Broadway Financial (BYFC) 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Entity Registrant Name	BROADWAY FINANCIAL CORP \DE\
Entity Central Index Key	0001001171
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Common Stock, Voting
Entity Common Stock, Shares Outstanding		19,123,455
Common Stock, Non-Voting
Entity Common Stock, Shares Outstanding		8,756,396

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and due from banks	$ 3,115	$ 4,124
Interest-bearing deposits in other banks	16,110	12,527
Cash and cash equivalents	19,225	16,651
Securities available-for-sale, at fair value	14,517	14,722
Loans receivable held for sale, at lower of cost or fair value	5,154	6,231
Loans receivable held for investment, net of allowance of $2,929 and $2,929	365,015	355,556
Accrued interest receivable	1,206	1,143
Federal Home Loan Bank (FHLB) stock	2,916	2,916
Office properties and equipment, net	3,328	2,242
Bank owned life insurance	3,060	3,047
Deferred tax assets, net	4,889	5,045
Investment in affordable housing limited partnership	293	342
Real estate owned (REO)	820	833
Other assets	723	669
Total assets	421,146	409,397
Liabilities:
Deposits	286,654	281,414
FHLB advances	75,000	70,000
Junior subordinated debentures	5,100	5,100
Advance payments by borrowers for taxes and insurance	563	1,055
Accrued expenses and other liabilities	4,878	3,392
Total liabilities	372,195	360,961
Stockholders' Equity:
Preferred stock, $.01 par value, authorized 1,000,000 shares; none issued or outstanding
Additional paid-in capital	46,219	46,141
Retained earnings	8,908	8,631
Unearned Employee Stock Ownership Plan (ESOP) shares	(1,010)	(1,027)
Accumulated other comprehensive loss	(145)	(283)
Treasury stock-at cost, 2,617,826 shares at March 31, 2019 and at December 31, 2018	(5,326)	(5,326)
Total stockholders' equity	48,951	48,436
Total liabilities and stockholders' equity	421,146	409,397
Common Stock | Common Stock, Voting
Stockholders' Equity:
Common stock	218	213
Total stockholders' equity	218	213
Common Stock | Common Stock, Non-Voting
Stockholders' Equity:
Common stock	87	87
Total stockholders' equity	$ 87	$ 87

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Allowance for loan losses (in dollars)	$ 2,929	$ 2,929
Stockholders' Equity:
Treasury stock, shares	2,617,826	2,617,826
Preferred stock
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock | Common Stock, Voting
Stockholders' Equity:
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	21,741,281	21,280,228
Common stock, shares outstanding	19,123,455	18,662,402
Common Stock | Common Stock, Non-Voting
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	8,756,396	8,756,396
Common stock, shares outstanding	8,756,396	8,756,396

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest income:
Interest and fees on loans receivable	$ 4,115	$ 3,509
Interest on mortgage-backed and other securities	98	109
Other interest income	160	140
Total interest income	4,373	3,758
Interest expense:
Interest on deposits	1,027	631
Interest on borrowings	533	353
Total interest expense	1,560	984
Net interest income	2,813	2,774
Loan loss provision recapture	190
Net interest income after loan loss provision recapture	3,003	2,774
Non-interest income:
Service charges	122	115
CDFI grant	233
Other	21	16
Total non-interest income	376	131
Non-interest expense:
Compensation and benefits	1,882	1,905
Occupancy expense	308	316
Information services	208	214
Professional services	339	188
Office services and supplies	68	82
REO expense	31	62
Marketing expense	39	50
Corporate insurance	35	42
Amortization of investment in affordable housing limited partnership	49	48
Other	101	125
Total non-interest expense	3,060	3,032
Income (loss) before income taxes	319	(127)
Income tax expense (benefit)	42	(43)
Net income (loss)	277	(84)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available-for-sale arising during the period	196	(283)
Income tax expense (benefit)	58	(83)
Other comprehensive income (loss), net of tax	138	(200)
Comprehensive income (loss)	$ 415	$ (284)
Earnings (loss) per common share-basic (in dollars per share)	$ 0.01	$ 0
Earnings (loss) per common share-diluted (in dollars per share)	$ 0.01	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 277	$ (84)
Adjustments to reconcile net income (loss)to net cash used in operating activities:
Loan loss provision recapture	(190)
Provision for losses on REOs	13	45
Depreciation	59	62
Reversal of valuation allowance on loan held for sale	(12)
Net amortization of deferred loan origination costs	61	152
Net amortization of premiums on mortgage-backed securities	6	10
Amortization of investment in affordable housing limited partnership	49	48
ESOP compensation expense	14	25
Earnings on bank owned life insurance	(13)	(13)
Repayments on loans receivable held for sale	24	71	$ 71
Change in assets and liabilities:
Net change in deferred taxes	98	68
Net change in accrued interest receivable	(63)	(88)
Net change in other assets	(54)	(169)
Net change in advance payments by borrowers for taxes and insurance	(492)	(477)
Net change in accrued expenses and other liabilities	366	(483)
Net cash provided by (used in) operating activities	229	(752)
Cash flows from investing activities:
Net change in loans receivable held for investment	(8,265)	5,352
Principal payments on available-for-sale securities	395	507
Purchase of office properties and equipment	(25)	(11)
Net cash (used in) provided by investing activities	(7,895)	5,848
Cash flows from financing activities:
Net change in deposits	5,240	(10,960)
Proceeds from FHLB advances	10,000
Repayments of FHLB advances	(5,000)
Payment for tax withholding for vesting of restricted stock		(108)
Net cash provided by (used in) financing activities	10,240	(11,068)
Net change in cash and cash equivalents	2,574	(5,972)
Cash and cash equivalents at beginning of the period	16,651	22,219	22,219
Cash and cash equivalents at end of the period	19,225	16,247	$ 16,651
Supplemental disclosures of cash flow information:
Cash paid for interest	1,375	930
Supplemental disclosures of non-cash investing and financing:
Transfers of loans receivable held for sale to loans receivable held for investment	1,064	16,871
Stock cancelled for payment of tax withholding	14	108
Initial Recognition of Operating Lease Right-to-Use Assets	1,120
Initial Recognition of Operating Lease Liabilities	1,120
Directors | Common Stock
Adjustments to reconcile net income (loss)to net cash used in operating activities:
Stock-based compensation expense	52	45
Employees, excluding Directors
Adjustments to reconcile net income (loss)to net cash used in operating activities:
Stock-based compensation expense	$ 34	$ 36

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common StockCommon Stock, Voting	Common StockCommon Stock, Non-Voting	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings (Substantially Restricted)	Unearned ESOP shares	Treasury Stock	Total
Balance at Dec. 31, 2017	$ 213	$ 87	$ 46,117	$ (81)	$ 7,816	$ (1,095)	$ (5,326)	$ 47,731
Increase (Decrease) in Stockholders' Equity
Net income for the period					(84)			(84)
Release of unearned ESOP shares			8			17		25
Restricted stock compensation expense			26					26
Stock awarded to directors			45					45
Stock option compensation expense			10					10
Cancellation of shares issued to CEO			(108)					(108)
Other comprehensive income (loss), net of tax				(200)				(200)
Balance at Mar. 31, 2018	213	87	46,098	(281)	7,732	(1,078)	(5,326)	47,445
Balance at Dec. 31, 2018	213	87	46,141	(283)	8,631	(1,027)	(5,326)	48,436
Increase (Decrease) in Stockholders' Equity
Net income for the period					277			277
Release of unearned ESOP shares			(3)			17		14
Restricted stock compensation expense	5		20					25
Stock awarded to directors			52					52
Stock option compensation expense			9					9
Other comprehensive income (loss), net of tax				138				138
Balance at Mar. 31, 2019	$ 218	$ 87	$ 46,219	$ (145)	$ 8,908	$ (1,010)	$ (5,326)	$ 48,951

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	3 Months Ended
	Mar. 31, 2019
Basis of Financial Statement Presentation
Basis of Financial Statement Presentation	NOTE (1) – Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include Broadway Financial Corporation (the “Company”) and its wholly owned subsidiary, Broadway Federal Bank, f.s.b. (the “Bank”). Also included in the unaudited consolidated financial statements is Broadway Service Corporation, a wholly owned subsidiary of the Bank. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for quarterly reports on Form 10-Q. These unaudited consolidated financial statements do not include all disclosures associated with the Company's consolidated annual financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2018 and, accordingly, should be read in conjunction with such audited consolidated financial statements. In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which is intended to increase transparency and comparability in the accounting for lease transactions. ASU 2016-02 became effective as of January 1, 2019 and provides for a modified retrospective transition approach requiring lessees to recognize and measure leases on the balance sheet at the either the earliest period presented or as of the beginning of the period of adoption with the option to elect certain practical expedients. We have elected to apply ASU 2016-02 as of the beginning of the period of adoption, which as January 1, 2019 and we have elected not to restate comparative periods. Of the practical expedients available under ASU 206-02, all have been adopted except for the hindsight practical expedient. The Bank has a combined operating lease for its corporate headquarters and main retail branch and a photocopier lease. As a result of implementing ASU 2016-02, we recognized an operating lease right-of-use (“ROU”) asset of $1.2 million and an operating lease liability of $1.2 million as of January 1, 2019, with no impact on our consolidated statements of operations or consolidated statements of cash flows compared to the prior lease accounting model. The ROU asset and operating lease liability are recorded in fixed assets and other liabilities, respectively, in the consolidated statements of financial condition. See Note 6 – Leases for additional information. The implementation of this standard had a minor impact on our regulatory capital ratios. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 (i) amends existing guidance that requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. It requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. It requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). It eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These amendments are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In accordance with this standard, the Company measured the fair value of its financial assets and financial liabilities as of December 31, 2018 using an exit price notion (see Note 5 Fair Value). In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 provides guidance on the classification of certain cash receipts and payments on the consolidated statement of cash flows in order to reduce diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the consolidated statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, where the guidance should be applied using a retrospective transition method to each period presented. Early adoption is permitted. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220)”, which allows an entity to elect a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act. The amount of that reclassification should include the effect of changes of tax rate on the deferred tax amount, any related valuation allowance and other income tax effects on the items in AOCI. The standard requires an entity to state if an election to reclassify the tax effect to retained earnings is made along with the description of other income tax effects that are reclassified from AOCI. The guidance is effective for public business entities for annual periods beginning on or after December 15, 2018 and interim periods within those annual periods with early adoption permitted. The Company early adopted this amendment and has elected to reclassify $66 thousand from AOCI to retained earnings at December 31, 2017. Recent Accounting Pronouncements Yet to Be Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. For public business entities that meet the definition of an SEC filer, the standard will be effective for fiscal years beginning after Dec. 15, 2019, including interim periods in those fiscal years. All entities may early adopt for fiscal years beginning after Dec. 15, 2018, including interim periods in those fiscal years. For debt securities with other-than-temporary impairment, the guidance will be applied prospectively. Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company has begun its implementation efforts by identifying key interpretive issues, assessing its processes and identifying the system requirements against the new guidance to determine what modifications may be required. While the Company is still evaluating the overall impact on the new standard on its consolidated financial statements, the Company expects the adoption may result in an increase to the allowance for loan losses balance. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The ASU was issued to improve the effectiveness of disclosures surrounding fair value measurements. The ASU removes numerous disclosures from Topic 820 including; transfers between level 1 and 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for level 3 fair value measurements. The ASU also modified and added disclosure requirements in regards to changes in unrealized gains and losses included in other comprehensive income, as well as the range and weighted average of unobservable inputs for level 3 fair value measurements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The guidance is not expected to have a significant impact on the Company's consolidated financial statements.

Earnings Per Share of Common St

Earnings Per Share of Common Stock	3 Months Ended
	Mar. 31, 2019
Earnings Per Share of Common Stock
Earnings Per Share of Common Stock	NOTE (2) – Earnings Per Share of Common Stock Basic earnings per share of common stock is computed pursuant to the two-class method by dividing net income available to common stockholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the period. The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock. ESOP shares are considered outstanding for this calculation unless unearned. Diluted earnings per share of common stock includes the dilutive effect of unvested stock awards and additional potential common shares issuable under stock options. The following table shows how the Company computed basic and diluted earnings per share of common stock for the periods indicated: For the three months ended March 31, 2019 2018 (In thousands, except share and per share) Net income (loss) $ 277 $ (84) Less net income attributable to participating securities 4 — Net income (loss) available to common stockholders $ 273 $ (84) Weighted average common shares outstanding for basic earnings per common share 26,546,315 26,766,158 Add: dilutive effects of assumed exercises of stock options — — Weighted average common shares outstanding for diluted earnings per common share 26,546,315 26,766,158 Earnings (loss) per common share - basic $ 0.01 $ (0.00) Earnings (loss) per common share - diluted $ 0.01 $ (0.00) Stock options for 455,000 shares of common stock for the three months ended March 31, 2019 and stock options for 537,500 shares of common stock for the three months ended March 31, 2018 were not considered in computing diluted earnings per common share because they were anti-dilutive.

Securities

Securities	3 Months Ended
	Mar. 31, 2019
Securities
Securities	NOTE (3) – Securities The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios as of the periods indicated and the corresponding amounts of unrealized gains and losses which were recognized in accumulated other comprehensive income (loss): Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value (In thousands) March 31, 2019: Federal agency mortgage-backed securities $ 9,171 $ 83 $ (31) $ 9,223 Federal agency debt 5,320 — (26) 5,294 Total available-for-sale securities $ 14,491 $ 83 $ (57) $ 14,517 December 31, 2018: Federal agency mortgage-backed securities $ 9,575 $ 88 $ (155) $ 9,508 Federal agency debt 5,317 — (103) 5,214 Total available-for-sale securities $ 14,892 $ 88 $ (258) $ 14,722 At March 31, 2019, the Bank had three federal agency debt securities with total amortized cost of $5.3 million, estimated total fair value of $5.3 million and an estimated average remaining life of 3.6 years. The Bank also had 22 federal agency mortgage-backed securities with total amortized cost of $9.2 million, estimated total fair value of $9.2 million and an estimated average remaining life of 4.4 years. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. There were no securities pledged to secure public deposits at March 31, 2019 and December 31, 2018. At March 31, 2019 and December 31, 2018, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. There were no sales of securities during the three months ended March 31, 2019 and 2018. The Bank held 8 securities with unrealized losses at March 31, 2019 compared to 10 securities with unrealized losses at December 31, 2018. Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and the extent to which the fair value has been less than the cost, and our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. All of the Bank’s securities were issued by the federal government or its agencies. The unrealized losses on our available-for-sale securities at March 31, 2019 were primarily caused by movements in market interest rates subsequent to the purchase of such securities. We do not consider these unrealized losses to be other than temporary impairment.

Loans Receivable Held for Sale

Loans Receivable Held for Sale	3 Months Ended
	Mar. 31, 2019
Loans Receivable Held for Sale
Loans Receivable Held for Sale
Loans Receivable Held for Sale	NOTE (4) – Loans Receivable Held for Sale Loans receivable held for sale at March 31, 2019 and December 31, 2018 totaled $5.2 million and $6.2 million, respectively, and consisted of multi-family loans. The Bank transferred $1.1 million and $16.9 million of multi-family loans from the held-for-sale portfolio to the held-for-investment portfolio during the three months ended March 31, 2019 and 2018, respectively. There were no loan sales during the three months ended March 31, 2019 and 2018. Loan repayments totaled $24 thousand and $71 thousand during the three months ended March 31, 2019 and 2018, respectively.

Loans Receivable Held for Inves

Loans Receivable Held for Investment	3 Months Ended
	Mar. 31, 2019
Loans Receivable Held for Investment
Loans Receivable Held for Investment
Loans Receivable Held for Investment	NOTE (5) – Loans Receivable Held for Investment Loans receivable held for investment were as follows as of the periods indicated: March 31, 2019 December 31, 2018 (In thousands) Real estate: Single family $ 89,043 $ 91,835 Multi-family 245,551 231,870 Commercial real estate 6,890 5,802 Church 23,376 25,934 Construction 1,749 1,876 Commercial – other 234 226 Consumer 15 5 Gross loans receivable before deferred loan costs and premiums 366,858 357,548 Unamortized net deferred loan costs and premiums 1,086 937 Gross loans receivable 367,944 358,485 Allowance for loan losses (2,929) (2,929) Loans receivable, net $ 365,015 $ 355,556 The following tables present the activity in the allowance for loan losses by loan type for the periods indicated: Three Months Ended March 31, 2019 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 369 $ 1,880 $ 52 $ 603 $ 19 $ 6 $ — $ 2,929 Provision for (recapture of) loan losses (22) 110 10 (286) (1) (1) — (190) Recoveries — — — 190 — — — 190 Loans charged off — — — — — — — — Ending balance $ 347 $ 1,990 $ 62 $ 507 $ 18 $ 5 $ — $ 2,929 Three Months Ended March 31, 2018 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 594 $ 2,300 $ 71 $ 1,081 $ 17 $ 6 $ — $ 4,069 Provision for (recapture of) loan losses (6) 208 (6) (190) (6) — — — Recoveries — — — 114 — — — 114 Loans charged off — — — — — — — — Ending balance $ 588 $ 2,508 $ 65 $ 1,005 $ 11 $ 6 $ — $ 4,183 The following tables present the balance in the allowance for loan losses and the recorded investment (unpaid contractual principal balance less charge-offs, less interest applied to principal, plus unamortized deferred costs and premiums) by loan type and based on impairment method as of and for the periods indicated: March 31, 2019 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 38 $ — $ — $ 145 $ — $ 3 $ — $ 186 Collectively evaluated for impairment 309 1,990 62 362 18 2 — 2,743 Total ending allowance balance $ 347 $ 1,990 $ 62 $ 507 $ 18 $ 5 $ — $ 2,929 Loans: Loans individually evaluated for impairment $ 606 $ 321 $ — $ 4,181 $ — $ 63 $ — $ 5,171 Loans collectively evaluated for impairment 88,762 246,683 6,894 18,503 1,745 171 15 362,773 Total ending loans balance $ 89,368 $ 247,004 $ 6,894 $ 22,684 $ 1,745 $ 234 $ 15 $ 367,944 December 31, 2018 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 53 $ — $ — $ 170 $ — $ 4 $ — $ 227 Collectively evaluated for impairment 316 1,880 52 433 19 2 — 2,702 Total ending allowance balance $ 369 $ 1,880 $ 52 $ 603 $ 19 $ 6 $ — $ 2,929 Loans: Loans individually evaluated for impairment $ 610 $ 323 $ — $ 5,383 $ — $ 64 $ — $ 6,380 Loans collectively evaluated for impairment 91,567 232,986 5,800 19,713 1,872 162 5 352,105 Total ending loans balance $ 92,177 $ 233,309 $ 5,800 $ 25,096 $ 1,872 $ 226 $ 5 $ 358,485 The following table presents information related to loans individually evaluated for impairment by loan type as of the periods indicated: March 31, 2019 December 31, 2018 Allowance Allowance Unpaid for Loan Unpaid for Loan Principal Recorded Losses Principal Recorded Losses Balance Investment Allocated Balance Investment Allocated (In thousands) With no related allowance recorded: Multi-family $ 321 $ 321 $ — $ 323 $ 323 $ — Church 3,492 2,165 — 4,666 2,803 — With an allowance recorded: Single family 605 606 38 610 610 53 Church 2,017 2,016 145 2,580 2,580 170 Commercial - other 63 63 3 64 64 4 Total $ 6,498 $ 5,171 $ 186 $ 8,243 $ 6,380 $ 227 The recorded investment in loans excludes accrued interest receivable due to immateriality. For purposes of this disclosure, the unpaid principal balance is not reduced for net charge-offs. The following tables present the monthly average of loans individually evaluated for impairment by loan type and the related interest income for the periods indicated: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Cash Basis Cash Basis Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) Single family $ 608 $ 8 $ 625 $ 8 Multi-family 322 6 332 6 Church 5,001 430 7,981 174 Commercial – other 64 1 65 1 Total $ 5,995 $ 445 $ 9,003 $ 189 Cash-basis interest income recognized represents cash received for interest payments on accruing impaired loans and interest recoveries on non-accrual loans that were paid off. Interest payments collected on non-accrual loans are characterized as payments of principal rather than payments of the outstanding accrued interest on the loans until the remaining principal on the non-accrual loans is considered to be fully collectible or paid off. When a loan is returned to accrual status, the interest payments that were previously applied to principal are deferred and amortized over the remaining life of the loan. Foregone interest income that would have been recognized had loans performed in accordance with their original terms amounted to $40 thousand and $86 thousand for the three months ended March 31, 2019 and 2018, respectively, and were not included in the consolidated results of operations. The following tables present the aging of the recorded investment in past due loans by loan type as of the periods indicated: March 31, 2019 Greater 30-59 60-89 than Days Days 90 Days Total Past Due Past Due Past Due Past Due Current Total (In thousands) Loans receivable held for investment: Single family $ — $ — $ 34 $ 34 $ 89,334 $ 89,368 Multi-family — — — — 247,004 247,004 Commercial real estate — — — — 6,894 6,894 Church 259 283 — 542 22,142 22,684 Construction — — — — 1,745 1,745 Commercial - other — — — — 234 234 Consumer — — — — 15 15 Total $ 259 $ 283 $ 34 $ 576 $ 367,368 $ 367,944 December 31, 2018 Greater 30-59 60-89 than Days Days 90 Days Total Past Due Past Due Past Due Past Due Current Total (In thousands) Loans receivable held for investment: Single family $ 35 $ — $ — $ 35 $ 92,142 $ 92,177 Multi-family — — — — 233,309 233,309 Commercial real estate — — — — 5,800 5,800 Church — — — — 25,096 25,096 Construction — — — — 1,872 1,872 Commercial - other — — — — 226 226 Consumer — — — — 5 5 Total $ 35 $ — $ — $ 35 $ 358,450 $ 358,485 The following table presents the recorded investment in non-accrual loans by loan type as of the periods indicated: March 31, 2019 December 31, 2018 (In thousands) Loans receivable held for investment: Single-family residence $ 34 $ — Church 748 911 Total non-accrual loans $ 782 $ 911 There were no loans 90 days or more delinquent that were accruing interest as of March 31, 2019 or December 31, 2018. Troubled Debt Restructurings At March 31, 2019, loans classified as troubled debt restructurings (“TDRs”) totaled $5.2 million, of which $748 thousand were included in non-accrual loans and $4.4 million were on accrual status. At December 31, 2018, loans classified as TDRs totaled $6.4 million, of which $591 thousand were included in non-accrual loans and $5.8 million were on accrual status. The Company has allocated $186 thousand and $227 thousand of specific reserves for TDRs as of March 31, 2019 and December 31, 2018, respectively. TDRs on accrual status are comprised of loans that were accruing at the time of restructuring or loans that have complied with the terms of their restructured agreements for a satisfactory period of time and for which the Bank anticipates full repayment of both principal and interest. TDRs that are on non-accrual status can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments, as modified. A well-documented credit analysis that supports a return to accrual status based on the borrower’s financial condition and prospects for repayment under the revised terms is also required. As of March 31, 2019 and December 31, 2018, the Company had no commitment to lend additional amounts to customers with outstanding loans that are classified as TDRs. No loans were modified during the three months ended March 31, 2019 and 2018. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. For single family residential, consumer and other smaller balance homogenous loans, a credit grade is established at inception, and generally only adjusted based on performance. Information about payment status is disclosed elsewhere herein. The Company analyzes all other loans individually by classifying the loans as to credit risk. This analysis is performed at least on a quarterly basis. The Company uses the following definitions for risk ratings: · Watch. Loans classified as watch exhibit weaknesses that could threaten the current net worth and paying capacity of the obligors. Watch graded loans are generally performing and are not more than 59 days past due. A watch rating is used when a material deficiency exists but correction is anticipated within an acceptable time frame. · Special Mention. Loans classified as special mention have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. · Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. · Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. · Loss. Loans classified as loss are considered uncollectible and of such little value that to continue to carry the loan as an active asset is no longer warranted. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Pass rated loans are generally well protected by the current net worth and paying capacity of the obligor and/or by the value of the underlying collateral. Pass rated loans are not more than 59 days past due and are generally performing in accordance with the loan terms. Based on the most recent analysis performed, the risk categories of loans by loan type as of the periods indicated were as follows: March 31, 2019 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 89,324 $ — $ — $ 44 $ — $ — Multi-family 245,808 — 536 660 — — Commercial real estate 6,894 — — — — — Church 17,670 667 259 4,088 — — Construction 1,745 — — — — — Commercial - other 171 — — 63 — — Consumer 15 — — — — — Total $ 361,627 $ 667 $ 795 $ 4,855 $ — $ — December 31, 2018 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 92,132 $ — $ 35 $ 10 $ — $ — Multi-family 232,642 — — 667 — — Commercial real estate 5,800 — — — — — Church 19,678 672 — 4,746 — — Construction 1,872 — — — — — Commercial - other 162 — — 64 — — Consumer 5 — — — — — Total $ 352,291 $ 672 $ 35 $ 5,487 $ — $ —

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases
Leases	NOTE (6) – Leases The Bank has a combined operating lease for its corporate headquarters and main retail branch and a photocopier lease. The ROU asset and operating lease liability are recorded in fixed assets and other liabilities, respectively, in the consolidated statements of financial condition. Our ROU asset represents our right to use an underlying asset during the lease term. Operating liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the date of implementation of the new accounting standard. The operating lease for our corporate headquarters and main retail branch has one 5-year extension option at the then fair market rate. As this extension option is not reasonably certain of exercise, it is not included in the lease term. The Bank recorded a ROU asset of $1.1 million and an operating lease liability of $1.1 million as of March 31, 2019. The Bank has no finance leases. The Bank recorded operating lease expense costs of $123 thousand and $121 thousand for the quarters ended March 31, 2019 and March 31, 2018, respectively. Additional information regarding our operating leases is summarized below as of or for the three months ended March 31, 2019 (dollars in thousands): Cash paid for amounts included in the measurement of lease liabilities for operating leases: $ 134 ROU assets obtained in exchange for lease liabilities $ 1,120 Weighted average remaining lease term in months 25 Weighted average discount rate 2.75 % The future minimum payments for operating leases with remaining terms of one year or more as of March 31, 2019 were as follows (in thousands): Nine months ended December 31, 2019 $ 408 Year ended December 31, 2020 555 Year ended December 31, 2021 195 Total Future Minimum Lease Payments 1,158 Amounts Representing Interest (34) Present Value of Net Future Minimum Lease Payments $ 1,124

Junior Subordinated Debentures

Junior Subordinated Debentures	3 Months Ended
	Mar. 31, 2019
Junior Subordinated Debentures
Junior Subordinated Debentures	NOTE (7) – Junior Subordinated Debentures On March 17, 2004, the Company issued $6.0 million of Floating Rate Junior Subordinated Debentures (the “Debentures”) in a private placement to a trust that was capitalized to purchase subordinated debt and preferred stock of multiple community banks. Interest on the Debentures is payable quarterly at a rate per annum equal to the 3-Month LIBOR plus 2.54%. The interest rate is determined as of each March 17, June 17, September 17, and December 17, and was 5.17% at March 31, 2019. On October 16, 2014, the Company made payments of $900 thousand of principal on Debentures, executed a Supplemental Indenture for the Debentures that extended the maturity of the Debentures to March 17, 2024, and modified the payment terms of the remaining $5.1 million principal amount thereof. The modified terms of the Debentures require quarterly payments of interest only through March 2019 at the original rate of 3-Month LIBOR plus 2.54%. Starting in June 2019, the Company will be required to make quarterly payments of equal amounts of principal, plus interest, until the Debentures are fully amortized on March 17, 2024. The Debentures may be called for redemption at any time by the Company.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
Fair Value
Fair Value	NOTE (8) – Fair Value The Company used the following methods and significant assumptions to estimate fair value: The fair values of securities available-for-sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value of impaired loans that are collateral dependent is generally based upon the fair value of the collateral, which is obtained from recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Assets acquired through or by transfer in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at the lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals which are updated every nine months. These appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Real estate owned properties are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Appraisals for collateral-dependent impaired loans are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, an independent third-party licensed appraiser reviews the appraisals for accuracy and reasonableness, reviewing the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. Assets Measured on a Recurring Basis Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurement Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) At March 31, 2019: Securities available-for-sale - federal agency mortgage-backed $ — $ 9,223 $ — $ 9,223 Securities available-for-sale - federal agency debt 1,988 3,306 — 5,294 At December 31, 2018: Securities available-for-sale - federal agency mortgage-backed $ — $ 9,508 $ — $ 9,508 Securities available-for-sale - federal agency debt 1,979 3,235 — 5,214 There were no transfers between Level 1, Level 2, or Level 3 during the three months ended March 31, 2019 and 2018. Assets Measured on a Non-Recurring Basis Assets are considered to be reflected at fair value on a non-recurring basis if the fair value measurement of the instrument does not necessarily result in a change in the amount recorded on the statement of condition. Generally, a non-recurring valuation is the result of the application of other accounting pronouncements that require assets to be assessed for impairment or recorded at the lower of cost or fair value. The following table provides information regarding the carrying values of our assets measured at fair value on a non-recurring basis as of the periods indicated. The fair value measurement for all of these assets falls within Level 3 of the fair value hierarchy. March 31, 2019 December 31, 2018 (In thousands) Impaired loans carried at fair value of collateral $ 439 $ 591 Real estate owned 820 833 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of March 31, 2019 and December 31, 2018: Valuation Weighted Technique(s) Unobservable Input(s) Range Average March 31, 2019: Impaired loans Third Party Adjustment for differences Appraisals between the comparable sales -3% to -1% -2.57% Real estate owned Third Party Adjustment for differences Appraisals between the comparable sales -11% -10.85% December 31, 2018: Impaired loans Third Party Adjustment for differences Appraisals between the comparable sales -3% to -1% -2.83% Real estate owned Third Party Adjustment for differences Appraisals between the comparable sales -11% -10.85% Fair Values of Financial Instruments The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments not recorded at fair value on a recurring basis as of March 31, 2019 and December 31, 2018. This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and due from banks, interest-bearing deposits in other banks, and accrued interest receivable/payable, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For non-marketable equity securities such as Federal Home Loan Bank stock, the carrying amount is a reasonable estimate of fair value as these securities can only be redeemed or sold at their par value and only to the respective issuing government supported institution or to another member institution. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Fair Value Measurements at March 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ 5,154 $ — $ 5,154 $ — $ 5,154 Loans receivable held for investment 365,015 — — 360,882 360,882 Financial Liabilities: Time Deposits $ 180,543 $ — $ 180,077 $ — $ 180,077 Federal Home Loan Bank advances 75,000 — 75,403 — 75,403 Junior subordinated debentures 5,100 — — 4,459 4,459 Fair Value Measurements at December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ 6,231 $ — $ 6,270 $ — $ 6,270 Loans receivable held for investment 355,556 — — 354,792 354,792 Financial Liabilities: Time Deposits $ 172,564 $ — $ 171,725 $ — $ 171,725 Federal Home Loan Bank advances 70,000 — 69,933 — 69,933 Junior subordinated debentures 5,100 — — 4,481 4,481 In accordance with the adoption of ASU No. 2016-01, the fair value of certain financial assets and liabilities, including loans, time deposits, and junior subordinated debentures, as of March 31, 2019 was measured using an exit price notion. Although the exit price notion represents the value that would be received to sell an asset or paid to transfer a liability, the actual price received for a sale of assets or paid to transfer liabilities could be different from exit price disclosed.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2019
Stock-based Compensation
Stock-based Compensation	NOTE (9) – Stock-based Compensation Prior to July 25, 2018, the Company issued stock-based compensation awards to its directors and employees under the 2008 Long-Term Incentive Plan (“2008 LTIP”). The 2008 LTIP permitted the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards for up to 2,000,000 shares of common stock. As of July 25, 2018, the Company ceased granting awards under the 2008 LTIP. On July 25, 2018, the stockholders approved the 2018 Long-Term Incentive Plan (“2018 LTIP”). As with the 2008 LTIP, the 2018 LTIP permits the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards. The plan is in effect for ten years. The maximum number of shares that can be awarded under the plan is 1,293,109 shares of common stock as of December 31, 2018. In March 2016, the Company awarded 120,483 shares of restricted stock to its Chief Executive Officer (“CEO”) under the 2008 LTIP. A restricted stock award is valued at the closing price of the Company’s stock on the date of such award. Subject to certain performance restrictions, 100,000 shares of restricted stock shall vest over a two-year period and the remaining 20,483 shares shall vest over a three-year period. Stock-based compensation expense is recognized over the vesting period. The Company recorded $3 thousand and $26 thousand of stock-based compensation expense related to this award during the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, this restricted stock award was fully vested, and all compensation costs related to this vested restricted stock award was fully recognized. In February 2019, the Company awarded 428,796 shares of restricted stock to its employees under the 2018 LTIP. A restricted stock award is valued at the average of the high and the low price of the Company’s stock on the date of the award. These shares of restricted stock shall vest over a two-year period. Stock-based compensation expense is recognized over the vesting period. The Company recorded $22 thousand of stock-based compensation expense related to this award during the three months ended March 31, 2019. As of March 31, 2019, the unrecognized compensation cost related to nonvested restricted-stock award under the plan was $505 thousand. The cost is expected to be recognized over a period of 1.92 years. In January 2019, the Company awarded 42,168 shares of common stock to its directors under the 2018 LTIP which are fully vested. The Company recorded $52 thousand of compensation expense for the quarter ended March 31, 2019 based on the fair value of the stock, which was determined using the average of the high and the low price of the stock on the date of the award. Additionally, in January 2018, the Company awarded 18,906 shares of common stock to its directors under the 2008 LTIP, all of which are fully vested. The Company recorded $45 thousand of compensation expense for the quarter ended March 31, 2018 based on the fair value of the stock, which was determined using the average of the high and the low price of the stock on the date of the award. In February 2018 and April 2017, the Company also awarded 97,195 and 129,270 of cash-settled restricted stock units (“RSUs”) to its CEO under the 2008 LTIP. All RSUs vest at the end of two years from the date of the grant and are subject to forfeiture until vested. Each RSU entitles the CEO to receive cash equal to the fair market value of one share of common stock on the applicable payout date. Compensation expense is determined based on the fair value of the award and is re-measured at each reporting period and is classified as a liability in the consolidated statements of financial condition. The Company recorded $92 thousand and $32 thousand of compensation expense related to these awards during the quarters ended March 31, 2019 and 2018, respectively. No stock options were granted during the three months ended March 31, 2019 and 2018. The following table summarizes stock option activity during the three months ended March 31, 2019 and 2018: Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Weighted Weighted Average Average Number Exercise Number Exercise Outstanding Price Outstanding Price Outstanding at beginning of period 537,500 $ 2.19 537,500 $ 2.19 Granted during period — — — — Exercised during period — — — — Forfeited or expired during period (82,500) 4.89 — — Outstanding at end of period 455,000 $ 1.67 537,500 $ 2.19 Exercisable at end of period 185,000 $ 1.74 267,500 $ 2.71 The Company recorded $9 thousand of stock-based compensation expense related to stock options during the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, the unrecognized compensation cost related to nonvested stock options granted under the plan was $74 thousand. The cost is expected to be recognized over a period of 1.90 years. Options outstanding and exercisable at March 31, 2019 were as follows: Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Aggregate Average Aggregate Number Contractual Exercise Intrinsic Number Exercise Intrinsic Grant Date Outstanding Life Price Value Outstanding Price Value January 21, 2010 5,000 0.81 years $ 6.00 5,000 $ 6.00 February 24, 2016 450,000 6.90 years $ 1.62 180,000 $ 1.62 455,000 6.83 years $ 1.67 $ — 185,000 $ 1.74 $ —

ESOP Plan

ESOP Plan	3 Months Ended
	Mar. 31, 2019
ESOP Plan
ESOP Plan	NOTE (10) – ESOP Plan Employees participate in an Employee Stock Option Plan (“ESOP”) after attaining certain age and service requirements. In December 2016, the ESOP purchased 1,493,679 shares of the Company’s common stock at $1.59 per share, for a total cost of $2.4 million, of which $1.2 million was funded with a loan from the Company. The loan will be repaid from the Bank’s annual discretionary contributions to the ESOP, net of dividends paid, over a period of 20 years. Shares of the Company’s common stock purchased by the ESOP are held in a suspense account until released for allocation to participants. When loan payments are made, shares are allocated to each eligible participant based on the ratio of each such participant’s compensation, as defined in the ESOP, to the total compensation of all eligible plan participants. As the unearned shares are released from the suspense account, the Company recognizes compensation expense equal to the fair value of the ESOP shares during the periods in which they become committed to be released. To the extent that the fair value of the ESOP shares released differs from the cost of such shares, the difference is charged or credited to equity as additional paid-in capital. Any dividends on allocated shares increase participant accounts. Any dividends on unallocated shares will be used to repay the loan. Participants will receive shares for their vested balance at the end of their employment. Compensation expense related to the ESOP was $14 thousand and $25 thousand for the three months ended March 31, 2019 and 2018, respectively. Shares held by the ESOP were as follows: March 31, 2019 December 31, 2018 (Dollars in thousands) Allocated to participants 1,047,389 1,036,809 Committed to be released 21,160 10,580 Suspense shares 624,873 646,033 Total ESOP shares 1,693,422 1,693,422 Fair value of unearned shares $ 890 $ 678 During the first quarter ended March 31, 2019, 21,160 of ESOP shares were committed to be allocated to participants. During 2018 and 2017, 43,009 and 40,126 of ESOP shares were released for allocation to participants, respectively. Unearned shares, which are reported as Unearned ESOP shares in the equity section of the consolidated statements of financial condition, were $1.0 million at both March 31, 2019 and December 31, 2018

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2019
Regulatory Matters
Regulatory Matters	NOTE (11) – Regulatory Matters The Bank’s capital requirements are administered by the Office of the Comptroller of the Currency (“OCC”) and involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the OCC. Failure to meet capital requirements can result in regulatory action. The federal banking regulators approved final capital rules (“Basel III Capital Rules”) in July 2013 implementing the Basel III framework as well as certain provisions of the Dodd-Frank Act. The Basel III Capital Rules prescribe a standardized approach for calculating risk-weighted assets and revised the definition and calculation of Tier 1 capital and Total capital, and include a new Common Equity Tier 1 capital (“CET1”) measure. Under the Basel III Capital Rules, the currently effective minimum capital ratios are: · 4.5% CET1 to risk-weighted assets; · 6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted assets; · 8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and · 4.0% Tier 1 capital to average consolidated assets (known as the “leverage ratio”). A new capital conservation buffer was also established above the regulatory minimum capital requirements. This capital conservation buffer was phased in beginning January 1, 2016 at 0.625% of risk-weighted assets and will increase each subsequent year by an additional 0.625% until it reaches its final level of 2.5% on January 1, 2019. The Basel III Capital rules also contain revisions to the prompt corrective action framework, which is designed to place restrictions on insured depository institutions if their capital levels begin to show signs of weakness. Under the prompt corrective action requirements, which are designed to complement the capital conservation buffer, insured depository institutions are now required to meet the following increased capital level requirements in order to qualify as “well capitalized”: (i) a CET1 capital ratio of 6.5%; (ii) a Tier 1 capital ratio of 8% (increased from 6%); (iii) a total capital ratio of 10% (unchanged from previous rules); and (iv) a Tier 1 leverage ratio of 5% (unchanged from previous rules). The Basel III Capital Rules became effective for the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). At March 31, 2019 and December 31, 2018, the Bank’s level of capital exceeded all regulatory capital requirements and its regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. Actual and required capital amounts and ratios as of the periods indicated are presented below. Minimum Required To Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirements Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2019: Tier 1 (Leverage) $ 49,918 11.99 % $ 16,649 4.00 % $ 20,811 5.00 % Common Equity Tier 1 $ 49,918 19.40 % $ 18,730 4.50 % $ 16,724 6.50 % Tier 1 $ 49,918 19.40 % $ 24,973 6.00 % $ 20,584 8.00 % Total Capital $ 52,868 20.55 % $ 33,298 8.00 % $ 25,730 10.00 % December 31, 2018: Tier 1 (Leverage) $ 49,433 12.03 % $ 16,439 4.00 % $ 20,549 5.00 % Common Equity Tier 1 $ 49,433 19.32 % $ 18,494 4.50 % $ 16,634 6.50 % Tier 1 $ 49,433 19.32 % $ 24,659 6.00 % $ 20,472 8.00 % Total Capital $ 52,417 20.48 % $ 32,879 8.00 % $ 25,590 10.00 %

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes
Income Taxes	NOTE (12) – Income Taxes The Company and its subsidiary are subject to U.S. federal and state income taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the realization of deferred tax assets, management evaluated both positive and negative evidence, including the existence of cumulative losses in the current year and the prior two years, the amount of taxes paid in available carry-back years, the forecasts of future income and tax planning strategies. Based on this analysis, the Company determined that as of March 31, 2019, no valuation allowance was required on its deferred tax assets, which totaled $4.9 million. As of December 31, 2018, the Company recorded no valuation allowance on its deferred tax assets of $5.0 million.

Concentration of Credit Risk

Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2019
Concentration of Credit Risk
Concentration of Credit Risk	NOTE (13) – Concentration of Credit Risk The Bank has a significant concentration of deposits with a long-time customer that accounted for approximately 11% of its deposits as of March 31, 2019. The Bank expects to maintain this relationship with the customer.

Basis of Financial Statement _2

Basis of Financial Statement Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Basis of Financial Statement Presentation
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which is intended to increase transparency and comparability in the accounting for lease transactions. ASU 2016-02 became effective as of January 1, 2019 and provides for a modified retrospective transition approach requiring lessees to recognize and measure leases on the balance sheet at the either the earliest period presented or as of the beginning of the period of adoption with the option to elect certain practical expedients. We have elected to apply ASU 2016-02 as of the beginning of the period of adoption, which as January 1, 2019 and we have elected not to restate comparative periods. Of the practical expedients available under ASU 206-02, all have been adopted except for the hindsight practical expedient. The Bank has a combined operating lease for its corporate headquarters and main retail branch and a photocopier lease. As a result of implementing ASU 2016-02, we recognized an operating lease right-of-use (“ROU”) asset of $1.2 million and an operating lease liability of $1.2 million as of January 1, 2019, with no impact on our consolidated statements of operations or consolidated statements of cash flows compared to the prior lease accounting model. The ROU asset and operating lease liability are recorded in fixed assets and other liabilities, respectively, in the consolidated statements of financial condition. See Note 6 – Leases for additional information. The implementation of this standard had a minor impact on our regulatory capital ratios. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 (i) amends existing guidance that requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. It requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. It requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). It eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. These amendments are effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In accordance with this standard, the Company measured the fair value of its financial assets and financial liabilities as of December 31, 2018 using an exit price notion (see Note 5 Fair Value). In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 provides guidance on the classification of certain cash receipts and payments on the consolidated statement of cash flows in order to reduce diversity in practice. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash”. ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the consolidated statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, where the guidance should be applied using a retrospective transition method to each period presented. Early adoption is permitted. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220)”, which allows an entity to elect a reclassification from accumulated other comprehensive income (AOCI) to retained earnings for the stranded tax effects resulting from the Tax Cuts and Jobs Act. The amount of that reclassification should include the effect of changes of tax rate on the deferred tax amount, any related valuation allowance and other income tax effects on the items in AOCI. The standard requires an entity to state if an election to reclassify the tax effect to retained earnings is made along with the description of other income tax effects that are reclassified from AOCI. The guidance is effective for public business entities for annual periods beginning on or after December 15, 2018 and interim periods within those annual periods with early adoption permitted. The Company early adopted this amendment and has elected to reclassify $66 thousand from AOCI to retained earnings at December 31, 2017. Recent Accounting Pronouncements Yet to Be Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. For public business entities that meet the definition of an SEC filer, the standard will be effective for fiscal years beginning after Dec. 15, 2019, including interim periods in those fiscal years. All entities may early adopt for fiscal years beginning after Dec. 15, 2018, including interim periods in those fiscal years. For debt securities with other-than-temporary impairment, the guidance will be applied prospectively. Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption. The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses will be recorded through the allowance. For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company has begun its implementation efforts by identifying key interpretive issues, assessing its processes and identifying the system requirements against the new guidance to determine what modifications may be required. While the Company is still evaluating the overall impact on the new standard on its consolidated financial statements, the Company expects the adoption may result in an increase to the allowance for loan losses balance. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The ASU was issued to improve the effectiveness of disclosures surrounding fair value measurements. The ASU removes numerous disclosures from Topic 820 including; transfers between level 1 and 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for level 3 fair value measurements. The ASU also modified and added disclosure requirements in regards to changes in unrealized gains and losses included in other comprehensive income, as well as the range and weighted average of unobservable inputs for level 3 fair value measurements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The guidance is not expected to have a significant impact on the Company's consolidated financial statements.

Earnings Per Share of Common _2

Earnings Per Share of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share of Common Stock
Schedule of basic and diluted earnings per share of common stock	For the three months ended March 31, 2019 2018 (In thousands, except share and per share) Net income (loss) $ 277 $ (84) Less net income attributable to participating securities 4 — Net income (loss) available to common stockholders $ 273 $ (84) Weighted average common shares outstanding for basic earnings per common share 26,546,315 26,766,158 Add: dilutive effects of assumed exercises of stock options — — Weighted average common shares outstanding for diluted earnings per common share 26,546,315 26,766,158 Earnings (loss) per common share - basic $ 0.01 $ (0.00) Earnings (loss) per common share - diluted $ 0.01 $ (0.00)

Securities (Tables)

Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Securities
Summary of amortized cost and fair value of available-for-sale investment securities portfolios and corresponding amounts of unrealized gains and losses	Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value (In thousands) March 31, 2019: Federal agency mortgage-backed securities $ 9,171 $ 83 $ (31) $ 9,223 Federal agency debt 5,320 — (26) 5,294 Total available-for-sale securities $ 14,491 $ 83 $ (57) $ 14,517 December 31, 2018: Federal agency mortgage-backed securities $ 9,575 $ 88 $ (155) $ 9,508 Federal agency debt 5,317 — (103) 5,214 Total available-for-sale securities $ 14,892 $ 88 $ (258) $ 14,722

Loans Receivable Held for Inv_2

Loans Receivable Held for Investment (Tables)	3 Months Ended
	Mar. 31, 2019
Loans Receivable Held for Investment
Schedule of loans receivable held for investment	March 31, 2019 December 31, 2018 (In thousands) Real estate: Single family $ 89,043 $ 91,835 Multi-family 245,551 231,870 Commercial real estate 6,890 5,802 Church 23,376 25,934 Construction 1,749 1,876 Commercial – other 234 226 Consumer 15 5 Gross loans receivable before deferred loan costs and premiums 366,858 357,548 Unamortized net deferred loan costs and premiums 1,086 937 Gross loans receivable 367,944 358,485 Allowance for loan losses (2,929) (2,929) Loans receivable, net $ 365,015 $ 355,556
Schedule of activity in the allowance for loan losses by loan type	Three Months Ended March 31, 2019 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 369 $ 1,880 $ 52 $ 603 $ 19 $ 6 $ — $ 2,929 Provision for (recapture of) loan losses (22) 110 10 (286) (1) (1) — (190) Recoveries — — — 190 — — — 190 Loans charged off — — — — — — — — Ending balance $ 347 $ 1,990 $ 62 $ 507 $ 18 $ 5 $ — $ 2,929 Three Months Ended March 31, 2018 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 594 $ 2,300 $ 71 $ 1,081 $ 17 $ 6 $ — $ 4,069 Provision for (recapture of) loan losses (6) 208 (6) (190) (6) — — — Recoveries — — — 114 — — — 114 Loans charged off — — — — — — — — Ending balance $ 588 $ 2,508 $ 65 $ 1,005 $ 11 $ 6 $ — $ 4,183
Schedule of allowance for loan losses and recorded investment in loans by type of loans and based on impairment method	March 31, 2019 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 38 $ — $ — $ 145 $ — $ 3 $ — $ 186 Collectively evaluated for impairment 309 1,990 62 362 18 2 — 2,743 Total ending allowance balance $ 347 $ 1,990 $ 62 $ 507 $ 18 $ 5 $ — $ 2,929 Loans: Loans individually evaluated for impairment $ 606 $ 321 $ — $ 4,181 $ — $ 63 $ — $ 5,171 Loans collectively evaluated for impairment 88,762 246,683 6,894 18,503 1,745 171 15 362,773 Total ending loans balance $ 89,368 $ 247,004 $ 6,894 $ 22,684 $ 1,745 $ 234 $ 15 $ 367,944 December 31, 2018 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 53 $ — $ — $ 170 $ — $ 4 $ — $ 227 Collectively evaluated for impairment 316 1,880 52 433 19 2 — 2,702 Total ending allowance balance $ 369 $ 1,880 $ 52 $ 603 $ 19 $ 6 $ — $ 2,929 Loans: Loans individually evaluated for impairment $ 610 $ 323 $ — $ 5,383 $ — $ 64 $ — $ 6,380 Loans collectively evaluated for impairment 91,567 232,986 5,800 19,713 1,872 162 5 352,105 Total ending loans balance $ 92,177 $ 233,309 $ 5,800 $ 25,096 $ 1,872 $ 226 $ 5 $ 358,485
Schedule of loans individually evaluated for impairment by loan type	March 31, 2019 December 31, 2018 Allowance Allowance Unpaid for Loan Unpaid for Loan Principal Recorded Losses Principal Recorded Losses Balance Investment Allocated Balance Investment Allocated (In thousands) With no related allowance recorded: Multi-family $ 321 $ 321 $ — $ 323 $ 323 $ — Church 3,492 2,165 — 4,666 2,803 — With an allowance recorded: Single family 605 606 38 610 610 53 Church 2,017 2,016 145 2,580 2,580 170 Commercial - other 63 63 3 64 64 4 Total $ 6,498 $ 5,171 $ 186 $ 8,243 $ 6,380 $ 227
Schedule of average of loans individually evaluated for impairment by loan type and related interest income	Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Cash Basis Cash Basis Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) Single family $ 608 $ 8 $ 625 $ 8 Multi-family 322 6 332 6 Church 5,001 430 7,981 174 Commercial – other 64 1 65 1 Total $ 5,995 $ 445 $ 9,003 $ 189
Schedule of aging of the recorded investment in past due loans by loan type	March 31, 2019 Greater 30-59 60-89 than Days Days 90 Days Total Past Due Past Due Past Due Past Due Current Total (In thousands) Loans receivable held for investment: Single family $ — $ — $ 34 $ 34 $ 89,334 $ 89,368 Multi-family — — — — 247,004 247,004 Commercial real estate — — — — 6,894 6,894 Church 259 283 — 542 22,142 22,684 Construction — — — — 1,745 1,745 Commercial - other — — — — 234 234 Consumer — — — — 15 15 Total $ 259 $ 283 $ 34 $ 576 $ 367,368 $ 367,944 December 31, 2018 Greater 30-59 60-89 than Days Days 90 Days Total Past Due Past Due Past Due Past Due Current Total (In thousands) Loans receivable held for investment: Single family $ 35 $ — $ — $ 35 $ 92,142 $ 92,177 Multi-family — — — — 233,309 233,309 Commercial real estate — — — — 5,800 5,800 Church — — — — 25,096 25,096 Construction — — — — 1,872 1,872 Commercial - other — — — — 226 226 Consumer — — — — 5 5 Total $ 35 $ — $ — $ 35 $ 358,450 $ 358,485
Schedule of recorded investment in non-accrual loans by loan type	March 31, 2019 December 31, 2018 (In thousands) Loans receivable held for investment: Single-family residence $ 34 $ — Church 748 911 Total non-accrual loans $ 782 $ 911
Schedule of risk categories of loans by loan type	March 31, 2019 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 89,324 $ — $ — $ 44 $ — $ — Multi-family 245,808 — 536 660 — — Commercial real estate 6,894 — — — — — Church 17,670 667 259 4,088 — — Construction 1,745 — — — — — Commercial - other 171 — — 63 — — Consumer 15 — — — — — Total $ 361,627 $ 667 $ 795 $ 4,855 $ — $ — December 31, 2018 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 92,132 $ — $ 35 $ 10 $ — $ — Multi-family 232,642 — — 667 — — Commercial real estate 5,800 — — — — — Church 19,678 672 — 4,746 — — Construction 1,872 — — — — — Commercial - other 162 — — 64 — — Consumer 5 — — — — — Total $ 352,291 $ 672 $ 35 $ 5,487 $ — $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases
Schedule of additional information related to operating leases	Additional information regarding our operating leases is summarized below as of or for the three months ended March 31, 2019 (dollars in thousands): Cash paid for amounts included in the measurement of lease liabilities for operating leases: $ 134 ROU assets obtained in exchange for lease liabilities $ 1,120 Weighted average remaining lease term in months 25 Weighted average discount rate 2.75 %
Schedule of maturity of the bank's remaining lease liabilities	The future minimum payments for operating leases with remaining terms of one year or more as of March 31, 2019 were as follows (in thousands): Nine months ended December 31, 2019 $ 408 Year ended December 31, 2020 555 Year ended December 31, 2021 195 Total Future Minimum Lease Payments 1,158 Amounts Representing Interest (34) Present Value of Net Future Minimum Lease Payments $ 1,124

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value
Summary of assets measured at fair value on a recurring basis	Fair Value Measurement Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total (In thousands) At March 31, 2019: Securities available-for-sale - federal agency mortgage-backed $ — $ 9,223 $ — $ 9,223 Securities available-for-sale - federal agency debt 1,988 3,306 — 5,294 At December 31, 2018: Securities available-for-sale - federal agency mortgage-backed $ — $ 9,508 $ — $ 9,508 Securities available-for-sale - federal agency debt 1,979 3,235 — 5,214
Schedule of carrying values of assets measured at fair value on non-recurring basis	March 31, 2019 December 31, 2018 (In thousands) Impaired loans carried at fair value of collateral $ 439 $ 591 Real estate owned 820 833
Schedule of valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis	Valuation Weighted Technique(s) Unobservable Input(s) Range Average March 31, 2019: Impaired loans Third Party Adjustment for differences Appraisals between the comparable sales -3% to -1% -2.57% Real estate owned Third Party Adjustment for differences Appraisals between the comparable sales -11% -10.85% December 31, 2018: Impaired loans Third Party Adjustment for differences Appraisals between the comparable sales -3% to -1% -2.83% Real estate owned Third Party Adjustment for differences Appraisals between the comparable sales -11% -10.85%
Schedule of carrying amounts and estimated fair values of financial instruments	Fair Value Measurements at March 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ 5,154 $ — $ 5,154 $ — $ 5,154 Loans receivable held for investment 365,015 — — 360,882 360,882 Financial Liabilities: Time Deposits $ 180,543 $ — $ 180,077 $ — $ 180,077 Federal Home Loan Bank advances 75,000 — 75,403 — 75,403 Junior subordinated debentures 5,100 — — 4,459 4,459 Fair Value Measurements at December 31, 2018 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ 6,231 $ — $ 6,270 $ — $ 6,270 Loans receivable held for investment 355,556 — — 354,792 354,792 Financial Liabilities: Time Deposits $ 172,564 $ — $ 171,725 $ — $ 171,725 Federal Home Loan Bank advances 70,000 — 69,933 — 69,933 Junior subordinated debentures 5,100 — — 4,481 4,481

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Stock-based Compensation
Summary of stock option activity	Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Weighted Weighted Average Average Number Exercise Number Exercise Outstanding Price Outstanding Price Outstanding at beginning of period 537,500 $ 2.19 537,500 $ 2.19 Granted during period — — — — Exercised during period — — — — Forfeited or expired during period (82,500) 4.89 — — Outstanding at end of period 455,000 $ 1.67 537,500 $ 2.19 Exercisable at end of period 185,000 $ 1.74 267,500 $ 2.71
Summary of options outstanding and exercisable	Outstanding Exercisable Weighted Average Weighted Weighted Remaining Average Aggregate Average Aggregate Number Contractual Exercise Intrinsic Number Exercise Intrinsic Grant Date Outstanding Life Price Value Outstanding Price Value January 21, 2010 5,000 0.81 years $ 6.00 5,000 $ 6.00 February 24, 2016 450,000 6.90 years $ 1.62 180,000 $ 1.62 455,000 6.83 years $ 1.67 $ — 185,000 $ 1.74 $ —

ESOP Plan (Tables)

ESOP Plan (Tables)	3 Months Ended
	Mar. 31, 2019
ESOP Plan
Schedule of shares held by the ESOP	March 31, 2019 December 31, 2018 (Dollars in thousands) Allocated to participants 1,047,389 1,036,809 Committed to be released 21,160 10,580 Suspense shares 624,873 646,033 Total ESOP shares 1,693,422 1,693,422 Fair value of unearned shares $ 890 $ 678

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2019
Regulatory Matters
Schedule of actual and required capital amounts and ratios	Minimum Required To Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirements Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) March 31, 2019: Tier 1 (Leverage) $ 49,918 11.99 % $ 16,649 4.00 % $ 20,811 5.00 % Common Equity Tier 1 $ 49,918 19.40 % $ 18,730 4.50 % $ 16,724 6.50 % Tier 1 $ 49,918 19.40 % $ 24,973 6.00 % $ 20,584 8.00 % Total Capital $ 52,868 20.55 % $ 33,298 8.00 % $ 25,730 10.00 % December 31, 2018: Tier 1 (Leverage) $ 49,433 12.03 % $ 16,439 4.00 % $ 20,549 5.00 % Common Equity Tier 1 $ 49,433 19.32 % $ 18,494 4.50 % $ 16,634 6.50 % Tier 1 $ 49,433 19.32 % $ 24,659 6.00 % $ 20,472 8.00 % Total Capital $ 52,417 20.48 % $ 32,879 8.00 % $ 25,590 10.00 %

Basis of Financial Statement _3

Basis of Financial Statement Presentation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2017	Jan. 01, 2019
Basis of Financial Statement Presentation
Election of practical expedients package	true
Operating lease, ROU asset	$ 1,100
Operating lease, ROU asset, Statement of Financial Position	us-gaap:PropertyPlantAndEquipmentNet
Operating lease liability	$ 1,124
Operating lease, liability, Statement of Financial Position	us-gaap:AccruedLiabilitiesAndOtherLiabilities
ASU 2016-02 | Adjustment
Basis of Financial Statement Presentation
Operating lease, ROU asset			$ 1,200
Operating lease, ROU asset, Statement of Financial Position			us-gaap:PropertyPlantAndEquipmentNet
Operating lease liability			$ 1,200
Operating lease, liability, Statement of Financial Position			us-gaap:AccruedLiabilitiesAndOtherLiabilities
ASU 2018-02
Basis of Financial Statement Presentation
Reclassification from accumulated other comprehensive loss to retained earnings		$ 66

Earnings Per Share of Common _3

Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share of Common Stock
Net income (loss)	$ 277	$ (84)
Less net income attributable to participating securities	4
Net income (loss) available to common stockholders	$ 273	$ (84)
Weighted average common shares outstanding for basic earnings per common share	26,546,315	26,766,158
Weighted average common shares outstanding for diluted earnings per common share	26,546,315	26,766,158
Earnings (loss) per common share-basic (in dollars per share)	$ 0.01	$ 0
Earnings (loss) per common share-diluted (in dollars per share)	$ 0.01	$ 0
Stock Options
Earnings Per Share of Common Stock
Anti-dilutive stock not considered in computing diluted earnings per common share	455,000	537,500

Securities (Details)

Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)security	Dec. 31, 2018USD ($)security
Securities
Amortized Cost	$ 14,491	$ 14,892
Gross Unrealized Gains	83	88
Gross Unrealized Losses	(57)	(258)
Fair Value	14,517	14,722
Securities pledged to secure public deposits	$ 0	$ 0
Securities pledged to secure public deposits	us-gaap:AssetPledgedAsCollateralMember	us-gaap:AssetPledgedAsCollateralMember
Securities of any one issuer, other than U.S. Government, greater than 10% of stockholders' equity	$ 0	$ 0
Number of securities held with unrealized losses | security	8	10
Federal agency mortgage-backed securities
Securities
Amortized Cost	$ 9,171	$ 9,575
Gross Unrealized Gains	83	88
Gross Unrealized Losses	(31)	(155)
Fair Value	$ 9,223	9,508
Number of securities held | security	22
Estimated remaining term	4 years 4 months 24 days
Federal agency debt
Securities
Amortized Cost	$ 5,320	5,317
Gross Unrealized Losses	(26)	(103)
Fair Value	$ 5,294	$ 5,214
Number of securities held | security	3
Estimated remaining term	3 years 7 months 6 days

Loans Receivable Held for Sale

Loans Receivable Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Loans Receivable Held for Sale
Loans receivable held for sale	$ 5,154		$ 6,231
Transfers of loans receivable held for sale to loans receivable held for investment	1,064	$ 16,871
Loan sales	0	0
Loan repayments	24	$ 71	71
Multi-family
Loans Receivable Held for Sale
Loans receivable held for sale	5,200		6,200
Transfers of loans receivable held for sale to loans receivable held for investment	$ 1,100		$ 16,900

Loans Receivable Held for Inv_3

Loans Receivable Held for Investment - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	$ 366,858	$ 357,548
Unamortized net deferred loan costs and premiums	1,086	937
Gross loans receivable after deferred loan costs and premiums	367,944	358,485
Allowance for loan losses	(2,929)	(2,929)	$ (4,183)	$ (4,069)
Loans receivable, net	365,015	355,556
Single family
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	89,043	91,835
Gross loans receivable after deferred loan costs and premiums	89,368	92,177
Allowance for loan losses	(347)	(369)	(588)	(594)
Multi-family
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	245,551	231,870
Gross loans receivable after deferred loan costs and premiums	247,004	233,309
Allowance for loan losses	(1,990)	(1,880)	(2,508)	(2,300)
Commercial real estate
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	6,890	5,802
Gross loans receivable after deferred loan costs and premiums	6,894	5,800
Allowance for loan losses	(62)	(52)	(65)	(71)
Church
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	23,376	25,934
Gross loans receivable after deferred loan costs and premiums	22,684	25,096
Allowance for loan losses	(507)	(603)	(1,005)	(1,081)
Construction
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	1,749	1,876
Gross loans receivable after deferred loan costs and premiums	1,745	1,872
Allowance for loan losses	(18)	(19)	(11)	(17)
Commercial - other
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	234	226
Gross loans receivable after deferred loan costs and premiums	234	226
Allowance for loan losses	(5)	(6)	$ (6)	$ (6)
Consumer
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	15	5
Gross loans receivable after deferred loan costs and premiums	$ 15	$ 5

Loans Receivable Held for Inv_4

Loans Receivable Held for Investment - Activity in the Allowance for Loan Losses by Loan Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Allowance for loan losses:
Beginning balance	$ 2,929	$ 4,069
Provision for (recapture of) loan losses	(190)
Recoveries	190	114
Ending balance	2,929	4,183
Single family
Allowance for loan losses:
Beginning balance	369	594
Provision for (recapture of) loan losses	(22)	(6)
Ending balance	347	588
Multi-family
Allowance for loan losses:
Beginning balance	1,880	2,300
Provision for (recapture of) loan losses	110	208
Ending balance	1,990	2,508
Commercial real estate
Allowance for loan losses:
Beginning balance	52	71
Provision for (recapture of) loan losses	10	(6)
Ending balance	62	65
Church
Allowance for loan losses:
Beginning balance	603	1,081
Provision for (recapture of) loan losses	(286)	(190)
Recoveries	190	114
Ending balance	507	1,005
Construction
Allowance for loan losses:
Beginning balance	19	17
Provision for (recapture of) loan losses	(1)	(6)
Ending balance	18	11
Commercial - other
Allowance for loan losses:
Beginning balance	6	6
Provision for (recapture of) loan losses	(1)
Ending balance	$ 5	$ 6

Loans Receivable Held for Inv_5

Loans Receivable Held for Investment - Allowance for Loan Losses and Recorded Investment in Loans by Type of Loans and Based on Impairment Method (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$ 186	$ 227
Collectively evaluated for impairment	2,743	2,702
Total ending allowance balance	2,929	2,929	$ 4,183	$ 4,069
Loans:
Loans individually evaluated for impairment	5,171	6,380
Loans collectively evaluated for impairment	362,773	352,105
Gross loans receivable after deferred loan costs and premiums	367,944	358,485
Single family
Ending allowance balance attributable to loans:
Individually evaluated for impairment	38	53
Collectively evaluated for impairment	309	316
Total ending allowance balance	347	369	588	594
Loans:
Loans individually evaluated for impairment	606	610
Loans collectively evaluated for impairment	88,762	91,567
Gross loans receivable after deferred loan costs and premiums	89,368	92,177
Multi-family
Ending allowance balance attributable to loans:
Collectively evaluated for impairment	1,990	1,880
Total ending allowance balance	1,990	1,880	2,508	2,300
Loans:
Loans individually evaluated for impairment	321	323
Loans collectively evaluated for impairment	246,683	232,986
Gross loans receivable after deferred loan costs and premiums	247,004	233,309
Commercial real estate
Ending allowance balance attributable to loans:
Collectively evaluated for impairment	62	52
Total ending allowance balance	62	52	65	71
Loans:
Loans collectively evaluated for impairment	6,894	5,800
Gross loans receivable after deferred loan costs and premiums	6,894	5,800
Church
Ending allowance balance attributable to loans:
Individually evaluated for impairment	145	170
Collectively evaluated for impairment	362	433
Total ending allowance balance	507	603	1,005	1,081
Loans:
Loans individually evaluated for impairment	4,181	5,383
Loans collectively evaluated for impairment	18,503	19,713
Gross loans receivable after deferred loan costs and premiums	22,684	25,096
Construction
Ending allowance balance attributable to loans:
Collectively evaluated for impairment	18	19
Total ending allowance balance	18	19	11	17
Loans:
Loans collectively evaluated for impairment	1,745	1,872
Gross loans receivable after deferred loan costs and premiums	1,745	1,872
Commercial - other
Ending allowance balance attributable to loans:
Individually evaluated for impairment	3	4
Collectively evaluated for impairment	2	2
Total ending allowance balance	5	6	$ 6	$ 6
Loans:
Loans individually evaluated for impairment	63	64
Loans collectively evaluated for impairment	171	162
Gross loans receivable after deferred loan costs and premiums	234	226
Consumer
Loans:
Loans collectively evaluated for impairment	15	5
Gross loans receivable after deferred loan costs and premiums	$ 15	$ 5

Loans Receivable Held for Inv_6

Loans Receivable Held for Investment - Loans Individually Evaluated for Impairment by Loan Type (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Impaired loans
Unpaid Principal Balance	$ 6,498	$ 8,243
Recorded Investment	5,171	6,380
Allowance for Loan Losses Allocated, With an allowance recorded	186	227
Single family
Impaired loans
Unpaid Principal Balance, With an allowance recorded	605	610
Recorded Investment, With an allowance recorded	606	610
Allowance for Loan Losses Allocated, With an allowance recorded	38	53
Multi-family
Impaired loans
Unpaid Principal Balance, With no related allowance recorded	321	323
Recorded Investment, With no related allowance recorded	321	323
Church
Impaired loans
Unpaid Principal Balance, With no related allowance recorded	3,492	4,666
Unpaid Principal Balance, With an allowance recorded	2,017	2,580
Recorded Investment, With no related allowance recorded	2,165	2,803
Recorded Investment, With an allowance recorded	2,016	2,580
Allowance for Loan Losses Allocated, With an allowance recorded	145	170
Commercial - other
Impaired loans
Unpaid Principal Balance, With an allowance recorded	63	64
Recorded Investment, With an allowance recorded	63	64
Allowance for Loan Losses Allocated, With an allowance recorded	$ 3	$ 4

Loans Receivable Held for Inv_7

Loans Receivable Held for Investment - Average of Loans Individually Evaluated for Impairment by Loan Type and Related Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Impaired loans
Average Recorded Investment	$ 5,995	$ 9,003
Cash Basis Interest Income Recognized	445	189
Foregone interest income if impaired loans had performed according to terms	40	86
Single family
Impaired loans
Average Recorded Investment	608	625
Cash Basis Interest Income Recognized	8	8
Multi-family
Impaired loans
Average Recorded Investment	322	332
Cash Basis Interest Income Recognized	6	6
Church
Impaired loans
Average Recorded Investment	5,001	7,981
Cash Basis Interest Income Recognized	430	174
Commercial - other
Impaired loans
Average Recorded Investment	64	65
Cash Basis Interest Income Recognized	$ 1	$ 1

Loans Receivable Held for Inv_8

Loans Receivable Held for Investment - Aging of Recorded Investment in Past Due Loans by Loan Type (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Past due receivable
Total Past Due	$ 576	$ 35
Current	367,368	358,450
Gross loans receivable after deferred loan costs and premiums	367,944	358,485
30-59 Days Past Due
Past due receivable
Total Past Due	259	35
60-89 Days Past Due
Past due receivable
Total Past Due	283
Greater than 90 Days Past Due
Past due receivable
Total Past Due	34
Single family
Past due receivable
Total Past Due	34	35
Current	89,334	92,142
Gross loans receivable after deferred loan costs and premiums	89,368	92,177
Single family | 30-59 Days Past Due
Past due receivable
Total Past Due		35
Single family | Greater than 90 Days Past Due
Past due receivable
Total Past Due	34
Multi-family
Past due receivable
Current	247,004	233,309
Gross loans receivable after deferred loan costs and premiums	247,004	233,309
Commercial real estate
Past due receivable
Current	6,894	5,800
Gross loans receivable after deferred loan costs and premiums	6,894	5,800
Church
Past due receivable
Total Past Due	542
Current	22,142	25,096
Gross loans receivable after deferred loan costs and premiums	22,684	25,096
Church | 30-59 Days Past Due
Past due receivable
Total Past Due	259
Church | 60-89 Days Past Due
Past due receivable
Total Past Due	283
Construction
Past due receivable
Current	1,745	1,872
Gross loans receivable after deferred loan costs and premiums	1,745	1,872
Commercial - other
Past due receivable
Current	234	226
Gross loans receivable after deferred loan costs and premiums	234	226
Consumer
Past due receivable
Current	15	5
Gross loans receivable after deferred loan costs and premiums	$ 15	$ 5

Loans Receivable Held for Inv_9

Loans Receivable Held for Investment - Recorded Investment in Non-accrual Loans by Loan Type (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investment in non-accrual loans by type of loans
Total non-accrual loans	$ 782	$ 911
Loans 90 days or more delinquent that were accruing interest	0	0
Church
Investment in non-accrual loans by type of loans
Total non-accrual loans	$ 748	$ 911

Loans Receivable Held for In_10

Loans Receivable Held for Investment - Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 5,200	$ 6,400
Specific reserves allocated to TDRs	$ 186	227
Timely payment period for return to accrual status	6 months
Commitments to lend additional amounts to customers with TDRs	$ 0	$ 0
Number of loans modified | loan	0	0
Non-accrual status
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 748,000	$ 591
Accrual status
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 4,400	$ 5,800

Loans Receivable Held for In_11

Loans Receivable Held for Investment - Risk Category of Loans by Loan Type (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Credit Quality Indicators
Loans receivable	$ 367,944	$ 358,485
Single family
Credit Quality Indicators
Loans receivable	89,368	92,177
Multi-family
Credit Quality Indicators
Loans receivable	247,004	233,309
Commercial real estate
Credit Quality Indicators
Loans receivable	6,894	5,800
Church
Credit Quality Indicators
Loans receivable	22,684	25,096
Construction
Credit Quality Indicators
Loans receivable	1,745	1,872
Commercial - other
Credit Quality Indicators
Loans receivable	234	226
Consumer
Credit Quality Indicators
Loans receivable	15	5
Pass
Credit Quality Indicators
Loans receivable	361,627	352,291
Pass | Single family
Credit Quality Indicators
Loans receivable	89,324	92,132
Pass | Multi-family
Credit Quality Indicators
Loans receivable	245,808	232,642
Pass | Commercial real estate
Credit Quality Indicators
Loans receivable	6,894	5,800
Pass | Church
Credit Quality Indicators
Loans receivable	17,670	19,678
Pass | Construction
Credit Quality Indicators
Loans receivable	1,745	1,872
Pass | Commercial - other
Credit Quality Indicators
Loans receivable	171	162
Pass | Consumer
Credit Quality Indicators
Loans receivable	15	5
Watch
Credit Quality Indicators
Loans receivable	667	672
Watch | Church
Credit Quality Indicators
Loans receivable	667	672
Special Mention
Credit Quality Indicators
Loans receivable	795	35
Special Mention | Single family
Credit Quality Indicators
Loans receivable		35
Special Mention | Multi-family
Credit Quality Indicators
Loans receivable	536
Special Mention | Church
Credit Quality Indicators
Loans receivable	259
Substandard
Credit Quality Indicators
Loans receivable	4,855	5,487
Substandard | Single family
Credit Quality Indicators
Loans receivable	44	10
Substandard | Multi-family
Credit Quality Indicators
Loans receivable	660	667
Substandard | Church
Credit Quality Indicators
Loans receivable	4,088	4,746
Substandard | Commercial - other
Credit Quality Indicators
Loans receivable	$ 63	$ 64

Leases - Summary (Details)

Leases - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)item	Mar. 31, 2018USD ($)
Leases
Number of options to extend | item	1
Extension term	5 years
Option to extend lease term	true
Operating lease, Right-of-use asset	$ 1,100
Operating lease, ROU asset, Statement of Financial Position	us-gaap:PropertyPlantAndEquipmentNet
Operating lease, liability	$ 1,124
Operating lease, liability, Statement of Financial Position	us-gaap:AccruedLiabilitiesAndOtherLiabilities
Lease expense	$ 123	$ 121
Cash paid for amounts included in the measurement of lease liabilities for operating leases:	134
ROU assets obtained in exchange for lease liabilities	$ 1,120
Weighted average remaining lease term in months	25 years
Weighted average discount rate	2.75%

Leases - Future Minimum Payment

Leases - Future Minimum Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Schedule of maturity of the Bank's remaining lease liabilities
Nine months ended December 31, 2019	$ 408
Year ended December 31, 2020	555
Year ended December 31, 2021	195
Total Future Minimum Lease Payments	1,158
Amounts Representing Interest	(34)
Present Value of Net Future Minimum Lease Payments	$ 1,124

Junior Subordinated Debentures

Junior Subordinated Debentures (Details) - USD ($) $ in Thousands	Oct. 16, 2014	Mar. 31, 2019	Dec. 31, 2018	Mar. 17, 2004
Junior Subordinated Debentures
Junior subordinated debentures		$ 5,100	$ 5,100
Floating Rate Junior Subordinated Debentures
Junior Subordinated Debentures
Junior subordinated debentures	$ 5,100
Effective interest rate on debentures (as a percent)		5.17%
Payment of principal amount at face value required to extend maturity	$ 900
Floating Rate Junior Subordinated Debentures | 3-month LIBOR
Junior Subordinated Debentures
Debt instrument interest rate description		3-Month LIBOR
Basis spread (as a percent)		2.54%
Private Placement | Floating Rate Junior Subordinated Debentures
Junior Subordinated Debentures
Junior subordinated debentures				$ 6,000

Fair Value - Assets Measured at

Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Pending Completion
Transfer between level 1 and level 2	$ 0	$ 0
Transfer between level 2 and level 1	0	0
Transfer into level 3	0	0
Transfer out of level 3	0	0
Recurring Basis | Federal agency mortgage-backed securities
Fair Value Pending Completion
Securities available-for-sale, at fair value	9,223	9,508
Recurring Basis | Federal agency debt
Fair Value Pending Completion
Securities available-for-sale, at fair value	5,294	5,214
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Federal agency debt
Fair Value Pending Completion
Securities available-for-sale, at fair value	1,988	1,979
Recurring Basis | Significant Other Observable Inputs (Level 2) | Federal agency mortgage-backed securities
Fair Value Pending Completion
Securities available-for-sale, at fair value	9,223	9,508
Recurring Basis | Significant Other Observable Inputs (Level 2) | Federal agency debt
Fair Value Pending Completion
Securities available-for-sale, at fair value	$ 3,306	$ 3,235

Fair Value - Assets Measured _2

Fair Value - Assets Measured at Fair Value on Non-recurring Basis (Details) - Non-Recurring Basis - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Impaired loans carried at fair value of collateral
Fair Value Pending Completion
Assets, fair value	$ 439	$ 591
Real estate owned
Fair Value Pending Completion
Assets, fair value	$ 820	$ 833

Fair Value - Valuation Methodol

Fair Value - Valuation Methodology and Unobservable Inputs (Details) - Non-Recurring Basis - Significant Unobservable Inputs (Level 3) - item	Mar. 31, 2019	Dec. 31, 2018
Impaired loans carried at fair value of collateral | Minimum
Fair Value Pending Completion
Adjustment for differences between the comparable sales (as a percent)	(3)	(3)
Impaired loans carried at fair value of collateral | Maximum
Fair Value Pending Completion
Adjustment for differences between the comparable sales (as a percent)	(1)	(1)
Impaired loans carried at fair value of collateral | Weighted Average
Fair Value Pending Completion
Adjustment for differences between the comparable sales (as a percent)	(2.57)	(2.83)
Real estate owned
Fair Value Pending Completion
Adjustment for differences between the comparable sales (as a percent)	(11)	(11)
Real estate owned | Weighted Average
Fair Value Pending Completion
Adjustment for differences between the comparable sales (as a percent)	(10.85)	(10.85)

Fair Value - Fair Values of Fin

Fair Value - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Value
Financial Assets:
Loans receivable held for sale	$ 5,154	$ 6,231
Loans receivable held for investment	365,015	355,556
Financial Liabilities:
Time Deposits	180,543	172,564
Federal Home Loan Bank advances	75,000	70,000
Junior subordinated debentures	5,100	5,100
Fair Value
Financial Assets:
Loans receivable held for sale	5,154	6,270
Loans receivable held for investment	360,882	354,792
Financial Liabilities:
Time Deposits	180,077	171,725
Federal Home Loan Bank advances	75,403	69,933
Junior subordinated debentures	4,459	4,481
Significant Other Observable Inputs (Level 2) | Fair Value
Financial Assets:
Loans receivable held for sale	5,154	6,270
Financial Liabilities:
Time Deposits	180,077	171,725
Federal Home Loan Bank advances	75,403	69,933
Significant Unobservable Inputs (Level 3) | Fair Value
Financial Assets:
Loans receivable held for investment	360,882	354,792
Financial Liabilities:
Junior subordinated debentures	$ 4,459	$ 4,481

Stock-based Compensation - Summ

Stock-based Compensation - Summary of plans (Details) - USD ($) $ in Thousands	Jul. 25, 2018	Feb. 28, 2019	Jan. 31, 2019	Feb. 28, 2018	Jan. 31, 2018	Apr. 30, 2017	Mar. 31, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jul. 24, 2018
Stock-based Compensation
Stock based compensation expense related to shares issued for services								$ 52	$ 45
2008 LTIP
Stock-based Compensation
Shares authorized to be granted under stock compensation plan											2,000,000
2008 LTIP | Cash-settled restricted stock units
Stock-based Compensation
Stock based compensation expense (reversal of expense)								92	32
2008 LTIP | Chief Executive Officer | Restricted stock
Stock-based Compensation
Restricted stock award (in shares)							120,483
Stock based compensation expense (reversal of expense)								3	26
2008 LTIP | Chief Executive Officer | Restricted stock | Two-year period
Stock-based Compensation
Restricted stock award (in shares)							100,000
Vesting period of stock award							2 years
2008 LTIP | Chief Executive Officer | Restricted stock | Three-year period
Stock-based Compensation
Restricted stock award (in shares)							20,483
Vesting period of stock award							3 years
2008 LTIP | Chief Executive Officer | Cash-settled restricted stock units | Two-year period
Stock-based Compensation
Restricted stock award (in shares)				97,195		129,270
Vesting period of stock award				2 years		2 years
2018 LTIP
Stock-based Compensation
Shares authorized to be granted under stock compensation plan										1,293,109
Contractual term of option awards	10 years
2018 LTIP | Restricted stock
Stock-based Compensation
Unrecognized compensation cost, restricted stock								$ 505
Period for recognizing unrecognized compensation cost								1 year 11 months 1 day
2018 LTIP | Stock Options
Stock-based Compensation
Stock based compensation expense (reversal of expense)								$ 9	$ 9
Period for recognizing unrecognized compensation cost								1 year 10 months 24 days
Number of stock options granted (in shares)								0	0
2018 LTIP | Employees | Restricted stock
Stock-based Compensation
Stock based compensation expense (reversal of expense)								$ 22
2018 LTIP | Employees | Restricted stock | Two-year period
Stock-based Compensation
Restricted stock award (in shares)		428,796
Vesting period of stock award		2 years
2018 LTIP | Directors | Common Stock
Stock-based Compensation
Shares issued for services			42,168		18,906
Stock based compensation expense related to shares issued for services								$ 52	$ 45

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Option Activity (Details) - 2018 LTIP - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Number Outstanding
Outstanding at beginning of period (in shares)	537,500	537,500
Granted during period (in shares)	0	0
Exercised during period (in shares)	0	0
Forfeited or expired during period (in shares)	(82,500)	0
Outstanding at end of period (in shares)	455,000	537,500
Exercisable at end of period (in shares)	185,000	267,500
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 2.19	$ 2.19
Forfeited or expired during period (in dollars per share)	4.89
Outstanding at end of period (in dollars per share)	1.67	2.19
Exercisable at end of period (in dollars per share)	$ 1.74	$ 2.71
Additional disclosures
Stock based compensation expense (reversal of expense)	$ 9	$ 9
Unrecognized compensation cost, options	$ 74
Period for recognizing unrecognized compensation cost	1 year 10 months 24 days

Stock-based Compensation - Opti

Stock-based Compensation - Options Outstanding and Exercisable (Details) - 2008 LTIP - Stock Options	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Outstanding
Number Outstanding | shares	455,000
Weighted Average Remaining Contractual Life	6 years 9 months 29 days
Weighted Average Exercise Price | $ / shares	$ 1.67
Exercisable
Number Outstanding | shares	185,000
Weighted Average Exercise Price | $ / shares	$ 1.74
Grant Date January 21, 2010
Outstanding
Number Outstanding | shares	5,000
Weighted Average Remaining Contractual Life	9 months 22 days
Weighted Average Exercise Price | $ / shares	$ 6
Exercisable
Number Outstanding | shares	5,000
Weighted Average Exercise Price | $ / shares	$ 6
Grant Date February 24, 2016
Outstanding
Number Outstanding | shares	450,000
Weighted Average Remaining Contractual Life	6 years 10 months 24 days
Weighted Average Exercise Price | $ / shares	$ 1.62
Exercisable
Number Outstanding | shares	180,000
Weighted Average Exercise Price | $ / shares	$ 1.62

ESOP Plan (Details)

ESOP Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
ESOP Plan
Number of common stock purchased by ESOP (in shares)	1,493,679
Purchase price of common stock	$ 1.59
Total cost of shares purchased by ESOP	$ 2,400
Loan to ESOP	$ 1,200
Term of ESOP loan (in years)	20 years
Compensation expense		$ 14	$ 25
Summary of shares held by the ESOP
Allocated to participants		1,047,389		1,036,809
Committed to be released		21,160		10,580
Suspense shares		624,873		646,033
Total ESOP shares		1,693,422		1,693,422
Fair value of unearned shares		$ 890		$ 678
Shares released for allocation				43,009	40,126
Unearned ESOP shares		$ 1,010		$ 1,027

Regulatory Matters (Details)

Regulatory Matters (Details)	Mar. 31, 2019	Dec. 31, 2018
Regulatory Matters
Common Equity Tier 1 required for capital adequacy purposes, ratio (as a percent)	4.50%	4.50%
Tier 1 required for capital adequacy purposes, ratio (as a percent)	6.00%	6.00%
Total capital required for capital adequacy purposes, ratio (as a percent)	8.00%	8.00%
Leverage required for capital adequacy purposes, ratio (as a percent)	4.00%	4.00%
Conservation Buffer Rule Starting January 2016
Regulatory Matters
Capital conservation buffer annual increase (as a percent)	0.625%
Conservation Buffer Rule Subsequent to 2016
Regulatory Matters
Capital conservation buffer annual increase (as a percent)	0.625%
Maximum | Conservation Buffer Rule
Regulatory Matters
Capital conservation buffer (as a percent)	2.50%

Regulatory Matters - Schedule o

Regulatory Matters - Schedule of Actual and Required Capital Amounts and Ratios (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Regulatory Matters
Tier-1 Leverage	$ 49,918	$ 49,433
Tier 1 Leverage, ratio (as a percent)	11.99%	12.03%
Common Equity Tier 1	$ 49,918	$ 49,433
Common Equity Tier 1, ratio (as a percent)	19.40%	19.32%
Tier 1	$ 49,918	$ 49,433
Tier 1, ratio (as a percent)	19.40%	19.32%
Total Capital	$ 52,868	$ 52,417
Total Capital, ratio (as a percent)	20.55%	20.48%
Leverage required for capital adequacy purposes	$ 16,649	$ 16,439
Leverage required for capital adequacy purposes, ratio (as a percent)	4.00%	4.00%
Common Equity Tier 1 required for capital adequacy purposes	$ 18,730	$ 18,494
Common Equity Tier 1 required for capital adequacy purposes, ratio (as a percent)	4.50%	4.50%
Tier 1 required for capital adequacy purposes	$ 24,973	$ 24,659
Tier 1 required for capital adequacy purposes, ratio (as a percent)	6.00%	6.00%
Total capital required for capital adequacy purposes	$ 33,298	$ 32,879
Total capital required for capital adequacy purposes, ratio (as a percent)	8.00%	8.00%

Regulatory Matters - Schedule_2

Regulatory Matters - Schedule of Actual and Required Capital Amounts and Ratios - Basel III and Dodd Frank Rules (Details) - Corrective Action Rules - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Basel III and Dodd Frank Rules
Tier 1 Leverage required to be Well Capitalized	$ 20,811	$ 20,549
Tier 1 Leverage required to be Well Capitalized (as a percent)	5.00%	5.00%
Common Equity Tier I required to be Well Capitalized	$ 16,724	$ 16,634
Common Equity Tier I required to be Well Capitalized (as a percent)	6.50%	6.50%
Tier I Capital required to be Well Capitalized	$ 20,584	$ 20,472
Tier I Capital required to be Well Capitalized (as a percent)	8.00%	8.00%
Total Capital required to be Well Capitalized	$ 25,730	$ 25,590
Total Capital required to be Well Capitalized (as a percent)	10.00%	10.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Income Taxes
Period for which prior cumulative losses considered in assessing the realization of deferred tax assets	2 years
Valuation allowance	$ 0	$ 0
Net deferred tax assets	$ 4.9	$ 5

Concentration of Credit Risk (D

Concentration of Credit Risk (Details)	3 Months Ended
	Mar. 31, 2019
Long-time Customer | Deposits
Concentration of Credit Risk
Percentage of concentration of risk	11.00%