Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PDLB | |
Entity Registrant Name | PDL Community Bancorp | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001703489 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 17,576,703 | |
Entity File Number | 001-38224 | |
Entity Tax Identification Number | 822857928 | |
Entity Address, Address Line One | 2244 Westchester Avenue | |
Entity Address, City or Town | Bronx | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10462 | |
City Area Code | 718 | |
Local Phone Number | 931-9000 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and due from banks (Note 2): | ||
Cash | $ 6,425 | $ 45,225 |
Interest-bearing deposits in banks | 40,965 | 24,553 |
Total cash and cash equivalents | 47,390 | 69,778 |
Available-for-sale securities, at fair value (Note 3) | 51,966 | 27,144 |
Loans receivable, net (Note 4) | 948,548 | 918,509 |
Accrued interest receivable | 3,893 | 3,795 |
Premises and equipment, net (Note 5) | 32,805 | 31,135 |
Federal Home Loan Bank of New York stock (FHLBNY), at cost | 8,659 | 2,915 |
Deferred tax assets (Note 8) | 3,925 | 3,811 |
Other assets | 2,802 | 2,814 |
Total assets | 1,099,988 | 1,059,901 |
Liabilities: | ||
Deposits (Note 6) | 757,845 | 809,758 |
Accrued interest payable | 81 | 63 |
Advance payments by borrowers for taxes and insurance | 7,780 | 6,037 |
Advances from the Federal Home Loan Bank of New York and others (Note 7) | 169,404 | 69,404 |
Other liabilities | 4,324 | 5,467 |
Total liabilities | 939,434 | 890,729 |
Commitments and contingencies (Note 11) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value; 50,000,000 shares authorized; 18,463,028 shares issued and 17,576,703 shares outstanding as of September 30, 2019 and 18,463,028 shares issued and outstanding as of December 31, 2018 | 185 | 185 |
Treasury stock, at cost; 886,325 shares as of September 30, 2019 and no shares as of December 31, 2018 (Note 9) | (12,663) | |
Additional paid-in-capital | 85,749 | 84,581 |
Retained earnings | 101,140 | 98,813 |
Accumulated other comprehensive loss (Note 14) | (7,947) | (8,135) |
Unearned compensation - ESOP; 591,062 shares as of September 30, 2019 and 627,251 shares as of December 31, 2018 (Note 9) | (5,910) | (6,272) |
Total stockholders' equity | 160,554 | 169,172 |
Total liabilities and stockholders' equity | $ 1,099,988 | $ 1,059,901 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares, issued | 18,463,028 | 18,463,028 |
Common stock, shares, outstanding | 17,576,703 | 18,463,028 |
Treasury stock,repurchased | 886,325 | 0 |
Unearned compensation, ESOP shares | 591,062 | 627,251 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and dividend income: | ||||
Interest on loans receivable | $ 12,663 | $ 11,483 | $ 36,818 | $ 32,922 |
Interest on deposits due from banks | 117 | 141 | 498 | 510 |
Interest and dividend on available-for-sale securities and FHLBNY stock | 173 | 113 | 433 | 399 |
Total interest and dividend income | 12,953 | 11,737 | 37,749 | 33,831 |
Interest expense: | ||||
Interest on certificates of deposit | 1,896 | 1,942 | 5,756 | 5,539 |
Interest on other deposits | 759 | 272 | 2,211 | 655 |
Interest on borrowings | 533 | 276 | 1,211 | 578 |
Total interest expense | 3,188 | 2,490 | 9,178 | 6,772 |
Net interest income | 9,765 | 9,247 | 28,571 | 27,059 |
Provision for loan losses (Note 4) | 14 | 602 | 163 | 1,034 |
Net interest income after provision for loan losses | 9,751 | 8,645 | 28,408 | 26,025 |
Noninterest income: | ||||
Service charges and fees | 247 | 191 | 705 | 627 |
Brokerage commissions | 36 | 286 | 169 | 424 |
Late and prepayment charges | 150 | 65 | 551 | 327 |
Other | 146 | 172 | 593 | 744 |
Total noninterest income | 579 | 714 | 2,018 | 2,122 |
Noninterest expense: | ||||
Compensation and benefits | 4,667 | 4,547 | 14,157 | 13,466 |
Occupancy and equipment | 1,943 | 1,585 | 5,586 | 4,794 |
Data processing expenses | 398 | 342 | 1,182 | 1,050 |
Direct loan expenses | 183 | 265 | 521 | 572 |
Insurance and surety bond premiums | 146 | 87 | 312 | 275 |
Office supplies, telephone and postage | 281 | 308 | 869 | 960 |
Professional fees | 956 | 978 | 2,199 | 2,130 |
Marketing and promotional expenses | 46 | 40 | 119 | 147 |
Directors fees | 69 | 69 | 225 | 207 |
Regulatory dues | 70 | 63 | 173 | 177 |
Other operating expenses | 575 | 485 | 1,789 | 1,705 |
Total noninterest expense | 9,334 | 8,769 | 27,132 | 25,483 |
Income before income taxes | 996 | 590 | 3,294 | 2,664 |
Provision for income taxes (Note 8) | 287 | 188 | 967 | 623 |
Net income | $ 709 | $ 402 | $ 2,327 | $ 2,041 |
Earnings per share for the period (Note 10) | ||||
Basic | $ 0.04 | $ 0.02 | $ 0.13 | $ 0.11 |
Diluted | $ 0.04 | $ 0.02 | $ 0.13 | $ 0.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 709 | $ 402 | $ 2,327 | $ 2,041 |
Net change in unrealized gains (losses) on available-for-sale securities : | ||||
Unrealized gains (losses) | 24 | (5) | 354 | (179) |
Income tax effect | (5) | 1 | (75) | (8) |
Unrealized gains (losses) on securities, net of tax | 19 | (4) | 279 | (187) |
Pension benefit liability adjustment: | ||||
Net (loss) | (32) | (31) | (115) | (96) |
Income tax effect | 7 | 11 | 24 | 33 |
Pension liability adjustment, net of tax | (25) | (20) | (91) | (63) |
Total other comprehensive income (loss), net of tax | (6) | (24) | 188 | (250) |
Total comprehensive income | $ 703 | $ 378 | $ 2,515 | $ 1,791 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock, At Cost | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock of ESOP |
Balance at Dec. 31, 2017 | $ 164,785 | $ 185 | $ 84,351 | $ 94,855 | $ (7,851) | $ (6,755) | |
Balance, Shares at Dec. 31, 2017 | 18,463,028 | ||||||
Net income | 2,041 | 2,041 | |||||
Other comprehensive income (loss), net of tax | (250) | (250) | |||||
ESOP shares committed to be released (36,189 shares) | 568 | 206 | 362 | ||||
Balance at Sep. 30, 2018 | 167,144 | $ 185 | 84,557 | 96,896 | (8,101) | (6,393) | |
Balance, Shares at Sep. 30, 2018 | 18,463,028 | ||||||
Balance at Dec. 31, 2018 | 169,172 | $ 185 | 84,581 | 98,813 | (8,135) | (6,272) | |
Balance, Shares at Dec. 31, 2018 | 18,463,028 | ||||||
Net income | 2,327 | 2,327 | |||||
Other comprehensive income (loss), net of tax | 188 | 188 | |||||
Treasury stock | (12,663) | $ (12,663) | |||||
Treasury stock, Shares | (886,325) | ||||||
ESOP shares committed to be released (36,189 shares) | 530 | 168 | 362 | ||||
Restricted stock awards | 923 | 923 | |||||
Stock options | 77 | 77 | |||||
Balance at Sep. 30, 2019 | $ 160,554 | $ 185 | $ (12,663) | $ 85,749 | $ 101,140 | $ (7,947) | $ (5,910) |
Balance, Shares at Sep. 30, 2019 | 17,576,703 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Statement Of Stockholders Equity [Abstract] | |||
Number of ESOP shares committed to be released | 36,189 | 48,250 | 36,189 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Cash Flows From Operating Activities: | |||||
Net income | $ 709 | $ 402 | $ 2,327 | $ 2,041 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Amortization of premiums on securities, net | 42 | 8 | |||
Loss on sale of loans, net | 114 | 54 | |||
Gain on sale of available-for-sale securities | (12) | ||||
Provision for loan losses | 14 | 602 | 163 | 1,034 | $ 1,249 |
Depreciation and amortization | 567 | 454 | 1,626 | 1,307 | |
Deferred income taxes | (166) | (184) | |||
ESOP compensation | 574 | 614 | |||
Share-based compensation expense | 999 | ||||
Changes in assets and liabilities: | |||||
Increase in accrued interest receivable | (98) | (274) | |||
Decrease (increase) in other assets | 12 | (353) | |||
Increase in accrued interest payable | 18 | 33 | |||
Increase in advance payments by borrowers | 1,743 | 2,194 | |||
(Decrease) increase in other liabilities | (1,301) | 279 | |||
Net cash provided by operating activities | 6,053 | 6,741 | |||
Cash Flows From Investing Activities: | |||||
Proceeds from redemption of FHLBNY Stock | 6,795 | ||||
Purchases of FHLBNY Stock | (12,539) | (1,106) | |||
Purchases of available-for-sale securities | (30,000) | ||||
Proceeds from sale of available-for-sale securities | 3,760 | ||||
Proceeds from maturities, calls and principal repayments on available-for-sale securities | 5,491 | 785 | |||
Proceeds from sales of loans | 3,660 | 4,761 | |||
Net increase in loans | (33,976) | (101,030) | |||
Purchases of premises and equipment | (3,296) | (3,428) | |||
Net cash used in investing activities | (63,865) | (96,258) | |||
Cash Flows From Financing Activities: | |||||
Net (decrease) increase in deposits | (51,913) | 50,807 | |||
Repurchase of treasury stock | (12,663) | ||||
Proceeds from advances from FHLBNY | 517,398 | 158,398 | |||
Repayments of advances from FHLBNY | (417,398) | (157,023) | |||
Net cash provided by financing activities | 35,424 | 52,182 | |||
Net (decrease) in cash and cash equivalents | (22,388) | (37,335) | |||
Cash and Cash Equivalents: | |||||
Beginning | 69,778 | 59,724 | 59,724 | ||
Ending | $ 47,390 | $ 22,389 | 47,390 | 22,389 | $ 69,778 |
Supplemental Disclosures: | |||||
Interest | 9,160 | 6,737 | |||
Income taxes | $ 888 | $ 516 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1. Nature of Business and Summary of Significant Accounting Policies Basis of Presentation and Consolidation: The unaudited interim Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2018 included in the Company’s annual report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiary Ponce Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns some of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation. Nature of Operations: The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank, a wholly-owned subsidiary of PDL Community Bancorp. The Bank is subjected to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). The Bank’s business is conducted through the administrative office and 13 branch banking offices. The banking offices are located in the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches) and Brooklyn (3 branches), New York and Union City (1 branch), New Jersey. The primary market area currently consists of the New York City metropolitan area. The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, as well as, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Summary of Significant Accounting Policies: Use of Estimates Interim Financial Statements Significant Group Concentrations of Credit Risk Cash and Cash Equivalents Securities Debt securities that management has the positive intent and ability to hold to maturity, if any, are classified as "held-to-maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held-to-maturity or trading, are classified as "available-for-sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the consolidated statement of income and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the discounted present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. The sale of a held-to-maturity security within three months of its maturity date or after collection of at least 85% of the principal outstanding at the time the security was acquired is considered a maturity for purposes of classification and disclosure. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Federal Home Loan Bank of New York Stock Loans Receivable Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the effective interest yield method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Bank’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured for impairment using the fair value of the collateral, present value of cash flows, or the observable market price of the note. Impairment measurement for all collateral dependent loans, excluding accruing troubled debt restructurings, is based on the fair value of collateral, less costs to sell, if necessary. A loan is considered collateral dependent if repayment of the loan is expected to be provided solely by the sale or the operation of the underlying collateral. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) When a loan is modified to a troubled debt restructuring, management evaluates the loan for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs, if repayment under the modified terms becomes doubtful. The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced over a rolling 12 quarter average period. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. When establishing the allowance for loan losses, management categorizes loans into risk categories reflecting individual borrower earnings, liquidity, leverage and cash flow, as well as the nature of underlying collateral. These risk categories and relevant risk characteristics are as follows: Residential and Multifamily Mortgage Loans Nonresidential Mortgage Loans Construction and Land Loans Business Loans Consumer Loans Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Loans Held for Sale . Transfers of Financial Assets Premises and Equipment Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Buildings 39 Building improvements 15 - 39 Furniture, fixtures, and equipment 3 - 10 Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation. Impairment of Long-Lived Assets Other Real Estate Owned Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Income Taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of income. Related Party Transactions Employee Benefit Plans: Employee Stock Ownership Plan: Stock Options: Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Restricted Stock Units: Comprehensive Income: Loss Contingencies Fair Value of Financial Instruments Segment Reporting Loan Commitments and Related Financial Instruments Earnings Per Share (“EPS”) Treasury Stock Reclassification of Prior Year Presentation . Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Recent Accounting Pronouncements: As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public business entities until such pronouncements are made applicable to nonpublic business entities. As of September 30, 2019, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. Accounting Pronouncements Adopted in 2018: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606),” In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718).” An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the statement of cash flows, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, for public business entities. As the Company is taking advantage of the extended transition period for complying with new or revised accounting standards assuming it remains an EGC, it adopted the amendments in this update for the annual period beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting,” In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Accounting Pronouncements Not Yet Adopted: In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased office spaces as within the scope of the guidance. The Company currently leases seven leased branches and the new guidance will result in the establishment of a right to use asset and corresponding lease obligations. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope and subsequent related accounting standard updates. The Company has established a project committee and has initiated training on ASU 2016-02. The Company has performed preliminary computations of its right to use asset and corresponding lease obligations for the operating leases of our seven branches and will be presented to management for review. In October 2019, the FASB voted to defer implementation of the standard for smaller reporting companies, such as the Company, to fiscal years beginning after December 15, 2020. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments.” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Although early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for available-for-sale debt securities. The Company has selected the CECL model and has begun running scenarios. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. In October 2019, the FASB voted to defer implementation of the standard for smaller reporting companies, such as the Company, to fiscal years beginning after December 15, 2022. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash In March 2017, the FASB issued ASU 2017-07 “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” In March 2017, the FASB issued ASU 2017-08 “Receivables – Non-Refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework –Changes to the Disclosure Requirements for Defined Benefit Plans.” In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to (Topic 326, Financial Instruments-Credit Losses), (Topic 815, Derivatives and Hedging) and (Topic 825, Financial Instruments).” In May 2019, the FASB issued ASU 2019-05, “ Financial Instruments – Credit Losses. Targeted Transition Relief |
Restrictions on Cash and Due Fr
Restrictions on Cash and Due From Banks | 9 Months Ended |
Sep. 30, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Restrictions on Cash and Due From Banks | Note 2. Restrictions on Cash and Due From Banks The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based on a percentage of deposits. The Bank had $5,590 and $44,717 in cash to cover its minimum reserve requirement of $4,866 and $4,375 at September 30, 2019, and December 31, 2018, respectively. |
Available-for-Sale Securities
Available-for-Sale Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Securities | Note 3. Available-for-Sale Securities The amortized cost and fair value of available-for-sale securities at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 20,927 $ — $ (75 ) $ 20,852 U.S. Treasury 29,960 — (4 ) 29,956 Mortgage-Backed Securities: FNMA Certificates 567 — (4 ) 563 GNMA Certificates 583 12 — 595 $ 52,037 $ 12 $ (83 ) $ 51,966 Note 3. Available-for-Sale Securities (Continued) December 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 20,924 $ — $ (409 ) $ 20,515 U.S. Treasury 4,997 — (2 ) 4,995 Mortgage-Backed Securities: FNMA Certificates 778 — (19 ) 759 GNMA Certificates 870 5 — 875 $ 27,569 $ 5 $ (430 ) $ 27,144 There were no securities classified as held-to-maturity as of September 30, 2019 and December 31, 2018. There were no securities sold for the three and nine months ended September 30, 2019. There were $3,748 securities sold in the three and nine months ended September 30, 2018. The Company purchased $30,000 of U.S. Treasury securities during the three months ended September 30, 2019. The following tables present the Company's securities gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2019 and at December 31, 2018: September 30, 2019 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and Federal Agencies $ — $ — $ 20,852 $ (75 ) $ 20,852 $ (75 ) U.S. Treasury 29,956 (4 ) — — 29,956 (4 ) Mortgage-Backed FNMA Certificates — — 563 (4 ) 563 (4 ) $ 29,956 $ (4 ) $ 21,415 $ (79 ) $ 51,371 $ (83 ) December 31, 2018 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and Federal Agencies $ — $ — $ 20,515 $ (409 ) $ 20,515 $ (409 ) U.S. Treasury 4,995 (2 ) — — 4,995 (2 ) Mortgage-Backed FNMA Certificates — — 759 (19 ) 759 (19 ) $ 4,995 $ (2 ) $ 21,274 $ (428 ) $ 26,269 $ (430 ) The Company’s investment portfolio had 12 available-for-sale securities at September 30, 2019 and December 31, 2018. At September 30, 2019 and December 31, 2018, the Company had 11 securities , with gross unrealized loss positions. Management reviewed the financial condition of the entities underlying the securities at both and and determined that they are not other than temporarily impaired because the unrealized losses in those securities relate to market interest rate changes. The Company has the ability to hold them and does not have the intent to sell these securities, and it is not more likely than not that the Company will be required to sell these securities, before recovery of the cost basis. In addition, management also considers the issuers of the securities to be financially sound and believes the Company will receive all contractual principal and interest related to these investments. Note 3. Available-for-Sale Securities (Continued) The following is a summary of maturities of securities at September 30, 2019 and December 31, 2018. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table. September 30, 2019 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 34,515 $ 34,505 After three months through one year 12,875 12,819 After one year through five years 3,497 3,484 50,887 50,808 Mortgage-Backed Securities 1,150 1,158 Total $ 52,037 $ 51,966 December 31, 2018 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 4,997 $ 4,995 After three months through one year 4,554 4,497 After one year through five years 16,370 16,018 25,921 25,510 Mortgage-Backed Securities 1,648 1,634 Total $ 27,569 $ 27,144 There were no securities pledged at September 30, 2019 and December 31, 2018. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 4. Loans Receivable and Allowance for Loan Losses Loans at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, December 31, 2019 2018 Mortgage loans: 1-4 Family residential Investor-Owned $ 309,065 $ 303,197 Owner-Occupied 90,843 92,788 Multifamily residential 244,644 232,509 Nonresidential properties 195,952 196,917 Construction and land 106,124 87,572 Nonmortgage loans: Business loans 11,040 15,710 Consumer loans 1,252 1,068 958,920 929,761 Net deferred loan origination costs 1,788 1,407 Allowance for loan losses (12,160 ) (12,659 ) Loans receivable, net $ 948,548 $ 918,509 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The Company’s lending activities are conducted principally in New York City. The Company primarily grants loans secured by real estate to individuals and businesses pursuant to an established credit policy applicable to each type of lending activity in which it engages. Although collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment to be based on the borrowers’ ability to generate continuing cash flows. The Company also evaluates the collateral and creditworthiness of each customer. The credit policy provides that depending on the borrowers’ creditworthiness and type of collateral, credit may be extended up to predetermined percentages of the market value of the collateral. Real estate is the primary form of collateral. Other important forms of collateral are time deposits and marketable securities. For disclosures related to the allowance for loan losses and credit quality, the Company does not have any disaggregated classes of loans below the segment level. Credit-Quality Indicators The objectives of the Company’s risk-rating system are to provide the Board of Directors and senior management with an objective assessment of the overall quality of the loan portfolio, to promptly and accurately identify loans with well-defined credit weaknesses so that timely action can be taken to minimize credit loss, to identify relevant trends affecting the collectability of the loan portfolio, to isolate potential problem areas and to provide essential information for determining the adequacy of the allowance for loan losses. Below are the definitions of the internally assigned risk ratings: • Strong Pass – Loans to a new or existing borrower collateralized at least 90 percent by an unimpaired deposit account at the Company. • Good Pass – Loans to a new or existing borrower in a well-established enterprise in excellent financial condition with strong liquidity and a history of consistently high level of earnings, cash flow and debt service capacity. • Satisfactory Pass – Loans to a new or existing borrower of average strength with acceptable financial condition, satisfactory record of earnings and sufficient historical and projected cash flow to service the debt. • Performance Pass – Existing loans that evidence strong payment history but document less than average strength, financial condition, record of earnings, or projected cash flows with which to service the debt. • Special Mention – Loans in this category are currently protected but show one or more potential weaknesses and risks which may inadequately protect collectability or borrower’s ability to meet repayment terms at some future date if the weakness or weaknesses are not monitored or remediated. • Substandard – Loans that are inadequately protected by the repayment capacity of the borrower or the current sound net worth of the collateral pledged, if any. Loans in this category have well defined weaknesses and risks that jeopardize the repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remediated. • Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. Loans within the top four categories above are considered pass rated, as commonly defined. Risk ratings are assigned as necessary to differentiate risk within the portfolio. Risk ratings are reviewed on an ongoing basis and revised to reflect changes in the borrowers’ financial condition and outlook, debt service coverage capability, repayment performance, collateral value and coverage as well as other considerations. Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following tables present credit risk ratings by loan segment as of September 30, 2019 and December 31, 2018: September 30, 2019 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 388,267 $ 243,599 $ 191,938 $ 77,836 $ 11,040 $ 1,252 $ 913,932 Special mention 2,779 — — 19,746 — — 22,525 Substandard 8,862 1,045 4,014 8,542 — — 22,463 Total $ 399,908 $ 244,644 $ 195,952 $ 106,124 $ 11,040 $ 1,252 $ 958,920 December 31, 2018 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 383,123 $ 231,422 $ 195,327 $ 71,438 $ 14,324 $ 1,068 $ 896,702 Special mention 3,728 775 — 8,505 1,386 — 14,394 Substandard 9,134 312 1,590 7,629 — — 18,665 Total $ 395,985 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ 929,761 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) An aging analysis of loans, as of September 30, 2019 and December 31, 2018, is as follows: September 30, 2019 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential Investor-Owned $ 307,984 $ — $ — $ 1,081 $ 309,065 $ 1,752 $ — Owner-Occupied 88,735 — 214 1,894 90,843 3,540 — Multifamily residential 244,644 — — — 244,644 — — Nonresidential properties 192,257 — 447 3,248 195,952 3,746 — Construction and land 105,975 — — 149 106,124 1,292 — Nonmortgage loans: Business 11,040 — — — 11,040 — — Consumer 1,252 — — — 1,252 — — Total $ 951,887 $ — $ 661 $ 6,372 $ 958,920 $ 10,330 $ — December 31, 2018 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential Investor-Owned $ 296,188 $ 6,539 $ 470 $ — $ 303,197 $ 1,258 $ — Owner-Occupied 89,610 1,609 574 995 92,788 3,079 — Multifamily residential 231,514 995 — — 232,509 16 — Nonresidential properties 195,861 — 4 1,052 196,917 1,310 — Construction and land 87,572 — — — 87,572 1,115 — Nonmortgage loans: Business 15,418 292 — — 15,710 — — Consumer 1,068 — — — 1,068 — — Total $ 917,231 $ 9,435 $ 1,048 $ 2,047 $ 929,761 $ 6,778 $ — Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of September 30, 2019 and 2018, and December 31, 2018: For the Nine Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ — $ 12,659 Provision charged to expense (297 ) (139 ) (86 ) (222 ) 217 749 (1 ) (58 ) 163 Losses charged-off — — — — — (782 ) — — (782 ) Recoveries 23 — — 7 — 30 2 58 120 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Ending balance: individually evaluated for impairment $ 266 $ 158 $ — $ 32 $ — $ 33 $ — $ — $ 489 Ending balance: collectively evaluated for impairment 3,259 911 3,743 1,678 1,848 224 8 — 11,671 Total $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Loans: Ending balance: individually evaluated for impairment $ 7,011 $ 5,636 $ — $ 5,103 $ 1,303 $ 35 $ — $ — $ 19,088 Ending balance: collectively evaluated for impairment 302,054 85,207 244,644 190,849 104,821 11,005 1,252 — 939,832 Total $ 309,065 $ 90,843 $ 244,644 $ 195,952 $ 106,124 $ 11,040 $ 1,252 $ — $ 958,920 For the Three Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,574 $ 1,168 $ 3,713 $ 1,928 $ 1,533 $ 533 $ 11 $ 58 $ 12,518 Provision charged to expense (49 ) (99 ) 30 (220 ) 315 98 (3 ) (58 ) 14 Losses charged-off — — — — — (380 ) — — (380 ) Recoveries — — — 2 — 6 — — 8 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Nine Months Ended September 30, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Provision charged to expense 5 (292 ) 538 454 362 (30 ) (3 ) — 1,034 Losses charged-off — — — — — (18 ) — — (18 ) Recoveries 2 175 — 7 — 91 4 — 279 Balance, end of period $ 3,723 $ 1,285 $ 3,647 $ 1,885 $ 1,567 $ 252 $ 7 $ — $ 12,366 Ending balance: individually evaluated for impairment $ 353 $ 287 $ — $ 36 $ — $ 11 $ — $ — $ 687 Ending balance: collectively evaluated for impairment 3,370 998 3,647 1,849 1,567 241 7 — 11,679 Total $ 3,723 $ 1,285 $ 3,647 $ 1,885 $ 1,567 $ 252 $ 7 $ — $ 12,366 Loans: Ending balance: individually evaluated for impairment $ 6,506 $ 6,971 $ — $ 2,597 $ 1,103 $ 408 $ — $ — $ 17,585 Ending balance: collectively evaluated for impairment 289,286 88,493 219,958 189,006 84,190 15,424 992 — 887,349 Total $ 295,792 $ 95,464 $ 219,958 $ 191,603 $ 85,293 $ 15,832 $ 992 $ — $ 904,934 . For the Three Months Ended September 30, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,687 $ 1,265 $ 3,640 $ 1,679 $ 1,291 $ 180 $ 9 $ — $ 11,751 Provision charged to expense 36 18 7 203 276 65 (3 ) — 602 Losses charged-off — — — — — — — — — Recoveries — 2 — 3 — 7 1 — 13 Balance, end of period $ 3,723 $ 1,285 $ 3,647 $ 1,885 $ 1,567 $ 252 $ 7 $ — $ 12,366 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Year Ended December 31, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of year $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Provision charged to expense 82 (444 ) 720 492 426 (37 ) 10 — 1,249 Losses charged-off — — — — — (34 ) (14 ) — (48 ) Recoveries 1 250 — 9 — 122 5 — 387 Balance, end of year $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ — $ 12,659 Ending balance: individually evaluated for impairment $ 349 $ 234 $ — $ 35 $ — $ — $ — $ — $ 618 Ending balance: collectively evaluated for impairment 3,450 974 3,829 1,890 1,631 260 7 — 12,041 Total $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ — $ 12,659 Loans: Ending balance: individually evaluated for impairment $ 6,452 $ 6,525 $ 16 $ 2,750 $ 1,108 $ 374 $ — $ — $ 17,225 Ending balance: collectively evaluated for impairment 296,745 86,263 232,493 194,167 86,464 15,336 1,068 — 912,536 Total $ 303,197 $ 92,788 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ — $ 929,761 Loans are considered impaired when current information and events indicate all amounts due may not be collectable according to the contractual terms of the related loan agreements. Impaired loans, including troubled debt restructurings, are identified by applying normal loan review procedures in accordance with the allowance for loan losses methodology. Management periodically assesses loans to determine whether impairment exists. Any loan that is, or will potentially be, no longer performing in accordance with the terms of the original loan contract is evaluated to determine impairment. Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following information relates to impaired loans as of and for the nine months ended September 30, 2019 and 2018 and for the year ended December 31, 2018: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2019 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 13,686 $ 8,460 $ 4,187 $ 12,647 $ 424 $ 13,084 $ 263 Multifamily residential — — — — — 7 — Nonresidential properties 5,211 4,724 379 5,103 32 3,676 85 Construction and land 1,615 1,303 — 1,303 — 1,238 4 Nonmortgage loans: Business 38 — 35 35 33 232 5 Consumer — — — — — 1 — Total $ 20,550 $ 14,487 $ 4,601 $ 19,088 $ 489 $ 18,238 $ 357 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2018 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 14,717 $ 7,083 $ 6,394 $ 13,477 $ 640 $ 16,281 $ 550 Multifamily residential — — — — — 104 — Nonresidential properties 2,807 2,114 483 2,597 36 3,141 104 Construction and land 1,329 1,103 — 1,103 — 1,092 — Nonmortgage loans: Business 450 398 10 408 11 488 17 Consumer — — — — — — — Total $ 19,303 $ 10,698 $ 6,887 $ 17,585 $ 687 $ 21,106 $ 671 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2018 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 12,985 $ 7,080 $ 5,898 $ 12,978 $ 583 $ 15,163 $ 758 Multifamily residential 16 16 — 16 — 36 3 Nonresidential properties 2,748 2,270 480 2,750 35 3,230 172 Construction and land 1,115 1,107 — 1,107 — 1,094 — Nonmortgage loans: Business 374 374 — 374 — 454 22 Consumer — — — — — — — Total $ 17,238 $ 10,847 $ 6,378 $ 17,225 $ 618 $ 19,977 $ 955 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The loan portfolio also includes certain loans that have been modified to troubled debt restructurings. Under applicable standards, loans are modified to troubled debt restructurings when a creditor, for economic or legal reasons related to a debtor’s financial condition, grants a concession to the debtor that it would not otherwise consider, unless it results in a delay in payment that is insignificant. These concessions could include a reduction of interest rate on the loan, payment and maturity extensions, forbearance, or other actions intended to maximize collections. When a loan is modified to a troubled debt restructuring, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs if repayment under the modified terms becomes doubtful. If management determines that the value of the modified loan in a troubled debt restructuring is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or charge-off against the allowance for loan losses. During the nine months ended September 30, 2019, there was one troubled debt restructuring and as of and for the year ended December 31, 2018, there were no loans restructured as troubled debt restructuring. Loans Restructured During All TDRs with a payment default within 12 months following the Nine Months Ended September 30, 2019 modification Pre- Post- Balance Modification Modification of Loans Number Recorded Recorded Number at the Time of Loans Balance Balance of Loans of Default Mortgages: 1-4 Family 1 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Combination of rate, maturity, other 1 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2018 modification Pre- Post- Balance Modification Modification of Loans Number Recorded Recorded Number at the Time of Loans Balance Balance of Loans of Default Mortgages: 1-4 Family — $ — $ — 1 $ 176 Total — $ — $ — 1 $ 176 Combination of rate, maturity, other — $ — $ — 1 $ 176 Total — $ — $ — 1 $ 176 At September 30, 2019, there were 36 troubled debt restructured loans totaling $12,298 of which $8,692 are on accrual status. At December 31, 2018, there were 40 troubled debt restructured loans totaling $14,104 of which $10,460 are on accrual status. There were no commitments to lend additional funds to borrowers whose loans have been modified in a troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans, which aggregated to $489 and $618 at September 30, 2019 and December 31, 2018, respectively. |
Premises and Equipment
Premises and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 5. Premises and Equipment Premises and equipment at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, December 31, 2019 2018 Land $ 3,979 $ 3,979 Buildings and improvements 17,113 16,423 Leasehold improvements 25,321 23,430 Furniture, fixtures and equipment 8,443 7,728 54,856 51,560 Less: accumulated depreciation and amortization (22,051 ) (20,425 ) Total premises and equipment $ 32,805 $ 31,135 Depreciation and amortization expense amounted to $567 and $454 for the three months ended September 30, 2019 and 2018, respectively, and $1,626 and $1,307 for the nine months ended September 30, 2019 and 2018, respectively, and are included in occupancy and equipment in the accompanying consolidated statements of income. Leasehold improvements increased by $1,891 to $25,321 and buildings and improvements increased by $690 to $17,113 at September 30, 2019 mainly due to investments made to the branch network and other product delivery services as part of branch renovation initiative. Furniture, fixtures and equipment also increased by $715 to $8,443 at September 30, 2019, mainly as a result of investments in new Teller Cash Recyclers (TCRs) that are being installed in the branches. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Deposits | Note 6. Deposits Deposits at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, December 31, 2019 2018 Demand $ 104,181 $ 115,923 Interest-bearing deposits: NOW/IOLA accounts 28,600 30,783 Money market accounts 140,999 116,175 Savings accounts 115,402 122,791 Total savings, NOW and money market 285,001 269,749 Certificates of deposit of $250K or more 145,068 90,195 Certificates of deposit less than $250K 223,595 333,891 Total certificates of deposit 368,663 424,086 Total interest-bearing deposits 653,664 693,835 Total deposits $ 757,845 $ 809,758 At September 30, 2019 scheduled maturities of certificates of deposit were as follows: September 30, 2020 $ 183,871 2021 111,870 2022 53,327 2023 9,268 2024 10,327 $ 368,663 Overdrawn deposit accounts that have been reclassified to loans amounted to $75 and $241 as of September 30, 2019 and December 31, 2018, respectively. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 7. Borrowings FHLBNY Advances The Bank had $134,404 and $44,404 of outstanding term advances from the FHLBNY at September 30, 2019 and December 31, 2018, respectively. The Bank also had an overnight line of credit from FHLBNY in the amount of $35,000 at September 30, 2019. Additionally, the Bank had an unsecured line of credit in the amount of $25,000 with a correspondent bank at September 30, 2019 and December 31, 2018, of which $0 and $25,000 were outstanding as of September 30, 2019 and December 31, 2018, respectively. The Bank also had a guarantee from the FHLBNY through a standby letter of credit of $3,455 at September 30, 2019 and $7,639 at December 31, 2018, respectively. Borrowed funds at September 30, 2019 and December 31, 2018 consist of the following and are summarized by maturity and call date below: September 30, December 31, 2019 2018 Scheduled Maturity Redeemable at Call Date Weighted Average Rate Scheduled Maturity Redeemable at Call Date Weighted Average Rate Correspondent Bank Overnight line of credit advance $ — $ — — % $ 25,000 $ 25,000 2.64 % FHLBNY Overnight line of credit advance 35,000 35,000 2.10 — — — FHLBNY Term advances ending: 2019 30,000 30,000 2.10 — — — 2020 8,029 8,029 2.86 8,029 8,029 2.86 2021 3,000 3,000 1.84 3,000 3,000 1.84 2022 65,000 65,000 1.89 5,000 5,000 1.97 2023 28,375 28,375 2.82 28,375 28,375 2.82 $ 169,404 $ 169,404 2.17 % $ 69,404 $ 69,404 2.69 % Interest expense on advances totaled $533 and $276 for the three months ended September 30, 2019 and 2018, and $1,211 and $578 for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019 and December 31, 2018, the Bank had eligible collateral of approximately $297,087 and $280,457, respectively, in residential 1-4 family and multifamily mortgage loans available to secure advances from the FHLBNY. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. Income Taxes The provision for income taxes for the three and nine months ended September 30, 2019 and 2018 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Federal: Current $ 237 $ 400 $ 888 $ 595 Deferred 122 (205 ) 89 (15 ) 359 195 977 580 State and local: Current 53 90 238 212 Deferred (631 ) (401 ) (1,135 ) (757 ) (578 ) (311 ) (897 ) (545 ) Valuation allowance 506 304 887 588 Provision for income taxes $ 287 $ 188 $ 967 $ 623 Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three and nine months ended September 30, 2019 and 2018, respectively, to income before income taxes as a result of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Income tax, at federal rate $ 209 $ 123 $ 692 $ 559 State and local tax, net of federal taxes (455 ) (246 ) (707 ) (430 ) Valuation allowance, net of the federal benefit 506 304 887 588 Other 27 7 95 (94 ) $ 287 $ 188 $ 967 $ 623 On December 22, 2017, the U.S. Government signed into law the “Tax Cuts and Jobs Act” (the “Tax Act”) which, beginning in 2018, reduced the Company’s corporate income tax rate from 34% to 21%, but eliminated or increased certain permanent differences. Management maintains a valuation allowance against its net New York State and New York City deferred tax assets as it is unlikely these deferred tax assets will impact the Company's tax liability in future years. The valuation allowance increased by $887 and $588 for the nine months ended September 30, 2019 and 2018, respectively. Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible. At September 30, 2019 and December 31, 2018, the Company had no unrecognized tax benefits recorded related to uncertain tax positions. The Company does not expect that the total amount of unrecognized tax benefits will significantly increase in the next twelve months. The Company is subject to U.S. federal income tax, New York State income tax, New Jersey income tax, and New York City income tax. The Company is no longer subject to examination by taxing authorities for years before 2016. Note 8. Income Taxes (Continued) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at September 30, 2019 and December 31, 2018 are presented below: September 30, December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 3,837 $ 3,939 Pension obligations 2,126 2,102 Interest on nonaccrual loans 233 74 Unrealized loss on available-for-sale securities 15 91 Amortization of intangible assets 90 102 Deferred rent payable — 153 Net operating losses 3,908 3,111 Charitable contribution carryforward 1,620 1,694 Other 699 235 Total gross deferred tax assets 12,528 11,501 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net 3,188 3,120 Depreciation and amortization of premises and equipment 54 222 Deferred loan fees 564 438 Other 6 6 Total gross deferred tax liabilities 3,812 3,786 Valuation allowance 4,791 3,904 Net deferred tax assets $ 3,925 $ 3,811 |
Compensation and Benefit Plans
Compensation and Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Compensation and Benefit Plans | Note 9. Compensation and Benefit Plans Defined Benefit Plan Effective January 1, 2007, the noncontributory defined benefit pension plan (the “Old Pension Plan”) of the Company was replaced with a qualified defined contribution plan (the “401(k) Plan”) as noted in more detail below. The Old Pension Plan covered substantially all employees. Employees were eligible to participate after one year of service. Normal retirement age was 65, with an early retirement provided for at age 55. The Old Pension Plan was effectively frozen on May 31, 2007 (the curtailment date) and this resulted in an actuarial reassessment of the Old Pension Plan’s future estimated obligations. All participants that are vested with the Old Pension Plan will remain in the Old Pension Plan and will receive the full accrued benefit, as defined, upon retirement, in accordance with the plan document. Note 9. Compensation and Benefit Plans (Continued) The following table sets forth the Old Pension Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of September 30, 2019 and December 31, 2018 using a measurement date as of September 30, 2019 and December 31, 2018, respectively: September 30, 2019 December 31, 2018 Projected benefit obligation $ (14,175 ) $ (14,244 ) Fair value of plan assets 14,179 14,416 Funded status $ 4 $ 172 Accumulated benefit obligation $ (14,175 ) $ (14,244 ) September 30, 2019 December 31, 2018 Changes in benefit obligation: Beginning of period $ 14,244 $ 15,883 Service cost 29 39 Interest Cost 442 542 Interest rate change — (1,691 ) Mortality change — (41 ) Loss on accumulated benefit obligations 4 243 Administrative cost (29 ) (39 ) Benefits paid (515 ) (692 ) End of period $ 14,175 $ 14,244 September 30, 2019 December 31, 2018 Changes in plan assets: Fair value of plan assets, beginning of period $ 14,416 $ 14,732 Actual return on plan assets 307 415 Benefits paid (515 ) (692 ) Administrative expenses paid (29 ) (39 ) Fair value of plan assets, end of period $ 14,179 $ 14,416 Note 9. Compensation and Benefit Plans (Continued) Pretax amounts recognized in accumulated other comprehensive loss, which will be amortized into net periodic benefit cost over the coming years, were $9,972 and $9,856 at September 30, 2019 and December 31, 2018, respectively. The components of net periodic benefit costs are as follows for the nine months ended September 30, 2019 and 2018: For the Nine Months Ended September 30, 2019 2018 Service cost $ 29 $ 30 Interest cost 442 406 Expected return on plan assets (631 ) (645 ) Amortization of prior service cost 18 19 Amortization of loss 194 224 Net periodic benefit cost $ 52 $ 34 Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of September 30, 2019 and December 31, 2018: September 30, December 31, 2019 2018 Discount rate 4.25 % 4.25 % Rate of compensation increase 0.00 % 0.00 % Weighted-average assumptions used to determine the net benefit cost consisted of the following for nine months ended September 30, 2019 and 2018: For the Nine Months Ended September 30, 2019 2018 Discount rate 4.25 % 3.50 % Rate of compensation increase 0.00 % 0.00 % Expected long-term rate of return on assets 6.00 % 6.00 % The expected rate of return on plan assets is estimated based on the plan’s historical performance of return on assets. The investment policy for plan assets is to manage the portfolio to preserve principal and liquidity while maximizing the return on the plan’s investment portfolio through the full investment of available funds. Plan assets are currently maintained in a guaranteed deposit account with Prudential Retirement Insurance and Annuity Company, earning interest at rates that are determined at the beginning of each year. Note 9. Compensation and Benefit Plans (Continued) Pension assets consist solely of funds on deposit in a guaranteed deposit account. The fair value of the pension plan assets at September 30, 2019 and December 31, 2018 was $14,179 and $14,416, respectively. The guaranteed deposit account is valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer. Such fair value measurement is considered a Level 3 measurement. Benefits paid for the nine months ended September 30, 2019 and 2018 were $515 and $524, respectively. There were no employer contributions during the nine months ended September 30, 2019 and 2018. Employee benefit payments expected to be paid in the future are as follows: 2019 $ 199 2020 706 2021 700 2022 718 2023 700 Thereafter 3,569 $ 6,592 401(k) Plan The Company also provides a qualified defined contribution retirement plan under Section 401(k) of the Internal Revenue Code. The 401(k) Plan also qualifies under the Internal Revenue Service safe harbor provisions, as defined. Employees are eligible to participate in the 401(k) Plan after completing one year of service. The 401(k) Plan provides for elective employee/participant deferrals of income. Discretionary matching, profit-sharing, and safe harbor contributions, not to exceed 4% of employee compensation and profit-sharing contributions may be provided. 401(k) expenses recorded in the consolidated statements of income amounted to $89 and $76 for the three months ended September 30, 2019 and 2018, respectively, and $256 and $277 for the nine months ended September 30, 2019 and 2018, respectively. Employee Stock Ownership Plan: In connection with the reorganization, the Company established an ESOP for the exclusive benefit of eligible employees. The ESOP borrowed $7,238 from the Company sufficient to purchase 723,751 shares (approximately 3.92% of the common stock sold in the Company’s initial stock offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Company and dividends received by the ESOP. Contributions will be applied to repay interest on the loan first, and then the remainder will be applied to principal. The loan is expected to be repaid over a period of 15 years. Shares purchased with the loan proceeds are held by the trustee in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants, subject to applicable regulations. Note 9. Compensation and Benefit Plans (Continued) Contributions to the ESOP are to be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, compensation expense equal to the average market price of the shares for the respective periods are recognized, and the shares become outstanding for earnings per share computations. A summary of the ESOP shares as of September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 December 31, 2018 Shares committed-to-be released 36,189 48,250 Shares to be allocated to participants 96,500 48,250 Unallocated shares 591,062 627,251 Total 723,751 723,751 Fair value of unearned shares $ 8,310 $ 7,991 At September 30, 2019 and December 31, 2018, the Company had $6,308 outstanding of funds borrowed for the ESOP. The Company recognized ESOP related compensation expense, including ESOP equalization expense, of $184 and $201 for the three months ended September 30, 2019 and 2018 and $574 and $614 for the nine months ended September 30, 2019 and 2018, respectively. Supplemental Executive Retirement Plan: The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of one key executive. The SERP expense recognized for the three months ended September 30, 2019 and 2018 was $12 and $15, respectively, and for the nine months ended September 30, 2019 and 2018 was $45 and $45, respectively. 2018 Incentive Plan The Company’s stockholders approved the PDL Community Bancorp 2018 Long-Term Incentive Plan (the “2018 Incentive Plan”) at the Special Meeting of Stockholders on October 30, 2018. The maximum number of shares of common stock which can be issued under the 2018 Incentive Plan is 1,248,469. Of the 1,248,469 shares, the maximum number of shares that may be awarded under the 2018 Incentive Plan pursuant to the exercise of stock options or stock appreciation rights (“SARs”) is 891,764 shares (all of which may be granted as incentive stock options), and the number of shares of common stock that may be issued as restricted stock awards or restricted stock units is 356,705 shares. However, the 2018 Incentive Plan contains a flex feature that provides that awards of restricted stock and restricted stock units in excess of the 356,705 share limitation may be granted but each share of stock covered by such excess award shall reduce the 891,764 share limitation for awards of stock options and SARs by 3.0 shares of common stock. The Company converted 462,522 awards of stock options into 154,174 restricted stock units in 2018. Under the 2018 Incentive Plan, the Company made grants equal to 674,645 shares on December 4, 2018 which include 119,176 incentive options to executive officers, 44,590 non-qualified options to outside directors, 40,000 restricted stock units to officers, 322,254 restricted stock units to executive officers and 148,625 shares of restricted stock units to outside directors. These awards vest at the earliest on December 4, 2019, and at the latest on December 4, 2025. Awards to directors generally vest 20% annually beginning with the first anniversary of the date of grant. However, awards to a director with fewer than ten years of service as a director at the time of grant vest at a slower rate. In addition, awards to a director with fewer than five years of service at the time of grant vest over a longer period and will not become fully vested until the director has completed ten years of service. Awards to the executive officer who is not a director vest 20% annually beginning on December 4, 2020. As of September 30, 2019 and December 31, 2018, the maximum number of stock options and SARs and the maximum number of shares of common stock that may be issued as restricted stock or restricted stock units remaining to be awarded under the Incentive Plan for both periods were 265,476 and 0, respectively. If the 2018 Incentive Plan’s flex feature described above were fully utilized, the maximum number of shares of common stock that may be awarded as restricted stock or restricted stock units would be 88,492, but would eliminate the availability of stock options and SARs available for award. Note 9. Compensation and Benefit Plans (Continued) The product of the number of units granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock units under the Company’s 2018 Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock units on a straight-line basis over the requisite service period for the entire award. A summary of the Company’s restricted stock units awards activity and related information for the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows: September 30, 2019 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year 510,879 $ 12.77 Granted 29,725 12.93 Forfeited (29,725 ) 12.77 Non-vested at September 30 510,879 $ 12.78 December 31, 2018 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year — $ — Granted 510,879 12.77 Forfeited — — Non-vested at December 31 510,879 $ 12.77 Compensation expense related to restricted stock units for the three and nine months ended September 30, 2019, was $314 and $923, respectively. There was no compensation expense related to restricted stock units for the three and nine months ended September 30, 2018. Note 9. Compensation and Benefit Plans (Continued) A summary of the Company’s stock option awards activity and related information for the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows: September 30, 2019 Options Weighted- Average Exercise Price Per Share Average Intrinsic Value Outstanding, beginning of year 163,766 $ 12.77 $ — Granted 8,918 12.93 Exercised — — — Forfeited (8,918 ) 12.77 — Outstanding at September 30 163,766 $ 12.78 $ — Exercisable at September 30 — $ 12.78 $ — December 31, 2018 Options Weighted- Average Exercise Price Per Share Average Intrinsic Value Outstanding, beginning of year — $ — — Granted 163,766 12.77 — Exercised — — — Forfeited — — — Outstanding at December 31 163,766 $ 12.77 $ — Exercisable at December 31 — $ 12.77 $ — The weighted-average exercise price for the options as of September 30, 2019 was $12.78 per share and the weighted average remaining contractual life is 9.2 years. There were no shares exercisable as of September 30, 2019 and December 31, 2018. Total compensation cost related to stock options recognized was $29 and $77 for the three and nine months ended September 30, 2019, respectively. The weighted average period over which it is expected to be recognized is 5.7 years. There was no compensation expense related to stock options for the three and nine months ended September 30, 2018. The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions: Nine Months Ended September 30, 2019 Dividend yield 0.00 % Expected life 6.5 years Expected volatility 16.94% Risk-free interest rate 2.51% Weighted average grant date fair value $4.01 The expected volatility is based on the Company’s historical volatility. The expected life is an estimate based on management’s review of the various factors and calculated using the simplified method for plain vanilla options. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. Treasury Stock The Company adopted a share repurchase program effective March 25, 2019 which expired on September 24, 2019. Under the program, the Company was permitted to repurchased up to 923,151 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. As of September 30, 2019, the Company had repurchased 886,325 shares at a weighted average price of $14.29 which is reported as treasury stock in the consolidated statement of financial condition. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Share The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands except share data) Net income for the period $ 709 $ 402 $ 2,327 $ 2,041 Shares outstanding for basic EPS: Weighted average shares outstanding 17,405,296 18,463,028 18,012,360 18,463,028 Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares 602,994 651,244 614,967 663,217 Basic weighted shares outstanding 16,802,302 17,811,784 17,397,393 17,799,811 Basic earnings per share $ 0.04 $ 0.02 $ 0.13 $ 0.11 Potential dilutive common shares: Add: Dilutive effect of restricted stock awards and stock options 26,986 — 74,242 — Diluted weighted average shares outstanding 16,829,288 17,811,784 17,471,635 17,799,811 Diluted earnings per share $ 0.04 $ 0.02 $ 0.13 $ 0.11 |
Commitments, Contingencies and
Commitments, Contingencies and Credit Risk | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Credit Risk | Note 11. Commitments, Contingencies and Credit Risk Financial Instruments With Off-Balance-Sheet Risk The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer default, and the value of any existing collateral become worthless. The same credit policies are used in making commitments and contractual obligations as for on-balance-sheet instruments. Financial instruments whose contractual amounts represent credit risk at September 30, 2019 and December 31, 2018 are as follows: September 30, December 31, 2019 2018 Commitments to grant mortgage loans $ 61,173 $ 52,017 Unfunded commitments under lines of credit 41,525 44,752 Standby letters of credit 3,455 7,759 $ 106,153 $ 104,528 Note 11. Commitments, Contingencies and Credit Risk (Continued) Commitments to Grant Mortgage Loans Unfunded Commitments Under Lines of Credit Standby Letters of Credit Concentration by Geographic Location Lease Commitments The projected minimum rental payments under the terms of the leases at September 30, 2019 are as follows: September 30, Remainder of 2019 $ 327 2020 1,345 2021 1,382 2022 1,294 2023 1,279 2024 1,316 Thereafter 5,660 $ 12,603 Legal Matters |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 12. Fair Value The following fair value hierarchy is used based on the lowest level of input significant to the fair value measurement. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Note 12. Fair Value (Continued) Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Cash and Cash Equivalents, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, and Accrued Interest Payable Available-for-Sale Securities FHLBNY Stock Loans Loans Held for Sale Other Real Estate Owned Deposits Advances From the Federal Home Loan Bank of New York Off-Balance-Sheet Instruments Fair values for off-balance-sheet instruments (lending commitments Note 12. Fair Value (Continued) Pension Plan Assets The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, and indicate the level within the fair value hierarchy utilized to determine the fair value: September 30, 2019 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 20,852 $ — $ 20,852 $ — U.S. Treasury 29,956 29,956 — — Mortgage-Backed Securities: FNMA Certificates 563 — 563 — GNMA Certificates 595 — 595 — $ 51,966 $ 29,956 $ 22,010 $ — December 31, 2018 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 20,515 $ — $ 20,515 $ — U.S. Treasury 4,995 4,995 — — Mortgage-Backed Securities: FNMA Certificates 759 — 759 — GNMA Certificates 875 — 875 — $ 27,144 $ 4,995 $ 22,149 $ — Management’s assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred. The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of September 30, 2019 and December 31, 2018 and indicate the fair value hierarchy utilized to determine the fair value: September 30, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 19,088 $ — $ — $ 19,088 December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $ 17,225 $ — $ — $ 17,225 Losses on assets carried at fair value on a nonrecurring basis were de minimis The fair value information about financial instruments are disclosed, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate that value. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair value amounts for 2019 and 2018 have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each period. Note 12. Fair Value (Continued) The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other banks may not be meaningful. As of September 30, 2019 and December 31, 2018, the book balances and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total September 30, 2019 Financial assets: Cash and cash equivalents $ 47,390 $ 47,390 $ — $ — $ 47,390 Available-for-sale securities 51,966 29,956 22,010 — 51,966 Loans receivable, net 948,548 — — 968,088 968,088 Accrued interest receivable 3,893 — 3,893 — 3,893 FHLBNY stock 8,659 8,659 — — 8,659 Financial liabilities: Deposits: Demand deposits 104,181 104,181 — — 104,181 Interest-bearing deposits 285,001 285,001 — — 285,001 Certificates of deposit 368,663 — 371,791 — 371,791 Advance payments by borrowers for taxes and insurance 7,780 — 7,780 — 7,780 Advances from FHLBNY 169,404 169,404 — — 169,404 Accrued interest payable 81 — 81 — 81 December 31, 2018 Financial assets: Cash and cash equivalents $ 69,778 $ 69,778 $ — $ — $ 69,778 Available-for-sale securities 27,144 4,995 22,149 — 27,144 Loans receivable, net 918,509 — — 926,867 926,867 Accrued interest receivable 3,795 — 3,795 — 3,795 FHLBNY stock 2,915 2,915 — — 2,915 Financial liabilities: Deposits: Demand deposits 115,923 115,923 — — 115,923 Interest-bearing deposits 269,749 269,749 — — 269,749 Certificates of deposit 424,086 — 425,564 — 425,564 Advance payments by borrowers for taxes and insurance 6,037 — 6,037 — 6,037 Advances from FHLBNY 69,404 69,404 — — 69,404 Accrued interest payable 63 — 63 — 63 Off-Balance-Sheet Instruments |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory Capital Requirements | Note 13. Regulatory Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board and the OCC, respectively. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s operations and financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation require the maintenance of minimum amounts and ratios (set forth in the table below) of total risk-based and Tier 1 capital to risk-weighted assets (as defined), common equity Tier 1 capital (as defined), and Tier 1 capital to adjusted total assets (as defined) adjusted total assets (as defined). As of September 30, 2019 and December 31, 2018, all applicable capital adequacy requirements have been met. The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer is being phased in from 0% for 2015 to 2.5% by 2019. The applicable capital buffer was 11.3% at September 30, 2019 and 11.4% at December 31, 2018. The most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum total risk-based, common equity risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There were no conditions or events since then that have changed the Bank's category. The Company's and the Bank’s actual capital amounts and ratios as of September 30, 2019 and December 31, 2018 as compared to regulatory requirements are as follows: To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 178,496 22.40 % $ 63,761 8.00 % $ 79,701 10.00 % Tier 1 Capital to Risk-Weighted Assets 168,502 21.14 % 47,820 6.00 % 63,761 8.00 % Common Equity Tier 1 Capital Ratio 168,502 21.14 % 35,865 4.50 % 51,806 6.50 % Tier 1 Capital to Total Assets 168,502 15.98 % 42,185 4.00 % 52,732 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 153,434 19.29 % $ 63,643 8.00 % $ 79,554 10.00 % Tier 1 Capital to Risk-Weighted Assets 143,458 18.03 % 47,732 6.00 % 63,643 8.00 % Common Equity Tier 1 Capital Ratio 143,458 18.03 % 35,799 4.50 % 51,710 6.50 % Tier 1 Capital to Total Assets 143,458 13.62 % 42,132 4.00 % 52,665 5.00 % Note 13. Regulatory Capital Requirements (Continued) To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2018 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 186,940 24.36 % $ 61,385 8.00 % $ 76,731 10.00 % Tier 1 Capital to Risk-Weighted Assets 177,307 23.11 % 46,038 6.00 % 61,385 8.00 % Common Equity Tier 1 Capital Ratio 177,307 23.11 % 34,529 4.50 % 49,875 6.50 % Tier 1 Capital to Total Assets 177,307 18.13 % 39,114 4.00 % 48,892 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 148,486 19.39 % $ 61,261 8.00 % $ 76,577 10.00 % Tier 1 Capital to Risk-Weighted Assets 138,872 18.14 % 45,946 6.00 % 61,261 8.00 % Common Equity Tier 1 Capital Ratio 138,872 18.14 % 34,459 4.50 % 49,775 6.50 % Tier 1 Capital to Total Assets 138,872 13.66 % 40,652 4.00 % 50,815 5.00 % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 14. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows: September 30, 2019 December 31, 2018 Change September 30, 2019 Unrealized gains (losses) on available-for-sale securities, net $ (291 ) $ 279 $ (12 ) Unrealized losses on pension benefits, net (7,844 ) (91 ) (7,935 ) Total $ (8,135 ) $ 188 $ (7,947 ) December 31, 2018 December 31, 2017 Change December 31, 2018 Unrealized losses on available-for-sale securities, net $ (221 ) $ (70 ) $ (291 ) Unrealized losses on pension benefits, net (7,630 ) (214 ) (7,844 ) Total $ (7,851 ) $ (284 ) $ (8,135 ) |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Transactions With Related Parties | Note 15. Transactions With Related Parties Directors and officers of the Company have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the three and nine months ended September 30, 2019 and 2018 were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 1,256 $ 1,396 $ 1,278 $ 1,351 Originations — 50 20 161 Payments (18 ) (94 ) (60 ) (160 ) Ending balance $ 1,238 $ 1,352 $ 1,238 $ 1,352 The Company held deposits in the amount of $7,332 and $6,943 from officers and directors at September 30, 2019 and December 31, 2018, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. Subsequent Events On November 8, 2019, the Company adopted a share repurchase program effective November 11, 2019. Under the repurchase program, the Company may repurchase up to 878,835 shares of its common stock, or approximately 5% of the presently outstanding shares. Repurchased shares will be held by the Company as treasury shares. The repurchase program may be suspended or terminated at any time without prior notice, and it will expire no later than May 10, 2020. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Presentation and Consolidation: The unaudited interim Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2018 included in the Company’s annual report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiary Ponce Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns some of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation. |
Nature of Operations | Nature of Operations: The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank, a wholly-owned subsidiary of PDL Community Bancorp. The Bank is subjected to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). The Bank’s business is conducted through the administrative office and 13 branch banking offices. The banking offices are located in the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches) and Brooklyn (3 branches), New York and Union City (1 branch), New Jersey. The primary market area currently consists of the New York City metropolitan area. The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, as well as, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. |
Use of Estimates | Use of Estimates |
Interim Financial Statements | Interim Financial Statements |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Securities | Securities Debt securities that management has the positive intent and ability to hold to maturity, if any, are classified as "held-to-maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held-to-maturity or trading, are classified as "available-for-sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the consolidated statement of income and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the discounted present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. The sale of a held-to-maturity security within three months of its maturity date or after collection of at least 85% of the principal outstanding at the time the security was acquired is considered a maturity for purposes of classification and disclosure. |
Federal Home Loan Bank of New York Stock | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Federal Home Loan Bank of New York Stock |
Loans Receivable | Loans Receivable Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the effective interest yield method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Bank’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured for impairment using the fair value of the collateral, present value of cash flows, or the observable market price of the note. Impairment measurement for all collateral dependent loans, excluding accruing troubled debt restructurings, is based on the fair value of collateral, less costs to sell, if necessary. A loan is considered collateral dependent if repayment of the loan is expected to be provided solely by the sale or the operation of the underlying collateral. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) When a loan is modified to a troubled debt restructuring, management evaluates the loan for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs, if repayment under the modified terms becomes doubtful. The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced over a rolling 12 quarter average period. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. When establishing the allowance for loan losses, management categorizes loans into risk categories reflecting individual borrower earnings, liquidity, leverage and cash flow, as well as the nature of underlying collateral. These risk categories and relevant risk characteristics are as follows: |
Residential and Multifamily Mortgage Loans | Residential and Multifamily Mortgage Loans |
Nonresidential Mortgage Loans | Nonresidential Mortgage Loans |
Construction and Land Loans | Construction and Land Loans |
Business Loans | Business Loans |
Consumer Loans | Consumer Loans |
Loans Held for Sale | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Loans Held for Sale . |
Transfers of Financial Assets | Transfers of Financial Assets |
Premises and Equipment | Premises and Equipment Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Buildings 39 Building improvements 15 - 39 Furniture, fixtures, and equipment 3 - 10 Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Other Real Estate Owned | Other Real Estate Owned |
Income Taxes | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Income Taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of income. |
Related Party Transactions | Related Party Transactions |
Employee Benefit Plans | Employee Benefit Plans: |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: |
Stock Options | Stock Options: |
Restricted Stock Units | Restricted Stock Units: |
Comprehensive Income | Comprehensive Income: |
Loss Contingencies | Loss Contingencies |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Segment Reporting | Segment Reporting |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) |
Treasury Stock | Treasury Stock |
Reclassification of Prior Year Presentation | Reclassification of Prior Year Presentation . |
Recent Accounting Pronouncements | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Recent Accounting Pronouncements: As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public business entities until such pronouncements are made applicable to nonpublic business entities. As of September 30, 2019, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. Accounting Pronouncements Adopted in 2018: In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606),” In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718).” An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the statement of cash flows, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, for public business entities. As the Company is taking advantage of the extended transition period for complying with new or revised accounting standards assuming it remains an EGC, it adopted the amendments in this update for the annual period beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. The adoption of this update did not have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting,” In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Accounting Pronouncements Not Yet Adopted: In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities.” In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased office spaces as within the scope of the guidance. The Company currently leases seven leased branches and the new guidance will result in the establishment of a right to use asset and corresponding lease obligations. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope and subsequent related accounting standard updates. The Company has established a project committee and has initiated training on ASU 2016-02. The Company has performed preliminary computations of its right to use asset and corresponding lease obligations for the operating leases of our seven branches and will be presented to management for review. In October 2019, the FASB voted to defer implementation of the standard for smaller reporting companies, such as the Company, to fiscal years beginning after December 15, 2020. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments.” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Although early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for available-for-sale debt securities. The Company has selected the CECL model and has begun running scenarios. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. In October 2019, the FASB voted to defer implementation of the standard for smaller reporting companies, such as the Company, to fiscal years beginning after December 15, 2022. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) Restricted Cash In March 2017, the FASB issued ASU 2017-07 “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” In March 2017, the FASB issued ASU 2017-08 “Receivables – Non-Refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework –Changes to the Disclosure Requirements for Defined Benefit Plans.” In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to (Topic 326, Financial Instruments-Credit Losses), (Topic 815, Derivatives and Hedging) and (Topic 825, Financial Instruments).” In May 2019, the FASB issued ASU 2019-05, “ Financial Instruments – Credit Losses. Targeted Transition Relief |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Estimated Useful Lives of Assets | Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Buildings 39 Building improvements 15 - 39 Furniture, fixtures, and equipment 3 - 10 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-Sale Securities | The amortized cost and fair value of available-for-sale securities at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 20,927 $ — $ (75 ) $ 20,852 U.S. Treasury 29,960 — (4 ) 29,956 Mortgage-Backed Securities: FNMA Certificates 567 — (4 ) 563 GNMA Certificates 583 12 — 595 $ 52,037 $ 12 $ (83 ) $ 51,966 December 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 20,924 $ — $ (409 ) $ 20,515 U.S. Treasury 4,997 — (2 ) 4,995 Mortgage-Backed Securities: FNMA Certificates 778 — (19 ) 759 GNMA Certificates 870 5 — 875 $ 27,569 $ 5 $ (430 ) $ 27,144 |
Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position | The following tables present the Company's securities gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at September 30, 2019 and at December 31, 2018: September 30, 2019 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and Federal Agencies $ — $ — $ 20,852 $ (75 ) $ 20,852 $ (75 ) U.S. Treasury 29,956 (4 ) — — 29,956 (4 ) Mortgage-Backed FNMA Certificates — — 563 (4 ) 563 (4 ) $ 29,956 $ (4 ) $ 21,415 $ (79 ) $ 51,371 $ (83 ) December 31, 2018 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. Government and Federal Agencies $ — $ — $ 20,515 $ (409 ) $ 20,515 $ (409 ) U.S. Treasury 4,995 (2 ) — — 4,995 (2 ) Mortgage-Backed FNMA Certificates — — 759 (19 ) 759 (19 ) $ 4,995 $ (2 ) $ 21,274 $ (428 ) $ 26,269 $ (430 ) |
Summary of Maturities of Securities | The following is a summary of maturities of securities at September 30, 2019 and December 31, 2018. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table. September 30, 2019 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 34,515 $ 34,505 After three months through one year 12,875 12,819 After one year through five years 3,497 3,484 50,887 50,808 Mortgage-Backed Securities 1,150 1,158 Total $ 52,037 $ 51,966 December 31, 2018 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 4,997 $ 4,995 After three months through one year 4,554 4,497 After one year through five years 16,370 16,018 25,921 25,510 Mortgage-Backed Securities 1,648 1,634 Total $ 27,569 $ 27,144 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Summary of Loans | Loans at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, December 31, 2019 2018 Mortgage loans: 1-4 Family residential Investor-Owned $ 309,065 $ 303,197 Owner-Occupied 90,843 92,788 Multifamily residential 244,644 232,509 Nonresidential properties 195,952 196,917 Construction and land 106,124 87,572 Nonmortgage loans: Business loans 11,040 15,710 Consumer loans 1,252 1,068 958,920 929,761 Net deferred loan origination costs 1,788 1,407 Allowance for loan losses (12,160 ) (12,659 ) Loans receivable, net $ 948,548 $ 918,509 |
Schedule of Credit Risk Ratings by Loan Segment | The following tables present credit risk ratings by loan segment as of September 30, 2019 and December 31, 2018: September 30, 2019 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 388,267 $ 243,599 $ 191,938 $ 77,836 $ 11,040 $ 1,252 $ 913,932 Special mention 2,779 — — 19,746 — — 22,525 Substandard 8,862 1,045 4,014 8,542 — — 22,463 Total $ 399,908 $ 244,644 $ 195,952 $ 106,124 $ 11,040 $ 1,252 $ 958,920 December 31, 2018 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 383,123 $ 231,422 $ 195,327 $ 71,438 $ 14,324 $ 1,068 $ 896,702 Special mention 3,728 775 — 8,505 1,386 — 14,394 Substandard 9,134 312 1,590 7,629 — — 18,665 Total $ 395,985 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ 929,761 |
Schedule of Aging Analysis of Loans | An aging analysis of loans, as of September 30, 2019 and December 31, 2018, is as follows: September 30, 2019 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential Investor-Owned $ 307,984 $ — $ — $ 1,081 $ 309,065 $ 1,752 $ — Owner-Occupied 88,735 — 214 1,894 90,843 3,540 — Multifamily residential 244,644 — — — 244,644 — — Nonresidential properties 192,257 — 447 3,248 195,952 3,746 — Construction and land 105,975 — — 149 106,124 1,292 — Nonmortgage loans: Business 11,040 — — — 11,040 — — Consumer 1,252 — — — 1,252 — — Total $ 951,887 $ — $ 661 $ 6,372 $ 958,920 $ 10,330 $ — December 31, 2018 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential Investor-Owned $ 296,188 $ 6,539 $ 470 $ — $ 303,197 $ 1,258 $ — Owner-Occupied 89,610 1,609 574 995 92,788 3,079 — Multifamily residential 231,514 995 — — 232,509 16 — Nonresidential properties 195,861 — 4 1,052 196,917 1,310 — Construction and land 87,572 — — — 87,572 1,115 — Nonmortgage loans: Business 15,418 292 — — 15,710 — — Consumer 1,068 — — — 1,068 — — Total $ 917,231 $ 9,435 $ 1,048 $ 2,047 $ 929,761 $ 6,778 $ — |
Schedule of Composition of Allowance for Loan Losses and Related Recorded Investment | Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of September 30, 2019 and 2018, and December 31, 2018: For the Nine Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ — $ 12,659 Provision charged to expense (297 ) (139 ) (86 ) (222 ) 217 749 (1 ) (58 ) 163 Losses charged-off — — — — — (782 ) — — (782 ) Recoveries 23 — — 7 — 30 2 58 120 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Ending balance: individually evaluated for impairment $ 266 $ 158 $ — $ 32 $ — $ 33 $ — $ — $ 489 Ending balance: collectively evaluated for impairment 3,259 911 3,743 1,678 1,848 224 8 — 11,671 Total $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Loans: Ending balance: individually evaluated for impairment $ 7,011 $ 5,636 $ — $ 5,103 $ 1,303 $ 35 $ — $ — $ 19,088 Ending balance: collectively evaluated for impairment 302,054 85,207 244,644 190,849 104,821 11,005 1,252 — 939,832 Total $ 309,065 $ 90,843 $ 244,644 $ 195,952 $ 106,124 $ 11,040 $ 1,252 $ — $ 958,920 For the Three Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,574 $ 1,168 $ 3,713 $ 1,928 $ 1,533 $ 533 $ 11 $ 58 $ 12,518 Provision charged to expense (49 ) (99 ) 30 (220 ) 315 98 (3 ) (58 ) 14 Losses charged-off — — — — — (380 ) — — (380 ) Recoveries — — — 2 — 6 — — 8 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Nine Months Ended September 30, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Provision charged to expense 5 (292 ) 538 454 362 (30 ) (3 ) — 1,034 Losses charged-off — — — — — (18 ) — — (18 ) Recoveries 2 175 — 7 — 91 4 — 279 Balance, end of period $ 3,723 $ 1,285 $ 3,647 $ 1,885 $ 1,567 $ 252 $ 7 $ — $ 12,366 Ending balance: individually evaluated for impairment $ 353 $ 287 $ — $ 36 $ — $ 11 $ — $ — $ 687 Ending balance: collectively evaluated for impairment 3,370 998 3,647 1,849 1,567 241 7 — 11,679 Total $ 3,723 $ 1,285 $ 3,647 $ 1,885 $ 1,567 $ 252 $ 7 $ — $ 12,366 Loans: Ending balance: individually evaluated for impairment $ 6,506 $ 6,971 $ — $ 2,597 $ 1,103 $ 408 $ — $ — $ 17,585 Ending balance: collectively evaluated for impairment 289,286 88,493 219,958 189,006 84,190 15,424 992 — 887,349 Total $ 295,792 $ 95,464 $ 219,958 $ 191,603 $ 85,293 $ 15,832 $ 992 $ — $ 904,934 . For the Three Months Ended September 30, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,687 $ 1,265 $ 3,640 $ 1,679 $ 1,291 $ 180 $ 9 $ — $ 11,751 Provision charged to expense 36 18 7 203 276 65 (3 ) — 602 Losses charged-off — — — — — — — — — Recoveries — 2 — 3 — 7 1 — 13 Balance, end of period $ 3,723 $ 1,285 $ 3,647 $ 1,885 $ 1,567 $ 252 $ 7 $ — $ 12,366 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Year Ended December 31, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of year $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Provision charged to expense 82 (444 ) 720 492 426 (37 ) 10 — 1,249 Losses charged-off — — — — — (34 ) (14 ) — (48 ) Recoveries 1 250 — 9 — 122 5 — 387 Balance, end of year $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ — $ 12,659 Ending balance: individually evaluated for impairment $ 349 $ 234 $ — $ 35 $ — $ — $ — $ — $ 618 Ending balance: collectively evaluated for impairment 3,450 974 3,829 1,890 1,631 260 7 — 12,041 Total $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ — $ 12,659 Loans: Ending balance: individually evaluated for impairment $ 6,452 $ 6,525 $ 16 $ 2,750 $ 1,108 $ 374 $ — $ — $ 17,225 Ending balance: collectively evaluated for impairment 296,745 86,263 232,493 194,167 86,464 15,336 1,068 — 912,536 Total $ 303,197 $ 92,788 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ — $ 929,761 |
Schedule of Information Relates to Impaired Loans | Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following information relates to impaired loans as of and for the nine months ended September 30, 2019 and 2018 and for the year ended December 31, 2018: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2019 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 13,686 $ 8,460 $ 4,187 $ 12,647 $ 424 $ 13,084 $ 263 Multifamily residential — — — — — 7 — Nonresidential properties 5,211 4,724 379 5,103 32 3,676 85 Construction and land 1,615 1,303 — 1,303 — 1,238 4 Nonmortgage loans: Business 38 — 35 35 33 232 5 Consumer — — — — — 1 — Total $ 20,550 $ 14,487 $ 4,601 $ 19,088 $ 489 $ 18,238 $ 357 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2018 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 14,717 $ 7,083 $ 6,394 $ 13,477 $ 640 $ 16,281 $ 550 Multifamily residential — — — — — 104 — Nonresidential properties 2,807 2,114 483 2,597 36 3,141 104 Construction and land 1,329 1,103 — 1,103 — 1,092 — Nonmortgage loans: Business 450 398 10 408 11 488 17 Consumer — — — — — — — Total $ 19,303 $ 10,698 $ 6,887 $ 17,585 $ 687 $ 21,106 $ 671 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2018 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 12,985 $ 7,080 $ 5,898 $ 12,978 $ 583 $ 15,163 $ 758 Multifamily residential 16 16 — 16 — 36 3 Nonresidential properties 2,748 2,270 480 2,750 35 3,230 172 Construction and land 1,115 1,107 — 1,107 — 1,094 — Nonmortgage loans: Business 374 374 — 374 — 454 22 Consumer — — — — — — — Total $ 17,238 $ 10,847 $ 6,378 $ 17,225 $ 618 $ 19,977 $ 955 |
Schedule of Troubled Debt Restructuring | During the nine months ended September 30, 2019, there was one troubled debt restructuring and as of and for the year ended December 31, 2018, there were no loans restructured as troubled debt restructuring. Loans Restructured During All TDRs with a payment default within 12 months following the Nine Months Ended September 30, 2019 modification Pre- Post- Balance Modification Modification of Loans Number Recorded Recorded Number at the Time of Loans Balance Balance of Loans of Default Mortgages: 1-4 Family 1 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Combination of rate, maturity, other 1 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2018 modification Pre- Post- Balance Modification Modification of Loans Number Recorded Recorded Number at the Time of Loans Balance Balance of Loans of Default Mortgages: 1-4 Family — $ — $ — 1 $ 176 Total — $ — $ — 1 $ 176 Combination of rate, maturity, other — $ — $ — 1 $ 176 Total — $ — $ — 1 $ 176 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, December 31, 2019 2018 Land $ 3,979 $ 3,979 Buildings and improvements 17,113 16,423 Leasehold improvements 25,321 23,430 Furniture, fixtures and equipment 8,443 7,728 54,856 51,560 Less: accumulated depreciation and amortization (22,051 ) (20,425 ) Total premises and equipment $ 32,805 $ 31,135 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Summarized Deposits | Deposits at September 30, 2019 and December 31, 2018 are summarized as follows: September 30, December 31, 2019 2018 Demand $ 104,181 $ 115,923 Interest-bearing deposits: NOW/IOLA accounts 28,600 30,783 Money market accounts 140,999 116,175 Savings accounts 115,402 122,791 Total savings, NOW and money market 285,001 269,749 Certificates of deposit of $250K or more 145,068 90,195 Certificates of deposit less than $250K 223,595 333,891 Total certificates of deposit 368,663 424,086 Total interest-bearing deposits 653,664 693,835 Total deposits $ 757,845 $ 809,758 |
Scheduled Maturities of Certificates of Deposit | At September 30, 2019 scheduled maturities of certificates of deposit were as follows: September 30, 2020 $ 183,871 2021 111,870 2022 53,327 2023 9,268 2024 10,327 $ 368,663 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date | Borrowed funds at September 30, 2019 and December 31, 2018 consist of the following and are summarized by maturity and call date below: September 30, December 31, 2019 2018 Scheduled Maturity Redeemable at Call Date Weighted Average Rate Scheduled Maturity Redeemable at Call Date Weighted Average Rate Correspondent Bank Overnight line of credit advance $ — $ — — % $ 25,000 $ 25,000 2.64 % FHLBNY Overnight line of credit advance 35,000 35,000 2.10 — — — FHLBNY Term advances ending: 2019 30,000 30,000 2.10 — — — 2020 8,029 8,029 2.86 8,029 8,029 2.86 2021 3,000 3,000 1.84 3,000 3,000 1.84 2022 65,000 65,000 1.89 5,000 5,000 1.97 2023 28,375 28,375 2.82 28,375 28,375 2.82 $ 169,404 $ 169,404 2.17 % $ 69,404 $ 69,404 2.69 % |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes for the three and nine months ended September 30, 2019 and 2018 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Federal: Current $ 237 $ 400 $ 888 $ 595 Deferred 122 (205 ) 89 (15 ) 359 195 977 580 State and local: Current 53 90 238 212 Deferred (631 ) (401 ) (1,135 ) (757 ) (578 ) (311 ) (897 ) (545 ) Valuation allowance 506 304 887 588 Provision for income taxes $ 287 $ 188 $ 967 $ 623 |
Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense | Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three and nine months ended September 30, 2019 and 2018, respectively, to income before income taxes as a result of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Income tax, at federal rate $ 209 $ 123 $ 692 $ 559 State and local tax, net of federal taxes (455 ) (246 ) (707 ) (430 ) Valuation allowance, net of the federal benefit 506 304 887 588 Other 27 7 95 (94 ) $ 287 $ 188 $ 967 $ 623 |
Schedule of Significant Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at September 30, 2019 and December 31, 2018 are presented below: September 30, December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 3,837 $ 3,939 Pension obligations 2,126 2,102 Interest on nonaccrual loans 233 74 Unrealized loss on available-for-sale securities 15 91 Amortization of intangible assets 90 102 Deferred rent payable — 153 Net operating losses 3,908 3,111 Charitable contribution carryforward 1,620 1,694 Other 699 235 Total gross deferred tax assets 12,528 11,501 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net 3,188 3,120 Depreciation and amortization of premises and equipment 54 222 Deferred loan fees 564 438 Other 6 6 Total gross deferred tax liabilities 3,812 3,786 Valuation allowance 4,791 3,904 Net deferred tax assets $ 3,925 $ 3,811 |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Pension Plan Funded Status and Amounts Recognized in Financial Condition Statements | The following table sets forth the Old Pension Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of September 30, 2019 and December 31, 2018 using a measurement date as of September 30, 2019 and December 31, 2018, respectively: September 30, 2019 December 31, 2018 Projected benefit obligation $ (14,175 ) $ (14,244 ) Fair value of plan assets 14,179 14,416 Funded status $ 4 $ 172 Accumulated benefit obligation $ (14,175 ) $ (14,244 ) September 30, 2019 December 31, 2018 Changes in benefit obligation: Beginning of period $ 14,244 $ 15,883 Service cost 29 39 Interest Cost 442 542 Interest rate change — (1,691 ) Mortality change — (41 ) Loss on accumulated benefit obligations 4 243 Administrative cost (29 ) (39 ) Benefits paid (515 ) (692 ) End of period $ 14,175 $ 14,244 September 30, 2019 December 31, 2018 Changes in plan assets: Fair value of plan assets, beginning of period $ 14,416 $ 14,732 Actual return on plan assets 307 415 Benefits paid (515 ) (692 ) Administrative expenses paid (29 ) (39 ) Fair value of plan assets, end of period $ 14,179 $ 14,416 |
Components of Net Periodic Benefit Costs | The components of net periodic benefit costs are as follows for the nine months ended September 30, 2019 and 2018: For the Nine Months Ended September 30, 2019 2018 Service cost $ 29 $ 30 Interest cost 442 406 Expected return on plan assets (631 ) (645 ) Amortization of prior service cost 18 19 Amortization of loss 194 224 Net periodic benefit cost $ 52 $ 34 |
Weighted Average Assumptions Used to Determine Net Benefit Obligations | Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of September 30, 2019 and December 31, 2018: September 30, December 31, 2019 2018 Discount rate 4.25 % 4.25 % Rate of compensation increase 0.00 % 0.00 % |
Weighted Average Assumptions Used to Determine Net Benefit Cost | Weighted-average assumptions used to determine the net benefit cost consisted of the following for nine months ended September 30, 2019 and 2018: For the Nine Months Ended September 30, 2019 2018 Discount rate 4.25 % 3.50 % Rate of compensation increase 0.00 % 0.00 % Expected long-term rate of return on assets 6.00 % 6.00 % |
Expected Employee Benefit Payments | Employee benefit payments expected to be paid in the future are as follows: 2019 $ 199 2020 706 2021 700 2022 718 2023 700 Thereafter 3,569 $ 6,592 |
Summary of ESOP Shares | A summary of the ESOP shares as of September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 December 31, 2018 Shares committed-to-be released 36,189 48,250 Shares to be allocated to participants 96,500 48,250 Unallocated shares 591,062 627,251 Total 723,751 723,751 Fair value of unearned shares $ 8,310 $ 7,991 |
Schedule of Restricted Stock Awards Activity and Related Information | A summary of the Company’s restricted stock units awards activity and related information for the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows: September 30, 2019 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year 510,879 $ 12.77 Granted 29,725 12.93 Forfeited (29,725 ) 12.77 Non-vested at September 30 510,879 $ 12.78 December 31, 2018 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year — $ — Granted 510,879 12.77 Forfeited — — Non-vested at December 31 510,879 $ 12.77 |
Schedule of Stock Option Awards Activity and Related Information | A summary of the Company’s stock option awards activity and related information for the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows: September 30, 2019 Options Weighted- Average Exercise Price Per Share Average Intrinsic Value Outstanding, beginning of year 163,766 $ 12.77 $ — Granted 8,918 12.93 Exercised — — — Forfeited (8,918 ) 12.77 — Outstanding at September 30 163,766 $ 12.78 $ — Exercisable at September 30 — $ 12.78 $ — December 31, 2018 Options Weighted- Average Exercise Price Per Share Average Intrinsic Value Outstanding, beginning of year — $ — — Granted 163,766 12.77 — Exercised — — — Forfeited — — — Outstanding at December 31 163,766 $ 12.77 $ — Exercisable at December 31 — $ 12.77 $ — |
Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions | The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions: Nine Months Ended September 30, 2019 Dividend yield 0.00 % Expected life 6.5 years Expected volatility 16.94% Risk-free interest rate 2.51% Weighted average grant date fair value $4.01 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share | The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 (Dollars in thousands except share data) Net income for the period $ 709 $ 402 $ 2,327 $ 2,041 Shares outstanding for basic EPS: Weighted average shares outstanding 17,405,296 18,463,028 18,012,360 18,463,028 Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares 602,994 651,244 614,967 663,217 Basic weighted shares outstanding 16,802,302 17,811,784 17,397,393 17,799,811 Basic earnings per share $ 0.04 $ 0.02 $ 0.13 $ 0.11 Potential dilutive common shares: Add: Dilutive effect of restricted stock awards and stock options 26,986 — 74,242 — Diluted weighted average shares outstanding 16,829,288 17,811,784 17,471,635 17,799,811 Diluted earnings per share $ 0.04 $ 0.02 $ 0.13 $ 0.11 |
Commitments, Contingencies an_2
Commitments, Contingencies and Credit Risk (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Financial Instruments Whose Contractual Amounts Represent Credit Risk | Financial instruments whose contractual amounts represent credit risk at September 30, 2019 and December 31, 2018 are as follows: September 30, December 31, 2019 2018 Commitments to grant mortgage loans $ 61,173 $ 52,017 Unfunded commitments under lines of credit 41,525 44,752 Standby letters of credit 3,455 7,759 $ 106,153 $ 104,528 |
Projected Minimum Rental Payments under Terms of Leases | The projected minimum rental payments under the terms of the leases at September 30, 2019 are as follows: September 30, Remainder of 2019 $ 327 2020 1,345 2021 1,382 2022 1,294 2023 1,279 2024 1,316 Thereafter 5,660 $ 12,603 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, and indicate the level within the fair value hierarchy utilized to determine the fair value: September 30, 2019 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 20,852 $ — $ 20,852 $ — U.S. Treasury 29,956 29,956 — — Mortgage-Backed Securities: FNMA Certificates 563 — 563 — GNMA Certificates 595 — 595 — $ 51,966 $ 29,956 $ 22,010 $ — December 31, 2018 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 20,515 $ — $ 20,515 $ — U.S. Treasury 4,995 4,995 — — Mortgage-Backed Securities: FNMA Certificates 759 — 759 — GNMA Certificates 875 — 875 — $ 27,144 $ 4,995 $ 22,149 $ — |
Assets Measured at Fair Value on Nonrecurring Basis | Management’s assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred. The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of September 30, 2019 and December 31, 2018 and indicate the fair value hierarchy utilized to determine the fair value: September 30, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 19,088 $ — $ — $ 19,088 December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $ 17,225 $ — $ — $ 17,225 |
Estimated Fair Values of Financial Instruments | As of September 30, 2019 and December 31, 2018, the book balances and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total September 30, 2019 Financial assets: Cash and cash equivalents $ 47,390 $ 47,390 $ — $ — $ 47,390 Available-for-sale securities 51,966 29,956 22,010 — 51,966 Loans receivable, net 948,548 — — 968,088 968,088 Accrued interest receivable 3,893 — 3,893 — 3,893 FHLBNY stock 8,659 8,659 — — 8,659 Financial liabilities: Deposits: Demand deposits 104,181 104,181 — — 104,181 Interest-bearing deposits 285,001 285,001 — — 285,001 Certificates of deposit 368,663 — 371,791 — 371,791 Advance payments by borrowers for taxes and insurance 7,780 — 7,780 — 7,780 Advances from FHLBNY 169,404 169,404 — — 169,404 Accrued interest payable 81 — 81 — 81 December 31, 2018 Financial assets: Cash and cash equivalents $ 69,778 $ 69,778 $ — $ — $ 69,778 Available-for-sale securities 27,144 4,995 22,149 — 27,144 Loans receivable, net 918,509 — — 926,867 926,867 Accrued interest receivable 3,795 — 3,795 — 3,795 FHLBNY stock 2,915 2,915 — — 2,915 Financial liabilities: Deposits: Demand deposits 115,923 115,923 — — 115,923 Interest-bearing deposits 269,749 269,749 — — 269,749 Certificates of deposit 424,086 — 425,564 — 425,564 Advance payments by borrowers for taxes and insurance 6,037 — 6,037 — 6,037 Advances from FHLBNY 69,404 69,404 — — 69,404 Accrued interest payable 63 — 63 — 63 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Banking And Thrift [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements | The Company's and the Bank’s actual capital amounts and ratios as of September 30, 2019 and December 31, 2018 as compared to regulatory requirements are as follows: To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 178,496 22.40 % $ 63,761 8.00 % $ 79,701 10.00 % Tier 1 Capital to Risk-Weighted Assets 168,502 21.14 % 47,820 6.00 % 63,761 8.00 % Common Equity Tier 1 Capital Ratio 168,502 21.14 % 35,865 4.50 % 51,806 6.50 % Tier 1 Capital to Total Assets 168,502 15.98 % 42,185 4.00 % 52,732 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 153,434 19.29 % $ 63,643 8.00 % $ 79,554 10.00 % Tier 1 Capital to Risk-Weighted Assets 143,458 18.03 % 47,732 6.00 % 63,643 8.00 % Common Equity Tier 1 Capital Ratio 143,458 18.03 % 35,799 4.50 % 51,710 6.50 % Tier 1 Capital to Total Assets 143,458 13.62 % 42,132 4.00 % 52,665 5.00 % Note 13. Regulatory Capital Requirements (Continued) To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2018 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 186,940 24.36 % $ 61,385 8.00 % $ 76,731 10.00 % Tier 1 Capital to Risk-Weighted Assets 177,307 23.11 % 46,038 6.00 % 61,385 8.00 % Common Equity Tier 1 Capital Ratio 177,307 23.11 % 34,529 4.50 % 49,875 6.50 % Tier 1 Capital to Total Assets 177,307 18.13 % 39,114 4.00 % 48,892 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 148,486 19.39 % $ 61,261 8.00 % $ 76,577 10.00 % Tier 1 Capital to Risk-Weighted Assets 138,872 18.14 % 45,946 6.00 % 61,261 8.00 % Common Equity Tier 1 Capital Ratio 138,872 18.14 % 34,459 4.50 % 49,775 6.50 % Tier 1 Capital to Total Assets 138,872 13.66 % 40,652 4.00 % 50,815 5.00 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows: September 30, 2019 December 31, 2018 Change September 30, 2019 Unrealized gains (losses) on available-for-sale securities, net $ (291 ) $ 279 $ (12 ) Unrealized losses on pension benefits, net (7,844 ) (91 ) (7,935 ) Total $ (8,135 ) $ 188 $ (7,947 ) December 31, 2018 December 31, 2017 Change December 31, 2018 Unrealized losses on available-for-sale securities, net $ (221 ) $ (70 ) $ (291 ) Unrealized losses on pension benefits, net (7,630 ) (214 ) (7,844 ) Total $ (7,851 ) $ (284 ) $ (8,135 ) |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Aggregate Loan Transactions with Related Parties | Aggregate loan transactions with related parties for the three and nine months ended September 30, 2019 and 2018 were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Beginning balance $ 1,256 $ 1,396 $ 1,278 $ 1,351 Originations — 50 20 161 Payments (18 ) (94 ) (60 ) (160 ) Ending balance $ 1,238 $ 1,352 $ 1,238 $ 1,352 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($)BranchOfficeSegmentBranchLease | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch banking offices | 13 |
Minimum collection percentage of securities required to be considered as a maturity | 85.00% |
Period of historical loss experience to estimate allowance for loan losses | 36 months |
Percentage of largest amount of tax benefits likely to realize | 50.00% |
Number of reportable operating segment | Segment | 1 |
Reclassification of certain income tax effects from accumulated other comprehensive income | $ | $ 1,281 |
Number of leases branches | BranchLease | 7 |
Commercial Real Estate Portfolio Segment | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Period on which interest rate is adjusted | 5 years |
Minimum | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Percentage of loan to value ratio | 65.00% |
Minimum | Construction Loans | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Loan term | 6 months |
Minimum | Commercial Real Estate Portfolio Segment | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Loan amortization period | 15 years |
Balloon payments period of loan | 10 years |
Minimum | Commercial Portfolio Segment | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Loan term | 5 years |
Maximum | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Percentage of loan to value ratio | 90.00% |
Maximum | Construction Loans | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Loan term | 2 years |
Maximum | Commercial Real Estate Portfolio Segment | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Percentage of loan to value ratio | 75.00% |
Loan amortization period | 30 years |
Balloon payments period of loan | 15 years |
Maximum | Commercial Portfolio Segment | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Loan term | 7 years |
Bronx | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch banking offices | 4 |
Manhattan | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch banking offices | 2 |
Queens | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch banking offices | 3 |
Brooklyn | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch banking offices | 3 |
New York and Union City | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch banking offices | 1 |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Buildings | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 39 years |
Minimum | Building Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Minimum | Furniture, Fixtures and Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Maximum | Building Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 39 years |
Maximum | Furniture, Fixtures and Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Restrictions on Cash and Due _2
Restrictions on Cash and Due From Banks - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||
Restricted cash | $ 5,590 | $ 44,717 |
Required reserve balances in cash or on deposit with the Federal Reserve Bank | $ 4,866 | $ 4,375 |
Available-for-Sale Securities -
Available-for-Sale Securities - Amortized Cost and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 52,037 | $ 27,569 |
Gross Unrealized Gains | 12 | 5 |
Gross Unrealized Losses | (83) | (430) |
Fair Value | 51,966 | 27,144 |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 20,927 | 20,924 |
Gross Unrealized Losses | (75) | (409) |
Fair Value | 20,852 | 20,515 |
FNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 567 | 778 |
Gross Unrealized Losses | (4) | (19) |
Fair Value | 563 | 759 |
GNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 583 | 870 |
Gross Unrealized Gains | 12 | 5 |
Fair Value | 595 | 875 |
US Treasury | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 29,960 | 4,997 |
Gross Unrealized Losses | (4) | (2) |
Fair Value | $ 29,956 | $ 4,995 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)Security | |
Schedule Of Available For Sale Securities [Line Items] | |||||
Held to maturity | $ 0 | $ 0 | $ 0 | ||
Sale of available-for-sale securities | $ 0 | $ 3,748,000 | 0 | $ 3,748,000 | |
Purchases of available-for-sale securities | $ 30,000,000 | ||||
Number of available for sale securities | Security | 12 | 12 | 12 | ||
Number of investment securities not other than temporary | Security | 11 | 11 | 11 | ||
Securities pledged | $ 0 | $ 0 | $ 0 | ||
U S Treasury | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Purchases of available-for-sale securities | $ 30,000,000 |
Available-for-Sale Securities_3
Available-for-Sale Securities - Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | $ 29,956 | $ 4,995 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (4) | (2) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 21,415 | 21,274 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (79) | (428) |
Securities With Gross Unrealized Losses, Total Fair Value | 51,371 | 26,269 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (83) | (430) |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 20,852 | 20,515 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (75) | (409) |
Securities With Gross Unrealized Losses, Total Fair Value | 20,852 | 20,515 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (75) | (409) |
FNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 563 | 759 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (4) | (19) |
Securities With Gross Unrealized Losses, Total Fair Value | 563 | 759 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (4) | (19) |
US Treasury | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 29,956 | 4,995 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (4) | (2) |
Securities With Gross Unrealized Losses, Total Fair Value | 29,956 | 4,995 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (4) | $ (2) |
Available-for-Sale Securities_4
Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 52,037 | $ 27,569 |
Available-for-sale securities, at fair value (Note 3) | 51,966 | 27,144 |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities Three months or less, Amortized Cost | 34,515 | 4,997 |
Available-for-Sale Securities After three months through one year, Amortized Cost | 12,875 | 4,554 |
Available-for-Sale Securities After one year through five years, Amortized Cost | 3,497 | 16,370 |
Available-for-Sale Securities, Amortized Cost | 50,887 | 25,921 |
Available-for-Sale Securities Three months or less, Fair Value | 34,505 | 4,995 |
Available-for-Sale Securities After three months through one year, Fair Value | 12,819 | 4,497 |
Available-for-Sale Securities After one year through five years, Fair Value | 3,484 | 16,018 |
Available-for-sale securities, at fair value (Note 3) | 50,808 | 25,510 |
Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 1,150 | 1,648 |
Available-for-sale securities, at fair value (Note 3) | $ 1,158 | $ 1,634 |
Summary of Loans (Details)
Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 958,920 | $ 929,761 |
Net deferred loan origination costs | 1,788 | 1,407 |
Allowance for loan losses | (12,160) | (12,659) |
Loans receivable, net | 948,548 | 918,509 |
1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 309,065 | 303,197 |
1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 90,843 | 92,788 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 244,644 | 232,509 |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 195,952 | 196,917 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 106,124 | 87,572 |
Commercial Portfolio Segment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 11,040 | 15,710 |
Consumer Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,252 | $ 1,068 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses - Additional Information (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)Loan | Sep. 30, 2018USD ($)Loan | Dec. 31, 2018USD ($)Loan | |
Accounts Notes And Loans Receivable [Line Items] | |||
Restructured loans | Loan | 1 | 1 | 0 |
Number of troubled debt restructured loans | Loan | 36 | 40 | |
Troubled debt restructured loans | $ 12,298 | $ 14,104 | |
Troubled debt restructured loan, accrual status | 8,692 | 10,460 | |
Impairment reserves | 489 | $ 687 | 618 |
Troubled Debt Restructured Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Impairment reserves | $ 489 | $ 618 | |
Minimum | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Strong Pass Loans to new or existing borrowers collateralized percentage | 90.00% |
Credit Risk Ratings by Loan Seg
Credit Risk Ratings by Loan Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 958,920 | $ 929,761 |
1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 399,908 | 395,985 |
Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 244,644 | 232,509 |
Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 195,952 | 196,917 |
Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 106,124 | 87,572 |
Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 11,040 | 15,710 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,252 | 1,068 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 913,932 | 896,702 |
Pass | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 388,267 | 383,123 |
Pass | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 243,599 | 231,422 |
Pass | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 191,938 | 195,327 |
Pass | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 77,836 | 71,438 |
Pass | Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 11,040 | 14,324 |
Pass | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,252 | 1,068 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 22,525 | 14,394 |
Special Mention | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,779 | 3,728 |
Special Mention | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 775 | |
Special Mention | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 19,746 | 8,505 |
Special Mention | Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,386 | |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 22,463 | 18,665 |
Substandard | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,862 | 9,134 |
Substandard | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,045 | 312 |
Substandard | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 4,014 | 1,590 |
Substandard | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 8,542 | $ 7,629 |
Aging Analysis of Loans (Detail
Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 951,887 | $ 917,231 |
Total Past Due | 958,920 | 929,761 |
Nonaccrual Loans | 10,330 | 6,778 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 244,644 | 231,514 |
Total Past Due | 244,644 | 232,509 |
Nonaccrual Loans | 16 | |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 192,257 | 195,861 |
Total Past Due | 195,952 | 196,917 |
Nonaccrual Loans | 3,746 | 1,310 |
1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 307,984 | 296,188 |
Total Past Due | 309,065 | 303,197 |
Nonaccrual Loans | 1,752 | 1,258 |
1-4 Family Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 88,735 | 89,610 |
Total Past Due | 90,843 | 92,788 |
Nonaccrual Loans | 3,540 | 3,079 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 105,975 | 87,572 |
Total Past Due | 106,124 | 87,572 |
Nonaccrual Loans | 1,292 | 1,115 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 9,435 | |
Financing Receivables, 30 to 59 Days Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 995 | |
Financing Receivables, 30 to 59 Days Past Due | 1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6,539 | |
Financing Receivables, 30 to 59 Days Past Due | 1-4 Family Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,609 | |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 661 | 1,048 |
Financing Receivables, 60 to 89 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 447 | 4 |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 470 | |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 214 | 574 |
Financing Receivables, Over 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6,372 | 2,047 |
Financing Receivables, Over 90 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,248 | 1,052 |
Financing Receivables, Over 90 Days Past Due | 1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,081 | |
Financing Receivables, Over 90 Days Past Due | 1-4 Family Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,894 | 995 |
Financing Receivables, Over 90 Days Past Due | Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 149 | |
Business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 11,040 | 15,418 |
Total Past Due | 11,040 | 15,710 |
Business | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 292 | |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 1,252 | 1,068 |
Total Past Due | $ 1,252 | $ 1,068 |
Composition of Allowance for Lo
Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | $ 12,518 | $ 11,751 | $ 12,659 | $ 11,071 | $ 11,071 |
Provision charged to expense | 14 | 602 | 163 | 1,034 | 1,249 |
Losses charged-off | (380) | (782) | (18) | (48) | |
Recoveries | 8 | 13 | 120 | 279 | 387 |
Balance, end of period | 12,160 | 12,366 | 12,160 | 12,366 | 12,659 |
Ending balance: individually evaluated for impairment | 489 | 687 | 489 | 687 | 618 |
Ending balance: collectively evaluated for impairment | 11,671 | 11,679 | 11,671 | 11,679 | 12,041 |
Ending balance: individually evaluated for impairment | 19,088 | 17,585 | 19,088 | 17,585 | 17,225 |
Ending balance: collectively evaluated for impairment | 939,832 | 887,349 | 939,832 | 887,349 | 912,536 |
Total | 958,920 | 904,934 | 958,920 | 904,934 | 929,761 |
1-4 Family Investor Owned | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 3,574 | 3,687 | 3,799 | 3,716 | 3,716 |
Provision charged to expense | (49) | 36 | (297) | 5 | 82 |
Recoveries | 23 | 2 | 1 | ||
Balance, end of period | 3,525 | 3,723 | 3,525 | 3,723 | 3,799 |
Ending balance: individually evaluated for impairment | 266 | 353 | 266 | 353 | 349 |
Ending balance: collectively evaluated for impairment | 3,259 | 3,370 | 3,259 | 3,370 | 3,450 |
Ending balance: individually evaluated for impairment | 7,011 | 6,506 | 7,011 | 6,506 | 6,452 |
Ending balance: collectively evaluated for impairment | 302,054 | 289,286 | 302,054 | 289,286 | 296,745 |
Total | 309,065 | 295,792 | 309,065 | 295,792 | 303,197 |
1-4 Family Owner Occupied | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 1,168 | 1,265 | 1,208 | 1,402 | 1,402 |
Provision charged to expense | (99) | 18 | (139) | (292) | (444) |
Recoveries | 2 | 175 | 250 | ||
Balance, end of period | 1,069 | 1,285 | 1,069 | 1,285 | 1,208 |
Ending balance: individually evaluated for impairment | 158 | 287 | 158 | 287 | 234 |
Ending balance: collectively evaluated for impairment | 911 | 998 | 911 | 998 | 974 |
Ending balance: individually evaluated for impairment | 5,636 | 6,971 | 5,636 | 6,971 | 6,525 |
Ending balance: collectively evaluated for impairment | 85,207 | 88,493 | 85,207 | 88,493 | 86,263 |
Total | 90,843 | 95,464 | 90,843 | 95,464 | 92,788 |
Multifamily | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 3,713 | 3,640 | 3,829 | 3,109 | 3,109 |
Provision charged to expense | 30 | 7 | (86) | 538 | 720 |
Balance, end of period | 3,743 | 3,647 | 3,743 | 3,647 | 3,829 |
Ending balance: collectively evaluated for impairment | 3,743 | 3,647 | 3,743 | 3,647 | 3,829 |
Ending balance: individually evaluated for impairment | 16 | ||||
Ending balance: collectively evaluated for impairment | 244,644 | 219,958 | 244,644 | 219,958 | 232,493 |
Total | 244,644 | 219,958 | 244,644 | 219,958 | 232,509 |
Nonresidential | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 1,928 | 1,679 | 1,925 | 1,424 | 1,424 |
Provision charged to expense | (220) | 203 | (222) | 454 | 492 |
Recoveries | 2 | 3 | 7 | 7 | 9 |
Balance, end of period | 1,710 | 1,885 | 1,710 | 1,885 | 1,925 |
Ending balance: individually evaluated for impairment | 32 | 36 | 32 | 36 | 35 |
Ending balance: collectively evaluated for impairment | 1,678 | 1,849 | 1,678 | 1,849 | 1,890 |
Ending balance: individually evaluated for impairment | 5,103 | 2,597 | 5,103 | 2,597 | 2,750 |
Ending balance: collectively evaluated for impairment | 190,849 | 189,006 | 190,849 | 189,006 | 194,167 |
Total | 195,952 | 191,603 | 195,952 | 191,603 | 196,917 |
Construction and Land | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 1,533 | 1,291 | 1,631 | 1,205 | 1,205 |
Provision charged to expense | 315 | 276 | 217 | 362 | 426 |
Balance, end of period | 1,848 | 1,567 | 1,848 | 1,567 | 1,631 |
Ending balance: collectively evaluated for impairment | 1,848 | 1,567 | 1,848 | 1,567 | 1,631 |
Ending balance: individually evaluated for impairment | 1,303 | 1,103 | 1,303 | 1,103 | 1,108 |
Ending balance: collectively evaluated for impairment | 104,821 | 84,190 | 104,821 | 84,190 | 86,464 |
Total | 106,124 | 85,293 | 106,124 | 85,293 | 87,572 |
Unallocated | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 58 | ||||
Provision charged to expense | (58) | (58) | |||
Recoveries | 58 | ||||
Business | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 533 | 180 | 260 | 209 | 209 |
Provision charged to expense | 98 | 65 | 749 | (30) | (37) |
Losses charged-off | (380) | (782) | (18) | (34) | |
Recoveries | 6 | 7 | 30 | 91 | 122 |
Balance, end of period | 257 | 252 | 257 | 252 | 260 |
Ending balance: individually evaluated for impairment | 33 | 11 | 33 | 11 | |
Ending balance: collectively evaluated for impairment | 224 | 241 | 224 | 241 | 260 |
Ending balance: individually evaluated for impairment | 35 | 408 | 35 | 408 | 374 |
Ending balance: collectively evaluated for impairment | 11,005 | 15,424 | 11,005 | 15,424 | 15,336 |
Total | 11,040 | 15,832 | 11,040 | 15,832 | 15,710 |
Consumer | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 11 | 9 | 7 | 6 | 6 |
Provision charged to expense | (3) | (3) | (1) | (3) | 10 |
Losses charged-off | (14) | ||||
Recoveries | 1 | 2 | 4 | 5 | |
Balance, end of period | 8 | 7 | 8 | 7 | 7 |
Ending balance: collectively evaluated for impairment | 8 | 7 | 8 | 7 | 7 |
Ending balance: collectively evaluated for impairment | 1,252 | 992 | 1,252 | 992 | 1,068 |
Total | $ 1,252 | $ 992 | $ 1,252 | $ 992 | $ 1,068 |
Information Relates to Impaired
Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 20,550 | $ 19,303 | $ 17,238 |
Recorded Investment With No Allowance | 14,487 | 10,698 | 10,847 |
Recorded Investment With Allowance | 4,601 | 6,887 | 6,378 |
Total Recorded Investment | 19,088 | 17,585 | 17,225 |
Related Allowance | 489 | 687 | 618 |
Average Recorded Investment | 18,238 | 21,106 | 19,977 |
Interest Income Recognized on Cash Basis | 357 | 671 | 955 |
1-4 Family Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 13,686 | 14,717 | 12,985 |
Recorded Investment With No Allowance | 8,460 | 7,083 | 7,080 |
Recorded Investment With Allowance | 4,187 | 6,394 | 5,898 |
Total Recorded Investment | 12,647 | 13,477 | 12,978 |
Related Allowance | 424 | 640 | 583 |
Average Recorded Investment | 13,084 | 16,281 | 15,163 |
Interest Income Recognized on Cash Basis | 263 | 550 | 758 |
Multifamily Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 16 | ||
Recorded Investment With No Allowance | 16 | ||
Total Recorded Investment | 16 | ||
Average Recorded Investment | 7 | 104 | 36 |
Interest Income Recognized on Cash Basis | 3 | ||
Nonresidential Properties | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 5,211 | 2,807 | 2,748 |
Recorded Investment With No Allowance | 4,724 | 2,114 | 2,270 |
Recorded Investment With Allowance | 379 | 483 | 480 |
Total Recorded Investment | 5,103 | 2,597 | 2,750 |
Related Allowance | 32 | 36 | 35 |
Average Recorded Investment | 3,676 | 3,141 | 3,230 |
Interest Income Recognized on Cash Basis | 85 | 104 | 172 |
Construction and Land | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,615 | 1,329 | 1,115 |
Recorded Investment With No Allowance | 1,303 | 1,103 | 1,107 |
Total Recorded Investment | 1,303 | 1,103 | 1,107 |
Average Recorded Investment | 1,238 | 1,092 | 1,094 |
Interest Income Recognized on Cash Basis | 4 | ||
Business | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 38 | 450 | 374 |
Recorded Investment With No Allowance | 398 | 374 | |
Recorded Investment With Allowance | 35 | 10 | |
Total Recorded Investment | 35 | 408 | 374 |
Related Allowance | 33 | 11 | |
Average Recorded Investment | 232 | 488 | 454 |
Interest Income Recognized on Cash Basis | 5 | $ 17 | $ 22 |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | $ 1 |
Schedule of Troubled Debt Restr
Schedule of Troubled Debt Restructuring (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)Loan | Sep. 30, 2018Loan | Dec. 31, 2018USD ($)Loan | |
Financing Receivable Modifications [Line Items] | |||
Loans Restructured, Number of Loans | Loan | 1 | 1 | 0 |
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | ||
Loans Restructured, Post-Modification Recorded Balance | $ 283 | ||
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | ||
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 | ||
Mortgage Loans | |||
Financing Receivable Modifications [Line Items] | |||
Loans Restructured, Number of Loans | Loan | 1 | ||
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | ||
Loans Restructured, Post-Modification Recorded Balance | $ 283 | ||
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | ||
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 | ||
Mortgage Loans | 1-4 Family | |||
Financing Receivable Modifications [Line Items] | |||
Loans Restructured, Number of Loans | Loan | 1 | ||
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | ||
Loans Restructured, Post-Modification Recorded Balance | $ 283 | ||
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | ||
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 | ||
Combination of Rate, Maturity, Other | |||
Financing Receivable Modifications [Line Items] | |||
Loans Restructured, Number of Loans | Loan | 1 | ||
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | ||
Loans Restructured, Post-Modification Recorded Balance | $ 283 | ||
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | ||
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 |
Summary of Premises and Equipme
Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 54,856 | $ 51,560 |
Less: accumulated depreciation and amortization | (22,051) | (20,425) |
Total premises and equipment | 32,805 | 31,135 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,979 | 3,979 |
Building Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 17,113 | 16,423 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,321 | 23,430 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,443 | $ 7,728 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation and amortization | $ 567 | $ 454 | $ 1,626 | $ 1,307 | |
Property, plant and equipment, gross | 54,856 | 54,856 | $ 51,560 | ||
Leasehold Improvements | |||||
Property Plant And Equipment [Line Items] | |||||
Increase (decrease) in property, plant and equipment | 1,891 | ||||
Property, plant and equipment, gross | 25,321 | 25,321 | 23,430 | ||
Building Improvements | |||||
Property Plant And Equipment [Line Items] | |||||
Increase (decrease) in property, plant and equipment | 690 | ||||
Property, plant and equipment, gross | 17,113 | 17,113 | 16,423 | ||
Furniture, Fixtures and Equipment | |||||
Property Plant And Equipment [Line Items] | |||||
Increase (decrease) in property, plant and equipment | 715 | ||||
Property, plant and equipment, gross | $ 8,443 | $ 8,443 | $ 7,728 |
Deposits - Summarized Deposits
Deposits - Summarized Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
Demand | $ 104,181 | $ 115,923 |
NOW/IOLA accounts | 28,600 | 30,783 |
Money market accounts | 140,999 | 116,175 |
Savings accounts | 115,402 | 122,791 |
Total savings, NOW and money market | 285,001 | 269,749 |
Certificates of deposit of $250K or more | 145,068 | 90,195 |
Certificates of deposit less than $250K | 223,595 | 333,891 |
Total certificates of deposit | 368,663 | 424,086 |
Total interest-bearing deposits | 653,664 | 693,835 |
Total deposits | $ 757,845 | $ 809,758 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
2020 | $ 183,871 | |
2021 | 111,870 | |
2022 | 53,327 | |
2023 | 9,268 | |
2024 | 10,327 | |
Total certificates of deposit | $ 368,663 | $ 424,086 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
Overdrawn deposit reclassified to loans amounted | $ 75 | $ 241 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Line Of Credit Facility [Line Items] | |||||
Advance from the Federal Home Loan Bank of New York | $ 134,404 | $ 134,404 | $ 44,404 | ||
Guarantee from the FHLBNY through a standby letter of credit | 3,455 | 3,455 | 7,639 | ||
Unsecured line of credit amount | 25,000 | 25,000 | 25,000 | ||
Unsecured fed fund line amount outstanding | 0 | 0 | 25,000 | ||
Interest expense on FHLBNY advances | 533 | $ 276 | 1,211 | $ 578 | |
Collateral in residential 1-4 and multifamily mortgage loans available to secure advances from the FHLBNY | 297,087 | 297,087 | $ 280,457 | ||
FHLBNY | |||||
Line Of Credit Facility [Line Items] | |||||
Unsecured line of credit amount | $ 35,000 | $ 35,000 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Line Of Credit Facility [Line Items] | ||
2019 | $ 30,000 | |
2020 | 8,029 | $ 8,029 |
2021 | 3,000 | 3,000 |
2022 | 65,000 | 5,000 |
2023 | 28,375 | 28,375 |
Total | 169,404 | 69,404 |
2019 | 30,000 | |
2020 | 8,029 | 8,029 |
2021 | 3,000 | 3,000 |
2022 | 65,000 | 5,000 |
2023 | 28,375 | 28,375 |
Total | $ 169,404 | $ 69,404 |
2019 | 2.10% | |
2020 | 2.86% | 2.86% |
2021 | 1.84% | 1.84% |
2022 | 1.89% | 1.97% |
2023 | 2.82% | 2.82% |
Total | 2.17% | 2.69% |
Correspondent Bank | ||
Line Of Credit Facility [Line Items] | ||
Overnight line of credit advance | $ 25,000 | |
Overnight line of credit advance | $ 25,000 | |
Overnight line of credit advance | 2.64% | |
FHLBNY | ||
Line Of Credit Facility [Line Items] | ||
Overnight line of credit advance | $ 35,000 | |
Overnight line of credit advance | $ 35,000 | |
Overnight line of credit advance | 2.10% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Federal: | ||||
Current | $ 237 | $ 400 | $ 888 | $ 595 |
Deferred | 122 | (205) | 89 | (15) |
Federal income tax provision (benefit) | 359 | 195 | 977 | 580 |
State and local: | ||||
Current | 53 | 90 | 238 | 212 |
Deferred | (631) | (401) | (1,135) | (757) |
State and local income tax provision (benefit) | (578) | (311) | (897) | (545) |
Valuation allowance | 506 | 304 | 887 | 588 |
Provision for income taxes | $ 287 | $ 188 | $ 967 | $ 623 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Income Taxes [Line Items] | ||||||
Federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | 34.00% | |
Increased in valuation allowance | $ (506,000) | $ (304,000) | $ (887,000) | $ (588,000) | ||
NEW YORK | ||||||
Income Taxes [Line Items] | ||||||
Increased in valuation allowance | 887,000 | $ 588,000 | ||||
Unrecognized tax benefits related to uncertain tax positions | $ 0 | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ||||
Income tax, at federal rate | $ 209 | $ 123 | $ 692 | $ 559 |
State and local tax, net of federal taxes | (455) | (246) | (707) | (430) |
Valuation allowance, net of the federal benefit | 506 | 304 | 887 | 588 |
Other | 27 | 7 | 95 | (94) |
Provision for income taxes | $ 287 | $ 188 | $ 967 | $ 623 |
Income Taxes - Significant Defe
Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 3,837 | $ 3,939 |
Pension obligations | 2,126 | 2,102 |
Interest on nonaccrual loans | 233 | 74 |
Unrealized loss on available-for-sale securities | 15 | 91 |
Amortization of intangible assets | 90 | 102 |
Deferred rent payable | 153 | |
Net operating losses | 3,908 | 3,111 |
Charitable contribution carryforward | 1,620 | 1,694 |
Other | 699 | 235 |
Total gross deferred tax assets | 12,528 | 11,501 |
Deferred tax liabilities: | ||
Cumulative contribution in excess of net periodic benefit costs, net | 3,188 | 3,120 |
Depreciation and amortization of premises and equipment | 54 | 222 |
Deferred loan fees | 564 | 438 |
Other | 6 | 6 |
Total gross deferred tax liabilities | 3,812 | 3,786 |
Valuation allowance | 4,791 | 3,904 |
Net deferred tax assets | $ 3,925 | $ 3,811 |
Compensation and Benefit Plan_2
Compensation and Benefit Plans - Summary of Pension Plan Funded Status and Amounts Recognized in Financial Condition Statements (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||
Projected benefit obligation | $ (14,175) | $ (15,883) | $ (14,244) | $ (14,175) | $ (14,244) |
Fair value of plan assets | 14,179 | 14,732 | 14,416 | 14,179 | 14,416 |
Funded status | 4 | 172 | |||
Accumulated benefit obligation | $ (14,175) | $ (14,244) | |||
Changes in benefit obligation: | |||||
Beginning of period | 14,244 | 15,883 | 15,883 | ||
Service cost | 29 | 30 | 39 | ||
Interest Cost | 442 | 406 | 542 | ||
Interest rate change | (1,691) | ||||
Mortality change | (41) | ||||
Loss on accumulated benefit obligations | 4 | 243 | |||
Administrative cost | (29) | (39) | |||
Benefits paid | (515) | (692) | |||
End of period | 14,175 | 14,244 | |||
Changes in plan assets: | |||||
Fair value of plan assets, beginning of period | 14,416 | 14,732 | 14,732 | ||
Actual return on plan assets | 307 | 415 | |||
Benefits paid | (515) | $ (524) | (692) | ||
Administrative expenses paid | (29) | (39) | |||
Fair value of plan assets, end of period | $ 14,179 | $ 14,416 |
Compensation and Benefit Plan_3
Compensation and Benefit Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Jun. 30, 2019Executive | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | |
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Pretax amounts recognized in accumulated other comprehensive loss | $ | $ 9,972 | $ 9,972 | $ 9,856 | ||||
Fair value of pension plan assets | $ | $ 14,179 | 14,179 | 14,416 | $ 14,732 | |||
Employer contribution | $ | 0 | $ 0 | |||||
Benefits paid | $ | $ 515 | $ 524 | $ 692 | ||||
Maximum employer matching contribution percentage | 4.00% | 4.00% | 4.00% | 4.00% | |||
Expenses recognized | $ | $ 89 | $ 76 | $ 256 | $ 277 | |||
ESOP related compensation expense including equalization expense | $ | $ 184 | 201 | $ 574 | 614 | |||
Number of option grants | 8,918 | 163,766 | |||||
Weighted-average exercise price for options | $ / shares | $ 12.78 | $ 12.78 | $ 12.77 | ||||
Weighted average remaining contractual life | 9 years 2 months 12 days | ||||||
Numbre of shares exercisable | 0 | 0 | 0 | ||||
Common Stock | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Stock repurchase program, expire date | Sep. 24, 2019 | ||||||
Stock repurchase program, percentage of shares repurchase | 5.00% | 5.00% | |||||
Stock repurchase program, number of shares repurchase | 886,325 | ||||||
Stock repurchase program, weighted average price per share | $ / shares | $ 14.29 | ||||||
Common Stock | Maximum | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Stock repurchase program, number of shares repurchase | 923,151 | 923,151 | |||||
Restricted Stock Units | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 29,725 | 510,879 | |||||
Compensation expense | $ | $ 314 | 0 | $ 923 | 0 | |||
Stock Options | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Compensation expense | $ | $ 29 | 0 | $ 77 | $ 0 | |||
Weighted average period expected to be recognized | 5 years 8 months 12 days | 6 years 6 months | |||||
2018 Long-Term Incentive Plan | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Equity incentive plans, maximum number of shares issuable | 1,248,469 | 1,248,469 | |||||
Common stock reserved for future issuance | 1,248,469 | 1,248,469 | |||||
Conversion of issuable stock options to issuable restricted stock ratio | 3 | ||||||
Number of issuable stock options converted into restricted stock units | 462,522 | ||||||
Number of restricted stock units converted from issuable stock options | 154,174 | ||||||
Number of grants | 674,645 | ||||||
Conversion of issuable stock options to issuable restricted stock | 88,492 | 88,492 | |||||
2018 Long-Term Incentive Plan | Executive Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Vesting percentage | 20.00% | ||||||
2018 Long-Term Incentive Plan | Directors | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Vesting percentage | 20.00% | ||||||
Vesting period | 10 years | ||||||
2018 Long-Term Incentive Plan | Stock Options or Stock Appreciation Rights | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Common stock reserved for future issuance | 891,764 | 891,764 | |||||
2018 Long-Term Incentive Plan | Restricted Stock Units | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Common stock reserved for future issuance | 356,705 | 356,705 | |||||
Shares available for future awards | 0 | 0 | 0 | ||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Executive Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 322,254 | ||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Outside Directors | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 148,625 | ||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 40,000 | ||||||
2018 Long-Term Incentive Plan | Incentive Options | Executive Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of option grants | 119,176 | ||||||
2018 Long-Term Incentive Plan | Non-qualified Options | Outside Directors | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of option grants | 44,590 | ||||||
2018 Long-Term Incentive Plan | Stock Options | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Shares available for future awards | 265,476 | 265,476 | 265,476 | ||||
Supplemental Executive Retirement Plan | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of key executive under retirement plan | Executive | 1 | ||||||
Expenses recognized | $ | $ 12 | $ 15 | $ 45 | $ 45 | |||
Employee Stock Ownership Plan | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
ESOP borrowed amount | $ | 7,238 | $ 7,238 | |||||
Number of ESOP shares purchased | 723,751 | ||||||
ESOP shares purchased expressed as percentage of common stock issued in stock offering | 3.92% | ||||||
Expected period of loan repaid | 15 years | ||||||
Loan receivable - ESOP | $ | 6,308 | $ 6,308 | $ 6,308 | ||||
Fair Value Measurements | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Fair value of pension plan assets | $ | $ 14,179 | $ 14,179 | $ 14,416 |
Compensation and Benefit Plan_4
Compensation and Benefit Plans - Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Amount Recognized In Net Periodic Benefit Cost And Other Comprehensive Income Loss Before Tax [Abstract] | |||
Service cost | $ 29 | $ 30 | $ 39 |
Interest cost | 442 | 406 | $ 542 |
Expected return on plan assets | (631) | (645) | |
Amortization of prior service cost | 18 | 19 | |
Amortization of loss | 194 | 224 | |
Net periodic benefit cost | $ 52 | $ 34 |
Compensation and Benefit Plan_5
Compensation and Benefit Plans - Weighted Average Assumptions Used to Determine Net Benefit Obligations (Detail) | Sep. 30, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.25% | 4.25% |
Rate of compensation increase | 0.00% | 0.00% |
Compensation and Benefit Plan_6
Compensation and Benefit Plans - Weighted Average Assumptions Used to Determine Net Benefit Cost (Detail) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.25% | 3.50% |
Rate of compensation increase | 0.00% | 0.00% |
Expected long-term rate of return on assets | 6.00% | 6.00% |
Compensation and Benefit Plan_7
Compensation and Benefit Plans - Expected Employee Benefit Payments (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
2019 | $ 199 |
2020 | 706 |
2021 | 700 |
2022 | 718 |
2023 | 700 |
Thereafter | 3,569 |
Total expected employee benefit payments | $ 6,592 |
Compensation and Benefit Plan_8
Compensation and Benefit Plans - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Shares committed-to-be released | 36,189 | 48,250 | 36,189 |
Shares to be allocated to participants | 96,500 | 48,250 | |
Unallocated shares | 591,062 | 627,251 | |
Total | 723,751 | 723,751 | |
Fair value of unearned shares | $ 8,310 | $ 7,991 |
Compensation and Benefit Plan_9
Compensation and Benefit Plans - Schedule of Restricted Stock Awards Activity and Related Information (Detail) - Restricted Stock Units - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Non-vested, beginning of year | 510,879 | |
Number of Shares, Granted | 29,725 | 510,879 |
Number of Shares, Forfeited | (29,725) | |
Number of Shares, Non-vested, ending of year | 510,879 | 510,879 |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, beginning of year | $ 12.77 | |
Weighted-Average Grant Date Fair Value Per Share, Granted | 12.93 | $ 12.77 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 12.77 | |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, ending of year | $ 12.78 | $ 12.77 |
Compensation and Benefit Pla_10
Compensation and Benefit Plans - Schedule of Stock Option Awards Activity and Related Information (Detail) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options, Outstanding, beginning of year | 163,766 | |
Options, Granted | 8,918 | 163,766 |
Options, Forfeited | (8,918) | |
Options, Outstanding, end of year | 163,766 | 163,766 |
Options, Exercisable, end of year | 0 | 0 |
Weighted-Average Exercise Price Per Share, Outstanding, beginning of year | $ 12.77 | |
Weighted-Average Exercise Price Per Share, Granted | 12.93 | $ 12.77 |
Weighted-Average Exercise Price Per Share, Forfeited | 12.77 | |
Weighted-Average Exercise Price Per Share, Outstanding, end of year | 12.78 | 12.77 |
Weighted-Average Exercise Price Per Share, Exercisable, end of year | $ 12.78 | $ 12.77 |
Compensation and Benefit Pla_11
Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Detail) - Stock Options - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0.00% | |
Expected life | 5 years 8 months 12 days | 6 years 6 months |
Expected volatility | 16.94% | |
Risk-free interest rate | 2.51% | |
Weighted average grant date fair value | $ 4.01 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income for the period | $ 709 | $ 402 | $ 2,327 | $ 2,041 |
Shares outstanding for basic EPS: | ||||
Weighted average shares outstanding | 17,405,296 | 18,463,028 | 18,012,360 | 18,463,028 |
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares | 602,994 | 651,244 | 614,967 | 663,217 |
Basic weighted shares outstanding | 16,802,302 | 17,811,784 | 17,397,393 | 17,799,811 |
Basic earnings per share | $ 0.04 | $ 0.02 | $ 0.13 | $ 0.11 |
Potential dilutive common shares: | ||||
Add: Dilutive effect of restricted stock awards and stock options | 26,986 | 74,242 | ||
Diluted weighted average shares outstanding | 16,829,288 | 17,811,784 | 17,471,635 | 17,799,811 |
Diluted earnings per share | $ 0.04 | $ 0.02 | $ 0.13 | $ 0.11 |
Commitments, Contingencies an_3
Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 106,153 | $ 104,528 |
Commitments to Grant Mortgage Loans | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 61,173 | 52,017 |
Unfunded Commitments Under Lines of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 41,525 | 44,752 |
Standby Letters of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 3,455 | $ 7,759 |
Commitments, Contingencies an_4
Commitments, Contingencies and Credit Risk - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Lease expiration year | 2034 | |||
Rental expenses under operating leases | $ 372 | $ 351 | $ 1,101 | $ 1,097 |
Commitments, Contingencies an_5
Commitments, Contingencies and Credit Risk - Projected Minimum Rental Payments under Terms of Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
Remainder of 2019 | $ 327 |
2020 | 1,345 |
2021 | 1,382 |
2022 | 1,294 |
2023 | 1,279 |
2024 | 1,316 |
Thereafter | 5,660 |
Projected minimum rental payments | $ 12,603 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurement Recurring - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 51,966 | $ 27,144 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 29,956 | 4,995 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 22,010 | 22,149 |
U.S. Government and Federal Agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 20,852 | 20,515 |
U.S. Government and Federal Agencies | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 20,852 | 20,515 |
U S Treasury | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 29,956 | 4,995 |
U S Treasury | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 29,956 | 4,995 |
FNMA Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 563 | 759 |
FNMA Certificates | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 563 | 759 |
GNMA Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 595 | 875 |
GNMA Certificates | Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 595 | $ 875 |
Fair Value - Assets Measured _2
Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Impaired Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 19,088 | $ 17,225 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 19,088 | $ 17,225 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 51,966 | $ 27,144 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 47,390 | 69,778 |
Available-for-sale securities | 51,966 | 27,144 |
Loans receivable, net | 948,548 | 918,509 |
Accrued interest receivable | 3,893 | 3,795 |
FHLBNY stock | 8,659 | 2,915 |
Demand deposits | 104,181 | 115,923 |
Interest-bearing deposits | 285,001 | 269,749 |
Certificates of deposit | 368,663 | 424,086 |
Advance payments by borrowers for taxes and insurance | 7,780 | 6,037 |
Advances from FHLBNY | 169,404 | 69,404 |
Accrued interest payable | 81 | 63 |
Fair Value Measurements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 47,390 | 69,778 |
Available-for-sale securities | 51,966 | 27,144 |
Loans receivable, net | 968,088 | 926,867 |
Accrued interest receivable | 3,893 | 3,795 |
FHLBNY stock | 8,659 | 2,915 |
Demand deposits | 104,181 | 115,923 |
Interest-bearing deposits | 285,001 | 269,749 |
Certificates of deposit | 371,791 | 425,564 |
Advance payments by borrowers for taxes and insurance | 7,780 | 6,037 |
Advances from FHLBNY | 169,404 | 69,404 |
Accrued interest payable | 81 | 63 |
Fair Value Measurements | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 47,390 | 69,778 |
Available-for-sale securities | 29,956 | 4,995 |
FHLBNY stock | 8,659 | 2,915 |
Demand deposits | 104,181 | 115,923 |
Interest-bearing deposits | 285,001 | 269,749 |
Advances from FHLBNY | 169,404 | 69,404 |
Fair Value Measurements | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 22,010 | 22,149 |
Accrued interest receivable | 3,893 | 3,795 |
Certificates of deposit | 371,791 | 425,564 |
Advance payments by borrowers for taxes and insurance | 7,780 | 6,037 |
Accrued interest payable | 81 | 63 |
Fair Value Measurements | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans receivable, net | $ 968,088 | $ 926,867 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2015 | Sep. 30, 2019 | Dec. 31, 2018 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Percentage of capital buffer | 11.30% | 11.40% | ||
Minimum | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Percentage of capital conservation buffer | 0.00% | |||
Maximum | Scenario Forecast | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Percentage of capital conservation buffer | 2.50% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
PDL Community Bancorp | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 178,496 | $ 186,940 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 168,502 | 177,307 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 168,502 | 177,307 |
Tier 1 Capital to Total Assets, Actual Amount | $ 168,502 | $ 177,307 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 22.40% | 24.36% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 21.14% | 23.11% |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 21.14% | 23.11% |
Tier 1 Capital to Total Assets, Actual Ratio | 15.98% | 18.13% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 63,761 | $ 61,385 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 47,820 | 46,038 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 35,865 | 34,529 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 42,185 | $ 39,114 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 4.50% | 4.50% |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 79,701 | $ 76,731 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 63,761 | 61,385 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 51,806 | 49,875 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 52,732 | $ 48,892 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Ponce Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 153,434 | $ 148,486 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 143,458 | 138,872 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 143,458 | 138,872 |
Tier 1 Capital to Total Assets, Actual Amount | $ 143,458 | $ 138,872 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 19.29% | 19.39% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 18.03% | 18.14% |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 18.03% | 18.14% |
Tier 1 Capital to Total Assets, Actual Ratio | 13.62% | 13.66% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 63,643 | $ 61,261 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 47,732 | 45,946 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 35,799 | 34,459 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 42,132 | $ 40,652 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 4.50% | 4.50% |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 79,554 | $ 76,577 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 63,643 | 61,261 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 51,710 | 49,775 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 52,665 | $ 50,815 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive loss, net of tax | $ 188 | $ (284) |
Unrealized gains (losses) on available for sale securities, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss beginning balance | (291) | (221) |
Other comprehensive loss, net of tax | 279 | (70) |
Accumulated other comprehensive loss ending balance | (12) | (291) |
Unrealized losses on pension benefits, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss beginning balance | (7,844) | (7,630) |
Other comprehensive loss, net of tax | (91) | (214) |
Accumulated other comprehensive loss ending balance | (7,935) | (7,844) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss beginning balance | (8,135) | (7,851) |
Accumulated other comprehensive loss ending balance | $ (7,947) | $ (8,135) |
Aggregate Loan Transactions wit
Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Receivables [Abstract] | ||||
Beginning balance | $ 1,256 | $ 1,396 | $ 1,278 | $ 1,351 |
Originations | 50 | 20 | 161 | |
Payments | (18) | (94) | (60) | (160) |
Ending balance | $ 1,238 | $ 1,352 | $ 1,238 | $ 1,352 |
Transactions With Related Par_3
Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Deposits from officers and directors | $ 7,332 | $ 6,943 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Common Stock - shares | Nov. 11, 2019 | Sep. 30, 2019 |
Subsequent Event [Line Items] | ||
Stock repurchase program, percentage of shares repurchase | 5.00% | |
Stock repurchase program, expire date | Sep. 24, 2019 | |
Maximum | ||
Subsequent Event [Line Items] | ||
Stock repurchase program, number of shares repurchase | 923,151 | |
Scenario Forecast | ||
Subsequent Event [Line Items] | ||
Stock repurchase program, percentage of shares repurchase | 5.00% | |
Stock repurchase program, expire date | May 10, 2020 | |
Scenario Forecast | Maximum | ||
Subsequent Event [Line Items] | ||
Stock repurchase program, number of shares repurchase | 878,835 |