Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HVBC | |
Entity Registrant Name | HV BANCORP, INC. | |
Entity Central Index Key | 0001594555 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | 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 | 2,175,530 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | PA | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 3,230 | $ 1,625 |
Non interest-earning deposits with banks | 6,140 | |
Interest-earning deposits with banks | 71,096 | 410,853 |
Federal funds sold | 4,217 | 2,112 |
Cash and cash equivalents | 84,683 | 414,590 |
Investment securities available-for-sale, at fair value | 39,340 | 23,518 |
Equity securities | 500 | 500 |
Loans held-for-sale, at fair value | 68,593 | 83,549 |
Loans receivable, net of allowance for loan losses of $2,459 at September 30, 2021 and $2,017 at December 31, 2020 | 313,435 | 313,811 |
Bank-owned life insurance | 6,519 | 6,408 |
Restricted investment in bank stock | 1,922 | 1,721 |
Premises and equipment, net | 3,316 | 2,834 |
Operating lease right-of-use assets | 8,888 | 7,685 |
Accrued interest receivable | 1,455 | 1,489 |
Mortgage banking derivatives | 2,800 | 2,899 |
Mortgage servicing rights | 3,440 | 2,041 |
Other assets | 1,426 | 562 |
Total Assets | 536,317 | 861,607 |
Liabilities | ||
Deposits | 439,888 | 730,826 |
Advances from the Federal Home Loan Bank | 26,390 | 26,269 |
Advances from the Federal Reserve's Paycheck Protection Program liquidity facility ("PPPLF") | 3,793 | 48,682 |
Subordinated debt | 9,997 | |
Operating lease liabilities | 9,226 | 7,946 |
Advances from borrowers for taxes and insurance | 417 | 2,131 |
Other liabilities | 4,137 | 6,826 |
Total Liabilities | 493,848 | 822,680 |
Shareholders’ Equity | ||
Preferred Stock, $0.01 par value, 2,000,000 shares authorized; no shares issued and outstanding as of September 30, 2021 and December 31, 2020 | ||
Common Stock, $0.01 par value, 20,000,000 shares authorized; 2,272,625 and 2,270,725 shares issued as of September 30, 2021 and December 31, 2020, respectively; 2,175,530 and 2,189,408 shares outstanding as of September 30, 2021 and December 31, 2020, respectively | 23 | 23 |
Treasury Stock, at cost (97,095 shares at September 30, 2021 and 81,317 December 31, 2020) | (1,366) | (1,092) |
Additional paid-in capital | 21,251 | 21,011 |
Retained earnings | 24,442 | 20,741 |
Accumulated other comprehensive income | 23 | 238 |
Unearned Employee Stock Option Plan | (1,904) | (1,994) |
Total Shareholders' Equity | 42,469 | 38,927 |
Total Liabilities and Shareholders' Equity | $ 536,317 | $ 861,607 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $ 2,459 | $ 2,017 |
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 | 2,272,625 | 2,270,725 |
Common stock, shares outstanding | 2,175,530 | 2,189,408 |
Treasury stock, shares | 97,095 | 81,317 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest Income | ||||
Interest and fees on loans | $ 4,319,000 | $ 3,383,000 | $ 11,735,000 | $ 9,329,000 |
Interest and dividends on investments: | ||||
Taxable | 147,000 | 101,000 | 421,000 | 289,000 |
Nontaxable | 21,000 | 7,000 | 55,000 | 30,000 |
Interest on mortgage-backed securities and collateralized mortgage obligations | 38,000 | 25,000 | 95,000 | 117,000 |
Interest on interest-earning deposits and federal funds sold | 34,000 | 23,000 | 134,000 | 128,000 |
Total Interest Income | 4,559,000 | 3,539,000 | 12,440,000 | 9,893,000 |
Interest Expense | ||||
Interest on deposits | 350,000 | 567,000 | 1,134,000 | 1,919,000 |
Interest on advances from the Federal Home Loan Bank | 99,000 | 104,000 | 295,000 | 424,000 |
Interest on advances from the Federal Reserve PPPLF | 10,000 | 49,000 | 69,000 | 68,000 |
Interest on subordinated debt | 114,000 | 157,000 | ||
Total Interest Expense | 573,000 | 720,000 | 1,655,000 | 2,411,000 |
Net interest income | 3,986,000 | 2,819,000 | 10,785,000 | 7,482,000 |
Provision for Loan Losses | 229,000 | 424,000 | 644,000 | 985,000 |
Net interest income after provision for loan losses | 3,757,000 | 2,395,000 | 10,141,000 | 6,497,000 |
Non-Interest Income | ||||
Fees for customer services | 135,000 | 41,000 | 306,000 | 111,000 |
Increase in cash surrender value of bank-owned life insurance | 37,000 | 39,000 | 111,000 | 115,000 |
Gain on sale of loans, net | 3,035,000 | 3,044,000 | 11,170,000 | 7,000,000 |
Gain on sale of available-for-sale securities, net | 96,000 | 96,000 | 141,000 | |
(Loss) Gain from derivative instruments, net | (422,000) | 1,015,000 | 55,000 | 2,479,000 |
Change in fair value of loans held-for-sale | 438,000 | 1,988,000 | (626,000) | 2,281,000 |
Other | 68,000 | 172,000 | 157,000 | |
Total Non-Interest Income | 3,319,000 | 6,195,000 | 11,284,000 | 12,284,000 |
Non-Interest Expense | ||||
Salaries and employee benefits | 3,527,000 | 3,720,000 | 10,227,000 | 8,501,000 |
Occupancy | 588,000 | 473,000 | 1,665,000 | 1,356,000 |
Federal deposit insurance premiums | 60,000 | 69,000 | 416,000 | 189,000 |
Data processing related operations | 358,000 | 331,000 | 1,077,000 | 806,000 |
Professional fees | 262,000 | 186,000 | 769,000 | 522,000 |
Other expenses | 802,000 | 963,000 | 2,176,000 | 2,276,000 |
Total Non-Interest Expense | 5,597,000 | 5,742,000 | 16,330,000 | 13,650,000 |
Income before income taxes | 1,479,000 | 2,848,000 | 5,095,000 | 5,131,000 |
Income Tax Expense | 362,000 | 785,000 | 1,394,000 | 1,423,000 |
Net Income | $ 1,117,000 | $ 2,063,000 | $ 3,701,000 | $ 3,708,000 |
Net Income per share: | ||||
Basic | $ 0.56 | $ 1.02 | $ 1.86 | $ 1.82 |
Diluted | $ 0.54 | $ 1.02 | $ 1.82 | $ 1.82 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net Income | $ 1,117,000 | $ 2,063,000 | $ 3,701,000 | $ 3,708,000 | |
Other comprehensive (loss) income, net of tax: | |||||
Unrealized (loss) gain on available-for-sale securities (pre-tax ($162) and $44, and ($208) and $153, respectively) | (114,000) | 31,000 | (147,000) | 306,000 | |
Reclassification for gains included in income (pre-tax ($(0) and ($141) and ($0) and ($141), respectively) | [1] | (68,000) | (68,000) | (99,000) | |
Other comprehensive (loss) income | (182,000) | 31,000 | (215,000) | 207,000 | |
Comprehensive Income | $ 935,000 | $ 2,094,000 | $ 3,486,000 | $ 3,915,000 | |
[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. |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on available-for-sale securities, pre-tax | $ (162) | $ 44 | $ (208) | $ 153 |
Reclassification for gains included in income, pre-tax | $ (96) | $ 0 | $ (96) | $ (141) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Total | Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Unearned ESOP Shares |
Beginning balance at Dec. 31, 2019 | $ 33,599,000 | $ 23,000 | $ (3,000) | $ 20,740,000 | $ 14,973,000 | $ (18,000) | $ (2,116,000) |
Beginning balance, shares at Dec. 31, 2019 | 2,268,917 | ||||||
ESOP shares committed to be released | 95,000 | 4,000 | 91,000 | ||||
Treasury stock purchased | (582,000) | (582,000) | |||||
Treasury stock purchases, shares | (47,715) | ||||||
Stock option exercise | $ 24,000 | 24,000 | |||||
Stock option exercise (in shares) | 1,600 | 1,600 | |||||
Stock option expense | $ 45,000 | 45,000 | |||||
Restricted stock expense | 139,000 | 139,000 | |||||
Net Income | 3,708,000 | 3,708,000 | |||||
Other comprehensive income (loss) | 207,000 | 207,000 | |||||
Ending balance at Sep. 30, 2020 | 37,235,000 | $ 23,000 | (585,000) | 20,952,000 | 18,681,000 | 189,000 | (2,025,000) |
Ending balance, shares at Sep. 30, 2020 | 2,222,802 | ||||||
Beginning balance at Jun. 30, 2020 | 35,257,000 | $ 23,000 | (379,000) | 20,893,000 | 16,618,000 | 158,000 | (2,056,000) |
Beginning balance, shares at Jun. 30, 2020 | 2,239,253 | ||||||
ESOP shares committed to be released | 30,000 | (1,000) | 31,000 | ||||
Treasury stock purchased | (206,000) | (206,000) | |||||
Treasury stock purchases, shares | (16,451) | ||||||
Stock option expense | 15,000 | 15,000 | |||||
Restricted stock expense | 45,000 | 45,000 | |||||
Net Income | 2,063,000 | 2,063,000 | |||||
Other comprehensive income (loss) | 31,000 | 31,000 | |||||
Ending balance at Sep. 30, 2020 | 37,235,000 | $ 23,000 | (585,000) | 20,952,000 | 18,681,000 | 189,000 | (2,025,000) |
Ending balance, shares at Sep. 30, 2020 | 2,222,802 | ||||||
Beginning balance at Dec. 31, 2020 | 38,927,000 | $ 23,000 | (1,092,000) | 21,011,000 | 20,741,000 | 238,000 | (1,994,000) |
Beginning balance, shares at Dec. 31, 2020 | 2,189,408 | ||||||
ESOP shares committed to be released | 121,000 | 31,000 | 90,000 | ||||
Treasury stock purchased | (274,000) | (274,000) | |||||
Treasury stock purchases, shares | (15,778) | ||||||
Stock option exercise | $ 28,000 | 28,000 | |||||
Stock option exercise (in shares) | 1,900 | 1,900 | |||||
Stock option expense | $ 45,000 | 45,000 | |||||
Restricted stock expense | 136,000 | 136,000 | |||||
Net Income | 3,701,000 | 3,701,000 | |||||
Other comprehensive income (loss) | (215,000) | (215,000) | |||||
Ending balance at Sep. 30, 2021 | 42,469,000 | $ 23,000 | (1,366,000) | 21,251,000 | 24,442,000 | 23,000 | (1,904,000) |
Ending balance, shares at Sep. 30, 2021 | 2,175,530 | ||||||
Beginning balance at Jun. 30, 2021 | 41,437,000 | $ 23,000 | (1,359,000) | 21,178,000 | 23,325,000 | 205,000 | (1,935,000) |
Beginning balance, shares at Jun. 30, 2021 | 2,175,874 | ||||||
ESOP shares committed to be released | 44,000 | 13,000 | 31,000 | ||||
Treasury stock purchased | (7,000) | (7,000) | |||||
Treasury stock purchases, shares | (344) | ||||||
Stock option expense | 15,000 | 15,000 | |||||
Restricted stock expense | 45,000 | 45,000 | |||||
Net Income | 1,117,000 | 1,117,000 | |||||
Other comprehensive income (loss) | (182,000) | (182,000) | |||||
Ending balance at Sep. 30, 2021 | $ 42,469,000 | $ 23,000 | $ (1,366,000) | $ 21,251,000 | $ 24,442,000 | $ 23,000 | $ (1,904,000) |
Ending balance, shares at Sep. 30, 2021 | 2,175,530 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 3,701,000 | $ 3,708,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 508,000 | 440,000 |
Accretion of net deferred loan fees | (2,031,000) | (7,000) |
Amortization of net securities premiums | 67,000 | 14,000 |
Amortization of operating lease right-of-use assets | 639,000 | 455,000 |
Amortization of Federal Home Loan Bank premium | 121,000 | |
Gain on sale of available-for-sale securities, net | (96,000) | (141,000) |
Gain from derivative instruments, net | (55,000) | (2,479,000) |
Provision for Loan Losses | 644,000 | 985,000 |
Deferred income taxes | (309,000) | 825,000 |
Earnings on bank owned life insurance | (111,000) | (115,000) |
Stock based compensation expense | 181,000 | 184,000 |
ESOP compensation expense | 121,000 | 95,000 |
Loans held for sale: | ||
Originations, net of prepayments | (479,224,000) | (415,956,000) |
Proceeds from sales | 504,724,000 | 363,012,000 |
Gain on sales | (11,170,000) | (7,000,000) |
Change in fair value of loans held for sale | 626,000 | (2,281,000) |
Changes in assets and liabilities which provided (used) cash: | ||
Accrued interest receivable | 34,000 | (311,000) |
Other assets | (2,263,000) | (1,427,000) |
Other liabilities | (2,699,000) | 2,328,000 |
Net cash provided by (used in) operating activities | 13,408,000 | (57,671,000) |
Cash Flows from Investing Activities | ||
Net decrease (increase) in loans receivable | 1,763,000 | (61,769,000) |
Activity in available-for-sale securities: | ||
Proceeds from sales | 2,668,000 | 4,883,000 |
Maturities and repayments | 5,102,000 | 6,110,000 |
Purchases | (23,867,000) | (7,377,000) |
Purchases of restricted investment in bank stock | (891,000) | (1,536,000) |
Redemption of restricted investment in bank stock | 690,000 | 1,374,000 |
Purchases of premises and equipment | (990,000) | (631,000) |
Net cash used in investing activities | (15,525,000) | (58,946,000) |
Cash Flows from Financing Activities | ||
Net (decrease) increase in deposits | (290,938,000) | 87,349,000 |
Net decrease in advances from borrowers for taxes and insurance | (1,714,000) | (577,000) |
Net proceeds from issuance of subordinated debt | 9,997,000 | |
Proceeds of long-term borrowings from the FHLB | 26,190,000 | |
Repayment of long-term borrowings from the FHLB | (27,000,000) | |
Proceeds from the FRB PPPLF | 57,714,000 | |
Repayment of borrowings from the FRB PPPLF | (44,889,000) | |
Proceeds from stock option exercise | 28,000 | 24,000 |
Purchase of treasury stock | (274,000) | (582,000) |
Net cash (used in) provided by financing activities | (327,790,000) | 143,118,000 |
(Decrease) Increase in Cash and Cash Equivalents | (329,907,000) | 26,501,000 |
Cash and Cash Equivalents, beginning of year | 414,590,000 | 20,625,000 |
Cash and Cash Equivalents, end of year | 84,683,000 | 47,126,000 |
Supplementary Disclosure of Cash Flow Information | ||
Cash paid during the year of interest | 1,749,000 | 1,893,000 |
Cash paid during the year for income taxes | 2,708,000 | 127,000 |
Recognition of operating lease right-of-use assets | 1,864,000 | 2,240,000 |
Recognition of operating lease obligations | $ 1,864,000 | $ 2,228,000 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Recent Accounting Pronouncements | 1. ORGANIZATION, BASIS OF PRESENTATION and RECENT ACCOUNTING PRONOUNCEMENTS Organization 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. Shares of the Company began trading on the Nasdaq Capital Market on January 12, 2017. The Company is subject to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Bank”). T he 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 (“PADOBs”). 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, as an investment company subsidiary to hold and manage certain investments. HVB Investment Management Inc. became operational in January 2021. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2020 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission on March 30, 2021 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. 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 September 30, 2021, the Company had 3 loan modification agreements with a balance of $1.0 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 PPP. As of September 30, 2021, the Company had a total outstanding balance of approximately $35.6 million and recognized approximately $1.0 million and $2.7 million in interest income related to the PPP loans for the three months and nine months ended September 30, 2021 for round 1 and 2 of PPP. For further discussion, see COVID-19 update section of Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations. Principles of Consolidation The unaudited interim consolidated financial statements include 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 the Preparation of Financial Statements 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 Statement 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 (“OTTI”), interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale and the valuation of deferred tax assets. 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 as the 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. I n July 2021, the FASB issued ASU 2021-05, Leases (Topic 842), which amends ASC 842 so that lessors are no longer required to recognize a selling loss upon commencement of a lease with variable lease payments that, prior to the amendments, would have been classified as a sales-type or direct financing lease. Furthermore, a lessor must classify as an operating lease any lease that would otherwise be classified as a sales-type or direct financing lease and that would result in the recognition of a selling loss at lease commencement, provided that the lease includes variable lease payments that do not depend on an index or rate. For public business entities and certain not-for-profit entities and employee benefit plans that have adopted ASC 842, the amendments are effective for fiscal years beginning after December 15, 2021, and for interim periods within those fiscal years. For all other entities that have adopted ASC 842, the amendments are effective for fiscal years beginning after December 15, 2021, and for interim periods within fiscal years beginning after December 15, 2022. All entities that have adopted ASC 842 are permitted to early adopt the amendments in ASU 2021-05. The amendments in ASU 2021-05 are effective as of the same date as the guidance in ASC 842 for entities that have not adopted ASC 842. This Update is not expected to have a significant impact on the Company’s financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 2. INVESTMENT SECURITIES Investment securities available-for-sale was comprised of the following: September 30, 2021 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 2,895 $ 8 $ (62 ) $ 2,841 Corporate notes 13,103 176 (54 ) 13,225 Collateralized mortgage obligations - agency residential 7,864 21 (55 ) 7,830 Mortgage-backed securities - agency residential 9,023 48 (58 ) 9,013 Municipal securities 5,923 56 (56 ) 5,923 Bank CDs 499 9 — 508 $ 39,307 $ 318 $ (285 ) $ 39,340 Investment securities available-for-sale was 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 The scheduled maturities of securities available-for-sale at September 30, 2021 September 30, 2021 Available-for-Sale Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 1,259 $ 1,265 Due from one to five years 4,814 4,808 Due from after five to ten years 12,215 12,267 Due after ten years 21,019 21,000 $ 39,307 $ 39,340 Securities with a fair value of $4.1 million and $4.4 million at September 30, 2021 and December 31, 2020, respectively, were pledged to secure public deposits and for other purposes as required by law. There were $2.7 $96,000 Proceeds from the sale of available-for-sale securities for the three and nine months ended September 30, 2020 was $422,000 and $4.9 million. For the three months ended September 30, 2020, there were $10,000 in gross realized gains and $10,000 in gross realized losses. For the nine months ended September 30, 2020, gross realized gains were $141,000 and there were no gross realized losses. The following tables summarize the unrealized loss positions of securities available-for-sale as of September 30, 2021 and December 31, 2020: September 30, 2021 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 $ 2,539 $ (62 ) $ — $ — $ 2,539 $ (62 ) Corporate notes 4,621 (54 ) — — 4,621 (54 ) Collateralized mortgage obligations 3,995 (52 ) 229 (3 ) 4,224 (55 ) Mortgage-backed securities 6,361 (58 ) — — 6,361 (58 ) Municipal securities 4,312 (56 ) — — 4,312 (56 ) Bank CDs — — — — — — $ 21,828 $ (282 ) $ 229 $ (3 ) $ 22,057 $ (285 ) 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 — — 532 (6 ) 532 (6 ) Mortgage-backed securities — — — — — — Municipal securities — — — — — — Bank CDs — — — — — — $ 3,420 $ (9 ) $ 1,032 $ (7 ) $ 4,452 $ (16 ) At September 30, 2021, the investment portfolio included five U.S. Government and Agency securities with total fair values of $2.8 million. At December 31, 2020, the investment portfolio included two U.S Government securities with total fair value of $391,000. As of September 30, 2021, there were three securities in an unrealized loss position. There were no securities in an unrealized loss position as of December 31, 2020. The U.S Government securities are zero risk weighted for capital purposes and are guaranteed for repayment of principal and interest. As of September 30, 2021 and December 31, 2020, management found no evidence of other-than-temporary impairment (“OTTI”) on any of the U.S. Governmental securities in an unrealized loss position 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 September 30, 2021 and December 31, 2020, the investment portfolio included seventeen and thirteen corporate notes, respectively with total fair values of $13.2 million and $9.6 million. Of these securities, six and five were in an unrealized loss position as of September 30, 2021 and December 31, 2020, respectively. At the time of purchase and as of September 30, 2021 and December 31, 2020, these bonds in an unrealized loss position continue to maintain investment grade ratings. As of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, the investment portfolio included thirty-two and twenty-seven collateralized mortgage obligations (“CMOs”) with total fair values of $7.8 million and $3.9 million, respectively. Of these securities, fourteen and eleven were in an unrealized loss position as of September 30, 2021 and December 31, 2020, respectively. The CMO portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, the investment portfolio included twenty-one and sixteen mortgage backed securities (“MBS”) with a total fair value of $9.0 million and $5.7 million, respectively. As of September 30, 2021, there were eight securities in an unrealized loss position. As of December 31, 2020, there no securities were in an unrealized loss position. The MBS portfolio is comprised of 100% agency (FHLMC, FNMA and GNMA) investment grade bonds. As of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, the investment portfolio included ten and six municipal securities for both periods with a total fair value of $5.9 million and $3.0 million, respectively. Of these securities, seven were in an unrealized loss position as of September 30, 2021. As of December 31, 2020, none of the securities were in an unrealized loss position. The Company’s municipal portfolio issuers are located in Pennsylvania and at the time of purchase, and as of September 30, 2021 and December 31, 2020, continue to maintain investment grade ratings. As of September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, the investment portfolio included two and four Bank Certificates of Deposit (“CDs”) with a total fair value of $508,000 and $1.0 million for both periods. As of September 30, 2021 and December 31, 2020, there were no securities in an unrealized loss position. The Bank CDs |
Equity Securities
Equity Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Equity Securities | 3. EQUITY SECURITIES The Company maintains an equity security portfolio that consists of $500,000 at September 30, 2021, and December 31, 2020. As of September 30, 2021 and December 31, 2020, 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 September 30, 2021, and December 31, 2020: September 30, 2021 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 December 31, 2020 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 At September 30, 2021 and December 31, 2020, the Company performed a qualitative assessment considering impairment indictors to evaluate whether the investment was impaired and determined the investment was not impaired. |
Loans Receivable
Loans Receivable | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans Receivable | 4. LOANS RECEIVABLE Loans receivable were comprised of the following: September 30, December 31, (Dollars in thousands) 2021 2020 Residential: One-to-four family $ 106,858 $ 141,891 Home equity and HELOCs 2,813 3,993 Commercial: Commercial real estate 109,284 68,705 Commercial business 24,860 24,152 SBA PPP loans 35,604 64,380 Main Street Lending Program 1,556 1,556 Construction 31,477 7,299 Consumer: Medical education 4,466 5,105 Other 5 33 316,923 317,114 Unearned discounts, origination and commitment fees and costs (1,029 ) (1,286 ) Allowance for loan losses (2,459 ) (2,017 ) $ 313,435 $ 313,811 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 September 30, 2021, the balance of the private education loans was $4.5 million. The private student loans were made following a proven credit criteria and were underwritten in accordance with the Bank’s policies. At September 30, 2021, there were no loans past due 90 days or more. Overdraft deposits are reclassified as other consumer and are included in the total loans on the statements of financial condition. Overdrafts were $5,000 and $33,000 at September 30, 2021, The following tables summarize the activity in the allowance for loan losses by loan class for the three months ended September 30, 2021 and 2020: Allowance for Loan Losses For the three months ended September 30, 2021 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 522 $ — $ — $ (42 ) $ 480 $ — $ 480 Home equity and HELOCs 12 — — (2 ) 10 — 10 Commercial: Commercial real estate 691 — — 189 880 — 880 Commercial business 280 — — 13 293 — 293 SBA PPP loans — — — — — — — Main Street Lending Program 27 — — — 27 — 27 Construction 346 — — 36 382 — 382 Consumer: Medical education 382 (38 ) 8 35 387 — 387 Other — — — — — — — Unallocated — — — — — — — $ 2,260 $ (38 ) $ 8 $ 229 $ 2,459 $ — $ 2,459 Allowance for Loan Losses For the three months ended September 30, 2020 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 768 $ — $ — $ (73 ) $ 695 $ — $ 695 Home equity and HELOCs 39 — — (23 ) 16 — 16 Commercial: Commercial real estate 332 — — 96 428 — 428 Commercial business 157 — — 64 221 — 221 SBA PPP loans — — — — — Construction 27 — — 13 40 — 40 Consumer: Medical education 338 (360 ) — 379 357 — 357 Other — — — — — — — Unallocated 184 — — (32 ) 152 — 152 $ 1,845 $ (360 ) $ — $ 424 $ 1,909 $ — $ 1,909 The following tables summarize the activity in the allowance for loan losses by loan class for the nine months ended September 30, 2021 and 2020: Allowance for Loan Losses For the nine months ended September 30, 2021 (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 $ 637 $ — $ — $ (157 ) $ 480 $ — $ 480 Home equity and HELOCs 15 — — (5 ) 10 — 10 Commercial: Commercial real estate 519 — — 361 880 — 880 Commercial business 280 — — 13 293 — 293 SBA PPP loans — — — — — — — Main Street Lending Program 27 — — — 27 — 27 Construction 74 — — 308 382 — 382 Consumer: Medical education 367 (210 ) 8 222 387 — 387 Other — — — — — — — Unallocated 98 — — (98 ) — — — $ 2,017 $ (210 ) $ 8 $ 644 $ 2,459 $ — $ 2,459 Allowance for Loan Losses For the nine months ended September 30, 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 $ — $ — $ (6 ) $ 695 $ — $ 695 Home equity and HELOCs 44 — — (28 ) 16 — 16 Commercial: Commercial real estate 229 — — 199 428 — 428 Commercial business 122 — — 99 221 — 221 SBA PPP loans — — — — — — — Construction 8 — — 32 40 — 40 Consumer: Medical education 333 (514 ) 1 537 357 — 357 Other — — — — — — — Unallocated — — — 152 152 — 152 $ 1,437 $ (514 ) $ 1 $ 985 $ 1,909 $ — $ 1,909 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. 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 during 2020. 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 with respect to the recorded investment in loans receivable by loan class as of September 30, 2021 and December 31, 2020: September 30, 2021 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 106,858 $ 737 $ 106,121 Home equity and HELOCs 2,813 — 2,813 Commercial Commercial real estate 109,284 184 109,090 Commercial business 24,860 77 24,783 SBA PPP loans 35,604 — 35,604 Main Street Lending Program 1,556 — 1,556 Construction 31,477 1,922 29,555 Consumer: Medical education 4,466 — 4,466 Other 5 — 5 $ 316,923 $ 2,920 $ 313,993 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 The following table summarizes information about impaired loans by loan portfolio class as of September 30, 2021 and December 31, 2020 September 30, 2021 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential: One-to-four family $ 737 $ 886 $ — $ 932 $ 1,056 $ — Home equity and HELOCs — — — — — — Commercial: Commercial real estate 184 184 — 300 300 — Commercial business 77 77 — 96 96 — SBA PPP loans — — — — — — Main Street Lending Program — — — — — — Construction 1,922 1,922 — — — — Consumer: Medical education — — — — — — 2,920 3,069 — 1,328 1,452 — With an allowance recorded Residential: One-to-four family — — — — — — Home equity and HELOCs — — — — — — Commercial: Commercial real estate — — — — — — Commercial business — — — — — — SBA PPP loans — — — — — — Main Street Lending Program — — — — — — Consumer: Medical education — — — — — — — — — — — — $ 2,920 $ 3,069 $ — $ 1,328 $ 1,452 $ — The following table presents additional information regarding the impaired loans for the three months ended September 30, 2021 and Three Months Ended September 30, 2021 2020 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,019 $ — $ 886 $ — Home equity and HELOCs — — 19 — Commercial: Commercial real estate 186 3 307 6 Commercial business 80 1 105 2 SBA PPP loans — — — — Main Street Lending Program — — — — Construction 961 — — — Consumer: Medical education — — — — 2,246 4 1,317 8 With an allowance recorded Residential: One-to-four family — — — — Home equity and HELOCs — — — — Commercial: Commercial real estate — — — — Commercial business — — — — SBA PPP loans — — — — Main Street Lending Program — — — — Consumer: Medical education — — — — — — — — $ 2,246 $ 4 $ 1,317 $ 8 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $37,000 and $14,000 for the three months ended September 30, 2021, and 2020, respectively. The following table presents additional information regarding the impaired loans for the nine months ended September 30, 2021 and Nine Months Ended September 30, 2021 2020 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 971 $ — $ 1,219 $ — Home equity and HELOCs — — 157 — Commercial: Commercial real estate 584 33 311 17 Commercial business 87 3 111 5 SBA PPP loans — — — — Main Street Lending Program — — — — Construction 480 — — — Consumer: Medical education — — — — 2,122 36 1,798 22 With an allowance recorded Residential: One-to-four family — — — — Home equity and HELOCs — — — — Commercial: Commercial real estate — — — — Commercial business — — — — SBA PPP loans — — — — Main Street Lending Program — — — — Consumer: Medical education — — — — — — — — $ 2,122 $ 36 $ 1,798 $ 22 If these loans were performing under the original contractual rate, interest income on such loans would have increased approximately $69,000 and $52,000 for the nine months ended September 30, 2021, and 2020, respectively. The following table presents non-accrual loans by classes of the loan portfolio as of September 30, 2021, and December 31, 2020 September 30, December 31, (Dollars in thousands) 2021 2020 Residential: One-to-four family $ 737 $ 932 Home equity and HELOCs — — Commercial: Commercial real estate — — Commercial business — — SBA PPP loans — — Construction 1,922 — Consumer: Medical education 1,291 1,322 Other — — $ 3,950 $ 2,254 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 prospects for repayment. 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 as doubtful have all the weaknesses inherent in loans classified as 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. Included in the non-performing medical education loans are non-accrual loans that have been brought current through a status change to deferred status. The deferred status generally means the student is in medical residency. Generally, the loan may be restored to accrual status when the obligation is in accordance with the contractual terms for a reasonable period of time, generally six months. The following tables summarize the aggregate Pass and criticized categories of Special Mention, Substandard and Doubtful within the Company’s internal risk rating system as of September 30, 2021, and December 31, 2020: September 30, 2021 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 106,121 $ — $ 737 $ — $ 106,858 Home equity and HELOCs 2,813 — — — 2,813 Commercial: Commercial real estate 107,550 1,550 184 — 109,284 Commercial business 24,783 — 77 — 24,860 SBA PPP Loans 35,604 — — — 35,604 Main Street Lending Program 1,556 — — — 1,556 Construction 29,555 — 1,922 — 31,477 Consumer: Medical education 3,175 — 1,291 — 4,466 Other 5 — — — 5 $ 311,162 $ 1,550 $ 4,211 $ — $ 316,923 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 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 The following tables present the segments of the loan portfolio summarized by aging categories as of September 30, 2021, and December 31, 2020: September 30, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 50 $ 545 $ 338 $ 933 $ 105,925 $ 106,858 $ — Home equity and HELOCs — 68 — 68 2,745 2,813 — Commercial: Commercial real estate — — — — 109,284 109,284 — Commercial business 100 — — 100 24,760 24,860 — SBA PPP loans 270 41 — 311 35,293 35,604 — Main Street Lending Program — — — — 1,556 1,556 — Construction — — 1,922 1,922 29,555 31,477 — Consumer: Medical education 62 807 — 869 3,597 4,466 — Other — — — — 5 5 — $ 482 $ 1,461 $ 2,260 $ 4,203 $ 312,720 $ 316,923 $ — December 31, 2020 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and 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 $ — The Company 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 considered impaired loans for purposes of calculating the Company's allowance for loan losses. TDRs are restored to accrual status when the obligation is brought current, has performed in accordance with the modified 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 Company 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 September 30, 2021, we had 3 deferrals of either the full loan payment or the principal component of the loan payment on outstanding loan balances of $1.0 million in connection with the COVID-19 relief provided by the CARES Act. As of September 30, 2021, and December 31, 2020, the Company had two loans identified as TDRs totaling $201,000 and $227,000, respectively. At September 30, 2021, and December 31, 2020, the two TDRs were performing in compliance with their restructured terms and on accrual status. There were no modifications to loans classified as TDRs during the three and nine months ended September 30, 2021 and 2020. No additional loan commitments were outstanding to these borrowers at September 30, 2021, and December 31, 2020. At September 30, 2021 and December 31, 2020, there was no specific reserves related to the TDRs. The following table details the Company’s TDRs that are on accrual status and non-accrual status at September 30, 2021: As of September 30, 2021 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 124 $ — $ 124 Commercial business 1 77 — 77 Total 2 $ 201 $ — $ 201 The following table details the Company’s TDRs that are on accrual status and non-accrual status at December 31, 2020: As of 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 carrying amount of residential mortgage loans in the process of foreclosure was $92,000 and $294,000 at September 30, 2021 and December 31, 2020, respectively. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2021 | |
Transfers And Servicing [Abstract] | |
Mortgage Servicing Rights | 5. MORTGAGE SERVICING RIGHTS During 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 September 30, 2021, the value of the mortgage servicing rights associated with the loan sales totaled $3.4 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 $212,000 and $548,000 for the three and nine months ended September 30, 2021 compared to $6,000 and $8,000 for the three and nine months ended September 30, 2020. For the three and nine months ended September 30, 2021 and 2020, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2021 2020 2021 2020 Balance at Beginning of Period $ 3,104 $ 508 $ 2,041 $ — Servicing Rights retained from loans sold 546 655 1,939 1,168 Amortization (210 ) (36 ) (540 ) (41 ) Valuation Allowance Provision — — — — Balance at End of Period $ 3,440 $ 1,127 $ 3,440 $ 1,127 Fair value, End of Period $ 4,052 $ 1,205 $ 4,052 $ 1,205 The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of September 30 , 2021 were as follows : September 30, 2021 Long run Constant Prepayment Rate 6.72 % Weighted-Average Life (in years) 27.1 Weighted-Average Note Rate 2.897 % Weighted-Average Discount Rate 9.00 % |
Derivatives and Risk Management
Derivatives and Risk Management Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Risk Management Activities | 6. 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 September 30, 2021, and December 31, 2020. The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of September 30, 2021, and December 31, 2020 (in thousands): September 30, 2021 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 2,371 $ 108,014 Forward loan sales commitments Mortgage banking derivatives 306 9,642 To Be Announced securities ("TBAs") Mortgage banking derivatives 123 24,750 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 59 $ 5,078 Forward loan sales commitments Other liabilities 91 6,247 TBA securities Other liabilities 5 2,750 December 31, 2020 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments 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 Interest rate lock commitments Other liabilities $ 106 $ 12,111 Forward loan sales commitments Other liabilities 127 18,071 TBA securities Other liabilities 76 13,500 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 three and nine months ended September 30, 2021 and 2020 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation September 30, 2021 September 30, 2020 Interest rate lock commitments (Loss) gain from derivative instruments $ (244 ) $ 1,043 Forward loan sales commitments Loss from derivative instruments (394 ) (35 ) TBA securities Gain from derivative instruments 216 7 Total (loss) gain from derivative instruments $ (422 ) $ 1,015 Gain/(Loss) Consolidated Statements of Income Nine Months Ended Presentation September 30, 2021 September 30, 2020 Interest rate lock commitments (Loss) gain from derivative instruments $ (229 ) $ 2,848 Forward loan sales commitments Gain (loss) from derivative instruments 90 (371 ) TBA securities Gain from derivative instruments 194 2 Total gain from derivative instruments $ 55 $ 2,479 |
Fair Value Presentation
Fair Value Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Presentation | 7. 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 on unadjusted 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. The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of September 30, 2021, and December 31, 2020: September 30, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 2,841 $ — $ 2,841 Corporate notes — 2,513 10,712 13,225 Collateralized mortgage obligations - agency residential — 7,830 — 7,830 Mortgage-backed securities - agency residential — 9,013 — 9,013 Municipal securities — 5,923 — 5,923 Bank CDs — 508 — 508 Loans held for sale — 68,593 — 68,593 Interest rate lock commitments — — 2,371 2,371 Forward loan sales commitments — 306 — 306 TBA securities — 123 — 123 $ — $ 97,650 $ 13,083 $ 110,733 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 Interest rate lock commitments — — 2,647 2,647 Forward loan sales commitments — 252 — 252 TBA securities — — — — $ — $ 99,251 $ 10,715 $ 109,966 The following tables provide the fair value for liabilities required to be measured and reported at fair value on a recurring basis as of September 30, 2021, and December 31, 2020: September 30, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 59 $ 59 Forward loan sales commitments — 91 — 91 TBA securities — 5 — 5 $ — $ 96 $ 59 $ 155 December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 106 $ 106 Forward loan sales commitments — 127 — 127 TBA securities — 76 — 76 $ — $ 203 $ 106 $ 309 The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2021: (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2021 $ 12,027 $ 2,657 $ (101 ) Total unrealized losses: Included in other comprehensive income 4 — — Total gains or (losses) included in earnings and held at reporting date — (286 ) 42 Purchases, sales and settlements (1,319 ) — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2021 $ 10,712 $ 2,371 $ (59 ) Change in unrealized (losses) or gains for the period included in earnings (or changes in net assets) for assets held as of September 30, 2021 — (286 ) 42 Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2021 $ 4 $ — $ — (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2021 $ 8,068 $ 2,647 $ (106 ) Total unrealized losses: Included in other comprehensive income 66 — — Total gains included in earnings and held at reporting date — (276 ) 47 Purchases, sales and settlements 2,578 — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2021 $ 10,712 $ 2,371 $ (59 ) Change in unrealized (losses) or gains for the period included in earnings (or changes in net assets) for assets held as of September 30, 2021 — (276 ) 47 Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2021 $ 66 $ — $ — The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2020: (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2020 $ 3,961 $ 2,681 $ (91 ) Total unrealized losses: Included in other comprehensive income 34 — — Total gains or (losses) included in earnings and held at reporting date — 1,039 4 Purchases, sales and settlements 1,528 — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2020 $ 5,523 $ 3,720 $ (87 ) Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held as of September 30, 2020 — 1,039 4 Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2020 $ 34 $ — $ — (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2020 $ 3,059 $ 810 $ (25 ) Total unrealized losses: Included in other comprehensive income 36 — — Total gains or (losses) included in earnings and held at reporting date — 2,910 (62 ) Purchases, sales and settlements 2,428 — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2020 $ 5,523 $ 3,720 $ (87 ) Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held as of September 30, 2020 — 2,910 (62 ) Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2020 $ 36 $ — $ — At September 30, 2021 and December 31, 2020, the Company had classified $10.7 million and $8.1 million of Corporate notes as Level 3, respectively. As of September 30, 2021, the fair value of $7.6 million of Corporate notes includes an adjustable rate corporate security and subordinated 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 95.6% to 109.9%. In addition, classified as Level 3 are three subordinated debt bonds with a fair value of $3.1 million. The Company’s methodology to value the three debt bonds is to obtain market values of similar 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 September 30, 2021 and December 31, 2020, the Company had classified $2.3 million and $2.5 million of net derivative assets and liabilities 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 77.54% to 99.97% at September 30, 2021. Significant unobservable inputs for assets and liabilities measured at fair value on a recurring basis at September 30 Quantitative Information about Level 3 Fair Value Measurements at September 30, 2021 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Corporate notes $ 7,641 Pricing model Offered quotes 95.63%-109.88% 102.74% $ 3,071 Market comparable securities Offered quotes 101.00%-102.50% 102.36% Net derivative asset and liability: IRLC $ 2,312 Discounted cash flows Pull-through rates 77.54%-99.97% 92.09% 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 and liability: IRLC $ 2,541 Discounted cash flows Pull-through rates 63.70%-99.79% 80.99% There were no assets measured at fair value on a nonrecurring basis at September 30, 2021 and December 31, 2020. The following tables provide the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition as of September 30, 2021 and December 31, 2020: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, 2021 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 84,683 $ 84,683 $ 84,683 $ — $ — Equity securities 500 500 — — 500 Loans receivable, net (1) 313,435 313,093 — — 313,093 Bank-owned life insurance 6,519 6,519 6,519 — — Restricted investment in bank stock 1,922 1,922 1,922 — — Accrued interest receivable 1,455 1,455 1,455 — — Mortgage servicing rights 3,440 4,052 — — 4,052 Liabilities: Deposits $ 439,888 $ 440,132 $ 407,256 $ 32,876 $ — Advances from the FHLB 26,390 27,223 — 27,223 — Federal Reserve PPPLF advances 3,793 3,793 — 3,793 — Subordinated debt 9,997 10,461 — — 10,461 Advances from borrowers for taxes and insurance 417 417 417 — — Accrued interest payable 73 73 73 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — 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 $ — $ — $ — $ — $ — |
Changes in and Reclassification
Changes in and Reclassifications out of Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Changes in and Reclassifications out of Accumulated Other Comprehensive Income | 8. CHANGES IN AND RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME The following tables present the changes in the balances of each component of accumulated other comprehensive income (“AOCI”) for the three and nine months ended September 30, 2021 and September 30, 2020 Net unrealized holding gains on available-for-sales securities (1) For the three months ended For the nine months ended (Dollars in thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Balance at beginning period $ 205 $ 158 $ 238 $ (18 ) Unrealized holding (losses) gains on available-for-sale securities before reclassification (114 ) 31 (147 ) 306 Amount reclassified for investment securities gains included in net income (68 ) — (68 ) (99 ) Net current-period other comprehensive (loss) income (182 ) 31 (215 ) 207 Balance at ending period $ 23 $ 189 $ 23 $ 189 The following table present reclassifications out of AOCI by component for the three and nine months ended September 30, 2021 and 2020: For the three months ended September 30, 2021 For the nine months ended September 30, 2021 (Dollars in thousands) Amount reclassified from accumulated other comprehensive income (2) Amount reclassified from accumulated other comprehensive income (2) Affected line item in the Consolidated Statements of Income Net unrealized gain on available-for securities (1) $ 96 $ 96 Gain on sale of available-for-sale securities, net Tax Effect (28) (28) Income tax expense $ 68 $ 68 For the three months ended September 30, 2020 For the nine months ended September 30, 2020 (Dollars in thousands) Amount reclassified from accumulated other comprehensive income (2) Amount reclassified from accumulated other comprehensive income (2) Affected line item in the Consolidated Statements of Income Net unrealized gain on available-for securities (1) $ — $ 141 Gain on sale of available-for-sale securities, net Tax Effect — (42) Income tax expense $ — $ 99 (1) For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive income (loss), See Note 2, “Investment securities. (2) Amounts in parentheses indicate debits. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 9. 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 211,000 stock options outstanding of which 88,220 of the stock options were vested and exercisable at 87,000 restricted stock shares outstanding of which 36,320 restricted stock shares were vested and exercisable at . The 211,000 stock options outstanding and 50,680 restricted stock shares outstanding were included in the computation of diluted net income per share for the three and nine months ended as their effect was not anti-dilutive At there were 216,400 stock options outstanding of which 59,600 of the stock options were vested and exercisable at 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 three and nine months ended as their effect would have been anti-dilutive. The calculation of basic and diluted EPS for the three and nine For the Three Months Ended September 30 For the Nine Months Ended September 30 2021 2020 2021 2020 Net income $ 1,117,000 $ 2,063,000 $ 3,701,000 $ 3,708,000 Weighted average number of shares issued 2,272,625 2,270,725 2,272,013 2,270,544 Less weighted average number of treasury shares (96,608 ) (39,033 ) (95,271 ) (22,716 ) Less weighted average number of unearned ESOP shares (133,869 ) (142,598 ) (136,030 ) (144,766 ) Less weighted average number of unvested restricted stock awards (48,720 ) (62,219 ) (51,736 ) (63,956 ) Basic weighted average shares outstanding 1,993,428 2,026,875 1,988,976 2,039,106 Add dilutive effect of stock options 54,940 — 41,112 — Add dilutive effect of restricted stock awards 10,630 — 6,000 — Diluted weighted average shares outstanding 2,058,998 2,026,875 2,036,088 2,039,106 Net income per share: Basic $ 0.56 $ 1.02 $ 1.86 $ 1.82 Diluted $ 0.54 $ 1.02 $ 1.82 $ 1.82 |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | 10. EMPLOYEE BENFITS Equity Incentive Plan 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. 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 September 30, 2021, there were 3,997 shares available for future awards under this plan, which includes 3,712 shares available for incentive and non-qualified stock options and 285 shares available for restricted stock awards. The restricted shares and stock options vest over a seven year period. The Company’s shareholders approved the HV Bancorp, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) The 2021 Equity Incentive Plan authorizes the issuance or delivery to participants of up to 175,000 shares of Company common stock pursuant to grants of incentive and non-qualified stock options, restricted stock awards and restricted stock units. As of September 30, 2021, there were no grants issued under the 2021 Equity Incentive Plan. Stock option expense was $15,000 and $45,000 for the three months and nine months ended September 30, 2021 and 2020. At September 30, 2021, t A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2021 and September 30, 2020 was as follows: September 30, 2021 September 30, 2020 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Outstanding, Jan 1 216,400 $ 14.93 7.6 $ 484,736 218,000 $ 14.92 8.6 $ 452,400 Granted — — — — — — — — Exercised (1,900 ) 14.80 — — (1,600 ) 14.80 — — Forfeited (3,500 ) 15.35 — — — — — — Outstanding, September 30 211,000 $ 14.92 6.9 $ 1,483,330 216,400 $ 14.93 7.9 $ — Exercisable, September 30 88,220 $ 14.89 6.8 $ 622,833 59,600 $ 14.87 7.8 $ — Restricted stock expense was $45,000 and $136,000 for the three and nine months ended September 30, 2021 and $45,000 and $139,000 for the three and nine months ended September 30, 2020, respectively. At September 30, 2021, the expected future compensation expense relating to non-vested restricted stock outstanding was $710,000. A summary of the Company’s restricted stock activity and related information for the nine months ended September 30, 2021 and September 30, 2020 was as follows: September 30, 2021 September 30, 2020 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Non-vested, Jan 1 62,860 $ 14.97 75,320 $ 14.97 Vested (12,180 ) 14.82 (12,460 ) 14.97 Granted — — — — Forfeited — — — — Non-vested at September 30 50,680 $ 14.98 62,860 $ 14.97 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. RELATED PARTY TRANSACTIONS 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 $1.2 million at September 30, 2021, for which the Company received no fees for customer services for the three and nine months ended September 30, 2021. For the three months ended September 30, 2020, we received no fees and approximately $2,000 for the nine months ended September 30, 2020 in fees for related party balances. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 12. 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 of revenue earned through cash management fees for Business Banking customers as well as fees 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 below . • 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. The following table presents non-interest income for the three and nine months ended September 30, 2021 and September 30, 2020: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Non-Interest Income In-scope of Topic 606: Fee income $ 82 $ — $ 170 $ 3 Insufficient fund fees 19 16 54 40 Other service charges 31 22 73 61 ATM interchange fee income 3 3 9 7 Other income — — 3 2 Total Non-Interest Income (in-scope of Topic 606) $ 135 $ 41 $ 309 $ 113 Out-of-scope of Topic 606: Increase in cash surrender value of bank-owned life insurance $ 37 $ 39 $ 111 $ 115 Gain on sale of loans, net 3,035 3,044 11,170 7,000 Gain on sale of available-for-sale securities 96 — 96 141 (Loss) Gain from derivative instruments (422 ) 1,015 55 2,479 Change in fair value for loans held-for-sale 438 1,988 (626 ) 2,281 Other — 68 169 155 Total Non-Interest Income (out-scope of Topic 606) 3,184 6,154 10,975 12,171 Total Non-Interest Income (in-scope of Topic 606) 135 41 309 113 Total Noninterest Income $ 3,319 $ 6,195 $ 11,284 $ 12,284 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 13. Leases The Company adopted ASU No. 2016-02 “Leases” (Topic 842) The majority of the Company’s leases are comprised of operating leases for real estate property for branches and office spaces with terms extending through 2039. The operating lease agreements are recognized on the consolidated statements of financial condition as a right-of-use (“ROU”) asset and a corresponding lease liability . The Company elected not to include short-term leases with initial terms of twelve months or less on the consolidated statements of financial condition . The following table represents the classification of the Company’s ROU assets and lease liabilities in the consolidated statements of financial condition: September 30, 2021 December 31, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets $ 8,888 $ 7,685 Total Lease Right-of-Use Assets $ 8,888 $ 7,685 September 30, 2021 December 31, 2020 Lease Liabilities Classification Operating lease liabilities Operating lease liabilities $ 9,226 $ 7,946 Total Lease Liabilities $ 9,226 $ 7,946 The Company’s lease agreements frequently include one or more options to renew at the Company’s discretion. If at the beginning of the lease, the Company is reasonably certain that the renewal option will be exercised, the Company will include the extended term in the calculation of the ROU asset and lease liability. For the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. If the rate is not readily determinable in the lease, the Company used its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. September 30, 2021 December 31, 2020 Weighted-average remaining lease term Operating leases 11.2 years 12.2 years Weighted-average discount rate Operating leases 2.04 % 2.23 % The components of the lease expense are as follows: (dollars in thousands) For the three months ended September 30, 2021 For the nine months ended September 30, 2021 For the three months ended September 30, 2020 For the nine months ended September 30, 2020 Operating lease cost $ 218 $ 639 $ 173 $ 455 Short-term lease cost 6 14 6 27 Total $ 224 $ 653 $ 179 $ 482 Future minimum payments for operating leases as of September 30, 2021 and December 31, 2020 were as follows: (dollars in thousands) September 30, 2021 December 31, 2020 Twelve Months Ended: Within one year $ 966 $ 836 After one but within two years 988 792 After two but within three years 989 797 After three but within four years 946 791 After four but within five years 945 735 After five years 5,555 5,182 Total Future Minimum Lease Payments 10,389 9,133 Amounts Representing Interest (1,163 ) (1,187 ) Present Value of Net Future Minimum Lease Payments $ 9,226 $ 7,946 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. Segment Reporting The Company has identified four reportable segments: retail banking; mortgage banking; business banking and the bank holding company. Revenue from the retail banking activities consists primarily of interest earned on investment securities and loans and service charges on deposit accounts. Revenue from the mortgage banking and business banking activities are comprised of interest earned on loans and fees received as a result of the mortgage loan origination process. The Mortgage Banking Segment originates residential mortgage loans which are sold into the secondary market along with the loans’ servicing rights The following tables presents summary financial information for the reportable segments (in thousands): For the three months ended September 30, 2021 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 1,207 $ 410 $ 2,918 $ 46 $ (22 ) $ 4,559 Total Interest Expense 127 90 248 114 (6 ) 573 Net Interest Income 1,080 320 2,670 (68 ) (16 ) 3,986 Provision for Loan losses (9 ) — 238 — — 229 Net interest income after provision for loan losses 1,089 320 2,432 (68 ) (16 ) 3,757 Total non-interest income 183 3,065 66 18 (13 ) 3,319 Non-interest Expense: Salaries and employee benefits 1,389 1,261 894 — (17 ) 3,527 Other expenses 925 793 289 75 (12 ) 2,070 Total non-interest expenses 2,314 2,054 1,183 75 (29 ) 5,597 Income (loss) before income taxes (1,042 ) 1,331 1,315 (125 ) — 1,479 Income tax expense (benefit) (154 ) 211 331 (26 ) — 362 Net income (loss) $ (888 ) $ 1,120 $ 984 $ (99 ) $ — $ 1,117 Total assets as of September 30, 2021 $ 255,131 $ 74,834 $ 202,030 $ 52,555 $ (48,233 ) $ 536,317 For the three months ended September 30, 2020 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 1,494 $ 707 $ 1,319 $ 45 $ (26 ) $ 3,539 Total Interest Expense 47 370 303 — — 720 Net Interest Income 1,447 337 1,016 45 (26 ) 2,819 Provision for Loan losses 186 — 238 — — 424 Net interest income after provision for loan losses 1,261 337 778 45 (26 ) 2,395 Total non-interest income 92 6,048 68 — (13 ) 6,195 Non-interest Expense: Salaries and employee benefits 644 2,362 740 — (26 ) 3,720 Other expenses 686 1,155 133 61 (13 ) 2,022 Total non-interest expenses 1,330 3,517 873 61 (39 ) 5,742 Income (loss) before income taxes 23 2,868 (27 ) (16 ) — 2,848 Income tax expense (benefit) 9 788 (9 ) (3 ) — 785 Net income (loss) $ 14 $ 2,080 $ (18 ) $ (13 ) $ — $ 2,063 Total assets as of September 30, 2020 $ 245,433 $ 105,049 $ 154,434 $ 37,279 $ (34,456 ) $ 507,739 For the nine months ended September 30, 2021 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 3,859 $ 1,138 $ 7,385 $ 118 $ (60 ) $ 12,440 Total Interest Expense 425 258 825 157 (10 ) 1,655 Net Interest Income 3,434 880 6,560 (39 ) (50 ) 10,785 Provision for Loan losses (40 ) — 684 — — 644 Net interest income after provision for loan losses 3,474 880 5,876 (39 ) (50 ) 10,141 Total non-interest income 375 10,588 341 18 (38 ) 11,284 Non-interest Expense: Salaries and employee benefits 3,780 4,409 2,088 — (50 ) 10,227 Other expenses 2,815 2,302 799 225 (38 ) 6,103 Total non-interest expenses 6,595 6,711 2,887 225 (88 ) 16,330 Income (loss) before income taxes (2,746 ) 4,757 3,330 (246 ) — 5,095 Income tax expense (benefit) (743 ) 1,287 902 (52 ) — 1,394 Net income (loss) $ (2,003 ) $ 3,470 $ 2,428 $ (194 ) $ — $ 3,701 Total assets as of September 30, 2021 $ 255,131 $ 74,834 $ 202,030 $ 52,555 $ (48,233 ) $ 536,317 For the nine months ended September 30, 2020 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 5,672 $ 1,279 $ 2,880 $ 140 $ (78 ) $ 9,893 Total Interest Expense 883 574 954 — — 2,411 Net Interest Income 4,789 705 1,926 140 (78 ) 7,482 Provision for Loan losses 658 — 327 — — 985 Net interest income after provision for loan losses 4,131 705 1,599 140 (78 ) 6,497 Total non-interest income 410 11,761 151 — (38 ) 12,284 Non-interest Expense: Salaries and employee benefits 3,347 4,100 1,132 — (78 ) 8,501 Other expenses 2,300 2,393 306 188 (38 ) 5,149 Total non-interest expenses 5,647 6,493 1,438 188 (116 ) 13,650 Income (loss) before income taxes (1,106 ) 5,973 313 (48 ) — 5,131 Income tax expense (benefit) (306 ) 1,653 86 (10 ) — 1,423 Net income (loss) $ (800 ) $ 4,320 $ 227 $ (38 ) $ — $ 3,708 Total assets as of September 30, 2020 $ 245,433 $ 105,049 $ 154,434 $ 37,279 $ (34,456 ) $ 507,739 |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) for interim information and with the instructions to the Quarterly Report on Form 10-Q, as applicable to a smaller reporting company. Accordingly, they do not include all the information and footnotes required by US GAAP for complete financial statements. The financial statements are unaudited; but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation thereof. The balances as of December 31, 2020 have been derived from the audited consolidated financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto contained in the Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission on March 30, 2021 The Company has evaluated subsequent events through the date of issuance of the financial statements included herein. 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 September 30, 2021, the Company had 3 loan modification agreements with a balance of $1.0 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 PPP. As of September 30, 2021, the Company had a total outstanding balance of approximately $35.6 million and recognized approximately $1.0 million and $2.7 million in interest income related to the PPP loans for the three months and nine months ended September 30, 2021 for round 1 and 2 of PPP. For further discussion, see COVID-19 update section of Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Principles of Consolidation | Principles of Consolidation The unaudited interim consolidated financial statements include 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 the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements 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 Statement 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 (“OTTI”), interest rate lock commitments (“IRLCs”), mandatory sales commitments, the valuation of mortgage loans held-for-sale and the valuation of deferred tax assets. |
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 as the 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. I n July 2021, the FASB issued ASU 2021-05, Leases (Topic 842), which amends ASC 842 so that lessors are no longer required to recognize a selling loss upon commencement of a lease with variable lease payments that, prior to the amendments, would have been classified as a sales-type or direct financing lease. Furthermore, a lessor must classify as an operating lease any lease that would otherwise be classified as a sales-type or direct financing lease and that would result in the recognition of a selling loss at lease commencement, provided that the lease includes variable lease payments that do not depend on an index or rate. For public business entities and certain not-for-profit entities and employee benefit plans that have adopted ASC 842, the amendments are effective for fiscal years beginning after December 15, 2021, and for interim periods within those fiscal years. For all other entities that have adopted ASC 842, the amendments are effective for fiscal years beginning after December 15, 2021, and for interim periods within fiscal years beginning after December 15, 2022. All entities that have adopted ASC 842 are permitted to early adopt the amendments in ASU 2021-05. The amendments in ASU 2021-05 are effective as of the same date as the guidance in ASC 842 for entities that have not adopted ASC 842. This Update is not expected to have a significant impact on the Company’s financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | Investment securities available-for-sale was comprised of the following: September 30, 2021 Gross Gross Amortized Unrealized Unrealized (Dollars in thousands) Cost Gains Losses Fair Value U.S. Governmental securities $ 2,895 $ 8 $ (62 ) $ 2,841 Corporate notes 13,103 176 (54 ) 13,225 Collateralized mortgage obligations - agency residential 7,864 21 (55 ) 7,830 Mortgage-backed securities - agency residential 9,023 48 (58 ) 9,013 Municipal securities 5,923 56 (56 ) 5,923 Bank CDs 499 9 — 508 $ 39,307 $ 318 $ (285 ) $ 39,340 Investment securities available-for-sale was 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 |
Scheduled Maturities of Securities Available-for-Sale | The scheduled maturities of securities available-for-sale at September 30, 2021 September 30, 2021 Available-for-Sale Amortized (Dollars in thousands) Cost Fair Value Due in one year or less $ 1,259 $ 1,265 Due from one to five years 4,814 4,808 Due from after five to ten years 12,215 12,267 Due after ten years 21,019 21,000 $ 39,307 $ 39,340 |
Unrealized Loss Positions of Securities Available-for-Sale | The following tables summarize the unrealized loss positions of securities available-for-sale as of September 30, 2021 and December 31, 2020: September 30, 2021 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 $ 2,539 $ (62 ) $ — $ — $ 2,539 $ (62 ) Corporate notes 4,621 (54 ) — — 4,621 (54 ) Collateralized mortgage obligations 3,995 (52 ) 229 (3 ) 4,224 (55 ) Mortgage-backed securities 6,361 (58 ) — — 6,361 (58 ) Municipal securities 4,312 (56 ) — — 4,312 (56 ) Bank CDs — — — — — — $ 21,828 $ (282 ) $ 229 $ (3 ) $ 22,057 $ (285 ) 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 — — 532 (6 ) 532 (6 ) Mortgage-backed securities — — — — — — Municipal securities — — — — — — Bank CDs — — — — — — $ 3,420 $ (9 ) $ 1,032 $ (7 ) $ 4,452 $ (16 ) |
Equity Securities (Tables)
Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, and December 31, 2020: September 30, 2021 (dollars in thousands) Year-to-date Life-to-date Amortized cost $ 500 $ 500 Impairment — — Observable price changes — — Carrying value $ 500 $ 500 December 31, 2020 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Summary of Loans Receivable | Loans receivable were comprised of the following: September 30, December 31, (Dollars in thousands) 2021 2020 Residential: One-to-four family $ 106,858 $ 141,891 Home equity and HELOCs 2,813 3,993 Commercial: Commercial real estate 109,284 68,705 Commercial business 24,860 24,152 SBA PPP loans 35,604 64,380 Main Street Lending Program 1,556 1,556 Construction 31,477 7,299 Consumer: Medical education 4,466 5,105 Other 5 33 316,923 317,114 Unearned discounts, origination and commitment fees and costs (1,029 ) (1,286 ) Allowance for loan losses (2,459 ) (2,017 ) $ 313,435 $ 313,811 |
Summary of Allowance for Loan Losses | The following tables summarize the activity in the allowance for loan losses by loan class for the three months ended September 30, 2021 and 2020: Allowance for Loan Losses For the three months ended September 30, 2021 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 522 $ — $ — $ (42 ) $ 480 $ — $ 480 Home equity and HELOCs 12 — — (2 ) 10 — 10 Commercial: Commercial real estate 691 — — 189 880 — 880 Commercial business 280 — — 13 293 — 293 SBA PPP loans — — — — — — — Main Street Lending Program 27 — — — 27 — 27 Construction 346 — — 36 382 — 382 Consumer: Medical education 382 (38 ) 8 35 387 — 387 Other — — — — — — — Unallocated — — — — — — — $ 2,260 $ (38 ) $ 8 $ 229 $ 2,459 $ — $ 2,459 Allowance for Loan Losses For the three months ended September 30, 2020 (Dollars in thousands) Beginning Balance Charge- offs Recoveries (Credit) Provisions Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential: One-to-four family $ 768 $ — $ — $ (73 ) $ 695 $ — $ 695 Home equity and HELOCs 39 — — (23 ) 16 — 16 Commercial: Commercial real estate 332 — — 96 428 — 428 Commercial business 157 — — 64 221 — 221 SBA PPP loans — — — — — Construction 27 — — 13 40 — 40 Consumer: Medical education 338 (360 ) — 379 357 — 357 Other — — — — — — — Unallocated 184 — — (32 ) 152 — 152 $ 1,845 $ (360 ) $ — $ 424 $ 1,909 $ — $ 1,909 The following tables summarize the activity in the allowance for loan losses by loan class for the nine months ended September 30, 2021 and 2020: Allowance for Loan Losses For the nine months ended September 30, 2021 (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 $ 637 $ — $ — $ (157 ) $ 480 $ — $ 480 Home equity and HELOCs 15 — — (5 ) 10 — 10 Commercial: Commercial real estate 519 — — 361 880 — 880 Commercial business 280 — — 13 293 — 293 SBA PPP loans — — — — — — — Main Street Lending Program 27 — — — 27 — 27 Construction 74 — — 308 382 — 382 Consumer: Medical education 367 (210 ) 8 222 387 — 387 Other — — — — — — — Unallocated 98 — — (98 ) — — — $ 2,017 $ (210 ) $ 8 $ 644 $ 2,459 $ — $ 2,459 Allowance for Loan Losses For the nine months ended September 30, 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 $ — $ — $ (6 ) $ 695 $ — $ 695 Home equity and HELOCs 44 — — (28 ) 16 — 16 Commercial: Commercial real estate 229 — — 199 428 — 428 Commercial business 122 — — 99 221 — 221 SBA PPP loans — — — — — — — Construction 8 — — 32 40 — 40 Consumer: Medical education 333 (514 ) 1 537 357 — 357 Other — — — — — — — Unallocated — — — 152 152 — 152 $ 1,437 $ (514 ) $ 1 $ 985 $ 1,909 $ — $ 1,909 |
Summary of Loans Receivable by Balances Individually Evaluated for Impairment | The following tables summarize information with respect to the recorded investment in loans receivable by loan class as of September 30, 2021 and December 31, 2020: September 30, 2021 Loans Receivable (Dollars in thousands) Ending Balance Ending Balance: Individually Evaluated for Impairment Ending Balance: Collectively Evaluated for Impairment Residential One-to-four family $ 106,858 $ 737 $ 106,121 Home equity and HELOCs 2,813 — 2,813 Commercial Commercial real estate 109,284 184 109,090 Commercial business 24,860 77 24,783 SBA PPP loans 35,604 — 35,604 Main Street Lending Program 1,556 — 1,556 Construction 31,477 1,922 29,555 Consumer: Medical education 4,466 — 4,466 Other 5 — 5 $ 316,923 $ 2,920 $ 313,993 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 |
Summary of Information in Regard to Impaired Loans | The following table summarizes information about impaired loans by loan portfolio class as of September 30, 2021 and December 31, 2020 September 30, 2021 December 31, 2020 (Dollars in thousands) Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Residential: One-to-four family $ 737 $ 886 $ — $ 932 $ 1,056 $ — Home equity and HELOCs — — — — — — Commercial: Commercial real estate 184 184 — 300 300 — Commercial business 77 77 — 96 96 — SBA PPP loans — — — — — — Main Street Lending Program — — — — — — Construction 1,922 1,922 — — — — Consumer: Medical education — — — — — — 2,920 3,069 — 1,328 1,452 — With an allowance recorded Residential: One-to-four family — — — — — — Home equity and HELOCs — — — — — — Commercial: Commercial real estate — — — — — — Commercial business — — — — — — SBA PPP loans — — — — — — Main Street Lending Program — — — — — — Consumer: Medical education — — — — — — — — — — — — $ 2,920 $ 3,069 $ — $ 1,328 $ 1,452 $ — The following table presents additional information regarding the impaired loans for the three months ended September 30, 2021 and Three Months Ended September 30, 2021 2020 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 1,019 $ — $ 886 $ — Home equity and HELOCs — — 19 — Commercial: Commercial real estate 186 3 307 6 Commercial business 80 1 105 2 SBA PPP loans — — — — Main Street Lending Program — — — — Construction 961 — — — Consumer: Medical education — — — — 2,246 4 1,317 8 With an allowance recorded Residential: One-to-four family — — — — Home equity and HELOCs — — — — Commercial: Commercial real estate — — — — Commercial business — — — — SBA PPP loans — — — — Main Street Lending Program — — — — Consumer: Medical education — — — — — — — — $ 2,246 $ 4 $ 1,317 $ 8 The following table presents additional information regarding the impaired loans for the nine months ended September 30, 2021 and Nine Months Ended September 30, 2021 2020 (Dollars in thousands) Average Record Investment Interest Income Recognized Average Record Investment Interest Income Recognized With no related allowance recorded Residential: One-to-four family $ 971 $ — $ 1,219 $ — Home equity and HELOCs — — 157 — Commercial: Commercial real estate 584 33 311 17 Commercial business 87 3 111 5 SBA PPP loans — — — — Main Street Lending Program — — — — Construction 480 — — — Consumer: Medical education — — — — 2,122 36 1,798 22 With an allowance recorded Residential: One-to-four family — — — — Home equity and HELOCs — — — — Commercial: Commercial real estate — — — — Commercial business — — — — SBA PPP loans — — — — Main Street Lending Program — — — — Consumer: Medical education — — — — — — — — $ 2,122 $ 36 $ 1,798 $ 22 |
Summary of Non-accrual Loans by Classes of Loan Portfolio | The following table presents non-accrual loans by classes of the loan portfolio as of September 30, 2021, and December 31, 2020 September 30, December 31, (Dollars in thousands) 2021 2020 Residential: One-to-four family $ 737 $ 932 Home equity and HELOCs — — Commercial: Commercial real estate — — Commercial business — — SBA PPP loans — — Construction 1,922 — Consumer: Medical education 1,291 1,322 Other — — $ 3,950 $ 2,254 |
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 Company’s internal risk rating system as of September 30, 2021, and December 31, 2020: September 30, 2021 Special (Dollars in thousands) Pass Mention Substandard Doubtful Total Residential: One-to-four family $ 106,121 $ — $ 737 $ — $ 106,858 Home equity and HELOCs 2,813 — — — 2,813 Commercial: Commercial real estate 107,550 1,550 184 — 109,284 Commercial business 24,783 — 77 — 24,860 SBA PPP Loans 35,604 — — — 35,604 Main Street Lending Program 1,556 — — — 1,556 Construction 29,555 — 1,922 — 31,477 Consumer: Medical education 3,175 — 1,291 — 4,466 Other 5 — — — 5 $ 311,162 $ 1,550 $ 4,211 $ — $ 316,923 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 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 |
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 September 30, 2021, and December 31, 2020: September 30, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and Accruing Residential: One-to-four family $ 50 $ 545 $ 338 $ 933 $ 105,925 $ 106,858 $ — Home equity and HELOCs — 68 — 68 2,745 2,813 — Commercial: Commercial real estate — — — — 109,284 109,284 — Commercial business 100 — — 100 24,760 24,860 — SBA PPP loans 270 41 — 311 35,293 35,604 — Main Street Lending Program — — — — 1,556 1,556 — Construction — — 1,922 1,922 29,555 31,477 — Consumer: Medical education 62 807 — 869 3,597 4,466 — Other — — — — 5 5 — $ 482 $ 1,461 $ 2,260 $ 4,203 $ 312,720 $ 316,923 $ — December 31, 2020 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Receivable Loans Receivable >90 Days and 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 $ — |
Summary of Troubled Debt Restructurings on Accrual Status and Non-Accrual Status | The following table details the Company’s TDRs that are on accrual status and non-accrual status at September 30, 2021: As of September 30, 2021 Number Accrual Non-Accrual (Dollars in thousands) Of Loans Status Status Total TDRs Commercial real estate 1 $ 124 $ — $ 124 Commercial business 1 77 — 77 Total 2 $ 201 $ — $ 201 The following table details the Company’s TDRs that are on accrual status and non-accrual status at December 31, 2020: As of 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 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Transfers And Servicing [Abstract] | |
Summary of Change in Carrying Value of Mortgage Servicing Rights Accounted Amortization Method | For the three and nine months ended September 30, 2021 and 2020, the change in the carrying value of the Company’s mortgage servicing rights accounted for under the amortization method was as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2021 2020 2021 2020 Balance at Beginning of Period $ 3,104 $ 508 $ 2,041 $ — Servicing Rights retained from loans sold 546 655 1,939 1,168 Amortization (210 ) (36 ) (540 ) (41 ) Valuation Allowance Provision — — — — Balance at End of Period $ 3,440 $ 1,127 $ 3,440 $ 1,127 Fair value, End of Period $ 4,052 $ 1,205 $ 4,052 $ 1,205 |
Schedule of Key Data and Assumptions Used in Estimating Fair Value of Mortgage Servicing Rights | The key data and assumptions used in estimating the fair value of the Company’s mortgage servicing rights as of September 30 , 2021 were as follows : September 30, 2021 Long run Constant Prepayment Rate 6.72 % Weighted-Average Life (in years) 27.1 Weighted-Average Note Rate 2.897 % Weighted-Average Discount Rate 9.00 % |
Derivatives and Risk Manageme_2
Derivatives and Risk Management Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments Recorded in Consolidated Statement of Financial Condition | The following tables summarize the amounts recorded in the Company’s consolidated statements of financial condition for derivatives not designated as hedging instruments as of September 30, 2021, and December 31, 2020 (in thousands): September 30, 2021 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Mortgage banking derivatives $ 2,371 $ 108,014 Forward loan sales commitments Mortgage banking derivatives 306 9,642 To Be Announced securities ("TBAs") Mortgage banking derivatives 123 24,750 Liability Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments Other liabilities $ 59 $ 5,078 Forward loan sales commitments Other liabilities 91 6,247 TBA securities Other liabilities 5 2,750 December 31, 2020 Asset Derivatives Balance Sheet Notional Presentation Fair Value Amount Interest rate lock commitments 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 Interest rate lock commitments Other liabilities $ 106 $ 12,111 Forward loan sales commitments Other liabilities 127 18,071 TBA securities Other liabilities 76 13,500 |
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 three and nine months ended September 30, 2021 and 2020 (in thousands): Gain/(Loss) Consolidated Statements of Income Three Months Ended Presentation September 30, 2021 September 30, 2020 Interest rate lock commitments (Loss) gain from derivative instruments $ (244 ) $ 1,043 Forward loan sales commitments Loss from derivative instruments (394 ) (35 ) TBA securities Gain from derivative instruments 216 7 Total (loss) gain from derivative instruments $ (422 ) $ 1,015 Gain/(Loss) Consolidated Statements of Income Nine Months Ended Presentation September 30, 2021 September 30, 2020 Interest rate lock commitments (Loss) gain from derivative instruments $ (229 ) $ 2,848 Forward loan sales commitments Gain (loss) from derivative instruments 90 (371 ) TBA securities Gain from derivative instruments 194 2 Total gain from derivative instruments $ 55 $ 2,479 |
Fair Value Presentation (Tables
Fair Value Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value for Assets Required to be Measured and Reported at Fair Value on a Recurring Basis | The following tables provide the fair value for assets required to be measured and reported at fair value on a recurring basis as of September 30, 2021, and December 31, 2020: September 30, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Investment securities available-for-sale: U.S. Governmental securities $ — $ 2,841 $ — $ 2,841 Corporate notes — 2,513 10,712 13,225 Collateralized mortgage obligations - agency residential — 7,830 — 7,830 Mortgage-backed securities - agency residential — 9,013 — 9,013 Municipal securities — 5,923 — 5,923 Bank CDs — 508 — 508 Loans held for sale — 68,593 — 68,593 Interest rate lock commitments — — 2,371 2,371 Forward loan sales commitments — 306 — 306 TBA securities — 123 — 123 $ — $ 97,650 $ 13,083 $ 110,733 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 Interest rate lock commitments — — 2,647 2,647 Forward loan sales commitments — 252 — 252 TBA securities — — — — $ — $ 99,251 $ 10,715 $ 109,966 |
Fair Value for Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis | The following tables provide the fair value for liabilities required to be measured and reported at fair value on a recurring basis as of September 30, 2021, and December 31, 2020: September 30, 2021 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 59 $ 59 Forward loan sales commitments — 91 — 91 TBA securities — 5 — 5 $ — $ 96 $ 59 $ 155 December 31, 2020 (Dollars in thousands) Level 1 Level 2 Level 3 Total Interest rate lock commitments $ — $ — $ 106 $ 106 Forward loan sales commitments — 127 — 127 TBA securities — 76 — 76 $ — $ 203 $ 106 $ 309 |
Change in Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2021: (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2021 $ 12,027 $ 2,657 $ (101 ) Total unrealized losses: Included in other comprehensive income 4 — — Total gains or (losses) included in earnings and held at reporting date — (286 ) 42 Purchases, sales and settlements (1,319 ) — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2021 $ 10,712 $ 2,371 $ (59 ) Change in unrealized (losses) or gains for the period included in earnings (or changes in net assets) for assets held as of September 30, 2021 — (286 ) 42 Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2021 $ 4 $ — $ — (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2021 $ 8,068 $ 2,647 $ (106 ) Total unrealized losses: Included in other comprehensive income 66 — — Total gains included in earnings and held at reporting date — (276 ) 47 Purchases, sales and settlements 2,578 — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2021 $ 10,712 $ 2,371 $ (59 ) Change in unrealized (losses) or gains for the period included in earnings (or changes in net assets) for assets held as of September 30, 2021 — (276 ) 47 Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2021 $ 66 $ — $ — The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2020: (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: July 1, 2020 $ 3,961 $ 2,681 $ (91 ) Total unrealized losses: Included in other comprehensive income 34 — — Total gains or (losses) included in earnings and held at reporting date — 1,039 4 Purchases, sales and settlements 1,528 — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2020 $ 5,523 $ 3,720 $ (87 ) Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held as of September 30, 2020 — 1,039 4 Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2020 $ 34 $ — $ — (Dollars in thousands) Corporate notes IRLC- Asset IRLC- Liability Beginning Balance: January 1, 2020 $ 3,059 $ 810 $ (25 ) Total unrealized losses: Included in other comprehensive income 36 — — Total gains or (losses) included in earnings and held at reporting date — 2,910 (62 ) Purchases, sales and settlements 2,428 — — Transfers in and/or out of Level 3 — — — Ending Balance: September 30, 2020 $ 5,523 $ 3,720 $ (87 ) Change in unrealized gains or (losses) for the period included in earnings (or changes in net assets) for assets held as of September 30, 2020 — 2,910 (62 ) Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2020 $ 36 $ — $ — |
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 September 30 Quantitative Information about Level 3 Fair Value Measurements at September 30, 2021 (Dollars in thousands) Fair Value Valuation Technique Significant Unobservable Input Range Weighted Average Measured at Fair Value on a Recurring Basis: Corporate notes $ 7,641 Pricing model Offered quotes 95.63%-109.88% 102.74% $ 3,071 Market comparable securities Offered quotes 101.00%-102.50% 102.36% Net derivative asset and liability: IRLC $ 2,312 Discounted cash flows Pull-through rates 77.54%-99.97% 92.09% 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 and liability: IRLC $ 2,541 Discounted cash flows Pull-through rates 63.70%-99.79% 80.99% |
Carrying Amount for Class of Assets and Liabilities and Fair Value for Certain Financial Instruments Not Required to be Measured or Reported at Fair Value | The following tables provide the carrying amount for each class of assets and liabilities and the fair value for certain financial instruments that are not required to be measured or reported at fair value on the Consolidated Statements of Financial Condition as of September 30, 2021 and December 31, 2020: Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable September 30, 2021 Carrying Estimated Assets Inputs Inputs (Dollars in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 84,683 $ 84,683 $ 84,683 $ — $ — Equity securities 500 500 — — 500 Loans receivable, net (1) 313,435 313,093 — — 313,093 Bank-owned life insurance 6,519 6,519 6,519 — — Restricted investment in bank stock 1,922 1,922 1,922 — — Accrued interest receivable 1,455 1,455 1,455 — — Mortgage servicing rights 3,440 4,052 — — 4,052 Liabilities: Deposits $ 439,888 $ 440,132 $ 407,256 $ 32,876 $ — Advances from the FHLB 26,390 27,223 — 27,223 — Federal Reserve PPPLF advances 3,793 3,793 — 3,793 — Subordinated debt 9,997 10,461 — — 10,461 Advances from borrowers for taxes and insurance 417 417 417 — — Accrued interest payable 73 73 73 — — Off-balance sheet: Commitment to extend credit $ — $ — $ — $ — $ — 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 $ — $ — $ — $ — $ — |
Changes in and Reclassificati_2
Changes in and Reclassifications out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 three and nine months ended September 30, 2021 and September 30, 2020 Net unrealized holding gains on available-for-sales securities (1) For the three months ended For the nine months ended (Dollars in thousands) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Balance at beginning period $ 205 $ 158 $ 238 $ (18 ) Unrealized holding (losses) gains on available-for-sale securities before reclassification (114 ) 31 (147 ) 306 Amount reclassified for investment securities gains included in net income (68 ) — (68 ) (99 ) Net current-period other comprehensive (loss) income (182 ) 31 (215 ) 207 Balance at ending period $ 23 $ 189 $ 23 $ 189 |
Reclassifications out of AOCI by Component | The following table present reclassifications out of AOCI by component for the three and nine months ended September 30, 2021 and 2020: For the three months ended September 30, 2021 For the nine months ended September 30, 2021 (Dollars in thousands) Amount reclassified from accumulated other comprehensive income (2) Amount reclassified from accumulated other comprehensive income (2) Affected line item in the Consolidated Statements of Income Net unrealized gain on available-for securities (1) $ 96 $ 96 Gain on sale of available-for-sale securities, net Tax Effect (28) (28) Income tax expense $ 68 $ 68 For the three months ended September 30, 2020 For the nine months ended September 30, 2020 (Dollars in thousands) Amount reclassified from accumulated other comprehensive income (2) Amount reclassified from accumulated other comprehensive income (2) Affected line item in the Consolidated Statements of Income Net unrealized gain on available-for securities (1) $ — $ 141 Gain on sale of available-for-sale securities, net Tax Effect — (42) Income tax expense $ — $ 99 (1) For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive income (loss), See Note 2, “Investment securities. (2) Amounts in parentheses indicate debits. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The calculation of basic and diluted EPS for the three and nine For the Three Months Ended September 30 For the Nine Months Ended September 30 2021 2020 2021 2020 Net income $ 1,117,000 $ 2,063,000 $ 3,701,000 $ 3,708,000 Weighted average number of shares issued 2,272,625 2,270,725 2,272,013 2,270,544 Less weighted average number of treasury shares (96,608 ) (39,033 ) (95,271 ) (22,716 ) Less weighted average number of unearned ESOP shares (133,869 ) (142,598 ) (136,030 ) (144,766 ) Less weighted average number of unvested restricted stock awards (48,720 ) (62,219 ) (51,736 ) (63,956 ) Basic weighted average shares outstanding 1,993,428 2,026,875 1,988,976 2,039,106 Add dilutive effect of stock options 54,940 — 41,112 — Add dilutive effect of restricted stock awards 10,630 — 6,000 — Diluted weighted average shares outstanding 2,058,998 2,026,875 2,036,088 2,039,106 Net income per share: Basic $ 0.56 $ 1.02 $ 1.86 $ 1.82 Diluted $ 0.54 $ 1.02 $ 1.82 $ 1.82 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2021 and September 30, 2020 was as follows: September 30, 2021 September 30, 2020 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Average Intrinsic Value Outstanding, Jan 1 216,400 $ 14.93 7.6 $ 484,736 218,000 $ 14.92 8.6 $ 452,400 Granted — — — — — — — — Exercised (1,900 ) 14.80 — — (1,600 ) 14.80 — — Forfeited (3,500 ) 15.35 — — — — — — Outstanding, September 30 211,000 $ 14.92 6.9 $ 1,483,330 216,400 $ 14.93 7.9 $ — Exercisable, September 30 88,220 $ 14.89 6.8 $ 622,833 59,600 $ 14.87 7.8 $ — |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity and related information for the nine months ended September 30, 2021 and September 30, 2020 was as follows: September 30, 2021 September 30, 2020 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Non-vested, Jan 1 62,860 $ 14.97 75,320 $ 14.97 Vested (12,180 ) 14.82 (12,460 ) 14.97 Granted — — — — Forfeited — — — — Non-vested at September 30 50,680 $ 14.98 62,860 $ 14.97 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Non-interest Income | The following table presents non-interest income for the three and nine months ended September 30, 2021 and September 30, 2020: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Non-Interest Income In-scope of Topic 606: Fee income $ 82 $ — $ 170 $ 3 Insufficient fund fees 19 16 54 40 Other service charges 31 22 73 61 ATM interchange fee income 3 3 9 7 Other income — — 3 2 Total Non-Interest Income (in-scope of Topic 606) $ 135 $ 41 $ 309 $ 113 Out-of-scope of Topic 606: Increase in cash surrender value of bank-owned life insurance $ 37 $ 39 $ 111 $ 115 Gain on sale of loans, net 3,035 3,044 11,170 7,000 Gain on sale of available-for-sale securities 96 — 96 141 (Loss) Gain from derivative instruments (422 ) 1,015 55 2,479 Change in fair value for loans held-for-sale 438 1,988 (626 ) 2,281 Other — 68 169 155 Total Non-Interest Income (out-scope of Topic 606) 3,184 6,154 10,975 12,171 Total Non-Interest Income (in-scope of Topic 606) 135 41 309 113 Total Noninterest Income $ 3,319 $ 6,195 $ 11,284 $ 12,284 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Consolidated Statement of Financial Condition Classification of ROU Assets and Lease Liabilities | The following table represents the classification of the Company’s ROU assets and lease liabilities in the consolidated statements of financial condition: September 30, 2021 December 31, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Operating lease right-of-use assets $ 8,888 $ 7,685 Total Lease Right-of-Use Assets $ 8,888 $ 7,685 September 30, 2021 December 31, 2020 Lease Liabilities Classification Operating lease liabilities Operating lease liabilities $ 9,226 $ 7,946 Total Lease Liabilities $ 9,226 $ 7,946 |
Summary of Weighted Average Lease Term and Discount Rate | September 30, 2021 December 31, 2020 Weighted-average remaining lease term Operating leases 11.2 years 12.2 years Weighted-average discount rate Operating leases 2.04 % 2.23 % |
Components of Lease Expense | The components of the lease expense are as follows: (dollars in thousands) For the three months ended September 30, 2021 For the nine months ended September 30, 2021 For the three months ended September 30, 2020 For the nine months ended September 30, 2020 Operating lease cost $ 218 $ 639 $ 173 $ 455 Short-term lease cost 6 14 6 27 Total $ 224 $ 653 $ 179 $ 482 |
Schedule of Future Payments for Operating Lease | Future minimum payments for operating leases as of September 30, 2021 and December 31, 2020 were as follows: (dollars in thousands) September 30, 2021 December 31, 2020 Twelve Months Ended: Within one year $ 966 $ 836 After one but within two years 988 792 After two but within three years 989 797 After three but within four years 946 791 After four but within five years 945 735 After five years 5,555 5,182 Total Future Minimum Lease Payments 10,389 9,133 Amounts Representing Interest (1,163 ) (1,187 ) Present Value of Net Future Minimum Lease Payments $ 9,226 $ 7,946 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Reportable Segments | The following tables presents summary financial information for the reportable segments (in thousands): For the three months ended September 30, 2021 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 1,207 $ 410 $ 2,918 $ 46 $ (22 ) $ 4,559 Total Interest Expense 127 90 248 114 (6 ) 573 Net Interest Income 1,080 320 2,670 (68 ) (16 ) 3,986 Provision for Loan losses (9 ) — 238 — — 229 Net interest income after provision for loan losses 1,089 320 2,432 (68 ) (16 ) 3,757 Total non-interest income 183 3,065 66 18 (13 ) 3,319 Non-interest Expense: Salaries and employee benefits 1,389 1,261 894 — (17 ) 3,527 Other expenses 925 793 289 75 (12 ) 2,070 Total non-interest expenses 2,314 2,054 1,183 75 (29 ) 5,597 Income (loss) before income taxes (1,042 ) 1,331 1,315 (125 ) — 1,479 Income tax expense (benefit) (154 ) 211 331 (26 ) — 362 Net income (loss) $ (888 ) $ 1,120 $ 984 $ (99 ) $ — $ 1,117 Total assets as of September 30, 2021 $ 255,131 $ 74,834 $ 202,030 $ 52,555 $ (48,233 ) $ 536,317 For the three months ended September 30, 2020 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 1,494 $ 707 $ 1,319 $ 45 $ (26 ) $ 3,539 Total Interest Expense 47 370 303 — — 720 Net Interest Income 1,447 337 1,016 45 (26 ) 2,819 Provision for Loan losses 186 — 238 — — 424 Net interest income after provision for loan losses 1,261 337 778 45 (26 ) 2,395 Total non-interest income 92 6,048 68 — (13 ) 6,195 Non-interest Expense: Salaries and employee benefits 644 2,362 740 — (26 ) 3,720 Other expenses 686 1,155 133 61 (13 ) 2,022 Total non-interest expenses 1,330 3,517 873 61 (39 ) 5,742 Income (loss) before income taxes 23 2,868 (27 ) (16 ) — 2,848 Income tax expense (benefit) 9 788 (9 ) (3 ) — 785 Net income (loss) $ 14 $ 2,080 $ (18 ) $ (13 ) $ — $ 2,063 Total assets as of September 30, 2020 $ 245,433 $ 105,049 $ 154,434 $ 37,279 $ (34,456 ) $ 507,739 For the nine months ended September 30, 2021 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 3,859 $ 1,138 $ 7,385 $ 118 $ (60 ) $ 12,440 Total Interest Expense 425 258 825 157 (10 ) 1,655 Net Interest Income 3,434 880 6,560 (39 ) (50 ) 10,785 Provision for Loan losses (40 ) — 684 — — 644 Net interest income after provision for loan losses 3,474 880 5,876 (39 ) (50 ) 10,141 Total non-interest income 375 10,588 341 18 (38 ) 11,284 Non-interest Expense: Salaries and employee benefits 3,780 4,409 2,088 — (50 ) 10,227 Other expenses 2,815 2,302 799 225 (38 ) 6,103 Total non-interest expenses 6,595 6,711 2,887 225 (88 ) 16,330 Income (loss) before income taxes (2,746 ) 4,757 3,330 (246 ) — 5,095 Income tax expense (benefit) (743 ) 1,287 902 (52 ) — 1,394 Net income (loss) $ (2,003 ) $ 3,470 $ 2,428 $ (194 ) $ — $ 3,701 Total assets as of September 30, 2021 $ 255,131 $ 74,834 $ 202,030 $ 52,555 $ (48,233 ) $ 536,317 For the nine months ended September 30, 2020 Retail Banking Mortgage Banking Business Banking Holding Company Intercompany Eliminations Consolidated Total Interest Income $ 5,672 $ 1,279 $ 2,880 $ 140 $ (78 ) $ 9,893 Total Interest Expense 883 574 954 — — 2,411 Net Interest Income 4,789 705 1,926 140 (78 ) 7,482 Provision for Loan losses 658 — 327 — — 985 Net interest income after provision for loan losses 4,131 705 1,599 140 (78 ) 6,497 Total non-interest income 410 11,761 151 — (38 ) 12,284 Non-interest Expense: Salaries and employee benefits 3,347 4,100 1,132 — (78 ) 8,501 Other expenses 2,300 2,393 306 188 (38 ) 5,149 Total non-interest expenses 5,647 6,493 1,438 188 (116 ) 13,650 Income (loss) before income taxes (1,106 ) 5,973 313 (48 ) — 5,131 Income tax expense (benefit) (306 ) 1,653 86 (10 ) — 1,423 Net income (loss) $ (800 ) $ 4,320 $ 227 $ (38 ) $ — $ 3,708 Total assets as of September 30, 2020 $ 245,433 $ 105,049 $ 154,434 $ 37,279 $ (34,456 ) $ 507,739 |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Recent Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands | Mar. 27, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Financing Receivable Recorded Investment [Line Items] | |||||
CARES act authorized amount of fund | $ 2,200 | ||||
Interest and fees on loans | $ 4,319 | $ 3,383 | $ 11,735 | $ 9,329 | |
Paycheck Protection Program | Coronavirus Aid Relief And Economic Security Act | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Outstanding loans amount in funds | 35,600 | 35,600 | |||
Interest and fees on loans | $ 1,000 | $ 2,700 |
Investment Securities - Investm
Investment Securities - Investment Securities Available-for-sale (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 39,307,000 | $ 23,181,000 |
Available-for-sale, Gross Unrealized Gains | 318,000 | 353,000 |
Available-for-sale, Gross Unrealized Losses | (285,000) | (16,000) |
Available-for-sale, Fair Value | 39,340,000 | 23,518,000 |
U.S. Governmental securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 2,895,000 | 377,000 |
Available-for-sale, Gross Unrealized Gains | 8,000 | 14,000 |
Available-for-sale, Gross Unrealized Losses | (62,000) | |
Available-for-sale, Fair Value | 2,841,000 | 391,000 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 13,103,000 | 9,454,000 |
Available-for-sale, Gross Unrealized Gains | 176,000 | 156,000 |
Available-for-sale, Gross Unrealized Losses | (54,000) | (10,000) |
Available-for-sale, Fair Value | 13,225,000 | 9,600,000 |
Collateralized mortgage obligations - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 7,864,000 | 3,819,000 |
Available-for-sale, Gross Unrealized Gains | 21,000 | 38,000 |
Available-for-sale, Gross Unrealized Losses | (55,000) | (6,000) |
Available-for-sale, Fair Value | 7,830,000 | 3,851,000 |
Mortgage-backed securities - agency residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 9,023,000 | 5,608,000 |
Available-for-sale, Gross Unrealized Gains | 48,000 | 81,000 |
Available-for-sale, Gross Unrealized Losses | (58,000) | |
Available-for-sale, Fair Value | 9,013,000 | 5,689,000 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 5,923,000 | 2,924,000 |
Available-for-sale, Gross Unrealized Gains | 56,000 | 47,000 |
Available-for-sale, Gross Unrealized Losses | (56,000) | |
Available-for-sale, Fair Value | 5,923,000 | 2,971,000 |
Bank CDs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 499,000 | 999,000 |
Available-for-sale, Gross Unrealized Gains | 9,000 | 17,000 |
Available-for-sale, Fair Value | $ 508,000 | $ 1,016,000 |
Investment Securities - Schedul
Investment Securities - Scheduled of Maturities of Securities Available-for-sale (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale, Due in one year or less, Amortized Cost | $ 1,259 |
Available-for-Sale, Due from one to five years, Amortized Cost | 4,814 |
Available-for-Sale, Due from after five to ten years, Amortized Cost | 12,215 |
Available-for-Sale, Due after ten years, Amortized Cost | 21,019 |
Available-for-Sale, Amortized Cost | 39,307 |
Available-for-Sale, Due in one year or less, Fair Value | 1,265 |
Available-for-Sale, Due from one to five years, Fair Value | 4,808 |
Available-for-Sale, Due from after five to ten years, Fair Value | 12,267 |
Available-for-Sale, Due after ten years, Fair Value | 21,000 |
Available-for-Sale, Fair Value | $ 39,340 |
Investment Securities - Additio
Investment Securities - Additional information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)Security | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Security | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)Security | |
Investment Holdings [Line Items] | |||||
Securities with a fair value pledge to secure public deposits and for other purposes as required by law | $ 4,100,000 | $ 4,100,000 | $ 4,400,000 | ||
Proceeds from the sale of available-for-sale securities | 2,700,000 | $ 422,000 | 2,668,000 | $ 4,883,000 | |
Gross realized gains on sale of available-for-sale securities | 96,000 | 10,000 | 96,000 | 141,000 | |
Gross realized losses sale of available-for-sale securities | 0 | $ 10,000 | 0 | $ 0 | |
Securities available-for-sale, fair value | $ 39,340,000 | $ 39,340,000 | $ 23,518,000 | ||
Bank CDs | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 2 | 2 | 4 | ||
Securities available-for-sale, fair value | $ 508,000 | $ 508,000 | $ 1,016,000 | ||
Number of securities with unrealized losses | Security | 0 | 0 | 0 | ||
U.S. Governmental and Agency securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 5 | 5 | |||
Securities available-for-sale, fair value | $ 2,800,000 | $ 2,800,000 | |||
U.S. Governmental securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 2 | ||||
Securities available-for-sale, fair value | $ 2,841,000 | $ 2,841,000 | $ 391,000 | ||
Number of securities with unrealized losses | Security | 3 | 3 | 0 | ||
Corporate notes | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 17 | 17 | 13 | ||
Securities available-for-sale, fair value | $ 13,225,000 | $ 13,225,000 | $ 9,600,000 | ||
Investment securities | $ 13,200,000 | $ 13,200,000 | $ 9,600,000 | ||
Number of securities with unrealized losses | Security | 6 | 6 | 5 | ||
Collateralized mortgage obligations | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 32 | 32 | 27 | ||
Securities available-for-sale, fair value | $ 7,830,000 | $ 7,830,000 | $ 3,851,000 | ||
Number of securities with unrealized losses | Security | 14 | 14 | 11 | ||
Available for sale securities percentage of agency | 100.00% | 100.00% | |||
Mortgage-backed securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 21 | 21 | 16 | ||
Securities available-for-sale, fair value | $ 9,013,000 | $ 9,013,000 | $ 5,689,000 | ||
Number of securities with unrealized losses | Security | 8 | 8 | 0 | ||
Available for sale securities percentage of agency | 100.00% | 100.00% | |||
Municipal securities | |||||
Investment Holdings [Line Items] | |||||
Number of investment securities | Security | 10 | 10 | 6 | ||
Securities available-for-sale, fair value | $ 5,923,000 | $ 5,923,000 | $ 2,971,000 | ||
Number of securities with unrealized losses | Security | 7 | 7 | 0 | ||
Investment securities | $ 5,900,000 | $ 5,900,000 | $ 3,000,000 |
Investment Securities - Unreali
Investment Securities - Unrealized Loss Positions of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | $ 21,828 | $ 3,420 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (282) | (9) |
Available-for-sale, 12 Months or Longer, Fair Value | 229 | 1,032 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (3) | (7) |
Available-for-sale, Total, Fair Value | 22,057 | 4,452 |
Available-for-sale, Total, Unrealized Loss | (285) | (16) |
U.S. Governmental securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 2,539 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (62) | |
Available-for-sale, Total, Fair Value | 2,539 | |
Available-for-sale, Total, Unrealized Loss | (62) | |
Corporate notes | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 4,621 | 3,420 |
Available-for-sale, Less than 12 Months, Unrealized Loss | (54) | (9) |
Available-for-sale, 12 Months or Longer, Fair Value | 500 | |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (1) | |
Available-for-sale, Total, Fair Value | 4,621 | 3,920 |
Available-for-sale, Total, Unrealized Loss | (54) | (10) |
Collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 3,995 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (52) | |
Available-for-sale, 12 Months or Longer, Fair Value | 229 | 532 |
Available-for-sale, 12 Months or Longer, Unrealized Loss | (3) | (6) |
Available-for-sale, Total, Fair Value | 4,224 | 532 |
Available-for-sale, Total, Unrealized Loss | (55) | $ (6) |
Mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 6,361 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (58) | |
Available-for-sale, Total, Fair Value | 6,361 | |
Available-for-sale, Total, Unrealized Loss | (58) | |
Municipal securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, Less than 12 Months, Fair Value | 4,312 | |
Available-for-sale, Less than 12 Months, Unrealized Loss | (56) | |
Available-for-sale, Total, Fair Value | 4,312 | |
Available-for-sale, Total, Unrealized Loss | $ (56) |
Equity Securities - Additional
Equity Securities - Additional information (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
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 ($) | Sep. 30, 2021 | Dec. 31, 2020 |
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 ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 316,923 | $ 317,114 | ||||
Unearned discounts, origination and commitment fees and costs | (1,029) | (1,286) | ||||
Allowance for loan losses | (2,459) | $ (2,260) | (2,017) | $ (1,909) | $ (1,845) | $ (1,437) |
Loans and leases receivable, net amount | 313,435 | 313,811 | ||||
Residential | 1-4 family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 106,858 | 141,891 | ||||
Allowance for loan losses | (480) | (522) | (637) | (695) | (768) | (701) |
Residential | Home equity and HELOCs | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 2,813 | 3,993 | ||||
Allowance for loan losses | (10) | (12) | (15) | (16) | (39) | (44) |
Commercial | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 109,284 | 68,705 | ||||
Allowance for loan losses | (880) | (691) | (519) | (428) | (332) | (229) |
Commercial | Commercial Business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 24,860 | 24,152 | ||||
Allowance for loan losses | (293) | (280) | (280) | (221) | (157) | (122) |
Commercial | Main Street Lending Program | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 1,556 | 1,556 | ||||
Allowance for loan losses | (27) | (27) | (27) | |||
Commercial | SBA PPP Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 35,604 | 64,380 | ||||
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 31,477 | 7,299 | ||||
Allowance for loan losses | (382) | (346) | (74) | (40) | (27) | (8) |
Consumer | Medical Education | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | 4,466 | 5,105 | ||||
Allowance for loan losses | (387) | $ (382) | (367) | $ (357) | $ (338) | $ (333) |
Consumer | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable, gross | $ 5 | $ 33 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Loan | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | $ 316,923,000 | $ 316,923,000 | $ 317,114,000 | ||
Overdrafts | 5,000 | 5,000 | $ 33,000 | ||
Loans performing under original contractual, interest increase | 37,000 | $ 14,000 | $ 69,000 | $ 52,000 | |
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 | 1,000,000 | $ 1,000,000 | |||
Number of loans identified as TDRs | Loan | 2 | 2 | |||
Loans identified as TDRs | 201,000 | $ 201,000 | $ 227,000 | ||
Modifications to loans classified as TDRs | 0 | $ 0 | 0 | $ 0 | |
Additional loan commitments outstanding | 0 | 0 | 0 | ||
Specific reserve related to TDR | 0 | 0 | 0 | ||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans in process of foreclosure | 92,000 | 92,000 | 294,000 | ||
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 | 2,260,000 | 2,260,000 | 652,000 | ||
Medical Education | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans receivable, balance | 4,466,000 | 4,466,000 | 5,105,000 | ||
Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Balance of loans past due 90 days or more | $ 0 | $ 0 | $ 81,000 |
Loans Receivable - Summary of A
Loans Receivable - Summary of Activity in Allowance for Loan Losses By Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | $ 2,260 | $ 1,845 | $ 2,017 | $ 1,437 |
Allowance for Loan Losses Charge-offs | (38) | (360) | (210) | (514) |
Allowance for Loan Losses Recoveries | 8 | 8 | 1 | |
Allowance for Loan Losses (Credit) Provisions | 229 | 424 | 644 | 985 |
Allowance for Loan Losses Ending Balance | 2,459 | 1,909 | 2,459 | 1,909 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | 2,459 | 1,909 | 2,459 | 1,909 |
Residential | 1-4 family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 522 | 768 | 637 | 701 |
Allowance for Loan Losses (Credit) Provisions | (42) | (73) | (157) | (6) |
Allowance for Loan Losses Ending Balance | 480 | 695 | 480 | 695 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | 480 | 695 | 480 | 695 |
Residential | Home equity and HELOCs | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 12 | 39 | 15 | 44 |
Allowance for Loan Losses (Credit) Provisions | (2) | (23) | (5) | (28) |
Allowance for Loan Losses Ending Balance | 10 | 16 | 10 | 16 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | 10 | 16 | 10 | 16 |
Commercial | Commercial Real Estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 691 | 332 | 519 | 229 |
Allowance for Loan Losses (Credit) Provisions | 189 | 96 | 361 | 199 |
Allowance for Loan Losses Ending Balance | 880 | 428 | 880 | 428 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | 880 | 428 | 880 | 428 |
Commercial | Commercial Business | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 280 | 157 | 280 | 122 |
Allowance for Loan Losses (Credit) Provisions | 13 | 64 | 13 | 99 |
Allowance for Loan Losses Ending Balance | 293 | 221 | 293 | 221 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | 293 | 221 | 293 | 221 |
Commercial | Main Street Lending Program | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 27 | 27 | ||
Allowance for Loan Losses Ending Balance | 27 | 27 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | 27 | 27 | ||
Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 346 | 27 | 74 | 8 |
Allowance for Loan Losses (Credit) Provisions | 36 | 13 | 308 | 32 |
Allowance for Loan Losses Ending Balance | 382 | 40 | 382 | 40 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | 382 | 40 | 382 | 40 |
Consumer | Medical Education | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 382 | 338 | 367 | 333 |
Allowance for Loan Losses Charge-offs | (38) | (360) | (210) | (514) |
Allowance for Loan Losses Recoveries | 8 | 8 | 1 | |
Allowance for Loan Losses (Credit) Provisions | 35 | 379 | 222 | 537 |
Allowance for Loan Losses Ending Balance | 387 | 357 | 387 | 357 |
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | $ 387 | 357 | 387 | 357 |
Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning Balance | 184 | 98 | ||
Allowance for Loan Losses (Credit) Provisions | (32) | $ (98) | 152 | |
Allowance for Loan Losses Ending Balance | 152 | 152 | ||
Allowance for Loan Losses Ending Balance Collectively Evaluated for Impairment | $ 152 | $ 152 |
Loans Receivable - Individually
Loans Receivable - Individually and Collectively Evaluated for Impairment By Loan Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | $ 316,923 | $ 317,114 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 2,920 | 1,328 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 313,993 | 315,786 |
Residential | 1-4 family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 106,858 | 141,891 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 737 | 932 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 106,121 | 140,959 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 2,813 | 3,993 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 2,813 | 3,993 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 109,284 | 68,705 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 184 | 300 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 109,090 | 68,405 |
Commercial | Commercial Business | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 24,860 | 24,152 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 77 | 96 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 24,783 | 24,056 |
Commercial | Main Street Lending Program | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 1,556 | 1,556 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 1,556 | 1,556 |
Commercial | SBA PPP Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 35,604 | 64,380 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 35,604 | 64,380 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 31,477 | 7,299 |
Loans Receivable Ending Balance Individually Evaluated for Impairment | 1,922 | |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 29,555 | 7,299 |
Consumer | Medical Education | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 4,466 | 5,105 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | 4,466 | 5,105 |
Consumer | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable Ending Balance | 5 | 33 |
Loans Receivable Ending Balance Collectively Evaluated for Impairment | $ 5 | $ 33 |
Loans Receivable - Summary of I
Loans Receivable - Summary of Information in Regard to Impaired Loans by Loan Portfolio Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | $ 2,920 | $ 2,920 | $ 1,328 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 3,069 | 3,069 | 1,452 | ||
Impaired loans by loan portfolio class, Recorded Investment | 2,920 | 2,920 | 1,328 | ||
Impaired loans by loan portfolio class, Unpaid Principal Balance | 3,069 | 3,069 | 1,452 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 2,246 | $ 1,317 | 2,122 | $ 1,798 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 4 | 8 | 36 | 22 | |
Impaired loans by loan portfolio class, Average Record Investment | 2,246 | 1,317 | 2,122 | 1,798 | |
Impaired loans by loan portfolio class, Interest Income Recognized | 4 | 8 | 36 | 22 | |
Residential | 1-4 family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 737 | 737 | 932 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 886 | 886 | 1,056 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 1,019 | 886 | 971 | 1,219 | |
Residential | Home equity and HELOCs | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 19 | 157 | |||
Commercial | Commercial Real Estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 184 | 184 | 300 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 184 | 184 | 300 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 186 | 307 | 584 | 311 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 3 | 6 | 33 | 17 | |
Commercial | Commercial Business | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 77 | 77 | 96 | ||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 77 | 77 | $ 96 | ||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | 80 | 105 | 87 | 111 | |
Impaired loans by loan portfolio class with no related allowance, Interest Income Recognized | 1 | $ 2 | 3 | $ 5 | |
Construction | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans by loan portfolio class with no related allowance, Recorded Investment | 1,922 | 1,922 | |||
Impaired loans by loan portfolio class with no related allowance, Unpaid Principal Balance | 1,922 | 1,922 | |||
Impaired loans by loan portfolio class with no related allowance, Average Record Investment | $ 961 | $ 480 |
Loans Receivable - Summary of N
Loans Receivable - Summary of Non-accrual Loans by Classes of Loan Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 3,950 | $ 2,254 |
Residential | 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 737 | 932 |
Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | 1,922 | |
Consumer | Medical Education | ||
Financing Receivable, Modifications [Line Items] | ||
Loans receivable, nonaccrual status | $ 1,291 | $ 1,322 |
Loans Receivable - Credit Quali
Loans Receivable - Credit Quality Indicators by Class of Loan Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 316,923 | $ 317,114 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 311,162 | 314,224 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,550 | 194 |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,211 | 2,696 |
Residential | 1-4 family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 106,858 | 141,891 |
Residential | Home equity and HELOCs | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,813 | 3,993 |
Residential | Pass | 1-4 family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 106,121 | 140,959 |
Residential | Pass | Home equity and HELOCs | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 2,813 | 3,993 |
Residential | Substandard | 1-4 family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 737 | 932 |
Commercial | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 109,284 | 68,705 |
Commercial | Commercial Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 24,860 | 24,152 |
Commercial | Main Street Lending Program | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,556 | 1,556 |
Commercial | SBA PPP Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 35,604 | 64,380 |
Commercial | Pass | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 107,550 | 68,211 |
Commercial | Pass | Commercial Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 24,783 | 24,010 |
Commercial | Pass | Main Street Lending Program | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,556 | 1,556 |
Commercial | Pass | SBA PPP Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 35,604 | 64,380 |
Commercial | Special Mention | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,550 | 194 |
Commercial | Substandard | Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 184 | 300 |
Commercial | Substandard | Commercial Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 77 | 142 |
Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 31,477 | 7,299 |
Construction | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 29,555 | 7,299 |
Construction | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 1,922 | |
Consumer | Medical Education | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 4,466 | 5,105 |
Consumer | Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 5 | 33 |
Consumer | Pass | Medical Education | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 3,175 | 3,783 |
Consumer | Pass | Other | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | 5 | 33 |
Consumer | Substandard | Medical Education | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable, gross | $ 1,291 | $ 1,322 |
Loans Receivable - Summary of S
Loans Receivable - Summary of Segments of Loan Portfolio by Aging Categories (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | $ 316,923,000 | $ 317,114,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 482,000 | 750,000 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,461,000 | 1,137,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,260,000 | 652,000 |
Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,203,000 | 2,539,000 |
Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 312,720,000 | 314,575,000 |
Residential | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 106,858,000 | 141,891,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | 1-4 family | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50,000 | 543,000 |
Residential | 1-4 family | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 545,000 | 186,000 |
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 | 338,000 | 571,000 |
Residential | 1-4 family | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 933,000 | 1,300,000 |
Residential | 1-4 family | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 105,925,000 | 140,591,000 |
Residential | Home equity and HELOCs | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 2,813,000 | 3,993,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Residential | Home equity and HELOCs | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38,000 | |
Residential | Home equity and HELOCs | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 68,000 | |
Residential | Home equity and HELOCs | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 68,000 | 38,000 |
Residential | Home equity and HELOCs | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,745,000 | 3,955,000 |
Commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 109,284,000 | 68,705,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Commercial Real Estate | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 109,284,000 | 68,705,000 |
Commercial | Main Street Lending Program | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,556,000 | 1,556,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Main Street Lending Program | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,556,000 | 1,556,000 |
Commercial | Commercial Business | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 24,860,000 | 24,152,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | Commercial Business | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100,000 | |
Commercial | Commercial Business | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100,000 | |
Commercial | Commercial Business | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,760,000 | 24,152,000 |
Commercial | SBA PPP Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 35,604,000 | 64,380,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Commercial | SBA PPP Loans | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 270,000 | |
Commercial | SBA PPP Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 41,000 | |
Commercial | SBA PPP Loans | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 311,000 | |
Commercial | SBA PPP Loans | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35,293,000 | 64,380,000 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 31,477,000 | 7,299,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Construction | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,922,000 | |
Construction | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,922,000 | |
Construction | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,555,000 | 7,299,000 |
Consumer | Medical Education | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 4,466,000 | 5,105,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Medical Education | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 62,000 | 169,000 |
Consumer | Medical Education | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 807,000 | 951,000 |
Consumer | Medical Education | Financing Receivables, Equal to Greater than 90 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 81,000 |
Consumer | Medical Education | Financing Receivables, Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 869,000 | 1,201,000 |
Consumer | Medical Education | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,597,000 | 3,904,000 |
Consumer | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 5,000 | 33,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 |
Consumer | Other | Financing Receivables, Not Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 5,000 | $ 33,000 |
Loans Receivable - Summary of T
Loans Receivable - Summary of Troubled Debt Restructurings on Accrual Status and Non-Accrual Status (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Loans identified as TDRs | $ 201 | $ 227 |
Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified as TDRs | $ 201 | $ 227 |
Commercial Real Estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 1 |
Loans identified as TDRs | $ 124 | $ 131 |
Commercial Real Estate | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified as TDRs | $ 124 | $ 131 |
Commercial Business | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 1 |
Loans identified as TDRs | $ 77 | $ 96 |
Commercial Business | Accrual Status | ||
Financing Receivable, Modifications [Line Items] | ||
Loans identified as TDRs | $ 77 | $ 96 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Transfers And Servicing Of Financial Assets [Abstract] | |||||
Mortgage servicing rights associated with loan sales | $ 3,440,000 | $ 3,440,000 | $ 2,041,000 | ||
Servicing income, includes late and ancillary fees | $ 212,000 | $ 6,000 | $ 548,000 | $ 8,000 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Change in Carrying Value of Mortgage Servicing Rights Accounted Amortization Method (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Transfers And Servicing [Abstract] | ||||
Balance at Beginning of Period | $ 3,104 | $ 508 | $ 2,041 | |
Servicing Rights retained from loans sold | 546 | 655 | 1,939 | $ 1,168 |
Amortization | (210) | (36) | (540) | (41) |
Balance at End of Period | 3,440 | 1,127 | 3,440 | 1,127 |
Fair value, End of Period | $ 4,052 | $ 1,205 | $ 4,052 | $ 1,205 |
Mortgage Servicing Rights - Sch
Mortgage Servicing Rights - Schedule of Key Data and Assumptions Used in Estimating Fair Value of Mortgage Servicing Rights (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
Transfers And Servicing [Abstract] | |
Long run Constant Prepayment Rate | 6.72% |
Weighted-Average Life (in years) | 27 years 1 month 6 days |
Weighted-Average Note Rate | 2.897% |
Weighted-Average Discount Rate | 9.00% |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 2,800 | $ 2,899 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2,371 | 2,647 |
Asset Derivatives, Notional Amount | 108,014 | 120,563 |
Not Designated as Hedging Instrument | Interest Rate Lock Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 59 | 106 |
Liability Derivatives, Notional Amount | 5,078 | 12,111 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 306 | 252 |
Asset Derivatives, Notional Amount | 9,642 | 5,459 |
Not Designated as Hedging Instrument | Forward Loan Sales Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 91 | 127 |
Liability Derivatives, Notional Amount | 6,247 | 18,071 |
Not Designated as Hedging Instrument | To Be Announced securities ("TBAs") | Mortgage banking derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 123 | |
Asset Derivatives, Notional Amount | 24,750 | |
Not Designated as Hedging Instrument | To Be Announced securities ("TBAs") | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 5 | 76 |
Liability Derivatives, Notional Amount | $ 2,750 | $ 13,500 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | $ (422) | $ 1,015 | $ 55 | $ 2,479 |
Interest Rate Lock Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | (244) | 1,043 | (229) | 2,848 |
Forward Loan Sales Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | (394) | (35) | 90 | (371) |
TBA Securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) from derivative instruments | $ 216 | $ 7 | $ 194 | $ 2 |
Fair Value Presentation - Fair
Fair Value Presentation - Fair Value for Assets Required to be Measured and Reported at Fair Value on a Recurring Basis (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 39,340,000 | $ 23,518,000 |
Loans held for sale, at fair value | 68,593,000 | 83,549,000 |
Asset Derivatives | 2,800,000 | 2,899,000 |
U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,841,000 | 391,000 |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,225,000 | 9,600,000 |
Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,830,000 | 3,851,000 |
Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,013,000 | 5,689,000 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,923,000 | 2,971,000 |
Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 508,000 | 1,016,000 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, at fair value | 68,593,000 | 83,549,000 |
Assets measured at fair value | 110,733,000 | 109,966,000 |
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 | 2,841,000 | 391,000 |
Fair Value, Measurements, Recurring | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 13,225,000 | 9,600,000 |
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 | 7,830,000 | 3,851,000 |
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 | 9,013,000 | 5,689,000 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,923,000 | 2,971,000 |
Fair Value, Measurements, Recurring | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 306,000 | 252,000 |
Fair Value, Measurements, Recurring | TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 123,000 | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 2,371,000 | 2,647,000 |
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 | 68,593,000 | 83,549,000 |
Assets measured at fair value | 97,650,000 | 99,251,000 |
Fair Value, Measurements, Recurring | Level 2 | U.S. Governmental securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,841,000 | 391,000 |
Fair Value, Measurements, Recurring | Level 2 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 2,513,000 | 1,532,000 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized mortgage obligations - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 7,830,000 | 3,851,000 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities - agency residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,013,000 | 5,689,000 |
Fair Value, Measurements, Recurring | Level 2 | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 5,923,000 | 2,971,000 |
Fair Value, Measurements, Recurring | Level 2 | Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 306,000 | 252,000 |
Fair Value, Measurements, Recurring | Level 2 | TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 123,000 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 13,083,000 | 10,715,000 |
Fair Value, Measurements, Recurring | Level 3 | Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 10,712,000 | 8,068,000 |
Fair Value, Measurements, Recurring | Level 3 | Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Asset Derivatives | 2,371,000 | 2,647,000 |
Fair Value, Measurements, Recurring | Bank CDs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 508,000 | 1,016,000 |
Fair Value, Measurements, Recurring | Bank CDs | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 508,000 | $ 1,016,000 |
Fair Value Presentation - Fai_2
Fair Value Presentation - Fair Value for Liabilities Required to be Measured and Reported at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 155 | $ 309 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 96 | 203 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 59 | 106 |
Forward Loan Sales Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 91 | 127 |
Forward Loan Sales Commitments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 91 | 127 |
TBA Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 5 | 76 |
TBA Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 5 | 76 |
Interest Rate Lock Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | 59 | 106 |
Interest Rate Lock Commitments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability Derivatives | $ 59 | $ 106 |
Fair Value Presentation - Chang
Fair Value Presentation - Change in Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Corporate notes | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | $ 12,027 | $ 3,961 | $ 8,068 | $ 3,059 |
Total unrealized losses: Included in other comprehensive loss | 4 | 34 | 66 | 36 |
Purchases, sales and settlements | (1,319) | 1,528 | 2,578 | 2,428 |
Ending Balance | 10,712 | 5,523 | 10,712 | 5,523 |
Change in unrealized gains for the period included other comprehensive income for assets held as of September 30, 2021 | 4 | 34 | 66 | 36 |
IRLC - Asset | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 2,657 | 2,681 | 2,647 | 810 |
Total gains or (losses) included in earnings and held at reporting date | (286) | 1,039 | (276) | 2,910 |
Ending Balance | 2,371 | 3,720 | 2,371 | 3,720 |
Change in unrealized (losses) or gains for the period included in earnings (or changes in net assets) for assets held as of September 30, 2021 | (286) | 1,039 | (276) | 2,910 |
IRLC - Liability | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | (101) | (91) | (106) | (25) |
Total gains or (losses) included in earnings and held at reporting date | 42 | 4 | 47 | (62) |
Ending Balance | (59) | (87) | (59) | (87) |
Change in unrealized (losses) or gains for the period included in earnings (or changes in net assets) for assets held as of September 30, 2021 | $ 42 | $ 4 | $ 47 | $ (62) |
Fair Value Presentation - Addit
Fair Value Presentation - Additional Information (Detail) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurement Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Corporate notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 10,700,000 | 8,100,000 |
Corporate notes | Level 3 | Pricing Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 7,600,000 | |
Corporate notes | Level 3 | Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.956 | |
Corporate notes | Level 3 | Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 1.099 | |
Corporate notes | Level 3 | Market Comparable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 3,100,000 | |
Weighted average rate | 1.024 | |
IRLC | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net derivative assets and liabilities | $ 2,300,000 | $ 2,500,000 |
IRLC | Level 3 | Minimum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.7754 | |
IRLC | Level 3 | Maximum | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.9997 |
Fair Value Presentation - Signi
Fair Value Presentation - Significant Unobservable Inputs for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Level 3 $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Corporate notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 10,700 | $ 8,100 |
Corporate notes | Pricing Model | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 7,600 | |
Corporate notes | Pricing Model | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.956 | |
Corporate notes | Pricing Model | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 1.099 | |
Corporate notes | Market Comparable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 3,100 | |
Weighted average rate | 1.024 | |
IRLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,300 | 2,500 |
IRLC | Pull-through Rates | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.7754 | |
IRLC | Pull-through Rates | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.9997 | |
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 | $ 7,641 | $ 5,995 |
Weighted average rate | 1.0274 | 1.0167 |
Fair Value, Measurements, Recurring | Corporate notes | Pricing Model | Offered Quotes | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.9563 | 0.9237 |
Fair Value, Measurements, Recurring | Corporate notes | Pricing Model | Offered Quotes | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 1.0988 | 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 | $ 3,071 | $ 2,073 |
Weighted average rate | 1.0236 | 1.0250 |
Fair Value, Measurements, Recurring | Corporate notes | Market Comparable Securities | Offered Quotes | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 1.010 | 1.0163 |
Fair Value, Measurements, Recurring | Corporate notes | Market Comparable Securities | Offered Quotes | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 1.0250 | 1.0363 |
Fair Value, Measurements, Recurring | IRLC | Discounted Cash Flows | Pull-through Rates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,312 | $ 2,541 |
Weighted average rate | 0.9209 | 0.8099 |
Fair Value, Measurements, Recurring | IRLC | Discounted Cash Flows | Pull-through Rates | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.7754 | 0.6370 |
Fair Value, Measurements, Recurring | IRLC | Discounted Cash Flows | Pull-through Rates | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average rate | 0.9997 | 0.9979 |
Fair Value Presentation - Carry
Fair Value Presentation - Carrying Amount for Class of Assets and Liabilities and Fair Value for Certain Financial Instruments Not Required to be Measured or Reported at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Equity securities | $ 500 | $ 500 |
Mortgage servicing rights | 3,440 | 2,041 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 84,683 | 414,590 |
Equity securities | 500 | 500 |
Loans receivable, net | 313,435 | 313,811 |
Bank-owned life insurance | 6,519 | 6,408 |
Restricted investment in bank stock | 1,922 | 1,721 |
Accrued interest receivable | 1,455 | 1,489 |
Mortgage servicing rights | 3,440 | 2,041 |
Liabilities: | ||
Deposits | 439,888 | 730,826 |
Advances from the FHLB | 26,390 | 26,269 |
Federal Reserve PPPLF advances | 3,793 | 48,682 |
Subordinated debt | 9,997 | |
Advances from borrowers for taxes and insurance | 417 | 2,131 |
Accrued interest payable | 73 | 167 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 84,683 | 414,590 |
Equity securities | 500 | 500 |
Loans receivable, net | 313,093 | 325,636 |
Bank-owned life insurance | 6,519 | 6,408 |
Restricted investment in bank stock | 1,922 | 1,721 |
Accrued interest receivable | 1,455 | 1,489 |
Mortgage servicing rights | 4,052 | 2,259 |
Liabilities: | ||
Deposits | 440,132 | 731,398 |
Advances from the FHLB | 27,223 | 27,932 |
Federal Reserve PPPLF advances | 3,793 | 48,698 |
Subordinated debt | 10,461 | |
Advances from borrowers for taxes and insurance | 417 | 2,131 |
Accrued interest payable | 73 | 167 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 84,683 | 414,590 |
Bank-owned life insurance | 6,519 | 6,408 |
Restricted investment in bank stock | 1,922 | 1,721 |
Accrued interest receivable | 1,455 | 1,489 |
Liabilities: | ||
Deposits | 407,256 | 668,689 |
Advances from borrowers for taxes and insurance | 417 | 2,131 |
Accrued interest payable | 73 | 167 |
Level 2 | ||
Liabilities: | ||
Deposits | 32,876 | 62,709 |
Advances from the FHLB | 27,223 | 27,932 |
Federal Reserve PPPLF advances | 3,793 | 48,698 |
Level 3 | ||
Assets: | ||
Equity securities | 500 | 500 |
Loans receivable, net | 313,093 | 325,636 |
Mortgage servicing rights | 4,052 | $ 2,259 |
Liabilities: | ||
Subordinated debt | $ 10,461 |
Changes in and Reclassificati_3
Changes in and Reclassifications out of Accumulated Other Comprehensive Income - Schedule of Changes in Component of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | $ 41,437 | $ 35,257 | $ 38,927 | $ 33,599 | |
Unrealized (loss) gain on available-for-sale securities (pre-tax ($162) and $44, and ($208) and $153, respectively) | (114) | 31 | (147) | 306 | |
Amount reclassified for investment securities gains included in net income | [1] | (68) | (68) | (99) | |
Other comprehensive (loss) income | (182) | 31 | (215) | 207 | |
Ending balance | 42,469 | 37,235 | 42,469 | 37,235 | |
Net Unrealized Holding Gains on Available-for-sales Securities | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | 205 | 158 | 238 | (18) | |
Unrealized (loss) gain on available-for-sale securities (pre-tax ($162) and $44, and ($208) and $153, respectively) | (114) | 31 | (147) | 306 | |
Amount reclassified for investment securities gains included in net income | (68) | (68) | (99) | ||
Other comprehensive (loss) income | (182) | 31 | (215) | 207 | |
Ending balance | $ 23 | $ 189 | $ 23 | $ 189 | |
[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. |
Changes in and Reclassificati_4
Changes in and Reclassifications out of Accumulated Other Comprehensive Income - Reclassifications out of AOCI by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||||
Gain on sale of investment securities net, before tax | $ 96 | $ 0 | $ 96 | $ 141 | |
Gain on sale of investment securities net, Net of tax | [1] | 68 | 68 | 99 | |
Gain on Sale of Investment Securities, net | Amount Reclassified from Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||||
Gain on sale of investment securities net, before tax | [2],[3] | 96 | 96 | 141 | |
Gain on sale of investment securities net, Income tax expense | [2],[3] | (28) | (28) | (42) | |
Gain on sale of investment securities net, Net of tax | [2],[3] | $ 68 | $ 68 | $ 99 | |
[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 parentheses indicate debits. | ||||
[3] | For additional details related to unrealized gains on investment securities and related amounts reclassified from accumulated other comprehensive income (loss), See Note 2, “Investment securities. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share Basic [Line Items] | ||||||
Stock options outstanding | 211,000 | 216,400 | 211,000 | 216,400 | 216,400 | 218,000 |
Share vested and exercisable | 88,220 | 59,600 | 88,220 | 59,600 | ||
Restricted Stock | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Restricted stock shares outstanding | 87,000 | 87,000 | 87,000 | 87,000 | ||
Share vested and exercisable other than option | 36,320 | 24,140 | 36,320 | 24,140 | ||
Stock outstanding not included in computation of diluted net income per share | 50,680 | 62,860 | 50,680 | 62,860 | ||
Stock Options | ||||||
Earnings Per Share Basic [Line Items] | ||||||
Stock outstanding not included in computation of diluted net income per share | 211,000 | 216,400 | 211,000 | 216,400 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Net Income | $ 1,117,000 | $ 2,063,000 | $ 3,701,000 | $ 3,708,000 |
Weighted average number of shares issued | 2,272,625 | 2,270,725 | 2,272,013 | 2,270,544 |
Less weighted average number of treasury shares | (96,608) | (39,033) | (95,271) | (22,716) |
Less weighted average number of unearned ESOP shares | (133,869) | (142,598) | (136,030) | (144,766) |
Less weighted average number of unvested restricted stock awards | (48,720) | (62,219) | (51,736) | (63,956) |
Basic weighted average shares outstanding | 1,993,428 | 2,026,875 | 1,988,976 | 2,039,106 |
Diluted weighted average shares outstanding | 2,058,998 | 2,026,875 | 2,036,088 | 2,039,106 |
Net income per share: | ||||
Basic | $ 0.56 | $ 1.02 | $ 1.86 | $ 1.82 |
Diluted | $ 0.54 | $ 1.02 | $ 1.82 | $ 1.82 |
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Add dilutive effect of stock | 54,940 | 41,112 | ||
Restricted stock awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Add dilutive effect of stock | 10,630 | 6,000 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 19, 2021 | Jun. 13, 2018 | |
2018 Equity Incentive Plan | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum number of shares authorized | 305,497 | |||||
Share based compensation, number of shares available for grant | 3,997 | 3,997 | ||||
Stock option expense | $ 15,000 | $ 15,000 | $ 45,000 | $ 45,000 | ||
Restricted stock expense | 45,000 | $ 45,000 | 139,000 | $ 139,000 | ||
2018 Equity Incentive Plan | Stock Options | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum number of shares authorized | 218,212 | |||||
Total unrecognized compensation cost | $ 226,000 | $ 226,000 | ||||
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 | Incentive and Non-Qualified Stock Options | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Share based compensation, number of shares available for grant | 3,712 | 3,712 | ||||
2018 Equity Incentive Plan | Restricted Stock Awards | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Share based compensation, number of shares available for grant | 285 | 285 | ||||
2018 Equity Incentive Plan | Restricted Shares and Stock Options | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Share based compensation, vesting period | 7 years | |||||
2018 Equity Incentive Plan | Non Vested Restricted Stock Outstanding | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Expected future compensation expense | $ 710,000 | $ 710,000 | ||||
2021 Equity Incentive Plan | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Maximum number of shares authorized | 175,000 | |||||
Share based compensation, number of shares for granted | 0 |
Employee Benefits - Summary of
Employee Benefits - Summary of Stock Option Activity (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options | ||||
Outstanding, balance | 216,400 | 218,000 | 218,000 | |
Exercised | (1,900) | (1,600) | ||
Forfeited | (3,500) | |||
Outstanding, balance | 211,000 | 216,400 | 216,400 | 218,000 |
Exercisable | 88,220 | 59,600 | ||
Weighted-Average Exercise Price | ||||
Outstanding, balance | $ 14.93 | $ 14.92 | $ 14.92 | |
Exercised | 14.80 | 14.80 | ||
Forfeited | 15.35 | |||
Outstanding, balance | 14.92 | 14.93 | $ 14.93 | $ 14.92 |
Exercisable | $ 14.89 | $ 14.87 | ||
Weighted-Average Remaining Contractual Life (in years) | ||||
Outstanding, balance | 6 years 10 months 24 days | 7 years 10 months 24 days | 7 years 7 months 6 days | 8 years 7 months 6 days |
Exercisable | 6 years 9 months 18 days | 7 years 9 months 18 days | ||
Average Intrinsic Value | ||||
Outstanding, balance | $ 1,483,330 | $ 484,736 | $ 452,400 | |
Exercisable | $ 622,833 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Restricted Stock Activity (Detail) - Restricted stock awards - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Number of Shares | ||
Non-vested, Jan 1 | 62,860 | 75,320 |
Vested | (12,180) | (12,460) |
Non-vested at September 30 | 50,680 | 62,860 |
Weighted-Average Grant Date Fair Value | ||
Non-vested, Jan 1 | $ 14.97 | $ 14.97 |
Vested | 14.82 | 14.97 |
Non-vested at September 30 | $ 14.98 | $ 14.97 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Fees for customer services | $ 135,000 | $ 41,000 | $ 306,000 | $ 111,000 |
Consulting fees | $ 0 | $ 2,000 | ||
Competitive Rate of Return and FDIC Insurance | ||||
Related Party Transaction [Line Items] | ||||
Company held deposits for related parties | 1,200,000 | 1,200,000 | ||
Fees for customer services | $ 0 | $ 0 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) | Sep. 30, 2021USD ($) |
Maximum | |
Disaggregation of Revenue [Line Items] | |
FDIC insurance amount | $ 250,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non-interest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Non-Interest Income | ||||
Total Non-Interest Income (in-scope of Topic 606) | $ 135 | $ 41 | $ 309 | $ 113 |
Total Non-Interest Income (out-scope of Topic 606) | 3,184 | 6,154 | 10,975 | 12,171 |
Total Non-Interest Income | 3,319 | 6,195 | 11,284 | 12,284 |
Increase in cash surrender value of bank-owned life insurance | 37 | 39 | 111 | 115 |
Gain on sale of loans, net | 3,035 | 3,044 | 11,170 | 7,000 |
Gain on sale of available-for-sale securities | 96 | 96 | 141 | |
(Loss) Gain from derivative instruments, net | (422) | 1,015 | 55 | 2,479 |
Change in fair value of loans held-for-sale | 438 | 1,988 | (626) | 2,281 |
Other | 68 | 169 | 155 | |
Fee income | ||||
Non-Interest Income | ||||
Total Non-Interest Income (in-scope of Topic 606) | 82 | 170 | 3 | |
Insufficient fund fees | ||||
Non-Interest Income | ||||
Total Non-Interest Income (in-scope of Topic 606) | 19 | 16 | 54 | 40 |
Other service charges | ||||
Non-Interest Income | ||||
Total Non-Interest Income (in-scope of Topic 606) | 31 | 22 | 73 | 61 |
ATM interchange fee income | ||||
Non-Interest Income | ||||
Total Non-Interest Income (in-scope of Topic 606) | $ 3 | $ 3 | 9 | 7 |
Other income | ||||
Non-Interest Income | ||||
Total Non-Interest Income (in-scope of Topic 606) | $ 3 | $ 2 |
Leases - Consolidated Statement
Leases - Consolidated Statement of Financial Condition Classification of ROU Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 8,888 | $ 7,685 |
Operating lease liabilities | $ 9,226 | $ 7,946 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Lease Term and Discount Rate (Detail) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease,Weighted-average remaining lease term | 11 years 2 months 12 days | 12 years 2 months 12 days |
Operating Lease,Weighted-average discount rate | 2.04% | 2.23% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 218 | $ 173 | $ 639 | $ 455 |
Short-term lease cost | 6 | 6 | 14 | 27 |
Total | $ 224 | $ 179 | $ 653 | $ 482 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Within one year | $ 966 | $ 836 |
After one but within two years | 988 | 792 |
After two but within three years | 989 | 797 |
After three but within four years | 946 | 791 |
After four but within five years | 945 | 735 |
After five years | 5,555 | 5,182 |
Total Future Minimum Lease Payments | 10,389 | 9,133 |
Amounts Representing Interest | (1,163) | (1,187) |
Present Value of Net Future Minimum Lease Payments | $ 9,226 | $ 7,946 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Summary of
Segment Reporting - Summary of Financial Information for Reportable Segments (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total Interest Income | $ 4,559,000 | $ 3,539,000 | $ 12,440,000 | $ 9,893,000 | |
Total Interest Expense | 573,000 | 720,000 | 1,655,000 | 2,411,000 | |
Net interest income | 3,986,000 | 2,819,000 | 10,785,000 | 7,482,000 | |
Provision for Loan Losses | 229,000 | 424,000 | 644,000 | 985,000 | |
Net interest income after provision for loan losses | 3,757,000 | 2,395,000 | 10,141,000 | 6,497,000 | |
Total non-interest income | 3,319,000 | 6,195,000 | 11,284,000 | 12,284,000 | |
Non-Interest Expense | |||||
Salaries and employee benefits | 3,527,000 | 3,720,000 | 10,227,000 | 8,501,000 | |
Other expenses | 2,070,000 | 2,022,000 | 6,103,000 | 5,149,000 | |
Total Non-Interest Expense | 5,597,000 | 5,742,000 | 16,330,000 | 13,650,000 | |
Income before income taxes | 1,479,000 | 2,848,000 | 5,095,000 | 5,131,000 | |
Income tax expense (benefit) | 362,000 | 785,000 | 1,394,000 | 1,423,000 | |
Net Income | 1,117,000 | 2,063,000 | 3,701,000 | 3,708,000 | |
Total assets | 536,317,000 | 507,739,000 | 536,317,000 | 507,739,000 | $ 861,607,000 |
Operating Segments | Retail Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total Interest Income | 1,207,000 | 1,494,000 | 3,859,000 | 5,672,000 | |
Total Interest Expense | 127,000 | 47,000 | 425,000 | 883,000 | |
Net interest income | 1,080,000 | 1,447,000 | 3,434,000 | 4,789,000 | |
Provision for Loan Losses | (9,000) | 186,000 | (40,000) | 658,000 | |
Net interest income after provision for loan losses | 1,089,000 | 1,261,000 | 3,474,000 | 4,131,000 | |
Total non-interest income | 183,000 | 92,000 | 375,000 | 410,000 | |
Non-Interest Expense | |||||
Salaries and employee benefits | 1,389,000 | 644,000 | 3,780,000 | 3,347,000 | |
Other expenses | 925,000 | 686,000 | 2,815,000 | 2,300,000 | |
Total Non-Interest Expense | 2,314,000 | 1,330,000 | 6,595,000 | 5,647,000 | |
Income before income taxes | (1,042,000) | 23,000 | (2,746,000) | (1,106,000) | |
Income tax expense (benefit) | (154,000) | 9,000 | (743,000) | (306,000) | |
Net Income | (888,000) | 14,000 | (2,003,000) | (800,000) | |
Total assets | 255,131,000 | 245,433,000 | 255,131,000 | 245,433,000 | |
Operating Segments | Mortgage Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total Interest Income | 410,000 | 707,000 | 1,138,000 | 1,279,000 | |
Total Interest Expense | 90,000 | 370,000 | 258,000 | 574,000 | |
Net interest income | 320,000 | 337,000 | 880,000 | 705,000 | |
Net interest income after provision for loan losses | 320,000 | 337,000 | 880,000 | 705,000 | |
Total non-interest income | 3,065,000 | 6,048,000 | 10,588,000 | 11,761,000 | |
Non-Interest Expense | |||||
Salaries and employee benefits | 1,261,000 | 2,362,000 | 4,409,000 | 4,100,000 | |
Other expenses | 793,000 | 1,155,000 | 2,302,000 | 2,393,000 | |
Total Non-Interest Expense | 2,054,000 | 3,517,000 | 6,711,000 | 6,493,000 | |
Income before income taxes | 1,331,000 | 2,868,000 | 4,757,000 | 5,973,000 | |
Income tax expense (benefit) | 211,000 | 788,000 | 1,287,000 | 1,653,000 | |
Net Income | 1,120,000 | 2,080,000 | 3,470,000 | 4,320,000 | |
Total assets | 74,834,000 | 105,049,000 | 74,834,000 | 105,049,000 | |
Operating Segments | Business Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total Interest Income | 2,918,000 | 1,319,000 | 7,385,000 | 2,880,000 | |
Total Interest Expense | 248,000 | 303,000 | 825,000 | 954,000 | |
Net interest income | 2,670,000 | 1,016,000 | 6,560,000 | 1,926,000 | |
Provision for Loan Losses | 238,000 | 238,000 | 684,000 | 327,000 | |
Net interest income after provision for loan losses | 2,432,000 | 778,000 | 5,876,000 | 1,599,000 | |
Total non-interest income | 66,000 | 68,000 | 341,000 | 151,000 | |
Non-Interest Expense | |||||
Salaries and employee benefits | 894,000 | 740,000 | 2,088,000 | 1,132,000 | |
Other expenses | 289,000 | 133,000 | 799,000 | 306,000 | |
Total Non-Interest Expense | 1,183,000 | 873,000 | 2,887,000 | 1,438,000 | |
Income before income taxes | 1,315,000 | (27,000) | 3,330,000 | 313,000 | |
Income tax expense (benefit) | 331,000 | (9,000) | 902,000 | 86,000 | |
Net Income | 984,000 | (18,000) | 2,428,000 | 227,000 | |
Total assets | 202,030,000 | 154,434,000 | 202,030,000 | 154,434,000 | |
Operating Segments | Holding Company | |||||
Segment Reporting Information [Line Items] | |||||
Total Interest Income | 46,000 | 45,000 | 118,000 | 140,000 | |
Total Interest Expense | 114,000 | 157,000 | |||
Net interest income | (68,000) | 45,000 | (39,000) | 140,000 | |
Net interest income after provision for loan losses | (68,000) | 45,000 | (39,000) | 140,000 | |
Total non-interest income | 18,000 | 18,000 | |||
Non-Interest Expense | |||||
Other expenses | 75,000 | 61,000 | 225,000 | 188,000 | |
Total Non-Interest Expense | 75,000 | 61,000 | 225,000 | 188,000 | |
Income before income taxes | (125,000) | (16,000) | (246,000) | (48,000) | |
Income tax expense (benefit) | (26,000) | (3,000) | (52,000) | (10,000) | |
Net Income | (99,000) | (13,000) | (194,000) | (38,000) | |
Total assets | 52,555,000 | 37,279,000 | 52,555,000 | 37,279,000 | |
Intercompany Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total Interest Income | (22,000) | (26,000) | (60,000) | (78,000) | |
Total Interest Expense | (6,000) | (10,000) | |||
Net interest income | (16,000) | (26,000) | (50,000) | (78,000) | |
Net interest income after provision for loan losses | (16,000) | (26,000) | (50,000) | (78,000) | |
Total non-interest income | (13,000) | (13,000) | (38,000) | (38,000) | |
Non-Interest Expense | |||||
Salaries and employee benefits | (17,000) | (26,000) | (50,000) | (78,000) | |
Other expenses | (12,000) | (13,000) | (38,000) | (38,000) | |
Total Non-Interest Expense | (29,000) | (39,000) | (88,000) | (116,000) | |
Total assets | $ (48,233,000) | $ (34,456,000) | $ (48,233,000) | $ (34,456,000) |