Indiana
|
82-4821705
|
||
(State or other jurisdiction of
|
(I.R.S. Employer
|
||
incorporation or organization)
|
Identification Number)
|
||
300 North Water Street, Salem, Indiana 47167 812-883-2639
|
|||
(Address of principal executive offices, zip code, telephone number) | |||
Not applicable | |||
(Former name, former address and former fiscal year, if changed since last report)
|
|||
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on
which registered
|
||
Common Stock, par value $.01 per share
|
MSVB
|
The NASDAQ Stock Market LLC
|
Part I
|
Financial Information
|
Page
|
|
|
|
|
Item 1. Consolidated Financial Statements
|
|
|
|
|
|
Consolidated Balance Sheets as of March 31, 2019
and December 31, 2018 (unaudited)
|
3
|
|
|
|
|
Consolidated Statements of Income for the three
months ended March 31, 2019 and 2018 (unaudited)
|
4
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the three
months ended March 31, 2019 and 2018 (unaudited)
|
5
|
|
|
|
|
Consolidated Statements of Changes in Stockholders' Equity
for the three months ended March 31, 2019 and 2018 (unaudited)
|
6
|
|
|
|
|
Consolidated Statements of Cash Flows for the three months
ended March 31, 2019 and 2018 (unaudited)
|
7
|
|
|
|
|
Notes to Consolidated Financial Statements (unaudited)
|
8-35
|
|
|
|
|
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
|
36-44
|
|
|
|
|
Item 3. Quantitative and Qualitative Disclosures About
Market Risk
|
44
|
|
|
|
|
Item 4. Controls and Procedures |
45
|
|
|
|
Part II
|
Other Information
|
|
|
|
|
|
Item 1. Legal Proceedings
|
46
|
|
|
|
|
Item 1A. Risk Factors
|
46
|
Item 2. Unregistered Sales of Equity Securities and
Use of Proceeds
|
46 | |
Item 3. Defaults Upon Senior Securities | 46 | |
|
Item 4. Mine Safety Disclosures
|
46
|
Item 5. Other Information | 46 | |
Item 6. Exhibits | 47 | |
|
|
|
Signatures
|
48
|
March 31,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
ASSETS
|
||||||||
Cash and due from banks
|
$
|
938
|
$
|
884
|
||||
Interest-bearing deposits with banks
|
9,117
|
11,816
|
||||||
Cash and cash equivalents
|
10,055
|
12,700
|
||||||
Securities available for sale, at fair value
|
50,971
|
53,140
|
||||||
Securities held to maturity
|
71
|
100
|
||||||
Loans, net
|
129,458
|
126,293
|
||||||
Federal Home Loan Bank stock, at cost
|
778
|
778
|
||||||
Real estate held for sale
|
239
|
239
|
||||||
Premises and equipment
|
1,904
|
1,928
|
||||||
Accrued interest receivable:
|
||||||||
Loans
|
454
|
435
|
||||||
Securities
|
317
|
396
|
||||||
Cash value of life insurance
|
3,737
|
3,718
|
||||||
Other assets
|
683
|
935
|
||||||
Total Assets
|
$
|
198,667
|
$
|
200,662
|
||||
LIABILITIES
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing
|
$
|
17,339
|
$
|
18,334
|
||||
Interest-bearing
|
131,148
|
132,774
|
||||||
Total deposits
|
148,487
|
151,108
|
||||||
Accrued expenses and other liabilities
|
568
|
711
|
||||||
Total Liabilities
|
149,055
|
151,819
|
||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock, 1,000,000 shares authorized, $0.01 par value,
|
||||||||
no shares issued and outstanding
|
-
|
-
|
||||||
Common stock, 30,000,000 shares authorized, $0.01 par value,
|
||||||||
3,565,430 shares issued and 3,565,196 shares outstanding
|
36
|
36
|
||||||
Additional paid-in capital
|
30,309
|
30,302
|
||||||
Retained earnings, substantially restricted
|
20,967
|
20,672
|
||||||
Accumulated other comprehensive gain (loss)
|
275
|
(166
|
)
|
|||||
Unearned ESOP shares
|
(1,971
|
)
|
(1,997
|
)
|
||||
Unearned stock compensation plan
|
(1
|
)
|
(1
|
)
|
||||
Treasury stock, at cost - 234 shares
|
(3
|
)
|
(3
|
)
|
||||
Total Stockholders' Equity
|
49,612
|
48,843
|
||||||
Total Liabilities and Stockholders' Equity
|
$
|
198,667
|
$
|
200,662
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2019
|
2018
|
|||||||
INTEREST INCOME
|
||||||||
Loans, including fees
|
$
|
1,542
|
$
|
1,344
|
||||
Investment securities:
|
||||||||
Mortgage-backed securities
|
149
|
106
|
||||||
Municipal tax exempt
|
165
|
102
|
||||||
Other debt securities
|
69
|
71
|
||||||
Federal Home Loan Bank dividends
|
13
|
13
|
||||||
Interest-bearing deposits with banks and time deposits
|
47
|
21
|
||||||
Total interest income
|
1,985
|
1,657
|
||||||
INTEREST EXPENSE
|
||||||||
Deposits
|
186
|
165
|
||||||
Borrowings
|
-
|
9
|
||||||
Total interest expense
|
186
|
174
|
||||||
Net interest income
|
1,799
|
1,483
|
||||||
Provision for loan losses
|
-
|
-
|
||||||
Net interest income after provision for loan losses
|
1,799
|
1,483
|
||||||
NONINTEREST INCOME
|
||||||||
Deposit account service charges
|
76
|
95
|
||||||
Increase in cash value of life insurance
|
18
|
18
|
||||||
ATM and debit card fee income
|
89
|
84
|
||||||
Other income
|
10
|
12
|
||||||
Total noninterest income
|
193
|
209
|
||||||
NONINTEREST EXPENSE
|
||||||||
Compensation and benefits
|
758
|
680
|
||||||
Occupancy and equipment
|
101
|
119
|
||||||
Data processing
|
296
|
180
|
||||||
Professional fees
|
149
|
107
|
||||||
Net gain on foreclosed real estate
|
-
|
(16
|
)
|
|||||
Directors' fees
|
44
|
45
|
||||||
Supervisory examinations
|
19
|
18
|
||||||
Deposit insurance premiums
|
13
|
14
|
||||||
Other expenses
|
182
|
147
|
||||||
Total noninterest expense
|
1,562
|
1,294
|
||||||
Income before income taxes
|
430
|
398
|
||||||
Income tax expense
|
68
|
77
|
||||||
Net Income
|
$
|
362
|
$
|
321
|
||||
Earnings per common share (1):
|
||||||||
Basic
|
$
|
0.11
|
$
|
0.09
|
||||
Diluted
|
$
|
0.11
|
$
|
0.09
|
(1) Per share amounts for 2018 have been restated to give retroactive recognition to the exchange ratio applied in the second-step mutual to stock conversion ("Conversion") (2.3462 to one). See Note 2 to the consolidated financial statements.
|
MID-SOUTHERN BANCORP, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
(In thousands) (Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2019
|
2018
|
|||||||
Net Income
|
$
|
362
|
$
|
321
|
||||
Other Comprehensive Income (Loss), net of tax
|
||||||||
Unrealized gains (losses) on securities available for sale:
|
||||||||
Net unrealized holding gains (losses) arising during the period
|
586
|
(817
|
)
|
|||||
Income tax (expense) benefit
|
(145
|
)
|
203
|
|||||
Net of tax amount
|
441
|
(614
|
)
|
|||||
Other Comprehensive Income (Loss), net of tax
|
441
|
(614
|
)
|
|||||
Total Comprehensive Income (Loss)
|
$
|
803
|
$
|
(293
|
)
|
MID-SOUTHERN BANCORP, INC.
|
||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||
(In thousands, except share information) (Unaudited)
|
||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
Other
|
Unearned
|
Unearned
|
|||||||||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Comprehensive
|
ESOP
|
Stock
|
Treasury
|
||||||||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
(Loss) Income
|
Shares
|
Compensation
|
Stock
|
Total
|
|||||||||||||||||||||||||
Balances at January 1, 2018
|
$
|
1,472
|
$
|
3,501
|
$
|
19,326
|
$
|
(47
|
)
|
$
|
-
|
$
|
(3
|
)
|
$
|
(95
|
)
|
$
|
24,154
|
|||||||||||||
Net income
|
-
|
-
|
321
|
-
|
-
|
-
|
-
|
321
|
||||||||||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
-
|
(614
|
)
|
-
|
-
|
-
|
(614
|
)
|
||||||||||||||||||||||
Grant of common stock for
|
||||||||||||||||||||||||||||||||
stock compensation
|
-
|
2
|
-
|
-
|
-
|
(2
|
)
|
-
|
-
|
|||||||||||||||||||||||
Balances at March 31, 2018
|
$
|
1,472
|
$
|
3,503
|
$
|
19,647
|
$
|
(661
|
)
|
$
|
-
|
$
|
(5
|
)
|
$
|
(95
|
)
|
$
|
23,861
|
|||||||||||||
Balances at January 1, 2019
|
$
|
36
|
$
|
30,302
|
$
|
20,672
|
$
|
(166
|
)
|
$
|
(1,997
|
)
|
$
|
(1
|
)
|
$
|
(3
|
)
|
$
|
48,843
|
||||||||||||
Net income
|
-
|
-
|
362
|
-
|
-
|
-
|
-
|
362
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
441
|
-
|
-
|
-
|
441
|
||||||||||||||||||||||||
Cash dividends ($0.02 per share)
|
-
|
-
|
(67
|
)
|
-
|
-
|
-
|
-
|
(67
|
)
|
||||||||||||||||||||||
ESOP shares committed to
|
||||||||||||||||||||||||||||||||
be released
|
-
|
7
|
-
|
-
|
26
|
-
|
-
|
33
|
||||||||||||||||||||||||
Balances at March 31, 2019
|
$
|
36
|
$
|
30,309
|
$
|
20,967
|
$
|
275
|
$
|
(1,971
|
)
|
$
|
(1
|
)
|
$
|
(3
|
)
|
$
|
49,612
|
MID-SOUTHERN BANCORP, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(In thousands) (Unaudited)
|
||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2019
|
2018
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$
|
362
|
$
|
321
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Amortization of premiums and accretion of discounts on securities, net
|
45
|
11
|
||||||
Depreciation expense
|
24
|
28
|
||||||
ESOP compensation expense
|
33
|
-
|
||||||
Deferred income taxes
|
3
|
22
|
||||||
Increase in cash value of life insurance
|
(18
|
)
|
(18
|
)
|
||||
Net realized and unrealized gain on foreclosed real estate
|
-
|
(16
|
)
|
|||||
Decrease in accrued interest receivable
|
60
|
4
|
||||||
Net change in other assets and liabilities
|
(40
|
)
|
(78
|
)
|
||||
Net Cash Provided By Operating Activities
|
469
|
274
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Principal collected on mortgage-backed securities available for sale
|
2,326
|
2,085
|
||||||
Proceeds from maturities of securities available for sale
|
385
|
-
|
||||||
Principal collected on mortgage-backed securities held to maturity
|
4
|
24
|
||||||
Proceeds from maturities of securities held to maturity
|
25
|
-
|
||||||
Net increase in loans receivable
|
(3,165
|
)
|
(1,495
|
)
|
||||
Proceeds from the sale of foreclosed real estate
|
-
|
243
|
||||||
Purchase of premises and equipment
|
-
|
(1
|
)
|
|||||
Investment in cash value of life insurance
|
(1
|
)
|
(1
|
)
|
||||
Net Cash (Used In) Provided By Investing Activities
|
(426
|
)
|
855
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net (decrease) increase in deposits
|
(2,621
|
)
|
4,744
|
|||||
Net increase in borrowings from Federal Home Loan Bank
|
-
|
3,000
|
||||||
Cash dividends paid
|
(67
|
)
|
-
|
|||||
Net Cash (Used In) Provided By Financing Activities
|
(2,688
|
)
|
7,744
|
|||||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(2,645
|
)
|
8,873
|
|||||
Cash and cash equivalents at beginning of period
|
12,700
|
7,464
|
||||||
Cash and Cash Equivalents at End of Period
|
$
|
10,055
|
$
|
16,337
|
Gross
|
Gross
|
|||||||||||||||
(In thousands)
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
March 31, 2019:
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Securities available for sale:
|
||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Agency MBS
|
$
|
8,931
|
$
|
-
|
$
|
177
|
$
|
8,754
|
||||||||
Agency CMO
|
13,437
|
133
|
97
|
13,473
|
||||||||||||
22,368
|
133
|
274
|
22,227
|
|||||||||||||
Other debt securities:
|
||||||||||||||||
Municipal obligations
|
28,236
|
584
|
76
|
28,744
|
||||||||||||
Total securities available
|
||||||||||||||||
for sale
|
$
|
50,604
|
$
|
717
|
$
|
350
|
$
|
50,971
|
||||||||
Securities held to maturity:
|
||||||||||||||||
Agency MBS
|
$
|
51
|
$
|
1
|
$
|
-
|
$
|
52
|
||||||||
Municipal obligations
|
20
|
-
|
-
|
20
|
||||||||||||
Total securities held to
|
||||||||||||||||
maturity
|
$
|
71
|
$
|
1
|
$
|
-
|
$
|
72
|
||||||||
December 31, 2018:
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
Mortgage-backed securities:
|
||||||||||||||||
Agency MBS
|
$
|
9,140
|
$
|
-
|
$
|
269
|
$
|
8,871
|
||||||||
Agency CMO
|
15,569
|
114
|
124
|
15,559
|
||||||||||||
24,709
|
114
|
393
|
24,430
|
|||||||||||||
Other debt securities:
|
||||||||||||||||
Municipal obligations
|
28,653
|
267
|
210
|
28,710
|
||||||||||||
Total securities available
|
||||||||||||||||
for sale
|
$
|
53,362
|
$
|
381
|
$
|
603
|
$
|
53,140
|
||||||||
Securities held to maturity:
|
||||||||||||||||
Agency MBS
|
$
|
55
|
$
|
1
|
$
|
-
|
$
|
56
|
||||||||
Municipal obligations
|
45
|
-
|
-
|
45
|
||||||||||||
Total securities held to
|
||||||||||||||||
maturity
|
$
|
100
|
$
|
1
|
$
|
-
|
$
|
101
|
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
(In thousands)
|
Cost
|
Value
|
Cost
|
Value
|
||||||||||||
Due in one year or less
|
$
|
-
|
$
|
-
|
$
|
20
|
$
|
20
|
||||||||
Due after one year through five years
|
850
|
889
|
-
|
-
|
||||||||||||
Due after five years through ten years
|
6,826
|
6,868
|
-
|
-
|
||||||||||||
Due after ten years
|
20,560
|
20,987
|
-
|
-
|
||||||||||||
28,236
|
28,744
|
20
|
20
|
|||||||||||||
MBS and CMO
|
22,368
|
22,227
|
51
|
52
|
||||||||||||
$
|
50,604
|
$
|
50,971
|
$
|
71
|
$
|
72
|
Number of
|
Gross
|
|||||||||||
(Dollars in thousands)
|
Investment
|
Fair
|
Unrealized
|
|||||||||
March 31, 2019:
|
Positions
|
Value
|
Losses
|
|||||||||
Securities available for sale:
|
||||||||||||
Continuous loss position less than 12 months:
|
||||||||||||
Agency CMO
|
1
|
1,893
|
8
|
|||||||||
Continuous loss position more than 12 months:
|
||||||||||||
Agency MBS
|
11
|
8,754
|
177
|
|||||||||
Agency CMO
|
4
|
3,802
|
89
|
|||||||||
Municipal obligations
|
6
|
3,622
|
76
|
|||||||||
Total more than 12 months
|
21
|
16,178
|
342
|
|||||||||
Total securities available for sale
|
22
|
$
|
18,071
|
$
|
350
|
Number of
|
Gross
|
|||||||||||
(Dollars in thousands)
|
Investment
|
Fair
|
Unrealized
|
|||||||||
Positions
|
Value
|
Losses
|
||||||||||
December 31, 2018:
|
||||||||||||
Securities available for sale:
|
||||||||||||
Continuous loss position less than 12 months:
|
||||||||||||
Municipal obligations
|
7
|
$
|
3,258
|
$
|
19
|
|||||||
Continuous loss position more than 12 months:
|
||||||||||||
Agency MBS
|
11
|
8,871
|
269
|
|||||||||
Agency CMO
|
6
|
5,666
|
124
|
|||||||||
Municipal obligations
|
21
|
11,611
|
191
|
|||||||||
Total more than 12 months
|
38
|
26,148
|
584
|
|||||||||
Total securities available for sale
|
45
|
$
|
29,406
|
$
|
603
|
March 31,
|
December 31,
|
|||||||
(In thousands)
|
2019
|
2018
|
||||||
Real estate mortgage loans:
|
||||||||
One-to-four family residential
|
$
|
80,896
|
$
|
80,322
|
||||
Multi-family residential
|
8,754
|
7,054
|
||||||
Commercial real estate
|
28,560
|
27,153
|
||||||
Commercial real estate construction
|
3,891
|
5,100
|
||||||
Commercial business loans
|
6,805
|
5,939
|
||||||
Consumer loans
|
2,036
|
2,199
|
||||||
Total loans
|
130,942
|
127,767
|
||||||
Deferred loan origination fees and costs, net
|
30
|
30
|
||||||
Allowance for loan losses
|
(1,514
|
)
|
(1,504
|
)
|
||||
Loans, net
|
$
|
129,458
|
$
|
126,293
|
One-to-Four
Family
Residential
|
Multi-Family
Residential
|
Construction
|
Commercial
Real Estate
|
Commercial
Business
|
Consumer
|
Total
|
|||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||||
Recorded Investment in Loans:
|
|||||||||||||||||||||||||||||
Principal loan balance
|
$
|
80,896
|
$
|
8,754
|
$
|
3,891
|
$
|
28,560
|
$
|
6,805
|
$
|
2,036
|
$
|
130,942
|
|||||||||||||||
Accrued interest receivable
|
288
|
21
|
6
|
98
|
34
|
7
|
454
|
||||||||||||||||||||||
Net deferred loan fees/costs
|
19
|
(9
|
)
|
(31
|
)
|
(5
|
)
|
11
|
45
|
30
|
|||||||||||||||||||
Recorded investment in loans
|
$
|
81,203
|
$
|
8,766
|
$
|
3,866
|
$
|
28,653
|
$
|
6,850
|
$
|
2,088
|
$
|
131,426
|
|||||||||||||||
Recorded Investment in Loans as Evaluated for Impairment:
|
|||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
2,661
|
$
|
-
|
$
|
-
|
$
|
840
|
$
|
455
|
$
|
-
|
$
|
3,956
|
|||||||||||||||
Collectively evaluated for impairment
|
78,542
|
8,766
|
3,866
|
27,813
|
6,395
|
2,088
|
127,470
|
||||||||||||||||||||||
Ending Balance
|
$
|
81,203
|
$
|
8,766
|
$
|
3,866
|
$
|
28,653
|
$
|
6,850
|
$
|
2,088
|
$
|
131,426
|
One-to-Four
Family
Residential
|
Multi-Family
Residential
|
Construction
|
Commercial
Real Estate
|
Commercial
Business
|
Consumer
|
Total
|
|||||||||||||||||||||||
(In thousands)
|
|||||||||||||||||||||||||||||
Recorded Investment in Loans:
|
|||||||||||||||||||||||||||||
Principal loan balance
|
$
|
80,322
|
$
|
7,054
|
$
|
5,100
|
$
|
27,153
|
$
|
5,939
|
$
|
2,199
|
$
|
127,767
|
|||||||||||||||
Accrued interest receivable
|
293
|
16
|
8
|
90
|
23
|
5
|
435
|
||||||||||||||||||||||
Net deferred loan fees/costs
|
16
|
(9
|
)
|
(31
|
)
|
(3
|
)
|
10
|
47
|
30
|
|||||||||||||||||||
Recorded investment in loans
|
$
|
80,631
|
$
|
7,061
|
$
|
5,077
|
$
|
27,240
|
$
|
5,972
|
$
|
2,251
|
$
|
128,232
|
|||||||||||||||
Recorded Investment in Loans as Evaluated for Impairment:
|
|||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
2,623
|
$
|
-
|
$
|
-
|
$
|
868
|
$
|
470
|
$
|
-
|
$
|
3,961
|
|||||||||||||||
Collectively evaluated for impairment
|
78,008
|
7,061
|
5,077
|
26,372
|
5,502
|
2,251
|
124,271
|
||||||||||||||||||||||
Ending Balance
|
$
|
80,631
|
$
|
7,061
|
$
|
5,077
|
$
|
27,240
|
$
|
5,972
|
$
|
2,251
|
$
|
128,232
|
One-to-Four
Family
Residential
|
Multi-Family
Residential
|
Construction
|
Commercial
Real Estate
|
Commercial
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
26
|
$
|
-
|
$
|
-
|
$
|
21
|
$
|
39
|
$
|
-
|
$
|
86
|
||||||||||||||
Collectively evaluated for impairment
|
966
|
75
|
38
|
262
|
64
|
23
|
1,428
|
|||||||||||||||||||||
Ending balance
|
$
|
992
|
$
|
75
|
$
|
38
|
$
|
283
|
$
|
103
|
$
|
23
|
$
|
1,514
|
One-to-Four
Family
Residential
|
Multi-Family
Residential
|
Construction
|
Commercial
Real Estate
|
Commercial
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
34
|
$
|
-
|
$
|
-
|
$
|
22
|
$
|
44
|
$
|
-
|
$
|
100
|
||||||||||||||
Collectively evaluated for impairment
|
978
|
59
|
48
|
237
|
54
|
28
|
1,404
|
|||||||||||||||||||||
Ending balance
|
$
|
1,012
|
$
|
59
|
$
|
48
|
$
|
259
|
$
|
98
|
$
|
28
|
$
|
1,504
|
One-to-Four
Family
Residential
|
Multi-Family
Residential
|
Construction
|
Commercial
Real Estate
|
Commercial
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
Allowance for Loan Losses:
|
(In thousands)
|
|||||||||||||||||||||||||||
Beginning balance
|
$
|
1,012
|
$
|
59
|
$
|
48
|
$
|
259
|
$
|
98
|
$
|
28
|
$
|
1,504
|
||||||||||||||
Provisions
|
(30
|
)
|
16
|
(10
|
)
|
24
|
5
|
(5
|
)
|
-
|
||||||||||||||||||
Charge-offs
|
-
|
-
|
-
|
-
|
-
|
(5
|
)
|
(5
|
)
|
|||||||||||||||||||
Recoveries
|
10
|
-
|
-
|
-
|
-
|
5
|
15
|
|||||||||||||||||||||
Ending balance
|
$
|
992
|
$
|
75
|
$
|
38
|
$
|
283
|
$
|
103
|
$
|
23
|
$
|
1,514
|
One-to-Four
Family
Residential
|
Multi-Family
Residential
|
Construction
|
Commercial
Real Estate
|
Commercial
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
Allowance for Loan Losses:
|
(In thousands)
|
|||||||||||||||||||||||||||
Beginning balance
|
$
|
1,070
|
$
|
220
|
$
|
20
|
$
|
269
|
$
|
111
|
$
|
33
|
$
|
1,723
|
||||||||||||||
Provisions
|
38
|
(29
|
)
|
7
|
(8
|
)
|
(8
|
)
|
-
|
-
|
||||||||||||||||||
Charge-offs
|
(72
|
)
|
-
|
-
|
-
|
-
|
(3
|
)
|
(75
|
)
|
||||||||||||||||||
Recoveries
|
9
|
-
|
-
|
2
|
-
|
3
|
14
|
|||||||||||||||||||||
Ending balance
|
$
|
1,045
|
$
|
191
|
$
|
27
|
$
|
263
|
$
|
103
|
$
|
33
|
$
|
1,662
|
At March 31, 2019
|
Three Months Ended
March 31, 2019
|
Three Months Ended
March 31, 2018
|
||||||||||||||||||||||||||
Unpaid
|
Average
|
Interest
|
Average
|
Interest
|
||||||||||||||||||||||||
Recorded
|
Principal
|
Related
|
Recorded
|
Income
|
Recorded
|
Income
|
||||||||||||||||||||||
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
Investment
|
Recognized
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Loans with no related allowance recorded:
|
||||||||||||||||||||||||||||
One-to-four family residential
|
$
|
1,637
|
$
|
1,945
|
$
|
-
|
$
|
1,424
|
$
|
8
|
$
|
1,694
|
$
|
3
|
||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Commercial real estate
|
375
|
379
|
-
|
385
|
1
|
651
|
4
|
|||||||||||||||||||||
Commercial business
|
45
|
45
|
-
|
48
|
-
|
10
|
-
|
|||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
$
|
2,057
|
$
|
2,369
|
$
|
-
|
$
|
1,857
|
$
|
9
|
$
|
2,355
|
$
|
7
|
|||||||||||||||
Loans with an allowance recorded:
|
||||||||||||||||||||||||||||
One-to-four family residential
|
$
|
264
|
$
|
314
|
$
|
26
|
$
|
454
|
$
|
3
|
$
|
696
|
$
|
8
|
||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Commercial real estate
|
351
|
350
|
21
|
354
|
5
|
361
|
6
|
|||||||||||||||||||||
Commercial business
|
410
|
462
|
39
|
415
|
6
|
511
|
7
|
|||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
$
|
1,025
|
$
|
1,126
|
$
|
86
|
$
|
1,223
|
$
|
14
|
$
|
1,568
|
$
|
21
|
|||||||||||||||
Total:
|
||||||||||||||||||||||||||||
One-to-four family residential
|
$
|
1,901
|
$
|
2,259
|
$
|
26
|
$
|
1,878
|
$
|
11
|
$
|
2,390
|
$
|
11
|
||||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Commercial real estate
|
726
|
729
|
21
|
739
|
6
|
1,012
|
10
|
|||||||||||||||||||||
Commercial business
|
455
|
507
|
39
|
463
|
6
|
521
|
7
|
|||||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
$
|
3,082
|
$
|
3,495
|
$
|
86
|
$
|
3,080
|
$
|
23
|
$
|
3,923
|
$
|
28
|
Unpaid
|
||||||||||||
Recorded
|
Principal
|
Related
|
||||||||||
Investment
|
Balance
|
Allowance
|
||||||||||
(In thousands) | ||||||||||||
Loans with no related allowance recorded:
|
||||||||||||
One-to-four family residential
|
$
|
1,212
|
$
|
1,614
|
$
|
-
|
||||||
Multi-family residential
|
-
|
-
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
394
|
398
|
-
|
|||||||||
Commercial business
|
50
|
49
|
-
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
$
|
1,656
|
$
|
2,061
|
$
|
-
|
|||||||
Loans with an allowance recorded:
|
||||||||||||
One-to-four family residential
|
$
|
645
|
$
|
691
|
$
|
34
|
||||||
Multi-family residential
|
-
|
-
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
357
|
356
|
22
|
|||||||||
Commercial business
|
420
|
474
|
44
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
$
|
1,422
|
$
|
1,521
|
$
|
100
|
|||||||
Total:
|
||||||||||||
One-to-four family residential
|
$
|
1,857
|
$
|
2,305
|
$
|
34
|
||||||
Multi-family residential
|
-
|
-
|
-
|
|||||||||
Construction
|
-
|
-
|
-
|
|||||||||
Commercial real estate
|
751
|
754
|
22
|
|||||||||
Commercial business
|
470
|
523
|
44
|
|||||||||
Consumer
|
-
|
-
|
-
|
|||||||||
$
|
3,078
|
$
|
3,582
|
$
|
100
|
At March 31, 2019
|
At December 31, 2018
|
|||||||||||||||||||||||
Loans 90+
|
Loans 90+
|
|||||||||||||||||||||||
Days
|
Total
|
Days
|
Total
|
|||||||||||||||||||||
Nonaccrual
|
Past Due
|
Nonperforming
|
Nonaccrual
|
Past Due
|
Nonperforming
|
|||||||||||||||||||
Loans
|
Still Accruing |
Loans
|
Loans
|
Still Accruing
|
Loans
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
One-to-four family residential
|
$
|
1,020
|
$
|
-
|
$
|
1,020
|
$
|
978
|
$
|
-
|
$
|
978
|
||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial real estate
|
295
|
-
|
295
|
313
|
-
|
313
|
||||||||||||||||||
Commercial business
|
-
|
-
|
-
|
4
|
-
|
4
|
||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
$
|
1,315
|
$
|
-
|
$
|
1,315
|
$
|
1,295
|
$
|
-
|
$
|
1,295
|
Over 90
|
||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Days
|
Total
|
Total
|
||||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
|||||||||||||||||||
March 31, 2019:
|
(In thousands)
|
|||||||||||||||||||||||
One-to-four family residential
|
$
|
2,263
|
$
|
138
|
$
|
157
|
$
|
2,558
|
$
|
78,645
|
$
|
81,203
|
||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
8,766
|
8,766
|
||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
3,866
|
3,866
|
||||||||||||||||||
Commercial real estate
|
5
|
-
|
-
|
5
|
28,648
|
28,653
|
||||||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
6,850
|
6,850
|
||||||||||||||||||
Consumer
|
12
|
-
|
-
|
12
|
2,076
|
2,088
|
||||||||||||||||||
Total
|
$
|
2,280
|
$
|
138
|
$
|
157
|
$
|
2,575
|
$
|
128,851
|
$
|
131,426
|
Over 90
|
||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
Days
|
Total
|
Total
|
||||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Current
|
Loans
|
|||||||||||||||||||
December 31, 2018:
|
||||||||||||||||||||||||
One-to-four family residential
|
$
|
1,912
|
$
|
853
|
$
|
205
|
$
|
2,970
|
$
|
77,661
|
$
|
80,631
|
||||||||||||
Multi-family residential
|
-
|
-
|
-
|
-
|
7,061
|
7,061
|
||||||||||||||||||
Construction
|
-
|
-
|
-
|
-
|
5,077
|
5,077
|
||||||||||||||||||
Commercial real estate
|
232
|
98
|
-
|
330
|
26,910
|
27,240
|
||||||||||||||||||
Commercial business
|
-
|
-
|
-
|
-
|
5,972
|
5,972
|
||||||||||||||||||
Consumer
|
-
|
-
|
-
|
-
|
2,251
|
2,251
|
||||||||||||||||||
Total
|
$
|
2,144
|
$
|
951
|
$
|
205
|
$
|
3,300
|
$
|
124,932
|
$
|
128,232
|
One-to-
Four
Family
|
Multi-
Family
Residential
|
Construction
|
Commercial
Real Estate
|
Commercial
Business
|
Consumer
|
Total
|
||||||||||||||||||||||
March 31, 2019:
|
(In thousands)
|
|||||||||||||||||||||||||||
Pass
|
$
|
79,085
|
$
|
8,766
|
$
|
3,866
|
$
|
28,017
|
$
|
6,395
|
$
|
2,088
|
$
|
128,217
|
||||||||||||||
Special mention
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Substandard
|
2,118
|
-
|
-
|
636
|
455
|
-
|
3,209
|
|||||||||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Total
|
$
|
81,203
|
$
|
8,766
|
$
|
3,866
|
$
|
28,653
|
$
|
6,850
|
$
|
2,088
|
$
|
131,426
|
||||||||||||||
December 31, 2018:
|
||||||||||||||||||||||||||||
Pass
|
$
|
78,487
|
$
|
7,061
|
$
|
5,077
|
$
|
26,578
|
$
|
5,502
|
$
|
2,251
|
$
|
124,956
|
||||||||||||||
Special mention
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Substandard
|
2,144
|
-
|
-
|
662
|
470
|
-
|
3,276
|
|||||||||||||||||||||
Doubtful
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Total
|
$
|
80,631
|
$
|
7,061
|
$
|
5,077
|
$
|
27,240
|
$
|
5,972
|
$
|
2,251
|
$
|
128,232
|
March 31, 2019
|
December 31, 2018
|
|||||||||||||||||||||||||||||||
Related
|
Related
|
|||||||||||||||||||||||||||||||
Allowance for |
Allowance for
|
|||||||||||||||||||||||||||||||
Accruing
|
Nonaccrual
|
Total
|
Loan Losses
|
Accruing
|
Nonaccrual
|
Total
|
Loan Losses
|
|||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||
One-to-four family residential
|
$
|
880
|
$
|
-
|
$
|
880
|
$
|
26
|
$
|
879
|
$
|
-
|
$
|
879
|
$
|
34
|
||||||||||||||||
Commercial real estate
|
431
|
150
|
581
|
21
|
439
|
155
|
594
|
22
|
||||||||||||||||||||||||
Commercial business
|
455
|
-
|
455
|
39
|
467
|
4
|
471
|
44
|
||||||||||||||||||||||||
Total
|
$
|
1,766
|
$
|
150
|
$
|
1,916
|
$
|
86
|
$
|
1,785
|
$
|
159
|
$
|
1,944
|
$
|
100
|
Three Months Ended March 31, 2019
|
Three Months Ended March 31, 2018
|
|||||||||||||||||||||||
Pre-Modification
|
Post-Modification
|
Pre-Modification
|
Post-Modification
|
|||||||||||||||||||||
Number of
|
Outstanding
|
Outstanding
|
Number of
|
Outstanding
|
Outstanding
|
|||||||||||||||||||
Contracts
|
Balance
|
Balance
|
Contracts
|
Balance
|
Balance
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
One-to-Four Family
Residential
|
-
|
$
|
-
|
$
|
-
|
1
|
$
|
44
|
$
|
71
|
||||||||||||||
Commercial real estate
|
1
|
158
|
158
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
1
|
$
|
158
|
$
|
158
|
1
|
$
|
44
|
$
|
71
|
Three Months Ended
|
||||||||
March 31,
|
March, 31
|
|||||||
(Dollars in thousands, except per share data)
|
2019
|
2018
|
||||||
Basic
|
||||||||
Earnings:
|
||||||||
Net income
|
$
|
362
|
$
|
321
|
||||
Shares:
|
||||||||
Weighted average common
|
||||||||
shares outstanding
|
3,366,385
|
3,452,203
|
||||||
Net income per common share, basic
|
$
|
0.11
|
$
|
0.09
|
||||
Diluted
|
||||||||
Earnings:
|
||||||||
Net income
|
$
|
362
|
$
|
321
|
||||
Shares:
|
||||||||
Weighted average common
|
||||||||
shares outstanding
|
3,366,385
|
3,452,203
|
||||||
Add: Dilutive effect of stock options
|
1,341
|
1,217
|
||||||
Add: Dilutive effect of restricted stock
|
144
|
49
|
||||||
Weighted average common
|
||||||||
shares outstanding, as adjusted
|
3,367,870
|
3,453,469
|
||||||
Net income per common share, diluted
|
$
|
0.11
|
$
|
0.09
|
7. |
Fair Value Measurements
|
Level 1: |
Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets
|
Level 2: |
Inputs to the valuation methodology include quoted market prices for similar assets or liabilities in active markets; quoted market prices for identical or similar assets or liabilities in markets that are not active; or inputs that are derived principally from or can be corroborated by observable market data by correlation or other means.
|
Level 3: |
Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
|
Carrying Value
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
March 31, 2019:
|
||||||||||||||||
Assets Measured on a Recurring Basis
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
Agency MBS
|
$
|
-
|
$
|
8,754
|
$
|
-
|
$
|
8,754
|
||||||||
Agency CMO
|
-
|
13,473
|
-
|
13,473
|
||||||||||||
Municipal obligations
|
-
|
28,744
|
-
|
28,744
|
||||||||||||
Total securities available for sale
|
$
|
-
|
$
|
50,971
|
$
|
-
|
$
|
50,971
|
||||||||
Assets Measured on a Nonrecurring Basis
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
One-to-four family residential
|
$
|
-
|
$
|
-
|
$
|
1,875
|
$
|
1,875
|
||||||||
Commercial real estate
|
-
|
-
|
705
|
705
|
||||||||||||
Commercial business
|
-
|
-
|
416
|
416
|
||||||||||||
Total impaired loans
|
$
|
-
|
$
|
-
|
$
|
2,996
|
$
|
2,996
|
||||||||
Real estate held for sale
|
$
|
-
|
$
|
-
|
$
|
239
|
$
|
239
|
||||||||
December 31, 2018:
|
||||||||||||||||
Assets Measured on a Recurring Basis
|
||||||||||||||||
Securities available for sale:
|
||||||||||||||||
Agency MBS
|
$
|
-
|
$
|
8,871
|
$
|
-
|
$
|
8,871
|
||||||||
Agency CMO
|
-
|
15,559
|
-
|
15,559
|
||||||||||||
Municipal obligations
|
-
|
28,710
|
-
|
28,710
|
||||||||||||
Total securities available for sale
|
$
|
-
|
$
|
53,140
|
$
|
-
|
$
|
53,140
|
||||||||
Assets Measured on a Nonrecurring Basis
|
||||||||||||||||
Impaired loans:
|
||||||||||||||||
One-to-four family residential
|
$
|
-
|
$
|
-
|
$
|
1,823
|
$
|
1,823
|
||||||||
Commercial real estate
|
-
|
-
|
729
|
729
|
||||||||||||
Commercial business
|
-
|
-
|
426
|
426
|
||||||||||||
Total impaired loans
|
$
|
-
|
$
|
-
|
$
|
2,978
|
$
|
2,978
|
||||||||
Real estate held for sale
|
$
|
-
|
$
|
-
|
$
|
239
|
$
|
239
|
Fair Value Measurements Using
|
||||||||||||||||
Carrying
|
||||||||||||||||
(In thousands)
|
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
March 31, 2019:
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
10,055
|
$
|
10,055
|
$
|
-
|
$
|
-
|
||||||||
Securities available for sale
|
50,971
|
-
|
50,971
|
-
|
||||||||||||
Securities held to maturity
|
71
|
-
|
71
|
-
|
||||||||||||
Loans, net
|
129,458
|
-
|
-
|
129,884
|
||||||||||||
FHLB stock
|
778
|
N/A
|
N/A
|
N/A
|
||||||||||||
Accrued interest receivable
|
771
|
-
|
771
|
-
|
||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
148,487
|
-
|
-
|
147,665
|
||||||||||||
December 31, 2018:
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
12,700
|
$
|
12,700
|
$
|
-
|
$
|
-
|
||||||||
Securities available for sale
|
53,140
|
-
|
53,140
|
-
|
||||||||||||
Securities held to maturity
|
100
|
-
|
100
|
-
|
||||||||||||
Loans, net
|
126,293
|
-
|
-
|
125,908
|
||||||||||||
FHLB stock
|
778
|
N/A
|
N/A
|
N/A
|
||||||||||||
Accrued interest receivable
|
831
|
-
|
831
|
-
|
||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
151,108
|
-
|
-
|
150,020
|
8. |
Recent Accounting Pronouncements
|
·
|
changes in economic conditions, either nationally or in our market area;
|
·
|
fluctuations in interest rates;
|
·
|
the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of our allowance for loan losses;
|
·
|
the possibility of other-than-temporary impairments of securities held in our securities portfolio;
|
·
|
our ability to access cost-effective funding;
|
·
|
fluctuations in the demand for loans, the number of unsold homes, land and other properties, and fluctuations in real estate values and both residential and commercial and multifamily real estate market conditions in our market area;
|
·
|
secondary market conditions for loans and our ability to originate loans for sale and sell loans in the secondary market;
|
·
|
our ability to attract and retain deposits;
|
·
|
our ability to successfully integrate any assets, liabilities, customers, systems and management personnel we may acquire into our operations and our ability to realize related revenue synergies and expected cost savings and other benefits within the anticipated time frames or at all;
|
·
|
legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules;
|
·
|
monetary and fiscal policies of the Federal Reserve and the U.S. Government and other governmental initiatives affecting the financial services industry;
|
·
|
results of examinations of Mid-Southern Bancorp and Mid-Southern Savings Bank by their regulators, including the possibility that the regulators may, among other things, require us to increase our allowance for loan losses or to write-down assets, change Mid-Southern Savings Bank's regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings;
|
·
|
our ability to control operating costs and expenses;
|
·
|
the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation;
|
·
|
difficulties in reducing risks associated with the loans on our balance sheet;
|
·
|
staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges;
|
·
|
disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions;
|
·
|
our ability to retain key members of our senior management team;
|
·
|
costs and effects of litigation, including settlements and judgments;
|
·
|
our ability to implement our business strategies;
|
·
|
increased competitive pressures among financial services companies;
|
·
|
changes in consumer spending, borrowing and savings habits;
|
·
|
the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions;
|
·
|
our ability to pay dividends on our common stock;
|
·
|
adverse changes in the securities markets;
|
·
|
the inability of key third-party providers to perform their obligations to us;
|
·
|
statements with respect to our intentions regarding disclosure and other changes resulting from the JOBS Act;
|
·
|
changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; and
|
·
|
other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described from time to time in our filings with the SEC, including our 2018 Form 10-K.
|
·
|
Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices;
|
·
|
National, regional and local economic and business conditions as well as the condition of various market segments;
|
·
|
Nature and volume of the portfolio and terms of the loans;
|
·
|
Experience, ability and depth of the lending management and staff;
|
·
|
Changes in the value of underlying collateral for collateral-dependent loans;
|
·
|
The existence and effect of any concentrations of credit, and changes in the level of such concentrations;
|
·
|
The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio;
|
·
|
Volume and severity of past due, classified and non-accrual loans, as well as other loan modifications; and
|
·
|
Quality of our loan review system and the degree of oversight by our board of directors.
|
Minimum for Capital
|
Minimum to be Well
|
|||||||||||||||||||||||
Adequacy Purposes
|
Capitalized under
|
|||||||||||||||||||||||
with Capital
|
Prompt Corrective
|
|||||||||||||||||||||||
Actual
|
Conservation Buffer:
|
Action Provisions:
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
As of March 31, 2019:
|
||||||||||||||||||||||||
Total Capital (to risk
|
||||||||||||||||||||||||
weighted assets)
|
|
$37,976
|
32.4
|
%
|
|
$12,296
|
10.500
|
%
|
|
$ 11,710
|
10.0
|
%
|
||||||||||||
Tier 1 Capital (to risk
|
||||||||||||||||||||||||
weighted assets)
|
|
$36,512
|
31.2
|
%
|
|
$ 9,954
|
8.500
|
%
|
|
$ 9,368
|
8.0
|
%
|
||||||||||||
Common equity Tier 1
|
||||||||||||||||||||||||
Capital (to risk
|
||||||||||||||||||||||||
weighted assets)
|
|
$36,512
|
31.2
|
%
|
|
$ 8,197
|
7.000
|
%
|
|
$ 7,612
|
6.5
|
%
|
||||||||||||
Tier 1 Capital (to average
|
||||||||||||||||||||||||
adjusted total assets)
|
|
$36,512
|
18.3
|
%
|
|
$ 7,983
|
4.000
|
%
|
|
$ 9,979
|
5.0
|
%
|
||||||||||||
As of December 31, 2018:
|
||||||||||||||||||||||||
Total Capital (to risk
|
||||||||||||||||||||||||
weighted assets)
|
|
$37,542
|
31.9
|
%
|
|
$11,608
|
9.875
|
%
|
|
$11,755
|
10.0
|
%
|
||||||||||||
Tier 1 Capital (to risk
|
||||||||||||||||||||||||
weighted assets)
|
|
$36,073
|
30.7
|
%
|
|
$ 9,257
|
7.875
|
%
|
|
$ 9,404
|
8.0
|
%
|
||||||||||||
Common equity Tier 1
|
||||||||||||||||||||||||
Capital (to risk
|
||||||||||||||||||||||||
weighted assets)
|
|
$36,073
|
30.7
|
%
|
|
$ 7,494
|
6.375
|
%
|
|
$ 7,641
|
6.5
|
%
|
||||||||||||
Tier 1 Capital (to average
|
||||||||||||||||||||||||
adjusted total assets)
|
|
$36,073
|
18.0
|
%
|
|
$ 8,024
|
4.000
|
%
|
|
$10,030
|
5.0
|
%
|
101 |
The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statement of Changes in Stockholders' Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to the Consolidated Financial Statements.
|
(1) |
Filed as exhibits to Mid-Southern Bancorp, Inc.'s Registration Statement on Form S-1 (333-223875).
|
(2) |
Filed as an exhibit to Mid-Southern Bancorp, Inc.'s Registration Statement on Form S-8 (333-226919).
|
|
MID-SOUTHERN BANCORP, INC.
(Registrant)
|
|
|
|
|
|
|
Dated May 13, 2019
|
BY: /s/Alexander G. Babey
|
|
Alexander G. Babey
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
Dated May 13, 2019
|
BY: /s/ Erica B. Schmidt
|
|
Erica B. Schmidt
|
|
Executive Vice President, Chief Financial
Officer and Treasurer
(Principal Financial and Accounting Officer)
|
Exhibit No.
|
Exhibit Index
Description
|
|
101
|
The following materials from the Company's Quarterly Report on Form 10‑Q for the quarter ended March 31, 2019 formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Income; (iii) Consolidated Statements of Comprehensive Income; (iv) Consolidated Statements of Changes in Stockholders' Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements.
|
1. |
I have reviewed this quarterly report on Form 10-Q of Mid-Southern Bancorp, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and in preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: May 13, 2019 |
/s/ Alexander G. Babey
Alexander G. Babey
President and Chief Executive Officer |
1. |
I have reviewed this quarterly report on Form 10-Q of Mid-Southern Bancorp, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and in preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5. |
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: May 13, 2019 |
/s/ Erica B. Schmidt
Erica B. Schmidt Executive Vice President, Chief Financial Officer and Treasurer |
|
|
DATE: May 13, 2019
|
/s/Alexander G. Babey
|
|
Alexander G. Babey
|
|
President and Chief
Executive Officer
(Principal Executive Officer)
|
|
|
|
|
DATE: May 13, 2019
|
/s/ Erica B. Schmidt
|
|
Erica B. Schmidt
|
|
Executive Vice President, Chief
Financial Officer and Treasurer
(Principal Financial and Accounting
Officer)
|
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
May 01, 2019 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Mid-Southern Bancorp, Inc. | |
Entity Central Index Key | 0001734875 | |
Trading Symbol | msvb | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 3,565,196 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, no par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued | 3,565,430 | 3,565,430 |
Common stock, shares outstanding | 3,565,196 | 3,565,196 |
Treasury stock, shares | 234 | 234 |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Parentheticals) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Income Statement [Abstract] | |
Description of exchange ratio conversion | 2.3462 to one |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 362 | $ 321 |
Unrealized gains (losses) on securities available for sale: | ||
Net unrealized holding gains (losses) arising during the period | 586 | (817) |
Income tax (expense) benefit | (145) | 203 |
Net of tax amount | 441 | (614) |
Other Comprehensive Income (Loss), net of tax | 441 | (614) |
Total Comprehensive Income (Loss) | $ 803 | $ (293) |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss) Income |
Unearned ESOP Shares |
Unearned Stock Compensation |
Treasury Stock |
Total |
---|---|---|---|---|---|---|---|---|
Balances at Dec. 31, 2017 | $ 1,472 | $ 3,501 | $ 19,326 | $ (47) | $ (3) | $ (95) | $ 24,154 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 321 | 321 | ||||||
Other comprehensive income (loss) | (614) | (614) | ||||||
Grant of common stock for stock compensation | 2 | (2) | ||||||
Balances at Mar. 31, 2018 | 1,472 | 3,503 | 19,647 | (661) | (5) | (95) | 23,861 | |
Balances at Dec. 31, 2018 | 36 | 30,302 | 20,672 | (166) | $ (1,997) | (1) | (3) | 48,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 362 | 362 | ||||||
Other comprehensive income (loss) | 441 | 441 | ||||||
Cash dividends ($0.02 per share) | (67) | (67) | ||||||
ESOP shares committed to be released | 7 | 26 | 33 | |||||
Balances at Mar. 31, 2019 | $ 36 | $ 30,309 | $ 20,967 | $ 275 | $ (1,971) | $ (1) | $ (3) | $ 49,612 |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parentheticals) |
3 Months Ended |
---|---|
Mar. 31, 2019
$ / shares
| |
Statement of Stockholders' Equity [Abstract] | |
Cash dividend per share amount | $ 0.02 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 362 | $ 321 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of premiums and accretion of discounts on securities, net | 45 | 11 |
Depreciation expense | 24 | 28 |
ESOP compensation expense | 33 | |
Deferred income taxes | 3 | 22 |
Increase in cash value of life insurance | (18) | (18) |
Net realized and unrealized gain on foreclosed real estate | (16) | |
Decrease in accrued interest receivable | 60 | 4 |
Net change in other assets and liabilities | (40) | (78) |
Net Cash Provided By Operating Activities | 469 | 274 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Principal collected on mortgage-backed securities available for sale | 2,326 | 2,085 |
Proceeds from maturities of securities available for sale | 385 | |
Principal collected on mortgage-backed securities held to maturity | 4 | 24 |
Proceeds from maturities of securities held to maturity | 25 | |
Net increase in loans receivable | (3,165) | (1,495) |
Proceeds from the sale of foreclosed real estate | 243 | |
Purchase of premises and equipment | (1) | |
Investment in cash value of life insurance | (1) | (1) |
Net Cash (Used In) Provided By Investing Activities | (426) | 855 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (decrease) increase in deposits | (2,621) | 4,744 |
Net increase in borrowings from Federal Home Loan Bank | 3,000 | |
Cash dividends paid | (67) | |
Net Cash (Used In) Provided By Financing Activities | (2,688) | 7,744 |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,645) | 8,873 |
Cash and cash equivalents at beginning of period | 12,700 | 7,464 |
Cash and Cash Equivalents at End of Period | $ 10,055 | $ 16,337 |
Presentation of Interim Information |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Interim Information | 1. Presentation of Interim Information
Mid-Southern Bancorp, Inc., (the "Company") was incorporated in January 2018 and became the holding company for Mid-Southern Savings Bank, FSB (the "Bank"), on July 11, 2018, upon the completion of the Bank's conversion from the mutual holding company ownership structure and the Company's related public stock offering. Please see Note 2 – Conversion and Stock Issuance for more information. Accordingly, the reported results and financial information for periods ending prior to September 30, 2018 relate solely to the Bank and its wholly-owned subsidiary, Mid-Southern Investments, Inc.
The accompanying unaudited consolidated financial statements and notes have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K filed with the SEC on March 22, 2019 ("2018 Form 10-K").
In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the unaudited interim consolidated financial statements in accordance with GAAP have been included. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period.
The unaudited consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders' equity. In preparing the unaudited consolidated financial statements, we are required to make estimates and assumptions that affect the reported
amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the allowance for loan losses, the valuation of foreclosed real estate and the underlying collateral of impaired loans, deferred tax assets, and the fair value of financial instruments.
As an "emerging growth company," as defined in Title 1 of Jumpstart Our Business Startups ("JOBS") Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of March 31, 2019, the Company does not believe there is a significant difference in the comparability of the financial statements as a result of this extended transition period, however, the Company's assessment of its revenue recognition policies under the Financial Accounting Standards Board ("FASB") topic 606 is not yet complete.
|
Conversion and Stock Issuance |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Conversion And Stock Issuance [Abstract] | |
Conversion and Stock Issuance | 2. Conversion and Stock Issuance
The Company, an Indiana corporation, was organized by Mid-Southern, M.H.C. ("the MHC") and the Bank in connection with the MHC's plan of conversion from mutual to stock form of ownership (the "Conversion"). Upon consummation of the Conversion, which occurred on July 11, 2018, the Company became the holding company for the Bank and now owns all of the issued and outstanding shares of the Bank's common stock.
In connection with the Conversion, the Company sold a total of 2,559,871 shares of common stock in an offering to certain depositors of the Bank and others, including 204,789 shares purchased by the Bank's employee stock ownership plan ("ESOP") funded by a loan from the Company (see Note 6). All shares were sold at a purchase price of $10.00 per share. Costs to complete the stock offering were deducted from the gross proceeds of the offering.
Proceeds from the offering, net of $1.2 million in expenses, totaled $24.4 million. The Company used $2.0 million of the net proceeds to fund the ESOP and made a $10.2 million capital contribution to the Bank. In addition, concurrent with the offering, shares of Bank common stock owned by public stockholders were exchanged for 2.3462 shares of the Company's common stock, with cash being paid in lieu of issuing any fractional shares. As a result of the offering, exchange and cash in lieu of fractional shares, the Company issued 3,565,430 shares.
The Company has established a liquidation account in an amount equal to the MHC's ownership interest in the stockholders' equity of the Bank as reflected in the latest consolidated balance sheet contained in the final prospectus plus the value of the net assets of the MHC as reflected in the latest balance sheet of the MHC prior to the effective date of the conversion (excluding its ownership of Bank common stock). The liquidation account will be maintained for the benefit of eligible account holders who maintain deposit accounts with the Bank after conversion.
The conversion has been accounted for as a change in corporate form with the historic basis of the Bank's assets, liabilities and equity unchanged as a result.
|
Investment Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | 3. Investment Securities
Investment securities have been classified in the consolidated balance sheets according to management's intent. Debt securities held by the Company include mortgage-backed securities and other debt securities issued by the Government National Mortgage Association ("GNMA"), a U.S. government agency, and mortgage-backed securities and collateralized mortgage obligations issued by the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"), which are government-sponsored enterprises. Mortgage-backed securities ("MBS") represent participating interests in pools of long-term first mortgage loans originated and serviced by the issuers of the securities. Collateralized mortgage obligations ("CMO") are complex mortgage-backed securities that restructure the cash flows and risks of the underlying mortgage collateral. The Company also holds debt securities issued by municipalities and political subdivisions of state and local governments.
Investment securities at March 31, 2019 and December 31, 2018 are summarized as follows:
The amortized cost and fair value of debt securities as of March 31, 2019, by contractual maturity, are shown below. Expected maturities of MBS and CMO may differ from contractual maturities because the mortgages underlying the obligations may be prepaid without penalty.
Information pertaining to investment securities available for sale with gross unrealized losses at March 31, 2019, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. At March 31, 2019, the Company did not have any securities held to maturity with an unrealized loss.
Information pertaining to investment securities available for sale with gross unrealized losses at December 31, 2018, aggregated by investment category and the length of time that individual investment securities have been in a continuous position, follows. At December 31, 2018, the Company did not have any securities held to maturity with an unrealized loss.
Management evaluates securities for other-than-temporary impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recover in fair value.
At March 31, 2019, the debt securities in the available for sale classification in a loss position had depreciated approximately 1.9% from the amortized cost basis. All of the debt securities in a loss position at March 31, 2019 were backed by residential first mortgage loans or were obligations issued by federal or local government-sponsored enterprises. These unrealized losses relate principally to current interest rates for similar types of securities. In analyzing an issuer's financial condition for purposes of evaluating whether declines in value are other-than-temporary, management considers whether the securities are issued by the federal government, its agencies or sponsored enterprises or local governments, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer's financial condition. As the Company has the ability to hold the debt securities until maturity, or for the foreseeable future if classified as available for sale, no declines are deemed to be other-than-temporary.
While management does not anticipate any credit-related impairment losses at March 31, 2019, additional deterioration in market and economic conditions may have an adverse impact on credit quality in the future.
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Loans and Allowance for Loan Losses |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | 4. Loans and Allowance for Loan Losses
The Company's loan and allowance for loan loss policies are as follows:
Loans Held for Investment. Loans are stated at unpaid principal balances, less net deferred loan fees and the allowance for loan losses. The Company grants real estate mortgages, commercial business and consumer loans. A substantial portion of the loan portfolio is represented by mortgage loans to customers in southern Indiana. The ability of the Company's customers to honor their contracts is dependent upon the real estate and general economic conditions in this area.
Loan origination and commitment fees, as well as certain direct costs of underwriting and closing loans, are deferred and amortized as a yield adjustment to interest income over the lives of the related loans using the interest method. Amortization of net deferred loan fees is discontinued when a loan is placed on nonaccrual status.
Nonaccrual Loans. The recognition of income on a loan is discontinued and previously accrued interest is reversed when interest or principal payments become 90 days past due unless, in the opinion of management, the outstanding interest remains collectible. Past due status is determined based on contractual terms. Generally, by applying the cash receipts method, interest income is subsequently recognized only as received until the loan is returned to accrual status. The cash receipts method is used when the likelihood of further loss on the loan is remote. Otherwise, the Company applies the cost recovery method and applies all payments as a reduction of the unpaid principal balance until the loan qualifies for return to accrual status. Interest income on impaired loans is recognized using the cost recovery method, unless the likelihood of further loss on the loan is remote.
A loan is restored to accrual status when all principal and interest payments are brought current and the borrower has demonstrated the ability to make future payments of principal and interest as scheduled, which generally requires that the borrower demonstrate a period of performance of at least six consecutive months.
Allowance for Loan Losses. The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Additions to the allowance for loan losses are made by the provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.
The Company uses a disciplined process and methodology to evaluate the allowance for loan losses on at least a quarterly basis that is based upon management's periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.
The allowance consists of specific and general components. The specific component relates to loans that are individually evaluated for impairment or loans otherwise classified as doubtful or substandard. For such loans that are classified as impaired, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan.
The general component covers non-classified loans and classified loans that are found, upon individual evaluation, to not be impaired. Such loans are pooled by portfolio segment and losses are modeled using annualized historical loss experience
adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the Company's actual loss history over the most recent twenty calendar quarters unless the historical loss experience is not considered indicative of the level of risk in the remaining balance of a particular portfolio segment, in which case an adjustment is determined by management. The Company's historical loss experience is then adjusted for qualitative factors that are reviewed on a quarterly basis.
Management's determination of the allowance for loan losses considers changes and trends in the following qualitative loss factors: lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices and management experience, national and local economic conditions, new loan trends, past due and nonaccrual loans, loan reviews, collateral values, credit concentrations and other internal and external factors such as competition, legal and regulatory changes. Each loan pool's historical loss rate is adjusted based on positive or negative changes in the qualitative loss factor. This adjustment is what determines the adjust loss rate used in management's allowance for loan loss adequacy calculation.
Management exercises significant judgment in evaluating the relevant historical loss experience and the qualitative factors. Management also monitors the differences between estimated and actual incurred loan losses for loans considered impaired in order to evaluate the effectiveness of the estimation process and make any changes in the methodology as necessary.
The following portfolio segments are considered in the allowance for loan loss analysis: one-to-four family residential real estate, multi-family residential real estate, residential construction, commercial construction, commercial real estate non owner occupied, commercial real estate owner occupied, junior liens, home equity lines of credit, commercial business, and consumer loans.
Residential real estate loans primarily consist of loans to individuals for the purchase or refinance of their primary residence, with a smaller portion of the segment secured by non-owner-occupied residential investment properties and multi-family residential investment properties. Also, included within the residential real estate loan portfolio are home equity loans and junior lien loans, which are secured by liens on the borrower's personal residence. The risks associated with residential real estate loans are closely correlated to the local housing market and general economic conditions, as repayment of the loans is primarily dependent on the borrower's or tenant's personal cash flow and employment status.
The Company's construction loan portfolio consists of single-family residential properties, multi-family properties and commercial projects, and includes both owner-occupied and speculative investment properties. Risks inherent in construction lending are related to the market value of the property held as collateral, the cost and timing of constructing or improving a property, the borrower's ability to use funds generated by a project to service a loan until a project is completed, movements in interest rates and the real estate market during the construction phase, and the ability of the borrower to obtain permanent financing.
Commercial real estate loans are comprised of loans secured by various types of collateral including farmland, office buildings, warehouses, retail space and mixed-use buildings located in the Company's primary lending area. Risks related to commercial real estate lending are related to the market value of the property taken as collateral, the underlying cash flows and general economic condition of the local real estate market. Repayment of these loans is generally dependent on the ability of the borrower to attract tenants at lease rates or general business operating cash flows that provide for adequate debt service and can be impacted by local economic conditions which impact vacancy rates and the general level of business activity. The Company generally obtains loan guarantees from financially capable parties for commercial real estate loans.
Commercial business loans include lines of credit to businesses, term loans and letters of credit secured by business assets such as equipment, accounts receivable, inventory, or other assets excluding real estate and are generally made to finance capital expenditures or fund operations. Commercial loans contain risks related to the value of the collateral securing the loan and the repayment is primarily dependent upon the financial success and viability of the borrower. As with commercial real estate loans, the Company generally obtains loan guarantees from financially capable parties for commercial business loans.
Consumer loans consist primarily of home improvement loans, automobile and truck loans, boat loans, mobile home loans, loans secured by savings deposits, and other personal loans. The risks associated with these loans are related to the local housing market and local economic conditions including the unemployment level.
Loan Charge-Offs. For portfolio segments other than consumer loans, the Company's practice is to charge-off any loan or portion of a loan when the loan is determined by management to be uncollectible due to the borrower's failure to meet repayment terms, the borrower's deteriorating or deteriorated financial condition, the depreciation of the underlying collateral, the loan's classification as a loss by regulatory examiners, or for other reasons. A partial charge-off is recorded on a loan when the collectability of a portion of the loan has been confirmed, such as when a loan is discharged in bankruptcy, the collateral is liquidated, a loan is restructured at a reduced principal balance, or other identifiable events that lead management to determine the full principal balance of the loan will not be repaid. A specific reserve is recognized as a component of the allowance for estimated losses on loans individually evaluated for impairment. Partial charge-offs on nonperforming and impaired loans are included in the Company's historical loss experience used to estimate the general component of the allowance for loan losses as discussed above. Specific reserves are not considered charge-offs in management's evaluation of the general component of the allowance for loan losses because they are estimates and the outcome of the loan relationship is undetermined. At March 31, 2019, the Company had 12 loans for which partial charge-offs in the aggregate of $247,000 had been recorded.
Consumer loans not secured by real estate are typically charged off at 90 days past due, or earlier if deemed uncollectible, unless the loans are in the process of collection. Overdrafts are charged off after 60 days past due. A charge-off is typically recorded on a loan secured by real estate when the property is foreclosed upon when the carrying value of the loan exceeds the property's fair value less the estimated costs to sell.
Impaired Loans. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's obtainable market price, or the fair value of the collateral if the loan is collateral dependent.
Values for collateral dependent loans are generally based on appraisals obtained from independent licensed real estate appraisers, with adjustments applied for estimated costs to sell the property, costs to complete unfinished or repair damaged property and other factors. New appraisals or valuations are generally obtained for all significant properties (if the value is estimated to exceed $100,000) when a loan is identified as impaired. Subsequent appraisals are
obtained or an internal evaluation is prepared annually, or more frequently if management believes there has been a significant change in the market value of a collateral property securing a collateral dependent impaired loan. In instances where it is not deemed necessary to obtain a new appraisal, management bases its impairment evaluation on the original appraisal with adjustments for current conditions based on management's assessment of market factors and inspection of the property.
At March 31, 2019 and December 31, 2018, the recorded investments in loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $96,000 and $170,000, respectively.
Loans at March 31, 2019 and December 31, 2018 consisted of the following:
The following table provides the components of the Company's recorded investment in loans at March 31, 2019:
The following table provides the components of the Company's recorded investment in loans at December 31, 2018:
An analysis of the allowance for loan losses as of March 31, 2019 is as follows:
An analysis of the allowance for loan losses as of December 31, 2018 is as follows:
An analysis of the changes in the allowance for loan losses for the three months ended March 31, 2019 is as follows:
An analysis of the changes in the allowance for loan losses for the three months ended March 31, 2018 is as follows:
The following table summarizes the Company's impaired loans as of March 31, 2019 and for the three months ended March 31, 2019 and March 31, 2018. The Company did not recognize any interest income on impaired loans using the cash receipts method of accounting for either of the three-month periods ended March 31, 2019 and 2018:
The following table summarizes the Company's impaired loans as of December 31, 2018:
Nonperforming loans consists of nonaccrual loans and loans over 90 days past due and still accruing interest. The following table presents the recorded investment in nonperforming loans at March 31, 2019 and December 31, 2018:
The following tables present the aging of the recorded investment in loans at March 31, 2019 and December 31, 2018:
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, public information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company classifies loans based on credit risk at least quarterly. The Company uses the following regulatory definitions for risk ratings:
Special Mention: Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit
position at some future date.
Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
Loss: Loans classified as loss are considered uncollectible and of such little value that their continuance on the institution's books as an asset is not warranted.
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans.
The following table presents the recorded investment in loans by risk category as of the dates indicated:
Modification of a loan is considered to be a troubled
debt restructuring ("TDR") if the debtor is experiencing financial difficulties and the Company grants a concession to the debtor that it would not otherwise consider. By granting the concession, the Company expects to obtain more cash or other value from the debtor, or to increase the probability of receipt, than would be expected by not granting the concession. The concession may include, but is not limited to, reduction of the stated interest rate of the loan, reduction of accrued interest, extension of the maturity date or reduction of the face amount of the debt. A concession will be granted when, as a result of the restructuring, the Company does not expect to collect all amounts due, including interest at the original stated rate. A concession may also be granted if the debtor is not able to access funds elsewhere at a market rate for debt with similar risk characteristics as the restructured debt. The Company's determination of whether a loan modification is a TDR considers the individual facts and circumstances surrounding each modification.
A TDR can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the restructuring. A TDR on nonaccrual status is restored to accrual status when the borrower has demonstrated the ability to make future payments in accordance with the restructured terms, including consistent and timely payments for at least six consecutive months in accordance with the restructured terms.
The following table summarizes the Company's TDRs by accrual status as of March 31, 2019 and December 31, 2018:
At both March 31, 2019 and December 31, 2018 there were no
commitments to lend additional funds to debtors whose loan terms have been modified in a TDR (both accruing and nonaccruing).
The following table summarizes information in regard to TDRs that were restructured during the three months ended March 31, 2019 and 2018:
For TDRs that were restructured during the three months ended March 31, 2019 and 2018, the terms of modifications included a reduction of the stated interest rate, extension of the maturity date, and the renewal or refinancing of loans where the debtor was unable to access funds elsewhere at a market interest rate for debt with similar risk characteristics.
There were no principal charge-offs recorded as a result of TDRs and there was no specific allowance for loan losses related to TDRs modified during the three months ended March 31, 2019 and 2018.
There were no TDRs modified within the previous 12 months for which there was a subsequent payment default (defined as the loan becoming more than 90 days past due, being moved to nonaccrual status, or the collateral being foreclosed upon) during the three months ended March 31, 2019 and 2018. In the event that a TDR subsequently defaults, the Company evaluates the restructuring for possible impairment. As a result, the related allowance for loan losses may be increased or charge-offs may be taken to reduce the carrying amount of the loan.
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Supplemental Disclosure for Earnings Per Share |
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Supplemental Disclosure for Earnings Per Share | 5. Supplemental Disclosure for Earnings Per Share
Nonvested restricted stock shares and unallocated ESOP shares are not considered as outstanding for purposes of computing weighted average common shares outstanding. No stock options for common stock and no restricted stock awards were excluded from the calculation of diluted net income per common share because their effect was antidilutive for the three months ended March 31, 2019 and 2018. Share amounts for 2018 have been restated to give retroactive recognition to the exchange ratio applied in the Conversion (2.3462 to one).
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Employee Stock Ownership Plan |
3 Months Ended |
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Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan | 6. Employee Stock Ownership Plan
In connection with the Conversion, the Bank established a leveraged ESOP for eligible employees of the Company and the Bank. The ESOP trust purchased 204,789 shares of Company common stock at the initial public offering price of $10.00 per share financed by a 20-year term loan with the Company. The loan is secured by shares purchased with the loan proceeds and will be repaid by the ESOP with funds from the Company's discretionary contributions to the ESOP and earnings on ESOP assets. The employer loan and the related interest income are not recognized in the consolidated financial statements as the debt is serviced by employer contributions. Dividends payable on allocated shares are charged to retained earnings and are satisfied by the allocation of cash dividends to participant accounts. Dividends payable on unallocated shares are not considered dividends for financial reporting purposes. Shares held by the ESOP trust are held in a suspense account and allocated to participant accounts as principal and interest payments are made by the ESOP to the Company. Payments of principal and interest are due annually on December 31st, the Company's fiscal year end.
As shares are committed to be released for allocation to participant accounts from collateral, the Company reports compensation expense equal to the average fair value of shares committed to be released during the year with a corresponding credit to stockholders' equity and the shares become outstanding for earnings per share computations. The compensation expense is accrued throughout the year.
Compensation expense recognized for the three months ended March 31, 2019 was $33,000. The ESOP trust held 5,147 allocated shares and 199,642 unallocated shares of Company common stock at March 31, 2019. The fair value of the unallocated shares was $2,482,000 at March 31, 2019.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
FASB Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC Topic 820 are described as follows:
A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth on the following page. These valuation methodologies were applied to all of the Company's financial and nonfinancial assets carried at fair value or the lower of cost or fair value. The table below presents the balances of assets measured at fair value on a recurring and nonrecurring basis as of March 31, 2019 and December 31, 2018. The Company had no liabilities measured at fair value as of March 31, 2019 or December 31, 2018.
Fair value is based upon quoted market prices, where available. If quoted market prices are not available, fair value is based on internally developed models or obtained from third parties that primarily use, as inputs, observable market-based parameters or a matrix pricing model that employs the Bond Market Association's standard calculations for cash flow and price/yield analysis and observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value, or the lower of cost or fair value. These adjustments may include unobservable parameters. Any such valuation adjustments have been applied consistently over time. The Company's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company's valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
Securities Available for Sale. Securities classified as available for sale are reported at fair value on a recurring basis. These securities are classified as Level 1 of the valuation hierarchy where quoted market prices from reputable third-party brokers are available in an active market. If quoted market prices are not available, the Company obtains fair value measurements from an independent pricing service. These securities are reported using Level 2 inputs and the fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, U.S. government and agency yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the security's terms and conditions, among other factors. Changes in fair value of securities available for sale are recorded in other comprehensive income, net of income tax effect.
Impaired Loans. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly. The fair value of impaired loans is classified as Level 3 in the fair value hierarchy.
Impaired loans are carried at the present value of estimated future cash flows using the loan's effective interest rate or the fair value of collateral less estimated costs to sell if the loan is collateral dependent. At March 31, 2019 and December 31, 2018, all impaired loans were considered to be collateral dependent for the purpose of determining fair value. Collateral may be real estate and/or business assets, including equipment, inventory and/or accounts receivable. The fair value of the collateral is generally determined based on real estate appraisals or other independent evaluations by qualified professionals, adjusted for estimated costs to sell the property, costs to complete or repair the property and other factors to reflect management's estimate of the fair value of the collateral given the current market conditions and the condition of the collateral. At March 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurement of collateral dependent impaired loans included a discount from appraised value (including estimated costs to sell the collateral) of 10%. The Company recognized a reduction in the allowance for loan losses allocated to impaired loans of $15,000 and $17,000 for the three months ended March 31, 2019 and 2018, respectively.
Real Estate Held for Sale. Real estate held for sale is reviewed and evaluated on at least an annual basis for additional impairment and adjusted accordingly. The fair value of real estate held for sale is classified as Level 3 in the fair value hierarchy.
At March 31, 2019 and December 31, 2018, the significant unobservable inputs used in the fair value measurement of real estate held for sale included a discount from appraised value (including estimated costs to sell the property) of 10%. The Company did not recognize any charges to write down real estate held for sale during the three months ended March 31, 2019 and 2018.
There have been no changes in the valuation techniques and related inputs used for assets measured at fair value on a recurring and nonrecurring basis during the three months ended March 31, 2019 and 2018. There were no transfers into or out of the Company's Level 3 financial assets for the three months ended March 31, 2019 and 2018.
GAAP requires disclosure of the fair value of financial assets and financial liabilities, whether or not recognized in the balance sheet. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair values of the Company's financial instruments are as follows:
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Recent Accounting Pronouncements |
3 Months Ended | ||
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Mar. 31, 2019 | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Recent Accounting Pronouncements |
The following are summaries of recently issued or adopted accounting pronouncements that impact the accounting and reporting practices of the Company:
In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU provides a five-step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are included in the scope of other standards). The guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The ASU is effective for public entities for interim and annual periods beginning after December 15, 2017; early adoption is not permitted. The ASU is effective for nonpublic entities for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. For financial reporting purposes, the ASU allows for either full retrospective adoption, meaning the ASU is applied to all of the periods presented, or modified retrospective adoption, meaning the ASU is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. As a bank, key revenue sources, such as interest income have been identified as out of the scope of this new guidance. The Company's analysis suggests that the adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements as substantially all of the Company's revenues are excluded from the scope of the new guidance.
In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU requires lessees to recognize on the balance sheet the assets and liabilities arising from operating leases. A lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. A lessee should include payments to be made in an
optional period only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. For a finance lease, interest payments should be recognized separately from amortization of the right-of-use asset in the statement of comprehensive income. For operating leases, the lease cost should be allocated over the lease term on a generally straight-line basis. For public entities the amendments in the ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For nonpublic entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application of the amendments in the ASU is permitted. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements. This ASU amended the new leases standard to give entities another option for transition and to provide lessors with a practical expedient. The transition option allows entities to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with the new revenue standard if the associated non-lease components are the predominant components. The amendments have the same effective date as ASU 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements. This ASU amended the new leases standard to reinstate the exception in Leases (Topic 842) for lessors that are not manufacturers or dealers in regards to determining the fair value of the underlying assets. Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset unless a significant lapse of time occurs between the acquisition of the underlying asset and lease commencement, in which case, those lessors will be required to apply the definition of fair value (exit price) in Fair Value Measurements and Disclosures (Topic 820). In addition, this ASU amended the new leases standard to clarify the presentation on the Statement of Cash Flows principal payments received under leases for depository and lending institutions for Sales-Type and Direct Financing Leases. Specifically for these entities and leases, all principal payments received under leases will be presented within investing activities on the Statement of Cash Flows. Finally, this ASU amended the new leases standard to explicitly provide an exception to paragraph 250-10-50-3 interim disclosure requirements for an entity electing the transition method of implementation. The amendments have the same effective date as ASU 2016-02. The effect of the adoption of these ASUs will depend on leases at time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices under noncancelable operating lease agreements, however, based on current leases, the adoption is expected to increase our consolidated balance sheets by less than 5% and not to have a material impact on its regulatory capital ratios.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326). The update replaces the incurred loss methodology for recognizing credit losses under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under the new guidance, an entity will measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The expected loss model will apply to loans and leases, unfunded lending commitments, held-to-maturity debt securities and other debt instruments measured at amortized cost. The impairment model for available-for-sale debt securities will require the recognition of credit losses through a valuation allowance when fair value is less than amortized cost, regardless of whether the impairment is considered to be other-than-temporary. For public business entities that are SEC filers, the amendments in the update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For nonpublic business entities, the amendments in the update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is
permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Once adopted, the Company expects its allowance for loan losses to increase through a one-time adjustment to retained earnings, however, until its evaluation is complete, the magnitude of the increase will be unknown.
In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments. This ASU is intended to address the appropriate classification of eight specific cash flow issues on the cash flow statement. Debt prepayment costs should be classified as an outflow for financing activities. Settlement of zero-coupon debt instruments divides the interest portion as an outflow for operating activities and the principal portion as an outflow for financing activities. Contingent consideration payments made after a business combination should be classified as outflows for financing and operating activities. Proceeds from the settlement of bank-owned life insurance policies should be classified as inflows from investing activities. Other specific areas are identified in the ASU as to the appropriate classification of the cash inflows or outflows. For public entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For nonpublic business entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted and must be applied using retrospective transition method to each period presented. Adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.
In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The standard will take effect for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of the ASU did not have a material impact on the Company's consolidated financial statements.
In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This ASU amends the accounting for shared-based payments awards to nonemployees to align with the accounting for employee awards. Under the new guidance, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the
contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. For public entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For nonpublic business entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and adds certain disclosure requirements for fair value measurements. Among other changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements, but will be required to disclose the range and weighted average of significant observable inputs used to develop Level 3 fair value measurements held at the end of the reporting period. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of the update. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.
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Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Presentation of Interim Information | Presentation of Interim Information
Mid-Southern Bancorp, Inc., (the "Company") was incorporated in January 2018 and became the holding company for Mid-Southern Savings Bank, FSB (the "Bank"), on July 11, 2018, upon the completion of the Bank's conversion from the mutual holding company ownership structure and the Company's related public stock offering. Please see Note 2 – Conversion and Stock Issuance for more information. Accordingly, the reported results and financial information for periods ending prior to September 30, 2018 relate solely to the Bank and its wholly-owned subsidiary, Mid-Southern Investments, Inc.
The accompanying unaudited consolidated financial statements and notes have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for complete financial statements. These unaudited interim consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K filed with the SEC on March 22, 2019 ("2018 Form 10-K").
In the opinion of management, the unaudited consolidated financial statements include all adjustments considered necessary for a fair presentation of the unaudited interim consolidated financial statements in accordance with GAAP have been included. All of these adjustments are of a normal, recurring nature. Such adjustments are the only adjustments included in the unaudited consolidated financial statements. Interim results are not necessarily indicative of results for a full year or any other period.
The unaudited consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassifications had no effect on net income or stockholders' equity. In preparing the unaudited consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the allowance for loan losses, the valuation of foreclosed real estate and the underlying collateral of impaired loans, deferred tax assets, and the fair value of financial instruments.
As an "emerging growth company," as defined in Title 1 of Jumpstart Our Business Startups ("JOBS") Act, the Company has elected to use the extended transition period to delay adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. Accordingly, the consolidated financial statements may not be comparable to the financial statements of public companies that comply with such new or revised accounting standards. As of March 31, 2019, the Company does not believe there is a significant difference in the comparability of the financial statements as a result of this extended transition period, however, the Company's assessment of its revenue recognition policies under the Financial Accounting Standards Board ("FASB") topic 606 is not yet complete.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements
The following are summaries of recently issued or adopted accounting pronouncements that impact the accounting and reporting practices of the Company:
In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU provides a five-step revenue recognition model for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are included in the scope of other standards). The guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The ASU is effective for public entities for interim and annual periods beginning after December 15, 2017; early adoption is not permitted. The ASU is effective for nonpublic entities for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. For financial reporting purposes, the ASU allows for either full retrospective adoption, meaning the ASU is applied to all of the periods presented, or modified retrospective adoption, meaning the ASU is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. As a bank, key revenue sources, such as interest income have been identified as out of the scope of this new guidance. The Company's analysis suggests that the adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements as substantially all of the Company's revenues are excluded from the scope of the new guidance.
In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). The ASU requires lessees to recognize on the balance sheet the assets and liabilities arising from operating leases. A lessee should recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. A lessee should include payments to be made in an optional period only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. For a finance lease, interest payments should be recognized separately from amortization of the right-of-use asset in the statement of comprehensive income. For operating leases, the lease cost should be allocated over the lease term on a generally straight-line basis. For public entities the amendments in the ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For nonpublic entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application of the
amendments in the ASU is permitted. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements. This ASU amended the new leases standard to give entities another option for transition and to provide lessors with a practical expedient. The transition option allows entities to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. The practical expedient provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires them to account for the combined component in accordance with the new revenue standard if the associated non-lease components are the predominant components. The amendments have the same effective date as ASU 2016-02. In March 2019, the FASB issued ASU No. 2019-01, Leases (Topic 842), Codification Improvements. This ASU amended the new leases standard to reinstate the exception in Leases (Topic 842) for lessors that are not manufacturers or dealers in regards to determining the fair value of the underlying assets. Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset unless a significant lapse of time occurs between the acquisition of the underlying asset and lease commencement, in which case, those lessors will be required to apply the definition of fair value (exit price) in Fair Value Measurements and Disclosures (Topic 820). In addition, this ASU amended the new leases standard to clarify the presentation on the Statement of Cash Flows principal payments received under leases for depository and lending institutions for Sales-Type and Direct Financing Leases. Specifically for these entities and leases, all principal payments received under leases will be presented within investing activities on the Statement of Cash Flows. Finally, this ASU amended the new leases standard to explicitly provide an exception to paragraph 250-10-50-3 interim disclosure requirements for an entity electing the transition method of implementation. The amendments have the same effective date as ASU 2016-02. The effect of the adoption of these ASUs will depend on leases at time of adoption. Once adopted, the Company expects to report higher assets and liabilities as a result of including right-of-use assets and lease liabilities related to certain banking offices under noncancelable operating lease agreements, however, based on current leases, the adoption is expected to increase our consolidated balance sheets by less than 5% and not to have a material impact on its regulatory capital ratios.
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326). The update replaces the incurred loss methodology for recognizing credit losses under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. Under the new guidance, an entity will measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The expected loss model will apply to loans and leases, unfunded lending commitments, held-to-maturity debt securities and other debt instruments measured at amortized cost. The impairment model for available-for-sale debt securities will require the recognition of credit losses through a valuation allowance when fair value is less than amortized cost, regardless of whether the impairment is considered to be other-than-temporary. For public business entities that are SEC filers, the amendments in the update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For nonpublic business entities, the amendments in the update are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Once adopted, the Company expects its allowance for loan losses to increase through a one-time adjustment to retained earnings, however, until its evaluation is complete, the magnitude of the increase will be unknown.
In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments. This ASU is intended to address the appropriate classification of eight specific cash flow issues on the cash flow statement. Debt prepayment costs should be classified as an outflow for financing activities. Settlement of zero-coupon debt instruments divides the interest portion as an outflow for operating activities and the principal portion as an outflow for financing activities. Contingent consideration payments made after a business combination should be classified as outflows for financing and operating activities. Proceeds from the settlement of bank-owned life insurance policies should be classified as inflows from investing activities. Other specific areas are identified in the ASU as to the appropriate classification of the cash inflows or outflows. For public entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For nonpublic business entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted and must be applied using retrospective transition method to each period presented. Adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.
In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The standard will take effect for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of the ASU did not have a material impact on the Company's consolidated financial statements.
In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This ASU amends the accounting for shared-based payments awards to nonemployees to align with the accounting for employee awards. Under the new guidance, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. For public entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For nonpublic business entities the amendments in this ASU are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The update removes, modifies and adds certain disclosure requirements for fair value measurements. Among other changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements, but will be required to disclose the range and weighted average of significant observable inputs used to develop Level 3 fair value measurements held at the end of the reporting period. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted upon issuance of the update. The adoption of the ASU is not expected to have a material impact on the Company's consolidated financial statements.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair values of debt securities available-for-sale or held-to-maturity |
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Schedule of maturities of debt securities |
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Schedule of fair value and related unrealized losses of temporarily impaired investment securities, aggregated by investment category |
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Loans and Allowance for Loan Losses (Tables) |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans |
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Schedule of components of Company's recorded investment in loans | The following table provides the components of the Company's recorded investment in loans at March 31, 2019:
The following table provides the components of the Company's recorded investment in loans at December 31, 2018:
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Schedule of analysis of an allowance for loan losses | An analysis of the allowance for loan losses as of March 31, 2019 is as follows:
An analysis of the allowance for loan losses as of December 31, 2018 is as follows:
An analysis of the changes in the allowance for loan losses for the three months ended March 31, 2019 is as follows:
An analysis of the changes in the allowance for loan losses for the three months ended March 31, 2018 is as follows:
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Schedule of impaired loans |
The following table summarizes the Company's impaired loans as of December 31, 2018:
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Schedule of recorded investment in nonperforming loans |
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Schedule of aging of the recorded investment in past due loans |
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Schedule of risk category of loans by recorded investment |
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Schedule of TDRs by accrual status |
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Schedule of troubled debt restructurings |
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Supplemental Disclosure for Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of supplemental disclosure for earnings per share |
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets measured at fair value on a recurring and nonrecurring basis |
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Schedule of estimated fair values of financial instruments |
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Conversion and Stock Issuance (Detail Textuals) - Mid-Southern, MHC's plan of conversion from mutual to stock form of ownership $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
$ / shares
shares
| |
Conversion And Stock Issuance [Line Items] | |
Plan of conversion from mutual to stock form of ownership, number of shares issued | shares | 2,559,871 |
Expenses related to stock offering | $ | $ 1.2 |
Amount of net proceeds in plan of conversion | $ | 24.4 |
Contribution to Bank in plan of conversion | $ | $ 10.2 |
Number of shares exchanged to public stockholders | shares | 2.3462 |
Number of shares outstanding | shares | 3,565,430 |
Employee stock ownership plan ("ESOP") | |
Conversion And Stock Issuance [Line Items] | |
Plan of conversion from mutual to stock form of ownership, number of shares issued | shares | 204,789 |
Purchase price per share for shares issued in plan of conversion | $ / shares | $ 10.00 |
Proceeds to fund ESOP | $ | $ 2.0 |
Investment Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Securities available for sale: | ||
Amortized Cost | $ 50,604 | $ 53,362 |
Gross Unrealized Gains | 717 | 381 |
Gross Unrealized Losses | 350 | 603 |
Fair Value | 50,971 | 53,140 |
Agency MBS | ||
Securities available for sale: | ||
Amortized Cost | 8,931 | 9,140 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 177 | 269 |
Fair Value | 8,754 | 8,871 |
Agency CMO | ||
Securities available for sale: | ||
Amortized Cost | 13,437 | 15,569 |
Gross Unrealized Gains | 133 | 114 |
Gross Unrealized Losses | 97 | 124 |
Fair Value | 13,473 | 15,559 |
Mortgage back securities | ||
Securities available for sale: | ||
Amortized Cost | 22,368 | 24,709 |
Gross Unrealized Gains | 133 | 114 |
Gross Unrealized Losses | 274 | 393 |
Fair Value | 22,227 | 24,430 |
Municipal obligations | ||
Securities available for sale: | ||
Amortized Cost | 28,236 | 28,653 |
Gross Unrealized Gains | 584 | 267 |
Gross Unrealized Losses | 76 | 210 |
Fair Value | $ 28,744 | $ 28,710 |
Investment Securities (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Securities held to maturity: | ||
Amortized Cost | $ 71 | $ 100 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 72 | 101 |
Agency MBS | ||
Securities held to maturity: | ||
Amortized Cost | 51 | 55 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 52 | 56 |
Municipal obligations | ||
Securities held to maturity: | ||
Amortized Cost | 20 | 45 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 20 | $ 45 |
Investment Securities (Details 2) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Available for Sale Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 0 | |
Due after one year through five years, Amortized Cost | 850 | |
Due after five years through ten years, Amortized Cost | 6,826 | |
Due after ten years, Amortized Cost | 20,560 | |
Available for Sale, Amortized Cost | 28,236 | |
Amortized Cost | 50,604 | $ 53,362 |
Available for Sale Fair Value | ||
Due in one year or less, Fair Value | 0 | |
Due after one year through five years, Fair Value | 889 | |
Due after five years through ten years, Fair Value | 6,868 | |
Due after ten years, Fair Value | 20,987 | |
Available for Sale, Fair Value | 28,744 | |
Fair Value | 50,971 | 53,140 |
MBS and CMO | ||
Available for Sale Amortized Cost | ||
Amortized Cost | 22,368 | 24,709 |
Available for Sale Fair Value | ||
Fair Value | $ 22,227 | $ 24,430 |
Investment Securities (Details 3) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Held to Maturity, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 20 | |
Due after one year through five years, Amortized Cost | 0 | |
Due after five years through ten years, Amortized Cost | 0 | |
Due after ten years, Amortized Cost | 0 | |
Held to Maturity, Amortized Cost | 20 | |
Amortized Cost | 71 | $ 100 |
Held to Maturity, Fair Value | ||
Due in one year or less, Fair Value | 20 | |
Due after one year through five years, Fair Value | 0 | |
Due after five years through ten years, Fair Value | 0 | |
Due after ten years, Fair Value | 0 | |
Held to Maturity, Fair Value | 20 | |
Fair Value | 72 | $ 101 |
MBS and CMO | ||
Held to Maturity, Amortized Cost | ||
Amortized Cost | 51 | |
Held to Maturity, Fair Value | ||
Fair Value | $ 52 |
Investment Securities (Details 4) $ in Thousands |
Mar. 31, 2019
USD ($)
Position
|
Dec. 31, 2018
USD ($)
Position
|
---|---|---|
Securities available for sale: | ||
Continuous loss position more than 12 months: Number of Investment Positions | Position | 21 | 38 |
Continuous loss position more than 12 months: Fair Value | $ 16,178 | $ 26,148 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 342 | $ 584 |
Total securities available for sale: Number of Investment Positions | Position | 22 | 45 |
Total securities available for sale: Fair Value | $ 18,071 | $ 29,406 |
Total securities available for sale: Gross Unrealized Losses | $ 350 | $ 603 |
Agency MBS | ||
Securities available for sale: | ||
Continuous loss position more than 12 months: Number of Investment Positions | Position | 11 | 11 |
Continuous loss position more than 12 months: Fair Value | $ 8,754 | $ 8,871 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 177 | $ 269 |
Agency CMO | ||
Securities available for sale: | ||
Continuous loss position less than 12 months: Number of Investment Positions | Position | 1 | |
Continuous loss position less than 12 months: Fair Value | $ 1,893 | |
Continuous loss position less than 12 months: Gross Unrealized Losses | $ 8 | |
Continuous loss position more than 12 months: Number of Investment Positions | Position | 4 | 6 |
Continuous loss position more than 12 months: Fair Value | $ 3,802 | $ 5,666 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 89 | $ 124 |
Municipal obligations | ||
Securities available for sale: | ||
Continuous loss position less than 12 months: Number of Investment Positions | Position | 7 | |
Continuous loss position less than 12 months: Fair Value | $ 3,258 | |
Continuous loss position less than 12 months: Gross Unrealized Losses | $ 19 | |
Continuous loss position more than 12 months: Number of Investment Positions | Position | 6 | 21 |
Continuous loss position more than 12 months: Fair Value | $ 3,622 | $ 11,611 |
Continuous loss position more than 12 months: Gross Unrealized Losses | $ 76 | $ 191 |
Investment Securities (Detail Textuals) |
Mar. 31, 2019 |
---|---|
Investments, Debt and Equity Securities [Abstract] | |
Percentage of deprecation in loss position for available-for-sale debt securities from amortized cost basis | 1.90% |
Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | $ 130,942 | $ 127,767 | ||
Deferred loan origination fees and costs, net | 30 | 30 | ||
Allowance for loan losses | (1,514) | (1,504) | $ (1,662) | $ (1,723) |
Loans, net | 129,458 | 126,293 | ||
Residential real estate | One-to-four family residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 80,896 | 80,322 | ||
Deferred loan origination fees and costs, net | 19 | 16 | ||
Allowance for loan losses | (992) | (1,012) | (1,045) | (1,070) |
Residential real estate | Multi-family residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 8,754 | 7,054 | ||
Deferred loan origination fees and costs, net | (9) | (9) | ||
Allowance for loan losses | (75) | (59) | (191) | (220) |
Commercial real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 28,560 | 27,153 | ||
Deferred loan origination fees and costs, net | (5) | (3) | ||
Allowance for loan losses | (283) | (259) | (263) | (269) |
Commercial real estate | Construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 3,891 | 5,100 | ||
Deferred loan origination fees and costs, net | (31) | (31) | ||
Allowance for loan losses | (38) | (48) | (27) | (20) |
Commercial business loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 6,805 | 5,939 | ||
Deferred loan origination fees and costs, net | 11 | 10 | ||
Allowance for loan losses | (103) | (98) | (103) | (111) |
Consumer loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 2,036 | 2,199 | ||
Deferred loan origination fees and costs, net | 45 | 47 | ||
Allowance for loan losses | $ (23) | $ (28) | $ (33) | $ (33) |
Loans and Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Recorded Investment in Loans: | ||
Principal loan balance | $ 130,942 | $ 127,767 |
Accrued interest receivable | 454 | 435 |
Net deferred loan fees/costs | 30 | 30 |
Recorded investment in loans | 131,426 | 128,232 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 3,956 | 3,961 |
Collectively evaluated for impairment | 127,470 | 124,271 |
Total Loans | 131,426 | 128,232 |
Residential real estate | One-to-Four Family Residential | ||
Recorded Investment in Loans: | ||
Principal loan balance | 80,896 | 80,322 |
Accrued interest receivable | 288 | 293 |
Net deferred loan fees/costs | 19 | 16 |
Recorded investment in loans | 81,203 | 80,631 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 2,661 | 2,623 |
Collectively evaluated for impairment | 78,542 | 78,008 |
Total Loans | 81,203 | 80,631 |
Residential real estate | Multi-Family Residential | ||
Recorded Investment in Loans: | ||
Principal loan balance | 8,754 | 7,054 |
Accrued interest receivable | 21 | 16 |
Net deferred loan fees/costs | (9) | (9) |
Recorded investment in loans | 8,766 | 7,061 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 8,766 | 7,061 |
Total Loans | 8,766 | 7,061 |
Commercial Real Estate | ||
Recorded Investment in Loans: | ||
Principal loan balance | 28,560 | 27,153 |
Accrued interest receivable | 98 | 90 |
Net deferred loan fees/costs | (5) | (3) |
Recorded investment in loans | 28,653 | 27,240 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 840 | 868 |
Collectively evaluated for impairment | 27,813 | 26,372 |
Total Loans | 28,653 | 27,240 |
Commercial Real Estate | Construction | ||
Recorded Investment in Loans: | ||
Principal loan balance | 3,891 | 5,100 |
Accrued interest receivable | 6 | 8 |
Net deferred loan fees/costs | (31) | (31) |
Recorded investment in loans | 3,866 | 5,077 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 3,866 | 5,077 |
Total Loans | 3,866 | 5,077 |
Commercial Business | ||
Recorded Investment in Loans: | ||
Principal loan balance | 6,805 | 5,939 |
Accrued interest receivable | 34 | 23 |
Net deferred loan fees/costs | 11 | 10 |
Recorded investment in loans | 6,850 | 5,972 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 455 | 470 |
Collectively evaluated for impairment | 6,395 | 5,502 |
Total Loans | 6,850 | 5,972 |
Consumer | ||
Recorded Investment in Loans: | ||
Principal loan balance | 2,036 | 2,199 |
Accrued interest receivable | 7 | 5 |
Net deferred loan fees/costs | 45 | 47 |
Recorded investment in loans | 2,088 | 2,251 |
Recorded Investment in Loans as Evaluated for Impairment: | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 2,088 | 2,251 |
Total Loans | $ 2,088 | $ 2,251 |
Loans and Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $ 86 | $ 100 | ||
Collectively evaluated for impairment | 1,428 | 1,404 | ||
Ending balance | 1,514 | 1,504 | $ 1,662 | $ 1,723 |
Residential real estate | One-to-Four Family Residential | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 26 | 34 | ||
Collectively evaluated for impairment | 966 | 978 | ||
Ending balance | 992 | 1,012 | 1,045 | 1,070 |
Residential real estate | Multi-Family Residential | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 75 | 59 | ||
Ending balance | 75 | 59 | 191 | 220 |
Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 21 | 22 | ||
Collectively evaluated for impairment | 262 | 237 | ||
Ending balance | 283 | 259 | 263 | 269 |
Commercial Real Estate | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 38 | 48 | ||
Ending balance | 38 | 48 | 27 | 20 |
Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 39 | 44 | ||
Collectively evaluated for impairment | 64 | 54 | ||
Ending balance | 103 | 98 | 103 | 111 |
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 23 | 28 | ||
Ending balance | $ 23 | $ 28 | $ 33 | $ 33 |
Loans and Allowance for Loan Losses (Details 3) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Allowance for Loan Losses: | ||
Beginning balance | $ 1,504 | $ 1,723 |
Provisions | 0 | 0 |
Charge-offs | (5) | (75) |
Recoveries | 15 | 14 |
Ending balance | 1,514 | 1,662 |
Construction | ||
Allowance for Loan Losses: | ||
Charge-offs | 0 | |
Residential real estate | One-to-Four Family Residential | ||
Allowance for Loan Losses: | ||
Beginning balance | 1,012 | 1,070 |
Provisions | (30) | 38 |
Charge-offs | 0 | (72) |
Recoveries | 10 | 9 |
Ending balance | 992 | 1,045 |
Residential real estate | Multi-Family Residential | ||
Allowance for Loan Losses: | ||
Beginning balance | 59 | 220 |
Provisions | 16 | (29) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 75 | 191 |
Commercial Real Estate | ||
Allowance for Loan Losses: | ||
Beginning balance | 259 | 269 |
Provisions | 24 | (8) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 2 |
Ending balance | 283 | 263 |
Commercial Real Estate | Construction | ||
Allowance for Loan Losses: | ||
Beginning balance | 48 | 20 |
Provisions | (10) | 7 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 38 | 27 |
Commercial Business | ||
Allowance for Loan Losses: | ||
Beginning balance | 98 | 111 |
Provisions | 5 | (8) |
Charge-offs | 0 | 0 |
Recoveries | 0 | |
Ending balance | 103 | 103 |
Consumer | ||
Allowance for Loan Losses: | ||
Beginning balance | 28 | 33 |
Provisions | (5) | 0 |
Charge-offs | (5) | (3) |
Recoveries | 5 | 3 |
Ending balance | $ 23 | $ 33 |
Loans and Allowance for Loan Losses (Details 4) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Loans with no related allowance recorded: | ||
Recorded Investment | $ 2,057 | $ 1,656 |
Unpaid Principal Balance | 2,369 | 2,061 |
Loans with an allowance recorded: | ||
Recorded Investment | 1,025 | 1,422 |
Unpaid Principal Balance | 1,126 | 1,521 |
Related Allowance | 86 | 100 |
Total Recorded Investment | 3,082 | 3,078 |
Total Unpaid Principal Balance | 3,495 | 3,582 |
Related Allowance for Loan Losses | 86 | 100 |
Construction | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Total Unpaid Principal Balance | 0 | 0 |
Related Allowance for Loan Losses | 0 | 0 |
Residential real estate | One-to-four family residential | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 1,637 | 1,212 |
Unpaid Principal Balance | 1,945 | 1,614 |
Loans with an allowance recorded: | ||
Recorded Investment | 264 | 645 |
Unpaid Principal Balance | 314 | 691 |
Related Allowance | 26 | 34 |
Total Recorded Investment | 1,901 | 1,857 |
Total Unpaid Principal Balance | 2,259 | 2,305 |
Related Allowance for Loan Losses | 26 | 34 |
Residential real estate | Multi-family residential | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Total Unpaid Principal Balance | 0 | 0 |
Related Allowance for Loan Losses | 0 | 0 |
Commercial real estate | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 375 | 394 |
Unpaid Principal Balance | 379 | 398 |
Loans with an allowance recorded: | ||
Recorded Investment | 351 | 357 |
Unpaid Principal Balance | 350 | 356 |
Related Allowance | 21 | 22 |
Total Recorded Investment | 726 | 751 |
Total Unpaid Principal Balance | 729 | 754 |
Related Allowance for Loan Losses | 21 | 22 |
Commercial Business | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 45 | 50 |
Unpaid Principal Balance | 45 | 49 |
Loans with an allowance recorded: | ||
Recorded Investment | 410 | 420 |
Unpaid Principal Balance | 462 | 474 |
Related Allowance | 39 | 44 |
Total Recorded Investment | 455 | 470 |
Total Unpaid Principal Balance | 507 | 523 |
Related Allowance for Loan Losses | 39 | 44 |
Consumer | ||
Loans with no related allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded: | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Total Unpaid Principal Balance | 0 | 0 |
Related Allowance for Loan Losses | $ 0 | $ 0 |
Loans and Allowance for Loan Losses (Details 5) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Loans with no related allowance recorded: | ||
Average Recorded Investment | $ 1,857 | $ 2,355 |
Interest Income Recognized | 9 | 7 |
Loans with an allowance recorded: | ||
Average Recorded Investment | 1,223 | 1,568 |
Interest Income Recognized | 14 | 21 |
Total Average Recorded Investment | 3,080 | 3,923 |
Total Interest Income Recognized | 23 | 28 |
Residential real estate | One-to-four family residential | ||
Loans with no related allowance recorded: | ||
Average Recorded Investment | 1,424 | 1,694 |
Interest Income Recognized | 8 | 3 |
Loans with an allowance recorded: | ||
Average Recorded Investment | 454 | 696 |
Interest Income Recognized | 3 | 8 |
Total Average Recorded Investment | 1,878 | 2,390 |
Total Interest Income Recognized | 11 | 11 |
Residential real estate | Multi-family residential | ||
Loans with no related allowance recorded: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Average Recorded Investment | 0 | 0 |
Total Interest Income Recognized | 0 | 0 |
Commercial Real Estate | ||
Loans with no related allowance recorded: | ||
Average Recorded Investment | 385 | 651 |
Interest Income Recognized | 1 | 4 |
Loans with an allowance recorded: | ||
Average Recorded Investment | 354 | 361 |
Interest Income Recognized | 5 | 6 |
Total Average Recorded Investment | 739 | 1,012 |
Total Interest Income Recognized | 6 | 10 |
Commercial Real Estate | Construction | ||
Loans with no related allowance recorded: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Average Recorded Investment | 0 | 0 |
Total Interest Income Recognized | 0 | 0 |
Commercial Business | ||
Loans with no related allowance recorded: | ||
Average Recorded Investment | 48 | 10 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Average Recorded Investment | 415 | 511 |
Interest Income Recognized | 6 | 7 |
Total Average Recorded Investment | 463 | 521 |
Total Interest Income Recognized | 6 | 7 |
Consumer | ||
Loans with no related allowance recorded: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded: | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Total Average Recorded Investment | 0 | 0 |
Total Interest Income Recognized | $ 0 | $ 0 |
Loans and Allowance for Loan Losses (Details 6) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | $ 1,315 | $ 1,295 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 1,315 | 1,295 |
Residential real estate | One-to-four family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 1,020 | 978 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 1,020 | 978 |
Residential real estate | Multi-Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 0 | 0 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 295 | 313 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 295 | 313 |
Commercial Real Estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 0 | 0 |
Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 4 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | 0 | 4 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual Loans | 0 | 0 |
Loans 90+ Days Past Due Still Accruing | 0 | 0 |
Total Nonperforming Loans | $ 0 | $ 0 |
Loans and Allowance for Loan Losses (Details 7) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 2,575 | $ 3,300 |
Current | 128,851 | 124,932 |
Total Loans | 131,426 | 128,232 |
30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,280 | 2,144 |
60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 138 | 951 |
Over 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 157 | 205 |
Residential real estate | One-to-Four Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,558 | 2,970 |
Current | 78,645 | 77,661 |
Total Loans | 81,203 | 80,631 |
Residential real estate | One-to-Four Family Residential | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,263 | 1,912 |
Residential real estate | One-to-Four Family Residential | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 138 | 853 |
Residential real estate | One-to-Four Family Residential | Over 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 157 | 205 |
Residential real estate | Multi-Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 8,766 | 7,061 |
Total Loans | 8,766 | 7,061 |
Residential real estate | Multi-Family Residential | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Residential real estate | Multi-Family Residential | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Residential real estate | Multi-Family Residential | Over 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5 | 330 |
Current | 28,648 | 26,910 |
Total Loans | 28,653 | 27,240 |
Commercial Real Estate | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5 | 232 |
Commercial Real Estate | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 98 |
Commercial Real Estate | Over 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 3,866 | 5,077 |
Total Loans | 3,866 | 5,077 |
Commercial Real Estate | Construction | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | Construction | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate | Construction | Over 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 6,850 | 5,972 |
Total Loans | 6,850 | 5,972 |
Commercial Business | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Business | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Business | Over 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12 | 0 |
Current | 2,076 | 2,251 |
Total Loans | 2,088 | 2,251 |
Consumer | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12 | 0 |
Consumer | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Consumer | Over 90 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan Losses (Details 8) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | $ 131,426 | $ 128,232 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 128,217 | 124,956 |
Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 3,209 | 3,276 |
Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate | One-to-Four Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 81,203 | 80,631 |
Residential real estate | One-to-Four Family Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 79,085 | 78,487 |
Residential real estate | One-to-Four Family Residential | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate | One-to-Four Family Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 2,118 | 2,144 |
Residential real estate | One-to-Four Family Residential | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate | One-to-Four Family Residential | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate | Multi-Family Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 8,766 | 7,061 |
Residential real estate | Multi-Family Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 8,766 | 7,061 |
Residential real estate | Multi-Family Residential | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate | Multi-Family Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate | Multi-Family Residential | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Residential real estate | Multi-Family Residential | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 28,653 | 27,240 |
Commercial Real Estate | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 28,017 | 26,578 |
Commercial Real Estate | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Real Estate | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 636 | 662 |
Commercial Real Estate | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Real Estate | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Real Estate | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 3,866 | 5,077 |
Commercial Real Estate | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 3,866 | 5,077 |
Commercial Real Estate | Construction | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Real Estate | Construction | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Real Estate | Construction | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Real Estate | Construction | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Business | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 6,850 | 5,972 |
Commercial Business | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 6,395 | 5,502 |
Commercial Business | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Business | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 455 | 470 |
Commercial Business | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Commercial Business | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 2,088 | 2,251 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 2,088 | 2,251 |
Consumer | Special mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | 0 | 0 |
Consumer | Loss | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Loans | $ 0 | $ 0 |
Loans and Allowance for Loan Losses (Details 9) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing | $ 1,766 | $ 1,785 |
Nonaccrual | 150 | 159 |
Total | 1,916 | 1,944 |
Related Allowance for Loan Losses | 86 | 100 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Related Allowance for Loan Losses | 0 | 0 |
Residential real estate | One-to-four family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing | 880 | 879 |
Nonaccrual | 0 | 0 |
Total | 880 | 879 |
Related Allowance for Loan Losses | 26 | 34 |
Residential real estate | Multi-Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Related Allowance for Loan Losses | 0 | 0 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing | 431 | 439 |
Nonaccrual | 150 | 155 |
Total | 581 | 594 |
Related Allowance for Loan Losses | 21 | 22 |
Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accruing | 455 | 467 |
Nonaccrual | 0 | 4 |
Total | 455 | 471 |
Related Allowance for Loan Losses | 39 | 44 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Related Allowance for Loan Losses | $ 0 | $ 0 |
Loans and Allowance for Loan Losses (Details 10) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019
USD ($)
Contract
|
Mar. 31, 2018
USD ($)
Contract
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Pre-Modification Outstanding Balance | $ 158 | $ 44 |
Post-Modification Outstanding Balance | $ 158 | $ 71 |
Residential real estate | One-to-Four Family Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Pre-Modification Outstanding Balance | $ 0 | $ 44 |
Post-Modification Outstanding Balance | $ 0 | $ 71 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | Contract | 1 | 0 |
Pre-Modification Outstanding Balance | $ 158 | $ 0 |
Post-Modification Outstanding Balance | $ 158 | $ 0 |
Loans and Allowance for Loan Losses (Detail Textuals) |
Mar. 31, 2019
USD ($)
Loan
|
Dec. 31, 2018
USD ($)
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Loan | 12 | |
Aggregate partial charge-offs loan | $ 247,000 | |
Value of estimated to exceed | 100,000 | |
Residential real estate properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Foreclosure proceedings in process | $ 96,000 | $ 170,000 |
Supplemental Disclosure for Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
Earnings: | |||||
Net income | $ 362 | $ 321 | |||
Shares: | |||||
Weighted average common shares outstanding | 3,366,385 | 3,452,203 | |||
Net income per common share, basic (in dollars per share) | [1] | $ 0.11 | $ 0.09 | ||
Earnings: | |||||
Net income | $ 362 | $ 321 | |||
Shares: | |||||
Weighted average common shares outstanding | 3,366,385 | 3,452,203 | |||
Add: Dilutive effect of stock options | 1,341 | 1,217 | |||
Add: Dilutive effect of restricted stock | 144 | 49 | |||
Weighted average common shares outstanding, as adjusted | 3,367,870 | 3,453,469 | |||
Net income per common share, diluted (in dollars per share) | [1] | $ 0.11 | $ 0.09 | ||
|
Supplemental Disclosure for Earnings Per Share (Detail Textuals) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Description of exchange ratio conversion | 2.3462 to one |
Employee Stock Ownership Plan (Detail Textuals) - Conversion - Employee stock ownership plan ("ESOP") |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
$ / shares
shares
| |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |
Plan of conversion from mutual to stock form of ownership, number of shares issued | 204,789 |
Purchase price per share for shares issued in plan of conversion | $ / shares | $ 10.00 |
Term of loan | 20 years |
Compensation expense | $ | $ 33,000 |
Number of allocated shares of common stock | 5,147 |
Number of unallocated shares of common stock | 199,642 |
Value unallocated shares of common stock | $ | $ 2,482,000 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 50,971 | $ 53,140 |
Real estate held for sale | 239 | 239 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 50,971 | 53,140 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 50,971 | 53,140 |
Assets Measured on a Recurring Basis | Agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 8,754 | 8,871 |
Assets Measured on a Recurring Basis | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 13,473 | 15,559 |
Assets Measured on a Recurring Basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 28,744 | 28,710 |
Assets Measured on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | Level 1 | Agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | Level 1 | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | Level 1 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 50,971 | 53,140 |
Assets Measured on a Recurring Basis | Level 2 | Agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 8,754 | 8,871 |
Assets Measured on a Recurring Basis | Level 2 | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 13,473 | 15,559 |
Assets Measured on a Recurring Basis | Level 2 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 28,744 | 28,710 |
Assets Measured on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | Level 3 | Agency MBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | Level 3 | Agency CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Recurring Basis | Level 3 | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Assets Measured on a Nonrecurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,996 | 2,978 |
Real estate held for sale | 239 | 239 |
Assets Measured on a Nonrecurring Basis | Residential | One-to-Four Family Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,875 | 1,823 |
Assets Measured on a Nonrecurring Basis | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 705 | 729 |
Assets Measured on a Nonrecurring Basis | Commercial Business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 416 | 426 |
Assets Measured on a Nonrecurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Real estate held for sale | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 1 | Residential | One-to-Four Family Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 1 | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 1 | Commercial Business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Real estate held for sale | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 2 | Residential | One-to-Four Family Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 2 | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 2 | Commercial Business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Assets Measured on a Nonrecurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,996 | 2,978 |
Real estate held for sale | 239 | 239 |
Assets Measured on a Nonrecurring Basis | Level 3 | Residential | One-to-Four Family Residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,875 | 1,823 |
Assets Measured on a Nonrecurring Basis | Level 3 | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 705 | 729 |
Assets Measured on a Nonrecurring Basis | Level 3 | Commercial Business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 416 | $ 426 |
Fair Value Measurements (Details 1) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Financial assets: | ||
Securities available for sale | $ 50,971 | $ 53,140 |
Securities held to maturity | 71 | 100 |
Loans, net | 129,458 | 126,293 |
FHLB stock | 778 | 778 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 10,055 | 12,700 |
Securities available for sale | 50,971 | 53,140 |
Securities held to maturity | 71 | 100 |
Loans, net | 129,458 | 126,293 |
FHLB stock | 778 | 778 |
Accrued interest receivable | 771 | 831 |
Financial liabilities: | ||
Deposits | 148,487 | 151,108 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 10,055 | 12,700 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 50,971 | 53,140 |
Securities held to maturity | 71 | 100 |
Loans, net | 0 | 0 |
Accrued interest receivable | 771 | 831 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 129,884 | 125,908 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | $ 147,665 | $ 150,020 |
Fair Value Measurements (Detail Textuals) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Recapture of provision for loan losses | $ 0 | $ 0 | |
Level 3 | Cost approach | Appraised value | Impaired loans | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Recapture of provision for loan losses | $ 15,000 | $ 17,000 | |
Percentage of discount from appraised value | 10.00% | 10.00% | |
Measurement inputs | estimated costs to sell the collateral | ||
Level 3 | Cost approach | Appraised value | Real estate held for sale | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Percentage of discount from appraised value | 10.00% | 10.00% | |
Measurement inputs | estimated costs to sell the property |
Recent Accounting Pronouncements (Detail Textuals) |
1 Months Ended |
---|---|
Feb. 29, 2016 | |
ASU 2016-02, Leases (Topic 842) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Percentage of impact on consolidated balance sheet | 5.00% |
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