☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 001-39043 |
Delaware | 95-4547287 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
5055 Wilshire Boulevard, Suite 500 Los Angeles, California | 90036 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||
Common Stock, par value $0.01 per share (including attached preferred stock purchase rights) | BYFC | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☐ |
September 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets: | ||||||||||||||||
Cash and due from banks | $ | 44,740 | $ | 3,016 | $ | 41,730 | $ | 71,110 | ||||||||
Interest-bearing deposits in other banks | 24,976 | 12,550 | 168,653 | 24,999 | ||||||||||||
Cash and cash equivalents | 69,716 | 15,566 | 210,383 | 96,109 | ||||||||||||
Securities available-for-sale, at fair value | 10,372 | 11,006 | 158,832 | 10,698 | ||||||||||||
Loans receivable held for sale, at lower of cost or fair value | 40,653 | - | ||||||||||||||
Loans receivable held for investment, net of allowance of $3,215 and $3,182 | 361,793 | 397,847 | ||||||||||||||
Loans receivable held for investment, net of allowance of $3,296 and $3,215 | 614,718 | 360,129 | ||||||||||||||
Accrued interest receivable | 1,325 | 1,223 | 2,572 | 1,202 | ||||||||||||
Federal Home Loan Bank (FHLB) stock, at cost | 3,586 | 2,916 | ||||||||||||||
Federal Home Loan Bank (FHLB) stock | 2,896 | 3,431 | ||||||||||||||
Federal Reserve Bank (FRB) stock | 693 | 0 | ||||||||||||||
Office properties and equipment, net | 2,714 | 2,783 | 9,159 | 2,540 | ||||||||||||
Bank owned life insurance | 3,135 | 3,100 | 3,168 | 3,147 | ||||||||||||
Deferred tax assets, net | 5,309 | 5,220 | 5,513 | 5,633 | ||||||||||||
Investment in affordable housing limited partnership | 84 | 163 | ||||||||||||||
Core deposit intangible, net | 3,198 | 0 | ||||||||||||||
Goodwill | 25,996 | 0 | ||||||||||||||
Other assets | 530 | 545 | 3,870 | 489 | ||||||||||||
Total assets | $ | 499,217 | $ | 440,369 | $ | 1,040,998 | $ | 483,378 | ||||||||
Liabilities and stockholders’ equity | ||||||||||||||||
Liabilities: | ||||||||||||||||
Deposits | $ | 325,336 | $ | 297,724 | $ | 705,041 | $ | 315,630 | ||||||||
Securities sold under agreements to repurchase | 70,660 | 0 | ||||||||||||||
FHLB advances | 115,500 | 84,000 | 96,022 | 110,500 | ||||||||||||
Junior subordinated debentures | 3,570 | 4,335 | 2,805 | 3,315 | ||||||||||||
Advance payments by borrowers for taxes and insurance | 1,541 | 1,033 | ||||||||||||||
Notes payable | 14,000 | 0 | ||||||||||||||
Accrued expenses and other liabilities | 3,904 | 4,429 | 8,975 | 5,048 | ||||||||||||
Total liabilities | 449,851 | 391,521 | 897,503 | 434,493 | ||||||||||||
Stockholders’ Equity: | ||||||||||||||||
Preferred stock, $.01 par value, authorized 1,000,000 shares; none issued or outstanding | - | - | ||||||||||||||
Common stock, $.01 par value, voting, authorized 50,000,000 shares at September 30, 2020 and December 31, 2019; issued 21,899,584 shares at September 30, 2020 and 21,729,249 shares at December 31, 2019; outstanding 19,281,758 shares at September 30, 2020 and 19,111,423 shares at December 31, 2019 | 219 | 218 | ||||||||||||||
Common stock, $.01 par value, non-voting, authorized 25,000,000 shares at September 30, 2020 and December 31, 2019; issued and outstanding 8,756,396 shares at September 30, 2020 and December 31, 2019 | 87 | 87 | ||||||||||||||
Cumulative Redeemable Perpetual Preferred stock, Series A, authorized 3,000 shares at June 30, 2021 and NaN at December 31, 2020; issued and outstanding 3,000 shares at June 30, 2021 and NaN at December 31, 2020, liquidation value $1,000 per share | 3,000 | 0 | ||||||||||||||
Common stock, Class A, $0.01 par value, voting, authorized 75,000,000 shares at June 30, 2021 and 50,000,000 shares at December 31, 2020; issued 46,248,710 shares at June 30, 2021 and 21,899,584 shares at December 31, 2020; outstanding 43,630,884 shares at June 30, 2021 and 19,281,758 shares at December 31, 2020 | 462 | 219 | ||||||||||||||
Common stock, Class B, $0.01 par value, non-voting, authorized 15,000,000 shares at June 30, 2021 and 0ne at December 31, 2020; issued and outstanding 11,404,621 shares at June 30, 2021 and 0ne at December 31, 2020 | 114 | 0 | ||||||||||||||
Common stock, Class C, $0.01 par value, non-voting, authorized 25,000,000 shares at June 30, 2021 and December 31, 2020; issued and outstanding 16,689,775 at June 30, 2021 and 8,756,396 shares at December 31, 2020 | 167 | 87 | ||||||||||||||
Additional paid-in capital | 46,750 | 46,426 | 140,125 | 46,851 | ||||||||||||
Retained earnings | 8,364 | 8,425 | 4,997 | 7,783 | ||||||||||||
Unearned Employee Stock Ownership Plan (ESOP) shares | (909 | ) | (959 | ) | (861 | ) | (893 | ) | ||||||||
Accumulated other comprehensive income (loss), net of tax | 181 | (23 | ) | |||||||||||||
Treasury stock-at cost, 2,617,826 shares at September 30, 2020 and at December 31, 2019 | (5,326 | ) | (5,326 | ) | ||||||||||||
Total stockholders’ equity | 49,366 | 48,848 | ||||||||||||||
Accumulated other comprehensive income, net of tax | 785 | 164 | ||||||||||||||
Treasury stock-at cost, 2,617,826 shares at June 30, 2021 and at December 31, 2020 | (5,326 | ) | (5,326 | ) | ||||||||||||
Total Broadway Financial Corporation and Subsidiary stockholders’ equity | 143,463 | 48,885 | ||||||||||||||
Non-controlling interest | 32 | 0 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 499,217 | $ | 440,369 | $ | 1,040,998 | $ | 483,378 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(In thousands, except per share) | ||||||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans receivable | $ | 6,300 | $ | 4,429 | $ | 9,944 | $ | 8,788 | ||||||||
Interest on available for sale securities | 440 | 65 | 496 | 135 | ||||||||||||
Other interest income | 144 | 74 | 221 | 216 | ||||||||||||
Total interest income | 6,884 | 4,568 | 10,661 | 9,139 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 477 | 967 | 860 | 2,022 | ||||||||||||
Interest on borrowings | 586 | 570 | 1,135 | 1,188 | ||||||||||||
Total interest expense | 1,063 | 1,537 | 1,995 | 3,210 | ||||||||||||
Net interest income | 5,821 | 3,031 | 8,666 | 5,929 | ||||||||||||
Loan loss provision | 81 | 0 | 81 | 29 | ||||||||||||
Net interest income after loan loss provision | 5,740 | 3,031 | 8,585 | 5,900 | ||||||||||||
Non-interest income: | ||||||||||||||||
Service charges | 36 | 94 | 129 | 238 | ||||||||||||
Gain on sale of loans | 0 | 116 | 0 | 123 | ||||||||||||
CDFI Grant | 1,826 | 0 | 1,826 | 0 | ||||||||||||
Other | 330 | 32 | 360 | 78 | ||||||||||||
Total non-interest income | 2,192 | 242 | 2,315 | 439 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Compensation and benefits | 2,819 | 1,983 | 8,209 | 4,038 | ||||||||||||
Occupancy expense | 627 | 320 | 935 | 635 | ||||||||||||
Information services | 566 | 221 | 807 | 458 | ||||||||||||
Professional services | 513 | 571 | 2,452 | 835 | ||||||||||||
Supervisory costs | 177 | 95 | 247 | 112 | ||||||||||||
Office services and supplies | 59 | 87 | 154 | 163 | ||||||||||||
Corporate insurance | 8 | 32 | 254 | 64 | ||||||||||||
Amortization of core deposit intangible | 131 | 0 | 131 | 0 | ||||||||||||
Other | 474 | 93 | 812 | 246 | ||||||||||||
Total non-interest expense | 5,374 | 3,402 | 14,001 | 6,551 | ||||||||||||
Income (loss) before income taxes | 2,558 | (129 | ) | (3,101 | ) | (212 | ) | |||||||||
Income tax expense (benefit) | 1,824 | (345 | ) | (348 | ) | (395 | ) | |||||||||
Net income (loss) | $ | 734 | $ | 216 | $ | (2,753 | ) | $ | 183 | |||||||
Less: Net income attributable to non-controlling interest | (33 | ) | 0 | (33 | ) | 0 | ||||||||||
Net Income (loss) Attributable to Broadway Financial Corporation | $ | 701 | $ | 216 | $ | (2,786 | ) | $ | 183 | |||||||
Other comprehensive income, net of tax: | ||||||||||||||||
Unrealized gains on securities available-for-sale arising during the period | $ | 1,022 | $ | 155 | $ | 864 | $ | 330 | ||||||||
Income tax expense | 290 | 46 | 243 | 98 | ||||||||||||
Other comprehensive income, net of tax | 732 | 109 | 621 | 232 | ||||||||||||
Comprehensive income (loss) | $ | 1,433 | $ | 325 | $ | (2,165 | ) | $ | 415 | |||||||
Earnings (loss) per common share-basic | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.01 | |||||||
Earnings (loss) per common share-diluted | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.01 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(In thousands, except per share) | ||||||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans receivable | $ | 4,438 | $ | 3,731 | $ | 13,226 | $ | 11,687 | ||||||||
Interest on mortgage-backed and other securities | 59 | 90 | 194 | 283 | ||||||||||||
Other interest income | 77 | 194 | 293 | 503 | ||||||||||||
Total interest income | 4,574 | 4,015 | 13,713 | 12,473 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 631 | 1,105 | 2,653 | 3,229 | ||||||||||||
Interest on borrowings | 566 | 518 | 1,754 | 1,577 | ||||||||||||
Total interest expense | 1,197 | 1,623 | 4,407 | 4,806 | ||||||||||||
Net interest income | 3,377 | 2,392 | 9,306 | 7,667 | ||||||||||||
Loan loss provision (recapture) | - | 47 | 29 | (301 | ) | |||||||||||
Net interest income after loan loss provision (recapture) | 3,377 | 2,345 | 9,277 | 7,968 | ||||||||||||
Non-interest income: | ||||||||||||||||
Service charges | 93 | 116 | 331 | 353 | ||||||||||||
Gain on sale of loans | 76 | 204 | 199 | 204 | ||||||||||||
CDFI Grant | - | - | - | 233 | ||||||||||||
Other | 37 | 24 | 115 | 69 | ||||||||||||
Total non-interest income | 206 | 344 | 645 | 859 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Compensation and benefits | 1,909 | 1,876 | 5,947 | 5,633 | ||||||||||||
Occupancy expense | 332 | 325 | 967 | 945 | ||||||||||||
Information services | 242 | 231 | 700 | 657 | ||||||||||||
Professional services | 840 | 335 | 1,675 | 909 | ||||||||||||
Office services and supplies | 97 | 72 | 260 | 207 | ||||||||||||
Loan related expenses | 41 | 58 | 62 | 116 | ||||||||||||
Corporate insurance | 30 | 32 | 94 | 101 | ||||||||||||
Amortization of investment in affordable housing limited partnership | 26 | 36 | 79 | 134 | ||||||||||||
Other | 215 | 179 | 499 | 524 | ||||||||||||
Total non-interest expense | 3,732 | 3,144 | 10,283 | 9,226 | ||||||||||||
Loss before income taxes | (149 | ) | (455 | ) | (361 | ) | (399 | ) | ||||||||
Income tax expense (benefit) | 95 | (176 | ) | (300 | ) | (262 | ) | |||||||||
Net loss | $ | (244 | ) | $ | (279 | ) | $ | (61 | ) | $ | (137 | ) | ||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||
Unrealized (losses) gains on securities available-for-sale arising during the period | $ | (40 | ) | $ | 64 | $ | 290 | $ | 417 | |||||||
Income tax (benefit) expense | (12 | ) | 19 | 86 | 123 | |||||||||||
Other comprehensive (loss) income, net of tax | (28 | ) | 45 | 204 | 294 | |||||||||||
Comprehensive (loss) income | $ | (272 | ) | $ | (234 | ) | $ | 143 | $ | 157 | ||||||
Loss earnings per common share-basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | - | $ | (0.01 | ) | |||||
Loss earnings per common share-diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | - | $ | (0.01 | ) |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net (loss) income | $ | (2,753 | ) | $ | 183 | |||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Loan loss provision | 81 | 29 | ||||||
Depreciation | 345 | 115 | ||||||
Net amortization of deferred loan origination costs | 964 | 136 | ||||||
Net amortization of premiums on available for sale securities | 231 | 19 | ||||||
Amortization of investment in affordable housing limited partnership | 26 | 53 | ||||||
Amortization of core deposit intangible | 131 | 0 | ||||||
Director compensation expense-common stock | 45 | 45 | ||||||
Accretion of premium on FHLB advances | (7 | ) | 0 | |||||
Stock-based compensation expense | 169 | 179 | ||||||
Valuation allowance on deferred tax asset | 370 | 0 | ||||||
ESOP compensation expense | 47 | 32 | ||||||
Earnings on bank owned life insurance | (21 | ) | (23 | ) | ||||
Originations of loans receivable held for sale | 0 | (110,908 | ) | |||||
Proceeds from sales of loans receivable held for sale | 0 | 60,997 | ||||||
Repayments on loans receivable held for sale | 0 | 315 | ||||||
Gain on sale of loans receivable held for sale | 0 | (123 | ) | |||||
Change in assets and liabilities: | ||||||||
Net change in deferred taxes | (1,210 | ) | (271 | ) | ||||
Net change in accrued interest receivable | 267 | (68 | ) | |||||
Net change in other assets | (1,118 | ) | (349 | ) | ||||
Net change in advance payments by borrowers for taxes and insurance | 310 | 43 | ||||||
Net change in accrued expenses and other liabilities | (447 | ) | 442 | |||||
Net cash used in operating activities | (2,570 | ) | (49,154 | ) | ||||
Cash flows from investing activities: | ||||||||
Cash acquired in merger | 84,745 | 0 | ||||||
Net change in loans receivable held for investment | (29,749 | ) | 23,265 | |||||
Principal payments on available-for-sale securities | 6,547 | 1,125 | ||||||
Purchase of available-for-sale securities | (4,073 | ) | 0 | |||||
Purchase of FHLB stock | (152 | ) | (670 | ) | ||||
Proceeds from redemption of FHLB stock | 1,055 | 0 | ||||||
Purchase of office properties and equipment | (56 | ) | (328 | ) | ||||
Proceeds from disposals of office property and equipment | 45 | 0 | ||||||
Net cash provided by investing activities | 58,362 | 23,392 | ||||||
Cash flows from financing activities: | ||||||||
Net change in deposits | 35,690 | 18,054 | ||||||
Net increase in securities sold under agreements to repurchase | 10,613 | 0 | ||||||
Proceeds from sale of stock (net of costs) | 30,837 | 0 | ||||||
Distributions to non-controlling interest | (165 | ) | 0 | |||||
Proceeds from FHLB advances | 5,000 | 66,000 | ||||||
Repayments of FHLB advances | (22,535 | ) | (33,500 | ) | ||||
Stock cancelled for income tax withholding | (448 | ) | 0 | |||||
Repayments of junior subordinated debentures | (510 | ) | (510 | ) | ||||
Net cash provided by financing activities | 58,482 | 50,044 | ||||||
Net change in cash and cash equivalents | 114,274 | 24,282 | ||||||
Cash and cash equivalents at beginning of the period | 96,109 | 15,566 | ||||||
Cash and cash equivalents at end of the period | $ | 210,383 | $ | 39,848 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 1,803 | $ | 3,290 | ||||
Cash paid for income taxes | 429 | 3 | ||||||
Assets acquired (liabilities assumed) in acquisition: | ||||||||
Securities available for sale, at fair value | $ | 149,975 | $ | 0 | ||||
Loans receivable | 225,885 | 0 | ||||||
Accrued interest receivable | 1,637 | 0 | ||||||
FHLB and FRB stock | 1,061 | 0 | ||||||
Office property and equipment | 6,953 | 0 | ||||||
Goodwill | 25,966 | 0 | ||||||
Core deposit intangible | 3,329 | 0 | ||||||
Other assets | 2,290 | 0 | ||||||
Deposits | (353,722 | ) | 0 | |||||
FHLB advances | (3,166 | ) | 0 | |||||
Securities sold under agreements to repurchase | (59,945 | ) | 0 | |||||
Other borrowings | (14,000 | ) | 0 | |||||
Deferred taxes | (717 | ) | 0 | |||||
Accrued expenses and other liabilities | (4,063 | ) | 0 | |||||
Preferred stock | (3,000 | ) | 0 | |||||
Common stock | (63,257 | ) | 0 |
Three-Month Period Ended June 30, 2021 and 2020 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock Non-Voting | Common Stock Voting | Common Stock Non-Voting | Additional Paid‑in Capital | Accumulated Other Comprehensive Income | Retained Earnings (Substantially Restricted) | Unearned ESOP Shares | Treasury Stock | Non-controlling Interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 0 | $ | 218 | $ | 87 | $ | 46,625 | $ | 53 | $ | 4,296 | $ | (877 | ) | $ | (5,326 | ) | $ | 0 | $ | 45,076 | ||||||||||||||||||
Net income for the three months ended June 30, 2021 | 0 | 0 | 0 | 0 | 0 | 701 | 0 | 0 | 33 | 734 | ||||||||||||||||||||||||||||||
Preferred shares issued in business combination | 3,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,000 | ||||||||||||||||||||||||||||||
Common shares issued in business combination | 0 | 140 | 114 | 62,839 | 0 | 0 | 0 | 0 | 164 | 63,257 | ||||||||||||||||||||||||||||||
Shares transferred from voting to non-voting after business combination | 0 | (7 | ) | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Common shares issued in private placement | 0 | 112 | 73 | 30,652 | 0 | 0 | 0 | 0 | 0 | 30,837 | ||||||||||||||||||||||||||||||
Release of unearned ESOP shares | 0 | 0 | 0 | 9 | 0 | 0 | 16 | 0 | 0 | 25 | ||||||||||||||||||||||||||||||
Common stock cancelled for payment of tax withholdings | 0 | (1 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1 | ) | ||||||||||||||||||||||||||||
Payment to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (165 | ) | (165 | ) | ||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 732 | 0 | 0 | 0 | 0 | 732 | ||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 3,000 | $ | 462 | $ | 281 | $ | 140,125 | $ | 785 | $ | 4,997 | $ | (861 | ) | $ | (5,326 | ) | $ | 32 | $ | 143,495 | ||||||||||||||||||
Balance at March 31, 2020 | $ | 0 | $ | 219 | $ | 87 | $ | 46,550 | $ | 100 | $ | 8,392 | $ | (942 | ) | $ | (5,326 | ) | $ | 0 | $ | 49,080 | ||||||||||||||||||
Net income for the three months ended June 30, 2020 | 0 | 0 | 0 | 0 | 0 | 216 | 0 | 0 | 0 | 216 | ||||||||||||||||||||||||||||||
Release of unearned ESOP shares | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 0 | 0 | 15 | ||||||||||||||||||||||||||||||
Restricted stock Compensation expense | 0 | 0 | 0 | 90 | 0 | 0 | 0 | 0 | 0 | 90 | ||||||||||||||||||||||||||||||
Stock option compensation expense | 0 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 0 | 10 | ||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 109 | 0 | 0 | 0 | 0 | 109 | ||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 0 | $ | 219 | $ | 87 | $ | 46,650 | $ | 209 | $ | 8,608 | $ | (927 | ) | $ | (5,326 | ) | $ | 0 | $ | 49,520 |
Six-Month Period Ended June 30, 2021 and 2020 | ||||||||||||||||||||||||||||||||||||||||
Preferred Stock Non-Voting | Common Stock Voting | Common Stock Non-Voting | Additional Paid‑in Capital | Accumulated Other Comprehensive Income | Retained Earnings (Substantially Restricted) | Unearned ESOP Shares | Treasury Stock | Non-controlling interest | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 0 | $ | 219 | $ | 87 | $ | 46,851 | $ | 164 | $ | 7,783 | $ | (893 | ) | $ | (5,326 | ) | $ | 0 | $ | 48,885 | ||||||||||||||||||
Net income (loss) for the six months ended June 30, 2021 | 0 | 0 | 0 | 0 | 0 | (2,786 | ) | 0 | 0 | 33 | (2,753 | ) | ||||||||||||||||||||||||||||
Preferred shares issued in business combination | 3,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,000 | ||||||||||||||||||||||||||||||
Common shares issued in business combination | 0 | 140 | 114 | 62,839 | 0 | 0 | 0 | 0 | 164 | 63,257 | ||||||||||||||||||||||||||||||
Shares transferred from voting to non-voting after business combination | 0 | (7 | ) | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Common shares issued in private placement | 0 | 112 | 73 | 30,652 | 0 | 0 | 0 | 0 | 0 | 30,837 | ||||||||||||||||||||||||||||||
Release of unearned ESOP shares | 0 | 0 | 0 | 15 | 0 | 0 | 32 | 0 | 0 | 47 | ||||||||||||||||||||||||||||||
Restricted stock compensation expense | 0 | 0 | 0 | 162 | 0 | 0 | 0 | 0 | 0 | 162 | ||||||||||||||||||||||||||||||
Stock awarded to directors | 0 | 0 | 0 | 45 | 0 | 0 | 0 | 0 | 0 | 45 | ||||||||||||||||||||||||||||||
Stock option compensation expense | 0 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 0 | 7 | ||||||||||||||||||||||||||||||
Common stock cancelled for payment of tax withholdings | 0 | (2 | ) | 0 | (446 | ) | 0 | 0 | 0 | 0 | 0 | (448 | ) | |||||||||||||||||||||||||||
Payment to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (165 | ) | (165 | ) | ||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 621 | 0 | 0 | 0 | 0 | 621 | ||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 3,000 | $ | 462 | $ | 281 | $ | 140,125 | $ | 785 | $ | 4,997 | $ | (861 | ) | $ | (5,326 | ) | $ | 32 | $ | 143,495 | ||||||||||||||||||
Balance at January 1, 2020 | $ | 0 | $ | 218 | $ | 87 | $ | 46,426 | $ | (23 | ) | $ | 8,425 | $ | (959 | ) | $ | (5,326 | ) | $ | 0 | $ | 48,848 | |||||||||||||||||
Net income for the six months ended June 30, 2020 | 0 | 0 | 0 | 0 | 0 | 183 | 0 | 0 | 0 | 183 | ||||||||||||||||||||||||||||||
Release of unearned ESOP shares | 0 | 0 | 0 | 0 | 0 | 0 | 32 | 0 | 0 | 32 | ||||||||||||||||||||||||||||||
Restricted stock compensation expense | 0 | 1 | 0 | 160 | 0 | 0 | 0 | 0 | 0 | 161 | ||||||||||||||||||||||||||||||
Stock awarded to directors | 0 | 0 | 0 | 45 | 0 | 0 | 0 | 0 | 0 | 45 | ||||||||||||||||||||||||||||||
Stock option compensation expense | 0 | 0 | 0 | 19 | 0 | 0 | 0 | 0 | 0 | 19 | ||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 232 | 0 | 0 | 0 | 0 | 232 | ||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 0 | $ | 219 | $ | 87 | $ | 46,650 | $ | 209 | $ | 8,608 | $ | (927 | ) | $ | (5,326 | ) | $ | 0 | $ | 49,520 |
Nine Months Ended September 30, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (61 | ) | $ | (137 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||
Loan loss provision (recapture) | 29 | (301 | ) | |||||
Provision for losses on REOs | - | 13 | ||||||
Depreciation | 170 | 171 | ||||||
Net amortization of deferred loan origination costs | 183 | 160 | ||||||
Net amortization of premiums on mortgage-backed securities | 30 | 19 | ||||||
Amortization of investment in affordable housing limited partnership | 79 | 134 | ||||||
Director compensation expense-common stock | 45 | 52 | ||||||
Stock-based compensation expense | 279 | 182 | ||||||
ESOP compensation expense | 50 | 47 | ||||||
Earnings on bank owned life insurance | (35 | ) | (39 | ) | ||||
Originations of loans receivable held for sale | (118,626 | ) | (15,182 | ) | ||||
Proceeds from sales of loans receivable held for sale | 77,642 | 22,970 | ||||||
Repayments on loans receivable held for sale | 530 | 103 | ||||||
Gain on sale of loans receivable held for sale | (199 | ) | (204 | ) | ||||
Change in assets and liabilities: | ||||||||
Net change in deferred taxes | (175 | ) | (209 | ) | ||||
Net change in accrued interest receivable | (102 | ) | (39 | ) | ||||
Net change in other assets | 15 | 5 | ||||||
Net change in advance payments by borrowers for taxes and insurance | 508 | 473 | ||||||
Net change in accrued expenses and other liabilities | (125 | ) | 322 | |||||
Net cash (used in) provided by operating activities | (39,763 | ) | 8,540 | |||||
Cash flows from investing activities: | ||||||||
Net change in loans receivable held for investment | 35,843 | (8,735 | ) | |||||
Principal payments on available-for-sale securities | 1,744 | 1,450 | ||||||
Purchases of available-for-sale municipal bonds | (850 | ) | - | |||||
Proceeds from sales of REO | - | 820 | ||||||
Purchase of FHLB stock | (670 | ) | - | |||||
Purchase of office properties and equipment | (501 | ) | (33 | ) | ||||
Net cash provided by (used in) investing activities | 35,566 | (6,498 | ) | |||||
Cash flows from financing activities: | ||||||||
Net change in deposits | 27,612 | (1,347 | ) | |||||
Proceeds from FHLB advances | 66,000 | 13,000 | ||||||
Repayments of FHLB advances | (34,500 | ) | (8,000 | ) | ||||
Payment for tax withholding for vesting of restricted stock | - | (14 | ) | |||||
Repayments of junior subordinated debentures | (765 | ) | (510 | ) | ||||
Net cash provided by financing activities | 58,347 | 3,129 | ||||||
Net change in cash and cash equivalents | 54,150 | 5,171 | ||||||
Cash and cash equivalents at beginning of the period | 15,566 | 16,651 | ||||||
Cash and cash equivalents at end of the period | $ | 69,716 | $ | 21,822 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid for interest | $ | 4,530 | $ | 4,710 | ||||
Cash paid for income taxes | 8 | 13 | ||||||
Supplemental disclosures of non-cash investing and financing: | ||||||||
Transfers of loans receivable held for sale to loans receivable held for investment | $ | - | $ | 1,064 | ||||
Transfers of loans receivable held for investment to loans receivable held for sale | - | 10,684 | ||||||
Common stock exchanged for payment of tax withholding | - | 14 | ||||||
Initial Recognition of Operating Lease Right-to-Use Assets | - | 1,120 | ||||||
Initial Recognition of Operating Lease Liabilities | - | 1,120 |
Three-Month Period Ended September 30, 2020 and 2019 | ||||||||||||||||||||||||||||||||
Common Stock Voting | Common Stock Non- Voting | Additional Paid‑in Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings (Substantially Restricted) | Unearned ESOP Shares | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | $ | 219 | $ | 87 | $ | 46,650 | $ | 209 | $ | 8,608 | $ | (927 | ) | $ | (5,326 | ) | $ | 49,520 | ||||||||||||||
Net loss for the three months ended September 30, 2020 | ‑ | ‑ | ‑ | - | (244 | ) | ‑ | ‑ | (244 | ) | ||||||||||||||||||||||
Release of unearned ESOP shares | - | - | - | ‑ | ‑ | 18 | ‑ | 18 | ||||||||||||||||||||||||
Restricted stock Compensation expense | - | ‑ | 90 | ‑ | ‑ | ‑ | ‑ | 90 | ||||||||||||||||||||||||
Stock option compensation expense | ‑ | ‑ | 10 | ‑ | - | ‑ | ‑ | 10 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax | ‑ | ‑ | - | (28 | ) | ‑ | ‑ | ‑ | (28 | ) | ||||||||||||||||||||||
Balance at September 30, 2020 | $ | 219 | $ | 87 | $ | 46,750 | $ | 181 | $ | 8,364 | $ | (909 | ) | $ | (5,326 | ) | $ | 49,366 | ||||||||||||||
Balance at July 1, 2019 | $ | 218 | $ | 87 | $ | 46,292 | $ | (34 | ) | $ | 8,773 | $ | (994 | ) | $ | (5,326 | ) | $ | 49,016 | |||||||||||||
Net loss for the three months ended September 30, 2019 | ‑ | ‑ | ‑ | - | (279 | ) | ‑ | ‑ | (279 | ) | ||||||||||||||||||||||
Release of unearned ESOP shares | - | - | 2 | ‑ | ‑ | 17 | ‑ | 19 | ||||||||||||||||||||||||
Restricted stock Compensation expense | - | ‑ | 63 | ‑ | ‑ | ‑ | ‑ | 63 | ||||||||||||||||||||||||
Stock option compensation expense | ‑ | ‑ | 10 | ‑ | - | ‑ | ‑ | 10 | ||||||||||||||||||||||||
Common stock repurchased for tax withholdings | ‑ | ‑ | (14 | ) | ‑ | ‑ | - | ‑ | (14 | ) | ||||||||||||||||||||||
Other comprehensive income, net of tax | ‑ | ‑ | - | 45 | ‑ | ‑ | ‑ | 45 | ||||||||||||||||||||||||
Balance at September 30, 2019 | $ | 218 | $ | 87 | $ | 46,353 | $ | 11 | $ | 8,494 | $ | (977 | ) | $ | (5,326 | ) | $ | 48,860 |
Nine-Month Period Ended September 30, 2020 and 2019 | ||||||||||||||||||||||||||||||||
Common Stock Voting | Common Stock Non- Voting | Additional Paid‑in Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings (Substantially Restricted) | Unearned ESOP Shares | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 218 | $ | 87 | $ | 46,426 | $ | (23 | ) | $ | 8,425 | $ | (959 | ) | $ | (5,326 | ) | $ | 48,848 | |||||||||||||
Net loss for the nine months ended September 30, 2020 | ‑ | ‑ | ‑ | - | (61 | ) | ‑ | ‑ | (61 | ) | ||||||||||||||||||||||
Release of unearned ESOP shares | - | - | - | ‑ | ‑ | 50 | ‑ | 50 | ||||||||||||||||||||||||
Restricted stock Compensation expense | 1 | ‑ | 250 | ‑ | ‑ | ‑ | ‑ | 251 | ||||||||||||||||||||||||
Stock awarded to directors | ‑ | ‑ | 45 | ‑ | ‑ | ‑ | - | 45 | ||||||||||||||||||||||||
Stock option compensation expense | ‑ | ‑ | 29 | ‑ | - | ‑ | ‑ | 29 | ||||||||||||||||||||||||
Other comprehensive income, net of tax | ‑ | ‑ | - | 204 | ‑ | ‑ | ‑ | 204 | ||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 219 | $ | 87 | $ | 46,750 | $ | 181 | $ | 8,364 | $ | (909 | ) | $ | (5,326 | ) | $ | 49,366 | ||||||||||||||
Balance at January 1, 2019 | $ | 213 | $ | 87 | $ | 46,141 | $ | (283 | ) | $ | 8,631 | $ | (1,027 | ) | $ | (5,326 | ) | $ | 48,436 | |||||||||||||
Net loss for the nine months ended September 30, 2019 | ‑ | ‑ | ‑ | - | (137 | ) | ‑ | ‑ | (137 | ) | ||||||||||||||||||||||
Release of unearned ESOP shares | - | - | (3 | ) | ‑ | ‑ | 50 | ‑ | 47 | |||||||||||||||||||||||
Restricted stock Compensation expense | 5 | ‑ | 148 | ‑ | ‑ | ‑ | ‑ | 153 | ||||||||||||||||||||||||
Stock awarded to directors | ‑ | ‑ | 52 | ‑ | ‑ | ‑ | - | 52 | ||||||||||||||||||||||||
Stock option compensation expense | ‑ | ‑ | 29 | ‑ | - | ‑ | ‑ | 29 | ||||||||||||||||||||||||
Common stock repurchased for tax withholdings | ‑ | ‑ | (14 | ) | ‑ | ‑ | - | ‑ | (14 | ) | ||||||||||||||||||||||
Other comprehensive loss, net of tax | ‑ | ‑ | - | 294 | ‑ | ‑ | ‑ | 294 | ||||||||||||||||||||||||
Balance at September 30, 2019 | $ | 218 | $ | 87 | $ | 46,353 | $ | 11 | $ | 8,494 | $ | (977 | ) | $ | (5,326 | ) | $ | 48,860 | ||||||||||||||
CFBanc Book Value | Fair Value Adjustments | Fair Value | ||||||||||
Assets acquired | (In thousands) | |||||||||||
Cash and cash equivalents | $ | 84,745 | $ | 0 | $ | 84,745 | ||||||
Securities available-for-sale | 150,052 | (77 | ) | 149,975 | ||||||||
Loans receivable held for investment: | ||||||||||||
Gross loans receivable held for investment | 227,669 | (1,784 | ) | 225,885 | ||||||||
Deferred fees and costs | (315 | ) | 315 | 0 | ||||||||
Allowance for loan losses | (2,178 | ) | 2,178 | 0 | ||||||||
225,176 | 709 | 225,885 | ||||||||||
Accrued interest receivable | 1,637 | 0 | 1,637 | |||||||||
FHLB and FRB stock | 1,061 | 0 | 1,061 | |||||||||
Office properties and equipment | 5,152 | 1,801 | 6,953 | |||||||||
Deferred tax assets, net | 890 | (1,608 | ) | (718 | ) | |||||||
Core deposit intangible | 0 | 3,329 | 3,329 | |||||||||
Other assets | 2,290 | 0 | 2,290 | |||||||||
Total assets | $ | 471,003 | $ | 4,154 | $ | 475,157 | ||||||
Liabilities assumed | ||||||||||||
Deposits | $ | 353,671 | $ | 51 | $ | 353,722 | ||||||
Securities sold under agreements to repurchase | 59,945 | 0 | 59,945 | |||||||||
FHLB advances | 3,057 | 109 | 3,166 | |||||||||
Notes payable | 14,000 | 0 | 14,000 | |||||||||
Accrued expenses and other liabilities | 4,063 | 0 | 4,063 | |||||||||
Total liabilities | $ | 434,736 | $ | 160 | $ | 434,896 | ||||||
Excess of assets acquired over liabilities assumed | $ | 36,267 | $ | 3,994 | $ | 40,261 | ||||||
Consideration paid | $ | 66,257 | ||||||||||
Goodwill recognized | $ | 25,996 |
Acquired Loans | ||||
(In thousands) | ||||
Contractual amounts due | $ | 231,432 | ||
Cash flows not expected to be collected | (3,666 | ) | ||
Expected cash flows | 227,766 | |||
Interest component of expected cash flows | (1,881 | ) | ||
Fair value of acquired loans | $ | 225,885 |
Contractual amounts due | $ | 1,825 | ||
Nonaccretable difference (cash flows not expected to be collected) | (634 | ) | ||
Expected cash flows | 1,191 | |||
Accretable yield | (346 | ) | ||
Fair value of acquired loans | $ | 845 |
(In thousands) | ||||
Net interest income | $ | 2,896 | ||
Net income | $ | 966 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
(Dollars in thousands except per share amounts) | ||||||||||||||||
Net interest income | $ | 5,821 | $ | 5,173 | $ | 11,011 | $ | 10,331 | ||||||||
Net income (loss) | 723 | 476 | (3,539 | ) | 189 | |||||||||||
Basic earnings per share | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.00 | |||||||
Diluted earnings per share | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.00 |
Period ended, | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
(Dollars in thousands, except per share) | ||||||||
Net interest income | $ | 17,817 | $ | 23,606 | ||||
Net income | $ | 2,090 | $ | 3,241 | ||||
Basic earnings per share | $ | 0.04 | $ | 0.06 | ||||
Diluted earnings per share | $ | 0.04 | $ | 0.06 |
Common Shares Outstanding | ||||||||||||||||
Voting Class A | Nonvoting Class B | Nonvoting Class C | Total Shares | |||||||||||||
Shares outstanding March 31, 2021: | 19,142,498 | 0 | 8,756,396 | 27,898,894 | ||||||||||||
Shares issued in merger | 13,999,870 | 11,404,621 | 0 | 25,404,491 | ||||||||||||
Shares exchanged post-merger | (681,300 | ) | 0 | 681,300 | 0 | |||||||||||
Shares cancelled | (52,105 | ) | 0 | 0 | (52,105 | ) | ||||||||||
Shares issued in private placements | 11,221,921 | 0 | 7,252,079 | 18,474,000 | ||||||||||||
Shares outstanding April 6, 2021: | 43,630,884 | 11,404,621 | 16,689,775 | 71,725,280 |
For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
(Dollars in thousands, except per share) | ||||||||||||||||
Net loss | $ | (244 | ) | $ | (279 | ) | $ | (61 | ) | $ | (137 | ) | ||||
Less net loss attributable to participating securities | (2 | ) | (4 | ) | (1 | ) | (2 | ) | ||||||||
Loss available to common stockholders | $ | (242 | ) | $ | (275 | ) | $ | (60 | ) | $ | (135 | ) | ||||
Weighted average common shares outstanding for basic loss per common share | 27,224,344 | 26,907,546 | 27,114,022 | 26,782,325 | ||||||||||||
Add: dilutive effects of assumed exercises of stock options | - | - | - | - | ||||||||||||
Add: dilutive effects of unvested restricted stock awards | - | - | - | - | ||||||||||||
Weighted average common shares outstanding for diluted loss per common share | 27,224,344 | 26,907,546 | 27,114,022 | 26,782,325 | ||||||||||||
Loss per common share - basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||
Loss per common share - diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | (0.01 | ) |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Dollars in thousands, except per share ) | ||||||||||||||||
Net income (loss) attributable to Broadway Financial Corporation | $ | 701 | $ | 216 | $ | (2,786 | ) | $ | 183 | |||||||
Less net income (loss) attributable to participating securities | 0 | 2 | 0 | 2 | ||||||||||||
Income (loss) available to common stockholders | $ | 701 | $ | 214 | $ | (2,786 | ) | $ | 181 | |||||||
Weighted average common shares outstanding for basic earnings (loss) per common share | 70,163,639 | 27,143,340 | 48,873,496 | 27,055,750 | ||||||||||||
Add: dilutive effects of unvested restricted stock awards | 140,247 | 307,376 | 0 | 337,097 | ||||||||||||
Weighted average common shares outstanding for diluted earnings (loss) per common share | 70,303,886 | 27,450,716 | 48,873,496 | 27,392,847 | ||||||||||||
Earnings (loss) per common share - basic | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.01 | |||||||
Earnings (loss) per common share - diluted | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.01 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
September 30, 2020: | ||||||||||||||||
Federal agency mortgage-backed securities | $ | 6,182 | $ | 278 | $ | - | $ | 6,460 | ||||||||
Federal agency debt | 2,850 | 208 | - | 3,058 | ||||||||||||
Municipal bonds | 850 | 4 | - | 854 | ||||||||||||
Total available-for-sale securities | $ | 9,882 | $ | 490 | $ | - | $ | 10,372 | ||||||||
December 31, 2019: | ||||||||||||||||
Federal agency mortgage-backed securities | $ | 7,792 | $ | 164 | $ | - | $ | 7,956 | ||||||||
Federal agency debt | 3,014 | 36 | - | 3,050 | ||||||||||||
Total available-for-sale securities | $ | 10,806 | $ | 200 | $ | - | $ | 11,006 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
June 30, 2021: | ||||||||||||||||
Federal agency mortgage-backed securities | $ | 83,687 | $ | 629 | $ | (60 | ) | $ | 84,256 | |||||||
Federal agency debt | 33,207 | 199 | 0 | 33,406 | ||||||||||||
Municipal bonds | 4,914 | 63 | (5 | ) | 4,972 | |||||||||||
U. S. Treasuries | 18,191 | 24 | 0 | 18,215 | ||||||||||||
SBA pools | 17,581 | 403 | (1 | ) | 17,983 | |||||||||||
Total available-for-sale securities | $ | 157,580 | $ | 1,318 | $ | (66 | ) | $ | 158,832 | |||||||
December 31, 2020: | ||||||||||||||||
Federal agency mortgage-backed securities | $ | 5,550 | $ | 257 | $ | 0 | $ | 5,807 | ||||||||
Federal agency debt | 2,682 | 190 | 0 | 2,872 | ||||||||||||
Municipal bonds | 2,000 | 19 | 0 | 2,019 | ||||||||||||
Total available-for-sale securities | $ | 10,232 | $ | 466 | $ | 0 | $ | 10,698 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||||
Due in one year or less | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Due after one year through five years | 30,244 | 42 | 0 | 30,286 | ||||||||||||
Due after five years through ten years | 23,002 | 294 | (11 | ) | 23,285 | |||||||||||
Due after ten years (1) | 104,334 | 982 | (55 | ) | 105,261 | |||||||||||
$ | 157,580 | $ | 1,318 | $ | (66 | ) | $ | 158,832 |
(1) | Mortgage-backed securities, collateralized mortgage obligations and SBA pools do not have a single stated maturity date and therefore have been included in the “Due after ten years” category. |
September 30, 2020 | December 31, 2019 | |||||||
(In thousands) | ||||||||
Gross loans receivable before deferred loan origination costs | $ | 40,503 | $ | - | ||||
Net deferred loan origination costs | 150 | - | ||||||
Loans receivable held for sale, net | $ | 40,653 | $ | - |
September 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Real estate: | ||||||||||||||||
Single family | $ | 53,976 | $ | 72,883 | $ | 53,556 | $ | 48,217 | ||||||||
Multi-family | 269,874 | 287,378 | 346,192 | 272,387 | ||||||||||||
Commercial real estate | 20,025 | 14,728 | 92,491 | 24,289 | ||||||||||||
Church | 17,789 | 21,301 | 15,652 | 16,658 | ||||||||||||
Construction | 1,672 | 3,128 | 22,677 | 429 | ||||||||||||
Commercial – other | 302 | 262 | 46,973 | 57 | ||||||||||||
SBA loans (1) | 40,027 | 0 | ||||||||||||||
Consumer | 8 | 21 | 73 | 7 | ||||||||||||
Gross loans receivable before deferred loan costs and premiums | 363,646 | 399,701 | 617,641 | 362,044 | ||||||||||||
Unamortized net deferred loan costs and premiums | 1,362 | 1,328 | 373 | 1,300 | ||||||||||||
Gross loans receivable | 365,008 | 401,029 | 618,014 | 363,344 | ||||||||||||
Allowance for loan losses | (3,215 | ) | (3,182 | ) | (3,296 | ) | (3,215 | ) | ||||||||
Loans receivable, net | $ | 361,793 | $ | 397,847 | $ | 614,718 | $ | 360,129 |
June 30, 2021 | ||||
(In thousands) | ||||
Real estate: | ||||
Single family | $ | 534 | ||
Commercial real estate | 187 | |||
Commercial - other | 84 | |||
$ | 805 |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||
(In thousands) | ||||||||
Balance at the beginning of the period | $ | 0 | $ | 0 | ||||
Additions | 346 | 346 | ||||||
Accretion | (19 | ) | (19 | ) | ||||
Balance at the end of the period | $ | 327 | $ | 327 |
Three Months Ended September 30, 2020 | Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | Consumer | Total | Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | SBA Loans | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 312 | $ | 2,424 | $ | 169 | $ | 282 | $ | 22 | $ | 6 | $ | - | $ | 3,215 | $ | 275 | $ | 2,473 | $ | 219 | $ | 221 | $ | 22 | $ | 5 | $ | 0 | $ | 0 | $ | 3,215 | ||||||||||||||||||||||||||||||||||
Provision for (recapture of) loan losses | 9 | 1 | 17 | (28 | ) | - | (1 | ) | 2 | - | (105 | ) | 133 | 8 | (13 | ) | 59 | (1 | ) | 0 | 0 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 321 | $ | 2,425 | $ | 186 | $ | 254 | $ | 22 | $ | 5 | $ | 2 | $ | 3,215 | $ | 170 | $ | 2,606 | $ | 227 | $ | 208 | $ | 81 | $ | 4 | $ | 0 | $ | 0 | $ | 3,296 |
Three Months Ended September 30, 2019 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | Consumer | Total | Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | SBA Loans | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 328 | $ | 1,932 | $ | 58 | $ | 401 | $ | 44 | $ | 5 | $ | 3 | $ | 2,771 | $ | 308 | $ | 2,408 | $ | 140 | $ | 323 | $ | 24 | $ | 7 | $ | 0 | $ | 1 | $ | 3,211 | ||||||||||||||||||||||||||||||||||
Provision for (recapture of) loan losses | - | 66 | - | (24 | ) | 6 | - | (1 | ) | 47 | 0 | 16 | 29 | (41 | ) | (2 | ) | (1 | ) | 0 | (1 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | - | - | - | - | - | - | - | - | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 328 | $ | 1,998 | $ | 58 | $ | 377 | $ | 50 | $ | 5 | $ | 2 | $ | 2,818 | $ | 312 | $ | 2,424 | $ | 169 | $ | 282 | $ | 22 | $ | 6 | $ | 0 | $ | 0 | $ | 3,215 |
Nine Months Ended September 30, 2020 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | Consumer | Total | Single family | Multi-family | Commercial real estate | Church | Construction | Commercial - other | SBA Loans | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 312 | $ | 2,319 | $ | 133 | $ | 362 | $ | 48 | $ | 7 | $ | 1 | $ | 3,182 | $ | 296 | $ | 2,433 | $ | 222 | $ | 237 | $ | 22 | $ | 4 | $ | 0 | $ | 1 | $ | 3,215 | ||||||||||||||||||||||||||||||||||
Provision for (recapture of) loan losses | 5 | 106 | 53 | (108 | ) | (26 | ) | (2 | ) | 1 | 29 | (126 | ) | 173 | 5 | (29 | ) | 59 | 0 | 0 | (1 | ) | 81 | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 4 | - | - | - | - | - | - | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 321 | $ | 2,425 | $ | 186 | $ | 254 | $ | 22 | $ | 5 | $ | 2 | $ | 3,215 | $ | 170 | $ | 2,606 | $ | 227 | $ | 208 | $ | 81 | $ | 4 | $ | 0 | $ | 0 | $ | 3,296 |
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||
Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | Consumer | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 369 | $ | 1,880 | $ | 52 | $ | 603 | $ | 19 | $ | 6 | $ | - | $ | 2,929 | ||||||||||||||||
Provision for (recapture of) loan losses | (41 | ) | 118 | 6 | (416 | ) | 31 | (1 | ) | 2 | (301 | ) | ||||||||||||||||||||
Recoveries | - | - | - | 190 | - | - | - | 190 | ||||||||||||||||||||||||
Loans charged off | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Ending balance | $ | 328 | $ | 1,998 | $ | 58 | $ | 377 | $ | 50 | $ | 5 | $ | 2 | $ | 2,818 |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Single family | Multi-family | Commercial real estate | Church | Construction | Commercial - other | SBA Loans | Consumer | Total | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 312 | $ | 2,319 | $ | 133 | $ | 362 | $ | 48 | $ | 7 | $ | 0 | $ | 1 | $ | 3,182 | ||||||||||||||||||
Provision for (recapture of) loan losses | (4 | ) | 105 | 36 | (80 | ) | (26 | ) | (1 | ) | 0 | (1 | ) | 29 | ||||||||||||||||||||||
Recoveries | 4 | 0 | 0 | - | 0 | 0 | 0 | 0 | 4 | |||||||||||||||||||||||||||
Loans charged off | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Ending balance | $ | 312 | $ | 2,424 | $ | 169 | $ | 282 | $ | 22 | $ | 6 | $ | 0 | $ | 0 | $ | 3,215 |
September 30, 2020 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | Consumer | Total | Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | SBA Loans | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 91 | $ | - | $ | - | $ | 56 | $ | - | $ | 1 | $ | - | $ | 148 | $ | 3 | $ | 0 | $ | 0 | $ | 42 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 45 | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 230 | 2,425 | 186 | 198 | 22 | 4 | 2 | 3,067 | 167 | 2,606 | 227 | 166 | 81 | 4 | 0 | 0 | 3,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 321 | $ | 2,425 | $ | 186 | $ | 254 | $ | 22 | $ | 5 | $ | 2 | $ | 3,215 | $ | 170 | $ | 2,606 | $ | 227 | $ | 208 | $ | 81 | $ | 4 | $ | 0 | $ | 0 | $ | 3,296 | ||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 586 | $ | 304 | $ | - | $ | 3,860 | $ | - | $ | 49 | $ | - | $ | 4,799 | $ | 66 | $ | 290 | $ | 0 | $ | 3,718 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,074 | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 53,548 | 271,071 | 20,086 | 13,571 | 1,672 | 253 | 8 | 360,209 | 53,600 | 347,540 | 92,491 | 11,602 | 22,583 | 46,973 | 39,078 | 73 | 613,940 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 54,134 | $ | 271,375 | $ | 20,086 | $ | 17,431 | $ | 1,672 | $ | 302 | $ | 8 | $ | 365,008 | $ | 53,666 | $ | 347,830 | $ | 92,491 | $ | 15,320 | $ | 22,583 | $ | 46,973 | $ | 39,078 | $ | 73 | $ | 618,014 |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | Consumer | Total | Single family | Multi- family | Commercial real estate | Church | Construction | Commercial - other | SBA Loans | Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 60 | $ | - | $ | - | $ | 85 | $ | - | $ | 2 | $ | - | $ | 147 | $ | 89 | $ | 0 | $ | 0 | $ | 52 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 141 | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 252 | 2,319 | 133 | 277 | 48 | 5 | 1 | 3,035 | 207 | 2,433 | 222 | 185 | 22 | 4 | 0 | 1 | 3,074 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending allowance balance | $ | 312 | $ | 2,319 | $ | 133 | $ | 362 | $ | 48 | $ | 7 | $ | 1 | $ | 3,182 | $ | 296 | $ | 2,433 | $ | 222 | $ | 237 | $ | 22 | $ | 4 | $ | 0 | $ | 1 | $ | 3,215 | ||||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 611 | $ | 313 | $ | - | $ | 4,356 | $ | - | $ | 63 | $ | - | $ | 5,343 | $ | 573 | $ | 298 | $ | 0 | $ | 3,813 | $ | 0 | $ | 47 | $ | 0 | $ | 0 | $ | 4,731 | ||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment | 72,501 | 288,730 | 14,818 | 16,292 | 3,125 | 199 | 21 | 395,686 | 47,784 | 273,566 | 24,322 | 12,495 | 430 | 9 | 0 | 7 | 358,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total ending loans balance | $ | 73,112 | $ | 289,043 | $ | 14,818 | $ | 20,648 | $ | 3,125 | $ | 262 | $ | 21 | $ | 401,029 | $ | 48,357 | $ | 273,864 | $ | 24,322 | $ | 16,308 | $ | 430 | $ | 56 | $ | 0 | $ | 7 | $ | 363,344 |
September 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Single family | $ | 9 | $ | 8 | $ | - | $ | - | $ | - | $ | - | $ | 0 | $ | 0 | $ | - | $ | 2 | $ | 1 | $ | - | ||||||||||||||||||||||||
Multi-family | $ | 304 | $ | 304 | $ | - | 313 | 313 | - | 290 | 290 | - | 298 | 298 | - | |||||||||||||||||||||||||||||||||
Church | $ | 2,546 | $ | 1,999 | $ | - | 3,491 | 2,446 | - | 2,487 | 1,914 | - | 2,527 | 1,970 | - | |||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||||||||||||
Single family | 578 | 578 | 91 | 593 | 593 | 60 | 66 | 66 | 3 | 573 | 573 | 88 | ||||||||||||||||||||||||||||||||||||
Church | 1,861 | 1,861 | 56 | 1,928 | 1,928 | 85 | 1,804 | 1,804 | 42 | 1,842 | 1,842 | 52 | ||||||||||||||||||||||||||||||||||||
Commercial - other | 50 | 49 | 1 | 63 | 63 | 2 | 0 | 0 | 0 | 47 | 47 | 1 | ||||||||||||||||||||||||||||||||||||
Total | $ | 5,348 | $ | 4,799 | $ | 148 | $ | 6,388 | $ | 5,343 | $ | 147 | $ | 4,647 | $ | 4,074 | $ | 45 | $ | 5,289 | $ | 4,731 | $ | 141 |
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Average Recorded Investment | Cash Basis Interest Income Recognized | Average Recorded Investment | Cash Basis Interest Income Recognized | Average Recorded Investment | Cash Basis Interest Income Recognized | Average Recorded Investment | Cash Basis Interest Income Recognized | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Single family | $ | 589 | $ | 7 | $ | 625 | $ | 7 | $ | 316 | $ | 4 | $ | 597 | $ | 7 | ||||||||||||||||
Multi-family | 305 | 5 | 317 | 6 | 292 | 5 | 308 | 5 | ||||||||||||||||||||||||
Church | 3,938 | 67 | 4,678 | 76 | 3,742 | 63 | 4,160 | 74 | ||||||||||||||||||||||||
Commercial – other | 50 | 1 | 63 | 1 | ||||||||||||||||||||||||||||
Commercial - other | 11 | 0 | 59 | 1 | ||||||||||||||||||||||||||||
Total | $ | 4,882 | $ | 80 | $ | 5,683 | $ | 90 | $ | 4,361 | $ | 72 | $ | 5,124 | $ | 87 |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Average Recorded Investment | Cash Basis Interest Income Recognized | Average Recorded Investment | Cash Basis Interest Income Recognized | Average Recorded Investment | Cash Basis Interest Income Recognized | Average Recorded Investment | Cash Basis Interest Income Recognized | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Single family | $ | 596 | $ | 22 | $ | 631 | $ | 22 | $ | 426 | $ | 10 | $ | 599 | $ | 14 | ||||||||||||||||
Multi-family | 308 | 16 | 320 | 17 | 294 | 10 | 309 | 11 | ||||||||||||||||||||||||
Church | 4,094 | 376 | 5,206 | 594 | 3,766 | 126 | 4,190 | 309 | ||||||||||||||||||||||||
Commercial – other | 57 | 3 | 63 | 3 | ||||||||||||||||||||||||||||
Commercial - other | 26 | 1 | 60 | 2 | ||||||||||||||||||||||||||||
Total | $ | 5,055 | $ | 417 | $ | 6,220 | $ | 636 | $ | 4,512 | $ | 147 | $ | 5,158 | $ | 336 |
September 30, 2020 | ||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable held for investment: | ||||||||||||||||||||||||
Single family | $ | 76 | $ | 8 | $ | - | $ | 84 | $ | 54,050 | $ | 54,134 | ||||||||||||
Multi-family | - | - | - | - | 271,375 | 271,375 | ||||||||||||||||||
Commercial real estate | - | - | - | - | 20,086 | 20,086 | ||||||||||||||||||
Church | - | - | - | - | 17,431 | 17,431 | ||||||||||||||||||
Construction | - | - | - | - | 1,672 | 1,672 | ||||||||||||||||||
Commercial - other | - | - | - | - | 302 | 302 | ||||||||||||||||||
Consumer | - | - | - | - | 8 | 8 | ||||||||||||||||||
Total | $ | 76 | $ | 8 | $ | - | $ | 84 | $ | 364,924 | $ | 365,008 |
June 30, 2021 | ||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable held for investment: | ||||||||||||||||||||||||
Single family | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 53,666 | $ | 53,666 | ||||||||||||
Multi-family | 0 | 0 | 0 | 0 | 347,830 | 347,830 | ||||||||||||||||||
Commercial real estate | 1,554 | 0 | 0 | 1,554 | 90,937 | 92,491 | ||||||||||||||||||
Church | 0 | 0 | 0 | 0 | 15,320 | 15,320 | ||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 22,583 | 22,583 | ||||||||||||||||||
Commercial - other | 0 | 310 | 0 | 310 | 46,663 | 46,973 | ||||||||||||||||||
SBA loans | 21 | 0 | 0 | 21 | 39,057 | 39,078 | ||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 73 | 73 | ||||||||||||||||||
Total | $ | 1,575 | $ | 310 | $ | 0 | $ | 1,885 | $ | 616,129 | $ | 618,014 |
December 31, 2020 | ||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable held for investment: | ||||||||||||||||||||||||
Single family | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 48,357 | $ | 48,357 | ||||||||||||
Multi-family | 0 | 0 | 0 | 0 | 273,864 | 273,864 | ||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | 24,322 | 24,322 | ||||||||||||||||||
Church | 0 | 0 | 0 | 0 | 16,308 | 16,308 | ||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | 430 | 430 | ||||||||||||||||||
Commercial - other | 0 | 0 | 0 | 0 | 56 | 56 | ||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 7 | 7 | ||||||||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 363,344 | $ | 363,344 |
December 31, 2019 | ||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable held for investment: | ||||||||||||||||||||||||
Single family | $ | 18 | $ | - | $ | - | $ | 18 | $ | 73,094 | $ | 73,112 | ||||||||||||
Multi-family | - | - | - | - | 289,043 | 289,043 | ||||||||||||||||||
Commercial real estate | - | - | - | - | 14,818 | 14,818 | ||||||||||||||||||
Church | - | - | - | - | 20,648 | 20,648 | ||||||||||||||||||
Construction | - | - | - | - | 3,125 | 3,125 | ||||||||||||||||||
Commercial - other | - | - | - | - | 262 | 262 | ||||||||||||||||||
Consumer | - | - | - | - | 21 | 21 | ||||||||||||||||||
Total | $ | 18 | $ | - | $ | - | $ | 18 | $ | 401,011 | $ | 401,029 |
September 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Loans receivable held for investment: | ||||||||||||||||
Single-family residence | $ | 8 | $ | 18 | $ | 0 | $ | 1 | ||||||||
Church | $ | 812 | 406 | 735 | 786 | |||||||||||
Total non-accrual loans | $ | 820 | $ | 424 | $ | 735 | $ | 787 |
◾ | Watch. Loans classified as watch exhibit weaknesses that could threaten the current net worth and paying capacity of the obligors. Watch graded loans are generally performing and are not more than 59 days past due. A watch rating is used when a material deficiency exists, but correction is anticipated within an acceptable time frame. |
◾ | 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 to continue to carry the loan as an active asset is no longer warranted. |
September 30, 2020 | June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Doubtful | Loss | Pass | Watch | Special Mention | Substandard | Doubtful | Loss | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Single family | $ | 54,127 | $ | - | $ | - | $ | 7 | $ | - | $ | - | $ | 53,666 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Multi-family | 271,008 | - | - | 367 | - | - | 347,477 | 0 | 0 | 353 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 18,590 | 1,496 | - | - | - | - | 91,018 | 0 | 0 | 1,473 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Church | 13,982 | 662 | - | 2,787 | - | - | 13,615 | 647 | 0 | 1,058 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Construction | 1,672 | - | - | - | - | - | 22,583 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial - other | 252 | - | - | 50 | - | - | 46,973 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
SBA loans | 39,078 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Consumer | 8 | - | - | - | - | - | 73 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Total | $ | 359,639 | $ | 2,158 | $ | - | $ | 3,211 | $ | - | $ | - | $ | 614,483 | $ | 647 | $ | 0 | $ | 2,884 | $ | 0 | $ | 0 |
December 31, 2019 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | Watch | Special Mention | Substandard | Doubtful | Loss | Pass | Watch | Special Mention | Substandard | Doubtful | Loss | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Single family | $ | 73,094 | $ | - | $ | - | $ | 18 | $ | - | $ | - | $ | 48,357 | $ | 0 | $ | 0 | $ | 1 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Multi-family | 288,251 | 411 | - | 381 | - | - | 273,501 | 0 | 0 | 362 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 14,818 | - | - | - | - | - | 22,834 | 1,488 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Church | 16,546 | 411 | - | 3,691 | - | - | 12,899 | 657 | 0 | 2,752 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Construction | 3,125 | - | - | - | - | - | 430 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Commercial - other | 199 | - | - | 63 | - | - | 9 | 0 | 0 | 47 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Consumer | 21 | - | - | - | - | - | 7 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Total | $ | 396,054 | $ | 822 | $ | - | $ | 4,153 | $ | - | $ | - | $ | 358,037 | $ | 2,145 | $ | 0 | $ | 3,162 | $ | 0 | $ | 0 |
Goodwill | Core Deposit Intangible | |||||||
(In thousands) | ||||||||
Balance at the beginning of the period | $ | 0 | $ | 0 | ||||
Additions | 25,996 | 3,329 | ||||||
Accretion | 0 | (131 | ) | |||||
Impairment | 0 | 0 | ||||||
Balance at the end of the period | $ | 25,996 | $ | 3,198 |
(In thousands) | ||||
Core deposit intangible acquired | $ | 3,329 | ||
Less: accumulated amortization | (131 | ) | ||
$ | 3,198 |
(In thousands) | ||||
2021 | $ | 262 | ||
2022 | 435 | |||
2023 | 390 | |||
2024 | 336 | |||
2025 | 315 | |||
Thereafter | 1,460 | |||
$ | 3,198 |
Quarter ended September 30, 2020 | Nine Months ended September 30, 2020 | |||||||
Cash paid for amounts included in the measurement of lease liabilities for operating leases: | $ | 88 | $ | 262 | ||||
Weighted average remaining lease term in months | 7 | |||||||
Weighted average discount rate | 2.75 | % |
Three months ended December 31, 2020 | $ | 140 | ||
Year ended December 31, 2021 | 195 | |||
Total Future Minimum Lease Payments | 335 | |||
Amounts Representing Interest | (3 | ) | ||
Present Value of Net Future Minimum Lease Payments | $ | 332 |
Fair Value Measurement | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
(In thousands) | ||||||||||||||||
At September 30, 2020: | ||||||||||||||||
Securities available-for-sale – federal agency mortgage-backed | $ | - | $ | 6,460 | $ | - | $ | 6,460 | ||||||||
Securities available-for-sale – federal agency debt | - | 3,058 | - | 3,058 | ||||||||||||
Municipal bonds | - | 854 | - | 854 | ||||||||||||
At December 31, 2019: | ||||||||||||||||
Securities available-for-sale – federal agency mortgage-backed | $ | - | $ | 7,956 | $ | - | $ | 7,956 | ||||||||
Securities available-for-sale – federal agency debt | - | 3,050 | - | 3,050 |
Fair Value Measurement | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||
(In thousands) | ||||||||||||||||
At June 30, 2021: | ||||||||||||||||
Securities available-for-sale – federal agency mortgage-backed | $ | 0 | $ | 84,256 | $ | 0 | $ | 84,256 | ||||||||
Securities available-for-sale – federal agency debt | 0 | 33,406 | 0 | 33,406 | ||||||||||||
Municipal bonds | 0 | 4,972 | 0 | 4,972 | ||||||||||||
U. S. Treasuries | 0 | 18,215 | 0 | 18,215 | ||||||||||||
SBA pools | 0 | 17,983 | 0 | 17,983 | ||||||||||||
At December 31, 2020: | ||||||||||||||||
Securities available-for-sale – federal agency mortgage-backed | $ | 0 | $ | 5,807 | $ | 0 | $ | 5,807 | ||||||||
Securities available-for-sale – federal agency debt | 0 | 2,872 | 0 | 2,872 | ||||||||||||
Municipal bonds | 0 | 2,019 | 0 | 2,019 |
September 30, 2020 | December 31, 2019 | |||||||
(In thousands) | ||||||||
Impaired loans carried at fair value of collateral | $ | - | $ | 130 |
Fair Value Measurements at June 30, 2021 | ||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 210,383 | $ | 210,383 | $ | 0 | $ | 0 | $ | 210,383 | ||||||||||
Securities available-for-sale | 158,832 | 0 | 158,832 | 0 | 158,832 | |||||||||||||||
Loans receivable held for investment | 614,718 | 0 | 0 | 612,712 | 612,712 | |||||||||||||||
Accrued interest receivables | 2,572 | 206 | 282 | 2,084 | 2,572 | |||||||||||||||
Bank owned life insurance | 3,168 | 3,168 | 0 | 0 | 3,168 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | $ | 705,041 | $ | 0 | $ | 705,199 | $ | 0 | $ | 705,199 | ||||||||||
Securities sold under agreements to repurchase | 70,660 | 0 | 70,063 | 0 | 70,063 | |||||||||||||||
Federal Home Loan Bank advances | 96,022 | 0 | 98,160 | 0 | 98,160 | |||||||||||||||
Junior subordinated debentures | 2,805 | 0 | 0 | 2,344 | 2,344 | |||||||||||||||
Note payable | 14,000 | 0 | 0 | 14,000 | 14,000 | |||||||||||||||
Accrued interest payable | 104 | 0 | 104 | 0 | 104 |
Fair Value Measurements at December 31, 2020 | ||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 96,109 | $ | 96,109 | $ | 0 | $ | 0 | $ | 96,109 | ||||||||||
Securities available-for-sale | 10,698 | 0 | 10,698 | 0 | 10,698 | |||||||||||||||
Loans receivable held for investment | 360,129 | 0 | 0 | 366,279 | 366,279 | |||||||||||||||
Accrued interest receivables | 1,202 | 60 | 14 | 1,128 | 1,202 | |||||||||||||||
Bank owned life insurance | 3,147 | 3,147 | 0 | 0 | 3,147 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Deposits | $ | 315,630 | $ | 0 | $ | 312,725 | $ | 0 | $ | 312,725 | ||||||||||
Federal Home Loan Bank advances | 110,500 | 0 | 113,851 | 0 | 113,851 | |||||||||||||||
Junior subordinated debentures | 3,315 | 0 | 0 | 2,798 | 2,798 | |||||||||||||||
Accrued interest payable | 88 | 0 | 84 | 4 | 88 |
Fair Value Measurements at September 30, 2020 | ||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Loans receivable held for sale | $ | 40,653 | $ | - | $ | 40,667 | $ | - | $ | 40,667 | ||||||||||
Loans receivable held for investment | 361,793 | - | - | 366,160 | 366,160 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Time Deposits | $ | 147,703 | $ | - | $ | 148,380 | $ | - | $ | 148,380 | ||||||||||
Federal Home Loan Bank advances | 115,500 | - | 119,334 | - | 119,334 | |||||||||||||||
Junior subordinated debentures | 3,570 | - | - | 3,029 | 3,029 |
Fair Value Measurements at December 31, 2019 | ||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Loans receivable held for sale | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Loans receivable held for investment | 397,847 | - | - | 404,923 | 404,923 | |||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Time Deposits | $ | 190,235 | $ | - | $ | 190,353 | $ | - | $ | 190,353 | ||||||||||
Federal Home Loan Bank advances | 84,000 | - | 84,997 | - | 84,997 | |||||||||||||||
Junior subordinated debentures | 4,335 | - | - | 3,734 | 3,734 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||
Number Outstanding | Weighted Average Exercise Price | Number Outstanding | Weighted Average Exercise Price | |||||||||||||
Outstanding at beginning of period | 450,000 | $ | 1.62 | 455,000 | $ | 1.67 | ||||||||||
Granted during period | 0 | 0 | 0 | 0 | ||||||||||||
Exercised during period | 0 | 0 | 0 | 0 | ||||||||||||
Forfeited or expired during period | 0 | 0 | (5,000 | ) | 6.00 | |||||||||||
Outstanding at end of period | 450,000 | $ | 1.62 | 450,000 | $ | 1.62 | ||||||||||
Exercisable at end of period | 450,000 | $ | 1.62 | 360,000 | $ | 1.62 |
Outstanding | Exercisable | ||||||||||||||||||||||||
Grant Date | Number Outstanding | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number Outstanding | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||||||||||
February 24, 2016 | 450,000 | 4.65 years | $ | 1.62 | 450,000 | $ | 1.62 | ||||||||||||||||||
450,000 | 4.65 years | $ | 1.62 | $ | 481,500 | 450,000 | $ | 1.62 | $ | 481,500 |
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||
Number Outstanding | Weighted Average Exercise Price | Number Outstanding | Weighted Average Exercise Price | |||||||||||||
Outstanding at beginning of period | 455,000 | $ | 1.67 | 537,500 | $ | 2.19 | ||||||||||
Granted during period | - | - | - | - | ||||||||||||
Exercised during period | - | - | - | - | ||||||||||||
Forfeited or expired during period | (5,000 | ) | 6.00 | (82,500 | ) | 4.89 | ||||||||||
Outstanding at end of period | 450,000 | $ | 1.62 | 455,000 | $ | 1.67 | ||||||||||
Exercisable at end of period | 360,000 | $ | 1.62 | 275,000 | $ | 1.70 |
Outstanding | Exercisable | ||||||||||||||||||||||||
Grant Date | Number Outstanding | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | Number Outstanding | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||||||||||
February 24, 2016 | 450,000 | 5.40 years | $ | 1.62 | 360,000 | $ | 1.62 | ||||||||||||||||||
450,000 | 5.40 years | $ | 1.62 | $ | 22,000 | 360,000 | $ | 1.62 | $ | 22,000 |
September 30, 2020 | December 31, 2019 | June 30, 2021 | December 31, 2020 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
Allocated to participants | 1,065,275 | 1,024,429 | 1,051,088 | 1,065,275 | ||||||||||||
Committed to be released | - | 10,416 | 30,708 | 10,236 | ||||||||||||
Suspense shares | 572,627 | 603,876 | 541,919 | 562,391 | ||||||||||||
Total ESOP shares | 1,637,902 | 1,638,721 | 1,623,715 | 1,637,902 | ||||||||||||
Fair value of unearned shares | $ | 962 | $ | 930 | $ | 1,458 | $ | 1,040 |
Actual | Minimum Capital Requirements | Minimum Required To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
September 30, 2020: | ||||||||||||||||||||||||
Tier 1 (Leverage) | $ | 47,779 | 9.84 | % | $ | 19,429 | 4.00 | % | $ | 24,286 | 5.00 | % | ||||||||||||
Common Equity Tier 1 | $ | 47,779 | 16.94 | % | $ | 12,693 | 4.50 | % | $ | 18,334 | 6.50 | % | ||||||||||||
Tier 1 | $ | 47,779 | 16.94 | % | $ | 16,924 | 6.00 | % | $ | 22,565 | 8.00 | % | ||||||||||||
Total Capital | $ | 51,053 | 18.10 | % | $ | 22,565 | 8.00 | % | $ | 28,206 | 10.00 | % | ||||||||||||
December 31, 2019: | ||||||||||||||||||||||||
Tier 1 (Leverage) | $ | 48,541 | 11.56 | % | $ | 16,798 | 4.00 | % | $ | 20,997 | 5.00 | % | ||||||||||||
Common Equity Tier 1 | $ | 48,541 | 17.14 | % | $ | 12,743 | 4.50 | % | $ | 18,406 | 6.50 | % | ||||||||||||
Tier 1 | $ | 48,541 | 17.14 | % | $ | 16,990 | 6.00 | % | $ | 22,654 | 8.00 | % | ||||||||||||
Total Capital | $ | 51,790 | 18.29 | % | $ | 22,654 | 8.00 | % | $ | 28,318 | 10.00 | % |
Actual | Minimum Capital Requirements | Minimum Required to Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
June 30, 2021: | ||||||||||||||||||||||||
Community Bank Leverage Ratio (1) | $ | 97,639 | 10.10 | % | $ | $ | 82,171 | 8.50 | % | |||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||
Tier 1 (Leverage) | $ | 46,565 | 9.54 | % | $ | 19,530 | 4.00 | % | $ | 24,413 | 5.00 | % | ||||||||||||
Common Equity Tier 1 | $ | 46,565 | 18.95 | % | $ | 11,059 | 4.50 | % | $ | 15,975 | 6.50 | % | ||||||||||||
Tier 1 | $ | 46,565 | 18.95 | % | $ | 14,746 | 6.00 | % | $ | 19,661 | 8.00 | % | ||||||||||||
Total Capital | $ | 49,802 | 20.20 | % | $ | 19,661 | 8.00 | % | $ | 24,577 | 10.00 | % |
(1) | At the Merger on April 1, 2021, the Company’s former subsidiary, Broadway Federal Bank, f.s.b., was merged into City First Bank of D.C, N. A., with City First Bank of D.C, N.A. as the surviving entity and the resultant bank being named City First Bank, National Association, which had elected to adopt Community Bank Leverage Ratio option on April 1, 2020 as reflected in its June 30, 2020 Call Report. |
ITEM 2. |
For the three months ended | For the three months ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 42,406 | $ | 32 | 0.30 | % | $ | 24,870 | $ | 142 | 2.28 | % | $ | 227,043 | $ | 71 | 0.13 | % | $ | 40,416 | $ | 46 | 0.46 | % | ||||||||||||||||||||||||
Securities | 10,242 | 59 | 2.30 | % | 13,966 | 90 | 2.58 | % | 158,608 | 440 | 1.11 | % | 10,431 | 65 | 2.49 | % | ||||||||||||||||||||||||||||||||
Loans receivable (1) | 423,305 | 4,438 | 4.19 | % | 368,930 | 3,731 | 4.05 | % | 611,092 | 6,300 | 4.12 | % | 444,530 | 4,429 | 3.99 | % | ||||||||||||||||||||||||||||||||
FHLB stock | 3,586 | 45 | 5.02 | % | 2,916 | 52 | 7.13 | % | ||||||||||||||||||||||||||||||||||||||||
FRB and FHLB stock | 4,087 | 73 | 7.14 | % | 3,518 | 28 | 3.18 | % | ||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 479,539 | $ | 4,574 | 3.82 | % | 410,682 | $ | 4,015 | 3.91 | % | 1,000,830 | $ | 6,884 | 2.75 | % | 498,895 | $ | 4,568 | 3.66 | % | ||||||||||||||||||||||||||||
Non-interest-earning assets | 10,663 | 10,861 | 33,296 | 10,466 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 490,202 | $ | 421,543 | $ | 1,034,126 | $ | 509,361 | ||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Money market deposits | $ | 50,238 | $ | 60 | 0.48 | % | $ | 23,194 | $ | 51 | 0.88 | % | $ | 178,819 | $ | 223 | 0.50 | % | $ | 46,364 | $ | 112 | 0.97 | % | ||||||||||||||||||||||||
Passbook deposits | 58,377 | 55 | 0.38 | % | 45,137 | 71 | 0.63 | % | 69,401 | 57 | 0.33 | % | 53,167 | 81 | 0.61 | % | ||||||||||||||||||||||||||||||||
NOW and other demand deposits | 60,835 | 5 | 0.03 | % | 33,517 | 4 | 0.05 | % | 190,734 | 40 | 0.08 | % | 54,362 | 3 | 0.02 | % | ||||||||||||||||||||||||||||||||
Certificate accounts | 146,469 | 511 | 1.40 | % | 184,943 | 979 | 2.12 | % | 198,403 | 157 | 0.32 | % | 177,392 | 771 | 1.74 | % | ||||||||||||||||||||||||||||||||
Total deposits | 315,919 | 631 | 0.80 | % | 286,791 | 1,105 | 1.54 | % | 637,357 | 477 | 0.30 | % | 331,285 | 967 | 1.17 | % | ||||||||||||||||||||||||||||||||
FHLB advances | 115,500 | 538 | 1.86 | % | 75,021 | 459 | 2.45 | % | 111,120 | 549 | 1.98 | % | 119,315 | 536 | 1.80 | % | ||||||||||||||||||||||||||||||||
Junior subordinated debentures | 3,783 | 28 | 2.96 | % | 4,792 | 59 | 4.92 | % | 3,144 | 21 | 2.67 | % | 4,038 | 34 | 3.37 | % | ||||||||||||||||||||||||||||||||
Other borrowings | 74,136 | 16 | 0.09 | % | - | - | - | |||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 435,202 | $ | 1,197 | 1.10 | % | 366,604 | $ | 1,623 | 1.77 | % | 825,757 | $ | 1,063 | 0.51 | % | 454,638 | $ | 1,537 | 1.35 | % | ||||||||||||||||||||||||||||
Non-interest-bearing liabilities | 5,281 | 5,894 | 66,279 | 5,523 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity | 49,719 | 49,045 | 142,090 | 49,200 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 490,202 | $ | 421,543 | $ | 1,034,126 | $ | 509,361 | ||||||||||||||||||||||||||||||||||||||||
Net interest rate spread (2) | $ | 3,377 | 2.72 | % | $ | 2,392 | 2.14 | % | $ | 5,821 | 2.24 | % | $ | 3,031 | 2.31 | % | ||||||||||||||||||||||||||||||||
Net interest rate margin (3) | 2.82 | % | 2.33 | % | 2.33 | % | 2.43 | % | ||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | Ratio of interest-earning assets to interest-bearing liabilities | 110.19 | % | 112.02 | % | Ratio of interest-earning assets to interest-bearing liabilities | 121.20 | % | 109.73 | % |
(1) | Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan |
(2) | Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
(3) | Net interest rate margin represents net interest income as a percentage of average interest-earning assets. |
For the nine months ended | ||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Interest-earning deposits | $ | 36,989 | $ | 165 | 0.59 | % | $ | 19,265 | $ | 350 | 2.42 | % | ||||||||||||
Securities | 10,539 | 194 | 2.45 | % | 14,265 | 283 | 2.65 | % | ||||||||||||||||
Loans receivable (1) | 431,330 | 13,226 | 4.09 | % | 373,869 | 11,687 | 4.17 | % | ||||||||||||||||
FHLB stock | 3,410 | 128 | 5.00 | % | 2,916 | 153 | 7.00 | % | ||||||||||||||||
Total interest-earning assets | 482,268 | $ | 13,713 | 3.79 | % | 410,315 | $ | 12,473 | 4.05 | % | ||||||||||||||
Non-interest-earning assets | 10,530 | 10,861 | ||||||||||||||||||||||
Total assets | $ | 492,798 | $ | 421,176 | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Money market deposits | $ | 44,853 | $ | 277 | 0.82 | % | $ | 25,867 | $ | 171 | 0.88 | % | ||||||||||||
Passbook deposits | 53,451 | 224 | 0.56 | % | 45,332 | 205 | 0.60 | % | ||||||||||||||||
NOW and other demand deposits | 52,655 | 12 | 0.03 | % | 33,506 | 10 | 0.04 | % | ||||||||||||||||
Certificate accounts | 168,812 | 2,140 | 1.69 | % | 181,379 | 2,843 | 2.09 | % | ||||||||||||||||
Total deposits | 319,771 | 2,653 | 1.11 | % | 286,084 | 3,229 | 1.51 | % | ||||||||||||||||
FHLB advances | 114,234 | 1,646 | 1.92 | % | 75,824 | 1,382 | 2.43 | % | ||||||||||||||||
Junior subordinated debentures | 4,036 | 108 | 3.57 | % | 4,993 | 195 | 5.21 | % | ||||||||||||||||
Total interest-bearing liabilities | 438,041 | $ | 4,407 | 1.34 | % | 366,901 | $ | 4,806 | 1.75 | % | ||||||||||||||
Non-interest-bearing liabilities | 5,476 | 5,412 | ||||||||||||||||||||||
Stockholders’ Equity | 49,281 | 48,863 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 492,798 | $ | 421,176 | ||||||||||||||||||||
Net interest rate spread (2) | $ | 9,306 | 2.45 | % | $ | 7,667 | 2.31 | % | ||||||||||||||||
Net interest rate margin (3) | 2.57 | % | 2.49 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 110.10 | % | 111.83 | % |
For the six months ended | ||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||
(Dollars in Thousands) | Average Balance | Interest | Average Yield/ Cost | Average Balance | Interest | Average Yield/ Cost | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Interest-earning deposits | $ | 162,630 | $ | 106 | 0.13 | % | $ | 34,250 | $ | 133 | 0.78 | % | ||||||||||||
Securities | 84,509 | 496 | 1.17 | % | 10,689 | 135 | 2.53 | % | ||||||||||||||||
Loans receivable (1) | 486,317 | 9,944 | 4.09 | % | 435,388 | 8,788 | 4.04 | % | ||||||||||||||||
FHLB stock | 3,759 | 115 | 6.12 | % | 3,320 | 83 | 5.00 | % | ||||||||||||||||
Total interest-earning assets | 737,215 | $ | 10,661 | 2.89 | % | 483,647 | $ | 9,139 | 3.78 | % | ||||||||||||||
Non-interest-earning assets | 22,425 | 10,464 | ||||||||||||||||||||||
Total assets | $ | 759,640 | $ | 494,111 | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Money market deposits | $ | 127,807 | $ | 304 | 0.48 | % | $ | 42,130 | $ | 217 | 1.03 | % | ||||||||||||
Passbook deposits | 66,800 | 114 | 0.34 | % | 50,936 | 169 | 0.66 | % | ||||||||||||||||
NOW and other demand deposits | 122,712 | 47 | 0.08 | % | 48,545 | 6 | 0.02 | % | ||||||||||||||||
Certificate accounts | 159,572 | 395 | 0.50 | % | 180,106 | 1,630 | 1.81 | % | ||||||||||||||||
Total deposits | 476,891 | 860 | 0.36 | % | 321,717 | 2,022 | 1.26 | % | ||||||||||||||||
FHLB advances | 110,803 | 1,076 | 1.94 | % | 113,595 | 1,108 | 1.95 | % | ||||||||||||||||
Junior subordinated debentures | 3,209 | 43 | 2.68 | % | 4,164 | 80 | 3.84 | % | ||||||||||||||||
Other borrowings | 37,068 | 16 | 0.09 | % | - | - | - | |||||||||||||||||
Total interest-bearing liabilities | 627,971 | $ | 1,995 | 0.64 | % | 439,476 | $ | 3,210 | 1.46 | % | ||||||||||||||
Non-interest-bearing liabilities | 36,030 | 5,574 | ||||||||||||||||||||||
Stockholders’ Equity | 95,639 | 49,061 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 759,640 | $ | 494,111 | ||||||||||||||||||||
Net interest rate spread (2) | $ | 8,666 | 2.26 | % | $ | 5,929 | 2.32 | % | ||||||||||||||||
Net interest rate margin (3) | 2.35 | % | 2.45 | % | ||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 117.40 | % | 110.05 | % |
(1) | Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan |
(3) | Net interest rate margin represents net interest income as a percentage of average interest-earning assets. |
ITEM 3. |
ITEM 4. |
Item 1. |
Item 1A. |
Item 2. |
Item 3. |
Item 4. | MINE SAFETY DISCLOSURES |
Item 5. | OTHER INFORMATION |
Item 6. | EXHIBITS |
Exhibit Number* | |
Amended and | |
Bylaws of Registrant | |
Employment Agreement, dated as of | |
City First Bank Deferred Compensation Plan for Brian Argrett.** | |
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definitions Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Exhibits followed by a parenthetical reference are incorporated by reference herein from the document filed by the Registrant with the SEC described therein. Except as otherwise indicated, the SEC File No. for each incorporated document is 000-27464. |
** | Management contract or compensatory plan or arrangement |
Date: | By: | /s/ Brian Argrett |
Chief Executive Officer | ||
Date: | By: | /s/ Brenda J. Battey |
Brenda J. Battey | ||
Chief Financial Officer |