Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 01, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 001-38131 | |
Entity Registrant Name | Esquire Financial Holdings, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 27-5107901 | |
Entity Address, Address Line One | 100 Jericho Quadrangle, Suite 100, | |
Entity Address, City or Town | Jericho | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11753 | |
City Area Code | 516 | |
Local Phone Number | 535-2002 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | ESQ | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,829,815 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001531031 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 87,893 | $ 65,185 |
Securities purchased under agreements to resell, at cost | 50,501 | 51,726 |
Securities available-for-sale, at fair value | 131,595 | 117,655 |
Securities, restricted, at cost | 2,694 | 2,694 |
Loans | 702,865 | 672,421 |
Less: allowance for loan losses | (13,181) | (11,402) |
Loans, net | 689,684 | 661,019 |
Premises and equipment, net | 2,946 | 3,017 |
Accrued interest receivable | 4,837 | 4,529 |
Deferred tax assets | 4,311 | 2,597 |
Other assets | 23,821 | 28,292 |
Total assets | 998,282 | 936,714 |
Deposits: | ||
Demand | 408,411 | 351,692 |
Savings, NOW and money market | 440,192 | 441,160 |
Time | 11,058 | 11,202 |
Total deposits | 859,661 | 804,054 |
Secured borrowings | 49 | 49 |
Accrued expenses and other liabilities | 9,306 | 6,535 |
Total liabilities | 869,016 | 810,638 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, par value $0.01; authorized 2,000,000 shares; none issued | ||
Common stock, par value $0.01; authorized 15,000,000 shares; 7,864,121 and 7,827,788 shares issued, respectively; and 7,829,815 and 7,793,482 shares outstanding, respectively | 79 | 78 |
Additional paid-in capital | 92,122 | 91,622 |
Retained earnings | 37,709 | 33,535 |
Accumulated other comprehensive (loss) income | (77) | 1,408 |
Treasury stock at cost, 34,306 and 34,306 shares, respectively | (567) | (567) |
Total stockholders' equity | 129,266 | 126,076 |
Total liabilities and stockholders' equity | $ 998,282 | $ 936,714 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 7,864,121 | 7,827,788 |
Common stock, shares outstanding | 7,829,815 | 7,793,482 |
Treasury stock, shares | 34,306 | 34,306 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Loans | $ 9,579 | $ 8,441 |
Securities | 468 | 886 |
Securities purchased under agreements to resell | 161 | |
Interest earning deposits and other | 40 | 246 |
Total interest income | 10,248 | 9,573 |
Interest expense: | ||
Savings, NOW and money market deposits | 174 | 297 |
Time deposits | 20 | 96 |
Borrowings | 1 | 1 |
Total interest expense | 195 | 394 |
Net interest income | 10,053 | 9,179 |
Provision for loan losses | 1,800 | 1,900 |
Net interest income after provision for loan losses | 8,253 | 7,279 |
Noninterest income: | ||
Total noninterest income | 5,464 | 3,121 |
Noninterest expense: | ||
Employee compensation and benefits | 4,996 | 3,978 |
Occupancy and equipment | 699 | 546 |
Professional and consulting services | 775 | 847 |
FDIC and regulatory assessments | 98 | 91 |
Advertising and marketing | 332 | 76 |
Travel and business relations | 39 | 127 |
Data processing | 851 | 729 |
Other operating expenses | 398 | 472 |
Total noninterest expense | 8,188 | 6,866 |
Net income before income taxes | 5,529 | 3,534 |
Income tax expense | 1,355 | 937 |
Net income | $ 4,174 | $ 2,597 |
Earnings per share | ||
Basic (in dollars per share) | $ 0.56 | $ 0.35 |
Diluted (in dollars per share) | $ 0.53 | $ 0.33 |
Merchant processing income | ||
Noninterest income: | ||
Noninterest income | $ 5,370 | $ 2,956 |
Customer related fees and service charges | ||
Noninterest income: | ||
Noninterest income | $ 94 | $ 165 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net income | $ 4,174 | $ 2,597 |
Other comprehensive income: | ||
Unrealized (losses) gains arising during the period on securities available-for-sale | (2,076) | 1,445 |
Tax effect | 591 | (412) |
Total other comprehensive (loss) income | (1,485) | 1,033 |
Total comprehensive income | $ 2,689 | $ 3,630 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Retained earnings (deficit) | Accumulated other comprehensive income (loss) | Treasury stock | Total |
Balance at Dec. 31, 2019 | $ 77 | $ 89,682 | $ 20,917 | $ 386 | $ 111,062 | |
Balance (in shares) at Dec. 31, 2019 | 7,652,170 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 2,597 | 2,597 | ||||
Other comprehensive income (loss) | 1,033 | 1,033 | ||||
Exercise of stock options, net of repurchases | 290 | 290 | ||||
Exercise of stock options, net of repurchases (in shares) | 44,976 | |||||
Stock compensation expense | 388 | 388 | ||||
Purchase of common stock | $ (485) | (485) | ||||
Purchase of common stock (in shares) | (27,706) | |||||
Balance at Mar. 31, 2020 | $ 77 | 90,360 | 23,514 | 1,419 | (485) | 114,885 |
Balance (in shares) at Mar. 31, 2020 | 7,669,440 | |||||
Balance at Dec. 31, 2020 | $ 78 | 91,622 | 33,535 | 1,408 | (567) | 126,076 |
Balance (in shares) at Dec. 31, 2020 | 7,793,482 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 4,174 | 4,174 | ||||
Other comprehensive income (loss) | (1,485) | (1,485) | ||||
Exercise of stock options, net of repurchases | $ 1 | 9 | 10 | |||
Exercise of stock options, net of repurchases (in shares) | 36,333 | |||||
Stock compensation expense | 491 | 491 | ||||
Balance at Mar. 31, 2021 | $ 79 | $ 92,122 | $ 37,709 | $ (77) | $ (567) | $ 129,266 |
Balance (in shares) at Mar. 31, 2021 | 7,829,815 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||
Repurchase of shares | 40,468 | 20,224 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 4,174 | $ 2,597 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,800 | 1,900 |
Depreciation | 154 | 139 |
Stock compensation expense | 491 | 388 |
Net amortization (accretion): | ||
Securities | 254 | 192 |
Loans | (181) | 79 |
Right of use asset | 115 | 111 |
Software | 257 | 128 |
Changes in other assets and liabilities: | ||
Accrued interest receivable | (308) | (67) |
Other assets | 3,756 | 354 |
Operating lease liability | (132) | (102) |
Accrued expenses and other liabilities | 2,903 | 1,999 |
Net cash provided by operating activities | 13,283 | 7,718 |
Cash flows from investing activities: | ||
Net change in loans | (30,284) | (25,118) |
Net change in securities purchased under agreements to resell | 1,225 | |
Purchases of securities available-for-sale | (33,617) | |
Principal repayments on securities available-for-sale | 17,346 | 9,547 |
Purchases of premises and equipment | (83) | (217) |
Development of capitalized software | (779) | (371) |
Net cash used in investing activities | (46,192) | (16,159) |
Cash flows from financing activities: | ||
Net increase in deposits | 55,607 | 17,210 |
Decrease in secured borrowings | (1) | |
Exercise of stock options | 10 | 290 |
Purchase of common stock | (485) | |
Net cash provided by financing activities | 55,617 | 17,014 |
Increase in cash and cash equivalents | 22,708 | 8,573 |
Cash and cash equivalents at beginning of the period | 65,185 | 61,806 |
Cash and cash equivalents at end of the period | 87,893 | 70,379 |
Cash paid during the period for: | ||
Interest | 195 | 395 |
Taxes | $ 275 | 182 |
Noncash transactions: | ||
Right of use asset obtained in exchange for lease liability | $ 543 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Business and Summary of Significant Accounting Policies | |
Business and Summary of Significant Accounting Policies | NOTE 1 — Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Interim Consolidated Financial Statements include the accounts of Esquire Financial Holdings, Inc. and its wholly owned subsidiary, Esquire Bank, N.A, are collectively referred to as “the Company.” All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial information. In the opinion of management, the interim statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis and all such adjustments are recurring in nature. These financial statements and the accompanying notes should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2020 and 2019. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other period. Certain balances in the prior year financial statements were reclassified to conform to current presentation. The reclassifications had no effect on prior year net income or stockholders’ equity. Risks and Uncertainties On March 11, 2020, the World Health Organization declared COVID-19, the disease caused by the novel coronavirus, a pandemic as a result of the global spread of the coronavirus illness. In response to the outbreak, federal and state authorities in the U.S. introduced various measures to try to limit or slow the spread of the virus, including travel restrictions, nonessential business closures, stay-at-home orders, and strict social distancing. The full impact of COVID-19 is unknown and rapidly evolving. We have implemented a customer payment deferral program (principal and interest) to assist business borrowers and certain consumers that may be experiencing financial hardship due to COVID-19 related challenges. These loans will continue to accrue interest during the deferral period unless otherwise classified as nonperforming. Consistent with regulatory guidance and the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans during the deferral period and not evaluated as to whether they are troubled debt restructurings (“TDR”). There were no delinquent loans upon adoption of our payment deferral program. At March 31, 2021, the Company had nine borrowers in the COVID-19 payment deferral program with a total loan balance of $32.8 million. From a payment processing perspective, we have taken action to identify and assess our COVID-19 related credit exposure, primarily defined as merchant returns and chargebacks, by merchant industry type and category. These industry types include, but are not limited to, restaurants, hospitality, travel, and entertainment. We have also assessed the level and adequacy of our ISO and merchant reserves held on deposit at Esquire Bank. Currently, based on our assessments, we have not identified any elevated credit risk in these affected industry types and other categories and our returns and chargeback ratios remain relatively consistent with pre-COVID-19 levels. At this time, it is difficult to quantify the impact COVID-19 will have on future periods. This could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include all or a combination of an increase in the allowance for loan losses, valuation impairments on our investments or deferred tax assets. The Company has evaluated the impact of the effects of COVID-19 and determined that there were no material or systematic adverse impacts on the Company's first quarter 2021 Consolidated Statement of Financial Condition and Consolidated Statement of Income except for a continued elevated level of general provisioning for loan losses and related allowance for loan losses. Subsequent Events The Company has evaluated subsequent events for recognition and disclosure through the date of issuance. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the Consolidated Financial Statements. New Accounting Pronouncements On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (the ASU). This ASU replaces the incurred loss model with an expected loss model, referred to as “current expected credit loss” (CECL) model. It will significantly change estimates for credit losses related to financial assets measured at amortized cost, including loans receivable and certain other contracts. This ASU will be effective for the Company in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company plans to adopt ASU 2016-13 on or before January 1, 2023, using the required modified retrospective method with a cumulative effect adjustment as of the beginning of the reporting period. The Company has gathered the necessary data and continues to prepare for the implementation of this standard. On March 12, 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. Adoption of the standard is not expected to have a material impact on the company’s operating results or financial condition. |
Debt Securities
Debt Securities | 3 Months Ended |
Mar. 31, 2021 | |
Debt Securities | |
Debt Securities | NOTE 2 — Debt Securities Available-for-Sale Securities The amortized cost, gross unrealized gains and losses and estimated fair value of securities available for sale were as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) March 31, 2021 Mortgage-backed securities – agency $ 86,766 $ 855 $ (1,675) $ 85,946 Collateralized mortgage obligations (CMOs) – agency 44,936 730 (17) 45,649 Total available-for-sale $ 131,702 $ 1,585 $ (1,692) $ 131,595 December 31, 2020 Mortgage-backed securities – agency $ 55,212 $ 1,237 $ (49) $ 56,400 Collateralized mortgage obligations (CMOs) – agency 60,474 807 (26) 61,255 Total available-for-sale $ 115,686 $ 2,044 $ (75) $ 117,655 Mortgage-backed securities include all pass-through certificates guaranteed by FHLMC, FNMA, or GNMA and the CMOs are backed by government agency pass-through certificates. CMOs, by virtue of the underlying residential collateral or structure, are fixed rate current pay sequentials or planned amortization classes (PACs). As actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations, these securities are not considered to have a single maturity date. There were no sales or calls of securities for the three months ended March 31, 2021 and 2020. At March 31, 2021, securities having a fair value of $114.2 million were pledged to the Federal Home Loan Bank of New York (FHLB) for borrowing capacity totaling $102.6 million. At December 31, 2020, securities having a fair value of $98.6 million were pledged to the FHLB for borrowing capacity totaling $93.8 million. At March 31, 2021 and December 31, 2020, the Company had no outstanding FHLB advances. At March 31, 2021, securities having a fair value of $17.4 million were pledged to the Federal Reserve Bank of New York (FRB) for borrowing capacity totaling $17.0 million. At December 31, 2020, securities having a fair value of $19.1 million were pledged to the FRB for borrowing capacity totaling $18.7 million. At March 31, 2021 and December 31, 2020, the Company had no outstanding FRB borrowings. The following table provides the gross unrealized losses and fair value, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of: Less Than 12 Months 12 Months or Longer Total Fair Gross Fair Gross Fair Gross (In thousands) March 31, 2021 Mortgage-backed securities – agency $ 62,647 $ (1,675) $ — $ — $ 62,647 $ (1,675) CMOs – agency 2,410 (15) 739 (2) 3,149 (17) Total temporarily impaired securities $ 65,057 $ (1,690) $ 739 $ (2) $ 65,796 $ (1,692) December 31, 2020 Mortgage-backed securities - agency $ 4,807 $ (49) $ — $ — $ 4,807 $ (49) CMOs - Agency 8,332 (17) 1,219 (9) 9,551 (26) Total temporarily impaired securities $ 13,139 $ (66) $ 1,219 $ (9) $ 14,358 $ (75) Management reviews the investment portfolio on a quarterly basis to determine the cause, magnitude and duration of declines in the fair value of each security. In estimating other-than-temporary impairment (OTTI), management considers many factors including: (1) the length of time and extent that fair value has been less than cost, (2) the financial condition and near term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the security or more likely than not will be required to sell the security before its anticipated recovery. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the income statement and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. The assessment of whether any other than temporary decline exists may involve a high degree of subjectivity and judgment and is based on the information available to management at a point in time. Management evaluates securities for OTTI at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. At March 31, 2021, securities in unrealized loss positions were issuances from government sponsored entities. Due to the decline in fair value being attributable to changes in interest rates, not credit quality and because the Company does not have the intent to sell the securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Company does not consider the securities to be other-than-temporarily impaired at March 31, 2021. No impairment charges were recorded for the three months ended March 31, 2021 and 2020. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
Loans | |
Loans | NOTE 3 — Loans The composition of loans by class is summarized as follows: At March 31, At December 31, 2021 2020 (In thousands) Real estate: 1 – 4 family $ 45,356 $ 48,433 Multifamily 192,325 169,817 Commercial real estate 54,458 54,717 Construction — — Total real estate 292,139 272,967 Commercial 376,666 358,410 Consumer 35,191 41,362 Total Loans $ 703,996 $ 672,739 Deferred loan fees and unearned premiums, net (1,131) (318) Allowance for loan losses (13,181) (11,402) Loans, net $ 689,684 $ 661,019 At March 31, 2021 and December 31, 2020, the commercial loans balance included Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans of $31.7 million and $21.9 million, respectively. The following tables present the activity in the allowance for loan losses by class for the three months ending March 31, 2021 and 2020: Commercial 1 ‑ 4 Family Commercial Multifamily Real Estate Construction Consumer Total (In thousands) March 31, 2021 Allowance for loan losses: Beginning balance $ 342 $ 5,003 $ 1,278 $ 597 $ — $ 4,182 $ 11,402 Provision (credit) for loan losses (23) 753 247 16 — 807 1,800 Recoveries — — — — — — — Loans charged-off — — — — — (21) (21) Total ending allowance balance $ 319 $ 5,756 $ 1,525 $ 613 $ — $ 4,968 $ 13,181 March 31, 2020 Allowance for loan losses: Beginning balance $ 344 $ 4,048 $ 1,048 $ 560 $ 161 $ 828 $ 6,989 Provision (credit) for loan losses 153 1,038 393 257 (161) 220 1,900 Recoveries — — — — — — — Loans charged-off — — — — — (11) (11) Total ending allowance balance $ 497 $ 5,086 $ 1,441 $ 817 $ — $ 1,037 $ 8,878 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by class and based on impairment method as of March 31, 2021 and December 31, 2020: Commercial 1 ‑ 4 Family Commercial Multifamily Real Estate Construction Consumer Total (In thousands) March 31, 2021 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 319 5,756 1,525 613 — 4,968 13,181 Total ending allowance balance $ 319 $ 5,756 $ 1,525 $ 613 $ — $ 4,968 $ 13,181 Loans: Loans individually evaluated for impairment $ — $ — $ 721 $ — $ — $ 2,271 $ 2,992 Loans collectively evaluated for impairment 45,356 376,666 191,604 54,458 — 32,920 701,004 Total ending loans balance $ 45,356 $ 376,666 $ 192,325 $ 54,458 $ — $ 35,191 $ 703,996 Commercial 1 ‑ 4 Family Commercial Multifamily Real Estate Construction Consumer Total (In thousands) December 31, 2020 Allowance for loan losses: Ending allowance Balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 342 5,003 1,278 597 — 4,182 11,402 Total ending allowance balance $ 342 $ 5,003 $ 1,278 $ 597 $ — $ 4,182 $ 11,402 Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ 2,303 $ 2,303 Loans collectively evaluated for impairment 48,433 358,410 169,817 54,717 — 39,059 670,436 Total ending loans balance $ 48,433 $ 358,410 $ 169,817 $ 54,717 $ — $ 41,362 $ 672,739 Recorded investment is not adjusted for accrued interest, deferred fees and costs, and unearned premiums and discounts due to immateriality. The following table provides an analysis of the impaired loans by segment as of March 31, 2021 and December 31, 2020. There was no related allowance recorded on any impaired loans as of March 31, 2021 and December 31, 2020: March 31, December 31, 2021 2020 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (In thousands) 1-4 family $ — $ — $ — $ — Commercial — — — — Multifamily 721 721 — — Commercial real estate — — — — Construction — — — — Consumer 2,271 2,271 2,303 2,303 Total $ 2,992 $ 2,992 $ 2,303 $ 2,303 The following table provides an analysis of average recorded investment and interest income recognized by segment on impaired loans during the three and nine months ended March 31, 2021. For the three months ended March 31, 2021 2020 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) 1-4 family $ — $ — $ — $ — Commercial — — — — Multifamily 180 — — — Commercial real estate — — — — Construction — — — — Consumer 2,120 — 1,213 — Total $ 2,300 $ — $ 1,213 $ — The following tables present the aging of the recorded investment in past due loans by class of loans as of March 31, 2021 and December 31, 2020: Total Past 30-59 60-89 Greater than Due & Days Days 90 Days Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) March 31, 2021 1 – 4 family $ — $ — $ — $ — $ — $ 45,356 $ 45,356 Commercial — — — — — 376,666 376,666 Multifamily — — — 721 721 191,604 192,325 Commercial real estate — — — — — 54,458 54,458 Construction — — — — — — — Consumer 25 5 — 2,271 2,301 32,890 35,191 Total $ 25 $ 5 $ — $ 2,992 $ 3,022 $ 700,974 $ 703,996 Total Past 30-59 60-89 Greater than Due & Days Days 90 Days Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) December 31, 2020 1 – 4 family $ — $ — $ — $ — $ — $ 48,433 $ 48,433 Commercial — — — — — 358,410 358,410 Multifamily — — — — — 169,817 169,817 Commercial real estate — — — — — 54,717 54,717 Construction — — — — — — — Consumer 26 — — 2,303 2,329 39,033 41,362 Total $ 26 $ — $ — $ 2,303 $ 2,329 $ 670,410 $ 672,739 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. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed whenever a credit is extended, renewed or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Pass Special Mention Substandard Doubtful (In thousands) March 31, 2021 1 – 4 family $ 42,341 $ 3,015 $ — $ — Commercial 350,245 17,977 8,444 — Multifamily 191,604 — 721 — Commercial real estate 50,707 3,751 — — Construction — — — — Consumer 28,257 4,663 2,271 — Total $ 663,154 $ 29,406 $ 11,436 $ — Pass Special Mention Substandard Doubtful (In thousands) December 31, 2020 1 – 4 family $ 45,418 $ 3,015 $ — $ — Commercial 358,295 — 115 — Multifamily 169,096 721 — — Commercial real estate 54,717 — — — Construction — — — — Consumer 34,896 4,163 2,303 — Total $ 662,422 $ 7,899 $ 2,418 $ — The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For smaller dollar commercial and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The Company has no loans identified as TDRs at March 31, 2021 and December 31, 2020. Furthermore, there were no loans modified during the three months ended March 31, 2021 and 2020 as TDRs. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. As discussed in Note 1, the Company implemented a payment deferral program in response to the COVID-19 crisis and elected to evaluate the modified loan population under the CARES Act which allows for troubled debt restructuring categorization to be suspended. Pledged Loans At March 31, 2021, loans totaling $37.4 million were pledged to the Federal Home Loan Bank of New York for borrowing capacity totaling $28.7 million. At December 31, 2020, loans totaling $37.5 million were pledged to the Federal Home Loan Bank of New York for borrowing capacity totaling $28.6 million. |
Noninterest Income
Noninterest Income | 3 Months Ended |
Mar. 31, 2021 | |
Noninterest Income. | |
Noninterest Income | NOTE 4 — Noninterest Income Descriptions of revenue-generating activities that are within the scope of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, and are presented in the Consolidated Statements of Income as components of noninterest income, are as follows: For the Three Months Ended March 31, 2021 2020 (In thousands) Payment processing fees Payment processing income $ 5,167 $ 2,784 ACH income 203 172 Customer related fees and service charges Administrative service income 18 86 Other 76 79 Total noninterest income $ 5,464 $ 3,121 The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the above-described contracts with customers. ● Payment processing income – We provide payment processing services as an acquiring bank through the third-party or independent sales organization (ISO) business model in which we process credit and debit card transactions on behalf of merchants. We enter into a tri-party merchant agreement, between the Company, ISO and each merchant. The Company’s performance obligation is clearing and settling credit and debit transactions on behalf of the merchants. The Company recognizes revenue monthly once it summarizes and computes all revenue and expenses applicable to each ISO, which is our performance obligation. ● ACH income – We provide ACH services for merchants and other commercial customers. Contracts are entered into with third parties that require ACH transactions processed on behalf of their customers. Fees are variable and based on the volume of transactions within a given month. Our performance obligations are processing and settling ACHs on behalf of the customers. Our obligation is satisfied within each business day when the transactions (ACH files) are sent to the Federal Reserve Bank for clearing. Revenue is recognized based on the total volume of transactions processed that month for a given customer. ● Administrative service income – Administrative service income is derived primarily from the management of qualified settlement funds (QSFs), which are funds from settled mass torts and class action lawsuits. Our performance obligations with the QSFs are outlined in court approved orders which includes ensuring funds are invested into safe investment vehicles such as U.S. treasuries and FDIC insured products. Our fees for placing these funds in appropriate vehicles are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. ● Other – The other category includes revenue from service charges on deposit accounts, debit card fees, and certain loan related fees where revenue is recognized as performance obligations are satisfied. |
Share-Based Payment Plans
Share-Based Payment Plans | 3 Months Ended |
Mar. 31, 2021 | |
Employee Benefits | |
Share-Based Payment Plans | NOTE 5 — Share-Based Payment Plans The Company issues incentive and nonqualified stock options and restricted stock awards to certain employees and directors pursuant to its equity incentive plans, which have been approved by the stockholders. Share-based awards are granted by the Compensation Committee of the Board of Directors. Under the plans, options are granted with an exercise price equal to the fair value of the Company’s stock at the date of the grant. Options granted vest over three four The fair value of each option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatilities are based on peer volatility. The Company uses peer data to estimate option exercise and post-vesting termination behavior. The expected term of options granted is based on peer data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. There were no stock options granted during the three months ended March 31, 2021 and 2020. The following table presents a summary of the activity related to options as of March 31, 2021: Weighted Weighted Average Average Remaining Exercise Contractual Options Price Life (Years) March 31, 2021 Outstanding at beginning of year 907,099 $ 14.11 Granted — — Exercised (76,801) 12.76 Forfeited — — Expired (166) 24.90 Outstanding at period end 830,132 $ 14.23 5.52 Vested or expected to vest 830,132 $ 14.23 5.52 Exercisable at period end 696,751 $ 13.44 5.06 The Company recognized compensation expense related to options of $134 thousand and $132 thousand for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, unrecognized compensation cost related to nonvested options was approximately $813 thousand and is expected to be recognized over a weighted average period of 2.27 years. The intrinsic value for outstanding options and for options vested or expected to vest was $7.2 million and $6.6 million for exercisable options at March 31, 2021. Information related to stock option exercises during each period is as follows: For the three months ended March 31, 2021 2020 (In thousands) Intrinsic value of options exercised $ 861 $ 878 Cash received from option exercises 10 290 Tax benefit from option exercises 164 77 The following table presents a summary of the activity related to restricted stock as of March 31, 2021: Weighted Average Grant Date Shares Fair Value March 31, 2021 Outstanding at beginning of year 380,750 $ 22.87 Granted — — Vested — — Outstanding at period end 380,750 $ 22.87 The Company recognized compensation expense related to restricted stock of $357 thousand and $256 thousand for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, there was $6.5 million of total unrecognized compensation cost related to nonvested shares granted under the plan. The cost is expected to be recognized over a weighted-average period of 4.72 years. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings per Common Share | |
Earnings per Common Share | NOTE 6 — Earnings per Share The factors used in the earnings per share computation follow: For the three months ended March 31, 2021 2020 (Dollars in thousands, except per share data) Basic Net income $ 4,174 $ 2,597 Weighted average common shares outstanding 7,426,139 7,431,540 Basic earnings per share $ 0.56 $ 0.35 Diluted Net income $ 4,174 $ 2,597 Weighted average shares outstanding for basic earnings per share 7,426,139 7,431,540 Add: Dilutive effects of share based awards 420,137 344,981 Average shares and dilutive potential common shares 7,846,276 7,776,521 Diluted earnings per share $ 0.53 $ 0.33 Share-based awards totaling 118,350 and 163,250 shares of common stock were not considered in computing diluted earnings per common share for the three months ended March 31, 2021 and March 31, 2020, respectively, because they were anti-dilutive. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Leases | NOTE 7 — Leases As of January 1, 2019, the Company recognizes the present value of its operating lease payments related to its office facilities and retail branch as operating lease assets and corresponding lease liabilities on the Consolidated Statements of Financial Condition. These operating lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. As these leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date in order to determine present value. Short-term lease payments, those leases with original terms of 12 months or less, are recognized in the Consolidated Statements of Income, on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties and does not lease properties from any related parties. As of March 31, 2021, right of use (“ROU”) lease assets liabilities assets liabilities Maturities of the Company’s operating lease liabilities at March 31, 2021 are as follows: Operating Lease Liabilities (In thousands) 2021 $ 486 2022 644 2023 636 2024 652 2025 668 Thereafter 627 Total operating lease payments $ 3,713 Less: interest 313 Present value of operating lease liabilities $ 3,400 As of March 31, 2021 2020 Weighted-average remaining lease term 5.59 years 6.65 years Weighted-average discount rate 3.04 % 3.10 % The components of total lease cost are as follows: For the three months ended March 31, 2021 2020 (In thousands) Operating lease cost $ 142 $ 132 Short-term lease cost — 8 Total lease cost $ 142 $ 140 Cash paid for operating lease liabilities was $159 thousand and $132 thousand for the three months ended March 31, 2021 and 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | NOTE 8 — Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values. Level 1 Level 2 Level 3 For available-for-sale securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements Using Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2021 Assets Available-for-sale securities Mortgage-backed securities – agency $ — $ 85,946 $ — CMOs – agency — 45,649 — Total $ — $ 131,595 $ — December 31, 2020 Assets Available-for-sale securities Mortgage-backed securities – agency $ — $ 56,400 $ — CMOs – agency — 61,255 — Total $ — $ 117,655 $ — There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2021 and 2020. There were no assets measured on a nonrecurring basis as of March 31, 2021 and December 31, 2020. The following tables present the carrying amounts and fair values (represents exit price) of financial instruments at March 31, 2021 and December 31, 2020: Fair Value Measurement at March 31, 2021, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 87,893 $ 892 $ 87,001 $ — $ 87,893 Securities purchased under agreements to resell, at cost 50,501 — — 50,501 50,501 Securities available-for-sale 131,595 — 131,595 — 131,595 Securities, restricted, at cost 2,694 N/A N/A N/A N/A Loans, net 689,684 — — 687,423 687,423 Accrued interest receivable 4,837 — 281 4,556 4,837 Financial Liabilities: Time deposits 11,058 — 11,101 — 11,101 Demand and other deposits 848,603 848,603 — — 848,603 Secured borrowings 49 — 49 — 49 Accrued interest payable — — — — — Fair Value Measurement at December 31, 2020, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 65,185 $ 1,775 $ 63,410 $ — $ 65,185 Securities purchased under agreements to resell, at cost 51,726 — — 51,726 51,726 Securities available-for-sale 117,655 — 117,655 — 117,655 Securities, restricted, at cost 2,694 N/A N/A N/A N/A Loans, net 661,019 — — 661,992 661,992 Accrued interest receivable 4,529 — 245 4,284 4,529 Financial Liabilities: Time deposits 11,202 — 11,246 — 11,246 Demand and other deposits 792,852 792,852 — — 792,852 Secured borrowings 49 — 49 — 49 Accrued interest payable — — — — — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) | NOTE 9 — Accumulated Other Comprehensive Income (Loss) The following presents changes in accumulated other comprehensive income (loss) by component, net of tax, for the three months ending March 31, 2021 and 2020: Three months ended March 31, 2021 2020 (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Beginning balance $ 1,408 $ 386 Other comprehensive (loss) income before reclassifications, net of tax (1,485) 1,033 Amounts reclassified from accumulated other comprehensive income — — Net current period other comprehensive (loss) income (1,485) 1,033 Ending balance $ (77) $ 1,419 There were no reclassifications out of accumulated other comprehensive income (loss) for the three months ended March 31, 2021 and 2020. |
Accounting Policy (Policies)
Accounting Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Business and Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The Interim Consolidated Financial Statements include the accounts of Esquire Financial Holdings, Inc. and its wholly owned subsidiary, Esquire Bank, N.A, are collectively referred to as “the Company.” All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited Interim Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial information. In the opinion of management, the interim statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis and all such adjustments are recurring in nature. These financial statements and the accompanying notes should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2020 and 2019. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other period. Certain balances in the prior year financial statements were reclassified to conform to current presentation. The reclassifications had no effect on prior year net income or stockholders’ equity. |
Risks and Uncertainties | Risks and Uncertainties On March 11, 2020, the World Health Organization declared COVID-19, the disease caused by the novel coronavirus, a pandemic as a result of the global spread of the coronavirus illness. In response to the outbreak, federal and state authorities in the U.S. introduced various measures to try to limit or slow the spread of the virus, including travel restrictions, nonessential business closures, stay-at-home orders, and strict social distancing. The full impact of COVID-19 is unknown and rapidly evolving. We have implemented a customer payment deferral program (principal and interest) to assist business borrowers and certain consumers that may be experiencing financial hardship due to COVID-19 related challenges. These loans will continue to accrue interest during the deferral period unless otherwise classified as nonperforming. Consistent with regulatory guidance and the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans during the deferral period and not evaluated as to whether they are troubled debt restructurings (“TDR”). There were no delinquent loans upon adoption of our payment deferral program. At March 31, 2021, the Company had nine borrowers in the COVID-19 payment deferral program with a total loan balance of $32.8 million. From a payment processing perspective, we have taken action to identify and assess our COVID-19 related credit exposure, primarily defined as merchant returns and chargebacks, by merchant industry type and category. These industry types include, but are not limited to, restaurants, hospitality, travel, and entertainment. We have also assessed the level and adequacy of our ISO and merchant reserves held on deposit at Esquire Bank. Currently, based on our assessments, we have not identified any elevated credit risk in these affected industry types and other categories and our returns and chargeback ratios remain relatively consistent with pre-COVID-19 levels. At this time, it is difficult to quantify the impact COVID-19 will have on future periods. This could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include all or a combination of an increase in the allowance for loan losses, valuation impairments on our investments or deferred tax assets. The Company has evaluated the impact of the effects of COVID-19 and determined that there were no material or systematic adverse impacts on the Company's first quarter 2021 Consolidated Statement of Financial Condition and Consolidated Statement of Income except for a continued elevated level of general provisioning for loan losses and related allowance for loan losses. |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events for recognition and disclosure through the date of issuance. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there now are such matters that will have a material effect on the Consolidated Financial Statements. |
New Accounting Pronouncements | New Accounting Pronouncements On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (the ASU). This ASU replaces the incurred loss model with an expected loss model, referred to as “current expected credit loss” (CECL) model. It will significantly change estimates for credit losses related to financial assets measured at amortized cost, including loans receivable and certain other contracts. This ASU will be effective for the Company in fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company plans to adopt ASU 2016-13 on or before January 1, 2023, using the required modified retrospective method with a cumulative effect adjustment as of the beginning of the reporting period. The Company has gathered the necessary data and continues to prepare for the implementation of this standard. On March 12, 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. Adoption of the standard is not expected to have a material impact on the company’s operating results or financial condition. |
Debt Securities (Tables)
Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Securities | |
Schedule of amortized cost, gross unrealized gains and losses and estimated fair value of securities available-for-sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) March 31, 2021 Mortgage-backed securities – agency $ 86,766 $ 855 $ (1,675) $ 85,946 Collateralized mortgage obligations (CMOs) – agency 44,936 730 (17) 45,649 Total available-for-sale $ 131,702 $ 1,585 $ (1,692) $ 131,595 December 31, 2020 Mortgage-backed securities – agency $ 55,212 $ 1,237 $ (49) $ 56,400 Collateralized mortgage obligations (CMOs) – agency 60,474 807 (26) 61,255 Total available-for-sale $ 115,686 $ 2,044 $ (75) $ 117,655 |
Schedule of gross unrealized losses and fair value, securities in continuous unrealized loss position | Less Than 12 Months 12 Months or Longer Total Fair Gross Fair Gross Fair Gross (In thousands) March 31, 2021 Mortgage-backed securities – agency $ 62,647 $ (1,675) $ — $ — $ 62,647 $ (1,675) CMOs – agency 2,410 (15) 739 (2) 3,149 (17) Total temporarily impaired securities $ 65,057 $ (1,690) $ 739 $ (2) $ 65,796 $ (1,692) December 31, 2020 Mortgage-backed securities - agency $ 4,807 $ (49) $ — $ — $ 4,807 $ (49) CMOs - Agency 8,332 (17) 1,219 (9) 9,551 (26) Total temporarily impaired securities $ 13,139 $ (66) $ 1,219 $ (9) $ 14,358 $ (75) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loans | |
Schedule of composition of loans | At March 31, At December 31, 2021 2020 (In thousands) Real estate: 1 – 4 family $ 45,356 $ 48,433 Multifamily 192,325 169,817 Commercial real estate 54,458 54,717 Construction — — Total real estate 292,139 272,967 Commercial 376,666 358,410 Consumer 35,191 41,362 Total Loans $ 703,996 $ 672,739 Deferred loan fees and unearned premiums, net (1,131) (318) Allowance for loan losses (13,181) (11,402) Loans, net $ 689,684 $ 661,019 |
Schedule of activity in allowance for loan losses | The following tables present the activity in the allowance for loan losses by class for the three months ending March 31, 2021 and 2020: Commercial 1 ‑ 4 Family Commercial Multifamily Real Estate Construction Consumer Total (In thousands) March 31, 2021 Allowance for loan losses: Beginning balance $ 342 $ 5,003 $ 1,278 $ 597 $ — $ 4,182 $ 11,402 Provision (credit) for loan losses (23) 753 247 16 — 807 1,800 Recoveries — — — — — — — Loans charged-off — — — — — (21) (21) Total ending allowance balance $ 319 $ 5,756 $ 1,525 $ 613 $ — $ 4,968 $ 13,181 March 31, 2020 Allowance for loan losses: Beginning balance $ 344 $ 4,048 $ 1,048 $ 560 $ 161 $ 828 $ 6,989 Provision (credit) for loan losses 153 1,038 393 257 (161) 220 1,900 Recoveries — — — — — — — Loans charged-off — — — — — (11) (11) Total ending allowance balance $ 497 $ 5,086 $ 1,441 $ 817 $ — $ 1,037 $ 8,878 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by class and based on impairment method as of March 31, 2021 and December 31, 2020: Commercial 1 ‑ 4 Family Commercial Multifamily Real Estate Construction Consumer Total (In thousands) March 31, 2021 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 319 5,756 1,525 613 — 4,968 13,181 Total ending allowance balance $ 319 $ 5,756 $ 1,525 $ 613 $ — $ 4,968 $ 13,181 Loans: Loans individually evaluated for impairment $ — $ — $ 721 $ — $ — $ 2,271 $ 2,992 Loans collectively evaluated for impairment 45,356 376,666 191,604 54,458 — 32,920 701,004 Total ending loans balance $ 45,356 $ 376,666 $ 192,325 $ 54,458 $ — $ 35,191 $ 703,996 Commercial 1 ‑ 4 Family Commercial Multifamily Real Estate Construction Consumer Total (In thousands) December 31, 2020 Allowance for loan losses: Ending allowance Balance attributable to loans: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 342 5,003 1,278 597 — 4,182 11,402 Total ending allowance balance $ 342 $ 5,003 $ 1,278 $ 597 $ — $ 4,182 $ 11,402 Loans: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ 2,303 $ 2,303 Loans collectively evaluated for impairment 48,433 358,410 169,817 54,717 — 39,059 670,436 Total ending loans balance $ 48,433 $ 358,410 $ 169,817 $ 54,717 $ — $ 41,362 $ 672,739 |
Schedule of impaired loans | March 31, December 31, 2021 2020 Unpaid Unpaid Recorded Principal Recorded Principal Investment Balance Investment Balance (In thousands) 1-4 family $ — $ — $ — $ — Commercial — — — — Multifamily 721 721 — — Commercial real estate — — — — Construction — — — — Consumer 2,271 2,271 2,303 2,303 Total $ 2,992 $ 2,992 $ 2,303 $ 2,303 The following table provides an analysis of average recorded investment and interest income recognized by segment on impaired loans during the three and nine months ended March 31, 2021. For the three months ended March 31, 2021 2020 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) 1-4 family $ — $ — $ — $ — Commercial — — — — Multifamily 180 — — — Commercial real estate — — — — Construction — — — — Consumer 2,120 — 1,213 — Total $ 2,300 $ — $ 1,213 $ — |
Schedule of aging of recorded investment in past due loans | Total Past 30-59 60-89 Greater than Due & Days Days 90 Days Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) March 31, 2021 1 – 4 family $ — $ — $ — $ — $ — $ 45,356 $ 45,356 Commercial — — — — — 376,666 376,666 Multifamily — — — 721 721 191,604 192,325 Commercial real estate — — — — — 54,458 54,458 Construction — — — — — — — Consumer 25 5 — 2,271 2,301 32,890 35,191 Total $ 25 $ 5 $ — $ 2,992 $ 3,022 $ 700,974 $ 703,996 Total Past 30-59 60-89 Greater than Due & Days Days 90 Days Nonaccrual Nonaccrual Loans Not Past Due Past Due Past Due Loans Loans Past Due Total (In thousands) December 31, 2020 1 – 4 family $ — $ — $ — $ — $ — $ 48,433 $ 48,433 Commercial — — — — — 358,410 358,410 Multifamily — — — — — 169,817 169,817 Commercial real estate — — — — — 54,717 54,717 Construction — — — — — — — Consumer 26 — — 2,303 2,329 39,033 41,362 Total $ 26 $ — $ — $ 2,303 $ 2,329 $ 670,410 $ 672,739 |
Schedule of risk category of loans | Pass Special Mention Substandard Doubtful (In thousands) March 31, 2021 1 – 4 family $ 42,341 $ 3,015 $ — $ — Commercial 350,245 17,977 8,444 — Multifamily 191,604 — 721 — Commercial real estate 50,707 3,751 — — Construction — — — — Consumer 28,257 4,663 2,271 — Total $ 663,154 $ 29,406 $ 11,436 $ — Pass Special Mention Substandard Doubtful (In thousands) December 31, 2020 1 – 4 family $ 45,418 $ 3,015 $ — $ — Commercial 358,295 — 115 — Multifamily 169,096 721 — — Commercial real estate 54,717 — — — Construction — — — — Consumer 34,896 4,163 2,303 — Total $ 662,422 $ 7,899 $ 2,418 $ — |
Noninterest Income (Tables)
Noninterest Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Noninterest Income. | |
Schedule of Consolidated of Income as components of noninterest income | For the Three Months Ended March 31, 2021 2020 (In thousands) Payment processing fees Payment processing income $ 5,167 $ 2,784 ACH income 203 172 Customer related fees and service charges Administrative service income 18 86 Other 76 79 Total noninterest income $ 5,464 $ 3,121 |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Employee Benefits | |
Schedule of option activity | Weighted Weighted Average Average Remaining Exercise Contractual Options Price Life (Years) March 31, 2021 Outstanding at beginning of year 907,099 $ 14.11 Granted — — Exercised (76,801) 12.76 Forfeited — — Expired (166) 24.90 Outstanding at period end 830,132 $ 14.23 5.52 Vested or expected to vest 830,132 $ 14.23 5.52 Exercisable at period end 696,751 $ 13.44 5.06 |
Schedule of information related to stock option exercises | For the three months ended March 31, 2021 2020 (In thousands) Intrinsic value of options exercised $ 861 $ 878 Cash received from option exercises 10 290 Tax benefit from option exercises 164 77 |
Schedule of activity related to restricted stock | Weighted Average Grant Date Shares Fair Value March 31, 2021 Outstanding at beginning of year 380,750 $ 22.87 Granted — — Vested — — Outstanding at period end 380,750 $ 22.87 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings per Common Share | |
Schedule of earnings per share | For the three months ended March 31, 2021 2020 (Dollars in thousands, except per share data) Basic Net income $ 4,174 $ 2,597 Weighted average common shares outstanding 7,426,139 7,431,540 Basic earnings per share $ 0.56 $ 0.35 Diluted Net income $ 4,174 $ 2,597 Weighted average shares outstanding for basic earnings per share 7,426,139 7,431,540 Add: Dilutive effects of share based awards 420,137 344,981 Average shares and dilutive potential common shares 7,846,276 7,776,521 Diluted earnings per share $ 0.53 $ 0.33 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases | |
Schedule of maturities of operating lease liabilities | Operating Lease Liabilities (In thousands) 2021 $ 486 2022 644 2023 636 2024 652 2025 668 Thereafter 627 Total operating lease payments $ 3,713 Less: interest 313 Present value of operating lease liabilities $ 3,400 |
Schedule of lease assumptions | As of March 31, 2021 2020 Weighted-average remaining lease term 5.59 years 6.65 years Weighted-average discount rate 3.04 % 3.10 % |
Schedule of lease cost | For the three months ended March 31, 2021 2020 (In thousands) Operating lease cost $ 142 $ 132 Short-term lease cost — 8 Total lease cost $ 142 $ 140 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Measurements | |
Schedule of assets measured at fair value on a recurring basis | Fair Value Measurements Using Quoted Prices Significant Significant (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2021 Assets Available-for-sale securities Mortgage-backed securities – agency $ — $ 85,946 $ — CMOs – agency — 45,649 — Total $ — $ 131,595 $ — December 31, 2020 Assets Available-for-sale securities Mortgage-backed securities – agency $ — $ 56,400 $ — CMOs – agency — 61,255 — Total $ — $ 117,655 $ — |
Schedule of carrying amounts and fair values of financial instruments | Fair Value Measurement at March 31, 2021, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 87,893 $ 892 $ 87,001 $ — $ 87,893 Securities purchased under agreements to resell, at cost 50,501 — — 50,501 50,501 Securities available-for-sale 131,595 — 131,595 — 131,595 Securities, restricted, at cost 2,694 N/A N/A N/A N/A Loans, net 689,684 — — 687,423 687,423 Accrued interest receivable 4,837 — 281 4,556 4,837 Financial Liabilities: Time deposits 11,058 — 11,101 — 11,101 Demand and other deposits 848,603 848,603 — — 848,603 Secured borrowings 49 — 49 — 49 Accrued interest payable — — — — — Fair Value Measurement at December 31, 2020, Using: Carrying Value (Level 1) (Level 2) (Level 3) Total (In thousands) Financial Assets: Cash and cash equivalents $ 65,185 $ 1,775 $ 63,410 $ — $ 65,185 Securities purchased under agreements to resell, at cost 51,726 — — 51,726 51,726 Securities available-for-sale 117,655 — 117,655 — 117,655 Securities, restricted, at cost 2,694 N/A N/A N/A N/A Loans, net 661,019 — — 661,992 661,992 Accrued interest receivable 4,529 — 245 4,284 4,529 Financial Liabilities: Time deposits 11,202 — 11,246 — 11,246 Demand and other deposits 792,852 792,852 — — 792,852 Secured borrowings 49 — 49 — 49 Accrued interest payable — — — — — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) | |
Schedule of changes in accumulated other comprehensive income (loss) by component, net of tax | Three months ended March 31, 2021 2020 (In thousands) Unrealized Gains (Losses) on Available-for-Sale Securities Beginning balance $ 1,408 $ 386 Other comprehensive (loss) income before reclassifications, net of tax (1,485) 1,033 Amounts reclassified from accumulated other comprehensive income — — Net current period other comprehensive (loss) income (1,485) 1,033 Ending balance $ (77) $ 1,419 |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)item$ / shares | Mar. 31, 2020itemshares | Dec. 31, 2020USD ($)$ / shares | |
Accounting Policies [Line Items] | |||
Number of loans modified | item | 0 | 0 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Preferred shares value per share | $ / shares | $ 0.01 | $ 0.01 | |
ROU lease assets | $ | $ 2,800 | $ 2,900 | |
lease liability | $ | $ 3,400 | $ 3,500 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | |
Common stock | |||
Accounting Policies [Line Items] | |||
Purchase of common stock (in shares) | shares | 27,706 | ||
Payment deferral program | Covid 19 | |||
Accounting Policies [Line Items] | |||
Number of delinquent loans | item | 0 | ||
Number of loans modified | item | 9 | ||
Loan modification amount | $ | $ 32,800 |
Debt Securities - Summary of re
Debt Securities - Summary of reconciliation of amortized cost to fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 131,702 | $ 115,686 |
Gross Unrealized Gains | 1,585 | 2,044 |
Gross Unrealized Losses | (1,692) | (75) |
Fair Value | 131,595 | 117,655 |
Mortgage-backed securities - agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 86,766 | 55,212 |
Gross Unrealized Gains | 855 | 1,237 |
Gross Unrealized Losses | (1,675) | (49) |
Fair Value | 85,946 | 56,400 |
CMO's - agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 44,936 | 60,474 |
Gross Unrealized Gains | 730 | 807 |
Gross Unrealized Losses | (17) | (26) |
Fair Value | $ 45,649 | $ 61,255 |
Debt Securities - Summary of am
Debt Securities - Summary of amortized cost and fair value of debt securities by contractual maturity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities | ||
Sales or calls of securities | $ 0 | $ 0 |
Debt Securities - Summary of se
Debt Securities - Summary of securities in unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | $ 65,057 | $ 13,139 |
Gross Unrealized Losses, Less than 12 Months | (1,690) | (66) |
Fair Value, 12 Months or Longer | 739 | 1,219 |
Gross Unrealized Losses, 12 Months or Longer | (2) | (9) |
Fair Value, Total | 65,796 | 14,358 |
Gross Unrealized Losses, Total | (1,692) | (75) |
Mortgage-backed securities - agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 62,647 | 4,807 |
Gross Unrealized Losses, Less than 12 Months | (1,675) | (49) |
Fair Value, Total | 62,647 | 4,807 |
Gross Unrealized Losses, Total | (1,675) | (49) |
CMO's - agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 Months | 2,410 | 8,332 |
Gross Unrealized Losses, Less than 12 Months | (15) | (17) |
Fair Value, 12 Months or Longer | 739 | 1,219 |
Gross Unrealized Losses, 12 Months or Longer | (2) | (9) |
Fair Value, Total | 3,149 | 9,551 |
Gross Unrealized Losses, Total | $ (17) | $ (26) |
Debt Securities - Additional di
Debt Securities - Additional disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of pledged securities | $ 2,694 | $ 2,694 | |
Impairment charges | 0 | $ 0 | |
Federal Home Loan Bank Advances | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term debt | 0 | 0 | |
Federal Reserve Bank Advances | |||
Debt Securities, Available-for-sale [Line Items] | |||
Short-term debt | 0 | 0 | |
Federal Reserve Bank of New York (FRB) | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of pledged securities | 17,400 | 19,100 | |
Securities pledged borrowed amount | 17,000 | 18,700 | |
Federal Home Loan Bank of New York (FHLB) | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of pledged securities | 114,200 | 98,600 | |
Securities pledged borrowed amount | $ 102,600 | $ 93,800 |
Loans - Summary of loan composi
Loans - Summary of loan composition (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | $ 703,996 | $ 672,739 | ||
Deferred costs and unearned premiums, net | (1,131) | (318) | ||
Allowance for loan losses | (13,181) | (11,402) | $ (8,878) | $ (6,989) |
Net loans | 689,684 | 661,019 | ||
Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 292,139 | 272,967 | ||
Real Estate | 1 - 4 Family Residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 45,356 | 48,433 | ||
Allowance for loan losses | (319) | (342) | (497) | (344) |
Real Estate | Multifamily | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 192,325 | 169,817 | ||
Allowance for loan losses | (1,525) | (1,278) | (1,441) | (1,048) |
Real Estate | Commercial Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 54,458 | 54,717 | ||
Allowance for loan losses | (613) | (597) | (817) | (560) |
Real Estate | Construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (161) | |||
Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 376,666 | 358,410 | ||
Allowance for loan losses | (5,756) | (5,003) | (5,086) | (4,048) |
Commercial | SBA paycheck protection program loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 31,700 | 21,900 | ||
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 35,191 | 41,362 | ||
Allowance for loan losses | $ (4,968) | $ (4,182) | $ (1,037) | $ (828) |
Loans - Summary of activity in
Loans - Summary of activity in allowance for loan losses by class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for loan losses: | ||
Beginning balance | $ 11,402 | $ 6,989 |
Provision (credit) for loan losses | 1,800 | 1,900 |
Recoveries | 0 | 0 |
Loans charged-off | (21) | (11) |
Total ending allowance balance | 13,181 | 8,878 |
Real Estate | 1 - 4 Family Residential | ||
Allowance for loan losses: | ||
Beginning balance | 342 | 344 |
Provision (credit) for loan losses | (23) | 153 |
Recoveries | 0 | 0 |
Loans charged-off | 0 | 0 |
Total ending allowance balance | 319 | 497 |
Real Estate | Multifamily | ||
Allowance for loan losses: | ||
Beginning balance | 1,278 | 1,048 |
Provision (credit) for loan losses | 247 | 393 |
Recoveries | 0 | 0 |
Loans charged-off | 0 | 0 |
Total ending allowance balance | 1,525 | 1,441 |
Real Estate | Commercial Real Estate | ||
Allowance for loan losses: | ||
Beginning balance | 597 | 560 |
Provision (credit) for loan losses | 16 | 257 |
Recoveries | 0 | 0 |
Loans charged-off | 0 | 0 |
Total ending allowance balance | 613 | 817 |
Real Estate | Construction | ||
Allowance for loan losses: | ||
Beginning balance | 161 | |
Provision (credit) for loan losses | (161) | |
Recoveries | 0 | 0 |
Loans charged-off | 0 | 0 |
Commercial | ||
Allowance for loan losses: | ||
Beginning balance | 5,003 | 4,048 |
Provision (credit) for loan losses | 753 | 1,038 |
Recoveries | 0 | 0 |
Loans charged-off | 0 | 0 |
Total ending allowance balance | 5,756 | 5,086 |
Consumer | ||
Allowance for loan losses: | ||
Beginning balance | 4,182 | 828 |
Provision (credit) for loan losses | 807 | 220 |
Recoveries | 0 | 0 |
Loans charged-off | (21) | (11) |
Total ending allowance balance | $ 4,968 | $ 1,037 |
Loans - Summary of balance in a
Loans - Summary of balance in allowance for loan losses and recorded investment in loans by class and based on impairment method (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | $ 0 | |||
Collectively evaluated for impairment | 13,181 | $ 11,402 | ||
Total ending allowance balance | 13,181 | 11,402 | $ 8,878 | $ 6,989 |
Loans: | ||||
Loans individually evaluated for impairment | 2,992 | 2,303 | ||
Loans collectively evaluated for impairment | 701,004 | 670,436 | ||
Total ending loans balance | 703,996 | 672,739 | ||
Real Estate | ||||
Loans: | ||||
Total ending loans balance | 292,139 | 272,967 | ||
Real Estate | 1 - 4 Family Residential | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 319 | 342 | ||
Total ending allowance balance | 319 | 342 | 497 | 344 |
Loans: | ||||
Loans individually evaluated for impairment | 0 | |||
Loans collectively evaluated for impairment | 45,356 | 48,433 | ||
Total ending loans balance | 45,356 | 48,433 | ||
Real Estate | Multifamily | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 1,525 | 1,278 | ||
Total ending allowance balance | 1,525 | 1,278 | 1,441 | 1,048 |
Loans: | ||||
Loans individually evaluated for impairment | 721 | |||
Loans collectively evaluated for impairment | 191,604 | 169,817 | ||
Total ending loans balance | 192,325 | 169,817 | ||
Real Estate | Commercial Real Estate | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 613 | 597 | ||
Total ending allowance balance | 613 | 597 | 817 | 560 |
Loans: | ||||
Loans individually evaluated for impairment | 0 | |||
Loans collectively evaluated for impairment | 54,458 | 54,717 | ||
Total ending loans balance | 54,458 | 54,717 | ||
Real Estate | Construction | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | |||
Total ending allowance balance | 161 | |||
Loans: | ||||
Loans individually evaluated for impairment | 0 | |||
Commercial | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 5,756 | 5,003 | ||
Total ending allowance balance | 5,756 | 5,003 | 5,086 | 4,048 |
Loans: | ||||
Loans individually evaluated for impairment | 0 | |||
Loans collectively evaluated for impairment | 376,666 | 358,410 | ||
Total ending loans balance | 376,666 | 358,410 | ||
Consumer | ||||
Ending allowance balance attributable to loans: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 4,968 | 4,182 | ||
Total ending allowance balance | 4,968 | 4,182 | $ 1,037 | $ 828 |
Loans: | ||||
Loans individually evaluated for impairment | 2,271 | 2,303 | ||
Loans collectively evaluated for impairment | 32,920 | 39,059 | ||
Total ending loans balance | $ 35,191 | $ 41,362 |
Loans - Summary of impaired loa
Loans - Summary of impaired loans by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||
Allowance recorded on impaired loans | $ 0 | $ 0 | |
Recorded Investment | 2,992 | 2,303 | |
Unpaid Principal Balance | 2,992 | 2,303 | |
Average Recorded Investment | 2,300 | $ 1,213 | |
Multifamily | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 180 | ||
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 2,120 | $ 1,213 | |
Real Estate | Multifamily | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 721 | ||
Unpaid Principal Balance | 721 | ||
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 2,271 | 2,303 | |
Unpaid Principal Balance | $ 2,271 | $ 2,303 |
Loans - Summary of loans by pas
Loans - Summary of loans by past due status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans | $ 2,992 | $ 2,303 |
Total Past Due & Nonaccrual Loans | 3,022 | 2,329 |
Loans Not Past Due | 700,974 | 670,410 |
Total Loans | 703,996 | 672,739 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 25 | 26 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 5 | 0 |
Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 292,139 | 272,967 |
Real Estate | 1 - 4 Family Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Loans Not Past Due | 45,356 | 48,433 |
Total Loans | 45,356 | 48,433 |
Real Estate | 1 - 4 Family Residential | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | 1 - 4 Family Residential | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | 1 - 4 Family Residential | Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Multifamily | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans | 721 | |
Total Past Due & Nonaccrual Loans | 721 | 0 |
Loans Not Past Due | 191,604 | 169,817 |
Total Loans | 192,325 | 169,817 |
Real Estate | Multifamily | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Multifamily | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Multifamily | Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Loans Not Past Due | 54,458 | 54,717 |
Total Loans | 54,458 | 54,717 |
Real Estate | Commercial Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Commercial Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Commercial Real Estate | Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Construction | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Construction | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Real Estate | Construction | Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Loans Not Past Due | 376,666 | 358,410 |
Total Loans | 376,666 | 358,410 |
Commercial | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Commercial | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Commercial | Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 0 | 0 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans | 2,271 | 2,303 |
Total Past Due & Nonaccrual Loans | 2,301 | 2,329 |
Loans Not Past Due | 32,890 | 39,033 |
Total Loans | 35,191 | 41,362 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 25 | 26 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | 5 | 0 |
Consumer | Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due & Nonaccrual Loans | $ 0 | $ 0 |
Loans - Summary of loans by cre
Loans - Summary of loans by credit quality indicator based on internally assigned credit grade (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)item | Mar. 31, 2020item | Dec. 31, 2020USD ($)item | |
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 703,996 | $ 672,739 | |
Number of loans identified as troubled debt restructuring | item | 0 | 0 | |
Number of loans modified | item | 0 | 0 | |
Federal Reserve Bank of New York (FRB) | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans pledged | $ 37,400 | $ 37,500 | |
Maximum borrowing capacity | 28,700 | 28,600 | |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 663,154 | 662,422 | |
Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 29,406 | 7,899 | |
Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 11,436 | 2,418 | |
Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 292,139 | 272,967 | |
Real Estate | 1 - 4 Family Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 45,356 | 48,433 | |
Real Estate | 1 - 4 Family Residential | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 42,341 | 45,418 | |
Real Estate | 1 - 4 Family Residential | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,015 | 3,015 | |
Real Estate | 1 - 4 Family Residential | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | 1 - 4 Family Residential | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | Multifamily | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 192,325 | 169,817 | |
Real Estate | Multifamily | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 191,604 | 169,096 | |
Real Estate | Multifamily | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 721 | |
Real Estate | Multifamily | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 721 | 0 | |
Real Estate | Multifamily | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 54,458 | 54,717 | |
Real Estate | Commercial Real Estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 50,707 | 54,717 | |
Real Estate | Commercial Real Estate | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 3,751 | 0 | |
Real Estate | Commercial Real Estate | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | Commercial Real Estate | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | Construction | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | Construction | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate | Construction | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 376,666 | 358,410 | |
Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 350,245 | 358,295 | |
Commercial | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 17,977 | 0 | |
Commercial | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 8,444 | 115 | |
Commercial | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 0 | 0 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 35,191 | 41,362 | |
Consumer | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 28,257 | 34,896 | |
Consumer | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 4,663 | 4,163 | |
Consumer | Substandard | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | 2,271 | 2,303 | |
Consumer | Doubtful | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total Loans | $ 0 | $ 0 |
Noninterest Income (Details)
Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Noninterest income | ||
Total non-interest income | $ 5,464 | $ 3,121 |
Administrative service income | ||
Noninterest income | ||
Noninterest income | 18 | 86 |
Merchant services income | ||
Noninterest income | ||
Noninterest income | 5,167 | 2,784 |
ACH income | ||
Noninterest income | ||
Noninterest income | 203 | 172 |
Other | ||
Noninterest income | ||
Noninterest income | $ 76 | $ 79 |
Share-Based Payment Plans - Sum
Share-Based Payment Plans - Summary of options activity (Details) - Stock Options - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Options | ||
Outstanding at beginning of year | 907,099 | |
Granted | 0 | 0 |
Exercised | (76,801) | |
Expired | (166) | |
Outstanding at period end | 830,132 | |
Vested or expected to vest | 830,132 | |
Exercisable at period end | 696,751 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of year | $ 14.11 | |
Granted | 0 | |
Exercised | 12.76 | |
Expired | 24.90 | |
Outstanding at period end | 14.23 | |
Vested or expected to vest | 14.23 | |
Exercisable at period end | $ 13.44 | |
Weighted Average Remaining Contractual Life (Years), outstanding at period end | 5 years 6 months 7 days | |
Weighted Average Remaining Contractual Life (Years), vested or expected to vest | 5 years 6 months 7 days | |
Weighted Average Remaining Contractual Life (Years), exercisable at period end | 5 years 21 days |
Share-Based Payment Plans - S_2
Share-Based Payment Plans - Summary of restricted stock activity (Details) - Restricted stock | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Outstanding at beginning of year | shares | 380,750 |
Vested or expected to vest | shares | 0 |
Outstanding at period end | shares | 380,750 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of year | $ / shares | $ 22.87 |
Vested or expected to vest | $ / shares | 0 |
Outstanding at period end | $ / shares | $ 22.87 |
Share-Based Payment Plans - Add
Share-Based Payment Plans - Additional disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from options exercised | $ 10 | $ 290 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options issued | 0 | 0 |
Contractual term of awards | 10 years | |
Stock options expense | $ 134 | $ 132 |
Unrecognized compensation cost related to non-vested options | $ 813 | |
Recognition period of nonvested stock options | 2 years 3 months 7 days | |
Intrinsic value of outstanding options | $ 7,200 | |
Intrinsic value of exercisable options | 6,600 | |
Intrinsic value of options exercised | 861 | 878 |
Proceeds from options exercised | 10 | 290 |
Tax benefit of options exercised | $ 164 | 77 |
Stock Options | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Stock Options | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 5 years | |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 6 years | |
Vesting percentage after years four, five and six | 33.30% | |
Stock options expense | $ 357 | $ 256 |
Unrecognized compensation cost related to non-vested options | $ 6,500 | |
Recognition period of nonvested stock options | 4 years 8 months 19 days |
Earnings per Share - Summary of
Earnings per Share - Summary of earnings per share computation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Basic | ||
Net income | $ 4,174 | $ 2,597 |
Weighted average common shares outstanding (in shares) | 7,426,139 | 7,431,540 |
Basic earnings per share (in dollars per share) | $ 0.56 | $ 0.35 |
Diluted | ||
Weighted average shares outstanding for basic earnings per share | 7,426,139 | 7,431,540 |
Add: Dilutive effects of share based awards | 420,137 | 344,981 |
Average shares and dilutive potential common shares | 7,846,276 | 7,776,521 |
Diluted earnings per share (in dollars per share) | $ 0.53 | $ 0.33 |
Stock options and restricted shares not considered in computing diluted earnings per share because they were anti-dilutive | 118,350 | 163,250 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases | ||
ROU lease assets | $ 2,800 | $ 2,900 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets | Other Assets |
lease liability | $ 3,400 | $ 3,500 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities |
Leases - Maturities of operatin
Leases - Maturities of operating lease (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Maturities of operating lease liabilities | ||
2021 | $ 486 | |
2022 | 644 | |
2023 | 636 | |
2024 | 652 | |
2025 | 668 | |
Thereafter | 627 | |
Total lease payments | 3,713 | |
Less: interest | 313 | |
Present value of operating lease liabilities | $ 3,400 | $ 3,500 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease cost | ||
Weighted-average remaining lease term | 5 years 7 months 2 days | 6 years 7 months 24 days |
Weighted-average discount rate | 3.04% | 3.10% |
Operating lease cost | $ 142 | $ 132 |
Short-term Lease, Cost | 8 | |
Total lease cost | 142 | 140 |
Cash paid for operating lease liability | $ 159 | $ 132 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Available-for-sale securities | |||
Securities available-for-sale, at fair value | $ 131,595 | $ 117,655 | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | $ 0 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | $ 0 | |
Mortgage-backed securities - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 85,946 | 56,400 | |
CMO's - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 45,649 | 61,255 | |
(Level 1) | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
(Level 2) | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 131,595 | 117,655 | |
(Level 3) | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
Recurring | (Level 1) | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
Recurring | (Level 1) | Mortgage-backed securities - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
Recurring | (Level 1) | CMO's - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
Recurring | (Level 2) | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 131,595 | 117,655 | |
Recurring | (Level 2) | Mortgage-backed securities - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 85,946 | 56,400 | |
Recurring | (Level 2) | CMO's - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 45,649 | 61,255 | |
Recurring | (Level 3) | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
Recurring | (Level 3) | Mortgage-backed securities - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
Recurring | (Level 3) | CMO's - agency | |||
Available-for-sale securities | |||
Securities available-for-sale, at fair value | 0 | 0 | |
Non-recurring | |||
Available-for-sale securities | |||
Assets | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Securities purchased under agreements to resell, at cost | $ 50,501 | $ 51,726 |
Securities available for sale | 131,595 | 117,655 |
Securities, restricted, at cost | 2,694 | 2,694 |
Loans, net of allowance | 689,684 | 661,019 |
Accrued interest receivable | 4,837 | 4,529 |
Financial Liabilities: | ||
Time deposits | 11,058 | 11,202 |
Secured borrowings | 49 | 49 |
(Level 1) | ||
Financial Assets: | ||
Cash and cash equivalents | 892 | 1,775 |
Securities available for sale | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial Liabilities: | ||
Time deposits | 0 | |
Demand and other deposits | 848,603 | 792,852 |
Secured borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
(Level 2) | ||
Financial Assets: | ||
Cash and cash equivalents | 87,001 | 63,410 |
Securities available for sale | 131,595 | 117,655 |
Loans, net of allowance | 0 | 0 |
Accrued interest receivable | 281 | 245 |
Financial Liabilities: | ||
Time deposits | 11,101 | 11,246 |
Demand and other deposits | 0 | 0 |
Secured borrowings | 49 | 49 |
Accrued interest payable | 0 | 0 |
(Level 3) | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities purchased under agreements to resell, at cost | 50,501 | 51,726 |
Securities available for sale | 0 | 0 |
Loans, net of allowance | 687,423 | 661,992 |
Accrued interest receivable | 4,556 | 4,284 |
Financial Liabilities: | ||
Time deposits | 0 | |
Demand and other deposits | 0 | 0 |
Secured borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value | ||
Financial Assets: | ||
Cash and cash equivalents | 87,893 | 65,185 |
Securities purchased under agreements to resell, at cost | 50,501 | 51,726 |
Securities available for sale | 131,595 | 117,655 |
Securities, restricted, at cost | 2,694 | 2,694 |
Loans, net of allowance | 689,684 | 661,019 |
Accrued interest receivable | 4,837 | 4,529 |
Financial Liabilities: | ||
Time deposits | 11,058 | 11,202 |
Demand and other deposits | 848,603 | 792,852 |
Secured borrowings | 49 | 49 |
Accrued interest payable | 0 | 0 |
Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 87,893 | 65,185 |
Securities purchased under agreements to resell, at cost | 50,501 | 51,726 |
Securities available for sale | 131,595 | 117,655 |
Loans, net of allowance | 687,423 | 661,992 |
Accrued interest receivable | 4,837 | 4,529 |
Financial Liabilities: | ||
Time deposits | 11,101 | 11,246 |
Demand and other deposits | 848,603 | 792,852 |
Secured borrowings | 49 | 49 |
Accrued interest payable | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of changes in accumulated other comprehensive income (loss) by component, net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrealized Gains (Losses) on Available-for-Sale Securities | ||
Beginning balance | $ 1,408 | $ 386 |
Other comprehensive (loss) income before reclassifications, net of tax | (1,485) | 1,033 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current period other comprehensive (loss) income | (1,485) | 1,033 |
Ending balance | (77) | 1,419 |
Reclassifications | $ 0 | $ 0 |