available for Sale Securities Securities classified as available for sale are those securities that the Company intends to hold for an indefinite period of time, but not Declines in fair value of securities that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient enough to allow for any anticipated recovery in fair value. |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Loans Acquired in a Transfer The Company acquires loans (including debt securities) individually and in groups or portfolios. These loans are initially measured at fair value with no Certain acquired loans may At each reporting date, the Company continues to estimate cash flows expected to be collected for each loan or pool. If expected cash flows have decreased from the acquisition date estimate, the Company recognizes an allowance for loan losses. If expected cash flows have increased from the acquisition date estimate, the Company increases the amount of accretable yield to be recognized as interest income over the remaining life of the loan or pool. |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for deferred loan fees and costs, charge-offs, and an allowance for loan losses. Interest on loans is accrued and credited to income based on the unpaid principal balance. Loan-origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is discontinued when, in the opinion of management, there is an indication that the borrower may |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is maintained at the level considered adequate by management to provide for losses that are probable as of the balance sheet date. The allowance for loan losses is established through a provision for loan losses charged to expense as losses are estimated to have occurred. Loan losses are charged against the allowance when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the allowance. In determining the adequacy of the allowance balance, the Company makes evaluations of the loan portfolio and related off-balance sheet commitments, considers current economic conditions and historical loss experience, and reviews specific problem loans and other factors. When establishing the allowance for loan losses, management categorizes loans into risk categories generally based on the nature of the collateral and the basis of repayment. These risk categories and their relevant risk characteristics are as follows: Commercial development : third not not Commercial real estate : may not may Commercial and industrial : may not may 1 4 1 4 not 1 4 may may not may Multifamily real estate: five Consumer: may Management regularly evaluates the allowance for loan losses using the Company’s past loan loss experience, known and inherent risks in the loan portfolio, composition of the loan portfolio, adverse situations that may may A loan is impaired when, based on current information, it is probable that the Company will not not In addition, various regulatory agencies periodically review the allowance for loan losses. These agencies may |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings Loans are accounted for as troubled debt restructurings when a borrower is experiencing financial difficulties that lead to a restructuring of the loan, and the Company grants a “concession” to the borrower that they would not |
Finance Loan and Lease Receivables Held for Sale Foreclosed Assets [Policy Text Block] | Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value, less costs to sell, at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Provisions for depreciation are computed on straight-line and accelerated methods over the estimated useful lives of the assets. |
Other Equity Investments, Policy [Policy Text Block] | Other Equity Investments Other Equity Investments consist of Federal Home Loan Bank (“FHLB”) stock and Bankers’ Bank stock. The Company's investment in the FHLB stock is carried at cost, which approximates fair value. The Company is required to hold the stock as a member of the FHLB, and transfer of the stock is substantially restricted. The stock is evaluated for impairment on an annual basis. The Company is required to adjust its reported value of Bankers’ Bank stock, which is considered an equity security without a readily determinable market value, if a comparable transaction is observed. |
Income Tax, Policy [Policy Text Block] | Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not As changes in tax laws or rates are enacted, deferred income tax assets and liabilities are adjusted through the provision for income taxes. The differences relate principally to the allowances for loan losses, deferred compensation, depreciation, FHLB stock dividends and non-accrual interest. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The tax effects from an uncertain tax position can be recognized in the financial statements only if the position is more likely than not not not 50 no The Company's policy is to recognize interest and penalties related to income tax issues as components of income tax expense. During the periods shown, the Company did not |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Sales, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are expensed as incurred. |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income ( Loss ) Other comprehensive income (loss) is shown on the statements of comprehensive income (loss). The Company’s accumulated other comprehensive income (loss) is composed of the unrealized gain (loss) on securities available for sale, net of tax and is shown on the statements of changes in equity. Reclassification adjustments out of other comprehensive income (loss) for gains (losses) realized on sales of securities available for sale comprise the entire balance of “net gain (loss) on sale of securities” on the statements of income. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company has entered into off-balance-sheet financial instruments consisting of commitments to extend credit, unfunded commitments under lines of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. |
Life Insurance [Policy Text Block] | Life Insurance The Company has purchased life insurance policies on certain key executives. Life insurance is measured at the amount that could be realized under the insurance contract as of the balance sheet date, which is generally the cash surrender value of the policy. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Management has reviewed the Company’s operations for potential disclosure or financial statement impacts related to events occurring after September 30, 2019, no November 14, 2019. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 may may first The Company recently adopted the following Accounting Standards Updates (ASU) issued by the Financial Accounting Standards Board (FASB). ASU No. 2014 09, The objective of this new standard is to provide a common revenue standard for all entities that enter into contracts with customers to transfer goods, services, or nonfinancial assets. The Company adopted this new accounting standard for the effective January 1, 2019. not ASU No. 2016 01, ASU No. 2018 03, 825 10 ASU No. 2016 01 no may no no 2016 01 December 15, 2018, December 15, 2017. 2016 01 The following Accounting Standards Updates (ASUs) have been issued by the Financial Accounting Standards Board (FASB) and may ASU No. 2016 13, “Credit Losses (Topic 326 ASU No. 2019 04, Codification Improvements to Topic 326.” ASU No. 2019 05, ASU 2016 13 December 15, 2021. December 15, 2018. 2016 13 ASU No. 2016 02 , “Leases (Topic 842 ASU No. 2018 10 , "Codification Improvements to Topic 842." ASU No. 2018 11 , "Targeted Improvements" For lessees, Topic 842 842 2018 01, 2018 10 2018 11. 12 For lessors, Topic 842 one five none five two third not The new standard is effective for the Company on January 1, 2020, may 1 2 January 1, 2020 not not December 15, 2019. ASU No. 2018 13, 820 This ASU modifies the disclosure requirements on fair value measurements in Topic 820, December 15, 2019 no |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Net income $ 370 $ 349 $ 1,007 $ 825 Basic potential common shares Weighted average shares outstanding 6,580,622 6,612,500 6,638,791 6,612,500 Weighted average unallocated Employee Stock Ownership Plan Shares (235,720 ) (247,623 ) (238,928 ) (250,863 ) Basic weighted average shares outstanding 6,344,902 6,364,877 6,399,863 6,361,637 Dilutive potential common shares 3,821 - 3,821 - Dilutive weighted average shares outstanding 6,348,723 6,364,877 6,403,684 6,361,637 Basic earnings per share $ 0.06 $ 0.05 $ 0.16 $ 0.13 Diluted earnings per share $ 0.06 $ 0.05 $ 0.16 $ 0.13 |
Note 4 - Available for Sale S_2
Note 4 - Available for Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value September 30, 2019 Obligations of the US government and US government sponsored agencies $ 1,023 $ 23 $ - $ 1,046 Obligations of states and political subdivisions 7,543 52 (8 ) 7,587 Mortgage-backed securities 31,830 588 (84 ) 32,334 Certificates of deposit 1,500 20 - 1,520 Corporate debt securities 2,079 37 - 2,116 Total available for sale securities $ 43,975 $ 720 $ (92 ) $ 44,603 December 31, 2018 Obligations of the US government and US government sponsored agencies $ 1,299 $ 8 $ - $ 1,307 Obligations of states and political subdivisions 8,381 17 (103 ) 8,295 Mortgage-backed securities 29,164 24 (652 ) 28,536 Certificates of deposit 1,500 1 (55 ) 1,446 Corporate debt securities 4,220 2 (55 ) 4,167 Total available for sale securities $ 44,564 $ 52 $ (865 ) $ 43,751 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2019 Obligations of the US government and US government sponsored agencies $ - $ - $ - $ - $ - $ - Obligations of states and political subdivisions 994 (4 ) 1,068 (4 ) 2,062 (8 ) Mortgage-backed securities 2,855 (22 ) 5,307 (62 ) 8,162 (84 ) Certificates of deposit - - - - - - Corporate debt securities - - - - - - Total $ 3,849 $ (26 ) $ 6,375 $ (66 ) $ 10,224 $ (92 ) December 31, 2018 Obligations of the US government and US government sponsored agencies $ 175 $ - $ 113 $ - $ 288 $ - Obligations of states and political subdivisions - - 6,142 (103 ) 6,142 (103 ) Mortgage-backed securities 1,171 (24 ) 24,725 (628 ) 25,896 (652 ) Certificates of deposit - - 1,195 (55 ) 1,195 (55 ) Corporate debt securities 384 (2 ) 3,128 (53 ) 3,512 (55 ) Total $ 1,730 $ (26 ) $ 35,303 $ (839 ) $ 37,033 $ (865 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2019 Amortized Cost Fair Value Due in one year or less $ 893 $ 902 Due after one year through 5 years 3,527 3,563 Due after 5 years through 10 years 4,227 4,284 Due after 10 years 3,498 3,520 Subtotal $ 12,145 $ 12,269 Mortgage-backed securities 31,830 32,334 Total $ 43,975 $ 44,603 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, December 31, 2019 2018 Commercial Development $ 17,602 $ 7,801 Real estate 71,181 69,425 Commercial and industrial 11,273 13,142 Residential real estate and consumer 1-4 family owner-occupied 30,834 41,018 1-4 family investor-owned 29,373 32,312 Multifamily 32,064 34,467 Consumer 3,435 2,733 Subtotal $ 195,762 $ 200,898 Deferred loan fees (193 ) (86 ) Allowance for loan losses (2,262 ) (2,118 ) Net loans $ 193,307 $ 198,694 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended Commercial Residential real estate and consumer Total Balance at June 30, 2019 $ 1,053 $ 1,199 $ 2,252 Provision for loan losses 44 1 45 Loans charged off - (36 ) (36 ) Recoveries of loans previously charged off - 1 1 Balance at September, 2019 $ 1,097 $ 1,165 $ 2,262 Balance at June 30, 2018 $ 806 $ 1,102 $ 1,908 Provision for loan losses 47 64 111 Loans charged off - - - Recoveries of loans previously charged off - 1 1 Balance at September 30, 2018 $ 853 $ 1,167 $ 2,020 Nine Months Ended Commercial Residential real estate and consumer Total Balance at December 31, 2018 $ 940 $ 1,178 $ 2,118 Provision for loan losses 157 43 200 Loans charged off - (57 ) (57 ) Recoveries of loans previously charged off - 1 1 Balance at September 30, 2019 $ 1,097 $ 1,165 $ 2,262 Balance at December 31, 2017 $ 660 $ 1,140 $ 1,800 Provision for loan losses 217 198 415 Loans charged off (24 ) (172 ) (196 ) Recoveries of loans previously charged off - 1 1 Balance at September 30, 2018 $ 853 $ 1,167 $ 2,020 Allowance for loan losses at September 30, 2019: Commercial Residential real estate and consumer Total Individually evaluated for impairment $ - $ 84 $ 84 Collectively evaluated for impairment 1,097 1,081 2,178 Total allowance for loan losses $ 1,097 $ 1,165 $ 2,262 Allowance for loan losses at December 31, 2018: Individually evaluated for impairment $ - $ - $ - Collectively evaluated for impairment 940 1,178 2,118 Total allowance for loan losses $ 940 $ 1,178 $ 2,118 September 30, 2019 Commercial Residential real estate and consumer Loans: Individually evaluated for impairment $ 816 $ 1,838 $ 2,654 Collectively evaluated for impairment 99,240 93,868 193,108 Total loans $ 100,056 $ 95,706 $ 195,762 December 31, 2018 Loans: Individually evaluated for impairment $ 87 $ 1,469 $ 1,556 Collectively evaluated for impairment 90,281 109,061 199,342 Total loans $ 90,368 $ 110,530 $ 200,898 |
Impaired Financing Receivables [Table Text Block] | As of September 30, 2019 Principal Balance Recorded Investment Related Allowance Average Investment Interest Recognized Loans with related allowance for loan losses: Residential real estate and consumer 1-4 family investor-owned $ 419 $ 412 $ 84 $ 417 $ - Loans with no related allowance for loan losses: Commercial Commercial and industrial 819 816 - 825 11 Residential real estate and consumer 1-4 family owner-occupied 1,014 986 - 995 22 1-4 family investor-owned 402 346 - 353 - Consumer 105 94 - 101 - Total loans with no related allowance for loan losses 2,340 2,242 - 2,274 33 Total impaired loans $ 2,759 $ 2,654 $ 84 $ 2,686 $ 33 As of December 31, 2018 Principal Balance Recorded Investment Related Allowance Average Investment Interest Recognized Loans with no related allowance for loan losses: Commercial Commercial and industrial $ 89 $ 87 $ - $ 93 $ 5 Residential real estate and consumer 1-4 family owner-occupied 1,142 1,120 - 1,137 26 1-4 family investor-owned 248 241 - 246 - Consumer 114 108 - 114 - Total impaired loans $ 1,593 $ 1,556 $ - $ 1,590 $ 31 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Pass Special Mention Substandard Doubtful Totals September 30, 2019 Development $ 17,602 $ - $ - $ - $ 17,602 Real estate 70,653 528 - - 71,181 Commercial and industrial 8,341 2,916 16 - 11,273 1-4 family investor-owned 28,615 - 758 - 29,373 Multifamily 32,064 - - - 32,064 Totals $ 157,275 $ 3,444 $ 774 $ - $ 161,493 December 31, 2018 Development $ 7,801 $ - $ - $ - $ 7,801 Real estate 69,425 - - - 69,425 Commercial and industrial 13,122 - 20 - 13,142 1-4 family investor-owned 30,558 1,353 401 - 32,312 Multifamily 34,467 - - - 34,467 Totals $ 155,373 $ 1,353 $ 421 $ - $ 157,147 Performing Non-performing Totals September 30, 2019 1-4 family owner-occupied $ 29,531 $ 1,303 $ 30,834 Consumer 3,347 88 3,435 $ 32,878 $ 1,391 $ 34,269 December 31, 2018 1-4 family owner-occupied $ 39,919 $ 1,099 $ 41,018 Consumer 2,625 108 2,733 $ 42,544 $ 1,207 $ 43,751 |
Financing Receivable, Past Due [Table Text Block] | Loans Past Due Loans Past Due Nonaccrual September 30, 2019 Current Loans 30-89 Days 90+ Days Total Loans Loans Commercial Development $ 17,602 $ - $ - $ 17,602 $ - Real estate 71,181 - - 71,181 - Commercial and industrial 11,257 16 - 11,273 16 Residential real estate and consumer 1-4 family owner-occupied 30,368 113 353 30,834 353 1-4 family investor-owned 29,253 120 - 29,373 758 Multifamily 32,064 - - 32,064 - Consumer 3,378 57 - 3,435 88 Total $ 195,103 $ 306 $ 353 $ 195,762 $ 1,215 Loans Past Due Loans Past Due Nonaccrual December 31, 2018 Current Loans 30-89 Days 90+ Days Total Loans Loans Commercial Development $ 7,801 $ - $ - $ 7,801 $ - Real estate 69,425 - - 69,425 - Commercial and industrial 13,076 66 - 13,142 20 Residential real estate and consumer 1-4 family owner-occupied 41,013 5 - 41,018 365 1-4 family investor-owned 32,069 243 - 32,312 241 Multifamily 34,467 - - 34,467 - Consumer 2,733 - - 2,733 94 Total $ 200,584 $ 314 $ - $ 200,898 $ 720 |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | September 30, December 31, 2019 2018 Non-interest bearing checking $ 21,330 $ 22,763 Interest bearing checking 9,458 5,424 Money market 46,017 41,910 Statement savings accounts 12,899 13,773 Health savings accounts 10,728 11,197 Certificates of deposit 78,266 88,138 Total $ 178,698 $ 183,205 |
Time Deposit Maturities [Table Text Block] | 2019 $ 23,508 2020 34,892 2021 14,791 2022 2,310 2023 1,983 2024 782 Total $ 78,266 |
Note 7 - FHLB Advances (Tables)
Note 7 - FHLB Advances (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | September 30, 2019 December 31, 2018 Rates Amount Rates Amount Fixed rate, fixed term advances 1.42% - 2.70% $ 8,850 1.42% - 2.70% $ 11,750 Fixed term advances with floating spread 1.68% - 2.09% 6,000 1.54% - 2.05% 6,000 $ 14,850 $ 17,750 |
Schedule of Federal Home Loan Bank Advances, Maturities Summary [Table Text Block] | Fixed Rate Advances Adjustable Rate Advances Weighted Average Rate Amount Weighted Average Rate Amount Total Amount 2019 1.69 % $ 1,350 1.68 % $ 2,000 $ 3,350 2020 2.34 % 6,000 1.83 % 2,000 8,000 2021 0.00 % - 2.09 % 2,000 2,000 2022 1.71 % 1,500 0.00 % - 1,500 Total 2.13 % $ 8,850 1.86 % $ 6,000 $ 14,850 |
Note 8 - Employee Stock Owner_2
Note 8 - Employee Stock Ownership Plan (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | September 30, 2019 December 31, 2018 Shares allocated to active participants 15,907 2,947 Shares committed to be released and allocated to participants 9,720 12,960 Total unallocated shares 233,583 243,303 Total ESOP shares 259,210 259,210 Fair value of unallocated shares (based on $10.98 and $10.03 share price at September 30, 2019 and December 31, 2018, respectively) $ 2,565 $ 2,440 |
Note 9 - Share-based Compensa_2
Note 9 - Share-based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Nine Months Ended September 30, 2019 Total cost of stock grant plan during the year $ 145 Total cost of stock option plan during the year 104 Total cost of share-based payment plans during the year $ 249 Amount of related income tax benefit recognized in income $ 68 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Options outstanding as of December 31, 2018 192,089 $ 10.81 Granted 30,000 10.64 Exercised - - Expired or canceled - - Forfeited - - Options outstanding as of September 30, 2019 222,089 $ 10.79 9.26 $ - Options exercisable as of September 30, 2019 - $ - - $ - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Nine Months Ended September 30, 2019 Risk-free interest rate 2.30 % Expected volatility 18.38 % Expected dividend yield 0 % Expected life of options (years) 7.5 Weighted average fair value per option of options granted during the year $ 2.90 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Shares outstanding as of December 31, 2018 84,242 $ 10.82 Granted 10,000 10.64 Exercised - - Forfeited - - Shares outstanding as of September 30, 2019 94,242 $ 10.80 |
Note 10 - Regulatory Capital _2
Note 10 - Regulatory Capital Ratios (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Common Equity Tier 1 capital (to risk‑weighted assets) $ 49,706 24.2 % $ > > % $ > > % Tier 1 capital (to risk‑weighted assets) 49,706 24.2 > > > > Total capital (to risk‑weighted assets) 51,968 25.3 > > > > Tier 1 capital (to average assets) 49,706 19.4 > > > > December 31, 2018 Common Equity Tier 1 capital (to risk‑weighted assets) $ 48,502 23.7 % $ > > % $ > > % Tier 1 capital (to risk‑weighted assets) 48,502 23.7 > > > > Total capital (to risk‑weighted assets) 50,620 24.7 > > > > Tier 1 capital (to average assets) 48,502 18.4 > > > > |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Recurring Fair Value Measurements Using Assets Measured at Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2019 Assets - Available for sale securities $ 44,603 $ - $ 44,603 $ - December 31, 2018 Assets - Available for sale securities $ 43,751 $ - $ 43,751 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Nonrecurring Fair Value Measurements Using Assets Measured at Quoted Prices in Active Markets for Identical Instruments Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) As of September 30, 2019 Assets: Loans $ 328 $ - $ - $ 328 Foreclosed assets 84 - - 84 As of December 31, 2018 Assets : Loans $ - $ - $ - $ - Foreclosed assets 69 - - 69 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2019 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 4,185 $ 4,185 $ - $ - Available for sale securities 44,603 - 44,603 - Loans held for sale 1,118 - 1,118 - Loans 193,307 - - 195,872 Accrued interest receivable 766 766 - - Cash value of life insurance 7,155 - - 7,155 Other equity investments 730 - - 730 Financial liabilities: Deposits 178,698 100,432 - 78,513 Advance payments by borrowers for taxes and insurance 1,125 1,125 - - FHLB advances 14,850 - - 14,835 Accrued interest payable 840 840 - - December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 4,488 $ 4,488 $ - $ - Available for sale securities 43,751 - 43,751 - Loans held for sale 679 - 679 - Loans 198,694 - - 199,048 Accrued interest receivable 768 768 - - Cash value of life insurance 7,007 - - 7,007 Other equity investments 739 - - 739 Financial liabilities: Deposits 183,205 95,067 - 87,531 Advance payments by borrowers for taxes and insurance 55 55 - - FHLB advances 17,750 - - 17,505 Accrued interest payable 70 70 - - |
Note 2 - Nature of Business a_2
Note 2 - Nature of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 10, 2017 | Sep. 30, 2019 |
Stock Issued During Period, Shares, New Issues | 2,950,625 | |
Sale of Stock, Price Per Share | $ 10 | |
Payments of Stock Issuance Costs | $ 1,394 | |
Deferred Offering Costs | $ 241 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0 | |
FFBW Community Foundation [Member] | ||
Stock Issued During Period, Shares, New Issues | 25,000 | |
Percentage of Common Stock Outstanding to Bank Eligible Members | 45.00% | |
Percentage of Common Stock Subscribe to Adopt Employee Stock Ownership Plan | 3.92% | |
FFBW, MHC [Member] | ||
Percentage of Common Stock Outstanding Upon Completion of Reorganization and Stock Issuance | 55.00% |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 370 | $ 349 | $ 1,007 | $ 825 |
Weighted average shares outstanding (in shares) | 6,580,622 | 6,612,500 | 6,638,791 | 6,612,500 |
Weighted average unallocated Employee Stock Ownership Plan Shares (in shares) | (235,720) | (247,623) | (238,928) | (250,863) |
Basic weighted average shares outstanding (in shares) | 6,344,902 | 6,364,877 | 6,399,863 | 6,361,637 |
Dilutive potential common shares (in shares) | 3,821 | 3,821 | ||
Dilutive weighted average shares outstanding (in shares) | 6,348,723 | 6,364,877 | 6,403,684 | 6,361,637 |
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.16 | $ 0.13 |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.05 | $ 0.16 | $ 0.13 |
Note 4 - Available for Sale S_3
Note 4 - Available for Sale Securities (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 15 | 15 | 79 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 8 | 8 | 6 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 | $ 0 | |||
Proceeds from Sale of Available-for-sale Securities, Total | $ 0 | $ 1,188,000 | 4,837,000 | 7,625,000 | |
Available-for-sale Securities, Gross Realized Gains | 0 | 11,000 | 22,000 | 35,000 | |
Available-for-sale Securities, Gross Realized Losses | 0 | $ 0 | 25,000 | $ 15,000 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 1,016,000 | $ 1,016,000 | $ 960,000 |
Note 4 - Available for Sale S_4
Note 4 - Available for Sale Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized cost | $ 43,975 | $ 44,564 |
Gross unrealized gains | 720 | 52 |
Gross unrealized losses | (92) | (865) |
Estimated fair value | 44,603 | 43,751 |
US Government Corporations and Agencies Securities [Member] | ||
Amortized cost | 1,023 | 1,299 |
Gross unrealized gains | 23 | 8 |
Gross unrealized losses | ||
Estimated fair value | 1,046 | 1,307 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 7,543 | 8,381 |
Gross unrealized gains | 52 | 17 |
Gross unrealized losses | (8) | (103) |
Estimated fair value | 7,587 | 8,295 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost | 31,830 | 29,164 |
Gross unrealized gains | 588 | 24 |
Gross unrealized losses | (84) | (652) |
Estimated fair value | 32,334 | 28,536 |
Certificates of Deposit [Member] | ||
Amortized cost | 1,500 | 1,500 |
Gross unrealized gains | 20 | 1 |
Gross unrealized losses | (55) | |
Estimated fair value | 1,520 | 1,446 |
Corporate Debt Securities [Member] | ||
Amortized cost | 2,079 | 4,220 |
Gross unrealized gains | 37 | 2 |
Gross unrealized losses | (55) | |
Estimated fair value | $ 2,116 | $ 4,167 |
Note 4 - Available for Sale S_5
Note 4 - Available for Sale Securities - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Less Than 12 Months Fair Value | $ 3,849 | $ 1,730 |
Less Than 12 Months Unrealized Losses | (26) | (26) |
12 Months or More Fair Value | 6,375 | 35,303 |
12 Months or More Unrealized Losses | (66) | (839) |
Total Fair Value | 10,224 | 37,033 |
Total Unrealized Losses | (92) | (865) |
US Government Corporations and Agencies Securities [Member] | ||
Less Than 12 Months Fair Value | 175 | |
Less Than 12 Months Unrealized Losses | ||
12 Months or More Fair Value | 113 | |
12 Months or More Unrealized Losses | ||
Total Fair Value | 288 | |
Total Unrealized Losses | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Less Than 12 Months Fair Value | 994 | |
Less Than 12 Months Unrealized Losses | (4) | |
12 Months or More Fair Value | 1,068 | 6,142 |
12 Months or More Unrealized Losses | (4) | (103) |
Total Fair Value | 2,062 | 6,142 |
Total Unrealized Losses | (8) | (103) |
Collateralized Mortgage Backed Securities [Member] | ||
Less Than 12 Months Fair Value | 2,855 | 1,171 |
Less Than 12 Months Unrealized Losses | (22) | (24) |
12 Months or More Fair Value | 5,307 | 24,725 |
12 Months or More Unrealized Losses | (62) | (628) |
Total Fair Value | 8,162 | 25,896 |
Total Unrealized Losses | (84) | (652) |
Certificates of Deposit [Member] | ||
Less Than 12 Months Fair Value | ||
Less Than 12 Months Unrealized Losses | ||
12 Months or More Fair Value | 1,195 | |
12 Months or More Unrealized Losses | (55) | |
Total Fair Value | 1,195 | |
Total Unrealized Losses | (55) | |
Corporate Debt Securities [Member] | ||
Less Than 12 Months Fair Value | 384 | |
Less Than 12 Months Unrealized Losses | (2) | |
12 Months or More Fair Value | 3,128 | |
12 Months or More Unrealized Losses | (53) | |
Total Fair Value | 3,512 | |
Total Unrealized Losses | $ (55) |
Note 4 - Available for Sale S_6
Note 4 - Available for Sale Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Due in one year or less, amortized cost | $ 893 | |
Due in one year or less, fair value | 902 | |
Due after one year through 5 years, amortized cost | 3,527 | |
Due after one year through 5 years, fair value | 3,563 | |
Due after 5 years through 10 years, amortized cost | 4,227 | |
Due after 5 years through 10 years, fair value | 4,284 | |
Due after 10 years, amortized cost | 3,498 | |
Due after 10 years, fair value | 3,520 | |
Subtotal, amortized cost | 12,145 | |
Subtotal, fair value | 12,269 | |
Amortized cost | 43,975 | $ 44,564 |
Estimated fair value | 44,603 | 43,751 |
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost | 31,830 | 29,164 |
Estimated fair value | $ 32,334 | $ 28,536 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | |
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 0 | $ 0 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | 0 | |
Financing Receivable Modifications Specific Reserves | $ 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | |||
Financing Receivable, Troubled Debt Restructuring | $ 83,000 | $ 302,000 | |
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | |||
Financing Receivable, Troubled Debt Restructuring | 421,000 | $ 250,000 | |
Financing Receivable Modifications Specific Reserves | $ 0 | ||
Residential Real Estate and Consumer [Member] | Consumer [Member] | |||
Financing Receivable, Troubled Debt Restructuring | $ 20,000 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Troubled Debt Restructuring | $ 748,000 |
Note 5 - Loans - Major Classifi
Note 5 - Loans - Major Classifications of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Subtotal | $ 195,762 | $ 200,898 | ||||
Deferred loan fees | (193) | (86) | ||||
Allowance for loan losses | (2,262) | $ (2,252) | (2,118) | $ (2,020) | $ (1,908) | $ (1,800) |
Net loans | 193,307 | 198,694 | ||||
Commercial Portfolio Segment [Member] | ||||||
Subtotal | 100,056 | 90,368 | ||||
Allowance for loan losses | (1,097) | (1,053) | (940) | (853) | (806) | (660) |
Commercial Portfolio Segment [Member] | Development [Member] | ||||||
Subtotal | 17,602 | 7,801 | ||||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||||||
Subtotal | 71,181 | 69,425 | ||||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||||
Subtotal | 11,273 | 13,142 | ||||
Residential Real Estate and Consumer [Member] | ||||||
Subtotal | 95,706 | 110,530 | ||||
Allowance for loan losses | (1,165) | $ (1,199) | (1,178) | $ (1,167) | $ (1,102) | $ (1,140) |
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | ||||||
Subtotal | 30,834 | 41,018 | ||||
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | ||||||
Subtotal | 29,373 | 32,312 | ||||
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | ||||||
Subtotal | 32,064 | 34,467 | ||||
Residential Real Estate and Consumer [Member] | Consumer [Member] | ||||||
Subtotal | $ 3,435 | $ 2,733 |
Note 5 - Loans - Allowance for
Note 5 - Loans - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Balance | $ 2,252 | $ 1,908 | $ 2,118 | $ 1,800 | ||
Provision for loan losses | 45 | 111 | 200 | 415 | ||
Loans charged off | (36) | (57) | (196) | |||
Recoveries of loans previously charged off | 1 | 1 | 1 | 1 | ||
Balance | 2,262 | 2,020 | 2,262 | 2,020 | ||
Allowance for loan losses, individually evaluated for impairment | $ 84 | |||||
Allowance for loan losses, collectively evaluated for impairment | 2,178 | 2,118 | ||||
Total allowance for loan losses | 2,262 | 1,908 | 2,262 | 2,020 | 2,262 | 2,118 |
Loans, individually evaluated for impairment | 2,654 | 1,556 | ||||
Loans, collectively evaluated for impairment | 193,108 | 199,342 | ||||
Total loans | 195,762 | 200,898 | ||||
Commercial Portfolio Segment [Member] | ||||||
Balance | 1,053 | 806 | 940 | 660 | ||
Provision for loan losses | 44 | 47 | 157 | 217 | ||
Loans charged off | (24) | |||||
Recoveries of loans previously charged off | ||||||
Balance | 1,097 | 853 | 1,097 | 853 | ||
Allowance for loan losses, individually evaluated for impairment | ||||||
Allowance for loan losses, collectively evaluated for impairment | 1,097 | 940 | ||||
Total allowance for loan losses | 1,053 | 806 | 1,097 | 853 | 1,097 | 940 |
Loans, individually evaluated for impairment | 816 | 87 | ||||
Loans, collectively evaluated for impairment | 99,240 | 90,281 | ||||
Total loans | 100,056 | 90,368 | ||||
Residential Real Estate and Consumer [Member] | ||||||
Balance | 1,199 | 1,102 | 1,178 | 1,140 | ||
Provision for loan losses | 1 | 64 | 43 | 198 | ||
Loans charged off | (36) | (57) | (172) | |||
Recoveries of loans previously charged off | 1 | 1 | 1 | 1 | ||
Balance | 1,165 | 1,167 | 1,165 | 1,167 | ||
Allowance for loan losses, individually evaluated for impairment | 84 | |||||
Allowance for loan losses, collectively evaluated for impairment | 1,081 | 1,178 | ||||
Total allowance for loan losses | $ 1,199 | $ 1,102 | $ 1,165 | $ 1,167 | 1,165 | 1,178 |
Loans, individually evaluated for impairment | 1,838 | 1,469 | ||||
Loans, collectively evaluated for impairment | 93,868 | 109,061 | ||||
Total loans | $ 95,706 | $ 110,530 |
Note 5 - Loans - Impaired Finan
Note 5 - Loans - Impaired Financing Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Related allowance | $ 84 | |
Principal balance with no related allowance | 2,340 | |
Recorded investment with no related allowance | 2,242 | |
Average investment with no related allowance | 2,274 | |
Interest recognized with no related allowance | 33 | |
Principal balance | 2,759 | $ 1,593 |
Recorded investment | 2,654 | 1,556 |
Average investment | 2,686 | 1,590 |
Interest recognized | 33 | 31 |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | ||
Principal balance with related allowance | 419 | |
Recorded investment with related allowance | 412 | |
Related allowance | 84 | |
Average investment with related allowance | 417 | |
Interest recognized with related allowance | ||
Principal balance with no related allowance | 402 | 248 |
Recorded investment with no related allowance | 346 | 241 |
Average investment with no related allowance | 353 | 246 |
Interest recognized with no related allowance | ||
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | ||
Principal balance with no related allowance | 1,014 | 1,142 |
Recorded investment with no related allowance | 986 | 1,120 |
Average investment with no related allowance | 995 | 1,137 |
Interest recognized with no related allowance | 22 | 26 |
Residential Real Estate and Consumer [Member] | Consumer [Member] | ||
Principal balance with no related allowance | 105 | 114 |
Recorded investment with no related allowance | 94 | 108 |
Average investment with no related allowance | 101 | 114 |
Interest recognized with no related allowance | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Principal balance with no related allowance | 819 | 89 |
Recorded investment with no related allowance | 816 | 87 |
Average investment with no related allowance | 825 | 93 |
Interest recognized with no related allowance | $ 11 | $ 5 |
Note 5 - Loans - Credit Quality
Note 5 - Loans - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total loans for credit quality indicators | $ 161,493 | $ 157,147 |
Pass [Member] | ||
Total loans for credit quality indicators | 157,275 | 155,373 |
Special Mention [Member] | ||
Total loans for credit quality indicators | 3,444 | 1,353 |
Substandard [Member] | ||
Total loans for credit quality indicators | 774 | 421 |
Doubtful [Member] | ||
Total loans for credit quality indicators | ||
Commercial Portfolio Segment [Member] | Development [Member] | ||
Total loans for credit quality indicators | 17,602 | 7,801 |
Commercial Portfolio Segment [Member] | Development [Member] | Pass [Member] | ||
Total loans for credit quality indicators | 17,602 | 7,801 |
Commercial Portfolio Segment [Member] | Development [Member] | Special Mention [Member] | ||
Total loans for credit quality indicators | ||
Commercial Portfolio Segment [Member] | Development [Member] | Substandard [Member] | ||
Total loans for credit quality indicators | ||
Commercial Portfolio Segment [Member] | Development [Member] | Doubtful [Member] | ||
Total loans for credit quality indicators | ||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Total loans for credit quality indicators | 71,181 | 69,425 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Pass [Member] | ||
Total loans for credit quality indicators | 70,653 | 69,425 |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Special Mention [Member] | ||
Total loans for credit quality indicators | 528 | |
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Substandard [Member] | ||
Total loans for credit quality indicators | ||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Doubtful [Member] | ||
Total loans for credit quality indicators | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total loans for credit quality indicators | 11,273 | 13,142 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Total loans for credit quality indicators | 8,341 | 13,122 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Total loans for credit quality indicators | 2,916 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Total loans for credit quality indicators | 16 | 20 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ||
Total loans for credit quality indicators | ||
Residential Real Estate and Consumer [Member] | ||
Total loans for credit quality indicators | 34,269 | 43,751 |
Residential Real Estate and Consumer [Member] | Performing Financial Instruments [Member] | ||
Total loans for credit quality indicators | 32,878 | 42,544 |
Residential Real Estate and Consumer [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans for credit quality indicators | 1,391 | 1,207 |
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | ||
Total loans for credit quality indicators | 30,834 | 41,018 |
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | Performing Financial Instruments [Member] | ||
Total loans for credit quality indicators | 29,531 | 39,919 |
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans for credit quality indicators | 1,303 | 1,099 |
Residential Real Estate and Consumer [Member] | Consumer [Member] | ||
Total loans for credit quality indicators | 3,435 | 2,733 |
Residential Real Estate and Consumer [Member] | Consumer [Member] | Performing Financial Instruments [Member] | ||
Total loans for credit quality indicators | 3,347 | 2,625 |
Residential Real Estate and Consumer [Member] | Consumer [Member] | Nonperforming Financial Instruments [Member] | ||
Total loans for credit quality indicators | 88 | 108 |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | ||
Total loans for credit quality indicators | 29,373 | 32,312 |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | Pass [Member] | ||
Total loans for credit quality indicators | 28,615 | 30,558 |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | Special Mention [Member] | ||
Total loans for credit quality indicators | 1,353 | |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | Substandard [Member] | ||
Total loans for credit quality indicators | 758 | 401 |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | Doubtful [Member] | ||
Total loans for credit quality indicators | ||
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | ||
Total loans for credit quality indicators | 32,064 | 34,467 |
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | Pass [Member] | ||
Total loans for credit quality indicators | 32,064 | 34,467 |
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | Special Mention [Member] | ||
Total loans for credit quality indicators | ||
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | Substandard [Member] | ||
Total loans for credit quality indicators | ||
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | Doubtful [Member] | ||
Total loans for credit quality indicators |
Note 5 - Loans - Loans Aging In
Note 5 - Loans - Loans Aging Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current loans | $ 195,103 | $ 200,584 |
Loans past due | 195,762 | 200,898 |
Nonaccrual loans | 1,215 | 720 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | 306 | 314 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 353 | |
Commercial Portfolio Segment [Member] | Development [Member] | ||
Current loans | 17,602 | 7,801 |
Loans past due | 17,602 | 7,801 |
Nonaccrual loans | ||
Commercial Portfolio Segment [Member] | Development [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | ||
Current loans | 71,181 | 69,425 |
Loans past due | 71,181 | 69,425 |
Nonaccrual loans | ||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | Real Estate Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Current loans | 11,257 | 13,076 |
Loans past due | 11,273 | 13,142 |
Nonaccrual loans | 16 | 20 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | 16 | 66 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | ||
Current loans | 30,368 | 41,013 |
Loans past due | 30,834 | 41,018 |
Nonaccrual loans | 353 | 365 |
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | 113 | 5 |
Residential Real Estate and Consumer [Member] | One to Four Family Owner-occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 353 | |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | ||
Current loans | 29,253 | 32,069 |
Loans past due | 29,373 | 32,312 |
Nonaccrual loans | 758 | 241 |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | 120 | 243 |
Residential Real Estate and Consumer [Member] | One to Four Family Investor-owned [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | ||
Current loans | 32,064 | 34,467 |
Loans past due | 32,064 | 34,467 |
Nonaccrual loans | ||
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | ||
Residential Real Estate and Consumer [Member] | Multifamily Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Residential Real Estate and Consumer [Member] | Consumer [Member] | ||
Current loans | 3,378 | 2,733 |
Loans past due | 3,435 | 2,733 |
Nonaccrual loans | 88 | 94 |
Residential Real Estate and Consumer [Member] | Consumer [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Loans past due | 57 | |
Residential Real Estate and Consumer [Member] | Consumer [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due |
Note 6 - Deposits (Details Text
Note 6 - Deposits (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Time Deposits, at or Above FDIC Insurance Limit | $ 29,540 | $ 30,590 |
Note 6 - Deposits - Composition
Note 6 - Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Non-interest bearing checking | $ 21,330 | $ 22,763 |
Interest bearing checking | 9,458 | 5,424 |
Money market | 46,017 | 41,910 |
Statement savings accounts | 12,899 | 13,773 |
Health savings accounts | 10,728 | 11,197 |
Certificates of deposit | 78,266 | 88,138 |
Total | $ 178,698 | $ 183,205 |
Note 6 - Deposits - Maturities
Note 6 - Deposits - Maturities of Certificates of Deposit (Details) $ in Thousands | Sep. 30, 2019USD ($) |
2019 | $ 23,508 |
2020 | 34,892 |
2021 | 14,791 |
2022 | 2,310 |
2023 | 1,983 |
2024 | 782 |
Total | $ 78,266 |
Note 7 - FHLB Advances (Details
Note 7 - FHLB Advances (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 153,474 | $ 158,923 |
Federal Home Loan Bank Advances, Total | 524 | 739 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 178 | 889 |
Federal Home Loan Bank Advances, Federal Funds Line of Credit not Withdrawn | 7,000 | 7,000 |
Bankers' Bank of Wisconsin [Member] | ||
Federal Home Loan Bank Advances, Total | 0 | 0 |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | $ 5,000 |
Note 7 - FHLB Advances - FHLB A
Note 7 - FHLB Advances - FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fixed rate, fixed term advances, amount | $ 8,850 | $ 11,750 |
Fixed term advances with floating spread, amount | 6,000 | 6,000 |
FHLB advances | $ 14,850 | $ 17,750 |
Minimum [Member] | ||
Fixed rate, fixed term advances rate | 1.42% | 1.42% |
Fixed term advances with floating spread | 1.68% | 1.54% |
Maximum [Member] | ||
Fixed rate, fixed term advances rate | 2.70% | 2.70% |
Fixed term advances with floating spread | 2.09% | 2.05% |
Note 7 - FHLB Advances - Summar
Note 7 - FHLB Advances - Summary of Scheduled Maturities of Fixed Term FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fixed rate advances, amount, 2019 | $ 1,350 | |
Adjustable rate advances, amount, 2019 | 2,000 | |
2019 | 3,350 | |
Fixed rate advances, amount, 2020 | 6,000 | |
Adjustable rate advances, amount, 2020 | 2,000 | |
2020 | 8,000 | |
Fixed rate advances, amount, 2021 | ||
Adjustable rate advances, amount, 2021 | 2,000 | |
2021 | 2,000 | |
Fixed rate advances, amount,2022 | 1,500 | |
Adjustable rate advances, amount, 2022 | ||
2022 | 1,500 | |
Fixed rate advances, amount, Total | 8,850 | |
Adjustable rate advances, amount, Total | 6,000 | |
Total | $ 14,850 | $ 17,750 |
Weighted Average [Member] | ||
Fixed rate advances, weighted average rate, 2019 | 1.69% | |
Adjustable rate advances, weighted average rate, 2019 | 1.68% | |
Fixed rate advances, weighted average rate, 2020 | 2.34% | |
Adjustable rate advances, weighted average rate, 2020 | 1.83% | |
Fixed rate advances, weighted average rate, 2021 | 0.00% | |
Adjustable rate advances, weighted average rate, 2021 | 2.09% | |
Fixed rate advances, weighted average rate, 2022 | 1.71% | |
Adjustable rate advances, weighted average rate, 2022 | 0.00% | |
Fixed rate, fixed term advances rate | 2.13% | |
Adjustable rate advances, weighted average rate, Total | 1.86% |
Note 8 - Employee Stock Owner_3
Note 8 - Employee Stock Ownership Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | 9,720 | 9,720 |
Average Fair Value of Per Share | $ 10.47 | $ 11.06 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 102 | $ 108 |
Note 8 - Employee Stock Owner_4
Note 8 - Employee Stock Ownership Plan - ESOP Shares (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Shares allocated to active participants (in shares) | 15,907 | 2,947 |
Shares committed to be released and allocated to participants (in shares) | 9,720 | 12,960 |
Total unallocated shares (in shares) | 233,583 | 243,303 |
Total ESOP shares (in shares) | 259,210 | 259,210 |
Fair value of unallocated shares (based on $10.98 and $10.03 share price at September 30, 2019 and December 31, 2018, respectively) | $ 2,565 | $ 2,440 |
Note 8 - Employee Stock Owner_5
Note 8 - Employee Stock Ownership Plan - ESOP Shares (Details) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Share price (in dollars per share) | $ 10.98 | $ 10.03 |
Note 9 - Share-based Compensa_3
Note 9 - Share-based Compensation Plans (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Nov. 30, 2018 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,500,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 222 days | |
The 2018 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | |
The 2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 129,605 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 35,363 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 0 | |
The 2018 Equity Incentive Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |
The 2018 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 324,012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 101,923 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 9 - Share-based Compensa_4
Note 9 - Share-based Compensation Plans - Impact of Share-based Payment Plans in Financial Statements (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cost of share-based payment plans | $ 249 |
Amount of related income tax benefit recognized in income | 68 |
Restricted Stock [Member] | |
Cost of share-based payment plans | 145 |
Share-based Payment Arrangement, Option [Member] | |
Cost of share-based payment plans | $ 104 |
Note 9 - Share-based Compensa_5
Note 9 - Share-based Compensation Plans - Stock Options Activity (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Options outstanding, number of options (in shares) | shares | 192,089 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 10.81 |
Granted, number of options (in shares) | shares | 30,000 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 10.64 |
Exercised, number of options (in shares) | shares | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | |
Expired or canceled, number of options (in shares) | shares | |
Expired or canceled, weighted average exercise price (in dollars per share) | $ / shares | |
Forfeited, number of options (in shares) | shares | |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Options outstanding, number of options (in shares) | shares | 222,089 |
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 10.79 |
Options outstanding, weighted average remaining contractual term (Year) | 9 years 94 days |
Options exercisable, number of options (in shares) | shares | |
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares |
Note 9 - Share-based Compensa_6
Note 9 - Share-based Compensation Plans - Assumptions (Details) | 9 Months Ended |
Sep. 30, 2019$ / shares | |
Risk-free interest rate | 2.30% |
Expected volatility | 18.38% |
Expected dividend yield | 0.00% |
Expected life of options (years) (Year) | 7 years 182 days |
Weighted average fair value per option of options granted during the year (in dollars per share) | $ 2.90 |
Note 9 - Share-based Compensa_7
Note 9 - Share-based Compensation Plans - Summary of Changes in Restricted Shares (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Shares outstanding, number of shares (in shares) | shares | 84,242 |
Shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.82 |
Granted, number of shares (in shares) | shares | 10,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.64 |
Shares outstanding, number of shares (in shares) | shares | 94,242 |
Shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.80 |
Note 10 - Regulatory Capital _3
Note 10 - Regulatory Capital Ratios - Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Common Equity Tier 1 capital (to risk-weighted assets) | $ 49,706 | $ 48,502 |
Common Equity Tier 1 capital (to risk-weighted assets), ratio | 24.20% | 23.70% |
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy | $ 9,256 | $ 9,209 |
Common Equity Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio | 4.50% | 4.50% |
Common Equity Tier 1 capital (to risk-weighted assets), to be capitalized | $ 13,370 | $ 13,302 |
Common Equity Tier 1 capital (to risk-weighted assets), to be capitalized, ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets) | $ 49,706 | $ 48,502 |
Tier 1 capital (to risk-weighted assets), ratio | 24.20% | 23.70% |
Tier 1 capital (to risk-weighted assets), for capital adequacy | $ 12,342 | $ 12,279 |
Tier 1 capital (to risk-weighted assets), for capital adequacy, ratio | 6.00% | 6.00% |
Tier 1 capital (to risk-weighted assets), to be capitalized | $ 16,456 | $ 16,372 |
Tier 1 capital (to risk-weighted assets), to be capitalized, ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets) | $ 51,968 | $ 50,620 |
Total capital (to risk-weighted assets), ratio | 25.30% | 24.70% |
Total capital (to risk-weighted assets), for capital adequacy | $ 16,456 | $ 16,372 |
Total capital (to risk-weighted assets), for capital adequacy, ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), to be capitalized | $ 20,570 | $ 20,465 |
Total capital (to risk-weighted assets), to be capitalized, ratio | 10.00% | 10.00% |
Tier 1 capital (to average assets) | $ 49,706 | $ 48,502 |
Tier 1 capital (to average assets), ratio | 19.40% | 18.40% |
Tier 1 capital (to average assets), for capital adequacy | $ 10,267 | $ 10,542 |
Tier 1 capital (to average assets), for capital adequacy, ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), to be capitalized | $ 12,834 | $ 13,178 |
Tier 1 capital (to average assets), to be capitalized, ratio | 5.00% | 5.00% |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements - Fair Value of Assets on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets - Available for sale securities | $ 44,603 | $ 43,751 |
Fair Value, Recurring [Member] | ||
Assets - Available for sale securities | 44,603 | 43,751 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets - Available for sale securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets - Available for sale securities | 44,603 | 43,751 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets - Available for sale securities |
Note 11 - Fair Value Measurem_4
Note 11 - Fair Value Measurements - Fair Value of Assets on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans | $ 328 | |
Foreclosed assets | 84 | 69 |
Fair Value, Inputs, Level 1 [Member] | ||
Loans | ||
Foreclosed assets | ||
Fair Value, Inputs, Level 2 [Member] | ||
Loans | ||
Foreclosed assets | ||
Fair Value, Inputs, Level 3 [Member] | ||
Loans | 328 | |
Foreclosed assets | $ 84 | $ 69 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Estimated fair value | $ 44,603 | $ 43,751 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 4,185 | 4,488 |
Estimated fair value | 44,603 | 43,751 |
Loans held for sale | 1,118 | 679 |
Loans | 193,307 | 198,694 |
Accrued interest receivable | 766 | 768 |
Cash value of life insurance | 7,155 | 7,007 |
Other equity investments | 730 | 739 |
Deposits | 178,698 | 183,205 |
Advance payments by borrowers for taxes and insurance | 1,125 | 55 |
FHLB advances | 14,850 | 17,750 |
Accrued interest payable | 840 | 70 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 4,185 | 4,488 |
Estimated fair value | ||
Loans held for sale | ||
Loans | ||
Accrued interest receivable | 766 | 768 |
Cash value of life insurance | ||
Other equity investments | ||
Deposits | 100,432 | 95,067 |
Advance payments by borrowers for taxes and insurance | 1,125 | 55 |
FHLB advances | ||
Accrued interest payable | 840 | 70 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Estimated fair value | 44,603 | 43,751 |
Loans held for sale | 1,118 | 679 |
Loans | ||
Accrued interest receivable | ||
Cash value of life insurance | ||
Other equity investments | ||
Deposits | ||
Advance payments by borrowers for taxes and insurance | ||
FHLB advances | ||
Accrued interest payable | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Estimated fair value | ||
Loans held for sale | ||
Loans | 195,872 | 199,048 |
Accrued interest receivable | ||
Cash value of life insurance | 7,155 | 7,007 |
Other equity investments | 730 | 739 |
Deposits | 78,513 | 87,531 |
Advance payments by borrowers for taxes and insurance | ||
FHLB advances | 14,835 | 17,505 |
Accrued interest payable |