Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RNDB | |
Entity Registrant Name | Randolph Bancorp, Inc. | |
Entity Central Index Key | 0001667161 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Entity Incorporation, State or Country Code | MA | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 5,202,743 | |
Entity Shell Company | false | |
Entity File Number | 001-37780 | |
Entity Tax Identification Number | 81-1844402 | |
Entity Address, Address Line One | 2 Batterymarch Park, Suite 301 | |
Entity Address, City or Town | Quincy | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02169 | |
City Area Code | 781 | |
Local Phone Number | 963-2100 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 3,732 | $ 3,501 |
Interest-bearing deposits | 11,159 | 111,948 |
Total cash and cash equivalents | 14,891 | 115,449 |
Securities available for sale, at fair value | 47,142 | 51,666 |
Loans held for sale, at fair value | 9,736 | 44,766 |
Loans, net of allowance for loan losses of $6,602 in 2022 and $6,289 in 2021 | 657,618 | 544,621 |
Federal Home Loan Bank of Boston stock, at cost | 1,778 | 2,940 |
Accrued interest receivable | 1,699 | 1,500 |
Mortgage servicing rights, net | 15,093 | 15,616 |
Premises and equipment, net | 7,669 | 7,684 |
Bank-owned life insurance | 8,865 | 8,784 |
Other assets | 10,262 | 10,252 |
Total assets | 774,753 | 803,278 |
Deposits: | ||
Non-interest bearing | 146,635 | 145,666 |
Interest-bearing | 494,729 | 492,481 |
Total deposits | 641,364 | 638,147 |
Federal Home Loan Bank of Boston advances | 32,946 | 50,000 |
Mortgagors' escrow accounts | 2,546 | 2,128 |
Post-employment benefit obligations | 2,055 | 2,222 |
Other liabilities | 6,564 | 9,878 |
Total liabilities | 685,475 | 702,375 |
Commitments and contingencies (Note 13) | ||
Stockholders' Equity: | ||
Preferred stock, no par value; authorized: 1,000,000 shares; issued: none | ||
Common stock, $.01 par value; authorized: 15,000,000 shares; issued and outstanding: 5,197,680 shares at June 30, 2022 and 5,113,825 shares at December 31, 2021 | 52 | 50 |
Additional paid-in capital | 45,501 | 44,078 |
Retained earnings | 49,290 | 60,524 |
ESOP-Unearned compensation | (2,651) | (3,568) |
Accumulated other comprehensive income (loss), net of tax | (2,914) | (181) |
Total stockholders' equity | 89,278 | 100,903 |
Total liabilities and stockholders' equity | $ 774,753 | $ 803,278 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Loans, allowance for loan losses | $ 6,602 | $ 6,289 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,197,680 | 5,113,825 |
Common stock, shares outstanding | 5,197,680 | 5,113,825 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest and dividend income: | ||||
Loans | $ 6,182 | $ 5,505 | $ 11,649 | $ 11,013 |
Securities-taxable | 221 | 223 | 437 | 463 |
Securities-tax exempt | 4 | 6 | 8 | 12 |
Interest-bearing deposits and certificates of deposit | 45 | 8 | 87 | 15 |
Total interest and dividend income | 6,452 | 5,742 | 12,181 | 11,503 |
Interest expense: | ||||
Deposits | 342 | 345 | 657 | 783 |
Borrowings | 99 | 198 | 246 | 430 |
Total interest expense | 441 | 543 | 903 | 1,213 |
Net interest income | 6,011 | 5,199 | 11,278 | 10,290 |
Provision (credit) for loan losses | 269 | (27) | 340 | (240) |
Net interest income after provision (credit) for loan losses | 5,742 | 5,226 | 10,938 | 10,530 |
Non-interest income: | ||||
Customer service fees | 372 | 419 | 737 | 786 |
Gain on loan origination and sale activities, net | 484 | 5,740 | 1,748 | 16,733 |
Mortgage servicing fees, net | 509 | 381 | 857 | 1,160 |
Increase in cash surrender value of life insurance | 41 | 41 | 81 | 81 |
Other | 419 | 235 | 594 | 479 |
Total non-interest income | 1,825 | 6,816 | 4,017 | 19,239 |
Non-interest expenses: | ||||
Salaries and employee benefits | 4,414 | 7,310 | 9,568 | 15,747 |
Occupancy and equipment | 559 | 621 | 924 | 1,365 |
Data processing | 378 | 301 | 723 | 564 |
Professional fees | 578 | 323 | 1,603 | 884 |
Marketing | 151 | 200 | 308 | 370 |
FDIC insurance | 62 | 54 | 120 | 108 |
Other | 1,342 | 1,818 | 2,944 | 3,540 |
Total non-interest expenses | 7,484 | 10,627 | 16,190 | 22,578 |
Income before income taxes | 83 | 1,415 | (1,235) | 7,191 |
Income tax expense (benefit) | (165) | (162) | (1,248) | 1,502 |
Net income | $ 248 | $ 1,577 | $ 13 | $ 5,689 |
Earnings per common share: | ||||
Basic | $ 0.05 | $ 0.32 | $ 0 | $ 1.14 |
Diluted | $ 0.05 | $ 0.31 | $ 0 | $ 1.10 |
Weighted average shares outstanding: | ||||
Basic | 4,839,796 | 4,921,182 | 4,827,628 | 4,988,283 |
Diluted | 5,076,181 | 5,135,582 | 5,046,444 | 5,193,643 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Net income | $ 248 | $ 1,577 | $ 13 | $ 5,689 | |
Securities available for sale: | |||||
Unrealized holding gains (losses) | (1,193) | 125 | (3,556) | (792) | |
Related tax effects | 275 | (28) | 817 | 91 | |
Net-of-tax amount | (918) | 97 | (2,739) | (701) | |
Net-of-tax amount | 3 | 4 | 6 | 8 | |
Total other comprehensive income (loss) | (915) | 101 | (2,733) | (693) | |
Comprehensive income (loss) | (667) | 1,678 | (2,720) | 4,996 | |
Supplemental Retirement Plan [Member] | |||||
Securities available for sale: | |||||
Actuarial losses | [1] | 11 | 12 | 22 | 24 |
Prior service credits | [1] | (8) | (8) | (16) | (16) |
Net change in supplemental retirement plan | $ 3 | $ 4 | $ 6 | $ 8 | |
[1]Amounts are included in other non-interest expenses in the consolidated statements of operations. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Compensation ESOP [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2020 | $ 99,819 | $ 54 | $ 50,937 | $ 51,689 | $ (3,756) | $ 895 |
Beginning balance, shares at Dec. 31, 2020 | 5,495,514 | |||||
Net income | 5,689 | 5,689 | ||||
Other comprehensive income (loss) | (693) | (693) | ||||
Stock repurchased | (4,814) | $ (2) | (4,812) | |||
Stock repurchased, shares | (239,792) | |||||
Share redemption for tax withholdings for restricted stock vesting | (23) | (23) | ||||
Share redemption for tax withholdings for restricted stock vesting, shares | (1,200) | |||||
Stock-based compensation | 537 | 537 | ||||
ESOP shares committed to be released | 195 | 101 | 94 | |||
Ending balance at Jun. 30, 2021 | 100,710 | $ 52 | 46,740 | 57,378 | (3,662) | 202 |
Ending balance, shares at Jun. 30, 2021 | 5,254,522 | |||||
Beginning balance at Dec. 31, 2020 | 99,819 | $ 54 | 50,937 | 51,689 | (3,756) | 895 |
Beginning balance, shares at Dec. 31, 2020 | 5,495,514 | |||||
Ending balance at Dec. 31, 2021 | 100,903 | $ 50 | 44,078 | 60,524 | (3,568) | (181) |
Ending balance, shares at Dec. 31, 2021 | 5,113,825 | |||||
Beginning balance at Mar. 31, 2021 | 100,859 | $ 53 | 48,613 | 55,801 | (3,709) | 101 |
Beginning balance, shares at Mar. 31, 2021 | 5,364,240 | |||||
Net income | 1,577 | 1,577 | ||||
Other comprehensive income (loss) | 101 | 101 | ||||
Stock repurchased | (2,178) | $ (1) | (2,177) | |||
Stock repurchased, shares | (108,691) | |||||
Share redemption for tax withholdings for restricted stock vesting | (20) | (20) | ||||
Share redemption for tax withholdings for restricted stock vesting, shares | (1,027) | |||||
Stock-based compensation | 270 | 270 | ||||
ESOP shares committed to be released | 101 | 54 | 47 | |||
Ending balance at Jun. 30, 2021 | 100,710 | $ 52 | 46,740 | 57,378 | (3,662) | 202 |
Ending balance, shares at Jun. 30, 2021 | 5,254,522 | |||||
Beginning balance at Dec. 31, 2021 | 100,903 | $ 50 | 44,078 | 60,524 | (3,568) | (181) |
Beginning balance, shares at Dec. 31, 2021 | 5,113,825 | |||||
Net income | 13 | 13 | ||||
Dividends paid at $2.15 per share | (11,247) | (11,247) | ||||
Other comprehensive income (loss) | (2,733) | (2,733) | ||||
Stock repurchased | (1,327) | (1,327) | ||||
Stock repurchased, shares | (58,572) | |||||
Restricted stock awards forfeited, shares | (704) | |||||
Share redemption for tax withholdings for restricted stock vesting | (52) | (52) | ||||
Share redemption for tax withholdings for restricted stock vesting, shares | (2,009) | |||||
Stock-based compensation | 581 | 581 | ||||
ESOP shares committed to be released | 1,058 | 141 | 917 | |||
Proceeds from the exercise of options, net | $ 2,082 | $ 2 | 2,080 | |||
Proceeds from the exercise of options, net shares | 145,140 | 145,140 | ||||
Ending balance at Jun. 30, 2022 | $ 89,278 | $ 52 | 45,501 | 49,290 | (2,651) | (2,914) |
Ending balance, shares at Jun. 30, 2022 | 5,197,680 | |||||
Beginning balance at Mar. 31, 2022 | 88,478 | $ 52 | 44,904 | 49,042 | (3,521) | (1,999) |
Beginning balance, shares at Mar. 31, 2022 | 5,180,670 | |||||
Net income | 248 | 248 | ||||
Other comprehensive income (loss) | (915) | (915) | ||||
Share redemption for tax withholdings for restricted stock vesting | (48) | (48) | ||||
Share redemption for tax withholdings for restricted stock vesting, shares | (1,827) | |||||
Stock-based compensation | 297 | 297 | ||||
ESOP shares committed to be released | 946 | 76 | 870 | |||
Proceeds from the exercise of options, net | 272 | 272 | ||||
Proceeds from the exercise of options, net shares | 18,837 | |||||
Ending balance at Jun. 30, 2022 | $ 89,278 | $ 52 | $ 45,501 | $ 49,290 | $ (2,651) | $ (2,914) |
Ending balance, shares at Jun. 30, 2022 | 5,197,680 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Unaudited) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
Statement Of Stockholders Equity [Abstract] | |
Dividends per share | $ 2.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 13,000 | $ 5,689,000 |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Provision (credit) for loan losses | 340,000 | (240,000) |
Loans originated for sale | (152,733,000) | (815,453,000) |
Net gain on sales of mortgage loans | (1,748,000) | (16,733,000) |
Proceeds from sales of mortgage loans | 188,791,000 | 864,851,000 |
Net amortization of securities | 100,000 | 178,000 |
Net change in deferred loan costs and fees, and purchase premiums | (289,000) | 339,000 |
Depreciation and amortization | 360,000 | 353,000 |
Loss on sale of foreclosed assets | 5,000 | |
Stock-based compensation | 581,000 | 537,000 |
ESOP expense | 235,000 | 195,000 |
Increase in cash surrender value of life insurance | (81,000) | (81,000) |
Amortization of mortgage servicing rights | 1,481,000 | 1,571,000 |
Decrease in valuation allowance of mortgage servicing rights | (421,000) | (356,000) |
Other, net | (1,915,000) | 8,571,000 |
Net cash provided by operating activities | 34,714,000 | 49,426,000 |
Securities available for sale: | ||
Purchases | (2,691,000) | (3,913,000) |
Calls/maturities | 500,000 | |
Principal payments on mortgage-backed securities | 3,561,000 | 7,597,000 |
Net loan repayments (originations) | (112,136,000) | (46,707,000) |
Loan purchases | (912,000) | (959,000) |
Redemptions (purchases) of Federal Home Loan Bank of Boston stock | 1,162,000 | 721,000 |
Purchases of premises and equipment | (345,000) | (708,000) |
Proceeds from the sale of foreclosed real estate | 127,000 | |
Loss on disposal of assets | 21,000 | |
Net cash used in investing activities | (111,361,000) | (43,321,000) |
Cash flows from financing activities: | ||
Net increase in non-interest bearing deposits | 969,000 | 27,952,000 |
Net increase in interest-bearing deposits | 2,248,000 | 15,724,000 |
Net increase (decrease) in short-term Federal Reserve Bank borrowings | (11,431,000) | |
Net increase (decrease) in short-term Federal Home Loan Bank of Boston borrowings | 17,946,000 | 5,000,000 |
Repayments of long-term Federal Home Loan Bank of Boston advances | (35,000,000) | (16,879,000) |
Net increase (decrease) in mortgagors' escrow accounts | 418,000 | (555,000) |
Repurchases of common stock | (1,327,000) | (4,814,000) |
Proceeds from exercise of stock options | 2,082,000 | |
Common stock dividends paid | (11,247,000) | |
Net cash provided by (used in) financing activities | (23,911,000) | 14,997,000 |
Net change in cash and cash equivalents | (100,558,000) | 21,102,000 |
Cash and cash equivalents at beginning of period | 115,449,000 | 13,774,000 |
Cash and cash equivalents at end of period | 14,891,000 | 34,876,000 |
Supplemental cash flow information: | ||
Interest paid on deposits and borrowed funds | 959,000 | 1,380,000 |
Income taxes paid | $ 560,000 | 2,257,000 |
Non-cash item: | ||
Transfer of held for sale loans to portfolio | $ 9,449,000 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | 1. BASIS OF FINANCIAL STATEMENT PRESENTATION The unaudited consolidated financial statements include the accounts of Randolph Bancorp, Inc. (“Bancorp”) and its wholly-owned subsidiary, Envision Bank (the “Bank”, together with Bancorp, the “Company”). The Bank has subsidiaries involved in owning investment securities and foreclosed real estate properties and a subsidiary which provides loan closing services. All intercompany accounts and transactions have been eliminated in consolidation. When necessary, certain amounts in prior year financial statements have been reclassified to conform to the current year’s presentation. These unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the Securities and Exchange Commission (“SEC”). Accordingly, the accompanying interim financial statements do not include all information required under GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. The operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (“CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This replaces the existing probable incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgements used in determining the allowance for loan losses, as well as the credit quality and underwriting standards of an organization’s loan portfolio. In addition, the ASU amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. In November 2019, FASB issued ASU 2019-10 which extended the effective date for adoption of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods therein. Early adoption is permitted. The Company has formed a working group consisting of accounting, credit and data systems personnel to lead our implementation of this ASU. The working group is evaluating the alternative methodologies which are available and has engaged professional advisors to assist in implementation. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 3 . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of stockholders’ equity, such items, along with net income, are components of comprehensive income. The components of accumulated other comprehensive income (loss), included in total stockholders’ equity, are as follows: June 30, December 31, 2022 2021 (In thousands) Securities available for sale: Net unrealized gain (loss) $ (3,307 ) $ 249 Tax effect 753 (64 ) Net-of-tax amount (2,554 ) 185 Supplemental retirement plan Unrecognized net actuarial loss (624 ) (646 ) Unrecognized net prior service credit 206 222 (418 ) (424 ) Tax effect 58 58 Net-of-tax amount (360 ) (366 ) Accumulated other comprehensive income (loss) $ (2,914 ) $ (181 ) |
Securities Available for Sale
Securities Available for Sale | 6 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Securities Available for Sale | 4. SECURITIES AVAILABLE FOR SALE The amortized cost and fair value of securities available for sale, including gross unrealized gains and losses, are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) June 30, 2022 Debt securities: U.S. Treasury 13,632 — (883 ) 12,749 U.S. Government-sponsored enterprises 1,997 — (68 ) 1,929 Corporate 2,491 — (170 ) 2,321 Municipal 350 1 — 351 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 20,350 2 (1,688 ) 18,664 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,670 — (336 ) 8,334 Collateralized mortgage obligations: — U.S. Government-sponsored enterprises 717 — (49 ) 668 U.S. Government-guaranteed 2,242 — (116 ) 2,126 Total securities available for sale $ 50,449 $ 3 $ (3,310 ) $ 47,142 December 31, 2021 Debt securities: U.S. Treasury $ 10,939 $ — $ (168 ) $ 10,771 U.S. Government-sponsored enterprises 1,995 — (17 ) 1,978 Corporate 2,510 33 (7 ) 2,536 Municipal 351 2 — 353 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 23,349 324 (194 ) 23,479 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,733 223 — 8,956 U.S. Government-guaranteed 103 — — 103 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 796 14 — 810 U.S. Government-guaranteed 2,641 39 — 2,680 Total securities available for sale $ 51,417 $ 635 $ (386 ) $ 51,666 There were no sales of securities during the six months ended June 30, 2022 and 2021. The amortized cost and fair value of debt securities by contractual maturity at June 30, 2022 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 3,410 $ 3,386 After 1 year through 5 years 9,334 8,843 After 5 years through 10 years 5,726 5,121 18,470 17,350 Mortgage-backed securities 31,979 29,792 $ 50,449 $ 47,142 Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value June 30, 2022 Debt securities: U.S. Treasury $ (883 ) $ 12,749 $ — $ — U.S. Government-sponsored enterprises (68 ) 1,928 — — Corporate (170 ) 2,322 — — Residential mortgage-backed securities: U.S. Government-sponsored enterprises (1,674 ) 18,029 (14 ) 481 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises (336 ) 8,334 — — Collateralized mortgage obligations: U.S. Government-sponsored enterprises (49 ) 668 — — U.S. Government-guaranteed (116 ) 2,126 — — Total $ (3,296 ) $ 46,156 $ (14 ) $ 481 December 31, 2021 Debt securities: U.S. Treasury (168 ) 10,771 $ — $ — U.S. Government-sponsored enterprises (17 ) 1,978 — — Corporate (7 ) 723 — — Residential mortgage-backed securities: U.S. Government-sponsored enterprises (194 ) 11,477 — — Total $ (386 ) $ 24,949 $ — $ — At June 30, 2022, 69 debt securities had unrealized losses with aggregate depreciation of 6.63% from the Company’s amortized cost basis. The unrealized losses at June 30, 2022 were due to securities price fluctuations since the time they were purchased. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of these investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell any debt securities and it is more likely than not that the Company will not be required to sell any debt securities before recovery of its amortized cost basis, it does not consider these investments to be other-than-temporarily impaired at June 30, 2022. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 5 . LOANS AND ALLOWANCE FOR LOAN LOSSES A summary of the loan portfolio is as follows: June 30, 2022 December 31, 2021 (In thousands) Real estate loans: Residential: One- to four-family $ 354,922 $ 236,364 Home equity loans and lines of credit 65,210 57,295 Commercial 189,334 197,423 Construction 33,877 33,961 Total real estate loans 643,343 525,043 Commercial and industrial 13,162 17,242 Consumer 6,353 7,552 Total loans 662,858 549,837 Allowance for loan losses (6,602 ) (6,289 ) Net deferred loan costs and fees, and purchase premiums 1,362 1,073 Loans, net $ 657,618 $ 544,621 The following tables present activity in the allowance for loan losses by loan category for the three and six months ended June 30, 2022 and 2021, and allocation of the allowance to each category as of June 30, 2022 and December 31, 2021: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total (In thousands) Three Months Ended June 30, 2022 Allowance at March 31, 2022 $ 1,236 $ 451 $ 3,402 $ 716 $ 476 $ 76 $ 6,357 Provision (credit) for loan losses 353 60 (178 ) 11 (1 ) 24 269 Loans charged-off — — — — — (26 ) (26 ) Recoveries 1 — — — — 1 2 Balance at June 30, 2022 $ 1,590 $ 511 $ 3,224 $ 727 $ 475 $ 75 $ 6,602 Three Months Ended June 30, 2021 Allowance at March 31, 2021 $ 1,522 $ 425 $ 3,390 $ 720 $ 401 $ 105 $ 6,563 Provision (credit) for loan losses (251 ) (21 ) 169 (106 ) 166 16 (27 ) Loans charged-off — — — — — (16 ) (16 ) Recoveries 1 — — — 2 - 3 Balance at June 30, 2021 $ 1,272 $ 404 $ 3,559 $ 614 $ 569 $ 105 $ 6,523 Six Months Ended June 30, 2022 Allowance at December 31, 2021 1,093 462 3,451 697 499 87 $ 6,289 Provision (credit) for loan losses 495 49 (227 ) 30 (24 ) 17 340 Loans charged-off — — — — — (30 ) (30 ) Recoveries 2 — — — — 1 3 Balance at June 30, 2022 $ 1,590 $ 511 $ 3,224 $ 727 $ 475 $ 75 $ 6,602 Six Months Ended June 30, 2021 Allowance at December 31, 2020 $ 1,646 $ 442 $ 3,402 $ 751 $ 416 $ 127 $ 6,784 Provision (credit) for loan losses (377 ) (38 ) 157 (137 ) 151 4 (240 ) Loans charged-off — — — — — (26 ) (26 ) Recoveries 3 — — — 2 - 5 Balance at June 30, 2021 $ 1,272 $ 404 $ 3,559 $ 614 $ 569 $ 105 $ 6,523 Additional information pertaining to the allowance for loan losses at June 30, 2022 and December 31, 2021 is as follows: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total June 30, 2022 (In thousands) Allowance for impaired loans $ 89 $ 1 $ — $ — $ — $ — $ 90 Allowance for non-impaired loans 1,501 510 3,224 727 475 75 6,512 Total allowance for loan losses $ 1,590 $ 511 $ 3,224 $ 727 $ 475 $ 75 $ 6,602 Impaired loans $ 3,402 $ 580 $ — $ — $ — $ — $ 3,982 Non-impaired loans 351,520 64,630 189,334 33,877 13,162 6,353 658,876 Total loans $ 354,922 $ 65,210 $ 189,334 $ 33,877 $ 13,162 $ 6,353 $ 662,858 December 31, 2021 Allowance for impaired loans $ 81 $ 19 $ — $ — $ — $ — $ 100 Allowance for non-impaired loans 1,012 443 3,451 697 499 87 6,189 Total allowance for loan losses $ 1,093 $ 462 $ 3,451 $ 697 $ 499 $ 87 $ 6,289 Impaired loans $ 3,255 $ 603 $ - $ — $ — $ — $ 3,858 Non-impaired loans 233,109 56,692 197,423 33,961 17,242 7,552 545,979 Total loans $ 236,364 $ 57,295 $ 197,423 $ 33,961 $ 17,242 $ 7,552 $ 549,837 The following is a summary of past due and non-accrual loans at June 30, 2022 and December 31, 2021: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Loans 30-89 Days Past Due that are also Non-accrual Loans Total Non-accrual Loans (In thousands) June 30, 2022 Residential one- to four-family $ 880 $ 451 $ — $ 1,331 $ 136 $ 2,300 Home equity loans and lines of credit 329 65 — 394 93 481 Commercial real estate — — — — — — Construction — — — — — — Commercial and industrial — — — — — — Consumer 42 — — 42 — — Total $ 1,251 $ 516 $ — $ 1,767 $ 229 $ 2,781 December 31, 2021 Residential one- to four-family $ 701 $ 193 $ — $ 894 $ 316 $ 2,133 Home equity loans and lines of credit 186 215 — 401 — 491 Commercial real estate — — — — — — Construction — — — — — — Commercial and industrial — — — — — — Consumer 76 9 — 85 — — Total $ 963 $ 417 $ — $ 1,380 $ 316 $ 2,624 The following is a summary of impaired loans at June 30, 2022 and December 31, 2021: Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) June 30, 2022 Impaired loans without a valuation allowance: Residential one- to four-family $ 2,422 $ 2,421 Home equity loans and lines of credit 481 479 Total 2,903 2,900 Impaired loans with a valuation allowance: Residential one- to four-family 984 981 $ 89 Home equity loans and lines of credit 101 101 1 Total 1,085 1,082 90 Total impaired loans $ 3,988 $ 3,982 $ 90 December 31, 2021 Impaired loans without a valuation allowance: Residential one- to four-family $ 2,364 $ 2,377 Home equity loans and lines of credit 479 485 Total 2,843 2,862 Impaired loans with a valuation allowance: Residential one- to four-family 874 878 $ 81 Home equity loans and lines of credit 108 118 $ 19 Total 982 996 100 Total impaired loans $ 3,825 $ 3,858 $ 100 Additional information pertaining to impaired loans follows: Average Interest Cash Basis Recorded Income Interest Investment Recognized Recognized (In thousands) Three Months Ended June 30, 2022 Residential one- to four-family $ 3,406 $ 29 $ 15 Home equity loans and lines of credit 581 3 3 Total $ 3,987 $ 32 $ 18 Three Months Ended June 30, 2021 Residential one- to four-family $ 3,542 $ 18 $ 39 Home equity loans and lines of credit 423 1 — Commercial real estate 4,182 — — Total $ 8,147 $ 19 $ 39 Six Months Ended June 30, 2022 Residential one- to four-family $ 3,418 $ 59 $ 31 Home equity loans and lines of credit 533 4 9 Total $ 3,951 $ 63 $ 40 Six Months Ended June 30, 2021 Residential one- to four-family $ 3,548 $ 36 $ 78 Home equity loans and lines of credit 423 1 — Commercial real estate 4,191 — — Total $ 8,162 $ 37 $ 78 Troubled Debt Restructurings The Company periodically grants concessions to borrowers experiencing financial difficulties. The Company’s troubled debt restructurings consist primarily of interest rate concessions for periods of three months to thirty years for residential real estate loans, and for periods up to one year for commercial real estate loans. Number of Contracts TDRs Listed as Accrual Number of Contracts TDRs Listed as Non-accrual Total Number of Contracts Total TDRs (In thousands) June 30, 2022 Residential one- to four-family 9 $ 1,106 3 $ 925 12 $ 2,031 Home equity loans and lines of credit 2 101 — — 2 101 Total 11 $ 1,207 3 $ 925 14 $ 2,132 December 31, 2021 Residential one- to four-family $ 9 $ 1,103 $ 3 $ 919 12 $ 2,022 Home equity loans and lines of credit 2 97 1 109 3 206 Total 11 1,200 4 $ 1,028 15 $ 2,228 For the six months ended June 30, 2022 and 2021, the Company did no Management performs a discounted cash flow calculation to determine the amount of valuation reserve required on each of the troubled debt restructurings. Any reserve required is recorded as part of the allowance for loan losses. There were no material changes to the allowance for loan losses as a result of loan modifications made which were considered a troubled debt restructuring. No additional funds are committed to be advanced in connection with trouble debt restructurings. During the three and six months ended June 30, 2022 and 2021, there were no troubled debt restructurings that defaulted (over 30 days past due) within twelve months of the restructure date. Credit Quality Information The Company utilizes an eight-grade internal loan rating system for commercial real estate, construction and commercial and industrial loans, as follows: Loans rated 1 – 3B are considered “pass” rated loans with low to average risk. Loans rated 4 are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5 are considered “substandard” and are inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 6 are considered “doubtful” and have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7 are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Company formally reviews the ratings on all commercial real estate, construction and commercial and industrial loans. Annually, the Company engages an independent third party to review a significant portion of loans within these segments. Management uses the results of these reviews as part of its annual review process. The following table presents the Company’s loans by risk rating at the dates indicated: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total (In thousands) June 30, 2022 Not Rated $ 352,632 $ 64,731 $ — $ — $ — $ 6,353 $ 423,716 Loans rated 1 - 3B (Pass rated) — — 177,885 33,877 12,886 — 224,648 Loans rated 4 346 380 7,906 — 276 — 8,908 Loans rated 5 1,944 99 3,543 — — — 5,586 $ 354,922 $ 65,210 $ 189,334 $ 33,877 $ 13,162 $ 6,353 $ 662,858 December 31, 2021 Not Rated $ 234,225 $ 56,797 $ — $ — $ — $ 7,552 $ 298,574 Loans rated 1 - 3B (Pass rated) — — 186,774 33,961 16,910 — 237,645 Loans rated 4 361 381 7,106 — 332 — 8,180 Loans rated 5 1,778 117 3,543 — — — 5,438 $ 236,364 $ 57,295 $ 197,423 $ 33,961 $ 17,242 $ 7,552 $ 549,837 |
Loan Servicing
Loan Servicing | 6 Months Ended |
Jun. 30, 2022 | |
Transfers And Servicing [Abstract] | |
Loan Servicing | 6 . LOAN SERVICING Mortgage loans serviced for others are not included in the accompanying unaudited consolidated balance sheets. The unpaid principal balances of residential mortgage loans serviced for others were $1.92 billion and $1.98 billion at June 30, 2022 and December 31, 2021, respectively. The following table summarizes the activity relating to mortgage servicing rights (“MSRs”) for the three and six months ended For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 17,801 $ 17,318 $ 18,173 $ 15,372 Additions through originations 160 1,455 537 4,241 Amortization (731 ) (759 ) (1,480 ) (1,599 ) Balance at end of period $ 17,230 $ 18,014 $ 17,230 $ 18,014 Valuation allowance: Balance at beginning of period $ 2,423 $ 2,574 $ 2,558 $ 2,995 Provision (release) (286 ) 65 (421 ) (356 ) Balance at end of period $ 2,137 $ 2,639 $ 2,137 $ 2,639 Amortized cost, net $ 15,093 $ 15,375 $ 15,093 $ 15,375 Fair value $ 17,369 $ 15,673 $ 17,369 $ 15,673 During the three months ended June 30, 2022, the Company decreased the valuation allowance for its MSRs by $286,000 and during the three months ended June 30, 2021, the Company increased the valuation allowance by $65,000. Such adjustments to the valuation allowance were due primarily to changes in fair value caused by the impact of changes in interest rates on expected loan prepayments. During the six months ended June 30, 2022 and 2021, the Company decreased the valuation allowance for its MSRs by $421,000 and $356,000, respectively. Such adjustments to the valuation allowance were due primarily to changes in fair value caused by the impact of changes in interest rates on expected loan prepayments. |
On-Balance Sheet Derivative Ins
On-Balance Sheet Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
On-Balance Sheet Derivative Instruments and Hedging Activities | 7. ON-BALANCE SHEET DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Derivative Loan Commitments Mortgage loan interest rate lock commitments qualify as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold either in the secondary market, to large aggregators of loans or to other financial institutions. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to an increase in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. The notional amount of derivative loan commitments was $10,913,000 and $85,887,000 at June 30, 2022 and December 31, 2021, respectively. The fair value of such commitments consisted of assets of $248,000 and $1,364,000 at June 30, 2022 and December 31, 2021, respectively, included in other assets on the consolidated balance sheets. Forward Loan Sale Commitments The Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments and To Be Announced (“TBA”) securities to mitigate the risk of potential decreases in the value of loans that would result from the exercise of the derivative loan commitments as well as for loans held for sale. With a “mandatory delivery” contract, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor to compensate the investor for the shortfall. With a “best efforts” contract, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments and TBA securities will experience changes in fair value that serve to offset the change in fair value of loans held for sale and derivative loan commitments the degree to which depends on the notional amount of such sale commitments. The notional amount of forward loan sale commitments and TBA securities was $20,461,000 and $80,407,000 at June 30, 2022 and December 31, 2021, respectively. The fair value of such commitments consisted of liabilities of $118,000 and $84,000 at June 30, 2022 and December 31, 2021, respectively, included in other liabilities in the consolidated balance sheets and assets of $27,000 and $50,000 at June 30, 2022 and December 31, 2021, respectively, included in other assets in the consolidated balance sheets. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Ownership Plan | 8 . EMPLOYEE STOCK OWNERSHIP PLAN The Company maintains an Employee Stock Ownership Plan (“ESOP”), which is a tax-qualified retirement plan providing eligible employees the opportunity to own Bancorp stock. Bancorp made a loan to the ESOP for the purchase of 469,498 shares of its common stock at $10.00 per share in connection with its initial public offering in July 2016. The loan is payable annually over 25 years with interest at the prime rate to be reset each January 1. The loan is secured by the shares which have not yet been allocated to participants. Loan payments are funded by cash contributions from the Bank. Such contributions are allocated to eligible participants based on their compensation, subject to federal tax limits. Shares are committed to be released on a monthly basis and allocated as of December 31 of each year. The number of shares to be allocated annually is 18,780 through the year 2040. For the three and six months ended June 30, 2022, the Company recognized compensation expense for the ESOP of $123,000 and $235,000, respectively, compared to $99,000 and $195,000, for the same periods last year, respectively. The fair value of the 347,505 unallocated ESOP shares at June 30, 2022 was $9,192,000. |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Share Repurchase Program | 9 . SHARE REPURCHASE PROGRAM In October 2021, the Company’s Board of Directors adopted a share repurchase program under which the Company may repurchase up to 510,000 shares, or 10%, of its then outstanding common shares. Repurchases under the program may be made in open market or in privately negotiated transactions and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the SEC. Any repurchased shares will be held by the Company as authorized but unissued shares. On January 25, 2022, the Company announced a modification to this program. The modification changes the program so that the Company may purchase up to 62,000 shares, or approximately 1% of the Company’s outstanding stock. As of June 30, 2022, the Company had repurchased 62,000 shares at a cost of $1,402,000 in connection with this program. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 0 . EARNINGS PER SHARE Basic earnings (loss) per share represents net income divided by the weighted average of common shares outstanding during the period. Diluted earnings per share represents net income divided by the weighted average of common shares and all potentially dilutive common shares outstanding during the period. Unvested restricted shares of common stock having dividend rights are treated as “participating securities” and, accordingly, are considered outstanding in computing basic and diluted earnings per share. Unallocated ESOP shares are not considered to be outstanding for purposes of computing basic or diluted earnings per share. The following table sets forth the calculation of the average number of shares outstanding used to calculate the basic and diluted earnings per share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Average number of common shares outstanding 5,189,616 5,289,782 5,179,764 5,359,198 Less: Average unallocated ESOP shares (349,820 ) (368,600 ) (352,136 ) (370,915 ) Average number of common shares outstanding used to calculate basic earnings per share 4,839,796 4,921,182 4,827,628 4,988,283 Effect of dilutive stock options 236,385 214,400 218,816 205,360 Average number of common shares outstanding used to calculate dilutive earnings per share 5,076,181 5,135,582 5,046,444 5,193,643 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 1 . STOCK-BASED COMPENSATION Under the Randolph Bancorp, Inc. 2017 Stock Option and Incentive Plan (the “2017 Equity Plan”), the Company may grant options, restricted stock, restricted units or performance awards to its directors, officers and employees. Both incentive stock options and nonqualified stock options may be granted under the 2017 Equity Plan with 586,872 shares initially reserved for options. Any options forfeited because vesting requirements are not met or expired will become available for re-issuance under the 2017 Equity Plan. The exercise price of each option equals the market price of the Company’s stock on the date of the grant and the maximum term of each option is 10 years. The total number of shares initially reserved for restricted stock is 234,749. Options and awards generally vest ratably over three to five years. The fair value of shares awarded is based on the market price at the date of grant. In addition, the Company granted 15,000 shares of restricted stock and 44,118 options in 2020 as an inducement for senior executives to accept employment (the “2020 Inducement Plan”). The inducement awards and options vest ratably over five years. The fair value of shares awarded is based on the market price at the date of grant. At the 2021 Annual Meeting of Shareholders held on May 24, 2021, the Company’s shareholders approved the 2021 Equity Incentive Plan (the “2021 Equity Plan”). The 2021 Equity Plan permits equity awards to employees and directors in the form of stock options, restricted stock units and other forms of compensation. The maximum number of shares of common stock to be issued under the 2021 Equity Plan is 100,000. On August 13, 2021, the Company granted 18,000 performance-based restricted stock unit awards to certain senior level employees. These performance-based restricted stock unit awards were issued from the 2021 Equity Plan and were determined to have a grant fair value per share of $20.15. The number of stock units to be vested is contingent upon the Company’s attainment of certain performance criteria to be measured at the end of a three-year performance period, ending December 31, 2023. The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved subsequent to the performance period or April 15, 2024. Also on August 13, 2021, the Company granted 19,750 restricted stock awards to certain senior level employees and members of the Board of Directors. These restricted stock awards were issued from the 2021 Equity Plan and were determined to have a grant fair value per share of $20.15. The shares vest ratably over a three-year Stock Options The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions: • Volatility is based on peer group volatility because the Company does not have a sufficient trading history. • Expected life represents the period of time that the option is expected to be outstanding, taking into account the contractual term, and the vesting period. • Expected dividend yield is based on the Company's history and expectation of dividend payouts. • The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equivalent to the expected life of the option. During the six months ended June 30, 2022 and 2021, the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants: 2022 2021 Options granted — 40,491 Vesting period (years) — 5 Expiration period (years) — 10 Expected volatility — 30.98 % Expected life (years) — 6.2 Expected dividend yield — — Risk free interest rate — 0.64 % Option fair value — $6.20 A summary of stock option activity for the six months ended June 30, 2022 is presented in the table below: Options Stock Option Grants Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2022 599,383 $ 13.80 7.61 Exercised (145,140 ) 14.34 Forfeited (20,119 ) 16.62 Balance at June 30, 2022 434,124 $ 13.48 7.79 $ 5,568,586 Exercisable at June 30, 2022 173,917 $ 14.37 7.13 $ 2,076,086 Unrecognized compensation cost (inclusive of directors' options) $ 766,299 Weighted average remaining recognition period (years) 1.94 For the six months ended June 30, 2022 and 2021, stock-based compensation expense applicable to stock options was $201,000 and $286,000, respectively. For the three months ended June 30, 2022 and 2021, stock-based compensation expense applicable to stock options was $108,000 and $144,000, respectively. Restricted Stock Shares issued may be either authorized but unissued shares or reacquired shares held by the Company. Any shares forfeited because vesting requirements are not met will become available for reissuance under the 2017 Equity Plan. The fair market value of shares awarded, based on the market price at the date of grant, is amortized over the applicable vesting period. Restricted stock awarded to date has been at no cost to the awardee. The following table presents the activity in restricted stock awards under the 2017 Equity Plan, the 2020 Inducement Plan and the 2021 Equity Plan for the six months ended June 30, 2022: Restricted Stock Awards Weighted Average Grant Price Performance-Based Restricted Stock Units ( 1) Weighted Average Grant Price Total Restricted Stock Awards and Performance-Based Restricted Stock Units Weighted Average Grant Price Restricted stock awards at January 1, 2022 99,485 $ 13.93 18,000 $ 20.15 117,485 $ 14.89 Vested (9,781 ) 12.83 — — (9,781 ) 12.83 Forfeited (704 ) 11.48 — — (704 ) 11.48 Restricted stock awards at June 30, 2022 89,000 $ 14.07 18,000 $ 20.15 107,000 $ 15.10 Unrecognized compensation cost $ 802,265 $ 243,161 $ 1,045,426 Weighted average remaining recognition period (years) 2.13 1.79 2.07 For the six June |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | 1 2 . FAIR VALUE OF ASSETS AND LIABILITIES Determination of fair value The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value 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 assets and liabilities. 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 asset or liability. The following methods and assumptions were used by the Company in estimating fair value disclosures: Securities Loans held for sale Loans Mortgage servicing rights On-balance-sheet derivatives Off-balance sheet credit-related instruments Assets and liabilities recorded at fair value on a recurring basis Assets and liabilities recorded at fair value on a recurring basis are summarized below. Total Level 1 Level 2 Level 3 Fair (In thousands) June 30, 2022 Assets: Securities available for sale $ — $ 47,142 $ — $ 47,142 Portfolio loans (fair value option) — 7,438 — 7,438 Loans held for sale (fair value option) — 9,736 — 9,736 Derivative loan commitments — 248 — 248 Forward loan sale commitments — 27 — 27 Liabilities: Forward loan sale commitments, including TBAs — 118 — 118 December 31, 2021 Assets: Securities available for sale $ — $ 51,666 $ — $ 51,666 Portfolio loans (fair value option) — 13,780 — 13,780 Loans held for sale (fair value option) — 44,766 — 44,766 Derivative loan commitments — 1,364 — 1,364 Forward loan sale commitments — 50 — 50 Liabilities: Forward loan sale commitments, including TBAs — 84 — 84 There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the six months ended June 30, 2022 and 2021. Assets recorded at fair value on a non-recurring basis The Company may also be required, from time to time, to record certain other assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of June 30, 2022 and December 31, 2021. Period Ended June 30, 2022 June 30, 2022 Level 1 Level 2 Level 3 Total Gains (Losses) (In thousands) Collateral dependent impaired loans $ — $ — $ 2,281 $ — Mortgage servicing rights — 15,093 — 421 $ — $ 15,093 $ 2,281 $ 421 December 31, 2021 Level 1 Level 2 Level 3 (In thousands) Collateral dependent impaired loans $ — $ — $ 2,551 Mortgage servicing rights — 15,616 — $ — $ 15,616 $ 2,551 The Company recorded a net decrease in the valuation allowance for its MSRs of $421,000 during the six months ended June 30, 2022. The Company utilizes an independent valuation from a third party which uses a discounted cash flow model to estimate the fair value of MSRs. The model uses loan prepayment assumptions based on current market conditions and applies a discount rate based on indicated rates of return required by market participants. The decrease in the valuation allowance during the six months ended June 30, 2022 was caused by slower loan prepayment speeds attributable to the increase in interest rates on residential mortgage loans during the period. L osses applicable to write-downs of impaired loans and foreclosed real estate are based on the appraised value of the underlying collateral less estimated costs to sell. The losses on impaired loans are not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for loan losses. The losses on foreclosed real estate represent adjustments in valuation recorded during the time period indicated and not for losses incurred on sales. Appraised values are typically based on a blend of (a) an income approach using observable cash flows to measure fair value, and (b) a market approach using observable market comparisons. These appraised values may be discounted based on management’s historical knowledge, expertise or changes in market conditions from time of valuation. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2022 and December 31, 2021. Summary of fair values of financial instruments The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable. June 30, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Securities available for sale $ 47,142 $ 47,142 — $ 47,142 — Loans held for sale 9,736 9,736 — 9,736 — Loans, net 657,618 636,618 — — 636,618 Derivative assets 275 275 — 275 — Financial liabilities: Deposits $ 641,364 $ 641,415 $ — $ 641,415 $ — FHLBB advances 32,946 32,362 — 32,362 — Derivative liabilities 118 118 — 118 — December 31, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Securities available for sale $ 51,666 $ 51,666 — $ 51,666 — Loans held for sale 44,766 44,766 — 44,766 — Loans, net 544,621 549,674 — — 549,674 Derivative assets 1,414 1,414 — 1,414 — Financial liabilities: Deposits $ 638,147 $ 637,538 $ — $ 637,538 $ — FHLBB advances 50,000 50,001 — 50,001 — Derivative liabilities 84 84 — 84 — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 3 . COMMITMENTS AND CONTINGENCIES Loan commitments The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of market, credit and interest rate risk which are not recognized in the unaudited consolidated financial statements. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following financial instruments were outstanding, at the dates indicated, whose contract amounts represent credit risk: June 30, 2022 December 31, 2021 (In thousands) Commitments to originate loans $ 85,666 $ 107,889 Unused lines and letters of credit 71,628 79,012 Unadvanced funds on construction loans 13,132 13,879 Overdraft lines of credit 7,759 7,967 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The majority of these financial instruments are collateralized by real estate. Other contingencies The Company is not currently a party to any pending legal proceedings that it believes would have a material adverse effect on its financial condition, results of operations or cash flows. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 1 4 . SEGMENT INFORMATION The Company reports its activities in one of two business segments, namely Envision Bank (“EB”) and Envision Mortgage (“EM”). Envision Bank operations primarily consist of accepting deposits from customers within the communities surrounding the Bank’s five full-service branch offices and investing those funds in residential and commercial real estate loans, home equity lines of credit, construction loans, commercial and industrial loans, and consumer loans. Envision Mortgage’s operations primarily consist of the origination and sale of residential mortgage loans and the servicing of loans sold to government-sponsored entities. A portion of the loans originated by Envision Mortgage are held in the loan portfolio of Envision Bank. Segment information as of and for the three and six months ended June 30, 2022 follows: For the Three Months Ended June 30, 2022 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 5,741 $ 270 $ 6,011 Provision for loan losses 269 — 269 Net interest income after provision for loan losses 5,472 270 5,742 Non-interest income: Customer service fees 365 7 372 Gain on loan origination and sale activities, net (1) — 1,920 1,920 Mortgage servicing fees, net (240 ) 749 509 Other 369 91 460 Total non-interest income 494 2,767 3,261 Non-interest expenses: Salaries and employee benefits 1,831 2,583 4,414 Occupancy and equipment 447 112 559 Other non-interest expenses 1,357 1,154 2,511 Total non-interest expenses 3,635 3,849 7,484 Income (loss) before income taxes and elimination of inter-segment profit $ 2,331 $ (812 ) 1,519 Elimination of inter-segment profit (1,436 ) Income before income taxes 83 Income tax expense (benefit) (165 ) Net income $ 248 Total assets, June 30, 2022 $ 718,602 $ 56,151 $ 774,753 For the Six Months Ended June 30, 2022 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 10,751 $ 527 $ 11,278 Provision for loan losses 340 — 340 Net interest income after provision for loan losses 10,411 527 10,938 Non-interest income: Customer service fees 720 17 737 Gain on loan origination and sale activities, net (1) — 3,911 3,911 Mortgage servicing fees, net (445 ) 1,302 857 Other 468 207 675 Total non-interest income 743 5,437 6,180 Non-interest expenses: Salaries and employee benefits 3,766 5,802 9,568 Occupancy and equipment 959 (35 ) 924 Other non-interest expenses 3,268 2,430 5,698 Total non-interest expenses 7,993 8,197 16,190 Income (loss) before income taxes and elimination of inter-segment profit $ 3,161 $ (2,233 ) 928 Elimination of inter-segment profit (2,163 ) Income (loss) before income taxes (1,235 ) Income tax expense (benefit) (1,248 ) Net income $ 13 (1) Before elimination of inter-segment profit. The information above was derived from the internal management reporting system used by management to measure performance of the segments. The Company’s internal transfer pricing arrangements determined by management primarily consist of the following: 1. EM’s cost of funds is based on the weighted average rate of overnight advances from the Federal Home Loan Bank of Boston (“FHLBB”) for the period. 2. EM is credited with service released premiums and a sales premium totaling 1.50% for new loans transferred to EB’s loans held for investment, and a 1.00% fee for Home Equity Line of Credit (“HELOC”) originations. This income for the three and six months ended June 30, 2022 totaled $1,436,000 and $2,163,000, respectively. 3. Loan servicing fees are charged to EB by EM based on the number of residential mortgage loans held in portfolio at a rate of 0.14% per annum and amounted to $240,000 and $445,000 for the three and six months ended June 30, 2022 4. Certain cost centers provide services to both business segments. The cost centers include Finance, Marketing, IT and Administration. Costs which are common to both business segments are referred to as “indirect costs” and are allocated using relevant benchmarks, e.g. headcount, number of accounts, etc. Segment information as of and for the three and six months ended June 30, 2021 follows: For the Three Months Ended June 30, 2021 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 4,535 $ 664 $ 5,199 Provision (credit) for loan losses (27 ) — (27 ) Net interest income after provision (credit) for loan losses 4,562 664 5,226 Non-interest income: Customer service fees 393 26 419 Gain on loan origination and sale activities, net (1) — 6,558 6,558 Mortgage servicing fees, net (94 ) 475 381 Other 158 118 276 Total non-interest income 457 7,177 7,634 Non-interest expenses: Salaries and employee benefits 1,746 5,564 7,310 Occupancy and equipment 407 214 621 Other non-interest expenses 1,265 1,431 2,696 Total non-interest expenses 3,418 7,209 10,627 Income before income taxes and elimination of inter-segment profit $ 1,601 $ 632 2,233 Elimination of inter-segment profit (818 ) Income before income taxes 1,415 Income tax expense (benefit) (162 ) Net income $ 1,577 Total assets, June 30, 2021 $ 608,686 $ 135,456 $ 744,142 For the Six Months Ended June 30, 2021 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 8,736 $ 1,554 $ 10,290 Provision (credit) for loan losses (240 ) — (240 ) Net interest income after provision (credit) for loan losses 8,976 1,554 10,530 Non-interest income: Customer service fees 733 53 786 Gain on loan origination and sale activities, net (1) — 18,232 18,232 Mortgage servicing fees, net (189 ) 1,349 1,160 Other 309 251 560 Total non-interest income 853 19,885 20,738 Non-interest expenses: Salaries and employee benefits (2) 3,548 12,199 15,747 Occupancy and equipment 851 514 1,365 Other non-interest expenses 2,349 3,117 5,466 Total non-interest expenses 6,748 15,830 22,578 Income before income taxes and elimination of inter-segment profit $ 3,081 $ 5,609 8,690 Elimination of inter-segment profit (1,499 ) Income before income taxes 7,191 Income tax expense 1,502 Net income $ 5,689 (1) Before elimination of inter-segment profit. The information above was derived from the internal management reporting system used by management to measure performance of the segments. The Company’s internal transfer pricing arrangements determined by management primarily consist of the following: 1. EM’s cost of funds is based on the weighted average rate of overnight advances from the FHLBB for the period. 2. EM is credited with service released premiums and a sales premium totaling 1.50% for new loans transferred to EB’s loans held for investment, and a 1.00% fee for HELOC originations. This income for the three and six months ended June 30, 2021 totaled $818,000 and $1,499,000, respectively. 3. Loan servicing fees are charged to EB by EM based on the number of residential mortgage loans held in portfolio at a rate of 0.14% per annum and amounted to $94,000 and $189,000 for the three and six months ended June 30, 2021, respectively. 4. Certain cost centers provide services to both business segments. The cost centers include Finance, Marketing, IT and Administration. Costs which are common to both business segments are referred to as “indirect costs” and are allocated using relevant benchmarks, e.g. headcount, number of accounts, etc. 1 5 . DEPOSITS A summary of deposit balances, by type is as follows: June 30, 2022 December 31, 2021 (In thousands) Demand deposits $ 146,635 $ 145,666 NOW accounts 51,928 53,996 Money market deposits 98,331 90,544 Regular and other savings accounts 195,107 191,712 Brokered deposits 10 10,061 Total non-certificate accounts 492,011 491,979 Term certificates less than $250,000 80,651 85,877 Term certificates of $250,000 or more 21,351 20,235 Term certificates - brokered 47,351 40,056 Total certificate accounts 149,353 146,168 641,364 638,147 1 6 . BORROWINGS Advances consist of funds borrowed from the Federal Home Loan Bank of Boston (the “FHLB”). Maturities of advances from the FHLB as of June 30, 2022 are summarized as follows: June 30, 2022 (In thousands) 2022 $ 17,946 2023 5,000 2024 — 2025 10,000 32,946 Borrowings from the FHLB, which aggregated $32.9 million at June 30, 2022, are secured by blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one- to four-family properties, certain commercial loans and qualified mortgage-backed government securities. The interest rates on FHLB advances ranged from 0.45% to 1.70%, and the weighted average interest rate on FHLB advances was 1.42% at June 30, 2022. FHLB borrowings at June 30, 2022, that are long-term with an original maturity of more than one year totaled $15.0 million. 1 7 . MINIMUM CAPITAL REQUIREMENTS The Bank is subject to various capital requirements administered by the federal banking agencies. Capital adequacy guidelines and prompt corrective actions regulations involve qualitative measure of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgment by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Bank on January 1, 2015. Under BASEL III, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total risk weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following tables) of total, Tier 1 capital and common equity Tier 1 capital to risk weighted assets, and Tier 1 capital to average assets (all as defined). Management believes, as of June 30, 2022 and December 31, 2021, that the Bank met all capital adequacy requirements to which it is subject. As of June 30, 2022, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk based, common equity Tier 1 and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since the notification that management believes have changed the Bank’s category. The Bank’s actual and minimum capital amounts and ratios, exclusive of the capital conservation buffer, are presented in the following table: Minimum To Be Well For Minimum Capitalized Under Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) June 30, 2022 Total capital (to risk weighted assets) $ 91,308 15.3 % $ 47,735 8.0 % $ 59,668 10.0 % Tier 1 capital (to risk weighted assets) 83,941 14.1 35,801 6.0 47,735 8.0 Common equity Tier 1 capital (to risk weighted assets) 83,941 14.1 26,851 4.5 38,784 6.5 Tier 1 capital (to average assets) 83,941 11.1 30,169 4.0 37,711 5.0 December 31, 2021 Total capital (to risk weighted assets) $ 100,180 17.4 % $ 45,956 8.0 % $ 57,445 10.0 % Tier 1 capital (to risk weighted assets) 93,288 16.2 34,467 6.0 45,956 8.0 Common equity Tier 1 capital (to risk weighted assets) 93,288 16.2 25,850 4.5 37,339 6.5 Tier 1 capital (to average assets) 93,288 12.3 30,355 4.0 37,943 5.0 1 8 . LEASES The Company recognized ROUs and operating lease liabilities totaling $1.7 million and $1.8 million at June 30, 2022 and December 31, 2021, respectively. The ROU is recognized in other assets on the Company’s Consolidated Balance Sheet and operating lease liabilities are recognized in other liabilities on the Company’s Consolidated Balance Sheet. At June 30, 2022, the Company had entered in 9 noncancelable operating lease agreements for office space and branch locations, several of which contain renewal options to extend lease payments for a period of 1 to 10 years. The Company had no financing leases outstanding and no leases with residual value guarantees. The Company’s operating lease cost was $175,000 and $208,000 for the three months ended June 30, 2022 and 2021, respectively and $345,000 and $416,000 for the six months ended June 30, 2022 and 2021, respectively. The weighted average remaining lease term for operating leases was 4.45 years and 4.50 years at June 30, 2022 and December 31, 2021, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 1.97% and 1.99% at June 30, 2022 and December 31, 2021, respectively. The following table sets forth the undiscounted cash flows of base rent related to operating leases at June 30, 2022 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability. June 30, 2022 (In thousands) 2022 $ 344 2023 486 2024 344 2025 256 2026 226 2027 95 Thereafter — Total minimum lease payments 1,751 Less: amount representing interest (70 ) Present value of future minimum lease payments 1,681 1 9 . MORTGAGE BANKING INCOME The components of gain on loan origination and sale activities and mortgage servicing fees for the three and six months ended June 30, 2022 and 2021 are as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Gain on loan origination and sale activities, net (In thousands) Gain on sale of mortgages and realized gain from derivative financial instruments, net $ 632 $ 6,545 $ 3,725 $ 22,421 Net change in fair value of loans held for sale and portfolio loans accounted for at fair value 218 1,091 (1,341 ) (2,725 ) Capitalized residential mortgage loan servicing rights 160 1,476 537 4,273 Net change in fair value of derivative loan commitments and forward loan sale commitments (526 ) (3,372 ) (1,173 ) (7,236 ) Gain on loan origination and sales activities, net $ 484 $ 5,740 $ 1,748 $ 16,733 Mortgage servicing fees, net Residential mortgage loan servicing fees $ 1,259 $ 1,205 $ 2,536 $ 2,375 Amortization of residential mortgage loan servicing rights (731 ) (759 ) (1,480 ) (1,571 ) Release (provision) to the valuation allowance of mortgage loan servicing rights 286 (65 ) 421 356 Sub-servicer expenses (1) (305 ) - (620 ) - Mortgage servicing fees, net $ 509 $ 381 $ 857 $ 1,160 Total gain on loan origination and sales activities and mortgage servicing fees $ 993 $ 6,121 $ 2,605 $ 17,893 (1) Sub-servicer expenses were first incurred during the third quarter of 2021, due to the conversion of the Company’s mortgage loan servicing portfolio. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses. 20 . TRANSACTION WITH HOMETOWN FINANCIAL GROUP, INC. On March 28, 2022, the Company entered into an Agreement and Plan of Merger (the “merger agreement”) with Hometown Financial Group, MHC, Hometown Financial Group, Inc. (“Hometown”), and Hometown Financial Acquisition Corp. (“Merger Sub”). Pursuant to the merger agreement, Merger Sub will be merged with and into the Company, with the Company as the surviving corporation (the “merger”). Immediately after the merger, the Company will be merged with and into Hometown as the surviving corporation (the “second step merger”). Immediately following the second step merger, the Bank will merge with and into Abington Bank, the wholly-owned subsidiary of Hometown, with Abington Bank as the surviving entity. On June 29, 2022, the shareholders of Randolph Bancorp, Inc. voted to approve the transaction. The consummation of the merger is now subject to customary closing conditions, including receipt of regulatory approvals. The merger is expected to be completed in the fourth quarter of 2022. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2022 | |
Deposits [Abstract] | |
Deposits | 1 5 . DEPOSITS A summary of deposit balances, by type is as follows: June 30, 2022 December 31, 2021 (In thousands) Demand deposits $ 146,635 $ 145,666 NOW accounts 51,928 53,996 Money market deposits 98,331 90,544 Regular and other savings accounts 195,107 191,712 Brokered deposits 10 10,061 Total non-certificate accounts 492,011 491,979 Term certificates less than $250,000 80,651 85,877 Term certificates of $250,000 or more 21,351 20,235 Term certificates - brokered 47,351 40,056 Total certificate accounts 149,353 146,168 641,364 638,147 |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | 1 6 . BORROWINGS Advances consist of funds borrowed from the Federal Home Loan Bank of Boston (the “FHLB”). Maturities of advances from the FHLB as of June 30, 2022 are summarized as follows: June 30, 2022 (In thousands) 2022 $ 17,946 2023 5,000 2024 — 2025 10,000 32,946 Borrowings from the FHLB, which aggregated $32.9 million at June 30, 2022, are secured by blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one- to four-family properties, certain commercial loans and qualified mortgage-backed government securities. The interest rates on FHLB advances ranged from 0.45% to 1.70%, and the weighted average interest rate on FHLB advances was 1.42% at June 30, 2022. FHLB borrowings at June 30, 2022, that are long-term with an original maturity of more than one year totaled $15.0 million. |
Minimum Capital Requirements
Minimum Capital Requirements | 6 Months Ended |
Jun. 30, 2022 | |
Banking And Thrifts [Abstract] | |
Minimum Capital Requirements | 1 7 . MINIMUM CAPITAL REQUIREMENTS The Bank is subject to various capital requirements administered by the federal banking agencies. Capital adequacy guidelines and prompt corrective actions regulations involve qualitative measure of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgment by regulators. Failure to meet capital requirements can initiate regulatory action. The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. Banks (Basel III rules) became effective for the Bank on January 1, 2015. Under BASEL III, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total risk weighted assets to avoid being subject to limitations on capital distributions and discretionary bonuses. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following tables) of total, Tier 1 capital and common equity Tier 1 capital to risk weighted assets, and Tier 1 capital to average assets (all as defined). Management believes, as of June 30, 2022 and December 31, 2021, that the Bank met all capital adequacy requirements to which it is subject. As of June 30, 2022, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk based, common equity Tier 1 and Tier 1 leverage ratios as set forth in the following tables. There are no conditions or events since the notification that management believes have changed the Bank’s category. The Bank’s actual and minimum capital amounts and ratios, exclusive of the capital conservation buffer, are presented in the following table: Minimum To Be Well For Minimum Capitalized Under Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) June 30, 2022 Total capital (to risk weighted assets) $ 91,308 15.3 % $ 47,735 8.0 % $ 59,668 10.0 % Tier 1 capital (to risk weighted assets) 83,941 14.1 35,801 6.0 47,735 8.0 Common equity Tier 1 capital (to risk weighted assets) 83,941 14.1 26,851 4.5 38,784 6.5 Tier 1 capital (to average assets) 83,941 11.1 30,169 4.0 37,711 5.0 December 31, 2021 Total capital (to risk weighted assets) $ 100,180 17.4 % $ 45,956 8.0 % $ 57,445 10.0 % Tier 1 capital (to risk weighted assets) 93,288 16.2 34,467 6.0 45,956 8.0 Common equity Tier 1 capital (to risk weighted assets) 93,288 16.2 25,850 4.5 37,339 6.5 Tier 1 capital (to average assets) 93,288 12.3 30,355 4.0 37,943 5.0 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases | 1 8 . LEASES The Company recognized ROUs and operating lease liabilities totaling $1.7 million and $1.8 million at June 30, 2022 and December 31, 2021, respectively. The ROU is recognized in other assets on the Company’s Consolidated Balance Sheet and operating lease liabilities are recognized in other liabilities on the Company’s Consolidated Balance Sheet. At June 30, 2022, the Company had entered in 9 noncancelable operating lease agreements for office space and branch locations, several of which contain renewal options to extend lease payments for a period of 1 to 10 years. The Company had no financing leases outstanding and no leases with residual value guarantees. The Company’s operating lease cost was $175,000 and $208,000 for the three months ended June 30, 2022 and 2021, respectively and $345,000 and $416,000 for the six months ended June 30, 2022 and 2021, respectively. The weighted average remaining lease term for operating leases was 4.45 years and 4.50 years at June 30, 2022 and December 31, 2021, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 1.97% and 1.99% at June 30, 2022 and December 31, 2021, respectively. The following table sets forth the undiscounted cash flows of base rent related to operating leases at June 30, 2022 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability. June 30, 2022 (In thousands) 2022 $ 344 2023 486 2024 344 2025 256 2026 226 2027 95 Thereafter — Total minimum lease payments 1,751 Less: amount representing interest (70 ) Present value of future minimum lease payments 1,681 |
Mortgage Banking Income
Mortgage Banking Income | 6 Months Ended |
Jun. 30, 2022 | |
Mortgage Banking [Abstract] | |
Mortgage Banking Income | 1 9 . MORTGAGE BANKING INCOME The components of gain on loan origination and sale activities and mortgage servicing fees for the three and six months ended June 30, 2022 and 2021 are as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Gain on loan origination and sale activities, net (In thousands) Gain on sale of mortgages and realized gain from derivative financial instruments, net $ 632 $ 6,545 $ 3,725 $ 22,421 Net change in fair value of loans held for sale and portfolio loans accounted for at fair value 218 1,091 (1,341 ) (2,725 ) Capitalized residential mortgage loan servicing rights 160 1,476 537 4,273 Net change in fair value of derivative loan commitments and forward loan sale commitments (526 ) (3,372 ) (1,173 ) (7,236 ) Gain on loan origination and sales activities, net $ 484 $ 5,740 $ 1,748 $ 16,733 Mortgage servicing fees, net Residential mortgage loan servicing fees $ 1,259 $ 1,205 $ 2,536 $ 2,375 Amortization of residential mortgage loan servicing rights (731 ) (759 ) (1,480 ) (1,571 ) Release (provision) to the valuation allowance of mortgage loan servicing rights 286 (65 ) 421 356 Sub-servicer expenses (1) (305 ) - (620 ) - Mortgage servicing fees, net $ 509 $ 381 $ 857 $ 1,160 Total gain on loan origination and sales activities and mortgage servicing fees $ 993 $ 6,121 $ 2,605 $ 17,893 (1) Sub-servicer expenses were first incurred during the third quarter of 2021, due to the conversion of the Company’s mortgage loan servicing portfolio. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses. |
Proposed Transaction with Homet
Proposed Transaction with Hometown Financial Group, Inc | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Proposed Transaction with Hometown Financial Group, Inc | 20 . TRANSACTION WITH HOMETOWN FINANCIAL GROUP, INC. On March 28, 2022, the Company entered into an Agreement and Plan of Merger (the “merger agreement”) with Hometown Financial Group, MHC, Hometown Financial Group, Inc. (“Hometown”), and Hometown Financial Acquisition Corp. (“Merger Sub”). Pursuant to the merger agreement, Merger Sub will be merged with and into the Company, with the Company as the surviving corporation (the “merger”). Immediately after the merger, the Company will be merged with and into Hometown as the surviving corporation (the “second step merger”). Immediately following the second step merger, the Bank will merge with and into Abington Bank, the wholly-owned subsidiary of Hometown, with Abington Bank as the surviving entity. On June 29, 2022, the shareholders of Randolph Bancorp, Inc. voted to approve the transaction. The consummation of the merger is now subject to customary closing conditions, including receipt of regulatory approvals. The merger is expected to be completed in the fourth quarter of 2022. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (“CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This replaces the existing probable incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgements used in determining the allowance for loan losses, as well as the credit quality and underwriting standards of an organization’s loan portfolio. In addition, the ASU amends the accounting for credit losses on available for sale debt securities and purchased financial assets with credit deterioration. In November 2019, FASB issued ASU 2019-10 which extended the effective date for adoption of ASU 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2022, including interim periods therein. Early adoption is permitted. The Company has formed a working group consisting of accounting, credit and data systems personnel to lead our implementation of this ASU. The working group is evaluating the alternative methodologies which are available and has engaged professional advisors to assist in implementation. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) and Related Tax Effects | The components of accumulated other comprehensive income (loss), included in total stockholders’ equity, are as follows: June 30, December 31, 2022 2021 (In thousands) Securities available for sale: Net unrealized gain (loss) $ (3,307 ) $ 249 Tax effect 753 (64 ) Net-of-tax amount (2,554 ) 185 Supplemental retirement plan Unrecognized net actuarial loss (624 ) (646 ) Unrecognized net prior service credit 206 222 (418 ) (424 ) Tax effect 58 58 Net-of-tax amount (360 ) (366 ) Accumulated other comprehensive income (loss) $ (2,914 ) $ (181 ) |
Securities Available for Sale (
Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Securities | The amortized cost and fair value of securities available for sale, including gross unrealized gains and losses, are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) June 30, 2022 Debt securities: U.S. Treasury 13,632 — (883 ) 12,749 U.S. Government-sponsored enterprises 1,997 — (68 ) 1,929 Corporate 2,491 — (170 ) 2,321 Municipal 350 1 — 351 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 20,350 2 (1,688 ) 18,664 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,670 — (336 ) 8,334 Collateralized mortgage obligations: — U.S. Government-sponsored enterprises 717 — (49 ) 668 U.S. Government-guaranteed 2,242 — (116 ) 2,126 Total securities available for sale $ 50,449 $ 3 $ (3,310 ) $ 47,142 December 31, 2021 Debt securities: U.S. Treasury $ 10,939 $ — $ (168 ) $ 10,771 U.S. Government-sponsored enterprises 1,995 — (17 ) 1,978 Corporate 2,510 33 (7 ) 2,536 Municipal 351 2 — 353 Residential mortgage-backed securities: U.S. Government-sponsored enterprises 23,349 324 (194 ) 23,479 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises 8,733 223 — 8,956 U.S. Government-guaranteed 103 — — 103 Collateralized mortgage obligations: U.S. Government-sponsored enterprises 796 14 — 810 U.S. Government-guaranteed 2,641 39 — 2,680 Total securities available for sale $ 51,417 $ 635 $ (386 ) $ 51,666 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of debt securities by contractual maturity at June 30, 2022 are presented below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair Cost Value (In thousands) Within 1 year $ 3,410 $ 3,386 After 1 year through 5 years 9,334 8,843 After 5 years through 10 years 5,726 5,121 18,470 17,350 Mortgage-backed securities 31,979 29,792 $ 50,449 $ 47,142 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows: Less Over Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value June 30, 2022 Debt securities: U.S. Treasury $ (883 ) $ 12,749 $ — $ — U.S. Government-sponsored enterprises (68 ) 1,928 — — Corporate (170 ) 2,322 — — Residential mortgage-backed securities: U.S. Government-sponsored enterprises (1,674 ) 18,029 (14 ) 481 Commercial mortgage-backed securities: U.S. Government-sponsored enterprises (336 ) 8,334 — — Collateralized mortgage obligations: U.S. Government-sponsored enterprises (49 ) 668 — — U.S. Government-guaranteed (116 ) 2,126 — — Total $ (3,296 ) $ 46,156 $ (14 ) $ 481 December 31, 2021 Debt securities: U.S. Treasury (168 ) 10,771 $ — $ — U.S. Government-sponsored enterprises (17 ) 1,978 — — Corporate (7 ) 723 — — Residential mortgage-backed securities: U.S. Government-sponsored enterprises (194 ) 11,477 — — Total $ (386 ) $ 24,949 $ — $ — |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Summary of Loan Portfolio | A summary of the loan portfolio is as follows: June 30, 2022 December 31, 2021 (In thousands) Real estate loans: Residential: One- to four-family $ 354,922 $ 236,364 Home equity loans and lines of credit 65,210 57,295 Commercial 189,334 197,423 Construction 33,877 33,961 Total real estate loans 643,343 525,043 Commercial and industrial 13,162 17,242 Consumer 6,353 7,552 Total loans 662,858 549,837 Allowance for loan losses (6,602 ) (6,289 ) Net deferred loan costs and fees, and purchase premiums 1,362 1,073 Loans, net $ 657,618 $ 544,621 |
Summary of Activity in the Allowance for Loan Losses by Loan Category | The following tables present activity in the allowance for loan losses by loan category for the three and six months ended June 30, 2022 and 2021, and allocation of the allowance to each category as of June 30, 2022 and December 31, 2021: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total (In thousands) Three Months Ended June 30, 2022 Allowance at March 31, 2022 $ 1,236 $ 451 $ 3,402 $ 716 $ 476 $ 76 $ 6,357 Provision (credit) for loan losses 353 60 (178 ) 11 (1 ) 24 269 Loans charged-off — — — — — (26 ) (26 ) Recoveries 1 — — — — 1 2 Balance at June 30, 2022 $ 1,590 $ 511 $ 3,224 $ 727 $ 475 $ 75 $ 6,602 Three Months Ended June 30, 2021 Allowance at March 31, 2021 $ 1,522 $ 425 $ 3,390 $ 720 $ 401 $ 105 $ 6,563 Provision (credit) for loan losses (251 ) (21 ) 169 (106 ) 166 16 (27 ) Loans charged-off — — — — — (16 ) (16 ) Recoveries 1 — — — 2 - 3 Balance at June 30, 2021 $ 1,272 $ 404 $ 3,559 $ 614 $ 569 $ 105 $ 6,523 Six Months Ended June 30, 2022 Allowance at December 31, 2021 1,093 462 3,451 697 499 87 $ 6,289 Provision (credit) for loan losses 495 49 (227 ) 30 (24 ) 17 340 Loans charged-off — — — — — (30 ) (30 ) Recoveries 2 — — — — 1 3 Balance at June 30, 2022 $ 1,590 $ 511 $ 3,224 $ 727 $ 475 $ 75 $ 6,602 Six Months Ended June 30, 2021 Allowance at December 31, 2020 $ 1,646 $ 442 $ 3,402 $ 751 $ 416 $ 127 $ 6,784 Provision (credit) for loan losses (377 ) (38 ) 157 (137 ) 151 4 (240 ) Loans charged-off — — — — — (26 ) (26 ) Recoveries 3 — — — 2 - 5 Balance at June 30, 2021 $ 1,272 $ 404 $ 3,559 $ 614 $ 569 $ 105 $ 6,523 |
Summary of Additional Information Pertaining to the Allowance for Loan Losses | Additional information pertaining to the allowance for loan losses at June 30, 2022 and December 31, 2021 is as follows: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total June 30, 2022 (In thousands) Allowance for impaired loans $ 89 $ 1 $ — $ — $ — $ — $ 90 Allowance for non-impaired loans 1,501 510 3,224 727 475 75 6,512 Total allowance for loan losses $ 1,590 $ 511 $ 3,224 $ 727 $ 475 $ 75 $ 6,602 Impaired loans $ 3,402 $ 580 $ — $ — $ — $ — $ 3,982 Non-impaired loans 351,520 64,630 189,334 33,877 13,162 6,353 658,876 Total loans $ 354,922 $ 65,210 $ 189,334 $ 33,877 $ 13,162 $ 6,353 $ 662,858 December 31, 2021 Allowance for impaired loans $ 81 $ 19 $ — $ — $ — $ — $ 100 Allowance for non-impaired loans 1,012 443 3,451 697 499 87 6,189 Total allowance for loan losses $ 1,093 $ 462 $ 3,451 $ 697 $ 499 $ 87 $ 6,289 Impaired loans $ 3,255 $ 603 $ - $ — $ — $ — $ 3,858 Non-impaired loans 233,109 56,692 197,423 33,961 17,242 7,552 545,979 Total loans $ 236,364 $ 57,295 $ 197,423 $ 33,961 $ 17,242 $ 7,552 $ 549,837 |
Schedule of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual loans at June 30, 2022 and December 31, 2021: 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Past Due Loans 30-89 Days Past Due that are also Non-accrual Loans Total Non-accrual Loans (In thousands) June 30, 2022 Residential one- to four-family $ 880 $ 451 $ — $ 1,331 $ 136 $ 2,300 Home equity loans and lines of credit 329 65 — 394 93 481 Commercial real estate — — — — — — Construction — — — — — — Commercial and industrial — — — — — — Consumer 42 — — 42 — — Total $ 1,251 $ 516 $ — $ 1,767 $ 229 $ 2,781 December 31, 2021 Residential one- to four-family $ 701 $ 193 $ — $ 894 $ 316 $ 2,133 Home equity loans and lines of credit 186 215 — 401 — 491 Commercial real estate — — — — — — Construction — — — — — — Commercial and industrial — — — — — — Consumer 76 9 — 85 — — Total $ 963 $ 417 $ — $ 1,380 $ 316 $ 2,624 |
Summary of Impaired Loans and Additional Information Pertaining to Impaired Loans | The following is a summary of impaired loans at June 30, 2022 and December 31, 2021: Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) June 30, 2022 Impaired loans without a valuation allowance: Residential one- to four-family $ 2,422 $ 2,421 Home equity loans and lines of credit 481 479 Total 2,903 2,900 Impaired loans with a valuation allowance: Residential one- to four-family 984 981 $ 89 Home equity loans and lines of credit 101 101 1 Total 1,085 1,082 90 Total impaired loans $ 3,988 $ 3,982 $ 90 December 31, 2021 Impaired loans without a valuation allowance: Residential one- to four-family $ 2,364 $ 2,377 Home equity loans and lines of credit 479 485 Total 2,843 2,862 Impaired loans with a valuation allowance: Residential one- to four-family 874 878 $ 81 Home equity loans and lines of credit 108 118 $ 19 Total 982 996 100 Total impaired loans $ 3,825 $ 3,858 $ 100 Additional information pertaining to impaired loans follows: Average Interest Cash Basis Recorded Income Interest Investment Recognized Recognized (In thousands) Three Months Ended June 30, 2022 Residential one- to four-family $ 3,406 $ 29 $ 15 Home equity loans and lines of credit 581 3 3 Total $ 3,987 $ 32 $ 18 Three Months Ended June 30, 2021 Residential one- to four-family $ 3,542 $ 18 $ 39 Home equity loans and lines of credit 423 1 — Commercial real estate 4,182 — — Total $ 8,147 $ 19 $ 39 Six Months Ended June 30, 2022 Residential one- to four-family $ 3,418 $ 59 $ 31 Home equity loans and lines of credit 533 4 9 Total $ 3,951 $ 63 $ 40 Six Months Ended June 30, 2021 Residential one- to four-family $ 3,548 $ 36 $ 78 Home equity loans and lines of credit 423 1 — Commercial real estate 4,191 — — Total $ 8,162 $ 37 $ 78 |
Summary of Financing Receivable, Troubled Debt Restructuring | The Company’s troubled debt restructurings consist primarily of interest rate concessions for periods of three months to thirty years for residential real estate loans, and for periods up to one year for commercial real estate loans. Number of Contracts TDRs Listed as Accrual Number of Contracts TDRs Listed as Non-accrual Total Number of Contracts Total TDRs (In thousands) June 30, 2022 Residential one- to four-family 9 $ 1,106 3 $ 925 12 $ 2,031 Home equity loans and lines of credit 2 101 — — 2 101 Total 11 $ 1,207 3 $ 925 14 $ 2,132 December 31, 2021 Residential one- to four-family $ 9 $ 1,103 $ 3 $ 919 12 $ 2,022 Home equity loans and lines of credit 2 97 1 109 3 206 Total 11 1,200 4 $ 1,028 15 $ 2,228 |
Summary of Company's Loans by Risk Rating | The following table presents the Company’s loans by risk rating at the dates indicated: Residential 1-4 Family Second Mortgages and HELOC Commercial Real Estate Construction Commercial and Industrial Consumer Total (In thousands) June 30, 2022 Not Rated $ 352,632 $ 64,731 $ — $ — $ — $ 6,353 $ 423,716 Loans rated 1 - 3B (Pass rated) — — 177,885 33,877 12,886 — 224,648 Loans rated 4 346 380 7,906 — 276 — 8,908 Loans rated 5 1,944 99 3,543 — — — 5,586 $ 354,922 $ 65,210 $ 189,334 $ 33,877 $ 13,162 $ 6,353 $ 662,858 December 31, 2021 Not Rated $ 234,225 $ 56,797 $ — $ — $ — $ 7,552 $ 298,574 Loans rated 1 - 3B (Pass rated) — — 186,774 33,961 16,910 — 237,645 Loans rated 4 361 381 7,106 — 332 — 8,180 Loans rated 5 1,778 117 3,543 — — — 5,438 $ 236,364 $ 57,295 $ 197,423 $ 33,961 $ 17,242 $ 7,552 $ 549,837 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Transfers And Servicing [Abstract] | |
Summary of Activity Relating to Mortgage Servicing Rights | The following table summarizes the activity relating to mortgage servicing rights (“MSRs”) for the three and six months ended For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 17,801 $ 17,318 $ 18,173 $ 15,372 Additions through originations 160 1,455 537 4,241 Amortization (731 ) (759 ) (1,480 ) (1,599 ) Balance at end of period $ 17,230 $ 18,014 $ 17,230 $ 18,014 Valuation allowance: Balance at beginning of period $ 2,423 $ 2,574 $ 2,558 $ 2,995 Provision (release) (286 ) 65 (421 ) (356 ) Balance at end of period $ 2,137 $ 2,639 $ 2,137 $ 2,639 Amortized cost, net $ 15,093 $ 15,375 $ 15,093 $ 15,375 Fair value $ 17,369 $ 15,673 $ 17,369 $ 15,673 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Average Number of Shares Outstanding Used to Calculate Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the calculation of the average number of shares outstanding used to calculate the basic and diluted earnings per share for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Average number of common shares outstanding 5,189,616 5,289,782 5,179,764 5,359,198 Less: Average unallocated ESOP shares (349,820 ) (368,600 ) (352,136 ) (370,915 ) Average number of common shares outstanding used to calculate basic earnings per share 4,839,796 4,921,182 4,827,628 4,988,283 Effect of dilutive stock options 236,385 214,400 218,816 205,360 Average number of common shares outstanding used to calculate dilutive earnings per share 5,076,181 5,135,582 5,046,444 5,193,643 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Grants of Options to Purchase Shares of Common Stock | During the six months ended June 30, 2022 and 2021, the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants: 2022 2021 Options granted — 40,491 Vesting period (years) — 5 Expiration period (years) — 10 Expected volatility — 30.98 % Expected life (years) — 6.2 Expected dividend yield — — Risk free interest rate — 0.64 % Option fair value — $6.20 |
Summary of Stock Options Activity | A summary of stock option activity for the six months ended June 30, 2022 is presented in the table below: Options Stock Option Grants Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2022 599,383 $ 13.80 7.61 Exercised (145,140 ) 14.34 Forfeited (20,119 ) 16.62 Balance at June 30, 2022 434,124 $ 13.48 7.79 $ 5,568,586 Exercisable at June 30, 2022 173,917 $ 14.37 7.13 $ 2,076,086 Unrecognized compensation cost (inclusive of directors' options) $ 766,299 Weighted average remaining recognition period (years) 1.94 |
Summary of Activity in Restricted Stock Awards Under Equity Plan | The following table presents the activity in restricted stock awards under the 2017 Equity Plan, the 2020 Inducement Plan and the 2021 Equity Plan for the six months ended June 30, 2022: Restricted Stock Awards Weighted Average Grant Price Performance-Based Restricted Stock Units ( 1) Weighted Average Grant Price Total Restricted Stock Awards and Performance-Based Restricted Stock Units Weighted Average Grant Price Restricted stock awards at January 1, 2022 99,485 $ 13.93 18,000 $ 20.15 117,485 $ 14.89 Vested (9,781 ) 12.83 — — (9,781 ) 12.83 Forfeited (704 ) 11.48 — — (704 ) 11.48 Restricted stock awards at June 30, 2022 89,000 $ 14.07 18,000 $ 20.15 107,000 $ 15.10 Unrecognized compensation cost $ 802,265 $ 243,161 $ 1,045,426 Weighted average remaining recognition period (years) 2.13 1.79 2.07 |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis | Assets and liabilities recorded at fair value on a recurring basis are summarized below. Total Level 1 Level 2 Level 3 Fair (In thousands) June 30, 2022 Assets: Securities available for sale $ — $ 47,142 $ — $ 47,142 Portfolio loans (fair value option) — 7,438 — 7,438 Loans held for sale (fair value option) — 9,736 — 9,736 Derivative loan commitments — 248 — 248 Forward loan sale commitments — 27 — 27 Liabilities: Forward loan sale commitments, including TBAs — 118 — 118 December 31, 2021 Assets: Securities available for sale $ — $ 51,666 $ — $ 51,666 Portfolio loans (fair value option) — 13,780 — 13,780 Loans held for sale (fair value option) — 44,766 — 44,766 Derivative loan commitments — 1,364 — 1,364 Forward loan sale commitments — 50 — 50 Liabilities: Forward loan sale commitments, including TBAs — 84 — 84 |
Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis | The following table summarizes the fair value hierarchy used to determine each adjustment and the carrying value of the related assets as of June 30, 2022 and December 31, 2021. Period Ended June 30, 2022 June 30, 2022 Level 1 Level 2 Level 3 Total Gains (Losses) (In thousands) Collateral dependent impaired loans $ — $ — $ 2,281 $ — Mortgage servicing rights — 15,093 — 421 $ — $ 15,093 $ 2,281 $ 421 December 31, 2021 Level 1 Level 2 Level 3 (In thousands) Collateral dependent impaired loans $ — $ — $ 2,551 Mortgage servicing rights — 15,616 — $ — $ 15,616 $ 2,551 |
Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments | The estimated fair values, and related carrying amounts, of the Company’s financial instruments are presented below. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include mortgagors’ escrow accounts and accrued interest payable. June 30, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Securities available for sale $ 47,142 $ 47,142 — $ 47,142 — Loans held for sale 9,736 9,736 — 9,736 — Loans, net 657,618 636,618 — — 636,618 Derivative assets 275 275 — 275 — Financial liabilities: Deposits $ 641,364 $ 641,415 $ — $ 641,415 $ — FHLBB advances 32,946 32,362 — 32,362 — Derivative liabilities 118 118 — 118 — December 31, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Financial assets: Securities available for sale $ 51,666 $ 51,666 — $ 51,666 — Loans held for sale 44,766 44,766 — 44,766 — Loans, net 544,621 549,674 — — 549,674 Derivative assets 1,414 1,414 — 1,414 — Financial liabilities: Deposits $ 638,147 $ 637,538 $ — $ 637,538 $ — FHLBB advances 50,000 50,001 — 50,001 — Derivative liabilities 84 84 — 84 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Outstanding Contract Amounts Represent Credit Risk | The following financial instruments were outstanding, at the dates indicated, whose contract amounts represent credit risk: June 30, 2022 December 31, 2021 (In thousands) Commitments to originate loans $ 85,666 $ 107,889 Unused lines and letters of credit 71,628 79,012 Unadvanced funds on construction loans 13,132 13,879 Overdraft lines of credit 7,759 7,967 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | Segment information as of and for the three and six months ended June 30, 2022 follows: For the Three Months Ended June 30, 2022 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 5,741 $ 270 $ 6,011 Provision for loan losses 269 — 269 Net interest income after provision for loan losses 5,472 270 5,742 Non-interest income: Customer service fees 365 7 372 Gain on loan origination and sale activities, net (1) — 1,920 1,920 Mortgage servicing fees, net (240 ) 749 509 Other 369 91 460 Total non-interest income 494 2,767 3,261 Non-interest expenses: Salaries and employee benefits 1,831 2,583 4,414 Occupancy and equipment 447 112 559 Other non-interest expenses 1,357 1,154 2,511 Total non-interest expenses 3,635 3,849 7,484 Income (loss) before income taxes and elimination of inter-segment profit $ 2,331 $ (812 ) 1,519 Elimination of inter-segment profit (1,436 ) Income before income taxes 83 Income tax expense (benefit) (165 ) Net income $ 248 Total assets, June 30, 2022 $ 718,602 $ 56,151 $ 774,753 For the Six Months Ended June 30, 2022 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 10,751 $ 527 $ 11,278 Provision for loan losses 340 — 340 Net interest income after provision for loan losses 10,411 527 10,938 Non-interest income: Customer service fees 720 17 737 Gain on loan origination and sale activities, net (1) — 3,911 3,911 Mortgage servicing fees, net (445 ) 1,302 857 Other 468 207 675 Total non-interest income 743 5,437 6,180 Non-interest expenses: Salaries and employee benefits 3,766 5,802 9,568 Occupancy and equipment 959 (35 ) 924 Other non-interest expenses 3,268 2,430 5,698 Total non-interest expenses 7,993 8,197 16,190 Income (loss) before income taxes and elimination of inter-segment profit $ 3,161 $ (2,233 ) 928 Elimination of inter-segment profit (2,163 ) Income (loss) before income taxes (1,235 ) Income tax expense (benefit) (1,248 ) Net income $ 13 (1) Before elimination of inter-segment profit. Segment information as of and for the three and six months ended June 30, 2021 follows: For the Three Months Ended June 30, 2021 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 4,535 $ 664 $ 5,199 Provision (credit) for loan losses (27 ) — (27 ) Net interest income after provision (credit) for loan losses 4,562 664 5,226 Non-interest income: Customer service fees 393 26 419 Gain on loan origination and sale activities, net (1) — 6,558 6,558 Mortgage servicing fees, net (94 ) 475 381 Other 158 118 276 Total non-interest income 457 7,177 7,634 Non-interest expenses: Salaries and employee benefits 1,746 5,564 7,310 Occupancy and equipment 407 214 621 Other non-interest expenses 1,265 1,431 2,696 Total non-interest expenses 3,418 7,209 10,627 Income before income taxes and elimination of inter-segment profit $ 1,601 $ 632 2,233 Elimination of inter-segment profit (818 ) Income before income taxes 1,415 Income tax expense (benefit) (162 ) Net income $ 1,577 Total assets, June 30, 2021 $ 608,686 $ 135,456 $ 744,142 For the Six Months Ended June 30, 2021 Envision Bank Envision Mortgage Consolidated Total (in thousands) Net interest income $ 8,736 $ 1,554 $ 10,290 Provision (credit) for loan losses (240 ) — (240 ) Net interest income after provision (credit) for loan losses 8,976 1,554 10,530 Non-interest income: Customer service fees 733 53 786 Gain on loan origination and sale activities, net (1) — 18,232 18,232 Mortgage servicing fees, net (189 ) 1,349 1,160 Other 309 251 560 Total non-interest income 853 19,885 20,738 Non-interest expenses: Salaries and employee benefits (2) 3,548 12,199 15,747 Occupancy and equipment 851 514 1,365 Other non-interest expenses 2,349 3,117 5,466 Total non-interest expenses 6,748 15,830 22,578 Income before income taxes and elimination of inter-segment profit $ 3,081 $ 5,609 8,690 Elimination of inter-segment profit (1,499 ) Income before income taxes 7,191 Income tax expense 1,502 Net income $ 5,689 (1) Before elimination of inter-segment profit. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deposits [Abstract] | |
Summary of Deposit Balances by Type | A summary of deposit balances, by type is as follows: June 30, 2022 December 31, 2021 (In thousands) Demand deposits $ 146,635 $ 145,666 NOW accounts 51,928 53,996 Money market deposits 98,331 90,544 Regular and other savings accounts 195,107 191,712 Brokered deposits 10 10,061 Total non-certificate accounts 492,011 491,979 Term certificates less than $250,000 80,651 85,877 Term certificates of $250,000 or more 21,351 20,235 Term certificates - brokered 47,351 40,056 Total certificate accounts 149,353 146,168 641,364 638,147 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Maturities of Advances from FHLB | Advances consist of funds borrowed from the Federal Home Loan Bank of Boston (the “FHLB”). Maturities of advances from the FHLB as of June 30, 2022 are summarized as follows: June 30, 2022 (In thousands) 2022 $ 17,946 2023 5,000 2024 — 2025 10,000 32,946 |
Minimum Capital Requirements (T
Minimum Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Banking And Thrifts [Abstract] | |
Summary of Actual and Minimum Capital Amounts and Ratios Exclusive of Capital Conservation Buffer | The Bank’s actual and minimum capital amounts and ratios, exclusive of the capital conservation buffer, are presented in the following table: Minimum To Be Well For Minimum Capitalized Under Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) June 30, 2022 Total capital (to risk weighted assets) $ 91,308 15.3 % $ 47,735 8.0 % $ 59,668 10.0 % Tier 1 capital (to risk weighted assets) 83,941 14.1 35,801 6.0 47,735 8.0 Common equity Tier 1 capital (to risk weighted assets) 83,941 14.1 26,851 4.5 38,784 6.5 Tier 1 capital (to average assets) 83,941 11.1 30,169 4.0 37,711 5.0 December 31, 2021 Total capital (to risk weighted assets) $ 100,180 17.4 % $ 45,956 8.0 % $ 57,445 10.0 % Tier 1 capital (to risk weighted assets) 93,288 16.2 34,467 6.0 45,956 8.0 Common equity Tier 1 capital (to risk weighted assets) 93,288 16.2 25,850 4.5 37,339 6.5 Tier 1 capital (to average assets) 93,288 12.3 30,355 4.0 37,943 5.0 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Undiscounted Cash Flows of Base Rent Related to Operating Leases with Payments | The following table sets forth the undiscounted cash flows of base rent related to operating leases at June 30, 2022 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability. June 30, 2022 (In thousands) 2022 $ 344 2023 486 2024 344 2025 256 2026 226 2027 95 Thereafter — Total minimum lease payments 1,751 Less: amount representing interest (70 ) Present value of future minimum lease payments 1,681 |
Mortgage Banking Income (Tables
Mortgage Banking Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Mortgage Banking [Abstract] | |
Components of Gain on Loan Origination and Sale Activities and Mortgage Servicing Fees | The components of gain on loan origination and sale activities and mortgage servicing fees for the three and six months ended June 30, 2022 and 2021 are as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Gain on loan origination and sale activities, net (In thousands) Gain on sale of mortgages and realized gain from derivative financial instruments, net $ 632 $ 6,545 $ 3,725 $ 22,421 Net change in fair value of loans held for sale and portfolio loans accounted for at fair value 218 1,091 (1,341 ) (2,725 ) Capitalized residential mortgage loan servicing rights 160 1,476 537 4,273 Net change in fair value of derivative loan commitments and forward loan sale commitments (526 ) (3,372 ) (1,173 ) (7,236 ) Gain on loan origination and sales activities, net $ 484 $ 5,740 $ 1,748 $ 16,733 Mortgage servicing fees, net Residential mortgage loan servicing fees $ 1,259 $ 1,205 $ 2,536 $ 2,375 Amortization of residential mortgage loan servicing rights (731 ) (759 ) (1,480 ) (1,571 ) Release (provision) to the valuation allowance of mortgage loan servicing rights 286 (65 ) 421 356 Sub-servicer expenses (1) (305 ) - (620 ) - Mortgage servicing fees, net $ 509 $ 381 $ 857 $ 1,160 Total gain on loan origination and sales activities and mortgage servicing fees $ 993 $ 6,121 $ 2,605 $ 17,893 (1) Sub-servicer expenses were first incurred during the third quarter of 2021, due to the conversion of the Company’s mortgage loan servicing portfolio. Previously, all expenses related to servicing mortgage loans serviced for others were included in non-interest expenses. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) and Related Tax Effects (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total other comprehensive income (loss) | $ (915) | $ 101 | $ (2,733) | $ (693) | |
Accumulated other comprehensive income (loss) | $ (2,914) | (2,914) | $ (181) | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | (3,307) | 249 | |||
Other comprehensive Loss, Tax effect | 753 | (64) | |||
Total other comprehensive income (loss) | (2,554) | 185 | |||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | (624) | (646) | |||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | 206 | 222 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net unrealized gain (loss) | (418) | (424) | |||
Other comprehensive Loss, Tax effect | 58 | 58 | |||
Total other comprehensive income (loss) | $ (360) | $ (366) |
Securities Available for Sale -
Securities Available for Sale - Schedule of Amortized Cost and Fair Value of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 50,449 | $ 51,417 |
Gross Unrealized Gains | 3 | 635 |
Gross Unrealized Losses | (3,310) | (386) |
Fair Value | 47,142 | 51,666 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,632 | 10,939 |
Gross Unrealized Losses | (883) | (168) |
Fair Value | 12,749 | 10,771 |
US Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,997 | 1,995 |
Gross Unrealized Losses | (68) | (17) |
Fair Value | 1,929 | 1,978 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,491 | 2,510 |
Gross Unrealized Gains | 33 | |
Gross Unrealized Losses | (170) | (7) |
Fair Value | 2,321 | 2,536 |
Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 350 | 351 |
Gross Unrealized Gains | 1 | 2 |
Fair Value | 351 | 353 |
Residential Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,350 | 23,349 |
Gross Unrealized Gains | 2 | 324 |
Gross Unrealized Losses | (1,688) | (194) |
Fair Value | 18,664 | 23,479 |
Commercial Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,670 | 8,733 |
Gross Unrealized Gains | 223 | |
Gross Unrealized Losses | (336) | |
Fair Value | 8,334 | 8,956 |
Commercial Mortgage Backed Securities, U.S. Government-guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 103 | |
Fair Value | 103 | |
Collateralized Mortgage Obligations, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 717 | 796 |
Gross Unrealized Gains | 14 | |
Gross Unrealized Losses | (49) | |
Fair Value | 668 | 810 |
Collateralized Mortgage Obligations, US Government Guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,242 | 2,641 |
Gross Unrealized Gains | 39 | |
Gross Unrealized Losses | (116) | |
Fair Value | $ 2,126 | $ 2,680 |
Securities Available for Sale_2
Securities Available for Sale - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2022 USD ($) Debt_Security | Jun. 30, 2021 USD ($) | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds from sales of available-for-sale securities | $ | $ 0 | $ 0 |
Number of debt securities with unrealized losses | Debt_Security | 69 | |
Unrealized losses debt securities aggregate depreciation percentage | 6.63% |
Securities Available for Sale_3
Securities Available for Sale - Investments Classified by Contractual Maturity Date (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Available-for-sale Securities, Debt Maturities, Amortized Cost | ||
Within 1 year | $ 3,410 | |
After 1 year through 5 years | 9,334 | |
After 5 years through 10 years | 5,726 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis, Total | 18,470 | |
Mortgage-backed securities | 31,979 | |
Amortized Cost | 50,449 | $ 51,417 |
Available-for-sale Securities, Debt Maturities, Fair Value | ||
Within 1 year | 3,386 | |
After 1 year through 5 years | 8,843 | |
After 5 years through 10 years | 5,121 | |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Fair Value Total | 17,350 | |
Mortgage-backed securities | 29,792 | |
Available-for-sale Securities, Debt Securities, Fair Value Total | $ 47,142 | $ 51,666 |
Securities Available for Sale_4
Securities Available for Sale - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value (Detail) - Debt Securities [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | $ (3,296) | $ (386) |
Less Than Twelve Months, Fair Value | 46,156 | 24,949 |
Over Twelve Months, Gross Unrealized Losses | (14) | |
Over Twelve Months, Fair Value | 481 | |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (883) | (168) |
Less Than Twelve Months, Fair Value | 12,749 | 10,771 |
US Government-sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (68) | (17) |
Less Than Twelve Months, Fair Value | 1,928 | 1,978 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (170) | (7) |
Less Than Twelve Months, Fair Value | 2,322 | 723 |
Commercial Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (336) | |
Less Than Twelve Months, Fair Value | 8,334 | |
Collateralized Mortgage Obligations, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (49) | |
Less Than Twelve Months, Fair Value | 668 | |
Commercial Mortgage Backed Securities, U.S. Government-guaranteed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (116) | |
Less Than Twelve Months, Fair Value | 2,126 | |
Residential Mortgage-backed Securities, US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than Twelve Months, Gross Unrealized Losses | (1,674) | (194) |
Less Than Twelve Months, Fair Value | 18,029 | $ 11,477 |
Over Twelve Months, Gross Unrealized Losses | (14) | |
Over Twelve Months, Fair Value | $ 481 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary of Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 662,858 | $ 549,837 |
Allowance for loan losses | (6,602) | (6,289) |
Net deferred loan costs and fees, and purchase premiums | 1,362 | 1,073 |
Loans, net | 657,618 | 544,621 |
Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 643,343 | 525,043 |
Commercial Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 189,334 | 197,423 |
Commercial Real Estate Loans [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 189,334 | 197,423 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 13,162 | 17,242 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 6,353 | 7,552 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 354,922 | 236,364 |
One-to-Four Family [Member] | Residential Real Estate [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 354,922 | 236,364 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 65,210 | 57,295 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 33,877 | 33,961 |
Construction [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 33,877 | $ 33,961 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Summary of Activity in the Allowance for Loan Losses by Loan Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 6,357 | $ 6,563 | $ 6,289 | $ 6,784 |
Provision (credit) for loan losses | 269 | (27) | 340 | (240) |
Loans charged-off | (26) | (16) | (30) | (26) |
Recoveries | 2 | 3 | 3 | 5 |
Ending balance | 6,602 | 6,523 | 6,602 | 6,523 |
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 3,402 | 3,390 | 3,451 | 3,402 |
Provision (credit) for loan losses | (178) | 169 | (227) | 157 |
Ending balance | 3,224 | 3,559 | 3,224 | 3,559 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 476 | 401 | 499 | 416 |
Provision (credit) for loan losses | (1) | 166 | (24) | 151 |
Recoveries | 2 | 2 | ||
Ending balance | 475 | 569 | 475 | 569 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 76 | 105 | 87 | 127 |
Provision (credit) for loan losses | 24 | 16 | 17 | 4 |
Loans charged-off | (26) | (16) | (30) | (26) |
Recoveries | 1 | 1 | ||
Ending balance | 75 | 105 | 75 | 105 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 1,236 | 1,522 | 1,093 | 1,646 |
Provision (credit) for loan losses | 353 | (251) | 495 | (377) |
Recoveries | 1 | 1 | 2 | 3 |
Ending balance | 1,590 | 1,272 | 1,590 | 1,272 |
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 451 | 425 | 462 | 442 |
Provision (credit) for loan losses | 60 | (21) | 49 | (38) |
Ending balance | 511 | 404 | 511 | 404 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | 716 | 720 | 697 | 751 |
Provision (credit) for loan losses | 11 | (106) | 30 | (137) |
Ending balance | $ 727 | $ 614 | $ 727 | $ 614 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary of Additional Information Pertaining to the Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | $ 90 | $ 100 | ||||
Allowance for non-impaired loans | 6,512 | 6,189 | ||||
Total allowance for loan losses | 6,602 | $ 6,357 | 6,289 | $ 6,523 | $ 6,563 | $ 6,784 |
Impaired loans | 3,982 | 3,858 | ||||
Non-impaired loans | 658,876 | 545,979 | ||||
Total loans | 662,858 | 549,837 | ||||
Commercial Real Estate Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 3,224 | 3,451 | ||||
Total allowance for loan losses | 3,224 | 3,402 | 3,451 | 3,559 | 3,390 | 3,402 |
Non-impaired loans | 189,334 | 197,423 | ||||
Total loans | 189,334 | 197,423 | ||||
Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 475 | 499 | ||||
Total allowance for loan losses | 475 | 476 | 499 | 569 | 401 | 416 |
Non-impaired loans | 13,162 | 17,242 | ||||
Total loans | 13,162 | 17,242 | ||||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 75 | 87 | ||||
Total allowance for loan losses | 75 | 76 | 87 | 105 | 105 | 127 |
Non-impaired loans | 6,353 | 7,552 | ||||
Total loans | 6,353 | 7,552 | ||||
One-to-Four Family [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | 89 | 81 | ||||
Allowance for non-impaired loans | 1,501 | 1,012 | ||||
Total allowance for loan losses | 1,590 | 1,236 | 1,093 | 1,272 | 1,522 | 1,646 |
Impaired loans | 3,402 | 3,255 | ||||
Non-impaired loans | 351,520 | 233,109 | ||||
Total loans | 354,922 | 236,364 | ||||
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for impaired loans | 1 | 19 | ||||
Allowance for non-impaired loans | 510 | 443 | ||||
Total allowance for loan losses | 511 | 451 | 462 | 404 | 425 | 442 |
Impaired loans | 580 | 603 | ||||
Non-impaired loans | 64,630 | 56,692 | ||||
Total loans | 65,210 | 57,295 | ||||
Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for non-impaired loans | 727 | 697 | ||||
Total allowance for loan losses | 727 | $ 716 | 697 | $ 614 | $ 720 | $ 751 |
Non-impaired loans | 33,877 | 33,961 | ||||
Total loans | $ 33,877 | $ 33,961 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Schedule of Past Due and Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,767 | $ 1,380 |
Total Non-accrual Loans | 2,781 | 2,624 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42 | 85 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,331 | 894 |
Total Non-accrual Loans | 2,300 | 2,133 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 394 | 401 |
Total Non-accrual Loans | 481 | 491 |
30 - 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,251 | 963 |
30 - 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42 | 76 |
30 - 59 Days Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 880 | 701 |
30 - 59 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 329 | 186 |
60 - 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 516 | 417 |
60 - 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9 | |
60 - 89 Days Past Due [Member] | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 451 | 193 |
60 - 89 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 65 | 215 |
Loans 30-89 Days Past Due that are also Non-accrual Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Non-accrual Loans | 229 | 316 |
Loans 30-89 Days Past Due that are also Non-accrual Loans | One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Non-accrual Loans | 136 | $ 316 |
Loans 30-89 Days Past Due that are also Non-accrual Loans | Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Non-accrual Loans | $ 93 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | $ 2,903 | $ 2,843 |
Unpaid Principal Balance without a valuation allowance | 2,900 | 2,862 |
Recorded Investment with a valuation allowance | 1,085 | 982 |
Unpaid Principal Balance with a valuation allowance | 1,082 | 996 |
Related Allowance, Total impaired loans | 90 | 100 |
Recorded Investment, Total impaired loans | 3,988 | 3,825 |
Unpaid Principal Balance, Total impaired loans | 3,982 | 3,858 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 2,422 | 2,364 |
Unpaid Principal Balance without a valuation allowance | 2,421 | 2,377 |
Recorded Investment with a valuation allowance | 984 | 874 |
Unpaid Principal Balance with a valuation allowance | 981 | 878 |
Related Allowance, Total impaired loans | 89 | 81 |
Home Equity Loans and Lines of Credit [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment without a valuation allowance | 481 | 479 |
Unpaid Principal Balance without a valuation allowance | 479 | 485 |
Recorded Investment with a valuation allowance | 101 | 108 |
Unpaid Principal Balance with a valuation allowance | 101 | 118 |
Related Allowance, Total impaired loans | $ 1 | $ 19 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Additional Information Pertaining to Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 3,987 | $ 8,147 | $ 3,951 | $ 8,162 |
Interest Income Recognized | 32 | 19 | 63 | 37 |
Cash Basis Interest Recognized | 18 | 39 | 40 | 78 |
Residential Real Estate [Member] | One-to-Four Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 3,406 | 3,542 | 3,418 | 3,548 |
Interest Income Recognized | 29 | 18 | 59 | 36 |
Cash Basis Interest Recognized | 15 | 39 | 31 | 78 |
Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 581 | 423 | 533 | 423 |
Interest Income Recognized | 3 | 1 | 4 | 1 |
Cash Basis Interest Recognized | $ 3 | $ 9 | ||
Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 4,182 | $ 4,191 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) TDR | Jun. 30, 2021 USD ($) TDR | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans subject to troubled debt restructurings | TDR | 0 | 0 | ||
Allowances related to troubled debt restructurings | $ 0 | $ 0 | $ 0 | $ 0 |
Trouble debt restructurings, additional funds committed | 0 | 0 | ||
30 - 59 Days Past Due [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructurings defaulted over 30 days past due | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Real Estate [Member] | Minimum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructuring, interest rate concession period | 3 months | |||
Residential Real Estate [Member] | Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructuring, interest rate concession period | 30 years | |||
Commercial Real Estate Loans [Member] | Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Troubled debt restructuring, interest rate concession period | 1 year |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Schedule of Troubled Debt Restructuring (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) Office Lease Contract | Dec. 31, 2021 USD ($) Office Lease Contract | |
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 14 | 15 |
TDRs Listed as Accrual | $ 2,132 | $ 2,228 |
Residential Real Estate [Member] | One-to-Four Family [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 12 | 12 |
TDRs Listed as Accrual | $ 2,031 | $ 2,022 |
Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 3 |
TDRs Listed as Accrual | $ 101 | $ 206 |
Trouble Debt Restructurings Listed As Accrual | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Office | 11 | 11 |
TDRs Listed as Accrual | $ 1,207 | $ 1,200 |
Trouble Debt Restructurings Listed As Accrual | Residential Real Estate [Member] | One-to-Four Family [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Office | 9 | 9 |
TDRs Listed as Accrual | $ 1,106 | $ 1,103 |
Trouble Debt Restructurings Listed As Accrual | Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Office | 2 | 2 |
TDRs Listed as Accrual | $ 101 | $ 97 |
Trouble Debt Restructurings Listed As Non Accrual | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Lease | 3 | 4 |
TDRs Listed as Accrual | $ 925 | $ 1,028 |
Trouble Debt Restructurings Listed As Non Accrual | Residential Real Estate [Member] | One-to-Four Family [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Lease | 3 | 3 |
TDRs Listed as Accrual | $ 925 | $ 919 |
Trouble Debt Restructurings Listed As Non Accrual | Residential Real Estate [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Number of Contracts | Lease | 1 | |
TDRs Listed as Accrual | $ 109 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Summary of Company's Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 662,858 | $ 549,837 |
Note Rated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 423,716 | 298,574 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 224,648 | 237,645 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 8,908 | 8,180 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5,586 | 5,438 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 189,334 | 197,423 |
Commercial Real Estate Loans [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 177,885 | 186,774 |
Commercial Real Estate Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7,906 | 7,106 |
Commercial Real Estate Loans [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,543 | 3,543 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,162 | 17,242 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,886 | 16,910 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 276 | 332 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 6,353 | 7,552 |
Consumer [Member] | Note Rated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 6,353 | 7,552 |
One-to-Four Family [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 354,922 | 236,364 |
One-to-Four Family [Member] | Residential Real Estate [Member] | Note Rated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 352,632 | 234,225 |
One-to-Four Family [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 346 | 361 |
One-to-Four Family [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,944 | 1,778 |
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 65,210 | 57,295 |
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | Note Rated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 64,731 | 56,797 |
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 380 | 381 |
Second Mortgages and HELOC [Member] | Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 99 | 117 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 33,877 | 33,961 |
Construction [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 33,877 | $ 33,961 |
Loan Servicing - Additional Inf
Loan Servicing - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Transfers And Servicing [Abstract] | |||||
Unpaid principal balances of residential mortgage loans serviced for others | $ 1,920,000,000 | $ 1,920,000,000 | $ 1,980,000,000 | ||
Increase (reduced) the valuation allowance of mortgage servicing rights | $ (286,000) | $ 65,000 | $ (421,000) | $ (356,000) |
Loan Servicing - Summary of Act
Loan Servicing - Summary of Activity Relating to Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Mortgage servicing rights: | ||||
Balance at beginning of period | $ 17,801 | $ 17,318 | $ 18,173 | $ 15,372 |
Additions through originations | 160 | 1,455 | 537 | 4,241 |
Amortization | (731) | (759) | (1,480) | (1,599) |
Balance at end of period | 17,230 | 18,014 | 17,230 | 18,014 |
Valuation allowance: | ||||
Balance at beginning of period | 2,423 | 2,574 | 2,558 | 2,995 |
Provision (release) | (286) | 65 | (421) | (356) |
Balance at end of period | 2,137 | 2,639 | 2,137 | 2,639 |
Amortized cost, net | 15,093 | 15,375 | 15,093 | 15,375 |
Fair value | $ 17,369 | $ 15,673 | $ 17,369 | $ 15,673 |
On-Balance Sheet Derivative I_2
On-Balance Sheet Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative fair value, Asset | $ 275,000 | $ 1,414,000 |
Derivative fair value, Liability | 118,000 | 84,000 |
Derivative Loan Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional amount | 10,913,000 | 85,887,000 |
Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional amount | 20,461,000 | 80,407,000 |
Other Assets [Member] | Derivative Loan Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Asset | 248,000 | 1,364,000 |
Other Assets [Member] | Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Asset | 27,000 | 50,000 |
Other Liabilities [Member] | Undesignated Forward Loan Sale Commitments and TBA Securities [Member] | ||
Derivative [Line Items] | ||
Derivative fair value, Liability | $ 118,000 | $ 84,000 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Loan repaid term | 25 years | |||
Number of allocated shares | 18,780 | 18,780 | ||
Annual allocation of shares, expiration year | 2040 | |||
ESOP expense | $ 123,000 | $ 99,000 | $ 235,000 | $ 195,000 |
Unallocated shares | 347,505 | 347,505 | ||
Unallocated shares, value | $ 9,192,000 | $ 9,192,000 | ||
Common Stock [Member] | ||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Sale of stock, price per share | $ 10 | $ 10 | ||
The Randolph Savings Charitable Foundation, Inc. [Member] | ||||
Employee Stock Ownership Plan E S O P Disclosures [Line Items] | ||||
Sale of share in employee stock ownership plan | 469,498 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 25, 2022 | Oct. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class Of Stock [Line Items] | |||||
Cost of shares repurchased | $ 2,178,000 | $ 1,327,000 | $ 4,814,000 | ||
October 2021 Share Repurchase Program [Member] | |||||
Class Of Stock [Line Items] | |||||
Stock repurchase program percentage of outstanding shares repurchased | 1% | 10% | |||
Number of shares authorized to repurchase | 62,000 | 510,000 | |||
Number of shares repurchased | 62,000 | ||||
Cost of shares repurchased | $ 1,402,000 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Calculation of Average Number of Shares Outstanding Used to Calculate Basic and Diluted Earnings (Loss) Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Average number of common shares outstanding | 5,189,616 | 5,289,782 | 5,179,764 | 5,359,198 |
Less: Average unallocated ESOP shares | (349,820) | (368,600) | (352,136) | (370,915) |
Average number of common shares outstanding used to calculate basic earnings per share | 4,839,796 | 4,921,182 | 4,827,628 | 4,988,283 |
Effect of dilutive stock options | 236,385 | 214,400 | 218,816 | 205,360 |
Average number of common shares outstanding used to calculate dilutive earnings per share | 5,076,181 | 5,135,582 | 5,046,444 | 5,193,643 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 13, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted | 40,491 | ||||
Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock option term | 10 years | ||||
Options and awards vesting period | 5 years | ||||
Stock-based compensation expense | $ 108,000 | $ 144,000 | $ 201,000 | $ 286,000 | |
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 189,000 | $ 126,000 | $ 380,000 | $ 251,000 | |
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Minimum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options and awards vesting period | 3 years | ||||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options and awards vesting period | 5 years | ||||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares reserved for issuance | 586,872 | 586,872 | |||
Stock option term | 10 years | ||||
Two Thousand Seventeen Stock Option and Incentive Plan [Member] | Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares reserved for issuance | 234,749 | 234,749 | |||
2020 Inducement Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options and awards vesting period | 5 years | ||||
2020 Inducement Plan [Member] | Stock Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options granted | 44,118 | ||||
2020 Inducement Plan [Member] | Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 15,000 | ||||
2021 Equity Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares reserved for issuance | 100,000 | 100,000 | |||
2021 Equity Plan [Member] | Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options and awards vesting period | 3 years | ||||
Awards granted | 19,750 | ||||
2021 Equity Plan [Member] | Performance Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards granted | 18,000 | ||||
Grant date fair value per share | $ 20.15 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Grants of Options to Purchase Shares of Common Stock (Detail) | 6 Months Ended |
Jun. 30, 2021 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options granted | shares | 40,491 |
Stock Options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (years) | 5 years |
Expiration period (years) | 10 years |
Expected volatility | 30.98% |
Expected life (years) | 6 years 2 months 12 days |
Risk free interest rate | 0.64% |
Option fair value | $ / shares | $ 6.20 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Activity (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Stock Option Grants | ||
Beginning Balance | shares | 599,383 | |
Exercised | shares | (145,140) | |
Forfeited | shares | (20,119) | |
Ending Balance | shares | 434,124 | 599,383 |
Exercisable at June 30, 2022 | shares | 173,917 | |
Unrecognized compensation cost (inclusive of directors' options) | $ | $ 766,299 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ / shares | $ 13.80 | |
Exercised | $ / shares | 14.34 | |
Forfeited | $ / shares | 16.62 | |
Ending Balance | $ / shares | 13.48 | $ 13.80 |
Exercisable at June 30, 2022 | $ / shares | $ 14.37 | |
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value | ||
Weighted Average Remaining Contractual Term | 7 years 9 months 14 days | 7 years 7 months 9 days |
Weighted Average Remaining Contractual Term, Exercisable | 7 years 1 month 17 days | |
Aggregate Intrinsic Value, Outstanding | $ | $ 5,568,586 | |
Aggregate Intrinsic Value, Exercisable | $ | $ 2,076,086 | |
Stock Options [Member] | ||
Stock Option Grants | ||
Weighted average remaining recognition period (years) | 1 year 11 months 8 days |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Activity in Restricted Stock Awards Under Equity Plan (Detail) | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Restricted Stock Awards [Member] | |
Restricted Stock Awards | |
Beginning Balance | shares | 99,485 |
Vested | shares | (9,781) |
Forfeited | shares | (704) |
Ending Balance | shares | 89,000 |
Unrecognized compensation cost | $ | $ 802,265 |
Weighted average remaining recognition period (years) | 2 years 1 month 17 days |
Weighted Average Grant Price | |
Beginning Balance | $ / shares | $ 13.93 |
Vested | $ / shares | 12.83 |
Forfeited | $ / shares | 11.48 |
Ending Balance | $ / shares | $ 14.07 |
Performance-Based Restricted Stock Units [Member] | |
Restricted Stock Awards | |
Beginning Balance | shares | 18,000 |
Ending Balance | shares | 18,000 |
Unrecognized compensation cost | $ | $ 243,161 |
Weighted average remaining recognition period (years) | 1 year 9 months 14 days |
Weighted Average Grant Price | |
Beginning Balance | $ / shares | $ 20.15 |
Ending Balance | $ / shares | $ 20.15 |
Total Restricted Stock Awards and Performance-Based Restricted Stock Units [Member] | |
Restricted Stock Awards | |
Beginning Balance | shares | 117,485 |
Vested | shares | (9,781) |
Forfeited | shares | (704) |
Ending Balance | shares | 107,000 |
Unrecognized compensation cost | $ | $ 1,045,426 |
Weighted average remaining recognition period (years) | 2 years 25 days |
Weighted Average Grant Price | |
Beginning Balance | $ / shares | $ 14.89 |
Vested | $ / shares | 12.83 |
Forfeited | $ / shares | 11.48 |
Ending Balance | $ / shares | $ 15.10 |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Schedule of Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | $ 47,142 | $ 51,666 |
Fair value, Loans held for sale | 9,736 | 44,766 |
Derivative assets | 275 | 1,414 |
Derivative liabilities | 118 | 84 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 47,142 | 51,666 |
Fair value, Loans held for sale | 9,736 | 44,766 |
Derivative assets | 275 | 1,414 |
Derivative liabilities | 118 | 84 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 47,142 | 51,666 |
Fair value, Portfolio loans | 7,438 | 13,780 |
Fair value, Loans held for sale | 9,736 | 44,766 |
Fair Value, Measurements, Recurring [Member] | Derivative Loan Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 248 | 1,364 |
Fair Value, Measurements, Recurring [Member] | Forward Loan Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 27 | 50 |
Fair Value, Measurements, Recurring [Member] | Forward Loan Sale Commitments, including TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 118 | 84 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 47,142 | 51,666 |
Fair value, Portfolio loans | 7,438 | 13,780 |
Fair value, Loans held for sale | 9,736 | 44,766 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Derivative Loan Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 248 | 1,364 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Loan Sale Commitments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 27 | 50 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Loan Sale Commitments, including TBAs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 118 | $ 84 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value, assets, transfers between levels, amount | $ 0 | $ 0 | $ 0 | $ 0 | |
Fair value, liabilities, transfers between levels, amount | 0 | 0 | 0 | 0 | |
Increase (decrease) in valuation allowance of mortgage servicing rights | 286,000 | $ (65,000) | 421,000 | $ 356,000 | |
Fair Value, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities measured at fair value on nonrecurring basis | $ 0 | $ 0 | $ 0 |
Fair Value of Assets and Liab_5
Fair Value of Assets and Liabilities - Schedule of Assets Recorded at Fair Value on a Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights, fair value | $ 17,369 | $ 15,673 | |
Fair Value, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (losses) on assets held, mortgage servicing rights | 421 | ||
Gains (Losses) on assets held | 421 | ||
Fair Value, Nonrecurring | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Mortgage servicing rights, fair value | 15,093 | $ 15,616 | |
Assets, Fair Value Disclosure | 15,093 | 15,616 | |
Fair Value, Nonrecurring | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, Collateral dependent impaired loans | 2,281 | 2,551 | |
Assets, Fair Value Disclosure | $ 2,281 | $ 2,551 |
Fair Value of Assets and Liab_6
Fair Value of Assets and Liabilities - Summary of Carrying Values, Estimated Fair Values and Placement in Fair Value Hierarchy of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Securities available for sale | $ 47,142 | $ 51,666 |
Loans held for sale | 9,736 | 44,766 |
Loans, net | 657,618 | 544,621 |
Derivative assets | 275 | 1,414 |
Financial liabilities: | ||
Deposits | 641,364 | 638,147 |
FHLBB advances | 32,946 | 50,000 |
Derivative liabilities | 118 | 84 |
Level 2 [Member] | ||
Financial assets: | ||
Securities available for sale | 47,142 | 51,666 |
Loans held for sale | 9,736 | 44,766 |
Derivative assets | 275 | 1,414 |
Financial liabilities: | ||
Deposits | 641,415 | 637,538 |
FHLBB advances | 32,362 | 50,001 |
Derivative liabilities | 118 | 84 |
Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 636,618 | 549,674 |
Fair Value [Member] | ||
Financial assets: | ||
Securities available for sale | 47,142 | 51,666 |
Loans held for sale | 9,736 | 44,766 |
Loans, net | 636,618 | 549,674 |
Derivative assets | 275 | 1,414 |
Financial liabilities: | ||
Deposits | 641,415 | 637,538 |
FHLBB advances | 32,362 | 50,001 |
Derivative liabilities | $ 118 | $ 84 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Financial Instruments Outstanding Contract Amounts Represent Credit Risk (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Commitments to Originate Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 85,666 | $ 107,889 |
Unused Lines and Letters of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 71,628 | 79,012 |
Unadvanced Funds on Construction Loans [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | 13,132 | 13,879 |
Overdraft Lines of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments with off-balance-sheet risk | $ 7,759 | $ 7,967 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Office Segment | Jun. 30, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of business segments | Segment | 2 | |||
Number of branch offices | Office | 5 | |||
Servicing fees amount | $ (509,000) | $ (381,000) | $ (857,000) | $ (1,160,000) |
Envision Mortgage [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Premium percentage for new loans | 1.50% | 1.50% | ||
Premium income | 1,436,000 | 818,000 | $ 2,163,000 | $ 1,499,000 |
Percentage of fees for HELOC | 1% | 1% | ||
Servicing fees amount | (749,000) | (475,000) | $ (1,302,000) | $ (1,349,000) |
Envision Bank [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of loan servicing fees | 0.14% | 0.14% | ||
Servicing fees amount | $ 240,000 | $ 94,000 | $ 445,000 | $ 189,000 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 6,011,000 | $ 5,199,000 | $ 11,278,000 | $ 10,290,000 | ||
Provision (credit) for loan losses | 269,000 | (27,000) | 340,000 | (240,000) | ||
Net interest income after provision (credit) for loan losses | 5,742,000 | 5,226,000 | 10,938,000 | 10,530,000 | ||
Non-interest income: | ||||||
Customer service fees | 372,000 | 419,000 | 737,000 | 786,000 | ||
Gain on loan origination and sale activities, net | [1] | 1,920,000 | 6,558,000 | 3,911,000 | 18,232,000 | |
Mortgage servicing fees, net | 509,000 | 381,000 | 857,000 | 1,160,000 | ||
Other | 460,000 | 276,000 | 675,000 | 560,000 | ||
Total non-interest income | 3,261,000 | 7,634,000 | 6,180,000 | 20,738,000 | ||
Non-interest expenses: | ||||||
Salaries and employee benefits | 4,414,000 | 7,310,000 | 9,568,000 | 15,747,000 | ||
Occupancy and equipment | 559,000 | 621,000 | 924,000 | 1,365,000 | ||
Other non-interest expenses | 2,511,000 | 2,696,000 | 5,698,000 | 5,466,000 | ||
Total non-interest expenses | 7,484,000 | 10,627,000 | 16,190,000 | 22,578,000 | ||
Income (loss) before income taxes and elimination of inter-segment profit | 1,519,000 | 2,233,000 | 928,000 | 8,690,000 | ||
Elimination of inter-segment profit | (1,436,000) | (818,000) | (2,163,000) | (1,499,000) | ||
Income before income taxes | 83,000 | 1,415,000 | (1,235,000) | 7,191,000 | ||
Income tax expense (benefit) | (165,000) | (162,000) | (1,248,000) | 1,502,000 | ||
Net income | 248,000 | 1,577,000 | 13,000 | 5,689,000 | ||
Total assets | 774,753,000 | 744,142,000 | 774,753,000 | 744,142,000 | $ 803,278,000 | |
Envision Bank [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 5,741,000 | 4,535,000 | 10,751,000 | 8,736,000 | ||
Provision (credit) for loan losses | 269,000 | (27,000) | 340,000 | (240,000) | ||
Net interest income after provision (credit) for loan losses | 5,472,000 | 4,562,000 | 10,411,000 | 8,976,000 | ||
Non-interest income: | ||||||
Customer service fees | 365,000 | 393,000 | 720,000 | 733,000 | ||
Mortgage servicing fees, net | (240,000) | (94,000) | (445,000) | (189,000) | ||
Other | 369,000 | 158,000 | 468,000 | 309,000 | ||
Total non-interest income | 494,000 | 457,000 | 743,000 | 853,000 | ||
Non-interest expenses: | ||||||
Salaries and employee benefits | 1,831,000 | 1,746,000 | 3,766,000 | 3,548,000 | ||
Occupancy and equipment | 447,000 | 407,000 | 959,000 | 851,000 | ||
Other non-interest expenses | 1,357,000 | 1,265,000 | 3,268,000 | 2,349,000 | ||
Total non-interest expenses | 3,635,000 | 3,418,000 | 7,993,000 | 6,748,000 | ||
Income (loss) before income taxes and elimination of inter-segment profit | 2,331,000 | 1,601,000 | 3,161,000 | 3,081,000 | ||
Total assets | 718,602,000 | 608,686,000 | 718,602,000 | 608,686,000 | ||
Envision Mortgage [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 270,000 | 664,000 | 527,000 | 1,554,000 | ||
Net interest income after provision (credit) for loan losses | 270,000 | 664,000 | 527,000 | 1,554,000 | ||
Non-interest income: | ||||||
Customer service fees | 7,000 | 26,000 | 17,000 | 53,000 | ||
Gain on loan origination and sale activities, net | [1] | 1,920,000 | 6,558,000 | 3,911,000 | 18,232,000 | |
Mortgage servicing fees, net | 749,000 | 475,000 | 1,302,000 | 1,349,000 | ||
Other | 91,000 | 118,000 | 207,000 | 251,000 | ||
Total non-interest income | 2,767,000 | 7,177,000 | 5,437,000 | 19,885,000 | ||
Non-interest expenses: | ||||||
Salaries and employee benefits | 2,583,000 | 5,564,000 | 5,802,000 | 12,199,000 | ||
Occupancy and equipment | 112,000 | 214,000 | (35,000) | 514,000 | ||
Other non-interest expenses | 1,154,000 | 1,431,000 | 2,430,000 | 3,117,000 | ||
Total non-interest expenses | 3,849,000 | 7,209,000 | 8,197,000 | 15,830,000 | ||
Income (loss) before income taxes and elimination of inter-segment profit | (812,000) | 632,000 | (2,233,000) | 5,609,000 | ||
Total assets | $ 56,151,000 | $ 135,456,000 | $ 56,151,000 | $ 135,456,000 | ||
[1] Before elimination of inter-segment profit. |
Deposits - Summary of Deposit B
Deposits - Summary of Deposit Balances by Type (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Demand deposits | $ 146,635 | $ 145,666 |
NOW accounts | 51,928 | 53,996 |
Money market deposits | 98,331 | 90,544 |
Regular and other savings accounts | 195,107 | 191,712 |
Brokered deposits | 10 | 10,061 |
Total non-certificate accounts | 492,011 | 491,979 |
Term certificates less than $250,000 | 80,651 | 85,877 |
Term certificates of $250,000 or more | 21,351 | 20,235 |
Term certificates - brokered | 47,351 | 40,056 |
Total certificate accounts | 149,353 | 146,168 |
Total deposits | $ 641,364 | $ 638,147 |
Borrowings - Summary of Maturit
Borrowings - Summary of Maturities of Advances from FHLB (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 17,946 | |
2023 | 5,000 | |
2025 | 10,000 | |
Advances from FHLB | $ 32,946 | $ 50,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Borrowings from the FHLB | $ 32,946 | $ 50,000 |
weighted average interest rate on FHLB advances | 1.42% | |
Federal home loan bank, long term borrowings maturity amount | $ 15,000 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rates on FHLB advances | 0.45% | |
Federal home loan bank, long term borrowings maturity period | 1 year | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rates on FHLB advances | 1.70% |
Minimum Capital Requirements -
Minimum Capital Requirements - Additional Information (Detail) | Jun. 30, 2022 |
Minimum [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Capital conservation buffer of common equity tier 1 capital to risk weighted assets ratio (as a percent) | 0.025 |
Minimum Capital Requirements _2
Minimum Capital Requirements - Summary of Actual and Minimum Capital Amounts and Ratios Exclusive of Capital Conservation Buffer (Detail) - Bank [Member] $ in Thousands | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to risk weighted assets), actual amount | $ 91,308 | $ 100,180 |
Tier 1 capital (to risk weighted assets), actual amount | 83,941 | 93,288 |
Common equity Tier 1 capital (to risk weighted assets), actual amount | 83,941 | 93,288 |
Tier 1 capital (to average assets), actual amount | $ 83,941 | $ 93,288 |
Total capital (to risk weighted assets), actual ratio | 0.153 | 0.174 |
Tier 1 capital (to risk weighted assets), actual ratio | 0.141 | 0.162 |
Common equity Tier 1 capital (to risk weighted assets), actual ratio | 14.10% | 16.20% |
Tier 1 capital (to average assets), actual ratio | 0.111 | 0.123 |
Total capital (to risk weighted assets), for minimum capital adequacy purposes amount | $ 47,735 | $ 45,956 |
Tier 1 capital (to risk weighted assets), for minimum capital adequacy purposes amount | 35,801 | 34,467 |
Common equity Tier 1 capital (to risk weighted assets), for minimum capital adequacy amount | 26,851 | 25,850 |
Common equity Tier 1 capital (to risk weighted assets), for minimum capital adequacy amount | $ 30,169 | $ 30,355 |
Total capital (to risk weighted assets), for minimum capital adequacy purposes ratio | 0.080 | 0.080 |
Tier 1 capital (to risk weighted assets), for minimum capital adequacy purposes ratio | 0.060 | 0.060 |
Common equity Tier 1 capital (to risk weighted assets), for minimum capital adequacy purposes ratio | 4.50% | 4.50% |
Tier 1 capital (to average assets), for minimum capital adequacy purposes ratio | 0.040 | 0.040 |
Total capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions amount | $ 59,668 | $ 57,445 |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions amount | 47,735 | 45,956 |
Common equity Tier 1 capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions amount | 38,784 | 37,339 |
Tier 1 capital (to average assets), minimum to be well capitalized under prompt corrective action provisions amount | $ 37,711 | $ 37,943 |
Total capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions ratio | 0.100 | 0.100 |
Tier 1 capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions ratio | 0.080 | 0.080 |
Common equity Tier 1 capital (to risk weighted assets), minimum to be well capitalized under prompt corrective action provisions ratio | 6.50% | 6.50% |
Tier 1 capital (to average assets), minimum to be well capitalized under prompt corrective action provisions ratio | 0.050 | 0.050 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) LeaseAgreement | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee Lease Description [Line Items] | |||||
Right-of-use asset related to operating leases | $ 1,700,000 | $ 1,700,000 | $ 1,800,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | Other assets | ||
Operating lease liability related to operating leases | $ 1,681,000 | $ 1,681,000 | $ 1,800,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | ||
Number Of Operating Lease Agreement | LeaseAgreement | 9 | ||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||
Operating lease cost | $ 175,000 | $ 208,000 | $ 345,000 | $ 416,000 | |
Weighted average remaining lease term for operating leases | 4 years 5 months 12 days | 4 years 5 months 12 days | 4 years 6 months | ||
Weighted average discount rate | 1.97% | 1.97% | 1.99% | ||
Minimum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lease renewal term | 1 year | 1 year | |||
Maximum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Lease renewal term | 10 years | 10 years |
Leases - Undiscounted Cash Flow
Leases - Undiscounted Cash Flows of Base Rent Related to Operating Leases with Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 344 | |
2023 | 486 | |
2024 | 344 | |
2025 | 256 | |
2026 | 226 | |
2027 | 95 | |
Total minimum lease payments | 1,751 | |
Less: amount representing interest | (70) | |
Operating lease liability related to operating leases | $ 1,681 | $ 1,800 |
Mortgage Banking Income - Compo
Mortgage Banking Income - Components of Gain on Loan Origination and Sale Activities and Mortgage Servicing Fees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Gain on loan origination and sale activities, net | ||||
Gain on sale of mortgages and realized gain from derivative financial instruments, net | $ 632 | $ 6,545 | $ 3,725 | $ 22,421 |
Net change in fair value of loans held for sale and portfolio loans accounted for at fair value | 218 | 1,091 | (1,341) | (2,725) |
Capitalized residential mortgage loan servicing rights | 160 | 1,476 | 537 | 4,273 |
Net change in fair value of derivative loan commitments and forward loan sale commitments | (526) | (3,372) | (1,173) | (7,236) |
Gain on loan origination and sales activities, net | 484 | 5,740 | 1,748 | 16,733 |
Mortgage servicing fees, net | ||||
Residential mortgage loan servicing fees | 1,259 | 1,205 | 2,536 | 2,375 |
Amortization of residential mortgage loan servicing rights | (731) | (759) | (1,480) | (1,571) |
Release (provision) to the valuation allowance of mortgage loan servicing rights | 286 | (65) | 421 | 356 |
Sub-servicer expenses (1) | (305) | (620) | ||
Mortgage servicing fees, net | 509 | 381 | 857 | 1,160 |
Total gain on loan origination and sales activities and mortgage servicing fees | $ 993 | $ 6,121 | $ 2,605 | $ 17,893 |