Broadway Financial (BYFC) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 12, 2020
Document and Entity Information
Entity Registrant Name	BROADWAY FINANCIAL CORP \DE\
Entity Central Index Key	0001001171
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
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	2020
Document Fiscal Period Focus	Q2
Entity Shell Company	false
Entity Interactive Data Current	Yes
Common Stock, Voting
Document and Entity Information
Entity Common Stock, Shares Outstanding		19,282,571
Common Stock, Non-Voting
Document and Entity Information
Entity Common Stock, Shares Outstanding		8,756,396

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Cash and due from banks	$ 14,700	$ 3,016
Interest-bearing deposits in other banks	25,148	12,550
Cash and cash equivalents	39,848	15,566
Securities available-for-sale, at fair value	10,192	11,006
Loans receivable held for sale, at lower of cost or fair value	49,719
Loans receivable held for investment, net of allowance of $3,215 and $3,182	374,417	397,847
Accrued interest receivable	1,291	1,223
Federal Home Loan Bank (FHLB) stock, at cost	3,586	2,916
Office properties and equipment, net	2,730	2,783
Bank owned life insurance	3,123	3,100
Deferred tax assets, net	5,393	5,220
Investment in affordable housing limited partnership	111	163
Other assets	894	545
Total assets	491,304	440,369
Liabilities:
Deposits	315,778	297,724
FHLB advances	116,500	84,000
Junior subordinated debentures	3,825	4,335
Advance payments by borrowers for taxes and insurance	1,076	1,033
Accrued expenses and other liabilities	4,605	4,429
Total liabilities	441,784	391,521
Stockholders' Equity:
Preferred stock, $.01 par value, authorized 1,000,000 shares; none issued or outstanding
Additional paid-in capital	46,650	46,426
Retained earnings	8,608	8,425
Unearned Employee Stock Ownership Plan (ESOP) shares	(927)	(959)
Accumulated other comprehensive gain (loss), net of tax	209	(23)
Treasury stock-at cost, 2,617,826 shares at June 30, 2020 and at December 31, 2019	(5,326)	(5,326)
Total stockholders' equity	49,520	48,848
Total liabilities and stockholders' equity	491,304	440,369
Common Stock | Common Stock, Voting
Stockholders' Equity:
Common stock	219	218
Total stockholders' equity	219	218
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	Jun. 30, 2020	Dec. 31, 2019
Allowance for loan losses (in dollars)	$ 3,215	$ 3,182
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	21,900,397	21,729,249
Common stock, shares outstanding	19,282,571	19,111,423
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest Income:
Interest and fees on loans receivable	$ 4,429	$ 3,841	$ 8,788	$ 7,956
Interest on mortgage-backed and other securities	65	95	135	193
Other interest income	74	149	216	309
Total interest income	4,568	4,085	9,139	8,458
Interest Expense:
Interest on deposits	967	1,097	2,022	2,124
Interest on borrowings	570	526	1,188	1,059
Total interest expense	1,537	1,623	3,210	3,183
Net interest income	3,031	2,462	5,929	5,275
Loan loss provision (recapture)		(158)	29	(348)
Net interest income after loan loss provision recapture	3,031	2,620	5,900	5,623
Non-Interest Income:
Service charges	94	115	238	237
Gain on sale of loans	116		123
CDFI grant				233
Other	32	24	78	45
Total non-interest income	242	139	439	515
Non-Interest Expense:
Compensation and benefits	1,983	1,875	4,038	3,757
Occupancy expense	320	312	635	620
Information services	221	218	458	426
Professional services	571	235	835	574
Office services and supplies	87	67	163	135
Loan related expenses	20	47	21	58
Corporate insurance	32	34	64	69
Amortization of investment in affordable housing limited partnership	8	49	53	98
Other	160	185	284	345
Total non-interest expense	3,402	3,022	6,551	6,082
(Loss) income before income taxes	(129)	(263)	(212)	56
Income tax benefit	(345)	(128)	(395)	(86)
Net income (loss)	216	(135)	183	142
Other comprehensive income, net of tax:
Unrealized gains on securities available-for-sale arising during the period	155	157	330	353
Income tax expense	46	46	98	104
Other comprehensive income, net of tax	109	111	232	249
Comprehensive income (loss)	$ 325	$ (24)	$ 415	$ 391
Earnings (loss) per common share-basic	$ 0.01	$ (0.01)	$ 0.01	$ 0.01
Earnings (loss) per common share-diluted	$ 0.01	$ (0.01)	$ 0.01	$ 0.01

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 183	$ 142
Adjustments to reconcile net income to net cash used in operating activities:
Loan loss provision (recapture)	29	(348)
Provision for losses on REOs		13
Depreciation	115	115
Net amortization of deferred loan origination costs	136	95
Net amortization of premiums on mortgage-backed securities	19	13
Amortization of investment in affordable housing limited partnership	53	98
ESOP compensation expense	32	28
Earnings on bank owned life insurance	(23)	(26)
Originations of loans receivable held for sale	(110,908)	(10,280)
Proceeds from sales and repayments of loans receivable held for sale	60,997
Repayments on loans receivable held for sale	315	46
Gain on sale of loans receivable held for sale	(123)
Change in assets and liabilities:
Net change in deferred taxes	(271)	(31)
Net change in accrued interest receivable	(68)	(111)
Net change in other assets	(349)	107
Net change in advance payments by borrowers for taxes and insurance	43	29
Net change in accrued expenses and other liabilities	442	(281)
Net cash used in operating activities	(49,154)	(10,230)
Cash flows from investing activities:
Net change in loans receivable held for investment	23,265	(7,153)
Principal payments on available-for-sale securities	1,125	952
Proceeds from sales of REO		820
Purchase of FHLB stock	(670)
Purchase of office properties and equipment	(328)	(23)
Net cash provided by (used in) investing activities	23,392	(5,404)
Cash flows from financing activities:
Net change in deposits	18,054	14,384
Proceeds from FHLB advances	66,000	10,000
Repayments on FHLB advances	(33,500)	(5,000)
Repayments of junior subordinated debentures	(510)	(255)
Net cash provided by financing activities	50,044	19,129
Net change in cash and cash equivalents	24,282	3,495
Cash and cash equivalents at beginning of the period	15,566	16,651
Cash and cash equivalents at end of the period	39,848	20,146
Supplemental disclosures of cash flow information:
Cash paid for interest	3,290	2,971
Cash paid for income taxes	3	13
Supplemental disclosures of non-cash investing and financing activities:
Transfers of loans receivable held for sale to loans receivable held for investment		1,064
Transfers of loans receivable held for investment to loans receivable held for sale		10,684
Initial Recognition of Operating Lease Right-of-Use Assets		1,120
Initial Recognition of Operating Lease Liabilities		1,120
Employees, excluding Directors
Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation expense	179	109
Directors
Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation expense	$ 45	$ 52

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 (Loss) Income	Retained Earnings (Substantially Restricted)	Unearned ESOP Shares	Treasury Stock	Total
Balance at Dec. 31, 2018	$ 213	$ 87	$ 46,141	$ (283)	$ 8,631	$ (1,027)	$ (5,326)	$ 48,436
Balance at Mar. 31, 2019	218	87	46,219	(145)	8,908	(1,010)	(5,326)	48,951
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 (loss)					142			142
Release of unearned ESOP shares			(5)			33		28
Restricted stock Compensation expense	5		85					90
Stock awarded to directors			52					52
Stock option compensation expense			19					19
Other comprehensive income (loss), net of tax				249				249
Balance at Jun. 30, 2019	218	87	46,292	(34)	8,773	(994)	(5,326)	49,016
Balance at Mar. 31, 2019	218	87	46,219	(145)	8,908	(1,010)	(5,326)	48,951
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(135)			(135)
Release of unearned ESOP shares			(2)			16		14
Restricted stock Compensation expense			65					65
Stock option compensation expense			10					10
Other comprehensive income (loss), net of tax				111				111
Balance at Jun. 30, 2019	218	87	46,292	(34)	8,773	(994)	(5,326)	49,016
Balance at Dec. 31, 2019	218	87	46,426	(23)	8,425	(959)	(5,326)	48,848
Balance at Mar. 31, 2020	219	87	46,550	100	8,392	(942)	(5,326)	49,080
Balance at Dec. 31, 2019	218	87	46,426	(23)	8,425	(959)	(5,326)	48,848
Increase (Decrease) in Stockholders' Equity
Net income (loss)					183			183
Release of unearned ESOP shares						32		32
Restricted stock Compensation expense	1		160					161
Stock awarded to directors			45					45
Stock option compensation expense			19					19
Other comprehensive income (loss), net of tax				232				232
Balance at Jun. 30, 2020	219	87	46,650	209	8,608	(927)	(5,326)	49,520
Balance at Mar. 31, 2020	219	87	46,550	100	8,392	(942)	(5,326)	49,080
Increase (Decrease) in Stockholders' Equity
Net income (loss)					216			216
Release of unearned ESOP shares						15		15
Restricted stock Compensation expense			90					90
Stock option compensation expense			10					10
Other comprehensive income (loss), net of tax				109				109
Balance at Jun. 30, 2020	$ 219	$ 87	$ 46,650	$ 209	$ 8,608	$ (927)	$ (5,326)	$ 49,520

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	6 Months Ended
	Jun. 30, 2020
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” and, together with the Company, “Broadway”). 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, 2019 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 and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Recent Accounting Pronouncements 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 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. On October 16, 2019, the FASB voted to affirm the proposed amended effective date for ASU 2016-13 for smaller reporting companies (“SRCs”) as defined by the SEC. The final ASU, was issued in November 2019, delays the implementation date for ASU 2016-13 to fiscal years beginning after December 15, 2022. SRCs are defined as companies with less than $250 million of public float or less than $100 million in annual revenues for the previous year and no public float or public float of less than $700 million. The Company qualifies as an SRC, and management will implement ASU 2016-13 in the first quarter of 2023. The estimated financial impact has not yet been determined. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This ASU is effective January 1, 2020 and clarifies the scope of the credit losses standard and addresses issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. The amendments to Topic 326 have the same effective dates as ASU 2016-13. This guidance did not have a significant impact on the Company's consolidated financial statements. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. This ASU allows entities to irrevocably elect the fair value option on an instrument-by-instrument basis for eligible financial assets measured at amortized cost basis upon adoption of the credit loss standards. The effective date for this ASU is the same as for ASU 2016-13. We will evaluate this ASU in conjunction with ASU 2016-13 to determine its impact on our financial condition and results of operations. 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 regarding 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 did not have a significant impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments in this ASU are intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments are also intended to improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We are currently in the process of evaluating the impact of this ASU on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions regarding the accounting related to the modifications of certain contracts, relationships and other transactions that are affected by reference rate reform related to contracts that reference LIBOR or other reference rates that could be discontinued due to reference rate reform. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. This guidance did not have a significant impact on the Company's consolidated financial statements as of March 31, 2020.

Earnings Per Share of Common St

Earnings Per Share of Common Stock	6 Months Ended
	Jun. 30, 2020
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 (loss) per share of common stock for the periods indicated: For the three months ended June 30, For the six months ended June 30, 2020 2019 2020 2019 (Dollars in thousands, except per share) Net income (loss) $ $ (135) $ $ 142 Less net income (loss) attributable to participating securities (2) 2 Income (loss) available to common stockholders $ $ (133) $ $ 140 Weighted average common shares outstanding for basic earnings (loss) per common share 26,858,018 26,711,043 Add: dilutive effects of unvested restricted stock awards — 396,331 Weighted average common shares outstanding for diluted earnings (loss) per common share 27,450,716 26,858,018 27,107,374 Earnings (loss) per common share - basic $ $ (0.01) $ $ 0.01 Earnings (loss) per common share - diluted $ $ (0.01) $ $ 0.01 Stock options for 450,000 shares of common stock for the three and six months ended June 30, 2020 and stock options for 455,000 shares of common stock for the three and six months ended June 30, 2019 were not considered in computing diluted earnings per common share because they were anti-dilutive .

Securities

Securities	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020: Federal agency mortgage-backed securities $ 6,812 $ 326 $ — $ 7,138 Federal agency debt 2,850 204 — 3,054 Total available-for-sale securities $ 9,662 $ 530 $ — $ 10,192 December 31, 2019: Federal agency mortgage-backed securities $ 7,792 $ 164 $ — $ 7,956 Federal agency debt 3,014 36 — 3,050 Total available-for-sale securities $ 10,806 $ 200 $ — $ 11,006 At June 30, 2020, the Bank had two federal agency debt securities with total amortized cost of $2.9 million, estimated total fair value of $3.1 million and an estimated average remaining life of 5.5 years. The Bank also had 22 federal agency mortgage-backed securities with total amortized cost of $6.8 million, estimated total fair value of $7.1 million and an estimated average remaining life of 3.1 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 June 30, 2020 and December 31, 2019. At June 30, 2020 and December 31, 2019, 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 and six months ended June 30, 2020 and 2019. The Bank held 24 securities with unrealized gains at June 30, 2020 and December 31, 2019. All of the Bank's securities were issued by the federal government or its agencies. The unrealized gains on our available-for-sale securities at June 30, 2020 were primarily caused by movements in market interest rates subsequent to the purchase of such securities.

Loans Receivable Held for Sale

Loans Receivable Held for Sale	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 totaled $49.7 million and consisted of multi-family loans. The Bank did not have any loans held for sale at December 31,2019. During the first six months of 2020, the Bank originated $110.9 million of multi-family loans for sale and sold $60.9 million of loans held for sale. During the first six months of 2019, the Bank originated $10.3 million of multi-family loans for sale. There were no loan sales during the six months ended June 30, 2019. Loan repayments totaled $315 thousand and $46 thousand during the six months ended June 30, 2020 and 2019, respectively.

Loans Receivable Held for Inves

Loans Receivable Held for Investment	6 Months Ended
	Jun. 30, 2020
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 dates indicated: June 30, 2020 December 31, 2019 (In thousands) Real estate: Single family $ 58,826 $ 72,883 Multi-family 277,758 287,378 Commercial real estate 18,672 14,728 Church 19,489 21,301 Construction 1,409 3,128 Commercial – other 277 262 Consumer 10 21 Gross loans receivable before deferred loan costs and premiums 376,441 399,701 Unamortized net deferred loan costs and premiums 1,191 1,328 Gross loans receivable 377,632 401,029 Allowance for loan losses (3,215) (3,182) Loans receivable, net $ 374,417 $ 397,847 The following tables present the activity in the allowance for loan losses by loan type for the periods indicated: Three Months Ended June 30, 2020 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 308 $ 2,408 $ 140 $ 323 $ 24 $ 7 $ 1 $ 3,211 Provision for (recapture of) loan losses — 16 29 (41) (2) (1) (1) — Recoveries 4 — — — — — — 4 Loans charged off — — — — — — — — Ending balance $ 312 $ 2,424 $ 169 $ 282 $ 22 $ 6 $ — $ 3,215 Three Months Ended June 30, 2019 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 347 $ 1,990 $ 62 $ 507 $ 18 $ 5 $ — $ 2,929 Provision for (recapture of) loan losses (19) (58) (4) (106) 26 — 3 (158) Recoveries — — — — — — — — Loans charged off — — — — — — — — Ending balance $ 328 $ 1,932 $ $ $ 44 $ 5 $ 3 $ 2,771 Six Months Ended June 30, 2020 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 312 $ 2,319 $ 133 $ 362 $ 48 $ 7 $ 1 $ 3,182 Provision for (recapture of) loan losses (4) 105 36 (80) (26) (1) (1) 29 Recoveries 4 — — — — — — 4 Loans charged off — — — — — — — — Ending balance $ 312 $ 2,424 $ 169 $ 282 $ 22 $ 6 $ — $ 3,215 Six Months Ended June 30, 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 (41) 52 6 (392) 25 (1) 3 (348) Recoveries — — — 190 — — — 190 Loans charged off — — — — — — — — Ending balance $ 328 $ 1,932 $ 58 $ 401 $ 44 $ 5 $ 3 $ 2,771 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 the dates indicated: June 30, 2020 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 $ 71 $ — $ — $ 72 $ — $ 1 $ — $ 144 Collectively evaluated for impairment 241 2,424 169 210 22 5 — 3,071 Total ending allowance balance $ 312 $ 2,424 $ 169 $ 282 $ 22 $ 6 $ — $ 3,215 Loans: Loans individually evaluated for impairment $ 592 $ 307 $ — $ 4,135 $ — $ 50 $ — $ 5,084 Loans collectively evaluated for impairment 58,409 279,017 18,742 14,733 1,409 228 10 372,548 Total ending loans balance $ 59,001 $ 279,324 $ 18,742 $ 18,868 $ 1,409 $ 278 $ 10 $ 377,632 December 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 $ 60 $ — $ — $ 85 $ — $ 2 $ — $ 147 Collectively evaluated for impairment 252 2,319 133 277 48 5 1 3,035 Total ending allowance balance $ 312 $ 2,319 $ 133 $ 362 $ 48 $ 7 $ 1 $ 3,182 Loans: Loans individually evaluated for impairment $ 611 $ 313 $ — $ 4,356 $ — $ 63 $ — $ 5,343 Loans collectively evaluated for impairment 72,501 288,730 14,818 16,292 3,125 199 21 395,686 Total ending loans balance $ 73,112 $ 289,043 $ 14,818 $ 20,648 $ 3,125 $ 262 $ 21 $ 401,029 The following table presents information related to loans individually evaluated for impairment by loan type as of the periods indicated: June 30, 2020 December 31, 2019 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: Single family $ $ $ — $ — $ — $ — Multi-family $ $ $ — 313 313 — Church $ $ $ — 3,491 2,446 — With an allowance recorded: Single family 593 593 60 Church 1,928 1,928 85 Commercial - other 63 63 2 Total $ $ $ $ 6,388 $ 5,343 $ 147 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 June 30, 2020 Three Months Ended June 30, 2019 Cash Basis Cash Basis Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) Single family $ 597 $ 7 $ 638 $ 5 Multi-family 308 5 320 5 Church 4,160 74 4,741 402 Commercial – other 59 1 63 — Total $ 5,124 $ 87 $ 5,762 $ 412 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash Basis Cash Basis Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) Single family $ $ $ 640 $ 15 Multi-family 321 11 Church 5,383 517 Commercial – other 64 2 Total $ $ $ 6,408 $ 545 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 $22 thousand and $40 thousand for the three months ended June 30, 2020 and 2019, respectively, and $45 thousand and $80 thousand for the six months ended June 30, 2020 and 2019, respectively, and were not included in the consolidated results of operations. There were no loans delinquent as of June 30, 2020. The following tables present the aging of the recorded investment in past due loans by loan type as of the periods indicated: June 30, 2020 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 $ — $ — $ — $ — $ 59,001 $ 59,001 Multi-family — — — — 279,324 279,324 Commercial real estate — — — — 18,742 18,742 Church — — — — 18,868 18,868 Construction — — — — 1,409 1,409 Commercial - other — — — — 278 278 Consumer — — — — 10 10 Total $ — $ — $ — $ — $ 377,632 $ 377,632 December 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 $ 18 $ — $ — $ 18 $ 73,094 $ 73,112 Multi-family — — — — 289,043 289,043 Commercial real estate — — — — 14,818 14,818 Church — — — — 20,648 20,648 Construction — — — — 3,125 3,125 Commercial - other — — — — 262 262 Consumer — — — — 21 21 Total $ 18 $ — $ — $ 18 $ 401,011 $ 401,029 The following table presents the recorded investment in non-accrual loans by loan type as of the periods indicated: June 30, 2020 December 31, 2019 (In thousands) Loans receivable held for investment: Single-family residence $ 9 $ 18 Church $ 837 406 Total non-accrual loans $ 846 $ 424 There were no loans 90 days or more delinquent that were accruing interest as of June 30, 2020 or December 31, 2019. None of the church non-accrual loans were delinquent, but none qualified for accrual status as of the periods indicated. Troubled Debt Restructurings In March 2020, a joint statement was issued by federal and state regulatory agencies, after consultation with the FASB, to clarify that short-term loan modifications, such as payment deferrals, fee waivers, extensions of repayment terms or other insignificant payment delays, are not TDRs if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to any relief. Under this guidance, six months or less is provided as an example of short-term, and current is defined as less than 30 days past due at the time the modification program is implemented. The guidance also provides that these modified loans generally will not be classified as non-accrual loans during the term of the modification. The Bank has implemented a loan modification program for the effects of COVID-19 on its borrowers. At the date of this filing, two borrowers have requested loan modifications. Both borrowers were current at the time modification program was implemented. To date, no modifications have been granted. At June 30, 2020, loans classified as troubled debt restructurings (“TDRs”) totaled $4.5 million, of which $254 thousand were included in non-accrual loans and $4.2 million were on accrual status. At December 31, 2019, loans classified as TDRs totaled $4.7 million, of which $406 thousand were included in non-accrual loans and $4.3 million were on accrual status. The Company has allocated $144 thousand and $147 thousand of specific reserves for accruing TDRs as of June 30, 2020 and December 31, 2019, 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 June 30, 2020 and December 31, 2019, 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 or six months ended June 30, 2020 and 2019. 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: June 30, 2020 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 58,992 $ — $ — $ 9 $ — $ — Multi-family 278,551 401 — 372 — — Commercial real estate 17,242 1,500 — — — — Church 14,741 1,302 — 2,825 — — Construction 1,409 — — — — — Commercial - other 228 — — 50 — — Consumer 10 — — — — — Total $ 371,173 $ 3,203 $ — $ 3,256 $ — $ — December 31, 2019 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 73,094 $ — $ — $ 18 $ — $ — Multi-family 288,251 411 — 381 — — Commercial real estate 14,818 — — — — — Church 16,546 411 — 3,691 — — Construction 3,125 — — — — — Commercial - other 199 — — 63 — — Consumer 21 — — — — — Total $ 396,054 $ 822 $ — $ 4,153 $ — $ —

Leases

Leases	6 Months Ended
	Jun. 30, 2020
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 office properties and equipment 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 lease 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 had a ROU asset of $460 thousand and an operating lease liability of $468 thousand as of June 30, 2020. The Bank has no finance leases. The Bank recorded operating lease expense costs of $121 thousand and $123 thousand for the quarters ended June 30, 2020 and June 30, 2019, respectively, and $242 thousand and $245 thousand for the first six months of 2020 and the first six months of 2019, respectively. Additional information regarding our operating leases is summarized below as of or for the periods ended June 30, 2020 indicated (dollars in thousands): Quarter ended Six Months ended June 30, 2020 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: $ 88 $ 174 Weighted average remaining lease term in months 10 Weighted average discount rate % The future minimum payments for operating leases with remaining terms of one year or more as of June 30, 2020 were as follows (in thousands): Six months ended December 31, 2020 $ Year ended December 31, 2021 Total Future Minimum Lease Payments Amounts Representing Interest Present Value of Net Future Minimum Lease Payments $

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2020
Borrowings
Borrowings	NOTE (7) – Borrowings At June 30, 2020 and December 31, 2019, the Bank had outstanding Advances from the Federal Home Loan Bank of San Francisco (“FHLB”) totaling $116.5 million and $84.0 million, respectively. The weighted rate interest rate was 1.84% and 2.32% as of June 30, 2020 and December 31, 2019, respectively. The weighted average contractual maturity was 31 months and 18 months as of June 30, 2020 and December 31, 2019, respectively. The advances were collateralized by $210.4 million and $156.1 million of first mortgage loans at June 30, 2020 and December 31, 2019, respectively. 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 2.86% at June 30, 2020. 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 began making quarterly payments of equal amounts of principal, plus interest, and will continue until the Debentures are fully amortized on March 17, 2024. At June 30, 2020, the Company had repaid a total of $1.3 million of the scheduled principal. The Debentures may be called for redemption at any time by the Company.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020: Securities available-for-sale - federal agency mortgage-backed $ — $ 7,138 $ — $ 7,138 Securities available-for-sale - federal agency debt — 3,054 — 3,054 At December 31, 2019: Securities available-for-sale - federal agency mortgage-backed $ — $ 7,956 $ — $ 7,956 Securities available-for-sale - federal agency debt — 3,050 — 3,050 There were no transfers between Level 1, Level 2, or Level 3 during the three and six months ended June 30, 2020 and 2019. 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 statements of financial 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. June 30, 2020 December 31, 2019 (In thousands) Impaired loans carried at fair value of collateral $ — $ 130 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 June 30, 2020 and December 31, 2019. 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 June 30, 2020 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ $ — $ 49,735 $ — $ 49,735 Loans receivable held for investment — — 377,618 377,618 Financial Liabilities: Time Deposits $ $ — $ 154,448 $ — $ 154,448 Federal Home Loan Bank advances — 120,788 — 120,788 Junior subordinated debentures — — 3,261 3,261 Fair Value Measurements at December 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ — $ — $ — $ — $ — Loans receivable held for investment $ 397,847 — — $ 404,923 $ 404,923 Financial Liabilities: Time Deposits $ 190,235 $ — $ 190,353 $ — $ 190,353 Federal Home Loan Bank advances 84,000 — 84,997 — 84,997 Junior subordinated debentures 4,335 — — 3,734 3,734 In accordance with ASU No. 2016-01, the fair value of certain financial assets and liabilities, including loans, time deposits, and junior subordinated debentures, as of June 30, 2020 and December 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	6 Months Ended
	Jun. 30, 2020
Stock-based Compensation
Stock-based Compensation	NOTE (9) – Stock-based Compensation On July 25, 2018, the stockholders approved the 2018 Long-Term Incentive Plan ("2018 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 June 30, 2020, 630,080 shares had been awarded and 663,029 shares are available under the 2018 LTIP. In February 2020 and January 2019, the Company awarded 30,930 and 42,168 shares of common stock, respectively, to its directors under the 2018 LTIP, which are fully vested. The Company recorded $45 thousand and $52 thousand of compensation expense for the quarters ended March 31, 2020 and March 31, 2019, respectively, 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 2020 and 2019, the Company awarded 140,218 shares and 428,797 shares, respectively, of restricted stock to its officers and employees under the 2018 LTIP. Each restricted stock award is valued 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. These awarded shares of restricted stock are fully vested over a two-year period from their respective dates of grants. Stock based compensation expense is recognized on a straight-line basis over the vesting period. During the three and six months ended June 30, 2020, the Company recorded $90 and $161 thousand of stock based compensation expense related to these awards, respectively. As of June 30, 2020, unrecognized compensation cost related to non-vested restricted stock awards was $320 thousand which is expected to be recognized over a period of 20 months. No stock options were granted during the three and six months ended June 30, 2020 and 2019. The following table summarizes stock option activity during the six months ended June 2020 and 2019: Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 Weighted Weighted Average Average Number Exercise Number Exercise Outstanding Price Outstanding Price Outstanding at beginning of period 455,000 $ 1.67 537,500 $ 2.19 Granted during period — — — — Exercised during period — — — — Forfeited or expired during period (5,000) 6.00 (82,500) 4.89 Outstanding at end of period 450,000 $ 1.62 455,000 $ 1.67 Exercisable at end of period 360,000 $ 1.62 275,000 $ 1.70 The Company recorded $10 thousand and $19 thousand of stock-based compensation expense related to stock options during the three and six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the unrecognized compensation cost related to nonvested stock options granted under the plan was $26 thousand. The cost is expected to be recognized over a period of 8 months. Options outstanding and exercisable at June 30, 2020 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 February 24, 2016 450,000 5.65 years $ 1.62 360,000 $ 1.62 450,000 5.65 years $ 1.62 $ 176 360,000 $ 1.62 $ 176

ESOP Plan

ESOP Plan	6 Months Ended
	Jun. 30, 2020
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 $15 thousand and $14 thousand for the three months ended June 30, 2020 and 2019, respectively, and $32 thousand and $28 thousand for the six months ended June 30, 2020 and 2019, respectively. Shares held by the ESOP were as follows: June 30, 2020 December 31, 2019 (Dollars in thousands) Allocated to participants 1,024,429 1,024,429 Committed to be released 31,248 10,416 Suspense shares 583,044 603,876 Total ESOP shares 1,638,721 1,638,721 Fair value of unearned shares $ 1,230 $ 930 Unearned shares, which are reported as Unearned ESOP shares in the equity section of the consolidated statements of financial condition, were $927 thousand and $959 thousand at June 30, 2020 and December 31, 2019, respectively.

Regulatory Matters

Regulatory Matters	6 Months Ended
	Jun. 30, 2020
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 capital conservation buffer is also required to be maintained above the regulatory minimum capital requirements. This capital conservation buffer was phased in on a schedule that began on January 1, 2016 at 0.625% of risk-weighted assets and increased each subsequent year by an additional 0.625% until it reached its final level of 2.5% on January 1, 2019. The Basel III Capital rules also revised the previously existing prompt corrective action regulatory 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 complement the capital conservation buffer, insured depository institutions are 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). At June 30, 2020 and December 31, 2019, 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) June 30, 2020: Tier 1 (Leverage) $ 9.71 % $ 4.00 % $ 5.00 % Common Equity Tier 1 $ 16.07 % $ 4.50 % $ 6.50 % Tier 1 $ 16.07 % $ 6.00 % $ 8.00 % Total Capital $ 17.15 % $ 8.00 % $ 10.00 % December 31, 2019: Tier 1 (Leverage) $ 48,541 11.56 % $ 16,798 4.00 % $ 20,997 5.00 % Common Equity Tier 1 $ 48,541 17.14 % $ 12,743 4.50 % $ 18,406 6.50 % Tier 1 $ 48,541 17.14 % $ 16,990 6.00 % $ 22,654 8.00 % Total Capital $ 51,790 18.29 % $ 22,654 8.00 % $ 28,318 10.00 %

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes
Income Taxes	NOTE (12) – Income Taxes Income tax expense or benefit is computed by applying the statutory federal income tax rate of 21% and the California income tax rate of 10.84% to taxable income or loss. The Company recorded income tax benefits of $345 thousand and $395 thousand for the three and six months ended June 30, 2020, respectively, compared to income tax benefits of $128 thousand and $86 thousand for the three and six months ended June 30, 2019, respectively. The increase in income tax benefit during the second quarter and first six months of 2020 was primarily due to a tax adjustment of $273 thousand upon the resolution of an outstanding audit issue with the California Franchise Tax Board for tax years 2009 to 2013. In addition, the Company recorded low-income housing tax credits of $29 thousand and $58 thousand during the second quarter and six months ended June 30, 2020, compared to $50 thousand and $99 thousand during the second quarter and six months ended June 30, 2019. 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 evaluates 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 June 30, 2020, no valuation allowance was required on its deferred tax assets, which totaled $5.4 million.

Concentration of Deposit Risk

Concentration of Deposit Risk	6 Months Ended
	Jun. 30, 2020
Concentration of Deposit Risk
Concentration of Deposit Risk	NOTE (13) – Concentration of Credit Risk The Bank has a significant concentration of deposits with a long-time customer that accounted for approximately 13% of its deposits as of June 30, 2020. The Bank expects to maintain this relationship with the customer.

Basis of Financial Statement _2

Basis of Financial Statement Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Basis of Financial Statement Presentation
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 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. On October 16, 2019, the FASB voted to affirm the proposed amended effective date for ASU 2016-13 for smaller reporting companies (“SRCs”) as defined by the SEC. The final ASU, was issued in November 2019, delays the implementation date for ASU 2016-13 to fiscal years beginning after December 15, 2022. SRCs are defined as companies with less than $250 million of public float or less than $100 million in annual revenues for the previous year and no public float or public float of less than $700 million. The Company qualifies as an SRC, and management will implement ASU 2016-13 in the first quarter of 2023. The estimated financial impact has not yet been determined. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This ASU is effective January 1, 2020 and clarifies the scope of the credit losses standard and addresses issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. The amendments to Topic 326 have the same effective dates as ASU 2016-13. This guidance did not have a significant impact on the Company's consolidated financial statements. In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. This ASU allows entities to irrevocably elect the fair value option on an instrument-by-instrument basis for eligible financial assets measured at amortized cost basis upon adoption of the credit loss standards. The effective date for this ASU is the same as for ASU 2016-13. We will evaluate this ASU in conjunction with ASU 2016-13 to determine its impact on our financial condition and results of operations. 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 regarding 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 did not have a significant impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments in this ASU are intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments are also intended to improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We are currently in the process of evaluating the impact of this ASU on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions regarding the accounting related to the modifications of certain contracts, relationships and other transactions that are affected by reference rate reform related to contracts that reference LIBOR or other reference rates that could be discontinued due to reference rate reform. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. This guidance did not have a significant impact on the Company's consolidated financial statements as of March 31, 2020.

Earnings Per Share of Common _2

Earnings Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share of Common Stock
Schedule of basic and diluted earnings (loss) per share of common stock	For the three months ended June 30, For the six months ended June 30, 2020 2019 2020 2019 (Dollars in thousands, except per share) Net income (loss) $ $ (135) $ $ 142 Less net income (loss) attributable to participating securities (2) 2 Income (loss) available to common stockholders $ $ (133) $ $ 140 Weighted average common shares outstanding for basic earnings (loss) per common share 26,858,018 26,711,043 Add: dilutive effects of unvested restricted stock awards — 396,331 Weighted average common shares outstanding for diluted earnings (loss) per common share 27,450,716 26,858,018 27,107,374 Earnings (loss) per common share - basic $ $ (0.01) $ $ 0.01 Earnings (loss) per common share - diluted $ $ (0.01) $ $ 0.01

Securities (Tables)

Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Securities
Summary of available-for-sale investment securities portfolios	Gross Gross Unrealized Unrealized Amortized Cost Gains Losses Fair Value (In thousands) June 30, 2020: Federal agency mortgage-backed securities $ 6,812 $ 326 $ — $ 7,138 Federal agency debt 2,850 204 — 3,054 Total available-for-sale securities $ 9,662 $ 530 $ — $ 10,192 December 31, 2019: Federal agency mortgage-backed securities $ 7,792 $ 164 $ — $ 7,956 Federal agency debt 3,014 36 — 3,050 Total available-for-sale securities $ 10,806 $ 200 $ — $ 11,006

Loans Receivable Held for Inv_2

Loans Receivable Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2020
Loans Receivable Held for Investment
Schedule of loans receivable held for investment	June 30, 2020 December 31, 2019 (In thousands) Real estate: Single family $ 58,826 $ 72,883 Multi-family 277,758 287,378 Commercial real estate 18,672 14,728 Church 19,489 21,301 Construction 1,409 3,128 Commercial – other 277 262 Consumer 10 21 Gross loans receivable before deferred loan costs and premiums 376,441 399,701 Unamortized net deferred loan costs and premiums 1,191 1,328 Gross loans receivable 377,632 401,029 Allowance for loan losses (3,215) (3,182) Loans receivable, net $ 374,417 $ 397,847
Schedule of activity in the allowance for loan losses by loan type	Three Months Ended June 30, 2020 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 308 $ 2,408 $ 140 $ 323 $ 24 $ 7 $ 1 $ 3,211 Provision for (recapture of) loan losses — 16 29 (41) (2) (1) (1) — Recoveries 4 — — — — — — 4 Loans charged off — — — — — — — — Ending balance $ 312 $ 2,424 $ 169 $ 282 $ 22 $ 6 $ — $ 3,215 Three Months Ended June 30, 2019 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 347 $ 1,990 $ 62 $ 507 $ 18 $ 5 $ — $ 2,929 Provision for (recapture of) loan losses (19) (58) (4) (106) 26 — 3 (158) Recoveries — — — — — — — — Loans charged off — — — — — — — — Ending balance $ 328 $ 1,932 $ $ $ 44 $ 5 $ 3 $ 2,771 Six Months Ended June 30, 2020 Real Estate Single Multi- Commercial Commercial family family real estate Church Construction - other Consumer Total (In thousands) Beginning balance $ 312 $ 2,319 $ 133 $ 362 $ 48 $ 7 $ 1 $ 3,182 Provision for (recapture of) loan losses (4) 105 36 (80) (26) (1) (1) 29 Recoveries 4 — — — — — — 4 Loans charged off — — — — — — — — Ending balance $ 312 $ 2,424 $ 169 $ 282 $ 22 $ 6 $ — $ 3,215 Six Months Ended June 30, 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 (41) 52 6 (392) 25 (1) 3 (348) Recoveries — — — 190 — — — 190 Loans charged off — — — — — — — — Ending balance $ 328 $ 1,932 $ 58 $ 401 $ 44 $ 5 $ 3 $ 2,771
Schedule of allowance for loan losses and recorded investment in loans by type of loans and based on impairment method	June 30, 2020 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 $ 71 $ — $ — $ 72 $ — $ 1 $ — $ 144 Collectively evaluated for impairment 241 2,424 169 210 22 5 — 3,071 Total ending allowance balance $ 312 $ 2,424 $ 169 $ 282 $ 22 $ 6 $ — $ 3,215 Loans: Loans individually evaluated for impairment $ 592 $ 307 $ — $ 4,135 $ — $ 50 $ — $ 5,084 Loans collectively evaluated for impairment 58,409 279,017 18,742 14,733 1,409 228 10 372,548 Total ending loans balance $ 59,001 $ 279,324 $ 18,742 $ 18,868 $ 1,409 $ 278 $ 10 $ 377,632 December 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 $ 60 $ — $ — $ 85 $ — $ 2 $ — $ 147 Collectively evaluated for impairment 252 2,319 133 277 48 5 1 3,035 Total ending allowance balance $ 312 $ 2,319 $ 133 $ 362 $ 48 $ 7 $ 1 $ 3,182 Loans: Loans individually evaluated for impairment $ 611 $ 313 $ — $ 4,356 $ — $ 63 $ — $ 5,343 Loans collectively evaluated for impairment 72,501 288,730 14,818 16,292 3,125 199 21 395,686 Total ending loans balance $ 73,112 $ 289,043 $ 14,818 $ 20,648 $ 3,125 $ 262 $ 21 $ 401,029
Schedule of loans individually evaluated for impairment by loan type	June 30, 2020 December 31, 2019 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: Single family $ $ $ — $ — $ — $ — Multi-family $ $ $ — 313 313 — Church $ $ $ — 3,491 2,446 — With an allowance recorded: Single family 593 593 60 Church 1,928 1,928 85 Commercial - other 63 63 2 Total $ $ $ $ 6,388 $ 5,343 $ 147
Schedule of average of loans individually evaluated for impairment by loan type and related interest income	Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Cash Basis Cash Basis Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) Single family $ 597 $ 7 $ 638 $ 5 Multi-family 308 5 320 5 Church 4,160 74 4,741 402 Commercial – other 59 1 63 — Total $ 5,124 $ 87 $ 5,762 $ 412 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash Basis Cash Basis Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) Single family $ $ $ 640 $ 15 Multi-family 321 11 Church 5,383 517 Commercial – other 64 2 Total $ $ $ 6,408 $ 545
Schedule of aging of the recorded investment in past due loans by loan type	June 30, 2020 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 $ — $ — $ — $ — $ 59,001 $ 59,001 Multi-family — — — — 279,324 279,324 Commercial real estate — — — — 18,742 18,742 Church — — — — 18,868 18,868 Construction — — — — 1,409 1,409 Commercial - other — — — — 278 278 Consumer — — — — 10 10 Total $ — $ — $ — $ — $ 377,632 $ 377,632 December 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 $ 18 $ — $ — $ 18 $ 73,094 $ 73,112 Multi-family — — — — 289,043 289,043 Commercial real estate — — — — 14,818 14,818 Church — — — — 20,648 20,648 Construction — — — — 3,125 3,125 Commercial - other — — — — 262 262 Consumer — — — — 21 21 Total $ 18 $ — $ — $ 18 $ 401,011 $ 401,029
Schedule of recorded investment in non-accrual loans by loan type	June 30, 2020 December 31, 2019 (In thousands) Loans receivable held for investment: Single-family residence $ 9 $ 18 Church $ 837 406 Total non-accrual loans $ 846 $ 424
Schedule of risk categories of loans by loan type	June 30, 2020 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 58,992 $ — $ — $ 9 $ — $ — Multi-family 278,551 401 — 372 — — Commercial real estate 17,242 1,500 — — — — Church 14,741 1,302 — 2,825 — — Construction 1,409 — — — — — Commercial - other 228 — — 50 — — Consumer 10 — — — — — Total $ 371,173 $ 3,203 $ — $ 3,256 $ — $ — December 31, 2019 Pass Watch Special Mention Substandard Doubtful Loss (In thousands) Single family $ 73,094 $ — $ — $ 18 $ — $ — Multi-family 288,251 411 — 381 — — Commercial real estate 14,818 — — — — — Church 16,546 411 — 3,691 — — Construction 3,125 — — — — — Commercial - other 199 — — 63 — — Consumer 21 — — — — — Total $ 396,054 $ 822 $ — $ 4,153 $ — $ —

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases
Schedule of additional information related to operating leases	Additional information regarding our operating leases is summarized below as of or for the periods ended June 30, 2020 indicated (dollars in thousands): Quarter ended Six Months ended June 30, 2020 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: $ 88 $ 174 Weighted average remaining lease term in months 10 Weighted average discount rate %
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 June 30, 2020 were as follows (in thousands): Six months ended December 31, 2020 $ Year ended December 31, 2021 Total Future Minimum Lease Payments Amounts Representing Interest Present Value of Net Future Minimum Lease Payments $

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020: Securities available-for-sale - federal agency mortgage-backed $ — $ 7,138 $ — $ 7,138 Securities available-for-sale - federal agency debt — 3,054 — 3,054 At December 31, 2019: Securities available-for-sale - federal agency mortgage-backed $ — $ 7,956 $ — $ 7,956 Securities available-for-sale - federal agency debt — 3,050 — 3,050
Schedule of carrying values of assets measured at fair value on non-recurring basis	June 30, 2020 December 31, 2019 (In thousands) Impaired loans carried at fair value of collateral $ — $ 130
Schedule of carrying amounts and estimated fair values of financial instruments	Fair Value Measurements at June 30, 2020 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ $ — $ 49,735 $ — $ 49,735 Loans receivable held for investment — — 377,618 377,618 Financial Liabilities: Time Deposits $ $ — $ 154,448 $ — $ 154,448 Federal Home Loan Bank advances — 120,788 — 120,788 Junior subordinated debentures — — 3,261 3,261 Fair Value Measurements at December 31, 2019 Carrying Value Level 1 Level 2 Level 3 Total (In thousands) Financial Assets: Loans receivable held for sale $ — $ — $ — $ — $ — Loans receivable held for investment $ 397,847 — — $ 404,923 $ 404,923 Financial Liabilities: Time Deposits $ 190,235 $ — $ 190,353 $ — $ 190,353 Federal Home Loan Bank advances 84,000 — 84,997 — 84,997 Junior subordinated debentures 4,335 — — 3,734 3,734

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Stock-based Compensation
Summary of stock option activity	Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 Weighted Weighted Average Average Number Exercise Number Exercise Outstanding Price Outstanding Price Outstanding at beginning of period 455,000 $ 1.67 537,500 $ 2.19 Granted during period — — — — Exercised during period — — — — Forfeited or expired during period (5,000) 6.00 (82,500) 4.89 Outstanding at end of period 450,000 $ 1.62 455,000 $ 1.67 Exercisable at end of period 360,000 $ 1.62 275,000 $ 1.70
Summary of options outstanding and exercisable	Options outstanding and exercisable at June 30, 2020 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 February 24, 2016 450,000 5.65 years $ 1.62 360,000 $ 1.62 450,000 5.65 years $ 1.62 $ 176 360,000 $ 1.62 $ 176

ESOP Plan (Tables)

ESOP Plan (Tables)	6 Months Ended
	Jun. 30, 2020
ESOP Plan
Schedule of shares held by the ESOP	June 30, 2020 December 31, 2019 (Dollars in thousands) Allocated to participants 1,024,429 1,024,429 Committed to be released 31,248 10,416 Suspense shares 583,044 603,876 Total ESOP shares 1,638,721 1,638,721 Fair value of unearned shares $ 1,230 $ 930

Regulatory Matters (Tables)

Regulatory Matters (Tables)	6 Months Ended
	Jun. 30, 2020
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) June 30, 2020: Tier 1 (Leverage) $ 9.71 % $ 4.00 % $ 5.00 % Common Equity Tier 1 $ 16.07 % $ 4.50 % $ 6.50 % Tier 1 $ 16.07 % $ 6.00 % $ 8.00 % Total Capital $ 17.15 % $ 8.00 % $ 10.00 % December 31, 2019: Tier 1 (Leverage) $ 48,541 11.56 % $ 16,798 4.00 % $ 20,997 5.00 % Common Equity Tier 1 $ 48,541 17.14 % $ 12,743 4.50 % $ 18,406 6.50 % Tier 1 $ 48,541 17.14 % $ 16,990 6.00 % $ 22,654 8.00 % Total Capital $ 51,790 18.29 % $ 22,654 8.00 % $ 28,318 10.00 %

Earnings Per Share of Common _3

Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share of Common Stock
Net income (loss)	$ 216	$ (135)	$ 183	$ 142
Less net income (loss) attributable to participating securities	2	(2)	2	2
Income (loss) available to common stockholders	$ 214	$ (133)	$ 181	$ 140
Weighted average common shares outstanding for basic earnings (loss) per common share	27,143,340	26,858,018	27,055,750	26,711,043
Add: dilutive effects of unvested restricted stock awards	307,376		337,097	396,331
Weighted average common shares outstanding for diluted earnings (loss) per common share	27,450,716	26,858,018	27,392,847	27,107,374
Earnings (loss) per common share - basic	$ 0.01	$ (0.01)	$ 0.01	$ 0.01
Earnings (loss) per common share - diluted	$ 0.01	$ (0.01)	$ 0.01	$ 0.01
Stock Options
Earnings Per Share of Common Stock
Anti-dilutive stock not considered in computing diluted earnings per common share	450,000	455,000	450,000	455,000

Securities (Details)

Securities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)security	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)security	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)security
Securities
Amortized Cost	$ 9,662		$ 9,662		$ 10,806
Gross Unrealized Gains	530		530		200
Fair Value	10,192		10,192		11,006
Securities pledged to secure public deposits	0		0		0
Securities of any one issuer, other than U.S. Government, greater than 10% of stockholders' equity	0		0		$ 0
Sales of securities	$ 0	$ 0	$ 0	$ 0
Number of securities held with unrealized gains | security	24		24		24
Federal agency mortgage-backed securities
Securities
Amortized Cost	$ 6,812		$ 6,812		$ 7,792
Gross Unrealized Gains	326		326		164
Fair Value	$ 7,138		$ 7,138		7,956
Number of securities held | security	22		22
Estimated remaining term			3 years 1 month 6 days
Federal agency debt
Securities
Amortized Cost	$ 2,850		$ 2,850		3,014
Gross Unrealized Gains	204		204		36
Fair Value	$ 3,054		$ 3,054		$ 3,050
Number of securities held | security	2		2
Estimated remaining term			5 years 6 months

Loans Receivable Held for Sale

Loans Receivable Held for Sale (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Loans Receivable Held for Sale
Loans receivable held for sale	$ 49,719
Loans originated	110,908	$ 10,280
Loan sales		0
Loan repayments	315	46
Multi-family
Loans Receivable Held for Sale
Loans receivable held for sale	49,700
Loans originated	110,900	$ 10,300
Loan sales	$ 60,900

Loans Receivable Held for Inv_3

Loans Receivable Held for Investment - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	$ 376,441		$ 399,701
Unamortized net deferred loan costs and premiums	1,191		1,328
Gross loans receivable	377,632		401,029
Allowance for loan losses	(3,215)	$ (3,211)	(3,182)	$ (2,771)	$ (2,929)	$ (2,929)
Loans receivable, net	374,417		397,847
Single family
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	58,826		72,883
Gross loans receivable	59,001		73,112
Allowance for loan losses	(312)	(308)	(312)	(328)	(347)	(369)
Multi-family
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	277,758		287,378
Gross loans receivable	279,324		289,043
Allowance for loan losses	(2,424)	(2,408)	(2,319)	(1,932)	(1,990)	(1,880)
Commercial real estate
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	18,672		14,728
Gross loans receivable	18,742		14,818
Allowance for loan losses	(169)	(140)	(133)	(58)	(62)	(52)
Church
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	19,489		21,301
Gross loans receivable	18,868		20,648
Allowance for loan losses	(282)	(323)	(362)	(401)	(507)	(603)
Construction
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	1,409		3,128
Gross loans receivable	1,409		3,125
Allowance for loan losses	(22)	(24)	(48)	(44)	(18)	(19)
Commercial - other
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	277		262
Gross loans receivable	278		262
Allowance for loan losses	(6)	(7)	(7)	(5)	$ (5)	$ (6)
Consumer
Loans Receivable Held for Investment
Gross loans receivable before deferred loan costs and premiums	10		21
Gross loans receivable	$ 10		21
Allowance for loan losses		$ (1)	$ (1)	$ (3)

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Allowance for loan losses:
Beginning balance	$ 3,211	$ 2,929	$ 3,182	$ 2,929
Provision for (recapture of) loan losses		(158)	29	(348)
Recoveries	4		4	190
Ending balance	3,215	2,771	3,215	2,771
Single family
Allowance for loan losses:
Beginning balance	308	347	312	369
Provision for (recapture of) loan losses		(19)	(4)	(41)
Recoveries	4		4
Ending balance	312	328	312	328
Multi-family
Allowance for loan losses:
Beginning balance	2,408	1,990	2,319	1,880
Provision for (recapture of) loan losses	16	(58)	105	52
Ending balance	2,424	1,932	2,424	1,932
Commercial real estate
Allowance for loan losses:
Beginning balance	140	62	133	52
Provision for (recapture of) loan losses	29	(4)	36	6
Ending balance	169	58	169	58
Church
Allowance for loan losses:
Beginning balance	323	507	362	603
Provision for (recapture of) loan losses	(41)	(106)	(80)	(392)
Recoveries				190
Ending balance	282	401	282	401
Construction
Allowance for loan losses:
Beginning balance	24	18	48	19
Provision for (recapture of) loan losses	(2)	26	(26)	25
Ending balance	22	44	22	44
Commercial - other
Allowance for loan losses:
Beginning balance	7	5	7	6
Provision for (recapture of) loan losses	(1)		(1)	(1)
Ending balance	6	5	6	5
Consumer
Allowance for loan losses:
Beginning balance	1		1
Provision for (recapture of) loan losses	$ (1)	3	$ (1)	3
Ending balance		$ 3		$ 3

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	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$ 144		$ 147
Collectively evaluated for impairment	3,071		3,035
Total ending allowance balance	3,215	$ 3,211	3,182	$ 2,771	$ 2,929	$ 2,929
Loans:
Loans individually evaluated for impairment	5,084		5,343
Loans collectively evaluated for impairment	372,548		395,686
Gross loans receivable	377,632		401,029
Single family
Ending allowance balance attributable to loans:
Individually evaluated for impairment	71		60
Collectively evaluated for impairment	241		252
Total ending allowance balance	312	308	312	328	347	369
Loans:
Loans individually evaluated for impairment	592		611
Loans collectively evaluated for impairment	58,409		72,501
Gross loans receivable	59,001		73,112
Multi-family
Ending allowance balance attributable to loans:
Collectively evaluated for impairment	2,424		2,319
Total ending allowance balance	2,424	2,408	2,319	1,932	1,990	1,880
Loans:
Loans individually evaluated for impairment	307		313
Loans collectively evaluated for impairment	279,017		288,730
Gross loans receivable	279,324		289,043
Commercial real estate
Ending allowance balance attributable to loans:
Collectively evaluated for impairment	169		133
Total ending allowance balance	169	140	133	58	62	52
Loans:
Loans collectively evaluated for impairment	18,742		14,818
Gross loans receivable	18,742		14,818
Church
Ending allowance balance attributable to loans:
Individually evaluated for impairment	72		85
Collectively evaluated for impairment	210		277
Total ending allowance balance	282	323	362	401	507	603
Loans:
Loans individually evaluated for impairment	4,135		4,356
Loans collectively evaluated for impairment	14,733		16,292
Gross loans receivable	18,868		20,648
Construction
Ending allowance balance attributable to loans:
Collectively evaluated for impairment	22		48
Total ending allowance balance	22	24	48	44	18	19
Loans:
Loans collectively evaluated for impairment	1,409		3,125
Gross loans receivable	1,409		3,125
Commercial - other
Ending allowance balance attributable to loans:
Individually evaluated for impairment	1		2
Collectively evaluated for impairment	5		5
Total ending allowance balance	6	7	7	5	$ 5	$ 6
Loans:
Loans individually evaluated for impairment	50		63
Loans collectively evaluated for impairment	228		199
Gross loans receivable	278		262
Consumer
Ending allowance balance attributable to loans:
Collectively evaluated for impairment			1
Total ending allowance balance		$ 1	1	$ 3
Loans:
Loans collectively evaluated for impairment	10		21
Gross loans receivable	$ 10		$ 21

Loans Receivable Held for Inv_6

Loans Receivable Held for Investment - Loans Individually Evaluated for Impairment by Loan Type (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Impaired loans
Unpaid Principal Balance	$ 5,874	$ 6,388
Recorded Investment	5,084	5,343
Allowance for Loan Losses Allocated, With an allowance recorded	144	147
Single family
Impaired loans
Unpaid Principal Balance, With no related allowance recorded	10
Unpaid Principal Balance, With an allowance recorded	583	593
Recorded Investment, With no related allowance recorded	9
Recorded Investment, With an allowance recorded	583	593
Allowance for Loan Losses Allocated, With an allowance recorded	71	60
Multi-family
Impaired loans
Unpaid Principal Balance, With no related allowance recorded	307	313
Recorded Investment, With no related allowance recorded	307	313
Church
Impaired loans
Unpaid Principal Balance, With no related allowance recorded	3,048	3,491
Unpaid Principal Balance, With an allowance recorded	1,876	1,928
Recorded Investment, With no related allowance recorded	2,259	2,446
Recorded Investment, With an allowance recorded	1,876	1,928
Allowance for Loan Losses Allocated, With an allowance recorded	72	85
Commercial - other
Impaired loans
Unpaid Principal Balance, With an allowance recorded	50	63
Recorded Investment, With an allowance recorded	50	63
Allowance for Loan Losses Allocated, With an allowance recorded	$ 1	$ 2

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Impaired loans
Average Recorded Investment	$ 5,124	$ 5,762	$ 5,158	$ 6,408
Cash Basis Interest Income Recognized	87	412	336	545
Foregone interest income if impaired loans had performed according to terms	22	40	45	80
Loans delinquent amount	0		0
Single family
Impaired loans
Average Recorded Investment	597	638	599	640
Cash Basis Interest Income Recognized	7	5	14	15
Multi-family
Impaired loans
Average Recorded Investment	308	320	309	321
Cash Basis Interest Income Recognized	5	5	11	11
Church
Impaired loans
Average Recorded Investment	4,160	4,741	4,190	5,383
Cash Basis Interest Income Recognized	74	402	309	517
Commercial - other
Impaired loans
Average Recorded Investment	59	$ 63	60	64
Cash Basis Interest Income Recognized	$ 1		$ 2	$ 2

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	Jun. 30, 2020	Dec. 31, 2019
Past due receivable
Total Past Due		$ 18
Current	$ 377,632	401,011
Gross loans receivable	377,632	401,029
30-59 Days Past Due
Past due receivable
Total Past Due		18
Single family
Past due receivable
Total Past Due		18
Current	59,001	73,094
Gross loans receivable	59,001	73,112
Single family | 30-59 Days Past Due
Past due receivable
Total Past Due		18
Multi-family
Past due receivable
Current	279,324	289,043
Gross loans receivable	279,324	289,043
Commercial real estate
Past due receivable
Current	18,742	14,818
Gross loans receivable	18,742	14,818
Church
Past due receivable
Current	18,868	20,648
Gross loans receivable	18,868	20,648
Construction
Past due receivable
Current	1,409	3,125
Gross loans receivable	1,409	3,125
Commercial - other
Past due receivable
Current	278	262
Gross loans receivable	278	262
Consumer
Past due receivable
Current	10	21
Gross loans receivable	$ 10	$ 21

Loans Receivable Held for Inv_9

Loans Receivable Held for Investment - Recorded Investment in Non-accrual Loans by Loan Type (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment in non-accrual loans by type of loans
Total non-accrual loans	$ 846	$ 424
Loans 90 days or more delinquent that were accruing interest	0	0
Single family
Investment in non-accrual loans by type of loans
Total non-accrual loans	9	18
Church
Investment in non-accrual loans by type of loans
Total non-accrual loans	$ 837	$ 406

Loans Receivable Held for In_10

Loans Receivable Held for Investment - Troubled Debt Restructurings (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 4,500,000	$ 4,500,000		$ 4,700,000
Specific reserves allocated to TDRs	144,000	$ 144,000		147,000
Timely payment period for return to accrual status		6 months
Commitments to lend additional amounts to customers with TDRs	$ 0	$ 0		0
Number of loans modified	0		0
Non-accrual status
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 254,000	254,000		406,000
Accrual status
Troubled debt restructuring
Loans classified as Troubled Debt Restructurings	$ 4,200,000	$ 4,200,000		$ 4,300,000

Loans Receivable Held for In_11

Loans Receivable Held for Investment - Risk Category of Loans by Loan Type (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Credit Quality Indicators
Loans receivable	$ 377,632	$ 401,029
Single family
Credit Quality Indicators
Loans receivable	59,001	73,112
Multi-family
Credit Quality Indicators
Loans receivable	279,324	289,043
Commercial real estate
Credit Quality Indicators
Loans receivable	18,742	14,818
Church
Credit Quality Indicators
Loans receivable	18,868	20,648
Construction
Credit Quality Indicators
Loans receivable	1,409	3,125
Commercial - other
Credit Quality Indicators
Loans receivable	278	262
Consumer
Credit Quality Indicators
Loans receivable	10	21
Pass
Credit Quality Indicators
Loans receivable	371,173	396,054
Pass | Single family
Credit Quality Indicators
Loans receivable	58,992	73,094
Pass | Multi-family
Credit Quality Indicators
Loans receivable	278,551	288,251
Pass | Commercial real estate
Credit Quality Indicators
Loans receivable	17,242	14,818
Pass | Church
Credit Quality Indicators
Loans receivable	14,741	16,546
Pass | Construction
Credit Quality Indicators
Loans receivable	1,409	3,125
Pass | Commercial - other
Credit Quality Indicators
Loans receivable	228	199
Pass | Consumer
Credit Quality Indicators
Loans receivable	10	21
Watch
Credit Quality Indicators
Loans receivable	3,203	822
Watch | Multi-family
Credit Quality Indicators
Loans receivable	401	411
Watch | Commercial real estate
Credit Quality Indicators
Loans receivable	1,500
Watch | Church
Credit Quality Indicators
Loans receivable	1,302	411
Substandard
Credit Quality Indicators
Loans receivable	3,256	4,153
Substandard | Single family
Credit Quality Indicators
Loans receivable	9	18
Substandard | Multi-family
Credit Quality Indicators
Loans receivable	372	381
Substandard | Church
Credit Quality Indicators
Loans receivable	2,825	3,691
Substandard | Commercial - other
Credit Quality Indicators
Loans receivable	$ 50	$ 63

Leases - Summary (Details)

Leases - Summary (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)
Leases
Operating lease liability	$ 468		$ 468
Lease expense	121	$ 123	242	$ 245
Cash paid for amounts included in the measurement of lease liabilities for operating leases:	$ 88		$ 174
Weighted average remaining lease term in months	10 months		10 months
Weighted average discount rate	2.75%		2.75%
Corporate headquarters and main retail branch
Leases
Number of options to extend | item	1		1
Extension term	5 years		5 years
Option to extend lease term			true
ROU asset	$ 460		$ 460
Operating lease liability	$ 468		$ 468

Leases - Future Minimum Payment

Leases - Future Minimum Payments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Schedule of maturity of the Bank's remaining lease liabilities
Six months ended December 31, 2020	$ 279
Year ended December 31, 2021	195
Total Future Minimum Lease Payments	474
Amounts Representing Interest	(6)
Present Value of Net Future Minimum Lease Payments	$ 468

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	Oct. 16, 2014	Jun. 30, 2020	Dec. 31, 2019	Mar. 17, 2004
Borrowings
Advances from Federal Home Loan Banks		$ 116,500	$ 84,000
Weighted average interest rate		1.84%	2.32%
Weighted average contractual maturity (in months)		31 months	18 months
Junior subordinated debentures		$ 3,825	$ 4,335
First principal payment		$ 1,300
Floating Rate Junior Subordinated Debentures
Borrowings
Effective interest rate on debentures (as a percent)		2.86%
Junior subordinated debentures	$ 5,100
Payment of principal amount at face value required to extend maturity	$ 900
Floating Rate Junior Subordinated Debentures | 3-month LIBOR
Borrowings
Interest rate basis		3-Month LIBOR
Basis spread (as a percent)		2.54%
Private Placement | Floating Rate Junior Subordinated Debentures
Borrowings
Junior subordinated debentures				$ 6,000
First mortgage loans
Borrowings
FHLB advances, collateral real estate loans		$ 210,400	$ 156,100

Fair Value - Assets Measured at

Fair Value - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value Pending Completion
Transfer between level 1 and level 2	$ 0	$ 0	$ 0	$ 0
Transfer between level 2 and level 1	0	0	0	0
Transfer into level 3	0	0	0	0
Transfer out of level 3	0	$ 0	0	$ 0
Recurring Basis | Federal agency mortgage-backed securities
Fair Value Pending Completion
Securities available-for-sale, at fair value	7,138		7,138		$ 7,956
Recurring Basis | Federal agency debt
Fair Value Pending Completion
Securities available-for-sale, at fair value	3,054		3,054		3,050
Recurring Basis | Significant Other Observable Inputs (Level 2) | Federal agency mortgage-backed securities
Fair Value Pending Completion
Securities available-for-sale, at fair value	7,138		7,138		7,956
Recurring Basis | Significant Other Observable Inputs (Level 2) | Federal agency debt
Fair Value Pending Completion
Securities available-for-sale, at fair value	$ 3,054		$ 3,054		$ 3,050

Fair Value - Assets Measured _2

Fair Value - Assets Measured at Fair Value on Non-recurring Basis (Details) $ in Thousands	Dec. 31, 2019USD ($)
Non-Recurring Basis | Impaired loans carried at fair value of collateral
Fair Value Pending Completion
Assets, fair value	$ 130

Fair Value - Fair Values of Fin

Fair Value - Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Value
Financial Assets:
Loans receivable held for sale	$ 49,719
Loans receivable held for investment	374,417	$ 397,847
Financial Liabilities:
Time Deposits	153,406	190,235
Federal Home Loan Bank advances	116,500	84,000
Junior subordinated debentures	3,825	4,335
Fair Value
Financial Assets:
Loans receivable held for sale	49,735
Loans receivable held for investment	377,618	404,923
Financial Liabilities:
Time Deposits	154,448	190,353
Federal Home Loan Bank advances	120,788	84,997
Junior subordinated debentures	3,261	3,734
Significant Other Observable Inputs (Level 2) | Fair Value
Financial Assets:
Loans receivable held for sale	49,735
Financial Liabilities:
Time Deposits	154,448	190,353
Federal Home Loan Bank advances	120,788	84,997
Significant Unobservable Inputs (Level 3) | Fair Value
Financial Assets:
Loans receivable held for investment	377,618	404,923
Financial Liabilities:
Junior subordinated debentures	$ 3,261	$ 3,734

Stock-based Compensation - Summ

Stock-based Compensation - Summary of plans (Details) - USD ($) $ in Thousands	Jul. 25, 2018	Feb. 29, 2020	Feb. 28, 2019	Jan. 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-based Compensation
Stock based compensation expense related to shares issued for services									$ 45	$ 52
Stock Options
Stock-based Compensation
Stock based compensation expense					$ 10		$ 19		$ 10	$ 19
Period of recognition for unrecognized compensation cost									8 months
2018 LTIP
Stock-based Compensation
Contractual term of option awards	10 years
Maximum number of shares that can be awarded	1,293,109
Aggregate number of shares awarded to date under the plan					630,080				630,080
Shares available for awards					663,029				663,029
2018 LTIP | Directors
Stock-based Compensation
Stock based compensation expense related to shares issued for services						$ 45		$ 52
2018 LTIP | Directors | Common Stock
Stock-based Compensation
Shares issued for services		30,930		42,168
2018 LTIP | Officers and employees | Restricted stock
Stock-based Compensation
Restricted stock (in shares)		140,218	428,797
Vesting period of stock award		2 years	2 years
Stock based compensation expense					$ 90				$ 161
Unrecognized compensation cost					$ 320				$ 320
Period of recognition for unrecognized compensation cost									20 months

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Number Outstanding
Outstanding at beginning of period (in shares)			455,000	537,500
Granted during period (in shares)	0	0	0	0
Forfeited or expired during period (in shares)			(5,000)	(82,500)
Outstanding at end of period (in shares)	450,000	455,000	450,000	455,000
Exercisable at end of period (in shares)	360,000	275,000	360,000	275,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)			$ 1.67	$ 2.19
Forfeited or expired during period (in dollars per share)			6	4.89
Outstanding at end of period (in dollars per share)	$ 1.62	$ 1.67	1.62	1.67
Exercisable at end of period (in dollars per share)	$ 1.62	$ 1.70	$ 1.62	$ 1.70
Additional disclosures
Stock based compensation expense	$ 10	$ 19	$ 10	$ 19
Unrecognized compensation cost, options	$ 26		$ 26
Period of recognition for unrecognized compensation cost			8 months

Stock-based Compensation - Opti

Stock-based Compensation - Options Outstanding and Exercisable (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Outstanding
Number Outstanding	450,000	455,000	455,000	537,500
Weighted Average Remaining Contractual Life	5 years 7 months 24 days
Weighted Average Exercise Price	$ 1.62	$ 1.67	$ 1.67	$ 2.19
Aggregate Intrinsic Value	$ 176
Exercisable
Number Outstanding	360,000		275,000
Weighted Average Exercise Price	$ 1.62		$ 1.70
Aggregate Intrinsic Value	$ 176
Grant Date February 24, 2016
Outstanding
Number Outstanding	450,000
Weighted Average Remaining Contractual Life	5 years 7 months 24 days
Weighted Average Exercise Price	$ 1.62
Exercisable
Number Outstanding	360,000
Weighted Average Exercise Price	$ 1.62

ESOP Plan (Details)

ESOP Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
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		$ 15	$ 14	$ 32	$ 28
Summary of shares held by the ESOP
Allocated to participants		1,024,429		1,024,429		1,024,429
Committed to be released		31,248		31,248		10,416
Suspense shares		583,044		583,044		603,876
Total ESOP shares		1,638,721		1,638,721		1,638,721
Fair value of unearned shares		$ 1,230		$ 1,230		$ 930
Unearned ESOP shares		$ 927		$ 927		$ 959

Regulatory Matters- Summary (De

Regulatory Matters- Summary (Details)	Jun. 30, 2020	Dec. 31, 2019	Jan. 01, 2019	Jan. 01, 2016
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
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
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital conservation buffer (as a percent)				0.625%
Conservation Buffer Rule Subsequent to 2016
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Capital conservation buffer annual increase (as a percent)				0.625%
Conservation Buffer Rule
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
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	Jun. 30, 2020	Dec. 31, 2019
Actual
Tier 1 (Leverage), Amount	$ 48,275	$ 48,541
Tier 1 (Leverage), Ratio	9.71%	11.56%
Common Equity Tier 1, Amount	$ 48,275	$ 48,541
Common Equity Tier 1, Ratio	16.07%	17.14%
Tier 1, Amount	$ 48,275	$ 48,541
Tier 1, Ratio	16.07%	17.14%
Total Capital, Amount	$ 51,526	$ 51,790
Total Capital, Ratio	17.15%	18.29%
Minimum Capital Requirements
Tier 1 (Leverage), Amount	$ 19,887	$ 16,798
Leverage required for capital adequacy purposes, ratio (as a percent)	4.00%	4.00%
Common Equity Tier 1, Amount	$ 13,518	$ 12,743
Common Equity Tier 1, Ratio	4.50%	4.50%
Tier 1, Amount	$ 18,024	$ 16,990
Tier 1, Ratio	6.00%	6.00%
Total Capital, Amount	$ 24,032	$ 22,654
Total capital required for capital adequacy purposes, ratio (as a percent)	8.00%	8.00%
Minimum Required To Be Well Capitalized Under Prompt Corrective Action Provisions
Tier 1 (Leverage), Amount	$ 24,859	$ 20,997
Tier 1 (Leverage), Ratio	5.00%	5.00%
Common Equity Tier 1, Amount	$ 19,526	$ 18,406
Common Equity Tier 1, Ratio	6.50%	6.50%
Tier 1, Amount	$ 24,032	$ 22,654
Tier 1, Ratio	8.00%	8.00%
Total Capital, Amount	$ 30,040	$ 28,318
Total Capital, Ratio	10.00%	10.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Income tax benefit	$ (345,000)	$ (128,000)	$ (395,000)	$ (86,000)
Increase in income tax benefit	273,000		273,000
Low-income housing tax credits	29,000	$ 50,000	$ 58,000	$ 99,000
Cumulative losses, lookback period			2 years
Valuation allowance	0		$ 0
Net deferred tax assets	$ 5,400,000		$ 5,400,000
Federal
Income Taxes
Income tax rate			21.00%
California
Income Taxes
Income tax rate			10.84%

Concentration of Deposit Risk (

Concentration of Deposit Risk (Details)	6 Months Ended
	Jun. 30, 2020
Customer concentration risk | Deposits
Concentration of Deposit Risk
Percentage of concentration of risk	13.00%