United States
|
14-1809721
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
302 Main Street, Catskill, New York
|
12414
|
|
(Address of principal executive office)
|
(Zip code)
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
Non-accelerated filer ☐
|
Smaller reporting company ☒
|
|
Emerging Growth Company ☐
|
PART I.
|
FINANCIAL INFORMATION
|
|
Page
|
||
Item 1.
|
Financial Statements (unaudited)
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8-28
|
||
Item 2.
|
29-41
|
|
Item 3.
|
42
|
|
Item 4.
|
42
|
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
43
|
|
Item 1A.
|
43
|
|
Item 2.
|
43
|
|
Item 3.
|
43
|
|
Item 4.
|
43
|
|
Item 5.
|
43
|
|
Item 6.
|
43
|
|
44
|
||
Exhibit 31.1 302 Certification of Chief Executive Officer
|
||
Exhibit 31.2 302 Certification of Chief Financial Officer
|
||
Exhibit 32.1 906 Statement of Chief Executive Officer
|
||
Exhibit 32.2 906 Statement of Chief Financial Officer
|
||
Exhibit 101 Extensible Business Reporting Language (XBRL)
|
ASSETS
|
September 30, 2017
|
June 30, 2017
|
||||||
Total cash and cash equivalents
|
$
|
46,419
|
$
|
16,277
|
||||
Long term certificate of deposit
|
2,145
|
2,145
|
||||||
Securities available-for-sale, at fair value
|
100,809
|
91,483
|
||||||
Securities held-to-maturity, at amortized cost (fair value $231,860 at September 30, 2017; $228,452 at June 30, 2017)
|
225,694
|
223,830
|
||||||
Federal Home Loan Bank stock, at cost
|
1,575
|
2,131
|
||||||
Loans
|
648,693
|
634,331
|
||||||
Allowance for loan losses
|
(11,098
|
)
|
(11,022
|
)
|
||||
Unearned origination fees and costs, net
|
851
|
878
|
||||||
Net loans receivable
|
638,446
|
624,187
|
||||||
Premises and equipment
|
13,559
|
13,615
|
||||||
Accrued interest receivable
|
4,374
|
4,033
|
||||||
Foreclosed real estate
|
752
|
799
|
||||||
Prepaid expenses and other assets
|
3,874
|
3,791
|
||||||
Total assets
|
$
|
1,037,647
|
$
|
982,291
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Noninterest-bearing deposits
|
$
|
103,819
|
$
|
95,929
|
||||
Interest-bearing deposits
|
813,750
|
763,606
|
||||||
Total deposits
|
917,569
|
859,535
|
||||||
Borrowings from Federal Home Loan Bank, short-term
|
-
|
6,900
|
||||||
Borrowings from other banks, short-term
|
700
|
-
|
||||||
Borrowings from Federal Home Loan Bank, long-term
|
20,150
|
22,650
|
||||||
Accrued expenses and other liabilities
|
12,373
|
9,685
|
||||||
Total liabilities
|
950,792
|
898,770
|
||||||
SHAREHOLDERS' EQUITY
|
||||||||
Preferred stock, Authorized - 1,000,000 shares; Issued - None
|
-
|
-
|
||||||
Common stock, par value $.10 per share; Authorized - 12,000,000 shares; Issued – 8,611,340 shares; Outstanding – 8,503,614 shares at September 30, 2017, and 8,502,614 shares at June 30, 2017
|
861
|
861
|
||||||
Additional paid-in capital
|
10,992
|
10,990
|
||||||
Retained earnings
|
76,165
|
73,072
|
||||||
Accumulated other comprehensive loss
|
(757
|
)
|
(992
|
)
|
||||
Treasury stock, at cost 107,726 shares at September 30, 2017, and 108,726 shares at June 30, 2017
|
(406
|
)
|
(410
|
)
|
||||
Total shareholders’ equity
|
86,855
|
83,521
|
||||||
Total liabilities and shareholders’ equity
|
$
|
1,037,647
|
$
|
982,291
|
2017
|
2016
|
|||||||
Interest income:
|
||||||||
Loans
|
$
|
7,059
|
$
|
6,053
|
||||
Investment securities - taxable
|
165
|
150
|
||||||
Mortgage-backed securities
|
817
|
784
|
||||||
Investment securities - tax exempt
|
1,036
|
824
|
||||||
Interest-bearing deposits and federal funds sold
|
12
|
3
|
||||||
Total interest income
|
9,089
|
7,814
|
||||||
Interest expense:
|
||||||||
Interest on deposits
|
809
|
606
|
||||||
Interest on borrowings
|
110
|
121
|
||||||
Total interest expense
|
919
|
727
|
||||||
Net interest income
|
8,170
|
7,087
|
||||||
Provision for loan losses
|
347
|
543
|
||||||
Net interest income after provision for loan losses
|
7,823
|
6,544
|
||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
851
|
773
|
||||||
Debit card fees
|
566
|
491
|
||||||
Investment services
|
72
|
70
|
||||||
E-commerce fees
|
38
|
32
|
||||||
Other operating income
|
213
|
183
|
||||||
Total noninterest income
|
1,740
|
1,549
|
||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
2,927
|
2,668
|
||||||
Occupancy expense
|
356
|
380
|
||||||
Equipment and furniture expense
|
113
|
120
|
||||||
Service and data processing fees
|
487
|
448
|
||||||
Computer software, supplies and support
|
143
|
146
|
||||||
Advertising and promotion
|
55
|
123
|
||||||
FDIC insurance premiums
|
93
|
114
|
||||||
Legal and professional fees
|
231
|
198
|
||||||
Other
|
488
|
557
|
||||||
Total noninterest expense
|
4,893
|
4,754
|
||||||
Income before provision for income taxes
|
4,670
|
3,339
|
||||||
Provision for income taxes
|
1,198
|
832
|
||||||
Net income
|
$
|
3,472
|
$
|
2,507
|
||||
Basic earnings per share
|
$
|
0.41
|
$
|
0.30
|
||||
Basic average shares outstanding
|
8,502,734
|
8,483,179
|
||||||
Diluted earnings per share
|
$
|
0.41
|
$
|
0.30
|
||||
Diluted average shares outstanding
|
8,531,242
|
8,497,669
|
||||||
Dividends per share
|
$
|
0.0975
|
$
|
0.0950
|
2017
|
2016
|
|||||||
Net Income
|
$
|
3,472
|
$
|
2,507
|
||||
Other comprehensive income (loss):
|
||||||||
Unrealized holding gains (losses) on available-for-sale securities, net of income tax expense (benefit) of $145 and ($101), respectively
|
235
|
(142
|
)
|
|||||
Accretion of unrealized loss on securities transferred to held-to-maturity, net of income taxes of $- and $1, respectively
|
-
|
1
|
||||||
Total other comprehensive income (loss), net of taxes
|
235
|
(141
|
)
|
|||||
Comprehensive income
|
$
|
3,707
|
$
|
2,366
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Income
|
Treasury
Stock
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balance at June 30, 2016
|
$
|
861
|
$
|
10,872
|
$
|
63,805
|
$
|
(725
|
)
|
$
|
(512
|
)
|
$
|
74,301
|
||||||||||
Options exercised
|
30
|
45
|
75
|
|||||||||||||||||||||
Tax benefit of stock based compensation
|
41
|
41
|
||||||||||||||||||||||
Dividends declared
|
(369
|
)
|
(369
|
)
|
||||||||||||||||||||
Net income
|
2,507
|
2,507
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(141
|
)
|
(141
|
)
|
||||||||||||||||||||
Balance at September 30, 2016
|
$
|
861
|
$
|
10,943
|
$
|
65,943
|
$
|
(866
|
)
|
$
|
(467
|
)
|
$
|
76,414
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders'
Equity
|
|||||||||||||||||||
Balance at June 30, 2017
|
$
|
861
|
$
|
10,990
|
$
|
73,072
|
$
|
(992
|
)
|
$
|
(410
|
)
|
$
|
83,521
|
||||||||||
Options exercised
|
2
|
4
|
6
|
|||||||||||||||||||||
Dividends declared
|
(379
|
)
|
(379
|
)
|
||||||||||||||||||||
Net income
|
3,472
|
3,472
|
||||||||||||||||||||||
Other comprehensive income, net of taxes
|
235
|
235
|
||||||||||||||||||||||
Balance at September 30, 2017
|
$
|
861
|
$
|
10,992
|
$
|
76,165
|
$
|
(757
|
)
|
$
|
(406
|
)
|
$
|
86,855
|
2017
|
2016
|
|||||||
Cash flows from operating activities:
|
||||||||
Net Income
|
$
|
3,472
|
$
|
2,507
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Depreciation
|
157
|
159
|
||||||
Deferred income tax expense
|
1,214
|
801
|
||||||
Net amortization of premiums and discounts
|
213
|
223
|
||||||
Net amortization of deferred loan costs and fees
|
134
|
118
|
||||||
Provision for loan losses
|
347
|
543
|
||||||
Losses on sale of foreclosed real estate
|
37
|
47
|
||||||
Excess tax benefit from share based compensation
|
-
|
(41
|
)
|
|||||
Net decrease in accrued income taxes
|
(647
|
)
|
(1,554
|
)
|
||||
Net increase in accrued interest receivable
|
(341
|
)
|
(90
|
)
|
||||
Net decrease in prepaid and other assets
|
175
|
207
|
||||||
Net increase (decrease) in other liabilities
|
1,717
|
(81
|
)
|
|||||
Net cash provided by operating activities
|
6,478
|
2,839
|
||||||
Cash flows from investing activities:
|
||||||||
Securities available-for-sale:
|
||||||||
Proceeds from maturities
|
17,594
|
24,481
|
||||||
Purchases of securities
|
(27,125
|
)
|
(16,443
|
)
|
||||
Principal payments on securities
|
571
|
620
|
||||||
Securities held-to-maturity:
|
||||||||
Proceeds from maturities
|
4,137
|
3,253
|
||||||
Purchases of securities
|
(12,050
|
)
|
(7,648
|
)
|
||||
Principal payments on securities
|
5,851
|
1,525
|
||||||
Net redemption of Federal Home Loan Bank Stock
|
556
|
532
|
||||||
Maturity of long term certificate of deposit
|
-
|
65
|
||||||
Net increase in loans receivable
|
(14,768
|
)
|
(26,786
|
)
|
||||
Proceeds from sale of foreclosed real estate
|
38
|
39
|
||||||
Purchases of premises and equipment
|
(101
|
)
|
(41
|
)
|
||||
Net cash used by investing activities
|
(25,297
|
)
|
(20,403
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net decrease in short-term advances
|
(6,200
|
)
|
(11,800
|
)
|
||||
Repayment of long-term FHLB advances
|
(2,500
|
)
|
-
|
|||||
Payment of cash dividends
|
(379
|
)
|
(369
|
)
|
||||
Proceeds from issuance of stock options
|
6
|
75
|
||||||
Excess tax benefit from share based compensation
|
-
|
41
|
||||||
Net increase in deposits
|
58,034
|
33,708
|
||||||
Net cash provided by financing activities
|
48,961
|
21,655
|
||||||
Net increase in cash and cash equivalents
|
30,142
|
4,091
|
||||||
Cash and cash equivalents at beginning of period
|
16,277
|
15,895
|
||||||
Cash and cash equivalents at end of period
|
$
|
46,419
|
$
|
19,986
|
||||
Non-cash investing activities:
|
||||||||
Foreclosed loans transferred to foreclosed real estate
|
$
|
28
|
$
|
-
|
||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
931
|
$
|
729
|
||||
Income taxes
|
$
|
630
|
$
|
1,585
|
(1)
|
Basis of Presentation
|
(2)
|
Nature of Operations
|
(3)
|
Use of Estimates
|
(4)
|
Securities
|
(In thousands)
|
Amortized Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated Fair
Value
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
4,561
|
$
|
137
|
$
|
-
|
$
|
4,698
|
||||||||
State and political subdivisions
|
67,915
|
259
|
1
|
68,173
|
||||||||||||
Mortgage-backed securities-residential
|
4,470
|
69
|
4
|
4,535
|
||||||||||||
Mortgage-backed securities-multi-family
|
20,167
|
723
|
16
|
20,874
|
||||||||||||
Corporate debt securities
|
2,262
|
75
|
2
|
2,335
|
||||||||||||
Total debt securities
|
99,375
|
1,263
|
23
|
100,615
|
||||||||||||
Equity securities
|
62
|
132
|
-
|
194
|
||||||||||||
Total securities available-for-sale
|
99,437
|
1,395
|
23
|
100,809
|
||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. government sponsored enterprises
|
6,000
|
-
|
59
|
5,941
|
||||||||||||
State and political subdivisions
|
120,168
|
3,714
|
136
|
123,746
|
||||||||||||
Mortgage-backed securities-residential
|
8,136
|
339
|
-
|
8,475
|
||||||||||||
Mortgage-backed securities-multi-family
|
88,879
|
2,453
|
150
|
91,182
|
||||||||||||
Corporate debt securities
|
1,000
|
-
|
2
|
998
|
||||||||||||
Other securities
|
1,511
|
20
|
13
|
1,518
|
||||||||||||
Total securities held-to-maturity
|
225,694
|
6,526
|
360
|
231,860
|
||||||||||||
Total securities
|
$
|
325,131
|
$
|
7,921
|
$
|
383
|
$
|
332,669
|
(In thousands)
|
Amortized Cost
|
Gross Unrealized
Gains
|
Gross Unrealized
Losses
|
Estimated
Fair Value
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
4,566
|
$
|
151
|
$
|
-
|
$
|
4,717
|
||||||||
State and political subdivisions
|
57,885
|
227
|
-
|
58,112
|
||||||||||||
Mortgage-backed securities-residential
|
4,868
|
72
|
27
|
4,913
|
||||||||||||
Mortgage-backed securities-multi-family
|
20,344
|
483
|
62
|
20,765
|
||||||||||||
Asset-backed securities
|
1
|
-
|
-
|
1
|
||||||||||||
Corporate debt securities
|
2,765
|
29
|
3
|
2,791
|
||||||||||||
Total debt securities
|
90,429
|
962
|
92
|
91,299
|
||||||||||||
Equity securities
|
62
|
122
|
-
|
184
|
||||||||||||
Total securities available-for-sale
|
90,491
|
1,084
|
92
|
91,483
|
||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. government sponsored enterprises
|
6,000
|
-
|
53
|
5,947
|
||||||||||||
State and political subdivisions
|
115,805
|
3,434
|
95
|
119,144
|
||||||||||||
Mortgage-backed securities-residential
|
10,798
|
274
|
2
|
11,070
|
||||||||||||
Mortgage-backed securities-multi-family
|
88,702
|
1,259
|
199
|
89,762
|
||||||||||||
Corporate debt securities
|
1,000
|
-
|
5
|
995
|
||||||||||||
Other securities
|
1,525
|
21
|
12
|
1,534
|
||||||||||||
Total securities held-to-maturity
|
223,830
|
4,988
|
366
|
228,452
|
||||||||||||
Total securities
|
$
|
314,321
|
$
|
6,072
|
$
|
458
|
$
|
319,935
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
Value
|
Unrealized
Losses
|
Number of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Number of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Number of
Securities
|
|||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||
State and political subdivisions
|
$
|
149
|
$
|
1
|
1
|
$
|
-
|
$
|
-
|
-
|
$
|
149
|
$
|
1
|
1
|
|||||||||||||||||||||
Mortgage-backed securities-residential
|
490
|
4
|
1
|
-
|
-
|
-
|
490
|
4
|
1
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
2,986
|
16
|
2
|
-
|
-
|
-
|
2,986
|
16
|
2
|
|||||||||||||||||||||||||||
Corporate debt securities
|
261
|
1
|
2
|
499
|
1
|
1
|
760
|
2
|
3
|
|||||||||||||||||||||||||||
Total securities available-for-sale
|
3,886
|
22
|
6
|
499
|
1
|
1
|
4,385
|
23
|
7
|
|||||||||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
3,958
|
42
|
1
|
1,983
|
17
|
1
|
5,941
|
59
|
2
|
|||||||||||||||||||||||||||
State and political subdivisions
|
10,455
|
81
|
74
|
2,526
|
55
|
28
|
12,981
|
136
|
102
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
13,660
|
125
|
12
|
1,421
|
25
|
2
|
15,081
|
150
|
14
|
|||||||||||||||||||||||||||
Corporate debt securities
|
998
|
2
|
2
|
-
|
-
|
-
|
998
|
2
|
2
|
|||||||||||||||||||||||||||
Other securities
|
595
|
1
|
2
|
453
|
12
|
1
|
1,048
|
13
|
3
|
|||||||||||||||||||||||||||
Total securities held-to-maturity
|
29,666
|
251
|
91
|
6,383
|
109
|
32
|
36,049
|
360
|
123
|
|||||||||||||||||||||||||||
Total securities
|
$
|
33,552
|
$
|
273
|
97
|
$
|
6,882
|
$
|
110
|
33
|
$
|
40,434
|
$
|
383
|
130
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
Value
|
Unrealized
Losses
|
Number of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Number of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Number of
Securities
|
|||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
$
|
1,164
|
$
|
27
|
1
|
$
|
-
|
$
|
-
|
-
|
$
|
1,164
|
$
|
27
|
1
|
|||||||||||||||||||||
Mortgage-backed securities-multi-family
|
6,488
|
62
|
4
|
-
|
-
|
-
|
6,488
|
62
|
4
|
|||||||||||||||||||||||||||
Corporate debt securities
|
760
|
3
|
2
|
-
|
-
|
-
|
760
|
3
|
2
|
|||||||||||||||||||||||||||
Total securities available for sale
|
8,412
|
92
|
7
|
-
|
-
|
-
|
8,412
|
92
|
7
|
|||||||||||||||||||||||||||
Securities held to maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
5,947
|
53
|
2
|
-
|
-
|
-
|
5,947
|
53
|
2
|
|||||||||||||||||||||||||||
State and political subdivisions
|
8,976
|
76
|
64
|
514
|
19
|
6
|
9,490
|
95
|
70
|
|||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
1,864
|
2
|
1
|
-
|
-
|
-
|
1,864
|
2
|
1
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
23,823
|
199
|
15
|
-
|
-
|
-
|
23,823
|
199
|
15
|
|||||||||||||||||||||||||||
Corporate debt securities
|
995
|
5
|
1
|
-
|
-
|
-
|
995
|
5
|
1
|
|||||||||||||||||||||||||||
Other securities
|
467
|
11
|
1
|
74
|
1
|
1
|
541
|
12
|
2
|
|||||||||||||||||||||||||||
Total securities held to maturity
|
42,072
|
346
|
84
|
588
|
20
|
7
|
42,660
|
366
|
91
|
|||||||||||||||||||||||||||
Total securities
|
$
|
50,484
|
$
|
438
|
91
|
$
|
588
|
$
|
20
|
7
|
$
|
51,072
|
$
|
458
|
98
|
Available-for-sale debt securities
|
Amortized Cost
|
Fair Value
|
||||||
Within one year
|
$
|
69,916
|
$
|
70,248
|
||||
After one year through five years
|
4,822
|
4,958
|
||||||
After five years through ten years
|
-
|
-
|
||||||
After ten years
|
-
|
-
|
||||||
Total available-for-sale debt securities
|
74,738
|
75,206
|
||||||
Mortgage-backed and asset-backed securities
|
24,637
|
25,409
|
||||||
Equity securities
|
62
|
194
|
||||||
Total available-for-sale securities
|
99,437
|
100,809
|
||||||
Held-to-maturity debt securities
|
||||||||
Within one year
|
17,851
|
18,085
|
||||||
After one year through five years
|
60,032
|
61,409
|
||||||
After five years through ten years
|
38,678
|
39,787
|
||||||
After ten years
|
12,118
|
12,922
|
||||||
Total held-to-maturity debt securities
|
128,679
|
132,203
|
||||||
Mortgage-backed
|
97,015
|
99,657
|
||||||
Total held-to-maturity securities
|
225,694
|
231,860
|
||||||
Total securities
|
$
|
325,131
|
$
|
332,669
|
(5)
|
Loans and Allowance for Loan Losses
|
(In thousands)
|
September 30, 2017
|
June 30, 2017
|
||||||
Residential real estate:
|
||||||||
Residential real estate
|
$
|
247,557
|
$
|
245,331
|
||||
Residential construction and land
|
7,986
|
7,160
|
||||||
Multi-family
|
9,216
|
9,199
|
||||||
Commercial real estate:
|
||||||||
Commercial real estate
|
261,462
|
257,964
|
||||||
Commercial construction
|
31,140
|
28,430
|
||||||
Consumer loan:
|
||||||||
Home equity
|
21,058
|
21,076
|
||||||
Consumer installment
|
4,795
|
4,790
|
||||||
Commercial loans
|
65,479
|
60,381
|
||||||
Total gross loans
|
648,693
|
634,331
|
||||||
Allowance for loan losses
|
(11,098
|
)
|
(11,022
|
)
|
||||
Deferred fees and costs
|
851
|
878
|
||||||
Loans receivable, net
|
$
|
638,446
|
$
|
624,187
|
(In thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential real estate
|
$
|
244,334
|
$
|
1,169
|
$
|
91
|
$
|
1,963
|
$
|
247,557
|
||||||||||
Residential construction and land
|
7,986
|
-
|
-
|
-
|
7,986
|
|||||||||||||||
Multi-family
|
8,356
|
-
|
773
|
87
|
9,216
|
|||||||||||||||
Commercial real estate
|
248,918
|
-
|
10,572
|
1,972
|
261,462
|
|||||||||||||||
Commercial construction
|
30,964
|
-
|
-
|
176
|
31,140
|
|||||||||||||||
Home equity
|
20,400
|
-
|
-
|
658
|
21,058
|
|||||||||||||||
Consumer installment
|
4,763
|
23
|
-
|
9
|
4,795
|
|||||||||||||||
Commercial loans
|
64,230
|
17
|
49
|
1,183
|
65,479
|
|||||||||||||||
Total gross loans
|
$
|
629,951
|
$
|
1,209
|
$
|
11,485
|
$
|
6,048
|
$
|
648,693
|
(In thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential real estate
|
$
|
242,592
|
$
|
813
|
$
|
91
|
$
|
1,835
|
$
|
245,331
|
||||||||||
Residential construction and land
|
7,160
|
-
|
-
|
-
|
7,160
|
|||||||||||||||
Multi-family
|
9,110
|
-
|
-
|
89
|
9,199
|
|||||||||||||||
Commercial real estate
|
255,090
|
419
|
404
|
2,051
|
257,964
|
|||||||||||||||
Commercial construction
|
28,254
|
-
|
-
|
176
|
28,430
|
|||||||||||||||
Home equity
|
20,858
|
-
|
-
|
218
|
21,076
|
|||||||||||||||
Consumer installment
|
4,770
|
10
|
-
|
10
|
4,790
|
|||||||||||||||
Commercial loans
|
59,030
|
-
|
60
|
1,291
|
60,381
|
|||||||||||||||
Total gross loans
|
$
|
626,864
|
$
|
1,242
|
$
|
555
|
$
|
5,670
|
$
|
634,331
|
(In thousands)
|
30-59
days
past due
|
60-89
days past
due
|
90 days
or more
past due
|
Total
past due
|
Current
|
Total
Loans
|
Loans on
Non-
accrual
|
|||||||||||||||||||||
Residential real estate
|
$
|
1,704
|
$
|
1,036
|
$
|
967
|
$
|
3,707
|
$
|
243,850
|
$
|
247,557
|
$
|
1,371
|
||||||||||||||
Residential construction and land
|
-
|
-
|
-
|
-
|
7,986
|
7,986
|
-
|
|||||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
9,216
|
9,216
|
-
|
|||||||||||||||||||||
Commercial real estate
|
170
|
747
|
391
|
1,308
|
260,154
|
261,462
|
1,051
|
|||||||||||||||||||||
Commercial construction
|
-
|
-
|
176
|
176
|
30,964
|
31,140
|
176
|
|||||||||||||||||||||
Home equity
|
115
|
38
|
176
|
329
|
20,729
|
21,058
|
333
|
|||||||||||||||||||||
Consumer installment
|
48
|
23
|
9
|
80
|
4,715
|
4,795
|
9
|
|||||||||||||||||||||
Commercial loans
|
-
|
178
|
293
|
471
|
65,008
|
65,479
|
370
|
|||||||||||||||||||||
Total gross loans
|
$
|
2,037
|
$
|
2,022
|
$
|
2,012
|
$
|
6,071
|
$
|
642,622
|
$
|
648,693
|
$
|
3,310
|
(In thousands)
|
30-59
days
past due
|
60-89
days
past due
|
90 days
or more
past due
|
Total
past due
|
Current
|
Total Loans
|
Loans on
Non-
accrual
|
|||||||||||||||||||||
Residential real estate
|
$
|
2,088
|
$
|
515
|
$
|
935
|
$
|
3,538
|
$
|
241,793
|
$
|
245,331
|
$
|
1,240
|
||||||||||||||
Residential construction and land
|
-
|
-
|
-
|
-
|
7,160
|
7,160
|
-
|
|||||||||||||||||||||
Multi-family
|
-
|
-
|
-
|
-
|
9,199
|
9,199
|
-
|
|||||||||||||||||||||
Commercial real estate
|
74
|
1,070
|
540
|
1,684
|
256,280
|
257,964
|
1,452
|
|||||||||||||||||||||
Commercial construction
|
-
|
176
|
-
|
176
|
28,254
|
28,430
|
176
|
|||||||||||||||||||||
Home equity
|
220
|
186
|
33
|
439
|
20,637
|
21,076
|
218
|
|||||||||||||||||||||
Consumer installment
|
22
|
10
|
10
|
42
|
4,748
|
4,790
|
10
|
|||||||||||||||||||||
Commercial loans
|
18
|
186
|
202
|
406
|
59,975
|
60,381
|
476
|
|||||||||||||||||||||
Total gross loans
|
$
|
2,422
|
$
|
2,143
|
$
|
1,720
|
$
|
6,285
|
$
|
628,046
|
$
|
634,331
|
$
|
3,572
|
(In thousands)
|
2017
|
2016
|
||||||
Interest income that would have been recorded if loans had been performing in accordance with original terms
|
$
|
78
|
$
|
80
|
||||
Interest income that was recorded on nonaccrual loans
|
34
|
28
|
At September 30, 2017
|
For the three months ended
September 30, 2017
|
|||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Commercial real estate
|
$
|
805
|
$
|
805
|
$
|
-
|
$
|
807
|
$
|
8
|
||||||||||
Home equity
|
181
|
181
|
-
|
183
|
-
|
|||||||||||||||
Commercial loans
|
370
|
370
|
-
|
245
|
-
|
|||||||||||||||
Total impaired loans with no allowance
|
1,356
|
1,356
|
-
|
1,235
|
8
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential real estate
|
1,706
|
1,706
|
335
|
1,536
|
11
|
|||||||||||||||
Commercial real estate
|
425
|
425
|
108
|
430
|
-
|
|||||||||||||||
Commercial construction
|
176
|
176
|
22
|
176
|
-
|
|||||||||||||||
Home equity
|
325
|
325
|
63
|
325
|
3
|
|||||||||||||||
Total impaired loans with allowance
|
2,632
|
2,632
|
528
|
2,467
|
14
|
|||||||||||||||
Total impaired:
|
||||||||||||||||||||
Residential real estate
|
1,706
|
1,706
|
335
|
1,536
|
11
|
|||||||||||||||
Commercial real estate
|
1,230
|
1,230
|
108
|
1,237
|
8
|
|||||||||||||||
Commercial construction
|
176
|
176
|
22
|
176
|
-
|
|||||||||||||||
Home equity
|
506
|
506
|
63
|
508
|
3
|
|||||||||||||||
Commercial loans
|
370
|
370
|
-
|
245
|
-
|
|||||||||||||||
Total impaired loans
|
$
|
3,988
|
$
|
3,988
|
$
|
528
|
$
|
3,702
|
$
|
22
|
At June 30, 2017
|
For the three months ended
September 30, 2016
|
|||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Residential real estate
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
375
|
$
|
-
|
||||||||||
Commercial real estate
|
809
|
809
|
-
|
1,021
|
10
|
|||||||||||||||
Home equity
|
186
|
186
|
-
|
5
|
-
|
|||||||||||||||
Commercial loans
|
186
|
186
|
-
|
-
|
-
|
|||||||||||||||
Total impaired loans with no allowance
|
1,181
|
1,181
|
-
|
1,401
|
10
|
|||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential real estate
|
1,455
|
1,455
|
278
|
1,345
|
12
|
|||||||||||||||
Commercial real estate
|
440
|
440
|
135
|
402
|
4
|
|||||||||||||||
Commercial construction
|
176
|
176
|
23
|
-
|
-
|
|||||||||||||||
Commercial loans
|
-
|
-
|
-
|
83
|
2
|
|||||||||||||||
Total impaired loans with allowance
|
2,071
|
2,071
|
436
|
1,830
|
18
|
|||||||||||||||
Total impaired loans:
|
||||||||||||||||||||
Residential real estate
|
1,455
|
1,455
|
278
|
1,720
|
12
|
|||||||||||||||
Commercial real estate
|
1,249
|
1,249
|
135
|
1,423
|
14
|
|||||||||||||||
Commercial construction
|
176
|
176
|
23
|
-
|
-
|
|||||||||||||||
Home equity
|
186
|
186
|
-
|
5
|
-
|
|||||||||||||||
Commercial loans
|
186
|
186
|
-
|
83
|
2
|
|||||||||||||||
Total impaired loans
|
$
|
3,252
|
$
|
3,252
|
$
|
436
|
$
|
3,231
|
$
|
28
|
(Dollars in thousands)
|
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-Modification
Outstanding
Recorded
Investment
|
Current
Outstanding
Recorded
Investment
|
||||||||||||
September 30, 2017
|
||||||||||||||||
Home equity
|
1
|
$
|
325
|
$
|
325
|
$
|
325
|
|||||||||
September 30, 2016
|
||||||||||||||||
None
|
Activity for the three months ended September 30, 2017
|
||||||||||||||||||||
(In thousands)
|
Balance at
June 30, 2017
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
September 30, 2017
|
|||||||||||||||
Residential real estate
|
$
|
2,289
|
$
|
44
|
$
|
-
|
$
|
(169
|
)
|
$
|
2,076
|
|||||||||
Residential construction and land
|
89
|
-
|