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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
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Large accelerated filer
o
|
Accelerated filer
o
|
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 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).
|
||
|
|
|
Emerging growth company [ ]
|
|
|
|
|
|
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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|
|
|
|
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|
|
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|
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|
June 30,
2018 |
|
December 31, 2017
|
||||
|
(Unaudited)
|
|
|
||||
|
(Dollars in thousands)
|
||||||
Assets
|
|
|
|
|
|
||
Cash and due from banks
|
$
|
13,199
|
|
|
$
|
20,558
|
|
Other interest-earning assets
|
330
|
|
|
712
|
|
||
Cash and cash equivalents
|
13,529
|
|
|
21,270
|
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||
|
|
|
|
||||
Securities available-for-sale
|
112,594
|
|
|
109,259
|
|
||
Securities held to maturity; estimated fair value of $56,624 (at June 30, 2018) and $51,551 (at December 31, 2017)
|
58,471
|
|
|
52,442
|
|
||
Other equity investments, at fair value
|
3,694
|
|
|
3,756
|
|
||
Federal Home Loan Bank of New York stock, at cost
|
3,087
|
|
|
3,715
|
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||
Loans held for sale
|
607
|
|
|
370
|
|
||
Loans, net of allowance for loan losses of $8,353 (at June 30, 2018) and $8,762 (at December 31, 2017)
|
713,311
|
|
|
702,561
|
|
||
Premises and equipment, net
|
6,952
|
|
|
6,909
|
|
||
Accrued interest receivable
|
2,467
|
|
|
2,566
|
|
||
Bank owned life insurance
|
21,360
|
|
|
21,084
|
|
||
Other assets
|
5,615
|
|
|
4,834
|
|
||
Total assets
|
$
|
941,687
|
|
|
$
|
928,766
|
|
|
|
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|
||||
Liabilities and Shareholders' equity
|
|
|
|
|
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||
|
|
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|
||||
Liabilities
|
|
|
|
|
|
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Deposits:
|
|
|
|
|
|
||
Noninterest-bearing
|
$
|
188,343
|
|
|
$
|
172,861
|
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Interest-bearing
|
603,718
|
|
|
591,238
|
|
||
Total deposits
|
792,061
|
|
|
764,099
|
|
||
|
|
|
|
||||
Federal Home Loan Bank of New York advances
|
46,700
|
|
|
63,760
|
|
||
Subordinated Debentures and Subordinated Notes
|
23,350
|
|
|
23,317
|
|
||
Accrued interest payable
|
1,111
|
|
|
1,116
|
|
||
Accrued expenses and other liabilities
|
2,277
|
|
|
2,809
|
|
||
Total liabilities
|
865,499
|
|
|
855,101
|
|
||
|
|
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|
||||
Shareholders' equity
|
|
|
|
|
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||
|
|
|
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Common stock, no par value: 20,000,000 shares authorized
at June 30, 2018 and December 31, 2017;
8,676,843 and 8,652,804 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively |
60,996
|
|
|
60,742
|
|
||
Retained earnings
|
17,534
|
|
|
14,307
|
|
||
Accumulated other comprehensive loss, net
|
(2,342
|
)
|
|
(1,384
|
)
|
||
Total Shareholders' equity
|
76,188
|
|
|
73,665
|
|
||
Total liabilities and Shareholders' equity
|
$
|
941,687
|
|
|
$
|
928,766
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Dollars in thousands, except per share amounts)
|
||||||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
||||||
Loans
|
$
|
7,770
|
|
|
$
|
7,008
|
|
|
$
|
15,288
|
|
|
$
|
13,594
|
|
Securities held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable
|
279
|
|
|
247
|
|
|
529
|
|
|
487
|
|
||||
Nontaxable
|
23
|
|
|
53
|
|
|
56
|
|
|
112
|
|
||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable
|
637
|
|
|
547
|
|
|
1,230
|
|
|
1,007
|
|
||||
Nontaxable
|
15
|
|
|
15
|
|
|
29
|
|
|
29
|
|
||||
Other equity investments
|
26
|
|
|
23
|
|
|
51
|
|
|
49
|
|
||||
FHLB dividends
|
58
|
|
|
44
|
|
|
122
|
|
|
78
|
|
||||
Other interest-earning assets
|
60
|
|
|
6
|
|
|
102
|
|
|
11
|
|
||||
Total interest income
|
8,868
|
|
|
7,943
|
|
|
17,407
|
|
|
15,367
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
||||||
Deposits
|
1,269
|
|
|
719
|
|
|
2,334
|
|
|
1,352
|
|
||||
FHLB-NY Borrowings
|
198
|
|
|
319
|
|
|
457
|
|
|
562
|
|
||||
Subordinated Debentures and Subordinated Notes
|
393
|
|
|
371
|
|
|
785
|
|
|
739
|
|
||||
Total interest expense
|
1,860
|
|
|
1,409
|
|
|
3,576
|
|
|
2,653
|
|
||||
Net interest income before provision for loan losses
|
7,008
|
|
|
6,534
|
|
|
13,831
|
|
|
12,714
|
|
||||
Provision for loan losses
|
(780
|
)
|
|
260
|
|
|
(1,115
|
)
|
|
560
|
|
||||
Net interest income after provision for loan losses
|
7,788
|
|
|
6,274
|
|
|
14,946
|
|
|
12,154
|
|
||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
||||||
Fees and service charges
|
551
|
|
|
519
|
|
|
1,058
|
|
|
1,054
|
|
||||
Bank owned life insurance
|
138
|
|
|
129
|
|
|
276
|
|
|
244
|
|
||||
Gain on calls and sales of securities, net
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Gain on sales of mortgage loans
|
9
|
|
|
38
|
|
|
31
|
|
|
55
|
|
||||
Gain on sales of SBA loans
|
59
|
|
|
—
|
|
|
59
|
|
|
—
|
|
||||
Gain on sale of other real estate owned
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
||||
Miscellaneous
|
102
|
|
|
114
|
|
|
154
|
|
|
246
|
|
||||
Total noninterest income
|
859
|
|
|
813
|
|
|
1,584
|
|
|
1,612
|
|
||||
Noninterest expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
3,129
|
|
|
2,880
|
|
|
6,238
|
|
|
5,724
|
|
||||
Occupancy, net
|
403
|
|
|
393
|
|
|
845
|
|
|
802
|
|
||||
Equipment
|
188
|
|
|
162
|
|
|
369
|
|
|
324
|
|
||||
Data processing
|
478
|
|
|
456
|
|
|
962
|
|
|
925
|
|
||||
Advertising
|
207
|
|
|
211
|
|
|
364
|
|
|
347
|
|
||||
FDIC insurance premium
|
70
|
|
|
109
|
|
|
134
|
|
|
186
|
|
||||
Charitable contributions
|
195
|
|
|
120
|
|
|
375
|
|
|
245
|
|
||||
Bank-card related services
|
131
|
|
|
142
|
|
|
258
|
|
|
284
|
|
||||
Other real estate owned, net
|
—
|
|
|
9
|
|
|
—
|
|
|
24
|
|
||||
Miscellaneous
|
703
|
|
|
601
|
|
|
1,387
|
|
|
1,336
|
|
||||
Total noninterest expenses
|
5,504
|
|
|
5,083
|
|
|
10,932
|
|
|
10,197
|
|
||||
Income before income tax expense
|
3,143
|
|
|
2,004
|
|
|
5,598
|
|
|
3,569
|
|
||||
Income tax expense
|
842
|
|
|
736
|
|
|
1,489
|
|
|
1,310
|
|
||||
Net income
|
$
|
2,301
|
|
|
$
|
1,268
|
|
|
$
|
4,109
|
|
|
$
|
2,259
|
|
Basic and diluted earnings per common share
|
$
|
0.27
|
|
|
$
|
0.16
|
|
|
$
|
0.47
|
|
|
$
|
0.32
|
|
Weighted average number of basic and diluted common shares outstanding
|
8,675,868
|
|
|
8,174,484
|
|
|
8,667,235
|
|
|
7,155,367
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
2,301
|
|
|
$
|
1,268
|
|
|
$
|
4,109
|
|
|
$
|
2,259
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in unrealized holding gains (losses) on securities available-for-sale during the period
|
(359
|
)
|
|
187
|
|
|
(1,352
|
)
|
|
392
|
|
||||
Reclassification adjustment for gains in net income
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
||||
Accretion of loss on securities reclassified to held to maturity
|
4
|
|
|
6
|
|
|
13
|
|
|
13
|
|
||||
Change in fair value of interest rate swap
|
55
|
|
|
(37
|
)
|
|
222
|
|
|
(37
|
)
|
||||
Total other comprehensive income (loss)
|
(300
|
)
|
|
156
|
|
|
(1,121
|
)
|
|
368
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total comprehensive income
|
$
|
2,001
|
|
|
$
|
1,424
|
|
|
$
|
2,988
|
|
|
$
|
2,627
|
|
|
Six Months Ended June 30, 2018
|
|||||||||||||||||
|
Common Stock
|
|
Retained
|
|
Accumulated
Other
Comprehen-sive
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
Loss
|
|
Total
|
|||||||||
|
(Dollars in thousands, except per share amounts)
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance -- December 31, 2017
|
8,652,804
|
|
|
$
|
60,742
|
|
|
$
|
14,307
|
|
|
$
|
(1,384
|
)
|
|
$
|
73,665
|
|
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
(520
|
)
|
|
—
|
|
|
(520
|
)
|
||||
Payment of discount on dividend reinvestment plan
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Common stock issued under dividend reinvestment plan
|
3,996
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
||||
Common stock issued under stock plans
|
1,657
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
Issuance of restricted stock
|
28,221
|
|
|
301
|
|
|
(301
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of restricted stock, net
|
(9,835
|
)
|
|
(105
|
)
|
|
102
|
|
|
—
|
|
|
(3
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
4,109
|
|
|
—
|
|
|
4,109
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,121
|
)
|
|
(1,121
|
)
|
||||
Balance -- Reclassification due to the adoption of ASU 2016-01
|
—
|
|
|
—
|
|
|
(163
|
)
|
|
163
|
|
|
—
|
|
||||
Balance -- June 30, 2018
|
8,676,843
|
|
|
$
|
60,996
|
|
|
$
|
17,534
|
|
|
$
|
(2,342
|
)
|
|
$
|
76,188
|
|
|
Six Months Ended June 30, 2017
|
|||||||||||||||||
|
Common Stock
|
|
Retained
|
|
Accumulated
Other
Comprehen-sive
|
|
|
|||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
Loss
|
|
Total
|
|||||||||
|
(Dollars in thousands, except per share amounts)
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance -- December 31, 2016
|
6,121,329
|
|
|
$
|
41,626
|
|
|
$
|
11,082
|
|
|
$
|
(1,321
|
)
|
|
$
|
51,387
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cash dividends declared on common stock
|
—
|
|
|
—
|
|
|
(443
|
)
|
|
—
|
|
|
(443
|
)
|
||||
Payment of discount on dividend
reinvestment plan
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Common stock issued under dividend
reinvestment plan
|
5,012
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|
44
|
|
||||
Common stock issued under stock plans
|
1,547
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||
Issuance of restricted stock
|
20,876
|
|
|
185
|
|
|
(185
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of restricted stock, net
|
(13,288
|
)
|
|
(118
|
)
|
|
94
|
|
|
—
|
|
|
(24
|
)
|
||||
Tax benefit from restricted stock vesting
|
—
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
||||
Net income
|
—
|
|
|
—
|
|
|
2,259
|
|
|
—
|
|
|
2,259
|
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
368
|
|
|
368
|
|
||||
Balance -- June 30, 2017
|
8,644,566
|
|
|
$
|
60,657
|
|
|
$
|
12,807
|
|
|
$
|
(953
|
)
|
|
$
|
72,511
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income
|
$
|
4,109
|
|
|
$
|
2,259
|
|
Adjustments to reconcile net income to
|
|
|
|
|
|
||
net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization of premises and equipment
|
227
|
|
|
190
|
|
||
Amortization of premiums and accretion of discounts, net
|
244
|
|
|
258
|
|
||
Amortization of restricted stock
|
(3
|
)
|
|
(24
|
)
|
||
Amortization of subordinated debenture issuance costs
|
33
|
|
|
32
|
|
||
Accretion of deferred loan fees
|
67
|
|
|
69
|
|
||
Fair value adjustment for equity security
|
104
|
|
|
—
|
|
||
Provision for loan losses
|
(1,115
|
)
|
|
560
|
|
||
Originations of mortgage loans held for sale
|
(2,771
|
)
|
|
(4,257
|
)
|
||
Proceeds from sale of mortgage loans
|
2,565
|
|
|
4,639
|
|
||
Gain on sale of SBA loans
|
(59
|
)
|
|
—
|
|
||
Gain on sales of mortgage loans
|
(31
|
)
|
|
(55
|
)
|
||
Gain on calls and sales of securities
|
(6
|
)
|
|
—
|
|
||
Gain on sale of other real estate owned
|
—
|
|
|
(13
|
)
|
||
Deferred income tax expense (benefit)
|
173
|
|
|
(178
|
)
|
||
Excess tax benefit from restricted stock vesting
|
—
|
|
|
48
|
|
||
(Increase) decrease in accrued interest receivable
|
99
|
|
|
(194
|
)
|
||
Increase (decrease) in accrued interest payable
|
(5
|
)
|
|
171
|
|
||
Earnings on bank owned life insurance
|
(276
|
)
|
|
(244
|
)
|
||
(Increase) decrease in other assets
|
(477
|
)
|
|
67
|
|
||
Decrease in other liabilities
|
(310
|
)
|
|
(115
|
)
|
||
Net cash provided by operating activities
|
2,568
|
|
|
3,213
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchase of securities available-for-sale
|
(14,191
|
)
|
|
(24,128
|
)
|
||
Proceeds from maturities and principal repayments on securities available-for-sale
|
7,827
|
|
|
6,902
|
|
||
Proceeds from sales and calls on securities available-for-sale
|
1,006
|
|
|
—
|
|
||
Purchase of securities held to maturity
|
(9,829
|
)
|
|
(3,675
|
)
|
||
Proceeds from maturities and principal repayments on securities held to maturity
|
3,485
|
|
|
3,154
|
|
||
Proceeds from calls on securities held to maturity
|
280
|
|
|
720
|
|
||
Purchase of equity securities
|
(42
|
)
|
|
—
|
|
||
Purchase of FHLB-NY stock
|
(1,203
|
)
|
|
(9,890
|
)
|
||
Redemption of FHLB-NY stock
|
1,831
|
|
|
8,236
|
|
||
Net increase in loans
|
(9,643
|
)
|
|
(87,839
|
)
|
||
Proceeds from sale of other real estate owned
|
—
|
|
|
414
|
|
||
Purchase of bank owned life insurance
|
—
|
|
|
(4,000
|
)
|
||
Additions to premises and equipment
|
(270
|
)
|
|
(324
|
)
|
||
Net cash used in investing activities
|
(20,749
|
)
|
|
(110,430
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Net increase in noninterest-bearing deposits
|
15,482
|
|
|
8,372
|
|
||
Net increase in interest-bearing deposits
|
12,480
|
|
|
53,591
|
|
||
Increase in loan term borrowings
|
—
|
|
|
25,000
|
|
||
Repayment of long term borrowings
|
(20,760
|
)
|
|
(5,000
|
)
|
||
Net increase in short term borrowings
|
3,700
|
|
|
14,560
|
|
||
Proceeds from issuance of common stock, net of costs
|
—
|
|
|
18,860
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
3,581
|
|
|
$
|
2,482
|
|
Cash paid during the period for income taxes
|
$
|
1,335
|
|
|
$
|
1,197
|
|
|
June 30, 2018
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. government-sponsored agencies
|
$
|
26,753
|
|
|
$
|
8
|
|
|
$
|
658
|
|
|
$
|
26,103
|
|
Obligations of state and political subdivisions
|
3,214
|
|
|
—
|
|
|
113
|
|
|
3,101
|
|
||||
Mortgage-backed securities
|
66,736
|
|
|
27
|
|
|
2,155
|
|
|
64,608
|
|
||||
Asset-backed securities (a)
|
5,870
|
|
|
19
|
|
|
1
|
|
|
5,888
|
|
||||
Corporate debt
|
13,403
|
|
|
61
|
|
|
570
|
|
|
12,894
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total debt securities
|
$
|
115,976
|
|
|
$
|
115
|
|
|
$
|
3,497
|
|
|
$
|
112,594
|
|
|
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
|
14,437
|
|
|
94
|
|
|
302
|
|
|
14,229
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total debt securities
|
$
|
110,804
|
|
|
$
|
224
|
|
|
$
|
1,769
|
|
|
$
|
109,259
|
|
|
June 30, 2018
|
||||||||||||||
|
Amortized
|
|
Gross Unrealized
|
|
Fair
|
||||||||||
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury
|
$
|
999
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
980
|
|
U.S. government-sponsored agencies
|
29,567
|
|
|
—
|
|
|
1,317
|
|
|
28,250
|
|
||||
Obligations of state and political subdivisions
|
2,563
|
|
|
16
|
|
|
33
|
|
|
2,546
|
|
||||
Mortgage-backed securities
|
25,342
|
|
|
42
|
|
|
536
|
|
|
24,848
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
$
|
58,471
|
|
|
$
|
58
|
|
|
$
|
1,905
|
|
|
$
|
56,624
|
|
|
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
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
$
|
52,442
|
|
|
$
|
101
|
|
|
$
|
992
|
|
|
$
|
51,551
|
|
|
June 30, 2018
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
|
(In thousands)
|
||||||
|
|
|
|
||||
Available-for-sale
|
|
|
|
|
|
||
Within one year
|
$
|
—
|
|
|
$
|
—
|
|
After one year, but within five years
|
13,515
|
|
|
13,275
|
|
||
After five years, but within ten years
|
25,095
|
|
|
24,255
|
|
||
After ten years
|
4,760
|
|
|
4,568
|
|
||
Mortgage-backed securities
|
66,736
|
|
|
64,608
|
|
||
Asset-backed securities
|
5,870
|
|
|
5,888
|
|
||
|
|
|
|
||||
Total
|
$
|
115,976
|
|
|
$
|
112,594
|
|
|
|
|
|
||||
Held to maturity
|
|
|
|
|
|
||
Within one year
|
$
|
535
|
|
|
$
|
536
|
|
After one year, but within five years
|
14,037
|
|
|
13,700
|
|
||
After five years, but within ten years
|
18,064
|
|
|
17,080
|
|
||
After ten years
|
493
|
|
|
460
|
|
||
Mortgage-backed securities
|
25,342
|
|
|
24,848
|
|
||
|
|
|
|
||||
Total
|
$
|
58,471
|
|
|
$
|
56,624
|
|
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 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
|
$
|
11,204
|
|
|
$
|
(221
|
)
|
|
$
|
9,668
|
|
|
$
|
(437
|
)
|
|
$
|
20,872
|
|
|
$
|
(658
|
)
|
Obligations of state and political subdivisions
|
1,373
|
|
|
(14
|
)
|
|
1,728
|
|
|
(99
|
)
|
|
3,101
|
|
|
(113
|
)
|
||||||
Mortgage-backed securities
|
35,003
|
|
|
(902
|
)
|
|
24,420
|
|
|
(1,253
|
)
|
|
59,423
|
|
|
(2,155
|
)
|
||||||
Asset-backed securities
|
3,013
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
3,013
|
|
|
(1
|
)
|
||||||
Corporate debt
|
—
|
|
|
—
|
|
|
8,833
|
|
|
(570
|
)
|
|
8,833
|
|
|
(570
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total temporarily impaired securities
|
$
|
50,593
|
|
|
$
|
(1,138
|
)
|
|
$
|
44,649
|
|
|
$
|
(2,359
|
)
|
|
$
|
95,242
|
|
|
$
|
(3,497
|
)
|
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
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 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
|
$
|
980
|
|
|
$
|
(19
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
980
|
|
|
$
|
(19
|
)
|
U.S. government- sponsored agencies
|
12,337
|
|
|
(344
|
)
|
|
14,913
|
|
|
(973
|
)
|
|
27,250
|
|
|
(1,317
|
)
|
||||||
Obligations of state and political subdivisions
|
—
|
|
|
—
|
|
|
460
|
|
|
(33
|
)
|
|
460
|
|
|
(33
|
)
|
||||||
Mortgage-backed securities
|
14,794
|
|
|
(297
|
)
|
|
5,528
|
|
|
(239
|
)
|
|
20,322
|
|
|
(536
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total temporarily impaired securities
|
$
|
28,111
|
|
|
$
|
(660
|
)
|
|
$
|
20,901
|
|
|
$
|
(1,245
|
)
|
|
$
|
49,012
|
|
|
$
|
(1,905
|
)
|
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
|
)
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
|
(In thousands)
|
||||||
Commercial:
|
|
|
|
|
|
||
Secured by real estate
|
$
|
29,237
|
|
|
$
|
31,684
|
|
Other
|
61,653
|
|
|
57,372
|
|
||
Commercial real estate
|
498,982
|
|
|
493,542
|
|
||
Commercial construction
|
4,622
|
|
|
2,152
|
|
||
Residential real estate
|
85,427
|
|
|
85,760
|
|
||
Consumer:
|
|
|
|
|
|
||
Secured by real estate
|
34,358
|
|
|
32,207
|
|
||
Other
|
410
|
|
|
563
|
|
||
Government Guaranteed Loans - guaranteed portion
|
7,282
|
|
|
8,334
|
|
||
Other
|
177
|
|
|
106
|
|
||
|
|
|
|
||||
Total gross loans
|
722,148
|
|
|
711,720
|
|
||
|
|
|
|
||||
Less: Deferred loan costs, net
|
484
|
|
|
397
|
|
||
Allowance for loan losses
|
8,353
|
|
|
8,762
|
|
||
|
8,837
|
|
|
9,159
|
|
||
|
|
|
|
||||
Loans, net
|
$
|
713,311
|
|
|
$
|
702,561
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
Balance,
beginning
of period
|
|
Provision
charged
to operations
|
|
Loans
charged off
|
|
Recoveries
of loans
charged off
|
|
Balance,
end
of period
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
2,865
|
|
|
$
|
(9
|
)
|
|
$
|
—
|
|
|
$
|
75
|
|
|
$
|
2,931
|
|
Commercial real estate
|
5,349
|
|
|
(757
|
)
|
|
—
|
|
|
612
|
|
|
5,204
|
|
|||||
Commercial construction
|
81
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
71
|
|
|||||
Residential real estate
|
72
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
69
|
|
|||||
Consumer
|
67
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|||||
Other loans
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Unallocated
|
11
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
8,445
|
|
|
$
|
(780
|
)
|
|
$
|
—
|
|
|
$
|
688
|
|
|
$
|
8,353
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended June 30, 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
|
|
|
$
|
(198
|
)
|
|
$
|
(29
|
)
|
|
$
|
100
|
|
|
$
|
2,931
|
|
Commercial real estate
|
5,531
|
|
|
(961
|
)
|
|
—
|
|
|
634
|
|
|
5,204
|
|
|||||
Commercial construction
|
33
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
71
|
|
|||||
Residential real estate
|
68
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|||||
Consumer
|
64
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
69
|
|
|||||
Other loans
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
1
|
|
|||||
Unallocated
|
7
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
8,762
|
|
|
$
|
(1,115
|
)
|
|
$
|
(30
|
)
|
|
$
|
736
|
|
|
$
|
8,353
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||
|
Balance,
beginning
of period
|
|
Provision
charged
to operations
|
|
Loans
charged off
|
|
Recoveries
of loans
charged off
|
|
Balance,
end
of period
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
$
|
2,560
|
|
|
$
|
84
|
|
|
$
|
(1
|
)
|
|
$
|
19
|
|
|
$
|
2,662
|
|
Commercial real estate
|
5,149
|
|
|
327
|
|
|
—
|
|
|
26
|
|
|
5,502
|
|
|||||
Commercial construction
|
384
|
|
|
(131
|
)
|
|
—
|
|
|
—
|
|
|
253
|
|
|||||
Residential real estate
|
65
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
58
|
|
|||||
Consumer
|
73
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
63
|
|
|||||
Other loans
|
—
|
|
|
5
|
|
|
(1
|
)
|
|
1
|
|
|
5
|
|
|||||
Unallocated
|
15
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
8,246
|
|
|
$
|
260
|
|
|
$
|
(2
|
)
|
|
$
|
46
|
|
|
$
|
8,550
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended June 30, 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
|
|
|
$
|
(34
|
)
|
|
$
|
(2
|
)
|
|
$
|
35
|
|
|
$
|
2,662
|
|
Commercial real estate
|
4,734
|
|
|
717
|
|
|
—
|
|
|
51
|
|
|
5,502
|
|
|||||
Commercial construction
|
355
|
|
|
(102
|
)
|
|
—
|
|
|
—
|
|
|
253
|
|
|||||
Residential real estate
|
66
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
58
|
|
|||||
Consumer
|
75
|
|
|
(13
|
)
|
|
—
|
|
|
1
|
|
|
63
|
|
|||||
Other loans
|
—
|
|
|
5
|
|
|
(1
|
)
|
|
1
|
|
|
5
|
|
|||||
Unallocated
|
12
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total
|
$
|
7,905
|
|
|
$
|
560
|
|
|
$
|
(3
|
)
|
|
$
|
88
|
|
|
$
|
8,550
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 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
|
$
|
78
|
|
|
$
|
568
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Collectively evaluated for impairment
|
2,853
|
|
|
4,636
|
|
|
71
|
|
|
69
|
|
|
69
|
|
|
—
|
|
|
1
|
|
|
8
|
|
|
7,707
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total ending allowance balance
|
$
|
2,931
|
|
|
$
|
5,204
|
|
|
$
|
71
|
|
|
$
|
69
|
|
|
$
|
69
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
$
|
8,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans individually evaluated for impairment
|
$
|
891
|
|
|
$
|
6,154
|
|
|
$
|
—
|
|
|
$
|
282
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans collectively evaluated for impairment
|
89,999
|
|
|
492,828
|
|
|
4,622
|
|
|
85,145
|
|
|
34,751
|
|
|
7,282
|
|
|
177
|
|
|
—
|
|
|
714,804
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total ending loan balance
|
$
|
90,890
|
|
|
$
|
498,982
|
|
|
$
|
4,622
|
|
|
$
|
85,427
|
|
|
$
|
34,768
|
|
|
$
|
7,282
|
|
|
$
|
177
|
|
|
$
|
—
|
|
|
$
|
722,148
|
|
|
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
|
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
|
(In thousands)
|
||||||
Commercial:
|
|
|
|
||||
Secured by real estate
|
$
|
395
|
|
|
$
|
136
|
|
Commercial real estate
|
589
|
|
|
701
|
|
||
Residential real estate
|
282
|
|
|
295
|
|
||
Consumer:
|
|
|
|
||||
Secured by real estate
|
17
|
|
|
62
|
|
||
Total nonaccrual loans
|
$
|
1,283
|
|
|
$
|
1,194
|
|
|
At June 30, 2018
|
||||||||||
|
Unpaid
Principal Balance |
|
Recorded
Investment |
|
Allowance for
Loan Losses Allocated |
||||||
|
(In thousands)
|
||||||||||
With no related allowance recorded:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
671
|
|
|
$
|
667
|
|
|
|
||
Commercial real estate
|
3,384
|
|
|
3,059
|
|
|
|
||||
Residential Real Estate
|
288
|
|
|
282
|
|
|
|
||||
Consumer:
|
|
|
|
|
|
||||||
Secured by real estate
|
21
|
|
|
17
|
|
|
|
||||
|
4,364
|
|
|
4,025
|
|
|
|
||||
|
|
|
|
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Secured by real estate
|
99
|
|
|
99
|
|
|
$
|
72
|
|
||
Other
|
125
|
|
|
125
|
|
|
6
|
|
|||
Commercial real estate
|
3,095
|
|
|
3,095
|
|
|
568
|
|
|||
|
3,319
|
|
|
3,319
|
|
|
646
|
|
|||
|
|
|
|
|
|
||||||
Total:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Secured by real estate
|
770
|
|
|
766
|
|
|
72
|
|
|||
Other
|
125
|
|
|
125
|
|
|
6
|
|
|||
Commercial real estate
|
6,479
|
|
|
6,154
|
|
|
568
|
|
|||
Residential Real Estate
|
288
|
|
|
282
|
|
|
—
|
|
|||
Consumer:
|
|
|
|
|
|
||||||
Secured by real estate
|
21
|
|
|
17
|
|
|
—
|
|
|||
|
$
|
7,683
|
|
|
$
|
7,344
|
|
|
$
|
646
|
|
|
At December 31, 2017
|
||||||||||
|
Unpaid
Principal Balance |
|
Recorded
Investment |
|
Allowance for
Loan Losses Allocated |
||||||
|
(In thousands)
|
||||||||||
With no related allowance recorded:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
389
|
|
|
$
|
389
|
|
|
|
||
Commercial real estate
|
3,442
|
|
|
3,124
|
|
|
|
||||
Residential real estate
|
295
|
|
|
295
|
|
|
|
||||
Consumer:
|
|
|
|
|
|
||||||
Secured by real estate
|
71
|
|
|
62
|
|
|
|
||||
|
4,197
|
|
|
3,870
|
|
|
|
||||
|
|
|
|
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Secured by real estate
|
33
|
|
|
32
|
|
|
$
|
27
|
|
||
Other
|
128
|
|
|
128
|
|
|
7
|
|
|||
Commercial real estate
|
3,112
|
|
|
3,112
|
|
|
575
|
|
|||
|
3,273
|
|
|
3,272
|
|
|
609
|
|
|||
|
|
|
|
|
|
||||||
Total:
|
|
|
|
|
|
||||||
Commercial:
|
|
|
|
|
|
||||||
Secured by real estate
|
422
|
|
|
421
|
|
|
27
|
|
|||
Other
|
128
|
|
|
128
|
|
|
7
|
|
|||
Commercial real estate
|
6,554
|
|
|
6,236
|
|
|
575
|
|
|||
Residential real estate
|
295
|
|
|
295
|
|
|
—
|
|
|||
Consumer:
|
|
|
|
|
|
||||||
Secured by real estate
|
71
|
|
|
62
|
|
|
—
|
|
|||
|
$
|
7,470
|
|
|
$
|
7,142
|
|
|
$
|
609
|
|
|
Three Months Ended June 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||
|
(In thousands)
|
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
$
|
525
|
|
|
$
|
4
|
|
|
$
|
1,305
|
|
|
$
|
21
|
|
Commercial real estate
|
3,076
|
|
|
28
|
|
|
3,155
|
|
|
31
|
|
||||
Residential Real Estate
|
285
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
31
|
|
|
—
|
|
|
72
|
|
|
—
|
|
||||
Total
|
3,917
|
|
|
32
|
|
|
4,532
|
|
|
52
|
|
||||
|
|
|
|
|
|
|
|
||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
50
|
|
|
1
|
|
|
19
|
|
|
—
|
|
||||
Other
|
126
|
|
|
2
|
|
|
188
|
|
|
3
|
|
||||
Commercial real estate
|
3,099
|
|
|
41
|
|
|
3,152
|
|
|
32
|
|
||||
|
3,275
|
|
|
44
|
|
|
3,359
|
|
|
35
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
7,192
|
|
|
$
|
76
|
|
|
$
|
7,891
|
|
|
$
|
87
|
|
|
Six Months Ended June 30,
|
||||||||||||||
|
2018
|
|
2017
|
||||||||||||
|
Average Recorded Investment
|
|
Interest Income Recognized
|
|
Average Recorded Investment
|
|
Interest Income Recognized
|
||||||||
|
(In thousands)
|
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
$
|
480
|
|
|
$
|
8
|
|
|
$
|
1,321
|
|
|
$
|
41
|
|
Commercial real estate
|
3,091
|
|
|
55
|
|
|
3,156
|
|
|
62
|
|
||||
Residential Real Estate
|
289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
42
|
|
|
—
|
|
|
74
|
|
|
—
|
|
||||
Total
|
3,902
|
|
|
63
|
|
|
4,551
|
|
|
103
|
|
||||
|
|
|
|
|
|
|
|
||||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
44
|
|
|
1
|
|
|
52
|
|
|
—
|
|
||||
Other
|
126
|
|
|
4
|
|
|
200
|
|
|
7
|
|
||||
Commercial real estate
|
3,103
|
|
|
80
|
|
|
3,160
|
|
|
64
|
|
||||
|
3,273
|
|
|
85
|
|
|
3,412
|
|
|
71
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
7,175
|
|
|
$
|
148
|
|
|
$
|
7,963
|
|
|
$
|
174
|
|
|
June 30, 2018
|
||||||||||||||||||||||
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
Greater than
90 Days
Past Due
|
|
Total
Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
61
|
|
|
$
|
—
|
|
|
$
|
105
|
|
|
$
|
166
|
|
|
$
|
29,071
|
|
|
$
|
29,237
|
|
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,653
|
|
|
61,653
|
|
||||||
Commercial real estate
|
295
|
|
|
—
|
|
|
589
|
|
|
884
|
|
|
498,098
|
|
|
498,982
|
|
||||||
Commercial construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,622
|
|
|
4,622
|
|
||||||
Residential real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,427
|
|
|
85,427
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Secured by real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,358
|
|
|
34,358
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
410
|
|
|
410
|
|
||||||
Government Guaranteed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,282
|
|
|
7,282
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
|
177
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
356
|
|
|
$
|
—
|
|
|
$
|
694
|
|
|
$
|
1,050
|
|
|
$
|
721,098
|
|
|
$
|
722,148
|
|
|
December 31, 2017
|
||||||||||||||||||||||
|
30-59 Days
Past Due
|
|
60-89 Days
Past Due
|
|
Greater than
90 Days
Past Due
|
|
Total
Past Due
|
|
Current
|
|
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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,334
|
|
|
8,334
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
106
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
808
|
|
|
$
|
—
|
|
|
$
|
627
|
|
|
$
|
1,435
|
|
|
$
|
710,285
|
|
|
$
|
711,720
|
|
|
|
Three Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||
|
|
Number
of
Loans
|
|
Pre-Modification Recorded Investment
|
|
Post-Modification Recorded Investment
|
|
Number
of
Loans
|
|
Pre-Modification Recorded Investment
|
|
Post-Modification Recorded Investment
|
||||||||||
|
|
(Dollars in thousands)
|
|
(Dollars in thousands)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by real estate
|
|
1
|
|
|
$
|
100
|
|
|
$
|
100
|
|
|
1
|
|
|
$
|
100
|
|
|
$
|
100
|
|
Total
|
|
1
|
|
|
$
|
100
|
|
|
$
|
100
|
|
|
1
|
|
|
$
|
100
|
|
|
$
|
100
|
|
|
June 30, 2018
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Secured by real estate
|
$
|
26,825
|
|
|
$
|
1,690
|
|
|
$
|
722
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,237
|
|
Other
|
60,975
|
|
|
194
|
|
|
484
|
|
|
—
|
|
|
—
|
|
|
61,653
|
|
||||||
Commercial real estate
|
484,903
|
|
|
9,046
|
|
|
5,033
|
|
|
—
|
|
|
—
|
|
|
498,982
|
|
||||||
Commercial construction
|
4,622
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,622
|
|
||||||
Government Guaranteed Loans - guaranteed portion
|
7,282
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,282
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
584,607
|
|
|
$
|
10,930
|
|
|
$
|
6,239
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
601,776
|
|
|
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
|
|
|
June 30, 2018
|
||||||||||
|
Current
|
|
Past Due or
Nonaccrual
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Residential real estate
|
$
|
85,145
|
|
|
$
|
282
|
|
|
$
|
85,427
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|||
Secured by real estate
|
34,341
|
|
|
17
|
|
|
34,358
|
|
|||
Other
|
410
|
|
|
—
|
|
|
410
|
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
119,896
|
|
|
$
|
299
|
|
|
$
|
120,195
|
|
|
December 31, 2017
|
||||||||||
|
Current
|
|
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
|
|
|
|
|
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 June 30, 2018
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government - sponsored agencies
|
$
|
26,103
|
|
|
$
|
—
|
|
|
$
|
26,103
|
|
|
$
|
—
|
|
Obligations of state and political subdivisions
|
3,101
|
|
|
—
|
|
|
3,101
|
|
|
—
|
|
||||
Mortgage-backed securities
|
64,608
|
|
|
—
|
|
|
64,608
|
|
|
—
|
|
||||
Asset-backed securities
|
5,888
|
|
|
—
|
|
|
5,888
|
|
|
—
|
|
||||
Corporate debt
|
12,894
|
|
|
—
|
|
|
12,894
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total available-for-sale securities
|
$
|
112,594
|
|
|
$
|
—
|
|
|
$
|
112,594
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Other equity investments
|
$
|
3,694
|
|
|
$
|
3,634
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
$
|
280
|
|
|
$
|
—
|
|
|
$
|
280
|
|
|
$
|
—
|
|
|
|
|
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 June 30, 2018
|
||||||||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impaired loans
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Secured by real estate
|
$
|
317
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
317
|
|
|
$
|
317
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
317
|
|
June 30, 2018
|
||||||||||
|
|
Fair
|
|
|
|
|
|
Weighted
|
||
Assets
|
|
Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Average
|
||
(Dollars in thousands)
|
||||||||||
|
|
|
|
|
|
|
|
|
||
Impaired loans
|
|
$
|
317
|
|
|
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
|
||||||||||
|
|
Fair
|
|
|
|
|
|
Weighted
|
||
Assets
|
|
Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Average
|
||
(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%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
2,301
|
|
|
$
|
1,268
|
|
|
$
|
4,109
|
|
|
$
|
2,259
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
8,675,868
|
|
|
8,174,484
|
|
|
8,667,235
|
|
|
7,155,367
|
|
||||
Effect of dilutive securities - stock options
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||
Weighted average common shares outstanding - diluted
|
8,675,868
|
|
|
8,174,484
|
|
|
8,667,235
|
|
|
7,155,367
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
0.27
|
|
|
$
|
0.16
|
|
|
$
|
0.47
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per common share
|
$
|
0.27
|
|
|
$
|
0.16
|
|
|
$
|
0.47
|
|
|
$
|
0.32
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
Gross
|
|
Tax
Effect |
|
Net
|
|
Gross
|
|
Tax
Effect |
|
Net
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change in unrealized holding gains (losses) on securities available-for-sale
|
$
|
(488
|
)
|
|
$
|
129
|
|
|
$
|
(359
|
)
|
|
$
|
301
|
|
|
$
|
(114
|
)
|
|
$
|
187
|
|
Accretion of loss on securities reclassified to held to maturity
|
6
|
|
|
(2
|
)
|
|
4
|
|
|
10
|
|
|
(4
|
)
|
|
6
|
|
||||||
Change in fair value of interest rate swap
|
77
|
|
|
(22
|
)
|
|
55
|
|
|
(62
|
)
|
|
25
|
|
|
(37
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total other comprehensive income (loss)
|
$
|
(405
|
)
|
|
$
|
105
|
|
|
$
|
(300
|
)
|
|
$
|
249
|
|
|
$
|
(93
|
)
|
|
$
|
156
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||||||||
|
Gross
|
|
Tax
Effect |
|
Net
|
|
Gross
|
|
Tax
Effect |
|
Net
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Change in unrealized holding gains (losses) on securities available-for-sale
|
$
|
(1,832
|
)
|
|
$
|
480
|
|
|
$
|
(1,352
|
)
|
|
$
|
632
|
|
|
$
|
(240
|
)
|
|
$
|
392
|
|
Reclassification adjustment for gains in net income
|
(6
|
)
|
|
2
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Accretion of loss on securities reclassified to held to maturity
|
18
|
|
|
(5
|
)
|
|
13
|
|
|
21
|
|
|
(8
|
)
|
|
13
|
|
||||||
Change in fair value of interest rate swap
|
309
|
|
|
(87
|
)
|
|
222
|
|
|
(62
|
)
|
|
25
|
|
|
(37
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total other comprehensive income (loss)
|
$
|
(1,511
|
)
|
|
$
|
390
|
|
|
$
|
(1,121
|
)
|
|
$
|
591
|
|
|
$
|
(223
|
)
|
|
$
|
368
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||
|
Components of Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||
|
Unrealized Losses on
Available-for-Sale Securities |
|
Loss on Securities
Reclassified from Available-for-Sale to Held to Maturity |
|
Unrealized
Gains on Derivatives |
|
Accumulated
Other Comprehensive Loss |
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at March 31, 2018
|
$
|
(2,137
|
)
|
|
$
|
(51
|
)
|
|
$
|
146
|
|
|
$
|
(2,042
|
)
|
Other comprehensive income (loss) before reclassifications
|
(359
|
)
|
|
4
|
|
|
55
|
|
|
(300
|
)
|
||||
Amounts reclassified from other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
(359
|
)
|
|
4
|
|
|
55
|
|
|
(300
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Balance at June 30, 2018
|
$
|
(2,496
|
)
|
|
$
|
(47
|
)
|
|
$
|
201
|
|
|
$
|
(2,342
|
)
|
|
Six Months Ended June 30, 2018
|
||||||||||||||
|
Components of Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||
|
Unrealized Losses on
Available-for-Sale Securities |
|
Loss on Securities
Reclassified from Available-for-Sale to Held to Maturity |
|
Unrealized
Gains on Derivatives |
|
Accumulated
Other Comprehensive Loss |
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2017
|
$
|
(1,303
|
)
|
|
$
|
(60
|
)
|
|
$
|
(21
|
)
|
|
$
|
(1,384
|
)
|
Other comprehensive income (loss) before reclassifications
|
(1,352
|
)
|
|
13
|
|
|
222
|
|
|
(1,117
|
)
|
||||
Amounts reclassified from other comprehensive income (loss)
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
(1,356
|
)
|
|
13
|
|
|
222
|
|
|
(1,121
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Reclassification due to the adoption of ASU No. 2016-01
|
163
|
|
|
—
|
|
|
—
|
|
|
163
|
|
||||
Balance at June 30, 2018
|
$
|
(2,496
|
)
|
|
$
|
(47
|
)
|
|
$
|
201
|
|
|
$
|
(2,342
|
)
|
|
Three Months Ended June 30, 2017
|
||||||||||||||
|
Components of Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||
|
Unrealized Losses on
Available-for-Sale Securities |
|
Loss on Securities
Reclassified from Available-for-Sale to Held to Maturity |
|
Unrealized
Losses on Derivatives |
|
Accumulated
Other Comprehensive Loss |
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at March 31, 2017
|
$
|
(1,038
|
)
|
|
$
|
(71
|
)
|
|
$
|
—
|
|
|
$
|
(1,109
|
)
|
Other comprehensive income (loss) before reclassifications
|
187
|
|
|
6
|
|
|
(37
|
)
|
|
156
|
|
||||
Amounts reclassified from other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
187
|
|
|
6
|
|
|
(37
|
)
|
|
156
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Balance at June 30, 2017
|
$
|
(851
|
)
|
|
$
|
(65
|
)
|
|
$
|
(37
|
)
|
|
$
|
(953
|
)
|
|
Six Months Ended June 30, 2017
|
||||||||||||||
|
Components of Accumulated
Other Comprehensive Income (Loss) |
|
Total
|
||||||||||||
|
Unrealized Losses on
Available-for-Sale Securities |
|
Loss on Securities
Reclassified from Available-for-Sale to Held to Maturity |
|
Unrealized
Losses on Derivatives |
|
Accumulated
Other Comprehensive Loss |
||||||||
|
(In thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
$
|
(1,243
|
)
|
|
$
|
(78
|
)
|
|
$
|
—
|
|
|
$
|
(1,321
|
)
|
Other comprehensive income (loss) before reclassifications
|
392
|
|
|
13
|
|
|
(37
|
)
|
|
368
|
|
||||
Amounts reclassified from other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
392
|
|
|
13
|
|
|
(37
|
)
|
|
368
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Balance at June 30, 2017
|
$
|
(851
|
)
|
|
$
|
(65
|
)
|
|
$
|
(37
|
)
|
|
$
|
(953
|
)
|
|
|
Six Months Ended
|
|
Income
|
||
Components of Accumulated Other
|
|
June 30,
|
|
Statement
|
||
Comprehensive Loss
|
|
2018
|
|
Line Item
|
||
|
|
(In thousands)
|
|
|
||
|
|
|
|
|
||
Unrealized gains on securities available-for-sale, before tax
|
|
$
|
6
|
|
|
Gains on securities transactions, net
|
Tax effect
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
||
Total reclassifications, net of tax
|
|
$
|
4
|
|
|
|
Analysis of Net Interest Income (Unaudited)
|
|||||||||||||||||
Three Months Ended June 30,
|
|||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||
|
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)
|
$
|
712,880
|
|
$
|
7,774
|
|
4.37
|
%
|
|
$
|
673,413
|
|
$
|
7,017
|
|
4.18
|
%
|
Taxable investment securities (1)
|
156,969
|
|
974
|
|
2.49
|
|
|
152,285
|
|
838
|
|
2.21
|
|
||||
Tax-exempt investment securities (1) (2)
|
5,817
|
|
46
|
|
3.17
|
|
|
8,965
|
|
102
|
|
4.56
|
|
||||
Other interest-earning assets
|
16,478
|
|
86
|
|
2.09
|
|
|
5,540
|
|
29
|
|
2.10
|
|
||||
Total interest-earning assets
|
892,144
|
|
8,880
|
|
3.99
|
|
|
840,203
|
|
7,986
|
|
3.81
|
|
||||
Non-interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan losses
|
(8,716
|
)
|
|
|
|
|
|
(8,326
|
)
|
|
|
|
|
||||
Other assets
|
48,283
|
|
|
|
|
|
|
46,532
|
|
|
|
|
|
||||
Total assets
|
$
|
931,711
|
|
|
|
|
|
|
$
|
878,409
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing demand deposits
|
$
|
306,523
|
|
$
|
472
|
|
0.62
|
%
|
|
$
|
237,947
|
|
$
|
129
|
|
0.22
|
%
|
Savings deposits
|
84,677
|
|
21
|
|
0.10
|
|
|
93,754
|
|
23
|
|
0.10
|
|
||||
Time deposits
|
207,333
|
|
776
|
|
1.50
|
|
|
192,096
|
|
567
|
|
1.18
|
|
||||
FHLB-NY borrowing
|
45,045
|
|
198
|
|
1.76
|
|
|
82,822
|
|
319
|
|
1.54
|
|
||||
Subordinated debentures and subordinated notes
|
23,341
|
|
393
|
|
6.75
|
|
|
23,276
|
|
371
|
|
6.39
|
|
||||
Total interest-bearing liabilities
|
666,919
|
|
1,860
|
|
1.12
|
|
|
629,895
|
|
1,409
|
|
0.90
|
|
||||
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand deposits
|
185,823
|
|
|
|
|
|
|
176,489
|
|
|
|
|
|
||||
Other liabilities
|
4,027
|
|
|
|
|
|
|
3,058
|
|
|
|
|
|
||||
Stockholders' equity
|
74,942
|
|
|
|
|
|
|
68,967
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity
|
$
|
931,711
|
|
|
|
|
|
|
$
|
878,409
|
|
|
|
|
|
||
Net interest income (taxable equivalent basis)
|
|
|
7,020
|
|
|
|
|
|
|
6,577
|
|
|
|
||||
Tax equivalent adjustment
|
|
|
(12
|
)
|
|
|
|
|
|
(43
|
)
|
|
|
||||
Net interest income
|
|
|
$
|
7,008
|
|
|
|
|
|
|
$
|
6,534
|
|
|
|
||
Net interest spread (taxable equivalent basis)
|
|
|
|
|
2.87
|
%
|
|
|
|
|
|
2.91
|
%
|
||||
Net yield on interest-earning assets (taxable equivalent basis) (3)
|
|
|
|
|
3.16
|
%
|
|
|
|
|
|
3.14
|
%
|
(1)
|
For purposes 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 for 2018 and 2017 are based on a marginal tax rate of 21% and 34%, respectively.
|
(3)
|
Net interest income (taxable equivalent basis) divided by average interest-earning assets.
|
Analysis of Net Interest Income (Unaudited)
|
|||||||||||||||||
Six Months Ended June 30,
|
|||||||||||||||||
|
2018
|
|
2017
|
||||||||||||||
|
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)
|
$
|
709,221
|
|
$
|
15,297
|
|
4.35
|
%
|
|
$
|
650,513
|
|
$
|
13,612
|
|
4.22
|
%
|
Taxable investment securities (1)
|
155,738
|
|
1,881
|
|
2.44
|
|
|
146,026
|
|
1,572
|
|
2.17
|
|
||||
Tax-exempt investment securities (1) (2)
|
6,364
|
|
103
|
|
3.26
|
|
|
9,321
|
|
210
|
|
4.54
|
|
||||
Other interest-earning assets
|
15,217
|
|
153
|
|
2.03
|
|
|
5,130
|
|
60
|
|
2.36
|
|
||||
Total interest-earning assets
|
886,540
|
|
17,434
|
|
3.97
|
|
|
810,990
|
|
15,454
|
|
3.84
|
|
||||
Non-interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowance for loan losses
|
(8,750
|
)
|
|
|
|
|
|
(8,154
|
)
|
|
|
|
|
||||
Other assets
|
47,942
|
|
|
|
|
|
|
45,538
|
|
|
|
|
|
||||
Total assets
|
$
|
925,732
|
|
|
|
|
|
|
$
|
848,374
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing demand deposits
|
$
|
299,866
|
|
$
|
799
|
|
0.54
|
%
|
|
$
|
239,309
|
|
$
|
256
|
|
0.22
|
%
|
Savings deposits
|
85,241
|
|
43
|
|
0.10
|
|
|
91,813
|
|
47
|
|
0.10
|
|
||||
Time deposits
|
205,943
|
|
1,492
|
|
1.46
|
|
|
184,627
|
|
1,049
|
|
1.15
|
|
||||
FHLB-NY borrowing
|
52,684
|
|
457
|
|
1.75
|
|
|
75,754
|
|
562
|
|
1.50
|
|
||||
Subordinated debentures and subordinated notes
|
23,333
|
|
785
|
|
6.78
|
|
|
23,268
|
|
739
|
|
6.40
|
|
||||
Total interest-bearing liabilities
|
667,067
|
|
3,576
|
|
1.08
|
|
|
614,771
|
|
2,653
|
|
0.87
|
|
||||
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand deposits
|
180,136
|
|
|
|
|
|
|
170,019
|
|
|
|
|
|
||||
Other liabilities
|
4,092
|
|
|
|
|
|
|
2,992
|
|
|
|
|
|
||||
Stockholders' equity
|
74,437
|
|
|
|
|
|
|
60,592
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity
|
$
|
925,732
|
|
|
|
|
|
|
$
|
848,374
|
|
|
|
|
|
||
Net interest income (taxable equivalent basis)
|
|
|
13,858
|
|
|
|
|
|
|
12,801
|
|
|
|
||||
Tax equivalent adjustment
|
|
|
(27
|
)
|
|
|
|
|
|
(87
|
)
|
|
|
||||
Net interest income
|
|
|
$
|
13,831
|
|
|
|
|
|
|
$
|
12,714
|
|
|
|
||
Net interest spread (taxable equivalent basis)
|
|
|
|
|
2.89
|
%
|
|
|
|
|
|
2.97
|
%
|
||||
Net yield on interest-earning assets (taxable equivalent basis) (3)
|
|
|
|
|
3.15
|
%
|
|
|
|
|
|
3.18
|
%
|
(1)
|
For purposes 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 for 2018 and 2017 are based on a marginal tax rate of 21% and 34%, respectively.
|
(3)
|
Net interest income (taxable equivalent basis) divided by average interest-earning assets.
|
|
June 30,
2018 |
|
March 31,
2018 |
|
December 31,
2017 |
|
September 30,
2017 |
||||||||
|
(Dollars in thousands)
|
||||||||||||||
Nonaccrual loans (1)
|
$
|
1,283
|
|
|
$
|
1,136
|
|
|
$
|
1,194
|
|
|
$
|
806
|
|
Loans past due 90 days or more and accruing (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total nonperforming loans
|
1,283
|
|
|
1,136
|
|
|
1,194
|
|
|
806
|
|
||||
Total nonperforming assets
|
$
|
1,283
|
|
|
$
|
1,136
|
|
|
$
|
1,194
|
|
|
$
|
806
|
|
Allowance for loan losses
|
$
|
8,353
|
|
|
$
|
8,445
|
|
|
$
|
8,762
|
|
|
$
|
8,614
|
|
Nonperforming loans to total gross loans
|
0.18
|
%
|
|
0.16
|
%
|
|
0.17
|
%
|
|
0.12
|
%
|
||||
Nonperforming assets to total assets
|
0.14
|
%
|
|
0.12
|
%
|
|
0.13
|
%
|
|
0.09
|
%
|
||||
Allowance for loan losses to total gross loans
|
1.16
|
%
|
|
1.19
|
%
|
|
1.23
|
%
|
|
1.24
|
%
|
|
Actual
|
|
Required for
Capital
Adequacy
Purposes
|
|
To Be Well
Capitalized
Under Prompt
Corrective
Action
Regulations
|
|||
Tier 1 Leverage ratio
|
|
|
|
|
|
|
|
|
Corporation
|
9.15
|
%
|
|
4.00
|
%
|
|
N/A
|
|
Bank
|
10.36
|
%
|
|
4.00
|
%
|
|
5.00
|
%
|
Risk-based capital
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
|
|
|
|
|
|
|
|
|
Corporation
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
Bank
|
12.35
|
%
|
|
4.50
|
%
|
|
6.50
|
%
|
Tier 1
|
|
|
|
|
|
|
|
|
Corporation
|
11.10
|
%
|
|
4.00
|
%
|
|
N/A
|
|
Bank
|
12.35
|
%
|
|
6.00
|
%
|
|
8.00
|
%
|
Total
|
|
|
|
|
|
|
|
|
Corporation
|
14.28
|
%
|
|
8.00
|
%
|
|
N/A
|
|
Bank
|
13.42
|
%
|
|
8.00
|
%
|
|
10.00
|
%
|
|
Stewardship Financial Corporation
|
|
Date: August 9, 2018
|
By:
|
/s/ Paul Van Ostenbridge
|
|
|
Paul Van Ostenbridge
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date: August 9, 2018
|
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
|
|
|
|
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 June 30, 2018, 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
1
|
1 Year Stewardship Financial Chart |
1 Month Stewardship Financial Chart |
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