Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 04, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | NORTHWEST INDIANA BANCORP | ||
Entity Central Index Key | 919,864 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 98,107,924 | ||
Trading Symbol | NWIN | ||
Entity Common Stock, Shares Outstanding | 3,452,199 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and non-interest bearing deposits in other financial institutions | $ 13,260 | $ 10,529 |
Interest bearing deposits in other financial institutions | 3,116 | 139 |
Federal funds sold | 763 | 357 |
Total cash and cash equivalents | 17,139 | 11,025 |
Certificates of deposit in other financial institutions | 2,024 | 1,676 |
Securities available-for-sale | 241,768 | 244,490 |
Loans held-for-sale | 2,863 | 1,592 |
Loans receivable | 764,400 | 620,211 |
Less: allowance for loan losses | (7,962) | (7,482) |
Net loans receivable | 756,438 | 612,729 |
Federal Home Loan Bank stock | 3,460 | 3,000 |
Accrued interest receivable | 3,632 | 3,262 |
Premises and equipment | 24,824 | 19,559 |
Foreclosed real estate | 1,627 | 1,699 |
Cash value of bank owned life insurance | 23,142 | 19,355 |
Goodwill | 8,170 | 2,792 |
Other assets | 11,071 | 6,080 |
Total assets | 1,096,158 | 927,259 |
Deposits: | ||
Non-interest bearing | 127,277 | 120,556 |
Interest bearing | 802,509 | 672,448 |
Total | 929,786 | 793,004 |
Repurchase agreements | 11,628 | 11,300 |
Borrowed funds | 43,000 | 20,881 |
Accrued expenses and other liabilities | 10,280 | 10,014 |
Total liabilities | 994,694 | 835,199 |
Stockholders' Equity: | ||
Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2018 - 3,029,157 December 31, 2017 - 2,864,507 | ||
Additional paid-in capital | 11,927 | 4,867 |
Accumulated other comprehensive (loss) income | (2,796) | 684 |
Retained earnings | 92,333 | 86,509 |
Total stockholders' equity | 101,464 | 92,060 |
Total liabilities and stockholders' equity | $ 1,096,158 | $ 927,259 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,029,157 | 2,864,507 |
Common stock, shares outstanding | 3,029,157 | 2,864,507 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans receivable | ||
Real estate loans | $ 27,091 | $ 22,697 |
Commercial loans | 5,079 | 4,143 |
Consumer loans | 222 | 19 |
Total loan interest | 32,392 | 26,859 |
Securities | 6,881 | 6,434 |
Other interest earning assets | 177 | 65 |
Total interest income | 39,450 | 33,358 |
Interest expense: | ||
Deposits | 3,799 | 2,059 |
Repurchase agreements | 176 | 113 |
Borrowed funds | 1,116 | 420 |
Total interest expense | 5,091 | 2,592 |
Net interest income | 34,359 | 30,766 |
Provision for loan losses | 1,308 | 1,200 |
Net interest income after provision for loan losses | 33,051 | 29,566 |
Noninterest income: | ||
Fees and service charges | 3,866 | 3,311 |
Wealth management operations | 1,696 | 1,711 |
Gain on sale of loans held-for-sale, net | 1,619 | 1,200 |
Gain on sale of securities, net | 1,200 | 860 |
Increase in cash value of bank owned life insurance | 494 | 460 |
Gain on sale of foreclosed real estate | 54 | 103 |
Other | 170 | 107 |
Total noninterest income | 9,099 | 7,752 |
Noninterest expense: | ||
Compensation and benefits | 16,412 | 14,219 |
Occupancy and equipment | 3,653 | 3,281 |
Data processing | 2,467 | 1,453 |
Marketing | 707 | 595 |
Professional services | 713 | 443 |
Statement and check processing | 414 | 383 |
Federal deposit insurance premiums | 410 | 336 |
Other | 6,607 | 4,778 |
Total noninterest expense | 31,383 | 25,488 |
Income before income tax expenses | 10,767 | 11,830 |
Income tax expenses | 1,430 | 2,869 |
Net income | $ 9,337 | $ 8,961 |
Earnings per common share: | ||
Basic | $ 3.17 | $ 3.13 |
Diluted | 3.17 | 3.13 |
Dividends declared per common share | $ 1.19 | $ 1.15 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 9,337 | $ 8,961 |
Net change in net unrealized gains and losses on securities available-for-sale: | ||
Unrealized gain/(loss) arising during the period | (3,211) | 4,009 |
Less: reclassification adjustment for gains included in net income | (1,200) | (860) |
Net securities gain/(loss) during the period | (4,411) | 3,149 |
Tax effect | 931 | (1,070) |
Net of tax amount | (3,480) | 2,079 |
Comprehensive income, net of tax | $ 5,857 | $ 11,040 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] | Retained Earnings [Member] |
Balance at beginning of period at Dec. 31, 2016 | $ 84,108 | $ 0 | $ 4,661 | $ (1,506) | $ 80,953 |
Comprehensive income: | |||||
Net income | 8,961 | 0 | 0 | 0 | 8,961 |
Net unrealized (gain) / loss on securities available-for-sale, net of reclassification and tax effects | 2,079 | 0 | 0 | 2,079 | 0 |
Comprehensive income | 11,040 | ||||
Exercise of 500 incentive stock option shares at $28.50 per share | 14 | 14 | |||
Stock-based compensation expense | 192 | 0 | 192 | 0 | 0 |
Reclassification related to tax effect of unrealized gains | 0 | 111 | (111) | ||
Cash dividends | (3,294) | 0 | 0 | 0 | (3,294) |
Balance at end of period at Dec. 31, 2017 | 92,060 | 0 | 4,867 | 684 | 86,509 |
Comprehensive income: | |||||
Net income | 9,337 | 0 | 0 | 0 | 9,337 |
Net unrealized (gain) / loss on securities available-for-sale, net of reclassification and tax effects | (3,480) | 0 | 0 | (3,480) | 0 |
Comprehensive income | 5,857 | ||||
Net surrender value of 1,658 restricted stock awards | (72) | (72) | |||
Stock-based compensation expense | 204 | 0 | 204 | 0 | 0 |
Issuance of 161,875 shares at $42.80 per share, for acquisition of First Personal Financial Corporation | 6,928 | 6,928 | |||
Cash dividends | (3,513) | 0 | 0 | 0 | (3,513) |
Balance at end of period at Dec. 31, 2018 | $ 101,464 | $ 0 | $ 11,927 | $ (2,796) | $ 92,333 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Issued During Period, Shares, Acquisitions | 161,875 | |
Business Acquisition, Share Price | $ 42.80 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.19 | $ 1.15 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | 500 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 28.50 | |
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 1,658 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 9,337 | $ 8,961 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Origination of loans for sale | (55,525) | (42,212) |
Sale of loans originated for sale | 55,643 | 43,980 |
Depreciation and amortization, net of accretion | 2,594 | 2,548 |
Deferred tax expense | 256 | 377 |
Reclassification related to tax effect of unrealized gains | 0 | (111) |
Amortization of mortgage servicing rights | 65 | 64 |
Stock based compensation expense | 204 | 192 |
Net surrender value of restricted stock awards | (72) | 0 |
Gain on sale of securities, net | (1,200) | (860) |
Gain on sale of loans held-for-sale, net | (1,619) | (1,200) |
Gain on sale of foreclosed real estate | (54) | (103) |
Provision for loan losses | 1,308 | 1,200 |
Net change in: | ||
Interest receivable | (369) | (176) |
Other assets | 1,044 | (455) |
Accrued expenses and other liabilities | (1,072) | 93 |
Total adjustments | 1,203 | 3,337 |
Net cash - operating activities | 10,540 | 12,298 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of certificates of deposit in other financial institutions | 3,370 | 245 |
Purchase of certificates of deposit in other financial institutions | (490) | (1,036) |
Proceeds from maturities and pay downs of securities available-for-sale | 22,551 | 25,033 |
Proceeds from sales of securities available-for-sale | 34,545 | 56,347 |
Purchase of securities available-for-sale | (58,632) | (89,399) |
Loan participations purchased | 0 | (796) |
Net change in loans receivable | (50,727) | (37,390) |
Purchase of Federal Home Loan Bank Stock | (241) | 0 |
Purchase of premises and equipment, net | (1,011) | (1,657) |
Proceeds from sale of foreclosed real estate | 1,565 | 1,278 |
Write down of foreclosed real estate | 135 | 0 |
Cash and cash equivalents from acquisition activity, net | 18,261 | 0 |
Change in cash value of bank owned life insurance | (493) | (460) |
Net cash - investing activities | (31,167) | (47,835) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Change in deposits | 11,850 | 13,233 |
Proceeds from FHLB advances | 77,000 | 9,000 |
Repayment of FHLB advances | (51,100) | (17,000) |
Repayment of trust preferred security related to First Personal Merger | (4,124) | 0 |
Change in other borrowed funds | (3,453) | 355 |
Proceeds from exercise of incentive stock options | 0 | 14 |
Dividends paid | (3,432) | (3,264) |
Net cash - financing activities | 26,741 | 2,338 |
Net change in cash and cash equivalents | 6,114 | (33,199) |
Cash and cash equivalents at beginning of period | 11,025 | 44,224 |
Cash and cash equivalents at end of period | 17,139 | 11,025 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for: Interest | 4,947 | 2,591 |
Cash paid during the period for: Income taxes | 1,130 | 1,895 |
Acquisition activity: | ||
Fair value of assets acquired, including cash and cash equivalents | 137,449 | 0 |
Value of goodwill and other intangible assets | 8,481 | 0 |
Fair value of liabilities assumed | 130,313 | 0 |
Cash paid for acquisition | $ 8,689 | $ 0 |
Issuance of common stock for acquisition | 6,928 | 0 |
Noncash activities: | ||
Transfers from loans to foreclosed real estate | $ 282 | $ 349 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 - Summary of Significant Accounting Policies Principles of Consolidation – The consolidated financial statements include NorthWest Indiana Bancorp (the “Bancorp”), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank SB (the “Bank”), and the Bank’s wholly owned subsidiaries, Peoples Service Corporation, NWIN, LLC, NWIN Funding, Incorporated, and Columbia Development Company, LLC. The Bancorp’s business activities include being a holding company for the Bank as well as a holding company for NWIN Risk Management, Inc. The Bancorp’s earnings are dependent upon the earnings of the Bank. Peoples Service Corporation provides insurance and annuity investments to the Bank’s wealth management customers. NWIN, LLC is located in Las Vegas, Nevada and serves as the Bank’s investment subsidiary and parent of a real estate investment trust, NWIN Funding, Inc. NWIN Funding, Inc. was formed as an Indiana Real Estate Investment Trust. The formation of NWIN Funding, Inc. provides the Bancorp with a vehicle that may be used to raise capital utilizing portfolio mortgages as collateral, without diluting stock ownership. In addition, NWIN Funding, Inc. receives favorable state tax treatment for income generated by its operations. Columbia Development Company is a limited liability company that serves to hold certain real estate properties that are acquired through foreclosure. All significant inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates – Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term. Concentrations of Credit Risk Cash Flow Reporting – For purposes of the statements of cash flows, the Bancorp considers cash on hand, noninterest bearing deposits in other financial institutions, all interest bearing deposits in other financial institutions with original maturities of 90 days or less, and federal funds sold to be cash and cash equivalents. The Bancorp reports net cash flows for customer loan and deposit transactions and short-term borrowings with maturities of 90 days or less. Certificates of deposits in other financial institutions – Certificates of deposits in other financial institutions generally mature within 5 years and are carried at cost. Securities – The Bancorp classifies securities into held-to-maturity, available-for-sale, or trading categories. Held-to-maturity securities are those which management has the positive intent and the Bancorp has the ability to hold to maturity, and are reported at amortized cost. Available-for-sale securities are those the Bancorp may decide to sell if needed for liquidity, asset-liability management or other reasons. Available-for-sale securities are reported at fair value, with unrealized gains and losses reported in other comprehensive income, net of tax. At December 31, 2018, and 2017, all of the Bancorp’s securities were classified as available-for-sale. The Bancorp does not have a trading portfolio. Realized gains and losses resulting from the sale of securities recorded on the trade date are computed by the specific identification method. Interest and dividend income, adjusted by amortization of premiums or discounts on a level yield method, are included in earnings. Securities are reviewed for other-than-temporary impairment on a quarterly basis. The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has (1) the intent to sell the debt security or (2) it is more likely than not that the Bancorp will be required to sell the debt security before its anticipated market recovery. If either of these conditions are met, management will recognize other-than-temporary impairment. If, in management’s judgment, an other-than-temporary impairment exists, the cost basis of the security will be written down for the credit loss, and the unrealized credit loss will be transferred from accumulated other comprehensive loss as an immediate reduction of current earnings. Loans Held-for-Sale – Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair market value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. Loans and Loan Income – Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, net deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. The accrual of interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than when they reach 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off status at an earlier date if collection of principal or interest is considered doubtful. Generally, interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses – The allowance for loan losses (allowance) is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bancorp does not separately identify individual consumer and residential loans for impairment disclosures. Troubled Debt Restructures – A troubled debt restructuring of a loan is undertaken to improve the likelihood that the loan will be repaid in full under the modified terms in accordance with a reasonable repayment schedule. All modified loans are evaluated to determine whether the loan should be reported as a troubled debt restructure (TDR). A loan is a TDR when the Bancorp, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower by modifying or renewing a loan under terms that the Bancorp would not otherwise consider. To make this determination, the Bancorp must determine whether (a) the borrower is experiencing financial difficulties and (b) the Bancorp granted the borrower a concession. This determination requires consideration of all of the facts and circumstances surrounding the modification. An overall general decline in the economy or some level of deterioration in a borrower's financial condition does not inherently mean the borrower is experiencing financial difficulties. Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: (1) is the borrower currently in default on any of its debts, (2) has the borrower declared or is the borrower in the process of declaring bankruptcy, and (3) absent the current modification, the borrower would likely default. Federal Home Loan Bank Stock – The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. 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) the assets have been isolated from the Bancorp, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets, and (3) the Bancorp does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Premises and Equipment – Land is carried at cost. Premises and equipment are carried at cost less accumulated depreciation. Premises and related components are depreciated using the straight-line method with useful lives ranging from 26 to 39 years. Furniture and equipment are depreciated using the straight-line method with useful lives ranging from 2 to 10 years. Foreclosed Real Estate – Assets acquired through or instead of loan foreclosure are initially recorded at fair value less estimated costs to sell when acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Long-term Assets – Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. Bank Owned Life Insurance – The Bancorp has purchased life insurance policies on certain key executives. In accordance with accounting for split-dollar life insurance, Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Goodwill and Intangibles – The Bancorp records the assets acquired, including identified intangible assets, and the liabilities assumed in acquisitions at their fair values. These fair values often involve estimates based on third-party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques that may include estimates of attrition, inflation, asset growth rates or other relevant factors. In addition, the determination of the useful lives over which an intangible asset will be amortized is subjective. Under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 350, goodwill and indefinite-lived assets recorded are reviewed for impairment on an annual basis, as well as on an interim basis if events or changes indicate that the asset might be impaired. An impairment loss is recognized for any excess of carrying value over fair value of the goodwill or the indefinite-lived intangible asset. Repurchase Agreements – Substantially, all repurchase agreement liabilities represent amounts advanced by various customers that are not covered by federal deposit insurance and are secured by securities owned by the Bancorp. Income Taxes – Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. At December 31, 2018 and 2017, the Bancorp evaluated tax positions taken for filing with the Internal Revenue Service and all state jurisdictions in which it operates. The Bancorp believes that income tax filing positions will be sustained under examination and does not anticipate any adjustments that would result in a material adverse effect on the Bancorp's financial condition, results of operations, or cash flows. Accordingly, the Bancorp has not recorded any reserves or related accruals for interest and penalties for uncertain tax positions at December 31, 2018 and 2017. Loan Commitments and Related Financial Instruments – Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Earnings Per Common Share – Basic earnings per common share is net income divided by the weighted-average number of common shares outstanding during the period. The restricted shares issued provide for dividend and voting rights and are therefore considered participating securities. Accordingly, all restricted stock is included in basic earnings per share. Comprehensive Income – Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available-for-sale and the unrecognized gains and losses on postretirement benefits. Loss Contingencies – Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters currently exist that will have a material effect on the financial statements. Restrictions on Cash – Cash on hand or on deposit with the Federal Reserve Bank of $2.2 million and $878 thousand was required to meet regulatory reserve and clearing requirements at December 31, 2018 and 2017, respectively. These balances do not earn interest. Fair Value of Financial Instruments – Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular instruments. Changes in assumptions or in market conditions could significantly affect the estimates. Operating Segments – While the Bancorp's executive management monitors the revenue streams of the various products and services, the identifiable segments are not material and operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Bancorp's financial service operations are considered by management to be aggregated in one reportable operating segment. Reclassification – Certain amounts appearing in the consolidated financial statements and notes thereto for the year ended December 31, 2017, may have been reclassified to conform to the December 31, 2018 presentation. Trust Assets – Assets of the Bancorp’s wealth management department, other than cash on deposit at the Bancorp, are not included in these consolidated financial statements because they are not assets of the Bancorp. Adoption of New Accounting Pronouncements – In May 2014, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 and ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , superseding the current revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance is effective for the Bancorp's year ending December 31, 2018 and has been adopted as of January 1, 2018. The use of the modified retrospective approach has been used for implementing this standard. Interest income is outside of the scope of the new standard and was not impacted by the adoption of the standard. Management mapped noninterest income accounts to their associated income streams and applied the five step model to identify the contract, identify the performance obligations in the contract, determine the total transaction price, allocate the transaction price to each performance obligation, and ensure revenue is recognized when the performance obligation is satisfied. A review of the Bancorp’s noninterest income has not resulted in a change in revenue recognition since adoption. In January 2016, FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU covers various changes to the accounting, measurement, and disclosures related to certain financial instruments, including requiring equity investments to be accounted for at fair value with changes recorded through earnings, the use of the exit price when measuring fair value, and disaggregation of financial assets and liabilities by category for disclosure purposes. The new guidance is effective for the Bancorp's year ending December 31, 2018 and was adopted on January 1, 2018. The adoption of this ASU has not had a material impact on the consolidated financial statements, as the Bancorp does not hold any equity securities with unrealized gains or losses. The new reporting requirements have been incorporated into the fair value of financial instruments table and disclosures. In March 2016, FASB issued ASU No. 2016-09: Compensation—Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting . This ASU seeks to reduce complexity in accounting standards. The areas for simplification in ASU No. 2016-09, identified through outreach for the Simplification Initiative, pre-agenda research for the Private Company Council, and the August 2014 Post-Implementation Review Report on FASB Statement No. 123(R), Share-Based Payment, involve several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes, (2) classification of excess tax benefits on the statement of cash flow, (3) forfeitures; (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6) the practical expedient for estimating the expected term, and (7) intrinsic value. The Bancorp adopted this ASU during 2017, and the adoption of this ASU has not had a material impact on the consolidated financial statements. Upcoming Accounting Pronouncements - In February 2016, FASB issued ASU No. 2016-02, Lease s, which will supersede the current lease requirements in ASC 840. The ASU requires lessees to recognize a right-of-use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of operations. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease-related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. The new lease guidance will be effective for the Bancorp's year ending December 31, 2019 and will be applied using a modified retrospective transition method to the beginning of the earliest period presented. Management has concluded that the adoption of this update will not have a material effect on the Bancorp’s consolidated financial statements, as the Bancorp does not engage in the leasing of property or in leasing of any significant furniture, fixtures, equipment, or software. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This Standard simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill under Step 2, an entity, prior to the amendments in ASU No. 2017-04, had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, in accordance with the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. However, under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. Finally, this ASU amends the Overview and Background sections of the Accounting Standards Codification as part of the FASB’s initiative to unify and improve such sections across Topics and Subtopics. The new guidance will be effective for the Company’s year ending December 31, 2020. In March 2017, the FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . This Standard amends the amortization period for certain purchased callable debt securities held at a premium. In particular, the amendments in this ASU require the premium to be amortized to the earliest call date. The amendments do not, however, require an accounting change for securities held at a discount; instead, the discount continues to be amortized to maturity. The amendments in this ASU more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. In fact, in most cases, market participants price securities to the call date that produces the worst yield when the coupon is above current market rates (i.e., the security is trading at a premium), and price securities to maturity when the coupon is below market rates (i.e., the security is trading at a discount), in anticipation that the borrower will act in its economic best interest. The new guidance will be effective for the Company’s year ending December 31, 2020. Management will recognize amortization expense as dictated by the amount of premiums and the differences between maturity and call dates at the time of adoption. |
Acquisition Activity
Acquisition Activity | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 2 – Acquisition Activity On July 26, 2018, the Bancorp completed its acquisition of First Personal Financial Corp., a Delaware corporation pursuant to an Agreement and Plan of Merger dated February 20, 2018 between the Bancorp and First Personal. Pursuant to the terms of the First Personal Merger Agreement, First Personal merged with and into the Bancorp, with the Bancorp as the surviving corporation. Simultaneous with the First Personal Merger, First Personal Bank, an Illinois state chartered commercial bank and wholly-owned subsidiary of First Personal, merged with and into the Bank, with the Bank as the surviving institution. In connection with the First Personal Merger, each First Personal stockholder holding 100 or more shares of First Personal common stock received fixed consideration of (i) 0.1246 shares of Bancorp common stock, and (ii) $6.67 per share in cash for each outstanding share of First Personal common stock. Stockholders holding less than 100 shares of First Personal common stock received $12.12 in cash and no stock consideration for each outstanding share of First Personal common stock. Any fractional shares of Bancorp common stock that a First Personal stockholder would have otherwise received in the First Personal Merger were cashed out in the amount of such fraction multiplied by $42.95. The Bancorp issued a total of approximately 161,875 $8.7 $15.6 million. $1.8 Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets based on their current estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the First Personal acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 30,178 Deposits Investment securities, available for sale 2 Non-interest bearing $ 14,517 NOW accounts 22,177 Commercial 53,026 Savings and money market 41,852 Residential mortgage 32,542 Certificates of deposits 46,355 Consumer 9,004 Total Deposits 124,901 Total Loans 94,572 Premises and equipment, net 5,799 Borrowings 4,124 FHLB stock 219 Interest payable 32 Goodwill 5,437 Other liabilities 1,256 Core deposit intangible 3,044 Interest receivable 274 Other assets 6,405 Total assets purchased $ 145,930 Common shares issued 6,928 Cash paid 8,689 Total purchase price $ 15,617 Total liabilities assumed $ 130,313 As part of the First Personal merger, the Bancorp acquired First Personal Statutory Trust I. NWIN guaranteed the payment of distributions on the trust preferred securities issued by First Personal Statutory Trust I. First Personal Statutory Trust I issued $4.124 million in trust preferred securities in May 2004. The trust preferred securities carried a variable rate of interest priced at the three-month LIBOR plus 275 basis points, payable quarterly and due to mature on June 17, 2034. Management of the Bancorp determined that the continued maintenance of the trust preferred securities issued by First Personal Statutory Trust I and the corresponding junior subordinated debentures was unnecessary to the Bancorp’s ongoing operations. As a result, the Bancorp’s board of directors approved the redemption of the junior subordinated debentures, which resulted in the trustee of the First Personal Statutory Trust I redeeming all $4.124 million of the trust preferred securities as of December 17, 2018. Final estimates of fair value on the date of acquisition have not been finalized yet. Prior to the end of the one year measurement period for finalizing the purchase price allocation, if information becomes available which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation prospectively. If any adjustments are made to the preliminary assumptions (provisional amounts), disclosures will be made in the notes to the financial statements of the amounts recorded in the current period earnings by line item that have been recorded in previous reporting periods if the adjustments to the provisional amounts had been recognized as of the acquisition date. On January 24, 2019, the Bancorp completed its previously announced acquisition of AJS Bancorp, Inc., a Maryland corporation pursuant to an Agreement and Plan of Merger dated July 30, 2018 between the Bancorp and AJSB. Pursuant to the terms of the AJSB Merger Agreement, AJSB merged with and into NWIN, with NWIN as the surviving corporation. Simultaneously with the AJSB Merger, A.J. Smith Federal Savings Bank, a federally chartered savings bank and wholly-owned subsidiary of AJSB, merged with and into Peoples Bank SB, with Peoples Bank as the surviving bank. In connection with the AJSB Merger, each AJSB stockholder holding 100 or more shares of AJSB common stock received fixed consideration of (i) 0.2030 shares of NWIN common stock, and (ii) $7.20 per share in cash for each outstanding share of AJSB’s common stock. Stockholders holding less than 100 shares of AJSB common stock received $16.00 in cash and no stock consideration for each outstanding share of AJSB common stock. Any fractional shares of NWIN common stock that an AJSB stockholder would have otherwise received in the AJSB Merger were cashed out in the amount of such fraction multiplied by $43.01. The Bancorp issued 416,478 shares of Bancorp common stock to the former AJSB stockholders, and paid cash consideration of approximately $15.4 million. Based upon the closing price of NWIN’s common stock on January 23, 2019, the transaction had an implied valuation of approximately $34.2 million, which includes unallocated shares held by the AJSB Employee Stock Ownership Plan (“ ESOP As of January 24, 2019, AJS Bank reported total assets of $174.9 91.5 143.8 $1.3 billion in total assets, $860.2 $1.1 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 – Securities The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair December 31, 2018 Basis Gains Losses Value Money market fund $ 2,480 $ - $ - $ 2,480 U.S. government sponsored entities 7,997 28 (131 ) 7,894 Collateralized mortgage obligations and residential mortgage-backed securities 137,834 135 (2,688 ) 135,281 Municipal securities 93,516 1,072 (524 ) 94,064 Collateralized debt obligations 3,481 - (1,432 ) 2,049 Total securities available-for-sale $ 245,308 $ 1,235 $ (4,775 ) $ 241,768 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair December 31, 2017 Basis Gains Losses Value Money market fund $ 476 $ - $ - $ 476 U.S. government sponsored entities 3,996 - (106 ) 3,890 Collateralized mortgage obligations and residential mortgage-backed securities 134,224 170 (1,456 ) 132,938 Municipal securities 100,088 3,709 (50 ) 103,747 Collateralized debt obligations 4,835 - (1,396 ) 3,439 Total securities available-for-sale $ 243,619 $ 3,879 $ (3,008 ) $ 244,490 The estimated fair value of available-for-sale securities and carrying amount, if different, at December 31, 2018 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Tax-equivalent yields were calculated using the 2018 tax rate. (Dollars in thousands) Available-for-sale Estimated Fair Tax-Equivalent December 31, 2018 Value Yield (%) Due in one year or less $ 2,821 5.90 Due from one to five years 7,698 3.37 Due from five to ten years 16,882 4.02 Due over ten years 79,086 4.10 Collateralized mortgage obligations and residential mortgage-backed securities 135,281 2.78 Total $ 241,768 3.35 Sales of available-for-sale securities were as follows: (Dollars in thousands) December 31, December 31, 2018 2017 Proceeds $ 34,545 $ 56,347 Gross gains 1,216 972 Gross losses (16 ) (112 ) The tax provisions related to these net realized gains were approximately $252 thousand for 2018 and $339 thousand for 2017. Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized gain/(loss) Ending balance, December 31, 2017 $ 684 Current period change (3,480 ) Ending balance, December 31, 2018 $ (2,796 ) Securities with carrying values of approximately $16.3 million and $21.2 million were pledged as of December 31, 2018 and 2017, respectively, as collateral for repurchase agreements, public funds, and for other purposes as permitted or required by law. Securities with unrealized losses at December 31, 2018 and 2017 not recognized in income are as follows: (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018 Value Losses Value Losses Value Losses U.S. government sponsored entities $ - $ - $ 3,866 $ (131 ) $ 3,866 $ (131 ) Collateralized mortgage obligations and residential mortgage-backed securities 28,388 (304 ) 89,234 (2,384 ) 117,622 (2,688 ) Municipal securities 22,678 (367 ) 3,495 (157 ) 26,173 (524 ) Collateralized debt obligations - - 2,049 (1,432 ) 2,049 (1,432 ) Total temporarily impaired $ 51,066 $ (671 ) $ 98,644 $ (4,104 ) $ 149,710 $ (4,775 ) Number of securities 52 75 127 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2017 Value Losses Value Losses Value Losses U.S. government sponsored entities $ - $ - $ 3,890 $ (106 ) $ 3,890 $ (106 ) Collateralized mortgage obligations and residential mortgage-backed securities 66,917 (511 ) 37,003 (945 ) 103,920 (1,456 ) Municipal securities 1,790 (3 ) 1,815 (47 ) 3,605 (50 ) Collateralized debt obligations - - 3,439 (1,396 ) 3,439 (1,396 ) Total temporarily impaired $ 68,707 $ (514 ) $ 46,147 $ (2,494 ) $ 114,854 $ (3,008 ) Number of securities 40 37 77 Unrealized losses on securities have not been recognized into income because the securities are of high credit quality, have undisrupted cash flows, or have been independently evaluated for other-than-temporary impairment and appropriate write downs taken. Management has the intent and ability to hold the securities for the foreseeable future, and the decline in fair value is largely due to changes in interest rates and volatility in the securities markets. The fair values are expected to recover as the securities approach maturity. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 – Loans Receivable Year end loans are summarized below: (Dollars in thousands) December 31, 2018 December 31, 2017 Loans secured by real estate: Residential real estate $ 224,082 $ 172,780 Home equity 45,423 36,718 Commercial real estate 253,104 211,090 Construction and land development 64,433 50,746 Multifamily 47,234 43,369 Farmland 240 - Total loans secured by real estate 634,516 514,703 Commercial business 103,628 77,122 Consumer 5,293 460 Government 21,101 28,785 Subtotal 764,538 621,070 Adjustments: Net deferred loan origination costs (fees ) 530 (130 ) Undisbursed loan funds (668 ) (729 ) Loans receivable $ 764,400 $ 620,211 (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2018: Allowance for loan losses: Residential real estate $ 1,568 $ (194 ) $ 1 $ 340 $ 1,715 Home equity 166 (48 ) - 84 202 Commercial real estate 3,125 (119 ) 24 305 3,335 Construction and land development 618 - - 138 756 Multifamily 622 - - (150 ) 472 Farmland - - - - - Commercial business 1,298 (592 ) 134 522 1,362 Consumer 31 (58 ) 24 85 82 Government 54 - - (16 ) 38 Total $ 7,482 $ (1,011 ) $ 183 $ 1,308 $ 7,962 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2017: Allowance for loan losses: Residential real estate $ 2,111 $ (959 ) $ 3 $ 413 $ 1,568 Home equity 299 (60 ) - (73 ) 166 Commercial real estate 3,113 - - 12 3,125 Construction and land development 617 - - 1 618 Multifamily 572 - - 50 622 Farmland - - - - - Commercial business 896 (386 ) 39 749 1,298 Consumer 34 (71 ) 18 50 31 Government 56 - - (2 ) 54 Total $ 7,698 $ (1,476 ) $ 60 $ 1,200 $ 7,482 The Bancorp's impairment analysis is summarized below: Ending Balances (Dollars in thousands) Individually evaluated for impairment reserves Collectively evaluated for impairment reserves Loan receivables Individually evaluated for impairment Purchased credit impaired individually evaluated for impairment Collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2018: Residential real estate $ 22 $ 1,693 $ 223,323 $ 570 $ 980 $ 221,773 Home equity 9 193 45,483 141 123 45,219 Commercial real estate 210 3,125 253,104 1,703 402 250,999 Construction and land development - 756 64,433 - - 64,433 Multifamily - 472 47,234 - - 47,234 Farmland - - 240 - - 240 Commercial business 5 1,357 103,439 423 1,440 101,576 Consumer - 82 6,043 - - 6,043 Government - 38 21,101 - - 21,101 Total $ 246 $ 7,716 $ 764,400 $ 2,837 $ 2,945 $ 758,618 The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2017: Residential real estate $ 21 $ 1,547 $ 172,141 $ 462 $ 690 $ 170,989 Home equity - 166 36,769 - - 36,769 Commercial real estate 144 2,981 211,090 512 - 210,578 Construction and land development - 618 50,746 134 - 50,612 Multifamily - 622 43,368 - - 43,368 Farmland - - - - - - Commercial business 539 759 76,851 724 - 76,127 Consumer - 31 461 - - 461 Government - 54 28,785 - - 28,785 Total $ 704 $ 6,778 $ 620,211 $ 1,832 $ 690 $ 617,689 The Bancorp has established a standard loan grading system to assist management, lenders and review personnel in their analysis and supervision of the loan portfolio. The use and application of theses grades by the Bancorp is uniform and conforms to regulatory definitions. The loan grading system is as follows: 1 – Minimal Risk Borrower demonstrates exceptional credit fundamentals, including stable and predictable profit margins, strong liquidity and a conservative balance sheet with superior asset quality. Excellent cash flow coverage of existing and projected debt service. Historic and projected performance indicates borrower is able to meet obligations under almost any economic circumstances. 2 – Moderate risk Borrower consistently internally generates sufficient cash flow to fund debt service, working assets, and some capital expenditures. Risk of default considered low. 3 – Above average acceptable risk Borrower generates sufficient cash flow to fund debt service and some working assets and/or capital expansion needs. Profitability and key balance sheet ratios are at or slightly above peers. Current trends are positive or stable. Earnings may be level or trending down slightly or be erratic; however, positive strengths are offsetting. Risk of default is reasonable but may warrant collateral protection. 4 – Acceptable risk Borrower generates sufficient cash flow to fund debt service, but most working asset and all capital expansion needs are provided from external sources. Profitability ratios and key balance sheet ratios are usually close to peers but one or more ratios (e.g. leverage) may be higher than peer. Earnings may be trending down over the last three years. Borrower may be able to obtain similar financing from other banks with comparable or less favorable terms. Risk of default is acceptable but requires collateral protection. 5 – Marginally acceptable risk Borrower may exhibit excessive growth, declining earnings, strained cash flow, increasing leverage and/or weakening market position that indicate above average risk. Limited additional debt capacity, modest coverage, and average or below average asset quality, margins and market share. Interim losses and/or adverse trends may occur, but not to the level that would affect the Bank’s position. The potential for default is higher than normal but considered marginally acceptable based on prospects for improving financial performance and the strength of the collateral. 6 – Pass/monitor The borrower has significant weaknesses resulting from performance trends or management concerns. The financial condition of the company has taken a negative turn and may be temporarily strained. Cash flow may be weak but cash reserves remain adequate to meet debt service. Management weaknesses are evident. Borrowers in this category will warrant more than the normal level of supervision and more frequent reporting. 7 – Special mention (watch) Special mention credits are considered bankable assets with no apparent loss of principal or interest envisioned but requiring a high level of management attention. Assets in this category are currently protected but are potentially weak. These borrowers are subject to economic, industry, or management factors having an adverse impact upon their prospects for orderly service of debt. The perceived risk in continued lending is considered to have increased beyond the level where such loans would normally be granted. These assets constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of Substandard. 8 – Substandard This classification consists of loans which are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged. Financial statements normally reveal some or all of the following: poor trends, lack of earnings and cash flow, excessive debt, lack of liquidity, and the absence of creditor protection. Loans are still considered collectible, but due to increased risks and defined weaknesses of the credit, some loss could be incurred in collection if the deficiencies are not corrected. 9 – Doubtful This classification consists of loans where the possibility of loss is high after collateral liquidation based upon existing facts, market conditions, and value. Loss is deferred until certain important and reasonably specific pending factors which may strengthen the credit can be exactly determined. These factors may include proposed acquisitions, liquidation procedures, capital injection and receipt of additional collateral, mergers or refinancing plans. Performing loans are loans that are paying as agreed and are approximately less than ninety days past due on payments of interest and principal. Credit Exposure - Credit Risk Portfolio By Creditworthiness Category December 31, 2018 (Dollars in thousands) 2 3 4 5 6 7 8 Loan Segment Moderate Above average acceptable Acceptable Marginally acceptable Pass/monitor Special mention Substandard Total Residential real estate $ 261 $ 58,276 $ 100,374 $ 10,404 $ 44,734 $ 3,908 $ 5,366 $ 223,323 Home equity 192 3,736 40,165 37 323 657 373 45,483 Commercial real estate - 5,042 78,611 110,984 51,982 4,715 1,770 253,104 Construction and land development - 322 24,271 29,383 10,457 - - 64,433 Multifamily - 569 19,255 23,417 3,844 149 - 47,234 Farmland - - - - 240 - - 240 Commercial business 10,655 19,127 20,941 34,996 14,034 2,958 728 103,439 Consumer 925 2,953 1,040 196 909 20 - 6,043 Government - 2,111 14,795 4,195 - - - 21,101 Total $ 12,033 $ 92,136 $ 299,452 $ 213,612 $ 126,523 $ 12,407 $ 8,237 $ 764,400 December 31, 2017 (Dollars in thousands) 2 3 4 5 6 7 8 Loan Segment Moderate Above average acceptable Acceptable Marginally acceptable Pass/monitor Special mention Substandard Total Residential real estate $ 887 $ 12,317 $ 92,241 $ 8,759 $ 50,075 $ 4,130 $ 3,732 $ 172,141 Home equity - 1,065 34,871 - 250 233 350 36,769 Commercial real estate - 2,372 79,847 81,547 40,054 6,758 512 211,090 Construction and land development - - 20,719 19,583 10,310 - 134 50,746 Multifamily - - 20,159 20,965 2,076 168 - 43,368 Farmland - - - - - - - - Commercial business 7,169 17,202 16,784 21,087 13,041 394 1,174 76,851 Consumer - 131 330 - - - - 461 Government - 2,318 20,202 6,265 - - - 28,785 Total $ 8,056 $ 35,405 $ 285,153 $ 158,206 $ 115,806 $ 11,683 $ 5,902 $ 620,211 One large commercial relationship totaling $1.1 million and eight residential or home equity loans totaling $301 thousand were modified as a troubled debt restructuring during 2018. No troubled debt restructurings defaulted during 2018. All of the loans classified as troubled debt restructurings are also considered impaired. The valuation basis for the Bancorp’s troubled debt restructurings is based on the present value of expected future cash flows, unless consistent cash flows are not present, then the fair value of the collateral securing the loan is the basis for valuation. The Bancorp's individually evaluated impaired loans are summarized below: For the twelve months ended As of December 31, 2018 December 31, 2018 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,389 $ 3,628 $ - $ 1,244 $ 79 Home equity 207 214 - 111 2 Commercial real estate 1,624 2,222 - 1,216 64 Construction and land development. - - - 54 - Multifamily - - - - - Farmland - - - - - Commercial business 1,799 2,038 - 880 38 Consumer - - - - - Government - - - - - With an allowance recorded: Residential real estate 161 161 22 123 5 Home equity 57 57 9 35 - Commercial real estate 481 481 210 320 - Construction and land development. - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 64 64 5 140 1 Consumer - - - - - Government - - - - - Total: Residential real estate $ 1,550 $ 3,789 $ 22 $ 1,367 $ 84 Home equity $ 264 $ 271 $ 9 $ 146 $ 2 Commercial real estate $ 2,105 $ 2,703 $ 210 $ 1,536 $ 64 Construction & land development $ - $ - $ - $ 54 $ - Multifamily $ - $ - $ - $ - $ - Farmland $ - $ - $ - $ - $ - Commercial business $ 1,863 $ 2,102 $ 5 $ 1,020 $ 39 Consumer $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - For the twelve months ended As of December 31, 2017 December 31, 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,072 $ 3,351 $ - $ 1,101 $ 70 Home equity - - - - - Commercial real estate 253 253 - 339 6 Construction & land development 134 134 - 134 - Multifamily - - - - - Farmland - - - - - Commercial business 184 184 - 198 10 Consumer - - - - - Government - - - - - With an allowance recorded: Residential real estate 80 270 21 256 1 Home equity - - - - - Commercial real estate 259 259 144 163 - Construction & land development - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 540 540 539 492 - Consumer - - - - - Government - - - - - Total: Residential real estate $ 1,152 $ 3,621 $ 21 $ 1,357 $ 71 Home equity $ - $ - $ - $ - $ - Commercial real estate $ 512 $ 512 $ 144 $ 502 $ 6 Construction & land development $ 134 $ 134 $ - $ 134 $ - Multifamily $ - $ - $ - $ - $ - Farmland $ - $ - $ - $ - $ - Commercial business $ 724 $ 724 $ 539 $ 690 $ 10 Consumer $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - As a result of acquisition activity, the Bancorp acquired loans for which there was evidence of credit quality deterioration since origination and it was determined that it was probable that the Bancorp would be unable to collect all contractually required principal and interest payments. The following table details the acquired loans from the First Personal acquisition that are accounted for in accordance with ASC 310-30 as of July 24th, 2018: (dollars in thousands) First Personal 2018 Contractually required principal and interest at acquisition $ 5,580 Contractual cash flows not expected to be collected (nonaccretable discount) 1,255 Expected cash flows at acquistion 4,325 Interest component of expected cash flows (accretable discount) 424 Fair value of acquired loans accounted for under ASC 310-30 $ 3,901 At December 31, 2018, purchased credit impaired loans with unpaid principal balances totaled $6.0 million with a recorded investment of $2.9 million. At December 31, 2017, purchased credit impaired loans with unpaid principal balances totaled $2.6 million with a recorded investment of $690 thousand. The Bancorp's age analysis of past due loans is summarized below: (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investments Greater than 90 Days Past Due and Accruing December 31, 2018 Residential real estate $ 3,659 $ 909 $ 4,362 $ 8,930 $ 214,393 $ 223,323 $ 122 Home equity 143 5 304 452 45,031 45,483 50 Commercial real estate 842 18 611 1,471 251,633 253,104 - Construction and land development. 491 533 - 1,024 63,409 64,433 - Multifamily - 149 - 149 47,085 47,234 - Farmland - - - - 240 240 - Commercial business 733 260 436 1,429 102,010 103,439 149 Consumer 1 72 - 73 5,970 6,043 - Government - - - - 21,101 21,101 - Total $ 5,869 $ 1,946 $ 5,713 $ 13,528 $ 750,872 $ 764,400 $ 321 December 31, 2017 Residential real estate $ 4,921 $ 1,751 $ 3,092 $ 9,764 $ 162,377 $ 172,141 $ 225 Home equity 295 18 234 547 36,222 36,769 2 Commercial real estate 951 96 332 1,379 209,711 211,090 - Construction and land development. - - 133 133 50,613 50,746 - Multifamily 319 - - 319 43,049 43,368 - Farmland - - - - - - - Commercial business 285 162 539 986 75,865 76,851 - Consumer 1 - - 1 460 461 - Government - - - - 28,785 28,785 - Total $ 6,772 $ 2,027 $ 4,330 $ 13,129 $ 607,082 $ 620,211 $ 227 The Bancorp's loans on nonaccrual status are summarized below: (Dollars in thousands) December 31, 2018 December 31, 2017 Residential real estate $ 5,135 $ 3,509 Home equity 270 350 Commercial real estate 695 332 Construction and land development. - 133 Multifamily - - Farmland - - Commercial business 495 672 Consumer - - Government - - Total $ 6,595 $ 4,996 For the acquisitions of First Federal Savings & Loan (“First Federal”), Liberty Savings Bank (“Liberty Savings”), and First Personal, as part of the fair value of loans receivable, a net fair value discount was established for loans. This discount, or accretable yield, is recognized in interest income over the remaining estimated life of the loan pools. The net fair value discount at the acquisition date and accretable periods are summarized below: (dollars in thousands) First Federal Liberty Savings First Personal Net fair value discount Accretable period in months Net fair value discount Accretable period in months Net fair value discount Accretable period in months Residential real estate $ 1,062 59 $ 1,203 44 $ 948 56 Home equity 44 29 5 29 51 50 Commercial real estate - - - - 208 56 Construction and land development - - - - 1 30 Multifamily - - - - 11 48 Consumer - - - - 146 50 Commercial business - - - - 348 24 Purchased credit impaired loans - - - - 424 32 Total $ 1,106 $ 1,208 $ 2,137 Accretable yield, or income recorded for the twelve months ended December 31, is as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2017 $ 149 $ 307 $ - $ 456 2018 138 266 424 828 Accretable yield, or income expected to be recorded in the future is as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2019 $ 22 $ 42 $ 561 $ 625 2020 - - 496 496 2021 - - 319 319 2022 - - 277 277 2023 - - 60 60 Total $ 22 $ 42 $ 1,713 $ 1,777 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 – Premises and Equipment, Net At year end, premises and equipment are summarized as follows: (Dollars in thousands) 2018 2017 Cost: Land $ 7,368 $ 5,216 Buildings and improvements 27,523 23,672 Furniture and equipment 15,715 14,908 Total cost 50,606 43,796 Less accumulated depreciation (25,782 ) (24,237 ) Premises and equipment, net $ 24,824 $ 19,559 Depreciation expense was approximately $1.5 million and $1.4 million for 2018 and 2017, respectively. |
Foreclosed Real Estate
Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Real Estate Disclosure [Text Block] | Note 6 – Foreclosed Real Estate At year end, foreclosed real estate is summarized below: (Dollars in thousands) 2018 2017 Residential real estate $ 1,132 $ 914 Commercial real estate 126 97 Construction and land development 149 688 Commercial business 220 - Total $ 1,627 $ 1,699 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 – Goodwill and Other Intangible Assets The Bancorp established a goodwill balance totaling $8.2 million with the acquisitions of First Personal, First Federal and Liberty Savings. Goodwill of $5.4 million, $2.0 million, and $804 thousand were established with the acquisition of First Personal, First Federal, and Liberty Savings, respectively. Goodwill is tested annually for impairment. Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. The Bancorp’s goodwill relates to the value inherent in the banking industry and that value is dependent upon the ability of the Bancorp to provide quality, cost effective banking services in a competitive marketplace. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. There has not been any impairment of goodwill identified or recorded. Goodwill totaled $8.2 million and $2.8 million as of December 31, 2018 and December 31, 2017, respectively. In addition to goodwill, a core deposit intangible of $93 thousand for the acquisition of First Federal was established and is being amortized over 7.9 years on a straight line basis. A core deposit intangible of $471 thousand for the acquisition of Liberty Savings was established and is being amortized over 8.2 years on a straight line basis. A core deposit intangible of $3.0 million for the acquisition of First Personal was established and is being amortized over 6.4 years on a straight line basis. The tables below summarize the annual amortization: The annual amortization for the twelve months ended December 31, is as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2017 $ 12 $ 58 $ - $ 70 2018 12 58 198 268 The expected future annual amortization for the twelve months ended December 31, as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2019 $ 12 $ 58 $ 475 $ 545 2020 12 58 475 545 2021 12 58 475 545 2022 1 58 475 534 2023 - 38 475 513 2024 - - 470 470 Total $ 37 $ 270 $ 2,845 $ 3,152 For the First Personal acquisition, as part of the fair value of certificates of deposit, a fair value premium was established of $133 thousand that is being amortized over 8 months on a straight-line basis. Approximately $80 thousand of amortization was taken as expense during year ended December 31, 2018. It is estimated that an additional $53 thousand of amortization will occur during 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 8 – Income Taxes At year-end, components of income tax expense consist of the following: (Dollars in thousands) 2018 2017 Federal: Current $ 1,218 $ 1,898 Deferred 129 275 Revaluation of net deferred tax asset - 517 State: Current (44 ) 77 Deferred, net of valuation allowance 127 102 Income tax expense $ 1,430 $ 2,869 Effective tax rates differ from the federal statutory rate of 21% for 2018 and 34% for 2017 applied to income before income taxes due to the following: (Dollars in thousands) 2018 2017 Federal statutory rate 21 % 34 % Tax expense at statutory rate $ 2,260 $ 4,022 State tax, net of federal effect 66 118 Tax exempt income (778 ) (1,302 ) Bank owned life insurance (102 ) (156 ) Captive insurance (169 ) (307 ) Revaluation of net deferred tax asset - 517 Non-deductible transaction costs 99 - Other 54 (23 ) Total income tax expense $ 1,430 $ 2,869 At December 31, the components of the net deferred tax asset recorded in the consolidated balance sheets are as follows: (Dollars in thousands) 2018 2017 Deferred tax assets: Bad debts $ 1,859 $ 1,885 Deferred loan fees 49 32 Deferred compensation 322 332 Unrealized depreciation on securities available-for-sale, net 743 - Net operating loss 1,373 290 Tax credits 147 99 Nonaccrual loan interest income 62 71 Share based compensation 185 133 REO writedowns 195 25 Unqualified deferred compensation plan 54 51 Other-than-temporary impairment 52 57 Accrued vacation 56 59 Impairment on land 48 48 Other 78 15 Total deferred tax assets 5,223 3,097 Deferred tax liabilities: Depreciation (550 ) (641 ) Prepaids (254 ) (237 ) Mortgage servicing rights (68 ) (26 ) Deferred stock dividends (76 ) (65 ) Unrealized appreciation on securities available-for-sale, net - (188 ) Purchase accounting (118 ) (100 ) Other (191 ) (209 ) Total deferred tax liabilities (1,257 ) (1,466 ) Valuation allowance (87 ) (80 ) Net deferred tax asset $ 3,879 $ 1,551 On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. Among other changes, the Act introduced tax reform that reduced the top corporate federal income tax rate from 35% to a flat rate of 21% effective January 1, 2018. As a result of these changes made by the Act, the Bancorp revalued its net deferred tax asset, as deferred tax assets and liabilities are to be measured using enacted rates expected to apply in years in which the deferred tax assets and liabilities are expected to be recovered or settled. The revaluation of the deferred tax assets and liabilities are adjusted through income tax expense in the year the changes in tax laws are enacted. The revaluation of the net deferred tax asset resulted in additional income tax expense of $517 thousand for 2017. The $517 thousand tax expense was $628 thousand net of a tax benefit of $111 thousand relating to the other comprehensive income revaluation adjustment. At December 31, 2018, the Bancorp has an Indiana net operating loss carry forward of approximately $7.6 million which will begin to expire in 2024 if not used. The Bancorp also has a state tax credit carry forward of approximately $110 thousand which began to expire in 2017 and will continue to expire if not used. Management has concluded that the Indiana net operating loss will be fully utilized and therefore no valuation allowance is necessary on the state net operating loss. A valuation allowance remains in place on the state tax credit carryforward. A valuation allowance of $87 thousand and $80 thousand was provided at December 31, 2018 and 2017, respectively, for the state tax credits. The Bancorp acquired $3.3 million of federal net operating loss carryforwards, $59 thousand of federal AMT credits, and $6.7 million of Illinois net operating loss carryforwards with the acquisition of First Personal during 2018 of which $2.2 million of the federal losses expire in years ranging from 2028 to 2035, $1.1 million of the federal losses do not expire, $59 thousand of federal AMT credits that do not expire, and the Illinois losses expire in years ranging from 2019 to 2029. Under Section 382 of the Internal Revenue Code, the annual limitation on the use of the federal losses is $362 thousand while there is no limitation on the use of the Illinois losses. Management has determined that all of the losses are more likely than not to be utilized before expiration. At December 31, 2018, $3.2 million of the federal loss carryforwards, $59 thousand of federal AMT credits, and $5.2 million of the Illinois loss carryforward remain; the benefit of which is reflected in deferred tax assets. The Bancorp qualified under provisions of the Internal Revenue Code, to deduct from taxable income a provision for bad debts in excess of the provision for such losses charged to income in the financial statements, if any. Accordingly, retained earnings at December 31, 2018, and 2017 includes, approximately $6.0 million for which no provision for federal income taxes has been made. If, in the future this portion of retained earnings is used for any purpose other than to absorb bad debt losses, federal income taxes would be imposed at the then applicable rate. The unrecorded deferred income tax liability on the above amounts was approximately $1.3 million at both December 31, 2018, and 2017. The Bancorp had no unrecognized tax benefits at any time during 2018 or 2017 and does not anticipate any significant increase or decrease in unrecognized tax benefits during 2019. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Bancorp's policy to record such accruals through income tax accounts; no such accruals existed at any time during 2018 or 2017. The Bancorp and its subsidiaries are subject to US Federal income tax as well as income tax of the states of Indiana and Illinois. The Bancorp is no longer subject to examination by taxing authorities for the years before 2015. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Note 9 – Deposits The aggregate amount of certificates of deposit with a balance of $250 thousand or more was approximately $44.5 million at December 31, 2018 and $29.9 million at December 31, 2017. At December 31, 2018, scheduled maturities of certificates of deposit were as follows: (Dollars in thousands) 2019 $ 196,033 2020 56,189 2021 6,198 2022 318 2023 154 Total $ 258,892 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 10 – Borrowed Funds At December 31, 2018, and December 31, 2017, borrowed funds are summarized below: (Dollars in thousands) 2018 2017 Fixed rate advances from the FHLB $ 23,000 $ 17,100 Variable rate advances from the FHLB 20,000 - Line of credit at FHLB - 3,181 Other - 600 Total $ 43,000 $ 20,881 At December 31, 2018, scheduled maturities of borrowed funds were as follows: (Dollars in thousands) 2019 $ 29,000 2020 8,000 2021 6,000 Total $ 43,000 Repurchase agreements generally mature within one year and are secured by U.S. government and U.S. agency securities, under the Bancorp’s control. At December 31, information concerning these retail repurchase agreements is summarized below: (Dollars in thousands) 2018 2017 Ending balance $ 11,628 $ 11,300 Average balance during the year 12,754 13,734 Maximum month-end balance during the year 16,672 17,720 Securities underlying the agreements at year end: Carrying value 16,262 18,053 Fair value 16,262 18,053 Average interest rate during the year 1.38 % 0.82 % Average interest rate at year end 1.44 % 0.91 % At December 31, advances from the Federal Home Loan Bank were as follows: (Dollars in thousands) 2018 2017 Fixed rate advances, maturing January 2019 through March 2021 at rates from 1.41% to 2.76%; average rate: 2018 – 2.29%; 2017 – 1.67% $ 23,000 $ 17,100 Variable rate advances, maturing January 2019 through May 2019 at a rate of 2.87%; average rate: 2018 – 2.87% $ 20,000 $ - Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $259.8 million and $270.8 million at December 31, 2018 and 2017, respectively. In addition to the fixed rate advances, the Bancorp maintains a $20.0 million line of credit with the Federal Home Loan Bank of Indianapolis. The Bancorp did not have a balance on the line of credit at December 31, 2018 compared to a $3.2 million balance on the line of credit at December 31, 2017. As of December 31, 2018 the Bancorp did not have other borrowings. Other borrowings at December 31, 2017 are comprised of reclassified bank balances. |
Employees' Benefit Plans
Employees' Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 11 – Employees’ Benefit Plans The Bancorp maintains an Employees’ Savings and Profit Sharing Plan and Trust for all employees who meet the plan qualifications. Employees are eligible to participate in the Employees’ Savings and Profit Sharing Plan and Trust on the next January 1 or July 1 following the completion of one year of employment, attaining age 18, and completion of 1,000 hours of service. The Employees’ Savings Plan feature allows employees to make pre-tax contributions to the Employees’ Savings Plan of 1% to 50% of Plan Salary, subject to limitations imposed by Internal Revenue Code section 401(k). Employees are able to begin deferring effective the first of the month following 90 days of employment. The Profit Sharing Plan and Trust feature is non-contributory on the part of the employee. Contributions to the Employees’ Profit Sharing Plan and Trust are made at the discretion of the Bancorp’s Board of Directors. Contributions for the years ended December 31, 2018 were based on 7% of the participants’ total compensation, excluding incentives, as compared to 8% for 2017. Profit sharing contributions made by the Bank and earnings credited to the employee’s account vest on the following schedule: two years of service, 40% of contributions and earnings; three years of service, 60% of contributions and earnings; four years of service, 80% of contributions and earnings; and five years of service, 100% of contributions and earnings. Participants also become 100% vested in the employer contributions and accrued earnings in their account upon their death, approved disability, or attainment of age 65 while employed at the Bank. The benefit plan expense amounted to approximately $744 thousand for 2018 and $796 thousand for 2017. The Bancorp maintains an Unqualified Deferred Compensation Plan (the “UDC Plan”). The purpose of the UDC Plan is to provide deferred compensation to key senior management employees of the Bancorp in order to recognize their substantial contributions to the Bank and provide them with additional financial security as inducement to remain with the Bank. The Compensation Committee selects which persons shall be participants in the UDC Plan. Participants’ accounts are credited each year with an amount based on a formula involving the participant’s employer funded contributions under all qualified plans and the limitations imposed by Internal Revenue Code subsection 401(a)(17) and Code section 415. The unqualified deferred compensation plan liability at December 31, 2018 and 2017 was approximately $221 thousand and $211 thousand, respectively. The UDC Plan expense amounted to approximately $11 thousand for 2018 and $6 thousand for 2017. Directors have deferred some of their fees in consideration of future payments. Fee deferrals, including interest, totaled approximately $40 thousand and $68 thousand for 2018 and 2017, respectively. The deferred fee liability at December 31, 2018 and 2017 was approximately $1.28 million and $1.33 million, respectively. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 12 – Regulatory Capital The Bancorp and Bank are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet various capital requirements can initiate regulatory action. Prompt corrective action regulations provide five classifications, including well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. At December 31, 2018 and 2017, the most recent regulatory notifications categorized the Bancorp and Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bancorp’s or the Bank’s category. The following table shows that, at December 31, 2018, and December 31, 2017, the Bancorp’s capital exceeded all applicable regulatory capital requirements. The dollar amounts are in millions. (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 92.8 11.6 % $ 36.1 4.5 % N/A N/A Tier 1 capital to risk-weighted assets $ 92.8 11.6 % $ 48.2 6.0 % N/A N/A Total capital to risk-weighted assets $ 100.8 12.6 % $ 64.2 8.0 % N/A N/A Tier 1 capital to adjusted average assets $ 92.8 8.6 % $ 43.2 4.0 % N/A N/A (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 88.4 12.9 % $ 30.9 4.5 % N/A N/A Tier 1 capital to risk-weighted assets $ 88.4 12.9 % $ 41.2 6.0 % N/A N/A Total capital to risk-weighted assets $ 96.0 14.0 % $ 55.0 8.0 % N/A N/A Tier 1 capital to adjusted average assets $ 88.4 9.6 % $ 36.8 4.0 % N/A N/A In addition, the following table shows that, at December 31, 2018, and December 31, 2017, the Bank’s capital exceeded all applicable regulatory capital requirements. The dollar amounts are in millions. (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 89.9 11.2 % $ 36.2 4.5 % $ 52.2 6.5 % Tier 1 capital to risk-weighted assets $ 89.9 11.2 % $ 48.2 6.0 % $ 64.3 8.0 % Total capital to risk-weighted assets $ 97.9 12.2 % $ 64.3 8.0 % $ 80.3 10.0 % Tier 1 capital to adjusted average assets $ 89.9 8.4 % $ 42.9 4.0 % $ 53.6 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 86.3 12.6 % $ 30.9 4.5 % $ 44.6 6.5 % Tier 1 capital to risk-weighted assets $ 86.3 12.6 % $ 41.2 6.0 % $ 54.9 8.0 % Total capital to risk-weighted assets $ 93.8 13.7 % $ 54.9 8.0 % $ 68.7 10.0 % Tier 1 capital to adjusted average assets $ 86.3 9.4 % $ 36.7 4.0 % $ 45.8 5.0 % The Bancorp’s ability to pay dividends to its shareholders is entirely dependent upon the Bank’s ability to pay dividends to the Bancorp. Under Indiana law, the Bank may pay dividends from its undivided profits (generally, earnings less losses, bad debts, taxes and other operating expenses) as is considered expedient by the Bank’s Board of Directors. However, the Bank must obtain the approval of the Indiana Department of Financial Institutions (DFI) if the total of all dividends declared by the Bank during the current year, including the proposed dividend, would exceed the sum of retained net income for the year to date plus its retained net income for the previous two years. For this purpose, “retained net income,” means net income as calculated for call report purposes, less all dividends declared for the applicable period. An exemption from DFI approval would require that the Bank have been assigned a composite uniform financial institutions rating of 1 or 2 as a result of the most recent federal or state examination; the proposed dividend would not result in a Tier 1 leverage ratio below 7.5%; and that the Bank not be subject to any corrective action, supervisory order, supervisory agreement, or board approved operating agreement. The aggregate amount of dividends that may be declared by the Bank in 2019, without the need for qualifying for an exemption or prior DFI approval, is $1.5 million plus 2019 net profits. Moreover, the FDIC and the Federal Reserve Board may prohibit the payment of dividends if it determines that the payment of dividends would constitute an unsafe or unsound practice in light of the financial condition of the Bank. On December 3, 2018 the Board of Directors of the Bancorp declared a fourth quarter dividend of $0.30 per share. The Bancorp’s fourth quarter dividend was paid to shareholders on January 8, 2019. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 13 – Stock Based Compensation The Bancorp’s 2015 Stock Option and Incentive Plan (the “Incentive Plan”), which was adopted by the Bancorp’s Board of Directors on February 17, 2015 and approved by the Bancorp’s shareholders on April 24, 2015, permits the grant of equity awards for up to 250,000 shares of common stock. Awards granted under the Incentive Plan may be in the form of incentive stock options, non-qualified stock options, restricted stock, unrestricted stock, performance shares, or performance units. The purposes of the Plan are (i) to align the personal interests of plan participants with those of the shareholders of the Bancorp, (ii) to encourage key individuals to accept or continue employment or service with the Bancorp and its subsidiaries, and (iii) to furnish incentives to such key individuals to improve operations and increase profits by providing such key individuals the opportunity to acquire common stock of the Bancorp or to receive monetary payments based on the value of such common stock. Option awards are generally granted with an exercise price equal to the market price of the Bancorp’s common stock at the date of grant. No expense was charged against income for incentive stock options during 2018 or 2017. The fair value of each incentive stock option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities are based on historical volatilities of the Company’s common stock. No incentive stock options were granted during 2018 or 2017. The Bancorp uses historical data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. At December 31, 2018 and 2017, there were no incentive stock options outstanding. During 2017, 500 incentive stock options were exercised at their weighted average exercise price of $28.50. Restricted stock awards are generally granted with an award price equal to the market price of the Bancorp’s common stock on the award date. Restricted stock awards have been issued with a three to five year vesting period. Forfeiture provisions exist for personnel that separate employment before the vesting period expires. Compensation expense related to restricted stock awards is recognized over the vesting period. Total compensation cost that has been charged against income for those plans was approximately $204 thousand and $192 thousand for 2018 and 2017, respectively. A summary of changes in the Bancorp’s non-vested restricted stock for 2018 and 2017 follows: Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2017 28,465 $ 26.67 Granted 4,575 39.00 Vested (1,625 ) 25.81 Forefited (725 ) 28.62 Non-vested at December 31, 2017 30,690 $ 28.51 Non-vested at January 1, 2018. 30,690 $ 28.51 Granted 4,433 43.50 Vested (7,700 ) 22.64 Forefited - - Non-vested at December 31, 2018 27,423 $ 32.58 As of December 31, 2018, there was approximately $400 thousand of total unrecognized compensation cost related to non-vested restricted shares granted under the Incentive Plan. The cost is expected to be recognized over a weighted-average period of 2.4 years. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share [Text Block] | Note 14 – Earnings per Common Share Earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding. A reconciliation of the numerators and denominators of the basic earnings per common share and diluted earnings per common share computations for 2018 and 2017 is presented below. 2018 2017 Basic earnings per common share: Net income available to common stockholders $ 9,337,224 $ 8,960,766 Weighted-average common shares outstanding 2,949,212 2,863,899 Basic earnings per common share $ 3.17 $ 3.13 Diluted earnings per common share: Net income available to common stockholders $ 9,337,224 $ 8,960,766 Weighted-average common shares outstanding 2,949,212 2,863,899 Weighted-average common and dilutive potential common shares outstanding 2,949,212 2,864,037 Diluted earnings per common share $ 3.17 $ 3.13 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 – Related Party Transactions The Bancorp had aggregate loans outstanding to directors and executive officers (with individual balances exceeding $120 thousand) of approximately $2.6 million at December 31, 2018 and approximately $1.7 million at December 31, 2017. For the year ended December 31, 2018, the following activity occurred on these loans (Dollars in thousands) Aggregate balance at the beginning of the year $ 1,667 New loans - Draws 1,268 Repayments (337 ) Aggregate balance at the end of the year $ 2,598 Deposits from directors and executive officers totaled approximately $3.5 million and $4.4 million at December 31, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 16 – Commitments and Contingencies The Bancorp is a party to financial instruments in the normal course of business to meet the financing needs of its customers. These financial instruments, which include commitments to make loans and standby letters of credit, are not reflected in the accompanying consolidated financial statements. Such financial instruments are recorded when they are funded. The Bancorp’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to originate loans and standby letters of credit is represented by the contractual amount of those instruments. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Bancorp uses the same credit policy to make such commitments as it uses for on-balance sheet items. Since commitments to make loans may expire without being used, the amount does not necessarily represent future cash commitments. The Bancorp had outstanding commitments to originate loans as follows: (Dollars in thousands) Fixed Variable Rate Rate Total December 31, 2018: Residential real estate $ 106 $ 10,812 $ 10,918 Home equity 35,571 5,960 41,531 Commercial real estate 6,397 9,258 15,655 Construction and land development 18,355 35,222 53,577 Multifamily 4,151 389 4,540 Consumer 18,862 - 18,862 Commercial business 1,655 44,935 46,590 Government - - - Total $ 85,097 $ 106,576 $ 191,673 December 31, 2017: Residential real estate $ 70 $ 7,678 $ 7,748 Home equity 31,008 1,838 32,846 Commercial real estate 1,351 6,866 8,217 Construction and land development 8,074 21,105 29,179 Multifamily 174 322 496 Consumer 16,469 - 16,469 Commercial business 1,103 41,381 42,484 Government - - - Total $ 58,249 $ 79,190 $ 137,439 The approximately $85.1 million in fixed rate commitments outstanding at December 31, 2018 had interest rates ranging from 2.99% to 10.00%, for a period not to exceed forty-five days. At December 31, 2017, fixed rate commitments outstanding of approximately $58.2 million had interest rates ranging from 2.99% to 10.00%, for a period not to exceed forty-five days. Mortgage interest rate locks with borrowers which are included with real estate commitments, were treated as derivative transactions. Standby letters of credit are conditional commitments issued by the Bancorp to guarantee the performance of a customer to a third party. At December 31, 2018 and 2017, the Bancorp had standby letters of credit totaling approximately $9.7 million and $9.9 million, respectively which are not included in the tables above. The Bancorp evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bancorp upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral obtained may include accounts receivable, inventory, property, land or other assets. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 17 – Fair Values of Financial Instruments The Fair Value Measurements Topic (the “Topic”) establishes a hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Topic describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of securities available for sale are determined on a recurring basis by obtaining quoted prices on nationally recognized securities exchanges or pricing models utilizing significant observable inputs such as matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. Different judgments and assumptions used in pricing could result in different estimates of value. In certain cases where market data is not readily available because of lack of market activity or little public disclosure, values may be based on unobservable inputs and classified in Level 3 of the fair value hierarchy. At the end of each reporting period, securities held in the investment portfolio are evaluated on an individual security level for other-than-temporary impairment in accordance with the Investments – Debt and Equity Securities Topic. Impairment is other-than-temporary if the decline in the fair value of the security is below its amortized cost and it is probable that all amounts due according to the contractual terms of a debt security will not be received. Significant judgments are required in determining impairment, which include making assumptions regarding the estimated prepayments, loss assumptions and the change in interest rates. The Bancorp considers the following factors when determining other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; an assessment of whether the Bancorp (1) has the intent to sell the debt securities or (2) more likely than not will be required to sell the debt securities before their anticipated market recovery. If either of these conditions are met, management will recognize other-than-temporary impairment. If, in management’s judgment, an other-than-temporary impairment exists, the cost basis of the security will be written down for the credit loss, and the unrealized loss will be transferred from accumulated other comprehensive loss as an immediate reduction of current earnings. The Bancorp’s management utilizes a specialist to perform an other-than-temporary impairment analysis for each of its three pooled trust preferred securities. The analysis is performed annually on December 31 and utilizes analytical models used to project future cash flows for the pooled trust preferred securities based on current assumptions for prepayments, default and deferral rates, and recoveries. The projected cash flows are then tested for impairment consistent with the Investments – Other Topic and the Investments – Debt and Equity Securities Topic. The other-than-temporary impairment testing compares the present value of the cash flows from quarter to quarter to determine if there is a “favorable” or “adverse” change. Other-than-temporary impairment is recorded if the projected present value of cash flows is lower than the book value of the security. To perform the semi-annual other-than-temporary impairment analysis, management utilizes current reports issued by the trustee, which contain principal and interest tests, waterfall distributions, note valuations, collection detail and credit ratings for each pooled trust preferred security. In addition, a detailed review of the performing collateral was performed. The review of the collateral began with a review of financial information provided by SNL Financial, a comprehensive database, widely used in the industry, which gathers financial data on banks and thrifts from U.S. GAAP financial statements for public companies (annual and quarterly reports on Forms 10-K and 10-Q), as well as regulatory reports for private companies, including consolidated financial statements for bank holding companies (FR Y-9C reports) and parent company-only financial statements for bank holding companies (FR Y-9LP reports) filed with the Federal Reserve and bank call reports filed with the FDIC and OCC. Using the information sources described above, for each bank and thrift examined, the following items were examined: nature of the issuer’s business, years of operating history, corporate structure, loan composition and loan concentrations, deposit mix, asset growth rates, geographic footprint and local economic environment. The issuers’ historical financial performance was reviewed and their financial ratios were compared to appropriate peer groups of regional banks or thrifts with similar asset sizes. The analysis focused on six broad categories: profitability (revenue streams and earnings quality, return on assets and shareholder’s equity, net interest margin and interest rate sensitivity), credit quality (charge-offs and recoveries, non-current loans and total non-performing assets as a percentage of total loans, loan loss reserve coverage and the adequacy of the loan loss provision), operating efficiency (noninterest expense compared to total revenue), capital adequacy (Tier-1, total capital and leverage ratios and equity capital growth), leverage (tangible equity as a percentage of tangible assets, short-term and long-term borrowings and double leverage at the holding company) and liquidity (the nature and availability of funding sources, net non-core funding dependence and quality of deposits). In addition, for publicly traded companies, stock price movements were reviewed and the market price of publicly traded debt instruments was examined. The current other-than-temporary impairment analysis indicated that the Bancorp’s three pooled trust preferred securities had no additional other-than-temporary impairment for the years ending December 31, 2018 and 2017. The table below shows the credit loss roll forward for the Bancorp’s pooled trust preferred securities that have been classified with other-than-temporary impairment: (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2017 $ 271 Reduction due to sale of security (36 ) Ending balance, December 31, 2018 $ 235 The Bancorp’s subordination for each trust preferred security is calculated by taking the total performing collateral and subtracting the sum of the total collateral within the Bancorp’s class and the total collateral within all senior classes, and then stating this result as a percentage of the total performing collateral. This measure is an indicator of the level of collateral that can default before potential cash flow disruptions may occur. In addition, management calculates subordination assuming future collateral defaults by utilizing the default/deferral assumptions in the Bancorp’s other-than-temporary impairment analysis. Subordination assuming future default/deferral assumptions is calculated by deducting future defaults from the current performing collateral. At December 31, 2018 and 2017, management reviewed the subordination levels for each security in context of the level of current collateral defaults and deferrals within each security; the potential for additional defaults and deferrals within each security; the length of time that the security has been in “payment in kind” status; and the Bancorp’s class position within each security. Management calculated the other-than-temporary impairment model assumptions based on the specific collateral underlying each individual security. The following assumption methodology was applied consistently to each of the three pooled trust preferred securities: For collateral that has already defaulted, no recovery was assumed; no cash flows were assumed from collateral currently in deferral, with the exception of the recovery assumptions. The default and recovery assumptions were calculated based on the detailed collateral review. The discount rate assumption used in the calculation of the present value of cash flows is based on the discount margin (i.e., credit spread) at the time each security was purchased using the original purchase price. The discount margin is then added to the appropriate 3-month LIBOR forward rate obtained from the forward LIBOR curve. At December 31, 2018 and 2017, the trust preferred securities with a cost basis of $3.5 million have been placed in “payment in kind” status. The Bancorp’s securities that are classified as “payment in kind” are a result of not receiving the scheduled quarterly interest payments. For the securities in “payment in kind” status, management anticipates to receive the unpaid contractual interest payments from the issuer, because of the self-correcting cash flow waterfall provisions within the structure of the securities. When a tranche senior to the Bancorp’s position fails the coverage test, the Bancorp’s interest cash flows are paid to the senior tranche and recorded as a reduction of principal. The coverage test represents an over collateralization target by stating the balance of the performing collateral as a percentage of the balance of the Bancorp’s tranche, plus the balance of all senior tranches. The principal reduction in the senior tranche continues until the appropriate coverage test is passed. As a result of the principal reduction in the senior tranche, more cash is available for future payments to the Bancorp’s tranche. Consistent with the Investments – Debt and Equity Securities Topic, management considered the failure of the issuer of the security to make scheduled interest payments in determining whether a credit loss existed. Management will not capitalize the “payment in kind” interest payments to the book value of the securities and will keep these securities in non-accrual status until the quarterly interest payments resume. Assets and Liabilities Measured at Fair Values on a Recurring Basis There were no transfers to or from Levels 1 and 2 during the years ended December 31, 2018 and 2017. Changes in Level 3 assets as Level 3 during all of 2018 and 2017. Assets measured at fair value on a recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2018 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 2,480 $ 2,480 $ - $ - U.S. government sponsored entities 7,894 - 7,894 - Collateralized mortgage obligations and residential mortgage-backed securities 135,281 - 135,281 - Municipal securities 94,064 - 94,064 - Collateralized debt obligations 2,049 - - 2,049 Total securities available-for-sale $ 241,768 $ 2,480 $ 237,239 $ 2,049 (Dollars in thousands) Fair Value Measurements at December 31, 2017 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 476 $ 476 $ - $ - U.S. government sponsored entities 3,890 - 3,890 - Collateralized mortgage obligations and residential mortgage-backed securities 132,938 - 132,938 - Municipal securities 103,747 - 103,747 - Collateralized debt obligations 3,439 - - 3,439 Total securities available-for-sale $ 244,490 $ 476 $ 240,575 $ 3,439 A reconciliation of available-for-sale securities, which require significant adjustment based on unobservable data, is presented below: (Dollars in thousands) Estimated Fair Value Available-for- Beginning balance, January 1, 2017 $ 2,409 Principal payments (154 ) Total unrealized gains, included in other comprehensive income 1,184 Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2017 $ 3,439 Beginning balance, January 1, 2018 $ 3,439 Principal payments (51 ) Total unrealized losses, included in other comprehensive income (36 ) Sale out of Level 3 (1,303 ) Ending balance, December 31, 2018 $ 2,049 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2018 Using (Dollars in thousands) Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 5,536 $ - $ - $ 5,536 Foreclosed real estate 1,627 - - 1,627 (Dollars in thousands) Fair Value Measurements at December 31, 2017 Using (Dollars in thousands) Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 1,818 $ - $ - $ 1,818 Foreclosed real estate 1,699 - - 1,699 The fair value of impaired loans with specific allocations of the allowance for loan losses or loans for which charge-offs have been taken is generally based on the present value of future cash flows or, for collateral dependent loans, based on recent real estate appraisals. Appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. The recorded investment of impaired loans was approximately $5.78 million and the related specific reserves totaled approximately $246 thousand, resulting in a fair value of impaired loans totaling approximately $5.5 million, at December 31, 2018. The recorded investment of impaired loans was approximately $2.5 million and the related specific reserves totaled approximately $704 thousand, resulting in a fair value of impaired loans totaling approximately $1.8 million, at December 31, 2017. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2 inputs. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore, qualifying the assets as Level 3 in the fair value hierarchy. The fair value of foreclosed real estate is similarly determined by using the results of recent real estate appraisals. The numerical range of unobservable inputs for these valuation assumptions is not meaningful to this presentation. The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not financial instruments are not included. December 31, 2018 Estimated Fair Value Measurements at December 31, 2018 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 17,139 $ 17,139 $ 17,139 $ - $ - Certificates of deposit in other financial institutions 2,024 2,001 - 2,001 - Securities available-for-sale 241,768 241,768 2,480 237,239 2,049 Loans held-for-sale 2,863 2,910 2,910 - - Loans receivable, net 756,438 747,553 - - 747,553 Federal Home Loan Bank stock 3,460 3,460 - 3,460 - Accrued interest receivable 3,632 3,632 - 3,632 - Financial liabilities: Non-interest bearing deposits 127,277 127,277 127,277 - - Interest bearing deposits 802,509 800,349 543,617 256,732 - Repurchase agreements 11,628 11,626 9,867 1,759 - Borrowed funds 43,000 42,888 - 42,888 - Accrued interest payable 186 186 - 186 - December 31, 2017 Estimated Fair Value Measurements at December 31, 2017 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 11,025 $ 11,025 $ 11,025 $ - $ - Certificates of deposit in other financial institutions 1,676 1,640 - 1,640 - Securities available-for-sale 244,490 244,490 476 240,575 3,439 Loans held-for-sale 1,592 1,625 1,625 - - Loans receivable, net 612,729 608,506 - - 608,506 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 3,262 3,262 - 3,262 - Financial liabilities: Non-interest bearing deposits 120,556 120,556 120,556 - - Interest bearing deposits 672,448 670,967 488,528 182,439 - Repurchase agreements 11,300 11,292 9,545 1,747 - Borrowed funds 20,881 20,818 600 20,218 - Accrued interest payable 42 42 - 42 - The following methods were used to estimate the fair value of financial instruments presented in the preceding table for the periods ended December 31, 2018 and 2017: Cash and cash equivalent carrying amounts approximate fair value. Certificates of deposits in other financial institutions carrying amounts approximate fair value (Level 2). The fair values of securities available-for-sale are obtained from broker pricing (Level 2), with the exception of collateralized debt obligations, which are valued by a third-party specialist (Level 3). Loans held-for-sale comprise residential mortgages and are priced based on values established by the secondary mortgage markets (Level 1). At December 31, 2018, the estimated fair value for net loans receivable is based on the exit price notion which is the exchange price that would be received to transfer the loans at the most advantageous market price in an orderly transaction between market participants on the measurement date (Level 3). This is not comparable with the fair values disclosed at December 31, 2017, which were valued based on estimates of the rate the Bancorp would charge for similar such loans, applied for the time period until estimated repayment, in addition to appraisals which may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach (Level 3). Federal Home Loan Bank stock is estimated at book value due to restrictions that limit the sale or transfer of the security. Fair values of accrued interest receivable and payable approximate book value, as the carrying values are determined using the observable interest rate, balance, and last payment date. Non-interest and interest bearing deposits, which include checking, savings, and money market deposits, are estimated to have fair values based on the amount payable as of the reporting date (Level 1). The fair value of fixed-maturity certificates of deposit (included in interest bearing deposits) are based on estimates of the rate the Bancorp would pay on similar deposits, applied for the time period until maturity (Level 2). Estimated fair values for short-term repurchase agreements, which represent sweeps from demand deposits to accounts secured by pledged securities, are estimated based on the amount payable as of the reporting date (Level 1). Longer-term repurchase agreements, with contractual maturity dates of three months or more, are based on estimates of the rate the Bancorp would pay on similar deposits, applied for the time period until maturity (Level 2). Short-term borrowings are generally only held overnight, therefore, their carrying amount is a reasonable estimate of fair value (Level 1). The fair value of FHLB Advances are estimated by discounting the future cash flows using quoted rates from the FHLB for similar advances with similar maturities (Level 2). The estimated fair value of other financial instruments, and off-balance sheet loan commitments, approximate cost and are not considered significant to this presentation. |
Parent Company Only Statements
Parent Company Only Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 18 – Parent Company Only Statements (Dollars in thousands) NorthWest Indiana Bancorp Condensed Balance Sheets December 31, December 31, 2018 2017 Assets Cash on deposit with Peoples Bank $ 881 $ 125 Investment in Peoples Bank 98,606 89,915 Investment in NWIN Risk Management, Inc 2,503 1,674 Dividends receivable from Peoples Bank 909 831 Other assets 302 899 Total assets $ 103,201 $ 93,444 Liabilities and stockholders’ equity Dividends payable $ 909 $ 831 Other liabilities 828 553 Total liabilities 1,737 1,384 Additional paid in capital 11,927 4,867 Accumulated other comprehensive (loss) income (2,796 ) 684 Retained earnings 92,333 86,509 Total stockholders’ equity 101,464 92,060 Total liabilities and stockholders’ equity $ 103,201 $ 93,444 (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Income Year Ended December 31, 2018 2017 Dividends from Peoples Bank $ 12,330 $ 3,295 Operating expenses 477 262 Income before income taxes and equity in undistributed income of Peoples Bank 11,853 3,033 Income tax benefit (98 ) (69 ) Income before equity in undistributed income of Peoples Bank 11,951 3,102 Equity in undistributed (distributions in excess of income) income of Peoples Bank (3,443 ) 4,961 income of NWIN Risk Management, Inc 829 898 Net income $ 9,337 $ 8,961 (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2018 2017 Cash flows from operating activities: Net income $ 9,337 $ 8,961 Adjustments to reconcile Distributions in excess of income (equity in undistributed income): Peoples Bank 3,443 (4,961 ) NWIN Risk Management, Inc (829 ) (898 ) Stock based compensation expense 204 192 Net surrender value of restricted stock awards (72 ) - Change in other assets 519 (155 ) Change in other liabilities 275 179 Total adjustments 3,540 (5,643 ) Net cash - operating activities 12,877 3,318 Cash flows from investing activities: Cash paid for acquisition (8,689 ) - Investment in NWIN Risk Management, Inc - - Net cash - investing activities (8,689 ) - Cash flows from financing activities: Dividends paid (3,432 ) (3,264 ) Proceeds from issuance of common stock - 14 Net cash - financing activities (3,432 ) (3,250 ) Net change in cash 756 68 Cash at beginning of year 125 57 Cash at end of year. $ 881 $ 125 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation – The consolidated financial statements include NorthWest Indiana Bancorp (the “Bancorp”), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank SB (the “Bank”), and the Bank’s wholly owned subsidiaries, Peoples Service Corporation, NWIN, LLC, NWIN Funding, Incorporated, and Columbia Development Company, LLC. The Bancorp’s business activities include being a holding company for the Bank as well as a holding company for NWIN Risk Management, Inc. The Bancorp’s earnings are dependent upon the earnings of the Bank. Peoples Service Corporation provides insurance and annuity investments to the Bank’s wealth management customers. NWIN, LLC is located in Las Vegas, Nevada and serves as the Bank’s investment subsidiary and parent of a real estate investment trust, NWIN Funding, Inc. NWIN Funding, Inc. was formed as an Indiana Real Estate Investment Trust. The formation of NWIN Funding, Inc. provides the Bancorp with a vehicle that may be used to raise capital utilizing portfolio mortgages as collateral, without diluting stock ownership. In addition, NWIN Funding, Inc. receives favorable state tax treatment for income generated by its operations. Columbia Development Company is a limited liability company that serves to hold certain real estate properties that are acquired through foreclosure. All significant inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates – Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the allowance for loan losses, fair values of foreclosed real estate, loan servicing rights, investment securities, deferred tax assets, goodwill, and the status of contingencies are particularly susceptible to material change in the near term. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Bancorp grants residential, commercial real estate, commercial business and installment loans to customers primarily in Lake County, in northwest Indiana, and Cook County, in northeast Illinois. The Bancorp is also an active lender in Porter County, and to a lesser extent, LaPorte, Newton, and Jasper counties in Indiana, and Lake and Will counties in Illinois. Substantially all loans are secured by specific items of collateral including residences, commercial real estate, business assets, and consumer assets. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flow Reporting – For purposes of the statements of cash flows, the Bancorp considers cash on hand, noninterest bearing deposits in other financial institutions, all interest bearing deposits in other financial institutions with original maturities of 90 days or less, and federal funds sold to be cash and cash equivalents. The Bancorp reports net cash flows for customer loan and deposit transactions and short-term borrowings with maturities of 90 days or less. |
CertificatesOf Deposits In Other Financial Institutions Policy Text Block | Certificates of deposits in other financial institutions – Certificates of deposits in other financial institutions generally mature within 5 years and are carried at cost. |
Marketable Securities, Policy [Policy Text Block] | Securities – The Bancorp classifies securities into held-to-maturity, available-for-sale, or trading categories. Held-to-maturity securities are those which management has the positive intent and the Bancorp has the ability to hold to maturity, and are reported at amortized cost. Available-for-sale securities are those the Bancorp may decide to sell if needed for liquidity, asset-liability management or other reasons. Available-for-sale securities are reported at fair value, with unrealized gains and losses reported in other comprehensive income, net of tax. At December 31, 2018, and 2017, all of the Bancorp’s securities were classified as available-for-sale. The Bancorp does not have a trading portfolio. Realized gains and losses resulting from the sale of securities recorded on the trade date are computed by the specific identification method. Interest and dividend income, adjusted by amortization of premiums or discounts on a level yield method, are included in earnings. Securities are reviewed for other-than-temporary impairment on a quarterly basis. The Bancorp considers the following factors when determining an other-than-temporary impairment for a security: the length of time and the extent to which the market value has been less than amortized cost; the financial condition and near-term prospects of the issuer; the underlying fundamentals of the relevant market and the outlook for such market for the near future; and an assessment of whether the Bancorp has (1) the intent to sell the debt security or (2) it is more likely than not that the Bancorp will be required to sell the debt security before its anticipated market recovery. If either of these conditions are met, management will recognize other-than-temporary impairment. If, in management’s judgment, an other-than-temporary impairment exists, the cost basis of the security will be written down for the credit loss, and the unrealized credit loss will be transferred from accumulated other comprehensive loss as an immediate reduction of current earnings. |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held-for-Sale – Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair market value, as determined by outstanding commitments from investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Mortgage loans held-for-sale can be sold with servicing rights retained or released. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing rights. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Loans And Loan Income Policy Text Block | Loans and Loan Income – Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of unearned interest, net deferred loan fees and costs, and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. The accrual of interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than when they reach 120 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on non-accrual or charged-off status at an earlier date if collection of principal or interest is considered doubtful. Generally, interest accrued but not received for loans placed on non-accrual status is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses – The allowance for loan losses (allowance) is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. A loan is considered impaired when, based on current information and events, it is probable that the Bancorp will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bancorp does not separately identify individual consumer and residential loans for impairment disclosures. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Troubled Debt Restructures – A troubled debt restructuring of a loan is undertaken to improve the likelihood that the loan will be repaid in full under the modified terms in accordance with a reasonable repayment schedule. All modified loans are evaluated to determine whether the loan should be reported as a troubled debt restructure (TDR). A loan is a TDR when the Bancorp, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower by modifying or renewing a loan under terms that the Bancorp would not otherwise consider. To make this determination, the Bancorp must determine whether (a) the borrower is experiencing financial difficulties and (b) the Bancorp granted the borrower a concession. This determination requires consideration of all of the facts and circumstances surrounding the modification. An overall general decline in the economy or some level of deterioration in a borrower's financial condition does not inherently mean the borrower is experiencing financial difficulties. Some of the factors considered by management when determining whether a borrower is experiencing financial difficulties are: (1) is the borrower currently in default on any of its debts, (2) has the borrower declared or is the borrower in the process of declaring bankruptcy, and (3) absent the current modification, the borrower would likely default. |
Federal Home Loan Bank Stock Policy Text Block | Federal Home Loan Bank Stock – The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Transfers and Servicing of Financial Assets, 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) the assets have been isolated from the Bancorp, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets, and (3) the Bancorp does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment – Land is carried at cost. Premises and equipment are carried at cost less accumulated depreciation. Premises and related components are depreciated using the straight-line method with useful lives ranging from 26 to 39 years. Furniture and equipment are depreciated using the straight-line method with useful lives ranging from 2 to 10 years. |
Real Estate, Policy [Policy Text Block] | Foreclosed Real Estate – Assets acquired through or instead of loan foreclosure are initially recorded at fair value less estimated costs to sell when acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-term Assets – Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. |
Bank Owned Life Insurance Policy Text Block | Bank Owned Life Insurance – The Bancorp has purchased life insurance policies on certain key executives. In accordance with accounting for split-dollar life insurance, Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangibles – The Bancorp records the assets acquired, including identified intangible assets, and the liabilities assumed in acquisitions at their fair values. These fair values often involve estimates based on third-party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques that may include estimates of attrition, inflation, asset growth rates or other relevant factors. In addition, the determination of the useful lives over which an intangible asset will be amortized is subjective. Under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 350, goodwill and indefinite-lived assets recorded are reviewed for impairment on an annual basis, as well as on an interim basis if events or changes indicate that the asset might be impaired. An impairment loss is recognized for any excess of carrying value over fair value of the goodwill or the indefinite-lived intangible asset. |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Repurchase Agreements – Substantially, all repurchase agreement liabilities represent amounts advanced by various customers that are not covered by federal deposit insurance and are secured by securities owned by the Bancorp. |
Income Tax, Policy [Policy Text Block] | Income Taxes – Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. At December 31, 2018 and 2017, the Bancorp evaluated tax positions taken for filing with the Internal Revenue Service and all state jurisdictions in which it operates. The Bancorp believes that income tax filing positions will be sustained under examination and does not anticipate any adjustments that would result in a material adverse effect on the Bancorp's financial condition, results of operations, or cash flows. Accordingly, the Bancorp has not recorded any reserves or related accruals for interest and penalties for uncertain tax positions at December 31, 2018 and 2017. |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments – Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share – Basic earnings per common share is net income divided by the weighted-average number of common shares outstanding during the period. The restricted shares issued provide for dividend and voting rights and are therefore considered participating securities. Accordingly, all restricted stock is included in basic earnings per share. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income – Comprehensive income consists of net income and other comprehensive income. Other comprehensive income includes unrealized gains and losses on securities available-for-sale and the unrecognized gains and losses on postretirement benefits. |
Malpractice Loss Contingency, Policy [Policy Text Block] | Loss Contingencies – Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters currently exist that will have a material effect on the financial statements. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash – Cash on hand or on deposit with the Federal Reserve Bank of $2.2 million and $878 thousand was required to meet regulatory reserve and clearing requirements at December 31, 2018 and 2017, respectively. These balances do not earn interest. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments – Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular instruments. Changes in assumptions or in market conditions could significantly affect the estimates. |
Operating Segments Policy Text Block | Operating Segments – While the Bancorp's executive management monitors the revenue streams of the various products and services, the identifiable segments are not material and operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, all of the Bancorp's financial service operations are considered by management to be aggregated in one reportable operating segment. |
Reclassification, Policy [Policy Text Block] | Reclassification – Certain amounts appearing in the consolidated financial statements and notes thereto for the year ended December 31, 2017, may have been reclassified to conform to the December 31, 2018 presentation. |
Trust Assets Policy Text Block | Trust Assets – Assets of the Bancorp’s wealth management department, other than cash on deposit at the Bancorp, are not included in these consolidated financial statements because they are not assets of the Bancorp. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements – In May 2014, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 and ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , superseding the current revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance is effective for the Bancorp's year ending December 31, 2018 and has been adopted as of January 1, 2018. The use of the modified retrospective approach has been used for implementing this standard. Interest income is outside of the scope of the new standard and was not impacted by the adoption of the standard. Management mapped noninterest income accounts to their associated income streams and applied the five step model to identify the contract, identify the performance obligations in the contract, determine the total transaction price, allocate the transaction price to each performance obligation, and ensure revenue is recognized when the performance obligation is satisfied. A review of the Bancorp’s noninterest income has not resulted in a change in revenue recognition since adoption. In January 2016, FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU covers various changes to the accounting, measurement, and disclosures related to certain financial instruments, including requiring equity investments to be accounted for at fair value with changes recorded through earnings, the use of the exit price when measuring fair value, and disaggregation of financial assets and liabilities by category for disclosure purposes. The new guidance is effective for the Bancorp's year ending December 31, 2018 and was adopted on January 1, 2018. The adoption of this ASU has not had a material impact on the consolidated financial statements, as the Bancorp does not hold any equity securities with unrealized gains or losses. The new reporting requirements have been incorporated into the fair value of financial instruments table and disclosures. In March 2016, FASB issued ASU No. 2016-09: Compensation—Stock Compensation (Topic 718)—Improvements to Employee Share-Based Payment Accounting . This ASU seeks to reduce complexity in accounting standards. The areas for simplification in ASU No. 2016-09, identified through outreach for the Simplification Initiative, pre-agenda research for the Private Company Council, and the August 2014 Post-Implementation Review Report on FASB Statement No. 123(R), Share-Based Payment, involve several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes, (2) classification of excess tax benefits on the statement of cash flow, (3) forfeitures; (4) minimum statutory tax withholding requirements, (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes, (6) the practical expedient for estimating the expected term, and (7) intrinsic value. The Bancorp adopted this ASU during 2017, and the adoption of this ASU has not had a material impact on the consolidated financial statements. Upcoming Accounting Pronouncements - In February 2016, FASB issued ASU No. 2016-02, Lease s, which will supersede the current lease requirements in ASC 840. The ASU requires lessees to recognize a right-of-use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of operations. Currently, leases are classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease-related expenses in the statements of operations and cash flows will be generally consistent with the current guidance. The new lease guidance will be effective for the Bancorp's year ending December 31, 2019 and will be applied using a modified retrospective transition method to the beginning of the earliest period presented. Management has concluded that the adoption of this update will not have a material effect on the Bancorp’s consolidated financial statements, as the Bancorp does not engage in the leasing of property or in leasing of any significant furniture, fixtures, equipment, or software. In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This Standard simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill under Step 2, an entity, prior to the amendments in ASU No. 2017-04, had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities, including unrecognized assets and liabilities, in accordance with the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. However, under the amendments in this ASU, an entity should (1) perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, and (2) recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the understanding that the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, ASU No. 2017-04 removes the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails such qualitative test, to perform Step 2 of the goodwill impairment test. Finally, this ASU amends the Overview and Background sections of the Accounting Standards Codification as part of the FASB’s initiative to unify and improve such sections across Topics and Subtopics. The new guidance will be effective for the Company’s year ending December 31, 2020. In March 2017, the FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . This Standard amends the amortization period for certain purchased callable debt securities held at a premium. In particular, the amendments in this ASU require the premium to be amortized to the earliest call date. The amendments do not, however, require an accounting change for securities held at a discount; instead, the discount continues to be amortized to maturity. The amendments in this ASU more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. In fact, in most cases, market participants price securities to the call date that produces the worst yield when the coupon is above current market rates (i.e., the security is trading at a premium), and price securities to maturity when the coupon is below market rates (i.e., the security is trading at a discount), in anticipation that the borrower will act in its economic best interest. The new guidance will be effective for the Company’s year ending December 31, 2020. Management will recognize amortization expense as dictated by the amount of premiums and the differences between maturity and call dates at the time of adoption. |
Acquisition Activity (Tables)
Acquisition Activity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, which are based on estimates and assumptions that are subject to change, the final purchase price for the First Personal acquisition is allocated as follows: ASSETS LIABILITIES Cash and due from banks $ 30,178 Deposits Investment securities, available for sale 2 Non-interest bearing $ 14,517 NOW accounts 22,177 Commercial 53,026 Savings and money market 41,852 Residential mortgage 32,542 Certificates of deposits 46,355 Consumer 9,004 Total Deposits 124,901 Total Loans 94,572 Premises and equipment, net 5,799 Borrowings 4,124 FHLB stock 219 Interest payable 32 Goodwill 5,437 Other liabilities 1,256 Core deposit intangible 3,044 Interest receivable 274 Other assets 6,405 Total assets purchased $ 145,930 Common shares issued 6,928 Cash paid 8,689 Total purchase price $ 15,617 Total liabilities assumed $ 130,313 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities [Table Text Block] | The estimated fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) were as follows: (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair December 31, 2018 Basis Gains Losses Value Money market fund $ 2,480 $ - $ - $ 2,480 U.S. government sponsored entities 7,997 28 (131 ) 7,894 Collateralized mortgage obligations and residential mortgage-backed securities 137,834 135 (2,688 ) 135,281 Municipal securities 93,516 1,072 (524 ) 94,064 Collateralized debt obligations 3,481 - (1,432 ) 2,049 Total securities available-for-sale $ 245,308 $ 1,235 $ (4,775 ) $ 241,768 (Dollars in thousands) Gross Gross Estimated Cost Unrealized Unrealized Fair December 31, 2017 Basis Gains Losses Value Money market fund $ 476 $ - $ - $ 476 U.S. government sponsored entities 3,996 - (106 ) 3,890 Collateralized mortgage obligations and residential mortgage-backed securities 134,224 170 (1,456 ) 132,938 Municipal securities 100,088 3,709 (50 ) 103,747 Collateralized debt obligations 4,835 - (1,396 ) 3,439 Total securities available-for-sale $ 243,619 $ 3,879 $ (3,008 ) $ 244,490 |
Schedule of Contractual Maturities of Available-for-sale Debt Securities [Table Text Block] | The estimated fair value of available-for-sale securities and carrying amount, if different, at December 31, 2018 by contractual maturity were as follows. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Tax-equivalent yields were calculated using the 2018 tax rate. (Dollars in thousands) Available-for-sale Estimated Fair Tax-Equivalent December 31, 2018 Value Yield (%) Due in one year or less $ 2,821 5.90 Due from one to five years 7,698 3.37 Due from five to ten years 16,882 4.02 Due over ten years 79,086 4.10 Collateralized mortgage obligations and residential mortgage-backed securities 135,281 2.78 Total $ 241,768 3.35 |
Schedule of Realized Gain (Loss) [Table Text Block] | Sales of available-for-sale securities were as follows: (Dollars in thousands) December 31, December 31, 2018 2017 Proceeds $ 34,545 $ 56,347 Gross gains 1,216 972 Gross losses (16 ) (112 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income/(loss) balances, net of tax, related to available-for-sale securities, were as follows: (Dollars in thousands) Unrealized gain/(loss) Ending balance, December 31, 2017 $ 684 Current period change (3,480 ) Ending balance, December 31, 2018 $ (2,796 ) |
Unrealized Gain (Loss) on Investments [Table Text Block] | Securities with unrealized losses at December 31, 2018 and 2017 not recognized in income are as follows: (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018 Value Losses Value Losses Value Losses U.S. government sponsored entities $ - $ - $ 3,866 $ (131 ) $ 3,866 $ (131 ) Collateralized mortgage obligations and residential mortgage-backed securities 28,388 (304 ) 89,234 (2,384 ) 117,622 (2,688 ) Municipal securities 22,678 (367 ) 3,495 (157 ) 26,173 (524 ) Collateralized debt obligations - - 2,049 (1,432 ) 2,049 (1,432 ) Total temporarily impaired $ 51,066 $ (671 ) $ 98,644 $ (4,104 ) $ 149,710 $ (4,775 ) Number of securities 52 75 127 (Dollars in thousands) Less than 12 months 12 months or longer Total Estimated Estimated Estimated Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2017 Value Losses Value Losses Value Losses U.S. government sponsored entities $ - $ - $ 3,890 $ (106 ) $ 3,890 $ (106 ) Collateralized mortgage obligations and residential mortgage-backed securities 66,917 (511 ) 37,003 (945 ) 103,920 (1,456 ) Municipal securities 1,790 (3 ) 1,815 (47 ) 3,605 (50 ) Collateralized debt obligations - - 3,439 (1,396 ) 3,439 (1,396 ) Total temporarily impaired $ 68,707 $ (514 ) $ 46,147 $ (2,494 ) $ 114,854 $ (3,008 ) Number of securities 40 37 77 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year end loans are summarized below: (Dollars in thousands) December 31, 2018 December 31, 2017 Loans secured by real estate: Residential real estate $ 224,082 $ 172,780 Home equity 45,423 36,718 Commercial real estate 253,104 211,090 Construction and land development 64,433 50,746 Multifamily 47,234 43,369 Farmland 240 - Total loans secured by real estate 634,516 514,703 Commercial business 103,628 77,122 Consumer 5,293 460 Government 21,101 28,785 Subtotal 764,538 621,070 Adjustments: Net deferred loan origination costs (fees ) 530 (130 ) Undisbursed loan funds (668 ) (729 ) Loans receivable $ 764,400 $ 620,211 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (Dollars in thousands) Beginning Balance Charge-offs Recoveries Provisions Ending Balance The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2018: Allowance for loan losses: Residential real estate $ 1,568 $ (194 ) $ 1 $ 340 $ 1,715 Home equity 166 (48 ) - 84 202 Commercial real estate 3,125 (119 ) 24 305 3,335 Construction and land development 618 - - 138 756 Multifamily 622 - - (150 ) 472 Farmland - - - - - Commercial business 1,298 (592 ) 134 522 1,362 Consumer 31 (58 ) 24 85 82 Government 54 - - (16 ) 38 Total $ 7,482 $ (1,011 ) $ 183 $ 1,308 $ 7,962 The Bancorp's activity in the allowance for loan losses, by loan segment, is summarized below for the twelve months ended December 31, 2017: Allowance for loan losses: Residential real estate $ 2,111 $ (959 ) $ 3 $ 413 $ 1,568 Home equity 299 (60 ) - (73 ) 166 Commercial real estate 3,113 - - 12 3,125 Construction and land development 617 - - 1 618 Multifamily 572 - - 50 622 Farmland - - - - - Commercial business 896 (386 ) 39 749 1,298 Consumer 34 (71 ) 18 50 31 Government 56 - - (2 ) 54 Total $ 7,698 $ (1,476 ) $ 60 $ 1,200 $ 7,482 |
Individually Impaired Loans Receivables [Table Text Block] | Ending Balances (Dollars in thousands) Individually evaluated for impairment reserves Collectively evaluated for impairment reserves Loan receivables Individually evaluated for impairment Purchased credit impaired individually evaluated for impairment Collectively evaluated for impairment The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2018: Residential real estate $ 22 $ 1,693 $ 223,323 $ 570 $ 980 $ 221,773 Home equity 9 193 45,483 141 123 45,219 Commercial real estate 210 3,125 253,104 1,703 402 250,999 Construction and land development - 756 64,433 - - 64,433 Multifamily - 472 47,234 - - 47,234 Farmland - - 240 - - 240 Commercial business 5 1,357 103,439 423 1,440 101,576 Consumer - 82 6,043 - - 6,043 Government - 38 21,101 - - 21,101 Total $ 246 $ 7,716 $ 764,400 $ 2,837 $ 2,945 $ 758,618 The Bancorp's allowance for loan losses impairment evaluation and loan receivables are summarized below at December 31, 2017: Residential real estate $ 21 $ 1,547 $ 172,141 $ 462 $ 690 $ 170,989 Home equity - 166 36,769 - - 36,769 Commercial real estate 144 2,981 211,090 512 - 210,578 Construction and land development - 618 50,746 134 - 50,612 Multifamily - 622 43,368 - - 43,368 Farmland - - - - - - Commercial business 539 759 76,851 724 - 76,127 Consumer - 31 461 - - 461 Government - 54 28,785 - - 28,785 Total $ 704 $ 6,778 $ 620,211 $ 1,832 $ 690 $ 617,689 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Performing loans are loans that are paying as agreed and are approximately less than ninety days past due on payments of interest and principal. Credit Exposure - Credit Risk Portfolio By Creditworthiness Category December 31, 2018 (Dollars in thousands) 2 3 4 5 6 7 8 Loan Segment Moderate Above average acceptable Acceptable Marginally acceptable Pass/monitor Special mention Substandard Total Residential real estate $ 261 $ 58,276 $ 100,374 $ 10,404 $ 44,734 $ 3,908 $ 5,366 $ 223,323 Home equity 192 3,736 40,165 37 323 657 373 45,483 Commercial real estate - 5,042 78,611 110,984 51,982 4,715 1,770 253,104 Construction and land development - 322 24,271 29,383 10,457 - - 64,433 Multifamily - 569 19,255 23,417 3,844 149 - 47,234 Farmland - - - - 240 - - 240 Commercial business 10,655 19,127 20,941 34,996 14,034 2,958 728 103,439 Consumer 925 2,953 1,040 196 909 20 - 6,043 Government - 2,111 14,795 4,195 - - - 21,101 Total $ 12,033 $ 92,136 $ 299,452 $ 213,612 $ 126,523 $ 12,407 $ 8,237 $ 764,400 December 31, 2017 (Dollars in thousands) 2 3 4 5 6 7 8 Loan Segment Moderate Above average acceptable Acceptable Marginally acceptable Pass/monitor Special mention Substandard Total Residential real estate $ 887 $ 12,317 $ 92,241 $ 8,759 $ 50,075 $ 4,130 $ 3,732 $ 172,141 Home equity - 1,065 34,871 - 250 233 350 36,769 Commercial real estate - 2,372 79,847 81,547 40,054 6,758 512 211,090 Construction and land development - - 20,719 19,583 10,310 - 134 50,746 Multifamily - - 20,159 20,965 2,076 168 - 43,368 Farmland - - - - - - - - Commercial business 7,169 17,202 16,784 21,087 13,041 394 1,174 76,851 Consumer - 131 330 - - - - 461 Government - 2,318 20,202 6,265 - - - 28,785 Total $ 8,056 $ 35,405 $ 285,153 $ 158,206 $ 115,806 $ 11,683 $ 5,902 $ 620,211 |
Impaired Financing Receivables [Table Text Block] | The Bancorp's individually evaluated impaired loans are summarized below: For the twelve months ended As of December 31, 2018 December 31, 2018 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,389 $ 3,628 $ - $ 1,244 $ 79 Home equity 207 214 - 111 2 Commercial real estate 1,624 2,222 - 1,216 64 Construction and land development. - - - 54 - Multifamily - - - - - Farmland - - - - - Commercial business 1,799 2,038 - 880 38 Consumer - - - - - Government - - - - - With an allowance recorded: Residential real estate 161 161 22 123 5 Home equity 57 57 9 35 - Commercial real estate 481 481 210 320 - Construction and land development. - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 64 64 5 140 1 Consumer - - - - - Government - - - - - Total: Residential real estate $ 1,550 $ 3,789 $ 22 $ 1,367 $ 84 Home equity $ 264 $ 271 $ 9 $ 146 $ 2 Commercial real estate $ 2,105 $ 2,703 $ 210 $ 1,536 $ 64 Construction & land development $ - $ - $ - $ 54 $ - Multifamily $ - $ - $ - $ - $ - Farmland $ - $ - $ - $ - $ - Commercial business $ 1,863 $ 2,102 $ 5 $ 1,020 $ 39 Consumer $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - For the twelve months ended As of December 31, 2017 December 31, 2017 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 1,072 $ 3,351 $ - $ 1,101 $ 70 Home equity - - - - - Commercial real estate 253 253 - 339 6 Construction & land development 134 134 - 134 - Multifamily - - - - - Farmland - - - - - Commercial business 184 184 - 198 10 Consumer - - - - - Government - - - - - With an allowance recorded: Residential real estate 80 270 21 256 1 Home equity - - - - - Commercial real estate 259 259 144 163 - Construction & land development - - - - - Multifamily - - - - - Farmland - - - - - Commercial business 540 540 539 492 - Consumer - - - - - Government - - - - - Total: Residential real estate $ 1,152 $ 3,621 $ 21 $ 1,357 $ 71 Home equity $ - $ - $ - $ - $ - Commercial real estate $ 512 $ 512 $ 144 $ 502 $ 6 Construction & land development $ 134 $ 134 $ - $ 134 $ - Multifamily $ - $ - $ - $ - $ - Farmland $ - $ - $ - $ - $ - Commercial business $ 724 $ 724 $ 539 $ 690 $ 10 Consumer $ - $ - $ - $ - $ - Government $ - $ - $ - $ - $ - |
Certain Loans Acquired in Transfer Accounted for as Debt Securities Acquired During Period [Table Text Block] | The following table details the acquired loans from the First Personal acquisition that are accounted for in accordance with ASC 310-30 as of July 24th, 2018: (dollars in thousands) First Personal 2018 Contractually required principal and interest at acquisition $ 5,580 Contractual cash flows not expected to be collected (nonaccretable discount) 1,255 Expected cash flows at acquistion 4,325 Interest component of expected cash flows (accretable discount) 424 Fair value of acquired loans accounted for under ASC 310-30 $ 3,901 |
Past Due Financing Receivables [Table Text Block] | The Bancorp's age analysis of past due loans is summarized below: (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investments Greater than 90 Days Past Due and Accruing December 31, 2018 Residential real estate $ 3,659 $ 909 $ 4,362 $ 8,930 $ 214,393 $ 223,323 $ 122 Home equity 143 5 304 452 45,031 45,483 50 Commercial real estate 842 18 611 1,471 251,633 253,104 - Construction and land development. 491 533 - 1,024 63,409 64,433 - Multifamily - 149 - 149 47,085 47,234 - Farmland - - - - 240 240 - Commercial business 733 260 436 1,429 102,010 103,439 149 Consumer 1 72 - 73 5,970 6,043 - Government - - - - 21,101 21,101 - Total $ 5,869 $ 1,946 $ 5,713 $ 13,528 $ 750,872 $ 764,400 $ 321 December 31, 2017 Residential real estate $ 4,921 $ 1,751 $ 3,092 $ 9,764 $ 162,377 $ 172,141 $ 225 Home equity 295 18 234 547 36,222 36,769 2 Commercial real estate 951 96 332 1,379 209,711 211,090 - Construction and land development. - - 133 133 50,613 50,746 - Multifamily 319 - - 319 43,049 43,368 - Farmland - - - - - - - Commercial business 285 162 539 986 75,865 76,851 - Consumer 1 - - 1 460 461 - Government - - - - 28,785 28,785 - Total $ 6,772 $ 2,027 $ 4,330 $ 13,129 $ 607,082 $ 620,211 $ 227 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The Bancorp's loans on nonaccrual status are summarized below: (Dollars in thousands) December 31, 2018 December 31, 2017 Residential real estate $ 5,135 $ 3,509 Home equity 270 350 Commercial real estate 695 332 Construction and land development. - 133 Multifamily - - Farmland - - Commercial business 495 672 Consumer - - Government - - Total $ 6,595 $ 4,996 |
Summary of Financing Receivables Acquired [Table Text Block] | For the acquisitions of First Federal Savings & Loan (“First Federal”), Liberty Savings Bank (“Liberty Savings”), and First Personal, as part of the fair value of loans receivable, a net fair value discount was established for loans. This discount, or accretable yield, is recognized in interest income over the remaining estimated life of the loan pools. The net fair value discount at the acquisition date and accretable periods are summarized below: (dollars in thousands) First Federal Liberty Savings First Personal Net fair value discount Accretable period in months Net fair value discount Accretable period in months Net fair value discount Accretable period in months Residential real estate $ 1,062 59 $ 1,203 44 $ 948 56 Home equity 44 29 5 29 51 50 Commercial real estate - - - - 208 56 Construction and land development - - - - 1 30 Multifamily - - - - 11 48 Consumer - - - - 146 50 Commercial business - - - - 348 24 Purchased credit impaired loans - - - - 424 32 Total $ 1,106 $ 1,208 $ 2,137 |
Summary of Accretable Yield from Acquired Financing Receivables [Table Text Block] | Accretable yield, or income recorded for the twelve months ended December 31, is as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2017 $ 149 $ 307 $ - $ 456 2018 138 266 424 828 |
Summary of Future Accretable Yield from Acquired Financing Receivables [Table Text Block] | Accretable yield, or income expected to be recorded in the future is as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2019 $ 22 $ 42 $ 561 $ 625 2020 - - 496 496 2021 - - 319 319 2022 - - 277 277 2023 - - 60 60 Total $ 22 $ 42 $ 1,713 $ 1,777 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | At year end, premises and equipment are summarized as follows: (Dollars in thousands) 2018 2017 Cost: Land $ 7,368 $ 5,216 Buildings and improvements 27,523 23,672 Furniture and equipment 15,715 14,908 Total cost 50,606 43,796 Less accumulated depreciation (25,782 ) (24,237 ) Premises and equipment, net $ 24,824 $ 19,559 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | At year end, foreclosed real estate is summarized below: (Dollars in thousands) 2018 2017 Residential real estate $ 1,132 $ 914 Commercial real estate 126 97 Construction and land development 149 688 Commercial business 220 - Total $ 1,627 $ 1,699 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The annual amortization for the twelve months ended December 31, is as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2017 $ 12 $ 58 $ - $ 70 2018 12 58 198 268 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The expected future annual amortization for the twelve months ended December 31, as follows: (dollars in thousands) First Federal Liberty Savings First Personal Total 2019 $ 12 $ 58 $ 475 $ 545 2020 12 58 475 545 2021 12 58 475 545 2022 1 58 475 534 2023 - 38 475 513 2024 - - 470 470 Total $ 37 $ 270 $ 2,845 $ 3,152 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | At year-end, components of income tax expense consist of the following: (Dollars in thousands) 2018 2017 Federal: Current $ 1,218 $ 1,898 Deferred 129 275 Revaluation of net deferred tax asset - 517 State: Current (44 ) 77 Deferred, net of valuation allowance 127 102 Income tax expense $ 1,430 $ 2,869 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Effective tax rates differ from the federal statutory rate of 21% for 2018 and 34% for 2017 applied to income before income taxes due to the following: (Dollars in thousands) 2018 2017 Federal statutory rate 21 % 34 % Tax expense at statutory rate $ 2,260 $ 4,022 State tax, net of federal effect 66 118 Tax exempt income (778 ) (1,302 ) Bank owned life insurance (102 ) (156 ) Captive insurance (169 ) (307 ) Revaluation of net deferred tax asset - 517 Non-deductible transaction costs 99 - Other 54 (23 ) Total income tax expense $ 1,430 $ 2,869 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At December 31, the components of the net deferred tax asset recorded in the consolidated balance sheets are as follows: (Dollars in thousands) 2018 2017 Deferred tax assets: Bad debts $ 1,859 $ 1,885 Deferred loan fees 49 32 Deferred compensation 322 332 Unrealized depreciation on securities available-for-sale, net 743 - Net operating loss 1,373 290 Tax credits 147 99 Nonaccrual loan interest income 62 71 Share based compensation 185 133 REO writedowns 195 25 Unqualified deferred compensation plan 54 51 Other-than-temporary impairment 52 57 Accrued vacation 56 59 Impairment on land 48 48 Other 78 15 Total deferred tax assets 5,223 3,097 Deferred tax liabilities: Depreciation (550 ) (641 ) Prepaids (254 ) (237 ) Mortgage servicing rights (68 ) (26 ) Deferred stock dividends (76 ) (65 ) Unrealized appreciation on securities available-for-sale, net - (188 ) Purchase accounting (118 ) (100 ) Other (191 ) (209 ) Total deferred tax liabilities (1,257 ) (1,466 ) Valuation allowance (87 ) (80 ) Net deferred tax asset $ 3,879 $ 1,551 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | At December 31, 2018, scheduled maturities of certificates of deposit were as follows: (Dollars in thousands) 2019 $ 196,033 2020 56,189 2021 6,198 2022 318 2023 154 Total $ 258,892 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Federal Home Loan Bank Advances Borrowed Funds [Table Text Block] | At December 31, 2018, and December 31, 2017, borrowed funds are summarized below: (Dollars in thousands) 2018 2017 Fixed rate advances from the FHLB $ 23,000 $ 17,100 Variable rate advances from the FHLB 20,000 - Line of credit at FHLB - 3,181 Other - 600 Total $ 43,000 $ 20,881 |
Schedule Of Federal Home Loan Bank Advances Rolling Maturity [Table Text Block] | At December 31, 2018, scheduled maturities of borrowed funds were as follows: (Dollars in thousands) 2019 $ 29,000 2020 8,000 2021 6,000 Total $ 43,000 |
Schedule Of Federal Home Loan Bank Advances Activity For Year [Table Text Block] | Repurchase agreements generally mature within one year and are secured by U.S. government and U.S. agency securities, under the Bancorp’s control. At December 31, information concerning these retail repurchase agreements is summarized below: (Dollars in thousands) 2018 2017 Ending balance $ 11,628 $ 11,300 Average balance during the year 12,754 13,734 Maximum month-end balance during the year 16,672 17,720 Securities underlying the agreements at year end: Carrying value 16,262 18,053 Fair value 16,262 18,053 Average interest rate during the year 1.38 % 0.82 % Average interest rate at year end 1.44 % 0.91 % |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | At December 31, advances from the Federal Home Loan Bank were as follows: (Dollars in thousands) 2018 2017 Fixed rate advances, maturing January 2019 through March 2021 at rates from 1.41% to 2.76%; average rate: 2018 – 2.29%; 2017 – 1.67% $ 23,000 $ 17,100 Variable rate advances, maturing January 2019 through May 2019 at a rate of 2.87%; average rate: 2018 – 2.87% $ 20,000 $ - |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Parent Company [Member] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following table shows that, at December 31, 2018, and December 31, 2017, the Bancorp’s capital exceeded all applicable regulatory capital requirements. The dollar amounts are in millions. (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 92.8 11.6 % $ 36.1 4.5 % N/A N/A Tier 1 capital to risk-weighted assets $ 92.8 11.6 % $ 48.2 6.0 % N/A N/A Total capital to risk-weighted assets $ 100.8 12.6 % $ 64.2 8.0 % N/A N/A Tier 1 capital to adjusted average assets $ 92.8 8.6 % $ 43.2 4.0 % N/A N/A (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 88.4 12.9 % $ 30.9 4.5 % N/A N/A Tier 1 capital to risk-weighted assets $ 88.4 12.9 % $ 41.2 6.0 % N/A N/A Total capital to risk-weighted assets $ 96.0 14.0 % $ 55.0 8.0 % N/A N/A Tier 1 capital to adjusted average assets $ 88.4 9.6 % $ 36.8 4.0 % N/A N/A |
Peoples Bank Sb [Member] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | In addition, the following table shows that, at December 31, 2018, and December 31, 2017, the Bank’s capital exceeded all applicable regulatory capital requirements. The dollar amounts are in millions. (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 89.9 11.2 % $ 36.2 4.5 % $ 52.2 6.5 % Tier 1 capital to risk-weighted assets $ 89.9 11.2 % $ 48.2 6.0 % $ 64.3 8.0 % Total capital to risk-weighted assets $ 97.9 12.2 % $ 64.3 8.0 % $ 80.3 10.0 % Tier 1 capital to adjusted average assets $ 89.9 8.4 % $ 42.9 4.0 % $ 53.6 5.0 % (Dollars in millions) Minimum Required To Be Minimum Required For Well Capitalized Under Prompt Actual Capital Adequacy Purposes Corrective Action Regulations At December 31, 2017 Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital to risk-weighted assets $ 86.3 12.6 % $ 30.9 4.5 % $ 44.6 6.5 % Tier 1 capital to risk-weighted assets $ 86.3 12.6 % $ 41.2 6.0 % $ 54.9 8.0 % Total capital to risk-weighted assets $ 93.8 13.7 % $ 54.9 8.0 % $ 68.7 10.0 % Tier 1 capital to adjusted average assets $ 86.3 9.4 % $ 36.7 4.0 % $ 45.8 5.0 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | A summary of changes in the Bancorp’s non-vested restricted stock for 2018 and 2017 follows: Non-vested Shares Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2017 28,465 $ 26.67 Granted 4,575 39.00 Vested (1,625 ) 25.81 Forefited (725 ) 28.62 Non-vested at December 31, 2017 30,690 $ 28.51 Non-vested at January 1, 2018. 30,690 $ 28.51 Granted 4,433 43.50 Vested (7,700 ) 22.64 Forefited - - Non-vested at December 31, 2018 27,423 $ 32.58 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of the numerators and denominators of the basic earnings per common share and diluted earnings per common share computations for 2018 and 2017 is presented below. 2018 2017 Basic earnings per common share: Net income available to common stockholders $ 9,337,224 $ 8,960,766 Weighted-average common shares outstanding 2,949,212 2,863,899 Basic earnings per common share $ 3.17 $ 3.13 Diluted earnings per common share: Net income available to common stockholders $ 9,337,224 $ 8,960,766 Weighted-average common shares outstanding 2,949,212 2,863,899 Weighted-average common and dilutive potential common shares outstanding 2,949,212 2,864,037 Diluted earnings per common share $ 3.17 $ 3.13 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | For the year ended December 31, 2018, the following activity occurred on these loans (Dollars in thousands) Aggregate balance at the beginning of the year $ 1,667 New loans - Draws 1,268 Repayments (337 ) Aggregate balance at the end of the year $ 2,598 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Outstanding Commitments To Originate Loans [Table Text Block] | The Bancorp had outstanding commitments to originate loans as follows: (Dollars in thousands) Fixed Variable Rate Rate Total December 31, 2018: Residential real estate $ 106 $ 10,812 $ 10,918 Home equity 35,571 5,960 41,531 Commercial real estate 6,397 9,258 15,655 Construction and land development 18,355 35,222 53,577 Multifamily 4,151 389 4,540 Consumer 18,862 - 18,862 Commercial business 1,655 44,935 46,590 Government - - - Total $ 85,097 $ 106,576 $ 191,673 December 31, 2017: Residential real estate $ 70 $ 7,678 $ 7,748 Home equity 31,008 1,838 32,846 Commercial real estate 1,351 6,866 8,217 Construction and land development 8,074 21,105 29,179 Multifamily 174 322 496 Consumer 16,469 - 16,469 Commercial business 1,103 41,381 42,484 Government - - - Total $ 58,249 $ 79,190 $ 137,439 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block] | The table below shows the credit loss roll forward for the Bancorp’s pooled trust preferred securities that have been classified with other-than-temporary impairment: (Dollars in thousands) Collateralized debt obligations other-than-temporary impairment Ending balance, December 31, 2017 $ 271 Reduction due to sale of security (36 ) Ending balance, December 31, 2018 $ 235 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | There were no transfers to or from Levels 1 and 2 during the years ended December 31, 2018 and 2017. Changes in Level 3 assets as Level 3 during all of 2018 and 2017. Assets measured at fair value on a recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2018 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 2,480 $ 2,480 $ - $ - U.S. government sponsored entities 7,894 - 7,894 - Collateralized mortgage obligations and residential mortgage-backed securities 135,281 - 135,281 - Municipal securities 94,064 - 94,064 - Collateralized debt obligations 2,049 - - 2,049 Total securities available-for-sale $ 241,768 $ 2,480 $ 237,239 $ 2,049 (Dollars in thousands) Fair Value Measurements at December 31, 2017 Using (Dollars in thousands) Estimated Quoted Prices in Significant Other Significant Available-for-sale debt securities: Money market fund $ 476 $ 476 $ - $ - U.S. government sponsored entities 3,890 - 3,890 - Collateralized mortgage obligations and residential mortgage-backed securities 132,938 - 132,938 - Municipal securities 103,747 - 103,747 - Collateralized debt obligations 3,439 - - 3,439 Total securities available-for-sale $ 244,490 $ 476 $ 240,575 $ 3,439 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | A reconciliation of available-for-sale securities, which require significant adjustment based on unobservable data, is presented below: (Dollars in thousands) Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for- sale securities Beginning balance, January 1, 2017 $ 2,409 Principal payments (154 ) Total unrealized gains, included in other comprehensive income 1,184 Transfers in and/or (out) of Level 3 - Ending balance, December 31, 2017 $ 3,439 Beginning balance, January 1, 2018 $ 3,439 Principal payments (51 ) Total unrealized losses, included in other comprehensive income (36 ) Sale out of Level 3 (1,303 ) Ending balance, December 31, 2018 $ 2,049 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a non-recurring basis are summarized below: (Dollars in thousands) Fair Value Measurements at December 31, 2018 Using (Dollars in thousands) Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 5,536 $ - $ - $ 5,536 Foreclosed real estate 1,627 - - 1,627 (Dollars in thousands) Fair Value Measurements at December 31, 2017 Using (Dollars in thousands) Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans $ 1,818 $ - $ - $ 1,818 Foreclosed real estate 1,699 - - 1,699 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table shows carrying values and related estimated fair values of financial instruments as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not financial instruments are not included. December 31, 2018 Estimated Fair Value Measurements at December 31, 2018 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 17,139 $ 17,139 $ 17,139 $ - $ - Certificates of deposit in other financial institutions 2,024 2,001 - 2,001 - Securities available-for-sale 241,768 241,768 2,480 237,239 2,049 Loans held-for-sale 2,863 2,910 2,910 - - Loans receivable, net 756,438 747,553 - - 747,553 Federal Home Loan Bank stock 3,460 3,460 - 3,460 - Accrued interest receivable 3,632 3,632 - 3,632 - Financial liabilities: Non-interest bearing deposits 127,277 127,277 127,277 - - Interest bearing deposits 802,509 800,349 543,617 256,732 - Repurchase agreements 11,628 11,626 9,867 1,759 - Borrowed funds 43,000 42,888 - 42,888 - Accrued interest payable 186 186 - 186 - December 31, 2017 Estimated Fair Value Measurements at December 31, 2017 Using (Dollars in thousands) Carrying Estimated Quoted Prices in Significant Significant Financial assets: Cash and cash equivalents $ 11,025 $ 11,025 $ 11,025 $ - $ - Certificates of deposit in other financial institutions 1,676 1,640 - 1,640 - Securities available-for-sale 244,490 244,490 476 240,575 3,439 Loans held-for-sale 1,592 1,625 1,625 - - Loans receivable, net 612,729 608,506 - - 608,506 Federal Home Loan Bank stock 3,000 3,000 - 3,000 - Accrued interest receivable 3,262 3,262 - 3,262 - Financial liabilities: Non-interest bearing deposits 120,556 120,556 120,556 - - Interest bearing deposits 672,448 670,967 488,528 182,439 - Repurchase agreements 11,300 11,292 9,545 1,747 - Borrowed funds 20,881 20,818 600 20,218 - Accrued interest payable 42 42 - 42 - |
Parent Company Only Statements
Parent Company Only Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet [Table Text Block] | (Dollars in thousands) NorthWest Indiana Bancorp Condensed Balance Sheets December 31, December 31, 2018 2017 Assets Cash on deposit with Peoples Bank $ 881 $ 125 Investment in Peoples Bank 98,606 89,915 Investment in NWIN Risk Management, Inc 2,503 1,674 Dividends receivable from Peoples Bank 909 831 Other assets 302 899 Total assets $ 103,201 $ 93,444 Liabilities and stockholders’ equity Dividends payable $ 909 $ 831 Other liabilities 828 553 Total liabilities 1,737 1,384 Additional paid in capital 11,927 4,867 Accumulated other comprehensive (loss) income (2,796 ) 684 Retained earnings 92,333 86,509 Total stockholders’ equity 101,464 92,060 Total liabilities and stockholders’ equity $ 103,201 $ 93,444 |
Condensed Income Statement [Table Text Block] | (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Income Year Ended December 31, 2018 2017 Dividends from Peoples Bank $ 12,330 $ 3,295 Operating expenses 477 262 Income before income taxes and equity in undistributed income of Peoples Bank 11,853 3,033 Income tax benefit (98 ) (69 ) Income before equity in undistributed income of Peoples Bank 11,951 3,102 Equity in undistributed (distributions in excess of income) income of Peoples Bank (3,443 ) 4,961 income of NWIN Risk Management, Inc 829 898 Net income $ 9,337 $ 8,961 |
Condensed Cash Flow Statement [Table Text Block] | (Dollars in thousands) NorthWest Indiana Bancorp Condensed Statements of Cash Flows Year Ended December 31, 2018 2017 Cash flows from operating activities: Net income $ 9,337 $ 8,961 Adjustments to reconcile Distributions in excess of income (equity in undistributed income): Peoples Bank 3,443 (4,961 ) NWIN Risk Management, Inc (829 ) (898 ) Stock based compensation expense 204 192 Net surrender value of restricted stock awards (72 ) - Change in other assets 519 (155 ) Change in other liabilities 275 179 Total adjustments 3,540 (5,643 ) Net cash - operating activities 12,877 3,318 Cash flows from investing activities: Cash paid for acquisition (8,689 ) - Investment in NWIN Risk Management, Inc - - Net cash - investing activities (8,689 ) - Cash flows from financing activities: Dividends paid (3,432 ) (3,264 ) Proceeds from issuance of common stock - 14 Net cash - financing activities (3,432 ) (3,250 ) Net change in cash 756 68 Cash at beginning of year 125 57 Cash at end of year. $ 881 $ 125 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal Reserve Bank [Member] | ||
Significant Accounting Policies [Line Items] | ||
Cash, FDIC Insured Amount | $ 2,200 | $ 878 |
Premises And Equipment [Member] | Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 39 years | |
Premises And Equipment [Member] | Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 26 years | |
Furniture And Equipment [Member] | Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Furniture And Equipment [Member] | Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Certificates of Deposit [Member] | ||
Significant Accounting Policies [Line Items] | ||
Maturities of Time Deposits, Description | Certificates of deposits in other financial institutions generally mature within 5 years and are carried at cost |
Acquisition Activity (Details)
Acquisition Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | ||
Cash and due from banks | $ 30,178 | |
Investment securities, available for sale | 2 | |
Commercial | 94,572 | |
Premises and equipment, net | 5,799 | |
FHLB stock | 219 | |
Goodwill | 5,437 | |
Core deposit intangible | 3,044 | |
Interest receivable | 274 | |
Other assets | 6,405 | |
Total assets purchased | 145,930 | |
Common shares issued | 6,928 | |
Cash paid | 8,689 | $ 0 |
Total purchase price | 15,617 | |
LIABILITIES | ||
Deposits | 124,901 | |
Borrowings | 4,124 | |
Interest payable | 32 | |
Other liabilities | 1,256 | |
Total liabilities assumed | 130,313 | |
Commercial Loan [Member] | ||
ASSETS | ||
Commercial | 53,026 | |
Residential Mortgage [Member] | ||
ASSETS | ||
Commercial | 32,542 | |
Consumer Loan [Member] | ||
ASSETS | ||
Commercial | 9,004 | |
Noninterest bearing [Member] | ||
LIABILITIES | ||
Deposits | 14,517 | |
NOW Accounts [Member] | ||
LIABILITIES | ||
Deposits | 22,177 | |
Savings and money market [Member] | ||
LIABILITIES | ||
Deposits | 41,852 | |
Certificate of Deposit [Member] | ||
LIABILITIES | ||
Deposits | $ 46,355 |
Acquisition Activity (Details T
Acquisition Activity (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 23, 2019USD ($) | Jul. 25, 2018USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 17, 2018USD ($) | May 31, 2004USD ($) | |
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 8,689 | $ 0 | ||||
Business Combination Financial Information Assets Reported by the Acquiree | 174,900 | |||||
Business Combination Financial Information Loans Receivables Reported by the Acquiree | 91,500 | |||||
Business Combination Financial Information Deposits Reported by the Acquiree | 143,800 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 145,930 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 130,313 | |||||
Business Acquisition, Transaction Costs | $ 1,800 | |||||
Number Of Banking Centers | 19 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 4,124 | |||||
First Personal Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition Description Of Consideration Paid | Merger, each First Personal stockholder holding 100 or more shares of First Personal common stock received fixed consideration of (i) 0.1246 shares of Bancorp common stock, and (ii) $6.67 per share in cash for each outstanding share of First Personal common stock. Stockholders holding less than 100 shares of First Personal common stock received $12.12 in cash and no stock consideration for each outstanding share of First Personal common stock. Any fractional shares of Bancorp common stock that a First Personal stockholder would have otherwise received in the First Personal Merger were cashed out in the amount of such fraction multiplied by $42.95. | |||||
Business Combination, Consideration Transferred | $ 15,600 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 161,875 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 8,700 | |||||
AJS Bancorp Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition Description Of Consideration Paid | each AJSB stockholder holding 100 or more shares of AJSB common stock received fixed consideration of (i) 0.2030 shares of NWIN common stock, and (ii) $7.20 per share in cash for each outstanding share of AJSB’s common stock. Stockholders holding less than 100 shares of AJSB common stock received $16.00 in cash and no stock consideration for each outstanding share of AJSB common stock. Any fractional shares of NWIN common stock that an AJSB stockholder would have otherwise received in the AJSB Merger were cashed out in the amount of such fraction multiplied by $43.01. | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed Total Loans | $ 860,200 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 1,100,000 | |||||
First Personal Statutory Trust I [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 4,124 | |||||
Equity Securities Description of Variable Rate Basis | LIBOR plus 275 basis points | |||||
Business Acquisition Date of Expiration Agreement | Jun. 17, 2034 | |||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Debt Redeemed | $ 4,124 | |||||
AJSB [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 34,200 | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 15,400 | |||||
Business Acquisition, Transaction Costs | $ 245 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Fair Value Method | 416,478 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 245,308 | $ 243,619 |
Gross Unrealized Gains | 1,235 | 3,879 |
Gross Unrealized Losses | (4,775) | (3,008) |
Estimated Fair Value | 241,768 | 244,490 |
Municipal securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 93,516 | 100,088 |
Gross Unrealized Gains | 1,072 | 3,709 |
Gross Unrealized Losses | (524) | (50) |
Estimated Fair Value | 94,064 | 103,747 |
U.S. government sponsored entities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 7,997 | 3,996 |
Gross Unrealized Gains | 28 | 0 |
Gross Unrealized Losses | (131) | (106) |
Estimated Fair Value | 7,894 | 3,890 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 137,834 | 134,224 |
Gross Unrealized Gains | 135 | 170 |
Gross Unrealized Losses | (2,688) | (1,456) |
Estimated Fair Value | 135,281 | 132,938 |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 3,481 | 4,835 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,432) | (1,396) |
Estimated Fair Value | 2,049 | 3,439 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 2,480 | 476 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 2,480 | $ 476 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Contractual Maturities Of Available For Sale Debt Securities [Line Items] | ||
Estimated Fair Value, Due in one year or less | $ 2,821 | |
Estimated Fair Value, Due from one to five years | 7,698 | |
Estimated Fair Value, Due from five to ten years | 16,882 | |
Estimated Fair Value, Due over ten years | 79,086 | |
Estimated Fair Value, Total | $ 241,768 | $ 244,490 |
Tax-Equivalent Yield, Due in one year or less | 5.90% | |
Tax-Equivalent Yield, Due from one to five years | 3.37% | |
Tax-Equivalent Yield, Due from five to ten years | 4.02% | |
Tax-Equivalent Yield, Due over ten years | 4.10% | |
Tax-Equivalent Yield, Total | 3.35% | |
Collateralized Mortgage Backed Securities [Member] | ||
Contractual Maturities Of Available For Sale Debt Securities [Line Items] | ||
Estimated Fair Value, Total | $ 135,281 | $ 132,938 |
Tax-Equivalent Yield, Total | 2.78% |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Realized Gain Loss [Line Items] | ||
Proceeds | $ 34,545 | $ 56,347 |
Gross gains | 1,216 | 972 |
Gross losses | $ (16) | $ (112) |
Securities (Details 3)
Securities (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Ending balance, December 31, 2017 | $ 684 | |
Current period change | (3,480) | $ 2,079 |
Ending balance, December 31, 2018 | $ (2,796) | $ 684 |
Securities (Details 4)
Securities (Details 4) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | $ 51,066 | $ 68,707 |
Unrealized Losses, Less than 12 months | (671) | (514) |
Estimated Fair Value, 12 months or longer | 98,644 | 46,147 |
Unrealized Losses, 12 months or longer | (4,104) | (2,494) |
Estimated Fair Value, Total | 149,710 | 114,854 |
Unrealized Losses, Total | $ (4,775) | $ (3,008) |
Number of securities, Unrealized Losses, Less than 12 months | 52 | 40 |
Number of securities, Unrealized Losses, 12 months or longer | 75 | 37 |
Number of securities, Unrealized Losses, Total | 127 | 77 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | $ 0 | $ 0 |
Unrealized Losses, Less than 12 months | 0 | 0 |
Estimated Fair Value, 12 months or longer | 3,866 | 3,890 |
Unrealized Losses, 12 months or longer | (131) | (106) |
Estimated Fair Value, Total | 3,866 | 3,890 |
Unrealized Losses, Total | (131) | (106) |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 28,388 | 66,917 |
Unrealized Losses, Less than 12 months | (304) | (511) |
Estimated Fair Value, 12 months or longer | 89,234 | 37,003 |
Unrealized Losses, 12 months or longer | (2,384) | (945) |
Estimated Fair Value, Total | 117,622 | 103,920 |
Unrealized Losses, Total | (2,688) | (1,456) |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 0 | 0 |
Unrealized Losses, Less than 12 months | 0 | 0 |
Estimated Fair Value, 12 months or longer | 2,049 | 3,439 |
Unrealized Losses, 12 months or longer | (1,432) | (1,396) |
Estimated Fair Value, Total | 2,049 | 3,439 |
Unrealized Losses, Total | (1,432) | (1,396) |
Municipal securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value, Less than 12 months | 22,678 | 1,790 |
Unrealized Losses, Less than 12 months | (367) | (3) |
Estimated Fair Value, 12 months or longer | 3,495 | 1,815 |
Unrealized Losses, 12 months or longer | (157) | (47) |
Estimated Fair Value, Total | 26,173 | 3,605 |
Unrealized Losses, Total | $ (524) | $ (50) |
Securities (Details Textual)
Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | $ 252 | $ 339 |
Trading Securities Pledged as Collateral | $ 16,300 | $ 21,200 |
Loans Receivable (Details)
Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans secured by real estate: | ||
Total loans secured by real estate | $ 634,516 | $ 514,703 |
Subtotal | 764,538 | 621,070 |
Adjustments: Less: Net deferred loan origination fees | 530 | (130) |
Adjustments: Undisbursed loan funds | (668) | (729) |
Loan receivables | 764,400 | 620,211 |
Commercial business [Member] | ||
Loans secured by real estate: | ||
Loans and Leases Receivable, before Fees, Gross | 103,628 | 77,122 |
Consumer [Member] | ||
Loans secured by real estate: | ||
Loans and Leases Receivable, before Fees, Gross | 5,293 | 460 |
Government [Member] | ||
Loans secured by real estate: | ||
Loans and Leases Receivable, before Fees, Gross | 21,101 | 28,785 |
Loan receivables | 21,101 | 28,785 |
Residential real estate [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 224,082 | 172,780 |
Loan receivables | 223,323 | 172,141 |
Home equity [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 45,423 | 36,718 |
Loan receivables | 45,483 | 36,769 |
Commercial real estate [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 253,104 | 211,090 |
Loan receivables | 253,104 | 211,090 |
Construction and land development [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 64,433 | 50,746 |
Loan receivables | 64,433 | 50,746 |
Multifamily [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 47,234 | 43,369 |
Loan receivables | 47,234 | 43,368 |
Farmland [Member] | ||
Loans secured by real estate: | ||
Total loans secured by real estate | 240 | 0 |
Loan receivables | $ 240 | $ 0 |
Loans Receivable (Details 1)
Loans Receivable (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for loan losses: | ||
Beginning Balance | $ 7,482 | $ 7,698 |
Charge-offs | (1,011) | (1,476) |
Recoveries | 183 | 60 |
Provisions | 1,308 | 1,200 |
Ending Balance | 7,962 | 7,482 |
Ending balance: Loans receivable individually evaluated impairment reserves | 246 | 704 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 7,716 | 6,778 |
LOAN RECEIVABLES | ||
Loan receivables | 764,400 | 620,211 |
Ending balance: Loans individually evaluated for impairment | 2,837 | 1,832 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 2,945 | 690 |
Ending balance: Loans collectively evaluated for impairment | 758,618 | 617,689 |
Residential real estate [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 1,568 | 2,111 |
Charge-offs | (194) | (959) |
Recoveries | 1 | 3 |
Provisions | 340 | 413 |
Ending Balance | 1,715 | 1,568 |
Ending balance: Loans receivable individually evaluated impairment reserves | 22 | 21 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 1,693 | 1,547 |
LOAN RECEIVABLES | ||
Loan receivables | 223,323 | 172,141 |
Ending balance: Loans individually evaluated for impairment | 570 | 462 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 980 | 690 |
Ending balance: Loans collectively evaluated for impairment | 221,773 | 170,989 |
Home equity [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 166 | 299 |
Charge-offs | (48) | (60) |
Recoveries | 0 | 0 |
Provisions | 84 | (73) |
Ending Balance | 202 | 166 |
Ending balance: Loans receivable individually evaluated impairment reserves | 9 | 0 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 193 | 166 |
LOAN RECEIVABLES | ||
Loan receivables | 45,483 | 36,769 |
Ending balance: Loans individually evaluated for impairment | 141 | 0 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 123 | 0 |
Ending balance: Loans collectively evaluated for impairment | 45,219 | 36,769 |
Commercial real estate [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 3,125 | 3,113 |
Charge-offs | (119) | 0 |
Recoveries | 24 | 0 |
Provisions | 305 | 12 |
Ending Balance | 3,335 | 3,125 |
Ending balance: Loans receivable individually evaluated impairment reserves | 210 | 144 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 3,125 | 2,981 |
LOAN RECEIVABLES | ||
Loan receivables | 253,104 | 211,090 |
Ending balance: Loans individually evaluated for impairment | 1,703 | 512 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 402 | 0 |
Ending balance: Loans collectively evaluated for impairment | 250,999 | 210,578 |
Construction and land develolpment [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 618 | 617 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 138 | 1 |
Ending Balance | 756 | 618 |
Ending balance: Loans receivable individually evaluated impairment reserves | 0 | 0 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 756 | 618 |
LOAN RECEIVABLES | ||
Loan receivables | 64,433 | 50,746 |
Ending balance: Loans individually evaluated for impairment | 0 | 134 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: Loans collectively evaluated for impairment | 64,433 | 50,612 |
Multifamily [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 622 | 572 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | (150) | 50 |
Ending Balance | 472 | 622 |
Ending balance: Loans receivable individually evaluated impairment reserves | 0 | 0 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 472 | 622 |
LOAN RECEIVABLES | ||
Loan receivables | 47,234 | 43,368 |
Ending balance: Loans individually evaluated for impairment | 0 | 0 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: Loans collectively evaluated for impairment | 47,234 | 43,368 |
Farmland [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 0 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | 0 | 0 |
Ending Balance | 0 | 0 |
Ending balance: Loans receivable individually evaluated impairment reserves | 0 | 0 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 0 | 0 |
LOAN RECEIVABLES | ||
Loan receivables | 240 | 0 |
Ending balance: Loans individually evaluated for impairment | 0 | 0 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: Loans collectively evaluated for impairment | 240 | 0 |
Consumer [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 31 | 34 |
Charge-offs | (58) | (71) |
Recoveries | 24 | 18 |
Provisions | 85 | 50 |
Ending Balance | 82 | 31 |
Ending balance: Loans receivable individually evaluated impairment reserves | 0 | 0 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 82 | 31 |
LOAN RECEIVABLES | ||
Loan receivables | 6,043 | 461 |
Ending balance: Loans individually evaluated for impairment | 0 | 0 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: Loans collectively evaluated for impairment | 6,043 | 461 |
Commercial business [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 1,298 | 896 |
Charge-offs | (592) | (386) |
Recoveries | 134 | 39 |
Provisions | 522 | 749 |
Ending Balance | 1,362 | 1,298 |
Ending balance: Loans receivable individually evaluated impairment reserves | 5 | 539 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 1,357 | 759 |
LOAN RECEIVABLES | ||
Loan receivables | 103,439 | 76,851 |
Ending balance: Loans individually evaluated for impairment | 423 | 724 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 1,440 | 0 |
Ending balance: Loans collectively evaluated for impairment | 101,576 | 76,127 |
Government [Member] | ||
Allowance for loan losses: | ||
Beginning Balance | 54 | 56 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions | (16) | (2) |
Ending Balance | 38 | 54 |
Ending balance: Loans receivable individually evaluated impairment reserves | 0 | 0 |
Ending balance: Loans receivable collectively evaluated impairment reserves | 38 | 54 |
LOAN RECEIVABLES | ||
Loan receivables | 21,101 | 28,785 |
Ending balance: Loans individually evaluated for impairment | 0 | 0 |
Ending balance: Purchased credit impaired individually evaluated for impairment | 0 | 0 |
Ending balance: Loans collectively evaluated for impairment | $ 21,101 | $ 28,785 |
Loans Receivable (Details 2)
Loans Receivable (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 764,400 | $ 620,211 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 223,323 | 172,141 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 45,483 | 36,769 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 253,104 | 211,090 |
Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 64,433 | 50,746 |
Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 47,234 | 43,368 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 240 | 0 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 103,439 | 76,851 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 6,043 | 461 |
Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 21,101 | 28,785 |
Moderate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 12,033 | 8,056 |
Moderate [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 261 | 887 |
Moderate [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 192 | 0 |
Moderate [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Moderate [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Moderate [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Moderate [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Moderate [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 10,655 | 7,169 |
Moderate [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 925 | 0 |
Moderate [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Above average acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 92,136 | 35,405 |
Above average acceptable [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 58,276 | 12,317 |
Above average acceptable [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,736 | 1,065 |
Above average acceptable [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,042 | 2,372 |
Above average acceptable [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 322 | 0 |
Above average acceptable [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 569 | 0 |
Above average acceptable [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Above average acceptable [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 19,127 | 17,202 |
Above average acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,953 | 131 |
Above average acceptable [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,111 | 2,318 |
Acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 299,452 | 285,153 |
Acceptable [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 100,374 | 92,241 |
Acceptable [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 40,165 | 34,871 |
Acceptable [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 78,611 | 79,847 |
Acceptable [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 24,271 | 20,719 |
Acceptable [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 19,255 | 20,159 |
Acceptable [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Acceptable [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 20,941 | 16,784 |
Acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,040 | 330 |
Acceptable [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 14,795 | 20,202 |
Marginally acceptable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 213,612 | 158,206 |
Marginally acceptable [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 10,404 | 8,759 |
Marginally acceptable [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 37 | 0 |
Marginally acceptable [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 110,984 | 81,547 |
Marginally acceptable [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 29,383 | 19,583 |
Marginally acceptable [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 23,417 | 20,965 |
Marginally acceptable [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Marginally acceptable [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 34,996 | 21,087 |
Marginally acceptable [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 196 | 0 |
Marginally acceptable [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,195 | 6,265 |
Pass/monitor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 126,523 | 115,806 |
Pass/monitor [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 44,734 | 50,075 |
Pass/monitor [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 323 | 250 |
Pass/monitor [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 51,982 | 40,054 |
Pass/monitor [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 10,457 | 10,310 |
Pass/monitor [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,844 | 2,076 |
Pass/monitor [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 240 | 0 |
Pass/monitor [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 14,034 | 13,041 |
Pass/monitor [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 909 | 0 |
Pass/monitor [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Special mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 12,407 | 11,683 |
Special mention [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 3,908 | 4,130 |
Special mention [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 657 | 233 |
Special mention [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 4,715 | 6,758 |
Special mention [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Special mention [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 149 | 168 |
Special mention [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Special mention [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 2,958 | 394 |
Special mention [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 20 | 0 |
Special mention [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 8,237 | 5,902 |
Substandard [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 5,366 | 3,732 |
Substandard [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 373 | 350 |
Substandard [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 1,770 | 512 |
Substandard [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 134 |
Substandard [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Substandard [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Substandard [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 728 | 1,174 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | 0 | 0 |
Substandard [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable | $ 0 | $ 0 |
Loans Receivable (Details 3)
Loans Receivable (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 1,550 | $ 1,152 |
Unpaid Principal Balance | 3,789 | 3,621 |
Related Allowance | 22 | 21 |
Average Recorded Investment | 1,367 | 1,357 |
Interest Income Recognized | 84 | 71 |
Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 264 | 0 |
Unpaid Principal Balance | 271 | 0 |
Related Allowance | 9 | 0 |
Average Recorded Investment | 146 | 0 |
Interest Income Recognized | 2 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 2,105 | 512 |
Unpaid Principal Balance | 2,703 | 512 |
Related Allowance | 210 | 144 |
Average Recorded Investment | 1,536 | 502 |
Interest Income Recognized | 64 | 6 |
Construction and land develolpment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 134 |
Unpaid Principal Balance | 0 | 134 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 54 | 134 |
Interest Income Recognized | 0 | 0 |
Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Farmland [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,863 | 724 |
Unpaid Principal Balance | 2,102 | 724 |
Related Allowance | 5 | 539 |
Average Recorded Investment | 1,020 | 690 |
Interest Income Recognized | 39 | 10 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Government [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With No Related Allowance [Member] | Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,389 | 1,072 |
Unpaid Principal Balance | 3,628 | 3,351 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,244 | 1,101 |
Interest Income Recognized | 79 | 70 |
Impaired Loans With No Related Allowance [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 207 | 0 |
Unpaid Principal Balance | 214 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 111 | 0 |
Interest Income Recognized | 2 | 0 |
Impaired Loans With No Related Allowance [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,624 | 253 |
Unpaid Principal Balance | 2,222 | 253 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,216 | 339 |
Interest Income Recognized | 64 | 6 |
Impaired Loans With No Related Allowance [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 134 |
Unpaid Principal Balance | 0 | 134 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 54 | 134 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With No Related Allowance [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With No Related Allowance [Member] | Farmland [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With No Related Allowance [Member] | Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 1,799 | 184 |
Unpaid Principal Balance | 2,038 | 184 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 880 | 198 |
Interest Income Recognized | 38 | 10 |
Impaired Loans With No Related Allowance [Member] | Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With No Related Allowance [Member] | Government [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 161 | 80 |
Unpaid Principal Balance | 161 | 270 |
Related Allowance | 22 | 21 |
Average Recorded Investment | 123 | 256 |
Interest Income Recognized | 5 | 1 |
Impaired Loans With Related Allowance [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 57 | 0 |
Unpaid Principal Balance | 57 | 0 |
Related Allowance | 9 | 0 |
Average Recorded Investment | 35 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 481 | 259 |
Unpaid Principal Balance | 481 | 259 |
Related Allowance | 210 | 144 |
Average Recorded Investment | 320 | 163 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Farmland [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 64 | 540 |
Unpaid Principal Balance | 64 | 540 |
Related Allowance | 5 | 539 |
Average Recorded Investment | 140 | 492 |
Interest Income Recognized | 1 | 0 |
Impaired Loans With Related Allowance [Member] | Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Impaired Loans With Related Allowance [Member] | Government [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | $ 0 | $ 0 |
Loans Receivable (Details 4)
Loans Receivable (Details 4) $ in Thousands | Jul. 24, 2018USD ($) |
Contractually required principal and interest at acquisition | $ 5,580 |
Contractual cash flows not expected to be collected (nonaccretable discount) | 1,255 |
Expected cash flows at acquistion | 4,325 |
Interest component of expected cash flows (accretable discount | 424 |
Fair value of acquired loans accounted for under ASC 310-30 | $ 3,901 |
Loans Receivable (Details 5)
Loans Receivable (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 13,528 | $ 13,129 |
Current | 750,872 | 607,082 |
Total Loans | 764,400 | 620,211 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 321 | 227 |
Government [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 21,101 | 28,785 |
Total Loans | 21,101 | 28,785 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 0 | 0 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,930 | 9,764 |
Current | 214,393 | 162,377 |
Total Loans | 223,323 | 172,141 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 122 | 225 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 452 | 547 |
Current | 45,031 | 36,222 |
Total Loans | 45,483 | 36,769 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 50 | 2 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,471 | 1,379 |
Current | 251,633 | 209,711 |
Total Loans | 253,104 | 211,090 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 0 | 0 |
Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,024 | 133 |
Current | 63,409 | 50,613 |
Total Loans | 64,433 | 50,746 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 0 | 0 |
Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 149 | 319 |
Current | 47,085 | 43,049 |
Total Loans | 47,234 | 43,368 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 0 | 0 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 240 | 0 |
Total Loans | 240 | 0 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,429 | 986 |
Current | 102,010 | 75,865 |
Total Loans | 103,439 | 76,851 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 149 | 0 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 73 | 1 |
Current | 5,970 | 460 |
Total Loans | 6,043 | 461 |
Recorded Investments Greater than 90 Days Past Due and Accruing | 0 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,869 | 6,772 |
Financing Receivables, 30-59 Days Past Due [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,659 | 4,921 |
Financing Receivables, 30-59 Days Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 143 | 295 |
Financing Receivables, 30-59 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 842 | 951 |
Financing Receivables, 30-59 Days Past Due [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 491 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 319 |
Financing Receivables, 30-59 Days Past Due [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30-59 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 733 | 285 |
Financing Receivables, 30-59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1 | 1 |
Financing Receivables, 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,946 | 2,027 |
Financing Receivables, 60-89 Days Past Due [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60-89 Days Past Due [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 909 | 1,751 |
Financing Receivables, 60-89 Days Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | 18 |
Financing Receivables, 60-89 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18 | 96 |
Financing Receivables, 60-89 Days Past Due [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 533 | 0 |
Financing Receivables, 60-89 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 149 | 0 |
Financing Receivables, 60-89 Days Past Due [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60-89 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 260 | 162 |
Financing Receivables, 60-89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,713 | 4,330 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Government [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,362 | 3,092 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 304 | 234 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 611 | 332 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction and land develolpment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 133 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 436 | 539 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans Receivable (Details 6)
Loans Receivable (Details 6) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | $ 6,595 | $ 4,996 |
Government [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 5,135 | 3,509 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 270 | 350 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 695 | 332 |
Construction and land development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 0 | 133 |
Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Farmland [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 0 | 0 |
Commercial business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | 495 | 672 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing receivables on nonaccrual status | $ 0 | $ 0 |
Loans Receivable (Details 7)
Loans Receivable (Details 7) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 1,106 |
Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 1,208 |
First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 2,137 |
Residential real estate [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 1,062 |
Accretable period in months | 59 months |
Residential real estate [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 1,203 |
Accretable period in months | 44 months |
Residential real estate [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 948 |
Accretable period in months | 56 months |
Home equity [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 44 |
Accretable period in months | 29 months |
Home equity [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 5 |
Accretable period in months | 29 months |
Home equity [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 51 |
Accretable period in months | 50 months |
Commercial Real Estate [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 0 |
Commercial Real Estate [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 0 |
Commercial Real Estate [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 208 |
Accretable period in months | 56 months |
Construction and land develolpment [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 0 |
Construction and land develolpment [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 0 |
Construction and land develolpment [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 1 |
Accretable period in months | 30 months |
Multifamily [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 0 |
Multifamily [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 0 |
Multifamily [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 11 |
Accretable period in months | 48 months |
Consumer [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 0 |
Consumer [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 0 |
Consumer [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 146 |
Accretable period in months | 50 months |
Commercial business [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 0 |
Commercial business [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 0 |
Commercial business [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 348 |
Accretable period in months | 24 months |
Purchased credit impaired loans [Member] | First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 0 |
Purchased credit impaired loans [Member] | Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | 0 |
Purchased credit impaired loans [Member] | First Personal Bank [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Net fair value discount | $ 424 |
Accretable period in months | 32 months |
Loans Receivable (Details 8)
Loans Receivable (Details 8) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,017 | $ 456 |
2,018 | 828 |
First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,017 | 149 |
2,018 | 138 |
Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,017 | 307 |
2,018 | 266 |
First Personal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,017 | 0 |
2,018 | $ 424 |
Loans Receivable (Details 9)
Loans Receivable (Details 9) $ in Thousands | Dec. 31, 2018USD ($) |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,019 | $ 625 |
2,020 | 496 |
2,021 | 319 |
2,022 | 277 |
2,023 | 60 |
Total | 1,777 |
First Federal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,019 | 22 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
2,023 | 0 |
Total | 22 |
Liberty Savings [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,019 | 42 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
2,023 | 0 |
Total | 42 |
First Personal [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
2,019 | 561 |
2,020 | 496 |
2,021 | 319 |
2,022 | 277 |
2,023 | 60 |
Total | $ 1,713 |
Loans Receivable (Details Textu
Loans Receivable (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 301 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 1,100 | |
Impaired Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 6,000 | $ 2,600 |
Impaired Financing Receivable, Recorded Investment, Total | $ 2,900 | $ 690 |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cost: | ||
Land | $ 7,368 | $ 5,216 |
Buildings and improvements | 27,523 | 23,672 |
Furniture and equipment | 15,715 | 14,908 |
Total cost | 50,606 | 43,796 |
Less accumulated depreciation | (25,782) | (24,237) |
Premises and equipment, net | $ 24,824 | $ 19,559 |
Premises and Equipment, Net (_2
Premises and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 1.5 | $ 1.4 |
Foreclosed Real Estate (Details
Foreclosed Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 1,627 | $ 1,699 |
Residential real estate | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | 1,132 | 914 |
Commercial real estate | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | 126 | 97 |
Construction and land development | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | 149 | 688 |
Commercial business | ||
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 220 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
2017 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | $ 70 |
2018 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | 268 |
First Federal | 2017 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | 12 |
First Federal | 2018 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | 12 |
Liberty Savings | 2017 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | 58 |
Liberty Savings | 2018 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | 58 |
First Personal | 2017 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | 0 |
First Personal | 2018 [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amortization of Intangible Assets | $ 198 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details 1) - Core Deposits [Member] $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 545 |
2,020 | 545 |
2,021 | 545 |
2,022 | 534 |
2,023 | 513 |
2,024 | 470 |
Total | 3,152 |
First Federal | |
2,019 | 12 |
2,020 | 12 |
2,021 | 12 |
2,022 | 1 |
2,023 | 0 |
2,024 | 0 |
Total | 37 |
Liberty Savings | |
2,019 | 58 |
2,020 | 58 |
2,021 | 58 |
2,022 | 58 |
2,023 | 38 |
2,024 | 0 |
Total | 270 |
First Personal | |
2,019 | 475 |
2,020 | 475 |
2,021 | 475 |
2,022 | 475 |
2,023 | 475 |
2,024 | 470 |
Total | $ 2,845 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 8,170 | $ 2,792 |
First Federal Acquisition [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 5,400 | |
First Federal Savings Loan [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | 2,000 | |
Liberty Savings Bank [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 804 | |
First Personal Bank [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 8 months | |
First Personal Bank [Member] | Fair Value Premium [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 133 | |
First Personal Bank [Member] | Loans Receivable [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | 80 | |
First Personal Bank [Member] | During 2019 [Member] | Loans Receivable [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 53 | |
Core Deposits [Member] | First Federal Acquisition [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Core Deposits, Gross | $ 93 | |
Finite-Lived Intangible Asset, Useful Life | 7 years 10 months 24 days | |
Core Deposits [Member] | First Personal Bank [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Core Deposits, Gross | $ 3,000 | |
Finite-Lived Intangible Asset, Useful Life | 6 years 4 months 24 days | |
Liberty Savings [Member] | First Federal Acquisition [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 8,200 | |
Liberty Savings [Member] | Core Deposits [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-Lived Core Deposits, Gross | $ 471 | |
Finite-Lived Intangible Asset, Useful Life | 8 years 2 months 12 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal: | ||
Current | $ 1,218 | $ 1,898 |
Deferred | 129 | 275 |
Revaluation of net deferred tax asset | 0 | 517 |
State: | ||
Current | (44) | 77 |
Deferred, net of valuation allowance | 127 | 102 |
Income tax expense | $ 1,430 | $ 2,869 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21.00% | 34.00% |
Tax expense at statutory rate | $ 2,260 | $ 4,022 |
State tax, net of federal effect | 66 | 118 |
Tax exempt income | (778) | (1,302) |
Bank owned life insurance | (102) | (156) |
Captive insurance | (169) | (307) |
Revaluation of net deferred tax asset | 0 | 517 |
Non-deductible transaction costs | 99 | 0 |
Other | 54 | (23) |
Total income tax expense | $ 1,430 | $ 2,869 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Bad debts | $ 1,859 | $ 1,885 |
Deferred loan fees | 49 | 32 |
Deferred compensation | 322 | 332 |
Unrealized depreciation on securities available-for-sale, net | 743 | 0 |
Net operating loss | 1,373 | 290 |
Tax credits | 147 | 99 |
Nonaccrual loan interest income | 62 | 71 |
Share based compensation | 185 | 133 |
REO writedowns | 195 | 25 |
Unqualified deferred compensation plan | 54 | 51 |
Other-than-temporary impairment | 52 | 57 |
Accrued vacation | 56 | 59 |
Impairment on land | 48 | 48 |
Other | 78 | 15 |
Total deferred tax assets | 5,223 | 3,097 |
Deferred tax liabilities: | ||
Depreciation | (550) | (641) |
Prepaids | (254) | (237) |
Mortgage servicing rights | (68) | (26) |
Deferred stock dividends | (76) | (65) |
Unrealized appreciation on securities available-for-sale, net | 0 | (188) |
Purchase accounting | (118) | (100) |
Other | (191) | (209) |
Total deferred tax liabilities | (1,257) | (1,466) |
Valuation allowance | (87) | (80) |
Net deferred tax asset | $ 3,879 | $ 1,551 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jul. 26, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 0 | $ 517 | |
Income Tax Expense Benefit Continuing Operations Revaluation Of Net Deferred Tax Asset Gross | 628 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | ||
Operating Loss Carryforwards | $ 7,600 | ||
Operating Loss Carryforwards Date Of Expiration | 2,024 | ||
Deferred Tax Assets, Valuation Allowance | $ 87 | 80 | |
Deferred Tax Liabilities Retained Earnings | 6,000 | 6,000 | |
Tax Credit Carryforward, Amount | 1,300 | 1,300 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 59 | $ 59 | |
Operating Loss Carryforward Nonexpires | 59 | ||
Accumulated Other Comprehensive (Loss)/Income [Member] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 111 | ||
Maximum [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Minimum [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | $ 5,200 | $ 110 | 6,700 |
Operating Loss Carryforwards Date Of Expiration | 2,017 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards | $ 3,200 | $ 3,300 | |
Operating Loss Carry Forwards Expires | 2,200 | ||
Operating Loss Carryforward Nonexpires | 1,100 | ||
Limitaion On Use Of Operating Losses | $ 362 |
Deposits (Details)
Deposits (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2,019 | $ 196,033 |
2,020 | 56,189 |
2,021 | 6,198 |
2,022 | 318 |
2,023 | 154 |
Total | $ 258,892 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Time Deposits 250000 Or More | $ 44.5 | $ 29.9 |
Borrowed Funds (Details)
Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fixed rate advances from the FHLB | $ 23,000 | $ 17,100 |
Variable rate advances from the FHLB | 20,000 | 0 |
Line of credit at FHLB | 0 | 3,181 |
Other | 0 | 600 |
Total | $ 43,000 | $ 20,881 |
Borrowed Funds (Details 1)
Borrowed Funds (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2,019 | $ 29,000 | |
2,020 | 8,000 | |
2,021 | 6,000 | |
Total | $ 43,000 | $ 20,881 |
Borrowed Funds (Details 2)
Borrowed Funds (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Ending balance | $ 11,628 | $ 11,300 |
Average balance during the year | 12,754 | 13,734 |
Maximum month-end balance during the year | 16,672 | 17,720 |
Securities underlying the agreements at year end: Carrying value | 16,262 | 18,053 |
Securities underlying the agreements at year end: Fair value | $ 16,262 | $ 18,053 |
Average interest rate during the year | 1.38% | 0.82% |
Average interest rate at year end | 1.44% | 0.91% |
Borrowed Funds (Details 3)
Borrowed Funds (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fixed rate advances, maturing January 2018 through June 2020 at rates from 0.97% to 2.11%; average rate: 2017 - 1.67%; 2016 - 1.40% | $ 23,000 | $ 17,100 |
Variable rate advances, maturing January 2019 through May 2019 at a rate of 2.87%; average rate: 2018 – 2.87% | $ 20,000 | $ 0 |
Borrowed Funds (Details Textual
Borrowed Funds (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 259.8 | $ 270.8 |
Floating Interest Rate [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.87% | |
Floating Interest Rate [Member] | Weighted Average [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.87% | |
Fixed Interest Rate [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.76% | |
Fixed Interest Rate [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.41% | |
Fixed Interest Rate [Member] | Weighted Average [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.29% | 1.67% |
Federal Home Loan Bank Advances [Member] | ||
Long-term Line of Credit | $ 20 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 3.2 |
Employees' Benefit Plans (Detai
Employees' Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Eligibility Of Employees | Employees are eligible to participate in the Employees’ Savings and Profit Sharing Plan and Trust on the next January 1 or July 1 following the completion of one year of employment, attaining age 18, and completion of 1,000 hours of service. | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 7.00% | 8.00% |
Defined Contribution Plan, Cost Recognized | $ 744 | $ 796 |
Deferred Compensation Liability, Current and Noncurrent | 221 | 211 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 11 | 6 |
Deferred Costs | 40 | 68 |
Deferred Fee Liability | $ 1,280 | $ 1,330 |
Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Description | Participants also become 100% vested in the employer contributions and accrued earnings in their account upon their death, approved disability, or attainment of age 65 while employed at the Bank. | |
Two Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Funded Percentage | 40.00% | |
Three Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Funded Percentage | 60.00% | |
Four Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Funded Percentage | 80.00% | |
Five Years Of Service [Member] | Trust for Benefit of Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Funded Percentage | 100.00% | |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Employees Pre Tax Contributions | 50.00% | |
Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan Employees Pre Tax Contributions | 1.00% |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Regulatory Capital [Line Items] | ||
Tier 1 capital to risk-weighted assets Actual Amount (in dollars) | $ 89.9 | $ 86.3 |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 48.2 | 41.2 |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | 64.3 | 54.9 |
Total capital to risk-weighted assets Actual (in dollars) | 97.9 | 93.8 |
Total capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 64.3 | 54.9 |
Total capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | 80.3 | 68.7 |
Tier 1 capital to adjusted average assets Actual (in dollars) | 89.9 | 86.3 |
Tier 1 capital to adjusted average assets Minimum Required For Capital Adequacy Purposes (in dollars) | 42.9 | 36.7 |
Tier 1 capital to adjusted average assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | $ 53.6 | $ 45.8 |
Tier 1 capital to risk-weighted assets Actual Ratio | 11.20% | 12.60% |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 6.00% | 6.00% |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 8.00% | 8.00% |
Total capital to risk-weighted assets Actual | 12.20% | 13.70% |
Total capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 8.00% | 8.00% |
Total capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 10.00% | 10.00% |
Tier 1 capital to adjusted average assets Actual | 8.40% | 9.40% |
Tier 1 capital to adjusted average assets Minimum Required For Capital Adequacy Purposes | 4.00% | 4.00% |
Tier 1 capital to adjusted average assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 5.00% | 5.00% |
Parent Company [Member] | ||
Regulatory Capital [Line Items] | ||
Tier 1 capital to risk-weighted assets Actual Amount (in dollars) | $ 92.8 | $ 88.4 |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 48.2 | 41.2 |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | ||
Total capital to risk-weighted assets Actual (in dollars) | 100.8 | 96 |
Total capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 64.2 | 55 |
Total capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | ||
Tier 1 capital to adjusted average assets Actual (in dollars) | 92.8 | 88.4 |
Tier 1 capital to adjusted average assets Minimum Required For Capital Adequacy Purposes (in dollars) | $ 43.2 | 36.8 |
Tier 1 capital to adjusted average assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | ||
Tier 1 capital to risk-weighted assets Actual Ratio | 11.60% | 12.90% |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 6.00% | 6.00% |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | ||
Total capital to risk-weighted assets Actual | 12.60% | 14.00% |
Total capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 8.00% | 8.00% |
Total capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | ||
Tier 1 capital to adjusted average assets Actual | 8.60% | 9.60% |
Tier 1 capital to adjusted average assets Minimum Required For Capital Adequacy Purposes | 4.00% | 4.00% |
Tier 1 capital to adjusted average assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | ||
Common Stock [Member] | Peoples Bank SB [Member] | ||
Regulatory Capital [Line Items] | ||
Tier 1 capital to risk-weighted assets Actual Amount (in dollars) | $ 89.9 | $ 86.3 |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | 36.2 | 30.9 |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | $ 52.2 | $ 44.6 |
Tier 1 capital to risk-weighted assets Actual Ratio | 11.20% | 12.60% |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 4.50% | 4.50% |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations | 6.50% | 6.50% |
Common Stock [Member] | Parent Company [Member] | ||
Regulatory Capital [Line Items] | ||
Tier 1 capital to risk-weighted assets Actual Amount (in dollars) | $ 92.8 | $ 88.4 |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes (in dollars) | $ 36.1 | 30.9 |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations (in dollars) | ||
Tier 1 capital to risk-weighted assets Actual Ratio | 11.60% | 12.90% |
Tier 1 capital to risk-weighted assets Minimum Required For Capital Adequacy Purposes | 4.50% | 4.50% |
Tier 1 capital to risk-weighted assets Minimum Required To Be Well Capitalized Under Prompt Corrective Action Regulations |
Regulatory Capital (Details Tex
Regulatory Capital (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Regulatory Capital [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.30 | $ 1.19 | $ 1.15 | |
Scenario, Forecast [Member] | ||||
Regulatory Capital [Line Items] | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 1.5 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares - Nonvested, Beginning Balance (in shares) | 30,690 | 28,465 |
Shares - Granted (in shares) | 4,433 | 4,575 |
Shares - Vested (in shares) | (7,700) | (1,625) |
Shares - Forfeited (in shares) | 0 | (725) |
Shares - Nonvested, Ending Balance (in shares) | 27,423 | 30,690 |
Weighted-Average Grant Date Fair Value - Nonvested, Beginning Balance (in dollars per share) | $ 28.51 | $ 26.67 |
Weighted-Average Grant Date Fair Value - Granted (in dollars per share) | 43.50 | 39 |
Weighted-Average Grant Date Fair Value - Vested (in dollars per share) | 22.64 | 25.81 |
Weighted-Average Grant Date Fair Value - Forfeited (in dollars per share) | 0 | 28.62 |
Weighted-Average Grant Date Fair Value - Nonvested, Ending Balance (in dollars per share) | $ 32.58 | $ 28.51 |
Stock Based Compensation (Det_2
Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 500 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 28.50 | |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | $ 204 | $ 192 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 400 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Basic earnings per common share: | ||
Net income available to common stockholders | $ 9,337,224 | $ 8,960,766 |
Weighted average common shares outstanding | 2,949,212 | 2,863,899 |
Basic earnings per common share | $ 3.17 | $ 3.13 |
Diluted earnings per common share: | ||
Net income available to common stockholders | $ 9,337,224 | $ 8,960,766 |
Weighted average common shares outstanding | 2,949,212 | 2,863,899 |
Weighted average common and dilutive potential common shares outstanding | 2,949,212 | 2,864,037 |
Diluted earnings per common share | $ 3.17 | $ 3.13 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Aggregate balance at the beginning of the year | $ 1,667 |
New loans | 0 |
Draws | 1,268 |
Repayments | (337) |
Aggregate balance at the end of the year | $ 2,598 |
Related Party Transactions (D_2
Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable, Related Parties | $ 2,598 | $ 1,667 |
Deposits | 929,786 | 793,004 |
Directors And Executive Officers [Member] | ||
Deposits | 3,500 | $ 4,400 |
Minimum [Member] | Directors And Executive Officers [Member] | ||
Loans and Leases Receivable, Related Parties | $ 120 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 85,097 | $ 58,249 |
Loans and Leases Receivable, Commitments, Variable Rates | 106,576 | 79,190 |
Loans And Leases Receivable Commitments | 191,673,000 | 137,439,000 |
Government [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 0 | 0 |
Loans and Leases Receivable, Commitments, Variable Rates | 0 | 0 |
Loans And Leases Receivable Commitments | 0 | 0 |
Residential Real Estate [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 106 | 70 |
Loans and Leases Receivable, Commitments, Variable Rates | 10,812 | 7,678 |
Loans And Leases Receivable Commitments | 10,918,000 | 7,748,000 |
Home Equity Loan [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 35,571 | 31,008 |
Loans and Leases Receivable, Commitments, Variable Rates | 5,960 | 1,838 |
Loans And Leases Receivable Commitments | 41,531,000 | 32,846,000 |
Commercial Real Estate [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 6,397 | 1,351 |
Loans and Leases Receivable, Commitments, Variable Rates | 9,258 | 6,866 |
Loans And Leases Receivable Commitments | 15,655,000 | 8,217,000 |
Construction and Land Development [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 18,355 | 8,074 |
Loans and Leases Receivable, Commitments, Variable Rates | 35,222 | 21,105 |
Loans And Leases Receivable Commitments | 53,577,000 | 29,179,000 |
Multifamily [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 4,151 | 174 |
Loans and Leases Receivable, Commitments, Variable Rates | 389 | 322 |
Loans And Leases Receivable Commitments | 4,540,000 | 496,000 |
Consumer [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 18,862 | 16,469 |
Loans and Leases Receivable, Commitments, Variable Rates | 0 | 0 |
Loans And Leases Receivable Commitments | 18,862,000 | 16,469,000 |
Commercial Business [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 1,655 | 1,103 |
Loans and Leases Receivable, Commitments, Variable Rates | 44,935 | 41,381 |
Loans And Leases Receivable Commitments | $ 46,590,000 | $ 42,484,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies [Line Items] | ||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 85,097 | $ 58,249 |
Maximum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans Receivable Fixed Rates Of Interest | 10.00% | 10.00% |
Minimum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Loans Receivable Fixed Rates Of Interest | 2.99% | 2.99% |
Standby Letters of Credit [Member] | ||
Commitments and Contingencies [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 9.7 | $ 9.9 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |
Ending balance, December 31, 2017 | $ 271 |
Additions not previously recognized | (36) |
Ending balance, September 30, 2018 | $ 235 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 241,768 | $ 244,490 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,480 | 476 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 237,239 | 240,575 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,049 | 3,439 |
Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 241,768 | 244,490 |
Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,480 | 476 |
Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 237,239 | 240,575 |
Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,049 | 3,439 |
Money Market Funds [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,480 | 476 |
Money Market Funds [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,480 | 476 |
Money Market Funds [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Money Market Funds [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal securities [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 94,064 | 103,747 |
Municipal securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 94,064 | 103,747 |
Municipal securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 7,894 | 3,890 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 7,894 | 3,890 |
U.S. government sponsored entities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 135,281 | 132,938 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 135,281 | 132,938 |
Collateralized mortgage obligations and residential mortgage-backed securities [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 2,049 | 3,439 |
Collateralized Debt Obligations [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized Debt Obligations [Member] | Fair Value Measurements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 2,049 | $ 3,439 |
Fair Values of Financial Inst_5
Fair Values of Financial Instruments (Details 2) - Collateralized Debt Obligations [Member] - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 3,439 | $ 2,409 |
Principal payments | (51) | (154) |
Total unrealized gains, included in other comprehensive income | (36) | 1,184 |
Sale out of Level 3 | (1,303) | 0 |
Ending balance | $ 2,049 | $ 3,439 |
Fair Values of Financial Inst_6
Fair Values of Financial Instruments (Details 3) - Fair Value Measurements [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Impaired loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 5,536 | $ 1,818 |
Foreclosed real estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,627 | 1,699 |
Fair Value, Inputs, Level 1 [Member] | Impaired loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreclosed real estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Impaired loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Foreclosed real estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Impaired loans [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 5,536 | 1,818 |
Fair Value, Inputs, Level 3 [Member] | Foreclosed real estate [Member] | ||
Fair Value Asset Measured On Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,627 | $ 1,699 |
Fair Values of Financial Inst_7
Fair Values of Financial Instruments (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets, Carrying value: | ||
Cash and cash equivalents - Carrying Value | $ 17,139 | $ 11,025 |
Certificates of deposit in other financial institutions -Carrying Value | 2,024 | 1,676 |
Securities available-for-sale - Carrying Value | 241,768 | 244,490 |
Loans held-for-sale - Carrying Value | 2,863 | 1,592 |
Loans receivable, net - Carrying Value | 756,438 | 612,729 |
Federal Home Loan Bank stock - Carrying Value | 3,460 | 3,000 |
Accrued interest receivable - Carrying Value | 3,632 | 3,262 |
Financial liabilities, Carrying value: | ||
Non-interest bearing deposits - Carrying Value | 127,277 | 120,556 |
Interest bearing deposits - Carrying Value | 802,509 | 672,448 |
Repurchase agreements - Carrying Value | 11,628 | 11,300 |
Borrowed funds - Carrying Value | 43,000 | 20,881 |
Accrued interest payable - Carrying Value | 186 | 42 |
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 17,139 | 11,025 |
Certificates of deposit in other financial institutions - Estimated Fair Value | 2,001 | 1,640 |
Securities available-for-sale - Estimated Fair Value | 241,768 | 244,490 |
Loans held-for-sale - Estimated Fair Value | 2,910 | 1,625 |
Loans receivable, net - Estimated Fair Value | 747,553 | 608,506 |
Federal Home Loan Bank stock - Estimated Fair Value | 3,460 | 3,000 |
Accrued interest receivable - Estimated Fair Value | 3,632 | 3,262 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 127,277 | 120,556 |
Interest bearing deposits - Estimated Fair Value | 800,349 | 670,967 |
Repurchase agreements - Estimated Fair Value | 11,626 | 11,292 |
Borrowed funds - Estimated Fair Value | 42,888 | 20,818 |
Accrued interest payable - Estimated Fair Value | 186 | 42 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 17,139 | 11,025 |
Certificates of deposit in other financial institutions - Estimated Fair Value | 0 | 0 |
Securities available-for-sale - Estimated Fair Value | 2,480 | 476 |
Loans held-for-sale - Estimated Fair Value | 2,910 | 1,625 |
Loans receivable, net - Estimated Fair Value | 0 | 0 |
Federal Home Loan Bank stock - Estimated Fair Value | 0 | 0 |
Accrued interest receivable - Estimated Fair Value | 0 | 0 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 127,277 | 120,556 |
Interest bearing deposits - Estimated Fair Value | 543,617 | 488,528 |
Repurchase agreements - Estimated Fair Value | 9,867 | 9,545 |
Borrowed funds - Estimated Fair Value | 0 | 600 |
Accrued interest payable - Estimated Fair Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 0 | 0 |
Certificates of deposit in other financial institutions - Estimated Fair Value | 2,001 | 1,640 |
Securities available-for-sale - Estimated Fair Value | 237,239 | 240,575 |
Loans held-for-sale - Estimated Fair Value | 0 | 0 |
Loans receivable, net - Estimated Fair Value | 0 | 0 |
Federal Home Loan Bank stock - Estimated Fair Value | 3,460 | 3,000 |
Accrued interest receivable - Estimated Fair Value | 3,632 | 3,262 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 0 | 0 |
Interest bearing deposits - Estimated Fair Value | 256,732 | 182,439 |
Repurchase agreements - Estimated Fair Value | 1,759 | 1,747 |
Borrowed funds - Estimated Fair Value | 42,888 | 20,218 |
Accrued interest payable - Estimated Fair Value | 186 | 42 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial assets, Fair value: | ||
Cash and cash equivalents - Estimated Fair Value | 0 | 0 |
Certificates of deposit in other financial institutions - Estimated Fair Value | 0 | 0 |
Securities available-for-sale - Estimated Fair Value | 2,049 | 3,439 |
Loans held-for-sale - Estimated Fair Value | 0 | 0 |
Loans receivable, net - Estimated Fair Value | 747,553 | 608,506 |
Federal Home Loan Bank stock - Estimated Fair Value | 0 | 0 |
Accrued interest receivable - Estimated Fair Value | 0 | 0 |
Financial liabilities, Fair value: | ||
Non-interest bearing deposits - Estimated Fair Value | 0 | 0 |
Interest bearing deposits - Estimated Fair Value | 0 | 0 |
Repurchase agreements - Estimated Fair Value | 0 | 0 |
Borrowed funds - Estimated Fair Value | 0 | 0 |
Accrued interest payable - Estimated Fair Value | $ 0 | $ 0 |
Fair Values of Financial Inst_8
Fair Values of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Values of Financial Instruments [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,500 | $ 3,500 |
Unpaid Principal Balance | 5,780 | 2,500 |
Impaired Financing Receivable, Reserve | 246 | 704 |
Impaired Financing Receivable, Fair Value | $ 5,500 | $ 1,800 |
Parent Company Only Statement_2
Parent Company Only Statements (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Investment in Peoples Bank | $ 3,116 | $ 139 | |
Other assets | 11,071 | 6,080 | |
Total assets | 1,096,158 | 927,259 | |
Liabilities and stockholders' equity | |||
Total liabilities | 994,694 | 835,199 | |
Additional paid-in capital | 11,927 | 4,867 | |
Accumulated other comprehensive (loss) income | (2,796) | 684 | |
Retained earnings | 92,333 | 86,509 | |
Total stockholders' equity | 101,464 | 92,060 | $ 84,108 |
Total liabilities and stockholders' equity | 1,096,158 | 927,259 | |
Parent Company [Member] | |||
Assets | |||
Cash on deposit with Peoples Bank | 881 | 125 | |
Investment in Peoples Bank | 98,606 | 89,915 | |
Investment in NWIN Risk Management, Inc. | 2,503 | 1,674 | |
Dividends receivable from Peoples Bank | 909 | 831 | |
Other assets | 302 | 899 | |
Total assets | 103,201 | 93,444 | |
Liabilities and stockholders' equity | |||
Dividends Payable | 909 | 831 | |
Other Liabilities | 828 | 553 | |
Total liabilities | 1,737 | 1,384 | |
Additional paid-in capital | 11,927 | 4,867 | |
Accumulated other comprehensive (loss) income | (2,796) | 684 | |
Retained earnings | 92,333 | 86,509 | |
Total stockholders' equity | 101,464 | 92,060 | |
Total liabilities and stockholders' equity | $ 103,201 | $ 93,444 |
Parent Company Only Statement_3
Parent Company Only Statements (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | ||
Dividends from Peoples Bank | $ 3,513 | $ 3,294 |
Income before income taxes and equity in undistributed income of Peoples Bank | 10,767 | 11,830 |
Income tax benefit | 1,430 | 2,869 |
Net income | 9,337 | 8,961 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Dividends from Peoples Bank | 12,330 | 3,295 |
Operating Expenses | 477 | 262 |
Income before income taxes and equity in undistributed income of Peoples Bank | 11,853 | 3,033 |
Income tax benefit | (98) | (69) |
Income before equity in undistributed income of Peoples Bank | 11,951 | 3,102 |
Equity in undistributed (distributions in excess of income) income of Peoples Bank | (3,443) | 4,961 |
Income of NWIN Risk Management, Inc. | 829 | 898 |
Net income | $ 9,337 | $ 8,961 |
Parent Company Only Statement_4
Parent Company Only Statements (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 9,337 | $ 8,961 |
Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed net distributions in excess of income (income) of: | ||
Stock based compensation expense | 204 | 192 |
Net Surrender Value Of Restricted Stock Awards | 72 | 0 |
Change in other assets | (1,044) | 455 |
Total adjustments | 1,203 | 3,337 |
Net cash - operating activities | 10,540 | 12,298 |
Cash flows from investing activities: | ||
Cash paid for acquisition | 8,689 | 0 |
Net cash - investing activities | (31,167) | (47,835) |
Cash flows from financing activities: | ||
Dividends paid | 3,432 | 3,264 |
Net cash - financing activities | 26,741 | 2,338 |
Net change in cash | 6,114 | (33,199) |
Cash and cash equivalents at beginning of period | 11,025 | 44,224 |
Cash and cash equivalents at end of period | 17,139 | 11,025 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income | 9,337 | 8,961 |
Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed net distributions in excess of income (income) of: | ||
Distributions in excess of income (equity in undistributed income): Peoples Bank | 3,443 | (4,961) |
NWIN Risk Management, Inc | 829 | 898 |
Stock based compensation expense | 204 | 192 |
Net Surrender Value Of Restricted Stock Awards | (72) | 0 |
Change in other assets | 519 | (155) |
Change in other liabilities | 275 | 179 |
Total adjustments | 3,540 | (5,643) |
Net cash - operating activities | 12,877 | 3,318 |
Cash flows from investing activities: | ||
Cash paid for acquisition | (8,689) | 0 |
Investment in NWIN Risk Management, Inc. | 0 | 0 |
Net cash - investing activities | (8,689) | 0 |
Cash flows from financing activities: | ||
Dividends paid | (3,432) | (3,264) |
Proceeds from issuance of common stock | 0 | 14 |
Net cash - financing activities | (3,432) | (3,250) |
Net change in cash | 756 | 68 |
Cash and cash equivalents at beginning of period | 125 | 57 |
Cash and cash equivalents at end of period | $ 881 | $ 125 |