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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 |
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
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TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
x
|
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
|
||
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Emerging growth company [ ]
|
|
|
|
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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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PAGE
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NUMBER
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1
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|
March 31,
2017 |
|
December 31, 2016
|
||||
|
(Unaudited)
|
|
|
||||
|
(Dollars in thousands)
|
||||||
Assets
|
|
|
|
|
|
||
Cash and due from banks
|
$
|
12,604
|
|
|
$
|
11,508
|
|
Other interest-earning assets
|
189
|
|
|
172
|
|
||
Cash and cash equivalents
|
12,793
|
|
|
11,680
|
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||
|
|
|
|
||||
Securities available-for-sale
|
95,632
|
|
|
98,583
|
|
||
Securities held to maturity; estimated fair value of $52,072 (at March 31, 2017) and $51,530 (at December 31, 2016)
|
52,805
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|
|
52,330
|
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Federal Home Loan Bank of New York stock, at cost
|
3,784
|
|
|
3,515
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||
Loans held for sale
|
188
|
|
|
773
|
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||
Loans, net of allowance for loan losses of $8,246 (at March 31, 2017) and $7,905 (at December 31, 2016)
|
646,196
|
|
|
595,952
|
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||
Premises and equipment, net
|
6,606
|
|
|
6,566
|
|
||
Accrued interest receivable
|
2,202
|
|
|
2,133
|
|
||
Other real estate owned, net
|
401
|
|
|
401
|
|
||
Bank owned life insurance
|
16,673
|
|
|
16,558
|
|
||
Other assets
|
7,119
|
|
|
7,044
|
|
||
Total assets
|
$
|
844,399
|
|
|
$
|
795,535
|
|
|
|
|
|
||||
Liabilities and Shareholders' equity
|
|
|
|
|
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||
|
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|
||||
Liabilities
|
|
|
|
|
|
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Deposits:
|
|
|
|
|
|
||
Noninterest-bearing
|
$
|
170,566
|
|
|
$
|
169,306
|
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Interest-bearing
|
530,138
|
|
|
489,624
|
|
||
Total deposits
|
700,704
|
|
|
658,930
|
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||
|
|
|
|
||||
Federal Home Loan Bank of New York advances
|
65,200
|
|
|
59,200
|
|
||
Subordinated Debentures and Subordinated Notes
|
23,268
|
|
|
23,252
|
|
||
Accrued interest payable
|
1,099
|
|
|
794
|
|
||
Accrued expenses and other liabilities
|
1,711
|
|
|
1,972
|
|
||
Total liabilities
|
791,982
|
|
|
744,148
|
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||
|
|
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|
||||
Shareholders' equity
|
|
|
|
|
|
||
|
|
|
|
|
|
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Common stock, no par value; 10,000,000 shares authorized;
6,132,774 and 6,121,329 shares issued and outstanding at March 31, 2017, and December 31, 2016, respectively |
41,775
|
|
|
41,626
|
|
||
Retained earnings
|
11,751
|
|
|
11,082
|
|
||
Accumulated other comprehensive income (loss), net
|
(1,109
|
)
|
|
(1,321
|
)
|
||
Total Shareholders' equity
|
52,417
|
|
|
51,387
|
|
||
Total liabilities and Shareholders' equity
|
$
|
844,399
|
|
|
$
|
795,535
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(Dollars in thousands, except per share amounts)
|
||||||
Interest income:
|
|
|
|
||||
Loans
|
$
|
6,586
|
|
|
$
|
5,652
|
|
Securities held to maturity:
|
|
|
|
|
|
||
Taxable
|
240
|
|
|
270
|
|
||
Nontaxable
|
59
|
|
|
103
|
|
||
Securities available-for-sale:
|
|
|
|
|
|
||
Taxable
|
486
|
|
|
377
|
|
||
Nontaxable
|
14
|
|
|
6
|
|
||
FHLB dividends
|
34
|
|
|
32
|
|
||
Other interest-earning assets
|
5
|
|
|
9
|
|
||
Total interest income
|
7,424
|
|
|
6,449
|
|
||
Interest expense:
|
|
|
|
||||
Deposits
|
633
|
|
|
557
|
|
||
FHLB-NY Borrowings
|
243
|
|
|
203
|
|
||
Subordinated Debentures and Subordinated Notes
|
368
|
|
|
413
|
|
||
Total interest expense
|
1,244
|
|
|
1,173
|
|
||
Net interest income before provision for loan losses
|
6,180
|
|
|
5,276
|
|
||
Provision for loan losses
|
300
|
|
|
(350
|
)
|
||
Net interest income after provision for loan losses
|
5,880
|
|
|
5,626
|
|
||
Noninterest income:
|
|
|
|
||||
Fees and service charges
|
535
|
|
|
529
|
|
||
Bank owned life insurance
|
115
|
|
|
101
|
|
||
Gain on calls and sales of securities, net
|
—
|
|
|
24
|
|
||
Gain on sales of mortgage loans
|
17
|
|
|
18
|
|
||
Miscellaneous
|
132
|
|
|
147
|
|
||
Total noninterest income
|
799
|
|
|
819
|
|
||
Noninterest expenses:
|
|
|
|
||||
Salaries and employee benefits
|
2,844
|
|
|
2,715
|
|
||
Occupancy, net
|
409
|
|
|
398
|
|
||
Equipment
|
162
|
|
|
150
|
|
||
Data processing
|
469
|
|
|
472
|
|
||
Advertising
|
136
|
|
|
151
|
|
||
FDIC insurance premium
|
77
|
|
|
106
|
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||
Charitable contributions
|
125
|
|
|
70
|
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||
Stationery and supplies
|
40
|
|
|
33
|
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||
Legal
|
36
|
|
|
44
|
|
||
Bank-card related services
|
142
|
|
|
131
|
|
||
Other real estate owned, net
|
15
|
|
|
74
|
|
||
Miscellaneous
|
659
|
|
|
558
|
|
||
Total noninterest expenses
|
5,114
|
|
|
4,902
|
|
||
Income before income tax expense
|
1,565
|
|
|
1,543
|
|
||
Income tax expense
|
574
|
|
|
552
|
|
||
Net income
|
$
|
991
|
|
|
$
|
991
|
|
Basic and diluted earnings per common share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
Weighted average number of basic and diluted common shares outstanding
|
6,124,926
|
|
|
6,092,351
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Net income
|
$
|
991
|
|
|
$
|
991
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Change in unrealized holding gains (losses) on securities available-for-sale
|
205
|
|
|
672
|
|
||
Reclassification adjustment for gains in net income
|
—
|
|
|
(15
|
)
|
||
Accretion of loss on securities reclassified to held to maturity
|
7
|
|
|
45
|
|
||
Change in fair value of interest rate swap
|
—
|
|
|
37
|
|
||
|
|
|
|
||||
Total other comprehensive income
|
212
|
|
|
739
|
|
||
|
|
|
|
||||
Total comprehensive income
|
$
|
1,203
|
|
|
$
|
1,730
|
|
|
Three Months Ended March 31, 2017
|
|||||||||||||||||
|
|
|
|
|
|
|
Accumulated
Other
Comprehen-sive
|
|
|
|||||||||
|
Common Stock
|
|
Retained
|
|
Income
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
(Loss), Net
|
|
Total
|
|||||||||
|
(In thousands)
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance -- December 31, 2016
|
6,121,329
|
|
|
$
|
41,626
|
|
|
$
|
11,082
|
|
|
$
|
(1,321
|
)
|
|
$
|
51,387
|
|
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
(184
|
)
|
|
—
|
|
|
(184
|
)
|
||||
Payment of discount on dividend reinvestment plan
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Common stock issued under dividend reinvestment plan
|
2,431
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
||||
Common stock issued under stock plans
|
1,426
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||
Issuance of restricted stock
|
20,876
|
|
|
185
|
|
|
(185
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of restricted stock, net
|
(13,288
|
)
|
|
(118
|
)
|
|
47
|
|
|
—
|
|
|
(71
|
)
|
||||
Tax benefit from restricted stock vesting
|
—
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
991
|
|
|
—
|
|
|
991
|
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
212
|
|
|
212
|
|
||||
Balance -- March 31, 2017
|
6,132,774
|
|
|
$
|
41,775
|
|
|
$
|
11,751
|
|
|
$
|
(1,109
|
)
|
|
$
|
52,417
|
|
|
Three Months Ended March 31, 2016
|
|||||||||||||||||
|
|
|
|
|
|
|
Accumulated
Other
Comprehen-sive
|
|
|
|||||||||
|
Common Stock
|
|
Retained
|
|
Income
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
(Loss), Net
|
|
Total
|
|||||||||
|
(In thousands)
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance -- December 31, 2015
|
6,085,528
|
|
|
$
|
41,410
|
|
|
$
|
7,008
|
|
|
$
|
(845
|
)
|
|
$
|
47,573
|
|
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
(122
|
)
|
|
—
|
|
|
(122
|
)
|
||||
Payment of discount on dividend reinvestment plan
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Common stock issued under dividend reinvestment plan
|
2,656
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Common stock issued under stock plans
|
1,761
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
Issuance of restricted stock
|
34,332
|
|
|
198
|
|
|
(198
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of restricted stock, net
|
(11,064
|
)
|
|
(63
|
)
|
|
45
|
|
|
—
|
|
|
(18
|
)
|
||||
Tax benefit from restricted stock vesting
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
991
|
|
|
—
|
|
|
991
|
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
739
|
|
|
739
|
|
||||
Balance -- March 31, 2016
|
6,113,213
|
|
|
$
|
41,574
|
|
|
$
|
7,724
|
|
|
$
|
(106
|
)
|
|
$
|
49,192
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
991
|
|
|
$
|
991
|
|
Adjustments to reconcile net income to
|
|
|
|
|
|
||
net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization of premises and equipment
|
96
|
|
|
95
|
|
||
Amortization of premiums and accretion of discounts, net
|
129
|
|
|
150
|
|
||
Amortization of restricted stock
|
(71
|
)
|
|
(18
|
)
|
||
Amortization of subordinated debenture issuance costs
|
16
|
|
|
17
|
|
||
Accretion of deferred loan fees
|
26
|
|
|
8
|
|
||
Provision for loan losses
|
300
|
|
|
(350
|
)
|
||
Originations of mortgage loans held for sale
|
(2,846
|
)
|
|
(1,058
|
)
|
||
Proceeds from sale of mortgage loans
|
3,448
|
|
|
1,815
|
|
||
Gain on sales of mortgage loans
|
(17
|
)
|
|
(18
|
)
|
||
Gain on calls and sales of securities
|
—
|
|
|
(24
|
)
|
||
Deferred income tax expense (benefit)
|
(190
|
)
|
|
228
|
|
||
Excess tax benefit from restricted stock vesting
|
48
|
|
|
—
|
|
||
Increase in accrued interest receivable
|
(69
|
)
|
|
(50
|
)
|
||
Increase (decrease) in accrued interest payable
|
305
|
|
|
(297
|
)
|
||
Earnings on bank owned life insurance
|
(115
|
)
|
|
(101
|
)
|
||
(Increase) decrease in other assets
|
(15
|
)
|
|
294
|
|
||
Decrease in other liabilities
|
(261
|
)
|
|
(206
|
)
|
||
Net cash provided by operating activities
|
1,775
|
|
|
1,476
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchase of securities available-for-sale
|
(524
|
)
|
|
(8,409
|
)
|
||
Proceeds from maturities and principal repayments on securities available-for-sale
|
3,709
|
|
|
3,039
|
|
||
Proceeds from sales and calls on securities available-for-sale
|
—
|
|
|
2,050
|
|
||
Purchase of securities held to maturity
|
(2,675
|
)
|
|
(9,499
|
)
|
||
Proceeds from maturities and principal repayments on securities held to maturity
|
1,839
|
|
|
1,516
|
|
||
Proceeds from calls on securities held to maturity
|
340
|
|
|
6,340
|
|
||
Purchase of FHLB-NY stock
|
(5,034
|
)
|
|
—
|
|
||
Sale of FHLB-NY stock
|
4,765
|
|
|
—
|
|
||
Net increase in loans
|
(50,570
|
)
|
|
(1,662
|
)
|
||
Additions to premises and equipment
|
(136
|
)
|
|
(22
|
)
|
||
Net cash used in investing activities
|
(48,286
|
)
|
|
(6,647
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Net increase in noninterest-bearing deposits
|
1,260
|
|
|
6,373
|
|
||
Net increase in interest-bearing deposits
|
40,514
|
|
|
1,300
|
|
||
Repayment of long term borrowings
|
(5,000
|
)
|
|
—
|
|
||
Net increase in short term borrowings
|
11,000
|
|
|
—
|
|
||
Cash dividends paid on common stock
|
(184
|
)
|
|
(122
|
)
|
||
Payment of discount on dividend reinvestment plan
|
(1
|
)
|
|
(1
|
)
|
||
Issuance of common stock for cash
|
35
|
|
|
25
|
|
||
Excess tax benefit from restricted stock vesting
|
—
|
|
|
5
|
|
||
Net cash provided by financing activities
|
47,624
|
|
|
7,580
|
|
||
Net increase in cash and cash equivalents
|
1,113
|
|
|
2,409
|
|
||
Cash and cash equivalents - beginning
|
11,680
|
|
|
10,910
|
|
||
Cash and cash equivalents - ending
|
$
|
12,793
|
|
|
$
|
13,319
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
938
|
|
|
$
|
1,470
|
|
Cash paid during the period for income taxes
|
$
|
592
|
|
|
$
|
39
|
|
Transfers from loans to other real estate owned
|
$
|
—
|
|
|
$
|
153
|
|
|
March 31, 2017
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. government-sponsored agencies
|
$
|
17,439
|
|
|
$
|
48
|
|
|
$
|
355
|
|
|
$
|
17,132
|
|
Obligations of state and political subdivisions
|
3,233
|
|
|
3
|
|
|
98
|
|
|
3,138
|
|
||||
Mortgage-backed securities
|
50,281
|
|
|
136
|
|
|
790
|
|
|
49,627
|
|
||||
Asset-backed securities (a)
|
7,959
|
|
|
29
|
|
|
107
|
|
|
7,881
|
|
||||
Corporate debt
|
14,488
|
|
|
103
|
|
|
443
|
|
|
14,148
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total debt securities
|
93,400
|
|
|
319
|
|
|
1,793
|
|
|
91,926
|
|
||||
Other equity investments
|
3,912
|
|
|
—
|
|
|
206
|
|
|
3,706
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
$
|
97,312
|
|
|
$
|
319
|
|
|
$
|
1,999
|
|
|
$
|
95,632
|
|
|
December 31, 2016
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. government-sponsored agencies
|
$
|
17,789
|
|
|
$
|
61
|
|
|
$
|
405
|
|
|
$
|
17,445
|
|
Obligations of state and political subdivisions
|
3,238
|
|
|
—
|
|
|
142
|
|
|
3,096
|
|
||||
Mortgage-backed securities
|
52,785
|
|
|
150
|
|
|
889
|
|
|
52,046
|
|
||||
Asset-backed securities (a)
|
8,392
|
|
|
—
|
|
|
125
|
|
|
8,267
|
|
||||
Corporate debt
|
14,504
|
|
|
50
|
|
|
517
|
|
|
14,037
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total debt securities
|
96,708
|
|
|
261
|
|
|
2,078
|
|
|
94,891
|
|
||||
Other equity investments
|
3,886
|
|
|
—
|
|
|
194
|
|
|
3,692
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
$
|
100,594
|
|
|
$
|
261
|
|
|
$
|
2,272
|
|
|
$
|
98,583
|
|
|
March 31, 2017
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
996
|
|
U.S. government-sponsored agencies
|
21,833
|
|
|
24
|
|
|
719
|
|
|
21,138
|
|
||||
Obligations of state and political subdivisions
|
6,107
|
|
|
63
|
|
|
28
|
|
|
6,142
|
|
||||
Mortgage-backed securities
|
23,866
|
|
|
126
|
|
|
196
|
|
|
23,796
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
$
|
52,805
|
|
|
$
|
213
|
|
|
$
|
946
|
|
|
$
|
52,072
|
|
|
December 31, 2016
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
995
|
|
U.S. government-sponsored agencies
|
19,162
|
|
|
28
|
|
|
865
|
|
|
18,325
|
|
||||
Obligations of state and political subdivisions
|
7,102
|
|
|
75
|
|
|
30
|
|
|
7,147
|
|
||||
Mortgage-backed securities
|
25,067
|
|
|
163
|
|
|
167
|
|
|
25,063
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
$
|
52,330
|
|
|
$
|
266
|
|
|
$
|
1,066
|
|
|
$
|
51,530
|
|
|
March 31, 2017
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Available-for-sale
|
|
|
|
|
|
||
Within one year
|
$
|
1,000
|
|
|
$
|
1,000
|
|
After one year, but within five years
|
6,495
|
|
|
6,469
|
|
||
After five years, but within ten years
|
21,852
|
|
|
21,336
|
|
||
After ten years
|
5,813
|
|
|
5,613
|
|
||
Mortgage-backed securities
|
50,281
|
|
|
49,627
|
|
||
Asset-backed securities
|
7,959
|
|
|
7,881
|
|
||
|
|
|
|
||||
Total
|
$
|
93,400
|
|
|
$
|
91,926
|
|
|
|
|
|
||||
Held to maturity
|
|
|
|
|
|
||
Within one year
|
$
|
1,699
|
|
|
$
|
1,717
|
|
After one year, but within five years
|
8,000
|
|
|
8,062
|
|
||
After five years, but within ten years
|
18,737
|
|
|
18,022
|
|
||
After ten years
|
503
|
|
|
475
|
|
||
Mortgage-backed securities
|
23,866
|
|
|
23,796
|
|
||
|
|
|
|
||||
Total
|
$
|
52,805
|
|
|
$
|
52,072
|
|
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 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
|
$
|
10,385
|
|
|
$
|
(231
|
)
|
|
$
|
3,422
|
|
|
$
|
(124
|
)
|
|
$
|
13,807
|
|
|
$
|
(355
|
)
|
Obligations of state and political subdivisions
|
2,556
|
|
|
(98
|
)
|
|
—
|
|
|
—
|
|
|
2,556
|
|
|
(98
|
)
|
||||||
Mortgage-backed securities
|
33,596
|
|
|
(686
|
)
|
|
3,204
|
|
|
(104
|
)
|
|
36,800
|
|
|
(790
|
)
|
||||||
Asset-backed securities
|
—
|
|
|
—
|
|
|
2,914
|
|
|
(107
|
)
|
|
2,914
|
|
|
(107
|
)
|
||||||
Corporate debt
|
8,076
|
|
|
(411
|
)
|
|
968
|
|
|
(32
|
)
|
|
9,044
|
|
|
(443
|
)
|
||||||
Other equity investments
|
—
|
|
|
—
|
|
|
3,646
|
|
|
(206
|
)
|
|
3,646
|
|
|
(206
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total temporarily impaired securities
|
$
|
54,613
|
|
|
$
|
(1,426
|
)
|
|
$
|
14,154
|
|
|
$
|
(573
|
)
|
|
$
|
68,767
|
|
|
$
|
(1,999
|
)
|
December 31, 2016
|
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
|
$
|
10,548
|
|
|
$
|
(260
|
)
|
|
$
|
3,402
|
|
|
$
|
(145
|
)
|
|
$
|
13,950
|
|
|
$
|
(405
|
)
|
Obligations of state and political subdivisions
|
3,095
|
|
|
(142
|
)
|
|
—
|
|
|
—
|
|
|
3,095
|
|
|
(142
|
)
|
||||||
Mortgage-backed securities
|
35,009
|
|
|
(779
|
)
|
|
3,360
|
|
|
(110
|
)
|
|
38,369
|
|
|
(889
|
)
|
||||||
Asset-backed securities
|
—
|
|
|
—
|
|
|
8,267
|
|
|
(125
|
)
|
|
8,267
|
|
|
(125
|
)
|
||||||
Corporate debt
|
8,031
|
|
|
(473
|
)
|
|
956
|
|
|
(44
|
)
|
|
8,987
|
|
|
(517
|
)
|
||||||
Other equity investments
|
—
|
|
|
—
|
|
|
3,632
|
|
|
(194
|
)
|
|
3,632
|
|
|
(194
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total temporarily impaired securities
|
$
|
56,683
|
|
|
$
|
(1,654
|
)
|
|
$
|
19,617
|
|
|
$
|
(618
|
)
|
|
$
|
76,300
|
|
|
$
|
(2,272
|
)
|
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
March 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
|
$
|
996
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
996
|
|
|
$
|
(3
|
)
|
U.S. government- sponsored agencies
|
17,843
|
|
|
(719
|
)
|
|
—
|
|
|
—
|
|
|
17,843
|
|
|
(719
|
)
|
||||||
Obligations of state and political subdivisions
|
476
|
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
476
|
|
|
(28
|
)
|
||||||
Mortgage-backed securities
|
14,174
|
|
|
(196
|
)
|
|
—
|
|
|
—
|
|
|
14,174
|
|
|
(196
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total temporarily impaired securities
|
$
|
33,489
|
|
|
$
|
(946
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,489
|
|
|
$
|
(946
|
)
|
December 31, 2016
|
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
|
$
|
995
|
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
995
|
|
|
$
|
(4
|
)
|
U.S. government- sponsored agencies
|
17,022
|
|
|
(865
|
)
|
|
—
|
|
|
—
|
|
|
17,022
|
|
|
(865
|
)
|
||||||
Obligations of state and political subdivisions
|
476
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
476
|
|
|
(30
|
)
|
||||||
Mortgage-backed securities
|
12,901
|
|
|
(167
|
)
|
|
—
|
|
|
—
|
|
|
12,901
|
|
|
(167
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total temporarily impaired securities
|
$
|
31,394
|
|
|
$
|
(1,066
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,394
|
|
|
$
|
(1,066
|
)
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
|
(In thousands)
|
||||||
Commercial:
|
|
|
|
|
|
||
Secured by real estate
|
$
|
32,712
|
|
|
$
|
34,213
|
|
Other
|
47,157
|
|
|
47,852
|
|
||
Commercial real estate
|
433,455
|
|
|
382,551
|
|
||
Commercial construction
|
16,158
|
|
|
14,943
|
|
||
Residential real estate
|
84,783
|
|
|
84,321
|
|
||
Consumer:
|
|
|
|
|
|
||
Secured by real estate
|
30,346
|
|
|
30,176
|
|
||
Other
|
462
|
|
|
244
|
|
||
Government Guaranteed Loans - guaranteed portion
|
9,638
|
|
|
9,732
|
|
||
Other
|
58
|
|
|
51
|
|
||
|
|
|
|
||||
Total gross loans
|
654,769
|
|
|
604,083
|
|
||
|
|
|
|
||||
Less: Deferred loan costs, net
|
327
|
|
|
226
|
|
||
Allowance for loan losses
|
8,246
|
|
|
7,905
|
|
||
|
8,573
|
|
|
8,131
|
|
||
|
|
|
|
||||
Loans, net
|
$
|
646,196
|
|
|
$
|
595,952
|
|
|
For the three months ended March 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
|
|
|
$
|
(118
|
)
|
|
$
|
(1
|
)
|
|
$
|
16
|
|
|
$
|
2,560
|
|
Commercial real estate
|
4,734
|
|
|
390
|
|
|
—
|
|
|
25
|
|
|
5,149
|
|
|||||
Commercial construction
|
355
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
384
|
|
|||||
Residential real estate
|
66
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
65
|
|
|||||
Consumer
|
75
|
|
|
(3
|
)
|
|
—
|
|
|
1
|
|
|
73
|
|
|||||
Other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unallocated
|
12
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
7,905
|
|
|
$
|
300
|
|
|
$
|
(1
|
)
|
|
$
|
42
|
|
|
$
|
8,246
|
|
|
For the three months ended March 31, 2016
|
||||||||||||||||||
|
Balance,
beginning
of period
|
|
Provision
charged
to operations
|
|
Loans
charged off
|
|
Recoveries
of loans
charged off
|
|
Balance,
end
of period
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
3,698
|
|
|
$
|
(16
|
)
|
|
$
|
(2
|
)
|
|
$
|
40
|
|
|
$
|
3,720
|
|
Commercial real estate
|
4,660
|
|
|
(275
|
)
|
|
—
|
|
|
28
|
|
|
4,413
|
|
|||||
Commercial construction
|
114
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
112
|
|
|||||
Residential real estate
|
109
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
106
|
|
|||||
Consumer
|
118
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
119
|
|
|||||
Other loans
|
3
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Unallocated
|
121
|
|
|
(52
|
)
|
|
—
|
|
|
—
|
|
|
69
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
8,823
|
|
|
$
|
(350
|
)
|
|
$
|
(2
|
)
|
|
$
|
69
|
|
|
$
|
8,540
|
|
|
March 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
|
$
|
8
|
|
|
$
|
594
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Collectively evaluated for impairment
|
2,552
|
|
|
4,555
|
|
|
384
|
|
|
65
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
7,644
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total ending allowance balance
|
$
|
2,560
|
|
|
$
|
5,149
|
|
|
$
|
384
|
|
|
$
|
65
|
|
|
$
|
73
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
8,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans individually evaluated for impairment
|
$
|
1,526
|
|
|
$
|
6,279
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans collectively evaluated for impairment
|
78,343
|
|
|
427,176
|
|
|
16,158
|
|
|
84,783
|
|
|
30,733
|
|
|
9,638
|
|
|
58
|
|
|
—
|
|
|
646,889
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total ending loan balance
|
$
|
79,869
|
|
|
$
|
433,455
|
|
|
$
|
16,158
|
|
|
$
|
84,783
|
|
|
$
|
30,808
|
|
|
$
|
9,638
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
654,769
|
|
|
December 31, 2016
|
||||||||||||||||||||||||||||||||||
|
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
|
$
|
9
|
|
|
$
|
601
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Collectively evaluated for impairment
|
2,654
|
|
|
4,133
|
|
|
355
|
|
|
66
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
7,295
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total ending allowance balance
|
$
|
2,663
|
|
|
$
|
4,734
|
|
|
$
|
355
|
|
|
$
|
66
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
7,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans individually evaluated for impairment
|
$
|
1,698
|
|
|
$
|
6,331
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
78
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans collectively evaluated for impairment
|
80,367
|
|
|
376,220
|
|
|
14,943
|
|
|
84,321
|
|
|
30,342
|
|
|
9,732
|
|
|
51
|
|
|
—
|
|
|
595,976
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total ending loan balance
|
$
|
82,065
|
|
|
$
|
382,551
|
|
|
$
|
14,943
|
|
|
$
|
84,321
|
|
|
$
|
30,420
|
|
|
$
|
9,732
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
604,083
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Commercial real estate
|
$
|
517
|
|
|
528
|
|
|
Consumer:
|
|
|
|
|
|
||
Secured by real estate
|
75
|
|
|
78
|
|
||
|
|
|
|
||||
Total nonaccrual loans
|
$
|
592
|
|
|
$
|
606
|
|
|
At and for the three months ended March 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
|
$
|
1,448
|
|
|
$
|
1,321
|
|
|
|
|
|
$
|
1,337
|
|
|
$
|
26
|
|
|
Commercial real estate
|
3,421
|
|
|
3,120
|
|
|
|
|
|
3,138
|
|
|
31
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
81
|
|
|
75
|
|
|
|
|
|
77
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
60
|
|
|
—
|
|
||||
Other
|
205
|
|
|
205
|
|
|
8
|
|
|
215
|
|
|
3
|
|
|||||
Commercial real estate
|
3,159
|
|
|
3,159
|
|
|
594
|
|
|
3,167
|
|
|
32
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
8,314
|
|
|
$
|
7,880
|
|
|
$
|
602
|
|
|
$
|
7,994
|
|
|
$
|
92
|
|
|
At and for the year ended December 31, 2016
|
||||||||||||||||||
|
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
|
$
|
1,481
|
|
|
$
|
1,353
|
|
|
|
|
|
$
|
2,018
|
|
|
$
|
92
|
|
|
Other
|
—
|
|
|
—
|
|
|
|
|
|
27
|
|
|
—
|
|
|||||
Commercial real estate
|
3,448
|
|
|
3,156
|
|
|
|
|
|
3,128
|
|
|
181
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
81
|
|
|
78
|
|
|
|
|
|
81
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Secured by real estate
|
120
|
|
|
120
|
|
|
$
|
—
|
|
|
186
|
|
|
7
|
|
||||
Other
|
225
|
|
|
225
|
|
|
9
|
|
|
247
|
|
|
17
|
|
|||||
Commercial real estate
|
3,175
|
|
|
3,175
|
|
|
601
|
|
|
4,109
|
|
|
130
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
8,530
|
|
|
$
|
8,107
|
|
|
$
|
610
|
|
|
$
|
9,796
|
|
|
$
|
427
|
|
|
March 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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32,712
|
|
|
$
|
32,712
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,157
|
|
|
47,157
|
|
||||||
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
433,455
|
|
|
433,455
|
|
||||||
Commercial construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,158
|
|
|
16,158
|
|
||||||
Residential real estate
|
605
|
|
|
—
|
|
|
—
|
|
|
605
|
|
|
84,178
|
|
|
84,783
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Secured by real estate
|
4
|
|
|
—
|
|
|
38
|
|
|
42
|
|
|
30,304
|
|
|
30,346
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
462
|
|
|
462
|
|
||||||
Government Guaranteed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,638
|
|
|
9,638
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
58
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
609
|
|
|
$
|
—
|
|
|
$
|
38
|
|
|
$
|
647
|
|
|
$
|
654,122
|
|
|
$
|
654,769
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34,213
|
|
|
$
|
34,213
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,852
|
|
|
47,852
|
|
||||||
Commercial real estate
|
106
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
382,445
|
|
|
382,551
|
|
||||||
Commercial construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,943
|
|
|
14,943
|
|
||||||
Residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84,321
|
|
|
84,321
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
6
|
|
|
—
|
|
|
40
|
|
|
46
|
|
|
30,130
|
|
|
30,176
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
244
|
|
|
244
|
|
||||||
Government Guaranteed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,732
|
|
|
9,732
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
51
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
112
|
|
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
152
|
|
|
$
|
603,931
|
|
|
$
|
604,083
|
|
|
March 31, 2017
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
30,175
|
|
|
$
|
2,105
|
|
|
$
|
432
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32,712
|
|
Other
|
46,345
|
|
|
238
|
|
|
574
|
|
|
—
|
|
|
—
|
|
|
47,157
|
|
||||||
Commercial real estate
|
417,900
|
|
|
13,624
|
|
|
1,931
|
|
|
—
|
|
|
—
|
|
|
433,455
|
|
||||||
Commercial construction
|
16,158
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,158
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
510,578
|
|
|
$
|
15,967
|
|
|
$
|
2,937
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
529,482
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
32,159
|
|
|
$
|
1,601
|
|
|
$
|
453
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34,213
|
|
Other
|
46,865
|
|
|
404
|
|
|
583
|
|
|
—
|
|
|
—
|
|
|
47,852
|
|
||||||
Commercial real estate
|
366,251
|
|
|
14,345
|
|
|
1,955
|
|
|
—
|
|
|
—
|
|
|
382,551
|
|
||||||
Commercial construction
|
14,943
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,943
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
460,218
|
|
|
$
|
16,350
|
|
|
$
|
2,991
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
479,559
|
|
|
March 31, 2017
|
||||||||||
|
Current
|
|
Past Due and
Nonaccrual
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
84,178
|
|
|
$
|
605
|
|
|
$
|
84,783
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|||
Secured by real estate
|
30,304
|
|
|
42
|
|
|
30,346
|
|
|||
Other
|
462
|
|
|
—
|
|
|
462
|
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
114,944
|
|
|
$
|
647
|
|
|
$
|
115,591
|
|
|
December 31, 2016
|
||||||||||
|
Current
|
|
Past Due and
Nonaccrual
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
84,321
|
|
|
$
|
—
|
|
|
$
|
84,321
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|||
Secured by real estate
|
30,130
|
|
|
46
|
|
|
30,176
|
|
|||
Other
|
244
|
|
|
—
|
|
|
244
|
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
114,695
|
|
|
$
|
46
|
|
|
$
|
114,741
|
|
|
|
|
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)
|
||||||||
|
At March 31, 2017
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government - sponsored agencies
|
$
|
17,132
|
|
|
$
|
—
|
|
|
$
|
17,132
|
|
|
$
|
—
|
|
Obligations of state and political subdivisions
|
3,138
|
|
|
—
|
|
|
3,138
|
|
|
—
|
|
||||
Mortgage-backed securities
|
49,627
|
|
|
—
|
|
|
49,627
|
|
|
—
|
|
||||
Asset-backed securities
|
7,881
|
|
|
—
|
|
|
7,881
|
|
|
—
|
|
||||
Corporate debt
|
14,148
|
|
|
—
|
|
|
14,148
|
|
|
—
|
|
||||
Other equity investments
|
3,706
|
|
|
3,646
|
|
|
60
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total available-for-sale securities
|
$
|
95,632
|
|
|
$
|
3,646
|
|
|
$
|
91,986
|
|
|
$
|
—
|
|
|
|
|
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)
|
||||||||
|
At December 31, 2016
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
$
|
528
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
528
|
|
Other Real Estate Owned
|
401
|
|
|
—
|
|
|
—
|
|
|
401
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
$
|
929
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
929
|
|
December 31, 2016
|
||||||||||
|
|
Fair
|
|
|
|
|
|
|
||
Assets
|
|
Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Range
|
||
(Dollars in thousands)
|
||||||||||
|
|
|
|
|
|
|
|
|
||
Impaired loans
|
|
$
|
528
|
|
|
Comparable real estate sales and / or the income approach.
|
|
Adjustments for differences between comparable sales and income data available.
|
|
5%
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Estimated selling costs.
|
|
7%
|
||
|
|
|
|
|
|
|
|
|
||
Other real estate owned
|
|
$
|
401
|
|
|
Comparable real estate sales and / or the income approach.
|
|
Adjustments for differences between comparable sales and income data available.
|
|
2%
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Estimated selling costs.
|
|
7%
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(Dollars in thousands)
|
||||||
|
|
|
|
||||
Net income
|
$
|
991
|
|
|
$
|
991
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic
|
6,124,926
|
|
|
6,092,351
|
|
||
Effect of dilutive securities - stock options
|
N/A
|
|
|
N/A
|
|
||
Weighted average common shares outstanding - diluted
|
6,124,926
|
|
|
6,092,351
|
|
||
|
|
|
|
||||
Basic earnings per common share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
|
|
|
||||
Diluted earnings per common share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||||||||
|
Gross
|
|
Tax
Effect |
|
Net
|
|
Gross
|
|
Tax
Effect |
|
Net
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
1,565
|
|
|
$
|
(574
|
)
|
|
$
|
991
|
|
|
$
|
1,543
|
|
|
$
|
(552
|
)
|
|
$
|
991
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change in unrealized holding gains (losses) on securities available-for-sale
|
331
|
|
|
(126
|
)
|
|
205
|
|
|
1,087
|
|
|
(415
|
)
|
|
672
|
|
||||||
Reclassification adjustment for gains in net income
|
—
|
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
9
|
|
|
(15
|
)
|
||||||
Accretion of loss on securities reclassified to held to maturity
|
11
|
|
|
(4
|
)
|
|
7
|
|
|
72
|
|
|
(27
|
)
|
|
45
|
|
||||||
Change in fair value of interest rate swap
|
—
|
|
|
—
|
|
|
—
|
|
|
62
|
|
|
(25
|
)
|
|
37
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total other comprehensive income
|
342
|
|
|
(130
|
)
|
|
212
|
|
|
1,197
|
|
|
(458
|
)
|
|
739
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total comprehensive income
|
$
|
1,907
|
|
|
$
|
(704
|
)
|
|
$
|
1,203
|
|
|
$
|
2,740
|
|
|
$
|
(1,010
|
)
|
|
$
|
1,730
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
|
Components of Accumulated
Other Comprehensive Income (Loss)
|
|
Total
|
||||||||||||
|
Unrealized Gains
and (Losses) on
Available-for-Sale
(AFS) Securities
|
|
Loss on securities
reclassified from
Available-for-Sale
to Held to Maturity
|
|
Unrealized
Gains and
(Losses) on
Derivatives
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
$
|
(1,243
|
)
|
|
$
|
(78
|
)
|
|
$
|
—
|
|
|
$
|
(1,321
|
)
|
Other comprehensive income before reclassifications
|
205
|
|
|
7
|
|
|
—
|
|
|
212
|
|
||||
Amounts reclassified from other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income
|
205
|
|
|
7
|
|
|
—
|
|
|
212
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Balance at March 31, 2017
|
$
|
(1,038
|
)
|
|
$
|
(71
|
)
|
|
$
|
—
|
|
|
$
|
(1,109
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
|
Components of Accumulated
Other Comprehensive Income (Loss)
|
|
Total
|
||||||||||||
|
Unrealized Gains
and (Losses) on
Available-for-Sale
(AFS) Securities
|
|
Loss on securities
reclassified from
Available-for-Sale
to Held to Maturity
|
|
Unrealized
Gains and
(Losses) on
Derivatives
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2015
|
$
|
(610
|
)
|
|
$
|
(198
|
)
|
|
$
|
(37
|
)
|
|
$
|
(845
|
)
|
Other comprehensive income (loss) before reclassifications
|
672
|
|
|
45
|
|
|
37
|
|
|
754
|
|
||||
Amounts reclassified from other comprehensive income
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), net
|
657
|
|
|
45
|
|
|
37
|
|
|
739
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Balance at March 31, 2016
|
$
|
47
|
|
|
$
|
(153
|
)
|
|
$
|
—
|
|
|
$
|
(106
|
)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Income
|
||||||
Components of Accumulated Other
|
|
March 31,
|
|
Statement
|
||||||
Comprehensive Income
|
|
2017
|
|
2016
|
|
Line Item
|
||||
|
|
(In thousands)
|
|
|
||||||
|
|
|
|
|
|
|
||||
Unrealized gains on AFS securities before tax
|
|
$
|
—
|
|
|
$
|
24
|
|
|
Gains on securities transactions, net
|
Tax effect
|
|
—
|
|
|
(9
|
)
|
|
|
||
|
|
|
|
|
|
|
||||
Total net of tax
|
|
—
|
|
|
15
|
|
|
|
||
|
|
|
|
|
|
|
||||
Total reclassifications, net of tax
|
|
$
|
—
|
|
|
$
|
15
|
|
|
|
Analysis of Net Interest Income (Unaudited)
|
|||||||||||||||||
Three Months Ended March 31,
|
|||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||
|
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) (2)
|
$
|
627,360
|
|
$
|
6,595
|
|
4.26
|
%
|
|
$
|
527,969
|
|
$
|
5,662
|
|
4.31
|
%
|
Taxable investment securities (1)
|
143,592
|
|
760
|
|
2.15
|
%
|
|
144,545
|
|
679
|
|
1.89
|
|
||||
Tax-exempt investment securities (1) (2)
|
9,680
|
|
108
|
|
4.52
|
|
|
12,304
|
|
163
|
|
5.33
|
|
||||
Other interest-earning assets
|
821
|
|
5
|
|
2.47
|
|
|
6,071
|
|
9
|
|
0.60
|
|
||||
Total interest-earning assets
|
781,453
|
|
7,468
|
|
3.88
|
|
|
690,889
|
|
6,513
|
|
3.79
|
|
||||
Non-interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan losses
|
(7,980
|
)
|
|
|
|
|
|
(8,844
|
)
|
|
|
|
|
||||
Other assets
|
44,548
|
|
|
|
|
|
|
41,892
|
|
|
|
|
|
||||
Total assets
|
$
|
818,021
|
|
|
|
|
|
|
$
|
723,937
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing demand deposits
|
$
|
240,686
|
|
$
|
127
|
|
0.21
|
%
|
|
$
|
226,572
|
|
$
|
139
|
|
0.25
|
%
|
Savings deposits
|
92,974
|
|
23
|
|
0.10
|
|
|
83,992
|
|
21
|
|
0.10
|
|
||||
Time deposits
|
173,952
|
|
483
|
|
1.13
|
|
|
147,444
|
|
397
|
|
1.08
|
|
||||
FHLB-NY borrowing
|
68,607
|
|
243
|
|
1.44
|
|
|
41,285
|
|
203
|
|
1.98
|
|
||||
Subordinated debentures and subordinated notes
|
23,260
|
|
368
|
|
6.42
|
|
|
23,195
|
|
413
|
|
7.16
|
|
||||
Total interest-bearing liabilities
|
599,479
|
|
1,244
|
|
0.84
|
|
|
522,488
|
|
1,173
|
|
0.90
|
|
||||
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand deposits
|
163,478
|
|
|
|
|
|
|
150,444
|
|
|
|
|
|
||||
Other liabilities
|
2,940
|
|
|
|
|
|
|
2,438
|
|
|
|
|
|
||||
Stockholders' equity
|
52,124
|
|
|
|
|
|
|
48,567
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity
|
$
|
818,021
|
|
|
|
|
|
|
$
|
723,937
|
|
|
|
|
|
||
Net interest income (taxable equivalent basis)
|
|
|
6,224
|
|
|
|
|
|
|
5,340
|
|
|
|
||||
Tax equivalent adjustment
|
|
|
(44
|
)
|
|
|
|
|
|
(64
|
)
|
|
|
||||
Net interest income
|
|
|
$
|
6,180
|
|
|
|
|
|
|
$
|
5,276
|
|
|
|
||
Net interest spread (taxable equivalent basis)
|
|
|
|
|
3.04
|
%
|
|
|
|
|
|
2.89
|
%
|
||||
Net yield on interest-earning assets (taxable equivalent basis) (3)
|
|
|
|
|
3.23
|
%
|
|
|
|
|
|
3.11
|
%
|
(1)
|
For purpose of these calculations, nonaccruing loans are included in the average balance. Loans and total interest-earning assets are net of unearned income. Securities are included at amortized cost.
|
(2)
|
The tax equivalent adjustments are based on a marginal tax rate of 34%.
|
(3)
|
Net interest income (taxable equivalent basis) divided by average interest-earning assets.
|
|
March 31,
2017 |
|
December 31, 2016
|
|
September 30,
2016 |
|
June 30,
2016 |
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Nonaccrual loans (1)
|
$
|
592
|
|
|
$
|
606
|
|
|
$
|
929
|
|
|
$
|
949
|
|
Loans past due 90 days or more and accruing (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total nonperforming loans
|
592
|
|
|
606
|
|
|
929
|
|
|
949
|
|
||||
Other real estate owned
|
401
|
|
|
401
|
|
|
834
|
|
|
834
|
|
||||
Total nonperforming assets
|
$
|
993
|
|
|
$
|
1,007
|
|
|
$
|
1,763
|
|
|
$
|
1,783
|
|
Allowance for loan losses
|
$
|
8,246
|
|
|
$
|
7,905
|
|
|
$
|
8,150
|
|
|
$
|
8,388
|
|
Nonperforming loans to total gross loans
|
0.09
|
%
|
|
0.10
|
%
|
|
0.17
|
%
|
|
0.18
|
%
|
||||
Nonperforming assets to total assets
|
0.12
|
%
|
|
0.13
|
%
|
|
0.23
|
%
|
|
0.24
|
%
|
||||
Allowance for loan losses to total gross loans
|
1.26
|
%
|
|
1.31
|
%
|
|
1.48
|
%
|
|
1.56
|
%
|
|
Actual
|
|
Required for
Capital
Adequacy
Purposes
|
|
To Be Well
Capitalized
Under Prompt
Corrective
Action
Regulations
|
|||
Tier 1 Leverage ratio
|
|
|
|
|
|
|
|
|
Corporation
|
7.38
|
%
|
|
4.00
|
%
|
|
N/A
|
|
Bank
|
8.93
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Risk-based capital
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
|
|
|
|
|
|
|
|
|
Corporation
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Bank
|
10.40
|
%
|
|
4.50
|
%
|
|
6.50
|
%
|
Tier 1
|
|
|
|
|
|
|
|
|
Corporation
|
8.83
|
%
|
|
4.00
|
%
|
|
N/A
|
|
Bank
|
10.40
|
%
|
|
6.00
|
%
|
|
8.00
|
%
|
Total
|
|
|
|
|
|
|
|
|
Corporation
|
12.38
|
%
|
|
8.00
|
%
|
|
N/A
|
|
Bank
|
11.58
|
%
|
|
8.00
|
%
|
|
10.00
|
%
|
|
Stewardship Financial Corporation
|
|
Date: May 12, 2017
|
By:
|
/s/ Paul Van Ostenbridge
|
|
|
Paul Van Ostenbridge
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date: May 12, 2017
|
By:
|
/s/ Claire M. Chadwick
|
|
|
Claire M. Chadwick
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
Exhibit
Number
|
|
Description of Exhibits
|
|
10.1
|
|
|
Change in Control Severance Agreement dated March 21, 2017 between the Corporation and William
S. Clement
1
|
10.2
|
|
|
Change in Control Severance Agreement dated March 21, 2017 between the Corporation and Julie E.
Holland
2
|
10.3
|
|
|
Change in Control Severance Agreement dated March 21, 2017 between the Corporation and James
H. Shields
3
|
10.4
|
|
|
Change in Control Severance Agreement dated March 21, 2017 between the Corporation and Gail K.
Tilstra
4
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101
|
|
|
The following material from Stewardship Financial Corporation’s Quarterly Report on Form 10-Q for
the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (i)
Consolidated Statements of Financial Condition, (ii) Consolidated Statements of Income, (iii)
Consolidated Statements of Comprehensive Income, (iv) Consolidated Statement of Changes in
Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated
Financial Statements, tagged as blocks of text
5
|
1 Year Stewardship Financial Chart |
1 Month Stewardship Financial Chart |
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