Esquire Financial (ESQ) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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		7,847,494
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001531031
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 138,235	$ 65,185
Securities purchased under agreements to resell, at cost	50,899	51,726
Securities available-for-sale, at fair value	141,703	117,655
Securities, restricted, at cost	2,680	2,694
Loans held for investment	744,092	672,421
Less: allowance for loan losses	(8,665)	(11,402)
Loans, net of allowance	735,427	661,019
Premises and equipment, net	3,443	3,017
Accrued interest receivable	4,462	4,529
Other assets	46,421	30,889
Total assets	1,123,270	936,714
Deposits:
Demand	416,849	351,692
Savings, NOW and money market	549,069	441,160
Time	11,125	11,202
Total deposits	977,043	804,054
Accrued expenses and other liabilities	9,046	6,584
Total liabilities	986,089	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; 7,881,800 and 7,827,788 shares issued, respectively; and 7,847,494 and 7,793,482 shares outstanding, respectively	79	78
Additional paid-in capital	93,106	91,622
Retained earnings	44,730	33,535
Accumulated other comprehensive (loss) income	(167)	1,408
Treasury stock at cost, 34,306 and 34,306 shares, respectively	(567)	(567)
Total stockholders' equity	137,181	126,076
Total liabilities and stockholders' equity	$ 1,123,270	$ 936,714

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
CONDENSED 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	7,881,800	7,827,788
Common stock, shares outstanding	7,847,494	7,793,482
Treasury stock, shares	34,306	34,306

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Loans	$ 10,709	$ 8,936	$ 30,408	$ 26,055
Securities	583	494	1,588	2,132
Securities purchased under agreements to resell	150		470
Interest earning deposits and other	51	66	134	348
Total interest income	11,493	9,496	32,600	28,535
Interest expense:
Savings, NOW and money market deposits	189	203	536	697
Time deposits	19	85	59	277
Borrowings	1	1	2	4
Total interest expense	209	289	597	978
Net interest income	11,284	9,207	32,003	27,557
Provision for loan losses	3,750	900	6,400	4,700
Net interest income after provision for loan losses	7,534	8,307	25,603	22,857
Noninterest income:
Unrealized loss on loans held for sale	(384)		(384)
Total noninterest income	4,924	3,884	15,856	9,959
Noninterest expense:
Employee compensation and benefits	5,523	4,372	16,189	12,448
Occupancy and equipment	696	615	2,104	1,735
Professional and consulting services	773	845	2,352	2,382
FDIC and regulatory assessments	111	95	320	280
Advertising and marketing	289	171	936	289
Travel and business relations	105	33	212	173
Data processing	977	772	2,734	2,272
Other operating expenses	533	382	1,466	1,351
Total noninterest expense	9,007	7,285	26,313	20,930
Net income before income taxes	3,451	4,906	15,146	11,886
Income tax expense	932	1,300	3,951	3,150
Net income	$ 2,519	$ 3,606	$ 11,195	$ 8,736
Earnings per share
Basic (in dollars per share)	$ 0.34	$ 0.49	$ 1.50	$ 1.18
Diluted (in dollars per share)	$ 0.32	$ 0.48	$ 1.42	$ 1.14
Merchant processing income
Noninterest income:
Noninterest income	$ 5,227	$ 3,721	$ 15,948	$ 9,527
Customer related fees and service charges
Noninterest income:
Noninterest income	$ 81	$ 163	$ 292	$ 432

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 2,519	$ 3,606	$ 11,195	$ 8,736
Other comprehensive (loss) income:
Unrealized (losses) gains arising during the period on securities available-for-sale	(686)	(343)	(2,203)	1,772
Tax effect	196	97	628	(505)
Total other comprehensive (loss) income	(490)	(246)	(1,575)	1,267
Total comprehensive income	$ 2,029	$ 3,360	$ 9,620	$ 10,003

CONDENSED CONSOLIDATED STATEM_5

CONDENSED 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			8,736			8,736
Other comprehensive income (loss)				1,267		1,267
Exercise of stock options, net of repurchases		290				290
Exercise of stock options, net of repurchases (in shares)	44,976
Stock compensation expense		1,158				1,158
Purchase of common stock					$ (567)	(567)
Purchase of common stock (in shares)	(34,306)
Balance at Sep. 30, 2020	$ 77	91,130	29,653	1,653	(567)	121,946
Balance (in shares) at Sep. 30, 2020	7,662,840
Balance at Jun. 30, 2020	$ 77	90,747	26,047	1,899	(567)	118,203
Balance (in shares) at Jun. 30, 2020	7,662,840
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			3,606			3,606
Other comprehensive income (loss)				(246)		(246)
Stock compensation expense		383				383
Balance at Sep. 30, 2020	$ 77	91,130	29,653	1,653	(567)	121,946
Balance (in shares) at Sep. 30, 2020	7,662,840
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			11,195			11,195
Other comprehensive income (loss)				(1,575)		(1,575)
Exercise of stock options, net of repurchases	$ 1	20				21
Exercise of stock options, net of repurchases (in shares)	54,012
Stock compensation expense		1,464				1,464
Balance at Sep. 30, 2021	$ 79	93,106	44,730	(167)	(567)	137,181
Balance (in shares) at Sep. 30, 2021	7,847,494
Balance at Jun. 30, 2021	$ 79	92,624	42,211	323	(567)	134,670
Balance (in shares) at Jun. 30, 2021	7,830,704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income			2,519			2,519
Other comprehensive income (loss)				(490)		(490)
Exercise of stock options, net of repurchases (in shares)	16,790
Stock compensation expense		482				482
Balance at Sep. 30, 2021	$ 79	$ 93,106	$ 44,730	$ (167)	$ (567)	$ 137,181
Balance (in shares) at Sep. 30, 2021	7,847,494

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Repurchase of shares	18,641	59,109	20,224

CONDENSED CONSOLIDATED STATEM_7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 11,195	$ 8,736
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	6,400	4,700
Unrealized loss on loans held for sale	384
Depreciation	516	424
Stock compensation expense	1,464	1,158
Net amortization (accretion):
Securities	613	742
Loans	(1,034)	(279)
Right of use asset	415	343
Software	749	420
Changes in other assets and liabilities:
Accrued interest receivable	67	(1,097)
Other assets	(543)	(1,428)
Operating lease liability	(405)	(352)
Accrued expenses and other liabilities	2,868	3,510
Net cash provided by operating activities	22,689	16,877
Cash flows from investing activities:
Net change in loans	(94,358)	(71,266)
Net change in securities purchased under agreements to resell	827
Purchases of securities available-for-sale	(70,478)	(6,200)
Principal repayments on securities available-for-sale	43,614	46,565
Redemption (purchase) of securities, restricted	14	(29)
Purchases of premises and equipment	(942)	(446)
Development of capitalized software	(1,325)	(1,325)
Net cash used in investing activities	(122,648)	(32,701)
Cash flows from financing activities:
Net increase in deposits	172,989	64,890
Decrease in borrowings	(1)	(2)
Exercise of stock options	21	290
Purchase of common stock		(567)
Net cash provided by financing activities	173,009	64,611
Increase in cash and cash equivalents	73,050	48,787
Cash and cash equivalents at beginning of the period	65,185	61,806
Cash and cash equivalents at end of the period	138,235	110,593
Cash paid during the period for:
Interest	597	990
Taxes	5,854	4,330
Noncash transactions:
Transfer from loans held for investment to held for sale	$ 14,584
Right of use asset obtained in exchange for lease liability		624
Securities purchased but not yet settled		$ 3,337

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2021, there were no participants in the customer payment deferral program. 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 third quarter 2021 Consolidated Statement of Financial Condition and Consolidated Statement of Income. 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. Loans Held for Sale Loans transferred from investment to held for sale are accounted for at lower of cost or fair value. During the third quarter of 2021, the Company transferred its legacy NFL portfolio from loans held for investment to held for sale. As part of the transfer, the Company recorded a charge-off of $9.0 million, of which $3.0 million was provisioned for during the third quarter of 2021. Subsequent to the transfer, the Company recorded a lower of cost or fair value adjustment totaling $384 thousand, which is reflected as an unrealized loss on loans held for sale on the Consolidated Statement of Income. The carrying amount of these loans totaled $14.2 million and is included with Other assets on the Consolidated Statement of Financial Condition. 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. ASU 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”) provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Subject to certain conditions, where an agreement, contract or transaction is modified in connection with the reference rate reform, the guidance permits: (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting and is effective March 12, 2020 through December 31, 2022. We do not expect ASU 2020-04 to have a material impact on the Company’s business operations and consolidated financial statements as our variable rate loan portfolios almost exclusively utilize the prime rate as the interest rate benchmark. Further, the Company does not have any derivative contracts or apply hedge accounting.

Debt Securities

Debt Securities	9 Months Ended
	Sep. 30, 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities – agency ​ $ 116,702 ​ $ 868 ​ $ (1,505) ​ $ 116,065 Collateralized mortgage obligations (CMOs) – agency ​ ​ 25,235 ​ ​ 413 ​ ​ (10) ​ ​ 25,638 Total available-for-sale ​ $ 141,937 ​ $ 1,281 ​ $ (1,515) ​ $ 141,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and nine months ended September 30, 2021 and 2020. At September 30, 2021, securities having a fair value of $113.3 million were pledged to the Federal Home Loan Bank of New York (FHLB) for borrowing capacity totaling $107.7 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 September 30, 2021 and December 31, 2020, the Company had no outstanding FHLB advances. At September 30, 2021, securities having a fair value of $28.4 million were pledged to the Federal Reserve Bank of New York (FRB) for borrowing capacity totaling $27.5 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 September 30, 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities – agency ​ $ 90,392 ​ $ (1,505) ​ $ — ​ $ — ​ $ 90,392 ​ $ (1,505) CMOs – agency ​ ​ 1,153 ​ ​ (10) ​ ​ — ​ ​ — ​ ​ 1,153 ​ ​ (10) Total temporarily impaired securities ​ $ 91,545 ​ $ (1,515) ​ $ — ​ $ — ​ $ 91,545 ​ $ (1,515) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 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 September 30, 2021. No impairment charges were recorded for the three and nine months ended September 30, 2021 and 2020.

Loans

Loans	9 Months Ended
	Sep. 30, 2021
Loans
Loans	​ ​ NOTE 3 — Loans The composition of loans by class is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, ​ At December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars in thousands) Real estate: ​ ​ ​ 1 – 4 family ​ $ 44,022 ​ $ 48,433 Multifamily ​ 240,055 ​ 169,817 Commercial real estate ​ 53,437 ​ 54,717 Construction ​ — ​ — Total real estate ​ 337,514 ​ 272,967 Commercial ​ 398,511 ​ 358,410 Consumer ​ 8,651 ​ 41,362 Total loans held for investment ​ ​ 744,676 ​ ​ 672,739 Deferred loan fees and unearned premiums, net ​ (584) ​ (318) Allowance for loan losses ​ (8,665) ​ (11,402) Loans held for investment, net ​ $ 735,427 ​ $ 661,019 ​ At September 30, 2021 and December 31, 2020, the commercial loans balance included Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans of $11.7 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 September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ 1 ‑ 4 Family ​ Commercial ​ Multifamily ​ Real Estate ​ Construction ​ Consumer ​ Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 312 ​ $ 5,547 ​ $ 1,418 ​ $ 603 ​ $ — ​ $ 6,137 ​ $ 14,017 Provision (credit) for loan losses ​ ​ (3) ​ ​ 385 ​ ​ 274 ​ ​ (4) ​ ​ — ​ ​ 3,098 ​ ​ 3,750 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,102) ​ ​ (9,102) Total ending allowance balance ​ $ 309 ​ $ 5,932 ​ $ 1,692 ​ $ 599 ​ $ — ​ $ 133 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 739 ​ $ 4,816 ​ $ 2,126 ​ $ 982 ​ $ — ​ $ 2,013 ​ $ 10,676 Provision (credit) for loan losses ​ ​ (247) ​ ​ 77 ​ ​ (502) ​ ​ (248) ​ ​ — ​ ​ 1,820 ​ ​ 900 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ (17) ​ ​ (19) Total ending allowance balance ​ $ 492 ​ $ 4,891 ​ $ 1,624 ​ $ 734 ​ $ — ​ $ 3,816 ​ $ 11,557 ​ ​ The following tables present the activity in the allowance for loan losses by class for the nine months ending September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ 1 ‑ 4 Family ​ Commercial ​ Multifamily ​ Real Estate ​ Construction ​ Consumer ​ Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 342 ​ $ 5,003 ​ $ 1,278 ​ $ 597 ​ $ — ​ $ 4,182 ​ $ 11,402 Provision (credit) for loan losses ​ ​ (33) ​ ​ 929 ​ ​ 414 ​ ​ 2 ​ ​ — ​ ​ 5,088 ​ ​ 6,400 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,137) ​ ​ (9,137) Total ending allowance balance ​ $ 309 ​ $ 5,932 ​ $ 1,692 ​ $ 599 ​ $ — ​ $ 133 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 344 ​ $ 4,048 ​ $ 1,048 ​ $ 560 ​ $ 161 ​ $ 828 ​ $ 6,989 Provision (credit) for loan losses ​ ​ 148 ​ ​ 845 ​ ​ 576 ​ ​ 174 ​ ​ (161) ​ ​ 3,118 ​ ​ 4,700 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ (130) ​ ​ (132) Total ending allowance balance ​ $ 492 ​ $ 4,891 ​ $ 1,624 ​ $ 734 ​ $ — ​ $ 3,816 ​ $ 11,557 ​ ​ 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 September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ 1 ‑ 4 Family ​ Commercial ​ Multifamily ​ Real Estate ​ Construction ​ Consumer ​ Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ Ending allowance balance attributable to loans: ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Collectively evaluated for impairment ​ 309 ​ 5,932 ​ 1,692 ​ 599 ​ — ​ 133 ​ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ending allowance balance ​ $ 309 ​ $ 5,932 ​ $ 1,692 ​ $ 599 ​ $ — ​ $ 133 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans: ​ ​ ​ ​ ​ ​ ​ Loans individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Loans collectively evaluated for impairment ​ 44,022 ​ 398,511 ​ 240,055 ​ 53,437 ​ — ​ 8,651 ​ 744,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ending loans balance ​ $ 44,022 ​ $ 398,511 ​ $ 240,055 ​ $ 53,437 ​ $ — ​ $ 8,651 ​ $ 744,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2021 and December 31, 2020. There was no related allowance recorded on any impaired loans as of September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ Recorded ​ Principal ​ Recorded ​ Principal ​ Investment Balance Investment Balance ​ ​ (In thousands) 1-4 family ​ $ — ​ $ — ​ $ — ​ $ — Commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ — Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ — Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ — ​ ​ — ​ ​ 2,303 ​ ​ 2,303 Total ​ $ — ​ $ — ​ $ 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 September 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Average ​ Interest ​ Average ​ Interest ​ Average ​ Interest ​ Average ​ Interest ​ ​ Recorded ​ Income ​ Recorded ​ Income ​ Recorded ​ Income ​ Recorded ​ Income ​ Investment Recognized Investment Recognized Investment Recognized Investment Recognized ​ ​ (In thousands) 1-4 family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 144 ​ ​ — ​ ​ — ​ ​ — Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ 1,703 ​ ​ — ​ ​ 1,436 ​ ​ — ​ ​ 2,054 ​ ​ — ​ ​ 1,210 ​ ​ — Total ​ $ 1,703 ​ $ — ​ $ 1,436 ​ $ — ​ $ 2,198 ​ $ — ​ $ 1,210 ​ $ — ​ The following tables present the aging of the recorded investment in past due loans by class of loans as of September 30, 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 – 4 family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 44,022 ​ $ 44,022 Commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 398,511 ​ ​ 398,511 Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 240,055 ​ ​ 240,055 Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 53,437 ​ ​ 53,437 Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ 8 ​ ​ 14 ​ ​ — ​ ​ 12 ​ ​ 34 ​ ​ 8,617 ​ ​ 8,651 Total ​ $ 8 ​ $ 14 ​ $ — ​ $ 12 ​ $ 34 ​ $ 744,642 ​ $ 744,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 – 4 family ​ $ 41,007 ​ $ 3,015 ​ $ — ​ $ — Commercial ​ ​ 376,482 ​ ​ 17,977 ​ ​ 4,052 ​ ​ — Multifamily ​ ​ 239,334 ​ ​ — ​ ​ 721 ​ ​ — Commercial real estate ​ ​ 49,619 ​ ​ 3,818 ​ ​ — ​ ​ — Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ 8,651 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 715,093 ​ $ 24,810 ​ $ 4,773 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2021 and December 31, 2020. Furthermore, there were no loans modified during the three and nine months ended September 30, 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. As of September 30, 2021, there were no participants in the payment deferral program. Pledged Loans At September 30, 2021, loans totaling $36.4 million were pledged to the Federal Home Loan Bank of New York for borrowing capacity totaling $26.1 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	9 Months Ended
	Sep. 30, 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 September 30, ​ For the Nine Months Ended September 30, ​ 2021 2020 2021 2020 ​ ​ (In thousands) Payment processing fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment processing income ​ $ 5,021 ​ $ 3,551 ​ $ 15,339 ​ $ 9,023 ACH income ​ ​ 206 ​ ​ 170 ​ ​ 609 ​ ​ 504 Customer related fees and service charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative service income ​ ​ — ​ ​ 41 ​ ​ 29 ​ ​ 140 Other ​ ​ 81 ​ ​ 122 ​ ​ 263 ​ ​ 292 Unrealized loss on loans held for sale (1) ​ ​ (384) ​ ​ — ​ ​ (384) ​ ​ — Total noninterest income ​ $ 4,924 ​ $ 3,884 ​ $ 15,856 ​ $ 9,959 ​ (1) Represents a valuation adjustment on loans held for sale, not within the scope of ASC 606. 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020. The following table presents a summary of the activity related to options as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ Exercise ​ Contractual ​ Options Price Life (Years) September 30, 2021 ​ Outstanding at beginning of year 907,099 ​ $ 14.11 Granted — ​ — Exercised (113,121) ​ 12.72 Forfeited (501) ​ 23.08 Expired (415) ​ 25.02 Outstanding at period end 793,062 ​ $ 14.30 5.07 Vested or expected to vest 793,062 ​ $ 14.30 5.07 Exercisable at period end 709,114 ​ $ 13.43 4.63 ​ The Company recognized compensation expense related to options of $117 thousand and $124 thousand for the three months ended September 30, 2021 and 2020, respectively. The Company recognized compensation expense related to options of $380 thousand and $387 thousand for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, unrecognized compensation cost related to nonvested options was approximately $562 thousand and is expected to be recognized over a weighted average period of 2.06 years. The intrinsic value for outstanding options and for options vested or expected to vest was $11.4 million and $10.8 million for exercisable options at September 30, 2021. ​ Information related to stock option exercises during each period is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) Intrinsic value of options exercised ​ $ 403 ​ $ — ​ $ 1,275 ​ $ 878 Cash received from option exercises ​ ​ — ​ ​ — ​ ​ 21 ​ ​ 290 Excess tax benefit from option exercises ​ ​ 78 ​ ​ — ​ ​ 244 ​ ​ 77 ​ The following table presents a summary of the activity related to restricted stock as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Shares ​ Fair Value September 30, 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 $365 thousand and $259 thousand for the three months ended September 30, 2021 and 2020, respectively. The Company recognized compensation expense related to restricted stock of $1.1 million and $771 thousand for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, there was $5.8 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 4.25 years.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 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 ​ For the nine months ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands, except per share data) Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 2,519 ​ $ 3,606 ​ $ 11,195 ​ $ 8,736 Weighted average common shares outstanding ​ ​ 7,460,897 ​ ​ 7,403,840 ​ ​ 7,445,497 ​ ​ 7,414,264 Basic earnings per share ​ $ 0.34 ​ $ 0.49 ​ $ 1.50 ​ $ 1.18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 2,519 ​ $ 3,606 ​ $ 11,195 ​ $ 8,736 Weighted average shares outstanding for basic earnings per share ​ ​ 7,460,897 ​ ​ 7,403,840 ​ ​ 7,445,497 ​ ​ 7,414,264 Add: Dilutive effects of share based awards ​ ​ 487,145 ​ ​ 172,124 ​ ​ 448,076 ​ ​ 225,103 Average shares and dilutive potential common shares ​ ​ 7,948,042 ​ ​ 7,575,964 ​ ​ 7,893,573 ​ ​ 7,639,367 Diluted earnings per share ​ $ 0.32 ​ $ 0.48 ​ $ 1.42 ​ $ 1.14 ​ Share-based awards totaling 107,600 and 303,250 shares of common stock were not considered in computing diluted earnings per common share for the three months ended September 30, 2021 and September 30, 2020, respectively, because they were anti-dilutive. Share-based awards totaling 107,600 and 303,250 shares of common stock were not considered in computing diluted earnings per common share for the nine months ended September 30, 2021 and September 30, 2020, respectively, because they were anti-dilutive.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases
Leases	NOTE 7 — Leases 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 September 30, 2021, right of use (“ROU”) lease assets liabilities assets liabilities Maturities of the Company’s operating lease liabilities at September 30, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ ​ ​ Liabilities ​ ​ ​ (In thousands) 2021 ​ $ 163 2022 ​ 643 2023 ​ 636 2024 ​ 652 2025 ​ 668 Thereafter ​ 627 Total operating lease payments ​ $ 3,389 Less: interest ​ ​ 262 Present value of operating lease liabilities ​ $ 3,127 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ ​ ​ 2021 ​ 2020 ​ Weighted-average remaining lease term ​ ​ 5.12 years ​ 6.08 years Weighted-average discount rate ​ ​ 3.05 % ​ 3.05 % ​ ​ The components of total lease cost are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the nine months ended ​ September 30, ​ ​ 2021 ​ 2020 ​ ​ 2021 ​ 2020 ​ ​ (In thousands) Operating lease cost ​ $ 142 ​ $ 141 ​ ​ $ 425 ​ $ 422 Short-term lease cost ​ ​ — ​ ​ 14 ​ ​ ​ 13 ​ ​ 52 Total lease cost ​ $ 142 ​ $ 155 ​ ​ $ 438 ​ $ 474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for operating leases ​ $ 161 ​ $ 173 ​ ​ $ 503 ​ $ 431 ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities – agency ​ $ — ​ $ 116,065 ​ $ — CMOs – agency ​ ​ — ​ ​ 25,638 ​ ​ — Total ​ $ — ​ $ 141,703 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and nine months ended September 30, 2021 and 2020. The legacy NFL consumer loan portfolio was measured on a nonrecurring basis and assigned a Level 3 fair value of $14.2 million as of September 30, 2021, as the loans are accounted for at the lower of cost or fair value. The fair value was determined using the discounted cash flow method under the income approach where the significant unobservable inputs include the cash flows and related timing, and an approximately 8% discount rate applied which reflects the rate of return market participants would expect to earn on investments of equivalent risk. The valuation adjustment recorded during the quarter totaled $384 thousand. There were no assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2020. ​ The following tables present the carrying amounts and fair values (represents exit price) of financial instruments at September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at September 30, 2021, Using: ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value (Level 1) (Level 2) (Level 3) Total ​ ​ (In thousands) Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 138,235 ​ $ 1,129 ​ $ 137,106 ​ $ — ​ $ 138,235 Securities purchased under agreements to resell, at cost ​ ​ 50,899 ​ ​ — ​ ​ — ​ ​ 50,899 ​ ​ 50,899 Securities available-for-sale ​ ​ 141,703 ​ ​ — ​ ​ 141,703 ​ ​ — ​ ​ 141,703 Securities, restricted, at cost ​ ​ 2,680 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A Loans held for investment, net ​ ​ 735,427 ​ ​ — ​ ​ — ​ ​ 735,232 ​ ​ 735,232 Accrued interest receivable ​ ​ 4,462 ​ ​ — ​ ​ 280 ​ ​ 4,182 ​ ​ 4,462 Other assets - loans held for sale ​ ​ 14,200 ​ ​ — ​ ​ — ​ ​ 14,200 ​ ​ 14,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ ​ 11,125 ​ ​ — ​ ​ 11,163 ​ ​ — ​ ​ 11,163 Demand and other deposits ​ ​ 965,918 ​ ​ 965,918 ​ ​ — ​ ​ — ​ ​ 965,918 Secured borrowings ​ ​ 48 ​ ​ — ​ ​ 48 ​ ​ — ​ ​ 48 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 held for investment, net ​ ​ 661,019 ​ ​ — ​ ​ — ​ ​ 661,992 ​ ​ 661,992 Accrued interest receivable ​ ​ 4,529 ​ ​ — ​ ​ 245 ​ ​ 4,284 ​ ​ 4,529 Other assets - loans held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (Loss) Income	9 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income	NOTE 9 — Accumulated Other Comprehensive (Loss) Income The following presents changes in accumulated other comprehensive (loss) income by component, net of tax, for the three and nine months ending September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ 2021 2020 2021 2020 ​ ​ (In thousands) Unrealized (Losses) Gains on Available-for-Sale Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 323 ​ $ 1,899 ​ $ 1,408 ​ $ 386 Other comprehensive (loss) income before reclassifications, net of tax ​ ​ (490) ​ ​ (246) ​ ​ (1,575) ​ ​ 1,267 Amounts reclassified from accumulated other comprehensive income ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net current period other comprehensive (loss) income ​ ​ (490) ​ ​ (246) ​ ​ (1,575) ​ ​ 1,267 Ending balance ​ $ (167) ​ $ 1,653 ​ $ (167) ​ $ 1,653 ​ There were no reclassifications out of accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2021 and 2020.

Accounting Policy (Policies)

Accounting Policy (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 September 30, 2021, there were no participants in the customer payment deferral program. 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 third quarter 2021 Consolidated Statement of Financial Condition and Consolidated Statement of Income.
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.
Loans Held for Sale	Loans Held for Sale Loans transferred from investment to held for sale are accounted for at lower of cost or fair value. During the third quarter of 2021, the Company transferred its legacy NFL portfolio from loans held for investment to held for sale. As part of the transfer, the Company recorded a charge-off of $9.0 million, of which $3.0 million was provisioned for during the third quarter of 2021. Subsequent to the transfer, the Company recorded a lower of cost or fair value adjustment totaling $384 thousand, which is reflected as an unrealized loss on loans held for sale on the Consolidated Statement of Income. The carrying amount of these loans totaled $14.2 million and is included with Other assets on the Consolidated Statement of Financial Condition.
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. ASU 2020-04, “Reference Rate Reform (Topic 848)” (“ASU 2020-04”) provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Subject to certain conditions, where an agreement, contract or transaction is modified in connection with the reference rate reform, the guidance permits: (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting and is effective March 12, 2020 through December 31, 2022. We do not expect ASU 2020-04 to have a material impact on the Company’s business operations and consolidated financial statements as our variable rate loan portfolios almost exclusively utilize the prime rate as the interest rate benchmark. Further, the Company does not have any derivative contracts or apply hedge accounting.

Debt Securities (Tables)

Debt Securities (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities – agency ​ $ 116,702 ​ $ 868 ​ $ (1,505) ​ $ 116,065 Collateralized mortgage obligations (CMOs) – agency ​ ​ 25,235 ​ ​ 413 ​ ​ (10) ​ ​ 25,638 Total available-for-sale ​ $ 141,937 ​ $ 1,281 ​ $ (1,515) ​ $ 141,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities – agency ​ $ 90,392 ​ $ (1,505) ​ $ — ​ $ — ​ $ 90,392 ​ $ (1,505) CMOs – agency ​ ​ 1,153 ​ ​ (10) ​ ​ — ​ ​ — ​ ​ 1,153 ​ ​ (10) Total temporarily impaired securities ​ $ 91,545 ​ $ (1,515) ​ $ — ​ $ — ​ $ 91,545 ​ $ (1,515) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 30, 2021
Loans
Schedule of composition of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, ​ At December 31, ​ ​ 2021 ​ 2020 ​ ​ (Dollars in thousands) Real estate: ​ ​ ​ 1 – 4 family ​ $ 44,022 ​ $ 48,433 Multifamily ​ 240,055 ​ 169,817 Commercial real estate ​ 53,437 ​ 54,717 Construction ​ — ​ — Total real estate ​ 337,514 ​ 272,967 Commercial ​ 398,511 ​ 358,410 Consumer ​ 8,651 ​ 41,362 Total loans held for investment ​ ​ 744,676 ​ ​ 672,739 Deferred loan fees and unearned premiums, net ​ (584) ​ (318) Allowance for loan losses ​ (8,665) ​ (11,402) Loans held for investment, net ​ $ 735,427 ​ $ 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 September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ 1 ‑ 4 Family ​ Commercial ​ Multifamily ​ Real Estate ​ Construction ​ Consumer ​ Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 312 ​ $ 5,547 ​ $ 1,418 ​ $ 603 ​ $ — ​ $ 6,137 ​ $ 14,017 Provision (credit) for loan losses ​ ​ (3) ​ ​ 385 ​ ​ 274 ​ ​ (4) ​ ​ — ​ ​ 3,098 ​ ​ 3,750 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,102) ​ ​ (9,102) Total ending allowance balance ​ $ 309 ​ $ 5,932 ​ $ 1,692 ​ $ 599 ​ $ — ​ $ 133 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 739 ​ $ 4,816 ​ $ 2,126 ​ $ 982 ​ $ — ​ $ 2,013 ​ $ 10,676 Provision (credit) for loan losses ​ ​ (247) ​ ​ 77 ​ ​ (502) ​ ​ (248) ​ ​ — ​ ​ 1,820 ​ ​ 900 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ (17) ​ ​ (19) Total ending allowance balance ​ $ 492 ​ $ 4,891 ​ $ 1,624 ​ $ 734 ​ $ — ​ $ 3,816 ​ $ 11,557 ​ ​ The following tables present the activity in the allowance for loan losses by class for the nine months ending September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ 1 ‑ 4 Family ​ Commercial ​ Multifamily ​ Real Estate ​ Construction ​ Consumer ​ Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 342 ​ $ 5,003 ​ $ 1,278 ​ $ 597 ​ $ — ​ $ 4,182 ​ $ 11,402 Provision (credit) for loan losses ​ ​ (33) ​ ​ 929 ​ ​ 414 ​ ​ 2 ​ ​ — ​ ​ 5,088 ​ ​ 6,400 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,137) ​ ​ (9,137) Total ending allowance balance ​ $ 309 ​ $ 5,932 ​ $ 1,692 ​ $ 599 ​ $ — ​ $ 133 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 344 ​ $ 4,048 ​ $ 1,048 ​ $ 560 ​ $ 161 ​ $ 828 ​ $ 6,989 Provision (credit) for loan losses ​ ​ 148 ​ ​ 845 ​ ​ 576 ​ ​ 174 ​ ​ (161) ​ ​ 3,118 ​ ​ 4,700 Recoveries ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Loans charged-off ​ ​ — ​ ​ (2) ​ ​ — ​ ​ — ​ ​ — ​ ​ (130) ​ ​ (132) Total ending allowance balance ​ $ 492 ​ $ 4,891 ​ $ 1,624 ​ $ 734 ​ $ — ​ $ 3,816 ​ $ 11,557 ​ ​ 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 September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ 1 ‑ 4 Family ​ Commercial ​ Multifamily ​ Real Estate ​ Construction ​ Consumer ​ Total ​ ​ (In thousands) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ Ending allowance balance attributable to loans: ​ ​ ​ ​ ​ ​ ​ Individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Collectively evaluated for impairment ​ 309 ​ 5,932 ​ 1,692 ​ 599 ​ — ​ 133 ​ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ending allowance balance ​ $ 309 ​ $ 5,932 ​ $ 1,692 ​ $ 599 ​ $ — ​ $ 133 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans: ​ ​ ​ ​ ​ ​ ​ Loans individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Loans collectively evaluated for impairment ​ 44,022 ​ 398,511 ​ 240,055 ​ 53,437 ​ — ​ 8,651 ​ 744,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ending loans balance ​ $ 44,022 ​ $ 398,511 ​ $ 240,055 ​ $ 53,437 ​ $ — ​ $ 8,651 ​ $ 744,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ Unpaid ​ ​ ​ ​ Unpaid ​ ​ Recorded ​ Principal ​ Recorded ​ Principal ​ Investment Balance Investment Balance ​ ​ (In thousands) 1-4 family ​ $ — ​ $ — ​ $ — ​ $ — Commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ — Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ — Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ — ​ ​ — ​ ​ 2,303 ​ ​ 2,303 Total ​ $ — ​ $ — ​ $ 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 September 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended September 30, ​ For the nine months ended September 30, ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Average ​ Interest ​ Average ​ Interest ​ Average ​ Interest ​ Average ​ Interest ​ ​ Recorded ​ Income ​ Recorded ​ Income ​ Recorded ​ Income ​ Recorded ​ Income ​ Investment Recognized Investment Recognized Investment Recognized Investment Recognized ​ ​ (In thousands) 1-4 family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 144 ​ ​ — ​ ​ — ​ ​ — Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ 1,703 ​ ​ — ​ ​ 1,436 ​ ​ — ​ ​ 2,054 ​ ​ — ​ ​ 1,210 ​ ​ — Total ​ $ 1,703 ​ $ — ​ $ 1,436 ​ $ — ​ $ 2,198 ​ $ — ​ $ 1,210 ​ $ —
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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 – 4 family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 44,022 ​ $ 44,022 Commercial ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 398,511 ​ ​ 398,511 Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 240,055 ​ ​ 240,055 Commercial real estate ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 53,437 ​ ​ 53,437 Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ 8 ​ ​ 14 ​ ​ — ​ ​ 12 ​ ​ 34 ​ ​ 8,617 ​ ​ 8,651 Total ​ $ 8 ​ $ 14 ​ $ — ​ $ 12 ​ $ 34 ​ $ 744,642 ​ $ 744,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 – 4 family ​ $ 41,007 ​ $ 3,015 ​ $ — ​ $ — Commercial ​ ​ 376,482 ​ ​ 17,977 ​ ​ 4,052 ​ ​ — Multifamily ​ ​ 239,334 ​ ​ — ​ ​ 721 ​ ​ — Commercial real estate ​ ​ 49,619 ​ ​ 3,818 ​ ​ — ​ ​ — Construction ​ ​ — ​ ​ — ​ ​ — ​ ​ — Consumer ​ ​ 8,651 ​ ​ — ​ ​ — ​ ​ — Total ​ $ 715,093 ​ $ 24,810 ​ $ 4,773 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 30, 2021
Noninterest Income.
Schedule of Consolidated of Income as components of noninterest income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ For the Nine Months Ended September 30, ​ 2021 2020 2021 2020 ​ ​ (In thousands) Payment processing fees ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment processing income ​ $ 5,021 ​ $ 3,551 ​ $ 15,339 ​ $ 9,023 ACH income ​ ​ 206 ​ ​ 170 ​ ​ 609 ​ ​ 504 Customer related fees and service charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative service income ​ ​ — ​ ​ 41 ​ ​ 29 ​ ​ 140 Other ​ ​ 81 ​ ​ 122 ​ ​ 263 ​ ​ 292 Unrealized loss on loans held for sale (1) ​ ​ (384) ​ ​ — ​ ​ (384) ​ ​ — Total noninterest income ​ $ 4,924 ​ $ 3,884 ​ $ 15,856 ​ $ 9,959 ​ (1) Represents a valuation adjustment on loans held for sale, not within the scope of ASC 606.

Share-Based Payment Plans (Tabl

Share-Based Payment Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Employee Benefits
Schedule of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ Exercise ​ Contractual ​ Options Price Life (Years) September 30, 2021 ​ Outstanding at beginning of year 907,099 ​ $ 14.11 Granted — ​ — Exercised (113,121) ​ 12.72 Forfeited (501) ​ 23.08 Expired (415) ​ 25.02 Outstanding at period end 793,062 ​ $ 14.30 5.07 Vested or expected to vest 793,062 ​ $ 14.30 5.07 Exercisable at period end 709,114 ​ $ 13.43 4.63
Schedule of information related to stock option exercises	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands) Intrinsic value of options exercised ​ $ 403 ​ $ — ​ $ 1,275 ​ $ 878 Cash received from option exercises ​ ​ — ​ ​ — ​ ​ 21 ​ ​ 290 Excess tax benefit from option exercises ​ ​ 78 ​ ​ — ​ ​ 244 ​ ​ 77
Schedule of activity related to restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Shares ​ Fair Value September 30, 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)	9 Months Ended
	Sep. 30, 2021
Earnings per Common Share
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the nine months ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 ​ ​ (Dollars in thousands, except per share data) Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 2,519 ​ $ 3,606 ​ $ 11,195 ​ $ 8,736 Weighted average common shares outstanding ​ ​ 7,460,897 ​ ​ 7,403,840 ​ ​ 7,445,497 ​ ​ 7,414,264 Basic earnings per share ​ $ 0.34 ​ $ 0.49 ​ $ 1.50 ​ $ 1.18 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 2,519 ​ $ 3,606 ​ $ 11,195 ​ $ 8,736 Weighted average shares outstanding for basic earnings per share ​ ​ 7,460,897 ​ ​ 7,403,840 ​ ​ 7,445,497 ​ ​ 7,414,264 Add: Dilutive effects of share based awards ​ ​ 487,145 ​ ​ 172,124 ​ ​ 448,076 ​ ​ 225,103 Average shares and dilutive potential common shares ​ ​ 7,948,042 ​ ​ 7,575,964 ​ ​ 7,893,573 ​ ​ 7,639,367 Diluted earnings per share ​ $ 0.32 ​ $ 0.48 ​ $ 1.42 ​ $ 1.14

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ ​ ​ Liabilities ​ ​ ​ (In thousands) 2021 ​ $ 163 2022 ​ 643 2023 ​ 636 2024 ​ 652 2025 ​ 668 Thereafter ​ 627 Total operating lease payments ​ $ 3,389 Less: interest ​ ​ 262 Present value of operating lease liabilities ​ $ 3,127
Schedule of lease assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ ​ ​ 2021 ​ 2020 ​ Weighted-average remaining lease term ​ ​ 5.12 years ​ 6.08 years Weighted-average discount rate ​ ​ 3.05 % ​ 3.05 %
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ ​ For the nine months ended ​ September 30, ​ ​ 2021 ​ 2020 ​ ​ 2021 ​ 2020 ​ ​ (In thousands) Operating lease cost ​ $ 142 ​ $ 141 ​ ​ $ 425 ​ $ 422 Short-term lease cost ​ ​ — ​ ​ 14 ​ ​ ​ 13 ​ ​ 52 Total lease cost ​ $ 142 ​ $ 155 ​ ​ $ 438 ​ $ 474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for operating leases ​ $ 161 ​ $ 173 ​ ​ $ 503 ​ $ 431

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities – agency ​ $ — ​ $ 116,065 ​ $ — CMOs – agency ​ ​ — ​ ​ 25,638 ​ ​ — Total ​ $ — ​ $ 141,703 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 September 30, 2021, Using: ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value (Level 1) (Level 2) (Level 3) Total ​ ​ (In thousands) Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 138,235 ​ $ 1,129 ​ $ 137,106 ​ $ — ​ $ 138,235 Securities purchased under agreements to resell, at cost ​ ​ 50,899 ​ ​ — ​ ​ — ​ ​ 50,899 ​ ​ 50,899 Securities available-for-sale ​ ​ 141,703 ​ ​ — ​ ​ 141,703 ​ ​ — ​ ​ 141,703 Securities, restricted, at cost ​ ​ 2,680 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A Loans held for investment, net ​ ​ 735,427 ​ ​ — ​ ​ — ​ ​ 735,232 ​ ​ 735,232 Accrued interest receivable ​ ​ 4,462 ​ ​ — ​ ​ 280 ​ ​ 4,182 ​ ​ 4,462 Other assets - loans held for sale ​ ​ 14,200 ​ ​ — ​ ​ — ​ ​ 14,200 ​ ​ 14,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time deposits ​ ​ 11,125 ​ ​ — ​ ​ 11,163 ​ ​ — ​ ​ 11,163 Demand and other deposits ​ ​ 965,918 ​ ​ 965,918 ​ ​ — ​ ​ — ​ ​ 965,918 Secured borrowings ​ ​ 48 ​ ​ — ​ ​ 48 ​ ​ — ​ ​ 48 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 held for investment, net ​ ​ 661,019 ​ ​ — ​ ​ — ​ ​ 661,992 ​ ​ 661,992 Accrued interest receivable ​ ​ 4,529 ​ ​ — ​ ​ 245 ​ ​ 4,284 ​ ​ 4,529 Other assets - loans held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (Loss) Income (Tables)	9 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive (Loss) Income
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ 2021 2020 2021 2020 ​ ​ (In thousands) Unrealized (Losses) Gains on Available-for-Sale Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 323 ​ $ 1,899 ​ $ 1,408 ​ $ 386 Other comprehensive (loss) income before reclassifications, net of tax ​ ​ (490) ​ ​ (246) ​ ​ (1,575) ​ ​ 1,267 Amounts reclassified from accumulated other comprehensive income ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net current period other comprehensive (loss) income ​ ​ (490) ​ ​ (246) ​ ​ (1,575) ​ ​ 1,267 Ending balance ​ $ (167) ​ $ 1,653 ​ $ (167) ​ $ 1,653

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)
Accounting Policies [Line Items]
Loan carrying amount	$ 14,200		$ 14,200
Loans charged-off	9,102	$ 19	9,137	$ 132
Provision for loan	3,750	$ 900	6,400	$ 4,700
Fair value adjustment	$ (384)		$ (384)
Payment deferral program | Covid 19
Accounting Policies [Line Items]
Number of delinquent loans | item	0		0
NFL Portfolio
Accounting Policies [Line Items]
Loans charged-off	$ 9,000
Provision for loan	$ 3,000

Debt Securities - Summary of re

Debt Securities - Summary of reconciliation of amortized cost to fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 141,937	$ 115,686
Gross Unrealized Gains	1,281	2,044
Gross Unrealized Losses	(1,515)	(75)
Fair Value	141,703	117,655
Mortgage-backed securities - agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	116,702	55,212
Gross Unrealized Gains	868	1,237
Gross Unrealized Losses	(1,505)	(49)
Fair Value	116,065	56,400
CMO's - agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	25,235	60,474
Gross Unrealized Gains	413	807
Gross Unrealized Losses	(10)	(26)
Fair Value	$ 25,638	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities
Sales or calls of securities	$ 0	$ 0	$ 0	$ 0

Debt Securities - Summary of se

Debt Securities - Summary of securities in unrealized loss position (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	$ 91,545	$ 13,139
Gross Unrealized Losses, Less than 12 Months	(1,515)	(66)
Fair Value, 12 Months or Longer		1,219
Gross Unrealized Losses, 12 Months or Longer		(9)
Fair Value, Total	91,545	14,358
Gross Unrealized Losses, Total	(1,515)	(75)
Mortgage-backed securities - agency
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	90,392	4,807
Gross Unrealized Losses, Less than 12 Months	(1,505)	(49)
Fair Value, Total	90,392	4,807
Gross Unrealized Losses, Total	(1,505)	(49)
CMO's - agency
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 Months	1,153	8,332
Gross Unrealized Losses, Less than 12 Months	(10)	(17)
Fair Value, 12 Months or Longer		1,219
Gross Unrealized Losses, 12 Months or Longer		(9)
Fair Value, Total	1,153	9,551
Gross Unrealized Losses, Total	$ (10)	$ (26)

Debt Securities - Additional di

Debt Securities - Additional disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair value of pledged securities	$ 2,680		$ 2,680		$ 2,694
Impairment charges	0	$ 0	0	$ 0
Federal Home Loan Bank Advances
Debt Securities, Available-for-sale [Line Items]
Short-term debt	0		0		0
Federal Reserve Bank Advances
Debt Securities, Available-for-sale [Line Items]
Short-term debt	0		0		0
Federal Reserve Bank of New York (FRB)
Debt Securities, Available-for-sale [Line Items]
Fair value of pledged securities	28,400		28,400		19,100
Securities pledged borrowed amount	27,500		27,500		18,700
Federal Home Loan Bank of New York (FHLB)
Debt Securities, Available-for-sale [Line Items]
Fair value of pledged securities	113,300		113,300		98,600
Securities pledged borrowed amount	$ 107,700		$ 107,700		$ 93,800

Loans - Summary of loan composi

Loans - Summary of loan composition (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment	$ 744,676		$ 672,739
Deferred costs and unearned premiums, net	(584)		(318)
Allowance for loan losses	(8,665)	$ (14,017)	(11,402)	$ (11,557)	$ (10,676)	$ (6,989)
Loans held for investment, net	735,427		661,019
Real Estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment	337,514		272,967
Real Estate | 1 - 4 Family Residential
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment	44,022		48,433
Allowance for loan losses	(309)	(312)	(342)	(492)	(739)	(344)
Real Estate | Multifamily
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment	240,055		169,817
Allowance for loan losses	(1,692)	(1,418)	(1,278)	(1,624)	(2,126)	(1,048)
Real Estate | Commercial Real Estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment	53,437		54,717
Allowance for loan losses	(599)	(603)	(597)	(734)	(982)	(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 held for investment	398,511		358,410
Allowance for loan losses	(5,932)	(5,547)	(5,003)	(4,891)	(4,816)	(4,048)
Commercial | SBA paycheck protection program loans
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment	11,700		21,900
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total loans held for investment	8,651		41,362
Allowance for loan losses	$ (133)	$ (6,137)	$ (4,182)	$ (3,816)	$ (2,013)	$ (828)

Loans - Summary of activity in

Loans - Summary of activity in allowance for loan losses by class (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Allowance for loan losses:
Beginning balance	$ 14,017	$ 10,676	$ 11,402	$ 6,989
Provision (credit) for loan losses	3,750	900	6,400	4,700
Recoveries	0	0
Loans charged-off	(9,102)	(19)	(9,137)	(132)
Total ending allowance balance	8,665	11,557	8,665	11,557
Real Estate | 1 - 4 Family Residential
Allowance for loan losses:
Beginning balance	312	739	342	344
Provision (credit) for loan losses	(3)	(247)	(33)	148
Recoveries	0	0
Loans charged-off	0	0
Total ending allowance balance	309	492	309	492
Real Estate | Multifamily
Allowance for loan losses:
Beginning balance	1,418	2,126	1,278	1,048
Provision (credit) for loan losses	274	(502)	414	576
Recoveries	0	0
Loans charged-off	0	0
Total ending allowance balance	1,692	1,624	1,692	1,624
Real Estate | Commercial Real Estate
Allowance for loan losses:
Beginning balance	603	982	597	560
Provision (credit) for loan losses	(4)	(248)	2	174
Recoveries	0	0
Loans charged-off	0	0
Total ending allowance balance	599	734	599	734
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	5,547	4,816	5,003	4,048
Provision (credit) for loan losses	385	77	929	845
Recoveries	0	0
Loans charged-off	0	(2)		(2)
Total ending allowance balance	5,932	4,891	5,932	4,891
Consumer
Allowance for loan losses:
Beginning balance	6,137	2,013	4,182	828
Provision (credit) for loan losses	3,098	1,820	5,088	3,118
Recoveries	0	0
Loans charged-off	(9,102)	(17)	(9,137)	(130)
Total ending allowance balance	$ 133	$ 3,816	$ 133	$ 3,816

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	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Ending allowance balance attributable to loans:
Individually evaluated for impairment	$ 0
Collectively evaluated for impairment	8,665		$ 11,402
Total ending allowance balance	8,665	$ 14,017	11,402	$ 11,557	$ 10,676	$ 6,989
Loans:
Loans individually evaluated for impairment	0		2,303
Loans collectively evaluated for impairment	744,676		670,436
Total ending loans balance	744,676		672,739
Real Estate
Loans:
Total ending loans balance	337,514		272,967
Real Estate | 1 - 4 Family Residential
Ending allowance balance attributable to loans:
Individually evaluated for impairment	0
Collectively evaluated for impairment	309		342
Total ending allowance balance	309	312	342	492	739	344
Loans:
Loans individually evaluated for impairment	0
Loans collectively evaluated for impairment	44,022		48,433
Total ending loans balance	44,022		48,433
Real Estate | Multifamily
Ending allowance balance attributable to loans:
Individually evaluated for impairment	0
Collectively evaluated for impairment	1,692		1,278
Total ending allowance balance	1,692	1,418	1,278	1,624	2,126	1,048
Loans:
Loans individually evaluated for impairment	0
Loans collectively evaluated for impairment	240,055		169,817
Total ending loans balance	240,055		169,817
Real Estate | Commercial Real Estate
Ending allowance balance attributable to loans:
Individually evaluated for impairment	0
Collectively evaluated for impairment	599		597
Total ending allowance balance	599	603	597	734	982	560
Loans:
Loans individually evaluated for impairment	0
Loans collectively evaluated for impairment	53,437		54,717
Total ending loans balance	53,437		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	5,932		5,003
Total ending allowance balance	5,932	5,547	5,003	4,891	4,816	4,048
Loans:
Loans individually evaluated for impairment	0
Loans collectively evaluated for impairment	398,511		358,410
Total ending loans balance	398,511		358,410
Consumer
Ending allowance balance attributable to loans:
Individually evaluated for impairment	0
Collectively evaluated for impairment	133		4,182
Total ending allowance balance	133	$ 6,137	4,182	$ 3,816	$ 2,013	$ 828
Loans:
Loans individually evaluated for impairment	0		2,303
Loans collectively evaluated for impairment	8,651		39,059
Total ending loans balance	$ 8,651		$ 41,362

Loans - Summary of impaired loa

Loans - Summary of impaired loans by segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Allowance recorded on impaired loans	$ 0		$ 0		$ 0
Recorded Investment					2,303
Unpaid Principal Balance					2,303
Average Recorded Investment	1,703	$ 1,436	2,198	$ 1,210
Multifamily
Financing Receivable, Impaired [Line Items]
Average Recorded Investment			144
Consumer
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	$ 1,703	$ 1,436	$ 2,054	$ 1,210
Consumer
Financing Receivable, Impaired [Line Items]
Recorded Investment					2,303
Unpaid Principal Balance					$ 2,303

Loans - Summary of loans by pas

Loans - Summary of loans by past due status (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual Loans	$ 12	$ 2,303
Total Past Due & Nonaccrual Loans	34	2,329
Loans Not Past Due	744,642	670,410
Total loans held for investment	744,676	672,739
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due & Nonaccrual Loans	8	26
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due & Nonaccrual Loans	14	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 held for investment	337,514	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	44,022	48,433
Total loans held for investment	44,022	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]
Total Past Due & Nonaccrual Loans	0	0
Loans Not Past Due	240,055	169,817
Total loans held for investment	240,055	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	53,437	54,717
Total loans held for investment	53,437	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	398,511	358,410
Total loans held for investment	398,511	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	12	2,303
Total Past Due & Nonaccrual Loans	34	2,329
Loans Not Past Due	8,617	39,033
Total loans held for investment	8,651	41,362
Consumer | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due & Nonaccrual Loans	8	26
Consumer | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due & Nonaccrual Loans	14	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		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)item	Sep. 30, 2020item	Sep. 30, 2021USD ($)item	Sep. 30, 2020item	Dec. 31, 2020USD ($)item
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	$ 744,676		$ 744,676		$ 672,739
Number of loans identified as troubled debt restructuring | item			0		0
Number of loans modified | item	0	0	0	0
Federal Reserve Bank of New York (FRB)
Financing Receivable, Recorded Investment [Line Items]
Loans pledged	$ 36,400		$ 36,400		$ 37,500
Maximum borrowing capacity	26,100		26,100		28,600
Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	715,093		715,093		662,422
Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	24,810		24,810		7,899
Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	4,773		4,773		2,418
Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	337,514		337,514		272,967
Real Estate | 1 - 4 Family Residential
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	44,022		44,022		48,433
Real Estate | 1 - 4 Family Residential | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	41,007		41,007		45,418
Real Estate | 1 - 4 Family Residential | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	3,015		3,015		3,015
Real Estate | 1 - 4 Family Residential | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate | 1 - 4 Family Residential | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate | Multifamily
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	240,055		240,055		169,817
Real Estate | Multifamily | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	239,334		239,334		169,096
Real Estate | Multifamily | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		721
Real Estate | Multifamily | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	721		721		0
Real Estate | Multifamily | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate | Commercial Real Estate
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	53,437		53,437		54,717
Real Estate | Commercial Real Estate | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	49,619		49,619		54,717
Real Estate | Commercial Real Estate | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	3,818		3,818		0
Real Estate | Commercial Real Estate | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate | Commercial Real Estate | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate | Construction | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate | Construction | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Real Estate | Construction | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Commercial
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	398,511		398,511		358,410
Commercial | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	376,482		376,482		358,295
Commercial | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	17,977		17,977		0
Commercial | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	4,052		4,052		115
Commercial | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		0
Consumer
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	8,651		8,651		41,362
Consumer | Pass
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	8,651		8,651		34,896
Consumer | Special Mention
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		4,163
Consumer | Substandard
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	0		0		2,303
Consumer | Doubtful
Financing Receivable, Recorded Investment [Line Items]
Total loans held for investment	$ 0		$ 0		$ 0

Noninterest Income (Details)

Noninterest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Noninterest income
Unrealized loss on loans held for sale	$ (384)		$ (384)
Total non-interest income	4,924	$ 3,884	15,856	$ 9,959
Administrative service income
Noninterest income
Noninterest income		41	29	140
Merchant services income
Noninterest income
Noninterest income	5,021	3,551	15,339	9,023
ACH income
Noninterest income
Noninterest income	206	170	609	504
Other
Noninterest income
Noninterest income	$ 81	$ 122	$ 263	$ 292

Share-Based Payment Plans - Sum

Share-Based Payment Plans - Summary of options activity (Details) - Stock Options - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Options
Outstanding at beginning of year			907,099
Granted	0	0	0	0
Exercised			(113,121)
Forfeited			(501)
Expired			(415)
Outstanding at period end	793,062		793,062
Vested or expected to vest	793,062		793,062
Exercisable at period end	709,114		709,114
Weighted Average Exercise Price
Outstanding at beginning of year			$ 14.11
Granted			0
Exercised			12.72
Forfeited			23.08
Expired			25.02
Outstanding at period end	$ 14.30		14.30
Vested or expected to vest	14.30		14.30
Exercisable at period end	$ 13.43		$ 13.43
Weighted Average Remaining Contractual Life (Years), outstanding at period end			5 years 25 days
Weighted Average Remaining Contractual Life (Years), vested or expected to vest			5 years 25 days
Weighted Average Remaining Contractual Life (Years), exercisable at period end			4 years 7 months 17 days

Share-Based Payment Plans - S_2

Share-Based Payment Plans - Summary of restricted stock activity (Details) - Restricted stock	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from options exercised			$ 21	$ 290
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options issued	0	0	0	0
Contractual term of awards			10 years
Stock options expense	$ 117	$ 124	$ 380	$ 387
Unrecognized compensation cost related to non-vested options	562		$ 562
Recognition period of nonvested stock options			2 years 21 days
Intrinsic value of outstanding options	11,400		$ 11,400
Intrinsic value of exercisable options	10,800		10,800
Intrinsic value of options exercised	403		1,275	878
Proceeds from options exercised			21	290
Tax benefit of options exercised	78		$ 244	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	365	$ 259	$ 1,100	$ 771
Unrecognized compensation cost related to non-vested options	$ 5,800		$ 5,800
Recognition period of nonvested stock options			4 years 3 months

Earnings per Share - Summary of

Earnings per Share - Summary of earnings per share computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic
Net income	$ 2,519	$ 3,606	$ 11,195	$ 8,736
Weighted average common shares outstanding (in shares)	7,460,897	7,403,840	7,445,497	7,414,264
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.49	$ 1.50	$ 1.18
Diluted
Weighted average shares outstanding for basic earnings per share	7,460,897	7,403,840	7,445,497	7,414,264
Add: Dilutive effects of share based awards	487,145	172,124	448,076	225,103
Average shares and dilutive potential common shares	7,948,042	7,575,964	7,893,573	7,639,367
Diluted earnings per share (in dollars per share)	$ 0.32	$ 0.48	$ 1.42	$ 1.14
Stock options and restricted shares not considered in computing diluted earnings per share because they were anti-dilutive	107,600	303,250	107,600	303,250

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases
ROU lease assets	$ 2,500	$ 2,900
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets	Other Assets
lease liability	$ 3,127	$ 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	Sep. 30, 2021	Dec. 31, 2020
Maturities of operating lease liabilities
2021	$ 163
2022	643
2023	636
2024	652
2025	668
Thereafter	627
Total lease payments	3,389
Less: interest	262
Present value of operating lease liabilities	$ 3,127	$ 3,500

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease cost
Weighted-average remaining lease term	5 years 1 month 13 days	6 years 29 days	5 years 1 month 13 days	6 years 29 days
Weighted-average discount rate	3.05%	3.05%	3.05%	3.05%
Operating lease cost	$ 142	$ 141	$ 425	$ 422
Short-term Lease, Cost		14	13	52
Total lease cost	142	155	438	474
Cash paid for operating lease liability	$ 161	$ 173	$ 503	$ 431

Fair Value Measurements - Summa

Fair Value Measurements - Summary of assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Available-for-sale securities
Securities available-for-sale, at fair value	$ 141,703	$ 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	116,065	56,400
CMO's - agency
Available-for-sale securities
Securities available-for-sale, at fair value	25,638	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	141,703	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	141,703	117,655
Recurring | (Level 2) | Mortgage-backed securities - agency
Available-for-sale securities
Securities available-for-sale, at fair value	116,065	56,400
Recurring | (Level 2) | CMO's - agency
Available-for-sale securities
Securities available-for-sale, at fair value	25,638	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

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 14,200
Discount rate (as a percent)	8.00%
Valuation adjustment	$ 384
Assets		$ 0
Liabilities		$ 0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale	$ 14,200

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of estimated fair values of financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financial Assets:
Securities purchased under agreements to resell, at cost	$ 50,899	$ 51,726
Securities available for sale	141,703	117,655
Securities, restricted, at cost	2,680	2,694
Loans held for investment, net	735,427	661,019
Accrued interest receivable	4,462	4,529
Other assets - loans held for sale	14,200
Financial Liabilities:
Time deposits	11,125	11,202
(Level 1)
Financial Assets:
Cash and cash equivalents	1,129	1,775
Securities available for sale	0	0
Loans held for investment, net	0	0
Accrued interest receivable	0	0
Financial Liabilities:
Time deposits		0
Demand and other deposits	965,918	792,852
Secured borrowings	0	0
Accrued interest payable	0	0
(Level 2)
Financial Assets:
Cash and cash equivalents	137,106	63,410
Securities available for sale	141,703	117,655
Loans held for investment, net	0	0
Accrued interest receivable	280	245
Financial Liabilities:
Time deposits	11,163	11,246
Demand and other deposits	0	0
Secured borrowings	48	49
Accrued interest payable	0	0
(Level 3)
Financial Assets:
Cash and cash equivalents	0	0
Securities purchased under agreements to resell, at cost	50,899	51,726
Securities available for sale	0	0
Loans held for investment, net	735,232	661,992
Accrued interest receivable	4,182	4,284
Other assets - loans held for sale	14,200
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	138,235	65,185
Securities purchased under agreements to resell, at cost	50,899	51,726
Securities available for sale	141,703	117,655
Securities, restricted, at cost	2,680	2,694
Loans held for investment, net	735,427	661,019
Accrued interest receivable	4,462	4,529
Other assets - loans held for sale	14,200
Financial Liabilities:
Time deposits	11,125	11,202
Demand and other deposits	965,918	792,852
Secured borrowings	48	49
Accrued interest payable	0	0
Fair Value
Financial Assets:
Cash and cash equivalents	138,235	65,185
Securities purchased under agreements to resell, at cost	50,899	51,726
Securities available for sale	141,703	117,655
Loans held for investment, net	735,232	661,992
Accrued interest receivable	4,462	4,529
Other assets - loans held for sale	14,200
Financial Liabilities:
Time deposits	11,163	11,246
Demand and other deposits	965,918	792,852
Secured borrowings	48	49
Accrued interest payable	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Summary of changes in accumulated other comprehensive income (loss) by component, net of tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Unrealized (Losses) Gains on Available-for-Sale Securities
Beginning balance	$ 323	$ 1,899	$ 1,408	$ 386
Other comprehensive (loss) income before reclassifications, net of tax	(490)	(246)	(1,575)	1,267
Amounts reclassified from accumulated other comprehensive income	0	0	0	0
Net current period other comprehensive (loss) income	(490)	(246)	(1,575)	1,267
Ending balance	(167)	1,653	(167)	1,653
Reclassifications	$ 0	$ 0	$ 0	$ 0