Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 09, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PDLB | |
Entity Registrant Name | PDL Community Bancorp | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001703489 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 17,074,560 | |
Entity File Number | 001-38224 | |
Entity Tax Identification Number | 82-2857928 | |
Entity Address, Address Line One | 2244 Westchester Avenue | |
Entity Address, City or Town | Bronx | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10462 | |
City Area Code | 718 | |
Local Phone Number | 931-9000 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Document Quarterly Report | true |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and due from banks (Note 3): | ||
Cash | $ 14,302 | $ 6,762 |
Interest-bearing deposits in banks | 61,790 | 20,915 |
Total cash and cash equivalents | 76,092 | 27,677 |
Available-for-sale securities, at fair value (Note 4) | 14,512 | 21,504 |
Placements with banks | 2,739 | |
Mortgage loans held for sale, at fair value | 13,100 | 1,030 |
Loans receivable, net (Note 5) | 1,108,956 | 955,737 |
Accrued interest receivable | 9,995 | 3,982 |
Premises and equipment, net (Note 6) | 32,113 | 32,746 |
Federal Home Loan Bank of New York stock (FHLBNY), at cost | 6,414 | 5,735 |
Deferred tax assets (Note 9) | 3,586 | 3,724 |
Other assets | 9,844 | 1,621 |
Total assets | 1,277,351 | 1,053,756 |
Liabilities: | ||
Deposits (Note 7) | 973,244 | 782,043 |
Accrued interest payable | 58 | 97 |
Advance payments by borrowers for taxes and insurance | 7,739 | 6,348 |
Advances from the Federal Home Loan Bank of New York and others (Note 8) | 117,283 | 104,404 |
Warehouse lines of credit (Note 8) | 9,065 | |
Mortgage loan fundings payable (Note 8) | 1,457 | |
Other liabilities | 10,131 | 2,462 |
Total liabilities | 1,118,977 | 895,354 |
Commitments and contingencies (Note 12) | ||
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 17,116,349 shares outstanding as of September 30, 2020 and 18,463,028 shares issued and 17,451,134 shares outstanding as of December 31, 2019 | 185 | 185 |
Treasury stock, at cost; 1,346,679 shares as of September 30, 2020 and 1,011,894 shares as of December 31, 2019 (Note 10) | (18,281) | (14,478) |
Additional paid-in-capital | 85,817 | 84,777 |
Retained earnings | 95,913 | 93,688 |
Accumulated other comprehensive income (Note 15) | 168 | 20 |
Unearned compensation ─ ESOP; 542,812 shares as of September 30, 2020 and 579,001 shares as of December 31, 2019 (Note 10) | (5,428) | (5,790) |
Total stockholders' equity | 158,374 | 158,402 |
Total liabilities and stockholders' equity | $ 1,277,351 | $ 1,053,756 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
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 | 17,116,349 | 17,451,134 |
Treasury stock,repurchased | 1,346,679 | 1,011,894 |
Unearned compensation, ESOP shares | 542,812 | 579,001 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest and dividend income: | ||||
Interest on loans receivable | $ 13,375 | $ 12,663 | $ 38,319 | $ 36,818 |
Interest on deposits due from banks | 5 | 117 | 74 | 498 |
Interest and dividend on available-for-sale securities and FHLBNY stock | 223 | 173 | 633 | 433 |
Total interest and dividend income | 13,603 | 12,953 | 39,026 | 37,749 |
Interest expense: | ||||
Interest on certificates of deposit | 1,597 | 1,896 | 5,154 | 5,756 |
Interest on other deposits | 500 | 759 | 1,726 | 2,211 |
Interest on borrowings | 655 | 533 | 1,850 | 1,211 |
Total interest expense | 2,752 | 3,188 | 8,730 | 9,178 |
Net interest income | 10,851 | 9,765 | 30,296 | 28,571 |
Provision for loan losses (Note 5) | 620 | 14 | 2,037 | 163 |
Net interest income after provision for loan losses | 10,231 | 9,751 | 28,259 | 28,408 |
Non-interest income: | ||||
Service charges and fees | 236 | 247 | 629 | 705 |
Brokerage commissions | 447 | 36 | 519 | 169 |
Late and prepayment charges | 145 | 150 | 277 | 551 |
Gain on sale of mortgage loans | 1,372 | 1,372 | ||
Loan origination | 269 | 269 | ||
Gain on sale of real property | 4,412 | 4,412 | ||
Other | 371 | 146 | 970 | 593 |
Total non-interest income | 7,252 | 579 | 8,448 | 2,018 |
Non-interest expense: | ||||
Compensation and benefits | 5,554 | 4,667 | 15,207 | 14,157 |
Occupancy and equipment | 2,584 | 1,943 | 6,878 | 5,586 |
Data processing expenses | 596 | 398 | 1,559 | 1,182 |
Direct loan expenses | 437 | 183 | 848 | 521 |
Insurance and surety bond premiums | 138 | 146 | 387 | 312 |
Office supplies, telephone and postage | 386 | 281 | 1,014 | 869 |
Professional fees | 1,553 | 956 | 4,516 | 2,199 |
Marketing and promotional expenses | 127 | 46 | 506 | 119 |
Directors fees | 69 | 69 | 207 | 225 |
Regulatory dues | 49 | 70 | 151 | 173 |
Other operating expenses | 834 | 575 | 2,311 | 1,789 |
Total non-interest expense | 12,327 | 9,334 | 33,584 | 27,132 |
Income before income taxes | 5,156 | 996 | 3,123 | 3,294 |
Provision for income taxes (Note 9) | 1,147 | 287 | 898 | 967 |
Net income | $ 4,009 | $ 709 | $ 2,225 | $ 2,327 |
Earnings per share for the period (Note 11) | ||||
Basic | $ 0.24 | $ 0.04 | $ 0.13 | $ 0.13 |
Diluted | $ 0.24 | $ 0.04 | $ 0.13 | $ 0.13 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 4,009 | $ 709 | $ 2,225 | $ 2,327 |
Net change in unrealized gains on available-for-sale securities : | ||||
Unrealized gains | 23 | 24 | 188 | 354 |
Income tax effect | (5) | (5) | (40) | (75) |
Unrealized gains on securities, net of tax | 18 | 19 | 148 | 279 |
Pension benefit liability adjustment: | ||||
Net loss | (32) | (115) | ||
Income tax effect | 7 | 24 | ||
Pension liability adjustment, net of tax | (25) | (91) | ||
Total other comprehensive income, net of tax | 18 | (6) | 148 | 188 |
Total comprehensive income | $ 4,027 | $ 703 | $ 2,373 | $ 2,515 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock, At Cost | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock of ESOP |
Balance at Dec. 31, 2018 | $ 169,172 | $ 185 | $ 84,581 | $ 98,813 | $ (8,135) | $ (6,272) | |
Balance, Shares at Dec. 31, 2018 | 18,463,028 | ||||||
Net income | 2,327 | 2,327 | |||||
Other comprehensive income (loss), net of tax | 188 | 188 | |||||
Treasury stock | (12,663) | $ (12,663) | |||||
Treasury stock, Shares | (886,325) | ||||||
ESOP shares committed to be released (36,189 shares) | 530 | 168 | 362 | ||||
Restricted stock awards | 923 | 923 | |||||
Stock options | 77 | 77 | |||||
Balance at Sep. 30, 2019 | 160,554 | $ 185 | (12,663) | 85,749 | 101,140 | (7,947) | (5,910) |
Balance, Shares at Sep. 30, 2019 | 17,576,703 | ||||||
Balance at Dec. 31, 2019 | 158,402 | $ 185 | (14,478) | 84,777 | 93,688 | 20 | (5,790) |
Balance, Shares at Dec. 31, 2019 | 17,451,134 | ||||||
Net income | 2,225 | 2,225 | |||||
Other comprehensive income (loss), net of tax | 148 | 148 | |||||
Treasury stock | $ (3,803) | (3,803) | |||||
Treasury stock, Shares | (1,346,679) | (334,785) | |||||
ESOP shares committed to be released (36,189 shares) | $ 353 | (9) | 362 | ||||
Restricted stock awards | 956 | 956 | |||||
Stock options | 93 | 93 | |||||
Balance at Sep. 30, 2020 | $ 158,374 | $ 185 | $ (18,281) | $ 85,817 | $ 95,913 | $ 168 | $ (5,428) |
Balance, Shares at Sep. 30, 2020 | 17,116,349 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Statement Of Stockholders Equity [Abstract] | |||
Number of ESOP shares committed to be released | 36,189 | 48,250 | 36,189 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Cash Flows From Operating Activities: | |||||
Net income | $ 4,009 | $ 709 | $ 2,225 | $ 2,327 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Amortization of premiums/discounts on securities, net | (7) | 42 | |||
Loss on sale of loans | 62 | 114 | |||
Gain on sale of real property | (4,412) | ||||
Gain on derivatives | (58) | ||||
Provision for loan losses (Note 5) | 620 | 14 | 2,037 | 163 | $ 258 |
Depreciation and amortization | 652 | 567 | 1,878 | 1,626 | |
ESOP compensation | 402 | 574 | |||
Share-based compensation expense | 1,049 | 999 | |||
Deferred income taxes | 131 | (166) | |||
Changes in assets and liabilities: | |||||
Increase in loans held for sale | (1,521) | (1,030) | |||
Increase in accrued interest receivable | (6,013) | (98) | |||
(Increase) decrease in other assets | (7,393) | 12 | |||
(Decrease) increase in accrued interest payable | (39) | 18 | |||
Increase in advance payments by borrowers | 1,391 | 1,743 | |||
Increase in loan funding payable | 220 | ||||
Increase (decrease) in other liabilities | 7,415 | (1,301) | |||
Net cash (used in) provided by operating activities | (2,633) | 5,023 | |||
Cash Flows From Investing Activities: | |||||
Business acquisition, net of cash acquired | (1,005) | ||||
Proceeds from redemption of FHLBNY stock | 4,378 | 6,795 | |||
Purchases of FHLBNY Stock | (5,057) | (12,539) | |||
Purchases of available-for-sale securities | (10,113) | (30,000) | |||
Proceeds from maturities, calls and principal repayments on available-for-sale securities | 17,288 | 5,491 | |||
Placements with banks | (2,739) | ||||
Proceeds from sales of loans | 3,977 | 3,660 | |||
Net increase in loans | (159,295) | (32,946) | |||
Proceeds from sale of real property | 4,743 | ||||
Purchases of premises and equipment | (1,336) | (3,296) | |||
Net cash used in investing activities | (149,159) | (62,835) | |||
Cash Flows From Financing Activities: | |||||
Net increase (decrease) in deposits | 191,201 | (51,913) | |||
Repurchase of treasury stock | (3,803) | (12,663) | |||
Proceeds from advances from FHLBNY | 184,730 | 517,398 | |||
Repayments of advances from FHLBNY | (171,851) | (417,398) | |||
Net advances on warehouse lines of credit | (70) | ||||
Net cash provided by financing activities | 200,207 | 35,424 | |||
Net increase (decrease) in cash and cash equivalents | 48,415 | (22,388) | |||
Cash and Cash Equivalents: | |||||
Beginning | 27,677 | 69,778 | 69,778 | ||
Ending | $ 76,092 | $ 47,390 | 76,092 | 47,390 | $ 27,677 |
Supplemental disclosures of cash flow information: | |||||
Cash paid for interest on deposits and borrowings | 8,769 | 9,160 | |||
Cash paid for income taxes | 98 | $ 888 | |||
Non-cash assets acquired: | |||||
Mortgage loans held for sale, at fair value | 10,549 | ||||
Premises and equipment, net | 302 | ||||
Other assets | 772 | ||||
Total non-cash assets acquired | 11,623 | ||||
Liabilities assumed: | |||||
Warehouse lines of credit | 9,135 | ||||
Mortgage loans funding payable | 1,237 | ||||
Other liabilities | 246 | ||||
Total liabilities assumed | 10,618 | ||||
Net non-cash assets acquired | 1,005 | ||||
Cash and cash equivalents acquired | 750 | ||||
Consideration paid | $ 1,755 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Note 1. Nature of Business and Summary of Significant Accounting Policies Basis of Presentation and Consolidation: The unaudited interim Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2019 included in the Company’s annual report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries Ponce Bank (the “Bank”) and Mortgage World Bankers, Inc. (“Mortgage World”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns some of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation. Nature of Operations: The Company is a financial holding company formed on September 19, 2017 in connection with the reorganization of the Bank into a mutual holding company structure. The Company is subject to the comprehensive regulation and examination by the Board of Governors of the Federal Reserve. The Company’s business is conducted through the administrative office and 19 mortgage and banking offices. The banking offices are located in New York City – the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches), Brooklyn (3 branches) and Union City (1 branch), New Jersey. The mortgage offices are located in Nassau County, Queens (2) and Brooklyn, New York and Englewood Cliffs and Bergenfield, New Jersey. The Company’s primary market area currently consists of the New York City metropolitan area. The Bank is a federally chartered stock 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, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank. The Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. The Bank is subjected to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). 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, 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. On July 10, 2020, the Company completed its acquisition of Mortgage World. Mortgage World is a mortgage banking entity subject to the comprehensive regulation and examination of the New York State Department of Financial Services. The primary business of Mortgage World is the taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors. Although Mortgage World is permitted to do business in various states (New York, New Jersey, Pennsylvania, Florida and Connecticut), it primarily operates in the New York City metropolitan area. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Risks and Uncertainties: The COVID-19 pandemic continues to disrupt the global and U.S. economies and as well as the lives of individuals throughout the world. The New York City Metropolitan area continues to experience a significant number of cases of the COVID-19 pandemic. Governments, businesses, and the public are taking unprecedented actions to contain the spread of the COVID-19 pandemic and to mitigate its effects, including quarantines and travel bans. Businesses and schools have slowly reopened, but in some cases, schools have had to revert to remote teaching while some businesses, in particular restaurants, have had to scale back and/or adjust their opening plans. While the scope, duration, and full effects of the COVID-19 pandemic continues to evolve it continues to have a significantly adverse impact on the functioning of the global financial markets while increasing economic and market uncertainty. The potential financial impact is still unknown at this time. However, if the pandemic continues for a sustained period of time, it may adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience a material adverse effect on our business operations, loan portfolio, financial condition, and results of operations. During the nine months ended September 30, 2020, the provision for loan losses increased by $1,874 primarily due to increases in qualitative reserves as the Company continues to assess the economic impacts the COVID-19 pandemic has on our local economy and our loan portfolio. Therefore, there is a reasonable probability that the Company’s allowance for loan losses estimation as of September 30, 2020 may change thereafter and could result in a material adverse change to the Company’s provision for loan losses, earnings and capital. Summary of Significant Accounting Policies: Use of Estimates Interim Financial Statements 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. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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, 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 and (2) OTTI related to other factors, which is recognized in other comprehensive income. 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 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 effective interest yield method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, 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 Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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 Company 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 a troubled debt restructuring, management evaluates the loan 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. 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 Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Business Loans Consumer Loans Mortgage Loans Held for Sale : Mortgage loans held for sale, at fair value, include residential mortgages that were originated in accordance with secondary market pricing and underwriting standards. These loans are primarily loans originated by Mortgage World and the Company intends to sell these loans on the secondary market. Mortgage loans held for sale at fair value are carried at fair value under the fair value option accounting guidance for financial assets and financial liabilities. The gains or losses for the changes in fair value of these loans are included in gain on sale of mortgage loans on the consolidated statements of income. Interest income on mortgage loans held for sale measured under the fair value option is calculated based on the principal amount of the loan and is included in interest loans receivable on the consolidated statements of income. Bank loans held for sale are earmarked for investor purchase and are reported at the lower of cost or fair value as determined by investor bid prices. Sales of loans occur from time to time as part of strategic business or regulatory compliance initiatives. Loans held for sale are sold without recourse and servicing released. When a loan is transferred from portfolio to held-for-sale and the fair value is less than cost, a charge-off is recorded against the allowance for loan losses. Subsequent declines in fair value, if any, are charged against earnings . COVID-19 Pandemic and the CARES Act Under the CARES Act and related Interagency Statement, the Company may temporarily suspend its delinquency and nonperforming treatment for certain loans that have been granted a payment accommodation that facilitates borrowers' ability to work through the immediate impact of the pandemic. Borrowers who were current prior to becoming affected by the COVID-19 pandemic, then receive payment accommodations as a result of the effects of the COVID-19 pandemic and if all payments are current in accordance with the revised terms of the loan, generally would not be reported as past due. The Company has chosen to utilize this part of the CARES Act as it relates to delinquencies and nonperforming loans and will not report these loans as past due. Under Section 4013 of the CARES Act, modifications of loan terms do not automatically result in TDRs and the Company generally does not need to categorize the COVID-19 pandemic-related modifications as TDRs. The Company may elect not to categorize loan modifications as TDRs if they are (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. For all other loan modifications, the federal banking agencies have confirmed with staff of the Financial Accounting Standards Board ("FASB") that short-term modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Financial institutions accounting for eligible loans under Section 4013 are not required to apply ASC Subtopic 310-40 to the Section 4013 loans for the term of the loan modification. Financial institutions do not have to report Section 4013 loans as TDRs in regulatory reports, including this Form 10-Q. The Company has chosen to utilize this section of the CARES Act and will not report the COVID-19 pandemic related modifications as TDRs. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Under the CARES Act and related Interagency Statement, in regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to the COVID-19 pandemic as past due because of the deferral. A loan's payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, this may result in no contractual payments being past due, and these loans are not considered past due during the period of the deferral. Each financial institution should refer to the applicable regulatory reporting instructions, as well as its internal accounting policies, to determine if loans to distressed borrowers should be reported as nonaccrual assets in regulatory reports. However, during the short-term arrangements, these loans generally should not be reported as nonaccrual. The Company has elected to follow this guidance of the CARES Act and will report loans that have been granted payment deferrals as current so long as they were current at the time the deferral was granted. 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 Buildings 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. Related Party Transactions Employee Benefit Plans: 401(k) Plan: Employee Stock Ownership Plan: Stock Options: Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units. The Company recognizes compensation expense for the fair value of the restricted stock units on a straight-line basis over the requisite service period. Comprehensive Income: Loss Contingencies Fair Value of Financial Instruments Segment Reporting Loan Commitments and Related Financial Instruments Earnings 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 September 30, 2020, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period with the exception of ASU 2016-13, which has not been implemented yet as discussed below. 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 12 leased 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 leased 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. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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 In December 2019, the FASB issued ASU 2019-12 “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) ” |
Business Acquisition
Business Acquisition | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Acquisition | Note 2. Business On July 10, 2020, the Company completed its acquisition of 100 percent of the shares of common stock of Mortgage World. The shareholders of Mortgage World received total consideration of $1,755 in cash. The acquisition was accounted for using the acquisition method of accounting, and accordingly, assets acquired and liabilities assumed were recorded at preliminary estimated fair values as of the acquisition date. Mortgage World’s results of operations have been included in the Company’s Consolidated Statements of Income since July 10, 2020. The assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values based on management’s best estimates, using information available at the date of the acquisition. The fair values are preliminary estimates and subject to adjustment for up to one year after the closing date of the acquisition. The Company did not recognize goodwill from the acquisition. Note 2. Business Acquisition (Continued) The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Mortgage World: Fair Value Fair value of acquisition consideration $ 1,755 Assets: Cash and cash equivalents 750 Mortgage loans held for sale, at fair value 10,549 Premises and equipment, net 302 Other assets 772 Total assets $ 12,373 Liabilities: Warehouse lines of credit $ 9,135 Mortgage loans fundings payable 1,237 Other liabilities 246 Total Liabilities $ 10,618 Net assets $ 1,755 |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 9 Months Ended |
Sep. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Banks | Note 3 . Restrictions on Cash and Due from Banks The Bank was previously required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based on a percentage of deposits. The Bank had $11,894 and $5,935 in cash to cover its minimum reserve requirement of $0 and $4,927 at September 30, 2020, and December 31, 2019, respectively. Effective March 26, 2020, the Federal Reserve Board eliminated reserve requirement for depository institutions to support lending to households and businesses. Cash and cash equivalents include Mortgage World restricted cash which consists of escrows due to HUD for upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers and good faith deposits received from commercial loan customers relating to the closing of a commercial loan. As of September 30, 2020, the total amount of restricted cash was $63 and were reflected on the consolidated statements of financial condition. |
Available-for-Sale Securities
Available-for-Sale Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Securities | Note 4 . Available-for-Sale Securities The amortized cost and fair value of available-for-sale securities at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ — $ — $ — $ — Corporate Bonds 10,122 111 — 10,233 Mortgage-Backed Securities: FNMA Certificates 3,925 56 — 3,981 GNMA Certificates 289 9 — 298 Total $ 14,336 $ 176 $ — $ 14,512 Note 4. Available-for-Sale Securities (Continued) December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 16,373 $ — $ (19 ) $ 16,354 Corporate Bonds — — — — Mortgage-Backed Securities: FNMA Certificates 4,680 — (21 ) 4,659 GNMA Certificates 482 9 — 491 Total $ 21,535 $ 9 $ (40 ) $ 21,504 There were no securities classified as held-to-maturity as of September 30, 2020 and December 31, 2019. There were no sale of available-for-sale securities during the nine months ended September 30, 2020 and 2019. A total of $17,288 available-for-sale securities matured and/or were called during the nine months ended September 30, 2020. The Company purchased $10,113 of available-for-sale securities during the nine months ended September 30, 2020. There were no securities in an unrealized loss position at September 30, 2020. The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2019: 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 Losses Value Losses Value Losses U.S. Government and Federal Agencies $ — $ — $ 16,354 $ (19 ) $ 16,354 $ (19 ) Mortgage-Backed FNMA Certificates — — 4,659 (21 ) 4,659 (21 ) Total $ — $ — $ 21,013 $ (40 ) $ 21,013 $ (40 ) The Company’s investment portfolio had 7 and 10 available-for-sale securities at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, the Company had 0 and 9 available-for-sale securities, respectively , with gross unrealized loss positions. Management reviewed the financial condition of the entities underlying the securities at both and and determined that they are not other than temporarily impaired because the unrealized losses in those securities (if any) relate to market interest rate changes. The Company has the ability to hold them and does not have the intent to sell these securities, and it is not more likely than not that the Company will be required to sell these securities, before recovery of the cost basis. In addition, management also considers the issuers of the securities to be financially sound and believes the Company will receive all contractual principal and interest related to these investments. The following is a summary of maturities of securities at September 30, 2020 and December 31, 2019. 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. Note 4. Available-for-Sale Securities (Continued) September 30, 2020 Available-for-Sale Amortized Fair Cost Value Corporate Bonds: Amounts maturing: Three months or less $ — $ — After three months through one year — — After one year through five years 2,647 2,736 More than five years 7,475 7,497 10,122 10,233 Mortgage-Backed Securities 4,214 4,279 Total $ 14,336 $ 14,512 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 There were no securities pledged at September 30, 2020 and December 31, 2019. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 5 . Loans Receivable and Allowance for Loan Losses Loans receivable (excluding mortgage loans held for sale, at fair value) at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, 2020 2019 Mortgage loans: 1-4 Family residential Investor-Owned $ 320,438 $ 305,272 Owner-Occupied 93,340 91,943 Multifamily residential 284,775 250,239 Nonresidential properties 217,771 207,225 Construction and land 99,721 99,309 Nonmortgage loans: Business loans (1) 96,700 10,877 Consumer loans (2) 9,806 1,231 1,122,551 966,096 Net deferred loan origination costs 786 1,970 Allowance for loan losses (14,381 ) (12,329 ) Loans receivable, net $ 1,108,956 $ 955,737 (1) As of September 30, 2020, business loans include $86,165 of Paycheck Protection Program (“PPP”) loans. (2) As of September 30, 2020, consumer loans include $8,668 related to Grain Technologies, LLC. Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations for further discussion on Grain Technologies, LLC. Note 5. Loans Receivable and Allowance for Loan Losses (Continued) The Company’s lending activities are conducted principally in metropolitan New York City area and to a lesser extent in Florida, California and Pennsylvania. 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 or on an unsecured basis. Real estate is the primary form of collateral. Other important forms of collateral are time deposits and marketable securities. As of September 30, 2020, the Company had received U.S. Small Business Administration (“SBA”) approval for over 1,000 PPP applications of which it made 985 loans totaling $86,165. Loans under the PPP that meet SBA requirements may be forgiven in certain circumstances and are 100% guaranteed by the SBA. PPP loans have either a two-year or five-year term, provide for fees of up to 5% of the loan amount and earn interest at an annual rate of 1%. 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 internally assigned risk ratings: • Strong Pass – Loans to a new or existing borrower 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 – Existing 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 the 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 the repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remediated. • Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. Loans within the top four categories above are considered pass rated, as commonly defined. Risk ratings are assigned as necessary to differentiate risk within the portfolio. Risk ratings 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. Note 5. Loans Receivable and Allowance for Loan Losses (Continued) The following tables present credit risk ratings by loan segment as of September 30, 2020 and December 31, 2019: September 30, 2020 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 403,062 $ 277,822 $ 212,699 $ 83,149 $ 96,700 $ 9,806 $ 1,083,238 Special mention 2,350 — — 16,572 — — 18,922 Substandard 8,366 6,953 5,072 — — — 20,391 Total $ 413,778 $ 284,775 $ 217,771 $ 99,721 $ 96,700 $ 9,806 $ 1,122,551 December 31, 2019 Mortgage Loans Nonmortgage Loans Construction Total 1-4 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 An aging analysis of loans, as of September 30, 2020 and December 31, 2019, is as follows: September 30, 2020 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential Investor-Owned $ 318,955 $ — $ — $ 1,483 $ 320,438 $ 1,936 $ — Owner-Occupied 90,381 — 1,509 1,450 93,340 3,269 — Multifamily residential 284,555 — 10 210 284,775 210 — Nonresidential properties 214,499 — — 3,272 217,771 4,447 — Construction and land 99,721 — — — 99,721 — — Nonmortgage loans: Business 96,680 20 — — 96,700 — — Consumer 9,806 — — — 9,806 — — Total $ 1,114,597 $ 20 $ 1,519 $ 6,415 $ 1,122,551 $ 9,862 $ — December 31, 2019 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential 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 5. Loans Receivable and Allowance for Loan Losses (Continued) The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of September 30, 2020 and 2019, and December 31, 2019: For the Nine Months Ended September 30, 2020 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 Allowance for loan losses: Balance, beginning of period $ 3,503 $ 1,067 $ 3,865 $ 1,849 $ 1,782 $ 254 $ 9 $ 12,329 Provision charged to expense 353 134 1,024 330 (63 ) 182 77 2,037 Losses charged-off — — — — — (6 ) (6 ) Recoveries — — — 4 — 17 — 21 Balance, end of period $ 3,856 $ 1,201 $ 4,889 $ 2,183 $ 1,719 $ 453 $ 80 $ 14,381 Ending balance: individually evaluated for impairment $ 121 $ 137 $ — $ 37 $ — $ — $ — $ 295 Ending balance: collectively evaluated for impairment 3,735 1,064 4,889 2,146 1,719 453 80 14,086 Total $ 3,856 $ 1,201 $ 4,889 $ 2,183 $ 1,719 $ 453 $ 80 $ 14,381 Loans: Ending balance: individually evaluated for impairment $ 6,412 $ 5,442 $ 210 $ 5,245 $ — $ — $ — $ 17,309 Ending balance: collectively evaluated for impairment 314,026 87,898 284,565 212,526 99,721 96,700 9,806 1,105,242 Total $ 320,438 $ 93,340 $ 284,775 $ 217,771 $ 99,721 $ 96,700 $ 9,806 $ 1,122,551 For the Three Months Ended September 30, 2020 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 Allowance for loan losses: Balance, beginning of period $ 3,857 $ 1,194 $ 4,741 $ 2,085 $ 1,670 $ 204 $ 10 $ 13,761 Provision charged to expense (1 ) 7 148 98 49 245 74 620 Losses charged-off — — — — — — (4 ) (4 ) Recoveries — — — — — 4 — 4 Balance, end of period $ 3,856 $ 1,201 $ 4,889 $ 2,183 $ 1,719 $ 453 $ 80 $ 14,381 Note 5. Loans Receivable and Allowance for Loan Losses (Continued) For the Nine Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance 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 (297 ) (139 ) (86 ) (222 ) 217 749 (1 ) (58 ) 163 Losses charged-off — — — — — (782 ) — — (782 ) Recoveries 23 — — 7 — 30 2 58 120 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Ending balance: individually evaluated for impairment $ 266 $ 158 $ — $ 32 $ — $ 33 $ — $ — $ 489 Ending balance: collectively evaluated for impairment 3,259 911 3,743 1,678 1,848 224 8 — 11,671 Total $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Loans: Ending balance: individually evaluated for impairment $ 7,011 $ 5,636 $ — $ 5,103 $ 1,303 $ 35 $ — $ — $ 19,088 Ending balance: collectively evaluated for impairment 302,054 85,207 244,644 190,849 104,821 11,005 1,252 — 939,832 Total $ 309,065 $ 90,843 $ 244,644 $ 195,952 $ 106,124 $ 11,040 $ 1,252 $ — $ 958,920 For the Three Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,574 $ 1,168 $ 3,713 $ 1,928 $ 1,533 $ 533 $ 11 $ 58 $ 12,518 Provision charged to expense (49 ) (99 ) 30 (220 ) 315 98 (3 ) (58 ) 14 Losses charged-off — — — — — (380 ) — — (380 ) Recoveries — — — 2 — 6 — — 8 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Note 5. Loans Receivable and Allowance for Loan Losses (Continued) 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 Allowance for loan losses: Balance, beginning of year $ 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 year $ 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 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 5. Loans Receivable and Allowance for Loan Losses (Continued) The following information relates to impaired loans as of and for the nine months ended September 30, 2020 and 2019 and for the year ended December 31, 2019: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2020 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 12,715 $ 9,688 $ 2,166 $ 11,854 $ 257 $ 12,190 $ 146 Multifamily residential 207 210 — 210 — 44 — Nonresidential properties 5,639 4,873 372 5,245 38 5,369 54 Construction and land — — — — — 751 — Nonmortgage loans: Business — — — — — 17 — Consumer — — — — — — — Total $ 18,561 $ 14,771 $ 2,538 $ 17,309 $ 295 $ 18,371 $ 200 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2019 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 13,686 $ 8,460 $ 4,187 $ 12,647 $ 424 $ 13,084 $ 263 Multifamily residential — — — — — 7 — Nonresidential properties 5,211 4,724 379 5,103 32 3,676 85 Construction and land 1,615 1,303 — 1,303 — 1,238 4 Nonmortgage loans: Business 38 — 35 35 33 232 5 Consumer — — — — — 1 — Total $ 20,550 $ 14,487 $ 4,601 $ 19,088 $ 489 $ 18,238 $ 357 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 a Cash Basis Mortgage loans: 1-4 Family residential $ 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 Note 5 . 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 against the allowance for loan losses. During the nine months ended September 30, 2020, there were no loans restructured as a troubled debt restructuring and as of and for the year ended December 31, 2019, there was one loan restructured as a troubled debt restructuring. Loans Restructured During All TDRs with a payment default within 12 months following the Nine Months Ended September 30, 2020 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 — $ — $ — — $ — Total — $ — $ — — $ — Combination of rate, maturity, other — $ — $ — — $ — Total — $ — $ — — $ — 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 — $ — At September 30, 2020, there were 32 troubled debt restructured loans totaling $9,781 of which $6,683 are on accrual status. At December 31, 2019, there were 36 troubled debt restructured loans totaling $12,204 of which $8,601 are on accrual status. There were no commitments to lend additional funds to borrowers whose loans have been modified in a troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans, which aggregated to $295 and $459 at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, there was one loan in the amount of $1,030 held for sale related to the Bank. At September 30, 2020, 29 loans related to Mortgage World in the amount of $12,070 were held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities. Refer to Note 13 Fair Value for additional information. |
Premises and Equipment
Premises and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 6 . Premises and Equipment Premises and equipment at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, 2020 2019 Land $ 3,897 $ 3,979 Buildings and improvements 16,873 17,350 Leasehold improvements 25,829 25,534 Furniture, fixtures and equipment 9,139 8,513 55,738 55,376 Less: accumulated depreciation and amortization (23,625 ) (22,630 ) Total premises and equipment $ 32,113 $ 32,746 Depreciation and amortization expense amounted to $652 and $567 for the three months ended September 30, 2020 and 2019, and $1,878 and $1,626 for the nine months ended September 30, 2020 and 2019, respectively, and are included in occupancy and equipment in the accompanying consolidated statements of income. Furniture, fixtures and equipment increased by $626 to $9,139 at September 30, 2020, mainly as a result of renovations of premises, purchases of laptops and software to facilitate remote working during the COVID-19 pandemic. Leasehold improvements increased by $295 to $25,829 as part of the branch renovation initiative. Buildings and improvements decreased by $477 to $16,873 and land decreased by $82 to $3,897 at September 30, 2020 as a result of sale of real property. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2020 | |
Banking And Thrifts [Abstract] | |
Deposits | Note 7 . Deposits Deposits at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, 2020 2019 Demand (1) $ 186,328 $ 109,548 Interest-bearing deposits: NOW/IOLA accounts 29,618 32,866 Money market accounts 148,877 86,721 Reciprocal deposits 108,367 47,659 Savings accounts 120,883 115,751 Total NOW, money market, reciprocal and savings 407,745 282,997 Certificates of deposit of $250K or more 80,403 84,263 Brokered certificates of deposits (2) 55,878 76,797 Listing service deposits (2) 49,342 32,400 Certificates of deposit less than $250K 193,548 196,038 Total certificates of deposit 379,171 389,498 Total interest-bearing deposits 786,916 672,495 Total deposits $ 973,244 $ 782,043 (1) As of September 30, 2020, included in demand deposits are $41,934 related to net PPP funding and $884 related to Grain Technologies, LLC. (2) There were $26,888 in individual brokered certificates of deposit or listing service deposits amounting to $250 or more. At September 30, 2020 scheduled maturities of certificates of deposit were as follows: 2021 $ 233,867 2022 88,285 2023 26,150 2024 11,633 2025 15,236 Thereafter 4,000 $ 379,171 Note 7. Deposits (Continued) Overdrawn deposit accounts that have been reclassified to loans amounted to $1,429 and $199 as of September 30, 2020 and December 31, 2019, respectively. Included in the overdrawn deposits of $1,429 as of September 30, 2020 was one account in the amount of $1,372 which was remediated on October 8, 2020. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 8 . Borrowings FHLBNY Advances The Bank had $117,283 and $104,404 of outstanding term advances from the FHLBNY at September 30, 2020 and December 31, 2019, respectively. Additionally, the Bank had an unsecured line of credit in the amount of $25,000 with a correspondent bank at September 30, 2020 and December 31, 2019, of which $0 were outstanding as of September 30, 2020 and December 31, 2019, respectively. The Bank also had a guarantee from the FHLBNY through a standby letter of credit of $3,345 at September 30, 2020 and $3,455 at December 31, 2019. Borrowed funds at September 30, 2020 and December 31, 2019 consist of the following and are summarized by maturity and call date below: September 30, December 31, 2020 2019 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 $ — $ — — % $ — $ — — % 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 77,880 77,880 1.73 65,000 65,000 1.89 2023 28,374 28,374 2.82 28,375 28,375 2.82 $ 117,283 $ 117,283 2.08 % $ 104,404 $ 104,404 2.21 % Interest expense on term advances totaled $612 and $516 for the three months ended September 30, 2020 and 2019, and $1,799 and $1,141 for the nine months ended September 30, 2020 and 2019, respectively. Interest expense on overnight advances totaled $43 As of September 30, 2020 and December 31, 2019, the Bank had eligible collateral of approximately $329,743 and $301,753, respectively, in residential 1-4 family and multifamily mortgage loans available to secure advances from the FHLBNY. Warehouse Lines of Credit: Credit Line Unused Line Balance at Maximum of Credit September 30, 2020 Warehouse Line of Credit #1 $ 9,900 $ 2,221 $ 7,679 Warehouse Line of Credit #2 5,000 3,614 1,386 Total long-term debt $ 14,900 $ 5,835 $ 9,065 Note 8. Borrowings Warehouse Line of Credit #1 The interest rate is based on the 30-day LIBOR rate plus 3.25%. The effective rate at September 30, 2020 was 3.40%. The line of credit is an evergreen agreement that terminates upon request by either the financial institution or the borrower Warehouse Line of Credit #2 The interest rate is based on the 30-day LIBOR rate plus 3.00% for loans funded by wires. The effective rate at September 30, 2020 was 3.15%. Mortgage Loan Funding Payable: |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 . Income Taxes The provision for income taxes for the three and nine months ended September 30, 2020 and 2019 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Federal: Current $ 359 $ 237 $ 636 $ 888 Deferred 489 122 120 89 848 359 756 977 State and local: Current 65 53 179 238 Deferred 1,074 (631 ) (182 ) (1,135 ) 1,139 (578 ) (3 ) (897 ) Valuation allowance (840 ) 506 145 887 Provision for income taxes $ 1,147 $ 287 $ 898 $ 967 Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three and nine months ended September 30, 2020 and 2019, respectively, to income before income taxes as a result of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Income tax, at federal rate $ 1,082 $ 209 $ 655 $ 692 State and local tax, net of federal taxes 899 (455 ) (3 ) (707 ) Valuation allowance, net of the federal benefit (840 ) 506 145 887 Other 6 27 101 95 $ 1,147 $ 287 $ 898 $ 967 Management maintains a valuation allowance against its net New York State and New York City deferred tax assets as it is unlikely these deferred tax assets will be utilized to reduce the Company's tax liability in future years. The valuation allowance increased by $145 and $887 for the nine months ended September 30, 2020 and 2019, respectively. Note 9. Income Taxes (Continued) Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible. At September 30, 2020 and December 31, 2019, the Company had no unrecognized tax benefits recorded related to uncertain tax positions. The Company does not expect that the total amount of unrecognized tax benefits will 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 2017. On March 27, 2020, the President signed the CARES Act to help individuals and businesses that have been negatively impacted by the COVID-19 pandemic. Among other provisions, the CARES Act allows net operating losses, which were modified with the Tax Cuts and Jobs Act of 2017, to be carried back five years. It also modifies the useful lives of qualified leasehold improvements, relaxing the excess loss limitations on pass-through and increasing the interest expense limitation. The Company does not expect the CARES Act to have a material tax impact on the Company's consolidated financial statements. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at September 30, 2020 and December 31, 2019 are presented below: September 30, December 31, 2020 2019 Deferred tax assets: Allowance for loan losses $ 4,658 $ 3,990 Interest on nonaccrual loans 666 338 Unrealized loss on available-for-sale securities — 7 Amortization of intangible assets 74 88 Deferred rent payable 115 — Depreciation of premises and equipment 8 30 Net operating losses 4,430 4,258 Charitable contribution carryforward 1,610 1,675 Compensation and benefits 668 182 Other 47 130 Total gross deferred tax assets 12,276 10,698 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net — 85 Deferred loan fees 847 638 Deferred gain on like-kind exchange 1,378 — Unrealized loss on available-for-sale securities 34 — Other 42 7 Total gross deferred tax liabilities 2,301 730 Valuation allowance 6,389 6,244 Net deferred tax assets $ 3,586 $ 3,724 |
Compensation and Benefit Plans
Compensation and Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Compensation and Benefit Plans | Note 10 . Compensation and Benefit Plans 401(k) Plan The Company provides a qualified defined contribution retirement plan 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 contribution of 3%. The 401(k) expenses recorded in the consolidated statements of income amounted to $103 and $89 for the three months ended September 30, 2020 and 2019, and $474 and $256 for the nine months ended September 30, 2020 and 2019, respectively. Employee Stock Ownership Plan: In connection with the reorganization, the Company established an 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 Company’s initial 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 periods are recognized, and the shares become outstanding for earnings per share computations (see Note 11). A summary of the ESOP shares as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 Shares committed-to-be released 36,189 48,250 Shares to be allocated to participants 144,750 96,500 Unallocated shares 542,812 579,001 Total 723,751 723,751 Fair value of unearned shares $ 4,788 $ 8,511 The Company recognized ESOP related compensation expense, including ESOP equalization expense, of $115 and $184 for the three months ended September 30, 2020 and 2019, respectively, and $402 and $574 for the nine months ended September 30, 2020 and 2019, respectively. Supplemental Executive Retirement Plan: The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of one key executive officer. The SERP expense recognized for the three months ended September 30, 2020 and 2019 was $15 and $12, respectively, and $45 for both the nine months ended September 30, 2020 and 2019. Note 10 . 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 flex 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 and 45,000 awards of stock options into 15,000 restricted stock units in 2020. 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, 322,254 restricted stock units to executive officers, 40,000 restricted stock units to non-executive officers and 148,625 restricted stock units to outside directors. During the nine months ended September 30, 2020, the Company awarded 40,000 incentive options and 15,000 restricted stock units to non-executive officers under the 2018 Incentive Plan. 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 September 30, 2020 and December 31, 2019, the maximum number of stock options and SARs remaining to be awarded under the Incentive Plan was 180,476 and 265,476, respectively. As of September 30, 2020 and December 31, 2019, the maximum number of shares of common stock that may be issued as restricted stock or restricted stock units remaining to be awarded under the Incentive Plan was 0, for both periods. 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 or restricted stock units would be 60,159 and 88,492 as of September 30, 2020 and December 31, 2019, respectively, 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. Note 10. Compensation and Benefit Plans (Continued) A summary of the Company’s restricted stock unit awards activity and related information for the nine months ended September 30, 2020 and year ended December 31, 2019 are as follows: September 30, 2020 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year 420,744 $ 12.78 Granted 15,000 10.05 Forfeited — — Vested — — Non-vested at September 30 435,744 $ 12.69 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 Compensation expense related to restricted stock units was $319 and $314 for the three months ended September 30, 2020 and 2019, respectively, and $956 and $923 for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the total remaining unrecognized compensation cost related to restricted stock units was $4,477, which is expected to be recognized over the next 29 quarters. A summary of the Company’s stock option awards activity and related information for the nine months ended September 30, 2020 and year ended December 31, 2019 are as follows: September 30, 2020 Options Weighted- Average Exercise Price Per Share Outstanding, beginning of year 163,766 $ 12.78 Granted 40,000 8.93 Exercised — — Forfeited — — Outstanding at September 30 (1) 203,766 $ 12.02 Exercisable at September 30 (1) 24,788 $ 12.77 Note 10. Compensation and Benefit Plans (Continued) 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 at December 31 (1) 163,766 $ 12.78 Exercisable at December 31 (1) 24,788 $ 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 $0 and $315 for outstanding options and $0 and $48 for exercisable options at September 30, 2020 and December 31, 2019, respectively. The weighted-average exercise price for the options as of September 30, 2020 was $12.02 per share and the weighted average remaining contractual life is 8.1 years. The weighted average period over which compensation expenses are expected to be recognized is 5.0 years. There were 24,788 shares exercisable as of September 30, 2020 and December 31, 2019, respectively. Total compensation cost related to stock options recognized was $33 and $29 for the three months ended September 30, 2020 and 2019, respectively, and $93 and $77 for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the total remaining unrecognized compensation cost related to unvested stock options was $519, which is expected to be recognized over the next 29 quarters. 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 Nine Months Ended September 30, 2020 2019 Dividend yield 0.00 % 0.00 % Expected life 6.5 years 6.5 years Expected volatility 38.51 % 16.94 % Risk-free interest rate 0.48 % 2.51 % Weighted average grant date fair value $ 3.77 $ 4.01 The expected volatility is based on the Company’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 the repurchase 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 was permitted to 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 Company’s share repurchase program was terminated on March 27, 2020. On June 1, 2020, the Company adopted a third share repurchase program. Under this third program, the Company was permitted to repurchase up to 864,987 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 November 30, 2020. As of September 30, 2020, the Company had repurchased a total of 1,436,814 shares under the repurchase programs at a weighted average price of $13.62 per share, of which 1,346,679 shares are reported as treasury stock on the consolidated statements of financial condition. Of the 1,436,814 shares repurchased, 90,135 shares have been granted to directors and executive officers under the Company’s 2018 Long-Term Incentive Plan pursuant to restricted stock units which vested on December 4, 2019. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 1 1 . Earnings Per Share The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (Dollars in thousands except share data) Net income $ 4,009 $ 709 $ 2,225 $ 2,327 Common shares outstanding for basic EPS: Weighted average common shares outstanding 17,166,882 17,405,296 17,278,439 18,012,360 Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares 554,677 602,994 566,762 614,967 Basic weighted average common shares outstanding 16,612,205 16,802,302 16,711,677 17,397,393 Basic earnings per common share $ 0.24 $ 0.04 $ 0.13 $ 0.13 Dilutive potential common shares: Add: Dilutive effect of restricted stock awards and stock options — 26,986 12,522 74,242 Diluted weighted average common shares outstanding 16,612,205 16,829,288 16,724,199 17,471,635 Diluted earnings per common share $ 0.24 $ 0.04 $ 0.13 $ 0.13 |
Commitments, Contingencies and
Commitments, Contingencies and Credit Risk | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Credit Risk | Note 1 2 . Commitments, Contingencies and Credit Risk Financial Instruments With Off-Balance-Sheet Risk Commitments to Sell Loans at Lock-in Rates: The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer default, and the value of any existing collateral become worthless. The same credit policies are used in making commitments and contractual obligations as for on-balance-sheet instruments. Financial instruments whose contractual amounts represent credit risk at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, 2020 2019 Commitments to grant mortgage loans $ 80,949 $ 64,829 Commitments to sell loans at lock-in rates 16,537 — Unfunded commitments under lines of credit 39,565 27,833 Standby letters of credit 3,345 3,455 $ 140,396 $ 96,117 Note 12. Commitments, Contingencies and Credit Risk (Continued) Commitments to Grant Mortgage Loans Repurchases, Indemnifications and Premium Recaptures Unfunded Commitments Under Lines of Credit Standby Letters of Credit Concentration by Geographic Location Loan Concentrations Lease Commitments The projected minimum rental payments under the terms of the leases at September 30, 2020 are as follows: Remainder of 2020 $ 411 2021 1,485 2022 1,381 2023 1,354 2024 1,364 2025 1,298 Thereafter 4,566 $ 11,859 Legal Matters |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 13 . 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, Placements with Banks, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, and Accrued Interest Payable Available-for-Sale Securities FHLBNY Stock Loans Receivable Mortgage Loans Held for Sale Under the fair value option, management has elected, on an instrument-by-instrument basis, fair value for substantially all forms of mortgage loans originated for sale on a recurring basis. The difference between the fair value carrying amount of mortgages held for sale measured under the fair value option and the aggregate unpaid principal amounts is not material. Interest Rate Lock Commitments Note 13. Fair Value (Continued) The FASB determined that loan commitments related to the origination or acquisition of mortgage loans that will be held for sale must be accounted for as derivative instruments. Such commitments, along with any related fees received from potential borrowers, are recorded at fair value in derivative assets or liabilities, with changes in fair value recorded in net gain or loss on sale of mortgage loans. Fair value is based on active market pricing for substantially similar underlying mortgage loans commonly referred to as best execution pricing or investment commitment pricing, if the loan is committed to an investor through a best efforts contract. In valuing interest rate lock commitments, there are several unobservable inputs such as the fair value of the mortgage servicing rights, estimated remaining cost to originate the loans, and the pull through rate of the open pipline. Accordingly, such derivative is classified as Level 3. The approximate notional amounts of Mortgage World’s derivative instruments was $16,537 at September 30, 2020. The fair value of derivatives related to interest rate lock commitments not subject to a forward loan sale commitment, amounted to $58 as of September 30, 2020 and is included in other assets on the consolidated statements of financial position. The table below presents the changes in derivatives from interest rate lock commitments that are measured at fair value on a recurring basis: Balance as of July 10, 2020 $ — Change in fair value of derivative instruments reported in earnings 58 Balance as of September 30, 2020 $ 58 Other Real Estate Owned Deposits FHLBNY Advances Warehouse Lines of Credit Off-Balance-Sheet Instruments Fair values for off-balance-sheet instruments (lending commitments Note 13. Fair Value (Continued) The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, and indicate the level within the fair value hierarchy utilized to determine the fair value: September 30, 2020 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities, at fair value: U.S. government and federal agencies $ — $ — $ — $ — Corporate bonds 10,233 — 10,233 — Mortgage-Backed Securities: FNMA Certificates 3,981 — 3,981 — GNMA Certificates 298 — 298 — Mortgage Loans Held for Sale, at fair value 13,100 — 13,100 — Derivatives from interest rate lock commitments 58 — — 58 $ 27,670 $ — $ 27,612 $ 58 December 31, 2019 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities, at fair value: U.S. government and federal agencies $ 16,354 $ — $ 16,354 $ — Corporate bonds — — — — Mortgage-Backed Securities: FNMA Certificates 4,659 — 4,659 — GNMA Certificates 491 — 491 — Mortgage Loans Held for Sale, at fair value — — — — Derivatives from interest rate lock commitments — — — — $ 21,504 $ — $ 21,504 $ — Management’s 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 September 30, 2020 and December 31, 2019 and indicate the fair value hierarchy utilized to determine the fair value: September 30, 2020 Total Level 1 Level 2 Level 3 Impaired loans $ 17,309 $ — $ — $ 17,309 December 31, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 19,232 $ — $ — $ 19,232 Losses on assets carried at fair value on a nonrecurring basis were de minimis 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 2020 and 2019 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. Note 13. Fair Value (Continued) 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. As of September 30, 2020 and December 31, 2019, the carrying values and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total September 30, 2020 Financial assets: Cash and cash equivalents $ 76,092 $ 76,092 $ — $ — $ 76,092 Available-for-sale securities, at fair value 14,512 — 14,512 — 14,512 Placements with banks 2,739 2,739 2,739 Mortgage loans held for sale, at fair value 13,100 — 13,100 — 13,100 Loans receivable, net 1,108,956 — — 1,124,149 1,124,149 Accrued interest receivable 9,995 — 9,995 — 9,995 FHLBNY stock 6,414 6,414 — — 6,414 Other assets 58 — — 58 58 Financial liabilities: Deposits: Demand deposits 186,328 186,328 — — 186,328 Interest-bearing deposits 407,745 407,745 — — 407,745 Certificates of deposit 379,171 — 384,884 — 384,884 Advance payments by borrowers for taxes and insurance 7,739 — 7,739 — 7,739 Advances from FHLBNY 117,283 117,283 — — 117,283 Warehouse lines of credit 9,065 9,065 — — 9,065 Mortgage loan fundings payable 1,457 1,457 — — 1,457 Accrued interest payable 58 — — 58 58 Note 1 3 . Fair Value (Continued) Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total December 31, 2019 Financial assets: Cash and cash equivalents $ 27,677 $ 27,677 $ — $ — $ 27,677 Available-for-sale securities, at fair value 21,504 — 21,504 — 21,504 Placements with banks — — — — — Mortgage loans held for sale, at fair value 1,030 — 1,030 1,030 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 Other asset — — — — — 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 6,348 — 6,348 — 6,348 Advances from FHLBNY 104,404 104,404 — — 104,404 Warehouse lines of credit — — — — — Mortgage loan fundings payable — — — — — Accrued interest payable 97 — 97 — 97 Off-Balance-Sheet Instruments |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Note 1 4 . Regulatory Capital Requirements The Company, the Bank and Mortgage World are subject to various regulatory capital requirements administered by the Federal Reserve Board, the OCC, the U.S. Department of Housing and Urban Development, and the NYS Department of Financial Services, 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 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) adjusted total assets (as defined). As of September 30, 2020 and December 31, 2019, 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 was phased in to 2.5% by 2019. The applicable capital buffer was 8.9% at September 30, 2020 and 10.6% at December 31, 2019. 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, common equity 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 have changed the Bank's category. Note 14. Regulatory Capital Requirements (Continued) The Company's and the Bank’s actual capital amounts and ratios as of September 30, 2020 and December 31, 2019 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 September 30, 2020 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 169,512 18.81 % $ 72,089 8.00 % $ 90,111 10.00 % Tier 1 Capital to Risk-Weighted Assets 158,208 17.56 % 54,067 6.00 % 72,089 8.00 % Common Equity Tier 1 Capital Ratio 158,208 17.56 % 40,550 4.50 % 58,572 6.50 % Tier 1 Capital to Total Assets 158,208 13.61 % 46,505 4.00 % 58,131 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 151,968 16.93 % $ 71,806 8.00 % $ 89,758 10.00 % Tier 1 Capital to Risk-Weighted Assets 140,707 15.68 % 53,855 6.00 % 71,806 8.00 % Common Equity Tier 1 Capital Ratio 140,707 15.68 % 40,391 4.50 % 58,343 6.50 % Tier 1 Capital to Total Assets 140,707 11.46 % 49,115 4.00 % 61,393 5.00 % 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 % Mortgage World is subject to various net worth requirements in connection with regulatory authorities and lending agreements that Mortgage World has entered with purchase facility lenders. Failure to maintain minimum capital requirements could result in Mortgage World’s inability to originate and service loans, and, therefore, could have a direct material effect on the Company’s consolidated financial statements. Mortgage World’s minimum net worth requirements as of September 30, 2020 are reflected below: Minimum Requirement HUD $ 1,000 Warehouse Line of Credit #1 2,500 Warehouse Line of Credit #2 500 New York Department of Financial Services 250 Other State Banking Departments 250 As of September 30, 2020, Mortgage World is in compliance with all minimum capital requirements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 1 5 . Accumulated Other Comprehensive Income The components of accumulated other comprehensive income are as follows: September 30, 2020 December 31, 2019 Change September 30, 2020 Unrealized gains on available-for-sale securities, net $ 20 $ 148 $ 168 Total $ 20 $ 148 $ 168 December 31, 2019 December 31, 2018 Change December 31, 2019 Unrealized gains (losses) on available-for-sale securities, net $ (291 ) $ 311 $ 20 Unrealized losses on pension benefits, net (7,844 ) 7,844 — Total $ (8,135 ) $ 8,155 $ 20 |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Transactions with Related Parties | Note 16. Transactions w Directors, executive officers and non-executive officers of the Company have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the three and nine months ended September 30, 2020 and 2019 were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 1,237 $ 1,256 $ 1,260 $ 1,278 Originations — — — 20 Payments (9 ) (18 ) (32 ) (60 ) Ending balance $ 1,228 $ 1,238 $ 1,228 $ 1,238 The Company held deposits in the amount of $6,286 and $8,302 from directors, executive officers and non-executive officers at September 30, 2020 and December 31, 2019, respectively. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events In accordance with the CARES Act and the Interagency Statement, financial institutions are encouraged to provide payment accommodations, which may include payment deferrals, to any consumer and small businesses who can demonstrate financial hardship caused by the COVID-19 pandemic. Through October 20, 2020, 419 loans aggregating $381.7 million had requested forbearance primarily consisting of the deferral of principal, interest, and escrow payments for a period of three months. Of those 419 Any furnisher of credit information that agrees to defer payments, forbear on any delinquent credit or account, or provide any other relief to consumers affected by the COVID-19 pandemic must report the credit obligation or account as current if the credit obligation or account was current before the accommodation. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Presentation and Consolidation: The unaudited interim Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2019 included in the Company’s annual report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries Ponce Bank (the “Bank”) and Mortgage World Bankers, Inc. (“Mortgage World”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns some of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation. |
Nature of Operations | Nature of Operations: The Company is a financial holding company formed on September 19, 2017 in connection with the reorganization of the Bank into a mutual holding company structure. The Company is subject to the comprehensive regulation and examination by the Board of Governors of the Federal Reserve. The Company’s business is conducted through the administrative office and 19 mortgage and banking offices. The banking offices are located in New York City – the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches), Brooklyn (3 branches) and Union City (1 branch), New Jersey. The mortgage offices are located in Nassau County, Queens (2) and Brooklyn, New York and Englewood Cliffs and Bergenfield, New Jersey. The Company’s primary market area currently consists of the New York City metropolitan area. The Bank is a federally chartered stock 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, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank. The Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. The Bank is subjected to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). 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, 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. On July 10, 2020, the Company completed its acquisition of Mortgage World. Mortgage World is a mortgage banking entity subject to the comprehensive regulation and examination of the New York State Department of Financial Services. The primary business of Mortgage World is the taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors. Although Mortgage World is permitted to do business in various states (New York, New Jersey, Pennsylvania, Florida and Connecticut), it primarily operates in the New York City metropolitan area. |
Risks and Uncertainties | Risks and Uncertainties: The COVID-19 pandemic continues to disrupt the global and U.S. economies and as well as the lives of individuals throughout the world. The New York City Metropolitan area continues to experience a significant number of cases of the COVID-19 pandemic. Governments, businesses, and the public are taking unprecedented actions to contain the spread of the COVID-19 pandemic and to mitigate its effects, including quarantines and travel bans. Businesses and schools have slowly reopened, but in some cases, schools have had to revert to remote teaching while some businesses, in particular restaurants, have had to scale back and/or adjust their opening plans. While the scope, duration, and full effects of the COVID-19 pandemic continues to evolve it continues to have a significantly adverse impact on the functioning of the global financial markets while increasing economic and market uncertainty. The potential financial impact is still unknown at this time. However, if the pandemic continues for a sustained period of time, it may adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience a material adverse effect on our business operations, loan portfolio, financial condition, and results of operations. During the nine months ended September 30, 2020, the provision for loan losses increased by $1,874 primarily due to increases in qualitative reserves as the Company continues to assess the economic impacts the COVID-19 pandemic has on our local economy and our loan portfolio. Therefore, there is a reasonable probability that the Company’s allowance for loan losses estimation as of September 30, 2020 may change thereafter and could result in a material adverse change to the Company’s provision for loan losses, earnings and capital. |
Use of Estimates | Use of Estimates |
Interim Financial Statements | Interim Financial Statements |
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. Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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, 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 and (2) OTTI related to other factors, which is recognized in other comprehensive income. |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock |
Loans Receivable | 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 effective interest yield method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, 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 Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) 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 Company 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 a troubled debt restructuring, management evaluates the loan 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. 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 | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Business Loans |
Consumer Loans | Consumer Loans |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale : Mortgage loans held for sale, at fair value, include residential mortgages that were originated in accordance with secondary market pricing and underwriting standards. These loans are primarily loans originated by Mortgage World and the Company intends to sell these loans on the secondary market. Mortgage loans held for sale at fair value are carried at fair value under the fair value option accounting guidance for financial assets and financial liabilities. The gains or losses for the changes in fair value of these loans are included in gain on sale of mortgage loans on the consolidated statements of income. Interest income on mortgage loans held for sale measured under the fair value option is calculated based on the principal amount of the loan and is included in interest loans receivable on the consolidated statements of income. Bank loans held for sale are earmarked for investor purchase and are reported at the lower of cost or fair value as determined by investor bid prices. Sales of loans occur from time to time as part of strategic business or regulatory compliance initiatives. Loans held for sale are sold without recourse and servicing released. When a loan is transferred from portfolio to held-for-sale and the fair value is less than cost, a charge-off is recorded against the allowance for loan losses. Subsequent declines in fair value, if any, are charged against earnings . |
Transfers of Financial Assets | COVID-19 Pandemic and the CARES Act Under the CARES Act and related Interagency Statement, the Company may temporarily suspend its delinquency and nonperforming treatment for certain loans that have been granted a payment accommodation that facilitates borrowers' ability to work through the immediate impact of the pandemic. Borrowers who were current prior to becoming affected by the COVID-19 pandemic, then receive payment accommodations as a result of the effects of the COVID-19 pandemic and if all payments are current in accordance with the revised terms of the loan, generally would not be reported as past due. The Company has chosen to utilize this part of the CARES Act as it relates to delinquencies and nonperforming loans and will not report these loans as past due. Under Section 4013 of the CARES Act, modifications of loan terms do not automatically result in TDRs and the Company generally does not need to categorize the COVID-19 pandemic-related modifications as TDRs. The Company may elect not to categorize loan modifications as TDRs if they are (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. For all other loan modifications, the federal banking agencies have confirmed with staff of the Financial Accounting Standards Board ("FASB") that short-term modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Financial institutions accounting for eligible loans under Section 4013 are not required to apply ASC Subtopic 310-40 to the Section 4013 loans for the term of the loan modification. Financial institutions do not have to report Section 4013 loans as TDRs in regulatory reports, including this Form 10-Q. The Company has chosen to utilize this section of the CARES Act and will not report the COVID-19 pandemic related modifications as TDRs. Under the CARES Act and related Interagency Statement, in regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to the COVID-19 pandemic as past due because of the deferral. A loan's payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, this may result in no contractual payments being past due, and these loans are not considered past due during the period of the deferral. Each financial institution should refer to the applicable regulatory reporting instructions, as well as its internal accounting policies, to determine if loans to distressed borrowers should be reported as nonaccrual assets in regulatory reports. However, during the short-term arrangements, these loans generally should not be reported as nonaccrual. The Company has elected to follow this guidance of the CARES Act and will report loans that have been granted payment deferrals as current so long as they were current at the time the deferral was granted. 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 Buildings 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 | 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. |
Related Party Transactions | Related Party Transactions |
Employee Benefit Plans | Employee Benefit Plans: 401(k) Plan: |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: |
Stock Options | Stock Options: |
Restricted Stock Units | Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued) Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units. The Company recognizes compensation expense for the fair value of the restricted stock units on a straight-line basis over the requisite service period. |
Comprehensive Income | Comprehensive Income: |
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 Per Share (“EPS”) |
Treasury Stock | Treasury Stock |
Reclassification of Prior Year Presentation | Reclassification of Prior Year Presentation . |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public business entities until such pronouncements are made applicable to nonpublic business entities. As of September 30, 2020, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period with the exception of ASU 2016-13, which has not been implemented yet as discussed below. 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 12 leased 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 leased 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 In December 2019, the FASB issued ASU 2019-12 “ Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848) ” |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 Buildings 39 Building improvements 15 - 39 Furniture, fixtures, and equipment 3 - 10 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed | Note 2. Business Acquisition (Continued) The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Mortgage World: Fair Value Fair value of acquisition consideration $ 1,755 Assets: Cash and cash equivalents 750 Mortgage loans held for sale, at fair value 10,549 Premises and equipment, net 302 Other assets 772 Total assets $ 12,373 Liabilities: Warehouse lines of credit $ 9,135 Mortgage loans fundings payable 1,237 Other liabilities 246 Total Liabilities $ 10,618 Net assets $ 1,755 |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-Sale Securities | The amortized cost and fair value of available-for-sale securities at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ — $ — $ — $ — Corporate Bonds 10,122 111 — 10,233 Mortgage-Backed Securities: FNMA Certificates 3,925 56 — 3,981 GNMA Certificates 289 9 — 298 Total $ 14,336 $ 176 $ — $ 14,512 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value U.S. Government and Federal Agencies $ 16,373 $ — $ (19 ) $ 16,354 Corporate Bonds — — — — Mortgage-Backed Securities: FNMA Certificates 4,680 — (21 ) 4,659 GNMA Certificates 482 9 — 491 Total $ 21,535 $ 9 $ (40 ) $ 21,504 |
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 table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2019: 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 Losses Value Losses Value Losses U.S. Government and Federal Agencies $ — $ — $ 16,354 $ (19 ) $ 16,354 $ (19 ) Mortgage-Backed FNMA Certificates — — 4,659 (21 ) 4,659 (21 ) Total $ — $ — $ 21,013 $ (40 ) $ 21,013 $ (40 ) |
Summary of Maturities of Securities | The following is a summary of maturities of securities at September 30, 2020 and December 31, 2019. 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. Note 4. Available-for-Sale Securities (Continued) September 30, 2020 Available-for-Sale Amortized Fair Cost Value Corporate Bonds: Amounts maturing: Three months or less $ — $ — After three months through one year — — After one year through five years 2,647 2,736 More than five years 7,475 7,497 10,122 10,233 Mortgage-Backed Securities 4,214 4,279 Total $ 14,336 $ 14,512 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 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Summary of Loans | Loans receivable (excluding mortgage loans held for sale, at fair value) at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, 2020 2019 Mortgage loans: 1-4 Family residential Investor-Owned $ 320,438 $ 305,272 Owner-Occupied 93,340 91,943 Multifamily residential 284,775 250,239 Nonresidential properties 217,771 207,225 Construction and land 99,721 99,309 Nonmortgage loans: Business loans (1) 96,700 10,877 Consumer loans (2) 9,806 1,231 1,122,551 966,096 Net deferred loan origination costs 786 1,970 Allowance for loan losses (14,381 ) (12,329 ) Loans receivable, net $ 1,108,956 $ 955,737 (1) As of September 30, 2020, business loans include $86,165 of Paycheck Protection Program (“PPP”) loans. (2) As of September 30, 2020, consumer loans include $8,668 related to Grain Technologies, LLC. Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations for further discussion on Grain Technologies, LLC. |
Schedule of Credit Risk Ratings by Loan Segment | The following tables present credit risk ratings by loan segment as of September 30, 2020 and December 31, 2019: September 30, 2020 Mortgage Loans Nonmortgage Loans Construction Total 1-4 Family Multifamily Nonresidential and Land Business Consumer Loans Risk Rating: Pass $ 403,062 $ 277,822 $ 212,699 $ 83,149 $ 96,700 $ 9,806 $ 1,083,238 Special mention 2,350 — — 16,572 — — 18,922 Substandard 8,366 6,953 5,072 — — — 20,391 Total $ 413,778 $ 284,775 $ 217,771 $ 99,721 $ 96,700 $ 9,806 $ 1,122,551 December 31, 2019 Mortgage Loans Nonmortgage Loans Construction Total 1-4 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 |
Schedule of Aging Analysis of Loans | An aging analysis of loans, as of September 30, 2020 and December 31, 2019, is as follows: September 30, 2020 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential Investor-Owned $ 318,955 $ — $ — $ 1,483 $ 320,438 $ 1,936 $ — Owner-Occupied 90,381 — 1,509 1,450 93,340 3,269 — Multifamily residential 284,555 — 10 210 284,775 210 — Nonresidential properties 214,499 — — 3,272 217,771 4,447 — Construction and land 99,721 — — — 99,721 — — Nonmortgage loans: Business 96,680 20 — — 96,700 — — Consumer 9,806 — — — 9,806 — — Total $ 1,114,597 $ 20 $ 1,519 $ 6,415 $ 1,122,551 $ 9,862 $ — December 31, 2019 30-59 60-89 90 Days 90 Days Days Days or More Nonaccrual or More Current Past Due Past Due Past Due Total Loans Accruing Mortgage loans: 1-4 Family residential 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 $ — |
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 September 30, 2020 and 2019, and December 31, 2019: For the Nine Months Ended September 30, 2020 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 Allowance for loan losses: Balance, beginning of period $ 3,503 $ 1,067 $ 3,865 $ 1,849 $ 1,782 $ 254 $ 9 $ 12,329 Provision charged to expense 353 134 1,024 330 (63 ) 182 77 2,037 Losses charged-off — — — — — (6 ) (6 ) Recoveries — — — 4 — 17 — 21 Balance, end of period $ 3,856 $ 1,201 $ 4,889 $ 2,183 $ 1,719 $ 453 $ 80 $ 14,381 Ending balance: individually evaluated for impairment $ 121 $ 137 $ — $ 37 $ — $ — $ — $ 295 Ending balance: collectively evaluated for impairment 3,735 1,064 4,889 2,146 1,719 453 80 14,086 Total $ 3,856 $ 1,201 $ 4,889 $ 2,183 $ 1,719 $ 453 $ 80 $ 14,381 Loans: Ending balance: individually evaluated for impairment $ 6,412 $ 5,442 $ 210 $ 5,245 $ — $ — $ — $ 17,309 Ending balance: collectively evaluated for impairment 314,026 87,898 284,565 212,526 99,721 96,700 9,806 1,105,242 Total $ 320,438 $ 93,340 $ 284,775 $ 217,771 $ 99,721 $ 96,700 $ 9,806 $ 1,122,551 For the Three Months Ended September 30, 2020 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 Allowance for loan losses: Balance, beginning of period $ 3,857 $ 1,194 $ 4,741 $ 2,085 $ 1,670 $ 204 $ 10 $ 13,761 Provision charged to expense (1 ) 7 148 98 49 245 74 620 Losses charged-off — — — — — — (4 ) (4 ) Recoveries — — — — — 4 — 4 Balance, end of period $ 3,856 $ 1,201 $ 4,889 $ 2,183 $ 1,719 $ 453 $ 80 $ 14,381 Note 5. Loans Receivable and Allowance for Loan Losses (Continued) For the Nine Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance 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 (297 ) (139 ) (86 ) (222 ) 217 749 (1 ) (58 ) 163 Losses charged-off — — — — — (782 ) — — (782 ) Recoveries 23 — — 7 — 30 2 58 120 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Ending balance: individually evaluated for impairment $ 266 $ 158 $ — $ 32 $ — $ 33 $ — $ — $ 489 Ending balance: collectively evaluated for impairment 3,259 911 3,743 1,678 1,848 224 8 — 11,671 Total $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Loans: Ending balance: individually evaluated for impairment $ 7,011 $ 5,636 $ — $ 5,103 $ 1,303 $ 35 $ — $ — $ 19,088 Ending balance: collectively evaluated for impairment 302,054 85,207 244,644 190,849 104,821 11,005 1,252 — 939,832 Total $ 309,065 $ 90,843 $ 244,644 $ 195,952 $ 106,124 $ 11,040 $ 1,252 $ — $ 958,920 For the Three Months Ended September 30, 2019 Mortgage Loans Nonmortgage Loans Total 1-4 Family Investor Owned 1-4 Family Owner Occupied Multifamily Nonresidential Construction and Land Business Consumer Unallocated For the Period Allowance for loan losses: Balance, beginning of period $ 3,574 $ 1,168 $ 3,713 $ 1,928 $ 1,533 $ 533 $ 11 $ 58 $ 12,518 Provision charged to expense (49 ) (99 ) 30 (220 ) 315 98 (3 ) (58 ) 14 Losses charged-off — — — — — (380 ) — — (380 ) Recoveries — — — 2 — 6 — — 8 Balance, end of period $ 3,525 $ 1,069 $ 3,743 $ 1,710 $ 1,848 $ 257 $ 8 $ — $ 12,160 Note 5. Loans Receivable and Allowance for Loan Losses (Continued) 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 Allowance for loan losses: Balance, beginning of year $ 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 year $ 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 |
Schedule of Information Relates to Impaired Loans | The following information relates to impaired loans as of and for the nine months ended September 30, 2020 and 2019 and for the year ended December 31, 2019: Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2020 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 12,715 $ 9,688 $ 2,166 $ 11,854 $ 257 $ 12,190 $ 146 Multifamily residential 207 210 — 210 — 44 — Nonresidential properties 5,639 4,873 372 5,245 38 5,369 54 Construction and land — — — — — 751 — Nonmortgage loans: Business — — — — — 17 — Consumer — — — — — — — Total $ 18,561 $ 14,771 $ 2,538 $ 17,309 $ 295 $ 18,371 $ 200 Unpaid Contractual Recorded Investment Recorded Investment Total Average Interest Income Principal With No With Recorded Related Recorded Recognized For the Nine Months Ended September 30, 2019 Balance Allowance Allowance Investment Allowance Investment on a Cash Basis Mortgage loans: 1-4 Family residential $ 13,686 $ 8,460 $ 4,187 $ 12,647 $ 424 $ 13,084 $ 263 Multifamily residential — — — — — 7 — Nonresidential properties 5,211 4,724 379 5,103 32 3,676 85 Construction and land 1,615 1,303 — 1,303 — 1,238 4 Nonmortgage loans: Business 38 — 35 35 33 232 5 Consumer — — — — — 1 — Total $ 20,550 $ 14,487 $ 4,601 $ 19,088 $ 489 $ 18,238 $ 357 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 a Cash Basis Mortgage loans: 1-4 Family residential $ 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 |
Schedule of Troubled Debt Restructuring | During the nine months ended September 30, 2020, there were no loans restructured as a troubled debt restructuring and as of and for the year ended December 31, 2019, there was one loan restructured as a troubled debt restructuring. Loans Restructured During All TDRs with a payment default within 12 months following the Nine Months Ended September 30, 2020 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 — $ — $ — — $ — Total — $ — $ — — $ — Combination of rate, maturity, other — $ — $ — — $ — Total — $ — $ — — $ — 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 — $ — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | Premises and equipment at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, 2020 2019 Land $ 3,897 $ 3,979 Buildings and improvements 16,873 17,350 Leasehold improvements 25,829 25,534 Furniture, fixtures and equipment 9,139 8,513 55,738 55,376 Less: accumulated depreciation and amortization (23,625 ) (22,630 ) Total premises and equipment $ 32,113 $ 32,746 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Banking And Thrifts [Abstract] | |
Summarized Deposits | Deposits at September 30, 2020 and December 31, 2019 are summarized as follows: September 30, December 31, 2020 2019 Demand (1) $ 186,328 $ 109,548 Interest-bearing deposits: NOW/IOLA accounts 29,618 32,866 Money market accounts 148,877 86,721 Reciprocal deposits 108,367 47,659 Savings accounts 120,883 115,751 Total NOW, money market, reciprocal and savings 407,745 282,997 Certificates of deposit of $250K or more 80,403 84,263 Brokered certificates of deposits (2) 55,878 76,797 Listing service deposits (2) 49,342 32,400 Certificates of deposit less than $250K 193,548 196,038 Total certificates of deposit 379,171 389,498 Total interest-bearing deposits 786,916 672,495 Total deposits $ 973,244 $ 782,043 (1) As of September 30, 2020, included in demand deposits are $41,934 related to net PPP funding and $884 related to Grain Technologies, LLC. (2) There were $26,888 in individual brokered certificates of deposit or listing service deposits amounting to $250 or more. |
Scheduled Maturities of Certificates of Deposit | At September 30, 2020 scheduled maturities of certificates of deposit were as follows: 2021 $ 233,867 2022 88,285 2023 26,150 2024 11,633 2025 15,236 Thereafter 4,000 $ 379,171 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date | Borrowed funds at September 30, 2020 and December 31, 2019 consist of the following and are summarized by maturity and call date below: September 30, December 31, 2020 2019 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 $ — $ — — % $ — $ — — % 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 77,880 77,880 1.73 65,000 65,000 1.89 2023 28,374 28,374 2.82 28,375 28,375 2.82 $ 117,283 $ 117,283 2.08 % $ 104,404 $ 104,404 2.21 % |
Schedule of Warehouse Lines of Credit | Warehouse Lines of Credit: Credit Line Unused Line Balance at Maximum of Credit September 30, 2020 Warehouse Line of Credit #1 $ 9,900 $ 2,221 $ 7,679 Warehouse Line of Credit #2 5,000 3,614 1,386 Total long-term debt $ 14,900 $ 5,835 $ 9,065 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes for the three and nine months ended September 30, 2020 and 2019 consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Federal: Current $ 359 $ 237 $ 636 $ 888 Deferred 489 122 120 89 848 359 756 977 State and local: Current 65 53 179 238 Deferred 1,074 (631 ) (182 ) (1,135 ) 1,139 (578 ) (3 ) (897 ) Valuation allowance (840 ) 506 145 887 Provision for income taxes $ 1,147 $ 287 $ 898 $ 967 |
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 the three and nine months ended September 30, 2020 and 2019, respectively, to income before income taxes as a result of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Income tax, at federal rate $ 1,082 $ 209 $ 655 $ 692 State and local tax, net of federal taxes 899 (455 ) (3 ) (707 ) Valuation allowance, net of the federal benefit (840 ) 506 145 887 Other 6 27 101 95 $ 1,147 $ 287 $ 898 $ 967 |
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 September 30, 2020 and December 31, 2019 are presented below: September 30, December 31, 2020 2019 Deferred tax assets: Allowance for loan losses $ 4,658 $ 3,990 Interest on nonaccrual loans 666 338 Unrealized loss on available-for-sale securities — 7 Amortization of intangible assets 74 88 Deferred rent payable 115 — Depreciation of premises and equipment 8 30 Net operating losses 4,430 4,258 Charitable contribution carryforward 1,610 1,675 Compensation and benefits 668 182 Other 47 130 Total gross deferred tax assets 12,276 10,698 Deferred tax liabilities: Cumulative contribution in excess of net periodic benefit costs, net — 85 Deferred loan fees 847 638 Deferred gain on like-kind exchange 1,378 — Unrealized loss on available-for-sale securities 34 — Other 42 7 Total gross deferred tax liabilities 2,301 730 Valuation allowance 6,389 6,244 Net deferred tax assets $ 3,586 $ 3,724 |
Compensation and Benefit Plans
Compensation and Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of ESOP Shares | A summary of the ESOP shares as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 Shares committed-to-be released 36,189 48,250 Shares to be allocated to participants 144,750 96,500 Unallocated shares 542,812 579,001 Total 723,751 723,751 Fair value of unearned shares $ 4,788 $ 8,511 |
Schedule of Restricted Stock Units Awards Activity and Related Information | A summary of the Company’s restricted stock unit awards activity and related information for the nine months ended September 30, 2020 and year ended December 31, 2019 are as follows: September 30, 2020 Number of Shares Weighted- Average Grant Date Fair Value Per Share Non-vested, beginning of year 420,744 $ 12.78 Granted 15,000 10.05 Forfeited — — Vested — — Non-vested at September 30 435,744 $ 12.69 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 |
Schedule of Stock Option Awards Activity and Related Information | A summary of the Company’s stock option awards activity and related information for the nine months ended September 30, 2020 and year ended December 31, 2019 are as follows: September 30, 2020 Options Weighted- Average Exercise Price Per Share Outstanding, beginning of year 163,766 $ 12.78 Granted 40,000 8.93 Exercised — — Forfeited — — Outstanding at September 30 (1) 203,766 $ 12.02 Exercisable at September 30 (1) 24,788 $ 12.77 Note 10. Compensation and Benefit Plans (Continued) 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 at December 31 (1) 163,766 $ 12.78 Exercisable at December 31 (1) 24,788 $ 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 $0 and $315 for outstanding options and $0 and $48 for exercisable options at September 30, 2020 and December 31, 2019, 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 Nine Months Ended September 30, 2020 2019 Dividend yield 0.00 % 0.00 % Expected life 6.5 years 6.5 years Expected volatility 38.51 % 16.94 % Risk-free interest rate 0.48 % 2.51 % Weighted average grant date fair value $ 3.77 $ 4.01 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share | The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 (Dollars in thousands except share data) Net income $ 4,009 $ 709 $ 2,225 $ 2,327 Common shares outstanding for basic EPS: Weighted average common shares outstanding 17,166,882 17,405,296 17,278,439 18,012,360 Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares 554,677 602,994 566,762 614,967 Basic weighted average common shares outstanding 16,612,205 16,802,302 16,711,677 17,397,393 Basic earnings per common share $ 0.24 $ 0.04 $ 0.13 $ 0.13 Dilutive potential common shares: Add: Dilutive effect of restricted stock awards and stock options — 26,986 12,522 74,242 Diluted weighted average common shares outstanding 16,612,205 16,829,288 16,724,199 17,471,635 Diluted earnings per common share $ 0.24 $ 0.04 $ 0.13 $ 0.13 |
Commitments, Contingencies an_2
Commitments, Contingencies and Credit Risk (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Financial Instruments Whose Contractual Amounts Represent Credit Risk | Financial instruments whose contractual amounts represent credit risk at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, 2020 2019 Commitments to grant mortgage loans $ 80,949 $ 64,829 Commitments to sell loans at lock-in rates 16,537 — Unfunded commitments under lines of credit 39,565 27,833 Standby letters of credit 3,345 3,455 $ 140,396 $ 96,117 |
Projected Minimum Rental Payments under Terms of Leases | The projected minimum rental payments under the terms of the leases at September 30, 2020 are as follows: Remainder of 2020 $ 411 2021 1,485 2022 1,381 2023 1,354 2024 1,364 2025 1,298 Thereafter 4,566 $ 11,859 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value | The table below presents the changes in derivatives from interest rate lock commitments that are measured at fair value on a recurring basis: Balance as of July 10, 2020 $ — Change in fair value of derivative instruments reported in earnings 58 Balance as of September 30, 2020 $ 58 |
Assets Measured at Fair Value on Recurring Basis | Note 13. Fair Value (Continued) The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, and indicate the level within the fair value hierarchy utilized to determine the fair value: September 30, 2020 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities, at fair value: U.S. government and federal agencies $ — $ — $ — $ — Corporate bonds 10,233 — 10,233 — Mortgage-Backed Securities: FNMA Certificates 3,981 — 3,981 — GNMA Certificates 298 — 298 — Mortgage Loans Held for Sale, at fair value 13,100 — 13,100 — Derivatives from interest rate lock commitments 58 — — 58 $ 27,670 $ — $ 27,612 $ 58 December 31, 2019 Description Total Level 1 Level 2 Level 3 Available-for-Sale Securities, at fair value: U.S. government and federal agencies $ 16,354 $ — $ 16,354 $ — Corporate bonds — — — — Mortgage-Backed Securities: FNMA Certificates 4,659 — 4,659 — GNMA Certificates 491 — 491 — Mortgage Loans Held for Sale, at fair value — — — — Derivatives from interest rate lock commitments — — — — $ 21,504 $ — $ 21,504 $ — |
Assets Measured at Fair Value on Nonrecurring Basis | The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of September 30, 2020 and December 31, 2019 and indicate the fair value hierarchy utilized to determine the fair value: September 30, 2020 Total Level 1 Level 2 Level 3 Impaired loans $ 17,309 $ — $ — $ 17,309 December 31, 2019 Total Level 1 Level 2 Level 3 Impaired loans $ 19,232 $ — $ — $ 19,232 |
Estimated Fair Values of Financial Instruments | As of September 30, 2020 and December 31, 2019, the carrying values and estimated fair values of the Company's financial instruments were as follows: Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total September 30, 2020 Financial assets: Cash and cash equivalents $ 76,092 $ 76,092 $ — $ — $ 76,092 Available-for-sale securities, at fair value 14,512 — 14,512 — 14,512 Placements with banks 2,739 2,739 2,739 Mortgage loans held for sale, at fair value 13,100 — 13,100 — 13,100 Loans receivable, net 1,108,956 — — 1,124,149 1,124,149 Accrued interest receivable 9,995 — 9,995 — 9,995 FHLBNY stock 6,414 6,414 — — 6,414 Other assets 58 — — 58 58 Financial liabilities: Deposits: Demand deposits 186,328 186,328 — — 186,328 Interest-bearing deposits 407,745 407,745 — — 407,745 Certificates of deposit 379,171 — 384,884 — 384,884 Advance payments by borrowers for taxes and insurance 7,739 — 7,739 — 7,739 Advances from FHLBNY 117,283 117,283 — — 117,283 Warehouse lines of credit 9,065 9,065 — — 9,065 Mortgage loan fundings payable 1,457 1,457 — — 1,457 Accrued interest payable 58 — — 58 58 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total December 31, 2019 Financial assets: Cash and cash equivalents $ 27,677 $ 27,677 $ — $ — $ 27,677 Available-for-sale securities, at fair value 21,504 — 21,504 — 21,504 Placements with banks — — — — — Mortgage loans held for sale, at fair value 1,030 — 1,030 1,030 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 Other asset — — — — — 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 6,348 — 6,348 — 6,348 Advances from FHLBNY 104,404 104,404 — — 104,404 Warehouse lines of credit — — — — — Mortgage loan fundings payable — — — — — Accrued interest payable 97 — 97 — 97 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements | Note 14. Regulatory Capital Requirements (Continued) The Company's and the Bank’s actual capital amounts and ratios as of September 30, 2020 and December 31, 2019 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 September 30, 2020 PDL Community Bancorp Total Capital to Risk-Weighted Assets $ 169,512 18.81 % $ 72,089 8.00 % $ 90,111 10.00 % Tier 1 Capital to Risk-Weighted Assets 158,208 17.56 % 54,067 6.00 % 72,089 8.00 % Common Equity Tier 1 Capital Ratio 158,208 17.56 % 40,550 4.50 % 58,572 6.50 % Tier 1 Capital to Total Assets 158,208 13.61 % 46,505 4.00 % 58,131 5.00 % Ponce Bank Total Capital to Risk-Weighted Assets $ 151,968 16.93 % $ 71,806 8.00 % $ 89,758 10.00 % Tier 1 Capital to Risk-Weighted Assets 140,707 15.68 % 53,855 6.00 % 71,806 8.00 % Common Equity Tier 1 Capital Ratio 140,707 15.68 % 40,391 4.50 % 58,343 6.50 % Tier 1 Capital to Total Assets 140,707 11.46 % 49,115 4.00 % 61,393 5.00 % 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 % |
Mortgage World Bankers Inc | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements | Mortgage World’s minimum net worth requirements as of September 30, 2020 are reflected below: Minimum Requirement HUD $ 1,000 Warehouse Line of Credit #1 2,500 Warehouse Line of Credit #2 500 New York Department of Financial Services 250 Other State Banking Departments 250 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income are as follows: September 30, 2020 December 31, 2019 Change September 30, 2020 Unrealized gains on available-for-sale securities, net $ 20 $ 148 $ 168 Total $ 20 $ 148 $ 168 December 31, 2019 December 31, 2018 Change December 31, 2019 Unrealized gains (losses) on available-for-sale securities, net $ (291 ) $ 311 $ 20 Unrealized losses on pension benefits, net (7,844 ) 7,844 — Total $ (8,135 ) $ 8,155 $ 20 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Aggregate Loan Transactions with Related Parties | Aggregate loan transactions with related parties for the three and nine months ended September 30, 2020 and 2019 were as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 1,237 $ 1,256 $ 1,260 $ 1,278 Originations — — — 20 Payments (9 ) (18 ) (32 ) (60 ) Ending balance $ 1,228 $ 1,238 $ 1,228 $ 1,238 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | Jul. 10, 2020BranchOfficeMortgageOffice | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)SegmentBranchLease | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Number of branch banking offices | 19 | |||||
Business Acquisition, Effective Date of Acquisition | Jul. 10, 2020 | Jul. 10, 2020 | ||||
Business Acquisition, Name of Acquired Entity | Mortgage World | Mortgage World | ||||
Provision for loan losses (Note 5) | $ | $ 620 | $ 14 | $ 2,037 | $ 163 | $ 258 | |
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% | |||||
Percentage of employee discretionary matching, profit sharing and safe harbor contributions, maximum | 4.00% | |||||
Number of reportable operating segment | Segment | 1 | |||||
Number of leased branches | BranchLease | 12 | |||||
Construction Loans | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Provision for loan losses (Note 5) | $ | 49 | 315 | $ (63) | 217 | 151 | |
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 | |||||
Commercial Portfolio Segment | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Provision for loan losses (Note 5) | $ | $ 245 | $ 98 | $ 182 | $ 749 | $ 608 | |
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 | |||||
COVID-19 | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Provision for loan losses (Note 5) | $ | $ 1,874 | |||||
Bronx | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Number of branch banking offices | 4 | |||||
Manhattan | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Number of branch banking offices | 2 | |||||
Queens | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Number of branch banking offices | 3 | |||||
Number of branch mortgage offices | MortgageOffice | 2 | |||||
Brooklyn | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Number of branch banking offices | 3 | |||||
Union City | ||||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||||
Number of branch banking offices | 1 |
Nature of Business and Summar_5
Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Buildings | |
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 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Details) - USD ($) $ in Thousands | Jul. 10, 2020 | Sep. 30, 2020 |
Business Combinations [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Jul. 10, 2020 | Jul. 10, 2020 |
Business Acquisition, Name of Acquired Entity | Mortgage World | Mortgage World |
Business Combination, Consideration Transferred | $ 1,755 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 0 |
Business Acquisition - Summary
Business Acquisition - Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 1,755 | |
ASSETS | ||
Premises and equipment, net (Note 6) | 32,113 | $ 32,746 |
Other assets | 9,844 | 1,621 |
Total assets | 1,277,351 | 1,053,756 |
Liabilities: | ||
Other liabilities | 10,131 | 2,462 |
Total liabilities | 1,118,977 | $ 895,354 |
Mortgage World Bankers Inc | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | 1,755 | |
ASSETS | ||
Cash and cash equivalents | 750 | |
Mortgage loans held for sale, at fair value | 10,549 | |
Premises and equipment, net (Note 6) | 302 | |
Other assets | 772 | |
Total assets | 12,373 | |
Liabilities: | ||
Warehouse lines of credit | 9,135 | |
Mortgage loans fundings payable | 1,237 | |
Other liabilities | 246 | |
Total liabilities | 10,618 | |
Net assets | $ 1,755 |
Restrictions on Cash and Due _2
Restrictions on Cash and Due from Banks - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted cash | $ 11,894 | $ 5,935 |
Required reserve balances in cash or on deposit with the Federal Reserve Bank | 0 | $ 4,927 |
Borrowers And Good Faith Deposits | ||
Restricted cash | $ 63 |
Available-for-Sale Securities -
Available-for-Sale Securities - Amortized Cost and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 14,336 | $ 21,535 |
Gross Unrealized Gains | 176 | 9 |
Gross Unrealized Losses | (40) | |
Fair Value | 14,512 | 21,504 |
U.S. Government and Federal Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,373 | |
Gross Unrealized Losses | (19) | |
Fair Value | 16,354 | |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 10,122 | |
Gross Unrealized Gains | 111 | |
Fair Value | 10,233 | |
FNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,925 | 4,680 |
Gross Unrealized Gains | 56 | |
Gross Unrealized Losses | (21) | |
Fair Value | 3,981 | 4,659 |
GNMA Certificates | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 289 | 482 |
Gross Unrealized Gains | 9 | 9 |
Fair Value | $ 298 | $ 491 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Additional Information (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)Security | Dec. 31, 2019USD ($)Security | |
Investments Debt And Equity Securities [Abstract] | ||
Held to maturity | $ 0 | $ 0 |
Sale of available-for-sale securities | 0 | $ 0 |
Available-for-sale securities matured | 17,288,000 | |
Purchases of available-for-sale securities | 10,113,000 | |
Unrealized gain (loss) on securities | $ 0 | |
Number of available for sale securities | Security | 7 | 10 |
Number of investment securities not other than temporary | Security | 0 | 9 |
Securities pledged | $ 0 | $ 0 |
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) $ in Thousands | Dec. 31, 2019USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | $ 21,013 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (40) |
Securities With Gross Unrealized Losses, Total Fair Value | 21,013 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (40) |
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 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (19) |
Securities With Gross Unrealized Losses, Total Fair Value | 16,354 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (19) |
FNMA Certificates | |
Schedule Of Available For Sale Securities [Line Items] | |
Securities With Gross Unrealized Losses 12 Months or More, Fair Value | 4,659 |
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses | (21) |
Securities With Gross Unrealized Losses, Total Fair Value | 4,659 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (21) |
Available-for-Sale Securities_4
Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | $ 14,336 | $ 21,535 |
Available-for-sale securities, at fair value (Note 4) | 14,512 | 21,504 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,647 | |
Available-for-Sale Securities more than five years, Amortized Cost | 7,475 | |
Available-for-Sale Securities, Amortized Cost | 10,122 | |
Available-for-Sale Securities After one year through five years, Fair Value | 2,736 | |
Available-for-Sale Securities more than five years, Fair Value | 7,497 | |
Available-for-sale securities, at fair value (Note 4) | 10,233 | |
Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Amortized Cost | 4,214 | 5,162 |
Available-for-sale securities, at fair value (Note 4) | $ 4,279 | 5,150 |
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 | |
Available-for-Sale Securities After three months through one year, Amortized Cost | 14,373 | |
Available-for-Sale Securities, Amortized Cost | 16,373 | |
Available-for-Sale Securities Three months or less, Fair Value | 2,000 | |
Available-for-Sale Securities After three months through one year, Fair Value | 14,354 | |
Available-for-sale securities, at fair value (Note 4) | $ 16,354 |
Summary of Loans (Details)
Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,122,551 | $ 966,096 | |
Net deferred loan origination costs | 786 | 1,970 | |
Allowance for loan losses | (14,381) | (12,329) | |
Loans receivable, net | 1,108,956 | 955,737 | |
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 | 320,438 | 305,272 | |
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 | 93,340 | 91,943 | |
Multifamily | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 284,775 | 250,239 | |
Nonresidential Properties | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 217,771 | 207,225 | |
Construction Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 99,721 | 99,309 | |
Commercial Portfolio Segment | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | [1] | 96,700 | 10,877 |
Consumer Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | [2] | $ 9,806 | $ 1,231 |
[1] | As of September 30, 2020, business loans include $86,165 of Paycheck Protection Program (“PPP”) loans. | ||
[2] | As of September 30, 2020, consumer loans include $8,668 related to Grain Technologies, LLC. Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations for further discussion on Grain Technologies, LLC |
Summary of Loans (Parenthetical
Summary of Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,122,551 | $ 966,096 | |
PPP Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 86,165 | ||
Commercial Portfolio Segment | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | [1] | 96,700 | 10,877 |
Commercial Portfolio Segment | PPP Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 86,165 | ||
Consumer Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | [2] | 9,806 | $ 1,231 |
Consumer Loans | Grain Technologies LLC | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 8,668 | ||
[1] | As of September 30, 2020, business loans include $86,165 of Paycheck Protection Program (“PPP”) loans. | ||
[2] | As of September 30, 2020, consumer loans include $8,668 related to Grain Technologies, LLC. Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations for further discussion on Grain Technologies, LLC |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses - Additional Information (Details) $ in Thousands | Sep. 30, 2020USD ($)Loan | Sep. 30, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | Sep. 30, 2019USD ($) |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,122,551 | $ 1,122,551 | $ 966,096 | |
Restructured loans | Loan | 0 | 1 | ||
Number of troubled debt restructured loans | Loan | 32 | 32 | 36 | |
Troubled debt restructured loans | $ 9,781 | $ 9,781 | $ 12,204 | |
Troubled debt restructured loan, accrual status | 6,683 | 6,683 | 8,601 | |
Impairment reserves | $ 295 | $ 295 | $ 459 | $ 489 |
Number of loan held for sale | Loan | 1 | 1 | 1 | |
Loans held for sale | $ 1,030 | $ 1,030 | $ 1,030 | |
Mortgage World Bankers Inc | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of loan held for sale | Loan | 29 | 29 | ||
Loans held for sale | $ 12,070 | $ 12,070 | ||
Troubled Debt Restructured Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Impairment reserves | $ 295 | $ 295 | $ 459 | |
Minimum | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Strong Pass Loans to new or existing borrowers collateralized percentage | 90.00% | 90.00% | ||
PPP Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 86,165 | $ 86,165 | ||
Number of loans approved by SBA | Loan | 985 | 985 | ||
Percentage of loans approved by SBA | 100.00% | 100.00% | ||
Earn annual interest rate | 1.00% | 1.00% | ||
PPP Loans | Minimum | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Term of loans approved by SBA | 2 years | |||
PPP Loans | Maximum | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Term of loans approved by SBA | 5 years | |||
Loans receivable fee | 5.00% | 5.00% |
Credit Risk Ratings by Loan Seg
Credit Risk Ratings by Loan Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,122,551 | $ 966,096 | |
1-4 Family | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 413,778 | 397,215 | |
Multifamily | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 284,775 | 250,239 | |
Nonresidential | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 217,771 | 207,225 | |
Construction Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 99,721 | 99,309 | |
Commercial Portfolio Segment | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | [1] | 96,700 | 10,877 |
Consumer Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | [2] | 9,806 | 1,231 |
Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,083,238 | 925,954 | |
Pass | 1-4 Family | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 403,062 | 386,022 | |
Pass | Multifamily | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 277,822 | 249,066 | |
Pass | Nonresidential | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 212,699 | 202,761 | |
Pass | Construction Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 83,149 | 75,997 | |
Pass | Commercial Portfolio Segment | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 96,700 | 10,877 | |
Pass | Consumer Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 9,806 | 1,231 | |
Special Mention | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 18,922 | 17,355 | |
Special Mention | 1-4 Family | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,350 | 2,412 | |
Special Mention | Construction Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 16,572 | 14,943 | |
Substandard | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 20,391 | 22,787 | |
Substandard | 1-4 Family | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,366 | 8,781 | |
Substandard | Multifamily | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,953 | 1,173 | |
Substandard | Nonresidential | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 5,072 | 4,464 | |
Substandard | Construction Loans | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 8,369 | ||
[1] | As of September 30, 2020, business loans include $86,165 of Paycheck Protection Program (“PPP”) loans. | ||
[2] | As of September 30, 2020, consumer loans include $8,668 related to Grain Technologies, LLC. Refer to Management’s Discussion and Analysis of Financial Conditions and Results of Operations for further discussion on Grain Technologies, LLC |
Aging Analysis of Loans (Detail
Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 1,114,597 | $ 948,816 |
Total Past Due | 1,122,551 | 966,096 |
Nonaccrual Loans | 9,862 | 10,568 |
1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 90,381 | 87,243 |
Total Past Due | 93,340 | 91,943 |
Nonaccrual Loans | 3,269 | 3,500 |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 214,499 | 203,514 |
Total Past Due | 217,771 | 207,225 |
Nonaccrual Loans | 4,447 | 4,201 |
Multifamily | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 284,555 | 246,318 |
Total Past Due | 284,775 | 250,239 |
Nonaccrual Loans | 210 | |
1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 318,955 | 300,324 |
Total Past Due | 320,438 | 305,272 |
Nonaccrual Loans | 1,936 | 1,749 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 99,721 | 99,309 |
Total Past Due | 99,721 | 99,309 |
Nonaccrual Loans | 1,118 | |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 20 | 11,195 |
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 | |
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 | Multifamily | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,921 | |
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 | |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,519 | |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,509 | |
Financing Receivables, 60 to 89 Days Past Due | Multifamily | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 10 | |
Financing Receivables, Over 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 6,415 | 6,085 |
Financing Receivables, Over 90 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,450 | 1,295 |
Financing Receivables, Over 90 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,272 | 3,708 |
Financing Receivables, Over 90 Days Past Due | Multifamily | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 210 | |
Financing Receivables, Over 90 Days Past Due | 1-4 Family Residential Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,483 | 1,082 |
Business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 96,680 | 10,877 |
Total Past Due | 96,700 | 10,877 |
Business | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 20 | |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 9,806 | 1,231 |
Total Past Due | $ 9,806 | $ 1,231 |
Composition of Allowance for Lo
Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | $ 13,761 | $ 12,518 | $ 12,329 | $ 12,659 | $ 12,659 |
Provision charged to expense | 620 | 14 | 2,037 | 163 | 258 |
Losses charged-off | (4) | (380) | (6) | (782) | (732) |
Recoveries | 4 | 8 | 21 | 120 | 144 |
Balance, end of period | 14,381 | 12,160 | 14,381 | 12,160 | 12,329 |
Ending balance: individually evaluated for impairment | 295 | 489 | 295 | 489 | 459 |
Ending balance: collectively evaluated for impairment | 14,086 | 11,671 | 14,086 | 11,671 | 11,870 |
Ending balance: individually evaluated for impairment | 17,309 | 19,088 | 17,309 | 19,088 | 19,232 |
Ending balance: collectively evaluated for impairment | 1,105,242 | 939,832 | 1,105,242 | 939,832 | 946,864 |
Total | 1,122,551 | 958,920 | 1,122,551 | 958,920 | 966,096 |
1-4 Family Investor Owned | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 3,857 | 3,574 | 3,503 | 3,799 | 3,799 |
Provision charged to expense | (1) | (49) | 353 | (297) | (311) |
Losses charged-off | (8) | ||||
Recoveries | 23 | 23 | |||
Balance, end of period | 3,856 | 3,525 | 3,856 | 3,525 | 3,503 |
Ending balance: individually evaluated for impairment | 121 | 266 | 121 | 266 | 265 |
Ending balance: collectively evaluated for impairment | 3,735 | 3,259 | 3,735 | 3,259 | 3,238 |
Ending balance: individually evaluated for impairment | 6,412 | 7,011 | 6,412 | 7,011 | 6,973 |
Ending balance: collectively evaluated for impairment | 314,026 | 302,054 | 314,026 | 302,054 | 298,299 |
Total | 320,438 | 309,065 | 320,438 | 309,065 | 305,272 |
1-4 Family Owner-Occupied | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 1,194 | 1,168 | 1,067 | 1,208 | 1,208 |
Provision charged to expense | 7 | (99) | 134 | (139) | (141) |
Balance, end of period | 1,201 | 1,069 | 1,201 | 1,069 | 1,067 |
Ending balance: individually evaluated for impairment | 137 | 158 | 137 | 158 | 149 |
Ending balance: collectively evaluated for impairment | 1,064 | 911 | 1,064 | 911 | 918 |
Ending balance: individually evaluated for impairment | 5,442 | 5,636 | 5,442 | 5,636 | 5,572 |
Ending balance: collectively evaluated for impairment | 87,898 | 85,207 | 87,898 | 85,207 | 86,371 |
Total | 93,340 | 90,843 | 93,340 | 90,843 | 91,943 |
Multifamily | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 4,741 | 3,713 | 3,865 | 3,829 | 3,829 |
Provision charged to expense | 148 | 30 | 1,024 | (86) | 36 |
Balance, end of period | 4,889 | 3,743 | 4,889 | 3,743 | 3,865 |
Ending balance: collectively evaluated for impairment | 4,889 | 3,743 | 4,889 | 3,743 | 3,865 |
Ending balance: individually evaluated for impairment | 210 | 210 | |||
Ending balance: collectively evaluated for impairment | 284,565 | 244,644 | 284,565 | 244,644 | 250,239 |
Total | 284,775 | 244,644 | 284,775 | 244,644 | 250,239 |
Nonresidential Properties | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 2,085 | 1,928 | 1,849 | 1,925 | 1,925 |
Provision charged to expense | 98 | (220) | 330 | (222) | (85) |
Recoveries | 2 | 4 | 7 | 9 | |
Balance, end of period | 2,183 | 1,710 | 2,183 | 1,710 | 1,849 |
Ending balance: individually evaluated for impairment | 37 | 32 | 37 | 32 | 31 |
Ending balance: collectively evaluated for impairment | 2,146 | 1,678 | 2,146 | 1,678 | 1,818 |
Ending balance: individually evaluated for impairment | 5,245 | 5,103 | 5,245 | 5,103 | 5,548 |
Ending balance: collectively evaluated for impairment | 212,526 | 190,849 | 212,526 | 190,849 | 201,677 |
Total | 217,771 | 195,952 | 217,771 | 195,952 | 207,225 |
Construction and Land | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 1,670 | 1,533 | 1,782 | 1,631 | 1,631 |
Provision charged to expense | 49 | 315 | (63) | 217 | 151 |
Balance, end of period | 1,719 | 1,848 | 1,719 | 1,848 | 1,782 |
Ending balance: collectively evaluated for impairment | 1,719 | 1,848 | 1,719 | 1,848 | 1,782 |
Ending balance: individually evaluated for impairment | 1,303 | 1,303 | 1,125 | ||
Ending balance: collectively evaluated for impairment | 99,721 | 104,821 | 99,721 | 104,821 | 98,184 |
Total | 99,721 | 106,124 | 99,721 | 106,124 | 99,309 |
Unallocated | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 58 | ||||
Provision charged to expense | (58) | (58) | |||
Recoveries | 58 | ||||
Business | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 204 | 533 | 254 | 260 | 260 |
Provision charged to expense | 245 | 98 | 182 | 749 | 608 |
Losses charged-off | (380) | (782) | (724) | ||
Recoveries | 4 | 6 | 17 | 30 | 110 |
Balance, end of period | 453 | 257 | 453 | 257 | 254 |
Ending balance: individually evaluated for impairment | 33 | 33 | 14 | ||
Ending balance: collectively evaluated for impairment | 453 | 224 | 453 | 224 | 240 |
Ending balance: individually evaluated for impairment | 35 | 35 | 14 | ||
Ending balance: collectively evaluated for impairment | 96,700 | 11,005 | 96,700 | 11,005 | 10,863 |
Total | 96,700 | 11,040 | 96,700 | 11,040 | 10,877 |
Consumer | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance, beginning of period | 10 | 11 | 9 | 7 | 7 |
Provision charged to expense | 74 | (3) | 77 | (1) | |
Losses charged-off | (4) | (6) | |||
Recoveries | 2 | 2 | |||
Balance, end of period | 80 | 8 | 80 | 8 | 9 |
Ending balance: collectively evaluated for impairment | 80 | 8 | 80 | 8 | 9 |
Ending balance: collectively evaluated for impairment | 9,806 | 1,252 | 9,806 | 1,252 | 1,231 |
Total | $ 9,806 | $ 1,252 | $ 9,806 | $ 1,252 | $ 1,231 |
Information Relates to Impaired
Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 18,561 | $ 20,550 | $ 20,687 |
Recorded Investment With No Allowance | 14,771 | 14,487 | 14,688 |
Recorded Investment With Allowance | 2,538 | 4,601 | 4,544 |
Total Recorded Investment | 17,309 | 19,088 | 19,232 |
Related Allowance | 295 | 489 | 459 |
Average Recorded Investment | 18,371 | 18,238 | 18,404 |
Interest Income Recognized on Cash Basis | 200 | 357 | 488 |
1-4 Family Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 12,715 | 13,686 | 13,566 |
Recorded Investment With No Allowance | 9,688 | 8,460 | 8,390 |
Recorded Investment With Allowance | 2,166 | 4,187 | 4,155 |
Total Recorded Investment | 11,854 | 12,647 | 12,545 |
Related Allowance | 257 | 424 | 414 |
Average Recorded Investment | 12,190 | 13,084 | 12,995 |
Interest Income Recognized on Cash Basis | 146 | 263 | 361 |
Nonresidential Properties | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 5,639 | 5,211 | 5,640 |
Recorded Investment With No Allowance | 4,873 | 4,724 | 5,173 |
Recorded Investment With Allowance | 372 | 379 | 375 |
Total Recorded Investment | 5,245 | 5,103 | 5,548 |
Related Allowance | 38 | 32 | 31 |
Average Recorded Investment | 5,369 | 3,676 | 3,988 |
Interest Income Recognized on Cash Basis | 54 | 85 | 121 |
Multifamily | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 207 | ||
Recorded Investment With No Allowance | 210 | ||
Total Recorded Investment | 210 | ||
Average Recorded Investment | 44 | 7 | 6 |
Construction and Land | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,615 | 1,465 | |
Recorded Investment With No Allowance | 1,303 | 1,125 | |
Total Recorded Investment | 1,303 | 1,125 | |
Average Recorded Investment | 751 | 1,238 | 1,219 |
Interest Income Recognized on Cash Basis | 4 | 6 | |
Business | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 38 | 16 | |
Recorded Investment With Allowance | 35 | 14 | |
Total Recorded Investment | 35 | 14 | |
Related Allowance | 33 | 14 | |
Average Recorded Investment | $ 17 | 232 | 195 |
Interest Income Recognized on Cash Basis | 5 | ||
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | $ 1 | $ 1 |
Schedule of Troubled Debt Restr
Schedule of Troubled Debt Restructuring (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020Loan | Dec. 31, 2019USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Loans Restructured, Number of Loans | Loan | 0 | 1 |
Loans Restructured, Pre-Modification Recorded Balance | $ 275 | |
Loans Restructured, Post-Modification Recorded Balance | $ 283 | |
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 | |
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 | |
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 |
Summary of Premises and Equipme
Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 55,738 | $ 55,376 |
Less: accumulated depreciation and amortization | (23,625) | (22,630) |
Total premises and equipment | 32,113 | 32,746 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,897 | 3,979 |
Building Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 16,873 | 17,350 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,829 | 25,534 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,139 | $ 8,513 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | |||||
Depreciation and amortization | $ 652 | $ 567 | $ 1,878 | $ 1,626 | |
Property, plant and equipment, gross | 55,738 | 55,738 | $ 55,376 | ||
Leasehold Improvements | |||||
Property Plant And Equipment [Line Items] | |||||
Increase (decrease) in property, plant and equipment | 295 | ||||
Property, plant and equipment, gross | 25,829 | 25,829 | 25,534 | ||
Building Improvements | |||||
Property Plant And Equipment [Line Items] | |||||
Increase (decrease) in property, plant and equipment | 477 | ||||
Property, plant and equipment, gross | 16,873 | 16,873 | 17,350 | ||
Furniture, Fixtures and Equipment | |||||
Property Plant And Equipment [Line Items] | |||||
Increase (decrease) in property, plant and equipment | 626 | ||||
Property, plant and equipment, gross | 9,139 | 9,139 | 8,513 | ||
Land | |||||
Property Plant And Equipment [Line Items] | |||||
Increase (decrease) in property, plant and equipment | 82 | ||||
Property, plant and equipment, gross | $ 3,897 | $ 3,897 | $ 3,979 |
Deposits - Summarized Deposits
Deposits - Summarized Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Banking And Thrifts [Abstract] | |||
Demand | [1] | $ 186,328 | $ 109,548 |
NOW/IOLA accounts | 29,618 | 32,866 | |
Money market accounts | 148,877 | 86,721 | |
Reciprocal deposits | 108,367 | 47,659 | |
Savings accounts | 120,883 | 115,751 | |
Total NOW, money market, reciprocal and savings | 407,745 | 282,997 | |
Certificates of deposit of $250K or more | 80,403 | 84,263 | |
Brokered certificates of deposits | [2] | 55,878 | 76,797 |
Listing service deposits | [2] | 49,342 | 32,400 |
Certificates of deposit less than $250K | 193,548 | 196,038 | |
Total certificates of deposit | 379,171 | 389,498 | |
Total interest-bearing deposits | 786,916 | 672,495 | |
Total deposits | $ 973,244 | $ 782,043 | |
[1] | As of September 30, 2020, included in demand deposits are $41,934 related to net PPP funding and $884 related to Grain Technologies, LLC. | ||
[2] | There were $26,888 in individual brokered certificates of deposit or listing service deposits amounting to $250 or more. |
Deposits - Summarized Deposit_2
Deposits - Summarized Deposits (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Time Deposits [Line Items] | |||
Demand deposits related to net PPP funding | $ 41,934 | ||
Demand | [1] | 186,328 | $ 109,548 |
Individual brokered certification of deposit | 26,888 | ||
Listing service deposits | [2] | 49,342 | $ 32,400 |
Minimum | |||
Time Deposits [Line Items] | |||
Listing service deposits | 250 | ||
Grain Technologies LLC | |||
Time Deposits [Line Items] | |||
Demand | $ 884 | ||
[1] | As of September 30, 2020, included in demand deposits are $41,934 related to net PPP funding and $884 related to Grain Technologies, LLC. | ||
[2] | There were $26,888 in individual brokered certificates of deposit or listing service deposits amounting to $250 or more. |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Banking And Thrifts [Abstract] | ||
2021 | $ 233,867 | |
2022 | 88,285 | |
2023 | 26,150 | |
2024 | 11,633 | |
2025 | 15,236 | |
Thereafter | 4,000 | |
Total certificates of deposit | $ 379,171 | $ 389,498 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Thousands | Oct. 08, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Banking And Thrifts [Abstract] | |||
Overdrawn deposit reclassified to loans amounted | $ 1,429 | $ 199 | |
Overdrawn deposits remediated to loans amounted | $ 1,372 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Line Of Credit Facility [Line Items] | |||||
Advance from the Federal Home Loan Bank | $ 117,283 | $ 117,283 | $ 104,404 | ||
Guarantee from the FHLBNY through a standby letter of credit | 3,345 | 3,345 | 3,455 | ||
Unsecured fed fund line amount outstanding | 25,000 | 25,000 | 25,000 | ||
Unsecured fed fund line amount outstanding | 5,835 | 5,835 | |||
Interest expense on FHLBNY advances | 612 | $ 516 | 1,799 | $ 1,141 | |
Interest Expense on overnight advances | 43 | $ 17 | 51 | $ 70 | |
Collateral in residential 1-4 and multifamily mortgage loans available to secure advances from the FHLBNY | 329,743 | 329,743 | 301,753 | ||
Mortgage loans funding payable | 1,457 | 1,457 | |||
Warehouse Line of Credit #1 | |||||
Line Of Credit Facility [Line Items] | |||||
Unsecured fed fund line amount outstanding | $ 2,221 | $ 2,221 | |||
Debt Instrument, Interest Rate, Basis for Effective Rate | The interest rate is based on the 30-day LIBOR rate plus 3.25%. | ||||
Line of credit facility, effective interest rate | 3.40% | 3.40% | |||
Warehouse Line of Credit #2 | |||||
Line Of Credit Facility [Line Items] | |||||
Unsecured fed fund line amount outstanding | $ 3,614 | $ 3,614 | |||
Debt Instrument, Interest Rate, Basis for Effective Rate | The interest rate is based on the 30-day LIBOR rate plus 3.00% | ||||
Line of Credit Facility, Interest Rate | 3.15% | 3.15% | |||
Variable Rate Above LIBOR | Warehouse Line of Credit #1 | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate, LIBOR/Variable rate | 3.25% | ||||
Variable Rate Above LIBOR | Warehouse Line of Credit #2 | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate, LIBOR/Variable rate | 3.00% | ||||
FHLBNY | |||||
Line Of Credit Facility [Line Items] | |||||
Unsecured fed fund line amount outstanding | $ 0 | $ 0 | $ 0 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Line Of Credit Facility [Line Items] | ||
2020 | $ 8,029 | $ 8,029 |
2021 | 3,000 | 3,000 |
2022 | 77,880 | 65,000 |
2023 | 28,374 | 28,375 |
Total | 117,283 | 104,404 |
2020 | 8,029 | 8,029 |
2021 | 3,000 | 3,000 |
2022 | 77,880 | 65,000 |
2023 | 28,374 | 28,375 |
Total | $ 117,283 | $ 104,404 |
2020 | 2.86% | 2.86% |
2021 | 1.84% | 1.84% |
2022 | 1.73% | 1.89% |
2023 | 2.82% | 2.82% |
Total | 2.08% | 2.21% |
Borrowings - Schedule of Wareho
Borrowings - Schedule of Warehouse Lines of Credit (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Debt Instrument [Line Items] | |
Credit Line Maximum | $ 14,900 |
Unused Line of Credit | 5,835 |
Balance | 9,065 |
Warehouse Line of Credit #1 | |
Debt Instrument [Line Items] | |
Credit Line Maximum | 9,900 |
Unused Line of Credit | 2,221 |
Balance | 7,679 |
Warehouse Line of Credit #2 | |
Debt Instrument [Line Items] | |
Credit Line Maximum | 5,000 |
Unused Line of Credit | 3,614 |
Balance | $ 1,386 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Federal: | ||||
Current | $ 359 | $ 237 | $ 636 | $ 888 |
Deferred | 489 | 122 | 120 | 89 |
Federal income tax provision (benefit) | 848 | 359 | 756 | 977 |
State and local: | ||||
Current | 65 | 53 | 179 | 238 |
Deferred | 1,074 | (631) | (182) | (1,135) |
State and local income tax provision (benefit) | 1,139 | (578) | (3) | (897) |
Valuation allowance | (840) | 506 | 145 | 887 |
Provision for income taxes | $ 1,147 | $ 287 | $ 898 | $ 967 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||||
Federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | |
Increased in valuation allowance | $ 840,000 | $ (506,000) | $ (145,000) | $ (887,000) | |
NEW YORK | |||||
Income Taxes [Line Items] | |||||
Increased in valuation allowance | 145,000 | $ 887,000 | |||
Unrecognized tax benefits related to uncertain tax positions | $ 0 | $ 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ||||
Income tax, at federal rate | $ 1,082 | $ 209 | $ 655 | $ 692 |
State and local tax, net of federal taxes | 899 | (455) | (3) | (707) |
Valuation allowance, net of the federal benefit | (840) | 506 | 145 | 887 |
Other | 6 | 27 | 101 | 95 |
Provision for income taxes | $ 1,147 | $ 287 | $ 898 | $ 967 |
Income Taxes - Significant Defe
Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 4,658 | $ 3,990 |
Interest on nonaccrual loans | 666 | 338 |
Unrealized loss on available-for-sale securities | 7 | |
Amortization of intangible assets | 74 | 88 |
Deferred rent payable | 115 | |
Depreciation of premises and equipment | 8 | 30 |
Net operating losses | 4,430 | 4,258 |
Charitable contribution carryforward | 1,610 | 1,675 |
Compensation and benefits | 668 | 182 |
Other | 47 | 130 |
Total gross deferred tax assets | 12,276 | 10,698 |
Deferred tax liabilities: | ||
Cumulative contribution in excess of net periodic benefit costs, net | 85 | |
Deferred loan fees | 847 | 638 |
Deferred gain on like-kind exchange | 1,378 | |
Unrealized loss on available-for-sale securities | 34 | |
Other | 42 | 7 |
Total gross deferred tax liabilities | 2,301 | 730 |
Valuation allowance | 6,389 | 6,244 |
Net deferred tax assets | $ 3,586 | $ 3,724 |
Compensation and Benefit Plan_2
Compensation and Benefit Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020USD ($)Executive$ / sharesshares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Dec. 31, 2019$ / sharesshares | May 06, 2029shares | Dec. 31, 2018$ / shares | |||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Maximum employer matching contribution percentage | 4.00% | ||||||||||
Employer matching contribution percentage | 3.00% | ||||||||||
Expenses recognized | $ | $ 103 | $ 89 | $ 474 | $ 256 | |||||||
ESOP related compensation expense including equalization expense | $ | 115 | 184 | $ 402 | 574 | |||||||
Number of option grants | 40,000 | 8,918 | |||||||||
Total remaining unrecognized compensation cost | $ | $ 519 | $ 519 | |||||||||
Weighted average period expected to be recognized | 87 months | ||||||||||
Weighted-average exercise price for options | $ / shares | $ 12.02 | [1] | $ 12.02 | [1] | $ 12.78 | [1] | $ 12.77 | ||||
Weighted average remaining contractual life | 8 years 1 month 6 days | ||||||||||
Weighted average period expected to be recognized | 5 years | ||||||||||
Number of shares exercisable | [1] | 24,788 | 24,788 | 24,788 | |||||||
Stock repurchase program, number of shares repurchase | 1,346,679 | ||||||||||
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 | 60,159 | 60,159 | 88,492 | ||||||||
Stock repurchase program, number of shares repurchase | 1,436,814 | ||||||||||
Stock repurchase program, weighted average price per share | $ / shares | $ 13.62 | ||||||||||
2018 Long-Term Incentive Plan | Executive Officers | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Vesting percentage | 20.00% | ||||||||||
2018 Long-Term Incentive Plan | Directors | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Vesting percentage | 20.00% | ||||||||||
Vesting period | 10 years | ||||||||||
2020 Long-Term Incentive Plan | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of issuable stock options converted into restricted stock units | 45,000 | ||||||||||
Number of restricted stock units converted from issuable stock options | 15,000 | ||||||||||
Stock Options or Stock Appreciation Rights | 2018 Long-Term Incentive Plan | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Common stock reserved for future issuance | 891,764 | 891,764 | |||||||||
Shares available for future awards | 180,476 | 180,476 | 265,476 | ||||||||
Restricted Stock Units | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of stock grants | 15,000 | 29,725 | |||||||||
Compensation expense | $ | $ 319 | 314 | $ 956 | 923 | |||||||
Total remaining unrecognized compensation cost | $ | $ 4,477 | $ 4,477 | |||||||||
Weighted average period expected to be recognized | 87 months | ||||||||||
Restricted Stock Units | 2018 Long-Term Incentive Plan | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Common stock reserved for future issuance | 356,705 | 356,705 | |||||||||
Shares available for future awards | 0 | 0 | 0 | ||||||||
Restricted Stock Units | 2018 Long-Term Incentive Plan | Executive Officers | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of stock grants | 322,254 | ||||||||||
Restricted Stock Units | 2018 Long-Term Incentive Plan | Outside Directors | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of stock grants | 148,625 | ||||||||||
Restricted Stock Units | 2018 Long-Term Incentive Plan | Non-Executive Officers | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of stock grants | 40,000 | ||||||||||
Restricted Stock Units | 2018 Long-Term Incentive Plan | Non-Executive Officers | September 30, 2020 | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of stock grants | 15,000 | ||||||||||
Restricted Stock Units | 2018 Long-Term Incentive Plan | Directors | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Stock repurchase program, shares reissued of restricted stock units | 90,135 | ||||||||||
Incentive Options | 2018 Long-Term Incentive Plan | Executive Officers | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of option grants | 119,176 | ||||||||||
Incentive Options | 2018 Long-Term Incentive Plan | Non-Executive Officers | September 30, 2020 | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of stock grants | 40,000 | ||||||||||
Non-qualified Options | 2018 Long-Term Incentive Plan | Outside Directors | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of option grants | 44,590 | ||||||||||
Stock Options | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Compensation expense | $ | $ 33 | 29 | $ 93 | $ 77 | |||||||
Weighted average period expected to be recognized | 6 years 6 months | 6 years 6 months | |||||||||
Supplemental Executive Retirement Plan | |||||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||||
Number of key executive under retirement plan | Executive | 1 | ||||||||||
Expense recognized | $ | $ 15 | $ 12 | $ 45 | $ 45 | |||||||
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 | ||||||||||
[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 $0 and $315 for outstanding options and $0 and $48 for exercisable options at September 30, 2020 and December 31, 2019, respectively. |
Compensation and Benefit Plan_3
Compensation and Benefit Plans - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Shares committed-to-be released | 36,189 | 48,250 | 36,189 |
Shares to be allocated to participants | 144,750 | 96,500 | |
Unallocated shares | 542,812 | 579,001 | |
Total | 723,751 | 723,751 | |
Fair value of unearned shares | $ 4,788 | $ 8,511 |
Compensation and Benefit Plan_4
Compensation and Benefit Plans - Schedule of Restricted Stock Units Awards Activity and Related Information (Detail) - Restricted Stock Units - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Non-vested, beginning of year | 420,744 | 510,879 |
Number of Shares, Granted | 15,000 | 29,725 |
Number of Shares, Forfeited | (29,725) | |
Number of Shares, Vested | (90,135) | |
Number of Shares, Non-vested, ending of year | 435,744 | 420,744 |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, beginning of year | $ 12.78 | $ 12.77 |
Weighted-Average Grant Date Fair Value Per Share, Granted | 10.05 | 12.93 |
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 | $ 12.69 | $ 12.78 |
Compensation and Benefit Plan_5
Compensation and Benefit Plans - Schedule of Stock Option Awards Activity and Related Information (Detail) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | |||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Options, Outstanding, beginning of year | 163,766 | [1] | 163,766 | |
Options, Granted | 40,000 | 8,918 | ||
Options, Forfeited | (8,918) | |||
Options, Outstanding, end of year | [1] | 203,766 | 163,766 | |
Options, Exercisable, end of year | [1] | 24,788 | 24,788 | |
Weighted-Average Exercise Price Per Share, Outstanding, beginning of year | $ 12.78 | [1] | $ 12.77 | |
Weighted-Average Exercise Price Per Share, Granted | 8.93 | 12.93 | ||
Weighted-Average Exercise Price Per Share, Forfeited | 12.77 | |||
Weighted-Average Exercise Price Per Share, Outstanding, end of year | [1] | 12.02 | 12.78 | |
Weighted-Average Exercise Price Per Share, Exercisable, end of year | [1] | $ 12.77 | $ 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 $0 and $315 for outstanding options and $0 and $48 for exercisable options at September 30, 2020 and December 31, 2019, respectively. |
Compensation and Benefit Plan_6
Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Average Intrinsic Value, Outstanding, end of period | $ 0 | $ 315 |
Average Intrinsic Value, Exercisable, end of period | $ 0 | $ 48 |
Compensation and Benefit Plan_7
Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life | 5 years | |
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 | 38.51% | 16.94% |
Risk-free interest rate | 0.48% | 2.51% |
Weighted average grant date fair value | $ 3.77 | $ 4.01 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 4,009 | $ 709 | $ 2,225 | $ 2,327 |
Common shares outstanding for basic EPS: | ||||
Weighted average common shares outstanding | 17,166,882 | 17,405,296 | 17,278,439 | 18,012,360 |
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares | 554,677 | 602,994 | 566,762 | 614,967 |
Basic weighted average common shares outstanding | 16,612,205 | 16,802,302 | 16,711,677 | 17,397,393 |
Basic earnings per common share | $ 0.24 | $ 0.04 | $ 0.13 | $ 0.13 |
Dilutive potential common shares: | ||||
Add: Dilutive effect of restricted stock awards and stock options | 26,986 | 12,522 | 74,242 | |
Diluted weighted average common shares outstanding | 16,612,205 | 16,829,288 | 16,724,199 | 17,471,635 |
Diluted earnings per common share | $ 0.24 | $ 0.04 | $ 0.13 | $ 0.13 |
Commitments, Contingencies an_3
Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 140,396 | $ 96,117 |
Commitments to Grant Mortgage Loans | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 80,949 | 64,829 |
Commitments to Sell Loans at Lock-In Rates | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 16,537 | |
Unfunded Commitments Under Lines of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 39,565 | 27,833 |
Standby Letters of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 3,345 | $ 3,455 |
Commitments, Contingencies an_4
Commitments, Contingencies and Credit Risk - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)InvestorState | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)InvestorState | Sep. 30, 2019USD ($) | |
Loss Contingencies [Line Items] | ||||
Repurchase or indemnification requests for loans sold | $ | $ 0 | $ 0 | ||
Lease expiration year | 2034 | |||
Rental expenses under operating leases | $ | $ 460 | $ 372 | $ 969 | $ 1,101 |
Mortgage World Bankers Inc | ||||
Loss Contingencies [Line Items] | ||||
Total loan volume insured | 7.60% | 7.60% | ||
Total loan volume sold | 62.20% | 62.20% | ||
Number of investors loan volume sold | Investor | 3 | 3 | ||
Number of states in which loan closed | State | 5 | 5 | ||
Total closed loan volume | 98.00% | 98.00% | ||
Number of states in which loan closed | State | 2 | 2 |
Commitments, Contingencies an_5
Commitments, Contingencies and Credit Risk - Projected Minimum Rental Payments under Terms of Leases (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
Remainder of 2020 | $ 411 |
2021 | 1,485 |
2022 | 1,381 |
2023 | 1,354 |
2024 | 1,364 |
2025 | 1,298 |
Thereafter | 4,566 |
Projected minimum rental payments | $ 11,859 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Significant purchase commitment description | Mortgage World enters into rate lock commitments to extend credit to borrowers for generally up to a 60 day period for origination and/or purchase of loans. To the extent that a loan is ultimately granted and the borrower ultimately accepts the terms of the loan, these loan commitments expose Mortgage World to variability in its fair value due to changes in interest rates. |
Derivative, notional amount | $ 16,537 |
Derivatives from interest rate lock commitments | $ 58 |
Fair Value - Summary of Changes
Fair Value - Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value (Detail) $ in Thousands | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
Change in fair value of derivative instruments reported in earnings | $ 58 |
Balance as of September 30, 2020 | $ 58 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | $ 58 | |
Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 27,670 | $ 21,504 |
Available-for-sale securities measure at fair value on recurring basis | 13,100 | |
Available-for-sale securities measure at fair value on recurring basis | 58 | |
Fair Value Measurement Recurring | 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 | 27,612 | 21,504 |
Available-for-sale securities measure at fair value on recurring basis | 13,100 | |
Fair Value Measurement Recurring | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 58 | |
Available-for-sale securities measure at fair value on recurring basis | 58 | |
U.S. Government and Federal Agencies | Fair Value Measurement Recurring | ||
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 | |
U.S. Government and Federal Agencies | Fair Value Measurement Recurring | 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 | |
Corporate Bonds | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 10,233 | |
Corporate Bonds | Fair Value Measurement Recurring | 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 | 10,233 | |
FNMA Certificates | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 3,981 | 4,659 |
FNMA Certificates | Fair Value Measurement Recurring | 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 | 3,981 | 4,659 |
GNMA Certificates | Fair Value Measurement Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measure at fair value on recurring basis | 298 | 491 |
GNMA Certificates | Fair Value Measurement Recurring | 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 | $ 298 | $ 491 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 17,309 | $ 19,232 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 17,309 | $ 19,232 |
Fair Value - Estimated Fair Val
Fair Value - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities, at fair value (Note 4) | $ 14,512 | $ 21,504 |
Warehouse lines of credit (Note 8) | 9,065 | |
Mortgage loan fundings payable (Note 8) | 1,457 | |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 76,092 | 27,677 |
Available-for-sale securities, at fair value (Note 4) | 14,512 | 21,504 |
Placements with banks | 2,739 | |
Mortgage loans held for sale, at fair value | 13,100 | 1,030 |
Loans receivable, net | 1,108,956 | 955,737 |
Accrued interest receivable | 9,995 | 3,982 |
FHLBNY stock | 6,414 | 5,735 |
Other assets | 58 | |
Demand deposits | 186,328 | 109,548 |
Interest-bearing deposits | 407,745 | 282,997 |
Certificates of deposit | 379,171 | 389,498 |
Advance payments by borrowers for taxes and insurance | 7,739 | 6,348 |
Advances from FHLBNY | 117,283 | 104,404 |
Warehouse lines of credit (Note 8) | 9,065 | |
Mortgage loan fundings payable (Note 8) | 1,457 | |
Available-for-Sale Securities After one year through five years, Amortized Cost | 58 | 97 |
Fair Value Measurements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 76,092 | 27,677 |
Available-for-sale securities, at fair value (Note 4) | 14,512 | 21,504 |
Placements with banks | 2,739 | |
Mortgage loans held for sale, at fair value | 13,100 | 1,030 |
Loans receivable, net | 1,124,149 | 959,942 |
Accrued interest receivable | 9,995 | 3,982 |
FHLBNY stock | 6,414 | 5,735 |
Other assets | 58 | |
Demand deposits | 186,328 | 109,548 |
Interest-bearing deposits | 407,745 | 282,997 |
Certificates of deposit | 384,884 | 393,254 |
Advance payments by borrowers for taxes and insurance | 7,739 | 6,348 |
Advances from FHLBNY | 117,283 | 104,404 |
Warehouse lines of credit (Note 8) | 9,065 | |
Mortgage loan fundings payable (Note 8) | 1,457 | |
Available-for-Sale Securities After one year through five years, Amortized Cost | 58 | 97 |
Fair Value Measurements | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 76,092 | 27,677 |
FHLBNY stock | 6,414 | 5,735 |
Demand deposits | 186,328 | 109,548 |
Interest-bearing deposits | 407,745 | 282,997 |
Advances from FHLBNY | 117,283 | 104,404 |
Warehouse lines of credit (Note 8) | 9,065 | |
Mortgage loan fundings payable (Note 8) | 1,457 | |
Fair Value Measurements | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities, at fair value (Note 4) | 14,512 | 21,504 |
Placements with banks | 2,739 | |
Mortgage loans held for sale, at fair value | 13,100 | 1,030 |
Accrued interest receivable | 9,995 | 3,982 |
Certificates of deposit | 384,884 | 393,254 |
Advance payments by borrowers for taxes and insurance | 7,739 | 6,348 |
Available-for-Sale Securities After one year through five years, Amortized Cost | 97 | |
Fair Value Measurements | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans receivable, net | 1,124,149 | $ 959,942 |
Other assets | 58 | |
Available-for-Sale Securities After one year through five years, Amortized Cost | $ 58 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2020 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Percentage of capital buffer | 10.60% | 8.90% |
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) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
PDL Community Bancorp | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 169,512 | $ 168,268 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 158,208 | 158,382 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 158,208 | 158,382 |
Tier 1 Capital to Total Assets, Actual Amount | $ 158,208 | $ 158,382 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.1881 | 0.2135 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.1756 | 0.2010 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.1756 | 0.2010 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1361 | 0.1497 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 72,089 | $ 63,044 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 54,067 | 47,283 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 40,550 | 35,462 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 46,505 | $ 42,334 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0800 | 0.0800 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 0.0450 | 0.0450 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 90,111 | $ 78,805 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 72,089 | 63,044 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 58,572 | 51,223 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 58,131 | $ 52,917 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0650 | 0.0650 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
Ponce Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 151,968 | $ 146,451 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 140,707 | 136,584 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 140,707 | 136,584 |
Tier 1 Capital to Total Assets, Actual Amount | $ 140,707 | $ 136,584 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.1693 | 0.1862 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.1568 | 0.1737 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.1568 | 0.1737 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1146 | 0.1292 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 71,806 | $ 62,923 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 53,855 | 47,192 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 40,391 | 35,394 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 49,115 | $ 42,275 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0800 | 0.0800 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 0.0450 | 0.0450 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 89,758 | $ 78,654 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 71,806 | 62,923 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 58,343 | 51,125 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 61,393 | $ 52,843 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0650 | 0.0650 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
Regulatory Capital Requiremen_5
Regulatory Capital Requirements - Summary of Minimum Capital Requirements (Details) - Mortgage World Bankers Inc $ in Thousands | Sep. 30, 2020USD ($) |
HUD | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | $ 1,000 |
Warehouse Line of Credit #1 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | 2,500 |
Warehouse Line of Credit #2 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | 500 |
New York Department of Financial Services | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | 250 |
Other State Banking Departments | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | $ 250 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Other comprehensive income (loss), net of tax | $ 148 | $ 8,155 |
Unrealized gains (losses) on available for sale securities, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | 20 | (291) |
Other comprehensive income (loss), net of tax | 148 | 311 |
Accumulated other comprehensive income (loss) ending balance | 168 | 20 |
Unrealized 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) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | 20 | (8,135) |
Accumulated other comprehensive income (loss) ending balance | $ 168 | $ 20 |
Aggregate Loan Transactions wit
Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Receivables [Abstract] | ||||
Beginning balance | $ 1,237 | $ 1,256 | $ 1,260 | $ 1,278 |
Originations | 20 | |||
Payments | (9) | (18) | (32) | (60) |
Ending balance | $ 1,228 | $ 1,238 | $ 1,228 | $ 1,238 |
Transactions with Related Par_3
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Deposits from directors, executive officers and non-executive officers | $ 6,286 | $ 8,302 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Millions | Oct. 20, 2020USD ($)Loan | Sep. 30, 2020Loan | Dec. 31, 2019Loan |
Subsequent Event [Line Items] | |||
Loans Restructured, Number of Loans | 0 | 1 | |
Subsequent Event | COVID-19 | Payment Deferral | |||
Subsequent Event [Line Items] | |||
Loans Restructured, Number of Loans | 419 | ||
Loan amount | $ | $ 381.7 | ||
Description of forbearance agreement | All of these loans had been performing in accordance with their contractual obligations prior to the granting of the initial forbearance. Forbearance periods currently do not extend into 2021. | ||
Termination period of forbearance agreement | 2021 | ||
Number of loans not in deferment period | 323 | ||
Amount of loan not to be paid in deferment period | $ | $ 290.7 | ||
Number of loans in deferment period | 96 | ||
Amount of loan to be paid in deferment period | $ | $ 91 | ||
Number of loans not requested for payment | 4 | ||
Loans in forbearance for which payment is yet to be made | $ | $ 3.9 | ||
Number of loan requested for payment | 92 | ||
Amount of loans requested for payment | $ | $ 87.1 | ||
Subsequent Event | COVID-19 | Payment Deferral | Maximum | |||
Subsequent Event [Line Items] | |||
Loans receivables forbearance period | 3 months |