Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Mar. 16, 2020 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | PDLB | |
Entity Registrant Name | PDL Community Bancorp | |
Entity Central Index Key | 0001703489 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Public Float | $ 67,950,046 | |
Entity Common Stock, Shares Outstanding | 17,323,759 | |
Entity File Number | 001-38224 | |
Entity Tax Identification Number | 82-2857928 | |
Entity Address, Postal Zip Code | 10462 | |
Entity Address, Address Line One | 2244 Westchester Avenue | |
Entity Address, City or Town | Bronx | |
Entity Address, State or Province | NY | |
City Area Code | 718 | |
Local Phone Number | 931-9000 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Documents Incorporated by Reference [Text Block] | Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, schedule to be held on May 12, 2020. |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and due from banks (Note 2): | ||
Cash | $ 6,762 | $ 45,225 |
Interest-bearing deposits in banks | 20,915 | 24,553 |
Total cash and cash equivalents | 27,677 | 69,778 |
Available-for-sale securities, at fair value (Note 3) | 21,504 | 27,144 |
Loans held for sale | 1,030 | |
Loans receivable, net of allowance for loan losses - 2019 $12,329; 2018 $12,659 (Note 4) | 955,737 | 918,509 |
Accrued interest receivable | 3,982 | 3,795 |
Premises and equipment, net (Note 5) | 32,746 | 31,135 |
Federal Home Loan Bank of New York Stock (FHLBNY), at cost | 5,735 | 2,915 |
Deferred tax assets (Note 8) | 3,724 | 3,811 |
Other assets | 1,621 | 2,814 |
Total assets | 1,053,756 | 1,059,901 |
Liabilities: | ||
Deposits (Note 6) | 782,043 | 809,758 |
Accrued interest payable | 97 | 63 |
Advance payments by borrowers for taxes and insurance | 6,348 | 6,037 |
Advances from the Federal Home Loan Bank of New York and others (Note 7) | 104,404 | 69,404 |
Other liabilities | 2,462 | 5,467 |
Total liabilities | 895,354 | 890,729 |
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 17,451,134 shares outstanding as of December 31, 2019 and 18,463,028 shares issued and outstanding as of December 31, 2018 | 185 | 185 |
Treasury stock, at cost; 1,011,894 shares as of December 31, 2019 and no shares as of December 31, 2018 (Note 9) | (14,478) | |
Additional paid-in-capital | 84,777 | 84,581 |
Retained earnings | 93,688 | 98,813 |
Accumulated other comprehensive income (loss) (Note 14) | 20 | (8,135) |
Unearned Employee Stock Ownership Plan (ESOP); 579,001 shares as of December 31, 2019 and 627,251 shares as of December 31, 2018 (Note 9) | (5,790) | (6,272) |
Total stockholders' equity | 158,402 | 169,172 |
Total liabilities and stockholders' equity | $ 1,053,756 | $ 1,059,901 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Loans receivable, allowance for loan losses | $ 12,329 | $ 12,659 |
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 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares, issued | 18,463,028 | 18,463,028 |
Common stock, shares, outstanding | 17,451,134 | 18,463,028 |
Treasury stock,repurchased | 1,011,894 | 0 |
Unearned Employee Stock Ownership Plan (ESOP) shares | 579,001 | 627,251 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | |||
Interest on loans receivable | $ 49,306 | $ 44,948 | $ 38,172 |
Interest on deposits due from banks | 617 | 679 | 259 |
Interest and dividend on available-for-sale securities and FHLBNY stock | 568 | 529 | 558 |
Total interest and dividend income | 50,491 | 46,156 | 38,989 |
Interest expense: | |||
Interest on certificates of deposit | 7,677 | 7,617 | 5,917 |
Interest on other deposits | 2,827 | 974 | 656 |
Interest on borrowings | 1,854 | 899 | 210 |
Total interest expense | 12,358 | 9,490 | 6,783 |
Net interest income | 38,133 | 36,666 | 32,206 |
Provision for loan losses (Note 4) | 258 | 1,249 | 1,716 |
Net interest income after provision for loan losses | 37,875 | 35,417 | 30,490 |
Noninterest income: | |||
Service charges and fees | 971 | 845 | 909 |
Brokerage commissions | 212 | 533 | 547 |
Late and prepayment charges | 755 | 606 | 810 |
Other | 745 | 954 | 838 |
Total noninterest income | 2,683 | 2,938 | 3,104 |
Noninterest expense: | |||
Compensation and benefits | 18,883 | 17,939 | 17,109 |
Loss on termination of pension plan | 9,930 | ||
Occupancy expense | 7,612 | 6,673 | 5,825 |
Data processing expenses | 1,576 | 1,408 | 1,470 |
Direct loan expenses | 692 | 788 | 739 |
Insurance and surety bond premiums | 414 | 369 | 269 |
Office supplies, telephone and postage | 1,185 | 1,309 | 1,103 |
Charitable foundation contributions | 6,293 | ||
Professional fees | 3,237 | 3,154 | 1,060 |
Marketing and promotional expenses | 158 | 215 | 308 |
Directors fees | 294 | 277 | 289 |
Regulatory dues | 231 | 238 | 262 |
Other operating expenses | 2,395 | 2,187 | 1,830 |
Total noninterest expense | 46,607 | 34,557 | 36,557 |
Income (loss) before income taxes | (6,049) | 3,798 | (2,963) |
Provision (benefit) for income taxes (Note 8) | (924) | 1,121 | 1,424 |
Net income (loss) | $ (5,125) | $ 2,677 | $ (4,387) |
Earnings (loss) per share: (Note 10) | |||
Basic | $ (0.29) | $ 0.15 | $ (0.16) |
Diluted | $ (0.29) | $ 0.15 | $ (0.16) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (5,125) | $ 2,677 | $ (4,387) |
Net change in unrealized gains (losses) on securities available-for-sale: | |||
Unrealized gain (losses) | 395 | (89) | (85) |
Expense (benefit) due to enactment of federal tax reform | 44 | ||
Income tax effect | (84) | 19 | (14) |
Unrealized gain (losses) on securities, net | 311 | (70) | (55) |
Pension benefit liability adjustment: | |||
Net gain (loss) during the period | 9,930 | 1,368 | (2,006) |
Expense (benefit) due to the enactment of federal tax reform | 1,192 | ||
Reclassification of stranded income tax effects from accumulated other comprehensive income | (1,281) | ||
Income tax effect | (2,086) | (301) | (732) |
Pension liability adjustment, net of tax | 7,844 | (214) | (1,546) |
Total other comprehensive income (loss), net of tax | 8,155 | (284) | (1,601) |
Total comprehensive income (loss) | $ 3,030 | $ 2,393 | $ (5,988) |
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 StockRestricted Stock Units | Common StockPonce De Leon Foundation | Common StockInitial Public Offering | Common StockMutual Holding Company | Treasury Stock, At Cost | Treasury Stock, At CostRestricted Stock Units | Additional Paid-in Capital | Additional Paid-in CapitalRestricted Stock Units | Additional Paid-in CapitalPonce De Leon Foundation | Additional Paid-in CapitalInitial Public Offering | Retained Earnings | Accumulated Other Comprehensive income (Loss) | Unearned Employee Stock Ownership Plan (ESOP) |
Balance at Dec. 31, 2016 | $ 92,992 | $ 99,242 | $ (6,250) | |||||||||||||||
Net income (loss) | (4,387) | (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 shares) | 735 | $ 252 | 483 | |||||||||||||||
Balance at Dec. 31, 2017 | 164,785 | $ 185 | 84,351 | 94,855 | (7,851) | (6,755) | ||||||||||||
Balance, Shares at Dec. 31, 2017 | 18,463,028 | |||||||||||||||||
Net income (loss) | 2,677 | 2,677 | 2,677 | |||||||||||||||
Other comprehensive income (loss), net of tax | 997 | 997 | ||||||||||||||||
Reclassification of stranded income tax effects from accumulated other comprehensive income | (1,281) | 1,281 | (1,281) | |||||||||||||||
ESOP shares committed to be released (48,250 shares) | 615 | 132 | 483 | |||||||||||||||
Restricted stock awards | 91 | 91 | ||||||||||||||||
Stock options | 7 | 7 | ||||||||||||||||
Balance at Dec. 31, 2018 | 169,172 | 169,172 | $ 185 | 84,581 | 98,813 | (8,135) | (6,272) | |||||||||||
Balance, Shares at Dec. 31, 2018 | 18,463,028 | |||||||||||||||||
Net income (loss) | (5,125) | (5,125) | (5,125) | |||||||||||||||
Other comprehensive income (loss), net of tax | 8,155 | 8,155 | ||||||||||||||||
Issuance of common stock | $ 1,285 | $ (1,285) | ||||||||||||||||
Issuance of common stock, Shares | 90,135 | |||||||||||||||||
Treasury stock | (15,763) | $ (15,763) | ||||||||||||||||
Treasury stock, Shares | (1,102,029) | |||||||||||||||||
ESOP shares committed to be released (48,250 shares) | 707 | 225 | 482 | |||||||||||||||
Restricted stock awards | 1,155 | 1,155 | ||||||||||||||||
Stock options | 101 | 101 | ||||||||||||||||
Balance at Dec. 31, 2019 | $ 158,402 | $ 158,402 | $ 185 | $ (14,478) | $ 84,777 | $ 93,688 | $ 20 | $ (5,790) | ||||||||||
Balance, Shares at Dec. 31, 2019 | 17,451,134 |
Consolidated Statements of St_2
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 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ (5,125) | $ 2,677 | $ (4,387) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Amortization of premiums/discounts on securities, net | 42 | 10 | 52 |
Loss on sale of loans | 102 | 54 | 106 |
(Gain) loss on sale of available-for-sale securities | (12) | 6 | |
Loss on termination of pension plan | 9,930 | ||
Provision for loan losses (Note 4) | 258 | 1,249 | 1,716 |
Depreciation and amortization | 2,222 | 1,798 | 1,625 |
Amortization of core deposit intangible assets | 3 | ||
ESOP compensation expense | 766 | 615 | 735 |
Share-based compensation expense | 1,256 | 98 | |
Charitable foundation contribution expense | 6,093 | ||
Deferred income taxes | (2,099) | (184) | (40) |
Changes in assets and liabilities: | |||
Increase in accrued interest receivable | (187) | (460) | (628) |
Decrease (increase) in other assets | 1,450 | (371) | 38 |
Increase in accrued interest payable | 34 | 21 | 14 |
Increase in advance payments by borrowers | 311 | 1,012 | 1,143 |
Net (decrease) increase in other liabilities | (2,884) | 1,378 | 2,170 |
Net cash provided by operating activities | 6,076 | 7,885 | 8,646 |
Cash Flows From Investing Activities: | |||
Proceeds from redemption of FHLBNY Stock | 11,565 | 9,364 | |
Purchases of FHLBNY Stock | (14,385) | (1,404) | (9,909) |
Purchases of available-for-sale securities | (34,000) | (4,996) | |
Proceeds from sale of available-for-sale securities | 3,760 | 20,374 | |
Proceeds from maturities, calls and principal repayments on available-for-sale securities | 39,555 | 2,902 | 3,276 |
Proceeds from sales of loans | 3,614 | 6,885 | 2,967 |
Net increase in loans | (42,232) | (127,994) | (159,201) |
Purchases of premises and equipment | (3,816) | (5,761) | (2,769) |
Net cash used in investing activities | (39,699) | (126,608) | (135,898) |
Cash Flows From Financing Activities: | |||
Net increase in deposits | (27,715) | 95,773 | 70,907 |
Repurchase of treasury stock | (15,763) | ||
Proceeds from issuance of common stock | 78,191 | ||
Funds loaned to the ESOP | (7,238) | ||
Proceeds from advances | 699,498 | 271,027 | 646,400 |
Repayments of advances | (664,498) | (238,023) | (613,000) |
Net cash (used in) provided by financing activities | (8,478) | 128,777 | 175,260 |
Net (decrease) increase in cash and cash equivalents | (42,101) | 10,054 | 48,008 |
Cash and Cash Equivalents: | |||
Beginning | 69,778 | 59,724 | 11,716 |
Ending | 27,677 | 69,778 | 59,724 |
Cash paid during the year: | |||
Interest | 12,324 | 9,469 | 6,821 |
Income taxes | 1,178 | $ 549 | 1,474 |
Supplemental Disclosures of Noncash Investing Activities: | |||
Transfer of loans held for sale from loans | $ 1,030 | ||
Transfer of loans held for sale to loans | 2,143 | ||
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, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Basis of Presentation and Consolidation The Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements 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. Inter-company transactions and balances are eliminated in consolidation. Nature of Operations: The Bank is a federally chartered savings association headquartered in the Bronx, New York. It 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 (4 branches), Manhattan (2 branches), Queens (3 branches) and Brooklyn (3 branches), New York and Union City (1 branch), 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 of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. Summary of Significant Accounting Policies: Use of Estimates Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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 of New York 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 the 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 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 troubled debt restructurings, 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 a loan is modified to troubled debt restructuring, 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 upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. 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 Employee Benefit Plans: Employee Stock Ownership Plan: Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Stock Options: Restricted Stock Units: Comprehensive Income (Loss) Loss Contingencies Fair Value of Financial Instruments Segment Reporting Loan Commitments and Related Financial Instruments Earnings (Loss) per Share (“EPS”) Treasury Stock Reclassification of Prior Year Presentation: Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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 business entities until such pronouncements are made applicable to nonpublic business entities. As of December 31, 2019, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. Accounting Pronouncements Not Yet Adopted: 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 currently leases seven branches and the new guidance will result in the establishment of a right to use asset and corresponding lease obligations. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope and subsequent related accounting standard updates. The Company has established a project committee and has initiated training on ASU 2016-02. The Company is performing preliminary computations of its right to use asset and corresponding lease obligations for the operating leases of its seven branches. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments.” Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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 available-for-sale debt securities. The Company has selected the CECL model and has begun running scenarios. 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. 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 August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . |
Restrictions on Cash and Due Fr
Restrictions on Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Restrictions on Cash and Due From Banks | Note 2. 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 $5,935 and $44,717 in cash to cover its minimum reserve requirements of $4,927 and $4,375 at December 31, 2019 and 2018, respectively. |
Available-for-Sale Securities
Available-for-Sale Securities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 are summarized as follows: December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 16,373 $ — $ (19 ) $ 16,354 Mortgage-Backed Securities: FNMA Certificates 4,680 — (21 ) 4,659 GNMA Certificates 482 9 — 491 $ 21,535 $ 9 $ (40 ) $ 21,504 Note 3. December 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 20,924 $ — $ (409 ) $ 20,515 U.S. Treasury 4,997 — (2 ) 4,995 Mortgage-Backed Securities: FNMA Certificates 778 — (19 ) 759 GNMA Certificates 870 5 — 875 $ 27,569 $ 5 $ (430 ) $ 27,144 There were no securities that were classified as held-to-maturity as of December 31, 2019 and 2018. There were no securities sold during the year ended December 31, 2019. The Company sold $3,760 of available-for-sale securities during the year ended December 31, 2018. The Company purchased $30,000 of U.S. Treasury securities and $4,000 of mortgage-backed securities during the year ended December 31, 2019. A total of $39,555 of available-for-sale securities matured during the year ended December 31, 2019. 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, 2019 and 2018: December 31, 2019 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 $ — $ — $ 16,354 $ (19 ) $ 16,354 $ (19 ) Mortgage-Backed FNMA Certificates — — 4,659 (21 ) 4,659 (21 ) $ — $ — $ 21,013 $ (40 ) $ 21,013 $ (40 ) Note 3. December 31, 2018 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 $ — $ — $ 20,515 $ (409 ) $ 20,515 $ (409 ) U.S. Treasury 4,995 (2 ) — — 4,995 (2 ) Mortgage-Backed FNMA Certificates — — 759 (19 ) 759 (19 ) $ 4,995 $ (2 ) $ 21,274 $ (428 ) $ 26,269 $ (430 ) The Company’s investment portfolio had 10 and 12 available-for-sale securities at December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, the Company had 9 and 11 available-for-sale securities, respectively, with gross unrealized losses. Management reviewed the financial condition of the entities underlying the securities at both December 31, 2019 and 2018 and determined that they are not other than temporary impaired 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. Note 3. The following is a summary of maturities of securities at December 31, 2019 and 2018. Amounts are shown by contractual maturity. Because borrowers 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, 2019 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 2,000 $ 2,000 After three months through one year 14,373 14,354 After one year through five years — — 16,373 16,354 Mortgage-Backed Securities 5,162 5,150 Total $ 21,535 $ 21,504 December 31, 2018 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 4,997 $ 4,995 After three months through one year 4,554 4,497 After one year through five years 16,370 16,018 25,921 25,510 Mortgage-Backed Securities 1,648 1,634 Total $ 27,569 $ 27,144 There were no securities pledged at December 31, 2019 and 2018. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 4. Loans Receivable and Allowance for Loan Losses Loans at December 31, 2019 and 2018 are summarized as follows: December 31, December 31, 2019 2018 Mortgage loans: 1-4 family residential Investor-Owned $ 305,272 $ 303,197 Owner-Occupied 91,943 92,788 Multifamily residential 250,239 232,509 Nonresidential properties 207,225 196,917 Construction and land 99,309 87,572 Nonmortgage loans: Business loans 10,877 15,710 Consumer loans 1,231 1,068 966,096 929,761 Net deferred loan origination costs 1,970 1,407 Allowance for loan losses (12,329 ) (12,659 ) Loans receivable, net $ 955,737 $ 918,509 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) 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 pursuant to an established credit policy applicable to each type of lending activity in which it engages. Although collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment to be based on the borrowers' ability to generate continuing cash flows. The Company also evaluates the collateral and creditworthiness of each customer. The credit policy provides that depending on the borrowers’ creditworthiness and type of collateral, credit may be extended up to predetermined percentages of the market value of the collateral. 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 – Loans to a new or existing borrower in a well-established enterprise in excellent financial condition with strong liquidity and a history of consistently high level of earnings, cash flow and debt service capacity. Satisfactory Pass – Loans 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 – Loans that evidence strong payment history but document 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 weaknesses and risks which may inadequately protect collectability or borrower’s ability to meet repayment terms at some future date if the weakness or weaknesses are not monitored or remediated. 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 their repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remedied. 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. Note 4. Loans Receivable and Allowance for Loan Losses (Continued) 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, 2019 and 2018: December 31, 2019 Mortgage Loans Nonmortgage Loans 1-4 Construction Total Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 386,022 $ 249,066 $ 202,761 $ 75,997 $ 10,877 $ 1,231 $ 925,954 Special mention 2,412 — — 14,943 — — 17,355 Substandard 8,781 1,173 4,464 8,369 — — 22,787 Total $ 397,215 $ 250,239 $ 207,225 $ 99,309 $ 10,877 $ 1,231 $ 966,096 December 31, 2018 Mortgage Loans Nonmortgage Loans 1-4 Construction Total Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 383,123 $ 231,422 $ 195,327 $ 71,438 $ 14,324 $ 1,068 $ 896,702 Special mention 3,728 775 — 8,505 1,386 — 14,394 Substandard 9,134 312 1,590 7,629 — — 18,665 Total $ 395,985 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ 929,761 An aging analysis of loans, as of December 31, 2019 and 2018, is as follows: December 31, 2019 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 $ 300,324 $ 3,866 $ — $ 1,082 $ 305,272 $ 1,749 $ — Owner-Occupied 87,243 3,405 — 1,295 91,943 3,500 — Multifamily residential 246,318 3,921 — — 250,239 — — Nonresidential properties 203,514 3 — 3,708 207,225 4,201 — Construction and land 99,309 — — — 99,309 1,118 — Nonmortgage Loans: Business 10,877 — — — 10,877 — — Consumer 1,231 — — — 1,231 — — Total $ 948,816 $ 11,195 $ — $ 6,085 $ 966,096 $ 10,568 $ — Note 4. Loans Receivable and Allowance for Loan Losses (Continued) December 31, 2018 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 $ 296,188 $ 6,539 $ 470 $ — $ 303,197 $ 1,258 $ — Owner-Occupied 89,610 1,609 574 995 92,788 3,079 — Multifamily residential 231,514 995 — — 232,509 16 — Nonresidential properties 195,861 — 4 1,052 196,917 1,310 — Construction and land 87,572 — — — 87,572 1,115 — Nonmortgage Loans: Business 15,418 292 — — 15,710 — — Consumer 1,068 — — — 1,068 — — Total $ 917,231 $ 9,435 $ 1,048 $ 2,047 $ 929,761 $ 6,778 $ — The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of December 31, 2019, 2018, and 2017, respectively. For the Year Ended December 31, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer For the Period Allowances for loan losses: Balance, beginning of period $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ 12,659 Provision charged to expense (311 ) (141 ) 36 (85 ) 151 608 — 258 Losses charged-off (8 ) — — — — (724 ) — (732 ) Recoveries 23 — — 9 — 110 2 144 Balance, end of period $ 3,503 $ 1,067 $ 3,865 $ 1,849 $ 1,782 $ 254 $ 9 $ 12,329 Ending balance: individually evaluated for impairment $ 265 $ 149 $ — $ 31 $ — $ 14 $ — $ 459 Ending balance: collectively evaluated for impairment 3,238 918 3,865 1,818 1,782 240 9 11,870 Total $ 3,503 $ 1,067 $ 3,865 $ 1,849 $ 1,782 $ 254 $ 9 $ 12,329 Loans: Ending balance: individually evaluated for impairment $ 6,973 $ 5,572 $ — $ 5,548 $ 1,125 $ 14 $ — $ 19,232 Ending balance: collectively evaluated for impairment 298,299 86,371 250,239 201,677 98,184 10,863 1,231 946,864 Total $ 305,272 $ 91,943 $ 250,239 $ 207,225 $ 99,309 $ 10,877 $ 1,231 $ 966,096 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Year Ended December 31, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer For the Period Allowances for loan losses: Balance, beginning of period $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ 11,071 Provision charged to expense 82 (444 ) 720 492 426 (37 ) 10 1,249 Losses charged-off — — — — — (34 ) (14 ) (48 ) Recoveries 1 250 — 9 — 122 5 387 Balance, end of period $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ 12,659 Ending balance: individually evaluated for impairment $ 349 $ 234 $ — $ 35 $ — $ — $ — $ 618 Ending balance: collectively evaluated for impairment 3,450 974 3,829 1,890 1,631 260 7 12,041 Total $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ 12,659 Loans: Ending balance: individually evaluated for impairment $ 6,452 $ 6,525 $ 16 $ 2,750 $ 1,108 $ 374 $ — $ 17,225 Ending balance: collectively evaluated for impairment 296,745 86,263 232,493 194,167 86,464 15,336 1,068 912,536 Total $ 303,197 $ 92,788 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ 929,761 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 For the Period Allowances for loan losses: Balance, beginning of year $ 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 year $ 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 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 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 troubled debt restructurings, are identified by applying normal loan review procedures in accordance with the allowance for loan losses 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. Note 4. Loans Receivable and Allowance for Loan Losses (Continued) The following information relates to impaired loans as of and for the years ended December 31, 2019, 2018, and 2017: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2019 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 13,566 $ 8,390 $ 4,155 $ 12,545 $ 414 $ 12,995 $ 361 Multifamily residential — — — — — 6 — Nonresidential properties 5,640 5,173 375 5,548 31 3,988 121 Construction and land 1,465 1,125 — 1,125 — 1,219 6 Nonmortgage Loans: Business 16 — 14 14 14 195 — Consumer — — — — — 1 — Total $ 20,687 $ 14,688 $ 4,544 $ 19,232 $ 459 $ 18,404 $ 488 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2018 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 12,985 $ 7,080 $ 5,898 $ 12,978 $ 583 $ 15,163 $ 758 Multifamily residential 16 16 — 16 — 36 3 Nonresidential properties 2,748 2,270 480 2,750 35 3,230 172 Construction and land 1,115 1,107 — 1,107 — 1,094 — Nonmortgage Loans: Business 374 374 — 374 — 454 22 Consumer — — — — — — — Total $ 17,238 $ 10,847 $ 6,378 $ 17,225 $ 618 $ 19,977 $ 955 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 residential 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) The loan portfolio also includes certain loans that have been modified to troubled debt restructurings. Under applicable standards, loans are modified to troubled debt restructurings 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 to a troubled debt restructuring, 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 troubled debt restructuring 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. For the year ended December 31, 2019, there was one troubled debt restructuring and for the year ended December 31, 2018, there were no loans modified to troubled debt restructuring. Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2019 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 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Combination of rate, maturity, other 1 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2018 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 Total — $ — $ — 1 $ 176 Combination of rate, maturity, other — $ — $ — 1 $ 176 Total — $ — $ — 1 $ 176 At December 31, 2019, there were 36 troubled debt restructured loans totaling $12,204 of which $8,601 are on accrual status. At December 31, 2018, there were 40 troubled debt restructured loans totaling $14,104 of which $10,460 were on accrual status. There were no commitments to lend additional funds to borrowers whose loans have been modified to troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans, which aggregated to $459 and $618 at December 31, 2019 and 2018, respectively. At December 31, 2019, there was one loan in the amount of $1,030 held for sale and no loans held for sale at December 31, 2018. The one loan held for sale is a nonaccrual loan and is over 90 days past due. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 5. Premises and Equipment A summary of premises and equipment at December 31, 2019 and 2018 is as follows: December 31, 2019 2018 Land $ 3,979 $ 3,979 Buildings and improvements 17,350 16,423 Leasehold improvements 25,534 23,430 Furniture, fixtures and equipment 8,513 7,728 55,376 51,560 Less accumulated depreciation and amortization (22,630 ) (20,425 ) $ 32,746 $ 31,135 Depreciation and amortization expense amounted to $2,222, $1,798 and $1,625 for the years ended December 31, 2019, 2018, and 2017, respectively, and are included in occupancy expense in the accompanying consolidated statements of income. Leasehold improvements increased by $2,104 to $25,534 and buildings and improvements increased by $927 to $17,350 at December 31, 2019 mainly due to investments made to the branch network and other product delivery services as part of branch renovation initiative. Furniture, fixtures and equipment also increased by $785 to $8,513 at December 31, 2019, mainly as a result of investments in new Teller Cash Recyclers (TCRs) that were installed in the branches. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Deposits | Note 6. Deposits Deposits at December 31, 2019 and 2018 are summarized as follows: December 31, 2019 2018 Demand $ 109,548 $ 115,923 Interest-bearing deposits: NOW/IOLA accounts 32,866 30,783 Money market accounts 86,721 64,262 Reciprocal deposits (1) 47,659 51,913 Savings accounts 115,751 122,791 Total NOW, money market, and savings 282,997 269,749 Certificates of deposit of $250K or more 84,263 90,195 Brokered certificates of deposit (3) 76,797 67,157 Listing service deposits (3) 32,400 39,065 Certificates of deposit less than $250K (2) 196,038 227,669 Total certificates of deposit 389,498 424,086 Total interest-bearing deposits 672,495 693,835 Total deposits $ 782,043 $ 809,758 (1) Included in reciprocal deposits are money market accounts and certificates of deposit. (2) Brokered certificates of deposit in the amount of $76,797 and $67,157 and listing service deposits in the amount of $32,400 and $39,065 for the years ended December 31, 2019 and 2018, respectively, are excluded from the certificates of deposit of less than $250K. (3) There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more. Note 6. Deposits (Continued) At December 31, 2019, scheduled maturities of certificates of deposit were as follows: December 31, 2020 $ 217,159 2021 109,954 2022 44,226 2023 8,512 2024 9,647 $ 389,498 Overdrawn deposit accounts that have been reclassified to loans amounted to $199 and $241 as of December 31, 2019 and 2018, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 7. Borrowings FHLBNY Advances The Bank had $104,404 and $44,404 of outstanding advances from FHLBNY at December 31, 2019 and 2018, respectively. Additionally, the Bank has an unsecured line of credit in the amount of $25,000 with a correspondent bank of which $0 and $25,000 were outstanding at December 31, 2019 and 2018, respectively. The Bank also had a guarantee from the FHLBNY through a standby letter of credit of $3,455 and $7,639 at December 31, 2019 and 2018, respectively. Borrowed funds at December 31, 2019 and 2018 consist of the following and are summarized by maturity and call date below: December 31, December 31, 2019 2018 Scheduled Maturity Redeemable at Call Date Weighted Average Rate Scheduled Maturity Redeemable at Call Date Weighted Average Rate Correspondent bank overnight line of credit advance $ — $ — — % $ 25,000 $ 25,000 2.64 % FHLBNY term advances ending : 2020 8,029 8,029 2.86 8,029 8,029 2.86 2021 3,000 3,000 1.84 3,000 3,000 1.84 2022 65,000 65,000 1.89 5,000 5,000 1.97 2023 28,375 28,375 2.82 28,375 28,375 2.82 $ 104,404 $ 104,404 2.21 % $ 69,404 $ 69,404 2.69 % Interest expense on advances totaled $1,854, $899, and $210 for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, the Bank has eligible collateral of approximately $301,753 and $280,457, respectively, in mortgage loans available to secure advances from the FHLBNY. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. Income Taxes The provision (benefit) for income taxes for the years ended December 31, 2019, 2018, and 2017 consists of the following: For the Years Ended December 31, 2019 2018 2017 Federal: Current $ 878 $ 972 $ 1,062 Deferred (1,436 ) 37 24 (558 ) 1,009 1,086 State and local: Current 296 333 402 Deferred (3,002 ) (1,011 ) (1,670 ) (2,706 ) (678 ) (1,268 ) Changes in valuation allowance 2,340 790 1,606 Provision (benefit) for income taxes $ (924 ) $ 1,121 $ 1,424 Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for 2019 and 2018 and 34% for 2017 to income before income taxes as a result of the following: For the Years Ended December 31, 2019 2018 2017 Income tax, at federal rate $ (1,270 ) $ 799 $ (1,007 ) State and local tax, net of federal taxes (2,128 ) (536 ) (1,340 ) Valuation allowance, net of the federal benefit 2,340 790 1,606 Expense due to enactment of federal tax reform — — 2,113 Other 134 68 52 Provision (benefit) for income taxes $ (924 ) $ 1,121 $ 1,424 On December 22, 2017, the U.S. Government signed into law the “Tax Cuts and Jobs Act” (the “Tax 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 $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. All these matters were finalized in 2018 with no material impact to the Company’s federal income tax expense. 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. The valuation allowance increased by $2,340, $790 and $1,606 for the years ended December 31, 2019, 2018 and 2017, respectively. Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets 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. Note 8. Income Taxes (Continued) At December 31, 2019 and 2018, 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 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 2016. In 2018, the Company elected to early adopt ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The Company reclassified the income tax effects of Tax Cuts and Jobs Act of approximately $1,281 from accumulated other comprehensive income to retained earnings as presented in the consolidated statements of stockholders’ equity. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below: At December 31, 2019 2018 Deferred tax assets: Allowance for losses on loans $ 3,990 $ 3,939 Pension obligations — 2,102 Interest on nonaccrual loans 338 74 Unrealized loss on available-for-sale securities 7 91 Amortization of intangible assets 88 102 Deferred rent payable — 153 Depreciation of premises and equipment 30 — Net operating losses 4,258 3,111 Charitable contribution carryforward 1,675 1,694 Compensation and benefits 182 129 Other 130 106 Total gross deferred tax assets 10,698 11,501 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net 85 3,120 Depreciation and amortization of premises and equipment — 222 Deferred loan fees 638 438 Other 7 6 Total gross deferred tax liabilities 730 3,786 Valuation allowance 6,244 3,904 Net deferred tax assets $ 3,724 $ 3,811 The deferred tax expense (benefit) has been allocated between operations and equity as follows: For the Years Ended December 31, 2019 2018 2017 Equity $ 2,186 $ 282 $ 746 Operations (2,099 ) (184 ) (1,276 ) $ 87 $ 98 $ (530 ) |
Compensation and Benefit Plans
Compensation and Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Compensation and Benefit Plans | Note 9. Compensation and Benefit Plans Defined Benefit Plan As has previously been disclosed, on May 31, 2007, the Company’s defined benefit pension plan (“Defined Benefit Plan”) was frozen and replaced with a qualified defined contribution plan. On May 31, 2019, the Company’s Board of Directors approved the termination of the Defined Benefit Plan which was liquidated on December 1, 2019. During 2019, the Company offered participants in the Defined Benefit Plan with vested qualified benefits the option of receiving their benefits in a lump sum payment in lieu of receiving monthly annuity payments. Approximately 115 participants elected to receive lump sum payments aggregating approximately $6,427 which were paid from plan assets to these participants during the fourth quarter of 2019. Also, during the fourth quarter of 2019, the Company transferred the remainder of the Defined Benefit Plan’s pension obligations to a third party insurance provider by purchasing annuity contracts aggregating approximately $7,431 which was fully funded directly by plan assets. The benefit obligations settled by the lump sum payments and annuity contracts resulted in payments from plan assets of approximately $13,858. The remaining previously unrecognized losses in accumulated other comprehensive loss relating to the Defined Benefit Plan were recognized as an expense and a pre-tax charge of approximately $9,930 ($7,844 after-tax) was recorded in other income (expense), net, in our consolidated statements of operations during the fourth quarter of 2019. The following table sets forth the Defined Benefit Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of December 31, 2019 and 2018 using a measurement date as of December 31, 2019 and 2018, respectively: December 31, 2019 2018 Projected benefit obligation $ — $ (14,244 ) Fair value of plan assets 261 14,416 Funded status $ 261 $ 172 Accumulated benefit obligation $ — $ (14,244 ) December 31, 2019 2018 Changes in benefit obligation: Beginning of period $ 14,244 $ 15,883 Service cost 39 39 Interest cost 589 542 Lump sum and annuity purchase (13,858 ) — Interest rate change 2,787 (1,691 ) Mortality change — (41 ) (Gain)/ Loss (3,130 ) 243 Administrative cost (39 ) (39 ) Benefits paid (632 ) (692 ) End of period $ — $ 14,244 December 31, 2019 2018 Changes in plan assets: Fair value of plan assets, beginning of year $ 14,416 $ 14,732 Actual return on plan assets 374 415 Lump sum and annuity purchase (13,858 ) Benefits paid (632 ) (692 ) Administrative expenses paid (39 ) (39 ) Fair value of plan assets, end of year $ 261 $ 14,416 Note 9. Compensation and Benefit Plans (Continued) Pretax amounts recognized in accumulated other comprehensive loss, which will be amortized into net periodic benefit cost over the coming years, were $0 and $9,856 at December 31, 2019 and 2018, respectively. The components of net periodic benefit cost are as follows for the years ended December 31, 2019, 2018, and 2017: For the Years Ended December 31, 2019 2018 2017 Service cost $ 39 $ 39 $ 39 Interest cost 589 542 581 Expected return on plan assets (842 ) (860 ) (839 ) Amortization of prior service cost 25 25 25 Amortization of loss 259 299 234 Net periodic benefit cost $ 70 $ 45 $ 40 Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of December 31, 2019 and 2018: December 31, 2019 2018 Discount rate N/A 4.25% Rate of compensation increase N/A 0.00% Weighted-average assumptions used to determine the net benefit cost consisted of the following for the years ended December 31, 2019 and 2018: December 31, 2019 2018 Discount rate 4.25% 3.50% 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, 2019 and 2018 was $261 and $14,416, 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. Note 9. Compensation and Benefit Plans (Continued) 401(k) Plan The Company also provides a qualified defined contribution retirement plan adopted under Section 401(k) of the Internal Revenue Code. The 401(k) Plan qualifies under the Internal Revenue Service safe harbor provisions, as defined. Employees are eligible to participate in the 401(k) Plan at the beginning of each quarter (January 1, April 1, July 1 or October 1). 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. The Company is currently making a safe harbor contributions of 3%. The 401(k) expenses recorded in the consolidated statements of income (loss) amounted to $331, $363 and $317 for the years ended December 31, 2019, 2018 and 2017, respectively. 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 unallocated shares are taken into consideration when computing earnings per share (see Note 10). A summary of the ESOP shares is as follows: December 31, 2019 December 31, 2018 Shares committed-to-be released 48,250 48,250 Shares to be allocated to participants 96,500 48,250 Unallocated shares 579,001 627,251 Total 723,751 723,751 Fair value of unearned shares $ 8,511 $ 7,991 The Company recognized $766, $615 and $526 in compensation expense for the years ended December 31, 2019, 2018 and 2017, respectively. Supplemental Executive Retirement Plan: The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of one key executive. SERP expenses recognized were $62, $61, and $166 for the years ended December 31, 2019, 2018 and 2017, respectively. Note 9. Compensation and Benefit Plans (Continued) 2018 Incentive Plan The Company’s stockholders approved the PDL Community Bancorp 2018 Long-Term Incentive Plan (the “2018 Incentive Plan”) at the Special Meeting of Stockholders on October 30, 2018. The maximum number of shares of common stock which can be issued under the 2018 Incentive Plan is 1,248,469. Of the 1,248,469 shares, the maximum number of shares that may be awarded under the 2018 Incentive Plan pursuant to the exercise of stock options or stock appreciation rights (“SARs”) is 891,764 shares (all of which may be granted as incentive stock options), and the number of shares of common stock that may be issued as restricted stock awards or restricted stock units is 356,705 shares. However, the 2018 Incentive Plan contains a flexible feature that provides that awards of restricted stock and restricted stock units in excess of the 356,705 share limitation may be granted but each share of stock covered by such excess award shall reduce the 891,764 share limitation for awards of stock options and SARs by 3.0 shares of common stock. The Company converted 462,522 awards of stock options into 154,174 restricted stock units in 2018. Under the 2018 Incentive Plan, the Company made grants equal to 674,645 shares on December 4, 2018 which include 119,176 incentive options to executive officers, 44,590 non-qualified options to outside directors, 40,000 restricted stock units to officers, 322,254 restricted stock units to executive officers and 148,625 restricted stock units to outside directors. Awards to directors generally vest 20% annually beginning with the first anniversary of the date of grant. Awards to a director with fewer than five years of service at the time of grant vest over a longer period and will not become fully vested until the director has completed ten years of service. Awards to the executive officer who is not a director vest 20% annually beginning on December 4, 2020. As of December 31, 2019 and 2018, the maximum number of stock options and SARs and the maximum number of shares of common stock that may be issued as restricted stock awards or restricted stock units remaining to be awarded under the Incentive Plan was 265,476 and 0, respectively, for both years. If the 2018 Incentive Plan’s flex feature described above were fully utilized, the maximum number of shares of common stock that may be awarded as restricted stock awards or restricted stock units would be 88,492, but would eliminate the availability of stock options and SARs available for award. The product of the number of units granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock units under the Company’s 2018 Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock units on a straight-line basis over the requisite service period for the entire award. A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year 510,879 $ 12.77 Granted 29,725 12.93 Forfeited (29,725 ) 12.77 Vested (90,135 ) 12.77 Non-vested at December 31 420,744 $ 12.78 Note 9. Compensation and Benefit Plans (Continued) December 31, 2018 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year — $ — Granted 510,879 12.77 Forfeited — — Vested — — Non-vested at December 31 510,879 $ 12.77 Compensation expense related to restricted stock units for the years ended December 31, 2019 and 2018 was $1,155 and $91, respectively. A summary of the Company’s stock options activity and related information for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 Options Weighted- Average Exercise Price Per Share Outstanding, beginning of year 163,766 $ 12.77 Granted 8,918 12.93 Exercised — — Forfeited (8,918 ) 12.77 Outstanding, end of year (1) 163,766 $ 12.78 Exercisable, end of year (1) 24,788 $ 12.77 December 31, 2018 Options Weighted- Average Exercise Price Per Share Outstanding, beginning of year — $ — Granted 163,766 12.77 Exercised — — Forfeited — — Outstanding, end of year (1) 163,766 $ 12.77 Exercisable, end of year (1) — $ — (1) The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $315 and $0 for outstanding options and $48 and $0 for exercisable options at December 31, 2019 and 2018, respectively. Note 9. Compensation and Benefit Plans (Continued) The weighted-average exercise price for outstanding options as of December 31, 2019 was $12.78 per share and the weighted-average remaining contractual life is 8.9 years. The weighted-average period over which it is expected to be recognized is 5.4 The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions: For the Years Ended December 31, 2019 2018 Dividend yield 0.00 % 0.00 % Expected life 6.5 years 6.5 years Expected volatility 16.94 % 20.15 % Risk-free interest rate 2.51 % 2.74 % Weighted average grant date fair value $ 4.01 $ 3.53 The expected volatility is based on the stock’s historical volatility. The expected life is an estimate based on management’s review of the various factors and calculated using the simplified method for plain vanilla options. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. Treasury Stock The Company adopted a share repurchase program effective March 25, 2019 which expired on September 24, 2019. Under this program, the Company was permitted to repurchase up to 923,151 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. On November 13, 2019, the Company adopted a second share repurchase program. Under this second program, the Company may repurchase up to 878,835 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The repurchase program may be suspended or terminated at any time without prior notice, and it will expire no later than May 12, 2020. As of December 31, 2019, the Company had repurchased a total of 1,102,029 shares under the repurchase programs at a weighted average price of $14.30 per share, which are reported as treasury stock in the consolidated statements of financial condition. Of the 1,102,029 shares of treasury stock, 90,135 shares were reissued as a result of restricted stock units that vested on December 4, 2019. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Common Share The following table presents a reconciliation of the number of common shares used in the calculation of basic and diluted earnings per common share: For the Years Ended December 31, For the Period September 29, through December 31, 2019 2018 2017 (Dollars in thousands except share data) Net Income (loss) $ (5,125 ) $ 2,677 $ (2,864 ) Common shares outstanding for basic EPS: Weighted average common shares outstanding (1) 18,039,640 18,463,028 18,463,028 Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares 607,322 657,159 723,232 Basic weighted average common shares outstanding 17,432,318 17,805,869 17,739,796 Basic earnings (loss) per common share $ (0.29 ) $ 0.15 $ (0.16 ) Dilutive potential common shares: Add: Dilutive effect of restricted stock awards — 6,337 — Diluted weighted average common shares outstanding 17,432,318 17,812,206 17,739,796 Diluted earnings (loss) per common share $ (0.29 ) $ 0.15 $ (0.16 ) (1) The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on September 29, 2017. |
Commitments, Contingencies and
Commitments, Contingencies and Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
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. Note 11. Commitments, Contingencies and Credit Risk (Continued) Financial instruments whose contractual amounts represent credit risk at December 31, 2019 and 2018 are as follows: December 31, 2019 2018 Commitments to grant mortgage loans $ 64,829 $ 52,017 Unfunded commitments under lines of credit 27,833 44,752 Standby letters of credit 3,455 7,759 $ 96,117 $ 104,528 Commitments to Grant Mortgage Loans 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, 2019 are as follows: December 31, 2020 $ 1,340 2021 1,380 2022 1,289 2023 1,276 2024 1,310 Thereafter 5,872 $ 12,467 Legal Matters |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
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: 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, and Accrued Interest Payable Available-for-Sale Securities FHLBNY Stock Loans Loans Held for Sale Other Real Estate Owned Deposits Note 12. Fair Value (Continued) FHLBNY Advances 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, 2019 and 2018, and indicate the level within the fair value hierarchy utilized to determine the fair value: December 31, 2019 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 16,354 $ — $ 16,354 $ — Mortgage-Backed Securities: FNMA Certificates 4,659 — 4,659 — GNMA Certificates 491 — 491 — $ 21,504 $ — $ 21,504 $ — December 31, 2018 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 20,515 $ — $ 20,515 $ — U.S. Treasury 4,995 4,995 — — Mortgage-Backed Securities: FNMA Certificates 759 — 759 — GNMA Certificates 875 — 875 — $ 27,144 $ 4,995 $ 22,149 $ — 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, 2019 and 2018 and indicate the fair value hierarchy utilized to determine the fair value: December 31, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 19,232 $ — $ — $ 19,232 Note 12. Fair Value (Continued) December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $ 17,225 $ — $ — $ 17,225 Losses on assets carried at fair value on a nonrecurring basis were de minimis for the years ended December 31, 2019 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 2019 and 2018 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 banks may not be meaningful. Note 12. Fair Value (Continued) As of December 31, 2019 and 2018, the book balances and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements December 31, 2019 Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 27,677 $ 27,677 $ — $ — $ 27,677 Investment securities 21,504 — 21,504 — 21,504 Loans held for sale 1,030 — — 1,035 1,035 Loans receivable, net 955,737 — — 959,942 959,942 Accrued interest receivable 3,982 — 3,982 — 3,982 FHLBNY stock 5,735 5,735 — — 5,735 Financial liabilities: Deposits: Demand deposits 109,548 109,548 — — 109,548 Interest-bearing deposits 282,997 282,997 — — 282,997 Certificates of deposit 389,498 — 393,254 — 393,254 Advance payments by borrowers for taxes and insurance 97 — 97 — 97 Advances from FHLBNY 6,348 6,348 — — 6,348 Accrued interest payable 782,043 — 782,043 — 782,043 December 31, 2018 Financial assets: Cash and cash equivalents $ 69,778 $ 69,778 $ — $ — $ 69,778 Investment securities 27,144 4,995 22,149 — 27,144 Loans receivable, net 918,509 — — 926,867 926,867 Accrued interest receivable 3,795 — 3,795 — 3,795 FHLBNY stock 2,915 2,915 — — 2,915 Financial liabilities: Deposits: Demand deposits 115,923 115,923 — — 115,923 Interest-bearing deposits 269,749 269,749 — — 269,749 Certificates of deposit 424,086 — 425,564 — 425,564 Advance payments by borrowers for taxes and insurance 6,037 — 6,037 — 6,037 Advances from FHLBNY 69,404 69,404 — — 69,404 Accrued interest payable 63 — 63 — 63 Off-Balance-Sheet Instruments |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2019 | |
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). As of December 31, 2019 and 2018, 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 10.6% and 11.4% at December 31, 2019 and 2018, respectively. 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. Note 13. Regulatory Capital Requirements (Continued) The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2019 and 2018 as compared to regulatory requirements are as follows: To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2019 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 168,268 21.35 % $ 63,044 8.00 % $ 78,805 10.00 % Tier 1 Capital to Risk-Weighted Assets 158,382 20.10 % 47,283 6.00 % 63,044 8.00 % Common Equity Tier 1 Capital Ratio 158,382 20.10 % 35,462 4.50 % 51,223 6.50 % Tier 1 Capital to Total Assets 158,382 14.97 % 42,334 4.00 % 52,917 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 146,451 18.62 % $ 62,923 8.00 % $ 78,654 10.00 % Tier 1 Capital to Risk-Weighted Assets 136,584 17.37 % 47,192 6.00 % 62,923 8.00 % Common Equity Tier 1 Capital Ratio 136,584 17.37 % 35,394 4.50 % 51,125 6.50 % Tier 1 Capital to Total Assets 136,584 12.92 % 42,275 4.00 % 52,843 5.00 % To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2018 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 186,940 24.36 % $ 61,385 8.00 % $ 76,731 10.00 % Tier 1 Capital to Risk-Weighted Assets 177,307 23.11 % 46,038 6.00 % 61,385 8.00 % Common Equity Tier 1 Capital Ratio 177,307 23.11 % 34,529 4.50 % 49,875 6.50 % Tier 1 Capital to Total Assets 177,307 18.13 % 39,114 4.00 % 48,892 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 148,486 19.39 % $ 61,261 8.00 % $ 76,577 10.00 % Tier 1 Capital to Risk-Weighted Assets 138,872 18.14 % 45,946 6.00 % 61,261 8.00 % Common Equity Tier 1 Capital Ratio 138,872 18.14 % 34,459 4.50 % 49,775 6.50 % Tier 1 Capital to Total Assets 138,872 13.66 % 40,652 4.00 % 50,815 5.00 % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 14. Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows: December 31, 2019 December 31, 2018 Change December 31, 2019 Unrealized losses on securities available for sale, net $ (291 ) $ 311 $ 20 Realized losses on pension benefits, net (7,844 ) 7,844 — Total $ (8,135 ) $ 8,155 $ 20 December 31, 2018 December 31, 2017 Change December 31, 2018 Unrealized losses on securities available for sale, net $ (221 ) $ (70 ) $ (291 ) Unrealized losses on pension benefits, net (7,630 ) (214 ) (7,844 ) Total $ (7,851 ) $ (284 ) $ (8,135 ) |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018, and 2017 were as follows: For the Years Ended December 31, 2019 2018 2017 Beginning balance $ 1,278 $ 1,351 $ 1,573 Originations 60 400 — Payments (78 ) (473 ) (222 ) Ending balance $ 1,260 $ 1,278 $ 1,351 The Company held deposits in the amount of $8,302 and $6,943 from officers and directors at December 31, 2019 and 2018, respectively. |
Parent Company Only Financial S
Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019 and 2018. December 31, ASSETS 2019 2018 Cash and cash equivalents $ 13,363 $ 30,867 Investment in Ponce Bank 136,603 130,737 Loan receivable - ESOP 5,894 6,308 Loan receivable - Foundation 606 — Other assets 2,409 1,523 Total assets $ 158,875 $ 169,435 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities and accrued expenses $ 473 $ 263 Stockholders' equity 158,402 169,172 Total liabilities and stockholders' equity $ 158,875 $ 169,435 Note 16. Parent Company Only Financial Statements (Continued) For the Years Ended December 31, 2019 2018 Interest on ESOP loan $ 164 $ 175 Interest on certificates of deposit 90 — Interest on other deposits 182 404 Net interest income 436 579 Share-based compensation expense 1,256 98 Management fee expense 411 411 Office occupancy and equipment 60 20 Contribution to Ponce De Leon Foundation — — Professional fees 1,255 1,823 Other noninterest expenses 115 171 Total noninterest expense 3,097 2,523 Income (loss) before income tax (benefit) (2,661 ) (1,944 ) Income tax (benefit) (533 ) (221 ) Equity in undistributed earnings of Ponce Bank (2,997 ) 4,400 Net income (loss) $ (5,125 ) $ 2,677 For the Years Ended December 31, 2019 2018 Cash Flows from Operating Activities: Net income (loss) $ (5,125 ) $ 2,677 Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed earnings of subsidiaries 2,997 (4,400 ) Deferred income tax 598 83 Share-based compensation expense 1,256 98 Increase in other assets (918 ) (257 ) Net (decrease) increase in other liabilities (357 ) 202 Net cash used in operating activities (1,549 ) (1,597 ) Cash Flows from Investing Activities: Loan to Foundation (606 ) — Repayment of ESOP Loan 414 404 Net cash (used in) provided by investing activities (192 ) 404 Cash Flows from Financing Activities: Repurchase of treasury shares (15,763 ) — Net cash (used in) provided by financing activities (15,763 ) — Net (decrease) increase in cash and cash equivalents (17,504 ) (1,193 ) Cash and cash equivalents at beginning of year 30,867 32,060 Cash and cash equivalents at end of year $ 13,363 $ 30,867 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Note 17. Quarterly Financial Information (unaudited) 2019 2018 Fourth Third Second First Fourth Third Second First (Dollars in thousands except share data) Net interest income $ 9,562 $ 9,765 $ 9,344 $ 9,462 $ 9,607 $ 9,247 $ 9,133 $ 8,677 Provision for loan losses 95 14 — 149 215 602 337 94 Net interest income after provision for loan losses 9,467 9,751 9,344 9,313 9,392 8,645 8,796 8,583 Noninterest income 665 579 686 753 815 714 524 885 Noninterest expense 19,475 9,334 8,707 9,091 9,074 8,769 8,455 8,259 Income (loss) before taxes (9,343 ) 996 1,323 975 1,133 590 865 1,209 Provision (benefit) for income taxes (1,891 ) 287 373 307 498 188 166 268 Net income (loss) $ (7,452 ) $ 709 $ 950 $ 668 $ 635 $ 402 $ 699 $ 941 Basic earnings (loss) per share $ (0.43 ) $ 0.04 $ 0.05 $ 0.04 $ 0.04 $ 0.02 $ 0.04 $ 0.05 Diluted earnings (loss) per share $ (0.43 ) $ 0.04 $ 0.05 $ 0.04 $ 0.04 $ 0.02 $ 0.04 $ 0.05 Basic weighted average common shares 17,145,970 17,185,993 17,565,934 17,835,295 17,823,847 17,811,784 17,799,723 17,787,661 Diluted weighted average common shares 17,145,970 17,297,054 17,655,664 17,864,327 17,830,184 17,811,784 17,799,723 17,787,661 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Presentation and Consolidation The Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Financial Statements 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. Inter-company transactions and balances are eliminated in consolidation. |
Nature of Operations | Nature of Operations: The Bank is a federally chartered savings association headquartered in the Bronx, New York. It 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 (4 branches), Manhattan (2 branches), Queens (3 branches) and Brooklyn (3 branches), New York and Union City (1 branch), 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 of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. |
Use of Estimates | Summary of Significant Accounting Policies: Use of Estimates Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) |
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 of New York Stock | Federal Home Loan Bank of New York 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 the 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 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 troubled debt restructurings, 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 a loan is modified to troubled debt restructuring, 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 upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination. 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 |
Employee Benefit Plans | Employee Benefit Plans: |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: |
Stock Options | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Stock Options: |
Restricted Stock Units | Restricted Stock Units: |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
Loss Contingencies | 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 (Loss) per Share (“EPS”) |
Treasury Stock | Treasury Stock |
Reclassification of Prior Year Presentation | Reclassification of Prior Year Presentation: |
Recent Accounting Pronouncements | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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 business entities until such pronouncements are made applicable to nonpublic business entities. As of December 31, 2019, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period. Accounting Pronouncements Not Yet Adopted: 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 currently leases seven branches and the new guidance will result in the establishment of a right to use asset and corresponding lease obligations. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope and subsequent related accounting standard updates. The Company has established a project committee and has initiated training on ASU 2016-02. The Company is performing preliminary computations of its right to use asset and corresponding lease obligations for the operating leases of its seven branches. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments.” 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 available-for-sale debt securities. The Company has selected the CECL model and has begun running scenarios. 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. 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 August 2018, the FASB issued ASU 2018-13, “ Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
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, 2019 and 2018 are summarized as follows: December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 16,373 $ — $ (19 ) $ 16,354 Mortgage-Backed Securities: FNMA Certificates 4,680 — (21 ) 4,659 GNMA Certificates 482 9 — 491 $ 21,535 $ 9 $ (40 ) $ 21,504 Note 3. December 31, 2018 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 20,924 $ — $ (409 ) $ 20,515 U.S. Treasury 4,997 — (2 ) 4,995 Mortgage-Backed Securities: FNMA Certificates 778 — (19 ) 759 GNMA Certificates 870 5 — 875 $ 27,569 $ 5 $ (430 ) $ 27,144 |
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, 2019 and 2018: December 31, 2019 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 $ — $ — $ 16,354 $ (19 ) $ 16,354 $ (19 ) Mortgage-Backed FNMA Certificates — — 4,659 (21 ) 4,659 (21 ) $ — $ — $ 21,013 $ (40 ) $ 21,013 $ (40 ) Note 3. December 31, 2018 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 $ — $ — $ 20,515 $ (409 ) $ 20,515 $ (409 ) U.S. Treasury 4,995 (2 ) — — 4,995 (2 ) Mortgage-Backed FNMA Certificates — — 759 (19 ) 759 (19 ) $ 4,995 $ (2 ) $ 21,274 $ (428 ) $ 26,269 $ (430 ) |
Summary of Maturities of Securities | The following is a summary of maturities of securities at December 31, 2019 and 2018. Amounts are shown by contractual maturity. Because borrowers 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, 2019 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 2,000 $ 2,000 After three months through one year 14,373 14,354 After one year through five years — — 16,373 16,354 Mortgage-Backed Securities 5,162 5,150 Total $ 21,535 $ 21,504 December 31, 2018 Available-for-Sale Amortized Fair Cost Value U.S. Government and Federal Agency Securities: Amounts maturing: Three months or less $ 4,997 $ 4,995 After three months through one year 4,554 4,497 After one year through five years 16,370 16,018 25,921 25,510 Mortgage-Backed Securities 1,648 1,634 Total $ 27,569 $ 27,144 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Loans | Loans at December 31, 2019 and 2018 are summarized as follows: December 31, December 31, 2019 2018 Mortgage loans: 1-4 family residential Investor-Owned $ 305,272 $ 303,197 Owner-Occupied 91,943 92,788 Multifamily residential 250,239 232,509 Nonresidential properties 207,225 196,917 Construction and land 99,309 87,572 Nonmortgage loans: Business loans 10,877 15,710 Consumer loans 1,231 1,068 966,096 929,761 Net deferred loan origination costs 1,970 1,407 Allowance for loan losses (12,329 ) (12,659 ) Loans receivable, net $ 955,737 $ 918,509 |
Schedule of Credit Risk Ratings by Loan Segment | The following tables present credit risk ratings by loan segment as of December 31, 2019 and 2018: December 31, 2019 Mortgage Loans Nonmortgage Loans 1-4 Construction Total Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 386,022 $ 249,066 $ 202,761 $ 75,997 $ 10,877 $ 1,231 $ 925,954 Special mention 2,412 — — 14,943 — — 17,355 Substandard 8,781 1,173 4,464 8,369 — — 22,787 Total $ 397,215 $ 250,239 $ 207,225 $ 99,309 $ 10,877 $ 1,231 $ 966,096 December 31, 2018 Mortgage Loans Nonmortgage Loans 1-4 Construction Total Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 383,123 $ 231,422 $ 195,327 $ 71,438 $ 14,324 $ 1,068 $ 896,702 Special mention 3,728 775 — 8,505 1,386 — 14,394 Substandard 9,134 312 1,590 7,629 — — 18,665 Total $ 395,985 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ 929,761 |
Schedule of Aging Analysis of Loans | An aging analysis of loans, as of December 31, 2019 and 2018, is as follows: December 31, 2019 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 $ 300,324 $ 3,866 $ — $ 1,082 $ 305,272 $ 1,749 $ — Owner-Occupied 87,243 3,405 — 1,295 91,943 3,500 — Multifamily residential 246,318 3,921 — — 250,239 — — Nonresidential properties 203,514 3 — 3,708 207,225 4,201 — Construction and land 99,309 — — — 99,309 1,118 — Nonmortgage Loans: Business 10,877 — — — 10,877 — — Consumer 1,231 — — — 1,231 — — Total $ 948,816 $ 11,195 $ — $ 6,085 $ 966,096 $ 10,568 $ — Note 4. Loans Receivable and Allowance for Loan Losses (Continued) December 31, 2018 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 $ 296,188 $ 6,539 $ 470 $ — $ 303,197 $ 1,258 $ — Owner-Occupied 89,610 1,609 574 995 92,788 3,079 — Multifamily residential 231,514 995 — — 232,509 16 — Nonresidential properties 195,861 — 4 1,052 196,917 1,310 — Construction and land 87,572 — — — 87,572 1,115 — Nonmortgage Loans: Business 15,418 292 — — 15,710 — — Consumer 1,068 — — — 1,068 — — Total $ 917,231 $ 9,435 $ 1,048 $ 2,047 $ 929,761 $ 6,778 $ — |
Schedule of Composition of Allowance for Loan Losses and Related Recorded Investment | The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of December 31, 2019, 2018, and 2017, respectively. For the Year Ended December 31, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer For the Period Allowances for loan losses: Balance, beginning of period $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ 12,659 Provision charged to expense (311 ) (141 ) 36 (85 ) 151 608 — 258 Losses charged-off (8 ) — — — — (724 ) — (732 ) Recoveries 23 — — 9 — 110 2 144 Balance, end of period $ 3,503 $ 1,067 $ 3,865 $ 1,849 $ 1,782 $ 254 $ 9 $ 12,329 Ending balance: individually evaluated for impairment $ 265 $ 149 $ — $ 31 $ — $ 14 $ — $ 459 Ending balance: collectively evaluated for impairment 3,238 918 3,865 1,818 1,782 240 9 11,870 Total $ 3,503 $ 1,067 $ 3,865 $ 1,849 $ 1,782 $ 254 $ 9 $ 12,329 Loans: Ending balance: individually evaluated for impairment $ 6,973 $ 5,572 $ — $ 5,548 $ 1,125 $ 14 $ — $ 19,232 Ending balance: collectively evaluated for impairment 298,299 86,371 250,239 201,677 98,184 10,863 1,231 946,864 Total $ 305,272 $ 91,943 $ 250,239 $ 207,225 $ 99,309 $ 10,877 $ 1,231 $ 966,096 Note 4. Loans Receivable and Allowance for Loan Losses (Continued) For the Year Ended December 31, 2018 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer For the Period Allowances for loan losses: Balance, beginning of period $ 3,716 $ 1,402 $ 3,109 $ 1,424 $ 1,205 $ 209 $ 6 $ 11,071 Provision charged to expense 82 (444 ) 720 492 426 (37 ) 10 1,249 Losses charged-off — — — — — (34 ) (14 ) (48 ) Recoveries 1 250 — 9 — 122 5 387 Balance, end of period $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ 12,659 Ending balance: individually evaluated for impairment $ 349 $ 234 $ — $ 35 $ — $ — $ — $ 618 Ending balance: collectively evaluated for impairment 3,450 974 3,829 1,890 1,631 260 7 12,041 Total $ 3,799 $ 1,208 $ 3,829 $ 1,925 $ 1,631 $ 260 $ 7 $ 12,659 Loans: Ending balance: individually evaluated for impairment $ 6,452 $ 6,525 $ 16 $ 2,750 $ 1,108 $ 374 $ — $ 17,225 Ending balance: collectively evaluated for impairment 296,745 86,263 232,493 194,167 86,464 15,336 1,068 912,536 Total $ 303,197 $ 92,788 $ 232,509 $ 196,917 $ 87,572 $ 15,710 $ 1,068 $ 929,761 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 For the Period Allowances for loan losses: Balance, beginning of year $ 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 year $ 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 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 |
Schedule of Information Relates to Impaired Loans | The following information relates to impaired loans as of and for the years ended December 31, 2019, 2018, and 2017: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2019 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 13,566 $ 8,390 $ 4,155 $ 12,545 $ 414 $ 12,995 $ 361 Multifamily residential — — — — — 6 — Nonresidential properties 5,640 5,173 375 5,548 31 3,988 121 Construction and land 1,465 1,125 — 1,125 — 1,219 6 Nonmortgage Loans: Business 16 — 14 14 14 195 — Consumer — — — — — 1 — Total $ 20,687 $ 14,688 $ 4,544 $ 19,232 $ 459 $ 18,404 $ 488 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized December 31, 2018 Balance Allowance Allowance Investment Allowance Investment on Cash Basis Mortgages: 1-4 Family $ 12,985 $ 7,080 $ 5,898 $ 12,978 $ 583 $ 15,163 $ 758 Multifamily residential 16 16 — 16 — 36 3 Nonresidential properties 2,748 2,270 480 2,750 35 3,230 172 Construction and land 1,115 1,107 — 1,107 — 1,094 — Nonmortgage Loans: Business 374 374 — 374 — 454 22 Consumer — — — — — — — Total $ 17,238 $ 10,847 $ 6,378 $ 17,225 $ 618 $ 19,977 $ 955 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 residential 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 |
Schedule of Troubled Debt Restructuring | Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2019 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 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Combination of rate, maturity, other 1 $ 275 $ 283 — $ — Total 1 $ 275 $ 283 — $ — Loans Restructured During All TDRs with a payment default within 12 months following the Year Ended December 31, 2018 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 Total — $ — $ — 1 $ 176 Combination of rate, maturity, other — $ — $ — 1 $ 176 Total — $ — $ — 1 $ 176 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2019 and 2018 is as follows: December 31, 2019 2018 Land $ 3,979 $ 3,979 Buildings and improvements 17,350 16,423 Leasehold improvements 25,534 23,430 Furniture, fixtures and equipment 8,513 7,728 55,376 51,560 Less accumulated depreciation and amortization (22,630 ) (20,425 ) $ 32,746 $ 31,135 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Summarized Deposits | Deposits at December 31, 2019 and 2018 are summarized as follows: December 31, 2019 2018 Demand $ 109,548 $ 115,923 Interest-bearing deposits: NOW/IOLA accounts 32,866 30,783 Money market accounts 86,721 64,262 Reciprocal deposits (1) 47,659 51,913 Savings accounts 115,751 122,791 Total NOW, money market, and savings 282,997 269,749 Certificates of deposit of $250K or more 84,263 90,195 Brokered certificates of deposit (3) 76,797 67,157 Listing service deposits (3) 32,400 39,065 Certificates of deposit less than $250K (2) 196,038 227,669 Total certificates of deposit 389,498 424,086 Total interest-bearing deposits 672,495 693,835 Total deposits $ 782,043 $ 809,758 (1) Included in reciprocal deposits are money market accounts and certificates of deposit. (2) Brokered certificates of deposit in the amount of $76,797 and $67,157 and listing service deposits in the amount of $32,400 and $39,065 for the years ended December 31, 2019 and 2018, respectively, are excluded from the certificates of deposit of less than $250K. (3) There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more. |
Scheduled Maturities of Certificates of Deposit | At December 31, 2019, scheduled maturities of certificates of deposit were as follows: December 31, 2020 $ 217,159 2021 109,954 2022 44,226 2023 8,512 2024 9,647 $ 389,498 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date | Borrowed funds at December 31, 2019 and 2018 consist of the following and are summarized by maturity and call date below: December 31, December 31, 2019 2018 Scheduled Maturity Redeemable at Call Date Weighted Average Rate Scheduled Maturity Redeemable at Call Date Weighted Average Rate Correspondent bank overnight line of credit advance $ — $ — — % $ 25,000 $ 25,000 2.64 % FHLBNY term advances ending : 2020 8,029 8,029 2.86 8,029 8,029 2.86 2021 3,000 3,000 1.84 3,000 3,000 1.84 2022 65,000 65,000 1.89 5,000 5,000 1.97 2023 28,375 28,375 2.82 28,375 28,375 2.82 $ 104,404 $ 104,404 2.21 % $ 69,404 $ 69,404 2.69 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes for the years ended December 31, 2019, 2018, and 2017 consists of the following: For the Years Ended December 31, 2019 2018 2017 Federal: Current $ 878 $ 972 $ 1,062 Deferred (1,436 ) 37 24 (558 ) 1,009 1,086 State and local: Current 296 333 402 Deferred (3,002 ) (1,011 ) (1,670 ) (2,706 ) (678 ) (1,268 ) Changes in valuation allowance 2,340 790 1,606 Provision (benefit) for income taxes $ (924 ) $ 1,121 $ 1,424 |
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 21% for 2019 and 2018 and 34% for 2017 to income before income taxes as a result of the following: For the Years Ended December 31, 2019 2018 2017 Income tax, at federal rate $ (1,270 ) $ 799 $ (1,007 ) State and local tax, net of federal taxes (2,128 ) (536 ) (1,340 ) Valuation allowance, net of the federal benefit 2,340 790 1,606 Expense due to enactment of federal tax reform — — 2,113 Other 134 68 52 Provision (benefit) for income taxes $ (924 ) $ 1,121 $ 1,424 |
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, 2019 and 2018 are presented below: At December 31, 2019 2018 Deferred tax assets: Allowance for losses on loans $ 3,990 $ 3,939 Pension obligations — 2,102 Interest on nonaccrual loans 338 74 Unrealized loss on available-for-sale securities 7 91 Amortization of intangible assets 88 102 Deferred rent payable — 153 Depreciation of premises and equipment 30 — Net operating losses 4,258 3,111 Charitable contribution carryforward 1,675 1,694 Compensation and benefits 182 129 Other 130 106 Total gross deferred tax assets 10,698 11,501 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net 85 3,120 Depreciation and amortization of premises and equipment — 222 Deferred loan fees 638 438 Other 7 6 Total gross deferred tax liabilities 730 3,786 Valuation allowance 6,244 3,904 Net deferred tax assets $ 3,724 $ 3,811 |
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, 2019 2018 2017 Equity $ 2,186 $ 282 $ 746 Operations (2,099 ) (184 ) (1,276 ) $ 87 $ 98 $ (530 ) |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Defined Benefit Plan Funded Status and Amounts Recognized in Financial Condition Statements | The following table sets forth the Defined Benefit Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of December 31, 2019 and 2018 using a measurement date as of December 31, 2019 and 2018, respectively: December 31, 2019 2018 Projected benefit obligation $ — $ (14,244 ) Fair value of plan assets 261 14,416 Funded status $ 261 $ 172 Accumulated benefit obligation $ — $ (14,244 ) December 31, 2019 2018 Changes in benefit obligation: Beginning of period $ 14,244 $ 15,883 Service cost 39 39 Interest cost 589 542 Lump sum and annuity purchase (13,858 ) — Interest rate change 2,787 (1,691 ) Mortality change — (41 ) (Gain)/ Loss (3,130 ) 243 Administrative cost (39 ) (39 ) Benefits paid (632 ) (692 ) End of period $ — $ 14,244 December 31, 2019 2018 Changes in plan assets: Fair value of plan assets, beginning of year $ 14,416 $ 14,732 Actual return on plan assets 374 415 Lump sum and annuity purchase (13,858 ) Benefits paid (632 ) (692 ) Administrative expenses paid (39 ) (39 ) Fair value of plan assets, end of year $ 261 $ 14,416 |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows for the years ended December 31, 2019, 2018, and 2017: For the Years Ended December 31, 2019 2018 2017 Service cost $ 39 $ 39 $ 39 Interest cost 589 542 581 Expected return on plan assets (842 ) (860 ) (839 ) Amortization of prior service cost 25 25 25 Amortization of loss 259 299 234 Net periodic benefit cost $ 70 $ 45 $ 40 |
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, 2019 and 2018: December 31, 2019 2018 Discount rate N/A 4.25% Rate of compensation increase N/A 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, 2019 and 2018: December 31, 2019 2018 Discount rate 4.25% 3.50% Rate of compensation increase 0.00% 0.00% Expected long-term rate of return on assets 6.00% 6.00% |
Summary of ESOP Shares | A summary of the ESOP shares is as follows: December 31, 2019 December 31, 2018 Shares committed-to-be released 48,250 48,250 Shares to be allocated to participants 96,500 48,250 Unallocated shares 579,001 627,251 Total 723,751 723,751 Fair value of unearned shares $ 8,511 $ 7,991 |
Schedule of Restricted Stock Units Activity and Related Information | A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year 510,879 $ 12.77 Granted 29,725 12.93 Forfeited (29,725 ) 12.77 Vested (90,135 ) 12.77 Non-vested at December 31 420,744 $ 12.78 Note 9. Compensation and Benefit Plans (Continued) December 31, 2018 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year — $ — Granted 510,879 12.77 Forfeited — — Vested — — Non-vested at December 31 510,879 $ 12.77 |
Schedule of Stock Option Activity and Related Information | A summary of the Company’s stock options activity and related information for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 Options Weighted- Average Exercise Price Per Share Outstanding, beginning of year 163,766 $ 12.77 Granted 8,918 12.93 Exercised — — Forfeited (8,918 ) 12.77 Outstanding, end of year (1) 163,766 $ 12.78 Exercisable, end of year (1) 24,788 $ 12.77 December 31, 2018 Options Weighted- Average Exercise Price Per Share Outstanding, beginning of year — $ — Granted 163,766 12.77 Exercised — — Forfeited — — Outstanding, end of year (1) 163,766 $ 12.77 Exercisable, end of year (1) — $ — (1) The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $315 and $0 for outstanding options and $48 and $0 for exercisable options at December 31, 2019 and 2018, respectively. |
Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions | The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions: For the Years Ended December 31, 2019 2018 Dividend yield 0.00 % 0.00 % Expected life 6.5 years 6.5 years Expected volatility 16.94 % 20.15 % Risk-free interest rate 2.51 % 2.74 % Weighted average grant date fair value $ 4.01 $ 3.53 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 common shares used in the calculation of basic and diluted earnings per common share: For the Years Ended December 31, For the Period September 29, through December 31, 2019 2018 2017 (Dollars in thousands except share data) Net Income (loss) $ (5,125 ) $ 2,677 $ (2,864 ) Common shares outstanding for basic EPS: Weighted average common shares outstanding (1) 18,039,640 18,463,028 18,463,028 Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares 607,322 657,159 723,232 Basic weighted average common shares outstanding 17,432,318 17,805,869 17,739,796 Basic earnings (loss) per common share $ (0.29 ) $ 0.15 $ (0.16 ) Dilutive potential common shares: Add: Dilutive effect of restricted stock awards — 6,337 — Diluted weighted average common shares outstanding 17,432,318 17,812,206 17,739,796 Diluted earnings (loss) per common share $ (0.29 ) $ 0.15 $ (0.16 ) (1) The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on September 29, 2017. |
Commitments, Contingencies an_2
Commitments, Contingencies and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Financial Instruments Whose Contractual Amounts Represent Credit Risk | Financial instruments whose contractual amounts represent credit risk at December 31, 2019 and 2018 are as follows: December 31, 2019 2018 Commitments to grant mortgage loans $ 64,829 $ 52,017 Unfunded commitments under lines of credit 27,833 44,752 Standby letters of credit 3,455 7,759 $ 96,117 $ 104,528 |
Projected Minimum Rental Payments under Terms of Leases | The projected minimum rental payments under the terms of the leases at December 31, 2019 are as follows: December 31, 2020 $ 1,340 2021 1,380 2022 1,289 2023 1,276 2024 1,310 Thereafter 5,872 $ 12,467 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018, and indicate the level within the fair value hierarchy utilized to determine the fair value: December 31, 2019 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 16,354 $ — $ 16,354 $ — Mortgage-Backed Securities: FNMA Certificates 4,659 — 4,659 — GNMA Certificates 491 — 491 — $ 21,504 $ — $ 21,504 $ — December 31, 2018 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities: U.S. government and federal agencies $ 20,515 $ — $ 20,515 $ — U.S. Treasury 4,995 4,995 — — Mortgage-Backed Securities: FNMA Certificates 759 — 759 — GNMA Certificates 875 — 875 — $ 27,144 $ 4,995 $ 22,149 $ — |
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, 2019 and 2018 and indicate the fair value hierarchy utilized to determine the fair value: December 31, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 19,232 $ — $ — $ 19,232 Note 12. Fair Value (Continued) December 31, 2018 Total Level 1 Level 2 Level 3 Impaired loans $ 17,225 $ — $ — $ 17,225 |
Estimated Fair Values of Financial Instruments | As of December 31, 2019 and 2018, the book balances and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements December 31, 2019 Amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 27,677 $ 27,677 $ — $ — $ 27,677 Investment securities 21,504 — 21,504 — 21,504 Loans held for sale 1,030 — — 1,035 1,035 Loans receivable, net 955,737 — — 959,942 959,942 Accrued interest receivable 3,982 — 3,982 — 3,982 FHLBNY stock 5,735 5,735 — — 5,735 Financial liabilities: Deposits: Demand deposits 109,548 109,548 — — 109,548 Interest-bearing deposits 282,997 282,997 — — 282,997 Certificates of deposit 389,498 — 393,254 — 393,254 Advance payments by borrowers for taxes and insurance 97 — 97 — 97 Advances from FHLBNY 6,348 6,348 — — 6,348 Accrued interest payable 782,043 — 782,043 — 782,043 December 31, 2018 Financial assets: Cash and cash equivalents $ 69,778 $ 69,778 $ — $ — $ 69,778 Investment securities 27,144 4,995 22,149 — 27,144 Loans receivable, net 918,509 — — 926,867 926,867 Accrued interest receivable 3,795 — 3,795 — 3,795 FHLBNY stock 2,915 2,915 — — 2,915 Financial liabilities: Deposits: Demand deposits 115,923 115,923 — — 115,923 Interest-bearing deposits 269,749 269,749 — — 269,749 Certificates of deposit 424,086 — 425,564 — 425,564 Advance payments by borrowers for taxes and insurance 6,037 — 6,037 — 6,037 Advances from FHLBNY 69,404 69,404 — — 69,404 Accrued interest payable 63 — 63 — 63 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements | Note 13. Regulatory Capital Requirements (Continued) The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2019 and 2018 as compared to regulatory requirements are as follows: To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2019 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 168,268 21.35 % $ 63,044 8.00 % $ 78,805 10.00 % Tier 1 Capital to Risk-Weighted Assets 158,382 20.10 % 47,283 6.00 % 63,044 8.00 % Common Equity Tier 1 Capital Ratio 158,382 20.10 % 35,462 4.50 % 51,223 6.50 % Tier 1 Capital to Total Assets 158,382 14.97 % 42,334 4.00 % 52,917 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 146,451 18.62 % $ 62,923 8.00 % $ 78,654 10.00 % Tier 1 Capital to Risk-Weighted Assets 136,584 17.37 % 47,192 6.00 % 62,923 8.00 % Common Equity Tier 1 Capital Ratio 136,584 17.37 % 35,394 4.50 % 51,125 6.50 % Tier 1 Capital to Total Assets 136,584 12.92 % 42,275 4.00 % 52,843 5.00 % To Be Well Capitalized Under For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2018 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 186,940 24.36 % $ 61,385 8.00 % $ 76,731 10.00 % Tier 1 Capital to Risk-Weighted Assets 177,307 23.11 % 46,038 6.00 % 61,385 8.00 % Common Equity Tier 1 Capital Ratio 177,307 23.11 % 34,529 4.50 % 49,875 6.50 % Tier 1 Capital to Total Assets 177,307 18.13 % 39,114 4.00 % 48,892 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 148,486 19.39 % $ 61,261 8.00 % $ 76,577 10.00 % Tier 1 Capital to Risk-Weighted Assets 138,872 18.14 % 45,946 6.00 % 61,261 8.00 % Common Equity Tier 1 Capital Ratio 138,872 18.14 % 34,459 4.50 % 49,775 6.50 % Tier 1 Capital to Total Assets 138,872 13.66 % 40,652 4.00 % 50,815 5.00 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows: December 31, 2019 December 31, 2018 Change December 31, 2019 Unrealized losses on securities available for sale, net $ (291 ) $ 311 $ 20 Realized losses on pension benefits, net (7,844 ) 7,844 — Total $ (8,135 ) $ 8,155 $ 20 December 31, 2018 December 31, 2017 Change December 31, 2018 Unrealized losses on securities available for sale, net $ (221 ) $ (70 ) $ (291 ) Unrealized losses on pension benefits, net (7,630 ) (214 ) (7,844 ) Total $ (7,851 ) $ (284 ) $ (8,135 ) |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Aggregate Loan Transactions with Related Parties | Aggregate loan transactions with related parties for the years ended December 31, 2019, 2018, and 2017 were as follows: For the Years Ended December 31, 2019 2018 2017 Beginning balance $ 1,278 $ 1,351 $ 1,573 Originations 60 400 — Payments (78 ) (473 ) (222 ) Ending balance $ 1,260 $ 1,278 $ 1,351 |
Parent Company Only Financial_2
Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019 and 2018. December 31, ASSETS 2019 2018 Cash and cash equivalents $ 13,363 $ 30,867 Investment in Ponce Bank 136,603 130,737 Loan receivable - ESOP 5,894 6,308 Loan receivable - Foundation 606 — Other assets 2,409 1,523 Total assets $ 158,875 $ 169,435 LIABILITIES AND STOCKHOLDERS' EQUITY Other liabilities and accrued expenses $ 473 $ 263 Stockholders' equity 158,402 169,172 Total liabilities and stockholders' equity $ 158,875 $ 169,435 |
Schedule of Consolidated Statements of Income (Loss) | Note 16. Parent Company Only Financial Statements (Continued) For the Years Ended December 31, 2019 2018 Interest on ESOP loan $ 164 $ 175 Interest on certificates of deposit 90 — Interest on other deposits 182 404 Net interest income 436 579 Share-based compensation expense 1,256 98 Management fee expense 411 411 Office occupancy and equipment 60 20 Contribution to Ponce De Leon Foundation — — Professional fees 1,255 1,823 Other noninterest expenses 115 171 Total noninterest expense 3,097 2,523 Income (loss) before income tax (benefit) (2,661 ) (1,944 ) Income tax (benefit) (533 ) (221 ) Equity in undistributed earnings of Ponce Bank (2,997 ) 4,400 Net income (loss) $ (5,125 ) $ 2,677 |
Schedule of Consolidated Statements of Cash Flows | For the Years Ended December 31, 2019 2018 Cash Flows from Operating Activities: Net income (loss) $ (5,125 ) $ 2,677 Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in undistributed earnings of subsidiaries 2,997 (4,400 ) Deferred income tax 598 83 Share-based compensation expense 1,256 98 Increase in other assets (918 ) (257 ) Net (decrease) increase in other liabilities (357 ) 202 Net cash used in operating activities (1,549 ) (1,597 ) Cash Flows from Investing Activities: Loan to Foundation (606 ) — Repayment of ESOP Loan 414 404 Net cash (used in) provided by investing activities (192 ) 404 Cash Flows from Financing Activities: Repurchase of treasury shares (15,763 ) — Net cash (used in) provided by financing activities (15,763 ) — Net (decrease) increase in cash and cash equivalents (17,504 ) (1,193 ) Cash and cash equivalents at beginning of year 30,867 32,060 Cash and cash equivalents at end of year $ 13,363 $ 30,867 |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2019 2018 Fourth Third Second First Fourth Third Second First (Dollars in thousands except share data) Net interest income $ 9,562 $ 9,765 $ 9,344 $ 9,462 $ 9,607 $ 9,247 $ 9,133 $ 8,677 Provision for loan losses 95 14 — 149 215 602 337 94 Net interest income after provision for loan losses 9,467 9,751 9,344 9,313 9,392 8,645 8,796 8,583 Noninterest income 665 579 686 753 815 714 524 885 Noninterest expense 19,475 9,334 8,707 9,091 9,074 8,769 8,455 8,259 Income (loss) before taxes (9,343 ) 996 1,323 975 1,133 590 865 1,209 Provision (benefit) for income taxes (1,891 ) 287 373 307 498 188 166 268 Net income (loss) $ (7,452 ) $ 709 $ 950 $ 668 $ 635 $ 402 $ 699 $ 941 Basic earnings (loss) per share $ (0.43 ) $ 0.04 $ 0.05 $ 0.04 $ 0.04 $ 0.02 $ 0.04 $ 0.05 Diluted earnings (loss) per share $ (0.43 ) $ 0.04 $ 0.05 $ 0.04 $ 0.04 $ 0.02 $ 0.04 $ 0.05 Basic weighted average common shares 17,145,970 17,185,993 17,565,934 17,835,295 17,823,847 17,811,784 17,799,723 17,787,661 Diluted weighted average common shares 17,145,970 17,297,054 17,655,664 17,864,327 17,830,184 17,811,784 17,799,723 17,787,661 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019BranchOfficeSegmentBranchLease | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch offices | 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% |
Maximum employer matching contribution percentage | 4.00% |
Number of reportable operating segment | Segment | 1 |
Number of leases branches | BranchLease | 7 |
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 |
Bronx | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch offices | 4 |
Manhattan | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch offices | 2 |
Queens | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch offices | 3 |
Brooklyn | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch offices | 3 |
New York and Union City | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Number of branch offices | 1 |
Ponce De Leon Federal Bank | |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | |
Ownership percentage | 100.00% |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 _2
Restrictions on Cash and Due From Banks - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||
Restricted cash | $ 5,935 | $ 44,717 |
Required reserve balances in cash or on deposit with the Federal Reserve Bank | $ 4,927 | $ 4,375 |
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, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 21,535 | $ 27,569 |
Gross Unrealized Gains | 9 | 5 |
Gross Unrealized Losses | (40) | (430) |
Fair Value | 21,504 | 27,144 |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,373 | 20,924 |
Gross Unrealized Losses | (19) | (409) |
Fair Value | 16,354 | 20,515 |
FNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,680 | 778 |
Gross Unrealized Losses | (21) | (19) |
Fair Value | 4,659 | 759 |
GNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 482 | 870 |
Gross Unrealized Gains | 9 | 5 |
Fair Value | $ 491 | 875 |
US Treasury | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,997 | |
Gross Unrealized Losses | (2) | |
Fair Value | $ 4,995 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security | |
Schedule Of Available For Sale Securities [Line Items] | ||
Held to maturity | $ 0 | $ 0 |
Sale of available-for-sale securities | 39,555,000 | 3,760,000 |
Purchases of available-for-sale securities | $ 34,000,000 | $ 4,996,000 |
Number of available for sale securities | Security | 10 | 12 |
Number of investment securities not other than temporary | Security | 9 | 11 |
Securities pledged | $ 0 | $ 0 |
U S Treasury | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Purchases of available-for-sale securities | 30,000,000 | |
Mortgage-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Purchases of available-for-sale securities | $ 4,000,000 |
Available-for-Sale Securities_3
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | $ 4,995 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (2) | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | $ 21,013 | 21,274 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (40) | (428) |
Securities With Gross Unrealized Losses, Total Fair Value | 21,013 | 26,269 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (40) | (430) |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 16,354 | 20,515 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (19) | (409) |
Securities With Gross Unrealized Losses, Total Fair Value | 16,354 | 20,515 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (19) | (409) |
FNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 4,659 | 759 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (21) | (19) |
Securities With Gross Unrealized Losses, Total Fair Value | 4,659 | 759 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (21) | (19) |
US Treasury | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 4,995 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (2) | |
Securities With Gross Unrealized Losses, Total Fair Value | 4,995 | |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (2) |
Available-for-Sale Securities_4
Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 21,535 | $ 27,569 |
Available-for-sale securities, at fair value (Note 3) | 21,504 | 27,144 |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities Three months or less, Amortized Cost | 2,000 | 4,997 |
Available-for-Sale Securities After three months through one year, Amortized Cost | 14,373 | 4,554 |
Available-for-Sale Securities After one year through five years, Amortized Cost | 16,370 | |
Available-for-Sale Securities, Amortized Cost | 16,373 | 25,921 |
Available-for-Sale Securities Three months or less, Fair Value | 2,000 | 4,995 |
Available-for-Sale Securities After three months through one year, Fair Value | 14,354 | 4,497 |
Available-for-Sale Securities After one year through five years, Fair Value | 16,018 | |
Available-for-sale securities, at fair value (Note 3) | 16,354 | 25,510 |
Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 5,162 | 1,648 |
Available-for-sale securities, at fair value (Note 3) | $ 5,150 | $ 1,634 |
Summary of Loans (Details)
Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 966,096 | $ 929,761 |
Net deferred loan origination costs | 1,970 | 1,407 |
Allowance for loan losses | (12,329) | (12,659) |
Loans receivable, net | 955,737 | 918,509 |
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 | 305,272 | 303,197 |
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 | 91,943 | 92,788 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 250,239 | 232,509 |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 207,225 | 196,917 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 99,309 | 87,572 |
Commercial Portfolio Segment | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 10,877 | 15,710 |
Consumer Loans | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,231 | $ 1,068 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Restructured loans | Loan | 1 | 0 | |
Number of troubled debt restructured loans | Loan | 36 | 40 | |
Troubled debt restructured loans | $ 12,204 | $ 14,104 | |
Troubled debt restructured loan, accrual status | 8,601 | 10,460 | |
Impairment reserves | 459 | 618 | $ 922 |
Loans held for sale | 1,030 | 0 | |
Troubled Debt Restructured Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Impairment reserves | $ 459 | $ 618 | |
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, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 966,096 | $ 929,761 |
1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 397,215 | 395,985 |
Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 250,239 | 232,509 |
Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 207,225 | 196,917 |
Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 99,309 | 87,572 |
Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 10,877 | 15,710 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,231 | 1,068 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 925,954 | 896,702 |
Pass | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 386,022 | 383,123 |
Pass | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 249,066 | 231,422 |
Pass | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 202,761 | 195,327 |
Pass | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 75,997 | 71,438 |
Pass | Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 10,877 | 14,324 |
Pass | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,231 | 1,068 |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 17,355 | 14,394 |
Special Mention | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,412 | 3,728 |
Special Mention | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 775 | |
Special Mention | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 14,943 | 8,505 |
Special Mention | Business | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,386 | |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 22,787 | 18,665 |
Substandard | 1-4 Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,781 | 9,134 |
Substandard | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,173 | 312 |
Substandard | Nonresidential | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | 4,464 | 1,590 |
Substandard | Construction and Land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 8,369 | $ 7,629 |
Aging Analysis of Loans (Detail
Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 948,816 | $ 917,231 |
Total Past Due | 966,096 | 929,761 |
Nonaccrual Loans | 10,568 | 6,778 |
1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 87,243 | 89,610 |
Total Past Due | 91,943 | 92,788 |
Nonaccrual Loans | 3,500 | 3,079 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 246,318 | 231,514 |
Total Past Due | 250,239 | 232,509 |
Nonaccrual Loans | 16 | |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 203,514 | 195,861 |
Total Past Due | 207,225 | 196,917 |
Nonaccrual Loans | 4,201 | 1,310 |
1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 300,324 | 296,188 |
Total Past Due | 305,272 | 303,197 |
Nonaccrual Loans | 1,749 | 1,258 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 99,309 | 87,572 |
Total Past Due | 99,309 | 87,572 |
Nonaccrual Loans | 1,118 | 1,115 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 11,195 | 9,435 |
Financing Receivables, 30 to 59 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,405 | 1,609 |
Financing Receivables, 30 to 59 Days Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,921 | 995 |
Financing Receivables, 30 to 59 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3 | |
Financing Receivables, 30 to 59 Days Past Due | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,866 | 6,539 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,048 | |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 574 | |
Financing Receivables, 60 to 89 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4 | |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 470 | |
Financing Receivables, Over 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6,085 | 2,047 |
Financing Receivables, Over 90 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,295 | 995 |
Financing Receivables, Over 90 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,708 | 1,052 |
Financing Receivables, Over 90 Days Past Due | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,082 | |
Business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 10,877 | 15,418 |
Total Past Due | 10,877 | 15,710 |
Business | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 292 | |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 1,231 | 1,068 |
Total Past Due | $ 1,231 | $ 1,068 |
Composition of Allowance for Lo
Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | $ 12,659 | $ 11,071 | $ 12,659 | $ 11,071 | $ 10,205 | |||||
Provision charged to expense | $ 95 | $ 14 | 149 | $ 215 | $ 602 | $ 337 | 94 | 258 | 1,249 | 1,716 |
Losses charged-off | (732) | (48) | (1,429) | |||||||
Recoveries | 144 | 387 | 579 | |||||||
Balance, end of period | 12,329 | 12,659 | 12,329 | 12,659 | 11,071 | |||||
Ending balance: individually evaluated for impairment | 459 | 618 | 459 | 618 | 922 | |||||
Ending balance: collectively evaluated for impairment | 11,870 | 12,041 | 11,870 | 12,041 | 10,149 | |||||
Ending balance: individually evaluated for impairment | 19,232 | 17,225 | 19,232 | 17,225 | 25,160 | |||||
Ending balance: collectively evaluated for impairment | 946,864 | 912,536 | 946,864 | 912,536 | 783,594 | |||||
Total | 966,096 | 929,761 | 966,096 | 929,761 | 808,754 | |||||
1-4 Family Investor Owned | ||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | 3,799 | 3,716 | 3,799 | 3,716 | 3,147 | |||||
Provision charged to expense | (311) | 82 | 544 | |||||||
Losses charged-off | (8) | |||||||||
Recoveries | 23 | 1 | 25 | |||||||
Balance, end of period | 3,503 | 3,799 | 3,503 | 3,799 | 3,716 | |||||
Ending balance: individually evaluated for impairment | 265 | 349 | 265 | 349 | 506 | |||||
Ending balance: collectively evaluated for impairment | 3,238 | 3,450 | 3,238 | 3,450 | 3,210 | |||||
Ending balance: individually evaluated for impairment | 6,973 | 6,452 | 6,973 | 6,452 | 8,738 | |||||
Ending balance: collectively evaluated for impairment | 298,299 | 296,745 | 298,299 | 296,745 | 278,420 | |||||
Total | 305,272 | 303,197 | 305,272 | 303,197 | 287,158 | |||||
1-4 Family Owner-Occupied | ||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | 1,208 | 1,402 | 1,208 | 1,402 | 1,804 | |||||
Provision charged to expense | (141) | (444) | (578) | |||||||
Recoveries | 250 | 176 | ||||||||
Balance, end of period | 1,067 | 1,208 | 1,067 | 1,208 | 1,402 | |||||
Ending balance: individually evaluated for impairment | 149 | 234 | 149 | 234 | 375 | |||||
Ending balance: collectively evaluated for impairment | 918 | 974 | 918 | 974 | 1,027 | |||||
Ending balance: individually evaluated for impairment | 5,572 | 6,525 | 5,572 | 6,525 | 10,074 | |||||
Ending balance: collectively evaluated for impairment | 86,371 | 86,263 | 86,371 | 86,263 | 90,780 | |||||
Total | 91,943 | 92,788 | 91,943 | 92,788 | 100,854 | |||||
Multifamily | ||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | 3,829 | 3,109 | 3,829 | 3,109 | 2,705 | |||||
Provision charged to expense | 36 | 720 | 402 | |||||||
Recoveries | 2 | |||||||||
Balance, end of period | 3,865 | 3,829 | 3,865 | 3,829 | 3,109 | |||||
Ending balance: collectively evaluated for impairment | 3,865 | 3,829 | 3,865 | 3,829 | 3,109 | |||||
Ending balance: individually evaluated for impairment | 16 | 16 | 520 | |||||||
Ending balance: collectively evaluated for impairment | 250,239 | 232,493 | 250,239 | 232,493 | 188,030 | |||||
Total | 250,239 | 232,509 | 250,239 | 232,509 | 188,550 | |||||
Nonresidential | ||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | 1,925 | 1,424 | 1,925 | 1,424 | 1,320 | |||||
Provision charged to expense | (85) | 492 | 95 | |||||||
Recoveries | 9 | 9 | 9 | |||||||
Balance, end of period | 1,849 | 1,925 | 1,849 | 1,925 | 1,424 | |||||
Ending balance: individually evaluated for impairment | 31 | 35 | 31 | 35 | 39 | |||||
Ending balance: collectively evaluated for impairment | 1,818 | 1,890 | 1,818 | 1,890 | 1,385 | |||||
Ending balance: individually evaluated for impairment | 5,548 | 2,750 | 5,548 | 2,750 | 4,128 | |||||
Ending balance: collectively evaluated for impairment | 201,677 | 194,167 | 201,677 | 194,167 | 147,065 | |||||
Total | 207,225 | 196,917 | 207,225 | 196,917 | 151,193 | |||||
Construction and Land | ||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | 1,631 | 1,205 | 1,631 | 1,205 | 615 | |||||
Provision charged to expense | 151 | 426 | 588 | |||||||
Recoveries | 2 | |||||||||
Balance, end of period | 1,782 | 1,631 | 1,782 | 1,631 | 1,205 | |||||
Ending balance: collectively evaluated for impairment | 1,782 | 1,631 | 1,782 | 1,631 | 1,205 | |||||
Ending balance: individually evaluated for impairment | 1,125 | 1,108 | 1,125 | 1,108 | 1,075 | |||||
Ending balance: collectively evaluated for impairment | 98,184 | 86,464 | 98,184 | 86,464 | 66,165 | |||||
Total | 99,309 | 87,572 | 99,309 | 87,572 | 67,240 | |||||
Business | ||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | 260 | 209 | 260 | 209 | 597 | |||||
Provision charged to expense | 608 | (37) | 676 | |||||||
Losses charged-off | (724) | (34) | (1,423) | |||||||
Recoveries | 110 | 122 | 359 | |||||||
Balance, end of period | 254 | 260 | 254 | 260 | 209 | |||||
Ending balance: individually evaluated for impairment | 14 | 14 | 2 | |||||||
Ending balance: collectively evaluated for impairment | 240 | 260 | 240 | 260 | 207 | |||||
Ending balance: individually evaluated for impairment | 14 | 374 | 14 | 374 | 625 | |||||
Ending balance: collectively evaluated for impairment | 10,863 | 15,336 | 10,863 | 15,336 | 12,248 | |||||
Total | 10,877 | 15,710 | 10,877 | 15,710 | 12,873 | |||||
Consumer | ||||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||||
Balance, beginning of period | $ 7 | $ 6 | 7 | 6 | 17 | |||||
Provision charged to expense | 10 | (11) | ||||||||
Losses charged-off | (14) | (6) | ||||||||
Recoveries | 2 | 5 | 6 | |||||||
Balance, end of period | 9 | 7 | 9 | 7 | 6 | |||||
Ending balance: collectively evaluated for impairment | 9 | 7 | 9 | 7 | 6 | |||||
Ending balance: collectively evaluated for impairment | 1,231 | 1,068 | 1,231 | 1,068 | 886 | |||||
Total | $ 1,231 | $ 1,068 | $ 1,231 | $ 1,068 | $ 886 |
Information Relates to Impaired
Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 20,687 | $ 17,238 | $ 27,198 |
Recorded Investment With No Allowance | 14,688 | 10,847 | 16,408 |
Recorded Investment With Allowance | 4,544 | 6,378 | 8,752 |
Total Recorded Investment | 19,232 | 17,225 | 25,160 |
Related Allowance | 459 | 618 | 922 |
Average Recorded Investment | 18,404 | 19,977 | 25,545 |
Interest Income Recognized on Cash Basis | 488 | 955 | 1,080 |
1-4 Family | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 13,566 | 12,985 | 20,036 |
Recorded Investment With No Allowance | 8,390 | 7,080 | 10,651 |
Recorded Investment With Allowance | 4,155 | 5,898 | 8,161 |
Total Recorded Investment | 12,545 | 12,978 | 18,812 |
Related Allowance | 414 | 583 | 506 |
Average Recorded Investment | 12,995 | 15,163 | 18,512 |
Interest Income Recognized on Cash Basis | 361 | 758 | 890 |
Multifamily Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 16 | 533 | |
Recorded Investment With No Allowance | 16 | 520 | |
Total Recorded Investment | 16 | 520 | |
Related Allowance | 375 | ||
Average Recorded Investment | 6 | 36 | 166 |
Interest Income Recognized on Cash Basis | 3 | ||
Nonresidential Properties | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 5,640 | 2,748 | 4,729 |
Recorded Investment With No Allowance | 5,173 | 2,270 | 3,633 |
Recorded Investment With Allowance | 375 | 480 | 495 |
Total Recorded Investment | 5,548 | 2,750 | 4,128 |
Related Allowance | 31 | 35 | |
Average Recorded Investment | 3,988 | 3,230 | 5,231 |
Interest Income Recognized on Cash Basis | 121 | 172 | 166 |
Construction and Land | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,465 | 1,115 | 1,233 |
Recorded Investment With No Allowance | 1,125 | 1,107 | 1,075 |
Total Recorded Investment | 1,125 | 1,107 | 1,075 |
Related Allowance | 39 | ||
Average Recorded Investment | 1,219 | 1,094 | 1,042 |
Interest Income Recognized on Cash Basis | 6 | ||
Business | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 16 | 374 | 667 |
Recorded Investment With No Allowance | 374 | 529 | |
Recorded Investment With Allowance | 14 | 96 | |
Total Recorded Investment | 14 | 374 | 625 |
Related Allowance | 14 | 2 | |
Average Recorded Investment | 195 | 454 | 594 |
Interest Income Recognized on Cash Basis | $ 22 | $ 24 | |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | $ 1 |
Schedule of Troubled Debt Restr
Schedule of Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | 0 |
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | |
Loans Restructured, Post-Modification Recorded Balance | $ 283 | |
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | |
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 | |
Mortgage Loans | ||
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | |
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | |
Loans Restructured, Post-Modification Recorded Balance | $ 283 | |
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | |
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 | |
Mortgage Loans | 1-4 Family | ||
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | |
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | |
Loans Restructured, Post-Modification Recorded Balance | $ 283 | |
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | |
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 | |
Combination of Rate, Maturity, Other | ||
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 1 | |
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | |
Loans Restructured, Post-Modification Recorded Balance | $ 283 | |
All TDRs with a payment default within 12 months following modification, Number of Loans | Loan | 1 | |
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default | $ 176 |
Summary of Premises and Equipme
Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 55,376 | $ 51,560 |
Less accumulated depreciation and amortization | (22,630) | (20,425) |
Total premises and equipment | 32,746 | 31,135 |
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 | 17,350 | 16,423 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,534 | 23,430 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,513 | $ 7,728 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 2,222 | $ 1,798 | $ 1,625 |
Property, plant and equipment, gross | 55,376 | 51,560 | |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 2,104 | ||
Property, plant and equipment, gross | 25,534 | 23,430 | |
Building Improvements | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 927 | ||
Property, plant and equipment, gross | 17,350 | 16,423 | |
Furniture, Fixtures and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 785 | ||
Property, plant and equipment, gross | $ 8,513 | $ 7,728 |
Deposits - Summarized Deposits
Deposits - Summarized Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Banking And Thrift [Abstract] | |||
Demand | $ 109,548 | $ 115,923 | |
NOW/IOLA accounts | 32,866 | 30,783 | |
Money market accounts | 86,721 | 64,262 | |
Reciprocal deposits | [1] | 47,659 | 51,913 |
Savings accounts | 115,751 | 122,791 | |
Total NOW, money market, and savings | 282,997 | 269,749 | |
Certificates of deposit of $250K or more | 84,263 | 90,195 | |
Brokered certificates of deposit | [2] | 76,797 | 67,157 |
Listing service deposits | [2] | 32,400 | 39,065 |
Certificates of deposit less than $250K | [3] | 196,038 | 227,669 |
Total certificates of deposit | 389,498 | 424,086 | |
Total interest-bearing deposits | 672,495 | 693,835 | |
Total deposits | $ 782,043 | $ 809,758 | |
[1] | Included in reciprocal deposits are money market accounts and certificates of deposit. | ||
[2] | There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more. | ||
[3] | Brokered certificates of deposit in the amount of $76,797 and $67,157 and listing service deposits in the amount of $32,400 and $39,065 for the years ended December 31, 2019 and 2018, respectively, are excluded from the certificates of deposit of less than $250K. |
Deposits - Summarized Deposit_2
Deposits - Summarized Deposits (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Banking And Thrift [Abstract] | |||
Brokered certificates of deposit | [1] | $ 76,797 | $ 67,157 |
Listing service deposits | [1] | $ 32,400 | $ 39,065 |
[1] | There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more. |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
2020 | $ 217,159 | |
2021 | 109,954 | |
2022 | 44,226 | |
2023 | 8,512 | |
2024 | 9,647 | |
Total certificates of deposit | $ 389,498 | $ 424,086 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
Overdrawn deposit reclassified to loans amounted | $ 199 | $ 241 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Line Of Credit Facility [Line Items] | |||
Advance from the Federal Home Loan Bank | $ 104,404 | $ 44,404 | |
Guarantee from the FHLBNY through a standby letter of credit | 3,455 | 7,639 | |
Unsecured fed fund line amount outstanding | 25,000 | 25,000 | |
Interest expense on FHLBNY advances | 1,854 | 899 | $ 210 |
Collateral mortgage loans available to secure advances from the FHLB | 301,753 | 280,457 | |
FHLBNY | |||
Line Of Credit Facility [Line Items] | |||
Unsecured fed fund line amount outstanding | $ 0 | $ 25,000 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowed Funds FHLB and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Line Of Credit Facility [Line Items] | ||
2020 | $ 8,029 | $ 8,029 |
2021 | 3,000 | 3,000 |
2022 | 65,000 | 5,000 |
2023 | 28,375 | 28,375 |
Total | 104,404 | 69,404 |
2020 | 8,029 | 8,029 |
2021 | 3,000 | 3,000 |
2022 | 65,000 | 5,000 |
2023 | 28,375 | 28,375 |
Total | $ 104,404 | $ 69,404 |
2020 | 2.86% | 2.86% |
2021 | 1.84% | 1.84% |
2022 | 1.89% | 1.97% |
2023 | 2.82% | 2.82% |
Total | 2.21% | 2.69% |
Correspondent Bank | ||
Line Of Credit Facility [Line Items] | ||
Correspondent bank overnight line of credit advance | $ 25,000 | |
Correspondent bank overnight line of credit advance | $ 25,000 | |
Correspondent bank overnight line of credit advance | 2.64% |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal: | |||||||||||
Current | $ 878 | $ 972 | $ 1,062 | ||||||||
Deferred | (1,436) | 37 | 24 | ||||||||
Federal income tax provision (benefit) | (558) | 1,009 | 1,086 | ||||||||
State and local: | |||||||||||
Current | 296 | 333 | 402 | ||||||||
Deferred | (3,002) | (1,011) | (1,670) | ||||||||
State and local income tax provision (benefit) | (2,706) | (678) | (1,268) | ||||||||
Changes in valuation allowance | 2,340 | 790 | 1,606 | ||||||||
Provision (benefit) for income taxes | $ (1,891) | $ 287 | $ 373 | $ 307 | $ 498 | $ 188 | $ 166 | $ 268 | $ (924) | $ 1,121 | $ 1,424 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Federal income tax rate | 21.00% | 21.00% | 34.00% |
Income tax expense due to enactment of statutory tax rate | $ 2,113,000 | ||
Increased in valuation allowance | $ (2,340,000) | $ (790,000) | (1,606,000) |
Reclassification of certain income tax effects from accumulated other comprehensive income | 1,281,000 | ||
NEW YORK | |||
Income Taxes [Line Items] | |||
Increased in valuation allowance | 2,340,000 | 790,000 | $ 1,606,000 |
Unrecognized tax benefits | $ 0 | $ 0 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||||||||||
Income tax, at federal rate | $ (1,270) | $ 799 | $ (1,007) | ||||||||
State and local tax, net of federal taxes | (2,128) | (536) | (1,340) | ||||||||
Valuation allowance, net of the federal benefit | 2,340 | 790 | 1,606 | ||||||||
Expense due to enactment of federal tax reform | 2,113 | ||||||||||
Other | 134 | 68 | 52 | ||||||||
Provision (benefit) for income taxes | $ (1,891) | $ 287 | $ 373 | $ 307 | $ 498 | $ 188 | $ 166 | $ 268 | $ (924) | $ 1,121 | $ 1,424 |
Income Taxes - Significant Defe
Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for losses on loans | $ 3,990 | $ 3,939 |
Pension obligations | 2,102 | |
Interest on nonaccrual loans | 338 | 74 |
Unrealized loss on available-for-sale securities | 7 | 91 |
Amortization of intangible assets | 88 | 102 |
Deferred rent payable | 153 | |
Depreciation of premises and equipment | 30 | |
Net operating losses | 4,258 | 3,111 |
Charitable contribution carryforward | 1,675 | 1,694 |
Compensation and benefits | 182 | 129 |
Other | 130 | 106 |
Total gross deferred tax assets | 10,698 | 11,501 |
Deferred tax liabilities: | ||
Cumulative contribution in excess of net periodic benefit costs, net | 85 | 3,120 |
Depreciation and amortization of premises and equipment | 222 | |
Deferred loan fees | 638 | 438 |
Other | 7 | 6 |
Total gross deferred tax liabilities | 730 | 3,786 |
Valuation allowance | 6,244 | 3,904 |
Net deferred tax assets | $ 3,724 | $ 3,811 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Equity | $ 2,186 | $ 282 | $ 746 |
Operations | (2,099) | (184) | (1,276) |
Deferred tax expense (benefit) from operations and equity | $ 87 | $ 98 | $ (530) |
Compensation and Benefit Plan_2
Compensation and Benefit Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 13, 2019shares | Dec. 31, 2019USD ($)Participant$ / sharesshares | Dec. 31, 2019USD ($)ParticipantExecutive$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Mar. 25, 2019shares | |
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Defined benefit pension plan (Defined pension plan) termination date | Dec. 1, 2019 | ||||||
Number of participants elected to receive lum sum payments | Participant | 115 | 115 | |||||
Lump sum paid In lieu of pension benefits from plan assets | $ | $ 6,427 | ||||||
Defined benefit plan with accumulated benefit obligation in excess of Plan assets, accumulated benefit obligation | $ | 7,431 | $ 7,431 | |||||
Defined benefit plan settlement charge | $ | 13,858 | 13,858 | |||||
Pretax amounts recognized in accumulated other comprehensive loss | $ | 0 | 0 | $ 9,856 | ||||
Fair value of pension plan assets | $ | $ 261 | 261 | 14,416 | $ 14,732 | |||
Expenses recognized | $ | $ 331 | 363 | $ 317 | ||||
Maximum employer matching contribution percentage | 4.00% | ||||||
Employer matching contribution percentage | 3.00% | ||||||
Number of ESOP shares purchased | 723,751 | ||||||
Compensation expense | $ | $ 766 | $ 615 | $ 526 | ||||
Number of option grants | 8,918 | 163,766 | |||||
Weighted-average exercise price for options | $ / shares | [1] | $ 12.78 | $ 12.78 | $ 12.77 | |||
Weighted average remaining contractual life | 8 years 10 months 24 days | ||||||
Weighted average period expected to be recognized | 5 years 4 months 24 days | ||||||
Number of shares exercisable | [1] | 24,788 | 24,788 | ||||
Stock repurchase program, weighted average price per share | $ / shares | $ 14.30 | ||||||
Common Stock | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Stock repurchase program, expire date | Sep. 24, 2019 | ||||||
Stock repurchase program, percentage of shares repurchase | 5.00% | 5.00% | |||||
Stock repurchase program, number of shares repurchase | 1,102,029 | ||||||
Common Stock | Maximum | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Stock repurchase program, number of shares repurchase | 923,151 | ||||||
Stock repurchase program, expire date | May 12, 2020 | ||||||
Stock repurchase program, remaining number of shares authorized to be repurchased | 878,835 | ||||||
Stock Options | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Compensation expense | $ | $ 101 | $ 7 | |||||
Weighted average period expected to be recognized | 6 years 6 months | 6 years 6 months | |||||
Restricted Stock Units | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 29,725 | 510,879 | |||||
Compensation expense | $ | $ 1,155 | $ 91 | |||||
Total remaining unrecognized compensation cost related to unvested stock options and restricted stock | $ | $ 5,757 | $ 5,757 | |||||
Weighted average period expected to be recognized | 96 months | ||||||
Stock repurchase program, shares reissued of restricted stock units | 90,135 | ||||||
2018 Long-Term Incentive Plan | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Equity incentive plans, maximum number of shares issuable | 1,248,469 | 1,248,469 | |||||
Common stock reserved for future issuance | 1,248,469 | 1,248,469 | |||||
Conversion of issuable stock options to issuable restricted stock ratio | 3 | ||||||
Number of issuable stock options converted into restricted stock units | 462,522 | ||||||
Number of restricted stock units converted from issuable stock options | 154,174 | ||||||
Number of grants | 674,645 | ||||||
Conversion of issuable stock options to issuable restricted stock | 88,492 | 88,492 | |||||
2018 Long-Term Incentive Plan | Directors | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Vesting percentage | 20.00% | ||||||
Vesting period | 10 years | ||||||
2018 Long-Term Incentive Plan | Executive Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Vesting percentage | 20.00% | ||||||
2018 Long-Term Incentive Plan | Stock Options | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Common stock reserved for future issuance | 891,764 | 891,764 | |||||
Shares available for future awards | 265,476 | 265,476 | |||||
2018 Long-Term Incentive Plan | Restricted Stock Units | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Common stock reserved for future issuance | 356,705 | 356,705 | |||||
Shares available for future awards | 0 | 0 | |||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Executive Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 322,254 | ||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Outside Directors | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 148,625 | ||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of stock grants | 40,000 | ||||||
2018 Long-Term Incentive Plan | Incentive Options | Executive Officers | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of option grants | 119,176 | ||||||
2018 Long-Term Incentive Plan | Non-qualified Options | Outside Directors | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Number of option grants | 44,590 | ||||||
Supplemental Executive Retirement Plan | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Expense recognized | $ | $ 62 | 61 | $ 166 | ||||
Number of key executive under retirement plan | Executive | 1 | ||||||
Employee Stock Ownership Plan | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
ESOP borrowed amount | $ | $ 7,238 | $ 7,238 | |||||
Number of ESOP shares purchased | 723,751 | ||||||
ESOP shares purchased expressed as percentage of common stock issued 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 pension plan assets | $ | 261 | $ 261 | $ 14,416 | ||||
Other income (expense), net | |||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||
Defined benefit plan expense before tax | $ | 9,930 | ||||||
Defined benefit plan expense after tax | $ | $ 7,844 | ||||||
[1] | The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $315 and $0 for outstanding options and $48 and $0 for exercisable options at December 31, 2019 and 2018, respectively. |
Compensation and Benefit Plan_3
Compensation and Benefit Plans - Summary of Defined Benefit Plan Funded Status and Amounts Recognized in Financial Condition Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||
Projected benefit obligation | $ (14,244) | $ (15,883) | $ (15,883) | $ (14,244) | ||
Fair value of plan assets | $ 261 | 14,416 | 14,732 | 14,732 | $ 261 | 14,416 |
Funded status | $ 261 | 172 | ||||
Accumulated benefit obligation | $ (14,244) | |||||
Changes in benefit obligation: | ||||||
Beginning of period | 14,244 | 15,883 | ||||
Service cost | 39 | 39 | 39 | |||
Interest cost | 589 | 542 | 581 | |||
Lump sum and annuity purchase | (13,858) | (13,858) | ||||
Interest rate change | 2,787 | (1,691) | ||||
Mortality change | (41) | |||||
(Gain)/ Loss | (3,130) | 243 | ||||
Administrative cost | (39) | (39) | ||||
Benefits paid | (632) | (692) | ||||
End of period | 14,244 | 15,883 | ||||
Changes in plan assets: | ||||||
Fair value of plan assets, beginning of year | 14,416 | 14,732 | ||||
Actual return on plan assets | 374 | 415 | ||||
Lump sum and annuity purchase | (13,858) | |||||
Benefits paid | (632) | (692) | ||||
Administrative expenses paid | (39) | (39) | ||||
Fair value of plan assets, end of year | $ 261 | $ 261 | $ 14,416 | $ 14,732 |
Compensation and Benefit Plan_4
Compensation and Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount Recognized In Net Periodic Benefit Cost And Other Comprehensive Income Loss Before Tax [Abstract] | |||
Service cost | $ 39 | $ 39 | $ 39 |
Interest cost | 589 | 542 | 581 |
Expected return on plan assets | (842) | (860) | (839) |
Amortization of prior service cost | 25 | 25 | 25 |
Amortization of loss | 259 | 299 | 234 |
Net periodic benefit cost | $ 70 | $ 45 | $ 40 |
Compensation and Benefit Plan_5
Compensation and Benefit Plans - Weighted Average Assumptions Used to Determine Net Benefit Obligations (Detail) | Dec. 31, 2018 |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation [Abstract] | |
Discount rate | 4.25% |
Rate of compensation increase | 0.00% |
Compensation and Benefit Plan_6
Compensation and Benefit Plans - Weighted Average Assumptions Used to Determine Net Benefit Cost (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.25% | 3.50% |
Rate of compensation increase | 0.00% | 0.00% |
Expected long-term rate of return on assets | 6.00% | 6.00% |
Compensation and Benefit Plan_7
Compensation and Benefit Plans - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of ESOP shares committed to be released | 48,250 | 48,250 | 48,250 |
Shares to be allocated to participants | 96,500 | 48,250 | |
Unallocated shares | 579,001 | 627,251 | |
Total | 723,751 | 723,751 | |
Fair value of unearned shares | $ 8,511 | $ 7,991 |
Compensation and Benefit Plan_8
Compensation and Benefit Plans - Schedule of Restricted Stock Units Activity and Related Information (Detail) - Restricted Stock Units - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Non-vested, beginning of year | 510,879 | |
Number of Shares, Granted | 29,725 | 510,879 |
Number of Shares,Forfeited | (29,725) | |
Number of Shares,Vested | (90,135) | |
Number of Shares, Non-vested, ending of year | 420,744 | 510,879 |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, beginning of year | $ 12.77 | |
Weighted-Average Grant Date Fair Value Per Share, Granted | 12.93 | $ 12.77 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 12.77 | |
Weighted-Average Grant Date Fair Value Per Share, Vested | 12.77 | |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, ending of year | $ 12.78 | $ 12.77 |
Compensation and Benefit Plan_9
Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Options, Outstanding, beginning of year | [1] | 163,766 | |
Options, Granted | 8,918 | 163,766 | |
Options, Forfeited | (8,918) | ||
Options, Outstanding, end of year | [1] | 163,766 | 163,766 |
Options, Exercisable, end of year | [1] | 24,788 | |
Weighted-Average Exercise Price Per Share, Outstanding, beginning of year | [1] | $ 12.77 | |
Weighted-Average Exercise Price Per Share, Granted | 12.93 | $ 12.77 | |
Weighted-Average Exercise Price Per Share, Forfeited | 12.77 | ||
Weighted-Average Exercise Price Per Share, Outstanding, end of year | [1] | 12.78 | $ 12.77 |
Weighted-Average Exercise Price Per Share, Exercisable, end of year | [1] | $ 12.77 | |
[1] | The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $315 and $0 for outstanding options and $48 and $0 for exercisable options at December 31, 2019 and 2018, respectively. |
Compensation and Benefit Pla_10
Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Average Intrinsic Value, Outstanding, end of year | $ 315 | $ 0 |
Average Intrinsic Value, Exercisable, end of year | $ 48 | $ 0 |
Compensation and Benefit Pla_11
Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life | 5 years 4 months 24 days | |
Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected life | 6 years 6 months | 6 years 6 months |
Expected volatility | 16.94% | 20.15% |
Risk-free interest rate | 2.51% | 2.74% |
Weighted average grant date fair value | $ 4.01 | $ 3.53 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Earnings Per Share [Abstract] | |||||||||||||
Net income (loss) | $ (7,452) | $ 709 | $ 950 | $ 668 | $ 635 | $ 402 | $ 699 | $ 941 | $ (2,864) | $ (5,125) | $ 2,677 | $ (4,387) | |
Common shares outstanding for basic EPS: | |||||||||||||
Weighted average shares outstanding | [1] | 18,463,028 | 18,039,640 | 18,463,028 | |||||||||
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares | 723,232 | 607,322 | 657,159 | ||||||||||
Basic weighted average common shares outstanding | 17,145,970 | 17,185,993 | 17,565,934 | 17,835,295 | 17,823,847 | 17,811,784 | 17,799,723 | 17,787,661 | 17,739,796 | 17,432,318 | 17,805,869 | ||
Basic earnings (loss) per common share | $ (0.43) | $ 0.04 | $ 0.05 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.05 | $ (0.16) | $ (0.29) | $ 0.15 | $ (0.16) | |
Dilutive potential common shares: | |||||||||||||
Add: Dilutive effect of restricted stock awards | 6,337 | ||||||||||||
Diluted weighted average common shares outstanding | 17,145,970 | 17,297,054 | 17,655,664 | 17,864,327 | 17,830,184 | 17,811,784 | 17,799,723 | 17,787,661 | 17,739,796 | 17,432,318 | 17,812,206 | ||
Diluted earnings (loss) per common share | $ (0.43) | $ 0.04 | $ 0.05 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.05 | $ (0.16) | $ (0.29) | $ 0.15 | $ (0.16) | |
[1] | The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on September 29, 2017. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | Sep. 29, 2017shares |
Earnings Per Share [Abstract] | |
Weighted average number of shares outstanding prior to conversion | 0 |
Commitments, Contingencies an_3
Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 96,117 | $ 104,528 |
Commitments to Grant Mortgage Loans | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 64,829 | 52,017 |
Unfunded Commitments Under Lines of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 27,833 | 44,752 |
Standby Letters of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 3,455 | $ 7,759 |
Commitments, Contingencies an_4
Commitments, Contingencies and Credit Risk - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Lease expiration year | 2034 | ||
Rental expenses under operating leases | $ 1,490 | $ 1,440 | $ 1,488 |
Commitments, Contingencies an_5
Commitments, Contingencies and Credit Risk - Projected Minimum Rental Payments under Terms of Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2020 | $ 1,340 |
2021 | 1,380 |
2022 | 1,289 |
2023 | 1,276 |
2024 | 1,310 |
Thereafter | 5,872 |
Projected minimum rental payments | $ 12,467 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurement Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 21,504 | $ 27,144 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 4,995 | |
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 | 21,504 | 22,149 |
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 | 16,354 | 20,515 |
U.S. Government and Federal Agencies | 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 | 16,354 | 20,515 |
US Treasury | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 4,995 | |
US Treasury | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 4,995 | |
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 | 4,659 | 759 |
FNMA Certificates | 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 | 4,659 | 759 |
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 | 491 | 875 |
GNMA Certificates | 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 | $ 491 | $ 875 |
Fair Value - Assets Measured _2
Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Impaired Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 19,232 | $ 17,225 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 19,232 | $ 17,225 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 1,030 | |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 27,677 | $ 69,778 |
Investment securities | 21,504 | 27,144 |
Loans held for sale | 1,030 | |
Loans receivable, net | 955,737 | 918,509 |
Accrued interest receivable | 3,982 | 3,795 |
FHLBNY stock | 5,735 | 2,915 |
Demand deposits | 109,548 | 115,923 |
Interest-bearing deposits | 282,997 | 269,749 |
Certificates of deposit | 389,498 | 424,086 |
Advance payments by borrowers for taxes and insurance | 97 | 6,037 |
Advances from FHLBNY | 6,348 | 69,404 |
Accrued interest payable | 782,043 | 63 |
Fair Value Measurements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 27,677 | 69,778 |
Investment securities | 21,504 | 27,144 |
Loans held for sale | 1,035 | |
Loans receivable, net | 959,942 | 926,867 |
Accrued interest receivable | 3,982 | 3,795 |
FHLBNY stock | 5,735 | 2,915 |
Demand deposits | 109,548 | 115,923 |
Interest-bearing deposits | 282,997 | 269,749 |
Certificates of deposit | 393,254 | 425,564 |
Advance payments by borrowers for taxes and insurance | 97 | 6,037 |
Advances from FHLBNY | 6,348 | 69,404 |
Accrued interest payable | 782,043 | 63 |
Fair Value Measurements | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 27,677 | 69,778 |
Investment securities | 4,995 | |
FHLBNY stock | 5,735 | 2,915 |
Demand deposits | 109,548 | 115,923 |
Interest-bearing deposits | 282,997 | 269,749 |
Advances from FHLBNY | 6,348 | 69,404 |
Fair Value Measurements | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investment securities | 21,504 | 22,149 |
Accrued interest receivable | 3,982 | 3,795 |
Certificates of deposit | 393,254 | 425,564 |
Advance payments by borrowers for taxes and insurance | 97 | 6,037 |
Accrued interest payable | 782,043 | 63 |
Fair Value Measurements | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held for sale | 1,035 | |
Loans receivable, net | $ 959,942 | $ 926,867 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Loan commitments intrest rate on the current market rate. | $ 0 | $ 0 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2018 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Percentage of capital buffer | 10.60% | 11.40% | |
Minimum | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Percentage of capital conservation buffer | 0.00% | ||
Maximum | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Percentage of capital conservation buffer | 2.50% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
PDL Community Bancorp | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 168,268 | $ 186,940 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 158,382 | 177,307 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 158,382 | 177,307 |
Tier 1 Capital to Total Assets, Actual Amount | $ 158,382 | $ 177,307 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 21.35% | 24.36% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 20.10% | 23.11% |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 20.10% | 23.11% |
Tier 1 Capital to Total Assets, Actual Ratio | 14.97% | 18.13% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 63,044 | $ 61,385 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 47,283 | 46,038 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 35,462 | 34,529 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 42,334 | $ 39,114 |
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 | $ 78,805 | $ 76,731 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 63,044 | 61,385 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 51,223 | 49,875 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 52,917 | $ 48,892 |
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% |
Ponce Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 146,451 | $ 148,486 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 136,584 | 138,872 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 136,584 | 138,872 |
Tier 1 Capital to Total Assets, Actual Amount | $ 136,584 | $ 138,872 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 18.62% | 19.39% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 17.37% | 18.14% |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 17.37% | 18.14% |
Tier 1 Capital to Total Assets, Actual Ratio | 12.92% | 13.66% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 62,923 | $ 61,261 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 47,192 | 45,946 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 35,394 | 34,459 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 42,275 | $ 40,652 |
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 | $ 78,654 | $ 76,577 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 62,923 | 61,261 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 51,125 | 49,775 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 52,843 | $ 50,815 |
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, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss), net of tax | $ 8,155 | $ (284) |
Unrealized losses on securities available for sale, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (291) | (221) |
Other comprehensive income (loss), net of tax | 311 | (70) |
Accumulated other comprehensive income (loss) ending balance | 20 | (291) |
Realized losses on pension benefits, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (7,844) | |
Other comprehensive income (loss), net of tax | 7,844 | |
Accumulated other comprehensive income (loss) ending balance | (7,844) | |
Accumulated Other Comprehensive income (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | (8,135) | (7,851) |
Accumulated other comprehensive income (loss) ending balance | 20 | (8,135) |
Unrealized losses on pension benefits | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | $ (7,844) | (7,630) |
Other comprehensive income (loss), net of tax | (214) | |
Accumulated other comprehensive income (loss) ending balance | $ (7,844) |
Aggregate Loan Transactions wit
Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Beginning balance | $ 1,278 | $ 1,351 | $ 1,573 |
Originations | 60 | 400 | |
Payments | (78) | (473) | (222) |
Ending balance | $ 1,260 | $ 1,278 | $ 1,351 |
Transactions With Related Par_3
Transactions With Related Parties - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Deposits from officers and directors | $ 8,302 | $ 6,943 |
Parent Company Only Financial_3
Parent Company Only Financial Statements - Schedule of Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 27,677 | $ 69,778 | ||
Other assets | 1,621 | 2,814 | ||
Total assets | 1,053,756 | 1,059,901 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Stockholders' equity | 158,402 | 169,172 | $ 164,785 | $ 92,992 |
Total liabilities and stockholders' equity | 1,053,756 | 1,059,901 | ||
Ponce Bank Mutual Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 13,363 | 30,867 | $ 32,060 | |
Investment in Ponce Bank | 136,603 | 130,737 | ||
Loan receivable - ESOP | 5,894 | 6,308 | ||
Loan receivable - Foundation | 606 | |||
Other assets | 2,409 | 1,523 | ||
Total assets | 158,875 | 169,435 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Other liabilities and accrued expenses | 473 | 263 | ||
Stockholders' equity | 158,402 | 169,172 | ||
Total liabilities and stockholders' equity | $ 158,875 | $ 169,435 |
Parent Company Only Financial_4
Parent Company Only Financial Statements - Schedule of Consolidated Statements of Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||||
Interest on certificates of deposit | $ 617 | $ 679 | $ 259 | |||||||||
Interest on other deposits | 2,827 | 974 | 656 | |||||||||
Net interest income | $ 9,562 | $ 9,765 | $ 9,344 | $ 9,462 | $ 9,607 | $ 9,247 | $ 9,133 | $ 8,677 | 38,133 | 36,666 | 32,206 | |
Share-based compensation expense | 1,256 | 98 | ||||||||||
Occupancy expense | 7,612 | 6,673 | 5,825 | |||||||||
Professional fees | 3,237 | 3,154 | 1,060 | |||||||||
Other operating expenses | 2,395 | 2,187 | 1,830 | |||||||||
Total noninterest expense | 19,475 | 9,334 | 8,707 | 9,091 | 9,074 | 8,769 | 8,455 | 8,259 | 46,607 | 34,557 | 36,557 | |
Income (loss) before income tax (benefit) | (9,343) | 996 | 1,323 | 975 | 1,133 | 590 | 865 | 1,209 | (6,049) | 3,798 | (2,963) | |
Income tax (benefit) | (1,891) | 287 | 373 | 307 | 498 | 188 | 166 | 268 | (924) | 1,121 | 1,424 | |
Net income (loss) | $ (7,452) | $ 709 | $ 950 | $ 668 | $ 635 | $ 402 | $ 699 | $ 941 | $ (2,864) | (5,125) | 2,677 | $ (4,387) |
Ponce Bank Mutual Holding Company | ||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||
Interest on ESOP loan | 164 | 175 | ||||||||||
Interest on certificates of deposit | 90 | |||||||||||
Interest on other deposits | 182 | 404 | ||||||||||
Net interest income | 436 | 579 | ||||||||||
Share-based compensation expense | 1,256 | 98 | ||||||||||
Management fee expense | 411 | 411 | ||||||||||
Occupancy expense | 60 | 20 | ||||||||||
Professional fees | 1,255 | 1,823 | ||||||||||
Other operating expenses | 115 | 171 | ||||||||||
Total noninterest expense | 3,097 | 2,523 | ||||||||||
Income (loss) before income tax (benefit) | (2,661) | (1,944) | ||||||||||
Income tax (benefit) | (533) | (221) | ||||||||||
Equity in undistributed earnings of Ponce Bank | (2,997) | 4,400 | ||||||||||
Net income (loss) | $ (5,125) | $ 2,677 |
Parent Company Only Financial_5
Parent Company Only Financial Statements - Schedule of Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | ||||||||||||
Net income (loss) | $ (7,452) | $ 709 | $ 950 | $ 668 | $ 635 | $ 402 | $ 699 | $ 941 | $ (2,864) | $ (5,125) | $ 2,677 | $ (4,387) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Deferred income tax | (2,099) | (184) | (40) | |||||||||
Share-based compensation expense | 1,256 | 98 | ||||||||||
Increase in other assets | 1,450 | (371) | 38 | |||||||||
Net (decrease) increase in other liabilities | (2,884) | 1,378 | 2,170 | |||||||||
Net cash provided by operating activities | 6,076 | 7,885 | 8,646 | |||||||||
Cash Flows From Investing Activities: | ||||||||||||
Net cash used in investing activities | (39,699) | (126,608) | (135,898) | |||||||||
Cash Flows From Financing Activities: | ||||||||||||
Repurchase of treasury stock | (15,763) | |||||||||||
Net cash (used in) provided by financing activities | (8,478) | 128,777 | 175,260 | |||||||||
Cash and cash equivalents at beginning of year | 69,778 | 69,778 | ||||||||||
Cash and cash equivalents at end of year | 27,677 | 69,778 | 27,677 | 69,778 | ||||||||
Ponce Bank Mutual Holding Company | ||||||||||||
Cash Flows From Operating Activities: | ||||||||||||
Net income (loss) | (5,125) | 2,677 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | 2,997 | (4,400) | ||||||||||
Deferred income tax | 598 | 83 | ||||||||||
Share-based compensation expense | 1,256 | 98 | ||||||||||
Increase in other assets | (918) | (257) | ||||||||||
Net (decrease) increase in other liabilities | (357) | 202 | ||||||||||
Net cash provided by operating activities | (1,549) | (1,597) | ||||||||||
Cash Flows From Investing Activities: | ||||||||||||
Loan to Foundation | (606) | |||||||||||
Repayment of ESOP Loan | 414 | 404 | ||||||||||
Net cash used in investing activities | (192) | 404 | ||||||||||
Cash Flows From Financing Activities: | ||||||||||||
Repurchase of treasury stock | (15,763) | |||||||||||
Net cash (used in) provided by financing activities | (15,763) | |||||||||||
Net (decrease) increase in cash and cash equivalents | (17,504) | (1,193) | ||||||||||
Cash and cash equivalents at beginning of year | $ 30,867 | $ 32,060 | 30,867 | 32,060 | ||||||||
Cash and cash equivalents at end of year | $ 13,363 | $ 30,867 | $ 32,060 | $ 13,363 | $ 30,867 | $ 32,060 |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net interest income | $ 9,562 | $ 9,765 | $ 9,344 | $ 9,462 | $ 9,607 | $ 9,247 | $ 9,133 | $ 8,677 | $ 38,133 | $ 36,666 | $ 32,206 | |
Provision charged to expense | 95 | 14 | 149 | 215 | 602 | 337 | 94 | 258 | 1,249 | 1,716 | ||
Net interest income after provision for loan losses | 9,467 | 9,751 | 9,344 | 9,313 | 9,392 | 8,645 | 8,796 | 8,583 | 37,875 | 35,417 | 30,490 | |
Noninterest income | 665 | 579 | 686 | 753 | 815 | 714 | 524 | 885 | 2,683 | 2,938 | 3,104 | |
Noninterest expense | 19,475 | 9,334 | 8,707 | 9,091 | 9,074 | 8,769 | 8,455 | 8,259 | 46,607 | 34,557 | 36,557 | |
Income (loss) before income taxes | (9,343) | 996 | 1,323 | 975 | 1,133 | 590 | 865 | 1,209 | (6,049) | 3,798 | (2,963) | |
Income tax (benefit) | (1,891) | 287 | 373 | 307 | 498 | 188 | 166 | 268 | (924) | 1,121 | 1,424 | |
Net income (loss) | $ (7,452) | $ 709 | $ 950 | $ 668 | $ 635 | $ 402 | $ 699 | $ 941 | $ (2,864) | $ (5,125) | $ 2,677 | $ (4,387) |
Basic | $ (0.43) | $ 0.04 | $ 0.05 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.05 | $ (0.16) | $ (0.29) | $ 0.15 | $ (0.16) |
Diluted earnings (loss) per common share | $ (0.43) | $ 0.04 | $ 0.05 | $ 0.04 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.05 | $ (0.16) | $ (0.29) | $ 0.15 | $ (0.16) |
Basic weighted average common shares | 17,145,970 | 17,185,993 | 17,565,934 | 17,835,295 | 17,823,847 | 17,811,784 | 17,799,723 | 17,787,661 | 17,739,796 | 17,432,318 | 17,805,869 | |
Diluted weighted average common shares | 17,145,970 | 17,297,054 | 17,655,664 | 17,864,327 | 17,830,184 | 17,811,784 | 17,799,723 | 17,787,661 | 17,739,796 | 17,432,318 | 17,812,206 |