Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 16, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HVBC | ||
Entity Registrant Name | HV Bancorp, Inc. | ||
Entity Central Index Key | 0001594555 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity File Number | 001-37981 | ||
Entity Tax Identification Number | 46-4351868 | ||
Entity Address, Address Line One | 2005 South Easton Road, | ||
Entity Address, Address Line Two | Suite 304, | ||
Entity Address, City or Town | Doylestown | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 18901 | ||
City Area Code | 267 | ||
Local Phone Number | 280-4000 | ||
Entity Common Stock, Shares Outstanding | 2,175,548 | ||
Entity Public Float | $ 22,449,607 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | PA | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | Proxy Statement for the Registrant’s Annual Meeting of Stockholders (Part III). |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 1,625 | $ 1,473 |
Interest-earning deposits with banks | 410,853 | 19,152 |
Federal funds sold | 2,112 | |
Cash and cash equivalents | 414,590 | 20,625 |
Investment securities available-for-sale, at fair value | 23,518 | 21,156 |
Equity securities | 500 | 500 |
Loans held for sale, at fair value | 83,549 | 37,876 |
Loans receivable, net of allowance for loan losses of $2,017 at December 31, 2020 and $1,437 at December 31, 2019 | 313,811 | 255,032 |
Bank-owned life insurance | 6,408 | 6,255 |
Restricted investment in bank stock | 1,721 | 1,552 |
Premises and equipment, net | 2,834 | 2,501 |
Operating lease right-of-use asset | 7,685 | 5,979 |
Accrued interest receivable | 1,489 | 967 |
Mortgage banking derivatives | 2,899 | 1,204 |
Mortgage servicing rights | 2,041 | |
Other assets | 562 | 939 |
Total Assets | 861,607 | 354,586 |
Liabilities | ||
Deposits | 730,826 | 283,767 |
Advances from the Federal Home Loan Bank | 26,269 | 27,000 |
Advances from the Federal Reserve's Paycheck Protection Program liquidity facility ("PPPLF") | 48,682 | |
Operating lease liabilities | 7,946 | 6,023 |
Advances from borrowers for taxes and insurance | 2,131 | 2,138 |
Other liabilities | 6,826 | 2,059 |
Total Liabilities | 822,680 | 320,987 |
Shareholders’ Equity | ||
Preferred Stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of December 31, 2020 and December 31, 2019 | ||
Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,270,725 shares issued and 2,189,408 shares outstanding as of December 31, 2020; 2,269,125 shares issued and 2,268,917 shares outstanding as of December 31, 2019 | 23 | 23 |
Treasury Stock, at cost (81,317 shares at December 31, 2020 and 208 shares at December 31, 2019) | (1,092) | (3) |
Additional paid in capital | 21,011 | 20,740 |
Retained earnings | 20,741 | 14,973 |
Accumulated other comprehensive (loss) income | 238 | (18) |
Unearned Employee Stock Option Plan | (1,994) | (2,116) |
Total Shareholders' Equity | 38,927 | 33,599 |
Total Liabilities and Shareholders' Equity | $ 861,607 | $ 354,586 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $ 2,017 | $ 1,437 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 2,270,725 | 2,269,125 |
Common stock, shares outstanding | 2,189,408 | 2,268,917 |
Treasury stock, shares | 81,317 | 208 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Interest Income | |||
Interest and fees on loans | $ 5,648 | $ 13,087 | $ 9,505 |
Interest and dividends on investments: | |||
Taxable | 203 | 396 | 419 |
Nontaxable | 85 | 40 | 292 |
Interest on mortgage-backed securities and collateralized mortgage obligations | 103 | 142 | 394 |
Interest on interest-earning deposits | 223 | 158 | 372 |
Total Interest Income | 6,262 | 13,823 | 10,982 |
Interest Expense | |||
Interest on deposits | 1,781 | 2,501 | 2,610 |
Interest on advances from the Federal Home Loan Bank | 315 | 523 | 313 |
Interest on advances from the Federal Reserve PPPLF | 119 | ||
Interest on securities sold under agreements to repurchase | 2 | 4 | |
Total Interest Expense | 2,098 | 3,143 | 2,927 |
Net Interest Income | 4,164 | 10,680 | 8,055 |
Provision for Loan Losses | 282 | 1,108 | 611 |
Net Interest Income After Provision for Loan Losses | 3,882 | 9,572 | 7,444 |
Non-Interest Income | |||
Fees for customer services | 91 | 146 | 175 |
Increase in cash surrender value of bank owned life insurance | 80 | 153 | 159 |
Gain on sale of loans, net | 3,616 | 13,315 | 2,789 |
Gain on sale of available-for-sale securities, net | 211 | 141 | 8 |
Gain (loss) from derivative instruments | (399) | 1,512 | 798 |
Change in fair value of loans held-for-sale | 160 | 1,408 | 424 |
Other | 14 | 195 | 11 |
Total Non-Interest Income | 3,773 | 16,870 | 4,364 |
Non-Interest Expense | |||
Salaries and employee benefits | 4,075 | 11,510 | 6,145 |
Occupancy | 870 | 1,865 | 1,241 |
Federal deposit insurance premiums | 37 | 266 | 257 |
Data processing related operations | 416 | 1,162 | 719 |
Professional fees | 339 | 781 | 679 |
Marketing | 316 | 476 | 449 |
Mortgage operation expenses | 199 | 940 | 184 |
Other expenses | 680 | 1,470 | 1,061 |
Total Non-Interest Expense | 6,932 | 18,470 | 10,735 |
Income Before Income Taxes | 723 | 7,972 | 1,073 |
Income Tax Expense | 183 | 2,204 | 194 |
Net Income | $ 540 | $ 5,768 | $ 879 |
Net Income per share: | |||
Basic | $ 0.26 | $ 2.84 | $ 0.43 |
Diluted | $ 0.26 | $ 2.84 | $ 0.43 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||||||
Net Income | $ 2,060 | $ 2,063 | $ 1,496 | $ 149 | $ 207 | $ 333 | $ 408 | $ 62 | $ 139 | $ 270 | $ 540 | $ 409 | $ 5,768 | $ 879 | |
Other comprehensive income (loss), net of tax | |||||||||||||||
Unrealized gain on investment securities available-for-sale securities (pre-tax $504, $85 and $1,027 respectively) | 61 | 355 | 724 | ||||||||||||
Reclassification adjustment for gains included in income (pre-tax ($211), ($8) and ($35), respectively) | [1] | (149) | (99) | (6) | |||||||||||
Other comprehensive income (loss) | (88) | 256 | 718 | ||||||||||||
Total Comprehensive Income | $ 452 | $ 6,024 | $ 1,597 | ||||||||||||
[1] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized gain on investment securities available-for-sale securities, pre-tax | $ 85 | $ 504 | $ 1,027 |
Reclassification adjustment for gains included in income, pre-tax | $ (211) | $ (141) | $ (8) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect Period Of Adoption Adjustment | Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Retained EarningsCumulative Effect Period Of Adoption Adjustment | Accumulated Other Comprehensive Income (Loss) | Unearned ESOP Shares |
Beginning balance at Jun. 30, 2018 | $ 30,721 | $ 23 | $ 20,368 | $ 13,277 | $ (648) | $ (2,299) | |||
Beginning balance, shares at Jun. 30, 2018 | 2,259,125 | ||||||||
ESOP shares committed to be released | 132 | 10 | 122 | ||||||
Treasury stock purchased | (3) | $ (3) | |||||||
Treasury stock purchased, shares | (208) | ||||||||
Stock option expense | 56 | 56 | |||||||
Restricted stock expense | 177 | 177 | |||||||
Forfeiture of restricted stock award, shares | (4,000) | ||||||||
Net Income | 879 | 879 | |||||||
Other comprehensive income (loss) | 718 | 718 | |||||||
Restricted stock awards, shares | 14,000 | ||||||||
Ending balance at Jun. 30, 2019 | 32,680 | $ 277 | $ 23 | (3) | 20,611 | 14,156 | $ 277 | 70 | (2,177) |
Ending balance, shares at Jun. 30, 2019 | 2,268,917 | ||||||||
ESOP shares committed to be released | 67 | 6 | 61 | ||||||
Stock option expense | 31 | 31 | |||||||
Restricted stock expense | 92 | 92 | |||||||
Net Income | 540 | 540 | |||||||
Other comprehensive income (loss) | (88) | (88) | |||||||
Ending balance at Dec. 31, 2019 | 33,599 | $ 23 | (3) | 20,740 | 14,973 | (18) | (2,116) | ||
Ending balance, shares at Dec. 31, 2019 | 2,268,917 | ||||||||
ESOP shares committed to be released | 125 | 3 | 122 | ||||||
Treasury stock purchased | (1,089) | (1,089) | |||||||
Treasury stock purchased, shares | (81,109) | ||||||||
Stock option exercise | $ 24 | 24 | |||||||
Stock option exercise (in shares) | 1,600 | 1,600 | |||||||
Stock option expense | $ 60 | 60 | |||||||
Restricted stock expense | 184 | 184 | |||||||
Net Income | 5,768 | 5,768 | |||||||
Other comprehensive income (loss) | 256 | 256 | |||||||
Ending balance at Dec. 31, 2020 | $ 38,927 | $ 23 | $ (1,092) | $ 21,011 | $ 20,741 | $ 238 | $ (1,994) | ||
Ending balance, shares at Dec. 31, 2020 | 2,189,408 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | |||
Net income | $ 540 | $ 5,768 | $ 879 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation | 271 | 587 | 378 |
Amortization of deferred loan (fees) costs | 230 | (268) | 241 |
Amortization of right-of-use assets | 197 | 627 | |
Amortization of net securities premiums | 36 | 25 | 105 |
Gain on sale of available-for-sale securities, net | (211) | (141) | (8) |
(Gain) loss from derivative instruments | 399 | (1,512) | (798) |
Provision for Loan Losses | 282 | 1,108 | 611 |
Deferred income taxes | 23 | 396 | 337 |
Amortization of deferred gain on sale-leaseback transaction | (16) | ||
Earnings on bank owned life insurance | (80) | (153) | (159) |
Stock based compensation expense | 123 | 244 | 233 |
ESOP compensation expense | 67 | 125 | 132 |
Loans held for sale: | |||
Originations, net of prepayments | (167,067) | (631,755) | (159,843) |
Proceeds from sales | 166,715 | 600,805 | 142,866 |
Gain on sales | (3,616) | (13,315) | (2,789) |
Change in fair value of loans held for sale | (160) | (1,408) | (424) |
Decrease (increase) in: | |||
Accrued interest receivable | 144 | (522) | (171) |
Prepaid income taxes | 102 | 312 | (160) |
Prepaid and other assets | (231) | (1,976) | (1) |
Other liabilities | 278 | 3,628 | 213 |
Net cash used in operating activities | (1,958) | (37,425) | (18,374) |
Cash Flows from Investing Activities | |||
Net increase in loans receivable | (14,758) | (59,619) | (12,951) |
Purchased loans | (15,991) | ||
Activity in available-for-sale securities: | |||
Proceeds from sales | 12,007 | 4,883 | 6,990 |
Maturities and repayments | 5,659 | 8,021 | 5,350 |
Purchases | (3,537) | (14,787) | (1,533) |
Activity in held-to-maturity securities: | |||
Maturities and repayments | 631 | ||
Purchases | (1,000) | ||
Purchase of equity securities | (500) | ||
Purchase of restricted investment in bank stock | (332) | (1,778) | (2,389) |
Redemption of restricted investment in bank stock | 442 | 1,609 | 1,917 |
Purchases of premises and equipment | (518) | (798) | (759) |
Net cash used in investing activities | (1,037) | (62,469) | (20,235) |
Cash Flows from Financing Activities | |||
Net increase in deposits | 8,637 | 447,059 | 39,727 |
Net (decrease) increase in advances from borrowers for taxes and insurance | (462) | (7) | 324 |
Net decrease in securities sold under agreements to repurchase | (3,789) | (1,950) | |
Net decrease in short-term borrowings from Federal Home Loan Bank | (10,000) | ||
Proceeds from long-term borrowings from Federal Home Loan Bank | 26,190 | 20,000 | |
Repayment of long-term borrowings from Federal Home Loan Bank | (1,000) | (27,000) | (4,000) |
Proceeds from long-term borrowings from FRB PPPLF | 57,714 | ||
Repayment of long-term borrowings from FRB PPPLF | (9,032) | ||
Proceeds from exercise of stock option | 24 | ||
Purchase of treasury stock | (1,089) | (3) | |
Net cash provided by financing activities | 3,386 | 493,859 | 44,098 |
Increase in Cash and Cash Equivalents | 391 | 393,965 | 5,489 |
Cash and Cash Equivalents, beginning of year | 20,234 | 20,625 | 14,745 |
Cash and Cash Equivalents, end of year | 20,625 | 414,590 | 20,234 |
Supplementary Disclosure of Cash Flow Information | |||
Cash paid during the year of interest | 2,012 | 3,281 | 2,782 |
Cash paid during the year for income taxes | 59 | 187 | |
Supplementary Schedule of Noncash Investing Activities | |||
Transfer of held-to-maturities securities to available-for-sale securities | $ 14,274 | ||
Recognition of operating lease right-of-use assets | 6,169 | 2,303 | |
Recognition of operating lease obligations | $ 6,127 | $ 2,291 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Nature of Business HV Bancorp, Inc., a Pennsylvania Corporation (the “Company”) is the holding company of Huntingdon Valley Bank (the “Bank”) and was formed in connection with the conversion of the Bank from the mutual to the stock form of organization. On January 11, 2017, the mutual to stock conversion of the Bank was completed and the Company became the parent holding company for the Bank. A total of 2,182,125 shares of common stock of the Company were sold to depositors at $10.00 per share through which the Company received gross offering proceeds of approximately $21.8 million. Offering costs from the sale of the common stock totaled $1.4 million, resulting in net proceeds of $20.4 million. Shares of the Company’s common stock began trading on the Nasdaq Capital Market on January 12, 2017. The Bank is a stock savings bank organized under the laws of the Commonwealth of Pennsylvania and is subject to comprehensive regulation and examination by the Federal Deposit Insurance Corporation (“FDIC”) and the Pennsylvania Department of Banking and Securities (“PADOB”). The Bank was organized in 1871, and currently provides residential and commercial loans to its general service area (Montgomery, Bucks and Philadelphia Counties of Pennsylvania, Burlington County, New Jersey and New Castle County, Delaware) as well as offering a wide variety of savings, checking and certificate of deposit accounts to its retail and business customers. In November 2020, the Bank formed a wholly-owned subsidiary, HVB Investment Management Inc. under the laws of the state of Delaware. The Bank intends to sell participation interests in certain residential loans from its portfolio and, potentially, other assets to its wholly-owned subsidiary. HVB Investment Management Inc. became operational in January 2021. In accordance with federal and state regulations, at the time of the conversion from mutual to stock form, the Bank substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after the conversion. The liquidation account will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder's interest in the liquidation account. In the event of a complete liquidation of the Bank, each account holder will be entitled to receive a distribution in an amount proportionate to the adjusted qualifying account balances then held. The following is a description of the significant accounting policies of the Company. The Company has evaluated subsequent events through the date of issuance of the financial statements and determined the following subsequent events required disclosure: Significant Event The COVID-19 pandemic has adversely affected economic activity globally, nationally and locally. It has caused substantial disruption in international and U.S. economies, markets, and employment. In response to the COVID-19 national emergency, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by Congress and signed into law by President Trump on March 27, 2020. The CARES Act provides an estimated $2.2 trillion of economy-wide financial stimulus to combat the pandemic and stimulate the economy in the form of financial aid to individuals, businesses, nonprofits, states, and municipalities through loans, grants, tax changes, and other types of relief. Some of the applicable provisions of the Cares Act to the Company include, but are not limited to: •Accounting for Loan Modifications – Under Section 4013 of the CARES Act, a financial institution may elect to temporarily suspend (1) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a Troubled Debt Restructuring (“TDR”) and (2) does not need to determine impairment associated with the loan modifications. As of December 31, 2020, the Company had 3 loan modification agreements with a balance of $1.8 million outstanding. •Paycheck Protection Program - The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). In early April 2020, the Company began accepting and processing applications for loans under the Paycheck Protection Program. As of December 31, 2020, the Company had received over 450 applications from new and existing customers with an outstanding balance of approximately $64.4 million with an estimated processing fee income of approximately $2.3 million. On December 27, 2020, the Consolidated Appropriations Act, 2021 (“CAA”) was signed into law. The CAA provides several amendments to the PPP, including additional funding for second draws of PPP loans up to March 31, 2021. The Company began accepting and processing applications for second draw PPP loans in January 2021. As of March 22, 2021, the Corporation had processed and approved over 300 applications of the PPP program for approximately $44.1 million in the second round of PPP loans . The CAA also included extension of TDR accounting relief provided under the CARES Act to January 1, 2022. The extension did not impact loan modifications made prior to December 31, 2020, however, it was considered in the identification of expected TDRs as of December 31, 2020. For further discussion, see COVID-19 update section of Item 7-Management’s Discussion and Analysis of Financial Condition and Results of Operations. Change in fiscal year The Company’s Board of Directors approved a change in the Company’s fiscal year end from June 30 to December 31, effective December 31, 2019. As a result of this change, the consolidated financial statements include the Company’s financial results for the six month transition period from July 1, 2019 to December 31, 2019. The following tables present certain comparative transition period condensed financial information for the six months ended December 31, 2019 and 2018, respectively. For the Six Months Ended December 31, 2019 2018 (In thousands, except per share data) (Unaudited) Interest income $ 6,262 $ 5,395 Interest expense 2,098 1,354 Net interest income 4,164 4,041 Provision for loan losses 282 83 Net interest income after provision for loan losses 3,882 3,958 Non-interest income 3,773 1,434 Non-interest expense 6,932 4,891 Income before income taxes 723 501 Income tax expense 183 92 Net income $ 540 $ 409 Basic and diluted earnings per share $ 0.26 $ 0.20 Basic weighted average common shares outstanding 2,046,961 2,026,312 Diluted weighted average common shares outstanding 2,046,961 2,026,312 For the Six Months Ended December 31, 2019 2018 (In thousands) (Unaudited) Net cash (used in) operating activities $ (1,958 ) $ (499 ) Net cash (used in) investing activities (1,037 ) (19,721 ) Net cash provided by financing activities 3,386 22,467 Net increase in cash and cash equivalents 391 2,247 Cash and cash equivalents, beginning of period 20,234 14,745 Cash and cash equivalents, end of period $ 20,625 $ 16,992 Basis of Financial Statement Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and general practices within the financial services industry. Principles of Consolidation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary impairments of securities, interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale, mortgage servicing rights, other real estate owned, and the valuation of deferred tax assets. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers cash and cash equivalents to include cash, amounts due from banks, and interest-bearing deposits with banks with original maturities of three months or less. Investment Securities Management determines the appropriate classification of securities at the time of purchase. Securities that management has both the positive intent and ability to hold to maturity are classified as securities held-to-maturity and are carried at cost, adjusted for amortization of premium or accretion of discount using the interest method. Securities that may be sold prior to maturity for asset/liability management purposes, or that may be sold in response to changes in interest rates, to changes in prepayment risk, to increase regulatory capital or other similar factors, are classified as securities available-for-sale and carried at fair value with any adjustments to fair value, after tax, reported as a separate component of shareholders’ equity. Interest and dividends on securities, including the amortization of premiums and the accretion of discounts, are reported in interest and dividends on securities using the interest method. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and are calculated using the specific-identification method. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other-than-temporary, (“OTTI”) would be reflected in the statements of income. In evaluating loss for other-than-temporary impairment, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value and (4) whether the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost basis. For debt securities where the Company has determined that other-than-temporary impairment exists and the Company does not intend to sell the security or if it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the impairment is separated into the amount that is credit-related and the amount due to all other factors. The credit-related impairment is recognized in the statements of income, and is the difference between an investment's amortized cost basis and the present value of expected future cash flows discounted at the investment's effective interest rate. The non-credit related loss is recognized in other comprehensive income (loss), net of income tax benefit. For debt securities classified as held-to-maturity, the amount of noncredit-related impairment is recognized in other comprehensive income (loss) and is accreted over the remaining life of the debt security as an increase in the carrying value of the investment. Mortgage Banking Activities and Mortgage Loans Held for Sale Loans held for sale (“LHS”) are originated and held until sold to permanent investors. Management accounts for loans held for sale at fair value. Fair value is determined on a recurring basis by utilizing quoted prices from dealers in such loans. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in non-interest income and direct loan origination costs and fees deferred and recognized upon sale and are included in non-interest income in the consolidated statements of income. Risk Management and Derivative Instruments and Hedging Activities The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates due to their impact on the fair value of mortgage loans held for sale and related commitments. The Company is subject to interest rate risk and price risk on its loans held for sale from the loan funding date until the date the loan is sold. The Company uses derivative instruments as part of its overall strategy to manage its exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, the Company does not use derivatives for speculative purposes. All of the Company’s derivative instruments are measured at fair value on a recurring basis and are included in the consolidated statements of financial condition as mortgage banking derivatives. The changes in the fair value of derivative instruments are included in non-interest income in the consolidated statements of income. To Be Announced Securities To be announced securities (“TBAs”) are “forward delivery” securities considered derivative instruments under derivatives and hedging accounting guidance. The Company utilizes TBAs to protect against the price risk inherent in derivative loan commitments. TBAs are valued based on forward dealer marks from the Company’s approved counterparties. The Company utilizes a third-party market pricing service, which compiles current prices for instruments from market sources and those prices represent the current executable price. TBAs are recorded at fair value on the consolidated statements of financial condition in mortgage banking derivatives or other liabilities with changes in fair value recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. The fair value of the Company’s derivative instruments, other than IRLCs, that are measured at fair value on a recurring basis is determined by utilizing quoted prices from dealers in such securities or third-party models utilizing observable market inputs. Interest Rate Lock Commitments Interest rate loan commitments known as IRLCs that relate to the origination of mortgages that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging Forward Loan Sales Commitments Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of issuance through the date of loan funding, cancellation or expiration. IRLC generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. See Note 10, Derivatives and Risk Management Activities. Forward loan sales commitments are recognized at fair value on the Consolidated Statements of Financial Condition as mortgage banking derivatives or as other liabilities with changes in their fair values recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield in (interest income) of the related loans. The loans receivable portfolio is segmented into Residential, Commercial, Construction and Consumer loans. Within Residential loans, the following classes exist: One-to-four family loans and home equity and home equity lines of credit (“HELOCs”). Within Commercial loans, the following classes exist: commercial real estate, commercial business loans, Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans and Main Street Lending Program. Within Consumer loans, the following classes exist: Medical education and other. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for probable losses inherent in the portfolio. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective; as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential mortgage, home equity, HELOCs, medical education loans, and other consumer loans. Since the SBA fully guarantees the principle and interest of the PPP loans, unless the lender violated an obligation under the agreement, there is no allowance for loan loss calculation for the PPP loans as the loan losses, if any, are anticipated to be immaterial. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. Nature and volume of the portfolio and terms of loans. 4. Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 5. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 6. Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through objective data to analyze of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Residential loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential loans have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets. Commercial mortgage loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial mortgage loans typically require a loan to value ratio of not greater than 80% and vary in terms. The Company also makes construction loans to finance the construction of residential and commercial structures. These loans are made to individuals or commercial customers and are typically secured by the land and structures under construction. Construction loans have an inherently higher risk of repayment due to potential unforeseen delays in completion and changes in market conditions during the construction. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management, in determining impairment, include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial real estate loans, commercial business and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. For commercial and construction loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans, home equity line of credits, medical education loans and other consumer loans for impairment disclosures, unless such loans have been modified and accounted for as a troubled debt restructuring. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are generally restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All loans classified as troubled debt restructurings are designated as impaired. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial and construction loans or when credit deficiencies arise, such as delinquent loan payments, for commercial real estate and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require to the Bank recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Mortgage Servicing Rights The Company recognizes mortgage servicing rights as assets when mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using discounted cash flows to calculate the present value of estimated future net servicing income. The Company accounts for the mortgage servicing rights under the amortization method. The mortgage servicing rights are initially recorded at fair value and amortized in proportion to the estimated expected future net servicing income generated from servicing the loan. On a quarterly basis, the mortgage servicing rights are evaluated for impairment by estimating the fair value of the mortgage servicing rights and comparing that value to the carrying amount. The Company obtains a third party valuation to assist with estimating of the fair value of the mortgage servicing rights. A valuation allowance would be established if the carrying amount of these mortgage servicing rights exceeds fair value. Bank-Owned Life Insurance The Bank invests in bank-owned life insurance policies (“BOLI”) as a mechanism for funding various employee benefit costs. The Bank is the beneficiary of these policies that insure the lives of certain of its current and former officers. The Bank recognizes the cash surrender value under the insurance policies as an asset in the Consolidated Statement of Financial Condition. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. Restricted Investment in Bank Stock Restricted investment in bank stocks, which represents required investments in the common stock of correspondent banks, is carried at cost, and consists of common stock of the Atlantic Community Bancshares, Inc. (“ACBI”) and Federal Home Loan Bank of Pittsburgh (“FHLB”) stock totaling $1,721,000 and $1,552,000 at December 31, 2020 and 2019, respectively. Premises and Equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is charged to income on the straight-line method over the estimated useful lives of the assets or, in the case of leasehold improvements, the expected lease period, if shorter. When disposal of fixed assets occurs, the related cost and accumulated depreciation are removed from the asset accounts, and the gain or loss from these disposals is reflected in non-interest income. The estimated useful lives are as follows: Years Land improvements 40 Office buildings and improvements 15 to 40 Leasehold improvements 5 to 15 Furniture and office equipment 3 to 7 Real Estate Owned Real estate owned is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure and loans classified as in-substance foreclosure. A loan is classified as in-substance foreclosure when the Company has taken possession of the collateral regardless of whether formal proceedings take place. Foreclosed assets initially are recorded at fair value, net of estimated selling costs, at the date of foreclosure establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the assets are carried at the lower of cost or fair value minus estimated costs to sell. Real estate secured by residential one- to four- family properties December 31, 2020 and 2019, respectively. There was no real estate secured by residential one- to four- family properties held in Other Real Estate Owned at December 31, 2020 and 2019, respectively. There was no real estate secured by commercial properties held in Other Real Estate Owned December 31, 2020 and 2019, respectively. Securities Sold Under Agreements to Repurchase The Company entered into sales of securities under agreements to repurchase. During November 2019, the Company terminated these agreements to repurchase. Reverse repurchase agreements are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Financial Condition. The securities underlying the agreements remain in the asset accounts. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of exis |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 2. Investment Securities Investment securities available-for-sale at December 31, 2020 were comprised of the following: December 31, 2020 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 377 $ 14 $ — $ 391 Corporate notes 9,454 156 (10 ) 9,600 Collateralized mortgage obligations - agency residential 3,819 38 (6 ) 3,851 Mortgage-backed securities - agency residential 5,608 81 — 5,689 Municipal securities 2,924 47 — 2,971 Bank CDs 999 17 — 1,016 $ 23,181 $ 353 $ (16 ) $ 23,518 Investment securities available-for-sale December 31, 2019 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 438 $ — $ (2 ) $ 436 Corporate notes 5,500 75 (6 ) 5,569 Collateralized mortgage obligations - agency residential 6,562 4 (102 ) 6,464 Mortgage-backed securities - agency residential 4,070 12 (19 ) 4,063 Municipal securities 2,114 3 — 2,117 Bank CDs 2,498 9 — 2,507 $ 21,182 $ 103 $ (129 ) $ 21,156 The scheduled maturities of securities available-for-sale at December 31, 2020 were as follows: December 31, 2020 Available-for-Sale Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 1,000 $ 1,003 Due from more than one to five years 3,017 3,067 Due from more than five to ten years 6,937 7,049 Due after ten years 12,227 12,399 $ 23,181 $ 23,518 Securities with a fair value of $4.4 million and $7.4 million at December 31, 2020 and 2019, respectively, were pledged to secure public deposits and for other purposes as required by law. Proceeds from the sale of available-for-sale securities for the year ended December 31, 2020 were $4.9 million. Gross realized gains on such sales were approximately $151,000 and there $10,000 gross realized losses on such sales. Proceeds from the sale of available-for-sale securities for the six months ended December 31, 2019 were $12.0 million. Gross realized gains on such sales were approximately $211,000 and there no gross realized losses on such sales. The following tables summarize the unrealized loss positions of securities available-for-sale at December 31, 2020 and 2019: December 31, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ — $ — $ — $ — $ — $ — Corporate notes 3,420 (9 ) 500 (1 ) 3,920 (10 ) Collateralized mortgage obligations - agency residential — — 532 (6 ) 532 (6 ) Mortgage-backed securities - agency residential — — — — — — Bank CDs — — — — — — $ 3,420 $ (9 ) $ 1,032 $ (7 ) $ 4,452 $ (16 ) December 31, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ — $ — $ 436 $ (2 ) $ 436 $ (2 ) Corporate notes — — 1,494 (6 ) 1,494 (6 ) Collateralized mortgage obligations - agency residential 1,486 (10 ) 3,810 (92 ) 5,296 (102 ) Mortgage-backed securities - agency residential 922 (7 ) 1,438 (12 ) 2,360 (19 ) Bank CDs — — 250 — 250 — $ 2,408 $ (17 ) $ 7,428 $ (112 ) $ 9,836 $ (129 ) At December 31, 2020 and 2019, the investment portfolio included two U.S. Government securities, with total fair values of $391,000 and $436,000, respectively. There were no securities in an unrealized loss position as of December 31, 2020. There were two U.S. Government securities in an unrealized loss position as of December 31, 2019. These securities are zero risk weighted for capital purposes and are guaranteed for repayment of principal and interest. As of December 31, 2020 and 2019, management found no evidence of OTTI on any of the U.S. Governmental securities held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2020 and 2019, the investment portfolio included thirteen and nine corporate notes with total fair values of $9.6 million and $5.6 million, respectively. Of these securities, five and three were in an unrealized loss position as of December 31, 2020 and 2019, respectively. At the time of purchase and as of December 31, 2020 and 2019, these bonds continue to maintain investment grade ratings. As of December 31, 2020 and 2019, management found no evidence of OTTI on any of the Corporate notes held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2020 and 2019, the investment portfolio included twenty-seven and thirty collateralized mortgage obligations (CMOs) with total fair values of $3.9 million and $6.5 million at December 31, 2020 and 2019, respectively. Of these securities, eleven and twenty-seven were in an unrealized loss position as of December 31, 2020 and 2019, respectively. The CMO portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of December 31, 2020 and 2019, management found no evidence of OTTI on any of the CMOs held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2020 and 2019, the investment portfolio included sixteen and thirteen Mortgage backed securities (MBS) with a total fair value of $5.7 million and $4.1 million at the end of each period, respectively. There were no securities in an unrealized loss position as of December 31, 2020. There were seven MBS securities in an unrealized loss position as of December 31, 2019. The MBS portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of At December 31, 2020 and 2019, management found no evidence of OTTI on any of the MBS held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2020 and 2019, the investment portfolio included six and five municipal securities with a total fair value of $3.0 million and $2.1 million, respectively. There were no securities in an unrealized loss position as of December 31, 2020 or 2019. During the six month transition period ended December 31, 2019, we sold approximately $7.5 million in municipal securities. As of December 31, 2020 and 2019, the Company’s municipal portfolio were purchased from issuers that were located in Pennsylvania and continued to maintain investment grade ratings. Each of the municipal securities is reviewed quarterly for impairment. This includes research on each issuer to ensure the financial stability of the municipal entity. As of December 31, 2020 and 2019, management found no evidence of OTTI on any of the Municipal securities held in the investment securities portfolio. The Company has the ability to hold to maturity and more likely than not, will not be required to sell the securities before a recovery of the cost has occurred. At December 31, 2020 and 2019, the investment portfolio included four and ten Bank CDs Bank CDs Bank CDs |
Equity Securities
Equity Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Equity Securities | 3. Equity Securities The Company maintains an equity security portfolio that consists of $500,000 at December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Company determined that the equity investment did not have a readily determinable fair value measure and is carrying the equity investment at cost, less impairment, adjusted for changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The following table presents the carrying amount of the Company’s equity investment at December 31, 2020 and 2019: December 31, 2020 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 December 31, 2019 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans Receivable | 4. Loans Receivable Loans receivable at December 31, 2020 and 2019, were comprised of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Residential: One-to-four family $ 141,891 $ 197,547 Home equity and HELOCs 3,993 4,383 Commercial: Commercial real estate 68,705 35,188 Commercial business 24,152 11,119 SBA PPP loans 64,380 — Main Street Lending Program 1,556 — Construction 7,299 784 Consumer: Medical education 5,105 6,097 Other 33 8 317,114 255,126 Unearned discounts, origination and commitment fees and costs (1,286 ) 1,343 Allowance for loan losses (2,017 ) (1,437 ) $ 313,811 $ 255,032 In November 2017, the Bank entered into a loan purchase agreement with a broker to purchase a portfolio of private education loans made to American citizens attending American Medical Association (“AMA”) approved medical schools in Caribbean nations. The broker serves as a lender, holder, program designer and developer, administrator, and secondary market for the loan portfolios they generate. At December 31, 2020, the balance of the private education loans was $5.1 million. The private student loans are made following a proven credit criteria and were underwritten in accordance with the Bank’s policies. At December 31, 2020, there were three loans with a balance of approximately $81,000 that are past due 90 days or more. The Company allocated increased allowance for loan loss provisions to the medical education loans for the year ended December 31, 2020 primarily as a result of charge-offs totaling $529,000. Overdraft deposits are reclassified as consumer loans and are included in the total loans on the Consolidated Statements of Financial Condition. Overdrafts were $33,000 and $8,000 at December 31, 2020 and 2019, respectively. The following tables summarize the activity in the allowance for loan losses by loan class for the year ended December 31, 2020, the six months ended December 31, 2019 and for the year ended June 30, 2019: Allowance for Loan Losses December 31, 2020 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 701 $ — $ — $ (64 ) $ 637 $ — $ 637 Home equity and HELOCs 44 — — (29 ) 15 — 15 Commercial: Commercial real estate 229 — — 290 519 — 519 Commercial business 122 — — 158 280 — 280 SBA PPP loans — — — — — — — Main Street Lending Program — — — 27 27 27 Construction 8 — — 66 74 — 74 Consumer: Medical Education 333 (529 ) 1 563 368 — 368 Other — — — — — — — Unallocated — — — 97 97 — 97 $ 1,437 $ (529 ) $ 1 $ 1,108 $ 2,017 $ — $ 2,017 Allowance for Loan Losses December 31, 2019 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 711 $ — $ 65 $ (75 ) $ 701 $ — $ 701 Home equity and HELOCs 46 — — (2 ) 44 — 44 Commercial: Commercial real estate 99 — 28 102 229 — 229 Commercial business 108 — — 14 122 12 110 Construction 8 — — — 8 — 8 Consumer: Medical Education 210 (121 ) 1 243 333 — 333 Other — — — — — — — $ 1,182 $ (121 ) $ 94 $ 282 $ 1,437 $ 12 $ 1,425 Allowance for Loan Losses June 30, 2019 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 651 $ — $ 5 $ 55 $ 711 $ — $ 711 Home equity and HELOCs 39 — — 7 46 — 46 Commercial: Commercial real estate 65 — — 34 99 — 99 Commercial business 65 — — 43 108 13 95 Construction 15 — — (7 ) 8 — 8 Consumer: Medical Education 35 (305 ) — 480 210 — 210 Other 1 — — (1 ) — — — $ 871 $ (305 ) $ 5 $ 611 $ 1,182 $ 13 $ 1,169 The Company maintains a general allowance for loan losses based on evaluating known and inherent risks in the loan portfolio, including management’s continuing analysis of the factors underlying the quality of the loan portfolio. These factors include changes in the size and composition of the loan portfolio, actual loan loss experience, and current and anticipated economic conditions. The reserve is an estimate based upon factors and trends identified by management at the time the financial statements are prepared. Since the SBA fully guarantees the principle and interest of the PPP loans, unless the lender violated an obligation under the agreement, there is no allowance for loan loss calculation for the PPP loans as the loan losses, if any, are anticipated to be immaterial. The Company allocated increased allowance for loan loss provisions to the medical education loans for the year ended December 31, 2020, six months ended December 31, 2019 and for the year ended June 30, 2019 as a result of charge-offs totaling $529,000, $121,000 and $305,000, respectively Due to uncertainty of economic conditions from the COVID-19 pandemic, the Company increased the qualitative factors in the calculation of the allowance for loan losses. However, due to the uncertainty of the impact, the Company will continue to monitor and additional adjustments to the allowance for loan losses may be necessary. The following tables summarize information in regards to the recorded investment in loans receivable by loan class as of December 31, 2020 and 2019: December 31, 2020 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 141,891 $ 932 $ 140,959 Home equity and HELOCs 3,993 — 3,993 Commercial: Commercial real estate 68,705 300 68,405 Commercial business 24,152 96 24,056 SBA PPP loans 64,380 — 64,380 Main Street Lending Program 1,556 — 1,556 Construction 7,299 — 7,299 Consumer: Medical education 5,105 — 5,105 Other 33 — 33 $ 317,114 $ 1,328 $ 315,786 December 31, 2019 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 197,547 $ 1,566 $ 195,981 Home equity and HELOCs 4,383 308 4,075 Commercial: Commercial real estate 35,188 317 34,871 Commercial business 11,119 120 10,999 Construction 784 — 784 Consumer: Medical education 6,097 — 6,097 Other 8 — 8 $ 255,126 $ 2,311 $ 252,815 The following tables summarize information in regard to impaired loans by loan portfolio class as of and for the year ended December 31, 2020, the six months ended December 31, 2019, and the year ended June 30, 2019: December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 932 $ 1,056 $ — $ 1,254 $ — Home equity and HELOCs — — — 125 — Commercial: Commercial real estate 300 300 — 309 22 Commercial business 96 96 — 108 6 SBA PPP loans — — — — — Main Street Lending Program — — — — — Construction — — — — — 1,328 1,452 — 1,796 28 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business — — — — — Construction — — — — — — — — — — $ 1,328 $ 1,452 $ — $ 1,796 $ 28 December 31, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,566 $ 1,703 $ — $ 1,704 $ — Home equity and HELOCs 308 308 — 306 — Commercial: Commercial real estate 317 317 — 321 11 Commercial business — — — — — Construction — — — — — 2,191 2,328 — 2,331 11 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 120 121 12 125 4 Construction — — — — — 120 121 12 125 4 $ 2,311 $ 2,449 $ 12 $ 2,456 $ 15 June 30, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded One-to-four family $ 1,725 $ 1,935 $ — $ 1,465 $ — Home equity and HELOCs 316 331 — 132 — Commercial: Commercial real estate 325 325 — 379 27 Commercial business — — — — — Construction — — — — — 2,366 2,591 — 1,976 27 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 131 132 13 142 8 Construction — — — — — 131 132 13 142 8 $ 2,497 $ 2,723 $ 13 $ 2,118 $ 35 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $65,000, $54,000 and $111,000 for the year ended December 31, 2020, the six months ended December 31, 2019, and the year ended June 30, 2019, respectively. The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2020 and 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Residential: One-to-four family $ 932 $ 1,686 Home equity and HELOCs — 308 Commercial: Commercial real estate — — Commercial business — — SBA PPP loans — — Main Street Lending Program — — Construction — — Consumer: Medical education 1,322 1,710 Other — — $ 2,254 $ 3,704 The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system as of December 31, 2020 and 2019: December 31, 2020 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 140,959 $ — $ 932 $ — $ 141,891 Home equity and HELOCs 3,993 — — — 3,993 Commercial: Commercial real estate 68,211 194 300 — 68,705 Commercial business 24,010 — 142 — 24,152 SBA PPP loans 64,380 — — — 64,380 Main Street Lending Program 1,556 — — — 1,556 Construction 7,299 — — — 7,299 Consumer: Medical education 3,783 — 1,322 — 5,105 Other 33 — — — 33 $ 314,224 $ 194 $ 2,696 $ — $ 317,114 December 31, 2019 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 195,861 $ — $ 1,686 $ — $ 197,547 Home equity and HELOCs 4,075 — 308 — 4,383 Commercial: Commercial real estate 34,667 204 317 — 35,188 Commercial business 10,924 — 195 — 11,119 Construction 784 — — — 784 Consumer: Medical education 4,387 — 1,710 — 6,097 Other 8 — — — 8 $ 250,706 $ 204 $ 4,216 $ — $ 255,126 The following tables present the segments of the loan portfolio summarized by aging categories as of December 31, 2020 and 2019: December 31, 2020 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable Accruing Residential: One-to-four family $ 543 $ 186 $ 571 $ 1,300 $ 140,591 $ 141,891 $ — Home equity and HELOCs 38 — — 38 3,955 3,993 — Commercial: Commercial real estate — — — — 68,705 68,705 — Commercial business — — — — 24,152 24,152 — SBA PPP loans — — — — 64,380 64,380 — Main Street Lending Program — — — — 1,556 1,556 — Construction — — — — 7,299 7,299 — Consumer: Medical education 169 951 81 1,201 3,904 5,105 — Other — — — — 33 33 — $ 750 $ 1,137 $ 652 $ 2,539 $ 314,575 $ 317,114 $ — December 31, 2019 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable Accruing Residential: One-to-four family $ 365 $ 94 $ 359 $ 818 $ 196,729 $ 197,547 $ — Home equity and HELOCs — — — — 4,383 4,383 — Commercial: Commercial real estate — — — — 35,188 35,188 — Commercial business — — — — 11,119 11,119 — Construction — — — — 784 784 — Consumer: Medical education 103 53 709 865 5,232 6,097 — Other — — — — 8 8 — $ 468 $ 147 $ 1,068 $ 1,683 $ 253,443 $ 255,126 $ — The Bank may grant a concession or modification for economic or legal reasons related to a borrower's financial condition that it would not otherwise consider resulting in a modified loan that is then identified as a troubled debt restructuring (“TDR”). The Company may modify loans through rate reductions, extensions of maturity, interest only payments, or payment modifications to better match the timing of cash flows due under the modified terms with the cash flows from the borrowers' operations. Loan modifications are intended to minimize the economic loss and to avoid foreclosure or repossession of the collateral. TDRs are disclosed as and considered impaired loans for purposes of calculating the Company's allowance for loan losses. The Bank may identify loans for potential restructure primarily through direct communication with the borrower and evaluation of the borrower's financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions and negative trends may result in a payment default in the near future. The Company began offering short-term loan modifications to provide assistance to borrowers during the COVID-19 pandemic. The CARES Act along with a joint agency statement issued by federal and state banking agencies, provides that short-term modifications made on a good faith basis in response to COVID-19 who were current at the time the modification program is implemented do not need to be accounted for as TDRs. As of December 31, 2020, we had 3 deferrals of either the full loan payment or the principal component of the loan payment on outstanding loan balances of $1.8 million in connection with the COVID-19 relief provided by the CARES Act. At December 31, 2020 and 2019, the Bank had two loans identified as TDRs totaling $227,000 and $259,000, respectively. At December 31, 2020 and 2019, all of the TDRs were performing in compliance with their restructured terms and on an accrual status. There were no modifications to loans classified as TDRs in 2020. No additional loan commitments were outstanding to these borrowers at December 31, 2020 and 2019. At December 31, 2020, there was no specific reserves related to the TDRs. At December 31, 2019, there was a specific reserve of $12,000 related to one TDR. The following table details the Bank’s TDRs at December 31, 2020: Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 131 $ — $ 131 Commercial business 1 96 — 96 Total 2 $ 227 $ — $ 227 The following table details the Bank’s TDRs at December 31, 2019: Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 139 $ — $ 139 Commercial business 1 120 — 120 Total 2 $ 259 $ — $ 259 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2020 | |
Transfers And Servicing [Abstract] | |
Mortgage Servicing Rights | 5. Mortgage Servicing Rights D uring 2020, the Company began selling a portfolio of residential mortgage loans to a third party, while retaining the rights to service the loans. As of December 31, 2020, the value of the mortgage servicing rights associated with the loan sales totaled $2.0 million. These retained servicing rights were recorded as a servicing asset and were initially recorded at fair value and changes to the balance of mortgage servicing rights are recorded in interest income on loans in the Company’s Consolidated Statements of Income. Servicing income, which includes late and ancillary fees, was $16,000 for the year ended December 31, 2020. The following is a summary of the changes in the carrying value of the Company’s mortgage servicing rights, accounted for under the amortization method for the year ended December 31, 2020: (Dollars in thousands) December 31, 2020 Balance at beginning of period $ — Servicing Rights retained from loans sold 2,181 Amortization and other (140 ) Valuation Allowance Provision — Balance at end of period $ 2,041 Fair value, end of year $ 2,259 T he key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of December 31, 2020 were as follows: December 31, 2020 Long run Constant Prepayment Rate 8.07 % Weighted-Average Life (in years) 27.0 Weighted-Average Note Rate 2.966 % Weighted-Average Discount Rate 9.00 % |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | 6. Premises and Equipment Premises and equipment are summarized by major classification at December 31, 2020 and 2019, as follows: (Dollars in thousands) December 31, 2020 December 31, 2019 Land $ 334 $ 334 Land improvements 477 477 Office buildings and improvements 712 712 Leasehold improvements 1,181 1,028 Furniture and equipment 4,793 4,148 Total Cost 7,497 6,699 Accumulated depreciation (4,663 ) (4,198 ) $ 2,834 $ 2,501 Depreciation expense for the year ended December 31, 2020, six months ended December 31, 2019 and the year ended June 30, 2019 was $587,000, $271,000 and $378,000, respectively. During the year ended June 30, 2007, the Bank sold the building that housed its corporate offices and one of its branch offices. At the time of settlement, the Bank entered into an operating lease agreement for the branch office portion of the building. The Bank deferred the $486,000 gain on the sale. The deferred gain is being amortized into income by the straight-line method over the term of the operating lease (29 years and 11 months) as a reduction of rental expense. The amount amortized was $16,000 for the year ended June 30, 2019. As part of the adaption ASU No. 2016-02 “Leases” (Topic 842) on July 1, 2019, the Company booked an adjustment of $277,000 to retained earnings to write-off the remaining balance of the deferred gain on sale-leaseback of buildings. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | 7. Deposits Deposits at December 31, 2020 and 2019 consisted of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Demand accounts-interest bearing $ 61,434 $ 49,377 Demand accounts-non-interest bearing 122 103 Money market deposit accounts 79,552 34,744 Passbook and statement accounts 29,997 25,682 Checking accounts 497,584 105,565 Subtotal - core deposits 668,689 215,471 Certificates of deposit 62,137 68,296 Total deposits $ 730,826 $ 283,767 At December 31, 2020, scheduled maturities of certificates of deposit for the periods are as follows: (Dollars in thousands) December 31, 2021 $ 51,196 December 31, 2022 6,292 December 31, 2023 2,563 December 31, 2024 597 December 31, 2025 948 December 31 2026 and thereafter 541 $ 62,137 Brokered deposits totaled $10.0 million and $22.5 million at December 31, 2020 and 2019, respectively. In addition, the Company has certificates of deposit in denominations of $250,000 or more of $13.4 million and $7.9 million at December 31, 2020 and 2019. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | 8. Borrowings The following tables details the Company’s fixed rate advances from the Federal Reserve PPPLF as of December 31, 2020 and the FHLB as of December 31, 2020 and 2019: Federal Reserve PPPLF long-term borrowings: (Dollars in thousands) Issue Date Maturity Advance Type Interest Rate December 31, 2020 05/18/20 04/13/22 Fixed Rate 0.350 % $ 2,025 05/18/20 04/08/22 Fixed Rate 0.350 % 6,237 05/19/20 04/15/22 Fixed Rate 0.350 % 4,031 05/19/20 04/14/22 Fixed Rate 0.350 % 1,895 05/21/20 04/15/22 Fixed Rate 0.350 % 7,042 05/21/20 04/18/22 Fixed Rate 0.350 % 808 05/21/20 04/19/22 Fixed Rate 0.350 % 466 05/22/20 04/20/22 Fixed Rate 0.350 % 4,395 05/29/20 04/21/22 Fixed Rate 0.350 % 5,507 05/29/20 04/22/22 Fixed Rate 0.350 % 6,889 05/29/20 04/29/22 Fixed Rate 0.350 % 140 07/27/20 05/04/22 Fixed Rate 0.350 % 9,247 $ 48,682 FHLB long-term borrowings: (Dollars in thousands) Issue Date Maturity Advance Type Interest Rate December 31, 2020 December 31, 2019 09/26/17 09/28/20 Fixed Rate 1.880 % $ — $ 3,000 11/21/17 11/22/21 Fixed Rate 2.220 % — 4,000 04/30/19 05/02/22 Fixed Rate 2.370 % — 5,000 05/07/19 05/09/22 Fixed Rate 2.370 % — 5,000 05/14/19 05/16/22 Fixed Rate 2.290 % — 5,000 05/21/19 05/21/21 Fixed Rate 2.360 % — 5,000 07/07/20 07/07/25 Fixed Rate 0.851 % 26,269 — $ 26,269 $ 27,000 During the second and third quarter of 2020, the Company utilized the Federal Reserve’s PPPLF to fund a portion of PPP loans and borrowed a total of $57.7 million at a rate of 0.35%. As of December 31, 2020, the Company had $48.7 million in PPPLF advances outstanding . Under terms of its collateral agreement with the FHLB, the Company maintains otherwise unencumbered qualifying assets (principally qualifying one- to four- family residential mortgage loans and U.S. government agency and mortgage-backed securities) in the amount of at least as much as its advances from the FHLB. The Company's FHLB stock is also pledged to secure these advances. The Company has borrowing facilities with the FHLB, including access to an “Open Repo Plus” line with a maturity up to three months as well as access to advances with maturities up to 30 years. The combined available total of the facilities or maximum borrowing capacity (“MBC”) is approximately $225.8 million as of December 31, 2020. The Open Repo Plus line has a maximum limit of up to one half of the MBC. The MBC changes as a function of the Company's qualifying collateral assets, and the amount of funds received may be reduced by additional required purchases of FHLB stock. As of December 31, 2020 and 2019, the Company had no borrowings outstanding under the Open Repo Plus line. The Company had outstanding FHLB advances totaling $26.3 million and $27.0 million as of December 31, 2020 and 2019, respectively. The Company had $38.3 million outstanding in letters of credit to secure deposits, which reduced the maximum borrowing capacity at December 31, 2020. During July 2020, the Company refinanced advances of $27.0 million from the Federal Home Loan Bank to reduce the cost of borrowing. The Company incurred a prepayment fee of $810,000. The advances of $27.0 million were refinanced to a five year term at 85 basis points with an effective rate of 1.45% including the impact of the prepayment fee. The refinancing was accounted for as a loan modification. The Company also has available lines of credit of $3.0 million with ACBI and a line equal to 95% of fair value of collateral held by the Federal Reserve Bank (“FRB”), which were $923,000 at December 31, 2020 and $1.5 million at December 31, 2019. The Company has not borrowed against its credit lines with ACBI and FRB for the year ended December 31, 2020 and the six months ended December 31, 2019. |
Securities Sold Under Agreement
Securities Sold Under Agreement to Repurchase | 12 Months Ended |
Dec. 31, 2020 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Securities Sold Under Agreement to Repurchase | 9. Securities Sold Under Agreement to Repurchase The Bank has entered into overnight repurchase agreements, which are collateralized by mortgage-backed securities and collateralized mortgage obligations. During November 2019, the Company terminated these agreements to repurchase. The following table details the Company’s overnight repurchase agreements: At or For the Year Ended December 31, At or For the Six Months Ended December 31, 2020 2019 (Dollars in thousands) Balance at end of year $ — $ — Average balance during year $ — $ 2,018 Maximum outstanding at any month end $ — $ 2,586 Weighted average interest rate at end of year — — Weighted average interest rate during year — 0.20 % |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital | 10. Regulatory Capital Information presented for December 31, 2020 and 2019, reflects the Basel III capital requirements that became effective January 1, 2015 for the Bank. Under these capital requirements and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk- weightings and other factors. Federal bank regulators require the Bank maintain minimum ratios of core capital to adjusted average assets of 4.0%, common equity Tier 1 capital to risk-weighted assets of 4.5%, Tier 1 capital to risk-weighted assets of 6.0% and total risk-based capital to risk-weighted assets of 8.0%. At December 31, 2020, the Bank met all the capital adequacy requirements to which they were subject. In June 2019, the Company infused $3.0 million to the Bank as Tier 1 capital. At December 31, 2020, the Bank was “well capitalized” under the regulatory framework for prompt corrective action. To be “well capitalized,” the Bank must maintain minimum leverage, common equity Tier 1 risk-based, Tier 1 risk-based and total risk-based capital ratios of at least 5.0%, 6.5%, 8.0% and 10.0%, respectively. Management believes that no conditions or events have occurred since December 31, 2020 that would materially adversely change the Bank’s capital classifications. From time to time, the Bank may need to raise additional capital to support the Bank’s further growth and to maintain its “well capitalized” status. The Bank’s actual capital amounts and ratios are presented in the table (dollars in thousands): To Be Well Capitalized Under the Prompt Capital Adequacy Corrective Action Actual Purposes Provision (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Total risk-based capital (to risk-weighted assets) $ 37,848 13.4 % $ 22,576 > $ 28,221 > Tier 1 capital (to risk-weighted assets) 35,831 12.7 > > > > Tier 1 capital (to average assets) 35,831 7.4 > > > > Tier 1 common equity (to risk-weighted assets) 35,831 12.7 > > > > As of December 31, 2019 Total risk-based capital (to risk-weighted assets) $ 31,203 14.7 % $ 16,981 > $ 21,227 > Tier 1 capital (to risk-weighted assets) 29,766 14.0 > > > > Tier 1 capital (to average assets) 29,766 8.5 > > > > Tier 1 common equity (to risk-weighted assets) 29,766 14.0 > > > > As a licensed mortgagee, the Bank is subject to the rules and regulations of the Department of Housing and Urban Development ("HUD"), Federal Housing Authority (“FHA”) and state regulatory authorities with respect to originating, processing and selling loans. Those rules and regulations, among other things, require the maintenance of minimum net worth levels (which vary based on the portfolio of FHA loans originated by the Bank). Failure to meet the net worth requirements could adversely impact the ability to originate loans and access secondary markets. As of December 31, 2020 and 2019, the Bank maintained the minimum required net worth levels. The Bank must hold a capital conservation buffer, subject to a phase-in from January 1, 2016 through December 31, 2019, above its minimum risk-based capital requirements. As of December 31, 2020, the Bank is required to maintain a capital conservation buffer of 2.50%. At December 31, 2020, the Bank met the regulatory minimum capital requirements. Failure to maintain the full amount of the buffer will result in restrictions on the Bank’s ability to make capital distributions and to pay discretionary bonuses to executive officers. The phase-in requires the Bank to increase its capital conservation buffer from 0.625% as of June 30, 2016 to 2.50% as of June 30, 2019 and thereafter. |
Derivatives and Risk Management
Derivatives and Risk Management Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management Activities | 11. Derivatives and Risk Management Activities The Company did not have any derivative instruments designated as hedging instruments, or subject to master netting and collateral agreements as of and for the year ended December 31, 2020 and the six months ended December 31, 2019. The following table summarizes the amounts recorded in the Company’s consolidated statement of financial condition for derivatives not designated as hedging instruments as of December 31, 2020 and 2019, (dollars in thousands): December 31, 2020 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 2,647 $ 120,563 Forward loan sales commitments Mortgage banking derivatives 252 5,459 TBA securities Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 106 $ 12,111 Forward loan sales commitments Other liabilities 127 18,071 TBA securities Other liabilities 76 13,500 December 31, 2019 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 810 $ 25,059 Forward loan sales commitments Mortgage banking derivatives 389 11,036 TBA securities Mortgage banking derivatives 5 3,500 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 25 $ 3,820 Forward loan sales commitments Other liabilities 45 10,595 TBA securities Other liabilities 56 24,500 The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the year ended December 31, 2020, the six months ended December 31, 2019 and for the year ended June 30, 2019 (dollars in thousands): Consolidated Statements of Income Gain/(Loss) Presentation For the year ended December 31, 2020 For six months ended December 31, 2019 For the year ended June 30, 2019 IRLCs Gain (loss) from derivative instruments $ 1,756 $ (261 ) $ 460 Forward loan sales commitments (Loss) gain from derivative instruments (219 ) (211 ) 384 TBA securities (Loss) gain from derivative instruments (25 ) 73 (46 ) Total gain (loss) from derivative instruments $ 1,512 $ (399 ) $ 798 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 12. Earnings per Share Earnings per share ("EPS") consist of two separate components: basic EPS and diluted EPS. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for each period presented. The diluted EPS calculation reflects the EPS if all outstanding instruments convertible to common stock were exercised. The computation of diluted earnings per share does not assume conversion, exercise or contingent exercise of securities that would have an anti-dilutive effect. At there were 216,400 stock options outstanding of which 59,600 of the stock options were vested and exercisable at December 31, 2020. 87,000 restricted stock shares outstanding of which 24,140 restricted stock shares were vested and exercisable at . The 216,400 stock options outstanding and 62,860 restricted stock shares outstanding were not included in the computation of diluted net income per share for the year ended as their effect would have been anti-dilutive. At December 31, 2019 and June 30, 2019, there were, 218,000 and 87,000 of stock options and restricted stock awards outstanding of which 30,080 and 11,680 of the stock options and restricted stock awards were vested and exercisable at December 31, 2019 and June 30, 2019. The 218,000 stock options outstanding and 69,089 restricted stock awards outstanding were not included in the computation of diluted net income per share for the six months ended December 31, 2019 as their effect would have been anti-dilutive. The 218,000 stock options outstanding and 65,319 restricted stock awards outstanding were not included in the computation of diluted net income per share for the year ended June 30, 2019 as their effect would have been anti-dilutive. The calculation of EPS for the year ended December 31, 2020, six months ended December 31, 2019 and for the year ended June 30, 2019 is as follows (dollars in thousands, except per share data): For the Year Ended December 31, 2020 For the Six Months Ended December 31, 2019 For the Year Ended June 30, 2019 Net income (basic and diluted) $ 5,768 $ 540 $ 879 Weighted average number of shares issued 2,270,589 2,269,125 2,258,824 Less weighted average number of treasury shares (31,415 ) (208 ) (10 ) Less weighted average number of unearned ESOP shares awards (143,671 ) (150,231 ) (156,790 ) Less weighted average number of unvested restricted stock awards (62,420 ) (71,725 ) (70,906 ) Basic weighted average shares outstanding 2,033,083 2,046,961 2,031,118 Add dilutive effect of restricted stock awards — — 225 Diluted weighted average shares outstanding 2,033,083 2,046,961 2,031,343 Net income per share Basic $ 2.84 $ 0.26 $ 0.43 Diluted $ 2.84 $ 0.26 $ 0.43 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | 13. Employee Benefits The Company adopted the Huntingdon Valley Bank Employee Stock Ownership Plan (the “ESOP”) for eligible employees. Eligible employees who have attained age 21 may participate in the ESOP on the later of the effective date of the ESOP or upon the first entry date commencing on or after the eligible employee’s completion of 1,000 hours of service during a continuous 12-month period. The ESOP trustee purchased, on behalf of the ESOP, 8% of the total number of shares of HV Bancorp common stock issued in the offering. The ESOP funded the stock purchase with a loan from HV Bancorp equal to the aggregate purchase price of the common stock. The loan will be repaid principally through Huntingdon Valley Bank’s contribution to the ESOP and dividends payable on common stock held by the ESOP over the anticipated 20-year term of the loan. The interest rate for the ESOP loan is an adjustable rate equal to the prime rate, as published in The Wall Street Journal, beginning on the closing date of the conversion. Thereafter the interest rate will adjust annually and will be the prime rate on the first business day of the calendar year, retroactive to January 1 of such year. The collateral for the loan is the common stock of the Company purchased by the ESOP. The trustee will hold the shares purchased by the ESOP in an unallocated suspense account, and shares will be released from the suspense account on a pro-rata basis as the loan is repaid. As shares are released from collateral, the Company recognizes compensation expense equal to the average market price of the shares during the period and the shares will be outstanding for earnings-per-share purposes. The trustee will allocate the shares released among participants on the basis of each participant’s proportional share of compensation relative to the total aggregate compensation paid to all participants. A participant will become vested in his or her account balance at a rate of 20% per year over a six-year period, beginning in the second year of credited service. Participants who were employed by Huntingdon Valley Bank immediately prior to the conversion will receive credit for vesting purposes for years of service prior to the adoption of the ESOP. Participants also will become fully vested automatically upon normal retirement, death or disability, a change in control, or termination of the ESOP. Generally, participants will receive distributions from the ESOP upon separation from service. The ESOP reallocates any unvested shares forfeited upon termination of employment among the remaining participants. During the year ended June 30, 2017, the ESOP purchased 8% of the total shares issued which equated to 174,570 shares of the Company’s common stock in the open market ranging from $12.50 per share to $14.21 per share for a weighted average price per share of $13.92, and a total purchase price of $2,430,000. The following table presents the components of the ESOP Shares at December 31, 2020 and 2019 and June 30, 2019: December 31, 2020 December 31, 2019 June 30, 2019 Allocated shares 34,867 26,185 17,457 Committed shares — — 4,364 Unreleased shares 139,656 148,385 152,749 Total ESOP shares 174,523 174,570 174,570 Fair value of unreleased shares (in thousands) $ 2,398 $ 2,523 $ 2,369 The Company also maintains a retirement plan for all eligible employees, which allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code. Participants can contribute up to 15% of their compensation, as defined, to the plan. The Company's contribution to the Plan is discretionary and will be determined on a yearly basis. The Company made no contributions to the Plan during the year ended December 31, 2020, six months ended December 31, 2019 and the year ended June 30, 2019. Equity Incentive Plans The Company’s shareholders approved the HV Bancorp, Inc. 2018 Equity Incentive Plan (the “2018 Equity Incentive Plan”) of authorized but unissued common stock of the Company was reserved for future grants of incentive and non-qualified stock options, restricted stock awards and restricted stock units under the 2018 Equity Incentive Plan. Of the 305,497 authorized shares, the maximum number of shares of the Company’s common stock that may be issued under the 2018 Equity Incentive Plan pursuant to the exercise of stock options is 218,212 shares, and the maximum number of shares of the Company’s common stock that may be issued as restricted stock awards or restricted stock units is 87,285 shares. On June 13, 2018, the Compensation Committee of the Board of Directors authorized the following grants under the 2018 Equity Incentive Plan: Officers Employees Outside Directors Total Incentive stock options 125,000 43,000 — 168,000 Non-qualified stock options — — 30,000 30,000 Restricted stock awards 50,000 12,000 15,000 77,000 Total 175,000 55,000 45,000 275,000 In December 2018, an employee terminated employment and 4,000 shares of employee restricted stock awards and 10,000 shares of employee incentive stock options were forfeited under the 2018 Equity Incentive Plan During the year ended June 30, 2019, 4,000 shares of employee restricted stock awards were granted and 10,000 shares of employee incentive stock options were granted to new employees under the 2018 Equity Incentive Plan. In addition, 20,000 non-qualified stock options and 10,000 shares of restricted stock awards were granted to outside directors under the 2018 Equity Incentive Plan during the year ended June 30, 2019. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2018 Equity Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of December 31, 2020, there were 497 shares available for future awards under this plan, which includes 285 shares available for restricted stock awards. Stock option expense was $60,000 for the year ended December 31, 2020, $31,000 for the six months ended December 31, 2019 and $56,000 for the year ended June 30, 2019. At December 31, 2020, total unrecognized compensation cost related to stock options was $278,000. A summary of the Company’s stock option activity and related information for the year ended December 31, 2020, the six months ended December 31, 2019 and the year ended June 30, 2019 was as follows: December 31, 2020 Options Weighted-Average Exercise Price Weighted-Average Remaining contractual Life (in years) Average Intrinsic Value Outstanding, January 1, 2020 218,000 $ 14.92 8.6 $ 452,400 Granted — — — — Exercised (1,600 ) 14.80 — — Forfeited — — — — Outstanding, December 31, 2020 216,400 $ 14.93 7.6 $ 484,736 Exercisable, December 31, 2020 59,600 $ 14.87 7.6 $ 137,080 December 31, 2019 Options Weighted-Average Exercise Price Weighted-Average Remaining contractual Life (in years) Average Intrinsic Value Outstanding, July 1, 2019 218,000 $ 14.92 9.1 $ 61,040 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding, December 31, 2019 218,000 $ 14.92 8.6 $ 452,400 Exercisable, December 31, 2019 30,080 $ 14.80 8.5 $ 66,176 June 30, 2019 Options Weighted-Average Exercise Price Weighted-Average Remaining contractual Life (in years) Average Intrinsic Value Outstanding, July 1, 2018 198,000 $ 14.80 10.0 $ 3,960 Granted 30,000 15.71 9.9 — Exercised — — — — Forfeited (10,000 ) 14.80 — — Outstanding, June 30, 2019 218,000 $ 14.92 9.1 $ 61,040 Exercisable, June 30, 2019 30,080 $ 14.80 9.0 $ 8,422 The fair value of each option grant during the year ended June 30, 2019 is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended June 30, 2019 Dividend yield 3.14%-3.26% Expected life 10 years Expected volatility 19.68%-24.07% Risk-free interest rate 1.96%-2.56% Weighted average grant date fair value $2.39-$2.98 The excepted volatility is based on blended rate of historical volatility and SNL US Index of Banks between $250 million and $500 million in assets as the Company’s shares of common stock did not begin trading on the Nasdaq Capital Market until January 12, 2017. The expected life is an estimate based on management review of the various factors. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. Restricted stock expense was $184,000 for the year ended December 31, 2020, $92,000 for the six months ended December 31, 2019 and $177,000 for the year ended June 30, 2019. At December 31, 2020, the expected future compensation expense relating to non-vested stock outstanding was $847,000. A summary of the Company’s restricted stock activity and related information for the year ended December 31, 2020, the six months ended December 31, 2019 and the year ended June 30, 2019 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested, July 1, 2018 77,000 $ 14.80 Granted 14,000 15.72 Vested (11,680 ) 14.80 Forfeited (4,000 ) 14.80 Non-vested, June 30, 2019 75,320 $ 14.97 Granted — — Vested — — Forfeited — — Non-vested at December 31, 2019 75,320 $ 14.97 Granted — — Vested (12,460 ) 14.97 Forfeited — — Non-vested at December 31, 2020 62,860 $ 14.97 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The table below summarizes the income tax expense for the year ended December 31, 2020, six months ended December 31, 2019 and the year ended June 30, 2019: For the year ended For the six months ended For the year ended (Dollars in thousands) December 31, 2020 December 31, 2019 June 30, 2019 Current: Federal $ 1,142 $ 105 $ (184 ) State 666 55 41 1,808 160 (143 ) Deferred: Federal 396 23 337 396 23 337 Total income tax expense $ 2,204 $ 183 $ 194 The expense for income taxes for the year ended December 31, 2020, six months ended December 31, 2019 and the year ended June 30, 2019 differed from the federal income tax statutory rate due to the following: For the year ended For the six months ended For the year ended December 31, 2020 December 31, 2019 June 30, 2019 (Dollars in thousands) Amount Rate Amount Rate Amount Rate Tax at statutory rate $ 1,667 21.0 % $ 152 21.0 % $ 222 21.0 % State tax net of federal benefit 532 6.6 % 44 6.0 % 32 3.1 % Bank-owned life insurance (32 ) -0.4 % (17 ) -2.3 % (33 ) -3.2 % Tax-exempt interest (8 ) -0.1 % (17 ) -2.3 % (58 ) -5.5 % Other, net 45 0.5 % 21 2.9 % 31 2.7 % $ 2,204 27.6 % $ 183 25.3 % $ 194 18.1 % Deferred income taxes result from temporary differences in recording certain revenues and expenses for financial reporting purposes. The net deferred tax asset and liabilities at the periods shown consisted of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Deferred tax assets: Allowance for loan losses $ 424 $ 302 Non-accrual interest 16 11 Accrued expenses 133 70 Stock-based compensation 27 24 Unrealized loss on securities — 8 Operating lease liabilities 1,669 1,265 Other — 19 Gross deferred tax assets $ 2,269 $ 1,699 Deferred tax liabilities: Depreciation $ 135 $ 124 Unrealized gain on securities 100 — Fair value adjustment of IRLC, TBA securities and forward loan sales commitments 544 226 Operating lease right-of-use assets 1,614 1,265 Gain on fair value of loans 477 181 Gross deferred tax liabilities 2,870 1,796 Net deferred tax (liabilities) asset $ (601 ) $ (97 ) The Company had a $2,500 AMT credit which will be 100% refunded at December 31, 2020 AMT credit carryforwards were not impacted by the change in statutory tax rate by the Tax Act, as they are treated as payments on future federal income taxes due and are not subject to remeasurement. However, the Tax Act did change alternative minimum tax credit carryforwards to be refundable credits. Retained earnings included $1.7 million at December 31, 2020 and 2019, for which no provision for federal income tax has been made. This amount represents deductions for bad debt reserves for tax purposes, which were only allowed to savings institutions that met certain criteria prescribed by the Internal Revenue Code of 1986, as amended. The Small Business Job Protection Act (the Act) eliminated the special bad debt deduction granted solely to thrifts. Under the terms of the Act, there would be no recapture of the pre-1988 (base year) reserves. However, these pre-1988 reserves would be subject to recapture under the rules of the Internal Revenue Code if the Company pays a cash dividend in excess of earnings and profits, or liquidates. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 15. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is determined at a reasonable point within the range that is most representative of fair value under current market conditions. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends, and have not been reevaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year-end. In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuation is based unadjusted on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuation is based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation. Assets measured at fair value on a recurring basis at December 31, 2020 and 2019 are summarized below: December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 391 $ — $ 391 Corporate notes — 1,532 8,068 9,600 Collateralized mortgage obligations - agency residential — 3,851 — 3,851 Mortgage-backed securities - agency residential — 5,689 — 5,689 Municipal securities — 2,971 — 2,971 Bank CDs — 1,016 — 1,016 Loans held for sale — 83,549 — 83,549 Forward loan sales commitments — 252 — 252 TBA securities — — — — Interest rate lock commitments — — 2,647 2,647 $ — $ 99,251 $ 10,715 $ 109,966 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 436 $ — $ 436 Corporate notes — 2,510 3,059 5,569 Collateralized mortgage obligations - agency residential — 6,464 — 6,464 Mortgage-backed securities - agency residential — 4,063 — 4,063 Municipal securities — 2,117 — 2,117 Bank CDs — 2,507 — 2,507 Loans held for sale — 37,876 — 37,876 Forward loan sales commitments — 389 — 389 TBA securities — 5 — 5 Interest rate lock commitments — — 810 810 $ — $ 56,367 $ 3,869 $ 60,236 Liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019 are summarized below. December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 127 $ — $ 127 TBA securities — 76 — 76 Interest rate lock commitments — — 106 106 $ — $ 203 $ 106 $ 309 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 45 $ — $ 45 TBA securities — 56 — 56 Interest rate lock commitments — — 25 25 $ — $ 101 $ 25 $ 126 There were no assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019. The estimated fair values of the Company’s financial instruments that are not required to be measured or reported at fair value were as follows at December 31, 2020 and 2019 (in thousands): Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2020 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 414,590 $ 414,590 $ 414,590 $ — $ — Equity securities 500 500 — — 500 Loans receivable, net 313,811 325,636 — — 325,636 Bank-owned life insurance 6,408 6,408 6,408 — — Restricted investment in bank stock 1,721 1,721 1,721 — — Accrued interest receivable 1,489 1,489 1,489 — — Mortgage Servicing Rights 2,041 2,259 — — 2,259 Liabilities: Deposits $ 730,826 $ 731,398 $ 668,689 $ 62,709 $ — Advances from the FHLB 26,269 27,932 — 27,932 — Federal Reserve PPPLF advances 48,682 48,698 — 48,698 — Advances from borrowers for taxes and insurance 2,131 2,131 2,131 — — Accrued interest payable 167 167 167 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2019 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 20,625 $ 20,625 $ 20,625 $ — $ — Equity securities 500 500 — — 500 Loans receivable, net 255,032 254,884 — — 254,884 Bank-owned life insurance 6,255 6,255 6,255 — — Restricted investment in bank stock 1,552 1,552 1,552 — — Accrued interest receivable 967 967 967 — — Liabilities: Deposits $ 283,767 $ 284,055 $ 215,471 $ 68,584 $ — Advances from the FHLB 27,000 27,333 — 27,333 — Advances from borrowers for taxes and insurance 2,138 2,138 2,138 — — Accrued interest payable 305 305 305 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. There were no changes in methodologies or transfers between levels during the year ended December 31, 2020 and the six months ended December 31, 2019. The following tables represent assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2020 and 2019: Level 3 Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2020 $ 3,059 $ 810 $ (25 ) Total gains (unrealized): Included in other comprehensive income 50 — — Total (loss) gains included in earnings and held at reporting date — 1,837 (81 ) Purchases, sales and settlements 4,959 — — Transfers into Level 3 — — — Ending Balance: December 31, 2020 $ 8,068 $ 2,647 $ (106 ) Change in unrealized gains for the period included in earnings (or changes in net assets) for assets held as of December 31, 2020 — 1,837 (81 ) Change in unrealized gains for the period included other comprehensive income for assets held as of December 31, 2020 $ 50 $ — $ — Level 3 Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2019 $ 3,030 $ 1,100 $ (54 ) Total gains (unrealized): Included in other comprehensive income 29 — — Total gains included in earnings and held at reporting date — (290 ) 29 Purchases, sales and settlements — — — Transfers into Level 3 — — Ending Balance: December 31, 2019 $ 3,059 $ 810 $ (25 ) At December 31, 2020, the Company has classified $8.1 million of Corporate notes as Level 3. The fair value of $6.0 million of Corporate notes includes an adjustable rate corporate security and sub-debt bonds. The Company’s methodology for valuing these Corporate notes is to obtain market quotes through a third-party pricing model. The weighted average of the market quotes applied range from 97.6% to 106.6%. In addition, classified as Level 3 are two sub-debt bonds with a fair value of $2.1 million. The Company’s methodology to value the two sub-debt bonds is to obtain fair values of similar sub-debt bonds issuances over the past twelve months from a broker/investment firm. Since the Corporate notes are not widely traded, the Company considered the inputs as unobservable. At December 31, 2020, the Company has classified $2.5 million of net derivative assets related to IRLC as Level 3. The fair value of IRLCs is based on prices obtained for loans with similar characteristics from third parties, adjusted by the pull-through rate, which represents the Company’s best estimate of the probability that a committed loan will fund. The weighted average pull-through rates applied ranged from 63.7% to 99.8%. Significant unobservable inputs for assets and liabilities measured at fair value on a recurring basis at December 31, 2020 : Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Corporate notes $ 5,995 Pricing Model Offered quotes 92.37%-106.60% 101.67% 2,073 Market comparable securities Offered quotes 101.63%-103.63% 102.50% Net derivative asset: IRLC $ 2,541 Discounted cash flows Pull-through Rates 63.70%-99.79% 80.99% |
Changes in and Reclassification
Changes in and Reclassifications out of Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Changes in and Reclassifications out of Accumulated Other Comprehensive Income (Loss) | 16. Changes in and Reclassification out of Accumulated Other Comprehensive Income (Loss) The following tables present the changes in the balances of each component of accumulated other comprehensive income (“AOCI”) for the year ended December 31, 2020, the six months ended December 31, 2019 and the year ended June 30, 2019. All amounts are presented net of tax. Net unrealized holding gains (losses) on available-for-sales securities (1) For the Year Ended For the Six Months Ended For the Year Ended (Dollars in thousands) December 31, 2020 December 31, 2019 June 30, 2019 Balance at beginning period $ (18 ) $ 70 $ (648 ) Unrealized holding gains on available-for-sale securities before reclassification 355 61 724 Amount reclassified for investment securities gains included in net income (99 ) (149 ) (6 ) Net current-period other comprehensive income (loss) 256 (88 ) 718 Balance at ending period $ 238 $ (18 ) $ 70 (1) All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate approximately 29.5%, 28.9% and 29.5% for the year ended December 31, 2020, six months ended December 31, 2019 and the year end June 30, 2019 For the Year Ended For the Six Months Ended For the Year Ended December 31, 2020 December 31, 2019 June 30, 2019 (Dollars in thousands) Amount reclassified from AOCI (2) Amount reclassified from AOCI (2) Amount reclassified from AOCI (2) Affected line item in the Consolidated Statement of Income Net unrealized gain on available-for securities (1) $ 141 $ 211 $ 8 Gain on sale of investment securities, net (42 ) (62 ) (2 ) Income Tax Expense $ 99 $ 149 $ 6 (1) For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive loss, see Note 2, “Investment securities.” (2) Amounts in parenthesis indicate debits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies The Company is involved in various legal actions arising in the normal course of business. Management, after taking into consideration legal counsel's evaluation of such actions, is of the opinion that the outcome of these matters will not have a material adverse effect on the financial position, operating results, or equity of the Company. The Company is party to certain financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments are entered into in the normal course of business and include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. In the opinion of management, market risk (interest rate changes) associated with these instruments is nominal. Open mortgage loan commitments granted to loan applicants at December 31, 2020 and 2019 are $80.9 million and $27.9 million, respectively. Open commercial loan commitments granted to loan applicants at December 31, 2020 and 2019, are $4.0 million and $7.5 million, respectively. At December 31, 2020 and 2019, the Company had forward loan sales commitments amounting to $120.6 million and $25.1 million, respectively. The Company had mandatory TBAs amounting to $13.5 million and $28.0 million at December 31, 2020 and 2019, respectively. The undisbursed portion of open-ended HELOCs at December 31, 2020 and 2019 is $8.0 million and $7.8 million, respectively. The undisbursed portion of open-ended commercial and commercial real estate lines of credit at December 31, 2020 and 2019 are $22.1 million and $8.1 million, respectively. At December 31, 2020 and 2019, there was an open commercial letter of credit of $650,000 and $50,000. There was $38.3 million and $18.0 million outstanding performance standby letters of credit at December 31, 2020 and 2019. In the normal course of business, the Company sells loans in the secondary market. As is customary in such sales, the Company provides indemnification to the buyer under certain circumstances. This indemnification may include the obligation to repurchase loans or refund fees by the Company, under certain circumstances. In most cases, repurchases and losses are rare, and no provision is made for losses at the time of sale. When repurchases and losses are probable and reasonably estimable, a provision is made in the financial statements for such estimated losses. There was a $151,000 and $54,000 provision for losses from repurchases as of December 31, 2020 and 2019, respectively. Residential mortgage loans serviced for others at December 31, 2020, December 31, 2019, and June 30, 2019 are $209.3 million and $3.4 million and $3.5 million, respectively. During March 2020, in response to the COVID-19 pandemic, the FRB reduced the reserve requirements to zero and the Company was no longer required to maintain certain average reserve balances at the FRB. For December 31, 2019, the Company was required to maintain certain average reserve balances as established by the FRB. The amounts of this reserve balance for the reserve computation period, which included December 31, 2019 was $3.2 million which was satisfied through the restriction of vault cash held at the Company’s branches. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Concentrations | 18. Concentrations At December 31, 2020 and 2019, June 30, 2019, the Company’s lending activities are primarily concentrated in Southeastern Pennsylvania, with the largest concentration in Montgomery, Bucks and Philadelphia Counties as well as lending activities in New Jersey and Delaware. The performance of the Company's loan portfolio is affected by economic conditions in the borrowers' geographic region. Mortgage loans held for sale were sold to investors that made up over ten percent of gain on sale of loans as follows: Percentages Number of of Mortgages (Dollars in thousands) Investors Sold December 31, 2020 3 73 % December 31, 2019 3 66 % June 30, 2019 3 71 % |
Related Party
Related Party | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party | 19. Related Party In the ordinary course of business, the Company has granted loans to related parties. The amount outstanding at December 31, 2020 and 2019 was $2.0 million and $1.5 million, respectively. Originations to related parties and repayments from related parties during the year ended December 31, 2020 were $2.6 million and $2.1 million, respectively. During the six months ended December 31, 2019, originations to related parties and repayments from related parties were $436,000 and $3.8 million, respectively. The Company held deposits of approximately $252.6 million and $10.5 million for related parties at December 31, 2020 and 2019, respectively. In November 2017, the Company engaged a third party to provide services for certain customers with large deposit balances, by offering both a competitive rate of return and FDIC insurance. Related party balances in this program totaled $5.9 million and $17.5 million and $32.5 million at December 31, 2020 and 2019, June 30, 2019 and for which we received approximately $2,000 for the year ended December 31, 2020, $19,000 for the six months ended December 31, 2019 and $46,000 in fees for customer services which is included in the years ended June 30, 2019, respectively. In January 2018, the Company entered into a business consulting agreement with one of our directors to provide deposit sales training, grow deposit market share and identify deposit opportunities. This agreement terminated on December 31, 2019. The Company has paid $15,000 and $60,000 and $25,000 in consulting fees to the director for the six months ended December 31, 2019 and the years ended June 30, 2019 and 2018, respectively. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 20. Revenue Recognition The Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606) and all subsequent ASUs that modified Topic 606. The following is a discussion of key revenues of fees for customer services that are within the scope of the revenue guidance: • Fee income – Fee income primarily consists of a fee received for placing customer deposits in a deposit placement network such that amounts are under the standard FDIC insurance maximum of $250,000 making the deposits eligible for FDIC insurance. The Company acts as an intermediary between the customer and the deposit placement network. The Company’s performance obligation is generally satisfied upon placement of the customer’s deposit in deposit placement network. • Insufficient fund fees and other service charges – Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services; as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. These revenues are included in insufficient funds fees and other service charges in the table above. • ATM interchange and fee income – ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder used a Company’s ATM. The Company’s performance obligation for ATM fee income are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Under ASC Topic 606, management determined that the revenue emanating from interest and dividend income on loans and investments is not within scope of this topic. In addition, certain noninterest income streams such as income from bank owned life insurance, sales of investment securities, mortgage banking activities, and certain items within other income are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such deposit related fees, interchange fees, and fees income received in exchange for customer’s deposits sourced with a deposit placement network. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. The following table presents noninterest income for the year ended December 31, 2020, the six months ended December 31, 2019 and for the year ended June 30, 2019: (Dollars in thousands) Year Ended December 31, Six Months Ended December 31, Year Ended June 30, Non-Interest Income 2020 2019 2019 In-scope of Topic 606: Fee income $ 3 $ 21 $ 48 Insufficient fund fees 59 27 60 Other service charges 75 39 60 ATM interchange fee income 9 4 7 Other income 2 1 4 Total Non-Interest Income (in-scope of Topic 606) $ 148 $ 92 $ 179 Out-of-scope of Topic 606: Increase in cash surrender value of bank-owned life insurance $ 153 $ 80 $ 159 Gain on sale of loans, net 13,315 3,616 2,789 Gain on sale of available-for-sale securities 141 211 8 Gain (loss) from derivative instruments 1,512 (399 ) 798 Change in fair value for loans held-for-sale 1,408 160 424 Other 193 13 7 Total Non-Interest Income (out-scope of Topic 606) $ 16,722 $ 3,681 $ 4,185 Total Non-Interest Income (in-scope of Topic 606) 148 92 179 Total Non-Interest Income $ 16,870 $ 3,773 $ 4,364 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 21. Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On July 1, 2019, the Company adopted ASU No. 2016-02 “Leases” (Topic 842) Lessee Accounting Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches and office spaces with terms extending through 2036. All of our leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated statements of financial condition. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated statements of financial condition as a right-of-use (“ROU”) asset and a corresponding lease liability. The following table represents the consolidated statements of financial condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less) on the consolidated statements of financial condition. December 31, 2020 December 31, 2019 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating lease right-of-use asset $ 7,685 $ 5,979 Total Lease Right-of-Use Assets $ 7,685 $ 5,979 December 31, 2020 December 31, 2019 Lease Liabilities Classification Operating lease liabilities Operating Lease liabilities $ 7,946 $ 6,023 Total Lease Liabilities $ 7,946 $ 6,023 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. The Company utilized its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term as the rate implicit in the lease was not readily determinable. For operating leases existing prior to July 1, 2019, the rate for the remaining lease term as of July 1, 2019 was used. December 31, 2020 December 31, 2019 Weighted-average remaining lease term Operating leases 12.2 years 12.7 years Weighted-average discount rate Operating leases 2.23 % 2.34 % Lease expenses for the year ended June 30, 2019 was $487,000. The following table represents lease costs: (dollars in thousands) For the year ended December 31, 2020 For the six months ended December 31, 2019 Operating lease cost $ 627 $ 198 Short-term lease cost 37 86 Total $ 664 $ 284 Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 December 31, 2019 Twelve Months Ended: Within one year $ 836 $ 440 After one but within two years 792 632 After two but within three years 797 583 After three but within four years 791 594 After four but within five years 735 596 After five years 5,182 4,164 Total Future Minimum Lease Payments 9,133 7,009 Amounts Representing Interest (1,187 ) (986 ) Present Value of Net Future Minimum Lease Payments $ 7,946 $ 6,023 |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information - Parent Company Only | 22. Condensed Financial Information - Parent Company Only Condensed financial statements of HV Bancorp, Inc. are as follows (in thousands): Condensed Statement of Financial Condition (dollars in thousands) December 31, 2020 December 31, 2019 Assets Cash and due from banks $ 473 $ 185 Interest-bearing deposits with banks 473 1,102 Cash and cash equivalents 946 1,287 Investment securities available-for-sale, at fair value 1,274 2,046 Equity securities 500 500 Loan to ESOP 2,095 2,181 Accrued interest receivable 13 16 Prepaid federal income taxes — 62 Investment in Subsidiary 33,947 27,552 Other assets 207 1 Total Assets $ 38,982 $ 33,645 Liabilities and Shareholders' Equity Liabilities Deferred income taxes, net $ 11 $ 6 Other liabilities 44 40 Shareholders' equity 38,927 33,599 Total Liabilities and Shareholders' Equity $ 38,982 $ 33,645 Condensed Statements of Operations (Dollars in thousands, except per share data) For the year ended December 31, 2020 For the six months ended December 31, 2019 For the year ended June 30, 2020 Interest Income Interest and dividends on investments: Taxable $ 65 $ 35 $ 97 Interest on mortgage-backed securities and collateralized mortgage obligations 15 12 68 Interest on interest-bearing deposits 1 — — Interest from ESOP Loan 104 63 115 Total Interest Income 185 110 280 Non-Interest Income Gain on sale of available-for-sale securities, net — — 1 Total Non-Interest Income — — 1 Non-Interest Expense Occupancy — 2 4 Professional fees 115 54 176 Other expenses 135 63 131 Total Non-Interest Expense 250 119 311 Loss before income taxes (65 ) (9 ) (30 ) Income Tax Benefit (13 ) (2 ) (5 ) Loss before equity in undistributed net earnings of subsidiary (52 ) (7 ) (25 ) Equity in undistributed net earnings of subsidiary 5,820 547 904 Net Income $ 5,768 $ 540 $ 879 Other comprehensive gain, net of tax Unrealized gain on available-for-sale securities (pre-tax $478, $85 and $1,027) $ 355 $ 61 $ 724 Reclassification adjustment for gains included in income (pre-tax ($141), ($211) and ($8), respectively (99 ) (149 ) (6 ) Other comprehensive income (loss) 256 (88 ) 718 Comprehensive Income $ 6,024 $ 452 $ 1,597 Net Income per share: Basic $ 2.84 $ 0.26 $ 0.43 Diluted $ 2.84 $ 0.26 $ 0.43 Condensed Statements of Cash Flows (dollars in thousands) For the year ended December 31, 2020 For the six months ended December 31, 2019 For the year ended June 30, 2019 Cash Flows from Operating Activities Net income $ 5,768 $ 540 $ 879 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net earnings of subsidiary (5,820 ) (547 ) (904 ) Depreciation — 2 4 Net amortization of securities premiums and discounts — 2 11 Gain on sale of available-for-sale securities, net — — (1 ) Deferred income tax expense — — — Decrease (increase) in: Accrued interest receivable 3 2 16 Prepaid federal income taxes 62 (2 ) (5 ) Prepaid and other assets (206 ) 126 (9 ) (Increase) decrease in: Other liabilities 4 (34 ) (19 ) Net cash provided by (used in) operating activities (189 ) 89 (28 ) Cash Flows from Investing Activities ESOP repayment 125 67 132 Activity in available-for-sale securities: Proceeds from sales — — 2,284 Maturities and repayments 788 706 818 Purchase of Equity securities — — (500 ) Investment in Subsidiary — — (3,000 ) Net cash provided by (used in) investing activities 913 773 (266 ) Cash Flows from Financing Activities Proceeds from stock option exercise 24 — — Purchase of treasury stock (1,089 ) — (3 ) Net cash used in financing activities (1,065 ) — (3 ) Increase (Decrease) in Cash and Cash Equivalents $ (341 ) $ 862 $ (297 ) Cash and Cash Equivalents, beginning of year $ 1,287 $ 425 $ 722 Cash and Cash Equivalents, end of year $ 946 $ 1,287 $ 425 |
Consolidated Summary of Quarter
Consolidated Summary of Quarterly Earnings (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Consolidated Summary of Quarterly Earnings (Unaudited) | 23. Consolidated Summary of Quarterly Earnings (Unaudited) The following table presents summarized quarterly data for the year ended December 31, 2020, six months ended December 31, 2019 and for the year ended June 30, 2019: For the year end December 31, 2020 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 3,026 $ 3,328 $ 3,539 $ 3,930 Total Interest Expense 933 758 720 732 Net Interest Income 2,093 2,570 2,819 3,198 Provision for Loan Losses 111 450 424 123 Total Non-Interest Income 2,144 3,945 6,195 4,586 Total Non-Interest Expense 3,929 3,979 5,742 4,820 Income before income taxes 197 2,086 2,848 2,841 Income tax expense (benefit) 48 590 785 781 Net income 149 1,496 2,063 2,060 Basic earnings per share 0.07 0.73 1.02 1.02 Diluted earnings per share 0.07 0.73 1.02 1.02 For the six months ended December 31, 2019 (Dollars in thousands) 1st Qtr. 2nd Qtr. Total Interest Income $ 3,111 $ 3,151 Total Interest Expense 1,036 1,062 Net Interest Income 2,075 2,089 Provision for Loan Losses 244 38 Total Non-Interest Income 2,205 1,568 Total Non-Interest Expense 3,602 3,330 Income before income taxes 434 289 Income tax expense (benefit) 101 82 Net income 333 207 Basic earnings per share 0.16 0.10 Diluted earnings per share 0.16 0.10 For the year end June 30, 2019 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 2,651 $ 2,744 $ 2,728 $ 2,859 Total Interest Expense 614 740 735 838 Net Interest Income 2,037 2,004 1,993 2,021 Provision for Loan Losses 59 24 241 287 Total Non-Interest Income 758 676 986 1,944 Total Non-Interest Expense 2,378 2,513 2,700 3,144 Income before income taxes 358 143 38 534 Income tax expense (benefit) 88 4 (24 ) 126 Net income 270 139 62 408 Basic earnings per share 0.13 0.07 0.03 0.20 Diluted earnings per share 0.13 0.07 0.03 0.20 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Event | Significant Event The COVID-19 pandemic has adversely affected economic activity globally, nationally and locally. It has caused substantial disruption in international and U.S. economies, markets, and employment. In response to the COVID-19 national emergency, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by Congress and signed into law by President Trump on March 27, 2020. The CARES Act provides an estimated $2.2 trillion of economy-wide financial stimulus to combat the pandemic and stimulate the economy in the form of financial aid to individuals, businesses, nonprofits, states, and municipalities through loans, grants, tax changes, and other types of relief. Some of the applicable provisions of the Cares Act to the Company include, but are not limited to: •Accounting for Loan Modifications – Under Section 4013 of the CARES Act, a financial institution may elect to temporarily suspend (1) the requirements under GAAP for certain loan modifications that would otherwise be categorized as a Troubled Debt Restructuring (“TDR”) and (2) does not need to determine impairment associated with the loan modifications. As of December 31, 2020, the Company had 3 loan modification agreements with a balance of $1.8 million outstanding. •Paycheck Protection Program - The CARES Act authorized the Small Business Administration (“SBA”) to temporarily guarantee loans under a new 7(a) loan program called the Paycheck Protection Program (“PPP”). In early April 2020, the Company began accepting and processing applications for loans under the Paycheck Protection Program. As of December 31, 2020, the Company had received over 450 applications from new and existing customers with an outstanding balance of approximately $64.4 million with an estimated processing fee income of approximately $2.3 million. On December 27, 2020, the Consolidated Appropriations Act, 2021 (“CAA”) was signed into law. The CAA provides several amendments to the PPP, including additional funding for second draws of PPP loans up to March 31, 2021. The Company began accepting and processing applications for second draw PPP loans in January 2021. As of March 22, 2021, the Corporation had processed and approved over 300 applications of the PPP program for approximately $44.1 million in the second round of PPP loans . The CAA also included extension of TDR accounting relief provided under the CARES Act to January 1, 2022. The extension did not impact loan modifications made prior to December 31, 2020, however, it was considered in the identification of expected TDRs as of December 31, 2020. For further discussion, see COVID-19 update section of Item 7-Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Change in Fiscal Year | Change in fiscal year The Company’s Board of Directors approved a change in the Company’s fiscal year end from June 30 to December 31, effective December 31, 2019. As a result of this change, the consolidated financial statements include the Company’s financial results for the six month transition period from July 1, 2019 to December 31, 2019. The following tables present certain comparative transition period condensed financial information for the six months ended December 31, 2019 and 2018, respectively. For the Six Months Ended December 31, 2019 2018 (In thousands, except per share data) (Unaudited) Interest income $ 6,262 $ 5,395 Interest expense 2,098 1,354 Net interest income 4,164 4,041 Provision for loan losses 282 83 Net interest income after provision for loan losses 3,882 3,958 Non-interest income 3,773 1,434 Non-interest expense 6,932 4,891 Income before income taxes 723 501 Income tax expense 183 92 Net income $ 540 $ 409 Basic and diluted earnings per share $ 0.26 $ 0.20 Basic weighted average common shares outstanding 2,046,961 2,026,312 Diluted weighted average common shares outstanding 2,046,961 2,026,312 For the Six Months Ended December 31, 2019 2018 (In thousands) (Unaudited) Net cash (used in) operating activities $ (1,958 ) $ (499 ) Net cash (used in) investing activities (1,037 ) (19,721 ) Net cash provided by financing activities 3,386 22,467 Net increase in cash and cash equivalents 391 2,247 Cash and cash equivalents, beginning of period 20,234 14,745 Cash and cash equivalents, end of period $ 20,625 $ 16,992 |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and general practices within the financial services industry. |
Principles of Consolidation | Principles of Consolidation The accompanying audited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, other-than-temporary impairments of securities, interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale, mortgage servicing rights, other real estate owned, and the valuation of deferred tax assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers cash and cash equivalents to include cash, amounts due from banks, and interest-bearing deposits with banks with original maturities of three months or less. |
Investment Securities | Investment Securities Management determines the appropriate classification of securities at the time of purchase. Securities that management has both the positive intent and ability to hold to maturity are classified as securities held-to-maturity and are carried at cost, adjusted for amortization of premium or accretion of discount using the interest method. Securities that may be sold prior to maturity for asset/liability management purposes, or that may be sold in response to changes in interest rates, to changes in prepayment risk, to increase regulatory capital or other similar factors, are classified as securities available-for-sale and carried at fair value with any adjustments to fair value, after tax, reported as a separate component of shareholders’ equity. Interest and dividends on securities, including the amortization of premiums and the accretion of discounts, are reported in interest and dividends on securities using the interest method. Gains and losses on the sale of available-for-sale securities are recorded on the trade date and are calculated using the specific-identification method. Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other-than-temporary, (“OTTI”) would be reflected in the statements of income. In evaluating loss for other-than-temporary impairment, management considers (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value and (4) whether the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost basis. For debt securities where the Company has determined that other-than-temporary impairment exists and the Company does not intend to sell the security or if it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the impairment is separated into the amount that is credit-related and the amount due to all other factors. The credit-related impairment is recognized in the statements of income, and is the difference between an investment's amortized cost basis and the present value of expected future cash flows discounted at the investment's effective interest rate. The non-credit related loss is recognized in other comprehensive income (loss), net of income tax benefit. For debt securities classified as held-to-maturity, the amount of noncredit-related impairment is recognized in other comprehensive income (loss) and is accreted over the remaining life of the debt security as an increase in the carrying value of the investment. |
Mortgage Banking Activities and Mortgage Loans Held for Sale | Mortgage Banking Activities and Mortgage Loans Held for Sale Loans held for sale (“LHS”) are originated and held until sold to permanent investors. Management accounts for loans held for sale at fair value. Fair value is determined on a recurring basis by utilizing quoted prices from dealers in such loans. The fair value is determined on a recurring basis by utilizing quoted prices from dealers in such securities. Gains and losses on loan sales are recorded in non-interest income and direct loan origination costs and fees deferred and recognized upon sale and are included in non-interest income in the consolidated statements of income. |
Risk Management and Derivative Instruments and Hedging Activities | Risk Management and Derivative Instruments and Hedging Activities The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates due to their impact on the fair value of mortgage loans held for sale and related commitments. The Company is subject to interest rate risk and price risk on its loans held for sale from the loan funding date until the date the loan is sold. The Company uses derivative instruments as part of its overall strategy to manage its exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, the Company does not use derivatives for speculative purposes. All of the Company’s derivative instruments are measured at fair value on a recurring basis and are included in the consolidated statements of financial condition as mortgage banking derivatives. The changes in the fair value of derivative instruments are included in non-interest income in the consolidated statements of income. |
To Be Announced Securities | To Be Announced Securities To be announced securities (“TBAs”) are “forward delivery” securities considered derivative instruments under derivatives and hedging accounting guidance. The Company utilizes TBAs to protect against the price risk inherent in derivative loan commitments. TBAs are valued based on forward dealer marks from the Company’s approved counterparties. The Company utilizes a third-party market pricing service, which compiles current prices for instruments from market sources and those prices represent the current executable price. TBAs are recorded at fair value on the consolidated statements of financial condition in mortgage banking derivatives or other liabilities with changes in fair value recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. The fair value of the Company’s derivative instruments, other than IRLCs, that are measured at fair value on a recurring basis is determined by utilizing quoted prices from dealers in such securities or third-party models utilizing observable market inputs. |
Interest Rate Lock Commitments | Interest Rate Lock Commitments Interest rate loan commitments known as IRLCs that relate to the origination of mortgages that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance FASB ASC 815, Derivatives and Hedging |
Forward Loan Sales Commitments | Forward Loan Sales Commitments Outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of issuance through the date of loan funding, cancellation or expiration. IRLC generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. See Note 10, Derivatives and Risk Management Activities. Forward loan sales commitments are recognized at fair value on the Consolidated Statements of Financial Condition as mortgage banking derivatives or as other liabilities with changes in their fair values recorded as a gain (loss) from hedging instruments in non-interest income in the Consolidated Statements of Income. |
Loans Receivable | Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the yield in (interest income) of the related loans. The loans receivable portfolio is segmented into Residential, Commercial, Construction and Consumer loans. Within Residential loans, the following classes exist: One-to-four family loans and home equity and home equity lines of credit (“HELOCs”). Within Commercial loans, the following classes exist: commercial real estate, commercial business loans, Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans and Main Street Lending Program. Within Consumer loans, the following classes exist: Medical education and other. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined based on contractual due dates for loan payments. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for probable losses inherent in the portfolio. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Bank’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective; as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential mortgage, home equity, HELOCs, medical education loans, and other consumer loans. Since the SBA fully guarantees the principle and interest of the PPP loans, unless the lender violated an obligation under the agreement, there is no allowance for loan loss calculation for the PPP loans as the loan losses, if any, are anticipated to be immaterial. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. 2. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 3. Nature and volume of the portfolio and terms of loans. 4. Volume and severity of past due, classified and nonaccrual loans as well as other loan modifications. 5. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 6. Effect of external factors, such as competition and legal and regulatory requirements. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. Adjustments to the factors are supported through objective data to analyze of changes in conditions in a narrative accompanying the allowance for loan loss calculation. Residential loans are secured by the borrower’s residential real estate in either a first or second lien position. Residential loans have varying loan rates depending on the financial condition of the borrower and the loan to value ratio. The Company makes commercial loans for real estate development and other business purposes required by the customer base. The Company’s credit policies determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of loans will be limited to a percentage of their underlying collateral values such as real estate values, equipment, eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets. Commercial mortgage loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial mortgage loans typically require a loan to value ratio of not greater than 80% and vary in terms. The Company also makes construction loans to finance the construction of residential and commercial structures. These loans are made to individuals or commercial customers and are typically secured by the land and structures under construction. Construction loans have an inherently higher risk of repayment due to potential unforeseen delays in completion and changes in market conditions during the construction. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management, in determining impairment, include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis for commercial real estate loans, commercial business and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. For commercial and construction loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans, home equity loans, home equity line of credits, medical education loans and other consumer loans for impairment disclosures, unless such loans have been modified and accounted for as a troubled debt restructuring. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Non-accrual troubled debt restructurings are generally restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All loans classified as troubled debt restructurings are designated as impaired. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial and construction loans or when credit deficiencies arise, such as delinquent loan payments, for commercial real estate and consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified doubtful have all the weaknesses inherent in loans classified substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses and may require to the Bank recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Mortgage Servicing Rights | Mortgage Servicing Rights The Company recognizes mortgage servicing rights as assets when mortgage loans are sold and the rights to service those loans are retained. Mortgage servicing rights are initially recorded at fair value by using discounted cash flows to calculate the present value of estimated future net servicing income. The Company accounts for the mortgage servicing rights under the amortization method. The mortgage servicing rights are initially recorded at fair value and amortized in proportion to the estimated expected future net servicing income generated from servicing the loan. On a quarterly basis, the mortgage servicing rights are evaluated for impairment by estimating the fair value of the mortgage servicing rights and comparing that value to the carrying amount. The Company obtains a third party valuation to assist with estimating of the fair value of the mortgage servicing rights. A valuation allowance would be established if the carrying amount of these mortgage servicing rights exceeds fair value. |
Bank Owned Life Insurance | Bank-Owned Life Insurance The Bank invests in bank-owned life insurance policies (“BOLI”) as a mechanism for funding various employee benefit costs. The Bank is the beneficiary of these policies that insure the lives of certain of its current and former officers. The Bank recognizes the cash surrender value under the insurance policies as an asset in the Consolidated Statement of Financial Condition. Changes in the cash surrender value are recorded in non-interest income in the Consolidated Statements of Income. |
Restricted Investment in Bank Stock | Restricted Investment in Bank Stock Restricted investment in bank stocks, which represents required investments in the common stock of correspondent banks, is carried at cost, and consists of common stock of the Atlantic Community Bancshares, Inc. (“ACBI”) and Federal Home Loan Bank of Pittsburgh (“FHLB”) stock totaling $1,721,000 and $1,552,000 at December 31, 2020 and 2019, respectively. |
Premises and Equipment, net | Premises and Equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is charged to income on the straight-line method over the estimated useful lives of the assets or, in the case of leasehold improvements, the expected lease period, if shorter. When disposal of fixed assets occurs, the related cost and accumulated depreciation are removed from the asset accounts, and the gain or loss from these disposals is reflected in non-interest income. The estimated useful lives are as follows: Years Land improvements 40 Office buildings and improvements 15 to 40 Leasehold improvements 5 to 15 Furniture and office equipment 3 to 7 |
Real Estate Owned | Real Estate Owned Real estate owned is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure and loans classified as in-substance foreclosure. A loan is classified as in-substance foreclosure when the Company has taken possession of the collateral regardless of whether formal proceedings take place. Foreclosed assets initially are recorded at fair value, net of estimated selling costs, at the date of foreclosure establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the assets are carried at the lower of cost or fair value minus estimated costs to sell. Real estate secured by residential one- to four- family properties December 31, 2020 and 2019, respectively. There was no real estate secured by residential one- to four- family properties held in Other Real Estate Owned at December 31, 2020 and 2019, respectively. There was no real estate secured by commercial properties held in Other Real Estate Owned December 31, 2020 and 2019, respectively. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase The Company entered into sales of securities under agreements to repurchase. During November 2019, the Company terminated these agreements to repurchase. Reverse repurchase agreements are treated as financings, with the obligation to repurchase securities sold reflected as a liability in the Consolidated Statement of Financial Condition. The securities underlying the agreements remain in the asset accounts. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for uncertain tax positions if it is more likely than not, based on the technical merits, the tax position will be realized or sustained upon examination. The term “more likely than not” means that a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. As of December 31, 2020 and 2019, the Company had no material unrecognized tax benefits or accrued interest and penalties. The Company's policy is to account for interest as a component of interest expense and penalties as a component of other expense. Federal and state tax years 2018 through 2020 were open for examination as of December 31, 2020. |
Transfer of Financial Assets | Transfer of Financial Assets Transfers of financials assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Fair Value Measurements | Fair Value Measurements Fair value of financial instruments is estimated using relevant market information and other assumptions. As more fully disclosed in Note 15, fair value estimates involve uncertainties and matters of significant judgment. Changes in assumptions or in market conditions could significantly affect the estimates. |
Huntingdon Valley Bank Employee Stock Ownership Plan ("the ESOP") | Huntingdon Valley Bank Employee Stock Ownership Plan (“the ESOP”) The cost of shares issued to the ESOP but not yet allocated to participants is shown as a reduction of shareholders' equity. Compensation expense is based on the average market price of shares as they are committed to be released to participants' accounts. If the Company declares a dividend, the dividends on the allocated shares would be recorded as dividends and charged to retained earnings. Dividends declared on common stock held by the ESOP and not allocated to the account of a participant can be used to repay the loan. Allocation of shares to the ESOP participants is contingent upon the repayment of the loan to the Company. |
Treasury Stock | Treasury Stock Share of the Company’s common stock that are repurchased are recorded in treasury stock at cost. On the date of subsequent re-issuance, the treasury stock account is reduced by the cost of such stock on a first-in, first-out basis. |
Stock Options | Stock Options The Company recognizes the value of share-based payment transactions as compensation costs in the financial statements over the period that an employee provides service in exchange for the award. The fair value of the share-based payments for stock options is estimated using the Black-Scholes option-pricing model. |
Restricted Stock | Restricted Stock The Company recognizes compensation cost related to restricted stock based on the market price of the stock at the grant date over the vesting period. The product of the number of shares granted and the grant date market price of the Company's common stock determines the fair value of restricted stock under the equity incentive plan. |
Earnings per Share | Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted-average number of common shares outstanding during the period. As ESOP shares are committed to be released, the shares become outstanding for EPS calculation purposes. ESOP shares not committed to be released are not considered outstanding for basic or diluted EPS calculations. The basic EPS calculation excludes the dilutive effect of all common stock equivalents. Diluted earnings per share reflects the weighted-average potential dilution that could occur if all potentially dilutive securities or other commitments to issue common stock were exercised or converted into common stock using the treasury stock method. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company qualifies under the Jumpstart Our Business Startups Act (the “JOBS Act”) as an emerging growth company. As an emerging growth company, the Company has elected to use the extended transition period to delay adoption of new or revised accounting pronouncements until such pronouncements are made applicable to private companies. In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted amendments to the existing impairment model for available-for-sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Since the Company currently meets the SEC definition of a smaller reporting company, the delay will be applicable to the Company. In anticipation of the ASU, the Company has entered into a contract with a third party, compiled data for the modeling and is working on developing an estimate using historically and qualitative data based on the requirements of ASU 2016-13. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which affects a variety of topics in the Codification and applies to all reporting entities within the scope of the affected accounting guidance. Topic 326, Financial Instruments – Credit Losses amendments are effective for SEC registrants for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other public business entities, the effective date is for fiscal years beginning after December 15, 2020, and for all other entities, the effective date is for fiscal years beginning after December 15, 2021. Topic 815, Derivatives and Hedging amendments are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. For entities that have adopted the amendments in Update 2017-12, the effective date is as of the beginning of the first annual period beginning after the issuance of this Update. Topic 825, Financial Instruments amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years. In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, non-SEC filers and all other companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Furthermore, the ASU provides a one-year deferral of the effective dates of the ASUs on derivatives and hedging for companies that are not public business entities. The Company qualifies as a smaller reporting company and does not expect to early adopt these ASUs. In January 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. It is too early to predict whether a new rate index replacement and the adoption of the ASU will have a material impact on the Company’s consolidated financial statements. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes the Disclosure Requirements for Fair Value Measurements the Company’s consolidated statement of financial condition. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Comparative Transition Period Condensed Financial Information | The following tables present certain comparative transition period condensed financial information for the six months ended December 31, 2019 and 2018, respectively. For the Six Months Ended December 31, 2019 2018 (In thousands, except per share data) (Unaudited) Interest income $ 6,262 $ 5,395 Interest expense 2,098 1,354 Net interest income 4,164 4,041 Provision for loan losses 282 83 Net interest income after provision for loan losses 3,882 3,958 Non-interest income 3,773 1,434 Non-interest expense 6,932 4,891 Income before income taxes 723 501 Income tax expense 183 92 Net income $ 540 $ 409 Basic and diluted earnings per share $ 0.26 $ 0.20 Basic weighted average common shares outstanding 2,046,961 2,026,312 Diluted weighted average common shares outstanding 2,046,961 2,026,312 For the Six Months Ended December 31, 2019 2018 (In thousands) (Unaudited) Net cash (used in) operating activities $ (1,958 ) $ (499 ) Net cash (used in) investing activities (1,037 ) (19,721 ) Net cash provided by financing activities 3,386 22,467 Net increase in cash and cash equivalents 391 2,247 Cash and cash equivalents, beginning of period 20,234 14,745 Cash and cash equivalents, end of period $ 20,625 $ 16,992 |
Estimated Useful Lives | The estimated useful lives are as follows: Years Land improvements 40 Office buildings and improvements 15 to 40 Leasehold improvements 5 to 15 Furniture and office equipment 3 to 7 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | Investment securities available-for-sale at December 31, 2020 were comprised of the following: December 31, 2020 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 377 $ 14 $ — $ 391 Corporate notes 9,454 156 (10 ) 9,600 Collateralized mortgage obligations - agency residential 3,819 38 (6 ) 3,851 Mortgage-backed securities - agency residential 5,608 81 — 5,689 Municipal securities 2,924 47 — 2,971 Bank CDs 999 17 — 1,016 $ 23,181 $ 353 $ (16 ) $ 23,518 Investment securities available-for-sale December 31, 2019 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 438 $ — $ (2 ) $ 436 Corporate notes 5,500 75 (6 ) 5,569 Collateralized mortgage obligations - agency residential 6,562 4 (102 ) 6,464 Mortgage-backed securities - agency residential 4,070 12 (19 ) 4,063 Municipal securities 2,114 3 — 2,117 Bank CDs 2,498 9 — 2,507 $ 21,182 $ 103 $ (129 ) $ 21,156 |
Scheduled Maturities of Securities Available-for-Sale | The scheduled maturities of securities available-for-sale at December 31, 2020 were as follows: December 31, 2020 Available-for-Sale Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 1,000 $ 1,003 Due from more than one to five years 3,017 3,067 Due from more than five to ten years 6,937 7,049 Due after ten years 12,227 12,399 $ 23,181 $ 23,518 |
Unrealized Loss Positions of Securities Available-for-Sale | The following tables summarize the unrealized loss positions of securities available-for-sale at December 31, 2020 and 2019: December 31, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ — $ — $ — $ — $ — $ — Corporate notes 3,420 (9 ) 500 (1 ) 3,920 (10 ) Collateralized mortgage obligations - agency residential — — 532 (6 ) 532 (6 ) Mortgage-backed securities - agency residential — — — — — — Bank CDs — — — — — — $ 3,420 $ (9 ) $ 1,032 $ (7 ) $ 4,452 $ (16 ) December 31, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Loss Value Loss Value Loss Available-for-sale: U.S. Governmental securities $ — $ — $ 436 $ (2 ) $ 436 $ (2 ) Corporate notes — — 1,494 (6 ) 1,494 (6 ) Collateralized mortgage obligations - agency residential 1,486 (10 ) 3,810 (92 ) 5,296 (102 ) Mortgage-backed securities - agency residential 922 (7 ) 1,438 (12 ) 2,360 (19 ) Bank CDs — — 250 — 250 — $ 2,408 $ (17 ) $ 7,428 $ (112 ) $ 9,836 $ (129 ) |
Equity Securities (Tables)
Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Carrying Amount of Equity Investment | The following table presents the carrying amount of the Company’s equity investment at December 31, 2020 and 2019: December 31, 2020 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 December 31, 2019 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable at December 31, 2020 and 2019, were comprised of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Residential: One-to-four family $ 141,891 $ 197,547 Home equity and HELOCs 3,993 4,383 Commercial: Commercial real estate 68,705 35,188 Commercial business 24,152 11,119 SBA PPP loans 64,380 — Main Street Lending Program 1,556 — Construction 7,299 784 Consumer: Medical education 5,105 6,097 Other 33 8 317,114 255,126 Unearned discounts, origination and commitment fees and costs (1,286 ) 1,343 Allowance for loan losses (2,017 ) (1,437 ) $ 313,811 $ 255,032 |
Summary of Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses by loan class for the year ended December 31, 2020, the six months ended December 31, 2019 and for the year ended June 30, 2019: Allowance for Loan Losses December 31, 2020 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 701 $ — $ — $ (64 ) $ 637 $ — $ 637 Home equity and HELOCs 44 — — (29 ) 15 — 15 Commercial: Commercial real estate 229 — — 290 519 — 519 Commercial business 122 — — 158 280 — 280 SBA PPP loans — — — — — — — Main Street Lending Program — — — 27 27 27 Construction 8 — — 66 74 — 74 Consumer: Medical Education 333 (529 ) 1 563 368 — 368 Other — — — — — — — Unallocated — — — 97 97 — 97 $ 1,437 $ (529 ) $ 1 $ 1,108 $ 2,017 $ — $ 2,017 Allowance for Loan Losses December 31, 2019 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 711 $ — $ 65 $ (75 ) $ 701 $ — $ 701 Home equity and HELOCs 46 — — (2 ) 44 — 44 Commercial: Commercial real estate 99 — 28 102 229 — 229 Commercial business 108 — — 14 122 12 110 Construction 8 — — — 8 — 8 Consumer: Medical Education 210 (121 ) 1 243 333 — 333 Other — — — — — — — $ 1,182 $ (121 ) $ 94 $ 282 $ 1,437 $ 12 $ 1,425 Allowance for Loan Losses June 30, 2019 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairments Residential: One-to-four family $ 651 $ — $ 5 $ 55 $ 711 $ — $ 711 Home equity and HELOCs 39 — — 7 46 — 46 Commercial: Commercial real estate 65 — — 34 99 — 99 Commercial business 65 — — 43 108 13 95 Construction 15 — — (7 ) 8 — 8 Consumer: Medical Education 35 (305 ) — 480 210 — 210 Other 1 — — (1 ) — — — $ 871 $ (305 ) $ 5 $ 611 $ 1,182 $ 13 $ 1,169 |
Summary of Loans Receivable by Balances Individually Evaluated for Impairment | The following tables summarize information in regards to the recorded investment in loans receivable by loan class as of December 31, 2020 and 2019: December 31, 2020 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 141,891 $ 932 $ 140,959 Home equity and HELOCs 3,993 — 3,993 Commercial: Commercial real estate 68,705 300 68,405 Commercial business 24,152 96 24,056 SBA PPP loans 64,380 — 64,380 Main Street Lending Program 1,556 — 1,556 Construction 7,299 — 7,299 Consumer: Medical education 5,105 — 5,105 Other 33 — 33 $ 317,114 $ 1,328 $ 315,786 December 31, 2019 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 197,547 $ 1,566 $ 195,981 Home equity and HELOCs 4,383 308 4,075 Commercial: Commercial real estate 35,188 317 34,871 Commercial business 11,119 120 10,999 Construction 784 — 784 Consumer: Medical education 6,097 — 6,097 Other 8 — 8 $ 255,126 $ 2,311 $ 252,815 |
Summary of Information in Regard to Impaired Loans | The following tables summarize information in regard to impaired loans by loan portfolio class as of and for the year ended December 31, 2020, the six months ended December 31, 2019, and the year ended June 30, 2019: December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 932 $ 1,056 $ — $ 1,254 $ — Home equity and HELOCs — — — 125 — Commercial: Commercial real estate 300 300 — 309 22 Commercial business 96 96 — 108 6 SBA PPP loans — — — — — Main Street Lending Program — — — — — Construction — — — — — 1,328 1,452 — 1,796 28 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business — — — — — Construction — — — — — — — — — — $ 1,328 $ 1,452 $ — $ 1,796 $ 28 December 31, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,566 $ 1,703 $ — $ 1,704 $ — Home equity and HELOCs 308 308 — 306 — Commercial: Commercial real estate 317 317 — 321 11 Commercial business — — — — — Construction — — — — — 2,191 2,328 — 2,331 11 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 120 121 12 125 4 Construction — — — — — 120 121 12 125 4 $ 2,311 $ 2,449 $ 12 $ 2,456 $ 15 June 30, 2019 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Average Record Investment Interest Income Recognized With no related allowance recorded One-to-four family $ 1,725 $ 1,935 $ — $ 1,465 $ — Home equity and HELOCs 316 331 — 132 — Commercial: Commercial real estate 325 325 — 379 27 Commercial business — — — — — Construction — — — — — 2,366 2,591 — 1,976 27 With an allowance recorded Residential: One-to-four family — — — — — Home equity and HELOCs — — — — — Commercial: Commercial real estate — — — — — Commercial business 131 132 13 142 8 Construction — — — — — 131 132 13 142 8 $ 2,497 $ 2,723 $ 13 $ 2,118 $ 35 |
Summary of Nonaccrual Loans by Classes of Loan Portfolio | The following table presents nonaccrual loans by classes of the loan portfolio as of December 31, 2020 and 2019: (Dollars in thousands) December 31, 2020 December 31, 2019 Residential: One-to-four family $ 932 $ 1,686 Home equity and HELOCs — 308 Commercial: Commercial real estate — — Commercial business — — SBA PPP loans — — Main Street Lending Program — — Construction — — Consumer: Medical education 1,322 1,710 Other — — $ 2,254 $ 3,704 |
Credit Quality Indicators by Class of Loan Portfolio | The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Bank’s internal risk rating system as of December 31, 2020 and 2019: December 31, 2020 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 140,959 $ — $ 932 $ — $ 141,891 Home equity and HELOCs 3,993 — — — 3,993 Commercial: Commercial real estate 68,211 194 300 — 68,705 Commercial business 24,010 — 142 — 24,152 SBA PPP loans 64,380 — — — 64,380 Main Street Lending Program 1,556 — — — 1,556 Construction 7,299 — — — 7,299 Consumer: Medical education 3,783 — 1,322 — 5,105 Other 33 — — — 33 $ 314,224 $ 194 $ 2,696 $ — $ 317,114 December 31, 2019 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 195,861 $ — $ 1,686 $ — $ 197,547 Home equity and HELOCs 4,075 — 308 — 4,383 Commercial: Commercial real estate 34,667 204 317 — 35,188 Commercial business 10,924 — 195 — 11,119 Construction 784 — — — 784 Consumer: Medical education 4,387 — 1,710 — 6,097 Other 8 — — — 8 $ 250,706 $ 204 $ 4,216 $ — $ 255,126 |
Summary of Segments of Loan Portfolio by Aging Categories | The following tables present the segments of the loan portfolio summarized by aging categories as of December 31, 2020 and 2019: December 31, 2020 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable Accruing Residential: One-to-four family $ 543 $ 186 $ 571 $ 1,300 $ 140,591 $ 141,891 $ — Home equity and HELOCs 38 — — 38 3,955 3,993 — Commercial: Commercial real estate — — — — 68,705 68,705 — Commercial business — — — — 24,152 24,152 — SBA PPP loans — — — — 64,380 64,380 — Main Street Lending Program — — — — 1,556 1,556 — Construction — — — — 7,299 7,299 — Consumer: Medical education 169 951 81 1,201 3,904 5,105 — Other — — — — 33 33 — $ 750 $ 1,137 $ 652 $ 2,539 $ 314,575 $ 317,114 $ — December 31, 2019 Loans Receivable 30-59 60-89 Greater >90 Days Days Days than 90 Total Total Loans and (Dollars in thousands) Past Due Past Due Days Past Due Current Receivable Accruing Residential: One-to-four family $ 365 $ 94 $ 359 $ 818 $ 196,729 $ 197,547 $ — Home equity and HELOCs — — — — 4,383 4,383 — Commercial: Commercial real estate — — — — 35,188 35,188 — Commercial business — — — — 11,119 11,119 — Construction — — — — 784 784 — Consumer: Medical education 103 53 709 865 5,232 6,097 — Other — — — — 8 8 — $ 468 $ 147 $ 1,068 $ 1,683 $ 253,443 $ 255,126 $ — |
Summary of Troubled Debt Restructurings | The following table details the Bank’s TDRs at December 31, 2020: Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 131 $ — $ 131 Commercial business 1 96 — 96 Total 2 $ 227 $ — $ 227 The following table details the Bank’s TDRs at December 31, 2019: Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 139 $ — $ 139 Commercial business 1 120 — 120 Total 2 $ 259 $ — $ 259 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Transfers And Servicing [Abstract] | |
Summary of Changes in Carrying Value of Mortgage Servicing Rights Accounted Amortization Method | The following is a summary of the changes in the carrying value of the Company’s mortgage servicing rights, accounted for under the amortization method for the year ended December 31, 2020: (Dollars in thousands) December 31, 2020 Balance at beginning of period $ — Servicing Rights retained from loans sold 2,181 Amortization and other (140 ) Valuation Allowance Provision — Balance at end of period $ 2,041 Fair value, end of year $ 2,259 |
Schedule of Key Data and Assumptions Used in Estimating Fair Value of Mortgage Servicing Rights | T he key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of December 31, 2020 were as follows: December 31, 2020 Long run Constant Prepayment Rate 8.07 % Weighted-Average Life (in years) 27.0 Weighted-Average Note Rate 2.966 % Weighted-Average Discount Rate 9.00 % |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment are summarized by major classification at December 31, 2020 and 2019, as follows: (Dollars in thousands) December 31, 2020 December 31, 2019 Land $ 334 $ 334 Land improvements 477 477 Office buildings and improvements 712 712 Leasehold improvements 1,181 1,028 Furniture and equipment 4,793 4,148 Total Cost 7,497 6,699 Accumulated depreciation (4,663 ) (4,198 ) $ 2,834 $ 2,501 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Summary of Deposits | Deposits at December 31, 2020 and 2019 consisted of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Demand accounts-interest bearing $ 61,434 $ 49,377 Demand accounts-non-interest bearing 122 103 Money market deposit accounts 79,552 34,744 Passbook and statement accounts 29,997 25,682 Checking accounts 497,584 105,565 Subtotal - core deposits 668,689 215,471 Certificates of deposit 62,137 68,296 Total deposits $ 730,826 $ 283,767 |
Scheduled Maturities of Certificates of Deposit | At December 31, 2020, scheduled maturities of certificates of deposit for the periods are as follows: (Dollars in thousands) December 31, 2021 $ 51,196 December 31, 2022 6,292 December 31, 2023 2,563 December 31, 2024 597 December 31, 2025 948 December 31 2026 and thereafter 541 $ 62,137 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Advances From Federal Home Loan Banks [Abstract] | |
Schedule of Fixed Rate Advances from Federal Reserve PPPLF and FHLB | The following tables details the Company’s fixed rate advances from the Federal Reserve PPPLF as of December 31, 2020 and the FHLB as of December 31, 2020 and 2019: Federal Reserve PPPLF long-term borrowings: (Dollars in thousands) Issue Date Maturity Advance Type Interest Rate December 31, 2020 05/18/20 04/13/22 Fixed Rate 0.350 % $ 2,025 05/18/20 04/08/22 Fixed Rate 0.350 % 6,237 05/19/20 04/15/22 Fixed Rate 0.350 % 4,031 05/19/20 04/14/22 Fixed Rate 0.350 % 1,895 05/21/20 04/15/22 Fixed Rate 0.350 % 7,042 05/21/20 04/18/22 Fixed Rate 0.350 % 808 05/21/20 04/19/22 Fixed Rate 0.350 % 466 05/22/20 04/20/22 Fixed Rate 0.350 % 4,395 05/29/20 04/21/22 Fixed Rate 0.350 % 5,507 05/29/20 04/22/22 Fixed Rate 0.350 % 6,889 05/29/20 04/29/22 Fixed Rate 0.350 % 140 07/27/20 05/04/22 Fixed Rate 0.350 % 9,247 $ 48,682 FHLB long-term borrowings: (Dollars in thousands) Issue Date Maturity Advance Type Interest Rate December 31, 2020 December 31, 2019 09/26/17 09/28/20 Fixed Rate 1.880 % $ — $ 3,000 11/21/17 11/22/21 Fixed Rate 2.220 % — 4,000 04/30/19 05/02/22 Fixed Rate 2.370 % — 5,000 05/07/19 05/09/22 Fixed Rate 2.370 % — 5,000 05/14/19 05/16/22 Fixed Rate 2.290 % — 5,000 05/21/19 05/21/21 Fixed Rate 2.360 % — 5,000 07/07/20 07/07/25 Fixed Rate 0.851 % 26,269 — $ 26,269 $ 27,000 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreement to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Securities Sold Under Agreements To Repurchase [Abstract] | |
Summary of Overnight Repurchase Agreements | The following table details the Company’s overnight repurchase agreements: At or For the Year Ended December 31, At or For the Six Months Ended December 31, 2020 2019 (Dollars in thousands) Balance at end of year $ — $ — Average balance during year $ — $ 2,018 Maximum outstanding at any month end $ — $ 2,586 Weighted average interest rate at end of year — — Weighted average interest rate during year — 0.20 % |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are presented in the table (dollars in thousands): To Be Well Capitalized Under the Prompt Capital Adequacy Corrective Action Actual Purposes Provision (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Total risk-based capital (to risk-weighted assets) $ 37,848 13.4 % $ 22,576 > $ 28,221 > Tier 1 capital (to risk-weighted assets) 35,831 12.7 > > > > Tier 1 capital (to average assets) 35,831 7.4 > > > > Tier 1 common equity (to risk-weighted assets) 35,831 12.7 > > > > As of December 31, 2019 Total risk-based capital (to risk-weighted assets) $ 31,203 14.7 % $ 16,981 > $ 21,227 > Tier 1 capital (to risk-weighted assets) 29,766 14.0 > > > > Tier 1 capital (to average assets) 29,766 8.5 > > > > Tier 1 common equity (to risk-weighted assets) 29,766 14.0 > > > > |
Derivatives and Risk Manageme_2
Derivatives and Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition | The following table summarizes the amounts recorded in the Company’s consolidated statement of financial condition for derivatives not designated as hedging instruments as of December 31, 2020 and 2019, (dollars in thousands): December 31, 2020 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 2,647 $ 120,563 Forward loan sales commitments Mortgage banking derivatives 252 5,459 TBA securities Mortgage banking derivatives — — Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 106 $ 12,111 Forward loan sales commitments Other liabilities 127 18,071 TBA securities Other liabilities 76 13,500 December 31, 2019 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Mortgage banking derivatives $ 810 $ 25,059 Forward loan sales commitments Mortgage banking derivatives 389 11,036 TBA securities Mortgage banking derivatives 5 3,500 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount IRLCs Other liabilities $ 25 $ 3,820 Forward loan sales commitments Other liabilities 45 10,595 TBA securities Other liabilities 56 24,500 |
Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments Not Designated as Hedging Instruments | The following table summarizes the amounts recorded in the Company’s consolidated statements of income for derivative instruments not designated as hedging instruments for the year ended December 31, 2020, the six months ended December 31, 2019 and for the year ended June 30, 2019 (dollars in thousands): Consolidated Statements of Income Gain/(Loss) Presentation For the year ended December 31, 2020 For six months ended December 31, 2019 For the year ended June 30, 2019 IRLCs Gain (loss) from derivative instruments $ 1,756 $ (261 ) $ 460 Forward loan sales commitments (Loss) gain from derivative instruments (219 ) (211 ) 384 TBA securities (Loss) gain from derivative instruments (25 ) 73 (46 ) Total gain (loss) from derivative instruments $ 1,512 $ (399 ) $ 798 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The calculation of EPS for the year ended December 31, 2020, six months ended December 31, 2019 and for the year ended June 30, 2019 is as follows (dollars in thousands, except per share data): For the Year Ended December 31, 2020 For the Six Months Ended December 31, 2019 For the Year Ended June 30, 2019 Net income (basic and diluted) $ 5,768 $ 540 $ 879 Weighted average number of shares issued 2,270,589 2,269,125 2,258,824 Less weighted average number of treasury shares (31,415 ) (208 ) (10 ) Less weighted average number of unearned ESOP shares awards (143,671 ) (150,231 ) (156,790 ) Less weighted average number of unvested restricted stock awards (62,420 ) (71,725 ) (70,906 ) Basic weighted average shares outstanding 2,033,083 2,046,961 2,031,118 Add dilutive effect of restricted stock awards — — 225 Diluted weighted average shares outstanding 2,033,083 2,046,961 2,031,343 Net income per share Basic $ 2.84 $ 0.26 $ 0.43 Diluted $ 2.84 $ 0.26 $ 0.43 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of ESOP Shares | The following table presents the components of the ESOP Shares at December 31, 2020 and 2019 and June 30, 2019: December 31, 2020 December 31, 2019 June 30, 2019 Allocated shares 34,867 26,185 17,457 Committed shares — — 4,364 Unreleased shares 139,656 148,385 152,749 Total ESOP shares 174,523 174,570 174,570 Fair value of unreleased shares (in thousands) $ 2,398 $ 2,523 $ 2,369 |
Summary of Equity Incentive Plan | On June 13, 2018, the Compensation Committee of the Board of Directors authorized the following grants under the 2018 Equity Incentive Plan: Officers Employees Outside Directors Total Incentive stock options 125,000 43,000 — 168,000 Non-qualified stock options — — 30,000 30,000 Restricted stock awards 50,000 12,000 15,000 77,000 Total 175,000 55,000 45,000 275,000 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information for the year ended December 31, 2020, the six months ended December 31, 2019 and the year ended June 30, 2019 was as follows: December 31, 2020 Options Weighted-Average Exercise Price Weighted-Average Remaining contractual Life (in years) Average Intrinsic Value Outstanding, January 1, 2020 218,000 $ 14.92 8.6 $ 452,400 Granted — — — — Exercised (1,600 ) 14.80 — — Forfeited — — — — Outstanding, December 31, 2020 216,400 $ 14.93 7.6 $ 484,736 Exercisable, December 31, 2020 59,600 $ 14.87 7.6 $ 137,080 December 31, 2019 Options Weighted-Average Exercise Price Weighted-Average Remaining contractual Life (in years) Average Intrinsic Value Outstanding, July 1, 2019 218,000 $ 14.92 9.1 $ 61,040 Granted — — — — Exercised — — — — Forfeited — — — — Outstanding, December 31, 2019 218,000 $ 14.92 8.6 $ 452,400 Exercisable, December 31, 2019 30,080 $ 14.80 8.5 $ 66,176 June 30, 2019 Options Weighted-Average Exercise Price Weighted-Average Remaining contractual Life (in years) Average Intrinsic Value Outstanding, July 1, 2018 198,000 $ 14.80 10.0 $ 3,960 Granted 30,000 15.71 9.9 — Exercised — — — — Forfeited (10,000 ) 14.80 — — Outstanding, June 30, 2019 218,000 $ 14.92 9.1 $ 61,040 Exercisable, June 30, 2019 30,080 $ 14.80 9.0 $ 8,422 |
Summary of Estimated Fair Value of Options Granted Using Black-Scholes Option Pricing Model with Weighted Average Assumptions | The fair value of each option grant during the year ended June 30, 2019 is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended June 30, 2019 Dividend yield 3.14%-3.26% Expected life 10 years Expected volatility 19.68%-24.07% Risk-free interest rate 1.96%-2.56% Weighted average grant date fair value $2.39-$2.98 |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity and related information for the year ended December 31, 2020, the six months ended December 31, 2019 and the year ended June 30, 2019 is as follows: Number of Shares Weighted-Average Grant Date Fair Value Non-vested, July 1, 2018 77,000 $ 14.80 Granted 14,000 15.72 Vested (11,680 ) 14.80 Forfeited (4,000 ) 14.80 Non-vested, June 30, 2019 75,320 $ 14.97 Granted — — Vested — — Forfeited — — Non-vested at December 31, 2019 75,320 $ 14.97 Granted — — Vested (12,460 ) 14.97 Forfeited — — Non-vested at December 31, 2020 62,860 $ 14.97 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | The table below summarizes the income tax expense for the year ended December 31, 2020, six months ended December 31, 2019 and the year ended June 30, 2019: For the year ended For the six months ended For the year ended (Dollars in thousands) December 31, 2020 December 31, 2019 June 30, 2019 Current: Federal $ 1,142 $ 105 $ (184 ) State 666 55 41 1,808 160 (143 ) Deferred: Federal 396 23 337 396 23 337 Total income tax expense $ 2,204 $ 183 $ 194 |
Reconciliation of Income Tax at Federal Statutory Rate to Income Tax Expense | The expense for income taxes for the year ended December 31, 2020, six months ended December 31, 2019 and the year ended June 30, 2019 differed from the federal income tax statutory rate due to the following: For the year ended For the six months ended For the year ended December 31, 2020 December 31, 2019 June 30, 2019 (Dollars in thousands) Amount Rate Amount Rate Amount Rate Tax at statutory rate $ 1,667 21.0 % $ 152 21.0 % $ 222 21.0 % State tax net of federal benefit 532 6.6 % 44 6.0 % 32 3.1 % Bank-owned life insurance (32 ) -0.4 % (17 ) -2.3 % (33 ) -3.2 % Tax-exempt interest (8 ) -0.1 % (17 ) -2.3 % (58 ) -5.5 % Other, net 45 0.5 % 21 2.9 % 31 2.7 % $ 2,204 27.6 % $ 183 25.3 % $ 194 18.1 % |
Components of Net Deferred Tax Assets and Liabilities | Deferred income taxes result from temporary differences in recording certain revenues and expenses for financial reporting purposes. The net deferred tax asset and liabilities at the periods shown consisted of the following: (Dollars in thousands) December 31, 2020 December 31, 2019 Deferred tax assets: Allowance for loan losses $ 424 $ 302 Non-accrual interest 16 11 Accrued expenses 133 70 Stock-based compensation 27 24 Unrealized loss on securities — 8 Operating lease liabilities 1,669 1,265 Other — 19 Gross deferred tax assets $ 2,269 $ 1,699 Deferred tax liabilities: Depreciation $ 135 $ 124 Unrealized gain on securities 100 — Fair value adjustment of IRLC, TBA securities and forward loan sales commitments 544 226 Operating lease right-of-use assets 1,614 1,265 Gain on fair value of loans 477 181 Gross deferred tax liabilities 2,870 1,796 Net deferred tax (liabilities) asset $ (601 ) $ (97 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis at December 31, 2020 and 2019 are summarized below: December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 391 $ — $ 391 Corporate notes — 1,532 8,068 9,600 Collateralized mortgage obligations - agency residential — 3,851 — 3,851 Mortgage-backed securities - agency residential — 5,689 — 5,689 Municipal securities — 2,971 — 2,971 Bank CDs — 1,016 — 1,016 Loans held for sale — 83,549 — 83,549 Forward loan sales commitments — 252 — 252 TBA securities — — — — Interest rate lock commitments — — 2,647 2,647 $ — $ 99,251 $ 10,715 $ 109,966 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. governmental securities $ — $ 436 $ — $ 436 Corporate notes — 2,510 3,059 5,569 Collateralized mortgage obligations - agency residential — 6,464 — 6,464 Mortgage-backed securities - agency residential — 4,063 — 4,063 Municipal securities — 2,117 — 2,117 Bank CDs — 2,507 — 2,507 Loans held for sale — 37,876 — 37,876 Forward loan sales commitments — 389 — 389 TBA securities — 5 — 5 Interest rate lock commitments — — 810 810 $ — $ 56,367 $ 3,869 $ 60,236 |
Liabilities Measured at Fair Value on a Recurring Basis | Liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019 are summarized below. December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 127 $ — $ 127 TBA securities — 76 — 76 Interest rate lock commitments — — 106 106 $ — $ 203 $ 106 $ 309 December 31, 2019 (Dollars in thousands) Level 1 Level 2 Level 3 Total Forward loan sales commitments $ — $ 45 $ — $ 45 TBA securities — 56 — 56 Interest rate lock commitments — — 25 25 $ — $ 101 $ 25 $ 126 |
Estimated Fair Values of Financial Instruments Not Required to be Measured or Reported at Fair Value | The estimated fair values of the Company’s financial instruments that are not required to be measured or reported at fair value were as follows at December 31, 2020 and 2019 (in thousands): Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2020 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 414,590 $ 414,590 $ 414,590 $ — $ — Equity securities 500 500 — — 500 Loans receivable, net 313,811 325,636 — — 325,636 Bank-owned life insurance 6,408 6,408 6,408 — — Restricted investment in bank stock 1,721 1,721 1,721 — — Accrued interest receivable 1,489 1,489 1,489 — — Mortgage Servicing Rights 2,041 2,259 — — 2,259 Liabilities: Deposits $ 730,826 $ 731,398 $ 668,689 $ 62,709 $ — Advances from the FHLB 26,269 27,932 — 27,932 — Federal Reserve PPPLF advances 48,682 48,698 — 48,698 — Advances from borrowers for taxes and insurance 2,131 2,131 2,131 — — Accrued interest payable 167 167 167 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable December 31, 2019 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 20,625 $ 20,625 $ 20,625 $ — $ — Equity securities 500 500 — — 500 Loans receivable, net 255,032 254,884 — — 254,884 Bank-owned life insurance 6,255 6,255 6,255 — — Restricted investment in bank stock 1,552 1,552 1,552 — — Accrued interest receivable 967 967 967 — — Liabilities: Deposits $ 283,767 $ 284,055 $ 215,471 $ 68,584 $ — Advances from the FHLB 27,000 27,333 — 27,333 — Advances from borrowers for taxes and insurance 2,138 2,138 2,138 — — Accrued interest payable 305 305 305 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — |
Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables represent assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2020 and 2019: Level 3 Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2020 $ 3,059 $ 810 $ (25 ) Total gains (unrealized): Included in other comprehensive income 50 — — Total (loss) gains included in earnings and held at reporting date — 1,837 (81 ) Purchases, sales and settlements 4,959 — — Transfers into Level 3 — — — Ending Balance: December 31, 2020 $ 8,068 $ 2,647 $ (106 ) Change in unrealized gains for the period included in earnings (or changes in net assets) for assets held as of December 31, 2020 — 1,837 (81 ) Change in unrealized gains for the period included other comprehensive income for assets held as of December 31, 2020 $ 50 $ — $ — Level 3 Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2019 $ 3,030 $ 1,100 $ (54 ) Total gains (unrealized): Included in other comprehensive income 29 — — Total gains included in earnings and held at reporting date — (290 ) 29 Purchases, sales and settlements — — — Transfers into Level 3 — — Ending Balance: December 31, 2019 $ 3,059 $ 810 $ (25 ) |
Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value on a Recurring Basis | Significant unobservable inputs for assets and liabilities measured at fair value on a recurring basis at December 31, 2020 : Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Corporate notes $ 5,995 Pricing Model Offered quotes 92.37%-106.60% 101.67% 2,073 Market comparable securities Offered quotes 101.63%-103.63% 102.50% Net derivative asset: IRLC $ 2,541 Discounted cash flows Pull-through Rates 63.70%-99.79% 80.99% |
Changes in and Reclassificati_2
Changes in and Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Component of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the balances of each component of accumulated other comprehensive income (“AOCI”) for the year ended December 31, 2020, the six months ended December 31, 2019 and the year ended June 30, 2019. All amounts are presented net of tax. Net unrealized holding gains (losses) on available-for-sales securities (1) For the Year Ended For the Six Months Ended For the Year Ended (Dollars in thousands) December 31, 2020 December 31, 2019 June 30, 2019 Balance at beginning period $ (18 ) $ 70 $ (648 ) Unrealized holding gains on available-for-sale securities before reclassification 355 61 724 Amount reclassified for investment securities gains included in net income (99 ) (149 ) (6 ) Net current-period other comprehensive income (loss) 256 (88 ) 718 Balance at ending period $ 238 $ (18 ) $ 70 (1) All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate approximately 29.5%, 28.9% and 29.5% for the year ended December 31, 2020, six months ended December 31, 2019 and the year end June 30, 2019 |
Reclassifications out of AOCI by Component | For the Year Ended For the Six Months Ended For the Year Ended December 31, 2020 December 31, 2019 June 30, 2019 (Dollars in thousands) Amount reclassified from AOCI (2) Amount reclassified from AOCI (2) Amount reclassified from AOCI (2) Affected line item in the Consolidated Statement of Income Net unrealized gain on available-for securities (1) $ 141 $ 211 $ 8 Gain on sale of investment securities, net (42 ) (62 ) (2 ) Income Tax Expense $ 99 $ 149 $ 6 (1) For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive loss, see Note 2, “Investment securities.” (2) Amounts in parenthesis indicate debits. |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Schedules of Mortgage Loans Held for Sale Concentration Risk | Mortgage loans held for sale were sold to investors that made up over ten percent of gain on sale of loans as follows: Percentages Number of of Mortgages (Dollars in thousands) Investors Sold December 31, 2020 3 73 % December 31, 2019 3 66 % June 30, 2019 3 71 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Noninterest Income | The following table presents noninterest income for the year ended December 31, 2020, the six months ended December 31, 2019 and for the year ended June 30, 2019: (Dollars in thousands) Year Ended December 31, Six Months Ended December 31, Year Ended June 30, Non-Interest Income 2020 2019 2019 In-scope of Topic 606: Fee income $ 3 $ 21 $ 48 Insufficient fund fees 59 27 60 Other service charges 75 39 60 ATM interchange fee income 9 4 7 Other income 2 1 4 Total Non-Interest Income (in-scope of Topic 606) $ 148 $ 92 $ 179 Out-of-scope of Topic 606: Increase in cash surrender value of bank-owned life insurance $ 153 $ 80 $ 159 Gain on sale of loans, net 13,315 3,616 2,789 Gain on sale of available-for-sale securities 141 211 8 Gain (loss) from derivative instruments 1,512 (399 ) 798 Change in fair value for loans held-for-sale 1,408 160 424 Other 193 13 7 Total Non-Interest Income (out-scope of Topic 606) $ 16,722 $ 3,681 $ 4,185 Total Non-Interest Income (in-scope of Topic 606) 148 92 179 Total Non-Interest Income $ 16,870 $ 3,773 $ 4,364 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Consolidated Statement of Financial Condition Classification of ROU Assets and Lease Liabilities | The following table represents the consolidated statements of financial condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less) on the consolidated statements of financial condition. December 31, 2020 December 31, 2019 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating lease right-of-use asset $ 7,685 $ 5,979 Total Lease Right-of-Use Assets $ 7,685 $ 5,979 December 31, 2020 December 31, 2019 Lease Liabilities Classification Operating lease liabilities Operating Lease liabilities $ 7,946 $ 6,023 Total Lease Liabilities $ 7,946 $ 6,023 |
Summary of Weighted Average Lease Term and Discount Rate | For operating leases existing prior to July 1, 2019, the rate for the remaining lease term as of July 1, 2019 was used. December 31, 2020 December 31, 2019 Weighted-average remaining lease term Operating leases 12.2 years 12.7 years Weighted-average discount rate Operating leases 2.23 % 2.34 % |
Components of Lease Costs | The following table represents lease costs: (dollars in thousands) For the year ended December 31, 2020 For the six months ended December 31, 2019 Operating lease cost $ 627 $ 198 Short-term lease cost 37 86 Total $ 664 $ 284 |
Schedule of Future Payments for Operating Lease | Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2020 and 2019 were as follows: (dollars in thousands) December 31, 2020 December 31, 2019 Twelve Months Ended: Within one year $ 836 $ 440 After one but within two years 792 632 After two but within three years 797 583 After three but within four years 791 594 After four but within five years 735 596 After five years 5,182 4,164 Total Future Minimum Lease Payments 9,133 7,009 Amounts Representing Interest (1,187 ) (986 ) Present Value of Net Future Minimum Lease Payments $ 7,946 $ 6,023 |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Statement of Financial Condition | Condensed financial statements of HV Bancorp, Inc. are as follows (in thousands): Condensed Statement of Financial Condition (dollars in thousands) December 31, 2020 December 31, 2019 Assets Cash and due from banks $ 473 $ 185 Interest-bearing deposits with banks 473 1,102 Cash and cash equivalents 946 1,287 Investment securities available-for-sale, at fair value 1,274 2,046 Equity securities 500 500 Loan to ESOP 2,095 2,181 Accrued interest receivable 13 16 Prepaid federal income taxes — 62 Investment in Subsidiary 33,947 27,552 Other assets 207 1 Total Assets $ 38,982 $ 33,645 Liabilities and Shareholders' Equity Liabilities Deferred income taxes, net $ 11 $ 6 Other liabilities 44 40 Shareholders' equity 38,927 33,599 Total Liabilities and Shareholders' Equity $ 38,982 $ 33,645 |
Condensed Statement of Operations | Condensed Statements of Operations (Dollars in thousands, except per share data) For the year ended December 31, 2020 For the six months ended December 31, 2019 For the year ended June 30, 2020 Interest Income Interest and dividends on investments: Taxable $ 65 $ 35 $ 97 Interest on mortgage-backed securities and collateralized mortgage obligations 15 12 68 Interest on interest-bearing deposits 1 — — Interest from ESOP Loan 104 63 115 Total Interest Income 185 110 280 Non-Interest Income Gain on sale of available-for-sale securities, net — — 1 Total Non-Interest Income — — 1 Non-Interest Expense Occupancy — 2 4 Professional fees 115 54 176 Other expenses 135 63 131 Total Non-Interest Expense 250 119 311 Loss before income taxes (65 ) (9 ) (30 ) Income Tax Benefit (13 ) (2 ) (5 ) Loss before equity in undistributed net earnings of subsidiary (52 ) (7 ) (25 ) Equity in undistributed net earnings of subsidiary 5,820 547 904 Net Income $ 5,768 $ 540 $ 879 Other comprehensive gain, net of tax Unrealized gain on available-for-sale securities (pre-tax $478, $85 and $1,027) $ 355 $ 61 $ 724 Reclassification adjustment for gains included in income (pre-tax ($141), ($211) and ($8), respectively (99 ) (149 ) (6 ) Other comprehensive income (loss) 256 (88 ) 718 Comprehensive Income $ 6,024 $ 452 $ 1,597 Net Income per share: Basic $ 2.84 $ 0.26 $ 0.43 Diluted $ 2.84 $ 0.26 $ 0.43 |
Condensed Statement of Cash Flows | Condensed Statements of Cash Flows (dollars in thousands) For the year ended December 31, 2020 For the six months ended December 31, 2019 For the year ended June 30, 2019 Cash Flows from Operating Activities Net income $ 5,768 $ 540 $ 879 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net earnings of subsidiary (5,820 ) (547 ) (904 ) Depreciation — 2 4 Net amortization of securities premiums and discounts — 2 11 Gain on sale of available-for-sale securities, net — — (1 ) Deferred income tax expense — — — Decrease (increase) in: Accrued interest receivable 3 2 16 Prepaid federal income taxes 62 (2 ) (5 ) Prepaid and other assets (206 ) 126 (9 ) (Increase) decrease in: Other liabilities 4 (34 ) (19 ) Net cash provided by (used in) operating activities (189 ) 89 (28 ) Cash Flows from Investing Activities ESOP repayment 125 67 132 Activity in available-for-sale securities: Proceeds from sales — — 2,284 Maturities and repayments 788 706 818 Purchase of Equity securities — — (500 ) Investment in Subsidiary — — (3,000 ) Net cash provided by (used in) investing activities 913 773 (266 ) Cash Flows from Financing Activities Proceeds from stock option exercise 24 — — Purchase of treasury stock (1,089 ) — (3 ) Net cash used in financing activities (1,065 ) — (3 ) Increase (Decrease) in Cash and Cash Equivalents $ (341 ) $ 862 $ (297 ) Cash and Cash Equivalents, beginning of year $ 1,287 $ 425 $ 722 Cash and Cash Equivalents, end of year $ 946 $ 1,287 $ 425 |
Consolidated Summary of Quart_2
Consolidated Summary of Quarterly Earnings (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Data | The following table presents summarized quarterly data for the year ended December 31, 2020, six months ended December 31, 2019 and for the year ended June 30, 2019: For the year end December 31, 2020 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 3,026 $ 3,328 $ 3,539 $ 3,930 Total Interest Expense 933 758 720 732 Net Interest Income 2,093 2,570 2,819 3,198 Provision for Loan Losses 111 450 424 123 Total Non-Interest Income 2,144 3,945 6,195 4,586 Total Non-Interest Expense 3,929 3,979 5,742 4,820 Income before income taxes 197 2,086 2,848 2,841 Income tax expense (benefit) 48 590 785 781 Net income 149 1,496 2,063 2,060 Basic earnings per share 0.07 0.73 1.02 1.02 Diluted earnings per share 0.07 0.73 1.02 1.02 For the six months ended December 31, 2019 (Dollars in thousands) 1st Qtr. 2nd Qtr. Total Interest Income $ 3,111 $ 3,151 Total Interest Expense 1,036 1,062 Net Interest Income 2,075 2,089 Provision for Loan Losses 244 38 Total Non-Interest Income 2,205 1,568 Total Non-Interest Expense 3,602 3,330 Income before income taxes 434 289 Income tax expense (benefit) 101 82 Net income 333 207 Basic earnings per share 0.16 0.10 Diluted earnings per share 0.16 0.10 For the year end June 30, 2019 (Dollars in thousands) 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Total Interest Income $ 2,651 $ 2,744 $ 2,728 $ 2,859 Total Interest Expense 614 740 735 838 Net Interest Income 2,037 2,004 1,993 2,021 Provision for Loan Losses 59 24 241 287 Total Non-Interest Income 758 676 986 1,944 Total Non-Interest Expense 2,378 2,513 2,700 3,144 Income before income taxes 358 143 38 534 Income tax expense (benefit) 88 4 (24 ) 126 Net income 270 139 62 408 Basic earnings per share 0.13 0.07 0.03 0.20 Diluted earnings per share 0.13 0.07 0.03 0.20 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 27, 2020USD ($) | Jan. 11, 2017USD ($)$ / sharesshares | Dec. 31, 2019USD ($)Loan | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | Mar. 22, 2021USD ($)Loan |
Summary of Significant Accounting Policies [Line Items] | ||||||
Shares of common stock converted | shares | 2,182,125 | |||||
Debt Instrument, convertible, conversion Price | $ / shares | $ 10 | |||||
Gross offering proceeds received | $ 21,800,000 | |||||
Offering costs | 1,400,000 | |||||
Net proceeds from issuance of shares | $ 20,400,000 | |||||
CARES act authorized amount of fund | $ 2,200,000,000,000 | |||||
Number of loan modification agreement | Loan | 2 | 2 | 2 | |||
Loan modification agreement amount | $ 259,000 | $ 227,000 | $ 259,000 | |||
Percentage of loan to value ratio under commercial mortgage loans | 80.00% | |||||
Restricted investment in bank stock | 1,552,000 | $ 1,721,000 | $ 1,552,000 | |||
Percentage of likelihood being realized upon settlement | 50.00% | |||||
Federal | Earliest Tax Year | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Tax years open for examination | 2018 | |||||
Federal | Latest Tax Year | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Tax years open for examination | 2020 | |||||
State | Earliest Tax Year | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Tax years open for examination | 2018 | |||||
State | Latest Tax Year | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Tax years open for examination | 2020 | |||||
Commercial properties | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Number of loan modification agreement | Loan | 1 | 1 | ||||
Loan modification agreement amount | 139,000 | $ 131,000 | $ 139,000 | |||
Residential | 1-4 family | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Real estate in the process of foreclosure | 403,000 | 294,000 | 403,000 | |||
Real estate properties held in other real estate owned | 0 | 0 | 0 | |||
Commercial | Commercial properties | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Real estate properties held in other real estate owned | $ 0 | $ 0 | $ 0 | |||
Minimum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Period of loan commitments | 30 days | |||||
Maximum | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Period of loan commitments | 90 days | |||||
CARES Act | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Number of loan modification agreement | Loan | 3 | |||||
Loan modification agreement amount | $ 1,800,000 | |||||
CARES Act | Paycheck Protection Program | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Number of loans processed | Loan | 450 | |||||
Outstanding loans amount in funds | $ 64,400,000 | |||||
Loans amount funded processing fee income | $ 2,300,000 | |||||
CARES Act | Paycheck Protection Program | Subsequent Event | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Number of loans processed | Loan | 300 | |||||
Outstanding loans amount in funds | $ 44,100,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Comparative Transition Period Condensed Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Accounting Policies [Abstract] | ||||||||||||||
Interest income | $ 3,930 | $ 3,539 | $ 3,328 | $ 3,026 | $ 3,151 | $ 3,111 | $ 2,859 | $ 2,728 | $ 2,744 | $ 2,651 | $ 6,262 | $ 5,395 | $ 13,823 | $ 10,982 |
Interest expense | 732 | 720 | 758 | 933 | 1,062 | 1,036 | 838 | 735 | 740 | 614 | 2,098 | 1,354 | 3,143 | 2,927 |
Net Interest Income | 3,198 | 2,819 | 2,570 | 2,093 | 2,089 | 2,075 | 2,021 | 1,993 | 2,004 | 2,037 | 4,164 | 4,041 | 10,680 | 8,055 |
Provision for loan losses | 123 | 424 | 450 | 111 | 38 | 244 | 287 | 241 | 24 | 59 | 282 | 83 | 1,108 | 611 |
Net Interest Income After Provision for Loan Losses | 3,882 | 3,958 | 9,572 | 7,444 | ||||||||||
Non-interest income | 4,586 | 6,195 | 3,945 | 2,144 | 1,568 | 2,205 | 1,944 | 986 | 676 | 758 | 3,773 | 1,434 | 16,870 | 4,364 |
Non-interest expense | 4,820 | 5,742 | 3,979 | 3,929 | 3,330 | 3,602 | 3,144 | 2,700 | 2,513 | 2,378 | 6,932 | 4,891 | 18,470 | 10,735 |
Income Before Income Taxes | 2,841 | 2,848 | 2,086 | 197 | 289 | 434 | 534 | 38 | 143 | 358 | 723 | 501 | 7,972 | 1,073 |
Income tax expense | 781 | 785 | 590 | 48 | 82 | 101 | 126 | (24) | 4 | 88 | 183 | 92 | 2,204 | 194 |
Net Income | 2,060 | $ 2,063 | $ 1,496 | 149 | 207 | 333 | 408 | 62 | 139 | 270 | $ 540 | $ 409 | $ 5,768 | $ 879 |
Basic and diluted earnings per share | $ 0.26 | $ 0.20 | ||||||||||||
Basic weighted average common shares outstanding | 2,046,961 | 2,026,312 | 2,033,083 | 2,031,118 | ||||||||||
Diluted weighted average common shares outstanding | 2,046,961 | 2,026,312 | 2,033,083 | 2,031,343 | ||||||||||
Net cash (used in) operating activities | $ (1,958) | $ (499) | $ (37,425) | $ (18,374) | ||||||||||
Net cash (used in) investing activities | (1,037) | (19,721) | (62,469) | (20,235) | ||||||||||
Net cash provided by financing activities | 3,386 | 22,467 | 493,859 | 44,098 | ||||||||||
Increase in Cash and Cash Equivalents | 391 | 2,247 | 393,965 | 5,489 | ||||||||||
Cash and Cash Equivalents, beginning of year | $ 20,625 | $ 20,234 | $ 16,992 | $ 14,745 | 20,234 | 14,745 | 20,625 | 14,745 | ||||||
Cash and Cash Equivalents, end of year | $ 414,590 | $ 20,625 | $ 20,234 | $ 16,992 | $ 20,625 | $ 16,992 | $ 414,590 | $ 20,234 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Land improvements | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 40 years |
Office buildings and improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 15 years |
Office buildings and improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 40 years |
Leasehold improvements | Minimum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 5 years |
Leasehold improvements | Maximum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 15 years |
Furniture and office equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 3 years |
Furniture and office equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Premises and equipment, estimated useful lives | 7 years |
Investment Securities - Investm
Investment Securities - Investment Securities Available-for-sale (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 23,181,000 | $ 21,182,000 |
Available-for-sale, Gross Unrealized Gains | 353,000 | 103,000 |
Available-for-sale, Gross Unrealized Losses | (16,000) | (129,000) |
Available-for-sale, Fair Value | 23,518,000 | 21,156,000 |
U.S. Governmental securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 377,000 | 438,000 |
Available-for-sale, Gross Unrealized Gains | 14,000 | |
Available-for-sale, Gross Unrealized Losses | (2,000) | |
Available-for-sale, Fair Value | 391,000 | 436,000 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 9,454,000 | 5,500,000 |
Available-for-sale, Gross Unrealized Gains | 156,000 | 75,000 |
Available-for-sale, Gross Unrealized Losses | (10,000) | (6,000) |
Available-for-sale, Fair Value | 9,600,000 | 5,569,000 |
Collateralized mortgage obligations - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 3,819,000 | 6,562,000 |
Available-for-sale, Gross Unrealized Gains | 38,000 | 4,000 |
Available-for-sale, Gross Unrealized Losses | (6,000) | (102,000) |
Available-for-sale, Fair Value | 3,851,000 | 6,464,000 |
Mortgage-backed securities - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 5,608,000 | 4,070,000 |
Available-for-sale, Gross Unrealized Gains | 81,000 | 12,000 |
Available-for-sale, Gross Unrealized Losses | (19,000) | |
Available-for-sale, Fair Value | 5,689,000 | 4,063,000 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,924,000 | 2,114,000 |
Available-for-sale, Gross Unrealized Gains | 47,000 | 3,000 |
Available-for-sale, Fair Value | 2,971,000 | 2,117,000 |
Bank CDs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 999,000 | 2,498,000 |
Available-for-sale, Gross Unrealized Gains | 17,000 | 9,000 |
Available-for-sale, Fair Value | $ 1,016,000 | $ 2,507,000 |
Investment Securities - Schedul
Investment Securities - Scheduled of Maturities of Securities Available-for-sale (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale, Due in one year or less, Amortized Cost | $ 1,000 |
Available-for-Sale, Due from one to five years, Amortized Cost | 3,017 |
Available-for-Sale, Due from after five to ten years, Amortized Cost | 6,937 |
Available-for-Sale, Due after ten years, Amortized Cost | 12,227 |
Available-for-Sale, Amortized Cost | 23,181 |
Available-for-Sale, Due in one year or less, Fair Value | 1,003 |
Available-for-Sale, Due from one to five years, Fair Value | 3,067 |
Available-for-Sale, Due from after five to ten years, Fair Value | 7,049 |
Available-for-Sale, Due after ten years, Fair Value | 12,399 |
Available-for-Sale, Fair Value | $ 23,518 |
Investment Securities - Additio
Investment Securities - Additional information (Detail) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($)Security | Dec. 31, 2020USD ($)Security | Jun. 30, 2019USD ($) | |
Investment Holdings [Line Items] | |||
Securities with a fair value pledge to secure public deposits and for other purposes as required by law | $ 7,400,000 | $ 4,400,000 | |
Proceeds from the sale of available-for-sale securities | 12,007,000 | 4,883,000 | $ 6,990,000 |
Gross realized gains on sale of available-for-sale securities | 211,000 | 151,000 | |
Gross realized losses sale of available-for-sale securities | 0 | 10,000 | |
Securities available-for-sale, fair value | $ 21,156,000 | $ 23,518,000 | |
Bank CDs | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 10 | 4 | |
Securities available-for-sale, fair value | $ 2,507,000 | $ 1,016,000 | |
Number of securities with unrealized losses | Security | 1 | 0 | |
U.S. Governmental securities | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 2 | 2 | |
Securities available-for-sale, fair value | $ 436,000 | $ 391,000 | |
Number of securities with unrealized losses | Security | 2 | 0 | |
Corporate notes | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 9 | 13 | |
Securities available-for-sale, fair value | $ 5,569,000 | $ 9,600,000 | |
Investment securities | $ 5,600,000 | $ 9,600,000 | |
Number of securities with unrealized losses | Security | 3 | 5 | |
Collateralized mortgage obligations | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 30 | 27 | |
Securities available-for-sale, fair value | $ 6,464,000 | $ 3,851,000 | |
Number of securities with unrealized losses | Security | 27 | 11 | |
Available for sale securities percentage of agency | 100.00% | ||
Mortgage-backed securities | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 13 | 16 | |
Securities available-for-sale, fair value | $ 4,063,000 | $ 5,689,000 | |
Number of securities with unrealized losses | Security | 7 | 0 | |
Available for sale securities percentage of agency | 100.00% | ||
Municipal securities | |||
Investment Holdings [Line Items] | |||
Number of investment securities | Security | 5 | 6 | |
Securities available-for-sale, fair value | $ 2,117,000 | $ 2,971,000 | |
Number of securities with unrealized losses | Security | 0 | 0 | |
Investment securities | $ 2,100,000 | $ 3,000,000 | |
Investment securities sold | $ 7,500,000 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Positions of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | $ 3,420 | $ 2,408 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (9) | (17) |
Available-for-sale, 12 Months or Longer, Fair Value | 1,032 | 7,428 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (7) | (112) |
Available-for-sale, Total, Fair Value | 4,452 | 9,836 |
Available-for-sale, Total, Unrealized Loss | (16) | (129) |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, 12 Months or Longer, Fair Value | 436 | |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (2) | |
Available-for-sale, Total, Fair Value | 436 | |
Available-for-sale, Total, Unrealized Loss | (2) | |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 3,420 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (9) | |
Available-for-sale, 12 Months or Longer, Fair Value | 500 | 1,494 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (1) | (6) |
Available-for-sale, Total, Fair Value | 3,920 | 1,494 |
Available-for-sale, Total, Unrealized Loss | (10) | (6) |
Collateralized mortgage obligations - agency residential | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 1,486 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (10) | |
Available-for-sale, 12 Months or Longer, Fair Value | 532 | 3,810 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (6) | (92) |
Available-for-sale, Total, Fair Value | 532 | 5,296 |
Available-for-sale, Total, Unrealized Loss | $ (6) | (102) |
Mortgage-backed securities - agency residential | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 922 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (7) | |
Available-for-sale, 12 Months or Longer, Fair Value | 1,438 | |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (12) | |
Available-for-sale, Total, Fair Value | 2,360 | |
Available-for-sale, Total, Unrealized Loss | (19) | |
Bank CDs | ||
Investment Holdings [Line Items] | ||
Available-for-sale, 12 Months or Longer, Fair Value | 250 | |
Available-for-sale, Total, Fair Value | $ 250 |
Equity Securities - Additional
Equity Securities - Additional information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Purchase of equity securities | $ 500,000 | $ 500,000 |
Equity Securities - Schedule of
Equity Securities - Schedule of Carrying Amount of Equity Investment (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Carrying value | $ 500,000 | $ 500,000 |
Year-to-date | ||
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Amortized cost | 500,000 | 500,000 |
Carrying value | 500,000 | 500,000 |
Life-to-date | ||
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Amortized cost | 500,000 | 500,000 |
Carrying value | $ 500,000 | $ 500,000 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loans Receivable (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 317,114,000 | $ 255,126,000 | ||
Unearned discounts, origination and commitment fees and costs | (1,286,000) | 1,343,000 | ||
Allowance for loan losses | (2,017,000) | (1,437,000) | $ (1,182,000) | $ (871,000) |
Loans and leases receivable, net amount | 313,811,000 | 255,032,000 | ||
SBA PPP Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 0 | |||
Residential | 1-4 family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 141,891,000 | 197,547,000 | ||
Allowance for loan losses | (637,000) | (701,000) | (711,000) | (651,000) |
Residential | Home equity and HELOCs | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 3,993,000 | 4,383,000 | ||
Allowance for loan losses | (15,000) | (44,000) | (46,000) | (39,000) |
Commercial | SBA PPP Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 64,380,000 | |||
Commercial | Commercial Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 68,705,000 | 35,188,000 | ||
Allowance for loan losses | (519,000) | (229,000) | (99,000) | (65,000) |
Commercial | Commercial Business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 24,152,000 | 11,119,000 | ||
Allowance for loan losses | (280,000) | (122,000) | (108,000) | (65,000) |
Commercial | Main Street Lending Program | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 1,556,000 | |||
Allowance for loan losses | (27,000) | |||
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 7,299,000 | 784,000 | ||
Allowance for loan losses | (74,000) | (8,000) | (8,000) | (15,000) |
Consumer | Medical Education | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | 5,105,000 | 6,097,000 | ||
Allowance for loan losses | (368,000) | (333,000) | $ (210,000) | (35,000) |
Consumer | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable, gross | $ 33,000 | $ 8,000 | ||
Allowance for loan losses | $ (1,000) |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2019USD ($)Loan | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | $ 255,126,000 | $ 317,114,000 | $ 255,126,000 | ||
Balance of loans past due 90 days or more | 1,683,000 | 2,539,000 | 1,683,000 | ||
Charge-offs | 121,000 | 529,000 | $ 305,000 | ||
Overdrafts | 8,000 | 33,000 | 8,000 | ||
Loans receivable, allowance for loan loss calculation for PPP loans | 1,437,000 | 2,017,000 | $ 1,437,000 | 1,182,000 | $ 871,000 |
Loans performing under original contractual, interest increase | $ 54,000 | $ 65,000 | 111,000 | ||
Number of deferral loans in connection with COVID-19 relief provided by CARES Act | Loan | 3 | ||||
Outstanding loan balances of deferral loans in connection with COVID-19 relief provided by CARES Act | $ 1,800,000 | ||||
Number of loans identified as TDRs | Loan | 2 | 2 | 2 | ||
Loans identified as TDRs | $ 259,000 | $ 227,000 | $ 259,000 | ||
Modifications to loans classified as TDRs | 0 | ||||
Additional loan commitments outstanding | 0 | 0 | 0 | ||
Specific reserve related to TDR | 12,000 | 0 | 12,000 | ||
SBA PPP Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, allowance for loan loss calculation for PPP loans | 0 | ||||
Financing Receivables, Equal to Greater than 90 Days Past Due | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance of loans past due 90 days or more | 1,068,000 | 652,000 | 1,068,000 | ||
Medical Education | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | 6,097,000 | 5,105,000 | 6,097,000 | ||
Balance of loans past due 90 days or more | 865,000 | 1,201,000 | 865,000 | ||
Charge-offs | 121,000 | 529,000 | 305,000 | ||
Loans receivable, allowance for loan loss calculation for PPP loans | 333,000 | $ 368,000 | 333,000 | $ 210,000 | $ 35,000 |
Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans | Loan | 3 | ||||
Balance of loans past due 90 days or more | $ 709,000 | $ 81,000 | $ 709,000 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses By Loan Class (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | $ 1,437,000 | $ 1,182,000 | $ 871,000 | $ 1,182,000 | $ 871,000 | $ 1,437,000 | $ 871,000 | |||||||
Allowance for Loan Losses Charge-offs | (121,000) | (529,000) | (305,000) | |||||||||||
Allowance for Loan Losses Recoveries | 94,000 | 1,000 | 5,000 | |||||||||||
Allowance for Loan Losses (Credit) Provisions | $ 123,000 | $ 424,000 | $ 450,000 | 111,000 | $ 38,000 | 244,000 | $ 287,000 | $ 241,000 | $ 24,000 | 59,000 | 282,000 | 83,000 | 1,108,000 | 611,000 |
Allowance for Loan Losses Ending Balance | 2,017,000 | 1,437,000 | 1,182,000 | 1,437,000 | 2,017,000 | 1,182,000 | ||||||||
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 12,000 | 13,000 | 12,000 | 13,000 | ||||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 2,017,000 | 1,425,000 | 1,169,000 | 1,425,000 | 2,017,000 | 1,169,000 | ||||||||
SBA PPP Loans | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Ending Balance | 0 | 0 | ||||||||||||
Residential | 1-4 family | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | 701,000 | 711,000 | 651,000 | 711,000 | 651,000 | 701,000 | 651,000 | |||||||
Allowance for Loan Losses Recoveries | 65,000 | 5,000 | ||||||||||||
Allowance for Loan Losses (Credit) Provisions | (75,000) | (64,000) | 55,000 | |||||||||||
Allowance for Loan Losses Ending Balance | 637,000 | 701,000 | 711,000 | 701,000 | 637,000 | 711,000 | ||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 637,000 | 701,000 | 711,000 | 701,000 | 637,000 | 711,000 | ||||||||
Residential | Home equity and HELOCs | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | 44,000 | 46,000 | 39,000 | 46,000 | 39,000 | 44,000 | 39,000 | |||||||
Allowance for Loan Losses (Credit) Provisions | (2,000) | (29,000) | 7,000 | |||||||||||
Allowance for Loan Losses Ending Balance | 15,000 | 44,000 | 46,000 | 44,000 | 15,000 | 46,000 | ||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 15,000 | 44,000 | 46,000 | 44,000 | 15,000 | 46,000 | ||||||||
Commercial | Commercial Real Estate | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | 229,000 | 99,000 | 65,000 | 99,000 | 65,000 | 229,000 | 65,000 | |||||||
Allowance for Loan Losses Recoveries | 28,000 | |||||||||||||
Allowance for Loan Losses (Credit) Provisions | 102,000 | 290,000 | 34,000 | |||||||||||
Allowance for Loan Losses Ending Balance | 519,000 | 229,000 | 99,000 | 229,000 | 519,000 | 99,000 | ||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 519,000 | 229,000 | 99,000 | 229,000 | 519,000 | 99,000 | ||||||||
Commercial | Commercial Business | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | 122,000 | 108,000 | 65,000 | 108,000 | 65,000 | 122,000 | 65,000 | |||||||
Allowance for Loan Losses (Credit) Provisions | 14,000 | 158,000 | 43,000 | |||||||||||
Allowance for Loan Losses Ending Balance | 280,000 | 122,000 | 108,000 | 122,000 | 280,000 | 108,000 | ||||||||
Allowance for Loan Losses Ending Balance Individually Evaluated for Impairment | 12,000 | 13,000 | 12,000 | 13,000 | ||||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 280,000 | 110,000 | 95,000 | 110,000 | 280,000 | 95,000 | ||||||||
Commercial | Main Street Lending Program | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses (Credit) Provisions | 27,000 | |||||||||||||
Allowance for Loan Losses Ending Balance | 27,000 | 27,000 | ||||||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 27,000 | 27,000 | ||||||||||||
Construction | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | 8,000 | 8,000 | 15,000 | 8,000 | 15,000 | 8,000 | 15,000 | |||||||
Allowance for Loan Losses (Credit) Provisions | 66,000 | (7,000) | ||||||||||||
Allowance for Loan Losses Ending Balance | 74,000 | 8,000 | 8,000 | 8,000 | 74,000 | 8,000 | ||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 74,000 | 8,000 | 8,000 | 8,000 | 74,000 | 8,000 | ||||||||
Consumer | Medical Education | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | $ 333,000 | $ 210,000 | 35,000 | 210,000 | 35,000 | 333,000 | 35,000 | |||||||
Allowance for Loan Losses Charge-offs | (121,000) | (529,000) | (305,000) | |||||||||||
Allowance for Loan Losses Recoveries | 1,000 | 1,000 | ||||||||||||
Allowance for Loan Losses (Credit) Provisions | 243,000 | 563,000 | 480,000 | |||||||||||
Allowance for Loan Losses Ending Balance | 368,000 | 333,000 | 210,000 | 333,000 | 368,000 | 210,000 | ||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | 368,000 | $ 333,000 | $ 210,000 | $ 333,000 | 368,000 | 210,000 | ||||||||
Consumer | Other | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses Beginning Balance | $ 1,000 | $ 1,000 | 1,000 | |||||||||||
Allowance for Loan Losses (Credit) Provisions | $ (1,000) | |||||||||||||
Unallocated | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||||||
Allowance for Loan Losses (Credit) Provisions | 97,000 | |||||||||||||
Allowance for Loan Losses Ending Balance | 97,000 | 97,000 | ||||||||||||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairments | $ 97,000 | $ 97,000 |
Loans Receivable - Individually
Loans Receivable - Individually and Collectively Evaluated for Impairment By Loan Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 317,114 | $ 255,126 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 1,328 | 2,311 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 315,786 | 252,815 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 141,891 | 197,547 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 932 | 1,566 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 140,959 | 195,981 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 3,993 | 4,383 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 308 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 3,993 | 4,075 |
Commercial | SBA PPP Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 64,380 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 64,380 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 68,705 | 35,188 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 300 | 317 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 68,405 | 34,871 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 24,152 | 11,119 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 96 | 120 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 24,056 | 10,999 |
Commercial | Main Street Lending Program | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 1,556 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 1,556 | |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 7,299 | 784 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 7,299 | 784 |
Consumer | Medical Education | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 5,105 | 6,097 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 5,105 | 6,097 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 33 | 8 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | $ 33 | $ 8 |
Loans Receivable - Summary of I
Loans Receivable - Summary of Information in Regard to Impaired Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | $ 2,191 | $ 1,328 | $ 2,366 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 2,328 | 1,452 | 2,591 |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 2,331 | 1,796 | 1,976 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 11 | 28 | 27 |
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 120 | 131 | |
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 121 | 132 | |
Impaired loans by loan portfolio class with an allowance, Related Allowance | 12 | 13 | |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 125 | 142 | |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | 4 | 8 | |
Impaired loans by loan portfolio class, Recorded Investment | 2,311 | 1,328 | 2,497 |
Impaired loans by loan portfolio class, Unpaid Principal Balance | 2,449 | 1,452 | 2,723 |
Impaired loans by loan portfolio class, Average Record Investment | 2,456 | 1,796 | 2,118 |
Impaired loans by loan portfolio class, Interest Income Recognized | 15 | 28 | 35 |
Residential | 1-4 family | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 1,566 | 932 | 1,725 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 1,703 | 1,056 | 1,935 |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,704 | 1,254 | 1,465 |
Residential | Home equity and HELOCs | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 308 | 316 | |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 308 | 331 | |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 306 | 125 | 132 |
Commercial | Commercial Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 317 | 300 | 325 |
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 317 | 300 | 325 |
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 321 | 309 | 379 |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 11 | 22 | 27 |
Commercial | Commercial Business | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 96 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 96 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 108 | ||
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | $ 6 | ||
Impaired loans by loan portfolio class with an allowance, Recorded Investment | 120 | 131 | |
Impaired loans by loan portfolio class with an allowance, Unpaid Principal Balance | 121 | 132 | |
Impaired loans by loan portfolio class with an allowance, Related Allowance | 12 | 13 | |
Impaired loans by loan portfolio class with an allowance, Average Record Investment | 125 | 142 | |
Impaired loans by loan portfolio class with an allowance, Interest Income Recognized | $ 4 | $ 8 |
Loans Receivable - Summary of N
Loans Receivable - Summary of Nonaccrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 2,254 | $ 3,704 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 932 | 1,686 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 308 | |
Consumer | Medical Education | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 1,322 | $ 1,710 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 317,114 | $ 255,126 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 314,224 | 250,706 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 194 | 204 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,696 | 4,216 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 141,891 | 197,547 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,993 | 4,383 |
Residential | Substandard | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 140,959 | 195,861 |
Residential | Substandard | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,993 | 4,075 |
Residential | Substandard | 1-4 family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 932 | 1,686 |
Residential | Substandard | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 308 | |
Commercial | SBA PPP Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 64,380 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 68,705 | 35,188 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 24,152 | 11,119 |
Commercial | Main Street Lending Program | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,556 | |
Commercial | Substandard | SBA PPP Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 64,380 | |
Commercial | Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 68,211 | 34,667 |
Commercial | Substandard | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 24,010 | 10,924 |
Commercial | Substandard | Main Street Lending Program | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,556 | |
Commercial | Special Mention | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 194 | 204 |
Commercial | Substandard | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 300 | 317 |
Commercial | Substandard | Commercial Business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 142 | 195 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 7,299 | 784 |
Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 7,299 | 784 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 5,105 | 6,097 |
Consumer | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 33 | 8 |
Consumer | Substandard | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,783 | 4,387 |
Consumer | Substandard | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 33 | 8 |
Consumer | Substandard | Medical Education | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 1,322 | $ 1,710 |
Loans Receivable - Summary of S
Loans Receivable - Summary of Segments of Loan Portfolio by Aging Categories (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 2,539,000 | $ 1,683,000 |
Current | 314,575,000 | 253,443,000 |
Total Loans Receivable | 317,114,000 | 255,126,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 750,000 | 468,000 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,137,000 | 147,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 652,000 | 1,068,000 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,300,000 | 818,000 |
Current | 140,591,000 | 196,729,000 |
Total Loans Receivable | 141,891,000 | 197,547,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | 1-4 family | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 543,000 | 365,000 |
Residential | 1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 186,000 | 94,000 |
Residential | 1-4 family | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 571,000 | 359,000 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38,000 | |
Current | 3,955,000 | 4,383,000 |
Total Loans Receivable | 3,993,000 | 4,383,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | Home equity and HELOCs | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38,000 | |
Commercial | SBA PPP Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 64,380,000 | |
Total Loans Receivable | 64,380,000 | |
Loans Receivable >90 Days and Accruing | 0 | |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 68,705,000 | 35,188,000 |
Total Loans Receivable | 68,705,000 | 35,188,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 24,152,000 | 11,119,000 |
Total Loans Receivable | 24,152,000 | 11,119,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Main Street Lending Program | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,556,000 | |
Total Loans Receivable | 1,556,000 | |
Loans Receivable >90 Days and Accruing | 0 | |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 7,299,000 | 784,000 |
Total Loans Receivable | 7,299,000 | 784,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,201,000 | 865,000 |
Current | 3,904,000 | 5,232,000 |
Total Loans Receivable | 5,105,000 | 6,097,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Medical Education | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 169,000 | 103,000 |
Consumer | Medical Education | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 951,000 | 53,000 |
Consumer | Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 81,000 | 709,000 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 33,000 | 8,000 |
Total Loans Receivable | 33,000 | 8,000 |
Loans Receivable >90 Days and Accruing | $ 0 | $ 0 |
Loans Receivable - Summary of T
Loans Receivable - Summary of Troubled Debt Restructurings (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($)Loan | Dec. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 2 | 2 | 2 |
Loans identified as TDRs | $ 259 | $ 227 | $ 259 |
Accrual Status | |||
Financing Receivable, Modifications [Line Items] | |||
Loans identified as TDRs | 259 | $ 227 | $ 259 |
Commercial Real Estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 1 | 1 | |
Loans identified as TDRs | 139 | $ 131 | $ 139 |
Commercial Real Estate | Accrual Status | |||
Financing Receivable, Modifications [Line Items] | |||
Loans identified as TDRs | 139 | $ 131 | $ 139 |
Commercial Business | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Loan | 1 | 1 | |
Loans identified as TDRs | 120 | $ 96 | $ 120 |
Commercial Business | Accrual Status | |||
Financing Receivable, Modifications [Line Items] | |||
Loans identified as TDRs | $ 120 | $ 96 | $ 120 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Transfers And Servicing Of Financial Assets [Abstract] | |
Mortgage servicing rights associated with loan sales | $ 2,041,000 |
Servicing income, includes late and ancillary fees | $ 16,000 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Changes in Carrying Value of Mortgage Servicing Rights Accounted Amortization Method (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Transfers And Servicing [Abstract] | |
Servicing Rights retained from loans sold | $ 2,181 |
Amortization and other | (140) |
Balance at end of period | 2,041 |
Fair value, end of year | $ 2,259 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Key Data and Assumptions Used in Estimating Fair Value of Mortgage Servicing Rights (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Transfers And Servicing [Abstract] | |
Long run Constant Prepayment Rate | 8.07% |
Weighted-Average Life (in years) | 27 years |
Weighted-Average Note Rate | 2.966% |
Weighted-Average Discount Rate | 9.00% |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | $ 7,497 | $ 6,699 |
Accumulated depreciation | (4,663) | (4,198) |
Premises and equipment, net | 2,834 | 2,501 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 334 | 334 |
Land improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 477 | 477 |
Office buildings and improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 712 | 712 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | 1,181 | 1,028 |
Furniture and equipment | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, Total Cost | $ 4,793 | $ 4,148 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | Jul. 01, 2019 | Jun. 30, 2007 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation expense | $ 271,000 | $ 587,000 | $ 378,000 | ||
Deferred gain on sale of building | $ 486,000 | ||||
Operating lease, term | 29 years 11 months | ||||
Amortization of deferred gain on sale-leaseback transaction | $ 16,000 | ||||
Retained earnings | $ 14,973,000 | $ 20,741,000 | |||
ASU 2016-02 | Retained Earnings | |||||
Property Plant And Equipment [Line Items] | |||||
Retained earnings | $ 277,000 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Demand accounts-interest bearing | $ 61,434 | $ 49,377 |
Demand accounts-non-interest bearing | 122 | 103 |
Money market deposit accounts | 79,552 | 34,744 |
Passbook and statement accounts | 29,997 | 25,682 |
Checking accounts | 497,584 | 105,565 |
Subtotal - core deposits | 668,689 | 215,471 |
Certificates of deposit | 62,137 | 68,296 |
Total deposits | $ 730,826 | $ 283,767 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
December 31, 2021 | $ 51,196 | |
December 31, 2022 | 6,292 | |
December 31, 2023 | 2,563 | |
December 31, 2024 | 597 | |
December 31, 2025 | 948 | |
December 31 2026 and thereafter | 541 | |
Certificates of deposit | $ 62,137 | $ 68,296 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Brokered deposits | $ 10 | $ 22.5 |
Certificates of deposit in denominations of $250,000 or more | $ 13.4 | $ 7.9 |
Borrowings - Schedule of Fixed
Borrowings - Schedule of Fixed Rate Advances from Federal Reserve PPPLF and FHLB (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Jul. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 48,682 | ||
Interest Rate | 1.45% | ||
Fixed rate advances from FHLB | $ 26,269 | $ 27,000 | $ 27,000 |
0.350% Federal Reserve PPPLF Advances Due 04/13/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 18, 2020 | ||
Maturity | Apr. 13, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 2,025 | ||
0.350% Federal Reserve PPPLF Advances Due 04/08/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 18, 2020 | ||
Maturity | Apr. 8, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 6,237 | ||
0.350% Federal Reserve PPPLF Advances Due 04/15/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 19, 2020 | ||
Maturity | Apr. 15, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 4,031 | ||
0.350% Federal Reserve PPPLF Advances Due 04/14/2020 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 19, 2020 | ||
Maturity | Apr. 14, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 1,895 | ||
0.350% Federal Reserve PPPLF Advances Issue 05/21/2020 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 21, 2020 | ||
Maturity | Apr. 15, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 7,042 | ||
0.350% Federal Reserve PPPLF Advances Due 04/18/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 21, 2020 | ||
Maturity | Apr. 18, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 808 | ||
0.350% Federal Reserve PPPLF Advances Due 04/19/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 21, 2020 | ||
Maturity | Apr. 19, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 466 | ||
0.350% Federal Reserve PPPLF Advances Due 04/20/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 22, 2020 | ||
Maturity | Apr. 20, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 4,395 | ||
0.350% Federal Reserve PPPLF Advances Due 04/21/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 29, 2020 | ||
Maturity | Apr. 21, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 5,507 | ||
0.350% Federal Reserve PPPLF Advances Due 04/22/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 29, 2020 | ||
Maturity | Apr. 22, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 6,889 | ||
0.350% Federal Reserve PPPLF Advances Due 04/29/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 29, 2020 | ||
Maturity | Apr. 29, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 140 | ||
0.350% Federal Reserve PPPLF Advances Due 05/04/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | Jul. 27, 2020 | ||
Maturity | May 4, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.35% | ||
Fixed rate advances from Federal Reserve PPPLF | $ 9,247 | ||
1.880% FHLB Advances Due 09/28/2020 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | Sep. 26, 2017 | ||
Maturity | Sep. 28, 2020 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 1.88% | ||
Fixed rate advances from FHLB | 3,000 | ||
2.220% FHLB Advances Due 11/22/2021 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | Nov. 21, 2017 | ||
Maturity | Nov. 22, 2021 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 2.22% | ||
Fixed rate advances from FHLB | 4,000 | ||
2.370% FHLB Advances Due 05/02/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | Apr. 30, 2019 | ||
Maturity | May 2, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 2.37% | ||
Fixed rate advances from FHLB | 5,000 | ||
2.370% FHLB Advances Due 05/09/2022 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 7, 2019 | ||
Maturity | May 9, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 2.37% | ||
Fixed rate advances from FHLB | 5,000 | ||
2.290 FHLB Advances Due 05/21/2021 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 14, 2019 | ||
Maturity | May 16, 2022 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 2.29% | ||
Fixed rate advances from FHLB | 5,000 | ||
2.360% FHLB Advances Due 05/21/2021 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | May 21, 2019 | ||
Maturity | May 21, 2021 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 2.36% | ||
Fixed rate advances from FHLB | $ 5,000 | ||
0.851% FHLB Advances Due 07/07/2025 | |||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||
Issue Date | Jul. 7, 2020 | ||
Maturity | Jul. 7, 2025 | ||
Advance Type | Fixed Rate | ||
Interest Rate | 0.851% | ||
Fixed rate advances from FHLB | $ 26,269 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||||
Proceeds from the Federal Reserve Paycheck Protection Program Lending Facility | $ 57,700 | $ 57,700 | |||
Interest rate | 0.35% | ||||
Advances from the Federal Reserve's Paycheck Protection Program liquidity facility ("PPPLF") | $ 48,682 | ||||
PPPLF advances maturity period one | 2022-04 | ||||
PPPLF advances maturity period two | 2022-05 | ||||
FHLB advances maturity period | 30 years | ||||
Borrowing facility maximum borrowing capacity | $ 225,800 | ||||
Advances from the Federal Home Loan Bank | $ 27,000 | 26,269 | $ 27,000 | ||
Letters of credit, outstanding | 38,300 | ||||
Prepayment fee of FHLB advances | $ 810,000 | ||||
Maturity term | 5 years | ||||
Interest rate, basis points | 0.85% | ||||
Effective interest rate | 1.45% | ||||
Atlantic Community Bancshares, Inc. | |||||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||||
Line of credit amount outstanding | 0 | 0 | |||
Available line of credit | 3,000 | ||||
Federal Reserve Bank | |||||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||||
Line of credit amount outstanding | 0 | 0 | |||
Available line of credit | $ 923,000 | 1,500 | |||
Collateral percentage | 95.00% | ||||
Open Repo Plus Line | |||||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |||||
Borrowing facility maturity period | 3 months | ||||
Borrowing facility maximum borrowing capacity description | The Open Repo Plus line has a maximum limit of up to one half of the MBC | ||||
Line of credit amount outstanding | $ 0 | $ 0 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreement to Repurchase - Summary of Overnight Repurchase Agreements (Detail) | 6 Months Ended |
Dec. 31, 2019USD ($) | |
Offsetting [Abstract] | |
Average balance during year | $ 2,018,000 |
Maximum outstanding at any month end | $ 2,586,000 |
Weighted average interest rate during year | 0.20% |
Regulatory Capital - Additional
Regulatory Capital - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019USD ($) | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Minimum ratios of core capital to adjusted average assets | 4 | 4 | |
Minimum ratios of common equity Tier 1 capital to risk-weighted assets | 4.50% | ||
Minimum ratios of Tier 1 capital to risk-weighted assets | 6 | 6 | |
Minimum ratios of total risk-based capital to risk-weighted assets | 8 | 8 | |
Tier 1 risk based capital infused to bank | $ 3 | ||
Minimum leverage ratio | 5 | ||
Minimum leverage ratio of common equity Tier 1 risk-based | 6.50% | ||
Minimum leverage ratio of Tier 1 risk-based | 8 | ||
Minimum leverage ratio of total risk-based capital ratios | 10 | ||
Capital conservation buffer phase in period start date | Jan. 1, 2016 | ||
Capital conservation buffer phase in period end date | Dec. 31, 2019 | ||
Required capital conservation buffer percentage | 2.50% | 0.625% | |
June 30, 2019 and Thereafter | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Capital conservation buffer phase in increase | 2.50% |
Regulatory Capital - Schedule o
Regulatory Capital - Schedule of Bank's Actual Capital Amounts and Ratios (Detail) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk-based capital (to risk-weighted assets), Actual, Amount | $ 37,848,000 | $ 31,203,000 |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 35,831,000 | 29,766,000 |
Tier 1 capital (to average assets), Actual, Amount | 35,831,000 | 29,766,000 |
Tier 1 common equity (to risk-weighted assets), Actual, Amount | $ 35,831,000 | $ 29,766,000 |
Total risk-based capital (to risk-weighted assets), Actual, Ratio | 13.4 | 14.7 |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 12.7 | 14 |
Tier 1 capital (to average assets), Actual, Ratio | 7.4 | 8.5 |
Tier 1 common equity (to risk-weighted assets), Actual, Ratio | 12.7 | 14 |
Total risk-based capital (to risk-weighted assets), Capital Adequacy Purposes, Amount | $ 22,576,000 | $ 16,981,000 |
Tier 1 capital (to risk-weighted assets), Capital Adequacy Purposes, Amount | 16,932,000 | 12,736,000 |
Tier 1 capital (to average assets), Capital Adequacy Purposes, Amount | $ 19,449,000 | $ 13,981,000 |
Total risk-based capital (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 8 | 8 |
Tier 1 capital (to risk-weighted assets), Capiral Adequacy Purposes, Ratio | 6 | 6 |
Tier 1 capital (to average assets), Capital Adequacy Purposes, Ratio | 4 | 4 |
Tier 1 common equity (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 4.50% | |
Total risk-based capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 10 | |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 8 | |
Tier 1 capital (to average assets), To Be Well Capitalized Under the prompt Corrective Action Provision, Ratio | 5 | |
Tier 1 common equity (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 6.50% | |
Minimum | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Tier 1 common equity (to risk-weighted assets), Capital Adequacy Purposes, Amount | $ 12,699,000 | $ 9,552,000 |
Tier 1 common equity (to risk-weighted assets), Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Total risk-based capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | $ 28,221,000 | $ 21,227,000 |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | 22,576,000 | 16,981,000 |
Tier 1 capital (to average assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | 24,311,000 | 17,476,000 |
Tier 1 common equity (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Amount | $ 18,343,000 | $ 13,797,000 |
Total risk-based capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 10 | 10 |
Tier 1 capital (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 8 | 8 |
Tier 1 capital (to average assets), To Be Well Capitalized Under the prompt Corrective Action Provision, Ratio | 5 | 5 |
Tier 1 common equity (to risk-weighted assets), To Be Well Capitalized Under the Prompt Corrective Action Provision, Ratio | 6.50% | 6.50% |
Derivatives and Risk Manageme_3
Derivatives and Risk Management Activities - Summary of Derivatives not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 2,899 | $ 1,204 |
Not Designated as Hedging Instrument | IRLCs | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2,647 | 810 |
Asset Derivatives, Notional Amount | 120,563 | 25,059 |
Not Designated as Hedging Instrument | IRLCs | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 106 | 25 |
Liability Derivatives, Notional Amount | 12,111 | 3,820 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 252 | 389 |
Asset Derivatives, Notional Amount | 5,459 | 11,036 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 127 | 45 |
Liability Derivatives, Notional Amount | 18,071 | 10,595 |
Not Designated as Hedging Instrument | TBA Securities | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 5 | |
Asset Derivatives, Notional Amount | 3,500 | |
Not Designated as Hedging Instrument | TBA Securities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 76 | 56 |
Liability Derivatives, Notional Amount | $ 13,500 | $ 24,500 |
Derivatives and Risk Manageme_4
Derivatives and Risk Management Activities - Summary of Amounts Recorded in Consolidated Statements of Income for Derivative Instruments not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) from derivative instruments | $ (399) | $ 1,512 | $ 798 |
IRLCs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) from derivative instruments | (261) | 1,756 | 460 |
Forward Loan Sales Commitments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) from derivative instruments | (211) | (219) | 384 |
TBA Securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) from derivative instruments | $ 73 | $ (25) | $ (46) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share Basic [Line Items] | ||||
Stock options outstanding | 218,000 | 216,400 | 218,000 | 198,000 |
Share vested and exercisable | 30,080 | 59,600 | 30,080 | |
Restricted Stock | ||||
Earnings Per Share Basic [Line Items] | ||||
Restricted stock shares outstanding | 87,000 | 87,000 | 87,000 | |
Share vested and exercisable other than option | 11,680 | 24,140 | 11,680 | |
Stock outstanding not included in computation of diluted net income per share | 69,089 | 62,860 | 65,319 | |
Stock Options | ||||
Earnings Per Share Basic [Line Items] | ||||
Stock outstanding not included in computation of diluted net income per share | 218,000 | 216,400 | 218,000 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||||||||||
Net Income | $ 2,060 | $ 2,063 | $ 1,496 | $ 149 | $ 207 | $ 333 | $ 408 | $ 62 | $ 139 | $ 270 | $ 540 | $ 409 | $ 5,768 | $ 879 |
Weighted average number of shares issued | 2,269,125 | 2,270,589 | 2,258,824 | |||||||||||
Less weighted average number of treasury shares | (208) | (31,415) | (10) | |||||||||||
Less weighted average number of unearned ESOP shares awards | (150,231) | (143,671) | (156,790) | |||||||||||
Less weighted average number of unvested restricted stock awards | (71,725) | (62,420) | (70,906) | |||||||||||
Basic weighted average shares outstanding | 2,046,961 | 2,026,312 | 2,033,083 | 2,031,118 | ||||||||||
Diluted weighted average shares outstanding | 2,046,961 | 2,026,312 | 2,033,083 | 2,031,343 | ||||||||||
Net income per share | ||||||||||||||
Basic | $ 1.02 | $ 1.02 | $ 0.73 | $ 0.07 | $ 0.10 | $ 0.16 | $ 0.20 | $ 0.03 | $ 0.07 | $ 0.13 | $ 0.26 | $ 2.84 | $ 0.43 | |
Diluted | $ 1.02 | $ 1.02 | $ 0.73 | $ 0.07 | $ 0.10 | $ 0.16 | $ 0.20 | $ 0.03 | $ 0.07 | $ 0.13 | $ 0.26 | $ 2.84 | $ 0.43 | |
Restricted stock awards | ||||||||||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||||||||||
Add dilutive effect of stock | 225 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | Jun. 13, 2018 | Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2017 |
Defined Contribution Plan Disclosure [Line Items] | ||||||
Employee stock ownership plan, eligibility description | Eligible employees who have attained age 21 may participate in the ESOP on the later of the effective date of the ESOP or upon the first entry date commencing on or after the eligible employee’s completion of 1,000 hours of service during a continuous 12-month period. | |||||
Employee stock ownership plan, service period eligibility | 12 months | |||||
Employee stock ownership plan, age eligibility | 21 years | |||||
Employee stock ownership plan, hours of service during twelve-month period | 1000 hours | |||||
Employee stock ownership plan, percentage of common stock purchase | 8.00% | |||||
Employee stock ownership plan, loan repaid term | 20 years | |||||
Employee stock ownership plan, participant accounts vested percentage | 20.00% | |||||
Employee stock ownership plan, vesting period | 6 years | |||||
Defined contribution plan, employer discretionary amount | $ 0 | $ 0 | $ 0 | |||
Number of shares granted to new employees | 30,000 | |||||
Assets | 354,586,000 | $ 861,607,000 | ||||
2018 Equity Incentive Plan | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum number of shares authorized | 305,497 | |||||
Number of shares granted to new employees | 275,000 | |||||
Share based compensation, number of shares available for grant | 497 | |||||
Stock option expense | 31,000 | $ 60,000 | $ 56,000 | |||
Restricted stock expense | $ 92,000 | 184,000 | $ 177,000 | |||
2018 Equity Incentive Plan | Stock Options | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum number of shares authorized | 218,212 | |||||
Number of shares granted to new employees | 10,000 | 10,000 | ||||
Total unrecognized compensation cost | $ 278,000 | |||||
2018 Equity Incentive Plan | Restricted Stock Awards or Restricted Stock Units | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum number of shares authorized | 87,285 | |||||
2018 Equity Incentive Plan | Restricted Shares Employee | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Number of shares granted to new employees | 4,000 | 4,000 | ||||
2018 Equity Incentive Plan | Non Qualified Stock Options Outside Directors | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Number of shares granted to new employees | 20,000 | |||||
2018 Equity Incentive Plan | Restricted Stock Outside Directors | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Number of shares granted to new employees | 10,000 | |||||
2018 Equity Incentive Plan | Restricted Stock Awards | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Share based compensation, number of shares available for grant | 285 | |||||
2018 Equity Incentive Plan | Non Vested Restricted Stock Outstanding | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Expected future compensation expense | $ 847,000 | |||||
Minimum | SNL US index of Banks | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Assets | $ 250,000,000 | |||||
Maximum | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Percentage of contribution by participants to compensation plan | 15.00% | |||||
Maximum | SNL US index of Banks | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Assets | $ 500,000,000 | |||||
Employee Stock Ownership Plan | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Number of shares repurchase | 174,570 | |||||
Number of shares repurchase weighted average price per share | $ 13.92 | |||||
Total repurchase price of shares | $ 2,430,000 | |||||
Employee Stock Ownership Plan | Minimum | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Number of shares repurchase price per share | $ 12.50 | |||||
Employee Stock Ownership Plan | Maximum | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Number of shares repurchase price per share | $ 14.21 |
Employee Benefits - Components
Employee Benefits - Components of ESOP Shares (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Employee Stock Ownership Plan E S O P Shares In E S O P [Abstract] | |||
Allocated shares | 34,867 | 26,185 | 17,457 |
Committed shares | 4,364 | ||
Unreleased shares | 139,656 | 148,385 | 152,749 |
Total ESOP shares | 174,523 | 174,570 | 174,570 |
Fair value of unreleased shares (in thousands) | $ 2,398 | $ 2,523 | $ 2,369 |
Employee Benefits - Summary of
Employee Benefits - Summary of Grants Under Equity Incentive Plan (Detail) - shares | Jun. 13, 2018 | Jun. 30, 2019 |
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 30,000 | |
2018 Equity Incentive Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 275,000 | |
2018 Equity Incentive Plan | Incentive stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 168,000 | |
2018 Equity Incentive Plan | Non-qualified stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 30,000 | |
2018 Equity Incentive Plan | Restricted stock awards | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 77,000 | |
Officers | 2018 Equity Incentive Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 175,000 | |
Officers | 2018 Equity Incentive Plan | Incentive stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 125,000 | |
Officers | 2018 Equity Incentive Plan | Restricted stock awards | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 50,000 | |
Employees | 2018 Equity Incentive Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 55,000 | |
Employees | 2018 Equity Incentive Plan | Incentive stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 43,000 | |
Employees | 2018 Equity Incentive Plan | Restricted stock awards | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 12,000 | |
Outside Directors | 2018 Equity Incentive Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 45,000 | |
Outside Directors | 2018 Equity Incentive Plan | Non-qualified stock options | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 30,000 | |
Outside Directors | 2018 Equity Incentive Plan | Restricted stock awards | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Share based compensation, number of shares for granted | 15,000 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Options | ||||
Outstanding, balance | 218,000 | 218,000 | 198,000 | |
Granted | 30,000 | |||
Exercised | (1,600) | |||
Forfeited | (10,000) | |||
Outstanding, balance | 218,000 | 216,400 | 218,000 | 198,000 |
Exercisable | 30,080 | 59,600 | 30,080 | |
Weighted-Average Exercise Price | ||||
Outstanding, balance | $ 14.92 | $ 14.92 | $ 14.80 | |
Granted | 15.71 | |||
Exercised | 14.80 | |||
Forfeited | 14.80 | |||
Outstanding, balance | 14.92 | 14.93 | 14.92 | $ 14.80 |
Exercisable | $ 14.80 | $ 14.87 | $ 14.80 | |
Weighted-Average Remaining Contractual Life (in years) | ||||
Outstanding, balance | 8 years 7 months 6 days | 7 years 7 months 6 days | 9 years 1 month 6 days | 10 years |
Exercisable | 8 years 6 months | 7 years 7 months 6 days | 9 years | |
Granted | 9 years 10 months 24 days | |||
Average Intrinsic Value | ||||
Outstanding, balance | $ 452,400 | $ 484,736 | $ 61,040 | $ 3,960 |
Exercisable | $ 66,176 | $ 137,080 | $ 8,422 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Estimated Fair Value of Options Granted Using Black-Scholes Option Pricing Model with Weighted Average Assumptions (Detail) | 12 Months Ended |
Jun. 30, 2019$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | |
Dividend yield, minimum | 3.14% |
Dividend yield, maximum | 3.26% |
Expected life | 10 years |
Expected volatility, minimum | 19.68% |
Expected volatility, maximum | 24.07% |
Risk-free interest rate, minimum | 1.96% |
Risk-free interest rate, maximum | 2.56% |
Weighted average grant date fair value, minimum | $ 2.39 |
Weighted average grant date fair value, maximum | $ 2.98 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Restricted Stock Activity (Detail) - Restricted stock awards - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2019 | |
Number of Shares | ||
Non-vested, July 1, 2018 | 75,320 | 77,000 |
Granted | 0 | 14,000 |
Vested | (12,460) | (11,680) |
Forfeited | 0 | (4,000) |
Non-vested, June 30, 2019 | 62,860 | 75,320 |
Granted | 0 | 14,000 |
Vested | (12,460) | (11,680) |
Forfeited | 0 | (4,000) |
Non-vested, June 30, 2019 | 62,860 | 75,320 |
Weighted-Average Grant Date Fair Value | ||
Non-vested, July 1, 2018 | $ 14.97 | $ 14.80 |
Granted | 0 | 15.72 |
Vested | 14.97 | 14.80 |
Forfeited | 0 | 14.80 |
Non-vested, June 30, 2019 | 14.97 | 14.97 |
Granted | 0 | 15.72 |
Vested | 14.97 | 14.80 |
Forfeited | 0 | 14.80 |
Non-vested, June 30, 2019 | $ 14.97 | $ 14.97 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Current: | ||||||||||||||
Federal | $ 105 | $ 1,142 | $ (184) | |||||||||||
State | 55 | 666 | 41 | |||||||||||
Current income tax expense (benefit) | 160 | 1,808 | (143) | |||||||||||
Deferred: | ||||||||||||||
Federal | 23 | 396 | 337 | |||||||||||
Deferred income tax expense (benefit) | 23 | 396 | 337 | |||||||||||
Total income tax expense | $ 781 | $ 785 | $ 590 | $ 48 | $ 82 | $ 101 | $ 126 | $ (24) | $ 4 | $ 88 | $ 183 | $ 92 | $ 2,204 | $ 194 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax at Federal Statutory Rate to Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||||||||
Tax at statutory rate | $ 152 | $ 1,667 | $ 222 | |||||||||||
State tax net of federal benefit | 44 | 532 | 32 | |||||||||||
Bank-owned life insurance | (17) | (32) | (33) | |||||||||||
Tax-exempt interest | (17) | (8) | (58) | |||||||||||
Other, net | 21 | 45 | 31 | |||||||||||
Total income tax expense | $ 781 | $ 785 | $ 590 | $ 48 | $ 82 | $ 101 | $ 126 | $ (24) | $ 4 | $ 88 | $ 183 | $ 92 | $ 2,204 | $ 194 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||||||||||
Tax at statutory rate | 21.00% | 21.00% | 21.00% | |||||||||||
State tax net of federal benefit | 6.00% | 6.60% | 3.10% | |||||||||||
Bank-owned life insurance | (2.30%) | (0.40%) | (3.20%) | |||||||||||
Tax-exempt interest | (2.30%) | (0.10%) | (5.50%) | |||||||||||
Other, net | 2.90% | 0.50% | 2.70% | |||||||||||
Effective income tax rate reconciliation | 25.30% | 27.60% | 18.10% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 424 | $ 302 |
Non-accrual interest | 16 | 11 |
Accrued expenses | 133 | 70 |
Stock-based compensation | 27 | 24 |
Unrealized loss on securities | 8 | |
Operating lease liabilities | 1,669 | 1,265 |
Other | 19 | |
Gross deferred tax assets | 2,269 | 1,699 |
Deferred tax liabilities: | ||
Depreciation | 135 | 124 |
Unrealized gain on securities | 100 | |
Fair value adjustment of IRLC, TBA securities and forward loan sales commitments | 544 | 226 |
Operating lease right-of-use assets | 1,614 | 1,265 |
Gain on fair value of loans | 477 | 181 |
Gross deferred tax liabilities | 2,870 | 1,796 |
Net deferred tax (liabilities) asset | $ (601) | $ (97) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Alternative Minimum Tax credits | $ 2,500 | $ 0 |
Alternative minimum tax credits refund percentage | 100.00% | |
Bad debt reserves for tax purposes included in retained earnings with no provision for federal income tax | $ 1,700,000 | $ 1,700,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 23,518,000 | $ 21,156,000 |
Loans held for sale, at fair value | 83,549,000 | 37,876,000 |
Asset Derivatives | 2,899,000 | 1,204,000 |
Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,016,000 | 2,507,000 |
U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 391,000 | 436,000 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,600,000 | 5,569,000 |
Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,851,000 | 6,464,000 |
Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,689,000 | 4,063,000 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,971,000 | 2,117,000 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 83,549,000 | 37,876,000 |
Assets measured at fair value | 109,966,000 | 60,236,000 |
Fair Value, Measurements, Recurring | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,016,000 | 2,507,000 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 83,549,000 | 37,876,000 |
Assets measured at fair value | 99,251,000 | 56,367,000 |
Fair Value, Measurements, Recurring | Level 2 | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,016,000 | 2,507,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 10,715,000 | 3,869,000 |
Fair Value, Measurements, Recurring | U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 391,000 | 436,000 |
Fair Value, Measurements, Recurring | U.S. Governmental securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 391,000 | 436,000 |
Fair Value, Measurements, Recurring | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,600,000 | 5,569,000 |
Fair Value, Measurements, Recurring | Corporate notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,532,000 | 2,510,000 |
Fair Value, Measurements, Recurring | Corporate notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 8,068,000 | 3,059,000 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,851,000 | 6,464,000 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 3,851,000 | 6,464,000 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,689,000 | 4,063,000 |
Fair Value, Measurements, Recurring | Mortgage-backed securities - agency residential | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,689,000 | 4,063,000 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,971,000 | 2,117,000 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,971,000 | 2,117,000 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 252,000 | 389,000 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 252,000 | 389,000 |
Fair Value, Measurements, Recurring | TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 5,000 | |
Fair Value, Measurements, Recurring | TBA Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 5,000 | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 2,647,000 | 810,000 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | $ 2,647,000 | $ 810,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 309 | $ 126 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 203 | 101 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 106 | 25 |
Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 127 | 45 |
Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 127 | 45 |
TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 76 | 56 |
TBA Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 76 | 56 |
Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 106 | 25 |
Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 106 | $ 25 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized cost | $ 0 | $ 0 |
Corporate notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 8,100,000 | |
Corporate notes | Level 3 | Pricing Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 6,000,000 | |
Corporate notes | Level 3 | Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.976 | |
Corporate notes | Level 3 | Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 1.066 | |
Corporate notes | Level 3 | Market Comparable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 2,100,000 | |
Weighted average rate | 1.025 | |
IRLCs | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative assets and liabilities | $ 2,500,000 | |
IRLCs | Level 3 | Minimum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.637 | |
IRLCs | Level 3 | Maximum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.998 | |
Fair Value Measurement Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments Not Required to be Measured or Reported at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Equity securities | $ 500 | $ 500 |
Mortgage servicing rights | 2,041 | |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 414,590 | 20,625 |
Bank-owned life insurance | 6,408 | 6,255 |
Restricted investment in bank stock | 1,721 | 1,552 |
Accrued interest receivable | 1,489 | 967 |
Liabilities: | ||
Deposits | 668,689 | 215,471 |
Advances from borrowers for taxes and insurance | 2,131 | 2,138 |
Accrued interest payable | 167 | 305 |
Level 2 | ||
Liabilities: | ||
Deposits | 62,709 | 68,584 |
Advances from the FHLB | 27,932 | 27,333 |
Federal Reserve PPPLF advances | 48,698 | |
Level 3 | ||
Assets: | ||
Equity securities | 500 | 500 |
Loans receivable, net | 325,636 | 254,884 |
Mortgage servicing rights | 2,259 | |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 414,590 | 20,625 |
Equity securities | 500 | 500 |
Loans receivable, net | 313,811 | 255,032 |
Bank-owned life insurance | 6,408 | 6,255 |
Restricted investment in bank stock | 1,721 | 1,552 |
Accrued interest receivable | 1,489 | 967 |
Mortgage servicing rights | 2,041 | |
Liabilities: | ||
Deposits | 730,826 | 283,767 |
Advances from the FHLB | 26,269 | 27,000 |
Federal Reserve PPPLF advances | 48,682 | |
Advances from borrowers for taxes and insurance | 2,131 | 2,138 |
Accrued interest payable | 167 | 305 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 414,590 | 20,625 |
Equity securities | 500 | 500 |
Loans receivable, net | 325,636 | 254,884 |
Bank-owned life insurance | 6,408 | 6,255 |
Restricted investment in bank stock | 1,721 | 1,552 |
Accrued interest receivable | 1,489 | 967 |
Mortgage servicing rights | 2,259 | |
Liabilities: | ||
Deposits | 731,398 | 284,055 |
Advances from the FHLB | 27,932 | 27,333 |
Federal Reserve PPPLF advances | 48,698 | |
Advances from borrowers for taxes and insurance | 2,131 | 2,138 |
Accrued interest payable | $ 167 | $ 305 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Corporate notes | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 3,030 | $ 3,059 |
Total gains (losses) (unrealized): Included in other comprehensive income | 29 | 50 |
Purchases, sales and settlements | 4,959 | |
Ending Balance | 3,059 | 8,068 |
Change in unrealized gains for the period included other comprehensive income for assets held as of December 31, 2020 | 50 | |
IRLC - Asset | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,100 | 810 |
Total (loss) gains included in earnings and held at reporting date | (290) | 1,837 |
Ending Balance | 810 | 2,647 |
Change in unrealized gains for the period included in earnings (or changes in net assets) for assets held as of December 31, 2020 | 1,837 | |
IRLC - Liability | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | (54) | (25) |
Total (loss) gains included in earnings and held at reporting date | 29 | (81) |
Ending Balance | $ (25) | (106) |
Change in unrealized gains for the period included in earnings (or changes in net assets) for assets held as of December 31, 2020 | $ (81) |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Level 3 $ in Thousands | Dec. 31, 2020USD ($) |
Corporate notes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value | $ 8,100 |
Corporate notes | Pricing Model | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value | $ 6,000 |
Corporate notes | Pricing Model | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.976 |
Corporate notes | Pricing Model | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 1.066 |
Corporate notes | Market Comparable Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value | $ 2,100 |
Weighted average rate | 1.025 |
IRLCs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020 | $ 2,500 |
IRLCs | Minimum | Pull-through Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.637 |
IRLCs | Maximum | Pull-through Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.998 |
Fair Value, Measurements, Recurring | Corporate notes | Pricing Model | Offered Quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value | $ 5,995 |
Weighted average rate | 1.0167 |
Fair Value, Measurements, Recurring | Corporate notes | Pricing Model | Minimum | Offered Quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.9237 |
Fair Value, Measurements, Recurring | Corporate notes | Pricing Model | Maximum | Offered Quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 1.0660 |
Fair Value, Measurements, Recurring | Corporate notes | Market Comparable Securities | Offered Quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value | $ 2,073 |
Weighted average rate | 1.0250 |
Fair Value, Measurements, Recurring | Corporate notes | Market Comparable Securities | Minimum | Offered Quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 1.0163 |
Fair Value, Measurements, Recurring | Corporate notes | Market Comparable Securities | Maximum | Offered Quotes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 1.0363 |
Fair Value, Measurements, Recurring | IRLCs | Valuation Technique, Discounted Cash Flow | Pull-through Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020 | $ 2,541 |
Weighted average rate | 0.8099 |
Fair Value, Measurements, Recurring | IRLCs | Valuation Technique, Discounted Cash Flow | Minimum | Pull-through Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.6370 |
Fair Value, Measurements, Recurring | IRLCs | Valuation Technique, Discounted Cash Flow | Maximum | Pull-through Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Weighted average rate | 0.9979 |
Changes in and Reclassificati_3
Changes in and Reclassifications out of Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Component of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ 32,680 | $ 33,599 | $ 30,721 | |
Unrealized holding gains on available-for-sale securities before reclassification | 61 | 355 | 724 | |
Amount reclassified for investment securities gains included in net income | [1] | (149) | (99) | (6) |
Other comprehensive income (loss) | (88) | 256 | 718 | |
Ending balance | 33,599 | 38,927 | 32,680 | |
Net Unrealized Holding Gains (Losses) on Available-for-sales Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | [2] | 70 | (18) | (648) |
Unrealized holding gains on available-for-sale securities before reclassification | [2] | 61 | 355 | 724 |
Amount reclassified for investment securities gains included in net income | [2] | (149) | (99) | (6) |
Other comprehensive income (loss) | [2] | (88) | 256 | 718 |
Ending balance | [2] | $ (18) | $ 238 | $ 70 |
[1] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. | |||
[2] | All amounts are net of tax. Related income tax expense or benefit is calculated using an income tax rate approximately 29.5%, 28.9% and 29.5% for the year ended December 31, 2020, six months ended December 31, 2019 and the year end June 30, 2019. |
Changes in and Reclassificati_4
Changes in and Reclassifications out of Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Component of Accumulated Other Comprehensive Income, Net of Tax (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Stockholders Equity Note [Abstract] | |||
Income tax rate | 28.90% | 29.50% | 29.50% |
Changes in and Reclassificati_5
Changes in and Reclassifications out of Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI by Component (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||
Gain on sale of investment securities net, before tax | $ 211 | $ 141 | $ 8 | |
Gain on sale of investment securities net, Net of tax | [1] | 149 | 99 | 6 |
Gain on Sale of Investment Securities, net | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | ||||
Gain on sale of investment securities net, before tax | [2],[3] | 211 | 141 | 8 |
Gain on sale of investment securities net, Income tax expense | [2],[3] | (62) | (42) | (2) |
Gain on sale of investment securities net, Net of tax | [2],[3] | $ 149 | $ 99 | $ 6 |
[1] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. | |||
[2] | Amounts in parenthesis indicate debits. | |||
[3] | For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive loss, see Note 2, “Investment securities.” |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Loss Contingencies [Line Items] | ||||
Mandatory loan held for sale commitments | $ 120,600,000 | $ 25,100,000 | ||
Commercial letter of credit | 650,000 | 50,000 | ||
Letters of credit, outstanding performance | 38,300,000 | |||
Provision for losses from repurchases | 151,000 | 54,000 | ||
Residential mortgage loans serviced for others | 209,300,000 | 3,400,000 | $ 3,500,000 | |
Reserve balance with federal reserve bank | 3,200,000 | |||
FRB reduced reserve requirements | $ 0 | |||
Standby Letters of Credit | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit, outstanding performance | 38,300,000 | 18,000,000 | ||
HELOCs | ||||
Loss Contingencies [Line Items] | ||||
Loans and Leases undisbursed portion of open-ended | 8,000,000 | 7,800,000 | ||
Commercial and Commercial Real Estate Lines of Credit | ||||
Loss Contingencies [Line Items] | ||||
Loans and Leases undisbursed portion of open-ended | 22,100,000 | 8,100,000 | ||
Mortgage Loan Commitments | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments granted | 80,900,000 | 27,900,000 | ||
Commercial Loan Commitments | ||||
Loss Contingencies [Line Items] | ||||
Loan commitments granted | 4,000,000 | 7,500,000 | ||
TBA Securities | ||||
Loss Contingencies [Line Items] | ||||
Mandatory to be announcing amount | $ 13,500,000 | $ 28,000,000 |
Concentrations - Additional inf
Concentrations - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Percentage of gain on sale of loans | 10.00% |
Concentrations - Schedules of M
Concentrations - Schedules of Mortgage Loans Held for Sale Concentration Risk (Detail) - Mortgage Loans - Lender Concentration Risk - Investor | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Concentration Risk [Line Items] | |||
Number of Investors | 3 | 3 | 3 |
Percentages of Mortgages Sold | 66.00% | 73.00% | 71.00% |
Related Party - Additional Info
Related Party - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Outstanding amount of loans to related parties | $ 1,500,000 | $ 2,000,000 | ||
Origination to related parties | 436,000 | 2,600,000 | ||
Repayment from related parties | 3,800,000 | 2,100,000 | ||
Company held deposits for related parties | 10,500,000 | 252,600,000 | ||
Fees for customer services | 91,000 | $ 146,000 | $ 175,000 | |
Business Consulting Agreement | ||||
Related Party Transaction [Line Items] | ||||
Business consulting agreement termination date | Dec. 31, 2019 | |||
Director | Business Consulting Agreement | ||||
Related Party Transaction [Line Items] | ||||
Consulting fees | 15,000 | 60,000 | $ 25,000 | |
Competitive Rate of Return and FDIC Insurance | ||||
Related Party Transaction [Line Items] | ||||
Company held deposits for related parties | 17,500,000 | $ 5,900,000 | 32,500,000 | |
Fees for customer services | $ 19,000 | $ 2,000 | $ 46,000 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | Dec. 31, 2020USD ($) |
Maximum | |
Disaggregation of Revenue [Line Items] | |
FDIC insurance amount | $ 250,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Non-Interest Income | ||||||||||||||
Total Non-Interest Income (in-scope of Topic 606) | $ 92 | $ 148 | $ 179 | |||||||||||
Total Non-Interest Income (out-scope of Topic 606) | 3,681 | 16,722 | 4,185 | |||||||||||
Total Non-Interest Income | $ 4,586 | $ 6,195 | $ 3,945 | $ 2,144 | $ 1,568 | $ 2,205 | $ 1,944 | $ 986 | $ 676 | $ 758 | 3,773 | $ 1,434 | 16,870 | 4,364 |
Increase in cash surrender value of bank-owned life insurance | 80 | 153 | 159 | |||||||||||
Gain on sale of loans, net | 3,616 | 13,315 | 2,789 | |||||||||||
Gain on sale of available-for-sale securities, net | 211 | 141 | 8 | |||||||||||
Gain (loss) from derivative instruments | (399) | 1,512 | 798 | |||||||||||
Change in fair value of loans held-for-sale | 160 | 1,408 | 424 | |||||||||||
Other | 13 | 193 | 7 | |||||||||||
Fee income | ||||||||||||||
Non-Interest Income | ||||||||||||||
Total Non-Interest Income (in-scope of Topic 606) | 21 | 3 | 48 | |||||||||||
Insufficient fund fees | ||||||||||||||
Non-Interest Income | ||||||||||||||
Total Non-Interest Income (in-scope of Topic 606) | 27 | 59 | 60 | |||||||||||
Other service charges | ||||||||||||||
Non-Interest Income | ||||||||||||||
Total Non-Interest Income (in-scope of Topic 606) | 39 | 75 | 60 | |||||||||||
ATM interchange fee income | ||||||||||||||
Non-Interest Income | ||||||||||||||
Total Non-Interest Income (in-scope of Topic 606) | 4 | 9 | 7 | |||||||||||
Other income | ||||||||||||||
Non-Interest Income | ||||||||||||||
Total Non-Interest Income (in-scope of Topic 606) | $ 1 | $ 2 | $ 4 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)Lease | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jul. 01, 2019USD ($) | |
Leases [Line Items] | ||||
Operating lease, right-of-use asset | $ 7,685,000 | $ 5,979,000 | ||
Operating lease, liability | 7,946,000 | 6,023,000 | ||
Adjustment to retained earnings | 20,741,000 | $ 14,973,000 | ||
Lease expenses | $ 487,000 | |||
ASU 2016-02 | ||||
Leases [Line Items] | ||||
Operating lease, right-of-use asset | 2,300,000 | $ 2,100,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | |||
Operating lease, liability | $ 2,300,000 | $ 2,100,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | |||
Number of lease agreements | Lease | 4 | |||
ASU 2016-02 | Retained Earnings | ||||
Leases [Line Items] | ||||
Adjustment to retained earnings | $ 277,000 |
Leases - Consolidated Statement
Leases - Consolidated Statement of Financial Condition Classification of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 7,685 | $ 5,979 |
Operating lease liabilities | $ 7,946 | $ 6,023 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Lease Term and Discount Rate (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease,Weighted-average remaining lease term | 12 years 2 months 12 days | 12 years 8 months 12 days |
Operating Lease,Weighted-average discount rate | 2.23% | 2.34% |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 198 | $ 627 |
Short-term lease cost | 86 | 37 |
Total | $ 284 | $ 664 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Within one year | $ 836 | $ 440 |
After one but within two years | 792 | 632 |
After two but within three years | 797 | 583 |
After three but within four years | 791 | 594 |
After four but within five years | 735 | 596 |
After five years | 5,182 | 4,164 |
Total Future Minimum Lease Payments | 9,133 | 7,009 |
Amounts Representing Interest | (1,187) | (986) |
Present Value of Net Future Minimum Lease Payments | $ 7,946 | $ 6,023 |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only - Condensed Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Assets | ||||
Cash and due from banks | $ 1,625 | $ 1,473 | ||
Interest-bearing deposits with banks | 410,853 | 19,152 | ||
Cash and cash equivalents | 414,590 | 20,625 | ||
Investment securities available-for-sale, at fair value | 23,518 | 21,156 | ||
Equity securities | 500 | 500 | ||
Accrued interest receivable | 1,489 | 967 | ||
Other assets | 562 | 939 | ||
Total Assets | 861,607 | 354,586 | ||
Liabilities | ||||
Other liabilities | 6,826 | 2,059 | ||
Shareholders' equity | 38,927 | 33,599 | $ 32,680 | $ 30,721 |
Total Liabilities and Shareholders' Equity | 861,607 | 354,586 | ||
Parent Company | ||||
Assets | ||||
Cash and due from banks | 473 | 185 | ||
Interest-bearing deposits with banks | 473 | 1,102 | ||
Cash and cash equivalents | 946 | 1,287 | ||
Investment securities available-for-sale, at fair value | 1,274 | 2,046 | ||
Equity securities | 500 | 500 | ||
Loan to ESOP | 2,095 | 2,181 | ||
Accrued interest receivable | 13 | 16 | ||
Prepaid federal income taxes | 62 | |||
Investment in Subsidiary | 33,947 | 27,552 | ||
Other assets | 207 | 1 | ||
Total Assets | 38,982 | 33,645 | ||
Liabilities | ||||
Deferred income taxes, net | 11 | 6 | ||
Other liabilities | 44 | 40 | ||
Shareholders' equity | 38,927 | 33,599 | ||
Total Liabilities and Shareholders' Equity | $ 38,982 | $ 33,645 |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only - Condensed Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | ||
Interest and dividends on investments: | |||||||||||||||
Taxable | $ 203 | $ 396 | $ 419 | ||||||||||||
Interest on mortgage-backed securities and collateralized mortgage obligations | 103 | 142 | 394 | ||||||||||||
Interest on interest-bearing deposits | 223 | 158 | 372 | ||||||||||||
Total Interest Income | $ 3,930 | $ 3,539 | $ 3,328 | $ 3,026 | $ 3,151 | $ 3,111 | $ 2,859 | $ 2,728 | $ 2,744 | $ 2,651 | 6,262 | $ 5,395 | 13,823 | 10,982 | |
Non-Interest Income | |||||||||||||||
Gain on sale of available-for-sale securities, net | 211 | 141 | 8 | ||||||||||||
Total Non-Interest Income | 4,586 | 6,195 | 3,945 | 2,144 | 1,568 | 2,205 | 1,944 | 986 | 676 | 758 | 3,773 | 1,434 | 16,870 | 4,364 | |
Non-Interest Expense | |||||||||||||||
Occupancy | 870 | 1,865 | 1,241 | ||||||||||||
Professional fees | 339 | 781 | 679 | ||||||||||||
Other expenses | 680 | 1,470 | 1,061 | ||||||||||||
Total Non-Interest Expense | 4,820 | 5,742 | 3,979 | 3,929 | 3,330 | 3,602 | 3,144 | 2,700 | 2,513 | 2,378 | 6,932 | 4,891 | 18,470 | 10,735 | |
Loss before income taxes | 2,841 | 2,848 | 2,086 | 197 | 289 | 434 | 534 | 38 | 143 | 358 | 723 | 501 | 7,972 | 1,073 | |
Income Tax Benefit | 781 | 785 | 590 | 48 | 82 | 101 | 126 | (24) | 4 | 88 | 183 | 92 | 2,204 | 194 | |
Net Income | $ 2,060 | $ 2,063 | $ 1,496 | $ 149 | $ 207 | $ 333 | $ 408 | $ 62 | $ 139 | $ 270 | 540 | $ 409 | 5,768 | 879 | |
Unrealized gain on available-for-sale securities (pre-tax $478, $85 and $1,027) | 61 | 355 | 724 | ||||||||||||
Reclassification adjustment for gains included in income (pre-tax ($211), ($8) and ($35), respectively) | [1] | (149) | (99) | (6) | |||||||||||
Other comprehensive income (loss) | (88) | 256 | 718 | ||||||||||||
Comprehensive Income | $ 452 | $ 6,024 | $ 1,597 | ||||||||||||
Net Income per share: | |||||||||||||||
Basic | $ 1.02 | $ 1.02 | $ 0.73 | $ 0.07 | $ 0.10 | $ 0.16 | $ 0.20 | $ 0.03 | $ 0.07 | $ 0.13 | $ 0.26 | $ 2.84 | $ 0.43 | ||
Diluted | $ 1.02 | $ 1.02 | $ 0.73 | $ 0.07 | $ 0.10 | $ 0.16 | $ 0.20 | $ 0.03 | $ 0.07 | $ 0.13 | $ 0.26 | $ 2.84 | $ 0.43 | ||
Parent Company | |||||||||||||||
Interest and dividends on investments: | |||||||||||||||
Taxable | $ 35 | $ 65 | $ 97 | ||||||||||||
Interest on mortgage-backed securities and collateralized mortgage obligations | 12 | 15 | 68 | ||||||||||||
Interest on interest-bearing deposits | 1 | ||||||||||||||
Interest from ESOP Loan | 63 | 104 | 115 | ||||||||||||
Total Interest Income | 110 | 185 | 280 | ||||||||||||
Non-Interest Income | |||||||||||||||
Gain on sale of available-for-sale securities, net | 1 | ||||||||||||||
Total Non-Interest Income | 1 | ||||||||||||||
Non-Interest Expense | |||||||||||||||
Occupancy | 2 | 4 | |||||||||||||
Professional fees | 54 | 115 | 176 | ||||||||||||
Other expenses | 63 | 135 | 131 | ||||||||||||
Total Non-Interest Expense | 119 | 250 | 311 | ||||||||||||
Loss before income taxes | (9) | (65) | (30) | ||||||||||||
Income Tax Benefit | (2) | (13) | (5) | ||||||||||||
Loss before equity in undistributed net earnings of subsidiary | (7) | (52) | (25) | ||||||||||||
Equity in undistributed net earnings of subsidiary | 547 | 5,820 | 904 | ||||||||||||
Net Income | 540 | 5,768 | 879 | ||||||||||||
Unrealized gain on available-for-sale securities (pre-tax $478, $85 and $1,027) | 61 | 355 | 724 | ||||||||||||
Reclassification adjustment for gains included in income (pre-tax ($211), ($8) and ($35), respectively) | (149) | (99) | (6) | ||||||||||||
Other comprehensive income (loss) | (88) | 256 | 718 | ||||||||||||
Comprehensive Income | $ 452 | $ 6,024 | $ 1,597 | ||||||||||||
Net Income per share: | |||||||||||||||
Basic | $ 0.26 | $ 2.84 | $ 0.43 | ||||||||||||
Diluted | $ 0.26 | $ 2.84 | $ 0.43 | ||||||||||||
[1] | Amounts are included in gain on sale of available-for-sale securities on the Consolidated Statements of Income as a separate element within non-interest income. Income tax expense is included in the Consolidated Statements of Income. |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only - Condensed Statement of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Jun. 30, 2019 | |
Condensed Income Statements Captions [Line Items] | |||
Unrealized (loss) gain on available-for-sale securities, pre-tax | $ 85 | $ 504 | $ 1,027 |
Reclassification adjustment for gains included in income, pre-tax | 211 | 141 | 8 |
Parent Company | |||
Condensed Income Statements Captions [Line Items] | |||
Unrealized (loss) gain on available-for-sale securities, pre-tax | 85 | 478 | 1,027 |
Reclassification adjustment for gains included in income, pre-tax | $ (211) | $ (141) | $ (8) |
Condensed Financial Informati_6
Condensed Financial Information - Parent Company Only - Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | ||||
Net income | $ 540 | $ 5,768 | $ 879 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation | 271 | 587 | 378 | |
Net amortization of securities premiums and discounts | 36 | 25 | 105 | |
Gain on sale of available-for-sale securities, net | (211) | (141) | (8) | |
Deferred income taxes | 23 | 396 | 337 | |
Decrease (increase) in: | ||||
Accrued interest receivable | 144 | (522) | (171) | |
Prepaid federal income taxes | 102 | 312 | (160) | |
Prepaid and other assets | (231) | (1,976) | (1) | |
(Increase) decrease in: | ||||
Other liabilities | 278 | 3,628 | 213 | |
Net cash used in operating activities | (1,958) | $ (499) | (37,425) | (18,374) |
Activity in available-for-sale securities: | ||||
Proceeds from sales | 12,007 | 4,883 | 6,990 | |
Maturities and repayments | 5,659 | 8,021 | 5,350 | |
Net cash used in investing activities | (1,037) | (19,721) | (62,469) | (20,235) |
Cash Flows from Financing Activities | ||||
Proceeds from exercise of stock option | 24 | |||
Net cash provided by financing activities | 3,386 | 22,467 | 493,859 | 44,098 |
Increase in Cash and Cash Equivalents | 391 | 2,247 | 393,965 | 5,489 |
Cash and Cash Equivalents, beginning of year | 20,234 | 14,745 | 20,625 | 14,745 |
Cash and Cash Equivalents, end of year | 20,625 | 16,992 | 414,590 | 20,234 |
Parent Company | ||||
Cash Flows from Operating Activities | ||||
Net income | 540 | 5,768 | 879 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Equity in undistributed net earnings of subsidiary | (547) | (5,820) | (904) | |
Depreciation | 2 | 4 | ||
Net amortization of securities premiums and discounts | 2 | 11 | ||
Gain on sale of available-for-sale securities, net | (1) | |||
Decrease (increase) in: | ||||
Accrued interest receivable | 2 | 3 | 16 | |
Prepaid federal income taxes | (2) | 62 | (5) | |
Prepaid and other assets | 126 | (206) | (9) | |
(Increase) decrease in: | ||||
Other liabilities | (34) | 4 | (19) | |
Net cash used in operating activities | 89 | (189) | (28) | |
Cash Flows from Investing Activities | ||||
ESOP repayment | 67 | 125 | 132 | |
Activity in available-for-sale securities: | ||||
Proceeds from sales | 2,284 | |||
Maturities and repayments | 706 | 788 | 818 | |
Purchase of Equity securities | (500) | |||
Investment in Subsidiary | (3,000) | |||
Net cash used in investing activities | 773 | 913 | (266) | |
Cash Flows from Financing Activities | ||||
Proceeds from exercise of stock option | 24 | |||
Purchase of treasury stock | (1,089) | (3) | ||
Net cash provided by financing activities | (1,065) | (3) | ||
Increase in Cash and Cash Equivalents | 862 | (341) | (297) | |
Cash and Cash Equivalents, beginning of year | 425 | $ 722 | 1,287 | 722 |
Cash and Cash Equivalents, end of year | $ 1,287 | $ 946 | $ 425 |
Consolidated Summary of Quart_3
Consolidated Summary of Quarterly Earnings (Unaudited) - Summary of Quarterly Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jun. 30, 2019 | |
Quarterly Financial Data [Abstract] | ||||||||||||||
Total Interest Income | $ 3,930 | $ 3,539 | $ 3,328 | $ 3,026 | $ 3,151 | $ 3,111 | $ 2,859 | $ 2,728 | $ 2,744 | $ 2,651 | $ 6,262 | $ 5,395 | $ 13,823 | $ 10,982 |
Total Interest Expense | 732 | 720 | 758 | 933 | 1,062 | 1,036 | 838 | 735 | 740 | 614 | 2,098 | 1,354 | 3,143 | 2,927 |
Net Interest Income | 3,198 | 2,819 | 2,570 | 2,093 | 2,089 | 2,075 | 2,021 | 1,993 | 2,004 | 2,037 | 4,164 | 4,041 | 10,680 | 8,055 |
Provision (Credit) for Loan Losses | 123 | 424 | 450 | 111 | 38 | 244 | 287 | 241 | 24 | 59 | 282 | 83 | 1,108 | 611 |
Total Non-Interest Income | 4,586 | 6,195 | 3,945 | 2,144 | 1,568 | 2,205 | 1,944 | 986 | 676 | 758 | 3,773 | 1,434 | 16,870 | 4,364 |
Total Non-Interest Expense | 4,820 | 5,742 | 3,979 | 3,929 | 3,330 | 3,602 | 3,144 | 2,700 | 2,513 | 2,378 | 6,932 | 4,891 | 18,470 | 10,735 |
Income Before Income Taxes | 2,841 | 2,848 | 2,086 | 197 | 289 | 434 | 534 | 38 | 143 | 358 | 723 | 501 | 7,972 | 1,073 |
Income tax expense (benefit) | 781 | 785 | 590 | 48 | 82 | 101 | 126 | (24) | 4 | 88 | 183 | 92 | 2,204 | 194 |
Net Income | $ 2,060 | $ 2,063 | $ 1,496 | $ 149 | $ 207 | $ 333 | $ 408 | $ 62 | $ 139 | $ 270 | $ 540 | $ 409 | $ 5,768 | $ 879 |
Basic earnings per share | $ 1.02 | $ 1.02 | $ 0.73 | $ 0.07 | $ 0.10 | $ 0.16 | $ 0.20 | $ 0.03 | $ 0.07 | $ 0.13 | $ 0.26 | $ 2.84 | $ 0.43 | |
Diluted earnings per share | $ 1.02 | $ 1.02 | $ 0.73 | $ 0.07 | $ 0.10 | $ 0.16 | $ 0.20 | $ 0.03 | $ 0.07 | $ 0.13 | $ 0.26 | $ 2.84 | $ 0.43 |