Heritage NOLA Bancorp (HRGG) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Cover Page [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	Heritage NOLA Bancorp, Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,525,209
Entity Central Index Key	0001700175
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and Due from Banks	$ 1,495	$ 806
Interest Earning Deposits in Banks	5,346	5,351
Total Cash and Cash Equivalents	6,841	6,157
Interest Earning Time Deposits in Banks	5,578	6,076
Securities Available for Sale, at Fair Value	5,892	6,210
Securities Held to Maturity	357	389
Mortgage Loans Held for Sale	1,489	284
Loans Receivable, Net of Unearned Income	105,031	102,954
Allowance for Loan Losses	(778)	(769)
Total Loans, Net	105,742	102,469
Premises and Equipment	6,532	5,857
Federal Home Loan Bank Stock	832	827
Bank Owned Life Insurance	2,166	2,153
Foreclosed Real Estate	0	0
Prepaid Expenses and Other Assets	1,341	1,294
Total Assets	135,281	131,432
LIABILITIES AND EQUITY
Interest Bearing Deposits	84,742	83,734
Noninterest Bearing Deposits	6,631	5,205
Total Deposits	91,373	88,939
Borrowed Funds	19,221	18,041
Advances from Borrowers for Taxes and Insurance	407	302
Accrued Expenses and Other Liabilities	1,084	966
Total Liabilities	112,085	108,248
Shareholders’ Equity
Preferred Stock, $0.01 Par Value, 1,000,000 Shares Authorized, None Issued
Common Stock, $0.01 Par Value, 9,000,000 Shares Authorized, 1,530,209 and 1,543,309 Shares Issued and Outstanding on March 31, 2020 and December 31, 2019	15	15
Additional Paid-in Capital	13,457	13,561
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)	(1,164)	(1,164)
Retained Earnings	10,816	10,750
Accumulated Other Comprehensive Income (Loss)	72	22
Total Shareholders’ Equity	23,196	23,184
Total Liabilities and Shareholders’ Equity	$ 135,281	$ 131,432

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Consolidated Statements of Financial Condition
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	9,000,000	9,000,000
Common stock, shares issued	1,530,209	1,543,309
Common stock, shares outstanding	1,530,209	1,543,309

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest Income
Loans, including Fees	$ 1,373	$ 1,233
Investment Securities	37	30
Other Interest Earning Assets	66	65
Total Interest Income	1,476	1,328
Interest Expense
Deposits	346	280
Borrowed Funds	94	105
Total Interest Expense	440	385
Net Interest Income	1,036	943
Provision for Loan Losses	10
Net Interest Income after Provision for Loan Losses	1,026	943
Noninterest Income
Gain on Sale of Loans Originated for Sale	31	19
Loan Servicing Income	51	51
Other Income	35	28
Total Noninterest Income	117	98
Noninterest Expense
Salaries and Employee Benefits	656	576
Occupancy and Equipment	154	108
Data Processing	53	46
FDIC Insurance and Examination Fees	13	21
Director Compensation	16	18
Legal, Accounting and Professional Fees	50	66
Advertising	20	25
Telephone and Communications	14	17
Other	93	90
Total Noninterest Expense	1,069	967
Income Before Income Tax Expense	74	74
Income Tax Expense	8	17
Net Income	$ 66	$ 57
Earnings per share: Basic (in dollars per share)	$ 0.05	$ 0.04
Diluted (in dollars per share)	$ 0.05	$ 0.04

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
Net Income	$ 66	$ 57
Other Comprehensive Income (Loss):
Unrealized Holding Gains (Losses) on Securities Available for Sale	63	25
Income Tax Effect	(13)	(5)
Total Other Comprehensive Income (Loss)	50	20
Comprehensive Income	$ 116	$ 77

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands	Common Stock	Additional Paid In Capital	Unallocated ESOP Shares	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2018	$ 17	$ 14,953	$ (1,217)	$ 10,395	$ (31)	$ 24,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation Expense related to restricted shares		39				39
Compensation Expense related to stock options		25				25
Stock Shares Repurchased		(230)				(230)
Net Income				57		57
Other Comprehensive Income (Loss)					20	20
Balance at Mar. 31, 2019	17	14,787	(1,217)	10,452	(11)	24,028
Balance at Dec. 31, 2019	15	13,561	(1,164)	10,750	22	23,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Compensation Expense related to restricted shares		39				39
Compensation Expense related to stock options		26				26
Stock Shares Repurchased		(169)				(169)
Net Income				66		66
Other Comprehensive Income (Loss)					50	50
Balance at Mar. 31, 2020	$ 15	$ 13,457	$ (1,164)	$ 10,816	$ 72	$ 23,196

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash Flows from Operating Activities
Net Income	$ 66	$ 57
Adjustments to Reconcile Net Income (Loss) to Net Cash from Operating Activities
Provision for Loan Losses	10		$ 13
Provision for Depreciation	55	56
Deferred Income Tax Expense (Benefit)	(25)	(1)
Change in Mortgage Servicing Rights	(1)	(12)
(Accretion) Amortization of Premiums and Discounts on Securities	8	6
(Accretion) Amortization of Deferred Loan Origination Fees	14	9
Gain on Sale of Loans Originated for Sale	(31)	(19)
Originations of Loans Held for Sale	(3,084)	(552)
Stock dividends on FHLB Stock	(5)	(6)
Compensation Expense related to Stock Benefit Plans	65	64
Proceeds from Loans Held for Sale	1,910	1,075
Change in Assets and Liabilities:
(Increase) Decrease in Accrued Interest Receivable	21	7
(Increase) Decrease in Bank Owned Life Insurance	(13)	(13)
(Increase) Decrease in Prepaid Expenses and Other Assets	(55)	(59)
Increase (Decrease) in Accrued Expenses and Other Liabilities	118	98
Net Cash provided by (used in) Operating Activities	(947)	710
Cash Flows from Investing Activities
Principal Collected on Securities Available for Sale	375	254
Principal Collected on Securities Held to Maturity	31	26
Net Change in Interest-earning Time Deposits at Banks	498	(1,245)
Net (Increase) Decrease in Loans	(2,093)	518
Purchases of Premises and Equipment	(730)	(92)
Net Cash provided by (used in) Investing Activities	(1,919)	(539)
Cash Flows from Financing Activities
Net Increase (Decrease) in Deposits	2,434	1,582
Shares Repurchased	(169)	(230)
Advances from Borrowers for Taxes and Insurance	105	123
Borrowed Funds	5,800	2,800
Repayments of Borrowed Funds	(4,620)	(2,480)
Net Cash provided by (used in) Financing Activities	3,550	1,795
Net Change in Cash and Cash Equivalents	684	1,966
Cash and Cash Equivalents - Beginning of Period	6,157	4,415	4,415
Cash and Cash Equivalents - End of Period	6,841	6,381	$ 6,157
Cash paid during the period for:
Interest Paid on Deposits	347	275
Interest Paid on Borrowed Funds	97	104
Income Taxes Paid	$ 8	$ 17

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Note A – Basis of Presentation The accompanying unaudited consolidated financial statements of Herita g e NOLA Bancorp, Inc. and Subsidiary (the “Company”) were prepared in accordance with instructions for Form 10‑Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month period ended March 31, 2020 is not necessarily indicative of the results which may be expected for the entire year. These statements should be read in conjunction with the Financial Statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (“SEC”). Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions. The consolidated financial statements include Heritage NOLA Bancorp, Inc. and its wholly-owned subsidiary, Heritage Bank of St. Tammany (the “Bank”), together referred to as the Company. Intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications may have been made to the 2019 financial information in order to conform to the 2020 financial statement presentation. Such reclassifications had no effect on previously reported net income.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Note B – Recent Accounting Pronouncements Emerging Growth Company Status The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company has elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842), Conforming Amendments Related to Leases. This ASU amends the codification regarding leases in order to increase transparency and comparability. The ASU requires companies to recognize lease assets and liabilities on the statement of condition and disclose key information about leasing arrangements. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the leased asset for the lease term. For emerging growth companies ASU 2016-02 is effective for financial statements issued for annual periods beginning after December 15, 2020. On April 8, 2020, the FASB proposed to defer the effective date of this ASU until annual periods beginning after December 15, 2021. The adoption of this ASU is not expected to have a material effect on the Company’s Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The amendments introduce an impairment model that is based on expected credit losses (“ECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (ex. loans and held to maturity securities), including certain off-balance sheet financial instruments (ex. commitments to extend credit and standby letters of credit that are not unconditionally cancellable). The ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Financial instruments with similar risk characteristics may be grouped together when estimating the ECL. The ASU also amends the current available for sale security impairment model for debt securities whereby credit losses relating to available for sale debt securities should be recorded through an allowance for credit losses. On October 18, 2019, the FASB approved an effective date delay applicable to emerging growth companies until January 2023. The amendments will be applied through a modified retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently planning for the implementation of this accounting standard. It is too early to assess the impact this guidance will have on our Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)." The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve the consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For an emerging growth company, the amendments in the ASU are effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 31, 2022. The Company is currently assessing the impact of adoption of this guidance.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note C – Investment Securities The amortized costs and estimated fair values of investment securities classified as available for sale and held to maturity as of March 31, 2020 and December 31, 2019 is as follows: March 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Available for Sale: U.S. Government Agency - SBA pools $ 2,148 $ 6 $ (9) $ 2,145 U.S. Agency Mortgage-Backed Securities 3,653 101 (7) 3,747 Total Available for Sale $ 5,801 $ 107 $ (16) $ 5,892 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ 357 $ 5 $ (1) $ 361 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Available for Sale: U.S. Government Agency - SBA pools $ 2,274 $ 6 $ (10) $ 2,270 U.S. Agency Mortgage-Backed Securities $ 3,908 48 (16) 3,940 Total Available for Sale $ 6,182 $ 54 $ (26) $ 6,210 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ 389 $ 2 $ (3) $ 388 There were no securities sold during the three months ended March 31, 2020 or in 2019. The amortized cost and fair value of investment securities at March 31, 2020 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Fair (in thousands) Cost Value Available for Sale: Within One Year $ — $ — After One Year Through Five Years 101 97 After Five Years Through Ten Years 1,300 1,338 After Ten Years 4,400 4,457 $ 5,801 $ 5,892 Held to Maturity: After Five Years Through Ten Years $ 207 $ 210 After Ten Years 150 151 $ 357 $ 361 The following tables reflect gross unrealized losses, fair values, and length of time in a continued unrealized loss position for all securities with fair values below amortized cost at March 31, 2020 and December 31, 2019: March 31, 2020 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized (in thousands) Fair Value Loss Fair Value Loss Fair Value Loss Available for Sale: U.S. Government Agency - SBA pools $ 1,166 $ 9 $ — $ — $ 1,166 $ 9 U.S. Agency Mortgage-Backed Securities 96 3 324 4 420 7 Total Available for Sale $ 1,262 $ 12 $ 324 $ 4 $ 1,586 $ 16 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ — $ — $ 94 $ 1 $ 94 $ 1 December 31, 2019 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized (in thousands) Fair Value Loss Fair Value Loss Fair Value Loss Available for Sale: U.S. Government Agency - SBA pools $ 1,277 $ 10 $ — $ — $ 1,277 $ 10 U.S. Agency Mortgage-Backed Securities — — 1,043 16 1,043 16 Total Available for Sale $ 1,277 $ 10 $ 1,043 $ 16 $ 2,320 $ 26 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ — $ — $ 103 $ 3 $ 103 $ 3 On a quarterly basis (and more frequently when economic or market conditions warrant), management evaluates the investment securities portfolio on an individual security basis for other-than- temporary impairment (“OTTI”). If a security is in a loss position, management will determine if OTTI exists and will consider the following. First, if it is probable that the issuer of the security will be unable to pay all amounts due according to the contractual terms of the debt security, OTTI will be recognized. Second, if management intends to sell the security and does not expect to recover the loss before the anticipated sale date, OTTI will be recognized. In both instances, OTTI will be recognized for the affected security equal to the difference between the fair value and amortized cost through a charge to earnings. Third, if a security does not meet either of the criteria above and is both in a loss position for greater than one year and at a current loss of 10% or more, management will evaluate its ability and intent to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. Declines in the fair value of individual held to maturity and available for sale securities below their cost that are other-than-temporary result in write-downs of the individual securities to their fair value. The related write-downs are included in earnings as realized losses. No declines at March 31, 2020 and December 31, 2019, were deemed to be other-than-temporary. The unrealized losses on the securities available for sale generally result from changes in market interest rates and not credit quality. The Company does not intend to sell any such investments before recovery of their amortized cost bases, which may be at maturity.

Loans Receivable and Allowance

Loans Receivable and Allowance for Loan Losses	3 Months Ended
	Mar. 31, 2020
Loans Receivable and Allowance for Loan Losses
Loans Receivable and Allowance for Loan Losses	Note D - Loans Receivable and Allowance for Loan Losses A selection of the loan and allowance for loan losses policies are as follows: Loans Receivable Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses, and any deferred loan fees or costs on originated loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of direct loan origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on the loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Loans are typically charged off not later than 180 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The performing one-to-four family residential, commercial real estate, and commercial loans are pledged, under a blanket lien, as collateral securing advances from the Federal Home Loan Bank of Dallas, (“FHLB”) at March 31, 2020 and December 31, 2019. Loans receivable at March 31, 2020 and December 31, 2019 are summarized as follows: (in thousands) March 31, 2020 December 31, 2019 Real Estate: Secured by one-to four family residential properties Owner-occupied $ 55,043 $ 53,158 Non-owner-occupied 15,101 15,257 Home Equity Lines of Credit 4,491 3,858 Commercial (Nonresidential) Properties 21,976 22,349 Land 2,390 2,200 Construction 4,848 4,259 Multi-family 2,069 2,086 Commercial 3,145 2,335 Consumer Loans 355 246 Total Loans 109,418 105,748 Less: Net Deferred Loan Fees (336) (349) Loans in Process (2,562) (2,161) Allowance for Loan Losses (778) (769) Net Loans $ 105,742 $ 102,469 Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience. Other adjustments may be made to the allowance for pools of loans after an assessment of internal and external influence on credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based upon current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls are considered on a case by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. The tables below provide a summary of activity in the allowance for loan losses by loan type as of and for the three months ended March 31, 2020 and the year ended December 31, 2019. The allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories. The effects of the COVID-19 pandemic are not determinable at this time, but the effects to certain estimates, including the Allowance for Loan Losses and the fair value of assets and liabilities could be material. Allowance for Credit Losses and Recorded Investment in Loans Receivable For the Period Ended March 31, 2020 (in thousands) Real Estate One-to-Four Commercial Land Family Construction Multi-Family Consumer Commercial Total Allowance for Credit Losses: Beginning Balance $ 96 $ 18 $ 516 $ 20 $ 6 $ 26 $ 87 $ 769 Charge-offs — — — — — (1) — (1) Recoveries — — — — — — — — Provision — 1 (13) 3 1 6 12 10 Ending Balance $ 96 $ 19 $ 502 $ 23 $ 7 $ 31 $ 99 $ 778 Ending Balance: Individually Evaluated for Impairment $ — $ 1 $ 112 $ — $ — $ — $ — $ 113 Ending Balance: Collectively Evaluated for Impairment $ 96 $ 18 $ 390 $ 23 $ 7 $ 31 $ 99 $ 665 Loans Receivable: Ending Balance $ 21,976 $ 2,390 $ 74,635 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 109,418 Ending Balance: Individually Evaluated for Impairment $ — $ 12 $ 1,102 $ — $ — $ — $ — $ 1,114 Ending Balance: Collectively Evaluated for Impairment $ 21,976 $ 2,378 $ 73,533 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 108,304 Allowance for Credit Losses and Recorded Investment in Loans Receivable For the Year Ended December 31, 2019 (in thousands) Real Estate One-to-Four Commercial Land Family Construction Multi-Family Consumer Commercial Total Allowance for Credit Losses: Beginning Balance $ 113 $ 23 $ 519 $ 16 $ 5 $ 9 $ 83 $ 768 Charge-offs — — — — — (18) — (18) Recoveries 5 — — — — 1 — 6 Provision (22) (5) (3) 4 1 34 4 13 Ending Balance $ 96 $ 18 $ 516 $ 20 $ 6 $ 26 $ 87 $ 769 Ending Balance: Individually Evaluated for Impairment $ — $ — $ 85 $ — $ — $ — $ — $ 85 Ending Balance: Collectively Evaluated for Impairment $ 96 $ 18 $ 431 $ 20 $ 6 $ 26 $ 87 $ 684 Loans Receivable: Ending Balance $ 22,349 $ 2,200 $ 72,273 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 105,748 Ending Balance: Individually Evaluated for Impairment $ — $ — $ 828 $ — $ — $ — $ — $ 828 Ending Balance: Collectively Evaluated for Impairment $ 22,349 $ 2,200 $ 71,445 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 104,920 Credit quality indicators as of March 31, 2020 and December 31, 2019: Pass - A pass asset is properly approved, documented, collateralized, and performing. It does not reflect an abnormal amount of risk. Special mention - A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard - An asset classified as substandard has a well-defined weakness or weaknesses. A substandard asset is inadequately protected by the current net worth or paying capacity of the obligor or pledged collateral, if any. It is characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful - Assets classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, these weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions, and values. Loss - Assets classified as loss are considered uncollectible or of such little value that the continuance of the loan or other asset on the books of the Company is not warranted. Some recovery of funds could be possible in the future, but the amount and probability of this recovery are not determinable thus providing little justification for the assets to remain on the books. The following tables represent the Company’s credit exposure by credit quality indicator as of March 31, 2020 and December 31, 2019: Credit Risk Profile by Internally Assigned Grade (in thousands) March 31, 2020 Real Estate Commercial One-to-Four Real Estate Land Family Construction Multi-Family Consumer Commercial Total Pass $ 21,976 $ 2,378 $ 73,533 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 108,304 Special Mention — — — — — — — — Substandard — 12 1,102 — — — — 1,114 Doubtful — — — — — — — — Loss — — — — — — — — $ 21,976 $ 2,390 $ 74,635 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 109,418 December 31, 2019 Real Estate Commercial One-to-Four Real Estate Land Family Construction Multi-Family Consumer Commercial Total Pass $ 22,349 $ 2,200 $ 71,203 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 104,678 Special Mention — — — — — — — — Substandard — — 1,070 — — — — 1,070 Doubtful — — — — — — — — Loss — — — — — — — — $ 22,349 $ 2,200 $ 72,273 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 105,748 The following tables are an aging analysis of loans as of March 31, 2020 and December 31, 2019: Aged Analysis of Past Due Loans Receivable (in thousands) March 31, 2020 Accruing 30-89 90 Days Total Days and Over Total Nonaccrual Loans Past Due Past Due Past Due Current Status Receivable Real Estate: Residential $ 806 $ — $ 806 $ 72,917 $ 912 $ 74,635 Commercial — — — 21,976 — 21,976 Land 78 — 78 2,300 12 2,390 Construction — — — 4,848 — 4,848 Multi-family — — — 2,069 — 2,069 Consumer — — — 355 — 355 Commercial — — — 3,145 — 3,145 $ 884 $ — $ 884 $ 107,610 $ 924 $ 109,418 Aged Analysis of Past Due Loans Receivable (in thousands) December 31, 2019 Accruing 30-89 90 Days Total Days and Over Total Nonaccrual Loans Past Due Past Due Past Due Current Status Receivable Real Estate: Residential $ 2,366 $ — $ 2,366 $ 69,079 $ 828 $ 72,273 Commercial — — — 22,349 — 22,349 Land 34 — 34 2,166 — 2,200 Construction — — — 4,259 — 4,259 Multi-family — — — 2,086 — 2,086 Consumer — — — 246 — 246 Commercial — — — 2,335 — 2,335 $ 2,400 $ — $ 2,400 $ 102,520 $ 828 $ 105,748 The following tables below present impaired loans disaggregated by class as of and for the three months ended March 31, 2020 and the year ended December 31, 2019: Impaired Loans (in thousands) As Of And For The Three Months Ended March 31, 2020 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized Loans with an allowance recorded: Real estate Commercial $ — $ — $ — $ — $ — Land — — — — — 1-4 family residential 924 924 113 620 — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Loans with no allowance recorded: Real estate Commercial — — — — — Land — — — — — 1-4 family residential — — — — — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Totals $ 924 $ 924 $ 113 $ 620 $ — Impaired Loans (in thousands) As Of And For The Year Ended December 31, 2019 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized Loans with an allowance recorded: Real estate Commercial $ — $ — $ — $ — $ — Land — — — — — 1-4 family residential 828 828 85 769 — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Loans with no allowance recorded: Real estate Commercial — — — — — Land — — — — — 1-4 family residential — — — — — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Totals $ 828 $ 828 $ 85 $ 769 $ — Troubled Debt Restructuring The Company’s troubled debt restructurings are generally due to a modification of terms allowing the customer to make interest-only payments for an amount of time, an extension of the loan term, and/or a reduction in interest rate to obtain a lower payment for the customer. The Company is not committed to lend additional funds to debtors whose loans have been modified. Troubled Debt Restructuring (in thousands) Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Modifications as of March 31, 2020: Residential - modified amortization — $ — $ — Modifications as of December 31, 2019: Residential - modified amortization 2 $ 668 $ 668 Prior loan modifications have been performing in compliance with their modified terms.

Fair Value of Financial Stateme

Fair Value of Financial Statements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Statements	Note E - Fair Value of Financial Statements Fair Value Disclosures The Company groups its financial assets and liabilities measured at fair value in three levels. Fair value should be based on the assumptions market participants would use when pricing the asset or liability and establishes a fair value hierarchy that prioritizes the inputs used to develop those assumptions and measure fair value. The hierarchy requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: · Level 1 - Includes the most reliable sources, and includes quoted prices in active markets for identical assets or liabilities. · Level 2 - Includes observable inputs. Observable inputs include inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates) as well as inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). · Level 3 - Includes unobservable inputs and should be used only when observable inputs are unavailable. Recurring Basis Fair values of investment securities available for sale were primarily measured using information from a third-party pricing service. This pricing service provides information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and reference data from market research publications. The following tables present the balance of assets and liabilities measured on a recurring basis as of March 31, 2020 and December 31, 2019. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a recurring basis. Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (In thousands) Fair Identical Assets Observable Inputs Inputs Description Value (Level 1) (Level 2) (Level 3) March 31, 2020 U.S. Government Agency - SBA pools $ 2,145 $ — $ 2,145 $ — U.S. Agency Mortgage-Backed Securities 3,747 — 3,747 — Total Investment Securities $ 5,892 $ — $ 5,892 $ — December 31, 2019 U.S. Government Agency - SBA pools $ 2,270 $ — $ 2,270 $ — U.S. Agency Mortgage-Backed Securities 3,940 — 3,940 — Total Investment Securities $ 6,210 $ — $ 6,210 $ — Nonrecurring Basis The Company has segregated all financial assets and liabilities that are measured at fair value on a nonrecurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The Company did not record any liabilities at fair value for which measurement of the fair value was made on a non-recurring basis. The fair value of the impaired loans is measured at the fair value of the collateral for collateral-dependent loans. Impaired loans are Level 2 assets measured using appraisals from external parties of the collateral less any prior liens. Repossessed assets are initially recorded at fair value less estimated costs to sell. The fair value of repossessed assets is based on property appraisals and an analysis of similar properties available. As such, the Company records repossessed assets as Level 2. Fair Value Measurement Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Fair Identical Assets Inputs Inputs (In thousands) Value (Level 1) (Level 2) (Level 3) March 31, 2020 Assets Impaired Loans $ 811 $ — $ 811 $ — Repossessed Assets — — — — Total $ 811 $ — $ 811 $ — December 31, 2019 Assets Impaired Loans $ 743 $ — $ 743 $ — Repossessed Assets — — — — Total $ 743 $ — $ 743 $ — Fair values of financial instruments In cases where quoted market prices of financial instruments 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. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. The fair values of certain financial instruments and all non-financial instruments are not required to be disclosed. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following methods and assumptions were used by the Company in estimating fair values of financial instruments: Cash, due from banks, federal funds sold and interest-earning deposits with banks - The carrying amount is a reasonable estimate of fair value. Securities - Fair value is based on quoted market price, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Loans Receivable - Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Cash Value of Life Insurance - The carrying amount approximates its fair value. Deposits - The fair value of demand, savings, NOW and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity time deposits is estimated using the rates currently offered for deposits of similar remaining maturities. Borrowings - The carrying amounts of federal funds purchased, borrowings under repurchase agreements, and other short-term borrowings maturing within ninety days approximate their fair values. Fair values of other borrowings are estimated using discounted cash flow analyses based on current incremental borrowing rates for similar types of borrowing arrangements. Commitments to extend credit and standby letters of credit - The fair values of commitments to extend credit and standby letters of credit do not differ significantly from the commitment amount and are therefore omitted from this disclosure. The carrying amounts and estimated fair values of the Company’s financial instruments at March 31, 2020 and December 31, 2019, are as follows: Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Carrying Fair Identical Assets Observable Inputs Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) March 31, 2020 Financial Assets: Cash, Short-Term Investments and Federal Funds Sold $ 12,419 $ 12,419 $ 12,419 $ — $ — Securities-Available for Sale 5,892 5,892 — 5,892 — Securities-Held to Maturity 357 361 — 361 — Other Equity Securities 832 832 — — 832 Cash Value of Life Insurance 2,166 2,166 — 2,166 — Loans Held for Sale 1,489 1,489 — — 1,489 Loans Held -Net 105,031 114,764 — — 114,764 $ 128,186 $ 137,923 $ 12,419 $ 8,419 $ 117,085 Financial Liabilities: Deposits $ 91,373 $ 93,436 $ — $ — $ 93,436 Borrowed Funds 19,221 18,130 — 18,130 — $ 110,594 $ 111,566 $ — $ 18,130 $ 93,436 Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Carrying Fair Identical Assets Observable Inputs Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) December 31, 2019 Financial Assets: Cash, Short-Term Investments and Federal Funds Sold $ 12,233 $ 12,233 $ 12,233 $ — $ — Securities-Available for Sale 6,210 6,210 — 6,210 — Securities-Held to Maturity 389 388 — 388 — Other Equity Securities 827 827 — — 827 Cash Value of Life Insurance 2,153 2,153 — 2,153 — Loans Held for Sale 284 — — — — Loans-Net 102,185 107,807 — — 107,807 $ 124,281 $ 129,618 $ 12,233 $ 8,751 $ 108,634 Financial Liabilities: Deposits $ 88,939 $ 89,986 $ — $ — $ 89,986 Borrowed Funds 18,041 18,130 — 18,130 — $ 106,980 $ 108,116 $ — $ 18,130 $ 89,986

Change in Corporate Form

Change in Corporate Form	3 Months Ended
	Mar. 31, 2020
Change in Corporate Form
Change in Corporate Form	NOTE F – Change in Corporate Form On July 12, 2017, Heritage Bank of St. Tammany (the “Bank”) converted to the stock form of ownership, and issued all of its stock to Heritage NOLA Bancorp, Inc., (the “Company”). The Bank became the wholly owned subsidiary of the Company, and the Company issued and sold shares of its capital stock pursuant to an independent valuation appraisal of the Bank and the Company. The stock was priced at $10.00 per share. In addition, the Bank’s board of directors adopted an employee stock ownership plan (ESOP) which subscribed for 8% of the common stock sold in the offering. The Conversion was completed on July 12, 2017 and resulted in the issuance of 1,653,125 common shares by the Company. The cost of the Conversion and stock offering totaled $1.1 million and was deducted from the proceeds of the offering. In accordance with OCC regulations, at the time of the Conversion, the Bank substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that eligible holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation by the Bank, and only in such event, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. The Conversion was accounted for as a change in corporate form with the historic basis of the Bank’s assets, liabilities and equity unchanged as a result.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share
Earnings Per Share	NOTE G – Earnings Per Share Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted average number of common shares outstanding; no dilution for any potentially convertible shares is included in the calculation. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Earnings per common share were computed as follows: Three Months Ended March 31, (in thousands, except share and per share data) 2020 2019 Numerator: Net income available to common shareholders $ 66 $ 57 Denominator: Weighted average common shares outstanding 1,540,286 1,662,436 Less: Average unallocated ESOP shares 116,380 121,670 Weighted average shares 1,423,906 1,540,766 Effect of dilutive securities: Restrictive Stock 17,121 6,931 Stock Options — — Weighted average common shares outstanding - assuming dilution 1,441,027 1,547,697 Basic earnings per common share $ 0.05 $ 0.04 Diluted earnings per common share $ 0.05 $ 0.04

Employee Stock Ownership Plan

Employee Stock Ownership Plan	3 Months Ended
	Mar. 31, 2020
Heritage NOLA Bancorp Inc Employee Stock Ownership Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee Stock Ownership Plan	NOTE H – Employee Stock Ownership Plan As part of the Company’s stock conversion, shares were purchased by the ESOP with a loan from Heritage NOLA Bancorp, Inc. All employees of the Bank meeting certain requirements are entitled to participate in the ESOP. Compensation expense related to the ESOP for the three month period ended March 31, 2020 was $22,000.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2020
Heritage NOLA Bancorp Inc Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive Plan	NOTE I – Equity Incentive Plan In August 2018, the Company’s stockholders authorized the adoption of the 2018 Heritage NOLA Bancorp, Inc. Equity Incentive Plan (the “Plan”). No more than 231,437 shares of the Company’s common stock may be issued under the Plan, of which a maximum of 165,312 may be issued pursuant to the exercise of stock options and 66,125 may be issued pursuant to restricted stock awards, restricted stock units and unrestricted share awards. Stock options awarded to employees may be incentive stock options or non-qualified stock options. The shares that may be issued may be authorized but unissued shares. The Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The Plan contains limits on certain types of awards to individual participants. Awards may vest or become exercisable only upon the achievement of performance measures or based solely on the passage of time after award. Stock options and restricted stock awards provide for accelerated vesting upon death, disability or if there is an involuntary termination of service following a change in control (as defined in the Plan). On August 16, 2018, the Company made grants of restricted shares and stock options for 16,530 and 41,325 shares, respectively, to non-employee members of the Board of Directors. The awards vest over a five-year period and the stock options have a ten-year period to expiration. Each option has an exercise price of $12.48, as determined on the grant date. On September 18, 2018, the Company made grants of restricted shares and stock options for 49,581 and 104,500 shares, respectively, to certain members of management and staff. The awards vest over either a five- or seven-year period and the stock options have a ten-year period to expiration. Each option has an exercise price of $12.45, as determined on the grant date. Stock Options The table below represents the stock option activity for the period shown: Weighted Average Options Exercise Price Options outstanding at January 1, 2020 145,825 $ 12.46 Granted — — Exercised — — Forfeited — — Expired — — Options outstanding at March 31, 2020 145,825 $ 12.46 As of March 31, 2020 , the Company had $384,000 of unrecognized compensation expense related to stock options, having recognized $26,000 of compensation expense for the three month period ended March 31, 2020 . The cost of stock options will be amortized in monthly installments over the five-year and seven-year vesting periods. The aggregate grant date fair value of the stock options granted in 2018 was $544,000. The options outstanding at March 31, 2020 were granted on August 16, 2018 and September 18, 2018. There are 27,537 options currently exercisable. The fair value of the Company’s stock options granted in 2018 were $3.69 and $3.75 for the options granted on August 16, 2018 and September 18, 2018, respectively, and they were determined using the Black-Scholes option pricing formula. The following assumptions were used in the formula: Stock Options Stock Options Granted Granted August 16, 2018 September 18, 2018 Expected volatility 12.44 % 11.94 % Risk-free interest rate 2.87 % 3.05 % Expected dividend yield — % — % Expected life (in years) Exercise price for the stock options $ 12.48 $ 12.45 Expected volatility - Based on the historical volatility of share price for the Company. Risk-free interest rate - Based on the U.S. Treasury yield curve and expected life of the options at the time of grant. Dividend yield - Heritage NOLA Bancorp, Inc. does not anticipate a quarterly dividend per share. Expected life - Based on the average of the vesting period and the ten year contractual term of the stock option plan. Exercise price for the stock options - Based on the closing price of the Company’s stock on the date of grant. Restricted Shares Restricted shares are accounted for as fixed grants using the fair value of the Company’s stock at the time of the grant. Unvested restricted shares may not be disposed of or transferred during the vesting period. The table below presents the restricted stock award activity for the period shown: Weighted Average Restricted Fair Value at Stock Awards Grant Date Non-vested at January 1, 2020 53,692 $ 12.46 Granted — — Vested — — Forfeited — — Non-vested at March 31, 2020 53,692 $ 12.46 As of March 31, 2020 , the Company had $582,000 of unrecognized compensation expense related to restricted shares, having recognized $39,000 of compensation expense for the three month period ending March 31, 2020 . The cost of the restricted shares will be amortized in monthly installments over the five and seven-year vesting periods.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE J – Subsequent Events Loan Modifications Heritage Bank is working with customers affected by COVID-19 through payment accommodations on their loans. In accordance with FDIC guidance, borrowers who were current prior to becoming affected by COVID-19, that received payment accommodations as a result of the pandemic, generally are not reported as past due. Effects of COVID-19 may negatively impact management assumptions and estimates, such as the allowance for loan losses. The Bank is evaluating all payment accommodations to customers to identify and quantify any impact they might have on the Bank. However, it is difficult to assess or predict how and to what extent COVID-19 will affect the Company in the future. Paycheck Protection Program (PPP) As part of the CARES Act, approved by the President on March 27, 2020, the Small Business Administration (SBA) has been authorized to guarantee loans under the PPP through June 30, 2020 for small businesses who meet the necessary eligibility requirements in order to keep their workers on the payroll. Heritage Bank became an SBA approved lender, and as of May 8th, 2020, we have received approximately 31 applications for up to $1.4 million of loans under the PPP. In accordance with FASB ASC 855, Subsequent Events , the Company has evaluated subsequent events through the date that the financial statements were available to be issued.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of Herita g e NOLA Bancorp, Inc. and Subsidiary (the “Company”) were prepared in accordance with instructions for Form 10‑Q and Regulation S-X and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations, comprehensive income, changes in equity and cash flows in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial statements have been included. The results of operations for the three-month period ended March 31, 2020 is not necessarily indicative of the results which may be expected for the entire year. These statements should be read in conjunction with the Financial Statements and notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (“SEC”). Reference is made to the accounting policies of the Company described in the Notes to the Financial Statements contained in the Annual Report. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the interim periods presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions. The consolidated financial statements include Heritage NOLA Bancorp, Inc. and its wholly-owned subsidiary, Heritage Bank of St. Tammany (the “Bank”), together referred to as the Company. Intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications may have been made to the 2019 financial information in order to conform to the 2020 financial statement presentation. Such reclassifications had no effect on previously reported net income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Emerging Growth Company Status The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company has elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842), Conforming Amendments Related to Leases. This ASU amends the codification regarding leases in order to increase transparency and comparability. The ASU requires companies to recognize lease assets and liabilities on the statement of condition and disclose key information about leasing arrangements. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the leased asset for the lease term. For emerging growth companies ASU 2016-02 is effective for financial statements issued for annual periods beginning after December 15, 2020. On April 8, 2020, the FASB proposed to defer the effective date of this ASU until annual periods beginning after December 15, 2021. The adoption of this ASU is not expected to have a material effect on the Company’s Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The amendments introduce an impairment model that is based on expected credit losses (“ECL”), rather than incurred losses, to estimate credit losses on certain types of financial instruments (ex. loans and held to maturity securities), including certain off-balance sheet financial instruments (ex. commitments to extend credit and standby letters of credit that are not unconditionally cancellable). The ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments, over the contractual term. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. Financial instruments with similar risk characteristics may be grouped together when estimating the ECL. The ASU also amends the current available for sale security impairment model for debt securities whereby credit losses relating to available for sale debt securities should be recorded through an allowance for credit losses. On October 18, 2019, the FASB approved an effective date delay applicable to emerging growth companies until January 2023. The amendments will be applied through a modified retrospective approach, resulting in a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently planning for the implementation of this accounting standard. It is too early to assess the impact this guidance will have on our Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes (Topic 740)." The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve the consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For an emerging growth company, the amendments in the ASU are effective for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 31, 2022. The Company is currently assessing the impact of adoption of this guidance.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized cost and fair value of investment securities	March 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Available for Sale: U.S. Government Agency - SBA pools $ 2,148 $ 6 $ (9) $ 2,145 U.S. Agency Mortgage-Backed Securities 3,653 101 (7) 3,747 Total Available for Sale $ 5,801 $ 107 $ (16) $ 5,892 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ 357 $ 5 $ (1) $ 361 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains (Losses) Value Available for Sale: U.S. Government Agency - SBA pools $ 2,274 $ 6 $ (10) $ 2,270 U.S. Agency Mortgage-Backed Securities $ 3,908 48 (16) 3,940 Total Available for Sale $ 6,182 $ 54 $ (26) $ 6,210 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ 389 $ 2 $ (3) $ 388
Schedule of contractual maturity of investment securities	Amortized Fair (in thousands) Cost Value Available for Sale: Within One Year $ — $ — After One Year Through Five Years 101 97 After Five Years Through Ten Years 1,300 1,338 After Ten Years 4,400 4,457 $ 5,801 $ 5,892 Held to Maturity: After Five Years Through Ten Years $ 207 $ 210 After Ten Years 150 151 $ 357 $ 361
Schedule of unrealized loss position of investment securities	March 31, 2020 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized (in thousands) Fair Value Loss Fair Value Loss Fair Value Loss Available for Sale: U.S. Government Agency - SBA pools $ 1,166 $ 9 $ — $ — $ 1,166 $ 9 U.S. Agency Mortgage-Backed Securities 96 3 324 4 420 7 Total Available for Sale $ 1,262 $ 12 $ 324 $ 4 $ 1,586 $ 16 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ — $ — $ 94 $ 1 $ 94 $ 1 December 31, 2019 Less Than 12 Months 12 Months or Longer Total Unrealized Unrealized Unrealized (in thousands) Fair Value Loss Fair Value Loss Fair Value Loss Available for Sale: U.S. Government Agency - SBA pools $ 1,277 $ 10 $ — $ — $ 1,277 $ 10 U.S. Agency Mortgage-Backed Securities — — 1,043 16 1,043 16 Total Available for Sale $ 1,277 $ 10 $ 1,043 $ 16 $ 2,320 $ 26 Held to Maturity: U.S. Agency Mortgage-Backed Securities $ — $ — $ 103 $ 3 $ 103 $ 3

Loans Receivable and Allowanc_2

Loans Receivable and Allowance for Loan Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Loans Receivable and Allowance for Loan Losses
Schedule of loans receivable	(in thousands) March 31, 2020 December 31, 2019 Real Estate: Secured by one-to four family residential properties Owner-occupied $ 55,043 $ 53,158 Non-owner-occupied 15,101 15,257 Home Equity Lines of Credit 4,491 3,858 Commercial (Nonresidential) Properties 21,976 22,349 Land 2,390 2,200 Construction 4,848 4,259 Multi-family 2,069 2,086 Commercial 3,145 2,335 Consumer Loans 355 246 Total Loans 109,418 105,748 Less: Net Deferred Loan Fees (336) (349) Loans in Process (2,562) (2,161) Allowance for Loan Losses (778) (769) Net Loans $ 105,742 $ 102,469
Schedule of allowance for credit losses on financing receivables	Allowance for Credit Losses and Recorded Investment in Loans Receivable For the Period Ended March 31, 2020 (in thousands) Real Estate One-to-Four Commercial Land Family Construction Multi-Family Consumer Commercial Total Allowance for Credit Losses: Beginning Balance $ 96 $ 18 $ 516 $ 20 $ 6 $ 26 $ 87 $ 769 Charge-offs — — — — — (1) — (1) Recoveries — — — — — — — — Provision — 1 (13) 3 1 6 12 10 Ending Balance $ 96 $ 19 $ 502 $ 23 $ 7 $ 31 $ 99 $ 778 Ending Balance: Individually Evaluated for Impairment $ — $ 1 $ 112 $ — $ — $ — $ — $ 113 Ending Balance: Collectively Evaluated for Impairment $ 96 $ 18 $ 390 $ 23 $ 7 $ 31 $ 99 $ 665 Loans Receivable: Ending Balance $ 21,976 $ 2,390 $ 74,635 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 109,418 Ending Balance: Individually Evaluated for Impairment $ — $ 12 $ 1,102 $ — $ — $ — $ — $ 1,114 Ending Balance: Collectively Evaluated for Impairment $ 21,976 $ 2,378 $ 73,533 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 108,304 Allowance for Credit Losses and Recorded Investment in Loans Receivable For the Year Ended December 31, 2019 (in thousands) Real Estate One-to-Four Commercial Land Family Construction Multi-Family Consumer Commercial Total Allowance for Credit Losses: Beginning Balance $ 113 $ 23 $ 519 $ 16 $ 5 $ 9 $ 83 $ 768 Charge-offs — — — — — (18) — (18) Recoveries 5 — — — — 1 — 6 Provision (22) (5) (3) 4 1 34 4 13 Ending Balance $ 96 $ 18 $ 516 $ 20 $ 6 $ 26 $ 87 $ 769 Ending Balance: Individually Evaluated for Impairment $ — $ — $ 85 $ — $ — $ — $ — $ 85 Ending Balance: Collectively Evaluated for Impairment $ 96 $ 18 $ 431 $ 20 $ 6 $ 26 $ 87 $ 684 Loans Receivable: Ending Balance $ 22,349 $ 2,200 $ 72,273 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 105,748 Ending Balance: Individually Evaluated for Impairment $ — $ — $ 828 $ — $ — $ — $ — $ 828 Ending Balance: Collectively Evaluated for Impairment $ 22,349 $ 2,200 $ 71,445 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 104,920
Schedule of credit risk profile by internally assigned grade	Credit Risk Profile by Internally Assigned Grade (in thousands) March 31, 2020 Real Estate Commercial One-to-Four Real Estate Land Family Construction Multi-Family Consumer Commercial Total Pass $ 21,976 $ 2,378 $ 73,533 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 108,304 Special Mention — — — — — — — — Substandard — 12 1,102 — — — — 1,114 Doubtful — — — — — — — — Loss — — — — — — — — $ 21,976 $ 2,390 $ 74,635 $ 4,848 $ 2,069 $ 355 $ 3,145 $ 109,418 December 31, 2019 Real Estate Commercial One-to-Four Real Estate Land Family Construction Multi-Family Consumer Commercial Total Pass $ 22,349 $ 2,200 $ 71,203 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 104,678 Special Mention — — — — — — — — Substandard — — 1,070 — — — — 1,070 Doubtful — — — — — — — — Loss — — — — — — — — $ 22,349 $ 2,200 $ 72,273 $ 4,259 $ 2,086 $ 246 $ 2,335 $ 105,748
Schedule of aged analysis of past due loans receivables	March 31, 2020 Accruing 30-89 90 Days Total Days and Over Total Nonaccrual Loans Past Due Past Due Past Due Current Status Receivable Real Estate: Residential $ 806 $ — $ 806 $ 72,917 $ 912 $ 74,635 Commercial — — — 21,976 — 21,976 Land 78 — 78 2,300 12 2,390 Construction — — — 4,848 — 4,848 Multi-family — — — 2,069 — 2,069 Consumer — — — 355 — 355 Commercial — — — 3,145 — 3,145 $ 884 $ — $ 884 $ 107,610 $ 924 $ 109,418 Aged Analysis of Past Due Loans Receivable (in thousands) December 31, 2019 Accruing 30-89 90 Days Total Days and Over Total Nonaccrual Loans Past Due Past Due Past Due Current Status Receivable Real Estate: Residential $ 2,366 $ — $ 2,366 $ 69,079 $ 828 $ 72,273 Commercial — — — 22,349 — 22,349 Land 34 — 34 2,166 — 2,200 Construction — — — 4,259 — 4,259 Multi-family — — — 2,086 — 2,086 Consumer — — — 246 — 246 Commercial — — — 2,335 — 2,335 $ 2,400 $ — $ 2,400 $ 102,520 $ 828 $ 105,748
Schedule of impaired loans	Impaired Loans (in thousands) As Of And For The Three Months Ended March 31, 2020 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized Loans with an allowance recorded: Real estate Commercial $ — $ — $ — $ — $ — Land — — — — — 1-4 family residential 924 924 113 620 — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Loans with no allowance recorded: Real estate Commercial — — — — — Land — — — — — 1-4 family residential — — — — — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Totals $ 924 $ 924 $ 113 $ 620 $ — Impaired Loans (in thousands) As Of And For The Year Ended December 31, 2019 Allowance Unpaid for Loan Average Interest Recorded Principal Losses Recorded Income Investment Balance Allocated Investment Recognized Loans with an allowance recorded: Real estate Commercial $ — $ — $ — $ — $ — Land — — — — — 1-4 family residential 828 828 85 769 — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Loans with no allowance recorded: Real estate Commercial — — — — — Land — — — — — 1-4 family residential — — — — — Multi-Family — — — — — Construction — — — — — Consumer and Commercial — — — — — Totals $ 828 $ 828 $ 85 $ 769 $ —
Schedule of troubled debt restructuring	Troubled Debt Restructuring (in thousands) Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Loans Investment Investment Modifications as of March 31, 2020: Residential - modified amortization — $ — $ — Modifications as of December 31, 2019: Residential - modified amortization 2 $ 668 $ 668

Fair Value of Financial State_2

Fair Value of Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable (In thousands) Fair Identical Assets Observable Inputs Inputs Description Value (Level 1) (Level 2) (Level 3) March 31, 2020 U.S. Government Agency - SBA pools $ 2,145 $ — $ 2,145 $ — U.S. Agency Mortgage-Backed Securities 3,747 — 3,747 — Total Investment Securities $ 5,892 $ — $ 5,892 $ — December 31, 2019 U.S. Government Agency - SBA pools $ 2,270 $ — $ 2,270 $ — U.S. Agency Mortgage-Backed Securities 3,940 — 3,940 — Total Investment Securities $ 6,210 $ — $ 6,210 $ —
Schedule of assets and liabilities measured at fair value on a non - recurring basis	Fair Value Measurement Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Fair Identical Assets Inputs Inputs (In thousands) Value (Level 1) (Level 2) (Level 3) March 31, 2020 Assets Impaired Loans $ 811 $ — $ 811 $ — Repossessed Assets — — — — Total $ 811 $ — $ 811 $ — December 31, 2019 Assets Impaired Loans $ 743 $ — $ 743 $ — Repossessed Assets — — — — Total $ 743 $ — $ 743 $ —
Schedule of carrying amounts and estimated fair values financial instruments	Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Carrying Fair Identical Assets Observable Inputs Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) March 31, 2020 Financial Assets: Cash, Short-Term Investments and Federal Funds Sold $ 12,419 $ 12,419 $ 12,419 $ — $ — Securities-Available for Sale 5,892 5,892 — 5,892 — Securities-Held to Maturity 357 361 — 361 — Other Equity Securities 832 832 — — 832 Cash Value of Life Insurance 2,166 2,166 — 2,166 — Loans Held for Sale 1,489 1,489 — — 1,489 Loans Held -Net 105,031 114,764 — — 114,764 $ 128,186 $ 137,923 $ 12,419 $ 8,419 $ 117,085 Financial Liabilities: Deposits $ 91,373 $ 93,436 $ — $ — $ 93,436 Borrowed Funds 19,221 18,130 — 18,130 — $ 110,594 $ 111,566 $ — $ 18,130 $ 93,436 Fair Value Measurement Using Quoted Prices in Significant Active Markets for Significant Other Unobservable Carrying Fair Identical Assets Observable Inputs Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) December 31, 2019 Financial Assets: Cash, Short-Term Investments and Federal Funds Sold $ 12,233 $ 12,233 $ 12,233 $ — $ — Securities-Available for Sale 6,210 6,210 — 6,210 — Securities-Held to Maturity 389 388 — 388 — Other Equity Securities 827 827 — — 827 Cash Value of Life Insurance 2,153 2,153 — 2,153 — Loans Held for Sale 284 — — — — Loans-Net 102,185 107,807 — — 107,807 $ 124,281 $ 129,618 $ 12,233 $ 8,751 $ 108,634 Financial Liabilities: Deposits $ 88,939 $ 89,986 $ — $ — $ 89,986 Borrowed Funds 18,041 18,130 — 18,130 — $ 106,980 $ 108,116 $ — $ 18,130 $ 89,986

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share
Schedule of earnings per common share	Three Months Ended March 31, (in thousands, except share and per share data) 2020 2019 Numerator: Net income available to common shareholders $ 66 $ 57 Denominator: Weighted average common shares outstanding 1,540,286 1,662,436 Less: Average unallocated ESOP shares 116,380 121,670 Weighted average shares 1,423,906 1,540,766 Effect of dilutive securities: Restrictive Stock 17,121 6,931 Stock Options — — Weighted average common shares outstanding - assuming dilution 1,441,027 1,547,697 Basic earnings per common share $ 0.05 $ 0.04 Diluted earnings per common share $ 0.05 $ 0.04

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2020
Equity Incentive Plan
Schedule of stock option activity	Weighted Average Options Exercise Price Options outstanding at January 1, 2020 145,825 $ 12.46 Granted — — Exercised — — Forfeited — — Expired — — Options outstanding at March 31, 2020 145,825 $ 12.46
Schedule of stock option fair value assumptions	Stock Options Stock Options Granted Granted August 16, 2018 September 18, 2018 Expected volatility 12.44 % 11.94 % Risk-free interest rate 2.87 % 3.05 % Expected dividend yield — % — % Expected life (in years) Exercise price for the stock options $ 12.48 $ 12.45
Schedule of restricted share activity	Weighted Average Restricted Fair Value at Stock Awards Grant Date Non-vested at January 1, 2020 53,692 $ 12.46 Granted — — Vested — — Forfeited — — Non-vested at March 31, 2020 53,692 $ 12.46

Investment Securities (Amortize

Investment Securities (Amortized cost and fair value of available for sale investment securities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,801		$ 6,182
Gross Unrealized Gains	107		54
Gross Unrealized (Losses)	(16)		(26)
Fair Value	5,892		6,210
Debt Securities, Available-for-sale, Sold at Par Value	0	$ 0
U.S. Government Agency - SBA pools
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,148		2,274
Gross Unrealized Gains	6		6
Gross Unrealized (Losses)	(9)		(10)
Fair Value	2,145		2,270
Mortgage-Backed Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,653		3,908
Gross Unrealized Gains	101		48
Gross Unrealized (Losses)	(7)		(16)
Fair Value	$ 3,747		$ 3,940

Investment Securities (Amorti_2

Investment Securities (Amortized cost and fair value of held to maturity investment securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 357	$ 389
Fair Value	361
Mortgage-Backed Securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	357	389
Gross Unrealized Gains	5	2
Gross Unrealized (Losses)	(1)	(3)
Fair Value	$ 361	$ 388

Investment Securities (Schedule

Investment Securities (Schedule of contractual maturity of available for sale investment securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available for Sale: Amortized Cost
After One Year Through Five Years	$ 101
After Five Years Through Ten Years	1,300
After Ten Years	4,400
Amortized Cost	5,801	$ 6,182
Available for Sale: Fair Value
After One Year Through Five Years	97
After Five Years Through Ten Years	1,338
After Ten Years	4,457
Fair Value	$ 5,892	$ 6,210

Investment Securities (Schedu_2

Investment Securities (Schedule of contractual maturity of held to maturity investment securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Held to Maturity: Amortized Cost
After Five Years Through Ten Years	$ 207
After Ten Years	150
Amortized Cost	357	$ 389
Held to Maturity: Fair Value
After Five Years Through Ten Years	210
After Ten Years	151
Fair Value	$ 361

Investment Securities (Schedu_3

Investment Securities (Schedule of unrealized loss position of available for sale investment securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available-for-sale, Fair Value:
Less Than 12 Months, Fair Value	$ 1,262	$ 1,277
12 Months or Longer, Fair Value	324	1,043
Total, Fair Value	1,586	2,320
Available-for-sale, Unrealized Loss:
Less Than 12 Months, Unrealized Loss	12	10
12 Months or Longer, Unrealized Loss	4	16
Total, Unrealized Loss	16	26
U.S. Government Agency - SBA pools
Available-for-sale, Fair Value:
Less Than 12 Months, Fair Value	1,166	1,277
Total, Fair Value	1,166	1,277
Available-for-sale, Unrealized Loss:
Less Than 12 Months, Unrealized Loss	9	10
Total, Unrealized Loss	9	10
Mortgage-Backed Securities
Available-for-sale, Fair Value:
Less Than 12 Months, Fair Value	96
12 Months or Longer, Fair Value	324	1,043
Total, Fair Value	420	1,043
Available-for-sale, Unrealized Loss:
Less Than 12 Months, Unrealized Loss	3
12 Months or Longer, Unrealized Loss	4	16
Total, Unrealized Loss	$ 7	$ 16

Investment Securities (Schedu_4

Investment Securities (Schedule of unrealized loss position of held to maturity investment securities) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Held-to-maturity, Unrealized Loss:
Other-than-tempory realized losses	$ 0	$ 0
Mortgage-Backed Securities
Held-to-maturity, Fair Value:
12 Months or Longer, Fair Value	94,000	103,000
Total, Fair Value	94,000	103,000
Held-to-maturity, Unrealized Loss:
12 Months or Longer, Unrealized Loss	1,000	3,000
Total, Unrealized Loss	$ 1,000	$ 3,000

Loans Receivable and Allowanc_3

Loans Receivable and Allowance for Loan Losses (Schedule of loans receivable) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 109,418	$ 105,748
Less: Net Deferred Loan Fees	(336)	(349)
Loans in Process	(2,562)	(2,161)
Allowance for Loan Losses	(778)	(769)	$ (768)
Net Loans	105,742	102,469
Real Estate | Secured by One-to four family residential properties Owner-occupied
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	55,043	53,158
Real Estate | Secured by One-to four family residential properties Non-owner-occupied
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	15,101	15,257
Real Estate | Secured by One-to four family residential properties Home Equity Lines of Credit
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	4,491	3,858
Real Estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	21,976	22,349
Allowance for Loan Losses	(96)	(96)	(113)
Real Estate | Land
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,390	2,200
Allowance for Loan Losses	(19)	(18)	(23)
Real Estate | Construction
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	4,848	4,259
Allowance for Loan Losses	(23)	(20)	(16)
Real Estate | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,069	2,086
Allowance for Loan Losses	(7)	(6)	(5)
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	3,145	2,335
Allowance for Loan Losses	(99)	(87)	(83)
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	355	246
Allowance for Loan Losses	$ (31)	$ (26)	$ (9)

Loans Receivable and Allowanc_4

Loans Receivable and Allowance for Loan Losses (Schedule of allowance for credit losses on financing receivables) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Allowance for Credit Losses:
Beginning Balance	$ 769	$ 768
Charge-offs	(1)	(18)
Recoveries		6
Provision	10	13
Ending Balance	778	769
Ending Balance: Individually Evaluated for Impairment	113	85
Ending Balance: Collectively Evaluated for Impairment	665	684
Loans Receivable:
Ending Balance	109,418	105,748
Ending Balance: Individually Evaluated for Impairment	1,114	828
Ending Balance: Collectively Evaluated for Impairment	108,304	104,920
Real Estate | Commercial
Allowance for Credit Losses:
Beginning Balance	96	113
Recoveries		5
Provision		(22)
Ending Balance	96	96
Ending Balance: Collectively Evaluated for Impairment	96	96
Loans Receivable:
Ending Balance	21,976	22,349
Ending Balance: Collectively Evaluated for Impairment	21,976	22,349
Real Estate | Land
Allowance for Credit Losses:
Beginning Balance	18	23
Provision	1	(5)
Ending Balance	19	18
Ending Balance: Individually Evaluated for Impairment	1
Ending Balance: Collectively Evaluated for Impairment	18	18
Loans Receivable:
Ending Balance	2,390	2,200
Ending Balance: Individually Evaluated for Impairment	12
Ending Balance: Collectively Evaluated for Impairment	2,378	2,200
Real Estate | One-to-Four Family
Allowance for Credit Losses:
Beginning Balance	516	519
Provision	(13)	(3)
Ending Balance	502	516
Ending Balance: Individually Evaluated for Impairment	112	85
Ending Balance: Collectively Evaluated for Impairment	390	431
Loans Receivable:
Ending Balance	74,635	72,273
Ending Balance: Individually Evaluated for Impairment	1,102	828
Ending Balance: Collectively Evaluated for Impairment	73,533	71,445
Real Estate | Construction
Allowance for Credit Losses:
Beginning Balance	20	16
Provision	3	4
Ending Balance	23	20
Ending Balance: Collectively Evaluated for Impairment	23	20
Loans Receivable:
Ending Balance	4,848	4,259
Ending Balance: Collectively Evaluated for Impairment	4,848	4,259
Real Estate | Multi-family
Allowance for Credit Losses:
Beginning Balance	6	5
Provision	1	1
Ending Balance	7	6
Ending Balance: Collectively Evaluated for Impairment	7	6
Loans Receivable:
Ending Balance	2,069	2,086
Ending Balance: Collectively Evaluated for Impairment	2,069	2,086
Consumer
Allowance for Credit Losses:
Beginning Balance	26	9
Charge-offs	(1)	(18)
Recoveries		1
Provision	6	34
Ending Balance	31	26
Ending Balance: Collectively Evaluated for Impairment	31	26
Loans Receivable:
Ending Balance	355	246
Ending Balance: Collectively Evaluated for Impairment	355	246
Commercial
Allowance for Credit Losses:
Beginning Balance	87	83
Provision	12	4
Ending Balance	99	87
Ending Balance: Collectively Evaluated for Impairment	99	87
Loans Receivable:
Ending Balance	3,145	2,335
Ending Balance: Collectively Evaluated for Impairment	$ 3,145	$ 2,335

Loans Receivable and Allowanc_5

Loans Receivable and Allowance for Loan Losses (Schedule of credit risk profile by internally assigned grade) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 109,418	$ 105,748
Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	108,304	104,678
Substandard
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	1,114	1,070
Real Estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	21,976	22,349
Real Estate | Land
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,390	2,200
Real Estate | One-to-Four Family
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	74,635	72,273
Real Estate | Construction
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	4,848	4,259
Real Estate | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,069	2,086
Real Estate | Pass | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	21,976	22,349
Real Estate | Pass | Land
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,378	2,200
Real Estate | Pass | One-to-Four Family
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	73,533	71,203
Real Estate | Pass | Construction
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	4,848	4,259
Real Estate | Pass | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	2,069	2,086
Real Estate | Substandard | Land
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	12
Real Estate | Substandard | One-to-Four Family
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	1,102	1,070
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	355	246
Consumer | Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	355	246
Commercial
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	3,145	2,335
Commercial | Pass
Loans and Leases Receivable Disclosure [Line Items]
Total Loans	$ 3,145	$ 2,335

Loans Receivable and Allowanc_6

Loans Receivable and Allowance for Loan Losses (Schedule of aged analysis of past due loans receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 884	$ 2,400
Current	107,610	102,520
Nonaccrual Status	924	828
Total Loans Receivable	109,418	105,748
30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	884	2,400
Real Estate | Residential
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	806	2,366
Current	72,917	69,079
Nonaccrual Status	912	828
Total Loans Receivable	74,635	72,273
Real Estate | Residential | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	806	2,366
Real Estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	21,976	22,349
Total Loans Receivable	21,976	22,349
Real Estate | Land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	78	34
Current	2,300	2,166
Nonaccrual Status	12
Total Loans Receivable	2,390	2,200
Real Estate | Land | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	78	34
Real Estate | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	4,848	4,259
Total Loans Receivable	4,848	4,259
Real Estate | Multi-family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	2,069	2,086
Total Loans Receivable	2,069	2,086
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	355	246
Total Loans Receivable	355	246
Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	3,145	2,335
Total Loans Receivable	$ 3,145	$ 2,335

Loans Receivable and Allowanc_7

Loans Receivable and Allowance for Loan Losses (Schedule of impaired loans) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Loans with an allowance recorded:
Allowance for Loan Losses Allocated	$ 113	$ 85
Total Impaired Loans:
Recorded Investment	924	828
Unpaid Principal Balance	924	828
Allowance for Loan Losses Allocated	113	85
Average Recorded Investment	620	769
Real Estate | Residential
Loans with an allowance recorded:
Recorded Investment	924	828
Unpaid Principal Balance	924	828
Allowance for Loan Losses Allocated	113	85
Average Recorded Investment	620	769
Total Impaired Loans:
Allowance for Loan Losses Allocated	$ 113	$ 85

Loans Receivable and Allowanc_8

Loans Receivable and Allowance for Loan Losses (Schedule of troubled debt restructuring) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)loan
Loans Receivable and Allowance for Loan Losses
Number of Loans | loan	2
Pre- Modification Outstanding Recorded Investment	$ 668
Post-Modification Outstanding Recorded Investment	$ 668

Fair Value of Financial State_3

Fair Value of Financial Statements (Schedule of assets and liabilities measured at fair value on a recurring basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,892	$ 6,210
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,892	6,210
Recurring basis | U.S. Government Agency - SBA pools
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,145	2,270
Recurring basis | Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,747	3,940
Recurring basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,892	6,210
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Government Agency - SBA pools
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2,145	2,270
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-Backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 3,747	$ 3,940

Fair Value of Financial State_4

Fair Value of Financial Statements (Schedule of assets and liabilities measured at fair value on a non - recurring basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Total	$ 12,419	$ 12,233
Significant Other Observable Inputs (Level 2)
Assets
Total	8,419	8,751
Significant Unobservable Inputs (Level 3)
Assets
Total	117,085	108,634
Nonrecurring Basis
Assets
Impaired Loans	811	743
Total	811	743
Nonrecurring Basis | Significant Other Observable Inputs (Level 2)
Assets
Impaired Loans	811	743
Total	$ 811	$ 743

Fair Value of Financial State_5

Fair Value of Financial Statements (Schedule of carrying amounts and estimated fair values financial instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Financial Assets:
Cash, Short-Term Investments and Federal Funds Sold	$ 12,419	$ 12,233
Securities-Available for Sale	5,892	6,210
Securities-Held to Maturity	357	389
Other Equity Securities	832	827
Cash Value of Life Insurance	2,166	2,153
Loans Held for Sale	1,489	284
Loans Held -Net	105,031	102,185
Total	128,186	124,281
Financial Liabilities:
Deposits	91,373	88,939
Borrowed Funds	19,221	18,041
Financial Liabilities	110,594	106,980
Fair Value
Financial Assets:
Cash, Short-Term Investments and Federal Funds Sold	12,419	12,233
Securities-Available for Sale	5,892	6,210
Securities-Held to Maturity	361	388
Other Equity Securities	832	827
Cash Value of Life Insurance	2,166	2,153
Loans Held for Sale	1,489
Loans Held -Net	114,764	107,807
Total	137,923	129,618
Financial Liabilities:
Deposits	93,436	89,986
Borrowed Funds	18,130	18,130
Financial Liabilities	111,566	108,116
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets:
Cash, Short-Term Investments and Federal Funds Sold	12,419	12,233
Total	12,419	12,233
Significant Other Observable Inputs (Level 2)
Financial Assets:
Securities-Available for Sale	5,892	6,210
Securities-Held to Maturity	361	388
Cash Value of Life Insurance	2,166	2,153
Total	8,419	8,751
Financial Liabilities:
Borrowed Funds	18,130	18,130
Financial Liabilities	18,130	18,130
Significant Unobservable Inputs (Level 3)
Financial Assets:
Other Equity Securities	832	827
Loans Held for Sale	1,489
Loans Held -Net	114,764	107,807
Total	117,085	108,634
Financial Liabilities:
Deposits	93,436	89,986
Financial Liabilities	$ 93,436	$ 89,986

Change in Corporate Structure (

Change in Corporate Structure (Details) $ / shares in Units, $ in Millions	Jul. 12, 2017USD ($)$ / sharesshares
Change In Corporate Form [Line Items]
Stock issued price per share on mutual-to-stock conversion | $ / shares	$ 10
Numbers of shares issued upon bank's mutual to stock conversion | shares	1,653,125
ESOP
Change In Corporate Form [Line Items]
Conversion and issuance cost of capital stock | $	$ 1.1
Percentage of common stock subscribed in offering	8.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income available to common shareholders	$ 66	$ 57
Denominator:
Weighted average common shares outstanding	1,540,286	1,662,436
Less: Average unallocated ESOP shares	116,380	121,670
Weighted average shares	1,423,906	1,540,766
Effect of dilutive securities:
Restrictive Stock	17,121	6,931
Weighted average common shares outstanding - assuming dilution	1,441,027	1,547,697
Basic earnings per common share (in dollars per share)	$ 0.05	$ 0.04
Diluted earnings per common share (in dollars per share)	$ 0.05	$ 0.04

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Employee Stock Ownership Plan
Compensation expense related to the ESOP	$ 22,000

Equity Incentive Plan (Schedule

Equity Incentive Plan (Schedule of stock option activity) (Details) - Stock option	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding at January 1, 2020 | shares	145,825
Granted | shares
Exercised | shares
Forfeited | shares
Expired | shares
Options outstanding at March 31, 2020 | shares	145,825
Weighted Average Exercise Price
Options outstanding at January 1, 2020 | $ / shares	$ 12.46
Granted | $ / shares
Exercised | $ / shares
Forfeited | $ / shares
Expired | $ / shares
Options outstanding at March 31, 2020 | $ / shares	$ 12.46

Equity Incentive Plan (Schedu_2

Equity Incentive Plan (Schedule of stock option fair value assumptions) (Details) - Stock option	3 Months Ended
	Mar. 31, 2020$ / shares
August 16, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	12.44%
Risk-free interest rate	2.87%
Expected life (in years)	10 years
Exercise price for the stock options	$ 12.48
September 18, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	11.94%
Risk-free interest rate	3.05%
Expected life (in years)	10 years
Exercise price for the stock options	$ 12.45

Equity Incentive Plan (Schedu_3

Equity Incentive Plan (Schedule of restricted share activity) (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Restricted Stock Awards
Non-vested at January 1, 2020 | shares	53,692
Granted | shares	0
Vested | shares	0
Forfeited | shares	0
Non-vested at March 31, 2020 | shares	53,692
Weighted Average Fair Value at Grant Date
Non-vested at January 1, 2020 | $ / shares	$ 12.46
Granted | $ / shares	0
Vested | $ / shares	0
Forfeited | $ / shares	0
Non-vested at March 31, 2020 | $ / shares	$ 12.46

Equity Incentive Plan (Narrativ

Equity Incentive Plan (Narrative) (Details) - USD ($)	Sep. 18, 2018	Aug. 16, 2018	Sep. 18, 2018	Aug. 16, 2018	Mar. 31, 2020	Dec. 31, 2018	Aug. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under equity incentive plan							231,437
Management and staff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of expiration period	10 years
Exercise price of each option	$ 12.45
Management and staff | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award vesting period	7 years
Management and staff | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award vesting period	5 years
Members of Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award vesting period		5 years
Term of expiration period		10 years
Exercise price of each option		$ 12.48
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted					0
Unrecognized compensation expense under restricted stock award					$ 582,000
Amount of recognized of share based compensation expense					$ 39,000
Restricted Stock Awards | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award vesting period					7 years
Restricted Stock Awards | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award vesting period					5 years
Restricted Stock Awards | Management and staff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted	49,581
Restricted Stock Awards | Members of Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares granted		16,530
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under equity incentive plan							165,312
Number of stock options granted
Exercise price of each option
Unrecognized compensation expense under stock options					$ 384,000
Amount of recognized of share based compensation expense					$ 26,000
Amount of granted fair value						$ 544,000
Number of stock options exercisable					27,537
Fair value of number of share granted			$ 3.75	$ 3.69
Stock option | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award vesting period					7 years
Stock option | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of award vesting period					5 years
Stock option | Management and staff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	104,500
Stock option | Members of Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted		41,325
Restricted stock awards, restricted stock units and unrestricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under equity incentive plan							66,125

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	May 08, 2020USD ($)item
Subsequent Events [Abstract]
Number Of Domestic Loan Applications | item	31
Financing Receivable, Covered, before Allowance for Credit Loss | $	$ 1.4