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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stewardship Financial Corporation | NASDAQ:SSFN | 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% | 15.75 | 15.70 | 15.80 | 0 | 01:00:00 |
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from __________ to ___________
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Commission file number 1-33377
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Stewardship Financial Corporation
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(Exact name of registrant as specified in its charter)
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New Jersey
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22-3351447
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(State of other jurisdiction
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(I.R.S. Employer
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of incorporation or organization)
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Identification No.)
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630 Godwin Avenue, Midland Park, NJ
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07432
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (201) 444-7100
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Securities registered pursuant to Section 12(b) of the Act: Common Stock, no par value
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Securities registered under Section 12(g) of the Act: None
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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
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Yes
¨
No
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Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
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Yes
¨
No
x
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Note –
Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.
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Indicate by check mark whether the registrant: (1) has filed reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes
x
No
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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
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Yes
x
No
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
x
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer
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¨
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Accelerated filer
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x
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Non-accelerated filer
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¨
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Smaller reporting company
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x
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Emerging growth company
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¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
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Yes
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No
x
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•
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changing bank regulatory conditions, policies or programs, whether arising as new legislation or regulatory initiatives, that could lead to restrictions on activities of banks generally, or the Bank in particular, more restrictive regulatory capital requirements, increased costs, including deposit insurance premiums, regulation or prohibition of certain income producing activities or changes in the secondary market for loans and other products;
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•
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monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government and other government initiatives affecting the financial services industry;
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•
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results of examinations of us by our regulators, including the possibility that our regulators may, among other things, require us to increase our reserve for loan losses or to write-down assets;
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•
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failures of or interruptions in the communications and information systems on which we rely to conduct our business could reduce our revenues, increase our costs or lead to disruptions in our business;
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•
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general economic conditions including unemployment rates, whether national or regional, and conditions in the lending markets in which we participate that may hinder our ability to increase lending activities or have an adverse effect on the demand for our loans and other products, our credit quality and related levels of nonperforming assets and loan losses, and the value and salability of the real estate that we own or that is the collateral for our loans;
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•
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impairment charges with respect to securities;
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•
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unanticipated costs in connection with new branch openings;
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•
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acts of war, acts of terrorism, cyber-attacks and natural disasters;
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•
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fluctuation in interest rates;
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•
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risks related to the concentration in commercial real estate, commercial business loans and commercial construction loans;
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•
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concentration of credit exposure;
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•
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declines in commercial and residential real estate values;
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•
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inability to manage growth in commercial loans;
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•
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unexpected loan prepayment volume;
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•
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unanticipated exposure to credit risks;
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•
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insufficient allowance for loan losses;
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•
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competition from other financial institutions;
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•
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a decline in the levels of loan quality and origination volume; and
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•
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a decline in deposits.
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•
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centralized responsibility for consumer financial protection by creating a new agency, the Consumer Financial Protection Bureau (the “CFPB”), responsible for implementing, examining, and enforcing compliance with federal consumer financial laws;
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•
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applied to most bank holding companies, the same leverage and risk-based capital requirements applicable to insured depository institutions. The Corporation’s existing trust preferred securities continue to be treated as Tier 1 capital;
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•
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changed the assessment base for federal deposit insurance from the amount of insured deposits to consolidated assets less tangible equity, eliminated the ceiling on the size of the Deposit Insurance Fund (“DIF”) and increased the floor on the size of the DIF, which generally requires an increase in the level of assessments for institutions with assets in excess of $10 billion;
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•
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implemented corporate governance revisions, including with regard to executive compensation and proxy access by shareholders, that apply to all public companies, not just financial institutions;
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made permanent the $250,000 limit for federal deposit insurance;
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repealed the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transactions and other accounts; and
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•
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restricted the interchange fees payable on debit card transactions for issuers with $10 billion in assets or greater.
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actual or anticipated fluctuation in our operating and financial results;
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•
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press releases, publicity, or announcements
concerning us, our competitors or the banking industry;
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•
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changes in expectations as to future financial performance, including estimates by securities analysts and investors;
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changes in accounting standards, policies, guidance, interpretations or principles;
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•
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future sales of our Common Stock or other equity securities;
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developments in laws or regulations or new interpretations of existing laws or regulations affecting us or our competitors; and
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general domestic economic and market conditions.
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Location
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Leased
or Owned
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Date of Lease
Expiration
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612 Godwin Avenue
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Owned
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---
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Midland Park, NJ
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630 Godwin Avenue
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Owned
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---
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Midland Park, NJ
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386 Lafayette Avenue
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Owned
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---
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Hawthorne, NJ
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87 Berdan Avenue
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Leased
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6/30/24
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Wayne, NJ
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64 Franklin Turnpike
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Owned
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---
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Waldwick, NJ
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190 Franklin Avenue
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Leased
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9/30/22
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Ridgewood, NJ
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311 Valley Road
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Leased
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11/30/23
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Wayne, NJ
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249 Newark Pompton Turnpike
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Owned
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---
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Pequannock, NJ
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2 Changebridge Road
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Leased
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7/31/20
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Montville, NJ
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378 Franklin Avenue
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Leased
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5/31/26
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Wyckoff, NJ
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200 Kinderkamack Road
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Leased
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5/30/26
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Westwood, NJ
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33 Sicomac Road
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Leased
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10/31/20
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North Haledon, NJ
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43 S. Park Place
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Leased
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06/30/22
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Morristown, NJ
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December 31,
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||||||||||||||||||
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2018
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2017
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2016
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2015
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2014
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(Dollars in thousands, except per share amounts)
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Selected Balance Sheet Data at Year End:
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Total assets
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$
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955,630
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$
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928,766
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$
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795,535
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$
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717,888
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$
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693,551
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Total interest-earning assets
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912,022
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886,479
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759,805
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685,141
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661,672
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Total investment securities (including FHLB stock)
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176,732
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169,172
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154,428
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156,700
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183,792
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Total loans, net of allowance for loan loss
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725,404
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702,561
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595,952
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517,556
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467,699
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Total deposits
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782,091
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764,099
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658,930
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604,753
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556,476
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Total borrowings
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89,082
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87,077
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82,452
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63,186
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73,917
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Shareholders' equity
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80,150
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73,665
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51,387
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47,573
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58,969
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Earnings Summary:
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Net interest income
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$
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28,163
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$
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26,372
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$
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22,572
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$
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21,783
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$
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21,727
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Provision for loan losses
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(1,615
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)
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655
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(1,350
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)
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(1,375
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)
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(50
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)
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Net interest income after provision for loan losses
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29,778
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25,717
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23,922
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23,158
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21,777
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Noninterest income
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3,417
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3,307
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3,411
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3,493
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2,960
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Noninterest expense
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22,145
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20,301
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19,902
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20,179
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20,233
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Income before income tax expense
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11,050
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8,723
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7,431
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6,472
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4,504
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|||||
Income tax expense
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3,020
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4,776
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2,695
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2,272
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1,419
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|||||
Net income
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8,030
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3,947
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4,736
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4,200
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3,085
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Dividends on preferred stock and accretion
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—
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—
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—
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456
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683
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|||||
Net income available to common shareholders
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$
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8,030
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$
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3,947
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$
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4,736
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$
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3,744
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$
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2,402
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Common Share Data:
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Basic and diluted net income
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$
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0.93
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$
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0.50
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$
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0.78
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$
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0.62
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$
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0.40
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Cash dividends declared
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0.12
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0.12
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0.11
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0.08
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0.05
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|||||
Book value at year end
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9.23
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8.51
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8.39
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7.82
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7.29
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|||||
Weighted average shares outstanding (in thousands)
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8,673
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7,907
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6,110
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6,078
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6,004
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|||||
Shares outstanding at year end (in thousands)
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8,680
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8,653
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6,121
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6,086
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6,035
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Performance Ratios:
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Return on average assets
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0.86
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%
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0.45
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%
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0.63
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%
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0.60
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%
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0.46
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%
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|||||
Return on average common shareholders' equity
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10.54
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%
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5.86
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%
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9.43
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%
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8.14
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%
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5.77
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%
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|||||
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December 31,
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||||||||||||||||||
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2018
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2017
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2016
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2015
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2014
|
||||||||||
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(Dollars in thousands, except per share amounts)
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||||||||||||||||||
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Net interest margin
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3.14
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%
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3.13
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%
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3.18
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%
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3.30
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%
|
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3.46
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%
|
|||||
Yield on average interest-earning assets
|
4.02
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%
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3.83
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%
|
|
3.81
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%
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3.87
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%
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3.96
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%
|
|||||
Cost of average interest-bearing liabilities
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1.17
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%
|
|
0.91
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%
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|
0.85
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%
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|
0.77
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%
|
|
0.68
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%
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|||||
Net interest spread
|
2.85
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%
|
|
2.92
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%
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|
2.96
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%
|
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3.10
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%
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3.28
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%
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|||||
Loans to deposits
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93.77
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%
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93.09
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%
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91.64
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%
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87.04
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%
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85.77
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%
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|||||
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Asset Quality:
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Total non-accrual loans
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$
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1,544
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$
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1,194
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$
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606
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$
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1,882
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$
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3,628
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Other nonperforming assets
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$
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—
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$
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—
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$
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401
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$
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880
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$
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1,308
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Allowance for loan loss to total loans
|
1.08
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%
|
|
1.23
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%
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1.31
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%
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|
1.68
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%
|
|
2.01
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%
|
|||||
Nonperforming loans to total loans
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0.21
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%
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0.17
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%
|
|
0.10
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%
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|
0.36
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%
|
|
0.76
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%
|
|||||
Nonperforming assets to total assets
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0.16
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%
|
|
0.13
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%
|
|
0.13
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%
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0.38
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%
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0.71
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%
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|||||
Net charge-offs (recoveries) to average loans
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(0.11
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)%
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(0.03
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)%
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(0.08
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)%
|
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(0.12
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)%
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|
0.06
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%
|
|||||
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Consolidated Capital Ratios:
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Average shareholders' equity as a percentage of average total assets
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8.12
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%
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|
7.61
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%
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6.69
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%
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7.98
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%
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8.42
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%
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|||||
Leverage (Tier 1) capital (1)
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9.33
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%
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8.88
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%
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7.65
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%
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7.67
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%
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9.45
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%
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|||||
Tier 1 risk based capital (2)
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11.33
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%
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10.96
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%
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9.35
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%
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10.16
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%
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|
13.04
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%
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|||||
Total risk based capital (2)
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14.39
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%
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14.29
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%
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13.10
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%
|
|
14.34
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%
|
|
14.30
|
%
|
|||||
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Other Data:
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Number of banking centers (including main branch)
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12
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12
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11
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12
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12
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|||||
Full time equivalent employees
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133
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|
|
130
|
|
|
130
|
|
|
134
|
|
|
140
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
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Average
Balance
|
|
Interest
Income/
Expense
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Average
Rates
Earned/
Paid
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Rates
Earned/
Paid
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Average
Rates
Earned/
Paid
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans (1)
|
$
|
718,510
|
|
|
$
|
31,532
|
|
|
4.39
|
%
|
|
$
|
673,314
|
|
|
$
|
28,421
|
|
|
4.22
|
%
|
|
$
|
541,918
|
|
|
$
|
23,762
|
|
|
4.38
|
%
|
Taxable investment securities
|
166,249
|
|
|
4,192
|
|
|
2.52
|
%
|
|
156,917
|
|
|
3,485
|
|
|
2.22
|
%
|
|
148,852
|
|
|
2,904
|
|
|
1.95
|
%
|
||||||
Tax-exempt investment securities (2)
|
6,003
|
|
|
186
|
|
|
3.10
|
%
|
|
8,574
|
|
|
375
|
|
|
4.37
|
%
|
|
11,229
|
|
|
566
|
|
|
5.04
|
%
|
||||||
Other interest-earning assets
|
6,910
|
|
|
138
|
|
|
2.00
|
%
|
|
7,515
|
|
|
106
|
|
|
1.41
|
%
|
|
13,981
|
|
|
79
|
|
|
0.57
|
%
|
||||||
Total interest-earning assets
|
897,672
|
|
|
36,048
|
|
|
4.02
|
%
|
|
846,320
|
|
|
32,387
|
|
|
3.83
|
%
|
|
715,980
|
|
|
27,311
|
|
|
3.81
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Allowance for loan losses
|
(8,459
|
)
|
|
|
|
|
|
|
|
(8,412
|
)
|
|
|
|
|
|
|
|
(8,546
|
)
|
|
|
|
|
|
|
||||||
Other assets
|
48,959
|
|
|
|
|
|
|
|
|
47,181
|
|
|
|
|
|
|
|
|
42,751
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
938,172
|
|
|
|
|
|
|
|
|
$
|
885,089
|
|
|
|
|
|
|
|
|
$
|
750,185
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
$
|
310,014
|
|
|
$
|
2,147
|
|
|
0.69
|
%
|
|
$
|
259,637
|
|
|
$
|
709
|
|
|
0.27
|
%
|
|
$
|
234,847
|
|
|
$
|
558
|
|
|
0.24
|
%
|
Savings deposits
|
83,731
|
|
|
84
|
|
|
0.10
|
%
|
|
89,586
|
|
|
92
|
|
|
0.10
|
%
|
|
86,804
|
|
|
90
|
|
|
0.10
|
%
|
||||||
Time deposits
|
203,109
|
|
|
3,062
|
|
|
1.51
|
%
|
|
193,397
|
|
|
2,388
|
|
|
1.23
|
%
|
|
149,067
|
|
|
1,644
|
|
|
1.10
|
%
|
||||||
FHLB-NY borrowings
|
52,377
|
|
|
968
|
|
|
1.85
|
%
|
|
74,440
|
|
|
1,177
|
|
|
1.58
|
%
|
|
38,288
|
|
|
716
|
|
|
1.87
|
%
|
||||||
Subordinated Debentures and Subordinated Notes
|
23,350
|
|
|
1,575
|
|
|
6.75
|
%
|
|
23,285
|
|
|
1,492
|
|
|
6.41
|
%
|
|
23,219
|
|
|
1,505
|
|
|
6.48
|
%
|
||||||
Total interest-bearing liabilities
|
672,581
|
|
|
7,836
|
|
|
1.17
|
%
|
|
640,345
|
|
|
5,858
|
|
|
0.91
|
%
|
|
532,225
|
|
|
4,513
|
|
|
0.85
|
%
|
||||||
Non-interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Demand deposits
|
185,406
|
|
|
|
|
|
|
|
|
173,936
|
|
|
|
|
|
|
|
|
165,348
|
|
|
|
|
|
|
|
||||||
Other liabilities
|
4,005
|
|
|
|
|
|
|
|
|
3,413
|
|
|
|
|
|
|
|
|
2,396
|
|
|
|
|
|
|
|
||||||
Shareholders' equity
|
76,180
|
|
|
|
|
|
|
|
|
67,395
|
|
|
|
|
|
|
|
|
50,216
|
|
|
|
|
|
|
|
||||||
Total liabilities and Shareholders' equity
|
$
|
938,172
|
|
|
|
|
|
|
|
|
$
|
885,089
|
|
|
|
|
|
|
|
|
$
|
750,185
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income (taxable
equivalent basis)
|
|
|
|
28,212
|
|
|
|
|
|
|
|
|
26,529
|
|
|
|
|
|
|
|
|
22,798
|
|
|
|
|
||||||
Tax equivalent adjustment
|
|
|
|
(49
|
)
|
|
|
|
|
|
|
|
(157
|
)
|
|
|
|
|
|
|
|
(226
|
)
|
|
|
|
||||||
Net interest income
|
|
|
|
$
|
28,163
|
|
|
|
|
|
|
|
|
$
|
26,372
|
|
|
|
|
|
|
|
|
$
|
22,572
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest spread (taxable
equivalent basis)
|
|
|
|
|
|
|
2.85
|
%
|
|
|
|
|
|
|
|
2.92
|
%
|
|
|
|
|
|
|
|
2.96
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net yield on interest-earning
assets (taxable equivalent basis) (3)
|
|
|
|
|
|
|
3.14
|
%
|
|
|
|
|
|
|
|
3.13
|
%
|
|
|
|
|
|
|
|
3.18
|
%
|
|
2018 Versus 2017
|
|
2017 Versus 2016
|
||||||||||||||||||||
|
Increase (Decrease)
Due to Change in
|
|
|
|
Increase (Decrease)
Due to Change in
|
|
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
Net
|
|
Volume
|
|
Rate
|
|
Net
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans
|
$
|
1,944
|
|
|
$
|
1,167
|
|
|
$
|
3,111
|
|
|
$
|
5,575
|
|
|
$
|
(916
|
)
|
|
$
|
4,659
|
|
Taxable investment securities
|
216
|
|
|
491
|
|
|
707
|
|
|
164
|
|
|
416
|
|
|
580
|
|
||||||
Tax-exempt investment securities
|
(96
|
)
|
|
(93
|
)
|
|
(189
|
)
|
|
(122
|
)
|
|
(69
|
)
|
|
(191
|
)
|
||||||
Other interest-earning assets
|
2
|
|
|
30
|
|
|
32
|
|
|
(49
|
)
|
|
76
|
|
|
27
|
|
||||||
Total interest-earning assets
|
2,066
|
|
|
1,595
|
|
|
3,661
|
|
|
5,568
|
|
|
(493
|
)
|
|
5,075
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand deposits
|
159
|
|
|
1,279
|
|
|
1,438
|
|
|
63
|
|
|
88
|
|
|
151
|
|
||||||
Savings deposits
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
3
|
|
|
(1
|
)
|
|
2
|
|
||||||
Time deposits
|
122
|
|
|
552
|
|
|
674
|
|
|
531
|
|
|
213
|
|
|
744
|
|
||||||
FHLB borrowings
|
(388
|
)
|
|
179
|
|
|
(209
|
)
|
|
586
|
|
|
(125
|
)
|
|
461
|
|
||||||
Subordinated Debentures and
Subordinated Notes
|
4
|
|
|
79
|
|
|
83
|
|
|
4
|
|
|
(17
|
)
|
|
(13
|
)
|
||||||
Total interest-bearing liabilities
|
(111
|
)
|
|
2,089
|
|
|
1,978
|
|
|
1,187
|
|
|
158
|
|
|
1,345
|
|
||||||
Net change in net interest income
|
$
|
2,177
|
|
|
$
|
(494
|
)
|
|
$
|
1,683
|
|
|
$
|
4,381
|
|
|
$
|
(651
|
)
|
|
$
|
3,730
|
|
|
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Real estate mortgage:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential
|
$
|
82,491
|
|
|
$
|
85,760
|
|
|
$
|
84,321
|
|
|
$
|
82,955
|
|
|
$
|
77,836
|
|
Commercial (1)
|
520,868
|
|
|
504,028
|
|
|
407,226
|
|
|
348,724
|
|
|
295,278
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans
|
93,755
|
|
|
89,056
|
|
|
82,065
|
|
|
64,860
|
|
|
75,852
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Installment (2)
|
17,799
|
|
|
15,089
|
|
|
10,713
|
|
|
10,262
|
|
|
12,174
|
|
|||||
Home equity
|
18,685
|
|
|
17,548
|
|
|
19,566
|
|
|
19,425
|
|
|
15,950
|
|
|||||
Other
|
189
|
|
|
239
|
|
|
192
|
|
|
251
|
|
|
230
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total gross loans
|
733,787
|
|
|
711,720
|
|
|
604,083
|
|
|
526,477
|
|
|
477,320
|
|
|||||
Less: Allowance for loan losses
|
7,926
|
|
|
8,762
|
|
|
7,905
|
|
|
8,823
|
|
|
9,602
|
|
|||||
Deferred loan costs (fees)
|
457
|
|
|
397
|
|
|
226
|
|
|
98
|
|
|
19
|
|
|||||
Net loans
|
$
|
725,404
|
|
|
$
|
702,561
|
|
|
$
|
595,952
|
|
|
$
|
517,556
|
|
|
$
|
467,699
|
|
|
Within 1 Year
|
|
After 1 Year But
Within 5 Years
|
|
After 5
Years
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Real estate mortgage
|
$
|
15,589
|
|
|
$
|
43,423
|
|
|
$
|
544,347
|
|
|
$
|
603,359
|
|
Commercial
|
43,701
|
|
|
26,449
|
|
|
23,605
|
|
|
93,755
|
|
||||
Consumer
|
151
|
|
|
1,610
|
|
|
34,912
|
|
|
36,673
|
|
||||
Total gross loans
|
$
|
59,441
|
|
|
$
|
71,482
|
|
|
$
|
602,864
|
|
|
$
|
733,787
|
|
|
Predetermined
Rates
|
|
Adjustable
Rates
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Real estate mortgage
|
$
|
132,057
|
|
|
$
|
455,713
|
|
|
$
|
587,770
|
|
Commercial
|
15,144
|
|
|
34,910
|
|
|
50,054
|
|
|||
Consumer
|
17,804
|
|
|
18,718
|
|
|
36,522
|
|
|||
Total gross loans
|
$
|
165,005
|
|
|
$
|
509,341
|
|
|
$
|
674,346
|
|
|
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Nonaccrual loans (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential real estate
|
$
|
576
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
96
|
|
Commercial real estate
|
574
|
|
|
701
|
|
|
528
|
|
|
484
|
|
|
1,284
|
|
|||||
Commercial
|
394
|
|
|
136
|
|
|
—
|
|
|
1,314
|
|
|
1,923
|
|
|||||
Consumer
|
—
|
|
|
62
|
|
|
78
|
|
|
84
|
|
|
325
|
|
|||||
Total nonaccrual loans
|
1,544
|
|
|
1,194
|
|
|
606
|
|
|
1,882
|
|
|
3,628
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total nonperforming loans
|
1,544
|
|
|
1,194
|
|
|
606
|
|
|
1,882
|
|
|
3,628
|
|
|||||
Other real estate owned
|
—
|
|
|
—
|
|
|
401
|
|
|
880
|
|
|
1,308
|
|
|||||
Total nonperforming assets (2)
|
$
|
1,544
|
|
|
$
|
1,194
|
|
|
$
|
1,007
|
|
|
$
|
2,762
|
|
|
$
|
4,936
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses
|
$
|
7,926
|
|
|
$
|
8,762
|
|
|
$
|
7,905
|
|
|
$
|
8,823
|
|
|
$
|
9,602
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans to total gross loans
|
0.21
|
%
|
|
0.17
|
%
|
|
0.10
|
%
|
|
0.36
|
%
|
|
0.76
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming assets to total assets
|
0.16
|
%
|
|
0.13
|
%
|
|
0.13
|
%
|
|
0.38
|
%
|
|
0.71
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses to total gross loans
|
1.08
|
%
|
|
1.23
|
%
|
|
1.31
|
%
|
|
1.68
|
%
|
|
2.01
|
%
|
|
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance at beginning of period
|
$
|
8,762
|
|
|
$
|
7,905
|
|
|
$
|
8,823
|
|
|
$
|
9,602
|
|
|
$
|
9,915
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Commercial real estate
|
—
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
1,110
|
|
|||||
Commercial
|
29
|
|
|
3
|
|
|
72
|
|
|
600
|
|
|
262
|
|
|||||
Consumer and other
|
2
|
|
|
1
|
|
|
14
|
|
|
2
|
|
|
6
|
|
|||||
Total loans charged-off
|
31
|
|
|
4
|
|
|
182
|
|
|
602
|
|
|
1,385
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Recoveries of loans previously charged-off:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
552
|
|
|
48
|
|
|||||
Residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|||||
Commercial real estate
|
665
|
|
|
100
|
|
|
162
|
|
|
151
|
|
|
858
|
|
|||||
Commercial
|
142
|
|
|
97
|
|
|
446
|
|
|
465
|
|
|
216
|
|
|||||
Consumer and other
|
3
|
|
|
9
|
|
|
6
|
|
|
4
|
|
|
—
|
|
|||||
Total recoveries of loans previously charged-off
|
810
|
|
|
206
|
|
|
614
|
|
|
1,198
|
|
|
1,122
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loans charged-off (recovered)
|
(779
|
)
|
|
(202
|
)
|
|
(432
|
)
|
|
(596
|
)
|
|
263
|
|
|||||
Provisions charged (credited) to operations
|
(1,615
|
)
|
|
655
|
|
|
(1,350
|
)
|
|
(1,375
|
)
|
|
(50
|
)
|
|||||
Balance at end of period
|
$
|
7,926
|
|
|
$
|
8,762
|
|
|
$
|
7,905
|
|
|
$
|
8,823
|
|
|
$
|
9,602
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs (recoveries) during the period to average loans outstanding during the period
|
(0.11
|
)%
|
|
(0.03
|
)%
|
|
(0.08
|
)%
|
|
(0.12
|
)%
|
|
0.06
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance of allowance for loan losses at the end of
year to gross year end loans
|
1.08
|
%
|
|
1.23
|
%
|
|
1.31
|
%
|
|
1.68
|
%
|
|
2.01
|
%
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
to Total (1)
|
|
Amount
|
|
Percent
to Total (1)
|
|
Amount
|
|
Percent
to Total (1)
|
|
Amount
|
|
Percent
to Total (1)
|
|
Amount
|
|
Percent
to Total (1)
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Real estate -
residential
|
$
|
65
|
|
|
11.2
|
%
|
|
$
|
68
|
|
|
12.1
|
%
|
|
$
|
66
|
|
|
14.0
|
%
|
|
$
|
109
|
|
|
15.8
|
%
|
|
$
|
142
|
|
|
16.3
|
%
|
Real estate -
commercial
|
5,078
|
|
|
71.0
|
%
|
|
5,564
|
|
|
70.8
|
%
|
|
5,089
|
|
|
67.4
|
%
|
|
4,774
|
|
|
66.2
|
%
|
|
5,167
|
|
|
61.9
|
%
|
|||||
Commercial
|
2,703
|
|
|
12.8
|
%
|
|
3,058
|
|
|
12.5
|
%
|
|
2,663
|
|
|
13.6
|
%
|
|
3,698
|
|
|
12.3
|
%
|
|
3,704
|
|
|
15.9
|
%
|
|||||
Consumer
|
69
|
|
|
5.0
|
%
|
|
65
|
|
|
4.6
|
%
|
|
75
|
|
|
5.0
|
%
|
|
121
|
|
|
5.7
|
%
|
|
191
|
|
|
5.9
|
%
|
|||||
Unallocated
|
11
|
|
|
—
|
%
|
|
7
|
|
|
—
|
%
|
|
12
|
|
|
—
|
%
|
|
121
|
|
|
—
|
%
|
|
398
|
|
|
—
|
%
|
|||||
Total allowance for loan losses
|
$
|
7,926
|
|
|
100.0
|
%
|
|
$
|
8,762
|
|
|
100.0
|
%
|
|
$
|
7,905
|
|
|
100.0
|
%
|
|
$
|
8,823
|
|
|
100.0
|
%
|
|
$
|
9,602
|
|
|
100.0
|
%
|
|
December 31,
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
|
Carrying
Value
|
|
Percent
|
|
Carrying
Value
|
|
Percent
|
|
Carrying
Value
|
|
Percent
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
U.S. government-sponsored agencies
|
$
|
25,749
|
|
|
23.7
|
%
|
|
$
|
21,333
|
|
|
19.5
|
%
|
|
$
|
17,445
|
|
|
18.4
|
%
|
Obligation of state and political subdivisions
|
3,121
|
|
|
2.9
|
%
|
|
3,165
|
|
|
2.9
|
%
|
|
3,096
|
|
|
3.3
|
%
|
|||
Mortgage-backed securities
|
62,163
|
|
|
57.1
|
%
|
|
63,834
|
|
|
58.5
|
%
|
|
52,046
|
|
|
54.8
|
%
|
|||
Asset-backed securities (a)
|
4,922
|
|
|
4.5
|
%
|
|
6,698
|
|
|
6.1
|
%
|
|
8,267
|
|
|
8.7
|
%
|
|||
Corporate debt (b)
|
12,856
|
|
|
11.8
|
%
|
|
14,229
|
|
|
13.0
|
%
|
|
14,037
|
|
|
14.8
|
%
|
|||
Total
|
$
|
108,811
|
|
|
100.0
|
%
|
|
$
|
109,259
|
|
|
100.0
|
%
|
|
$
|
94,891
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
U.S. Treasury
|
$
|
999
|
|
|
1.6
|
%
|
|
$
|
999
|
|
|
1.9
|
%
|
|
$
|
999
|
|
|
1.9
|
%
|
U.S. government-sponsored agencies
|
35,565
|
|
|
57.1
|
%
|
|
27,075
|
|
|
51.6
|
%
|
|
19,162
|
|
|
36.6
|
%
|
|||
Obligations of state and political
subdivisions
|
2,358
|
|
|
3.8
|
%
|
|
4,057
|
|
|
7.8
|
%
|
|
7,102
|
|
|
13.6
|
%
|
|||
Mortgage-backed securities
|
23,386
|
|
|
37.5
|
%
|
|
20,311
|
|
|
38.7
|
%
|
|
25,067
|
|
|
47.9
|
%
|
|||
Total
|
$
|
62,308
|
|
|
100.0
|
%
|
|
$
|
52,442
|
|
|
100.0
|
%
|
|
$
|
52,330
|
|
|
100.0
|
%
|
|
Within
1 Year
|
|
After 1 Year
Through
5 Years
|
|
After
5 Years
Through
10 Years
|
|
After
10 Years
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
U.S. government-sponsored agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amortized cost
|
$
|
1,147
|
|
|
$
|
9,387
|
|
|
$
|
11,631
|
|
|
$
|
4,067
|
|
|
$
|
26,232
|
|
Yield
|
1.37
|
%
|
|
2.41
|
%
|
|
3.04
|
%
|
|
1.96
|
%
|
|
2.58
|
%
|
|||||
Obligations of state and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amortized cost
|
396
|
|
|
985
|
|
|
1,524
|
|
|
300
|
|
|
3,205
|
|
|||||
Yield
|
1.35
|
%
|
|
1.79
|
%
|
|
1.68
|
%
|
|
2.75
|
%
|
|
1.77
|
%
|
|||||
Corporate debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amortized cost
|
—
|
|
|
2,546
|
|
|
10,823
|
|
|
—
|
|
|
13,369
|
|
|||||
Yield
|
0.00
|
%
|
|
2.73
|
%
|
|
3.60
|
%
|
|
0.00
|
%
|
|
3.44
|
%
|
|||||
Total amortized cost
|
$
|
1,543
|
|
|
$
|
12,918
|
|
|
$
|
23,978
|
|
|
$
|
4,367
|
|
|
$
|
42,806
|
|
Weighted average yield
|
1.36
|
%
|
|
2.43
|
%
|
|
3.21
|
%
|
|
2.01
|
%
|
|
2.79
|
%
|
|
Within
1 Year
|
|
After 1 Year
Through
5 Years
|
|
After
5 Years
Through
10 Years
|
|
After
10 Years
|
|
Total
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
U.S. Treasury:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Carrying value
|
$
|
—
|
|
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
999
|
|
Yield
|
0.00
|
%
|
|
1.41
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
1.41
|
%
|
|||||
U.S. government-sponsored agencies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Carrying value
|
—
|
|
|
15,498
|
|
|
20,067
|
|
|
—
|
|
|
35,565
|
|
|||||
Yield
|
0.00
|
%
|
|
2.26
|
%
|
|
2.62
|
%
|
|
0.00
|
%
|
|
2.46
|
%
|
|||||
Obligations of state and political subdivisions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Carrying value
|
335
|
|
|
1,535
|
|
|
—
|
|
|
488
|
|
|
2,358
|
|
|||||
Yield
|
3.71
|
%
|
|
4.01
|
%
|
|
0.00
|
%
|
|
1.70
|
%
|
|
3.49
|
%
|
|||||
Total carrying value
|
$
|
335
|
|
|
$
|
18,032
|
|
|
$
|
20,067
|
|
|
$
|
488
|
|
|
$
|
38,922
|
|
Weighted average yield
|
3.71
|
%
|
|
2.36
|
%
|
|
2.62
|
%
|
|
1.70
|
%
|
|
2.50
|
%
|
|
December 31,
|
|||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Non-interest bearing demand
|
$
|
174,717
|
|
|
22.3
|
%
|
|
$
|
172,861
|
|
|
22.6
|
%
|
|
$
|
169,306
|
|
|
25.7
|
%
|
Interest-bearing demand
|
325,151
|
|
|
41.6
|
%
|
|
307,180
|
|
|
40.2
|
%
|
|
242,278
|
|
|
36.8
|
%
|
|||
Savings deposits
|
76,745
|
|
|
9.8
|
%
|
|
83,114
|
|
|
10.9
|
%
|
|
90,677
|
|
|
13.7
|
%
|
|||
Certificates of deposit
|
205,478
|
|
|
26.3
|
%
|
|
200,944
|
|
|
26.3
|
%
|
|
156,669
|
|
|
23.8
|
%
|
|||
Total
|
$
|
782,091
|
|
|
100.0
|
%
|
|
$
|
764,099
|
|
|
100.0
|
%
|
|
$
|
658,930
|
|
|
100.0
|
%
|
|
|
Balances
|
||
|
|
(In thousands)
|
||
|
Three months or less
|
$
|
20,843
|
|
|
Four months through six months
|
34,691
|
|
|
|
Seven months through twelve months
|
16,701
|
|
|
|
Over twelve months
|
41,236
|
|
|
|
|
$
|
113,471
|
|
|
Three
Months or
Less
|
|
More than
Three
Months
Through
One Year
|
|
After One
Year
|
|
Noninterest
Sensitive
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate Mortgage
|
$
|
37,992
|
|
|
$
|
61,791
|
|
|
$
|
503,576
|
|
|
$
|
—
|
|
|
$
|
603,359
|
|
Commercial
|
58,727
|
|
|
7,521
|
|
|
27,507
|
|
|
—
|
|
|
93,755
|
|
|||||
Consumer
|
12,026
|
|
|
2,154
|
|
|
22,493
|
|
|
—
|
|
|
36,673
|
|
|||||
Investment securities (1)
|
22,711
|
|
|
23,188
|
|
|
130,833
|
|
|
—
|
|
|
176,732
|
|
|||||
Other assets
|
483
|
|
|
—
|
|
|
—
|
|
|
44,628
|
|
|
45,111
|
|
|||||
Total assets
|
$
|
131,939
|
|
|
$
|
94,654
|
|
|
$
|
684,409
|
|
|
$
|
44,628
|
|
|
$
|
955,630
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Source of funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing demand
|
$
|
325,151
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
325,151
|
|
Savings
|
76,745
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76,745
|
|
|||||
Certificates of deposit
|
34,293
|
|
|
81,254
|
|
|
89,931
|
|
|
—
|
|
|
205,478
|
|
|||||
FHLB-NY advances
|
12,700
|
|
|
33,000
|
|
|
20,000
|
|
|
—
|
|
|
65,700
|
|
|||||
Subordinated Debentures
|
—
|
|
|
—
|
|
|
23,382
|
|
|
—
|
|
|
23,382
|
|
|||||
Other liabilities (including non-interest
|
|
|
|
|
|
|
|
|
|
||||||||||
bearing deposits)
|
—
|
|
|
—
|
|
|
—
|
|
|
179,024
|
|
|
179,024
|
|
|||||
Shareholders' equity
|
—
|
|
|
—
|
|
|
—
|
|
|
80,150
|
|
|
80,150
|
|
|||||
Total source of funds
|
$
|
448,889
|
|
|
$
|
114,254
|
|
|
$
|
133,313
|
|
|
$
|
259,174
|
|
|
$
|
955,630
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate sensitivity gap
|
$
|
(316,950
|
)
|
|
$
|
(19,600
|
)
|
|
$
|
551,096
|
|
|
$
|
(214,546
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cumulative interest rate sensitivity gap
|
$
|
(316,950
|
)
|
|
$
|
(336,550
|
)
|
|
$
|
214,546
|
|
|
$
|
—
|
|
|
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Cash and cash equivalents - beginning
|
$
|
21,270
|
|
|
$
|
11,680
|
|
Operating activities:
|
|
|
|
|
|
||
Net income
|
8,030
|
|
|
3,947
|
|
||
Adjustments to reconcile net income
to net cash provided by (used in) operating activities
|
(598
|
)
|
|
4,583
|
|
||
Net cash provided by operating activities
|
7,432
|
|
|
8,530
|
|
||
Net cash used in investing activities
|
(30,884
|
)
|
|
(126,730
|
)
|
||
Net cash provided by financing activities
|
19,005
|
|
|
127,790
|
|
||
Net increase (decrease) in cash and cash equivalents
|
(4,447
|
)
|
|
9,590
|
|
||
Cash and cash equivalents - ending
|
$
|
16,823
|
|
|
$
|
21,270
|
|
|
|
|
Payment Due By Period
|
||||||||||||||||
|
Total
|
|
Less than
1 Year
|
|
1 - 3
Years
|
|
3 - 5
Years
|
|
After 5
Years
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Contractual obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating lease obligations
|
$
|
3,357
|
|
|
$
|
718
|
|
|
$
|
1,140
|
|
|
$
|
833
|
|
|
$
|
666
|
|
Total contracted cost obligations
|
$
|
3,357
|
|
|
$
|
718
|
|
|
$
|
1,140
|
|
|
$
|
833
|
|
|
$
|
666
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other long-term liabilities/long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time deposits
|
$
|
205,478
|
|
|
$
|
115,418
|
|
|
$
|
80,394
|
|
|
$
|
9,666
|
|
|
$
|
—
|
|
Federal Home Loan Bank advances (1)
|
68,049
|
|
|
46,084
|
|
|
10,360
|
|
|
11,605
|
|
|
—
|
|
|||||
Subordinated Debentures (1)
|
13,316
|
|
|
414
|
|
|
829
|
|
|
829
|
|
|
11,244
|
|
|||||
Subordinated Notes (1)
|
23,439
|
|
|
1,091
|
|
|
2,182
|
|
|
2,182
|
|
|
17,984
|
|
|||||
Supplemental Executive Retirement Plan
|
1,853
|
|
|
53
|
|
|
114
|
|
|
114
|
|
|
1,572
|
|
|||||
Total other long-term liabilities/long-term debt
|
$
|
312,135
|
|
|
$
|
163,060
|
|
|
$
|
93,879
|
|
|
$
|
24,396
|
|
|
$
|
30,800
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other commitments - off balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Letters of credit
|
$
|
2,514
|
|
|
$
|
2,368
|
|
|
$
|
—
|
|
|
$
|
146
|
|
|
$
|
—
|
|
Commitments to extend credit
|
8,037
|
|
|
8,037
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unused lines of credit
|
124,738
|
|
|
124,738
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total off balance sheet arrangements and
contractual obligations
|
$
|
135,289
|
|
|
$
|
135,143
|
|
|
$
|
—
|
|
|
$
|
146
|
|
|
$
|
—
|
|
|
Actual
|
|
Required for
Capital
Adequacy
Purposes
|
|
To Be Well-
Capitalized
Under Prompt
Corrective
Action
Regulations
|
|||
Tier 1 Leverage ratio
|
|
|
|
|
|
|
|
|
Corporation
|
9.33
|
%
|
|
4.00
|
%
|
|
N/A
|
|
Bank
|
10.49
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
|
|
|
|
|
|
|||
Risk-based capital:
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
|
|
|
|
|
|
|
|
|
Corporation
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Bank
|
12.54
|
%
|
|
4.50
|
%
|
|
6.50
|
%
|
Tier 1
|
|
|
|
|
|
|
|
|
Corporation
|
11.33
|
%
|
|
4.00
|
%
|
|
N/A
|
|
Bank
|
12.54
|
%
|
|
6.00
|
%
|
|
8.00
|
%
|
Total
|
|
|
|
|
|
|
|
|
Corporation
|
14.39
|
%
|
|
8.00
|
%
|
|
N/A
|
|
Bank
|
13.54
|
%
|
|
8.00
|
%
|
|
10.00
|
%
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Dollars in thousands)
|
||||||
Assets
|
|
|
|
|
|
||
Cash and due from banks
|
$
|
16,340
|
|
|
$
|
20,558
|
|
Other short-term interest-earning assets
|
483
|
|
|
712
|
|
||
Cash and cash equivalents
|
16,823
|
|
|
21,270
|
|
||
|
|
|
|
||||
Securities available-for-sale
|
108,811
|
|
|
109,259
|
|
||
Securities held-to-maturity; estimated fair value of $60,997 (2018)
and $51,551 (2017)
|
62,308
|
|
|
52,442
|
|
||
Other equity investments, at fair value (2018) and available-for-sale (2017)
|
1,648
|
|
|
3,756
|
|
||
Federal Home Loan Bank of New York stock, at cost
|
3,965
|
|
|
3,715
|
|
||
Loans held for sale
|
—
|
|
|
370
|
|
||
Loans, net of allowance for loan losses of $7,926 (2018)
and $8,762 (2017)
|
725,404
|
|
|
702,561
|
|
||
Premises and equipment, net
|
7,007
|
|
|
6,909
|
|
||
Accrued interest receivable
|
2,696
|
|
|
2,566
|
|
||
Bank owned life insurance
|
21,636
|
|
|
21,084
|
|
||
Other assets
|
5,332
|
|
|
4,834
|
|
||
Total assets
|
$
|
955,630
|
|
|
$
|
928,766
|
|
|
|
|
|
||||
Liabilities and Shareholders' equity
|
|
|
|
|
|
||
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Noninterest-bearing
|
$
|
174,717
|
|
|
$
|
172,861
|
|
Interest-bearing
|
607,374
|
|
|
591,238
|
|
||
Total deposits
|
782,091
|
|
|
764,099
|
|
||
|
|
|
|
||||
Federal Home Loan Bank of New York advances
|
65,700
|
|
|
63,760
|
|
||
Subordinated Debentures and Subordinated Notes
|
23,382
|
|
|
23,317
|
|
||
Accrued interest payable
|
1,106
|
|
|
1,116
|
|
||
Accrued expenses and other liabilities
|
3,201
|
|
|
2,809
|
|
||
Total liabilities
|
875,480
|
|
|
855,101
|
|
||
|
|
|
|
||||
Shareholders' equity
|
|
|
|
|
|
||
Common stock, no par value; 20,000,000 and 20,000,000 shares authorized;
8,680,388 and 8,652,804 shares issued and outstanding
at December 31, 2018, and 2017, respectively
|
61,030
|
|
|
60,742
|
|
||
Retained earnings
|
21,056
|
|
|
14,307
|
|
||
Accumulated other comprehensive loss, net
|
(1,936
|
)
|
|
(1,384
|
)
|
||
Total Shareholders' equity
|
80,150
|
|
|
73,665
|
|
||
Total liabilities and Shareholders' equity
|
$
|
955,630
|
|
|
$
|
928,766
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Dollars in thousands, except per share amounts)
|
||||||
Interest income:
|
|
|
|
|
|
||
Loans
|
$
|
31,514
|
|
|
$
|
28,385
|
|
Securities held-to-maturity:
|
|
|
|
|
|
||
Taxable
|
1,247
|
|
|
990
|
|
||
Nontaxable
|
98
|
|
|
197
|
|
||
Securities available-for-sale:
|
|
|
|
|
|
||
Taxable
|
2,618
|
|
|
2,196
|
|
||
Nontaxable
|
57
|
|
|
57
|
|
||
Other equity investments
|
99
|
|
|
96
|
|
||
FHLB dividends
|
228
|
|
|
203
|
|
||
Other interest-earning assets
|
138
|
|
|
106
|
|
||
Total interest income
|
35,999
|
|
|
32,230
|
|
||
|
|
|
|
||||
Interest expense:
|
|
|
|
|
|
||
Deposits
|
5,293
|
|
|
3,189
|
|
||
FHLB-NY borrowings
|
968
|
|
|
1,177
|
|
||
Subordinated Debentures and Subordinated Notes
|
1,575
|
|
|
1,492
|
|
||
Total interest expense
|
7,836
|
|
|
5,858
|
|
||
Net interest income before provision for loan losses
|
28,163
|
|
|
26,372
|
|
||
Provision for loan losses
|
(1,615
|
)
|
|
655
|
|
||
Net interest income after provision for loan losses
|
29,778
|
|
|
25,717
|
|
||
|
|
|
|
||||
Noninterest income:
|
|
|
|
|
|
||
Fees and service charges
|
2,228
|
|
|
2,111
|
|
||
Bank owned life insurance
|
552
|
|
|
526
|
|
||
Gain (loss) on calls and sales of securities, net
|
(186
|
)
|
|
1
|
|
||
Gain on sales of mortgage loans
|
70
|
|
|
178
|
|
||
Gain on sale of other real estate owned
|
—
|
|
|
13
|
|
||
Gain on sales of SBA loans
|
193
|
|
|
—
|
|
||
Gain on equity investments
|
80
|
|
|
—
|
|
||
Miscellaneous
|
480
|
|
|
478
|
|
||
Total noninterest income
|
3,417
|
|
|
3,307
|
|
||
|
|
|
|
||||
Noninterest expenses:
|
|
|
|
|
|
||
Salaries and employee benefits
|
12,636
|
|
|
11,455
|
|
||
Occupancy, net
|
1,701
|
|
|
1,630
|
|
||
Equipment
|
746
|
|
|
673
|
|
||
Data processing
|
1,947
|
|
|
1,811
|
|
||
Advertising
|
715
|
|
|
700
|
|
||
FDIC insurance premium
|
277
|
|
|
322
|
|
||
Charitable contributions
|
910
|
|
|
615
|
|
||
Bank-card related services
|
533
|
|
|
551
|
|
||
Other real estate owned, net
|
—
|
|
|
24
|
|
||
Miscellaneous
|
2,680
|
|
|
2,520
|
|
||
Total noninterest expenses
|
22,145
|
|
|
20,301
|
|
||
Income before income tax expense
|
11,050
|
|
|
8,723
|
|
||
Income tax expense
|
3,020
|
|
|
4,776
|
|
||
Net income
|
$
|
8,030
|
|
|
$
|
3,947
|
|
|
|
|
|
||||
Basic and diluted earnings per common share
|
$
|
0.93
|
|
|
$
|
0.50
|
|
|
|
|
|
||||
Weighted average number of basic and diluted common shares outstanding
|
8,672,840
|
|
|
7,906,791
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Net income
|
$
|
8,030
|
|
|
$
|
3,947
|
|
|
|
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||
Change in unrealized holding gains (losses) on securities available-for-sale during the period
|
(677
|
)
|
|
150
|
|
||
Reclassification adjustment for securities available for sale (gains) losses in net income
|
(4
|
)
|
|
(1
|
)
|
||
Accretion of unrealized loss on securities reclassified to held-to-maturity
|
22
|
|
|
28
|
|
||
Change in fair value of interest rate swap in a cash flow hedging relationship
|
(88
|
)
|
|
(19
|
)
|
||
Reclassification adjustment for interest rate swap interest expense in net income
|
32
|
|
|
2
|
|
||
|
|
|
|
||||
Total other comprehensive income (loss)
|
(715
|
)
|
|
160
|
|
||
|
|
|
|
||||
Total comprehensive income
|
$
|
7,315
|
|
|
$
|
4,107
|
|
|
Years Ended December 31, 2018 and 2017
|
|||||||||||||||||
|
|
|
|
|
Accumulated
|
|
|
|||||||||||
|
|
|
|
|
Other
|
|
|
|||||||||||
|
|
|
|
|
Compre-
|
|
|
|||||||||||
|
|
|
|
|
hensive
|
|
|
|||||||||||
|
Common Stock
|
|
Retained
|
|
Income
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
(Loss), Net
|
|
Total
|
|||||||||
|
(Dollars in thousands, except per share amounts)
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance – January 1, 2017
|
6,121,329
|
|
|
$
|
41,626
|
|
|
$
|
11,082
|
|
|
$
|
(1,321
|
)
|
|
$
|
51,387
|
|
Issuance of common stock, net of costs
|
2,509,090
|
|
|
18,860
|
|
|
—
|
|
|
—
|
|
|
18,860
|
|
||||
Cash dividends declared ($0.12 per share)
|
—
|
|
|
—
|
|
|
(961
|
)
|
|
—
|
|
|
(961
|
)
|
||||
Payment of discount on dividend reinvestment plan
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||
Common stock issued under dividend reinvestment plan
|
10,031
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
90
|
|
||||
Common stock issued under stock plans
|
8,025
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
77
|
|
||||
Issuance of restricted stock
|
20,876
|
|
|
185
|
|
|
(185
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of restricted stock
|
—
|
|
|
—
|
|
|
184
|
|
|
—
|
|
|
184
|
|
||||
Tax benefit from restricted stock vesting
|
—
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
||||
Restricted stock forfeited
|
(16,547
|
)
|
|
(139
|
)
|
|
17
|
|
|
—
|
|
|
(122
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
3,947
|
|
|
—
|
|
|
3,947
|
|
||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|
160
|
|
||||
Reclassification due to the adoption of ASU 2018-02
|
—
|
|
|
—
|
|
|
223
|
|
|
(223
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance – December 31, 2017
|
8,652,804
|
|
|
60,742
|
|
|
14,307
|
|
|
(1,384
|
)
|
|
73,665
|
|
||||
Cash dividends declared ($0.12 per share)
|
—
|
|
|
—
|
|
|
(1,040
|
)
|
|
—
|
|
|
(1,040
|
)
|
||||
Payment of discount on dividend reinvestment plan
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||
Common stock issued under dividend reinvestment plan
|
8,386
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
87
|
|
||||
Common stock issued under stock plans
|
2,943
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
30
|
|
||||
Issuance of restricted stock
|
28,221
|
|
|
301
|
|
|
(301
|
)
|
|
—
|
|
|
—
|
|
||||
Compensation expense on restricted stock
|
—
|
|
|
—
|
|
|
206
|
|
|
—
|
|
|
206
|
|
||||
Restricted stock forfeited
|
(11,966
|
)
|
|
(126
|
)
|
|
17
|
|
|
—
|
|
|
(109
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
8,030
|
|
|
—
|
|
|
8,030
|
|
||||
Other comprehensive (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
(715
|
)
|
|
(715
|
)
|
||||
Reclassification due to the adoption of ASU 2016-01
|
—
|
|
|
—
|
|
|
(163
|
)
|
|
163
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance – December 31, 2018
|
8,680,388
|
|
|
$
|
61,030
|
|
|
$
|
21,056
|
|
|
$
|
(1,936
|
)
|
|
$
|
80,150
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
8,030
|
|
|
$
|
3,947
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization of premises and equipment
|
475
|
|
|
399
|
|
||
Amortization of premiums and accretion of discounts, net
|
465
|
|
|
533
|
|
||
Compensation expense on restricted stock, net of forfeitures
|
201
|
|
|
62
|
|
||
Amortization of Subordinated Notes issuance cost
|
65
|
|
|
65
|
|
||
Accretion of deferred loan fees
|
147
|
|
|
145
|
|
||
Fair value adjustment for equity securities
|
(80
|
)
|
|
—
|
|
||
Provision for loan losses
|
(1,615
|
)
|
|
655
|
|
||
Originations of mortgage loans held for sale
|
(4,666
|
)
|
|
(10,316
|
)
|
||
Proceeds from sale of mortgage loans
|
5,106
|
|
|
10,897
|
|
||
Gain on sale of SBA loans
|
(193
|
)
|
|
—
|
|
||
Gain on sales of mortgage loans
|
(70
|
)
|
|
(178
|
)
|
||
(Gain) loss on sales and calls of securities
|
186
|
|
|
(1
|
)
|
||
Gain on sale of other real estate owned
|
—
|
|
|
(13
|
)
|
||
Deferred income tax expense
|
(3
|
)
|
|
1,419
|
|
||
Excess tax benefit from restricted stock vesting
|
—
|
|
|
48
|
|
||
Increase in accrued interest receivable
|
(130
|
)
|
|
(433
|
)
|
||
Increase (decrease) in accrued interest payable
|
(10
|
)
|
|
322
|
|
||
Earnings on bank owned life insurance
|
(552
|
)
|
|
(526
|
)
|
||
Increase (decrease) in other assets
|
(155
|
)
|
|
686
|
|
||
Increase in other liabilities
|
335
|
|
|
819
|
|
||
Net cash provided by operating activities
|
7,536
|
|
|
8,530
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchase of securities available-for-sale
|
(17,160
|
)
|
|
(29,201
|
)
|
||
Proceeds from maturities and principal repayments on securities available-for-sale
|
15,212
|
|
|
14,096
|
|
||
Proceeds from sales and calls on securities available-for-sale
|
1,007
|
|
|
500
|
|
||
Purchase of securities held-to-maturity
|
(15,828
|
)
|
|
(8,173
|
)
|
||
Proceeds from maturities and principal repayments on securities held-to-maturity
|
5,614
|
|
|
6,665
|
|
||
Proceeds from calls on securities held-to-maturity
|
280
|
|
|
1,320
|
|
||
Purchase of equity securities
|
(41
|
)
|
|
—
|
|
||
Proceeds from sales of equity securities
|
2,037
|
|
|
—
|
|
||
Purchase of FHLB-NY stock
|
(6,671
|
)
|
|
(11,650
|
)
|
||
Redemption of FHLB-NY stock
|
6,421
|
|
|
11,450
|
|
||
Net increase in loans
|
(21,182
|
)
|
|
(107,409
|
)
|
||
Proceeds from sale of other real estate owned
|
—
|
|
|
414
|
|
||
Purchase of bank owned life insurance
|
—
|
|
|
(4,000
|
)
|
||
Additions to premises and equipment
|
(573
|
)
|
|
(742
|
)
|
||
Net cash used in investing activities
|
(30,884
|
)
|
|
(126,730
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Net increase in noninterest-bearing deposits
|
1,856
|
|
|
3,555
|
|
||
Net increase in interest-bearing deposits
|
16,136
|
|
|
101,614
|
|
||
Increase in long term borrowings
|
10,000
|
|
|
25,000
|
|
||
Repayment of long term borrowings
|
(20,760
|
)
|
|
(15,000
|
)
|
||
Net increase (decrease) in short term borrowings
|
12,700
|
|
|
(5,440
|
)
|
||
Proceeds from issuance of common stock, net of costs
|
—
|
|
|
18,860
|
|
||
Cash dividends paid on common stock
|
(1,040
|
)
|
|
(961
|
)
|
||
Payment of discount on dividend reinvestment plan
|
(4
|
)
|
|
(5
|
)
|
||
Taxes paid related to net share settlement of restricted stock
|
(104
|
)
|
|
—
|
|
||
Issuance of common stock
|
117
|
|
|
167
|
|
||
Net cash provided by financing activities
|
18,901
|
|
|
127,790
|
|
||
Net increase (decrease) in cash and cash equivalents
|
(4,447
|
)
|
|
9,590
|
|
||
Cash and cash equivalents - beginning
|
21,270
|
|
|
11,680
|
|
||
Cash and cash equivalents - ending
|
$
|
16,823
|
|
|
$
|
21,270
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||
Cash paid during the year for interest
|
$
|
7,846
|
|
|
$
|
5,536
|
|
Cash paid during the year for income taxes
|
$
|
3,928
|
|
|
$
|
2,322
|
|
|
December 31, 2018
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. government-sponsored agencies
|
$
|
26,232
|
|
|
$
|
15
|
|
|
$
|
(498
|
)
|
|
$
|
25,749
|
|
Obligations of state and political subdivisions
|
3,205
|
|
|
—
|
|
|
(84
|
)
|
|
3,121
|
|
||||
Mortgage-backed securities
|
63,659
|
|
|
68
|
|
|
(1,564
|
)
|
|
62,163
|
|
||||
Asset-backed securities (a)
|
4,916
|
|
|
6
|
|
|
—
|
|
|
4,922
|
|
||||
Corporate debt (b)
|
13,369
|
|
|
48
|
|
|
(561
|
)
|
|
12,856
|
|
||||
Total
|
$
|
111,381
|
|
|
$
|
137
|
|
|
$
|
(2,707
|
)
|
|
$
|
108,811
|
|
|
December 31, 2017
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. government-sponsored agencies
|
$
|
21,699
|
|
|
$
|
30
|
|
|
$
|
(396
|
)
|
|
$
|
21,333
|
|
Obligations of state and political subdivisions
|
3,221
|
|
|
—
|
|
|
(56
|
)
|
|
3,165
|
|
||||
Mortgage-backed securities
|
64,775
|
|
|
70
|
|
|
(1,011
|
)
|
|
63,834
|
|
||||
Asset-backed securities (a)
|
6,672
|
|
|
30
|
|
|
(4
|
)
|
|
6,698
|
|
||||
Corporate debt (b)
|
14,437
|
|
|
94
|
|
|
(302
|
)
|
|
14,229
|
|
||||
Total
|
$
|
110,804
|
|
|
$
|
224
|
|
|
$
|
(1,769
|
)
|
|
$
|
109,259
|
|
|
December 31, 2018
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
(14
|
)
|
|
$
|
985
|
|
U.S. government-sponsored agencies
|
35,565
|
|
|
20
|
|
|
(976
|
)
|
|
34,609
|
|
||||
Obligations of state and political subdivisions
|
2,358
|
|
|
14
|
|
|
(27
|
)
|
|
2,345
|
|
||||
Mortgage-backed securities
|
23,386
|
|
|
47
|
|
|
(375
|
)
|
|
23,058
|
|
||||
Total
|
$
|
62,308
|
|
|
$
|
81
|
|
|
$
|
(1,392
|
)
|
|
$
|
60,997
|
|
|
December 31, 2017
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
(11
|
)
|
|
$
|
988
|
|
U.S. government-sponsored agencies
|
27,075
|
|
|
4
|
|
|
(760
|
)
|
|
26,319
|
|
||||
Obligations of state and political subdivisions
|
4,057
|
|
|
21
|
|
|
(23
|
)
|
|
4,055
|
|
||||
Mortgage-backed securities
|
20,311
|
|
|
76
|
|
|
(198
|
)
|
|
20,189
|
|
||||
Total
|
$
|
52,442
|
|
|
$
|
101
|
|
|
$
|
(992
|
)
|
|
$
|
51,551
|
|
|
December 31, 2018
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
(In thousands)
|
||||||
Available-for-sale
|
|
|
|
|
|
||
Within one year
|
$
|
1,543
|
|
|
$
|
1,528
|
|
After one year, but within five years
|
12,918
|
|
|
12,734
|
|
||
After five years, but within ten years
|
23,978
|
|
|
23,260
|
|
||
After ten years
|
4,367
|
|
|
4,204
|
|
||
Mortgage-backed securities
|
63,659
|
|
|
62,163
|
|
||
Asset-backed securities
|
4,916
|
|
|
4,922
|
|
||
Total
|
$
|
111,381
|
|
|
$
|
108,811
|
|
|
|
|
|
||||
|
|
|
|
||||
Held-to-maturity
|
|
|
|
|
|
||
Within one year
|
$
|
335
|
|
|
$
|
336
|
|
After one year, but within five years
|
18,032
|
|
|
17,738
|
|
||
After five years, but within ten years
|
20,067
|
|
|
19,404
|
|
||
After ten years
|
488
|
|
|
461
|
|
||
Mortgage-backed securities
|
23,386
|
|
|
23,058
|
|
||
Total
|
$
|
62,308
|
|
|
$
|
60,997
|
|
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government-
sponsored agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,432
|
|
|
$
|
(498
|
)
|
|
$
|
17,432
|
|
|
$
|
(498
|
)
|
Obligations of state and
political subdivisions
|
—
|
|
|
—
|
|
|
3,121
|
|
|
(84
|
)
|
|
3,121
|
|
|
(84
|
)
|
||||||
Mortgage-backed
securities
|
4,177
|
|
|
(19
|
)
|
|
47,479
|
|
|
(1,545
|
)
|
|
51,656
|
|
|
(1,564
|
)
|
||||||
Asset-backed securities
|
2,892
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,892
|
|
|
—
|
|
||||||
Corporate debt
|
—
|
|
|
—
|
|
|
8,808
|
|
|
(561
|
)
|
|
8,808
|
|
|
(561
|
)
|
||||||
Total temporarily
impaired securities
|
$
|
7,069
|
|
|
$
|
(19
|
)
|
|
$
|
76,840
|
|
|
$
|
(2,688
|
)
|
|
$
|
83,909
|
|
|
$
|
(2,707
|
)
|
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government-
sponsored agencies
|
$
|
8,260
|
|
|
$
|
(70
|
)
|
|
$
|
11,174
|
|
|
$
|
(326
|
)
|
|
$
|
19,434
|
|
|
$
|
(396
|
)
|
Obligations of state and political subdivisions
|
1,384
|
|
|
(7
|
)
|
|
1,781
|
|
|
(49
|
)
|
|
3,165
|
|
|
(56
|
)
|
||||||
Mortgage-backed securities
|
30,575
|
|
|
(201
|
)
|
|
26,809
|
|
|
(810
|
)
|
|
57,384
|
|
|
(1,011
|
)
|
||||||
Asset-backed securities
|
—
|
|
|
—
|
|
|
3,013
|
|
|
(4
|
)
|
|
3,013
|
|
|
(4
|
)
|
||||||
Corporate debt
|
—
|
|
|
—
|
|
|
9,135
|
|
|
(302
|
)
|
|
9,135
|
|
|
(302
|
)
|
||||||
Total temporarily
impaired securities
|
$
|
40,219
|
|
|
$
|
(278
|
)
|
|
$
|
51,912
|
|
|
$
|
(1,491
|
)
|
|
$
|
92,131
|
|
|
$
|
(1,769
|
)
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2018
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
985
|
|
|
$
|
(14
|
)
|
|
$
|
985
|
|
|
$
|
(14
|
)
|
U.S. government-
sponsored agencies
|
2,496
|
|
|
(9
|
)
|
|
24,595
|
|
|
(967
|
)
|
|
27,091
|
|
|
(976
|
)
|
||||||
Obligations of state and political subdivisions
|
—
|
|
|
—
|
|
|
461
|
|
|
(27
|
)
|
|
461
|
|
|
(27
|
)
|
||||||
Mortgage-backed
securities
|
5,885
|
|
|
(67
|
)
|
|
11,081
|
|
|
(308
|
)
|
|
16,966
|
|
|
(375
|
)
|
||||||
Total temporarily
impaired securities
|
$
|
8,381
|
|
|
$
|
(76
|
)
|
|
$
|
37,122
|
|
|
$
|
(1,316
|
)
|
|
$
|
45,503
|
|
|
$
|
(1,392
|
)
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
Less than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
|
Fair
|
|
Unrealized
|
||||||||||||
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
|
Value
|
|
Losses
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
988
|
|
|
$
|
(11
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
988
|
|
|
$
|
(11
|
)
|
U.S. government-
sponsored agencies
|
10,032
|
|
|
(139
|
)
|
|
15,265
|
|
|
(621
|
)
|
|
25,297
|
|
|
(760
|
)
|
||||||
Obligations of state and political subdivisions
|
—
|
|
|
—
|
|
|
474
|
|
|
(23
|
)
|
|
474
|
|
|
(23
|
)
|
||||||
Mortgage-backed
securities
|
9,531
|
|
|
(114
|
)
|
|
3,896
|
|
|
(84
|
)
|
|
13,427
|
|
|
(198
|
)
|
||||||
Total temporarily
impaired securities
|
$
|
20,551
|
|
|
$
|
(264
|
)
|
|
$
|
19,635
|
|
|
$
|
(728
|
)
|
|
$
|
40,186
|
|
|
$
|
(992
|
)
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Commercial:
|
|
|
|
|
|
||
Secured by real estate
|
$
|
28,790
|
|
|
$
|
31,684
|
|
Other
|
64,965
|
|
|
57,372
|
|
||
Commercial real estate
|
504,522
|
|
|
493,542
|
|
||
Commercial construction
|
9,787
|
|
|
2,152
|
|
||
Residential real estate
|
82,491
|
|
|
85,760
|
|
||
Consumer:
|
|
|
|
|
|
||
Secured by real estate
|
36,120
|
|
|
32,207
|
|
||
Other
|
455
|
|
|
563
|
|
||
Government Guaranteed Loans - guaranteed portion
|
6,559
|
|
|
8,334
|
|
||
Other
|
98
|
|
|
106
|
|
||
Total gross loans
|
733,787
|
|
|
711,720
|
|
||
|
|
|
|
||||
Less: Deferred loan costs, net
|
457
|
|
|
397
|
|
||
Allowance for loan losses
|
7,926
|
|
|
8,762
|
|
||
|
8,383
|
|
|
9,159
|
|
||
|
|
|
|
||||
Loans, net
|
$
|
725,404
|
|
|
$
|
702,561
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
|
Balance
beginning of
period
|
|
Provision
charged to
operations
|
|
Loans
charged-off
|
|
Recoveries
of loans
charged-off
|
|
Balance
end of
period
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
3,058
|
|
|
$
|
(468
|
)
|
|
$
|
(29
|
)
|
|
$
|
142
|
|
|
$
|
2,703
|
|
Commercial real estate
|
5,531
|
|
|
(1,249
|
)
|
|
—
|
|
|
665
|
|
|
4,947
|
|
|||||
Commercial construction
|
33
|
|
|
98
|
|
|
—
|
|
|
—
|
|
|
131
|
|
|||||
Residential real estate
|
68
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
65
|
|
|||||
Consumer
|
64
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
68
|
|
|||||
Other
|
1
|
|
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
1
|
|
|||||
Unallocated
|
7
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|||||
Balance, ending
|
$
|
8,762
|
|
|
$
|
(1,615
|
)
|
|
$
|
(31
|
)
|
|
$
|
810
|
|
|
$
|
7,926
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||
|
Balance
beginning of
period
|
|
Provision
charged to
operations
|
|
Loans
charged-off
|
|
Recoveries
of loans
charged-off
|
|
Balance
end of
period
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
2,663
|
|
|
$
|
301
|
|
|
$
|
(3
|
)
|
|
$
|
97
|
|
|
$
|
3,058
|
|
Commercial real estate
|
4,734
|
|
|
697
|
|
|
—
|
|
|
100
|
|
|
5,531
|
|
|||||
Commercial construction
|
355
|
|
|
(322
|
)
|
|
—
|
|
|
—
|
|
|
33
|
|
|||||
Residential real estate
|
66
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
68
|
|
|||||
Consumer
|
75
|
|
|
(19
|
)
|
|
—
|
|
|
8
|
|
|
64
|
|
|||||
Other
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
1
|
|
|||||
Unallocated
|
12
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Balance, ending
|
$
|
7,905
|
|
|
$
|
655
|
|
|
$
|
(4
|
)
|
|
$
|
206
|
|
|
$
|
8,762
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||
|
Commercial
|
|
Commercial
Real Estate
|
|
Commercial
Construction
|
|
Residential
Real Estate
|
|
Consumer
|
|
Government
Guaranteed
|
|
Other
Loans
|
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Ending allowance balance attributable to loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for
impairment
|
$
|
88
|
|
|
$
|
561
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
649
|
|
Collectively evaluated for impairment
|
2,615
|
|
|
4,386
|
|
|
131
|
|
|
65
|
|
|
68
|
|
|
—
|
|
|
1
|
|
|
11
|
|
|
7,277
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total ending allowance balance
|
$
|
2,703
|
|
|
$
|
4,947
|
|
|
$
|
131
|
|
|
$
|
65
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
11
|
|
|
$
|
7,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans individually evaluated for impairment
|
$
|
633
|
|
|
$
|
6,079
|
|
|
$
|
—
|
|
|
$
|
576
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,288
|
|
Loans collectively evaluated for impairment
|
93,122
|
|
|
498,443
|
|
|
9,787
|
|
|
81,915
|
|
|
36,575
|
|
|
6,559
|
|
|
98
|
|
|
—
|
|
|
726,499
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total ending loan balance
|
$
|
93,755
|
|
|
$
|
504,522
|
|
|
$
|
9,787
|
|
|
$
|
82,491
|
|
|
$
|
36,575
|
|
|
$
|
6,559
|
|
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
733,787
|
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||||||
|
Commercial
|
|
Commercial
Real Estate
|
|
Commercial
Construction
|
|
Residential
Real Estate
|
|
Consumer
|
|
Government
Guaranteed
|
|
Other
Loans
|
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ending allowance balance attributable to loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for
impairment
|
$
|
34
|
|
|
$
|
575
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
609
|
|
Collectively evaluated for impairment
|
3,024
|
|
|
4,956
|
|
|
33
|
|
|
68
|
|
|
64
|
|
|
—
|
|
|
1
|
|
|
7
|
|
|
8,153
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total ending allowance balance
|
$
|
3,058
|
|
|
$
|
5,531
|
|
|
$
|
33
|
|
|
$
|
68
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
8,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans individually evaluated for impairment
|
$
|
549
|
|
|
$
|
6,236
|
|
|
$
|
—
|
|
|
$
|
295
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,142
|
|
Loans collectively evaluated for impairment
|
88,507
|
|
|
487,306
|
|
|
2,152
|
|
|
85,465
|
|
|
32,708
|
|
|
8,334
|
|
|
106
|
|
|
—
|
|
|
704,578
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total ending loan balance
|
$
|
89,056
|
|
|
$
|
493,542
|
|
|
$
|
2,152
|
|
|
$
|
85,760
|
|
|
$
|
32,770
|
|
|
$
|
8,334
|
|
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
711,720
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Commercial:
|
|
|
|
|
|
||
Secured by real estate
|
$
|
394
|
|
|
$
|
136
|
|
Commercial real estate
|
574
|
|
|
701
|
|
||
Residential real estate
|
576
|
|
|
295
|
|
||
Consumer:
|
|
|
|
|
|
||
Secured by real estate
|
—
|
|
|
62
|
|
||
|
|
|
|
||||
Total nonaccrual loans
|
$
|
1,544
|
|
|
$
|
1,194
|
|
|
At And For The Year Ended December 31, 2018
|
||||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Allowance
for Loan
Losses
Allocated
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
$
|
447
|
|
|
$
|
416
|
|
|
|
|
|
$
|
455
|
|
|
$
|
11
|
|
|
Commercial real estate
|
3,329
|
|
|
3,001
|
|
|
|
|
|
3,061
|
|
|
108
|
|
|||||
Residential real estate
|
587
|
|
|
576
|
|
|
|
|
|
343
|
|
|
—
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
—
|
|
|
—
|
|
|
|
|
|
28
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
95
|
|
|
95
|
|
|
$
|
83
|
|
|
65
|
|
|
3
|
|
||||
Other
|
122
|
|
|
122
|
|
|
5
|
|
|
125
|
|
|
9
|
|
|||||
Commercial real estate
|
3,078
|
|
|
3,078
|
|
|
561
|
|
|
3,095
|
|
|
161
|
|
|||||
Total impaired loans
|
$
|
7,658
|
|
|
$
|
7,288
|
|
|
$
|
649
|
|
|
$
|
7,172
|
|
|
$
|
292
|
|
|
At And For The Year Ended December 31, 2017
|
||||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Allowance
for Loan
Losses
Allocated
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
$
|
389
|
|
|
$
|
389
|
|
|
|
|
|
$
|
964
|
|
|
$
|
70
|
|
|
Commercial real estate
|
3,442
|
|
|
3,124
|
|
|
|
|
|
3,148
|
|
|
121
|
|
|||||
Residential real estate
|
295
|
|
|
295
|
|
|
|
|
|
59
|
|
|
—
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
71
|
|
|
62
|
|
|
|
|
|
70
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
33
|
|
|
32
|
|
|
$
|
27
|
|
|
45
|
|
|
—
|
|
||||
Other
|
128
|
|
|
128
|
|
|
7
|
|
|
171
|
|
|
12
|
|
|||||
Commercial real estate
|
3,112
|
|
|
3,112
|
|
|
575
|
|
|
3,144
|
|
|
128
|
|
|||||
Total impaired loans
|
$
|
7,470
|
|
|
$
|
7,142
|
|
|
$
|
609
|
|
|
$
|
7,601
|
|
|
$
|
331
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
Greater than
90 Days
Past Due
|
|
Total Past
Due
|
|
Loans Not
Past Due
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
394
|
|
|
$
|
394
|
|
|
$
|
28,396
|
|
|
$
|
28,790
|
|
Other
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
64,959
|
|
|
64,965
|
|
||||||
Commercial real estate
|
2,155
|
|
|
—
|
|
|
509
|
|
|
2,664
|
|
|
501,858
|
|
|
504,522
|
|
||||||
Commercial construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,787
|
|
|
9,787
|
|
||||||
Residential real estate
|
112
|
|
|
42
|
|
|
308
|
|
|
462
|
|
|
82,029
|
|
|
82,491
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,120
|
|
|
36,120
|
|
||||||
Other
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
454
|
|
|
455
|
|
||||||
Government Guaranteed Loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,559
|
|
|
6,559
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
98
|
|
||||||
Total
|
$
|
2,274
|
|
|
$
|
42
|
|
|
$
|
1,211
|
|
|
$
|
3,527
|
|
|
$
|
730,260
|
|
|
$
|
733,787
|
|
|
December 31, 2017
|
||||||||||||||||||||||
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
Greater than
90 Days
Past Due
|
|
Total Past
Due
|
|
Loans Not
Past Due
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
186
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
186
|
|
|
$
|
31,498
|
|
|
$
|
31,684
|
|
Other
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
57,364
|
|
|
57,372
|
|
||||||
Commercial real estate
|
300
|
|
|
—
|
|
|
599
|
|
|
899
|
|
|
492,643
|
|
|
493,542
|
|
||||||
Commercial construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,152
|
|
|
2,152
|
|
||||||
Residential real estate
|
314
|
|
|
—
|
|
|
—
|
|
|
314
|
|
|
85,446
|
|
|
85,760
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
—
|
|
|
—
|
|
|
28
|
|
|
28
|
|
|
32,179
|
|
|
32,207
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
563
|
|
|
563
|
|
||||||
Government Guaranteed Loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,334
|
|
|
8,334
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
106
|
|
||||||
Total
|
$
|
808
|
|
|
$
|
—
|
|
|
$
|
627
|
|
|
$
|
1,435
|
|
|
$
|
710,285
|
|
|
$
|
711,720
|
|
|
December 31, 2018
|
|||||||||
|
Number
of
Loans
|
|
Pre-
Modification
Recorded
Investment
|
|
Post-
Modification
Recorded
Investment
|
|||||
|
(Dollars in thousands)
|
|||||||||
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
||
Secured by real estate
|
1
|
|
|
$
|
95
|
|
|
$
|
95
|
|
Total
|
1
|
|
|
$
|
95
|
|
|
$
|
95
|
|
|
December 31, 2018
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
26,879
|
|
|
$
|
1,234
|
|
|
$
|
677
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,790
|
|
Other
|
63,438
|
|
|
181
|
|
|
1,346
|
|
|
—
|
|
|
—
|
|
|
64,965
|
|
||||||
Commercial real estate
|
490,661
|
|
|
7,086
|
|
|
6,775
|
|
|
—
|
|
|
—
|
|
|
504,522
|
|
||||||
Commercial construction
|
9,787
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,787
|
|
||||||
Government Guaranteed
Loans guaranteed
portion
|
6,559
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,559
|
|
||||||
Total
|
$
|
597,324
|
|
|
$
|
8,501
|
|
|
$
|
8,798
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
614,623
|
|
|
December 31, 2017
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
29,025
|
|
|
$
|
2,153
|
|
|
$
|
506
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,684
|
|
Other
|
56,632
|
|
|
216
|
|
|
524
|
|
|
—
|
|
|
—
|
|
|
57,372
|
|
||||||
Commercial real estate
|
481,443
|
|
|
10,023
|
|
|
2,076
|
|
|
—
|
|
|
—
|
|
|
493,542
|
|
||||||
Commercial construction
|
2,152
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,152
|
|
||||||
Government Guaranteed
Loans guaranteed
portion
|
8,334
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,334
|
|
||||||
Total
|
$
|
577,586
|
|
|
$
|
12,392
|
|
|
$
|
3,106
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
593,084
|
|
|
December 31, 2018
|
||||||||||
|
Current
|
|
30+ Days Past Due or
Nonaccrual
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
81,761
|
|
|
$
|
730
|
|
|
$
|
82,491
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|||
Secured by real estate
|
36,120
|
|
|
—
|
|
|
36,120
|
|
|||
Other
|
454
|
|
|
1
|
|
|
455
|
|
|||
Total
|
$
|
118,335
|
|
|
$
|
731
|
|
|
$
|
119,066
|
|
|
December 31, 2017
|
||||||||||
|
Current
|
|
30+ Days Past Due or
Nonaccrual
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
85,446
|
|
|
$
|
314
|
|
|
$
|
85,760
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|||
Secured by real estate
|
32,179
|
|
|
28
|
|
|
32,207
|
|
|||
Other
|
563
|
|
|
—
|
|
|
563
|
|
|||
Total
|
$
|
118,188
|
|
|
$
|
342
|
|
|
$
|
118,530
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Land
|
$
|
3,240
|
|
|
$
|
3,240
|
|
Buildings and improvements
|
4,654
|
|
|
4,505
|
|
||
Leasehold improvements
|
1,925
|
|
|
1,923
|
|
||
Furniture, fixtures, and equipment
|
2,027
|
|
|
1,605
|
|
||
|
11,846
|
|
|
11,273
|
|
||
Less: accumulated depreciation and amortization
|
4,839
|
|
|
4,364
|
|
||
Total premises & equipment, net
|
$
|
7,007
|
|
|
$
|
6,909
|
|
|
Year Ended December 31, 2017
|
||
|
(In thousands)
|
||
|
|
||
Beginning of year
|
$
|
3
|
|
Additions charged to expense
|
—
|
|
|
Reductions from sales of other real estate owned
|
(3
|
)
|
|
End of year
|
$
|
—
|
|
|
Year Ended December 31, 2017
|
||
|
(In thousands)
|
||
|
|
||
Provision for unrealized losses
|
$
|
—
|
|
Operating expenses, net of rental income
|
24
|
|
|
End of year
|
$
|
24
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Noninterest-bearing demand
|
$
|
174,717
|
|
|
$
|
172,861
|
|
|
|
|
|
||||
Interest-bearing checking accounts
|
175,215
|
|
|
196,924
|
|
||
Money market accounts
|
149,936
|
|
|
110,256
|
|
||
Total interest-bearing demand
|
325,151
|
|
|
307,180
|
|
||
|
|
|
|
||||
Statement savings and clubs
|
71,472
|
|
|
77,284
|
|
||
Business savings
|
5,273
|
|
|
5,830
|
|
||
Total savings
|
76,745
|
|
|
83,114
|
|
||
|
|
|
|
||||
IRA investment and variable rate savings
|
31,876
|
|
|
33,236
|
|
||
Brokered certificates
|
37,063
|
|
|
25,944
|
|
||
Money market certificates
|
136,539
|
|
|
141,764
|
|
||
Total certificates of deposit
|
205,478
|
|
|
200,944
|
|
||
|
|
|
|
||||
Total interest-bearing deposits
|
607,374
|
|
|
591,238
|
|
||
Total deposits
|
$
|
782,091
|
|
|
$
|
764,099
|
|
|
Year Ended
|
|
|
||
|
December 31,
|
|
Balances
|
||
|
|
|
(In thousands)
|
||
|
|
|
|
|
|
|
2019
|
|
$
|
115,418
|
|
|
2020
|
|
45,973
|
|
|
|
2021
|
|
34,421
|
|
|
|
2022
|
|
7,132
|
|
|
|
2023
|
|
2,534
|
|
|
|
|
|
$
|
205,478
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Total interest bearing demand
|
$
|
2,147
|
|
|
$
|
709
|
|
Total savings
|
83
|
|
|
91
|
|
||
Total certificates of deposit
|
3,063
|
|
|
2,389
|
|
||
Total interest expense
|
$
|
5,293
|
|
|
$
|
3,189
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||
Advances Maturing
|
|
Amount
|
|
Weighted
Average Rate
|
|
Amount
|
|
Weighted
Average Rate
|
||||||
|
|
(Dollars in thousands)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||
Within one year
|
|
$
|
45,700
|
|
|
1.99
|
%
|
|
$
|
20,760
|
|
|
1.59
|
%
|
After one year, but within two years
|
|
5,000
|
|
|
1.88
|
%
|
|
33,000
|
|
|
1.76
|
%
|
||
After two years, but within three years
|
|
5,000
|
|
|
1.68
|
%
|
|
5,000
|
|
|
1.88
|
%
|
||
After three years, but within four years
|
|
—
|
|
|
—
|
%
|
|
5,000
|
|
|
1.68
|
%
|
||
After four years, but within five years
|
|
10,000
|
|
|
3.25
|
%
|
|
—
|
|
|
—
|
%
|
||
Total advances maturing
|
|
$
|
65,700
|
|
|
2.15
|
%
|
|
$
|
63,760
|
|
|
1.71
|
%
|
|
|
|
|
|
|
Carrying Amount
|
||||||
|
|
|
|
|
|
December 31,
|
||||||
Issue
|
|
Maturity
|
|
Rate
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
|
(In thousands)
|
||||||
|
|
|
|
|
|
|
|
|
||||
9/17/2003
|
|
9/17/2033
|
|
Fixed / Floating Rate Junior Subordinated Debentures
|
|
$
|
7,217
|
|
|
$
|
7,217
|
|
8/28/2015
|
|
8/25/2025
|
|
Fixed Rate Subordinated Notes
|
|
16,165
|
|
|
16,100
|
|
||
|
|
|
|
Total
|
|
$
|
23,382
|
|
|
$
|
23,317
|
|
|
Actual
|
|
Required for Capital
Adequacy Purposes
|
|
To Be Well Capitalized
Under Prompt Corrective
Action Regulations
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 Leverage ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Corporation
|
$
|
89,086
|
|
|
9.33
|
%
|
|
$
|
38,213
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Bank
|
99,761
|
|
|
10.49
|
%
|
|
38,032
|
|
|
4.00
|
%
|
|
$
|
47,540
|
|
|
5.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Common Equity Tier 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Corporation
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
99,761
|
|
|
12.54
|
%
|
|
35,798
|
|
|
4.50
|
%
|
|
51,708
|
|
|
6.50
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Corporation
|
89,086
|
|
|
11.33
|
%
|
|
31,461
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
99,761
|
|
|
12.54
|
%
|
|
47,731
|
|
|
6.00
|
%
|
|
63,641
|
|
|
8.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Corporation
|
113,178
|
|
|
14.39
|
%
|
|
62,922
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
107,687
|
|
|
13.54
|
%
|
|
63,641
|
|
|
8.00
|
%
|
|
79,551
|
|
|
10.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 Leverage ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Corporation
|
$
|
81,886
|
|
|
8.88
|
%
|
|
$
|
36,867
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Bank
|
92,824
|
|
|
10.12
|
%
|
|
36,698
|
|
|
4.00
|
%
|
|
$
|
45,872
|
|
|
5.00
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Risk-based capital:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Common Equity Tier 1
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporation
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
92,824
|
|
|
12.24
|
%
|
|
34,113
|
|
|
4.50
|
%
|
|
49,274
|
|
|
6.50
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporation
|
81,886
|
|
|
10.96
|
%
|
|
29,889
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
92,824
|
|
|
12.24
|
%
|
|
45,484
|
|
|
6.00
|
%
|
|
60,645
|
|
|
8.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporation
|
106,748
|
|
|
14.29
|
%
|
|
59,777
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
101,586
|
|
|
13.40
|
%
|
|
60,645
|
|
|
8.00
|
%
|
|
75,807
|
|
|
10.00
|
%
|
|
2018
|
|
2017
|
||||||||||
|
Number of
Shares
|
|
Weighted Average
Grant Date
Fair Value
|
|
Number of
Shares
|
|
Weighted Average
Grant Date
Fair Value
|
||||||
|
|
|
|
|
|
|
|
||||||
Balance January 1
|
51,528
|
|
|
$
|
6.91
|
|
|
68,586
|
|
|
$
|
5.52
|
|
Granted
|
28,221
|
|
|
10.65
|
|
|
20,876
|
|
|
8.88
|
|
||
Vested (1)
|
(28,066
|
)
|
|
4.39
|
|
|
(34,675
|
)
|
|
5.40
|
|
||
Forfeited
|
(2,131
|
)
|
|
9.82
|
|
|
(3,259
|
)
|
|
6.41
|
|
||
Balance December 31
|
49,552
|
|
|
$
|
10.34
|
|
|
51,528
|
|
|
$
|
6.91
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(Dollars in thousands, except per share amounts)
|
||||||
|
|
|
|
||||
Net income available to common shareholders
|
$
|
8,030
|
|
|
$
|
3,947
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic and diluted
|
8,672,840
|
|
|
7,906,791
|
|
||
|
|
|
|
||||
Basic and diluted earnings per common share
|
$
|
0.93
|
|
|
$
|
0.50
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Federal income tax
|
$
|
2,320
|
|
|
$
|
2,966
|
|
Add (deduct) effect of:
|
|
|
|
|
|
||
State income taxes, net of federal income tax effect
|
835
|
|
|
606
|
|
||
Nontaxable interest income
|
(47
|
)
|
|
(129
|
)
|
||
Effect of change in Federal statutory tax rate
|
33
|
|
|
1,420
|
|
||
Bank owned life insurance
|
(116
|
)
|
|
(198
|
)
|
||
Nondeductible expenses
|
(14
|
)
|
|
(31
|
)
|
||
Change in valuation reserve
|
(2
|
)
|
|
(8
|
)
|
||
Out of period adjustment for state fixed asset basis
|
—
|
|
|
150
|
|
||
Other
|
11
|
|
|
—
|
|
||
Effective federal income taxes
|
$
|
3,020
|
|
|
$
|
4,776
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Deferred tax assets:
|
|
|
|
|
|
||
Allowance for loan losses
|
$
|
2,285
|
|
|
$
|
2,455
|
|
Accrued compensation
|
109
|
|
|
91
|
|
||
Nonaccrual loan interest
|
30
|
|
|
12
|
|
||
Depreciation
|
94
|
|
|
202
|
|
||
Contribution carry forward
|
—
|
|
|
2
|
|
||
Mortgage servicing rights
|
(22
|
)
|
|
(5
|
)
|
||
Accrued contributions
|
249
|
|
|
167
|
|
||
Unrealized loss on securities available-for-sale
|
836
|
|
|
498
|
|
||
SERP
|
202
|
|
|
—
|
|
||
|
3,783
|
|
|
3,422
|
|
||
Valuation reserve
|
—
|
|
|
(2
|
)
|
||
Net deferred tax assets
|
$
|
3,783
|
|
|
$
|
3,420
|
|
|
Year Ended
|
|
Minimum
|
|
||
|
December 31,
|
|
Rent
|
|
||
|
|
|
(In thousands)
|
|
||
|
|
|
|
|
|
|
|
2019
|
|
$
|
718
|
|
|
|
2020
|
|
657
|
|
|
|
|
2021
|
|
483
|
|
|
|
|
2022
|
|
454
|
|
|
|
|
2023
|
|
379
|
|
|
|
|
Thereafter
|
|
666
|
|
|
|
|
|
|
$
|
3,357
|
|
|
|
As of December 31, 2018
|
|||||||||||||
|
Notional Amount
|
|
Unrealized Gain / (Loss)
|
|
Fixed Pay Rate
|
|
Floating Receive Rate
|
|
Maturity Date
|
|||||
|
(Dollars in thousands)
|
|||||||||||||
Interest rate swaps
by effective date
|
|
|
|
|
|
|
|
|
|
|||||
December 18, 2017
|
$
|
7,000
|
|
|
$
|
134
|
|
|
5.323
|
%
|
|
3 month LIBOR plus 2.95%
|
|
June 17, 2027
|
September 1, 2018
|
10,000
|
|
|
(84
|
)
|
|
2.607
|
%
|
|
Federal Funds Rate
|
|
August 31, 2021
|
||
September 1, 2018
|
10,000
|
|
|
(162
|
)
|
|
2.615
|
%
|
|
Federal Funds Rate
|
|
August 31, 2023
|
||
|
$
|
27,000
|
|
|
$
|
(112
|
)
|
|
|
|
|
|
|
|
As of December 31, 2017
|
|||||||||||||
|
Notional Amount
|
|
Unrealized Loss
|
|
Fixed Pay Rate
|
|
Floating Receive Rate
|
|
Maturity Date
|
|||||
|
(Dollars in thousands)
|
|||||||||||||
Interest rate swaps
by effective date
|
|
|
|
|
|
|
|
|
|
|||||
December 18, 2017
|
$
|
7,000
|
|
|
$
|
(29
|
)
|
|
5.323
|
%
|
|
3 month LIBOR plus 2.95%
|
|
June 17, 2027
|
|
$
|
7,000
|
|
|
$
|
(29
|
)
|
|
|
|
|
|
|
|
Year Ended December 31, 2018
|
||||||||||
|
Amount of Gain (Loss)
Recognized in OCI
(Effective Portion)
|
|
Amount of Gain
(Loss) Reclassified
from OCI to Interest
Expense
|
|
Amount of Gain (Loss)
Recognized in Other
Noninterest Income
(Ineffective Portion)
|
||||||
|
(In thousands)
|
||||||||||
Interest rate swaps
by effective date
|
|
|
|
|
|
||||||
December 18, 2017
|
$
|
119
|
|
|
$
|
(16
|
)
|
|
$
|
—
|
|
September 1, 2018
|
(60
|
)
|
|
(15
|
)
|
|
—
|
|
|||
September 1, 2018
|
(115
|
)
|
|
(15
|
)
|
|
—
|
|
|||
Total
|
$
|
(56
|
)
|
|
$
|
(46
|
)
|
|
$
|
—
|
|
|
Year Ended December 31, 2017
|
||||||||||
|
Amount of Gain (Loss)
Recognized in OCI
(Effective Portion)
|
|
Amount of Gain
(Loss) Reclassified
from OCI to Interest
Expense
|
|
Amount of Gain (Loss)
Recognized in Other
Noninterest Income
(Ineffective Portion)
|
||||||
|
(In thousands)
|
||||||||||
Interest rate swaps
by effective date
|
|
|
|
|
|
||||||
December 18, 2017
|
$
|
(21
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
$
|
(21
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
Carrying Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
December 31, 2018
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government -
sponsored agencies
|
$
|
25,749
|
|
|
$
|
—
|
|
|
$
|
25,749
|
|
|
$
|
—
|
|
Obligations of state and
political subdivisions
|
3,121
|
|
|
—
|
|
|
3,121
|
|
|
—
|
|
||||
Mortgage-backed securities
|
62,163
|
|
|
—
|
|
|
62,163
|
|
|
—
|
|
||||
Asset-backed securities
|
4,922
|
|
|
—
|
|
|
4,922
|
|
|
—
|
|
||||
Corporate bonds
|
12,856
|
|
|
—
|
|
|
12,856
|
|
|
—
|
|
||||
Total available-for-sale securities
|
$
|
108,811
|
|
|
$
|
—
|
|
|
$
|
108,811
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Other equity investments
|
$
|
1,648
|
|
|
$
|
1,588
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap
|
$
|
134
|
|
|
$
|
—
|
|
|
$
|
134
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap
|
$
|
246
|
|
|
$
|
—
|
|
|
$
|
246
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
Carrying Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
December 31, 2017
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government -
sponsored agencies
|
$
|
21,333
|
|
|
$
|
—
|
|
|
$
|
21,333
|
|
|
$
|
—
|
|
Obligations of state and
political subdivisions
|
3,165
|
|
|
—
|
|
|
3,165
|
|
|
—
|
|
||||
Mortgage-backed securities
|
63,834
|
|
|
—
|
|
|
63,834
|
|
|
—
|
|
||||
Asset-backed securities
|
6,698
|
|
|
—
|
|
|
6,698
|
|
|
—
|
|
||||
Corporate bonds
|
14,229
|
|
|
—
|
|
|
14,229
|
|
|
—
|
|
||||
Total available-for-sale securities
|
$
|
109,259
|
|
|
$
|
—
|
|
|
$
|
109,259
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Other equity investments
|
$
|
3,756
|
|
|
$
|
3,696
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||
|
Carrying Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
December 31, 2018
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
$
|
301
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
301
|
|
Residential real estate
|
308
|
|
|
—
|
|
|
—
|
|
|
308
|
|
||||
Total Assets
|
$
|
609
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
609
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Fair Value Measurements Using
|
|||||||||||
|
Carrying Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
December 31, 2017
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
109
|
|
Commercial real estate
|
192
|
|
|
—
|
|
|
—
|
|
|
192
|
|
||||
Residential real estate
|
296
|
|
|
—
|
|
|
—
|
|
|
296
|
|
||||
Total Assets
|
$
|
597
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
597
|
|
December 31, 2018
|
||||||||||
Assets
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Range
|
||
(Dollars in thousands)
|
||||||||||
|
|
|
|
|
|
|
|
|
||
Impaired loans
|
|
$
|
609
|
|
|
Comparable real estate sales and / or the income approach.
|
|
Adjustments for differences between comparable sales and income data available.
|
|
5%
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Estimated selling costs.
|
|
7%
|
December 31, 2017
|
||||||||||
Assets
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Range
|
||
(Dollars in thousands)
|
||||||||||
Impaired loans
|
|
$
|
597
|
|
|
Comparable real estate sales and / or the income approach.
|
|
Adjustments for differences between comparable sales and income data available.
|
|
5%
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Estimated selling costs.
|
|
7%
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||
|
Carrying Value
|
|
Quoted Prices in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
December 31, 2018
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
16,823
|
|
|
$
|
16,823
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
108,811
|
|
|
—
|
|
|
108,811
|
|
|
—
|
|
||||
Securities held-to-maturity
|
62,308
|
|
|
—
|
|
|
60,997
|
|
|
—
|
|
||||
Other Equity Investments
|
1,648
|
|
|
1,588
|
|
|
60
|
|
|
—
|
|
||||
FHLB-NY stock
|
3,965
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||
Loans, net
|
725,404
|
|
|
—
|
|
|
—
|
|
|
704,273
|
|
||||
Interest rate swap
|
134
|
|
|
—
|
|
|
134
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
782,091
|
|
|
578,460
|
|
|
201,846
|
|
|
—
|
|
||||
FHLB-NY advances
|
65,700
|
|
|
—
|
|
|
65,477
|
|
|
—
|
|
||||
Subordinated Debentures and
Subordinated Notes
|
23,382
|
|
|
—
|
|
|
—
|
|
|
23,441
|
|
||||
Interest rate swap
|
246
|
|
|
—
|
|
|
246
|
|
|
—
|
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||||
|
Carrying Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
December 31, 2017
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
21,270
|
|
|
$
|
21,270
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available-for-sale
|
109,259
|
|
|
—
|
|
|
109,259
|
|
|
—
|
|
||||
Securities held-to-maturity
|
52,442
|
|
|
—
|
|
|
51,551
|
|
|
—
|
|
||||
Other equity investments
|
3,756
|
|
|
3,696
|
|
|
60
|
|
|
—
|
|
||||
FHLB-NY stock
|
3,715
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||
Mortgage loans held for sale
|
370
|
|
|
—
|
|
|
—
|
|
|
370
|
|
||||
Loans, net
|
702,561
|
|
|
—
|
|
|
—
|
|
|
714,387
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Deposits
|
764,099
|
|
|
565,292
|
|
|
197,696
|
|
|
—
|
|
||||
FHLB-NY advances
|
63,760
|
|
|
—
|
|
|
63,340
|
|
|
—
|
|
||||
Subordinated Debentures and
Subordinated Notes
|
23,317
|
|
|
—
|
|
|
—
|
|
|
23,478
|
|
||||
Interest rate swap
|
29
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Assets
|
|
|
|
|
|||
|
|
|
|
||||
Cash and due from banks
|
$
|
750
|
|
|
$
|
378
|
|
Securities available-for-sale
|
3,877
|
|
|
3,911
|
|
||
Investment in subsidiary
|
97,861
|
|
|
91,689
|
|
||
Accrued interest receivable
|
21
|
|
|
21
|
|
||
Other assets
|
1,458
|
|
|
1,435
|
|
||
Total assets
|
$
|
103,967
|
|
|
$
|
97,434
|
|
|
|
|
|
||||
Liabilities and Shareholders' equity
|
|
|
|
|
|
||
|
|
|
|
||||
Subordinated Debentures
|
$
|
7,217
|
|
|
$
|
7,217
|
|
Subordinated Notes
|
16,165
|
|
|
16,100
|
|
||
Other liabilities
|
435
|
|
|
452
|
|
||
Shareholders' equity
|
80,150
|
|
|
73,665
|
|
||
Total liabilities and Shareholders' equity
|
$
|
103,967
|
|
|
$
|
97,434
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Interest income - securities available-for-sale
|
$
|
94
|
|
|
$
|
76
|
|
Dividend income
|
2,700
|
|
|
2,218
|
|
||
Other income
|
11
|
|
|
10
|
|
||
Total income
|
2,805
|
|
|
2,304
|
|
||
|
|
|
|
||||
Interest expense
|
1,575
|
|
|
1,492
|
|
||
Other expenses
|
351
|
|
|
354
|
|
||
Total expenses
|
1,926
|
|
|
1,846
|
|
||
|
|
|
|
||||
Income before income tax benefit
|
879
|
|
|
458
|
|
||
Tax benefit
|
(381
|
)
|
|
(597
|
)
|
||
Income before equity in undistributed earnings of subsidiary
|
1,260
|
|
|
1,055
|
|
||
Equity in undistributed earnings of subsidiary
|
6,770
|
|
|
2,892
|
|
||
Net income
|
8,030
|
|
|
3,947
|
|
||
Equity in other comprehensive income (loss)
|
(715
|
)
|
|
160
|
|
||
Total comprehensive income
|
$
|
7,315
|
|
|
$
|
4,107
|
|
|
Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
8,030
|
|
|
$
|
3,947
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Equity in undistributed earnings of subsidiary
|
(6,770
|
)
|
|
(2,892
|
)
|
||
Amortization of Subordinated Notes issuance cost
|
65
|
|
|
65
|
|
||
Restricted stock-forfeited
|
(122
|
)
|
|
—
|
|
||
Gain on calls of securities
|
—
|
|
|
(1
|
)
|
||
Increase in accrued interest receivable
|
—
|
|
|
(11
|
)
|
||
Decrease (increase) in other assets
|
92
|
|
|
(139
|
)
|
||
Increase in other liabilities
|
4
|
|
|
18
|
|
||
Net cash provided by operating activities
|
1,299
|
|
|
987
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of securities available-for-sale
|
—
|
|
|
(2,999
|
)
|
||
Proceeds from calls on securities available-for-sale
|
—
|
|
|
500
|
|
||
Proceeds from maturities on securities available-for-sale
|
—
|
|
|
500
|
|
||
Investment in subsidiary bank
|
—
|
|
|
(16,800
|
)
|
||
Net cash used in investing activities
|
—
|
|
|
(18,799
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of common stock, net of costs
|
—
|
|
|
18,860
|
|
||
Restricted stock-forfeited
|
—
|
|
|
(135
|
)
|
||
Cash dividends paid on common stock
|
(1,040
|
)
|
|
(961
|
)
|
||
Payment of discount on dividend reinvestment plan
|
(4
|
)
|
|
(5
|
)
|
||
Issuance of common stock
|
117
|
|
|
167
|
|
||
Net cash provided by (used in) financing activities
|
(927
|
)
|
|
17,926
|
|
||
|
|
|
|
||||
Net decrease in cash and cash equivalents
|
372
|
|
|
114
|
|
||
Cash and cash equivalents - beginning
|
378
|
|
|
264
|
|
||
Cash and cash equivalents - ending
|
$
|
750
|
|
|
$
|
378
|
|
|
Years Ended
|
||||||||||||||||||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Gross
|
|
Tax
Effect
|
|
Net
|
|
Gross
|
|
Tax
Effect
|
|
Net
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
11,050
|
|
|
$
|
(3,020
|
)
|
|
$
|
8,030
|
|
|
$
|
8,723
|
|
|
$
|
(4,776
|
)
|
|
$
|
3,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change in unrealized holding gains (losses) on securities available-for-sale
|
(1,020
|
)
|
|
343
|
|
|
(677
|
)
|
|
241
|
|
|
(91
|
)
|
|
150
|
|
||||||
Reclassification adjustment for gains in net income
|
(6
|
)
|
|
2
|
|
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Accretion of loss on securities reclassified to held-to-maturity
|
27
|
|
|
(5
|
)
|
|
22
|
|
|
46
|
|
|
(18
|
)
|
|
28
|
|
||||||
Change in fair value of interest rate swap
|
(128
|
)
|
|
40
|
|
|
(88
|
)
|
|
(31
|
)
|
|
12
|
|
|
(19
|
)
|
||||||
Reclassification adjustment for interest rate swap interest expense in net income
|
46
|
|
|
(14
|
)
|
|
32
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Total other comprehensive income
|
(1,081
|
)
|
|
366
|
|
|
(715
|
)
|
|
257
|
|
|
(97
|
)
|
|
160
|
|
||||||
Total comprehensive income
|
$
|
9,969
|
|
|
$
|
(2,654
|
)
|
|
$
|
7,315
|
|
|
$
|
8,980
|
|
|
$
|
(4,873
|
)
|
|
$
|
4,107
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
Components of
Accumulated Other Comprehensive Income
|
|
Total
|
||||||||||||
|
Unrealized Gains /
(Losses) on
Available-for-Sale
(AFS) Securities
|
|
Loss on Securities
Reclassified from
Available-for-Sale
to Held-to- Maturity
|
|
Unrealized
Gains /
(Losses) on
Derivatives
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2017
|
$
|
(1,303
|
)
|
|
$
|
(60
|
)
|
|
$
|
(21
|
)
|
|
$
|
(1,384
|
)
|
Other comprehensive income (loss) before reclassifications
|
(677
|
)
|
|
22
|
|
|
(88
|
)
|
|
(743
|
)
|
||||
Amounts reclassified from
other comprehensive income
|
(4
|
)
|
|
—
|
|
|
32
|
|
|
28
|
|
||||
Other comprehensive income (loss), net
|
(681
|
)
|
|
22
|
|
|
(56
|
)
|
|
(715
|
)
|
||||
Reclassification due to the adoption of ASU No. 2016-01
|
163
|
|
|
—
|
|
|
—
|
|
|
163
|
|
||||
Balance at December 31, 2018
|
$
|
(1,821
|
)
|
|
$
|
(38
|
)
|
|
$
|
(77
|
)
|
|
$
|
(1,936
|
)
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
Components of
Accumulated Other Comprehensive Income
|
|
Total
|
||||||||||||
|
Unrealized Gains /
(Losses) on
Available-for-Sale
(AFS) Securities
|
|
Loss on Securities
Reclassified from
Available-for-Sale
to Held-to- Maturity
|
|
Unrealized
Gains /
(Losses) on
Derivatives
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
$
|
(1,243
|
)
|
|
$
|
(78
|
)
|
|
$
|
—
|
|
|
$
|
(1,321
|
)
|
Other comprehensive income (loss) before reclassifications
|
150
|
|
|
28
|
|
|
(19
|
)
|
|
159
|
|
||||
Amounts reclassified from
other comprehensive income
|
(1
|
)
|
|
—
|
|
|
2
|
|
|
1
|
|
||||
Other comprehensive income, net
|
149
|
|
|
28
|
|
|
(17
|
)
|
|
160
|
|
||||
Reclassification of tax effects due to the adoption of ASU No. 2018-02
|
(209
|
)
|
|
(10
|
)
|
|
(4
|
)
|
|
(223
|
)
|
||||
Balance at December 31, 2017
|
$
|
(1,303
|
)
|
|
$
|
(60
|
)
|
|
$
|
(21
|
)
|
|
$
|
(1,384
|
)
|
|
|
Years Ended
|
|
|
||||||
Components of Accumulated Other
|
|
December 31,
|
|
Income Statement
|
||||||
Comprehensive Income (Loss)
|
|
2018
|
|
2017
|
|
Line Item
|
||||
|
|
(In thousands)
|
|
|
||||||
Unrealized gains on AFS securities
|
|
|
|
|
|
|
|
|
||
before tax
|
|
$
|
6
|
|
|
$
|
1
|
|
|
Gains on securities transactions, net
|
Tax effect
|
|
(2
|
)
|
|
—
|
|
|
|
||
Total, net of tax
|
|
4
|
|
|
1
|
|
|
|
||
|
|
|
|
|
|
|
||||
Unrealized losses on derivatives
|
|
|
|
|
|
|
|
|
||
before tax
|
|
(46
|
)
|
|
(2
|
)
|
|
Interest expense on derivatives
|
||
Tax effect
|
|
14
|
|
|
—
|
|
|
|
||
Total, net of tax
|
|
(32
|
)
|
|
(2
|
)
|
|
|
||
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
(28
|
)
|
|
$
|
(1
|
)
|
|
|
|
For the Years Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Noninterest income
|
|
|
|
||||
In-scope of Topic 606:
|
|
|
|
||||
Banking service charges and other fees:
|
|
|
|
||||
Overdrafts
|
$
|
728
|
|
|
$
|
671
|
|
Interchange
|
696
|
|
|
646
|
|
||
Other
|
763
|
|
|
745
|
|
||
Total banking service charges and other fees
|
2,187
|
|
|
2,062
|
|
||
Miscellaneous
|
424
|
|
|
416
|
|
||
Total in-scope noninterest income
|
2,611
|
|
|
2,478
|
|
||
Total out-of-scope noninterest income
|
806
|
|
|
829
|
|
||
Total noninterest income
|
$
|
3,417
|
|
|
$
|
3,307
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Total
|
||||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
8,539
|
|
|
$
|
8,868
|
|
|
$
|
9,215
|
|
|
$
|
9,377
|
|
|
$
|
35,999
|
|
Interest expense
|
1,716
|
|
|
1,860
|
|
|
2,013
|
|
|
2,247
|
|
|
7,836
|
|
|||||
Net interest income before provision for loan losses
|
6,823
|
|
|
7,008
|
|
|
7,202
|
|
|
7,130
|
|
|
28,163
|
|
|||||
Provision for loan losses
|
(335
|
)
|
|
(780
|
)
|
|
(490
|
)
|
|
(10
|
)
|
|
(1,615
|
)
|
|||||
Net interest income after provision for loan losses
|
7,158
|
|
|
7,788
|
|
|
7,692
|
|
|
7,140
|
|
|
29,778
|
|
|||||
Noninterest income
|
725
|
|
|
859
|
|
|
837
|
|
|
996
|
|
|
3,417
|
|
|||||
Noninterest expenses
|
5,428
|
|
|
5,504
|
|
|
5,554
|
|
|
5,659
|
|
|
22,145
|
|
|||||
Income before income tax expense
|
2,455
|
|
|
3,143
|
|
|
2,975
|
|
|
2,477
|
|
|
11,050
|
|
|||||
Income tax expense
|
647
|
|
|
842
|
|
|
813
|
|
|
718
|
|
|
3,020
|
|
|||||
Net income
|
$
|
1,808
|
|
|
$
|
2,301
|
|
|
$
|
2,162
|
|
|
$
|
1,759
|
|
|
$
|
8,030
|
|
Basic and diluted earnings per share
|
$
|
0.21
|
|
|
$
|
0.27
|
|
|
$
|
0.25
|
|
|
$
|
0.20
|
|
|
$
|
0.93
|
|
|
Year Ended December 31, 2017
|
||||||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Total
|
||||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
$
|
7,424
|
|
|
$
|
7,943
|
|
|
$
|
8,400
|
|
|
$
|
8,463
|
|
|
$
|
32,230
|
|
Interest expense
|
1,244
|
|
|
1,409
|
|
|
1,577
|
|
|
1,628
|
|
|
5,858
|
|
|||||
Net interest income before provision for loan losses
|
6,180
|
|
|
6,534
|
|
|
6,823
|
|
|
6,835
|
|
|
26,372
|
|
|||||
Provision for loan losses
|
300
|
|
|
260
|
|
|
20
|
|
|
75
|
|
|
655
|
|
|||||
Net interest income after provision for loan losses
|
5,880
|
|
|
6,274
|
|
|
6,803
|
|
|
6,760
|
|
|
25,717
|
|
|||||
Noninterest income
|
799
|
|
|
813
|
|
|
845
|
|
|
850
|
|
|
3,307
|
|
|||||
Noninterest expenses
|
5,114
|
|
|
5,083
|
|
|
5,036
|
|
|
5,068
|
|
|
20,301
|
|
|||||
Income before income tax expense
|
1,565
|
|
|
2,004
|
|
|
2,612
|
|
|
2,542
|
|
|
8,723
|
|
|||||
Income tax expense
|
574
|
|
|
736
|
|
|
972
|
|
|
2,494
|
|
|
4,776
|
|
|||||
Net income
|
$
|
991
|
|
|
$
|
1,268
|
|
|
$
|
1,640
|
|
|
$
|
48
|
|
|
$
|
3,947
|
|
Basic and diluted earnings per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.19
|
|
|
$
|
0.01
|
|
|
$
|
0.50
|
|
(a)
|
Evaluation of internal controls and procedures
|
(b)
|
Management's Report on Internal Control over Financial Reporting
|
(c)
|
Changes in Internal Controls over Financial Reporting
|
|
Report of Independent Registered Public Accounting Firm for Fiscal Year 2018
|
|
|
|
|
|
|
|
Consolidated Statements of Financial Condition as of December 31, 2018 and 2017
|
|
|
|
|
|
|
|
Consolidated Statements of Income for the years ended December 31, 2018 and 2017
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2018 and 2017
|
|
|
|
|
|
|
|
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2018 and 2017
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017
|
|
|
|
|
|
|
|
Notes to Consolidated Financial Statements
|
|
(1)
|
Incorporated by reference to Exhibit 3.1 to the Corporation’s Current Report on Form 8-K, filed May 18, 2017.
|
(2)
|
Incorporated by reference from Exhibit 3.1(i) to the Corporation’s Annual Report on Form 10-K, filed March 28, 2013.
|
(3)
|
Incorporated by reference to Exhibit 4.1 to the Corporation’s Current Report on Form 8-K filed with the SEC on September 1, 2015.
|
(4)
|
Incorporated by reference from Exhibit 4(c) to the Corporation’s Registration Statement on Form S-8, Registration No. 333-20793, filed January 31, 1997.
|
(5)
|
Incorporated by reference from Exhibit 10(viii) to the Corporation’s Annual Report on Form 10-KSB, filed March 31, 1999.
|
(6)
|
Incorporated by reference from Exhibit 4.2 to the Corporation’s Registration Statement on Form S-3D, Registration No. 333-204352, filed May 21, 2015.
|
(7)
|
Incorporated by reference from Exhibit 10.1 to the Corporation’s Current Report on Form 8-K, filed May 19, 2010.
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(8)
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Incorporated by reference to Exhibit 10.1 to the Corporation’s Current Report on Form 8-K filed with the SEC on September 1, 2015.
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(9)
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Incorporated by reference from Exhibit 10.12 to the Corporation's Annual Report on Form 10-K, filed March 23, 2018.
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(10)
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This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Corporation specifically incorporates it by reference.
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STEWARDSHIP FINANCIAL CORPORATION
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By:
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/s/ Paul Van Ostenbridge
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Paul Van Ostenbridge
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Chief Executive Officer and Director
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Name
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Title
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Date
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/s/ Paul Van Ostenbridge
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Chief Executive Officer
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March 15, 2019
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Paul Van Ostenbridge
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and Director
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(Principal Executive Officer)
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/s/ Claire M. Chadwick
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Chief Financial Officer
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March 15, 2019
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Claire M. Chadwick
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(Principal Financial Officer and
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(Principal Accounting Officer)
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/s/ Wayne Aoki
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Director
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March 15, 2019
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Wayne Aoki
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/s/ Richard W. Culp
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Director
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March 15, 2019
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Richard W. Culp
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/s/ William Hanse
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Director
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March 15, 2019
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William Hanse
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/s/ Margo Lane
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Director
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March 15, 2019
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Margo Lane
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/s/ John C. Scoccola
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Secretary and Director
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March 15, 2019
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John C. Scoccola
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/s/ John L. Steen
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Director
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March 15, 2019
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John L. Steen
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/s/ William J. Vander Eems
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Director
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March 15, 2019
|
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William J. Vander Eems
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/s/ Kim Vierheilig
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Director
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March 15, 2019
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Kim Vierheilig
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/s/ Michael Westra
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Chairman
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March 15, 2019
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Michael Westra
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/s/ Howard Yeaton
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Vice Chairman
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March 15, 2019
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Howard Yeaton
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1 Year Stewardship Financial Chart |
1 Month Stewardship Financial Chart |
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