Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Mar. 29, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | PDLB | |
Entity Registrant Name | PDL Community Bancorp | |
Entity Central Index Key | 1,703,489 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 108,033,099 | |
Entity Common Stock, Shares Outstanding | 18,463,028 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and due from banks (Note 2): | ||
Cash | $ 24,746 | $ 4,796 |
Interest-bearing deposits in banks | 34,978 | 6,920 |
Total cash and cash equivalents | 59,724 | 11,716 |
Available-for-sale securities, at fair value (Note 3) | 28,897 | 52,690 |
Loans held for sale | 2,143 | |
Loans receivable, net of allowance for loan losses - 2017 $11,071; 2016 $10,205 (Note 4) | 798,703 | 642,148 |
Accrued interest receivable | 3,335 | 2,707 |
Premises and equipment, net (Note 5) | 27,172 | 26,028 |
Federal Home Loan Bank Stock (FHLB), at cost | 1,511 | 964 |
Deferred tax assets (Note 8) | 3,909 | 3,379 |
Other assets | 2,271 | 3,208 |
Total assets | 925,522 | 744,983 |
Liabilities: | ||
Deposits (Note 6) | 713,985 | 643,078 |
Accrued interest payable | 42 | 28 |
Advance payments by borrowers for taxes and insurance | 5,025 | 3,882 |
Advances from the Federal Home Loan Bank and others (Note 7) | 36,400 | 3,000 |
Other liabilities | 5,285 | 2,003 |
Total liabilities | 760,737 | 651,991 |
Commitments and contingencies (Note 11) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value; 50,000,000 shares authorized; 18,463,028 shares issued and outstanding at December 31, 2017 | 185 | |
Additional paid-in-capital | 84,351 | |
Retained earnings | 94,855 | 99,242 |
Accumulated other comprehensive loss (Note 14) | (7,851) | (6,250) |
Unearned Employee Stock Ownership Plan (ESOP) shares; 675,501 shares (Note 9) | (6,755) | |
Total stockholders' equity | 164,785 | 92,992 |
Total liabilities and stockholders' equity | $ 925,522 | $ 744,983 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $ 11,071 | $ 10,205 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 50,000,000 | |
Common stock, shares, issued | 18,463,028 | |
Common stock, shares, outstanding | 18,463,028 | |
Unearned Employee Stock Ownership Plan (ESOP) shares | 675,501 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income: | |||
Interest on loans receivable | $ 38,172 | $ 32,660 | $ 32,100 |
Interest and dividends on investment securities and FHLB stock | 817 | 1,081 | 1,490 |
Total interest and dividend income | 38,989 | 33,741 | 33,590 |
Interest expense: | |||
Interest on certificates of deposit | 5,917 | 5,502 | 5,268 |
Interest on other deposits | 656 | 427 | 321 |
Interest on borrowings | 210 | 7 | 61 |
Total interest expense | 6,783 | 5,936 | 5,650 |
Net interest income | 32,206 | 27,805 | 27,940 |
Provision for loan losses (recovery) (Note 4) | 1,716 | (57) | 353 |
Net interest income after provision for loan losses (recovery) | 30,490 | 27,862 | 27,587 |
Noninterest income: | |||
Service charges and fees | 909 | 938 | 1,073 |
Brokerage commissions | 547 | 515 | 421 |
Late and prepayment charges | 810 | 302 | 548 |
Other | 838 | 676 | 420 |
Total noninterest income | 3,104 | 2,431 | 2,462 |
Noninterest expense: | |||
Compensation and benefits | 17,109 | 14,979 | 13,463 |
Occupancy expense | 5,825 | 5,651 | 5,754 |
Data processing expenses | 1,470 | 1,617 | 1,299 |
Direct loan expenses | 739 | 860 | 725 |
Insurance and surety bond premiums | 269 | 464 | 699 |
Office supplies, telephone and postage | 1,103 | 1,071 | 997 |
FDIC deposit insurance assessment | 250 | 538 | 899 |
Charitable foundation contributions | 6,293 | ||
Other operating expenses | 3,499 | 2,683 | 2,380 |
Total noninterest expense | 36,557 | 27,863 | 26,216 |
Income (loss) before income taxes | (2,963) | 2,430 | 3,833 |
Provision for income taxes (Note 8) | 1,424 | 1,005 | 1,315 |
Net income (loss) | $ (4,387) | $ 1,425 | $ 2,518 |
Earnings per share for the period September 29, 2017 to December 31, 2017: (Note 10) | |||
Basic | $ (0.16) | ||
Diluted | $ (0.16) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (4,387) | $ 1,425 | $ 2,518 |
Net change in unrealized gains (losses) on securities available-for-sale: | |||
Unrealized gain (losses) | (85) | 309 | 847 |
Expense (benefit) due to enactment of federal tax reform | 44 | ||
Income tax effect | (14) | (105) | (372) |
Unrealized gains on securities, net | (55) | 204 | 475 |
Pension benefit liability adjustment: | |||
Net gain (loss) during the period | (2,006) | 456 | (1,829) |
Reclassification adjustments for amortization of prior service cost and net gain included in net periodic pension cost | 245 | ||
Expense (benefit) due to enactment of federal tax reform | 1,192 | ||
Income tax effect | (732) | (155) | 53 |
Pension liability adjustment, net of tax | (1,546) | 301 | (1,531) |
Total other comprehensive income (loss), net of tax | (1,601) | 505 | (1,056) |
Total comprehensive income (loss) | $ (5,988) | $ 1,930 | $ 1,462 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Ponce De Leon Foundation | Initial Public Offering | Mutual Holding Company | Common Stock | Common StockPonce De Leon Foundation | Common StockInitial Public Offering | Common StockMutual Holding Company | Additional Paid-in Capital | Additional Paid-in CapitalPonce De Leon Foundation | Additional Paid-in CapitalInitial Public Offering | Retained Earnings | Accumulated Other Comprehensive Loss | Unallocated Common Stock of ESOP |
Balance at Dec. 31, 2014 | $ 89,600 | $ 95,299 | $ (5,699) | |||||||||||
Net income (loss) | 2,518 | 2,518 | ||||||||||||
Other comprehensive income (loss), net of tax | (1,056) | (1,056) | ||||||||||||
Balance at Dec. 31, 2015 | 91,062 | 97,817 | (6,755) | |||||||||||
Net income (loss) | 1,425 | 1,425 | ||||||||||||
Other comprehensive income (loss), net of tax | 505 | 505 | ||||||||||||
Balance at Dec. 31, 2016 | 92,992 | 99,242 | (6,250) | |||||||||||
Net income (loss) | (4,387) | $ (3,430) | (4,387) | |||||||||||
Other comprehensive income (loss), net of tax | (1,601) | (1,601) | ||||||||||||
Issuance of common stock | $ 6,093 | $ 78,095 | 96 | $ 6 | $ 83 | $ 96 | $ 6,087 | $ 78,012 | ||||||
Issuance of common stock, Shares | 609,279 | 8,308,362 | 9,545,387 | |||||||||||
Unallocated ESOP- 723,751 shares , $0.01 par value | (7,238) | $ (7,238) | ||||||||||||
ESOP shares committed to be released (48,250) | 735 | $ 252 | 483 | |||||||||||
Balance at Dec. 31, 2017 | $ 164,785 | $ 79,331 | $ 185 | $ 84,351 | $ 94,855 | $ (7,851) | $ (6,755) | |||||||
Balance, Shares at Dec. 31, 2017 | 18,463,028 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Common stock, par value (in dollars per share) | $ 0.01 |
Number of ESOP shares purchased | shares | 723,751 |
Common stock, par value (in dollars per share) | $ 0.01 |
Number of ESOP shares committed to be released | shares | 48,250 |
Ponce De Leon Foundation | |
Common stock, par value (in dollars per share) | $ 0.01 |
Initial Public Offering | |
Common stock, par value (in dollars per share) | $ 0.01 |
Issuance of common stock, net of costs | $ | $ 4,988 |
Mutual Holding Company | |
Common stock, par value (in dollars per share) | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ (4,387) | $ 1,425 | $ 2,518 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Amortization of premiums on securities, net | 52 | 11 | 6 |
Loss on sale of loans | 106 | 13 | 73 |
Loss on sale of available-for-sale securities | 6 | ||
Write-down of loans held for sale | 9 | ||
Write-down on other real estate owned | 86 | ||
Gain on sale of other real estate owned | (4) | ||
Provision for loan losses (recovery) (Note 4) | 1,716 | (57) | 353 |
Depreciation and amortization | 1,625 | 1,679 | 1,817 |
Amortization of core deposit intangible assets | 3 | 129 | 144 |
ESOP compensation expense | 735 | ||
Charitable foundation contribution expense | 6,093 | ||
Deferred income taxes | (40) | 126 | 1,086 |
Changes in assets and liabilities: | |||
(Increase) decrease in accrued interest receivable | (628) | (39) | 81 |
Decrease in other assets | 38 | 175 | 3,168 |
Increase (decrease) in accrued interest payable | 14 | (8) | (10) |
Net increase (decrease) in other liabilities | 3,313 | 893 | (4,101) |
Net cash provided by operating activities | 8,646 | 4,343 | 5,230 |
Cash Flows From Investing Activities: | |||
Proceeds from redemption of FHLB Stock | 9,364 | 1,890 | 10,199 |
Purchases of FHLB Stock | (9,909) | (1,692) | (10,094) |
Purchases of available-for-sale securities | (25,914) | ||
Proceeds from sale of available-for-sale securities | 20,374 | ||
Proceeds from maturities, calls and principal repayments on available-for-sale securities | 3,276 | 55,556 | 19,381 |
Proceeds from sales of loans | 2,967 | 4,386 | 3,981 |
Net increase in loans | (159,201) | (77,669) | (29,385) |
Proceeds from sale of other real estate owned | 80 | ||
Purchases of premises and equipment | (2,769) | (530) | (276) |
Net cash used in investing activities | (135,898) | (43,893) | (6,194) |
Cash Flows From Financing Activities: | |||
Net increase in deposits | 70,907 | 43,572 | (191) |
Proceeds from issuance of common stock | 78,191 | ||
Funds loaned to the ESOP | (7,238) | ||
Proceeds from advances | 646,400 | 280,000 | 1,989,305 |
Repayments of advances | (613,000) | (285,000) | (1,991,305) |
Net cash provided by (used in) financing activities | 175,260 | 38,572 | (2,191) |
Net increase (decrease) in cash and cash equivalents | 48,008 | (978) | (3,155) |
Cash and Cash Equivalents: | |||
Beginning | 11,716 | 12,694 | 15,849 |
Ending | 59,724 | 11,716 | 12,694 |
Supplemental Disclosures: | |||
Interest | 6,821 | 5,944 | 5,660 |
Income taxes | 1,474 | 1,280 | 1,598 |
Supplemental Disclosures of Noncash Investing Activities: | |||
Transfer of loans to loans held for sale | $ 3,239 | 6,526 | |
Transfer of loans held for sale to loans | 2,143 | $ 1,867 | |
Supplemental Disclosure of Noncash Financing Activities: | |||
Issuance of common stock to the Ponce De Leon Foundation | $ 6,093 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1. Nature of Business and Summary of Significant Accounting Policies Basis of Financial Statement Presentation The consolidated financial statements of PDL Community Bancorp (the “Company”) presented herein have been prepared in conformity with accounting principles generally accepted in the United States of America and include the accounts of the Company, its wholly owned subsidiary Ponce Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns some of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation . Reorganization and Stock Issuance: On September 29, 2017, Ponce De Leon Federal Bank reorganized into a two-tier mutual holding company structure with a mid-tier stock holding company. The Company sold 8,308,362 shares of common stock at $10.00 per share, including 723,751 shares purchased by the Company’s Employee Stock Ownership Plan (“ESOP”). In addition, the Company issued 9,545,387 shares to Ponce Bank Mutual Holding Company, the Company’s mutual holding company parent (the “MHC”) and 609,279 shares to The Ponce De Leon Foundation (“Foundation”), a charitable foundation that was formed in connection with the stock offering and is dedicated to supporting charitable organizations operating in the Bank’s local community. A total of 18,463,028 shares of common stock were outstanding following the completion of the stock offering. As a result of the reorganization, the reporting entity changed from Ponce De Leon Federal Bank to PDL Community Bancorp. The direct costs of the Company’s stock offering of $4,988 were deferred and deducted from the proceeds of the offering. Nature of Operations: The Bank is a federally chartered savings association headquartered in the Bronx, New York. Ponce De Leon Federal Bank was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, it changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, it changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into the MHC, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank, a federally chartered stock savings association, owned 100% by PDL Community Bancorp and known as and conducting business under the name “Ponce Bank.” The Bank will continue to be subject to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). The Bank’s business is conducted through the administrative office and 13 branch offices. The banking offices are located in the Bronx, Manhattan, Queens and Brooklyn, New York and Union City, New Jersey. The primary market area currently consists of the New York City metropolitan area. The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, as well as, mortgage-backed securities and Federal Home Loan Bank stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. The following is a summary of the Bank's significant accounting policies: Use of Estimates: Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans held for sale, the valuation of deferred tax assets and investment securities, and the determination of pension benefit obligations. Significant Group Concentrations of Credit Risk Cash and Cash Equivalents Securities Debt securities that management has the positive intent and ability to hold to maturity, if any, are classified as "held to maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held to maturity or trading, are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the consolidated statement of income (loss) and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the discounted present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. The sale of a held-to-maturity security within three months of its maturity date or after collection of at least 85% of the principal outstanding at the time the security was acquired is considered a maturity for purposes of classification and disclosure. Federal Home Loan Bank Stock Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Loans Receivable Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Bank’s policy, typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Past-due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash-basis or recorded against principal balances only, until qualifying for return to accrual. Cash-basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDR”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured for impairment using the fair value of the collateral, present value of cash flows, or the observable market price of the note. Impairment measurement for all collateral dependent loans, excluding accruing TDR’s, is based on the fair value of collateral, less costs to sell, if necessary. A loan is considered collateral dependent if repayment of the loan is expected to be provided solely by the sale or the operation of the underlying collateral. When the Bank modifies a loan in a TDR, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs, if repayment under the modified terms becomes doubtful. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced over a rolling 12 quarter average period. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and, effects of changes in credit concentrations. When establishing the allowance for loan losses, management categorizes loans into risk categories reflecting individual borrower earnings, liquidity, leverage and cash flow, as well as the nature of underlying collateral. These risk categories and relevant risk characteristics are as follows: Residential and Multifamily Mortgage Loans Nonresidential Mortgage Loans Construction and Land Loans Business Loans Consumer Loans Loans Held for Sale . Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Transfers of Financial Assets Premises and Equipment: Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Building 39 Building improvements 15 - 39 Furniture, fixtures, and equipment 3 - 10 Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation. Impairment of Long-Lived Assets Other Real Estate Owned Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Income Taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized At December 31, 2017 and 2016, there are no liabilities recorded related to uncertain tax positions. Income tax returns filed for years before 2014 are no longer subject to income tax examinations by U.S. federal, state or local tax authorities. Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of income (loss). Related Party Transactions Defined Benefit Plan: Employee Stock Ownership Plan: Comprehensive Income (Loss) Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Loss Contingencies Fair Value of Financial Instruments Segment Reporting Loan Commitments and Related Financial Instruments Earnings per Share (EPS) Recent Accounting Pronouncements: As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to nonpublic companies. As of December 31, 2017, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606)” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “ Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. The Company expects to apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption through retained earnings. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased office spaces as within the scope of the guidance. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on the Company’s consolidated financial statements. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In March 2016, the FASB issued ASU 2016-09, “ Compensation - Stock Compensation (Topic 718) In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments origination. ASU No. 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, for public business entities. As the Company is taking advantage of extended transition period for complying with new or revised accounting standards assuming it remains an EGC, we will adopt the amendments in this update beginning after December 15, 2020, including interim periods within those fiscal years. Entities have to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). Although early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for debt securities. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments In March 2017, the FASB issued ASU 2017-07 “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08 “Receivables – Non-Refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. In February 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Restrictions on Cash and Due Fr
Restrictions on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Restrictions on Cash and Due From Banks | Note 2. Restrictions on Cash and Due From Banks The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based on a percentage of deposits. The Bank had $24,334 and $4,516 in cash to cover its minimum reserve requirements of $23,870 and $2,349 at December 31, 2017 and 2016, respectively. |
Available-for-Sale Securities
Available-for-Sale Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Securities | Note 3. Available-for-Sale Securities The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities at December 31, 2017 and 2016 are summarized as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 24,911 $ — $ (359 ) $ 24,552 Mortgage-Backed Securities: FNMA Certificates 1,118 — (15 ) 1,103 GNMA Certificates 3,205 38 (1 ) 3,242 $ 29,234 $ 38 $ (375 ) $ 28,897 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 41,906 $ — $ (347 ) $ 41,559 Certificates of Deposit 500 — — 500 Mortgage-Backed Securities: FHLMC Certificates 192 24 — 216 FNMA Certificates 3,600 11 (5 ) 3,606 GNMA Certificates 6,744 97 (32 ) 6,809 $ 52,942 $ 132 $ (384 ) $ 52,690 There were no investments that were classified as held to maturity as of December 31, 2017 and 2016. There were $20,411 in sales of investment securities during the year ended December 31, 2017 and no sales of investment securities in 2016. The following tables present the Company's securities' gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2017 and 2016: December 31, 2017 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Government and Federal Agencies $ — $ — $ 24,552 $ (359 ) $ 24,552 $ (359 ) Mortgage-Backed FNMA Certificates 1,094 (15 ) — — 1,094 (15 ) GNMA Certificates 1,205 (1 ) — — 1,205 (1 ) $ 2,299 $ (16 ) $ 24,552 $ (359 ) $ 26,851 $ (375 ) December 31, 2016 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Government and Federal Agencies $ 41,559 $ (347 ) $ — $ — $ 41,559 $ (347 ) Mortgage-Backed FNMA Certificates 3,489 (5 ) — — 3,489 (5 ) GNMA Certificates 2,645 (32 ) — — 2,645 (32 ) $ 47,693 $ (384 ) $ — $ — $ 47,693 $ (384 ) Note 3. The Company’s investment portfolio had 33 and 52 investment securities at December 31, 2017 and 2016, respectively. At December 31, 2017 and 2016, the Company had 14 and 25 securities, respectively, with a gross unrealized loss position. Management reviewed the financial condition of the entities underlying the securities at both December 31, 2017 and 2016 and determined that they are not other than temporary because the unrealized losses in those securities relate to market interest rate changes the Company has the ability to hold them and does not have the intent to sell these securities, and it is not more likely than not that the Company will be required to sell these securities, before recovery of the cost basis. In addition, management also considers the issuers of the securities to be financially sound and believes the Company will receive all contractual principal and interest related to these investments. The following is a summary of maturities of securities at December 31, 2017 and 2016. Amounts are shown by contractual maturity. Because borrowers of the underlying collateral for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table. December 31, 2017 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ — $ — After three months through one year 1,990 1,977 After one year through five years 22,921 22,575 24,911 24,552 Mortgage-Backed Securities 4,323 4,345 Total $ 29,234 $ 28,897 December 31, 2016 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: After three months through one year $ 2,000 $ 1,998 After one year through five years 39,906 39,561 41,906 41,559 Certificates of Deposit After three months through one year 500 500 Mortgage-Backed Securities 10,536 10,631 Total $ 52,942 $ 52,690 There were no securities pledged at December 31, 2017 and December 31, 2016 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 4. Loans Receivable and Allowance for Loan Losses Loans at December 31, 2017 and 2016 are summarized as follows: December 31, December 31, 2017 2016 Mortgage loans: 1-4 family residential Investor-Owned $ 287,158 $ 227,409 Owner-Occupied 100,854 97,631 Multifamily residential 188,550 158,200 Nonresidential properties 151,193 121,500 Construction and land 67,240 30,340 Nonmortgage loans: Business loans 12,873 15,719 Consumer loans 886 843 808,754 651,642 Net deferred loan origination costs 1,020 711 Allowance for losses on loans (11,071 ) (10,205 ) Loans, net $ 798,703 $ 642,148 The Company's lending activities are conducted principally in New York City. The Company primarily grants loans secured by real estate to individuals and businesses. While collateral provides assurance as a secondary source of repayment, the Bank ordinarily requires the primary source of repayment to be based on the borrowers' ability to generate continuing cash flows.. The Company has established credit policies applicable to each type of lending activity in which it engages. The Company evaluates the creditworthiness of each customer and, in most cases, extends credit up to 75% of the market value of the collateral at the date of the credit extension, depending on the borrowers' creditworthiness and the type of collateral. The market value of collateral is monitored on an ongoing basis and additional collateral is obtained when warranted. Real estate is the primary form of collateral. Other important forms of collateral are time deposits and marketable securities. For disclosures related to the allowance for loan losses and credit quality, the Company does not have any disaggregated classes of loans below the segment level. Credit-Quality Indicators The objectives of the Company’s risk-rating system are to provide the Board of Directors and senior management with an objective assessment of the overall quality of the loan portfolio, to promptly and accurately identify loans with well-defined credit weaknesses so that timely action can be taken to minimize credit loss, to identify relevant trends affecting the collectability of the loan portfolio, to isolate potential problem areas and to provide essential information for determining the adequacy of the allowance for loan losses. Below are the definitions of the Company's internally assigned risk ratings: Strong Pass – Loans to new or existing borrowers collateralized at least 90 percent by an unimpaired deposit account at the Company. Good Pass – A loan to a well-established, new or existing borrower in excellent financial condition with strong liquidity and a history of consistently high level of earnings, cash flow and debt service capacity. Note 4. Loans Receivable and Allowance for Loan Losses (Continued) Satisfactory Pass – Loan to a new or existing borrower of average strength with acceptable financial condition, satisfactory record of earnings and sufficient historical and projected cash flow to service the debt. Performance Pass – New or existing loans evidencing less than average strength, financial condition, record of earnings, or projected cash flows with which to service debt. Special Mention – Loans in this category are currently protected but show one or more potential weakness and risks which may inadequately protect the Company’s credit position or borrower’s ability to meet repayment terms at some future date if the weakness is not checked or corrected. Substandard – Loans that are inadequately protected by the repayment capacity of the borrower or the current sound net worth of the collateral pledged, if any. Loans in this category have well defined weaknesses and risks that jeopardize the repayment. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. Loans within the top four categories above are considered pass rated, as commonly defined. Risk ratings are assigned as necessary to differentiate risk within the portfolio. They are reviewed on an ongoing basis and revised to reflect changes in the borrowers’ financial condition and outlook, debt service coverage capability, repayment performance, collateral value and coverage as well as other considerations. The following tables present credit risk ratings by loan segment as of December 31, 2017 and 2016: December 31, 2017 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 370,629 $ 188,030 $ 148,253 $ 59,914 $ 12,726 $ 886 $ 780,438 Special mention 4,667 — — 650 — — 5,317 Substandard 12,716 520 2,940 6,676 147 — 22,999 Doubtful — — — — — — — Total $ 388,012 $ 188,550 $ 151,193 $ 67,240 $ 12,873 $ 886 $ 808,754 December 31, 2016 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 313,345 $ 158,200 $ 117,467 $ 24,316 $ 15,697 $ 843 $ 629,868 Special mention 2,549 — — — — 2,549 Substandard 9,146 — 4,033 6,024 22 — 19,225 Doubtful — — — — — — — Total $ 325,040 $ 158,200 $ 121,500 $ 30,340 $ 15,719 $ 843 $ 651,642 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) An aging analysis of loans, as of December 31, 2017 and 2016, is as follows: December 31, 2017 30-59 60-89 Over Over Days Days 90 Days Nonaccrual 90 Days Current Past Due Past Due Past Due Total Loans Accruing Mortgages: 1-4 Family Investor-Owned $ 285,485 $ 1,201 $ — $ 472 $ 287,158 $ 2,178 $ 7 Owner-Occupied 96,878 585 — 3,391 100,854 5,317 — Multifamily 188,504 46 — — 188,550 521 — Nonresidential properties 149,300 11 — 1,882 151,193 2,170 — Construction and land 67,240 — — — 67,240 1,075 — Nonmortgage Loans: Business 12,583 239 — 51 12,873 147 — Consumer 886 — — — 886 — — Total $ 800,876 $ 2,082 $ — $ 5,796 $ 808,754 $ 11,408 $ 7 December 31, 2016 30-59 60-89 Over Over Days Days 90 Days Nonaccrual 90 Days Current Past Due Past Due Past Due Total Loans Accruing Mortgages: 1-4 Family Investor-Owned $ 224,368 $ 2,716 $ — $ 325 $ 227,409 $ 2,049 $ — Owner-Occupied 92,778 2,562 557 1,734 97,631 2,109 — Multifamily 157,381 819 — — 158,200 — — Nonresidential properties 119,465 41 — 1,994 121,500 2,397 — Construction and land 30,340 — — — 30,340 1,145 — Nonmortgage Loans: Business 15,672 25 — 22 15,719 22 — Consumer 843 — — — 843 — — Total $ 640,847 $ 6,163 $ 557 $ 4,075 $ 651,642 $ 7,722 $ — Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following schedules detail the composition of the allowance for loan losses and the related investment in loans as of December 31, 2017 and 2016, respectively. For the Year Ended December 31, 2017 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowances for loan losses: Balance, beginning of period $ 3,147 $ 1,804 $ 2,705 $ 1,320 $ 615 $ 597 $ 17 $ — $ 10,205 Provision charged to expense 544 (578 ) 402 95 588 676 (11 ) — 1,716 Losses charged-off — — — — — (1,423 ) (6 ) — (1,429 ) Recoveries 25 176 2 9 2 359 6 — 579 Balance, end of period $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Ending balance: individually evaluated for impairment $ 506 $ 375 $ — $ 39 $ — $ 2 $ — $ — $ 922 Ending balance: collectively evaluated for impairment 3,210 1,027 3,109 1,385 1,205 207 6 — 10,149 Unallocated — — — — — — — — — Total $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Loans: Ending balance: individually evaluated for impairment $ 8,738 $ 10,074 $ 520 $ 4,128 $ 1,075 $ 625 $ — $ — $ 25,160 Ending balance: collectively evaluated for impairment 278,420 90,780 188,030 147,065 66,165 12,248 886 — 783,594 Total $ 287,158 $ 100,854 $ 188,550 $ 151,193 $ 67,240 $ 12,873 $ 886 $ — $ 808,754 For the Year Ended December 31, 2016 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowances for loan losses: Balance, beginning of period $ 2,842 $ 2,127 $ 1,994 $ 1,298 $ 502 $ 709 $ 12 $ — $ 9,484 Provision charged to expense 325 (465 ) 713 13 193 (845 ) 9 — (57 ) Losses charged-off (38 ) — (3 ) — (85 ) — (13 ) — (139 ) Recoveries 18 142 1 9 5 733 9 — 917 Balance, end of period $ 3,147 $ 1,804 $ 2,705 $ 1,320 $ 615 $ 597 $ 17 $ — $ 10,205 Ending balance: individually evaluated for impairment $ 383 $ 719 $ — $ 261 $ — $ 10 $ — $ — $ 1,373 Ending balance: collectively evaluated for impairment 2,764 1,085 2,705 1,059 615 587 17 — 8,832 Unallocated — — — — — — — — — Total $ 3,147 $ 1,804 $ 2,705 $ 1,320 $ 615 $ 597 $ 17 $ — $ 10,205 Loans: Ending balance: individually evaluated for impairment $ 8,471 $ 9,385 $ — $ 6,459 $ 1,145 $ 615 $ — $ — $ 26,075 Ending balance: collectively evaluated for impairment 218,938 88,246 158,200 115,041 29,195 15,104 843 — 625,567 Total $ 227,409 $ 97,631 $ 158,200 $ 121,500 $ 30,340 $ 15,719 $ 843 $ — $ 651,642 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Year Ended December 31, 2015 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowances for loan losses: Balance, beginning of year $ 2,727 $ 2,277 $ 1,669 $ 1,529 $ 504 $ 732 $ 11 $ — $ 9,449 Provision charged to expense 204 (20 ) 582 (243 ) 75 (247 ) 2 — 353 Losses charged-off (142 ) (140 ) (257 ) (19 ) (77 ) — (8 ) — (643 ) Recoveries 53 10 - 31 - 224 7 — 325 Balance, end of year $ 2,842 $ 2,127 $ 1,994 $ 1,298 $ 502 $ 709 $ 12 $ — $ 9,484 Ending balance: individually evaluated for impairment $ 386 $ 782 $ — $ 277 $ — $ 1 $ — $ — $ 1,446 Ending balance: collectively evaluated for impairment 2,456 1,345 1,994 1,021 502 708 12 — 8,038 Unallocated — — — — — — — — — Total $ 2,842 $ 2,127 $ 1,994 $ 1,298 $ 502 $ 709 $ 12 $ — $ 9,484 Loans: Ending balance: individually evaluated for impairment $ 10,797 $ 10,463 $ — $ 6,671 $ 637 $ 826 $ — $ — $ 29,394 Ending balance: collectively evaluated for impairment 193,134 95,743 122,836 99,791 22,246 13,524 788 — 548,062 Total $ 203,931 $ 106,206 $ 122,836 $ 106,462 $ 22,883 $ 14,350 $ 788 $ — $ 577,456 Loans are considered impaired when current information and events indicate all amounts due may not be collectable according to the contractual terms of the related loan agreements. Impaired loans, including TDR’s, are identified by applying normal loan review procedures in accordance with the Allowance for Loan Loss methodology. Management periodically assesses loans to determine whether impairment exists. Any loan that is, or will potentially be, no longer performing in accordance with the terms of the original loan contract is evaluated to determine impairment. The following information relates to impaired loans as of and for the years ended December 31, 2017, 2016 and 2015: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2017 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 20,036 $ 10,651 $ 8,161 $ 18,812 $ 506 $ 18,512 $ 890 Multifamily 533 520 — 520 375 166 — Nonresidential properties 4,729 3,633 495 4,128 — 5,231 166 Construction and land 1,233 1,075 — 1,075 39 1,042 — Nonmortgage Loans: Business 667 529 96 625 2 594 24 Consumer — — — — — — — Total $ 27,198 $ 16,408 $ 8,752 $ 25,160 $ 922 $ 25,545 $ 1,080 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2016 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 19,367 $ 7,507 $ 10,349 $ 17,856 $ 1,102 $ 20,131 $ 722 Multifamily — — — — — 309 — Nonresidential properties 7,096 3,897 2,562 6,459 261 6,541 235 Construction and land 1,241 1,145 — 1,145 — 912 — Nonmortgage Loans: Business 672 605 10 615 10 748 24 Consumer — — — — — — — Total $ 28,376 $ 13,154 $ 12,921 $ 26,075 $ 1,373 $ 28,641 $ 981 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2015 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 23,060 $ 11,025 $ 10,235 $ 21,260 $ 1,169 $ 24,797 $ 993 Multifamily — — — — — 1,544 2 Nonresidential properties 7,264 4,028 2,643 6,671 277 6,595 302 Construction and land 662 637 — 637 — 931 45 Nonmortgage Loans: Business 891 755 71 826 1 993 44 Consumer — — — — — 2 3 Total $ 31,877 $ 16,445 $ 12,949 $ 29,394 $ 1,447 $ 34,862 $ 1,389 The loan portfolio also includes certain loans that have been modified in a TDR. Under applicable standards, TDRs occur when a creditor, for economic or legal reasons related to a debtor’s financial condition, grants a concession to the debtor that it would not otherwise consider, unless it results in a delay in payment that is insignificant. These concessions could include a reduction of interest rate on the loan, payment and maturity extensions, forbearance, or other actions intended to maximize collections. When a loan is modified in a TDR, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs if repayment under the modified terms becomes doubtful. If management determines that the value of the modified loan in a TDR is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or charge-off to the allowance for loan losses. Note 4. Loans Receivable and Allowance for Loan Losses (Continued) As of and for the year ended December 31, 2017, there was one loan that was restructured as a TDR. As of and for the year ended December 31, 2016, there were no loans restructured as TDRs. For the years ended December 31, 2017 and 2016, there were no outstanding TDR loans that had a payment default within 12 months following its modification. Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2017 modification Pre- Post- Balance Modification Modification of Loans Number Recorded Recorded Number at the Time of Loans Balance Balance of Loans of Default Mortgages: 1-4 Family 1 $ 176 $ 176 — $ — Total 1 $ 176 $ 176 — $ — Combination of rate, maturity, other 1 $ 176 $ 176 — $ — Total 1 $ 176 $ 176 — $ — At December 31, 2017, there were 49 troubled debt restructured loans, included in impaired loans, of $18,371. At December 31, 2016, there were 58 troubled debt restructured loans, included in impaired loans, of $21,021. There were no commitments to lend additional funds to borrowers whose loans have been modified in a troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans which aggregated $921 and $1,373 at December 31, 2017 and December 31, 2016, respectively. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | A summary of premises and equipment at December 31, 2017 and 2016 is as follows: December 31, 2017 2016 Land $ 3,979 $ 3,979 Buildings and improvements 15,972 15,972 Leasehold improvements 20,973 19,280 Furniture, fixtures and equipment 4,875 3,799 45,799 43,030 Less accumulated depreciation and amortization (18,627 ) (17,002 ) $ 27,172 $ 26,028 Depreciation and amortization expense amounted to $1,625, $1,679 and $1,817 for the years ended December 31, 2017 2016, and 2015, respectively, and are included in occupancy expense in the accompanying consolidated statements of income (loss). |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Deposits | Note 6. Deposits Deposits at December 31, 2017 and 2016 are summarized as follows: December 31, 2017 2016 Demand $ 103,001 $ 78,792 Interest-bearing deposits: NOW/IOLA accounts 27,758 25,692 Money market accounts 46,497 42,788 Savings accounts 126,668 127,085 Total NOW, money market, and savings 200,923 195,565 Certificates of deposit of $250K or more 80,300 90,267 All other certificates of deposit 329,761 278,454 Total certificates of deposit 410,061 368,721 Total interest-bearing deposits 610,984 564,286 Total deposits $ 713,985 $ 643,078 At December 31, 2017, scheduled maturities of certificates of deposit were as follows: December 31, 2018 $ 161,098 2019 82,820 2020 52,173 2021 73,084 2022 40,886 $ 410,061 Overdrawn deposit accounts that have been reclassified to loans amounted to $174 and $149 as of December 31, 2017 and 2016, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 7. Borrowings FHLB Advances The Bank had $16,400 and $3,000 of outstanding advances from the FHLB on term basis and an overnight line of credit basis at December 31, 2017 and 2016, respectively. The Bank also had a guarantee from the FHLB through a standby letter of credit of $6,614 and $3,583 at December 31, 2017 and 2016, respectively. Additionally, the Bank had an unsecured fed funds line in the amount of $22,000 with a correspondent bank, of which $20,000 was outstanding at December 31, 2017. Borrowed funds at December 31, 2017 and 2016 consist of FHLB and correspondent bank advances and are summarized by maturity and call date below: Note 7. Borrowings (Continued) December 31, December 31, 2017 2016 Scheduled Maturity Redeemable at Call Date Weighted Average Rate Scheduled Maturity Redeemable at Call Date Weighted Average Rate FHLB Overnight line of credit advance $ — $ — — % $ 3,000 $ 3,000 0.78 % Correspondent Bank Overnight line of credit advance 20,000 20,000 1.64 — — — FHLB Term advances ending December 31: 2020 1,400 1,400 2.11 — — — 2021 3,000 3,000 1.84 — — — 2022 5,000 5,000 1.97 — — — 2023 7,000 7,000 2.12 — — — $ 36,400 $ 36,400 1.81 % $ 3,000 $ 3,000 — % Interest expense on advances totaled $210, $8, and $44 for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017 and 2016, the Bank has eligible collateral of approximately $66,254 and $164,843, respectively, in mortgage loans available to secure advances from the FHLB. Securities Sold under Agreement to Repurchase |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The provision (benefit) for income taxes for the years ended December 31, 2017, 2016, and 2015 consists of the following: For the Years Ended December 31, 2017 2016 2015 Federal: Current $ 1,062 $ 642 $ 91 Deferred 24 387 1,090 1,086 1,029 1,181 State and local: Current 402 237 122 Deferred (1,670 ) (754 ) (722 ) (1,268 ) (517 ) (600 ) Changes in valuation allowance 1,606 493 734 Provision (benefit) for income taxes $ 1,424 $ 1,005 $ 1,315 Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% for 2017, 2016, and 2015 to income before income taxes as a result of the following: Note 8. Income Taxes (Continued) For the Years Ended December 31, 2017 2016 2015 Income tax, at federal rate $ (1,007 ) $ 826 $ 1,303 State and local tax, net of federal taxes (1,340 ) (341 ) (395 ) Valuation allowance, net of the federal benefit 1,606 493 734 Expense (benefit) due to enactment of federal tax reform 2,113 — — Other 52 27 (327 ) $ 1,424 $ 1,005 $ 1,315 On December 22, 2017, the U.S. Government signed into law the “Tax Cuts and Jobs Act” which, starting in 2018, reduced the Company’s corporate income tax rate from 34% to 21%, but eliminates or increases certain permanent differences. As of the date of enactment, the Company has adjusted its deferred tax assets and liabilities for the new statutory rate, which resulted in a $2,113 income tax expense for the year ended December 31, 2017. On December 22, 2017, the U.S. Securities and Exchange Commission (“SEC”) released Staff Accounting Bulletin No. 118 (“SAB 118”) to address any uncertainty or diversity of views in practice in accounting for the income tax effects of the Act in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete this accounting in the reporting period that includes the enactment date. SAB 118 allows for a measurement period, not to extend beyond one year from the Act’s enactment date, to complete the necessary accounting. We recorded provisional amounts of deferred income taxes using reasonable estimates in two areas where the information necessary to complete the accounting was not available, prepared, or analyzed: 1) Our deferred tax liability for temporary differences between the tax and financial reporting bases of fixed assets principally due to the accelerated depreciation under the Act which allows for full expensing of qualified property purchased and placed into service after September 27, 2017; and 2) Our deferred tax asset for temporary differences associated with accrued compensation is awaiting final determinations of amounts that will be paid and deducted on the 2017 income tax returns. In a third area, we made no adjustments to deferred tax assets representing future deductions for accrued compensation that may be subject to new limitations under Internal Revenue Code Section 162(m) which, generally, limits the annual deduction for certain compensation paid to certain employees to $1 million. As of the report filing date, there is uncertainty regarding how the newly-enacted rules in this area apply to existing contracts. Consequently, we are seeking further clarification of these matters before completing our analysis. We will complete and record the income tax effects of these provisional items during the period the necessary information becomes available. This measurement period will not extend beyond December 22, 2018. Management maintains a valuation allowance against its net New York State and New York City deferred tax as it is unlikely these deferred tax assets will impact the Company's tax liability in future years. Management has determined that it is not required to establish a valuation allowance against any other deferred tax asset in accordance with GAAP since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible. At December 31, 2017 and 2016, the Company had no unrecognized tax benefits recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. The Company recognizes interest and penalties on unrecognized tax benefits as a component of income tax expense. Note 8. Income Taxes (Continued) The Company is subject to U.S. federal income tax, New York State income tax, New Jersey income tax, and New York City income tax. The Company is no longer subject to examination by taxing authorities for years before 2014. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016 are presented below: At December 31, 2017 2016 Deferred tax assets: Allowance for losses on loans $ 3,444 $ 4,352 Pension obligations 2,402 3,134 Interest on nonaccrual loans 415 525 Unrealized loss on available-for-sale securities 72 86 Amortization of intangible assets 120 219 Deferred rent payable 194 212 Net Operating Losses 2,444 1,340 Charitable contribution carryforward 1,840 — Other 162 20 Total gross deferred tax assets 11,093 9,888 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net 3,134 4,313 Depreciation and amortization of premises and equipment 601 426 Deferred loan fees 317 303 Other 18 17 Total gross deferred tax liabilities 4,070 5,059 Valuation allowance 3,114 1,450 Net deferred tax assets $ 3,909 $ 3,379 The deferred tax expense (benefit) has been allocated between operations and equity as follows: For the Years Ended December 31, 2017 2016 2015 Equity $ 746 $ 260 $ 320 Operations (1,276 ) 126 1,086 $ (530 ) $ 386 $ 1,406 |
Compensation and Benefit Plans
Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Compensation and Benefit Plans | Note 9. Compensation and Benefit Plans Defined Benefit Plan Effective January 1, 2007, the noncontributory defined benefit pension plan (the “Old Pension Plan”) of the Company was frozen and replaced with a qualified defined contribution plan (the “401(k) Plan”) as noted in more detail below. The Old Pension Plan covered substantially all employees. Employees were eligible to participate after one year of service. Normal retirement age was 65, with an early retirement provided for at age 55. The Old Pension Plan was effectively frozen on May 31, 2007 (the curtailment date) and this resulted in an actuarial reassessment of the Old Pension Plan’s future estimated obligations. All participants that are presently vested with the Old Pension Plan will remain in the Old Pension Plan and will receive the full accrued benefit, as defined, upon retirement, in accordance with the plan document. Note 9. Compensation and Benefit Plans (Continued) In May of 2015, the Old Pension Plan was amended to provide an early retirement window from February 19, 2015 to July 1, 2015, for individuals who met certain criteria with regards to age and years of service. Participants who met the criteria were essentially able to receive their expected retirement benefits three years earlier if they chose to exercise the early retirement option. The amendment also gave participants the option of receiving their vested pension benefits via a lump sum payment upon retirement. The following table sets forth the Old Pension Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of December 31, 2017 and 2016 using a measurement date as of December 31, 2017 and 2016, respectively: December 31, 2017 2016 Projected benefit obligation $ (15,883 ) $ (14,142 ) Fair value of plan assets 14,732 15,038 Funded status $ (1,151 ) $ 896 Accumulated benefit obligation $ (15,883 ) $ (14,142 ) December 31, 2017 2016 Changes in benefit obligation: Beginning of period $ 14,142 $ 14,903 Service cost 39 39 Interest cost 581 615 2017 interest rate change 1,338 — 2017 mortality change 1,906 — (Gain)/ Loss (1,345 ) (523 ) Administrative cost (39 ) (39 ) Benefits paid (739 ) (853 ) End of period $ 15,883 $ 14,142 December 31, 2017 2016 Changes in plan assets: Fair value of plan assets, beginning of year $ 15,038 $ 14,553 Actual return on plan assets 472 507 Employer contributions — 870 Plan participant contributions — — Benefits paid (739 ) (853 ) Administrative expenses paid (39 ) (39 ) Fair value of plan assets, end of year $ 14,732 $ 15,038 Pretax amounts recognized in accumulated other comprehensive loss, which will be amortized into net periodic benefit cost over the coming years, consisted of the following components at December 31, 2017 and 2016: December 31, 2017 2016 Net loss $ (11,224 ) $ (9,217 ) Note 9. The components of net periodic benefit cost are as follows for the years ended December 31, 2017, 2016, and 2015: For the Years Ended December 31, 2017 2016 2015 Service cost $ 39 $ 39 $ 35 Interest cost 581 615 584 Expected return on plan assets (839 ) (848 ) (818 ) Amortization of prior service cost 25 25 25 Amortization of (gain)/loss 234 248 238 Net periodic benefit cost $ 40 $ 79 $ 64 Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of December 31, 2017 and 2016: December 31, 2017 2016 Discount rate 3.50% 4.25% Rate of compensation increase 0.00% 0.00% Weighted-average assumptions used to determine the net benefit cost consisted of the following for the years ended December 31, 2017 and 2016: December 31, 2017 2016 Discount rate 4.25% 4.25% Rate of compensation increase 0.00% 0.00% Expected long-term rate of return on assets 6.00% 6.00% The expected rate of return on plan assets is estimated based on the plan’s historical performance of return on assets. The investment policy for plan assets is to manage the portfolio to preserve principal and liquidity while maximizing the return on the plan’s investment portfolio through the full investment of available funds. Plan assets are currently maintained in a guaranteed deposit account with Prudential Retirement Insurance and Annuity Company, earning interest at rates that are determined at the beginning of each year. Pension assets consist solely of funds on deposit in a guaranteed deposit account. The fair value of the pension plan assets at December 31, 2017 and 2016 was $14,696 and $15,296, respectively. The guaranteed deposit account is valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer. Such fair value measurement is considered a Level 3 measurement. Employer contributions and benefit payments for the years ended December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Employer contribution $ — $ 870 Benefits paid $ 739 $ 853 Note 9. Employee benefit payments expected to be paid in the future are as follows: Year ending December 31, 2018 $ 735 2019 736 2020 714 2021 695 2022 700 Thereafter 3,307 $ 6,887 401(k) Plan Following is a summary of the provisions of the 401(k) Plan: On January 1, 2007, a qualified defined contribution retirement plan under Section 401(k) of the Internal Revenue Code was adopted. The 401(k) Plan also qualifies under the Internal Revenue Service safe harbor provisions, as defined. Employees are eligible to participate in the 401(k) Plan after completing one year of service. The 401(k) Plan provides for elective employee/participant deferrals of income. Discretionary matching, profit-sharing, and safe harbor contributions, not to exceed 4% of employee compensation and profit-sharing contributions may be provided. Contributions were approximately $317 and $339 for the years ended December 31, 2017 and 2016. Employee Stock Ownership Plan: In connection with the reorganization, the Company established an Employee Stock Ownership Plan (ESOP) for the exclusive benefit of eligible employees. The ESOP borrowed $7,238 from the Company sufficient to purchase 723,751 shares (approximately 3.92% of the common stock sold in the stock offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Company and dividends received by the ESOP. Contributions will be applied to repay interest on the loan first, and then the remainder will be applied to principal. The loan is expected to be repaid over a period of 15 years. Shares purchased with the loan proceeds are held by the trustee in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants, subject to applicable regulations. Contributions to the ESOP are to be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, compensation expense equal to the average market price of the shares for the respective period are recognized, and the shares become outstanding for earnings per share computations. Shares Amount Balance, beginning of year — $ — New shares purchased 723,751 7,238 Shares released to participants 48,250 483 Shares allocated to participants — — Balance, end of year 675,501 $ 6,755 At December 31, 2017, we had $6,712 outstanding of funds borrowed for the ESOP. We recognized $526 in compensation expense and $52 in interest expense, for the year ended December 31, 2017. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Share The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share: For the Period September 29, through December 31,2017 Net Income (loss) for the period September 29 through December 31, 2017 $ (2,864 ) Shares Outstanding for basic EPS: Weighted Average shares outstanding: 18,463,028 Less: Weighted Average Unallocated Employee Stock Ownership Plan (ESOP) shares: 723,232 Basic weighted shares outstanding 17,739,796 Basic earnings per share (0.16 ) Dilutive potential common shares: — Diluted weighted average shares outstanding 17,739,796 Diluted earnings per share $ (0.16 ) |
Commitments, Contingencies and
Commitments, Contingencies and Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Credit Risk | Note 11. Commitments, Contingencies and Credit Risk Financial Instruments With Off-Balance-Sheet Risk The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer default, and the value of any existing collateral become worthless. The same credit policies are used in making commitments and contractual obligations as for on-balance-sheet instruments. Financial instruments whose contractual amounts represent credit risk at December 31, 2017 and December 31, 2016 are as follows: December 31, 2017 2016 Commitments to grant mortgage loans $ 54,423 $ 33,813 Unfunded commitments under lines of credit 33,641 27,404 Standby letters of credit 6,734 2,487 $ 94,798 $ 63,704 Commitments to Grant Mortgage Loans Note 11. Commitments, Contingencies and Credit Risk (Continued) Unfunded Commitments Under Lines of Credit Standby Letters of Credit Concentration by Geographic Location Lease Commitments The projected minimum rental payments under the terms of the leases at December 31, 2017 is as follows: Year Ending December 31, 2018 $ 1,200 2019 1,170 2020 1,204 2021 1,240 2022 1,145 Thereafter 7,785 $ 13,744 Legal Matters Regulatory Agreement: |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 12. Fair Value The following fair value hierarchy is used based on the lowest level of input significant to the fair value measurement. There are three levels of inputs that may be used to measure fair values: Note 12. Fair Value (Continued) Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Cash and Cash Equivalents, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, Short-Term Borrowings Under Repurchase Agreements and Accrued Interest Payable Available-for-Sale Securities FHLB Stock Loans Loans Held for Sale Other Real Estate Owned Deposits Advances From the Federal Home Loan Bank Note 12. Fair Value (Continued) Off-Balance-Sheet Instruments Fair values for off-balance-sheet instruments (lending commitments The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2017 and December 31, 2016, and indicate the level within the fair value hierarchy utilized to determine the fair value: December 31, 2017 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 24,552 $ — $ 24,552 $ — Mortgage-Backed Securities: FNMA Certificates 1,103 — 1,103 — GNMA Certificates 3,242 — 3,242 — $ 28,897 $ — $ 28,897 $ — December 31, 2016 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 41,559 $ — $ 41,559 $ — Certificates of Deposit 500 — 500 — Mortgage-Backed Securities: FHLMC Certificates 216 — 216 — FNMA Certificates 3,606 — 3,606 — GNMA Certificates 6,809 — 6,809 — $ 52,690 $ — $ 52,690 $ — Our assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred. The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of December 31, 2017 and December 31, 2016 and indicate the fair value hierarchy utilized to determine the fair value: December 31, 2017 Total Level 1 Level 2 Level 3 Impaired loans $ 25,160 $ — $ — $ 25,160 Loans held for sale $ — $ — $ — $ — Other real estate owned $ — $ — $ — $ — December 31, 2016 Total Level 1 Level 2 Level 3 Impaired loans $ 26,075 $ — $ — $ 26,075 Loans held for sale $ 2,143 $ — $ 2,143 $ — Other real estate owned $ — $ — $ — $ — Losses on assets carried at fair value on a nonrecurring basis were de minimis for the years ended December 31, 2017 Note 12. Fair Value (Continued) The fair value information about financial instruments are disclosed, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate that value. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair value amounts for 2017 and 2016 have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each period. The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other savings association holding companies may not be meaningful. As of the years ended December 31, 2017 Carrying Fair Value Measurements December 31, 2017 Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 59,724 $ 59,724 $ — $ — $ 59,724 Investment securities 28,897 — 28,897 — 28,897 Loans receivable, net 798,703 — — 813,160 813,160 Accrued interest receivable 3,335 — 3,335 — 3,335 FHLB stock 1,511 1,511 — — 1,511 Pension plan asset 14,735 — — 14,696 14,696 Financial liabilities: Deposits: Demand deposits 103,001 103,001 — — 103,001 Interest-bearing deposits 200,923 200,923 — — 200,923 Certificates of deposit 410,061 — 414,902 — 414,902 Advance payments by borrowers for taxes and insurance 5,025 — 5,025 — 5,025 Advances 36,400 36,400 — — 36,400 Accrued interest payable 42 — 42 — 42 December 31, 2016 Financial assets: Cash and cash equivalents $ 11,716 $ 11,716 $ — $ — $ 11,716 Investment securities 52,690 — 52,690 — 52,690 Loans held for sale 2,143 — 2,143 — 2,143 Loans receivable, net 642,148 — — 660,706 660,706 Accrued interest receivable 2,707 — 2,707 — 2,707 FHLB stock 964 964 — — 964 Pension plan asset 15,038 — — 15,296 15,296 Financial liabilities: Deposits: Demand deposits 78,792 78,792 — — 78,792 Interest-bearing deposits 195,565 195,565 — — 195,565 Certificates of deposit 368,721 — 368,721 — 368,721 Advance payments by borrowers for taxes and insurance 3,882 — 3,882 — 3,882 Advances 3,000 3,000 — — 3,000 Accrued interest payable 28 — 28 — 28 Off-Balance-Sheet Instruments Note 12. Fair Value (Continued) Pension Plan Asset |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Regulatory Capital Requirements | Note 13. Regulatory Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board and the OCC, respectively. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s operations and consolidated financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation require the maintenance of minimum amounts and ratios (set forth in the table below) of total risk-based and Tier 1 capital to risk-weighted assets (as defined), common equity Tier 1 capital (as defined), and Tier 1 capital to adjusted total assets (as defined). Management believes that, as of December 31, 2017 and December 31, 2016, all applicable capital adequacy requirements have been met. The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer is being phased in from 0% for 2015 to 2.5% by 2019. The applicable capital buffer was 12.7% at December 31, 2017 and 11.2% at December 31, 2016. The most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There were no conditions or events since then that management believes have changed the Bank's category. The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2017 and December 31, 2016 as compared to regulatory requirements are as follows: Note 13. Regulatory Capital Requirements (Continued) To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2017 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 181,196 26.57 % $ 54,557 8.00 % $ 68,196 10.00 % Tier 1 Capital to Risk-Weighted Assets 172,603 25.31 % 40,917 6.00 % 54,557 8.00 % Common Equity Tier 1 Capital Ratio 172,603 25.31 % 30,688 4.50 % 44,327 6.50 % Tier 1 Capital to Total Assets 172,603 20.02 % 34,486 4.00 % 43,108 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 141,120 20.73 % $ 54,447 8.00 % $ 68,059 10.00 % Tier 1 Capital to Risk-Weighted Assets 132,577 19.48 % 40,835 6.00 % 54,447 8.00 % Common Equity Tier 1 Capital Ratio 132,577 19.48 % 30,626 4.50 % 44,238 6.50 % Tier 1 Capital to Total Assets 132,577 14.67 % 36,152 4.00 % 45,190 5.00 % December 31, 2016 Ponce Bank Total Capital to Risk-Weighted Assets $ 106,190 19.21 % $ 44,217 8.00 % $ 55,271 10.00 % Tier 1 Capital to Risk-Weighted Assets 99,240 17.96 % 33,163 6.00 % 44,217 8.00 % Common Equity Tier 1 Capital Ratio 99,240 17.96 % 24,872 4.50 % 35,926 6.50 % Tier 1 Capital to Total Assets 99,240 13.32 % 29,805 4.00 % 37,256 5.00 % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows: December 31, 2017 December 31, 2016 Current Year Change December 31, 2017 Unrealized losses on securities available for sale, net $ (166 ) $ (55 ) $ (221 ) Unrealized losses on pension benefits, net (6,084 ) (1,546 ) (7,630 ) Total $ (6,250 ) $ (1,601 ) $ (7,851 ) December 31, 2016 December 31, 2015 Current Year Change December 31, 2016 Unrealized gains (losses) on securities available for sale, net $ (370 ) $ 204 $ (166 ) Unrealized gains (losses) on pension benefits, net (6,385 ) 301 (6,084 ) Total $ (6,755 ) $ 505 $ (6,250 ) |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Transactions With Related Parties | Note 15. Transactions with Related Parties Directors and officers of the Company have been customers of and have had transactions with the Company, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the years ended December 31, 2017, 2016, and 2015 were as follows: For the Years Ended December 31, 2017 2016 2015 Beginning balance $ 1,573 $ 1,728 $ 397 Originations — — 1,494 Payments (222 ) (155 ) (163 ) Ending balance $ 1,351 $ 1,573 $ 1,728 The Company held deposits in the amount of $5,959 and $6,856 from officers and directors at December 31, 2017 and December 31, 2016, respectively. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company Only Financial Statements | Note 16. Parent Company Only Financial Statements The following are the financial statements of the Parent as of and for the year ended December 31, 2017. The Parent was established as of September 29, 2017, therefore prior period financial information is not available. ASSETS December 31, 2017 Cash and cash equivalents $ 32,060 Investment in Ponce Bank 39,272 Loan receivable - ESOP 6,712 Other assets 1,349 Total assets $ 79,393 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities and accrued expenses 62 Stockholders' Equity 79,331 Total liabilities and stockholders' equity $ 79,393 For the Year Ended December 31, 2017 Interest on ESOP loan $ 53 Contribution to Ponce De Leon Foundation 6,293 Income before income tax (benefit) (6,240 ) Income tax (benefit) (1,287 ) Equity in undistributed earnings of Ponce Bank 1,523 Net income (loss) $ (3,430 ) Note 16. Parent Company Only Financial Statements (Continued) For the Year Ended December 31, 2017 Cash Flows from Operating Activities: Net income (loss) $ (3,430 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in undistributed earnings of subsidiaries (1,523 ) Contribution to Ponce De Leon Foundation 6,093 Deferred tax expense (1,261 ) Net decrease (increase) in accrued interest receivable — Increase in other assets (88 ) Net increase in other liabilities 62 Net cash used in operating activities (147 ) Cash Flows from Investing Activities: Investment in Ponce Bank (39,272 ) Repayment of ESOP Loan 526 Net cash used in investing activities (38,746 ) Cash Flows from Financing Activities: Issuance of common stock 78,191 Purchase of shares by ESOP (7,238 ) Net cash provided by financing activities 70,953 Net increase in cash and cash equivalents 32,060 Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of year $ 32,060 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Note 17. Quarterly Financial Information (unaudited) In thousands of dollars except per share amounts 2017 2016 Fourth Third Second First Fourth Third Second First Net interest income $ 8,477 $ 8,348 $ 8,083 $ 7,298 $ 7,016 $ 6,879 $ 6,742 $ 7,168 Provision for loan losses 1,219 238 207 52 139 115 235 (546 ) Net interest income after provision for loan losses 7,258 8,110 7,876 7,246 6,877 6,764 6,507 7,714 Non-interest income 694 768 884 758 582 637 671 541 Non-interest expense 8,736 13,730 6,995 7,096 7,061 6,880 6,965 6,957 Income (loss) before taxes (784 ) (4,852 ) 1,765 908 398 521 213 1,298 Income tax expense 2,081 (1,643 ) 641 345 159 239 117 490 Net Income (Loss) $ (2,865 ) $ (3,209 ) $ 1,124 $ 563 $ 239 $ 282 $ 96 $ 808 Basic earnings per share $ (0.16 ) N/A N/A N/A N/A N/A N/A N/A Diluted earnings per share $ (0.16 ) N/A N/A N/A N/A N/A N/A N/A Weighted average common shares (basic and diluted) 17,739,796 N/A N/A N/A N/A N/A N/A N/A |
Nature of Business and Summar26
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The consolidated financial statements of PDL Community Bancorp (the “Company”) presented herein have been prepared in conformity with accounting principles generally accepted in the United States of America and include the accounts of the Company, its wholly owned subsidiary Ponce Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns some of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation . |
Reorganization and Stock Issuance | Reorganization and Stock Issuance: On September 29, 2017, Ponce De Leon Federal Bank reorganized into a two-tier mutual holding company structure with a mid-tier stock holding company. The Company sold 8,308,362 shares of common stock at $10.00 per share, including 723,751 shares purchased by the Company’s Employee Stock Ownership Plan (“ESOP”). In addition, the Company issued 9,545,387 shares to Ponce Bank Mutual Holding Company, the Company’s mutual holding company parent (the “MHC”) and 609,279 shares to The Ponce De Leon Foundation (“Foundation”), a charitable foundation that was formed in connection with the stock offering and is dedicated to supporting charitable organizations operating in the Bank’s local community. A total of 18,463,028 shares of common stock were outstanding following the completion of the stock offering. As a result of the reorganization, the reporting entity changed from Ponce De Leon Federal Bank to PDL Community Bancorp. The direct costs of the Company’s stock offering of $4,988 were deferred and deducted from the proceeds of the offering. |
Nature of Operations | Nature of Operations: The Bank is a federally chartered savings association headquartered in the Bronx, New York. Ponce De Leon Federal Bank was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, it changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, it changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into the MHC, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank, a federally chartered stock savings association, owned 100% by PDL Community Bancorp and known as and conducting business under the name “Ponce Bank.” The Bank will continue to be subject to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). The Bank’s business is conducted through the administrative office and 13 branch offices. The banking offices are located in the Bronx, Manhattan, Queens and Brooklyn, New York and Union City, New Jersey. The primary market area currently consists of the New York City metropolitan area. The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, as well as, mortgage-backed securities and Federal Home Loan Bank stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. |
Use of Estimates | Use of Estimates: Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans held for sale, the valuation of deferred tax assets and investment securities, and the determination of pension benefit obligations. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Securities | Securities Debt securities that management has the positive intent and ability to hold to maturity, if any, are classified as "held to maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held to maturity or trading, are classified as "available for sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the consolidated statement of income (loss) and 2) OTTI related to other factors, which is recognized in other comprehensive income (loss). The credit loss is defined as the difference between the discounted present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. The sale of a held-to-maturity security within three months of its maturity date or after collection of at least 85% of the principal outstanding at the time the security was acquired is considered a maturity for purposes of classification and disclosure. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock |
Loans Receivable | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Loans Receivable Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Bank’s policy, typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged off no later than 120 days past due. Past-due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash-basis or recorded against principal balances only, until qualifying for return to accrual. Cash-basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (“TDR”) and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured for impairment using the fair value of the collateral, present value of cash flows, or the observable market price of the note. Impairment measurement for all collateral dependent loans, excluding accruing TDR’s, is based on the fair value of collateral, less costs to sell, if necessary. A loan is considered collateral dependent if repayment of the loan is expected to be provided solely by the sale or the operation of the underlying collateral. When the Bank modifies a loan in a TDR, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs, if repayment under the modified terms becomes doubtful. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced over a rolling 12 quarter average period. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and, effects of changes in credit concentrations. When establishing the allowance for loan losses, management categorizes loans into risk categories reflecting individual borrower earnings, liquidity, leverage and cash flow, as well as the nature of underlying collateral. These risk categories and relevant risk characteristics are as follows: |
Residential and Multifamily Mortgage Loans | Residential and Multifamily Mortgage Loans |
Nonresidential Mortgage Loans | Nonresidential Mortgage Loans |
Construction and Land Loans | Construction and Land Loans |
Business Loans | Business Loans |
Consumer Loans | Consumer Loans |
Loans Held for Sale | Loans Held for Sale . |
Transfers of Financial Assets | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Transfers of Financial Assets |
Premises and Equipment | Premises and Equipment: Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Building 39 Building improvements 15 - 39 Furniture, fixtures, and equipment 3 - 10 Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Other Real Estate Owned | Other Real Estate Owned |
Income Taxes | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Income Taxes When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized At December 31, 2017 and 2016, there are no liabilities recorded related to uncertain tax positions. Income tax returns filed for years before 2014 are no longer subject to income tax examinations by U.S. federal, state or local tax authorities. Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of income (loss). |
Related Party Transactions | Related Party Transactions |
Defined Benefit Plan | Defined Benefit Plan: |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Loss Contingencies | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Loss Contingencies |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Segment Reporting | Segment Reporting |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments |
Earnings per Share (EPS) | Earnings per Share (EPS) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements are made applicable to nonpublic companies. As of December 31, 2017, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606)” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, “ Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. The Company expects to apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption through retained earnings. The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased office spaces as within the scope of the guidance. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact of adoption on the Company’s consolidated financial statements. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In March 2016, the FASB issued ASU 2016-09, “ Compensation - Stock Compensation (Topic 718) In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments origination. ASU No. 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, for public business entities. As the Company is taking advantage of extended transition period for complying with new or revised accounting standards assuming it remains an EGC, we will adopt the amendments in this update beginning after December 15, 2020, including interim periods within those fiscal years. Entities have to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). Although early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for debt securities. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments In March 2017, the FASB issued ASU 2017-07 “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The adoption of this update is not expected to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-08 “Receivables – Non-Refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. In February 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Nature of Business and Summar27
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Estimated Useful Lives of Assets | Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows: Years Building 39 Building improvements 15 - 39 Furniture, fixtures, and equipment 3 - 10 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Available-for-Sale Securities | The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities at December 31, 2017 and 2016 are summarized as follows: December 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 24,911 $ — $ (359 ) $ 24,552 Mortgage-Backed Securities: FNMA Certificates 1,118 — (15 ) 1,103 GNMA Certificates 3,205 38 (1 ) 3,242 $ 29,234 $ 38 $ (375 ) $ 28,897 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 41,906 $ — $ (347 ) $ 41,559 Certificates of Deposit 500 — — 500 Mortgage-Backed Securities: FHLMC Certificates 192 24 — 216 FNMA Certificates 3,600 11 (5 ) 3,606 GNMA Certificates 6,744 97 (32 ) 6,809 $ 52,942 $ 132 $ (384 ) $ 52,690 |
Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position | The following tables present the Company's securities' gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2017 and 2016: December 31, 2017 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Government and Federal Agencies $ — $ — $ 24,552 $ (359 ) $ 24,552 $ (359 ) Mortgage-Backed FNMA Certificates 1,094 (15 ) — — 1,094 (15 ) GNMA Certificates 1,205 (1 ) — — 1,205 (1 ) $ 2,299 $ (16 ) $ 24,552 $ (359 ) $ 26,851 $ (375 ) December 31, 2016 Securities With Gross Unrealized Losses Less Than 12 Months 12 Months or More Total Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Government and Federal Agencies $ 41,559 $ (347 ) $ — $ — $ 41,559 $ (347 ) Mortgage-Backed FNMA Certificates 3,489 (5 ) — — 3,489 (5 ) GNMA Certificates 2,645 (32 ) — — 2,645 (32 ) $ 47,693 $ (384 ) $ — $ — $ 47,693 $ (384 ) |
Summary of Maturities of Securities | The following is a summary of maturities of securities at December 31, 2017 and 2016. Amounts are shown by contractual maturity. Because borrowers of the underlying collateral for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table. December 31, 2017 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ — $ — After three months through one year 1,990 1,977 After one year through five years 22,921 22,575 24,911 24,552 Mortgage-Backed Securities 4,323 4,345 Total $ 29,234 $ 28,897 December 31, 2016 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: After three months through one year $ 2,000 $ 1,998 After one year through five years 39,906 39,561 41,906 41,559 Certificates of Deposit After three months through one year 500 500 Mortgage-Backed Securities 10,536 10,631 Total $ 52,942 $ 52,690 |
Loans Receivable and Allowanc29
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Loans | Loans at December 31, 2017 and 2016 are summarized as follows: December 31, December 31, 2017 2016 Mortgage loans: 1-4 family residential Investor-Owned $ 287,158 $ 227,409 Owner-Occupied 100,854 97,631 Multifamily residential 188,550 158,200 Nonresidential properties 151,193 121,500 Construction and land 67,240 30,340 Nonmortgage loans: Business loans 12,873 15,719 Consumer loans 886 843 808,754 651,642 Net deferred loan origination costs 1,020 711 Allowance for losses on loans (11,071 ) (10,205 ) Loans, net $ 798,703 $ 642,148 |
Schedule of Credit Risk Ratings by Loan Segment | The following tables present credit risk ratings by loan segment as of December 31, 2017 and 2016: December 31, 2017 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 370,629 $ 188,030 $ 148,253 $ 59,914 $ 12,726 $ 886 $ 780,438 Special mention 4,667 — — 650 — — 5,317 Substandard 12,716 520 2,940 6,676 147 — 22,999 Doubtful — — — — — — — Total $ 388,012 $ 188,550 $ 151,193 $ 67,240 $ 12,873 $ 886 $ 808,754 December 31, 2016 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 313,345 $ 158,200 $ 117,467 $ 24,316 $ 15,697 $ 843 $ 629,868 Special mention 2,549 — — — — 2,549 Substandard 9,146 — 4,033 6,024 22 — 19,225 Doubtful — — — — — — — Total $ 325,040 $ 158,200 $ 121,500 $ 30,340 $ 15,719 $ 843 $ 651,642 |
Schedule of Aging Analysis of Loans | Note 4. Loans Receivable and Allowance for Loan Losses (Continued) An aging analysis of loans, as of December 31, 2017 and 2016, is as follows: December 31, 2017 30-59 60-89 Over Over Days Days 90 Days Nonaccrual 90 Days Current Past Due Past Due Past Due Total Loans Accruing Mortgages: 1-4 Family Investor-Owned $ 285,485 $ 1,201 $ — $ 472 $ 287,158 $ 2,178 $ 7 Owner-Occupied 96,878 585 — 3,391 100,854 5,317 — Multifamily 188,504 46 — — 188,550 521 — Nonresidential properties 149,300 11 — 1,882 151,193 2,170 — Construction and land 67,240 — — — 67,240 1,075 — Nonmortgage Loans: Business 12,583 239 — 51 12,873 147 — Consumer 886 — — — 886 — — Total $ 800,876 $ 2,082 $ — $ 5,796 $ 808,754 $ 11,408 $ 7 December 31, 2016 30-59 60-89 Over Over Days Days 90 Days Nonaccrual 90 Days Current Past Due Past Due Past Due Total Loans Accruing Mortgages: 1-4 Family Investor-Owned $ 224,368 $ 2,716 $ — $ 325 $ 227,409 $ 2,049 $ — Owner-Occupied 92,778 2,562 557 1,734 97,631 2,109 — Multifamily 157,381 819 — — 158,200 — — Nonresidential properties 119,465 41 — 1,994 121,500 2,397 — Construction and land 30,340 — — — 30,340 1,145 — Nonmortgage Loans: Business 15,672 25 — 22 15,719 22 — Consumer 843 — — — 843 — — Total $ 640,847 $ 6,163 $ 557 $ 4,075 $ 651,642 $ 7,722 $ — |
Schedule of Composition of Allowance for Loan Losses and Related Investment | Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following schedules detail the composition of the allowance for loan losses and the related investment in loans as of December 31, 2017 and 2016, respectively. For the Year Ended December 31, 2017 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowances for loan losses: Balance, beginning of period $ 3,147 $ 1,804 $ 2,705 $ 1,320 $ 615 $ 597 $ 17 $ — $ 10,205 Provision charged to expense 544 (578 ) 402 95 588 676 (11 ) — 1,716 Losses charged-off — — — — — (1,423 ) (6 ) — (1,429 ) Recoveries 25 176 2 9 2 359 6 — 579 Balance, end of period $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Ending balance: individually evaluated for impairment $ 506 $ 375 $ — $ 39 $ — $ 2 $ — $ — $ 922 Ending balance: collectively evaluated for impairment 3,210 1,027 3,109 1,385 1,205 207 6 — 10,149 Unallocated — — — — — — — — — Total $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ — $ 11,071 Loans: Ending balance: individually evaluated for impairment $ 8,738 $ 10,074 $ 520 $ 4,128 $ 1,075 $ 625 $ — $ — $ 25,160 Ending balance: collectively evaluated for impairment 278,420 90,780 188,030 147,065 66,165 12,248 886 — 783,594 Total $ 287,158 $ 100,854 $ 188,550 $ 151,193 $ 67,240 $ 12,873 $ 886 $ — $ 808,754 For the Year Ended December 31, 2016 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowances for loan losses: Balance, beginning of period $ 2,842 $ 2,127 $ 1,994 $ 1,298 $ 502 $ 709 $ 12 $ — $ 9,484 Provision charged to expense 325 (465 ) 713 13 193 (845 ) 9 — (57 ) Losses charged-off (38 ) — (3 ) — (85 ) — (13 ) — (139 ) Recoveries 18 142 1 9 5 733 9 — 917 Balance, end of period $ 3,147 $ 1,804 $ 2,705 $ 1,320 $ 615 $ 597 $ 17 $ — $ 10,205 Ending balance: individually evaluated for impairment $ 383 $ 719 $ — $ 261 $ — $ 10 $ — $ — $ 1,373 Ending balance: collectively evaluated for impairment 2,764 1,085 2,705 1,059 615 587 17 — 8,832 Unallocated — — — — — — — — — Total $ 3,147 $ 1,804 $ 2,705 $ 1,320 $ 615 $ 597 $ 17 $ — $ 10,205 Loans: Ending balance: individually evaluated for impairment $ 8,471 $ 9,385 $ — $ 6,459 $ 1,145 $ 615 $ — $ — $ 26,075 Ending balance: collectively evaluated for impairment 218,938 88,246 158,200 115,041 29,195 15,104 843 — 625,567 Total $ 227,409 $ 97,631 $ 158,200 $ 121,500 $ 30,340 $ 15,719 $ 843 $ — $ 651,642 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Year Ended December 31, 2015 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowances for loan losses: Balance, beginning of year $ 2,727 $ 2,277 $ 1,669 $ 1,529 $ 504 $ 732 $ 11 $ — $ 9,449 Provision charged to expense 204 (20 ) 582 (243 ) 75 (247 ) 2 — 353 Losses charged-off (142 ) (140 ) (257 ) (19 ) (77 ) — (8 ) — (643 ) Recoveries 53 10 - 31 - 224 7 — 325 Balance, end of year $ 2,842 $ 2,127 $ 1,994 $ 1,298 $ 502 $ 709 $ 12 $ — $ 9,484 Ending balance: individually evaluated for impairment $ 386 $ 782 $ — $ 277 $ — $ 1 $ — $ — $ 1,446 Ending balance: collectively evaluated for impairment 2,456 1,345 1,994 1,021 502 708 12 — 8,038 Unallocated — — — — — — — — — Total $ 2,842 $ 2,127 $ 1,994 $ 1,298 $ 502 $ 709 $ 12 $ — $ 9,484 Loans: Ending balance: individually evaluated for impairment $ 10,797 $ 10,463 $ — $ 6,671 $ 637 $ 826 $ — $ — $ 29,394 Ending balance: collectively evaluated for impairment 193,134 95,743 122,836 99,791 22,246 13,524 788 — 548,062 Total $ 203,931 $ 106,206 $ 122,836 $ 106,462 $ 22,883 $ 14,350 $ 788 $ — $ 577,456 |
Schedule of Information Relates to Impaired Loans | Loans are considered impaired when current information and events indicate all amounts due may not be collectable according to the contractual terms of the related loan agreements. Impaired loans, including TDR’s, are identified by applying normal loan review procedures in accordance with the Allowance for Loan Loss methodology. Management periodically assesses loans to determine whether impairment exists. Any loan that is, or will potentially be, no longer performing in accordance with the terms of the original loan contract is evaluated to determine impairment. The following information relates to impaired loans as of and for the years ended December 31, 2017, 2016 and 2015: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2017 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 20,036 $ 10,651 $ 8,161 $ 18,812 $ 506 $ 18,512 $ 890 Multifamily 533 520 — 520 375 166 — Nonresidential properties 4,729 3,633 495 4,128 — 5,231 166 Construction and land 1,233 1,075 — 1,075 39 1,042 — Nonmortgage Loans: Business 667 529 96 625 2 594 24 Consumer — — — — — — — Total $ 27,198 $ 16,408 $ 8,752 $ 25,160 $ 922 $ 25,545 $ 1,080 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2016 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 19,367 $ 7,507 $ 10,349 $ 17,856 $ 1,102 $ 20,131 $ 722 Multifamily — — — — — 309 — Nonresidential properties 7,096 3,897 2,562 6,459 261 6,541 235 Construction and land 1,241 1,145 — 1,145 — 912 — Nonmortgage Loans: Business 672 605 10 615 10 748 24 Consumer — — — — — — — Total $ 28,376 $ 13,154 $ 12,921 $ 26,075 $ 1,373 $ 28,641 $ 981 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2015 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 23,060 $ 11,025 $ 10,235 $ 21,260 $ 1,169 $ 24,797 $ 993 Multifamily — — — — — 1,544 2 Nonresidential properties 7,264 4,028 2,643 6,671 277 6,595 302 Construction and land 662 637 — 637 — 931 45 Nonmortgage Loans: Business 891 755 71 826 1 993 44 Consumer — — — — — 2 3 Total $ 31,877 $ 16,445 $ 12,949 $ 29,394 $ 1,447 $ 34,862 $ 1,389 |
Schedule of Troubled Debt Restructuring | Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2017 modification Pre- Post- Balance Modification Modification of Loans Number Recorded Recorded Number at the Time of Loans Balance Balance of Loans of Default Mortgages: 1-4 Family 1 $ 176 $ 176 — $ — Total 1 $ 176 $ 176 — $ — Combination of rate, maturity, other 1 $ 176 $ 176 — $ — Total 1 $ 176 $ 176 — $ — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2017 and 2016 is as follows: December 31, 2017 2016 Land $ 3,979 $ 3,979 Buildings and improvements 15,972 15,972 Leasehold improvements 20,973 19,280 Furniture, fixtures and equipment 4,875 3,799 45,799 43,030 Less accumulated depreciation and amortization (18,627 ) (17,002 ) $ 27,172 $ 26,028 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Summarized Deposits | Deposits at December 31, 2017 and 2016 are summarized as follows: December 31, 2017 2016 Demand $ 103,001 $ 78,792 Interest-bearing deposits: NOW/IOLA accounts 27,758 25,692 Money market accounts 46,497 42,788 Savings accounts 126,668 127,085 Total NOW, money market, and savings 200,923 195,565 Certificates of deposit of $250K or more 80,300 90,267 All other certificates of deposit 329,761 278,454 Total certificates of deposit 410,061 368,721 Total interest-bearing deposits 610,984 564,286 Total deposits $ 713,985 $ 643,078 |
Scheduled Maturities of Certificates of Deposit | At December 31, 2017, scheduled maturities of certificates of deposit were as follows: December 31, 2018 $ 161,098 2019 82,820 2020 52,173 2021 73,084 2022 40,886 $ 410,061 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds FHLB and Correspondent Bank Advances Maturity and Call Date | Borrowed funds at December 31, 2017 and 2016 consist of FHLB and correspondent bank advances and are summarized by maturity and call date below: December 31, December 31, 2017 2016 Scheduled Maturity Redeemable at Call Date Weighted Average Rate Scheduled Maturity Redeemable at Call Date Weighted Average Rate FHLB Overnight line of credit advance $ — $ — — % $ 3,000 $ 3,000 0.78 % Correspondent Bank Overnight line of credit advance 20,000 20,000 1.64 — — — FHLB Term advances ending December 31: 2020 1,400 1,400 2.11 — — — 2021 3,000 3,000 1.84 — — — 2022 5,000 5,000 1.97 — — — 2023 7,000 7,000 2.12 — — — $ 36,400 $ 36,400 1.81 % $ 3,000 $ 3,000 — % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes for the years ended December 31, 2017, 2016, and 2015 consists of the following: For the Years Ended December 31, 2017 2016 2015 Federal: Current $ 1,062 $ 642 $ 91 Deferred 24 387 1,090 1,086 1,029 1,181 State and local: Current 402 237 122 Deferred (1,670 ) (754 ) (722 ) (1,268 ) (517 ) (600 ) Changes in valuation allowance 1,606 493 734 Provision (benefit) for income taxes $ 1,424 $ 1,005 $ 1,315 |
Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense | Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% for 2017, 2016, and 2015 to income before income taxes as a result of the following: For the Years Ended December 31, 2017 2016 2015 Income tax, at federal rate $ (1,007 ) $ 826 $ 1,303 State and local tax, net of federal taxes (1,340 ) (341 ) (395 ) Valuation allowance, net of the federal benefit 1,606 493 734 Expense (benefit) due to enactment of federal tax reform 2,113 — — Other 52 27 (327 ) $ 1,424 $ 1,005 $ 1,315 |
Schedule of Significant Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016 are presented below: At December 31, 2017 2016 Deferred tax assets: Allowance for losses on loans $ 3,444 $ 4,352 Pension obligations 2,402 3,134 Interest on nonaccrual loans 415 525 Unrealized loss on available-for-sale securities 72 86 Amortization of intangible assets 120 219 Deferred rent payable 194 212 Net Operating Losses 2,444 1,340 Charitable contribution carryforward 1,840 — Other 162 20 Total gross deferred tax assets 11,093 9,888 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net 3,134 4,313 Depreciation and amortization of premises and equipment 601 426 Deferred loan fees 317 303 Other 18 17 Total gross deferred tax liabilities 4,070 5,059 Valuation allowance 3,114 1,450 Net deferred tax assets $ 3,909 $ 3,379 |
Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity | The deferred tax expense (benefit) has been allocated between operations and equity as follows: For the Years Ended December 31, 2017 2016 2015 Equity $ 746 $ 260 $ 320 Operations (1,276 ) 126 1,086 $ (530 ) $ 386 $ 1,406 |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary Of Pension Plan Funded Status and Amounts Recognized in Financial Condition Statements | The following table sets forth the Old Pension Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of December 31, 2017 and 2016 using a measurement date as of December 31, 2017 and 2016, respectively: December 31, 2017 2016 Projected benefit obligation $ (15,883 ) $ (14,142 ) Fair value of plan assets 14,732 15,038 Funded status $ (1,151 ) $ 896 Accumulated benefit obligation $ (15,883 ) $ (14,142 ) December 31, 2017 2016 Changes in benefit obligation: Beginning of period $ 14,142 $ 14,903 Service cost 39 39 Interest cost 581 615 2017 interest rate change 1,338 — 2017 mortality change 1,906 — (Gain)/ Loss (1,345 ) (523 ) Administrative cost (39 ) (39 ) Benefits paid (739 ) (853 ) End of period $ 15,883 $ 14,142 December 31, 2017 2016 Changes in plan assets: Fair value of plan assets, beginning of year $ 15,038 $ 14,553 Actual return on plan assets 472 507 Employer contributions — 870 Plan participant contributions — — Benefits paid (739 ) (853 ) Administrative expenses paid (39 ) (39 ) Fair value of plan assets, end of year $ 14,732 $ 15,038 |
Benefit Costs Pretax Amounts Recognized in Accumulated Other Comprehensive Loss | Pretax amounts recognized in accumulated other comprehensive loss, which will be amortized into net periodic benefit cost over the coming years, consisted of the following components at December 31, 2017 and 2016: December 31, 2017 2016 Net loss $ (11,224 ) $ (9,217 ) |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows for the years ended December 31, 2017, 2016, and 2015: For the Years Ended December 31, 2017 2016 2015 Service cost $ 39 $ 39 $ 35 Interest cost 581 615 584 Expected return on plan assets (839 ) (848 ) (818 ) Amortization of prior service cost 25 25 25 Amortization of (gain)/loss 234 248 238 Net periodic benefit cost $ 40 $ 79 $ 64 |
Weighted Average Assumptions Used to Determine Net Benefit Obligations | Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of December 31, 2017 and 2016: December 31, 2017 2016 Discount rate 3.50% 4.25% Rate of compensation increase 0.00% 0.00% |
Weighted Average Assumptions Used to Determine Net Benefit Cost | Weighted-average assumptions used to determine the net benefit cost consisted of the following for the years ended December 31, 2017 and 2016: December 31, 2017 2016 Discount rate 4.25% 4.25% Rate of compensation increase 0.00% 0.00% Expected long-term rate of return on assets 6.00% 6.00% |
Employer Contributions and Benefit Payments | Employer contributions and benefit payments for the years ended December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Employer contribution $ — $ 870 Benefits paid $ 739 $ 853 |
Expected Employee Benefit Payments | Employee benefit payments expected to be paid in the future are as follows: Year ending December 31, 2018 $ 735 2019 736 2020 714 2021 695 2022 700 Thereafter 3,307 $ 6,887 |
Schedule of Employee Stock Ownership Plan | Shares Amount Balance, beginning of year — $ — New shares purchased 723,751 7,238 Shares released to participants 48,250 483 Shares allocated to participants — — Balance, end of year 675,501 $ 6,755 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share | The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share: For the Period September 29, through December 31,2017 Net Income (loss) for the period September 29 through December 31, 2017 $ (2,864 ) Shares Outstanding for basic EPS: Weighted Average shares outstanding: 18,463,028 Less: Weighted Average Unallocated Employee Stock Ownership Plan (ESOP) shares: 723,232 Basic weighted shares outstanding 17,739,796 Basic earnings per share (0.16 ) Dilutive potential common shares: — Diluted weighted average shares outstanding 17,739,796 Diluted earnings per share $ (0.16 ) |
Commitments, Contingencies an36
Commitments, Contingencies and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Financial Instruments Whose Contractual Amounts Represent Credit Risk | Financial instruments whose contractual amounts represent credit risk at December 31, 2017 and December 31, 2016 are as follows: December 31, 2017 2016 Commitments to grant mortgage loans $ 54,423 $ 33,813 Unfunded commitments under lines of credit 33,641 27,404 Standby letters of credit 6,734 2,487 $ 94,798 $ 63,704 |
Projected Minimum Rental Payments under Terms of Leases | The projected minimum rental payments under the terms of the leases at December 31, 2017 is as follows: Year Ending December 31, 2018 $ 1,200 2019 1,170 2020 1,204 2021 1,240 2022 1,145 Thereafter 7,785 $ 13,744 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2017 and December 31, 2016, and indicate the level within the fair value hierarchy utilized to determine the fair value: December 31, 2017 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 24,552 $ — $ 24,552 $ — Mortgage-Backed Securities: FNMA Certificates 1,103 — 1,103 — GNMA Certificates 3,242 — 3,242 — $ 28,897 $ — $ 28,897 $ — December 31, 2016 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 41,559 $ — $ 41,559 $ — Certificates of Deposit 500 — 500 — Mortgage-Backed Securities: FHLMC Certificates 216 — 216 — FNMA Certificates 3,606 — 3,606 — GNMA Certificates 6,809 — 6,809 — $ 52,690 $ — $ 52,690 $ — |
Assets Measured at Fair Value on Nonrecurring Basis | Our assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred. The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of December 31, 2017 and December 31, 2016 and indicate the fair value hierarchy utilized to determine the fair value: December 31, 2017 Total Level 1 Level 2 Level 3 Impaired loans $ 25,160 $ — $ — $ 25,160 Loans held for sale $ — $ — $ — $ — Other real estate owned $ — $ — $ — $ — December 31, 2016 Total Level 1 Level 2 Level 3 Impaired loans $ 26,075 $ — $ — $ 26,075 Loans held for sale $ 2,143 $ — $ 2,143 $ — Other real estate owned $ — $ — $ — $ — |
Estimated Fair Values of Financial Instruments | As of the years ended December 31, 2017 Carrying Fair Value Measurements December 31, 2017 Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 59,724 $ 59,724 $ — $ — $ 59,724 Investment securities 28,897 — 28,897 — 28,897 Loans receivable, net 798,703 — — 813,160 813,160 Accrued interest receivable 3,335 — 3,335 — 3,335 FHLB stock 1,511 1,511 — — 1,511 Pension plan asset 14,735 — — 14,696 14,696 Financial liabilities: Deposits: Demand deposits 103,001 103,001 — — 103,001 Interest-bearing deposits 200,923 200,923 — — 200,923 Certificates of deposit 410,061 — 414,902 — 414,902 Advance payments by borrowers for taxes and insurance 5,025 — 5,025 — 5,025 Advances 36,400 36,400 — — 36,400 Accrued interest payable 42 — 42 — 42 December 31, 2016 Financial assets: Cash and cash equivalents $ 11,716 $ 11,716 $ — $ — $ 11,716 Investment securities 52,690 — 52,690 — 52,690 Loans held for sale 2,143 — 2,143 — 2,143 Loans receivable, net 642,148 — — 660,706 660,706 Accrued interest receivable 2,707 — 2,707 — 2,707 FHLB stock 964 964 — — 964 Pension plan asset 15,038 — — 15,296 15,296 Financial liabilities: Deposits: Demand deposits 78,792 78,792 — — 78,792 Interest-bearing deposits 195,565 195,565 — — 195,565 Certificates of deposit 368,721 — 368,721 — 368,721 Advance payments by borrowers for taxes and insurance 3,882 — 3,882 — 3,882 Advances 3,000 3,000 — — 3,000 Accrued interest payable 28 — 28 — 28 |
Regulatory Capital Requiremen38
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements | The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2017 and December 31, 2016 as compared to regulatory requirements are as follows: Note 13. Regulatory Capital Requirements (Continued) To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2017 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 181,196 26.57 % $ 54,557 8.00 % $ 68,196 10.00 % Tier 1 Capital to Risk-Weighted Assets 172,603 25.31 % 40,917 6.00 % 54,557 8.00 % Common Equity Tier 1 Capital Ratio 172,603 25.31 % 30,688 4.50 % 44,327 6.50 % Tier 1 Capital to Total Assets 172,603 20.02 % 34,486 4.00 % 43,108 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 141,120 20.73 % $ 54,447 8.00 % $ 68,059 10.00 % Tier 1 Capital to Risk-Weighted Assets 132,577 19.48 % 40,835 6.00 % 54,447 8.00 % Common Equity Tier 1 Capital Ratio 132,577 19.48 % 30,626 4.50 % 44,238 6.50 % Tier 1 Capital to Total Assets 132,577 14.67 % 36,152 4.00 % 45,190 5.00 % December 31, 2016 Ponce Bank Total Capital to Risk-Weighted Assets $ 106,190 19.21 % $ 44,217 8.00 % $ 55,271 10.00 % Tier 1 Capital to Risk-Weighted Assets 99,240 17.96 % 33,163 6.00 % 44,217 8.00 % Common Equity Tier 1 Capital Ratio 99,240 17.96 % 24,872 4.50 % 35,926 6.50 % Tier 1 Capital to Total Assets 99,240 13.32 % 29,805 4.00 % 37,256 5.00 % |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows: December 31, 2017 December 31, 2016 Current Year Change December 31, 2017 Unrealized losses on securities available for sale, net $ (166 ) $ (55 ) $ (221 ) Unrealized losses on pension benefits, net (6,084 ) (1,546 ) (7,630 ) Total $ (6,250 ) $ (1,601 ) $ (7,851 ) December 31, 2016 December 31, 2015 Current Year Change December 31, 2016 Unrealized gains (losses) on securities available for sale, net $ (370 ) $ 204 $ (166 ) Unrealized gains (losses) on pension benefits, net (6,385 ) 301 (6,084 ) Total $ (6,755 ) $ 505 $ (6,250 ) |
Transactions With Related Par40
Transactions With Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Aggregate Loan Transactions with Related Parties | Aggregate loan transactions with related parties for the years ended December 31, 2017, 2016, and 2015 were as follows: For the Years Ended December 31, 2017 2016 2015 Beginning balance $ 1,573 $ 1,728 $ 397 Originations — — 1,494 Payments (222 ) (155 ) (163 ) Ending balance $ 1,351 $ 1,573 $ 1,728 |
Parent Company Only Financial41
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Consolidated Statements of Financial Condition | The following are the financial statements of the Parent as of and for the year ended December 31, 2017. The Parent was established as of September 29, 2017, therefore prior period financial information is not available. ASSETS December 31, 2017 Cash and cash equivalents $ 32,060 Investment in Ponce Bank 39,272 Loan receivable - ESOP 6,712 Other assets 1,349 Total assets $ 79,393 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities and accrued expenses 62 Stockholders' Equity 79,331 Total liabilities and stockholders' equity $ 79,393 |
Schedule of Consolidated Statements of Income (Loss) | For the Year Ended December 31, 2017 Interest on ESOP loan $ 53 Contribution to Ponce De Leon Foundation 6,293 Income before income tax (benefit) (6,240 ) Income tax (benefit) (1,287 ) Equity in undistributed earnings of Ponce Bank 1,523 Net income (loss) $ (3,430 ) Note 16. Parent Company Only Financial Statements (Continued) |
Schedule of Consolidated Statements of Cash Flows | For the Year Ended December 31, 2017 Cash Flows from Operating Activities: Net income (loss) $ (3,430 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in undistributed earnings of subsidiaries (1,523 ) Contribution to Ponce De Leon Foundation 6,093 Deferred tax expense (1,261 ) Net decrease (increase) in accrued interest receivable — Increase in other assets (88 ) Net increase in other liabilities 62 Net cash used in operating activities (147 ) Cash Flows from Investing Activities: Investment in Ponce Bank (39,272 ) Repayment of ESOP Loan 526 Net cash used in investing activities (38,746 ) Cash Flows from Financing Activities: Issuance of common stock 78,191 Purchase of shares by ESOP (7,238 ) Net cash provided by financing activities 70,953 Net increase in cash and cash equivalents 32,060 Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of year $ 32,060 |
Quarterly Financial Informati42
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | In thousands of dollars except per share amounts 2017 2016 Fourth Third Second First Fourth Third Second First Net interest income $ 8,477 $ 8,348 $ 8,083 $ 7,298 $ 7,016 $ 6,879 $ 6,742 $ 7,168 Provision for loan losses 1,219 238 207 52 139 115 235 (546 ) Net interest income after provision for loan losses 7,258 8,110 7,876 7,246 6,877 6,764 6,507 7,714 Non-interest income 694 768 884 758 582 637 671 541 Non-interest expense 8,736 13,730 6,995 7,096 7,061 6,880 6,965 6,957 Income (loss) before taxes (784 ) (4,852 ) 1,765 908 398 521 213 1,298 Income tax expense 2,081 (1,643 ) 641 345 159 239 117 490 Net Income (Loss) $ (2,865 ) $ (3,209 ) $ 1,124 $ 563 $ 239 $ 282 $ 96 $ 808 Basic earnings per share $ (0.16 ) N/A N/A N/A N/A N/A N/A N/A Diluted earnings per share $ (0.16 ) N/A N/A N/A N/A N/A N/A N/A Weighted average common shares (basic and diluted) 17,739,796 N/A N/A N/A N/A N/A N/A N/A |
Nature of Business and Summar43
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | Sep. 29, 2017$ / sharesshares | Dec. 31, 2017USD ($)BranchOfficeSegmentshares | Dec. 31, 2016USD ($) |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Shares purchased under employee stock ownership plan | 723,751 | ||
Common stock, shares, outstanding | 18,463,028 | ||
Ownership percentage | 100.00% | ||
Number of branch offices | BranchOffice | 13 | ||
Minimum collection percentage of securities required to be considered as a maturity | 85.00% | ||
Period of historical loss experience to estimate allowance for loan losses | 36 months | ||
Percentage of largest amount of tax benefits likely to realize | 50.00% | ||
Liabilities recorded for uncertainty tax position | $ | $ 0 | $ 0 | |
Number of reportable operating segment | Segment | 1 | ||
Commercial Real Estate Portfolio Segment | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Period on which interest rate is adjusted | 5 years | ||
Minimum | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Percentage of loan to value ratio | 65.00% | ||
Minimum | Construction Loans | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Loan term | 6 months | ||
Minimum | Commercial Real Estate Portfolio Segment | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Loan amortization period | 15 years | ||
Balloon payments period of loan | 10 years | ||
Minimum | Commercial Portfolio Segment | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Loan term | 5 years | ||
Maximum | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Percentage of loan to value ratio | 90.00% | ||
Maximum | Construction Loans | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Loan term | 2 years | ||
Maximum | Commercial Real Estate Portfolio Segment | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Percentage of loan to value ratio | 75.00% | ||
Loan amortization period | 30 years | ||
Balloon payments period of loan | 15 years | ||
Maximum | Commercial Portfolio Segment | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Loan term | 7 years | ||
Common Stock | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Number of shares sold | 8,308,362 | ||
Common stock price, per share | $ / shares | $ 10 | ||
Shares purchased under employee stock ownership plan | 723,751 | ||
Common stock, shares, outstanding | 18,463,028 | ||
Stock offering costs | $ | $ 4,988 | ||
Common Stock | Ponce Bank Mutual Holding Company | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Number of shares sold | 9,545,387 | 9,545,387 | |
Common Stock | Ponce De Leon Foundation | |||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |||
Number of shares sold | 609,279 |
Nature of Business and Summar44
Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 39 years |
Minimum | Building Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Minimum | Furniture, Fixtures and Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Maximum | Building Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 39 years |
Maximum | Furniture, Fixtures and Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Restrictions on Cash and Due 45
Restrictions on Cash and Due From Banks - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash And Cash Equivalents [Abstract] | ||
Restricted cash | $ 24,334 | $ 4,516 |
Required reserve balances in cash or on deposit with the Federal Reserve Bank | $ 23,870 | $ 2,349 |
Available-for-Sale Securities -
Available-for-Sale Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 29,234 | $ 52,942 |
Gross Unrealized Gains | 38 | 132 |
Gross Unrealized Losses | (375) | (384) |
Fair Value | 28,897 | 52,690 |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 24,911 | 41,906 |
Gross Unrealized Losses | (359) | (347) |
Fair Value | 24,552 | 41,559 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 500 | |
Fair Value | 500 | |
FHLMC Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 192 | |
Gross Unrealized Gains | 24 | |
Fair Value | 216 | |
FNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,118 | 3,600 |
Gross Unrealized Gains | 11 | |
Gross Unrealized Losses | (15) | (5) |
Fair Value | 1,103 | 3,606 |
GNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,205 | 6,744 |
Gross Unrealized Gains | 38 | 97 |
Gross Unrealized Losses | (1) | (32) |
Fair Value | $ 3,242 | $ 6,809 |
Available-for-Sale Securities47
Available-for-Sale Securities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)Investment | Dec. 31, 2016USD ($)Investment | |
Investments Debt And Equity Securities [Abstract] | ||
Held to maturity | $ 0 | $ 0 |
Sale of available-for-sale securities | $ 20,411,000 | $ 0 |
Number of investment securities | Investment | 33 | 52 |
Number of investment securities not other than temporary | Investment | 14 | 25 |
Securities pledged | $ 0 | $ 0 |
Available-for-Sale Securities48
Available-for-Sale Securities - Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | $ 2,299 | $ 47,693 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss | (16) | (384) |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 24,552 | |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss | (359) | |
Securities With Gross Unrealized Losses, Total Fair Value | 26,851 | 47,693 |
Securities With Gross Unrealized Losses, Total Unrealized Loss | (375) | (384) |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 41,559 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss | (347) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 24,552 | |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Loss | (359) | |
Securities With Gross Unrealized Losses, Total Fair Value | 24,552 | 41,559 |
Securities With Gross Unrealized Losses, Total Unrealized Loss | (359) | (347) |
FNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 1,094 | 3,489 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss | (15) | (5) |
Securities With Gross Unrealized Losses, Total Fair Value | 1,094 | 3,489 |
Securities With Gross Unrealized Losses, Total Unrealized Loss | (15) | (5) |
GNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 1,205 | 2,645 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Loss | (1) | (32) |
Securities With Gross Unrealized Losses, Total Fair Value | 1,205 | 2,645 |
Securities With Gross Unrealized Losses, Total Unrealized Loss | $ (1) | $ (32) |
Available-for-Sale Securities49
Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 29,234 | $ 52,942 |
Available-for-Sale Securities, Fair Value | 28,897 | 52,690 |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities After three months through one year, Amortized Cost | 1,990 | 2,000 |
Available-for-Sale Securities After one year through five years, Amortized Cost | 22,921 | 39,906 |
Available-for-Sale Securities, Amortized Cost | 24,911 | 41,906 |
Available-for-Sale Securities After three months through one year, Fair Value | 1,977 | 1,998 |
Available-for-Sale Securities After one year through five years, Fair Value | 22,575 | 39,561 |
Available-for-Sale Securities, Fair Value | 24,552 | 41,559 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities After three months through one year, Amortized Cost | 500 | |
Available-for-Sale Securities After three months through one year, Fair Value | 500 | |
Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 4,323 | 10,536 |
Available-for-Sale Securities, Fair Value | $ 4,345 | $ 10,631 |
Summary of Loans (Details)
Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 808,754 | $ 651,642 |
Net deferred loan origination costs | 1,020 | 711 |
Allowance for losses on loans | (11,071) | (10,205) |
Loans, net | 798,703 | 642,148 |
Commercial Portfolio Segment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 12,873 | 15,719 |
Consumer Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 886 | 843 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 67,240 | 30,340 |
1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 287,158 | 227,409 |
1-4 Family Residential Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 100,854 | 97,631 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 188,550 | 158,200 |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 151,193 | $ 121,500 |
Loans Receivable and Allowanc51
Loans Receivable and Allowance for Loan Losses - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Loan | Dec. 31, 2016USD ($)Loan | Dec. 31, 2015USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Restructured loans | Loan | 1 | 0 | |
Outstanding TDR loans that had a payment default within 12 months following its modification | Loan | 0 | 0 | |
Number of troubled debt restructured loans, included in impaired loans | Loan | 49 | 58 | |
Impaired loans | $ 25,160 | $ 26,075 | $ 29,394 |
Impairment reserves | 922 | 1,373 | $ 1,446 |
Troubled Debt Restructured Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Impaired loans | 18,371 | 21,021 | |
Impairment reserves | $ 921 | $ 1,373 | |
Maximum | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Creditworthiness of each customer to the market value of the collateral at the date of the credit extension percentage | 75.00% | ||
Minimum | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Strong Pass Loans to new or existing borrowers collateralized percentage | 90.00% |
Credit Risk Ratings by Loan Seg
Credit Risk Ratings by Loan Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 808,754 | $ 651,642 |
1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 388,012 | 325,040 |
Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 188,550 | 158,200 |
Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 151,193 | 121,500 |
Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 67,240 | 30,340 |
Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 12,873 | 15,719 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 886 | 843 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 780,438 | 629,868 |
Pass | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 370,629 | 313,345 |
Pass | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 188,030 | 158,200 |
Pass | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 148,253 | 117,467 |
Pass | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 59,914 | 24,316 |
Pass | Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 12,726 | 15,697 |
Pass | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 886 | 843 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 5,317 | 2,549 |
Special Mention | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 4,667 | 2,549 |
Special Mention | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 650 | |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 22,999 | 19,225 |
Substandard | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 12,716 | 9,146 |
Substandard | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 520 | |
Substandard | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,940 | 4,033 |
Substandard | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,676 | 6,024 |
Substandard | Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 147 | $ 22 |
Aging Analysis of Loans (Detail
Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 800,876 | $ 640,847 |
Total Past Due | 808,754 | 651,642 |
Nonaccrual Loans | 11,408 | 7,722 |
Over 90 days Accruing | 7 | |
Business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 12,583 | 15,672 |
Total Past Due | 12,873 | 15,719 |
Nonaccrual Loans | 147 | 22 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 886 | 843 |
Total Past Due | 886 | 843 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 67,240 | 30,340 |
Total Past Due | 67,240 | 30,340 |
Nonaccrual Loans | 1,075 | 1,145 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,082 | 6,163 |
Financing Receivables, 30 to 59 Days Past Due | Business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 239 | 25 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 557 | |
Financing Receivables, Over 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 5,796 | 4,075 |
Financing Receivables, Over 90 Days Past Due | Business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 51 | 22 |
1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 285,485 | 224,368 |
Total Past Due | 287,158 | 227,409 |
Nonaccrual Loans | 2,178 | 2,049 |
Over 90 days Accruing | 7 | |
1-4 Family Investor Owned | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,201 | 2,716 |
1-4 Family Investor Owned | Financing Receivables, Over 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 472 | 325 |
1-4 Family Owner Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 96,878 | 92,778 |
Total Past Due | 100,854 | 97,631 |
Nonaccrual Loans | 5,317 | 2,109 |
1-4 Family Owner Occupied | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 585 | 2,562 |
1-4 Family Owner Occupied | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 557 | |
1-4 Family Owner Occupied | Financing Receivables, Over 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,391 | 1,734 |
Multifamily | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 188,504 | 157,381 |
Total Past Due | 188,550 | 158,200 |
Nonaccrual Loans | 521 | |
Multifamily | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 46 | 819 |
Nonresidential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 149,300 | 119,465 |
Total Past Due | 151,193 | 121,500 |
Nonaccrual Loans | 2,170 | 2,397 |
Nonresidential | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 11 | 41 |
Nonresidential | Financing Receivables, Over 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 1,882 | $ 1,994 |
Composition of Allowance for Lo
Composition of Allowance for Loan Losses and Related Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | $ 10,205 | $ 9,484 | $ 10,205 | $ 9,484 | $ 9,449 | ||||||
Provision charged to expense | $ 1,219 | $ 238 | $ 207 | 52 | $ 139 | $ 115 | $ 235 | (546) | 1,716 | (57) | 353 |
Losses charged-off | (1,429) | (139) | (643) | ||||||||
Recoveries | 579 | 917 | 325 | ||||||||
Balance, end of period | 11,071 | 10,205 | 11,071 | 10,205 | 9,484 | ||||||
Ending balance: individually evaluated for impairment | 922 | 1,373 | 922 | 1,373 | 1,446 | ||||||
Ending balance: collectively evaluated for impairment | 10,149 | 8,832 | 10,149 | 8,832 | 8,038 | ||||||
Ending balance: individually evaluated for impairment | 25,160 | 26,075 | 25,160 | 26,075 | 29,394 | ||||||
Ending balance: collectively evaluated for impairment | 783,594 | 625,567 | 783,594 | 625,567 | 548,062 | ||||||
Total | 808,754 | 651,642 | 808,754 | 651,642 | 577,456 | ||||||
1-4 Family Investor Owned | |||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | 3,147 | 2,842 | 3,147 | 2,842 | 2,727 | ||||||
Provision charged to expense | 544 | 325 | 204 | ||||||||
Losses charged-off | (38) | (142) | |||||||||
Recoveries | 25 | 18 | 53 | ||||||||
Balance, end of period | 3,716 | 3,147 | 3,716 | 3,147 | 2,842 | ||||||
Ending balance: individually evaluated for impairment | 506 | 383 | 506 | 383 | 386 | ||||||
Ending balance: collectively evaluated for impairment | 3,210 | 2,764 | 3,210 | 2,764 | 2,456 | ||||||
Ending balance: individually evaluated for impairment | 8,738 | 8,471 | 8,738 | 8,471 | 10,797 | ||||||
Ending balance: collectively evaluated for impairment | 278,420 | 218,938 | 278,420 | 218,938 | 193,134 | ||||||
Total | 287,158 | 227,409 | 287,158 | 227,409 | 203,931 | ||||||
1-4 Family Owner Occupied | |||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | 1,804 | 2,127 | 1,804 | 2,127 | 2,277 | ||||||
Provision charged to expense | (578) | (465) | (20) | ||||||||
Losses charged-off | (140) | ||||||||||
Recoveries | 176 | 142 | 10 | ||||||||
Balance, end of period | 1,402 | 1,804 | 1,402 | 1,804 | 2,127 | ||||||
Ending balance: individually evaluated for impairment | 375 | 719 | 375 | 719 | 782 | ||||||
Ending balance: collectively evaluated for impairment | 1,027 | 1,085 | 1,027 | 1,085 | 1,345 | ||||||
Ending balance: individually evaluated for impairment | 10,074 | 9,385 | 10,074 | 9,385 | 10,463 | ||||||
Ending balance: collectively evaluated for impairment | 90,780 | 88,246 | 90,780 | 88,246 | 95,743 | ||||||
Total | 100,854 | 97,631 | 100,854 | 97,631 | 106,206 | ||||||
Multifamily | |||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | 2,705 | 1,994 | 2,705 | 1,994 | 1,669 | ||||||
Provision charged to expense | 402 | 713 | 582 | ||||||||
Losses charged-off | (3) | (257) | |||||||||
Recoveries | 2 | 1 | |||||||||
Balance, end of period | 3,109 | 2,705 | 3,109 | 2,705 | 1,994 | ||||||
Ending balance: collectively evaluated for impairment | 3,109 | 2,705 | 3,109 | 2,705 | 1,994 | ||||||
Ending balance: individually evaluated for impairment | 520 | 520 | |||||||||
Ending balance: collectively evaluated for impairment | 188,030 | 158,200 | 188,030 | 158,200 | 122,836 | ||||||
Total | 188,550 | 158,200 | 188,550 | 158,200 | 122,836 | ||||||
Nonresidential | |||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | 1,320 | 1,298 | 1,320 | 1,298 | 1,529 | ||||||
Provision charged to expense | 95 | 13 | (243) | ||||||||
Losses charged-off | (19) | ||||||||||
Recoveries | 9 | 9 | 31 | ||||||||
Balance, end of period | 1,424 | 1,320 | 1,424 | 1,320 | 1,298 | ||||||
Ending balance: individually evaluated for impairment | 39 | 261 | 39 | 261 | 277 | ||||||
Ending balance: collectively evaluated for impairment | 1,385 | 1,059 | 1,385 | 1,059 | 1,021 | ||||||
Ending balance: individually evaluated for impairment | 4,128 | 6,459 | 4,128 | 6,459 | 6,671 | ||||||
Ending balance: collectively evaluated for impairment | 147,065 | 115,041 | 147,065 | 115,041 | 99,791 | ||||||
Total | 151,193 | 121,500 | 151,193 | 121,500 | 106,462 | ||||||
Construction and Land | |||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | 615 | 502 | 615 | 502 | 504 | ||||||
Provision charged to expense | 588 | 193 | 75 | ||||||||
Losses charged-off | (85) | (77) | |||||||||
Recoveries | 2 | 5 | |||||||||
Balance, end of period | 1,205 | 615 | 1,205 | 615 | 502 | ||||||
Ending balance: collectively evaluated for impairment | 1,205 | 615 | 1,205 | 615 | 502 | ||||||
Ending balance: individually evaluated for impairment | 1,075 | 1,145 | 1,075 | 1,145 | 637 | ||||||
Ending balance: collectively evaluated for impairment | 66,165 | 29,195 | 66,165 | 29,195 | 22,246 | ||||||
Total | 67,240 | 30,340 | 67,240 | 30,340 | 22,883 | ||||||
Business | |||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | 597 | 709 | 597 | 709 | 732 | ||||||
Provision charged to expense | 676 | (845) | (247) | ||||||||
Losses charged-off | (1,423) | ||||||||||
Recoveries | 359 | 733 | 224 | ||||||||
Balance, end of period | 209 | 597 | 209 | 597 | 709 | ||||||
Ending balance: individually evaluated for impairment | 2 | 10 | 2 | 10 | 1 | ||||||
Ending balance: collectively evaluated for impairment | 207 | 587 | 207 | 587 | 708 | ||||||
Ending balance: individually evaluated for impairment | 625 | 615 | 625 | 615 | 826 | ||||||
Ending balance: collectively evaluated for impairment | 12,248 | 15,104 | 12,248 | 15,104 | 13,524 | ||||||
Total | 12,873 | 15,719 | 12,873 | 15,719 | 14,350 | ||||||
Consumer | |||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||||||||
Balance, beginning of period | $ 17 | $ 12 | 17 | 12 | 11 | ||||||
Provision charged to expense | (11) | 9 | 2 | ||||||||
Losses charged-off | (6) | (13) | (8) | ||||||||
Recoveries | 6 | 9 | 7 | ||||||||
Balance, end of period | 6 | 17 | 6 | 17 | 12 | ||||||
Ending balance: collectively evaluated for impairment | 6 | 17 | 6 | 17 | 12 | ||||||
Ending balance: collectively evaluated for impairment | 886 | 843 | 886 | 843 | 788 | ||||||
Total | $ 886 | $ 843 | $ 886 | $ 843 | $ 788 |
Information Relates to Impaired
Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 27,198 | $ 28,376 | $ 31,877 |
Recorded Investment With No Allowance | 16,408 | 13,154 | 16,445 |
Recorded Investment With Allowance | 8,752 | 12,921 | 12,949 |
Total Recorded Investment | 25,160 | 26,075 | 29,394 |
Related Allowance | 922 | 1,373 | 1,447 |
Average Recorded Investment | 25,545 | 28,641 | 34,862 |
Interest Income Recognized on Cash Basis | 1,080 | 981 | 1,389 |
Business | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 667 | 672 | 891 |
Recorded Investment With No Allowance | 529 | 605 | 755 |
Recorded Investment With Allowance | 96 | 10 | 71 |
Total Recorded Investment | 625 | 615 | 826 |
Related Allowance | 2 | 10 | 1 |
Average Recorded Investment | 594 | 748 | 993 |
Interest Income Recognized on Cash Basis | 24 | 24 | 44 |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | 2 | ||
Interest Income Recognized on Cash Basis | 3 | ||
Construction and Land | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,233 | 1,241 | 662 |
Recorded Investment With No Allowance | 1,075 | 1,145 | 637 |
Total Recorded Investment | 1,075 | 1,145 | 637 |
Related Allowance | 39 | ||
Average Recorded Investment | 1,042 | 912 | 931 |
Interest Income Recognized on Cash Basis | 45 | ||
1-4 Family | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 20,036 | 19,367 | 23,060 |
Recorded Investment With No Allowance | 10,651 | 7,507 | 11,025 |
Recorded Investment With Allowance | 8,161 | 10,349 | 10,235 |
Total Recorded Investment | 18,812 | 17,856 | 21,260 |
Related Allowance | 506 | 1,102 | 1,169 |
Average Recorded Investment | 18,512 | 20,131 | 24,797 |
Interest Income Recognized on Cash Basis | 890 | 722 | 993 |
Multifamily | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 533 | ||
Recorded Investment With No Allowance | 520 | ||
Total Recorded Investment | 520 | ||
Related Allowance | 375 | ||
Average Recorded Investment | 166 | 309 | 1,544 |
Interest Income Recognized on Cash Basis | 2 | ||
Nonresidential Properties | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 4,729 | 7,096 | 7,264 |
Recorded Investment With No Allowance | 3,633 | 3,897 | 4,028 |
Recorded Investment With Allowance | 495 | 2,562 | 2,643 |
Total Recorded Investment | 4,128 | 6,459 | 6,671 |
Related Allowance | 261 | 277 | |
Average Recorded Investment | 5,231 | 6,541 | 6,595 |
Interest Income Recognized on Cash Basis | $ 166 | $ 235 | $ 302 |
Schedule of Troubled Debt Restr
Schedule of Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Loan | Dec. 31, 2016Loan | |
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | 0 |
Loans Restructured, Pre-Modification Recorded Balance | $ 176 | |
Loans Restructured, Post-Modification Recorded Balance | $ 176 | |
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 0 | 0 |
Mortgage Loans | ||
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | |
Loans Restructured, Pre-Modification Recorded Balance | $ 176 | |
Loans Restructured, Post-Modification Recorded Balance | $ 176 | |
Mortgage Loans | 1-4 Family | ||
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | |
Loans Restructured, Pre-Modification Recorded Balance | $ 176 | |
Loans Restructured, Post-Modification Recorded Balance | $ 176 | |
Combination of Rate, Maturity, Other | ||
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | |
Loans Restructured, Pre-Modification Recorded Balance | $ 176 | |
Loans Restructured, Post-Modification Recorded Balance | $ 176 |
Summary of Premises and Equipme
Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 45,799 | $ 43,030 |
Less accumulated depreciation and amortization | (18,627) | (17,002) |
Property, plant and equipment, net | 27,172 | 26,028 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,979 | 3,979 |
Building Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,972 | 15,972 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 20,973 | 19,280 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,875 | $ 3,799 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 1,625 | $ 1,679 | $ 1,817 |
Deposits - Summarized Deposits
Deposits - Summarized Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
Demand | $ 103,001 | $ 78,792 |
NOW/IOLA accounts | 27,758 | 25,692 |
Money market accounts | 46,497 | 42,788 |
Savings accounts | 126,668 | 127,085 |
Total NOW, money market, and savings | 200,923 | 195,565 |
Certificates of deposit of $250K or more | 80,300 | 90,267 |
All other certificates of deposit | 329,761 | 278,454 |
Total certificates of deposit | 410,061 | 368,721 |
Total interest-bearing deposits | 610,984 | 564,286 |
Total deposits | $ 713,985 | $ 643,078 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
2,018 | $ 161,098 | |
2,019 | 82,820 | |
2,020 | 52,173 | |
2,021 | 73,084 | |
2,022 | 40,886 | |
Total certificates of deposit | $ 410,061 | $ 368,721 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Banking And Thrift [Abstract] | ||
Overdrawn deposit reclassified to loans amounted | $ 174 | $ 149 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Advance from the Federal Home Loan Bank | $ 16,400 | $ 3,000 | |
Guarantee from the FHLB through a standby letter of credit | 6,614 | 3,583 | |
Unsecured fed fund line amount | 22,000 | ||
Unsecured fed fund line amount outstanding | 20,000 | ||
Interest expense on FHLB advances | 210 | 8 | $ 44 |
Collateral mortgage loans available to secure advances from the FHLB | 66,254 | 164,843 | |
Bank's ability to borrow under repurchase agreements | 25,000 | 25,000 | |
Securities sold under repurchase agreements | 0 | 0 | |
Interest expense on securities sold under repurchase agreements | $ 0 | $ 0 | $ 0 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowed Funds FHLB and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Line Of Credit Facility [Line Items] | ||
FHLB Overnight line of credit advance | $ 3,000 | |
2,020 | $ 1,400 | |
2,021 | 3,000 | |
2,022 | 5,000 | |
2,023 | 7,000 | |
Total | 36,400 | 3,000 |
FHLB Overnight line of credit advance | 3,000 | |
2,020 | 1,400 | |
2,021 | 3,000 | |
2,022 | 5,000 | |
2,023 | 7,000 | |
Total | $ 36,400 | $ 3,000 |
FHLB Overnight line of credit advance | 0.78% | |
2,020 | 2.11% | |
2,021 | 1.84% | |
2,022 | 1.97% | |
2,023 | 2.12% | |
Total | 1.81% | |
Correspondent Bank | ||
Line Of Credit Facility [Line Items] | ||
Correspondent Bank Overnight line of credit advance | $ 20,000 | |
Correspondent Bank Overnight line of credit advance | $ 20,000 | |
Correspondent Bank Overnight line of credit advance | 1.64% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal: | |||||||||||
Current | $ 1,062 | $ 642 | $ 91 | ||||||||
Deferred | 24 | 387 | 1,090 | ||||||||
Federal income tax provision (benefit) | 1,086 | 1,029 | 1,181 | ||||||||
State and local: | |||||||||||
Current | 402 | 237 | 122 | ||||||||
Deferred | (1,670) | (754) | (722) | ||||||||
State and local income tax provision (benefit) | (1,268) | (517) | (600) | ||||||||
Changes in valuation allowance | 1,606 | 493 | 734 | ||||||||
Provision (benefit) for income taxes | $ 2,081 | $ (1,643) | $ 641 | $ 345 | $ 159 | $ 239 | $ 117 | $ 490 | $ 1,424 | $ 1,005 | $ 1,315 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
Federal income tax rate | 34.00% | 34.00% | 34.00% | |
Income tax expense due to enactment of statutory tax rate | $ 2,113,000 | |||
Maximum measurement period to finalize accounting of tax | 1 year | |||
Maximum limit on deduction for certain employees compensation under Internal Revenue Code Section 162(m) | $ 1,000,000 | |||
NEW YORK | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits | $ 0 | $ 0 | ||
Scenario Forecast | ||||
Income Taxes [Line Items] | ||||
Federal income tax rate | 21.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||||||||||
Income tax, at federal rate | $ (1,007) | $ 826 | $ 1,303 | ||||||||
State and local tax, net of federal taxes | (1,340) | (341) | (395) | ||||||||
Valuation allowance, net of the federal benefit | 1,606 | 493 | 734 | ||||||||
Expense (benefit) due to enactment of federal tax reform | 2,113 | ||||||||||
Other | 52 | 27 | (327) | ||||||||
Provision (benefit) for income taxes | $ 2,081 | $ (1,643) | $ 641 | $ 345 | $ 159 | $ 239 | $ 117 | $ 490 | $ 1,424 | $ 1,005 | $ 1,315 |
Income Taxes - Significant Defe
Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for losses on loans | $ 3,444 | $ 4,352 |
Pension obligations | 2,402 | 3,134 |
Interest on nonaccrual loans | 415 | 525 |
Unrealized loss on available-for-sale securities | 72 | 86 |
Amortization of intangible assets | 120 | 219 |
Deferred rent payable | 194 | 212 |
Net Operating Losses | 2,444 | 1,340 |
Charitable contribution carryforward | 1,840 | |
Other | 162 | 20 |
Total gross deferred tax assets | 11,093 | 9,888 |
Deferred tax liabilities: | ||
Cumulative contribution in excess of net periodic benefit costs, net | 3,134 | 4,313 |
Depreciation and amortization of premises and equipment | 601 | 426 |
Deferred loan fees | 317 | 303 |
Other | 18 | 17 |
Total gross deferred tax liabilities | 4,070 | 5,059 |
Valuation allowance | 3,114 | 1,450 |
Net deferred tax assets | $ 3,909 | $ 3,379 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Equity | $ 746 | $ 260 | $ 320 |
Operations | (1,276) | 126 | 1,086 |
Deferred tax expense (benefit) from operations and equity | $ (530) | $ 386 | $ 1,406 |
Compensation and Benefit Plan69
Compensation and Benefit Plans - Summary Of Pension Plan Funded Status and Amounts Recognized in Financial Condition Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||
Projected benefit obligation | $ (15,883) | $ (14,142) | $ (14,903) | $ (15,883) | $ (14,142) |
Fair value of plan assets | 14,732 | 15,038 | 14,553 | 14,732 | 15,038 |
Funded status | (1,151) | 896 | |||
Accumulated benefit obligation | $ (15,883) | $ (14,142) | |||
Changes in benefit obligation: | |||||
Beginning of period | 14,142 | 14,903 | |||
Service cost | 39 | 39 | 35 | ||
Interest cost | 581 | 615 | 584 | ||
2017 interest rate change | 1,338 | ||||
2017 mortality change | 1,906 | ||||
(Gain)/ Loss | (1,345) | (523) | |||
Administrative cost | (39) | (39) | |||
Benefits paid | (739) | (853) | |||
End of period | 15,883 | 14,142 | 14,903 | ||
Changes in plan assets: | |||||
Fair value of plan assets, beginning of year | 15,038 | 14,553 | |||
Actual return on plan assets | 472 | 507 | |||
Employer contributions | 870 | ||||
Benefits paid | (739) | (853) | |||
Administrative expenses paid | (39) | (39) | |||
Fair value of plan assets, end of year | $ 14,732 | $ 15,038 | $ 14,553 |
Compensation and Benefit Plan70
Compensation and Benefit Plans - Benefit Costs Pretax Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax [Abstract] | ||
Net loss | $ (11,224) | $ (9,217) |
Compensation and Benefit Plan71
Compensation and Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amount Recognized In Net Periodic Benefit Cost And Other Comprehensive Income Loss Before Tax [Abstract] | |||
Service cost | $ 39 | $ 39 | $ 35 |
Interest cost | 581 | 615 | 584 |
Expected return on plan assets | (839) | (848) | (818) |
Amortization of prior service cost | 25 | 25 | 25 |
Amortization of (gain)/loss | 234 | 248 | 238 |
Net periodic benefit cost | $ 40 | $ 79 | $ 64 |
Compensation and Benefit Plan72
Compensation and Benefit Plans - Weighted Average Assumptions Used to Determine Net Benefit Obligations (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | ||
Discount rate | 3.50% | 4.25% |
Rate of compensation increase | 0.00% | 0.00% |
Compensation and Benefit Plan73
Compensation and Benefit Plans - Weighted Average Assumptions Used to Determine Net Benefit Cost (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.25% | 4.25% |
Rate of compensation increase | 0.00% | 0.00% |
Expected long-term rate of return on assets | 6.00% | 6.00% |
Compensation and Benefit Plan74
Compensation and Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation And Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 14,732 | $ 15,038 | $ 14,553 |
Employer contributions to 401(k) plan | $ 317 | 339 | |
Maximum employer matching contribution percentage | 4.00% | ||
Number of ESOP shares purchased | 723,751 | ||
Loan receivable - ESOP | $ 6,712 | ||
ESOP compensation expense after tax | 526 | ||
Interest on ESOP loan | 52 | ||
Employee Stock Ownership Plan | |||
Compensation And Benefit Plans Disclosure [Line Items] | |||
ESOP borrowed amount | $ 7,238 | ||
Number of ESOP shares purchased | 723,751 | ||
ESOP shares purchased expressed as percentage of common stock sold in stock offering | 3.92% | ||
Expected period of loan repaid | 15 years | ||
Fair Value Measurements | |||
Compensation And Benefit Plans Disclosure [Line Items] | |||
Fair value of plan assets | $ 14,696 | $ 15,296 |
Compensation and Benefit Plan75
Compensation and Benefit Plans - Employer Contributions and Benefit Payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Employer contribution | $ 870 | |
Benefits paid | $ 739 | $ 853 |
Compensation and Benefit Plan76
Compensation and Benefit Plans - Expected Employee Benefit Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Estimated Future Benefit Payments [Abstract] | |
2,018 | $ 735 |
2,019 | 736 |
2,020 | 714 |
2,021 | 695 |
2,022 | 700 |
Thereafter | 3,307 |
Total expected employee benefit payments | $ 6,887 |
Compensation and Benefit Plan77
Compensation and Benefit Plans - Schedule of Employee Stock Ownership Plan (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of ESOP shares purchased | shares | 723,751 |
Shares released to participants (in shares) | shares | 48,250 |
Balance at end of year (in shares) | shares | 675,501 |
New shares purchased (in amount) | $ | $ 7,238 |
Shares released to participants (in amount) | $ | 483 |
Balance at end of year (in amount) | $ | $ 6,755 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||||||||||||
Net income (loss) | $ (2,864) | $ (2,865) | $ (3,209) | $ 1,124 | $ 563 | $ 239 | $ 282 | $ 96 | $ 808 | $ (4,387) | $ 1,425 | $ 2,518 |
Shares Outstanding for basic EPS: | ||||||||||||
Weighted Average shares outstanding: | 18,463,028 | |||||||||||
Less: Weighted Average Unallocated Employee Stock Ownership Plan (ESOP) shares: | 723,232 | |||||||||||
Basic weighted shares outstanding | 17,739,796 | |||||||||||
Basic earnings per share | $ (0.16) | $ (0.16) | $ (0.16) | |||||||||
Dilutive potential common shares: | ||||||||||||
Diluted weighted average shares outstanding | 17,739,796 | |||||||||||
Diluted earnings per share | $ (0.16) | $ (0.16) | $ (0.16) |
Commitments, Contingencies an79
Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 94,798 | $ 63,704 |
Commitments to Grant Mortgage Loans | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 54,423 | 33,813 |
Unfunded Commitments Under Lines of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 33,641 | 27,404 |
Standby Letters of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 6,734 | $ 2,487 |
Commitments, Contingencies an80
Commitments, Contingencies and Credit Risk - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Lease expiration year | 2,033 | ||
Net rental expenses under operating leases | $ 1,488 | $ 1,393 | $ 1,334 |
Commitments, Contingencies an81
Commitments, Contingencies and Credit Risk - Projected Minimum Rental Payments under Terms of Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
Projected minimum rental payments, due next twelve months | $ 1,200 |
Projected minimum rental payments, due in two years | 1,170 |
Projected minimum rental payments, due in three years | 1,204 |
Projected minimum rental payments, due in four years | 1,240 |
Projected minimum rental payments, due in five years | 1,145 |
Projected minimum rental payments, due thereafter | 7,785 |
Projected minimum rental payments | $ 13,744 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 28,897 | $ 52,690 |
U.S. Government and Federal Agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 24,552 | 41,559 |
FNMA Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 1,103 | 3,606 |
GNMA Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 3,242 | 6,809 |
Certificates of Deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 500 | |
FHLMC Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 216 | |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 28,897 | 52,690 |
Level 2 | U.S. Government and Federal Agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 24,552 | 41,559 |
Level 2 | FNMA Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 1,103 | 3,606 |
Level 2 | GNMA Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 3,242 | 6,809 |
Level 2 | Certificates of Deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 500 | |
Level 2 | FHLMC Certificates | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 216 |
Fair Value - Assets Measured 83
Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Impaired Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 25,160 | $ 26,075 |
Loans Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | 2,143 | |
Level 2 | Loans Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | 2,143 | |
Level 3 | Impaired Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 25,160 | $ 26,075 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Loans held for sale | $ 2,143 | ||
Pension plan asset | $ 14,732 | 15,038 | $ 14,553 |
Carrying Amount | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 59,724 | 11,716 | |
Investment securities | 28,897 | 52,690 | |
Loans held for sale | 2,143 | ||
Loans receivable, net | 798,703 | 642,148 | |
Accrued interest receivable | 3,335 | 2,707 | |
FHLB stock | 1,511 | 964 | |
Pension plan asset | 14,735 | 15,038 | |
Demand deposits | 103,001 | 78,792 | |
Interest-bearing deposits | 200,923 | 195,565 | |
Certificates of deposit | 410,061 | 368,721 | |
Advance payments by borrowers for taxes and insurance | 5,025 | 3,882 | |
Advances | 36,400 | 3,000 | |
Accrued interest payable | 42 | 28 | |
Fair Value Measurements | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 59,724 | 11,716 | |
Investment securities | 28,897 | 52,690 | |
Loans held for sale | 2,143 | ||
Loans receivable, net | 813,160 | 660,706 | |
Accrued interest receivable | 3,335 | 2,707 | |
FHLB stock | 1,511 | 964 | |
Pension plan asset | 14,696 | 15,296 | |
Demand deposits | 103,001 | 78,792 | |
Interest-bearing deposits | 200,923 | 195,565 | |
Certificates of deposit | 414,902 | 368,721 | |
Advance payments by borrowers for taxes and insurance | 5,025 | 3,882 | |
Advances | 36,400 | 3,000 | |
Accrued interest payable | 42 | 28 | |
Fair Value Measurements | Level 1 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 59,724 | 11,716 | |
FHLB stock | 1,511 | 964 | |
Demand deposits | 103,001 | 78,792 | |
Interest-bearing deposits | 200,923 | 195,565 | |
Advances | 36,400 | 3,000 | |
Fair Value Measurements | Level 2 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Investment securities | 28,897 | 52,690 | |
Loans held for sale | 2,143 | ||
Accrued interest receivable | 3,335 | 2,707 | |
Certificates of deposit | 414,902 | 368,721 | |
Advance payments by borrowers for taxes and insurance | 5,025 | 3,882 | |
Accrued interest payable | 42 | 28 | |
Fair Value Measurements | Level 3 | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Loans receivable, net | 813,160 | 660,706 | |
Pension plan asset | $ 14,696 | $ 15,296 |
Regulatory Capital Requiremen85
Regulatory Capital Requirements - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Percentage of capital buffer | 12.70% | 11.20% | ||
Minimum | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Percentage of capital conservation buffer | 0.00% | |||
Maximum | Scenario Forecast | ||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||||
Percentage of capital conservation buffer | 2.50% |
Regulatory Capital Requiremen86
Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
PDL Community Bancorp | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 181,196 | |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 172,603 | |
Common Equity Tier 1 Capital Ratio, Actual Amount | 172,603 | |
Tier 1 Capital to Total Assets, Actual Amount | $ 172,603 | |
Total Capital to Risk-Weighted Assets, Actual Ratio | 26.57% | |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 25.31% | |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 25.31% | |
Tier 1 Capital to Total Assets, Actual Ratio | 20.02% | |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 54,557 | |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 40,917 | |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 30,688 | |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 34,486 | |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 8.00% | |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 6.00% | |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 4.50% | |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 4.00% | |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 68,196 | |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 54,557 | |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 44,327 | |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 43,108 | |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | |
Ponce Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 141,120 | $ 106,190 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 132,577 | 99,240 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 132,577 | 99,240 |
Tier 1 Capital to Total Assets, Actual Amount | $ 132,577 | $ 99,240 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 20.73% | 19.21% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 19.48% | 17.96% |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 19.48% | 17.96% |
Tier 1 Capital to Total Assets, Actual Ratio | 14.67% | 13.32% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 54,447 | $ 44,217 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 40,835 | 33,163 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 30,626 | 24,872 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 36,152 | $ 29,805 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 4.50% | 4.50% |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 68,059 | $ 55,271 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 54,447 | 44,217 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 44,238 | 35,926 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 45,190 | $ 37,256 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss), net of tax | $ (1,601) | $ 505 |
Unrealized gains (losses) on securities available for sale | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (166) | (370) |
Other comprehensive income (loss), net of tax | (55) | 204 |
Accumulated other comprehensive income (loss) ending balance | (221) | (166) |
Unrealized gains (losses) on pension benefits | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (6,084) | (6,385) |
Other comprehensive income (loss), net of tax | (1,546) | 301 |
Accumulated other comprehensive income (loss) ending balance | (7,630) | (6,084) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (6,250) | (6,755) |
Accumulated other comprehensive income (loss) ending balance | $ (7,851) | $ (6,250) |
Aggregate Loan Transactions wit
Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Beginning balance | $ 1,573 | $ 1,728 | $ 397 |
Originations | 1,494 | ||
Payments | (222) | (155) | (163) |
Ending balance | $ 1,351 | $ 1,573 | $ 1,728 |
Transactions With Related Par89
Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transactions [Abstract] | ||
Deposits from officers and directors | $ 5,959 | $ 6,856 |
Parent Company Only Financial90
Parent Company Only Financial Statements - Schedule of Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 59,724 | $ 11,716 | $ 12,694 | $ 15,849 |
Loan receivable - ESOP | 6,712 | |||
Other assets | 2,271 | 3,208 | ||
Total assets | 925,522 | 744,983 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Stockholders' Equity | 164,785 | 92,992 | $ 91,062 | $ 89,600 |
Total liabilities and stockholders' equity | 925,522 | $ 744,983 | ||
Ponce Bank Mutual Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 32,060 | |||
Investment in Ponce Bank | 39,272 | |||
Loan receivable - ESOP | 6,712 | |||
Other assets | 1,349 | |||
Total assets | 79,393 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other liabilities and accrued expenses | 62 | |||
Stockholders' Equity | 79,331 | |||
Total liabilities and stockholders' equity | $ 79,393 |
Parent Company Only Financial91
Parent Company Only Financial Statements - Schedule of Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||||
Interest on ESOP loan | $ 52 | |||||||||||
Income (loss) before income taxes | $ (784) | $ (4,852) | $ 1,765 | $ 908 | $ 398 | $ 521 | $ 213 | $ 1,298 | (2,963) | $ 2,430 | $ 3,833 | |
Income tax (benefit) | 2,081 | (1,643) | 641 | 345 | 159 | 239 | 117 | 490 | 1,424 | 1,005 | 1,315 | |
Net income (loss) | $ (2,864) | $ (2,865) | $ (3,209) | $ 1,124 | $ 563 | $ 239 | $ 282 | $ 96 | $ 808 | (4,387) | $ 1,425 | $ 2,518 |
Ponce Bank Mutual Holding Company | ||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||
Interest on ESOP loan | 53 | |||||||||||
Contribution to Ponce De Leon Foundation | 6,293 | |||||||||||
Income (loss) before income taxes | (6,240) | |||||||||||
Income tax (benefit) | (1,287) | |||||||||||
Equity in undistributed earnings of Ponce Bank | 1,523 | |||||||||||
Net income (loss) | $ (3,430) |
Parent Company Only Financial92
Parent Company Only Financial Statements - Schedule of Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows From Operating Activities: | ||||||||||||
Net income (loss) | $ (2,864) | $ (2,865) | $ (3,209) | $ 1,124 | $ 563 | $ 239 | $ 282 | $ 96 | $ 808 | $ (4,387) | $ 1,425 | $ 2,518 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Charitable foundation contribution expense | 6,093 | |||||||||||
Deferred income taxes | (40) | 126 | 1,086 | |||||||||
Net decrease (increase) in accrued interest receivable | 628 | 39 | (81) | |||||||||
Increase in other assets | 38 | 175 | 3,168 | |||||||||
Net increase in other liabilities | 3,313 | 893 | (4,101) | |||||||||
Net cash provided by operating activities | 8,646 | 4,343 | 5,230 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||
Net cash used in investing activities | (135,898) | (43,893) | (6,194) | |||||||||
Cash Flows From Financing Activities: | ||||||||||||
Proceeds from issuance of common stock | 78,191 | |||||||||||
Funds loaned to the ESOP | (7,238) | |||||||||||
Net cash provided by (used in) financing activities | 175,260 | 38,572 | (2,191) | |||||||||
Net increase (decrease) in cash and cash equivalents | 48,008 | (978) | (3,155) | |||||||||
Beginning | $ 11,716 | $ 12,694 | 11,716 | 12,694 | 15,849 | |||||||
Ending | 59,724 | 59,724 | $ 11,716 | 59,724 | $ 11,716 | $ 12,694 | ||||||
Ponce Bank Mutual Holding Company | ||||||||||||
Cash Flows From Operating Activities: | ||||||||||||
Net income (loss) | (3,430) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | (1,523) | |||||||||||
Charitable foundation contribution expense | 6,093 | |||||||||||
Deferred income taxes | (1,261) | |||||||||||
Increase in other assets | (88) | |||||||||||
Net increase in other liabilities | 62 | |||||||||||
Net cash provided by operating activities | (147) | |||||||||||
Cash Flows From Investing Activities: | ||||||||||||
Investment in Ponce Bank | (39,272) | |||||||||||
Repayment of ESOP Loan | 526 | |||||||||||
Net cash used in investing activities | (38,746) | |||||||||||
Cash Flows From Financing Activities: | ||||||||||||
Proceeds from issuance of common stock | 78,191 | |||||||||||
Funds loaned to the ESOP | (7,238) | |||||||||||
Net cash provided by (used in) financing activities | 70,953 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 32,060 | |||||||||||
Ending | $ 32,060 | $ 32,060 | $ 32,060 |
Quarterly Financial Informati93
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net interest income | $ 8,477 | $ 8,348 | $ 8,083 | $ 7,298 | $ 7,016 | $ 6,879 | $ 6,742 | $ 7,168 | $ 32,206 | $ 27,805 | $ 27,940 | |
Provision for loan losses (recovery) (Note 4) | 1,219 | 238 | 207 | 52 | 139 | 115 | 235 | (546) | 1,716 | (57) | 353 | |
Net interest income after provision for loan losses | 7,258 | 8,110 | 7,876 | 7,246 | 6,877 | 6,764 | 6,507 | 7,714 | 30,490 | 27,862 | 27,587 | |
Non-interest income | 694 | 768 | 884 | 758 | 582 | 637 | 671 | 541 | 3,104 | 2,431 | 2,462 | |
Non-interest expense | 8,736 | 13,730 | 6,995 | 7,096 | 7,061 | 6,880 | 6,965 | 6,957 | 36,557 | 27,863 | 26,216 | |
Income (loss) before income taxes | (784) | (4,852) | 1,765 | 908 | 398 | 521 | 213 | 1,298 | (2,963) | 2,430 | 3,833 | |
Income tax (benefit) | 2,081 | (1,643) | 641 | 345 | 159 | 239 | 117 | 490 | 1,424 | 1,005 | 1,315 | |
Net income (loss) | $ (2,864) | $ (2,865) | $ (3,209) | $ 1,124 | $ 563 | $ 239 | $ 282 | $ 96 | $ 808 | $ (4,387) | $ 1,425 | $ 2,518 |
Basic earnings per share | $ (0.16) | $ (0.16) | $ (0.16) | |||||||||
Diluted earnings per share | $ (0.16) | $ (0.16) | $ (0.16) | |||||||||
Weighted average common shares (basic and diluted) | 17,739,796 |