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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MSB Financial Corporation | NASDAQ:MSBF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.38 | 9.82 | 10.95 | 0 | 01:00:00 |
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Page
Number
|
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PART I - FINANCIAL INFORMATION
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|
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|
|
Item 1:
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Consolidated Financial Statements (Unaudited)
|
|
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|
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Consolidated Statements of Financial Condition
|
|
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at June 30, 2018 and December 31, 2017
|
|
|
|
|
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Consolidated Statements of Income for the Three and
|
|
|
Six Months Ended June 30, 2018 and 2017
|
|
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|
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Consolidated Statement of Changes in Stockholders’ Equity for the
|
|
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Six Months Ended June 30, 2018
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the Six Months
|
|
|
Ended June 30, 2018 and 2017
|
|
|
|
|
|
Notes to Consolidated Financial Statements (Unaudited)
|
|
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|
|
Item 2:
|
Management's Discussion and Analysis of
|
|
|
Financial Condition and Results of Operations
|
|
|
|
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Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
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|
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Item 4:
|
Controls and Procedures
|
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|
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|
|
PART II - OTHER INFORMATION
|
|
|
|
|
|
Item 1:
|
Legal Proceedings
|
|
|
|
|
Item 1A:
|
Risk Factors
|
|
|
|
|
Item 2:
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
Item 3:
|
Defaults Upon Senior Securities
|
|
|
|
|
Item 4:
|
Mine Safety Disclosures
|
|
|
|
|
Item 5:
|
Other Information
|
|
|
|
|
Item 6:
|
Exhibits
|
|
|
|
|
SIGNATURES
|
||
|
|
|
CERTIFICATIONS
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
|
|
|
|
||||
(Dollars in thousands, except per share amounts)
|
|
|
|
||||
Cash and due from banks
|
$
|
1,654
|
|
|
$
|
2,030
|
|
Interest-earning demand deposits with banks
|
14,660
|
|
|
20,279
|
|
||
|
|
|
|
||||
Cash and Cash Equivalents
|
16,314
|
|
|
22,309
|
|
||
|
|
|
|
||||
Securities held to maturity (fair value of $43,749 and $38,255, respectively)
|
44,770
|
|
|
38,482
|
|
||
Loans receivable, net of allowance for loan losses of $5,596 and $5,414, respectively
|
509,689
|
|
|
473,405
|
|
||
Premises and equipment, net
|
8,461
|
|
|
8,698
|
|
||
Federal Home Loan Bank of New York stock, at cost
|
4,212
|
|
|
2,131
|
|
||
Bank owned life insurance
|
14,392
|
|
|
14,197
|
|
||
Accrued interest receivable
|
1,754
|
|
|
1,607
|
|
||
Other assets
|
1,657
|
|
|
2,211
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
601,249
|
|
|
$
|
563,040
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Non-interest bearing
|
$
|
42,687
|
|
|
$
|
36,919
|
|
Interest bearing
|
405,825
|
|
|
411,994
|
|
||
|
|
|
|
||||
Total Deposits
|
448,512
|
|
|
448,913
|
|
||
|
|
|
|
||||
Advances from Federal Home Loan Bank of New York
|
82,175
|
|
|
37,675
|
|
||
Advance payments by borrowers for taxes and insurance
|
772
|
|
|
686
|
|
||
Other liabilities
|
1,284
|
|
|
2,741
|
|
||
|
|
|
|
||||
Total Liabilities
|
532,743
|
|
|
490,015
|
|
||
|
|
|
|
||||
Stockholders' Equity
|
|
|
|
|
|
||
Preferred stock, par value $0.01; 1,000,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, par value $0.01; 49,000,000 shares authorized; 5,513,165 and 5,768,632 issued and outstanding at June 30, 2018 and December 31, 2017, respectively
|
55
|
|
|
58
|
|
||
Paid-in capital
|
46,688
|
|
|
51,068
|
|
||
Retained earnings
|
23,450
|
|
|
23,641
|
|
||
Unearned common stock held by ESOP (184,942 and 190,390 shares, respectively)
|
(1,687
|
)
|
|
(1,742
|
)
|
||
|
|
|
|
||||
Total Stockholders' Equity
|
68,506
|
|
|
73,025
|
|
||
|
|
|
|
||||
Total Liabilities and Stockholders' Equity
|
$
|
601,249
|
|
|
$
|
563,040
|
|
|
Three months ended June 30,
|
|
Six months ended June 30,
|
||||||||||||
(Dollars in thousands, except per share amounts)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest Income:
|
|
|
|
|
|
|
|
||||||||
Loans receivable, including fees
|
$
|
5,436
|
|
|
$
|
4,444
|
|
|
$
|
10,572
|
|
|
$
|
8,444
|
|
Securities
|
240
|
|
|
247
|
|
|
459
|
|
|
498
|
|
||||
Other
|
62
|
|
|
36
|
|
|
136
|
|
|
78
|
|
||||
Total Interest Income
|
5,738
|
|
|
4,727
|
|
|
11,167
|
|
|
9,020
|
|
||||
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
935
|
|
|
579
|
|
|
1,781
|
|
|
1,081
|
|
||||
Borrowings
|
372
|
|
|
224
|
|
|
653
|
|
|
420
|
|
||||
Total Interest Expense
|
1,307
|
|
|
803
|
|
|
2,434
|
|
|
1,501
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Interest Income
|
4,431
|
|
|
3,924
|
|
|
8,733
|
|
|
7,519
|
|
||||
Provision for Loan Losses
|
90
|
|
|
300
|
|
|
180
|
|
|
495
|
|
||||
Net Interest Income after Provision for Loan Losses
|
4,341
|
|
|
3,624
|
|
|
8,553
|
|
|
7,024
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fees and service charges
|
91
|
|
|
98
|
|
|
174
|
|
|
169
|
|
||||
Income from bank owned life insurance
|
98
|
|
|
105
|
|
|
195
|
|
|
212
|
|
||||
Other
|
19
|
|
|
16
|
|
|
43
|
|
|
25
|
|
||||
Total Non-Interest Income
|
208
|
|
|
219
|
|
|
412
|
|
|
406
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-Interest Expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||
Salaries and employee benefits
|
1,677
|
|
|
1,578
|
|
|
3,482
|
|
|
3,084
|
|
||||
Directors compensation
|
122
|
|
|
187
|
|
|
244
|
|
|
363
|
|
||||
Occupancy and equipment
|
397
|
|
|
429
|
|
|
782
|
|
|
823
|
|
||||
Service bureau fees
|
77
|
|
|
49
|
|
|
144
|
|
|
97
|
|
||||
Advertising
|
9
|
|
|
5
|
|
|
13
|
|
|
8
|
|
||||
FDIC assessment
|
69
|
|
|
37
|
|
|
123
|
|
|
70
|
|
||||
Professional services
|
336
|
|
|
349
|
|
|
689
|
|
|
708
|
|
||||
Other
|
212
|
|
|
184
|
|
|
409
|
|
|
382
|
|
||||
Total Non-Interest Expenses
|
2,899
|
|
|
2,818
|
|
|
5,886
|
|
|
5,535
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before Income Taxes
|
1,650
|
|
|
1,025
|
|
|
3,079
|
|
|
1,895
|
|
||||
Income Tax Expense
|
407
|
|
|
293
|
|
|
814
|
|
|
614
|
|
||||
Net Income
|
$
|
1,243
|
|
|
$
|
732
|
|
|
$
|
2,265
|
|
|
$
|
1,281
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.23
|
|
|
$
|
0.13
|
|
|
$
|
0.42
|
|
|
$
|
0.23
|
|
Diluted
|
$
|
0.23
|
|
|
$
|
0.13
|
|
|
$
|
0.42
|
|
|
$
|
0.23
|
|
(Dollars in Thousands)
|
|
Common Stock
|
Paid-In Capital
|
Retained Earnings
|
Unallocated Common Stock Held by ESOP
|
Total Stockholders' Equity
|
||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
||||||||||
Balance- January 1, 2018
|
|
$
|
58
|
|
$
|
51,068
|
|
$
|
23,641
|
|
$
|
(1,742
|
)
|
73,025
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
—
|
|
—
|
|
2,265
|
|
—
|
|
2,265
|
|
|||||
Allocation of ESOP stock
|
|
—
|
|
86
|
|
—
|
|
55
|
|
141
|
|
|||||
Repurchased Stock (249,837 shares)
|
|
(3
|
)
|
(4,633
|
)
|
—
|
|
—
|
|
(4,636
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
167
|
|
—
|
|
—
|
|
167
|
|
|||||
Cash paid for common stock dividend
|
|
—
|
|
—
|
|
(2,456
|
)
|
—
|
|
(2,456
|
)
|
|||||
|
|
|
|
|
|
|
||||||||||
Balance - June 30, 2018
|
|
$
|
55
|
|
$
|
46,688
|
|
$
|
23,450
|
|
$
|
(1,687
|
)
|
$
|
68,506
|
|
|
Six Months Ended
June 30, |
||||||
(Dollars in thousands)
|
2018
|
|
2017
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
2,265
|
|
|
$
|
1,281
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Net accretion of securities premiums and discounts and deferred loan fees and costs
|
(31
|
)
|
|
(77
|
)
|
||
Depreciation and amortization of premises and equipment
|
287
|
|
|
272
|
|
||
Stock-based compensation and allocation of ESOP stock
|
307
|
|
|
249
|
|
||
Provision for loan losses
|
180
|
|
|
495
|
|
||
Income from bank owned life insurance
|
(195
|
)
|
|
(212
|
)
|
||
Increase in accrued interest receivable
|
(147
|
)
|
|
(24
|
)
|
||
Decrease (increase) in other assets
|
554
|
|
|
(129
|
)
|
||
Decrease in other liabilities
|
(1,456
|
)
|
|
(45
|
)
|
||
Net Cash Provided by Operating Activities
|
1,764
|
|
|
1,810
|
|
||
|
|
|
|
||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||
Activity in held to maturity securities:
|
|
|
|
|
|
||
Purchases
|
(8,969
|
)
|
|
(1,182
|
)
|
||
Maturities, calls and principal repayments
|
2,632
|
|
|
2,807
|
|
||
Net increase in loans receivable
|
(36,384
|
)
|
|
(42,594
|
)
|
||
Purchased loans
|
—
|
|
|
(23,399
|
)
|
||
Proceeds from sales of loans
|
—
|
|
|
7,250
|
|
||
Purchase of bank premises and equipment
|
(50
|
)
|
|
(217
|
)
|
||
Purchase of Federal Home Loan Bank of New York stock
|
(14,342
|
)
|
|
(6,261
|
)
|
||
Redemption of Federal Home Loan Bank of New York stock
|
12,261
|
|
|
5,431
|
|
||
Net Cash Used in Investing Activities
|
(44,852
|
)
|
|
(58,165
|
)
|
||
|
|
|
|
||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||
Net (decrease) increase in deposits
|
(401
|
)
|
|
27,764
|
|
||
Advances from Federal Home Loan Bank of New York
|
54,500
|
|
|
16,000
|
|
||
Repayment of advances from Federal Home Loan Bank of New York
|
(10,000
|
)
|
|
—
|
|
||
Increase in advance payments by borrowers for taxes and insurance
|
86
|
|
|
30
|
|
||
Cash dividends paid to stockholders
|
(2,456
|
)
|
|
—
|
|
||
Net exercise of options and repurchase of shares
|
(36
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options
|
—
|
|
|
321
|
|
||
Repurchase of common stock
|
(4,600
|
)
|
|
(108
|
)
|
||
Net Cash Provided by Financing Activities
|
37,093
|
|
|
44,007
|
|
||
|
|
|
|
||||
Net Decrease in Cash and Cash Equivalents
|
(5,995
|
)
|
|
(12,348
|
)
|
||
Cash and Cash Equivalents – Beginning
|
22,309
|
|
|
21,382
|
|
||
Cash and Cash Equivalents – Ending
|
$
|
16,314
|
|
|
$
|
9,034
|
|
|
|
|
|
||||
Supplementary Cash Flows Information
|
|
|
|
|
|
||
Interest paid
|
$
|
2,455
|
|
|
$
|
1,497
|
|
Income taxes paid
|
758
|
|
|
795
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(In Thousands, Except Per Share Data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
1,243
|
|
|
$
|
732
|
|
|
$
|
2,265
|
|
|
$
|
1,281
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares
|
5,331
|
|
|
5,540
|
|
|
5,400
|
|
|
5,530
|
|
||||
Dilutive potential common shares
|
44
|
|
|
139
|
|
|
41
|
|
|
131
|
|
||||
Weighted average fully diluted shares
|
5,375
|
|
|
5,679
|
|
|
5,441
|
|
|
5,661
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.23
|
|
|
$
|
0.13
|
|
|
$
|
0.42
|
|
|
$
|
0.23
|
|
Dilutive
|
$
|
0.23
|
|
|
$
|
0.13
|
|
|
$
|
0.42
|
|
|
$
|
0.23
|
|
(In Thousands)
|
Amortized
Cost
|
|
Gross Unrecognized Gains
|
|
Gross Unrecognized Losses
|
|
Fair Value
|
||||||||
June 30, 2018
|
|
||||||||||||||
U.S. Government agencies:
|
|
|
|
|
|
|
|
||||||||
Due within one year
|
$
|
3,500
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
3,478
|
|
Due after one year through five years
|
1,000
|
|
|
—
|
|
|
17
|
|
|
983
|
|
||||
Due after five through ten years
|
3,000
|
|
|
—
|
|
|
—
|
|
|
3,000
|
|
||||
Due after ten years
|
3,000
|
|
|
—
|
|
|
—
|
|
|
3,000
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total U.S. Government agencies
|
10,500
|
|
|
—
|
|
|
39
|
|
|
10,461
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
25,630
|
|
|
90
|
|
|
513
|
|
|
25,207
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate bonds:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due within one year
|
502
|
|
|
1
|
|
|
—
|
|
|
503
|
|
||||
Due after one year through five years
|
1,500
|
|
|
9
|
|
|
—
|
|
|
1,509
|
|
||||
Due after five through ten years
|
1,000
|
|
|
—
|
|
|
41
|
|
|
959
|
|
||||
Due after ten years
|
4,000
|
|
|
—
|
|
|
517
|
|
|
3,483
|
|
||||
Total Corporate bonds
|
7,002
|
|
|
10
|
|
|
558
|
|
|
6,454
|
|
||||
|
|
|
|
|
|
|
|
||||||||
State and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due within one year
|
151
|
|
|
—
|
|
|
1
|
|
|
150
|
|
||||
Due after one through five years
|
678
|
|
|
—
|
|
|
5
|
|
|
673
|
|
||||
Due after five through ten years
|
364
|
|
|
—
|
|
|
5
|
|
|
359
|
|
||||
Total State and political subdivisions
|
1,193
|
|
|
—
|
|
|
11
|
|
|
1,182
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due within one year
|
445
|
|
|
1
|
|
|
1
|
|
|
445
|
|
||||
Total Certificates of deposit
|
445
|
|
|
1
|
|
|
1
|
|
|
445
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Securities held to maturity
|
$
|
44,770
|
|
|
$
|
101
|
|
|
$
|
1,122
|
|
|
$
|
43,749
|
|
(In Thousands)
|
Amortized
Cost
|
|
Gross Unrecognized Gains
|
|
Gross Unrecognized Losses
|
|
Fair Value
|
||||||||
December 31, 2017
|
|
||||||||||||||
U.S. Government agencies:
|
|
|
|
|
|
|
|
||||||||
Due within one year
|
$
|
3,500
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
3,484
|
|
Due after one year through five years
|
2,000
|
|
|
—
|
|
|
26
|
|
|
1,974
|
|
||||
Total U.S. Government Agencies
|
5,500
|
|
|
—
|
|
|
42
|
|
|
5,458
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
23,839
|
|
|
263
|
|
|
207
|
|
|
23,895
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate bonds:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due within one year
|
512
|
|
|
3
|
|
|
—
|
|
|
515
|
|
||||
Due after one year through five years
|
1,500
|
|
|
4
|
|
|
—
|
|
|
1,504
|
|
||||
Due after five years through ten years
|
1,000
|
|
|
—
|
|
|
35
|
|
|
965
|
|
||||
Due thereafter
|
4,000
|
|
|
—
|
|
|
209
|
|
|
3,791
|
|
||||
Total Corporate bonds
|
7,012
|
|
|
7
|
|
|
244
|
|
|
6,775
|
|
||||
|
|
|
|
|
|
|
|
||||||||
State and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due within one year
|
151
|
|
|
—
|
|
|
1
|
|
|
150
|
|
||||
Due after one through five years
|
680
|
|
|
1
|
|
|
4
|
|
|
677
|
|
||||
Due after five through ten years
|
365
|
|
|
—
|
|
|
—
|
|
|
365
|
|
||||
Total State and political subdivisions
|
1,196
|
|
|
1
|
|
|
5
|
|
|
1,192
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Due within one year
|
935
|
|
|
1
|
|
|
1
|
|
|
935
|
|
||||
Total Certificates of deposit
|
935
|
|
|
1
|
|
|
1
|
|
|
935
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total Securities held to maturity
|
$
|
38,482
|
|
|
$
|
272
|
|
|
$
|
499
|
|
|
$
|
38,255
|
|
|
Less than 12 Months
|
|
More than 12 Months
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross Unrecognized Losses
|
|
Fair Value
|
|
Gross Unrecognized Losses
|
|
Fair Value
|
|
Gross Unrecognized Losses
|
||||||||||||
(In Thousands)
|
|
||||||||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government
agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,462
|
|
|
$
|
39
|
|
|
$
|
4,462
|
|
|
$
|
39
|
|
Mortgage-backed
securities
|
9,944
|
|
|
257
|
|
|
5,884
|
|
|
256
|
|
|
15,828
|
|
|
513
|
|
||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
4,442
|
|
|
558
|
|
|
4,442
|
|
|
558
|
|
||||||
State and political subdivisions
|
1,182
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
1,182
|
|
|
11
|
|
||||||
Certificates of deposit
|
245
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total securities with gross unrecognized losses
|
$
|
11,371
|
|
|
$
|
269
|
|
|
$
|
14,788
|
|
|
$
|
853
|
|
|
$
|
26,159
|
|
|
$
|
1,122
|
|
|
Less than 12 Months
|
|
More than 12 Months
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross Unrecognized Losses
|
|
Fair Value
|
|
Gross Unrecognized Losses
|
|
Fair Value
|
|
Gross Unrecognized Losses
|
||||||||||||
(In Thousands)
|
|
||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government
agencies
|
$
|
1,000
|
|
|
$
|
1
|
|
|
$
|
4,458
|
|
|
$
|
41
|
|
|
$
|
5,458
|
|
|
$
|
42
|
|
Mortgage-backed
securities
|
7,796
|
|
|
88
|
|
|
5,558
|
|
|
119
|
|
|
13,354
|
|
|
207
|
|
||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
4,756
|
|
|
244
|
|
|
4,756
|
|
|
244
|
|
||||||
State and political subdivisions
|
655
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
655
|
|
|
5
|
|
||||||
Certificates of deposit
|
245
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total securities with gross unrecognized losses
|
$
|
9,696
|
|
|
$
|
95
|
|
|
$
|
14,772
|
|
|
$
|
404
|
|
|
$
|
24,468
|
|
|
$
|
499
|
|
(In Thousands)
|
June 30, 2018
|
|
December 31, 2017
|
||||
Residential mortgage:
|
|
|
|
||||
One-to-four family
|
$
|
151,372
|
|
|
$
|
157,876
|
|
Home equity
|
26,174
|
|
|
26,803
|
|
||
|
|
|
|
||||
Total residential mortgages
|
177,546
|
|
|
184,679
|
|
||
|
|
|
|
||||
Commercial loans:
|
|
|
|
|
|
||
Commercial and multi-family real estate
|
214,653
|
|
|
196,681
|
|
||
Construction
|
48,423
|
|
|
43,718
|
|
||
Commercial and industrial
|
94,140
|
|
|
73,465
|
|
||
|
|
|
|
||||
Total commercial loans
|
357,216
|
|
|
313,864
|
|
||
|
|
|
|
||||
Consumer:
|
608
|
|
|
618
|
|
||
|
|
|
|
||||
Total loans receivable
|
535,370
|
|
|
499,161
|
|
||
|
|
|
|
||||
Less:
|
|
|
|
|
|
||
Loans in process
|
19,594
|
|
|
19,868
|
|
||
Deferred loan fees
|
491
|
|
|
474
|
|
||
Allowance for loan losses
|
5,596
|
|
|
5,414
|
|
||
|
|
|
|
||||
Total adjustments
|
25,681
|
|
|
25,756
|
|
||
|
|
|
|
||||
Loans receivable, net
|
$
|
509,689
|
|
|
$
|
473,405
|
|
(In Thousands)
|
Residential
Mortgage
|
|
Commercial and
Multi-Family
Real Estate
|
|
Construction
|
|
Commercial and
Industrial
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, beginning
|
$
|
1,997
|
|
|
$
|
2,274
|
|
|
$
|
321
|
|
|
$
|
774
|
|
|
$
|
3
|
|
|
$
|
137
|
|
|
$
|
5,506
|
|
Provisions (credits)
|
(111
|
)
|
|
195
|
|
|
10
|
|
|
94
|
|
|
2
|
|
|
(100
|
)
|
|
$
|
90
|
|
||||||
Loans charged-off
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
$
|
(1
|
)
|
||||||
Recoveries
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
1
|
|
||||||
Balance, ending
|
$
|
1,887
|
|
|
$
|
2,469
|
|
|
$
|
331
|
|
|
$
|
868
|
|
|
$
|
4
|
|
|
$
|
37
|
|
|
$
|
5,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, beginning
|
$
|
1,852
|
|
|
$
|
2,267
|
|
|
$
|
302
|
|
|
$
|
710
|
|
|
$
|
5
|
|
|
$
|
278
|
|
|
$
|
5,414
|
|
Provisions (credits)
|
30
|
|
|
202
|
|
|
29
|
|
|
158
|
|
|
2
|
|
|
(241
|
)
|
|
$
|
180
|
|
||||||
Loans charged-off
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
$
|
(3
|
)
|
||||||
Recoveries
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
5
|
|
||||||
Balance, ending
|
$
|
1,887
|
|
|
$
|
2,469
|
|
|
$
|
331
|
|
|
$
|
868
|
|
|
$
|
4
|
|
|
$
|
37
|
|
|
$
|
5,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
June 30, 2018 allowance allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans individually evaluated for impairment
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25
|
|
Loans collectively evaluated for impairment
|
1,862
|
|
|
2,469
|
|
|
331
|
|
|
868
|
|
|
4
|
|
|
37
|
|
|
$
|
5,571
|
|
||||||
Ending Balance
|
$
|
1,887
|
|
|
$
|
2,469
|
|
|
$
|
331
|
|
|
$
|
868
|
|
|
$
|
4
|
|
|
$
|
37
|
|
|
$
|
5,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
June 30, 2018 loan balances evaluated for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans individually evaluated for impairment
|
$
|
11,732
|
|
|
$
|
2,068
|
|
|
$
|
—
|
|
|
$
|
193
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,993
|
|
Loans collectively evaluated for impairment
|
165,734
|
|
|
212,295
|
|
|
28,770
|
|
|
93,885
|
|
|
608
|
|
|
—
|
|
|
$
|
501,292
|
|
||||||
Ending Balance
|
$
|
177,466
|
|
|
$
|
214,363
|
|
|
$
|
28,770
|
|
|
$
|
94,078
|
|
|
$
|
608
|
|
|
$
|
—
|
|
|
$
|
515,285
|
|
(In Thousands)
|
Residential
Mortgage
|
|
Commercial and
Multi-Family
Real Estate
|
|
Construction
|
|
Commercial and
Industrial
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, beginning
|
$
|
1,785
|
|
|
$
|
1,426
|
|
|
$
|
339
|
|
|
$
|
1,022
|
|
|
$
|
7
|
|
|
$
|
47
|
|
|
$
|
4,626
|
|
Provisions (credits)
|
26
|
|
|
172
|
|
|
(24
|
)
|
|
141
|
|
|
4
|
|
|
(19
|
)
|
|
$
|
300
|
|
||||||
Loans charged-off
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
$
|
(2
|
)
|
||||||
Recoveries
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
1
|
|
||||||
Balance, ending
|
$
|
1,812
|
|
|
$
|
1,598
|
|
|
$
|
315
|
|
|
$
|
1,163
|
|
|
$
|
9
|
|
|
$
|
28
|
|
|
$
|
4,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, beginning
|
$
|
1,808
|
|
|
$
|
1,441
|
|
|
$
|
248
|
|
|
$
|
882
|
|
|
$
|
6
|
|
|
$
|
91
|
|
|
$
|
4,476
|
|
Provisions (credits)
|
3
|
|
|
200
|
|
|
67
|
|
|
282
|
|
|
6
|
|
|
(63
|
)
|
|
$
|
495
|
|
||||||
Loans charged-off
|
(2
|
)
|
|
(43
|
)
|
|
—
|
|
|
(1
|
)
|
|
(3
|
)
|
|
—
|
|
|
$
|
(49
|
)
|
||||||
Recoveries
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
3
|
|
||||||
Balance, ending
|
$
|
1,812
|
|
|
$
|
1,598
|
|
|
$
|
315
|
|
|
$
|
1,163
|
|
|
$
|
9
|
|
|
$
|
28
|
|
|
$
|
4,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
June 30, 2017 allowance allocated to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans individually evaluated for impairment
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100
|
|
Loans collectively evaluated for impairment
|
1,712
|
|
|
1,598
|
|
|
315
|
|
|
1,163
|
|
|
9
|
|
|
28
|
|
|
$
|
4,825
|
|
||||||
Ending Balance
|
$
|
1,812
|
|
|
$
|
1,598
|
|
|
$
|
315
|
|
|
$
|
1,163
|
|
|
$
|
9
|
|
|
$
|
28
|
|
|
$
|
4,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
June 30, 2017 loan balances evaluated for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans individually evaluated for impairment
|
$
|
14,562
|
|
|
$
|
1,750
|
|
|
$
|
—
|
|
|
$
|
212
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,524
|
|
Loans collectively evaluated for impairment
|
178,797
|
|
|
151,945
|
|
|
16,226
|
|
|
67,368
|
|
|
435
|
|
|
—
|
|
|
$
|
414,771
|
|
||||||
Ending Balance
|
$
|
193,359
|
|
|
$
|
153,695
|
|
|
$
|
16,226
|
|
|
$
|
67,580
|
|
|
$
|
435
|
|
|
$
|
—
|
|
|
$
|
431,295
|
|
(In Thousands)
|
Residential
Mortgage
|
|
Commercial and
Multi-Family
Real Estate
|
|
Construction
|
|
Commercial and
Industrial
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period-end allowance balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
28
|
|
Loans collectively evaluated for impairment
|
1,852
|
|
|
2,267
|
|
|
302
|
|
|
683
|
|
|
4
|
|
|
278
|
|
|
$
|
5,386
|
|
||||||
Ending Balance
|
$
|
1,852
|
|
|
$
|
2,267
|
|
|
$
|
302
|
|
|
$
|
710
|
|
|
$
|
5
|
|
|
$
|
278
|
|
|
$
|
5,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Period-end loan balances evaluated for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans individually evaluated for impairment
|
$
|
12,609
|
|
|
$
|
2,057
|
|
|
$
|
—
|
|
|
$
|
205
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
14,872
|
|
Loans collectively evaluated for impairment
|
171,988
|
|
|
194,373
|
|
|
23,803
|
|
|
73,167
|
|
|
616
|
|
|
—
|
|
|
$
|
463,947
|
|
||||||
Ending Balance
|
$
|
184,597
|
|
|
$
|
196,430
|
|
|
$
|
23,803
|
|
|
$
|
73,372
|
|
|
$
|
617
|
|
|
$
|
—
|
|
|
$
|
478,819
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
As of June 30, 2018
|
30-59 Days Past Due and Still Accruing
|
|
60-89 Days Past Due and Still Accruing
|
|
Greater than 90 Days and Still Accruing
|
|
Total
Past Due and Still Accruing
|
|
Accruing
Current
Balances
|
|
Nonaccrual
Loans
|
|
Total Loans
Receivables
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family
|
$
|
2,295
|
|
|
$
|
297
|
|
|
$
|
129
|
|
|
$
|
2,721
|
|
|
$
|
145,526
|
|
|
$
|
3,045
|
|
|
$
|
151,292
|
|
Home equity
|
775
|
|
|
99
|
|
|
470
|
|
|
1,344
|
|
|
24,789
|
|
|
41
|
|
|
26,174
|
|
|||||||
Commercial and multi-family real estate
|
1,046
|
|
|
—
|
|
|
—
|
|
|
1,046
|
|
|
212,973
|
|
|
344
|
|
|
214,363
|
|
|||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,770
|
|
|
—
|
|
|
28,770
|
|
|||||||
Commercial and industrial
|
—
|
|
|
100
|
|
|
100
|
|
|
200
|
|
|
93,878
|
|
|
—
|
|
|
94,078
|
|
|||||||
Consumer
|
4
|
|
|
2
|
|
|
—
|
|
|
6
|
|
|
602
|
|
|
—
|
|
|
608
|
|
|||||||
Total
|
$
|
4,120
|
|
|
$
|
498
|
|
|
$
|
699
|
|
|
$
|
5,317
|
|
|
$
|
506,538
|
|
|
$
|
3,430
|
|
|
$
|
515,285
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
As of December 31, 2017
|
30-59 Days Past Due and Still Accruing
|
|
60-89 Days Past Due and Still Accruing
|
|
Greater than 90 Days and Still Accruing
|
|
Total
Past Due and Still Accruing
|
|
Accruing
Current
Balances
|
|
Nonaccrual
Loans
|
|
Total Loans
Receivables
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family
|
$
|
1,221
|
|
|
$
|
700
|
|
|
$
|
—
|
|
|
$
|
1,921
|
|
|
$
|
152,425
|
|
|
$
|
3,446
|
|
|
$
|
157,792
|
|
Home equity
|
605
|
|
|
16
|
|
|
157
|
|
|
778
|
|
|
25,912
|
|
|
115
|
|
|
26,805
|
|
|||||||
Commercial and multi-family real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196,115
|
|
|
315
|
|
|
196,430
|
|
|||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,803
|
|
|
—
|
|
|
23,803
|
|
|||||||
Commercial and industrial
|
68
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|
73,205
|
|
|
99
|
|
|
73,372
|
|
|||||||
Consumer
|
—
|
|
|
5
|
|
|
1
|
|
|
6
|
|
|
611
|
|
|
—
|
|
|
617
|
|
|||||||
Total
|
$
|
1,894
|
|
|
$
|
721
|
|
|
$
|
158
|
|
|
$
|
2,773
|
|
|
$
|
472,071
|
|
|
$
|
3,975
|
|
|
$
|
478,819
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 2018
|
Recorded Investment
|
|
Loans with
No Related
Reserve
|
|
Loans with
Related
Reserve
|
|
Related
Reserve
|
|
Contractual
Principal
Balance
|
|
Average
Recorded Investment
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
10,078
|
|
|
$
|
9,744
|
|
|
$
|
334
|
|
|
$
|
25
|
|
|
$
|
10,689
|
|
|
$
|
10,483
|
|
Home equity
|
1,654
|
|
|
1,654
|
|
|
—
|
|
|
—
|
|
|
1,744
|
|
|
1,440
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and multi-family real estate
|
2,068
|
|
|
2,068
|
|
|
—
|
|
|
—
|
|
|
2,706
|
|
|
2,054
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Commercial and industrial
|
193
|
|
|
193
|
|
|
—
|
|
|
—
|
|
|
234
|
|
|
198
|
|
||||||
Consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Total
|
$
|
13,993
|
|
|
$
|
13,659
|
|
|
$
|
334
|
|
|
$
|
25
|
|
|
$
|
15,373
|
|
|
$
|
14,176
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
Recorded Investment
|
|
Loans with
No Related
Reserve
|
|
Loans with
Related
Reserve
|
|
Related
Reserve
|
|
Contractual
Principal
Balance
|
|
Average
Recorded Investment
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family
|
$
|
11,181
|
|
|
$
|
11,181
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,729
|
|
|
$
|
12,256
|
|
Home equity
|
1,428
|
|
|
1,428
|
|
|
—
|
|
|
—
|
|
|
1,522
|
|
|
1,335
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and multi-family real estate
|
2,057
|
|
|
2,057
|
|
|
—
|
|
|
—
|
|
|
2,680
|
|
|
1,787
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Commercial and industrial
|
205
|
|
|
173
|
|
|
32
|
|
|
27
|
|
|
242
|
|
|
296
|
|
||||||
Consumer
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||||
Total
|
$
|
14,872
|
|
|
$
|
14,839
|
|
|
$
|
33
|
|
|
$
|
28
|
|
|
$
|
16,174
|
|
|
$
|
15,675
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of June 30, 2018
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and multi-family real estate
|
$
|
211,222
|
|
|
$
|
2,082
|
|
|
$
|
1,059
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
214,363
|
|
Construction
|
28,770
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,770
|
|
||||||
Commercial and industrial
|
93,441
|
|
|
422
|
|
|
215
|
|
|
—
|
|
|
—
|
|
|
94,078
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
333,433
|
|
|
$
|
2,504
|
|
|
$
|
1,274
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
337,211
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2017
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and multi-family real estate
|
$
|
193,982
|
|
|
$
|
1,415
|
|
|
$
|
1,033
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
196,430
|
|
Construction
|
23,803
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,803
|
|
||||||
Commercial and industrial
|
72,962
|
|
|
182
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
73,372
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
290,747
|
|
|
$
|
1,597
|
|
|
$
|
1,261
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
293,605
|
|
(In Thousands)
|
Residential mortgage
|
|
Consumer
|
|
Total Residential and Consumer
|
||||||||||||||||||
|
Jun 30, 2018
|
|
Dec 31, 2017
|
|
Jun 30, 2018
|
|
Dec 31, 2017
|
|
Jun 30, 2018
|
|
Dec 31, 2017
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Nonperforming
|
$
|
3,685
|
|
|
$
|
3,718
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
3,685
|
|
|
$
|
3,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Performing
|
173,781
|
|
|
180,879
|
|
|
608
|
|
|
616
|
|
|
174,389
|
|
|
181,495
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
177,466
|
|
|
$
|
184,597
|
|
|
$
|
608
|
|
|
$
|
617
|
|
|
$
|
178,074
|
|
|
$
|
185,214
|
|
|
Six Months Ended June 30, 2018
|
|||||||||
|
Number of
Contracts
|
|
Pre-Modification
Outstanding Recorded
Investments
|
|
Post-Modification
Outstanding Recorded
Investments
|
|||||
|
|
|
(Dollars in thousands)
|
|||||||
|
|
|
|
|
|
|||||
Commercial and multi-family real estate
|
1
|
|
|
374
|
|
|
392
|
|
||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Total
|
1
|
|
|
$
|
374
|
|
|
$
|
392
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2017
|
|||||||||
|
Number of
Contracts
|
|
Pre-Modification
Outstanding Recorded
Investments
|
|
Post-Modification
Outstanding Recorded
Investments
|
|||||
|
|
|
(Dollars in thousands)
|
|||||||
|
|
|
|
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|||||
One-to-four family
|
2
|
|
|
$
|
444
|
|
|
$
|
405
|
|
Commercial and multi-family real estate
|
—
|
|
|
—
|
|
|
263
|
|
||
Commercial
|
3
|
|
|
153
|
|
|
—
|
|
||
|
|
|
|
|
|
|||||
Total
|
5
|
|
|
$
|
597
|
|
|
$
|
668
|
|
|
Six Months Ended June 30, 2017
|
|||||||||
|
Number of
Contracts
|
|
Pre-Modification
Outstanding Recorded
Investments
|
|
Post-Modification
Outstanding Recorded
Investments
|
|||||
|
|
|
(Dollars in thousands)
|
|||||||
|
|
|
|
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|||||
One-to-four family
|
4
|
|
|
$
|
1,019
|
|
|
$
|
1,283
|
|
Home equity
|
2
|
|
|
99
|
|
|
—
|
|
||
Commercial and multi-family real estate
|
1
|
|
|
419
|
|
|
661
|
|
||
Commercial
|
5
|
|
|
283
|
|
|
—
|
|
||
|
|
|
|
|
|
|||||
Total
|
12
|
|
|
$
|
1,820
|
|
|
$
|
1,944
|
|
•
|
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
•
|
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
|
•
|
Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
|
|
As of June 30, 2018
|
||||||||||||||
|
Level 1
Inputs
|
|
Level 2
Inputs
|
|
Level 3
Inputs
|
|
Total Fair
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
309
|
|
|
$
|
309
|
|
|
As of December 31, 2017
|
||||||||||||||
|
Level 1
Inputs
|
|
Level 2
Inputs
|
|
Level 3
Inputs
|
|
Total Fair
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Impaired loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
As of June 30, 2018
|
||||||||
|
Fair Value
|
|
Valuation Techniques
|
|
Unobservable
Input
|
|
Range (Weighted Average)
|
||
|
(Dollars in thousands)
|
||||||||
Impaired loans
|
$
|
309
|
|
|
Appraisal of collateral
|
|
Appraisal adjustments
|
|
0% (0%)
|
|
|
|
|
|
Liquidation expense
|
|
19.0% (19.0%)
|
|
As of December 31, 2017
|
||||||||
|
Fair Value
|
|
Valuation Techniques
|
|
Unobservable
Input
|
|
Range (Weighted Average)
|
||
|
(Dollars in thousands)
|
||||||||
Impaired loans
|
$
|
6
|
|
|
Appraisal of collateral
|
|
Appraisal adjustments
|
|
475.6% (475.6%)
|
|
|
|
|
|
Liquidation expense
|
|
0% (0%)
|
|
Carrying
|
|
Fair
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
As of June 30, 2018
|
Amount
|
|
Value
|
|
Inputs
|
|
Inputs
|
|
Inputs
|
||||||||
|
|
|
(In thousands)
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
16,314
|
|
|
$
|
16,314
|
|
|
$
|
16,314
|
|
|
|
|
|
||
Securities held to maturity
|
44,770
|
|
|
43,749
|
|
|
—
|
|
|
43,749
|
|
|
—
|
|
|||
Loans receivable
|
509,689
|
|
|
495,946
|
|
|
—
|
|
|
—
|
|
|
495,946
|
|
|||
Federal Home Loan Bank of New York stock
|
4,212
|
|
|
4,212
|
|
|
4,212
|
|
|
|
|
|
|||||
Accrued interest receivable
|
1,754
|
|
|
1,754
|
|
|
1,754
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
448,512
|
|
|
449,561
|
|
|
—
|
|
|
449,561
|
|
|
—
|
|
|||
Advances from Federal Home Loan Bank of New York
|
82,175
|
|
|
57,459
|
|
|
—
|
|
|
57,459
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
22,309
|
|
|
$
|
22,309
|
|
|
$
|
22,309
|
|
|
|
|
|
||
Securities held to maturity
|
38,482
|
|
|
38,255
|
|
|
—
|
|
|
38,255
|
|
|
—
|
|
|||
Loans receivable
|
473,405
|
|
|
472,881
|
|
|
—
|
|
|
—
|
|
|
472,881
|
|
|||
Federal Home Loan Bank of New York stock
|
2,131
|
|
|
2,131
|
|
|
2,131
|
|
|
|
|
|
|||||
Accrued interest receivable
|
1,607
|
|
|
1,607
|
|
|
1,607
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
448,913
|
|
|
450,580
|
|
|
—
|
|
|
450,580
|
|
|
—
|
|
|||
Advances from Federal Home Loan Bank of New York
|
37,675
|
|
|
37,400
|
|
|
—
|
|
|
37,400
|
|
|
—
|
|
•
|
Statements of our goals, intentions and expectations;
|
•
|
Statements regarding our business plans, prospects, growth and operating strategies;
|
•
|
Statements regarding the quality of our loan and investment portfolios; and
|
•
|
Estimates of our risks and future costs and benefits.
|
•
|
General economic conditions, either nationally or in our market area, that are worse than expected;
|
•
|
The volatility of the financial and securities markets, including changes with respect to the market value of our financial assets;
|
•
|
Changes in government regulation affecting financial institutions and the potential expenses associated therewith;
|
•
|
Changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments;
|
•
|
Our ability to enter into new markets and/or expand product offerings successfully and take advantage of growth opportunities;
|
•
|
Increased competitive pressures among financial services companies;
|
•
|
Changes in consumer spending, borrowing and savings habits;
|
•
|
Legislative or regulatory changes that adversely affect our business;
|
•
|
Adverse changes in the securities markets;
|
•
|
Our ability to successfully manage our growth; and
|
•
|
Changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board.
|
|
For the three months ended
|
||||||||||||||||||||
|
6/30/2018
|
|
6/30/2017
|
||||||||||||||||||
Average Balance Sheet
(In Thousands)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable
|
$
|
500,959
|
|
|
$
|
5,436
|
|
|
4.34
|
%
|
|
$
|
417,065
|
|
|
$
|
4,444
|
|
|
4.26
|
%
|
Securities held to maturity
|
36,494
|
|
|
240
|
|
|
2.63
|
%
|
|
41,885
|
|
|
247
|
|
|
2.36
|
%
|
||||
Other interest-earning assets
|
9,928
|
|
|
62
|
|
|
2.50
|
%
|
|
9,625
|
|
|
36
|
|
|
1.50
|
%
|
||||
Total interest-earning assets
|
547,381
|
|
|
5,738
|
|
|
4.19
|
%
|
|
468,575
|
|
|
4,727
|
|
|
4.04
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan loss
|
(5,538
|
)
|
|
|
|
|
|
|
|
(4,695
|
)
|
|
|
|
|
|
|
||||
Non-interest-earning assets
|
28,125
|
|
|
|
|
|
|
|
|
28,978
|
|
|
|
|
|
|
|
||||
Total non-interest-earning assets
|
22,587
|
|
|
|
|
|
|
|
|
24,283
|
|
|
|
|
|
|
|
||||
Total Assets
|
$
|
569,968
|
|
|
|
|
|
|
|
|
$
|
492,858
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand & money market
|
$
|
148,661
|
|
|
$
|
277
|
|
|
0.75
|
%
|
|
$
|
106,094
|
|
|
$
|
102
|
|
|
0.38
|
%
|
Savings and club deposits
|
108,593
|
|
|
137
|
|
|
0.50
|
%
|
|
104,953
|
|
|
62
|
|
|
0.24
|
%
|
||||
Certificates of deposit
|
127,793
|
|
|
521
|
|
|
1.63
|
%
|
|
122,855
|
|
|
415
|
|
|
1.35
|
%
|
||||
Total interest-bearing deposits
|
385,047
|
|
|
935
|
|
|
0.97
|
%
|
|
333,902
|
|
|
579
|
|
|
0.69
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank advances
|
74,192
|
|
|
372
|
|
|
2.01
|
%
|
|
37,715
|
|
|
224
|
|
|
2.38
|
%
|
||||
Total interest-bearing liabilities
|
459,239
|
|
|
1,307
|
|
|
1.14
|
%
|
|
371,617
|
|
|
803
|
|
|
0.86
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest-bearing deposit
|
38,903
|
|
|
|
|
|
|
|
|
43,030
|
|
|
|
|
|
|
|
||||
Other non-interest-bearing liabilities
|
2,495
|
|
|
|
|
|
|
|
|
3,363
|
|
|
|
|
|
|
|
||||
Total Liabilities
|
500,637
|
|
|
|
|
|
|
|
|
418,010
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity
|
69,331
|
|
|
|
|
|
|
|
|
74,848
|
|
|
|
|
|
|
|
||||
Total Liabilities and Equity
|
569,968
|
|
|
|
|
|
|
|
|
492,858
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Interest Spread
|
|
|
|
4,431
|
|
|
3.05
|
%
|
|
|
|
|
3,924
|
|
|
3.18
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Interest Margin
|
|
|
|
|
|
|
3.24
|
%
|
|
|
|
|
|
|
|
3.35
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Interest Earning Assets to Interest Bearing Liabilities
|
119.19
|
%
|
|
|
|
|
|
|
|
126.09
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the six months ended
|
||||||||||||||||||||
|
6/30/2018
|
|
6/30/2017
|
||||||||||||||||||
Average Balance Sheet
(In Thousands)
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable
|
$
|
492,156
|
|
|
$
|
10,572
|
|
|
4.30
|
%
|
|
$
|
399,822
|
|
|
$
|
8,444
|
|
|
4.22
|
%
|
Securities held to maturity
|
37,074
|
|
|
459
|
|
|
2.48
|
%
|
|
42,581
|
|
|
498
|
|
|
2.34
|
%
|
||||
Other interest-earning assets
|
10,215
|
|
|
136
|
|
|
2.66
|
%
|
|
10,475
|
|
|
78
|
|
|
1.49
|
%
|
||||
Total interest-earning assets
|
539,445
|
|
|
11,167
|
|
|
4.14
|
%
|
|
452,878
|
|
|
9,020
|
|
|
3.98
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan loss
|
(5,500
|
)
|
|
|
|
|
|
|
|
(4,610
|
)
|
|
|
|
|
|
|
||||
Non-interest-earning assets
|
28,235
|
|
|
|
|
|
|
|
|
28,674
|
|
|
|
|
|
|
|
||||
Total non-interest-earning assets
|
22,735
|
|
|
|
|
|
|
|
|
24,064
|
|
|
|
|
|
|
|
||||
Total Assets
|
$
|
562,180
|
|
|
|
|
|
|
|
|
$
|
476,942
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand & money market
|
$
|
156,090
|
|
|
$
|
574
|
|
|
0.74
|
%
|
|
$
|
106,066
|
|
|
$
|
197
|
|
|
0.37
|
%
|
Savings and club deposits
|
107,550
|
|
|
239
|
|
|
0.44
|
%
|
|
104,367
|
|
|
120
|
|
|
0.23
|
%
|
||||
Certificates of deposit
|
124,101
|
|
|
968
|
|
|
1.56
|
%
|
|
114,729
|
|
|
764
|
|
|
1.34
|
%
|
||||
Total interest-bearing deposits
|
387,741
|
|
|
1,781
|
|
|
0.92
|
%
|
|
325,162
|
|
|
1,081
|
|
|
0.66
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Federal Home Loan Bank advances
|
38,563
|
|
|
653
|
|
2.05
|
%
|
|
33,874
|
|
|
420
|
|
|
2.49
|
%
|
|||||
Total interest-bearing liabilities
|
426,304
|
|
|
2,434
|
|
|
1.08
|
%
|
|
359,036
|
|
|
1,501
|
|
|
0.84
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest-bearing deposit
|
37,593
|
|
|
|
|
|
|
|
|
40,440
|
|
|
|
|
|
|
|
||||
Other non-interest-bearing liabilities
|
2,235
|
|
|
|
|
|
|
|
|
3,078
|
|
|
|
|
|
|
|
||||
Total Liabilities
|
466,132
|
|
|
|
|
|
|
|
|
402,554
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity
|
70,862
|
|
|
|
|
|
|
|
|
74,388
|
|
|
|
|
|
|
|
||||
Total Liabilities and Equity
|
$
|
536,994
|
|
|
|
|
|
|
|
|
$
|
476,942
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Interest Spread
|
|
|
|
8,733
|
|
|
3.06
|
%
|
|
|
|
|
7,519
|
|
|
3.14
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Interest Margin
|
|
|
|
|
|
|
3.24
|
%
|
|
|
|
|
|
|
|
3.32
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Interest Earning Assets to Interest Bearing Liabilities
|
119.48
|
%
|
|
|
|
|
|
|
|
126.14
|
%
|
|
|
|
|
|
Period
|
(a) Total Number of Shares (or Units) Purchased
|
(b) Average Price Paid per Share (or Unit)
|
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
|
(d) Maximum Number (or Approximate Dollar Value) that May Yet Be Purchased Under the Plans or Programs
|
April 1-April 30, 2018
|
5,300
|
17.95
|
492,216
|
103,126
|
May 1-May 31, 2018
|
—
|
—
|
—
|
—
|
June 1-June 30, 2018
|
—
|
—
|
—
|
—
|
Total
|
5,300
|
$17.95
|
492,216
|
103,126
|
Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Schema Document
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.LAB
|
XBRL Labels Linkbase Document
|
101.PRE
|
XBRL Presentation Linkbase Document
|
101.DEF
|
XBRL Definition Linkbase Document
|
|
|
MSB FINANCIAL CORP.
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date August 10, 2018
|
|
/s/ Michael A. Shriner
|
|
|
Michael A. Shriner
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
Date August 10, 2018
|
|
/s/ John S. Kaufman
|
|
|
John S. Kaufman
|
|
|
First Vice President and Chief Financial Officer
|
1 Year MSB Financial Chart |
1 Month MSB Financial Chart |
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