Northeast Community Bancorp (NECB) 10-K 30 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended	108 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Mar. 30, 2022	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-40589
Entity Registrant Name	NORTHEAST COMMUNITY BANCORP, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-3173858
Entity Address, Address Line One	325 Hamilton Avenue
Entity Address, City or Town	White Plains
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10601
City Area Code	914
Local Phone Number	684-2500
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	NECB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float				$ 0
Entity Common Stock, Shares Outstanding			16,377,936
Auditor Firm ID	74	243
Auditor Name	S.R. Snodgrass, P.C.	BDO USA, LLP
Auditor Location	Cranberry Township, Pennsylvania	New York, New York
Entity Central Index Key	0001847398
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands		Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and amounts due from depository institutions		$ 8,344	$ 7,613
Interest-bearing deposits		143,925	61,578
Total cash and cash equivalents		152,269	69,191
Certificates of deposit		100	100
Equity securities		19,943	10,332
Securities available-for-sale, at fair value		1	2
Securities held-to-maturity (fair value of $17,620 and $7,519, respectively)		17,880	7,382
Loans receivable		972,851	824,708
Deferred loan costs, net		484	113
Allowance for loan losses		(5,242)	(5,088)
Net loans		968,093	819,733
Premises and equipment, net		23,907	18,675
Investments in restricted stock, at cost		1,569	1,595
Bank owned life insurance		25,291	24,691
Accrued interest receivable		4,283	3,838
Goodwill		651	651
Real estate owned		1,996	1,996
Property held for investment		1,481	1,518
Right of Use Assets - Operating		2,564	3,094
Right of Use Assets - Financing		359	363
Other assets		4,683	5,060
Total assets		1,225,070	968,221
Deposits:
Non-interest bearing		330,853	221,371
Interest bearing		596,311	550,335
Total deposits		927,164	771,706
Advance payments by borrowers for taxes and insurance		1,884	2,258
Federal Home Loan Bank advances		28,000	28,000
Lease Liability - Operating		2,604	3,115
Lease Liability - Financing		496	460
Accounts payable and accrued expenses		13,540	8,857
Total liabilities		973,688	814,396
Stockholders' equity:
Preferred stock, $0.01 and $0.01 par value; 25,000,000 shares and 1,340,000 shares authorized; none issued or outstanding, respectively	[1]
Common stock, $0.01 and $0.01 par value; 75,000,000 shares and 25,460,000 shares authorized; 16,377,936 shares and 17,721,500 shares issued; and 16,377,936 shares and 16,340,779 shares outstanding, respectively	[1]	164	132
Additional paid-in capital		145,335	56,901
Unearned Employee Stock Ownership Plan ("ESOP") shares		(8,301)	(1,296)
Treasury stock - at cost, 0 and 1,380,721 shares, respectively	[1]		(7,032)
Retained earnings		114,323	105,305
Accumulated other comprehensive loss		(139)	(185)
Total stockholders' equity		251,382	153,825
Total liabilities and stockholders' equity		$ 1,225,070	$ 968,221
[1]	Shares amounts related to periods prior to the July 12, 2021 closing of the Company’s second-step conversion offering have been restated to give retroactive recognition to the 1.3400 exchange ratio applied in the conversion offering.

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parentheticals) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Consolidated Statements of Financial Condition
Securities held-to-maturity, fair value | $	$ 17,620	$ 7,519
Preferred stock, par value | $ / shares	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	1,340,000
Preferred stock, shares issued	0	0
Common stock, par value | $ / shares	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	25,460,000
Common stock, shares issued	16,377,936	17,721,500
Common stock, shares outstanding	16,377,936	16,340,779
Treasury stock, shares	0	1,380,721
Exchange ratio	1.3400	1.3400

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
INTEREST INCOME:
Loans		$ 47,898	$ 48,202
Interest-earning deposits		115	360
Securities		391	415
Total Interest Income		48,404	48,977
INTEREST EXPENSE:
Deposits		4,359	9,254
Borrowings		706	687
Financing lease		36	36
Total Interest Expense		5,101	9,977
Net Interest Income		43,303	39,000
Provision for loan losses		3,610	814
Net Interest Income after Provision for Loan Losses		39,693	38,186
NON-INTEREST INCOME:
Other loan fees and service charges		1,568	1,045
Gain (loss) on disposition of equipment		7	(61)
Earnings on bank owned life insurance		600	609
Investment advisory fees		514	425
Unrealized (loss) gain on equity securities		(389)	288
Other		54	207
Total Non-Interest Income		2,354	2,513
NON-INTEREST EXPENSES:
Salaries and employee benefits		14,996	13,809
Occupancy expense		2,115	1,932
Equipment		993	917
Outside data processing		1,652	1,771
Advertising		139	168
Impairment loss on goodwill		0	98
Real estate owned expense		93	313
Other		6,485	6,080
Total Non-Interest Expenses		26,473	25,088
INCOME BEFORE PROVISION FOR INCOME TAXES		15,574	15,611
PROVISION FOR INCOME TAXES		3,669	3,282
NET INCOME		$ 11,905	$ 12,329
EARNINGS PER COMMON SHARE-BASIC (in dollars per share)	[1]	$ 0.75	$ 0.76
EARNINGS PER COMMON SHARE-DILUTED (in dollars per share)	[1]	$ 0.75	$ 0.76
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-BASIC (in shares)	[1]	15,854	16,150
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING-DILUTED (in shares)	[1]	15,854	16,150
[1]	Shares amounts related to periods prior to the July 12, 2021 closing of the Company’s second-step conversion offering have been restated to give retroactive recognition to the 1.3400 exchange ratio applied in the conversion offering.

Consolidated Statements of In_2

Consolidated Statements of Income (Parenthetical)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Income
Exchange ratio	1.3400	1.3400

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income		$ 11,905	$ 12,329
Reclassification adjustments out of accumulated other comprehensive income:
Amortization of prior service cost	[1]		15
Amortization of actuarial loss	[1]	31	14
Actuarial gain (loss) arising during period		27	(136)
Total		58	(107)
Income tax effect	[2]	(12)	23
Total other comprehensive (loss) income		46	(84)
Total Comprehensive Income		$ 11,951	$ 12,245
[1]	Amounts are included in salaries and employees benefits in the audited consolidated statements of income as part of net periodic pension cost. See Note 17 for further information.
[2]	Amounts are included in provision for income taxes in the audited consolidated statements of operations.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands		Common Stock	Additional Paid- in Capital	Unearned ESOP Shares.	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Total
Balance at beginning of period at Dec. 31, 2019		$ 132	$ 56,902	$ (1,555)	$ 93,767	$ (7,032)	$ (101)	$ 142,113
Balance at beginning of period (shares) at Dec. 31, 2019	[1]	17,721,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					12,329			12,329
Other comprehensive income (loss)							(84)	(84)
Cash dividend declared					(791)			(791)
ESOP shares earned			(1)	259				258
Balance at end of period at Dec. 31, 2020		$ 132	56,901	(1,296)	105,305	(7,032)	(185)	153,825
Balance at end of period (shares) at Dec. 31, 2020	[1]	17,721,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					11,905			11,905
Other comprehensive income (loss)							46	46
Cash dividend declared					(2,887)			(2,887)
ESOP shares earned			108	823				931
Purchase of unearned common stock held by employee stock ownership plan				(7,828)				(7,828)
Conversion of existing shares	[1]	6,593,954
MHC shares sold in public offering, net of cost		$ 32	95,358					95,390
MHC shares sold in public offering, net of cost (shares)	[1]	9,784,077
Retirement of NECB, MHC shares	[1]	(17,721,500)
Fractional shares resulting from conversion of existing shares	[1]	(95)
Treasury stock retired			(7,032)			$ 7,032
Balance at end of period at Dec. 31, 2021		$ 164	$ 145,335	$ (8,301)	$ 114,323		$ (139)	$ 251,382
Balance at end of period (shares) at Dec. 31, 2021	[1]	16,377,936
[1]	Shares amounts related to periods prior to the July 12, 2021 closing of the Company’s second-step conversion offering have been restated to give retroactive recognition to the 1.3400 exchange ratio applied in the conversion offering.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parentheticals)	3 Months Ended
	Mar. 31, 2021$ / shares	Mar. 31, 2020$ / shares
Consolidated Statements of Changes in Stockholders' Equity
Cash dividend declared per share	$ 0.18	$ 0.09

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net income	$ 11,905	$ 12,329
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of securities premiums and discounts	(2)	(3)
Provision for loan losses	3,610	814
Depreciation	1,117	1,067
Net amortization (accretion) of deferred loan fees and costs	82	(165)
Deferred income tax expense	118	(33)
Unrealized loss (gain) recognized on equity securities	389	(288)
Impairment of goodwill	0	98
Impairment of real estate owned		168
Earnings on bank owned life insurance	(600)	(609)
(Gain) loss on dispositions of premises and equipment	(7)	61
ESOP compensation expense	931	257
(Increase) decrease in accrued interest receivable	(445)	116
Decrease in other assets	830	1,754
Increase in accounts payable and accrued expenses	3,628	97
Net Cash Provided by Operating Activities	21,556	15,663
Cash Flows from Investing Activities:
Net increase in loans	(166,670)	(72,500)
Proceeds from sale of loans	17,758
Purchase of loans	(3,140)
Principal repayments on securities available-for-sale	1	3
Principal repayments on securities held-to-maturity	4,808	1,959
Purchase of marketable equity securities	(10,000)
Purchase of securities held-to-maturity	(15,304)	(189)
Proceeds from sale of fixed assets	109	120
Net redemptions (purchase) of restricted stock	26	(247)
Purchases of premises and equipment	(6,451)	(1,262)
Net Cash Used in Investing Activities	(178,863)	(72,116)
Cash Flows from Financing Activities:
Net increase (decrease) in deposits	155,458	(7,453)
Proceeds from FHLB of NY advances		7,000
Loan to ESOP	(7,828)
Issuance of common stock	95,390
Decrease in advance payments by borrowers for taxes and insurance	(374)	(570)
Cash dividends paid	(2,261)	(1,008)
Net Cash Provided (Used in) by Financing Activities	240,385	(2,031)
Net Increase (Decrease) in Cash and Cash Equivalents	83,078	(58,484)
Cash and Cash Equivalents - Beginning	69,191	127,675
Cash and Cash Equivalents - Ending	152,269	69,191
Supplementary Cash Flows Information:
Income taxes paid	3,569	3,425
Interest paid	4,982	9,984
Supplementary Disclosure of Non-Cash Investing and Financing Activities:
Recognition of right of use asset - operating		2,694
Recognition of lease liability - operating		2,694
Dividends declared and not paid	$ 925	$ 143

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies The following is a description of the Company’s business and significant accounting and reporting policies: Nature of Business: Northeast Community Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2021 to be the successor to NorthEast Community Bancorp, Inc., a federally chartered corporation (the “Mid-Tier Holding Company”), upon completion of the second-step conversion of NorthEast Community Bank (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. The second-step conversion was completed on July 12, 2021, at which time the Company sold, for gross proceeds of $97.8 million, a total of 9,784,077 shares of common stock at $10.00 per share. As part of the second-step conversion, each of the existing outstanding shares of Mid-Tier Holding Company common stock owned by persons other than NorthEast Community Bancorp, MHC was converted into 1.3400 shares of Company common stock. As a result of the second-step conversion, all share information has been subsequently revised to reflect the 1.3400 exchange ratio, unless otherwise noted. The Bank is a New York State-chartered savings bank and completed its conversion from a federally-chartered savings bank effective as of the close of business on June 29, 2012. The Company’s primary activity is the ownership and operation of the Bank. The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its ten branch offices located in Bronx, New York, Orange, Rockland and Westchester Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New York, New City, New York and Danvers, Massachusetts. The Bank’s principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area. The Bank also utilizes borrowings as a source of funds. The Bank’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage-backed securities. The Bank also generates revenues from other income including deposit fees, service charges and investment advisory fees. The Bank also offers investment advisory and financial planning services under the name Harbor West Wealth Management Group, a division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor. New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank. New England Commercial Properties, LLC currently owns one foreclosed property located in Pennsylvania. NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities. NECB Financial is licensed in the States of New York and Connecticut. Note 1 - Summary of Significant Accounting Policies (continued) 72 West Eckerson LLC (“72 West Eckerson”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2015 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch locations in Spring Valley, New York and Monroe, New York. 166 Route 59 Realty LLC (“166 Route 59 Realty”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch located in Airmont, New York. 3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for a Bank branch located in Bloomingburg, New York. Principles of Consolidation: The consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, and 3 Winterton Realty LLC (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-K and Article 10 of Regulation S-X. When necessary, certain reclassifications were made to prior year amounts to conform with current year presentation. Use of Estimates: The preparation of consolidated financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect certain recorded amounts and disclosures. Accordingly, actual results could differ from those estimates. The most significant estimate pertains to the allowance for loan losses. The borrowers’ abilities to meet contractual obligations and collateral value are the most significant assumptions used to arrive at the estimate. The risks associated with such estimates arise when unforeseen conditions affect the borrowers’ abilities to meet the contractual obligations of the loan and result in a decline in the value of the supporting collateral. Such unforeseen changes may have an adverse effect on the consolidated results of operations and financial position of the Company. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Additionally, the Company is exposed to significant changes in market interest rates. Such changes could have an adverse effect on consolidated earnings and consolidated financial position, particularly in those situations in which the maturities or re-pricing of assets are different than the maturities or re-pricing of the supporting liabilities. Cash and Cash Equivalents: Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks, all with original maturities of 90 days or less. Certificates of Deposit: Certificates of deposit are carried at cost which approximates fair value and have maturities of less than one year. Note 1 - Summary of Significant Accounting Policies (continued) Securities: The Company classifies its debt securities as held to maturity or available for sale at the time of purchase. Held to maturity securities are those debt securities which management has the intent and the Company has the ability to hold to maturity and are reported at amortized cost (unless there is other than temporary impairment). Available for sale securities are those debt securities which are neither held to maturity securities nor trading securities and are reported at fair value, with unrealized gains and losses, net of the related income tax effect, excluded from earnings and reported in a separate component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are temporary or other-than-temporary. Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through other comprehensive income (loss) (“OCI”) with offsetting adjustments to the carrying value of the security and the balance of related deferred taxes. Temporary impairments on held to maturity securities are not recorded in the consolidated financial statements; however, information concerning the amount and duration of unrealized losses on held to maturity securities is disclosed. Other-than-temporary impairments on debt securities that the Company has decided to sell, or will, more likely than not, be required to sell prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in earnings. If either of these conditions regarding the likelihood of sale apply for a debt security, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. Credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related other-than-temporary impairments in earnings. Noncredit-related other-than-temporary impairments on debt securities are recognized in OCI. Premiums and discounts on all securities are amortized/accreted to maturity by use of the level-yield method. Gain or loss on sales of securities is based on the specific identification method. Equity securities are carried at fair value with changes in fair value reported in income. Loans Receivable: Loans are stated at unpaid principal balances plus net deferred loan origination fees and costs less an allowance for loan losses. Interest on loans receivable is recorded on the accrual basis. An allowance for uncollected interest is established on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations or where interest or principal is 90 days or more past due, unless the loans are well secured with a reasonable expectation of collection. When a loan is placed on nonaccrual, an allowance for uncollected interest is established and charged against current income. Thereafter, interest income is not recognized unless the financial condition and payment record of the borrower warrant the recognition of interest income. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest on loans that have been restructured is accrued according to the renegotiated terms. Net loan origination fees and costs are deferred and amortized into interest income over the contractual lives of the related loans by use of the level yield method. Past due status of loans is based upon the contractual due date. Prepayment penalties received on loans which pay in full prior to the scheduled maturity are included in interest income in the period the prepayment penalties are collected. Note 1 - Summary of Significant Accounting Policies (continued) Allowance for Loan Losses: The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Risk characteristics associated with the types of loans we underwrite are as follows: Multi-family, Mixed-use and Non-residential Real Estate Loans Commercial and Industrial Loans Construction Loans . Consumer Loans. The allowance consists of specific and general reserves. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific allowance is established or a partial charge-off is taken when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. If an impairment is identified, the Company charges off the impaired portion immediately. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral Note 1 - Summary of Significant Accounting Policies (continued) 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 records, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. The Company does not evaluate individual 1-4 family residential real estate and consumer loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral or discounted cash flows. For loans secured by real estate, estimated fair values are determined primarily through in-house or third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal, the current value based on the current loan to value and debt coverage ratios as calculated by the troubled debt officer and the executive committee, and the condition of the property. Appraised values might be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property, if any. For loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. The general component covers pools of loans by loan class including loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate and consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates, adjusted for qualitative factors. These qualitative risk factors include: 1. Changes in policies and procedures in underwriting standards and collections. 2. Changes in economic conditions. 3. Changes in nature and volume of lending. 4. Experience of origination team. 5. Changes in past due loan volume and severity of classified assets. 6. Quality and scope of the loan review system. 7. Debt coverage ratios and loan-to-value averages in existing portfolio. 8. Concentrations of credit. 9. Legal and regulatory issues. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, residential and consumer loans. Credit quality risk ratings include regulatory classifications of pass, special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include Note 1 - Summary of Significant Accounting Policies (continued) loans that may be inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. The allowance calculation for each pool of loans is also based on the loss factors that reflect the Company’s historical charge-off experience adjusted for current economic conditions applied to loan groups with similar characteristics or classifications in the current portfolio. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a proprietary structured loan rating process which allows for a periodic review of its loan portfolio and the early identification of potential impaired loans. These proprietary systems, depending on the type of loan, take into consideration factors such as project location, loan duration, loan to value or loan to cost, property condition, borrower experience, guarantor strength, tenant concentration, projected debt-service coverage, absorption rate, sponsor’s experience, and as well as other factors. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date at a below market rate. In measuring the impairment associated with restructured loans that qualify as troubled debt restructurings, the Company compares the present value of the cash flows that are expected to be received in accordance with the loan’s modified terms, discounted at the loan’s original contractual interest rate, with the pre-modification carrying value to measure impairment. Adversely classified, non-accrual troubled debt restructurings may be returned to accrued status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All troubled debt restructured loans are classified as impaired. Based on management’s comprehensive analysis of the loan portfolio, management believes the allowance for loan losses is appropriate as of December 31, 2021 and 2020, respectively. Concentration of Risk: The Company’s lending activity is concentrated in construction and permanent loans secured by multi-family and non-residential real estate located primarily in the Northeast and Mid-Atlantic regions of the United States. As of December 31, 2021 and 2020, the Company had construction loans located in New York State totaling $279.1 million and $181.9 million in the Bronx, $85.5 million and $96.1 million in the Village of Spring Valley, $61.2 million and $69.5 million in the Town of Palm Tree, $87.5 million and $66.9 million in the Hamlet of Monsey, $51.5 million and $63.3 million in Brooklyn and $15.2 million and $18.6 million in the Town of Monroe. The Company also had deposits in excess of the FDIC insurance limit at other financial institutions. At December 31, 2021 and 2020, such deposits totaled $125.0 million and $47.2 million held by the Federal Reserve Bank of New York, $21.9 million and $10.0 million held by the Federal Home Loan Bank of New York, and $1.0 million and $4.4 million held by Atlantic Community Bankers Bank (“ACBB”). Generally, deposits in excess of $250,000 are not insured by the FDIC. Premises and Equipment: Land is stated at cost. Buildings and improvements, leasehold improvements and furnishings and equipment are stated at cost less accumulated depreciation and amortization computed on the straight-line method over the following useful lives: Note 1 - Summary of Significant Accounting Policies (continued) ​ ​ ​ ​ ​ Years Buildings 30   50 Building improvements 10   50 Leasehold improvements 1   15 Furnishings and equipment 3   5 ​ Maintenance and repairs are charged to operations in the years incurred. Property and equipment are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable. In evaluating property and equipment for recoverability, we use our best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value. The Company did not have impairment recorded for property and equipment in 2021 and 2020. Bank Owned Life Insurance (“BOLI”): The Company owns life insurance on the lives of certain of its officers. The cash surrender value is recorded as an asset and the change in cash surrender value is included in non-interest income and is tax-exempt. The BOLI can be liquidated, if necessary, with tax consequences. However, the Company intends to hold these policies and, accordingly, the Company has not provided for deferred income taxes on the earnings from the increase in cash surrender value. Investments in Restricted Stock: Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. The Company also owns restricted stock in Atlantic Community Bancshares, Inc. (ACBI), holding company of ACBB, a correspondent banker’s bank. These stocks are carried at cost. At December 31, 2021 and 2020, the Company had $1.5 million and $1.5 million in FHLB stock, and $70,000 and $70,000 in ACBB stocks. Goodwill: Goodwill at December 31, 2021 and 2020 totaled $651,000 and $651,000, respectively, and consists of goodwill acquired in the business combination completed by the Company in November 2007. The Company tests goodwill during the fourth quarter of each year for impairment, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist. The Company utilizes a two-step approach. The first step requires a comparison of the carrying value of the reporting unit to the fair value of the unit. The Company estimates the fair value of the reporting unit through internal analyses and external valuation, which utilizes an income approach based on the present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, impairment exists and the Company will perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. The second step of the goodwill impairment test, if necessary, compares the implied fair value of a reporting unit’s goodwill with its carrying value. The implied fair value of goodwill is determined in the same manner that the amount of goodwill recognized in a business combination is determined. The Company allocates the fair value of the reporting unit to all of the assets and liabilities of that unit, including identifiable intangible assets, as if the reporting unit had been acquired in a business combination. Any excess of the value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. No impairment charges were recorded in 2021. Impairment charges of $98,000 were recorded in 2020 due to a decrease in the assets under management resulting in an expected decrease in fee revenue from this division. Note 1 - Summary of Significant Accounting Policies (continued) Real Estate Owned: Real estate owned is carried at the lower of cost or fair value of the related property, as determined by current appraisals less estimated costs to sell. Foreclosed real estate is initially recorded at the fair value of property acquired minus estimated costs to sell at the date of foreclosure, establishing a new cost basis. Write-downs on these properties, which occur after the initial transfer from the loan portfolio, are recorded as operating expenses. Costs of holding such properties are charged to non-interest expense in the current period. Gains, to the extent allowable, and losses on the disposition of these properties are reflected in the real estate owned expense in the consolidated statement of income. Property Held for Investment: Land is stated at cost. Buildings and improvements are stated at cost less accumulated depreciation computed on the straight-line method over the useful lives between 30 to 50 years for buildings and 10 to 50 years for building improvements. Property held for investment is evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable. In evaluating property held for investment for recoverability, we use our best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value. The Company did not have impairment recorded for property held for investment in 2021 and 2020. Income Taxes: The Company files a consolidated federal income tax return. Income taxes are allocated to the Company, Bank, NECP, and NECB Financial based upon their respective income or loss included in the consolidated income tax return. The Company, the Bank, NECP, and NECB Financial file combined or separate state and city income tax returns depending on the particular requirements of each jurisdiction. Federal, state and city income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset, which is not more likely than not to be realized. The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements in accordance with ASC Topic 740, “Income Taxes”, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has not identified any significant income tax uncertainties through the evaluation of its income tax positions for the years ended December 31, 2021 and 2020, and has not recognized any liabilities for tax uncertainties as of December 31, 2021 and 2020. The Company’s policy is to recognize income tax related interest and penalties in income tax expense; such amounts were not significant during the years ended December 31, 2021 and 2020. The tax years subject to examination by federal, state, and city taxing authorities are 2018 through 2021. Note 1 - Summary of Significant Accounting Policies (continued) Other Comprehensive Income (Loss): The Company records in accumulated other comprehensive income (loss), net of related deferred income taxes, unrealized gains and losses on available for sale securities and the prior service cost and actuarial gains and losses related to the Outside Directors Retirement Plan (“DRP”) that have not yet been recognized in expense. Gains and losses on the sale of securities, if any, are reclassified to non-interest income upon the sale of the related securities or upon the recognition of a security impairment loss and a portion of the prior service cost and actuarial gains and losses of the DRP are reclassified to non-interest expense. At December 31, 2021, accumulated other comprehensive loss totaled $139,000 and included $183,000 in prior service cost and actuarial losses of the DRP net of $44,000 of related deferred income taxes. At December 31, 2020, accumulated other comprehensive loss totaled $185,000 and included $241,000 in prior service cost and actuarial losses of the DRP net of $56,000 of related deferred income taxes. Net Income Per Common Share: Basic net income per common share is calculated by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”) are not included in the weighted-average number of common shares outstanding for purposes of calculating basic net income

Mutual Holding Company Reorgani

Mutual Holding Company Reorganization and Regulatory Matters	12 Months Ended
	Dec. 31, 2021
Mutual Holding Company Reorganization and Regulatory Matters
Mutual Holding Company Reorganization and Regulatory Matters	Note 2 – Mutual Holding Company Reorganization and Regulatory Matters On July 5, 2006, the Bank reorganized from a mutual savings bank to a mutual holding company structure. In the reorganization, the Company sold 5,951,250 shares of its common stock to the public and issued 7,273,750 shares of its common stock to Northeast Community Bancorp, MHC (“MHC”). As disclosed in note 1, in conjunction with the completion of the second-step conversion on July 12, 2021, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. The Federal Deposit Insurance Corporation (“FDIC”) and the New York State Department of Financial Services (“NYS”) are the Bank’s primary regulator. Under New York State Banking Law, New York state-chartered stock-form savings banks may declare and pay dividends out of their net profits, unless there is an impairment of capital, but approval of the NYS Superintendent is required if the total of all dividends declared by the bank in a calendar year would exceed the total of its net profits for that year combined with its retained net profits for the preceding two years less prior dividends paid. The FDIC also has authority to use its enforcement powers to prohibit a savings bank from paying dividends if, in its opinion, the payment of dividends would constitute an unsafe and unsound practice. The Company and its subsidiary Bank are subject to regulatory capital requirements promulgated by the federal banking agencies. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated financial holding company, and the FDIC has similar requirements for the Company’s subsidiary bank. Prior to January 1, 2015, quantitative measures were established by regulation to ensure capital adequacy which required the Bank to maintain minimum amounts and ratios of Total, Tier 1 capital (as defined by regulations) to risk-weighted assets (as defined), and of Core tier 1 capital to adjusted total assets (as defined). Effective January 1, 2015, the Company adopted the Basel III final rule. Based on the Company’s capital levels and statement of condition composition at December 31, 2019, the implementation of the new rule had no material impact on our regulatory capital level or ratios at the Bank level. The new rule established limits at the Company level and increased the minimum Tier 1 capital to risk based assets requirement from 4% to 6% of risk-weighted assets; established a new common equity Tier 1 capital; and assigned a higher risk weight (150%) to exposures that are more than 90 days past due or are on nonaccrual and to certain commercial real estate facilities that finance the acquisition, development or construction of real property. The new rule has a capital conservation buffer requirement that was Note 2 – Mutual Holding Company Reorganization and Regulatory Matters (continued) phased in at a rate of 0.625% annually beginning January 1, 2016 through January 1, 2019, when full capital conservation buffer requirement of 2.50% became effective. The Bank met all capital adequacy requirements to which it was subject as of December 31, 2021 and 2020. The following table presents information about the Bank’s capital levels at the dates presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Regulatory Capital Requirements ​ ​ ​ ​ ​ ​ ​ Minimum Capital ​ For Classification as ​ ​ Actual ​ Adequacy(1) ​ Well-Capitalized ​ Amount Ratio Amount Ratio Amount Ratio ​ ​ (Dollars in Thousands) As of December 31, 2021: ​ ​ ​ ​ Total capital (to risk-weighted assets) ​ $ 196,155 15.28 % $ ≥102,702 ≥8.00 % $ ≥128,377 ≥10.00 % Tier 1 capital (to risk-weighted assets) ​ 190,941 14.87 ​ ≥77,026 ≥6.00 ​ ≥102,702 ≥8.00 ​ Common equity tier 1 capital (to risk-weighted assets) ​ 190,941 14.87 ​ ≥57,770 ≥4.50 ​ ≥83,445 ≥6.50 ​ Core (Tier 1) capital (to adjusted total assets) ​ 190,941 16.79 ​ ≥45,486 ≥4.00 ​ ≥56,857 ≥5.00 ​ As of December 31, 2020: ​ ​ ​ ​ Total capital (to risk-weighted assets) ​ $ 143,021 13.72 % $ ≥83,399 ≥8.00 % $ ≥104,249 ≥10.00 % Tier 1 capital (to risk-weighted assets) ​ 137,962 13.23 ​ ≥62,550 ≥6.00 ​ ≥83,399 ≥8.00 ​ Common equity tier 1 capital (to risk-weighted assets) ​ 137,962 13.23 ​ ≥46,912 ≥4.50 ​ ≥67,762 ≥6.50 ​ Core (Tier 1) capital (to adjusted total assets) ​ 137,962 14.79 ​ ≥37,304 ≥4.00 ​ ≥46,629 ≥5.00 ​ (1) Ratios do not include the capital conservation buffer. Based on the most recent notification by the FDIC, the Bank was categorized as “well capitalized” under the regulatory framework for prompt corrective action. There have been no conditions or events that have occurred since notification that management believes have changed the Bank’s category.

Financial Instruments with Off-

Financial Instruments with Off-Balance Sheet Risk	12 Months Ended
	Dec. 31, 2021
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	Note 3 - Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. ​ The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ (In Thousands) Financial instruments whose contract amounts represent credit risk: ​ ​ ​ Commitments to extend credit ​ $ 174,355 ​ $ 129,066 Construction loans in process ​ 436,916 ​ 327,336 Stand-by letters of credit ​ 6,922 ​ 7,002 Commitments to fund unused lines of credit: ​ ​ Commercial and industrial lines ​ 130,697 ​ 101,855 Multi-family real estate equity lines ​ — ​ — Consumer lines ​ 90 ​ 94 ​ ​ $ 748,980 ​ $ 565,353 ​ Note 3 - Financial Instruments with Off-Balance Sheet Risk (continued) ​ Commitments to extend credit are legally binding agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The amount of collateral obtained, if deemed necessary by the Company, is based on management’s credit evaluation of the borrower.

Equity Securities

Equity Securities	12 Months Ended
	Dec. 31, 2021
Equity Securities
Equity Securities	Note 4 – Equity Securities The following table is the schedule of Equity Securities at December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) Equity Securities, at Fair Value ​ $ 19,943 ​ $ 10,332 ​ The following is a summary of unrealized gains recognized in net income on equity securities during the year ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ Net gain (loss) recognized on equity securities during the period ​ $ (389) ​ $ 288 Less: Net losses realized on the sale of equity securities during the period ​ ​ — ​ ​ — Unrealized net gain (loss) recognized on equity securities held at the reporting date ​ $ (389) ​ $ 288 ​

Securities Available-for-Sale

Securities Available-for-Sale	12 Months Ended
	Dec. 31, 2021
Securities Available-for-Sale
Securities Available-for-Sale	Note 5 – Securities Available-for-Sale The following table summarized the Company’s portfolio of securities available-for-sale at December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In Thousands) Mortgage-backed securities – residential: ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ (In Thousands) Mortgage-backed securities – residential: ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 2 ​ $ — ​ $ — ​ $ 2 ​ ​ $ 2 ​ $ — ​ $ — ​ $ 2 ​ There were no sales of securities available-for-sale during the years ended December 31, 2021 and 2020. Note 5 – Securities Available-for-Sale (continued) Contractual final maturities of mortgage-backed securities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Amortized Cost Fair Value ​ ​ (In Thousands) Due after one year but within five years ​ $ 1 ​ $ 1 ​ ​ $ 1 ​ $ 1 ​ The maturities shown above are based upon contractual final maturity. Actual maturities will differ from contractual maturities due to scheduled monthly repayments and due to the underlying borrowers having the right to prepay their obligations. At December 31, 2021 and 2020, the Company had no unrealized loss on securities available-for-sale.

Securities Held-to-Maturity

Securities Held-to-Maturity	12 Months Ended
	Dec. 31, 2021
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 6 – Securities Held-to-Maturity The following table summarized the Company’s portfolio of securities held-to-maturity at December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In Thousands) Municipal Bonds ​ $ 10,017 ​ $ 7 ​ $ 267 ​ $ 9,757 Mortgage-backed securities – residential: ​ ​ ​ ​ ​ Government National Mortgage Association ​ $ 656 ​ $ 19 ​ $ — ​ $ 675 Federal Home Loan Mortgage Corporation ​ 1,059 ​ — ​ 5 ​ 1,054 Federal National Mortgage Association ​ 2,695 ​ 23 ​ 6 ​ 2,712 Collateralized mortgage obligations – GSE ​ 3,453 ​ 18 ​ 49 ​ 3,422 ​ ​ $ 7,863 ​ $ 60 ​ $ 60 ​ $ 7,863 ​ ​ $ 17,880 ​ $ 67 ​ $ 327 ​ $ 17,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In Thousands) Municipal Bonds ​ $ 4,189 ​ $ — ​ $ — ​ $ 4,189 Mortgage-backed securities – residential: ​ ​ ​ ​ Government National Mortgage Association ​ $ 933 ​ $ 25 ​ $ — ​ $ 958 Federal Home Loan Mortgage Corporation ​ 59 ​ — ​ 1 ​ 58 Federal National Mortgage Association ​ 1,097 ​ 45 ​ — ​ 1,142 Collateralized mortgage obligations – GSE ​ 1,104 ​ 68 ​ — ​ 1,172 ​ ​ $ 3,193 ​ $ 138 ​ $ 1 ​ $ 3,330 ​ ​ $ 7,382 ​ $ 138 ​ $ 1 ​ $ 7,519 ​ ​ ​ ​ Note 6 – Securities Held-to-Maturity (continued) Contractual final maturities of mortgage-backed securities and municipal bonds were as follows at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Amortized ​ Fair ​ Cost Value ​ (In Thousands) Due within one year ​ $ 538 ​ $ 739 Due after one but within five years ​ 1,779 ​ 2,173 Due after five but within ten years ​ 1,652 ​ 1,889 Due after ten years ​ 13,911 ​ 12,819 ​ ​ $ 17,880 ​ $ 17,620 ​ The maturities shown above are based upon contractual final maturity. Actual maturities will differ from contractual maturities due to scheduled monthly repayments and due to the underlying borrowers having the right to prepay their obligations. The age of unrealized losses and the fair value of related securities held-to-maturity were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Value Losses Value Losses Value Losses ​ ​ (In Thousands) December 31, 2021: ​ ​ ​ ​ ​ ​ Municipal Bonds ​ $ 9,134 ​ $ 267 ​ $ — ​ $ — ​ $ 9,134 ​ $ 267 Mortgage-backed securities – residential: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 1,004 ​ $ 5 ​ $ — ​ $ — ​ $ 1,004 ​ $ 5 Federal National Mortgage Association ​ ​ 2,035 ​ ​ 6 ​ ​ — ​ ​ — ​ ​ 2,035 ​ ​ 6 Collateralized mortgage obligations – GSE ​ ​ 907 ​ ​ 49 ​ ​ — ​ ​ — ​ ​ 907 ​ ​ 49 ​ ​ ​ 3,946 ​ ​ 60 ​ ​ — ​ ​ — ​ ​ 3,946 ​ ​ 60 ​ ​ $ 13,080 ​ $ 327 ​ $ — ​ $ — ​ $ 13,080 ​ $ 327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Value Losses Value Losses Value Losses ​ ​ (In Thousands) December 31, 2020: ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 42 ​ $ 1 ​ $ — ​ $ — ​ $ 42 ​ $ 1 ​ ​ $ 42 ​ $ 1 ​ $ — ​ $ — ​ $ 42 ​ $ 1 ​ At December 31, 2021, four mortgage-backed security and three municipal bonds had unrealized loss. Management concluded that the unrealized loss reflected above was temporary in nature since the unrealized loss was related primarily to market interest rates for the mortgage-backed security and discounted yields for the municipal bonds, and not related to the underlying credit quality of the issuers of the securities. Additionally, the Company has the ability and intent to hold the securities for the time necessary to recover the amortized cost. At December 31, 2020, there was one mortgage-backed security with unrealized loss.one mortgage-backed security had unrealized loss. Management concluded that the unrealized loss reflected above for the mortgage-backed security was temporary in nature since the loss was related primarily to market interest rates and not related to the underlying credit quality of Note 6 – Securities Held-to-Maturity (continued) the issuer of the security. Additionally, the Company has the ability and intent to hold the security for the time necessary to recover the amortized cost.

Loans Receivable and the Allowa

Loans Receivable and the Allowance for Loan Losses	12 Months Ended
	Dec. 31, 2021
Loans Receivable and the Allowance for Loan Losses
Loans Receivable and the Allowance for Loan Losses	Note 7 - Loans Receivable and the Allowance for Loan Losses The composition of loans were as follows at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) Residential real estate: ​ ​ ​ One-to-four family ​ $ 7,189 ​ $ 6,170 Multi-family ​ 84,425 ​ 90,506 Mixed-use ​ 28,744 ​ 30,508 Total residential real estate ​ 120,358 ​ 127,184 Non-residential real estate ​ 50,016 ​ 60,665 Construction ​ 683,830 ​ 545,788 Commercial and industrial ​ 118,378 ​ 90,577 Consumer ​ 269 ​ 494 Total Loans ​ 972,851 ​ 824,708 Allowance for loan losses ​ (5,242) ​ (5,088) Deferred loan (fees) costs, net ​ 484 ​ 113 ​ ​ $ 968,093 ​ $ 819,733 ​ Loans serviced for the benefit of others totaled approximately $14,610,000 and $11,876,000 at December 31, 2021 and 2020, respectively. The value of mortgage servicing rights was not material at December 31, 2021 and 2020. The Company did not issue PPP loans associated with the CARES Act in 2021 and 2020. The Company had no loans to related parties at December 31, 2021 and 2020. In addition, the Company did not originate any loans to related parties in 2021 and 2020. The Company sold loan participations totaling $14.6 million in 2021 and sold no loan participations in 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ Note 7 - Loans Receivable and the Allowance for Loan Losses (continued) The following is an analysis of the activity in the allowance for loan losses and related information concerning loan balances: As of and For the Year Ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction Industrial Consumer Unallocated Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 571 ​ $ 381 ​ $ 3,143 ​ $ 973 ​ $ 10 ​ $ 164 ​ $ 5,242 Ending balance: individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Ending balance: collectively evaluated for impairment ​ $ 571 ​ $ 381 ​ $ 3,143 ​ $ 973 ​ $ 10 ​ $ 164 ​ $ 5,242 Loans receivable: ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 120,358 ​ $ 50,016 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ — ​ $ 972,851 Ending balance: individually evaluated for impairment ​ $ 876 ​ $ 746 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,622 Ending balance: collectively evaluated for impairment ​ $ 119,482 ​ $ 49,270 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ — ​ $ 971,229 ​ ​ As of and For the Year Ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction Industrial Consumer Unallocated Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088 Ending balance: individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Ending balance: collectively evaluated for impairment ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088 Loans receivable: ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 127,184 ​ $ 60,665 ​ $ 545,788 ​ $ 90,577 ​ $ 494 ​ $ — ​ $ 824,708 Ending balance: individually evaluated for impairment ​ $ 2,009 ​ $ 4,461 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,470 Ending balance: collectively evaluated for impairment ​ $ 125,175 ​ $ 56,204 ​ $ 545,788 ​ $ 90,577 ​ $ 494 ​ $ — ​ $ 818,238 ​ ​ ​ ​ ​ ​ ​ ​ Note 7 - Loans Receivable and the Allowance for Loan Losses (continued) ​ The activity in the allowance for loan loss by loan class for the years ended December 31, 2021 and 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Real Estate ​ Construction ​ Industrial ​ Consumer ​ Unallocated ​ Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ Balance - December 31, 2020 ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088 Charge-offs ​ — ​ (3,593) ​ — ​ — ​ (23) ​ — ​ (3,616) Recoveries ​ 150 ​ 2 ​ — ​ — ​ 8 ​ — ​ 160 Provision (Benefit) ​ (286) ​ 3,453 ​ 75 ​ 199 ​ 5 ​ 164 ​ 3,610 Balance - December 31, 2021 ​ $ 571 ​ $ 381 ​ $ 3,143 ​ $ 973 ​ $ 10 ​ $ 164 ​ $ 5,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Real Estate ​ Construction ​ Industrial ​ Consumer ​ Unallocated ​ Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ Balance - December 31, 2019 ​ $ 605 ​ $ 503 ​ $ 2,692 ​ $ 566 ​ $ 71 ​ $ 174 ​ $ 4,611 Charge-offs ​ — ​ (65) ​ — ​ (271) ​ (28) ​ — ​ (364) Recoveries ​ 3 ​ 9 ​ — ​ 15 ​ — ​ — ​ 27 Provision (Benefit) ​ 99 ​ 72 ​ 376 ​ 464 ​ (23) ​ (174) ​ 814 Balance - December 31, 2020 ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088 ​ During the year ended December 31, 2021, the provision expenses recorded were primarily attributed to the previously disclosed charge-off of $3.6 million in 2021 regarding a non-residential bridge loan secured by real estate with a balance of $3.6 million. The loan is secured by commercial real estate located in Greenwich, Connecticut and guaranteed by the two borrowers. The loan was originated in 2016 as a two-year bridge loan and, upon the borrower’s failure to satisfy the loan at the maturity date, the loan was accelerated and a foreclosure action was instituted. The loan remains in foreclosure but is subject to Connecticut’s continuing foreclosure backlog. The property securing the loan is subject to a parking easement and based on a recently updated appraisal showing the property’s value with the parking easement to be zero, the Company has determined to write off the $3.6 million loan as a non-cash charge against the allowance for loan losses. The Company intends to aggressively seek recovery of all amounts due from the personal guarantors of the loan. However, the recovery process is uncertain and might take an extended period of time to resolve this matter. In the event the Company is successful against the guarantors, any recovery received would be added back to the allowance for loan losses and an analysis will be performed at that time to determine the appropriateness of recognizing the recovery into income. Additionally the provision expenses recorded for commercial and industrial loan and construction loan segments were primarily due to increased loan balances, and the credit provision recorded for residential real estate loan segment was due to decreased loan balance. During the year ended December 31, 2020, the provision expenses recorded were primarily attributed to the perceived potential credit risk associated with the COVID-19 pandemic, although no specific or probable losses were identified at that time, as well as increased loan balances in construction loan and commercial and industrial loan segments. Note 7 - Loans Receivable and the Allowance for Loan Losses (continued) The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired at: As of and for the Year Ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded Unpaid Principal Related Average Recorded Interest Income 2021 ​ Investment ​ Balance ​ Allowance ​ Investment ​ Recognized ​ ​ (In Thousands) With no related allowance recorded: ​ ​ ​ ​ ​ Residential real estate ​ $ 876 ​ $ 876 ​ $ — ​ $ 1,986 ​ $ 86 Non-residential real estate ​ 746 ​ 813 ​ — ​ 3,891 ​ ​ 36 Construction ​ — ​ — ​ — ​ — ​ ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ 1,622 ​ 1,689 ​ — ​ 5,877 ​ 122 With an allowance recorded ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total: ​ ​ ​ ​ ​ Residential real estate ​ 876 ​ 876 ​ — ​ 1,986 ​ 86 Non-residential real estate ​ 746 ​ 813 ​ — ​ 3,891 ​ 36 Construction ​ — ​ — ​ — ​ — ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ $ 1,622 ​ $ 1,689 ​ $ — ​ $ 5,877 ​ $ 122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Year Ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded Unpaid Principal Related Average Recorded Interest Income 2020 ​ Investment ​ Balance ​ Allowance ​ Investment ​ Recognized ​ ​ (In Thousands) With no related allowance recorded: ​ ​ ​ ​ ​ Residential real estate ​ $ 2,009 ​ $ 2,009 ​ $ — ​ $ 2,666 ​ $ 87 Non-residential real estate ​ 4,461 ​ 4,526 ​ — ​ 4,371 ​ 50 Construction ​ — ​ — ​ — ​ — ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ 6,470 ​ 6,535 ​ — ​ 7,037 ​ 137 With an allowance recorded ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total: ​ ​ ​ ​ ​ Residential real estate ​ 2,009 ​ 2,009 ​ — ​ 2,666 ​ 87 Non-residential real estate ​ 4,461 ​ 4,526 ​ — ​ 4,371 ​ 50 Construction ​ — ​ — ​ — ​ — ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ $ 6,470 ​ $ 6,535 ​ $ — ​ $ 7,037 ​ $ 137 ​ ​ ​ ​ ​ Note 7 - Loans Receivable and the Allowance for Loan Losses (continued) The following table sets forth the composition of our nonaccrual loans at the dates indicated. Loans Receivable on Nonaccrual Status as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Non-residential real estate ​ $ — ​ $ 3,572 ​ ​ $ — ​ $ 3,572 ​ On non-accrual loans, the Company did not recognized any interest income during the year ended December 31, 2021 and 2020. Interest income that would have been recorded had the loans been on accrual status would have amounted to approximately $173,000 and $236,000 for the years ended December 31, 2021 and 2020, respectively. The Company is not committed to lend additional funds to borrowers whose loans have been placed on non-accrual status. In 2021, the Company did not collect any interest income from a loan that was in non-accrual status. In 2020, the Company collected $85,000 in interest income from a loan that was in non-accrual status in 2019 and was satisfied in 2020. The following tables provide information about delinquencies in our loan portfolio at the dates indicated. Age Analysis of Past Due Loans as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment > ​ ​ 30 – 59 Days ​ 60 – 89 Days ​ Greater Than ​ Total Past ​ ​ ​ ​ Total Loans ​ 90 Days and ​ Past Due Past Due 90 Days Due Current Receivable Accruing ​ ​ (In Thousands) Residential real estate: ​ ​ ​ ​ ​ ​ ​ One- to four-family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 7,189 ​ $ 7,189 ​ $ — Multi-family ​ — ​ — ​ — ​ — ​ 84,425 ​ 84,425 ​ — Mixed-use ​ — ​ — ​ — ​ — ​ 28,744 ​ 28,744 ​ — Non-residential real estate ​ — ​ — ​ — ​ — ​ 50,016 ​ 50,016 ​ — Construction loans ​ — ​ — ​ — ​ — ​ 683,830 ​ 683,830 ​ — Commercial and industrial loans ​ — ​ — ​ — ​ — ​ 118,378 ​ 118,378 ​ — Consumer ​ — ​ — ​ — ​ — ​ 269 ​ 269 ​ — ​ ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 972,851 ​ $ 972,851 ​ $ — ​ Note 7 - Loans Receivable and the Allowance for Loan Losses (continued) Age Analysis of Past Due Loans as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment ​ ​ 30 – 59 Days ​ 60 – 89 Days ​ Greater Than ​ Total Past ​ ​ ​ ​ Total Loans ​ > 90 Days and ​ Past Due Past Due 90 Days Due Current Receivable Accruing ​ ​ (In Thousands) Residential real estate: ​ ​ ​ ​ ​ ​ ​ One- to four-family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,170 ​ $ 6,170 ​ $ — Multi-family ​ — ​ — ​ — ​ — ​ 90,506 ​ 90,506 ​ — Mixed-use ​ — ​ — ​ — ​ — ​ 30,508 ​ 30,508 ​ — Non-residential real estate ​ — ​ — ​ 3,572 ​ 3,572 ​ 57,093 ​ 60,665 ​ — Construction loans ​ — ​ — ​ — ​ — ​ 545,788 ​ 545,788 ​ — Commercial and industrial loans ​ — ​ — ​ — ​ — ​ 90,577 ​ 90,577 ​ — Consumer ​ — ​ — ​ — ​ — ​ 494 ​ 494 ​ — ​ ​ $ — ​ $ — ​ $ 3,572 ​ $ 3,572 ​ $ 821,136 ​ $ 824,708 ​ $ — ​ The following tables provide certain information related to the credit quality of our loan portfolio. Credit Risk Profile by Internally Assigned Grade as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Non-residential ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction and Industrial Consumer Total ​ ​ (In Thousands) Grade: ​ ​ ​ ​ ​ ​ Pass ​ $ 120,358 ​ $ 49,270 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ 972,105 Special Mention ​ — ​ — ​ — ​ — ​ — ​ — Substandard ​ — ​ 746 ​ — ​ — ​ — ​ 746 Doubtful ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 120,358 ​ $ 50,016 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ 972,851 ​ Credit Risk Profile by Internally Assigned Grade as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Non-residential ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction and Industrial Consumer Total ​ ​ (In Thousands) Grade: ​ ​ ​ ​ ​ ​ Pass ​ $ 127,184 ​ $ 56,943 ​ $ 545,788 ​ $ 90,276 ​ $ 494 ​ $ 820,685 Special Mention ​ — ​ — ​ — ​ 301 ​ — ​ 301 Substandard ​ — ​ 3,722 ​ — ​ — ​ — ​ 3,722 Doubtful ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 127,184 ​ $ 60,665 ​ $ 545,788 ​ $ 90,577 ​ $ 494 ​ $ 824,708 ​ ​ Note 7 - Loans Receivable and the Allowance for Loan Losses (continued) ​ Troubled Debt Restructuring: The following table shows our recorded investment for loans classified as Trouble Debt Restructuring (TDR) that are performing according to their restructured terms at the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ Number of ​ Recorded ​ Number of ​ Recorded ​ contracts Investment contracts Investment ​ ​ (Dollars in Thousands) Residential Real Estate - Multi-family ​ — ​ $ — 1 ​ $ 1,098 Residential Real Estate - Mixed-use ​ 2 ​ 876 2 ​ 911 Non-residential real estate ​ 2 ​ 746 2 ​ 739 Total performing ​ 4 ​ $ 1,622 5 ​ $ 2,748 ​ The following is a summary of interest foregone on loans classified as TDR for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 ​ (In Thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms ​ $ 154 ​ $ 185 Less: Interest income included in the results of operations ​ 122 ​ 125 Total foregone interest ​ $ 32 ​ $ 60 ​ There were no loans modified that were deemed troubled debt restructuring during the years ended December 31, 2021 and 2020. During the years ended December 31, 2021 and 2020, none of the loans that were modified during the previous twelve months had defaulted.

Premises and Equipment, Net

Premises and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Premises and Equipment, Net
Premises and Equipment, Net	Note 8 - Premises and Equipment, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Land ​ $ 6,432 ​ $ 3,872 Buildings and improvements ​ 19,786 ​ 16,782 Leasehold improvements ​ 1,741 ​ 1,737 Furnishings and equipment ​ 7,785 ​ 7,179 ​ ​ 35,744 ​ 29,570 Accumulated depreciation and amortization ​ (11,837) ​ (10,895) ​ ​ $ 23,907 ​ $ 18,675 ​ Depreciation expense on premises and equipment for the fiscal years ended December 31, 2021 and 2020 totaled $1.1 million and $1.1 million, respectively.

Accrued Interest Receivable, Ne

Accrued Interest Receivable, Net	12 Months Ended
	Dec. 31, 2021
Accrued Interest Receivable, Net
Accrued Interest Receivable, Net	Note 9 - Accrued Interest Receivable, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Loans receivable ​ $ 4,204 ​ $ 4,420 Securities ​ 79 ​ 16 ​ ​ 4,283 ​ 4,436 Allowance for uncollected interest ​ — ​ (598) ​ ​ $ 4,283 ​ $ 3,838 ​

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 10 - Goodwill and Intangible Assets Goodwill and intangible assets at December 31 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Goodwill ​ $ 1,310 ​ $ 1,310 Accumulative goodwill impairment ​ (659) ​ (659) Goodwill, net of charge-off ​ $ 651 ​ $ 651 ​ The Company did not identify any impairment of goodwill during the year ended December 31, 2021. The Company identified $98,000 in goodwill impairment during the year ended December 31, 2020.

Real Estate Owned ("REO")

Real Estate Owned ("REO")	12 Months Ended
	Dec. 31, 2021
Real Estate Owned ("REO")
Real Estate Owned ("REO")	Note 11 - Real Estate Owned (“REO”) The Company owned one foreclosed property valued at approximately $1,996,000 and $1,996,000 at both December 31, 2021 and 2020, consisting of an office building located in Pennsylvania. The property was acquired through foreclosure in December 2014. Further declines in real estate values may result in impairment charges in the future. Routine holding costs are charged to expense as incurred and improvements to real estate owned that enhance the value of the real estate are capitalized. REO expense recorded in the consolidated statements of income, including loss on sales and write-downs, amounted to $93,000 and $313,000 during the years ended December 31, 2021 and 2020.

Property Held For Investment

Property Held For Investment	12 Months Ended
	Dec. 31, 2021
Property Held For Investment.
Property Held For Investment	Note 12– Property Held For Investment Property held for investment at December 31 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Land ​ $ 500 ​ $ 500 Buildings and improvements ​ 1,442 ​ 1,442 ​ ​ 1,942 ​ 1,942 Accumulated depreciation and amortization ​ (461) ​ (424) ​ ​ $ 1,481 ​ $ 1,518 ​ The Company owned one property at December 31, 2021 and 2020 consisting of a former branch office located in Plymouth, Massachusetts. The property is currently leased to a car rental company to generate current income for the Company.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2021
Deposits.
Deposits	Note 13 – Deposits Total deposits at December 31, 2021 and 2020 and the weighted average rate of deposits are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Weighted Average ​ ​ ​ Weighted Average ​ Amount Interest Rate Amount Interest Rate ​ ​ (Dollars in Thousands) Demand deposits: ​ ​ ​ ​ Non-interest bearing ​ $ 330,853 — % $ 221,371 — % NOW and money market ​ 118,420 0.53 % 100,945 0.50 % Total ​ 449,273 0.14 % 322,316 0.16 % Savings accounts ​ 184,896 0.63 % 101,693 0.33 % Certificates of deposit maturing in: ​ ​ ​ One year or less ​ 189,247 0.89 % 211,834 1.38 % After one to two years ​ 35,677 1.23 % 71,381 1.39 % After two to three years ​ 16,950 1.82 % 8,962 1.95 % After three to four years ​ 38,373 0.63 % 10,516 2.43 % After four years ​ 12,748 1.31 % 45,004 0.81 % Total ​ 292,995 0.97 % 347,697 1.35 % ​ ​ $ 927,164 0.50 % $ 771,706 0.72 % ​ As of December 31, 2021 and 2020, certificates of deposits equal to or in excess of $250,000 totaled approximately $134,733,000 and $158,092,000, respectively. At December 31, 2021 and 2020, the demand deposit overdrafts totaled $233,000 and $452,000. The aggregate amount of brokered deposits was $44.6 million and $70.7 million as of December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the Company also had $22.3 million and $8.5 million, respectively, in Insured Cash Sweep (“ICS”) reciprocal money market deposits, which are no longer considered fully-insured brokered deposits as defined in the FDIC call report instructions. The ICS money market deposits were obtained from six retail depositors and then transferred into the ICS Network in order to obtain full FDIC insurance coverage for our customers. These types of deposits are known in the ICS Network as reciprocal deposits, which the Company considers as core deposits and not brokered deposits. Interest expense on deposits consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (In Thousands) Demand deposits ​ $ 696 ​ $ 734 Savings accounts ​ 328 ​ 626 Certificates of deposit ​ 3,335 ​ 7,894 ​ ​ $ 4,359 ​ $ 9,254 ​

Federal Home Loan Bank of New Y

Federal Home Loan Bank of New York ("FHLB") Advances	12 Months Ended
	Dec. 31, 2021
Federal Home Loan Bank of New York ("FHLB") Advances
Federal Home Loan Bank of New York ("FHLB") Advances	Note 14 – Federal Home Loan Bank of New York (“FHLB”) Advances FHLB advances are summarized as follows at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ Weighted Average ​ Weighted Average ​ Amount Interest Rate Amount Interest Rate ​ ​ (Dollars in Thousands) Advances maturing in: ​ ​ ​ ​ One year or less ​ $ 7,000 ​ 2.79 % $ 14,000 ​ 2.81 % After one to three years ​ ​ 14,000 2.85 % ​ 7,000 2.86 % After three to four years ​ — — % — — % After five years (due 2030) ​ 7,000 1.61 % 7,000 1.61 % ​ ​ $ 28,000 2.52 % $ 28,000 2.52 % ​ At December 31, 2021, none of the above advances were subject to early call or redemption features. All advances had fixed interest rates and the term of the advance ranges between 2 and 10 years. At December 31, 2021, the advances were secured by a pledge of the Company’s investment in the capital stock of the FHLB and a blanket assignment of the Company’s otherwise unpledged qualifying mortgage loans. At December 31, 2021, these unpledged qualifying mortgage loans were not pledged to any company other than the FHLB. At December 31, 2021, the Company had the ability to borrow $29.4 million, net of $28.0 million in outstanding advances, from the FHLB and $8.0 million from ACBB.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 15 - Income Taxes The Bank qualifies as a savings institution under the provisions of the Internal Revenue Code and was, therefore, prior to January 1, 1996, permitted to deduct from taxable income an allowance for bad debts based upon eight percent of taxable income before such deduction, less certain adjustments. Retained earnings at December 31, 2021 and 2020, include approximately $4.1 million of such bad debt deductions which, in accordance with U.S. GAAP is considered a permanent difference between the book and income tax basis of loans receivable, and for which deferred income taxes have not been provided. If such amount is used for purposes other than for bad debt losses, including distributions in liquidation, it will be subject to income tax at the then current rate. The components of provision for income taxes are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (In Thousands) Current tax expense ​ $ 3,551 ​ $ 3,315 Deferred tax expense ​ 118 ​ (33) ​ ​ $ 3,669 ​ $ 3,282 ​ The following table presents a reconciliation between the reported income taxes and the income taxes, which would be computed by applying the existing federal income tax rate of 21% for 2021 and 2020 to income before taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (Dollars In Thousands) Federal income tax at statutory rates ​ $ 3,271 ​ $ 3,278 ​ State and city tax, net of federal income tax effect ​ 506 ​ 183 ​ Non-taxable income on bank owned life insurance ​ (126) ​ (128) ​ Other ​ 18 ​ (51) ​ ​ ​ $ 3,669 ​ $ 3,282 ​ Effective Income Tax Rate ​ 23.6 % 21.0 % ​ ​ Note 15 – Income Taxes (continued) ​ The tax effects of significant items comprising the net deferred tax asset are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) Deferred tax assets: ​ ​ Allowance for loan losses ​ $ 1,238 ​ $ 1,207 State net operating loss carryforwards ​ 82 ​ 89 Reserve for uncollected interest ​ — ​ 141 Benefit plans ​ 1,562 ​ 1,449 Accumulated other comprehensive loss – DRP ​ 44 ​ 56 Total Deferred Tax Assets ​ 2,926 ​ 2,942 Deferred tax liability: ​ ​ Depreciation ​ 403 ​ 297 Goodwill ​ 133 ​ 112 Other ​ 227 ​ 240 Total Deferred Tax Liabilities ​ 763 ​ 649 Net Deferred Tax Assets Included in Other Assets ​ $ 2,163 ​ $ 2,293 ​ The Company has state net operating loss (NOL) carryforwards totaling approximately $3,100,000 at December 31, 2021 that are available to be carried forward to future years. These NOL carryforwards will start to expire beginning in 2035 if not fully utilized. At December 31, 2021, the Company had no valuation allowance because the Company determined there will be enough future New York State taxable income to utilize the New York State deferred tax assets. ​

Other Non-Interest Expenses

Other Non-Interest Expenses	12 Months Ended
	Dec. 31, 2021
Other Non-Interest Expenses
Other Non-Interest Expenses	Note 16 - Other Non-Interest Expenses The following is an analysis of other non-interest expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (In Thousands) Other ​ $ 1,947 ​ $ 2,047 Service contracts ​ 915 ​ 807 Consulting expense ​ 1,043 ​ 763 Telephone ​ 578 ​ 551 Directors compensation ​ 540 ​ 520 Audit and accounting ​ 498 ​ 361 Insurance ​ 303 ​ 329 Director, officer, and employee expense ​ 272 ​ 286 Legal fees ​ 231 ​ 283 Office supplies and stationary ​ 129 ​ 128 Recruiting expense ​ 29 ​ 5 ​ ​ $ 6,485 ​ $ 6,080 ​

Benefits Plans

Benefits Plans	12 Months Ended
	Dec. 31, 2021
Benefits Plans
Benefits Plans	Note 17 - Benefits Plans Outside Director Retirement Plan (“DRP”) The DRP is an unfunded non-contributory defined benefit pension plan covering all non-employee directors meeting eligibility requirements as specified in the plan document. The following table sets forth the funded status of the DRP and components of net pension periodic expense measured as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (Dollars In Thousands) Projected benefit obligation – beginning ​ $ 2,046 ​ $ 1,851 ​ Service cost ​ 124 ​ 125 ​ Interest cost ​ 48 ​ 39 ​ Actuarial (gain) loss ​ (27) ​ 135 ​ Prior service cost ​ — ​ — ​ Benefits Paid ​ (104) ​ (104) ​ Projected benefit obligation – ending ​ $ 2,087 ​ $ 2,046 ​ Funded status – accrued liability included in accounts payable and accrued expenses ​ $ 2,087 ​ $ 2,046 ​ Accumulated benefit obligation ​ $ 1,947 ​ $ 1,900 ​ Discount rate ​ 2.45 % 2.02 % Rate of increase in future compensation levels ​ 2.00 % 2.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (Dollars In Thousands) Net periodic pension expense: ​ ​ ​ ​ Service cost ​ $ 124 ​ $ 125 ​ Interest cost ​ 48 ​ 39 ​ Actuarial loss recognized ​ 31 ​ 14 ​ Prior service cost recognized ​ — ​ 15 ​ Total net periodic pension expense included in other non-interest expenses ​ $ 203 ​ $ 193 ​ Discount rate ​ 2.45 % 2.02 % Rate of increase in future compensation levels ​ 2.00 % 2.00 % ​ Benefit payments, which reflect expected future service as appropriate, are expected to be paid for the years ending December 31 as follows (in thousands): ​ ​ ​ ​ 2022 $ 104 2023 ​ 104 2024 ​ 206 2025 ​ 192 2026 ​ 206 2027 to 2031 ​ 1,012 ​ At December 31, 2021 and 2020, unrecognized net gain of $27,000 and unrecognized net loss of $136,000, respectively, were included in accumulated other comprehensive income. Supplemental Executive Retirement Plan (“SERP”) The SERP is a non-contributory defined benefit plan that covers certain officers of the Company. Under the SERP, each of these individuals will be entitled to receive upon retirement an annual benefit paid in monthly installments equal to 50% of his average base salary in the three-year period preceding retirement. Each individual may also retire ​ Note 17 - Benefits Plans (continued) Supplemental Executive Retirement Plan (“SERP”)(continued) early and receive a reduced benefit upon the attainment of certain age and years of service combination. Additional terms related to death while employed, death after retirement, disability before retirement and termination of employment are fully described within the plan document. The benefit payment term is the greater of 15 years or the executives remaining life. No benefits next five years During the years ended December 31, 2021 and 2020, expenses of $455,000 and $303,000, respectively, were recorded for this plan and are reflected in the Consolidated Statements of Income under Salaries and Employee Benefits. At December 31, 2021 and 2020, a liability for this plan of $3,778,000 and $3,322,000, respectively, is included in the Consolidated Statements of Financial Condition under Accounts Payable and Accrued Expenses. 401(k) Plan The Company maintains a 401(k) plan for all eligible employees. Participants are permitted to contribute from 1% to 15% of their annual compensation up to the maximum permitted under the Internal Revenue Code. The Company provided no matching contribution in 2021 and 2020. Employee Stock Ownership Plan (“ESOP”) In conjunction with the Mid-Tier Holding Company’s public stock offering in 2006, the Bank established an ESOP for all eligible employees (substantially all full-time employees). The ESOP borrowed $5,184,200 from the Mid-Tier Holding Company and used those funds to acquire 518,420 shares of the Mid-Tier Holding Company common stock at $10.00 per share. The loan from the Mid-Tier Holding Company, which has been assumed by the Company, carries an interest rate of 8.25% and is repayable in twenty annual installments through 2025. In conjunction with the Company’s second-step conversion offering, on July 12, 2021, the ESOP borrowed $7,827,260 from the Company and used those funds to acquire 782,726 shares of Company common stock at $10.00 per share. The loan from the Company carries an interest rate equal to 3.25% and is repayable in fifteen annual installments through 2035. Each year, the Bank makes discretionary contributions to the ESOP equal to the principal and interest payment required on the loan from the Company. The ESOP may further pay down the principal balance of the loans by using dividends paid, if any, on the shares of Company common stock it owns. The balance remaining on the first ESOP loan was $1,703,000 and $2,051,000 at December 31, 2021 and 2020. The balance remaining on the second ESOP loan was $7,270,000 at December 31, 2021. Shares purchased with the loan proceeds serve as collateral for the loan and are held in a suspense account for future allocation among ESOP participants. As the loan principal is repaid, shares will be released from the suspense account and become eligible for allocation. The allocation among plan participants will be as described in the ESOP governing document. ESOP shares initially pledged as collateral were recorded as unearned ESOP shares in the stockholders’ equity section of the consolidated statement of financial condition. Thereafter, on a monthly basis over the terms of the ESOP loans, approximately 2,894 shares for the ESOP established in 2006 and approximately 4,348 shares for the ESOP established in 2021 are committed to be released respectively. Compensation expense is recorded equal to the shares committed to be released multiplied by the average closing price of the Company’s stock during that month. ESOP expense during the years ended December 31, 2021 and 2020, totaled approximately $931,000 and $258,000, respectively. Dividends on unallocated shares, which totaled approximately $115,000 and $19,000 during 2021 and 2020, respectively, are recorded as a reduction of the ESOP loan. Dividends on allocated shares, which totaled approximately $63,000 and $43,000 during 2021 and 2020, respectively, are charged to retained earnings. ​ Note 17 - Benefits Plans (continued) Employee Stock Ownership Plan (“ESOP”)(continued) ESOP shares are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ 2020 Allocated shares ¹ ​ ​ 521,012 ​ 486,278 Shares committed to be released ¹ ​ ​ 86,910 ​ 34,734 Unearned shares ¹ ​ ​ 869,487 ​ 173,671 Total ESOP Shares ¹ ​ ​ 1,477,409 ​ 694,683 Less allocated shares distributed to former or retired employees ¹ ​ ​ (106,369) ​ (102,522) Total ESOP Shares Held by Trustee ¹ ​ ​ 1,371,040 ​ 592,161 Fair value of unearned shares ​ $ 9,677,390 ​ $ 1,684,865 ​

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	Note 18 - Leases The Company has operating leases and finance leases all comprised of real estate property. The operating leases comprise substantially all of the Company’s obligations in which the Company is the lessee, with remaining lease terms ranging between 2 5 leases extend In accordance with ASC 842, the Company recognized operating and financing lease assets and corresponding lease liabilities related to office facilities and retail branches. The operating and financing lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. The Company has elected that any short term leases would be expensed as incurred. The operating and financing lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. Our leases do not provide an implicit interest rate. The company used its incremental borrowing rate, the rate of interest to borrow in a collateralized basis for a similar term, at the lease commencement date. All of the leases are net leases and, therefore, do not contain non-lease components. The Company either pays directly or reimburses the lessor for property and casualty insurance cost and the property taxes assessed on the property, as well as a portion of the common area maintenance associated with the property which are categorized as non-components as outlined in the applicable guidance. ​ Note 18 – Leases (continued) The quantitative data relates to the Company’s leases are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Finance Lease Amounts: ​ ​ ​ ROU asset ​ $ 359 ​ $ 363 ​ Lease liability ​ $ 496 ​ $ 460 ​ Operating Lease Amounts: ​ ​ ​ ​ ROU assets ​ $ 2,564 ​ $ 3,094 ​ Lease liabilities ​ $ 2,604 ​ $ 3,115 ​ Finance Lease Cost ​ ​ ​ Amortization of ROU asset ​ $ 4 ​ $ 4 ​ Interest on lease liability ​ $ 36 ​ $ 36 ​ Operating Lease Costs ​ $ 566 ​ $ 487 ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Finance lease ​ $ (36) ​ $ (36) ​ Operating leases ​ $ 545 ​ $ 472 ​ Weighted-average remaining lease term ​ ​ ​ Finance lease ​ 95 years ​ 96 years ​ Operating leases ​ 7.02 ​ 7.61 ​ Weighted-average discount rate ​ ​ ​ Finance lease ​ 9.50 % 9.50 % Operating leases ​ 1.22 % 1.34 % ​ Maturities of lease liabilities at December 31, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ Leases ​ Lease Years ended December 31: ​ ​ ​ ​ ​ ​ 2022 ​ $ 549 ​ $ 30 2023 ​ 423 ​ 30 2024 ​ 333 ​ 30 2025 ​ 302 ​ 30 2026 ​ 235 ​ 31 Thereafter ​ 875 ​ 4,055 Total lease payments ​ $ 2,717 ​ $ 4,206 Interest ​ (113) ​ (3,710) Lease liability ​ $ 2,604 ​ $ 496 ​

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2021
Contingencies
Contingencies	Note 19 – Contingencies The Company and Bank are also subject to claims and litigation that arise primarily in the ordinary course of business. Based on information presently available and advice received from legal counsel representing the Company and Bank in connection with such claims and litigation, it is the opinion of management that the disposition or ultimate determination of such claims and litigation will not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. ​

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures
Fair Value Disclosures	Note 20 - Fair Value Disclosures The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company’s securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company has to record at fair value other assets and liabilities on a non-recurring basis, such as securities held to maturity, impaired loans and other real estate owned. U.S. GAAP has established a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. ​ Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. ​ Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). ​ An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s assets that are carried at fair value on a recurring basis and the level that was used to determine their fair value at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Significant ​ Total Carried ​ ​ Active Markets for ​ Observable ​ Unobservable ​ at Fair ​ ​ Identical Assets ​ Inputs ​ Inputs ​ Value on a ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Recurring Basis ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, Description 2021 2020 2021 2020 2021 2020 2021 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities: ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ $ 19,943 ​ $ 10,332 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 19,943 ​ $ 10,332 Mortgage-backed securities ​ ​ ​ ​ ​ ​ ​ ​ FHLMC ​ — ​ — ​ 1 ​ 2 ​ — ​ — ​ 1 ​ 2 Total assets ​ $ 19,943 ​ $ 10,332 ​ $ 1 ​ $ 2 ​ $ — ​ $ — ​ $ 19,944 ​ $ 10,334 ​ There were no transfers between Level 1 and 2 during the years ended December 31, 2021 and 2020. The Company did not have any liabilities that were carried at fair value on a recurring basis at December 31, 2021 and 2020. ​ Note 20 – Fair Value Disclosures (continued) The following table sets forth the Company’s assets that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value, at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Significant ​ Total Carried ​ ​ Active Markets for ​ Observable ​ Unobservable ​ at Fair ​ ​ Identical Assets ​ Inputs ​ Inputs ​ Value on a ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Non-Recurring Basis ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, Description 2021 2020 2021 2020 2021 2020 2021 2020 ​ (In Thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 150 ​ $ — ​ $ 150 Real estate owned ​ — ​ — ​ — ​ — ​ — ​ 1,996 ​ — ​ 1,996 Total assets ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 2,146 ​ $ — ​ $ 2,146 ​ The following tables present the qualitative information about non-recurring Level 3 fair value measurements of financial instruments at the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ Fair Valuation Unobservable ​ Weighted ​ ​ Value ​ Technique ​ Input ​ Range ​ Average ​ ​ (In Thousands) Assets: ​ ​ ​ Impaired loans ​ $ — Income approach Capitalization rate — % — % Real estate owned ​ — Income approach Capitalization rate — % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ Fair Valuation Unobservable ​ Weighted ​ ​ Value ​ Technique ​ Input ​ Range ​ Average ​ ​ (In Thousands) Assets: ​ ​ ​ Impaired loans ​ $ 150 Income approach Capitalization rate 7.50 % 7.50 % Real estate owned ​ 1,996 Income approach Capitalization rate 8.40 % 8.40 % ​ The Company did not have any liabilities that were carried at fair value on a non-recurring basis at December 31, 2021 and 2020. The methods and assumptions used to estimate fair value at December 31, 2021 and 2020 are as follows: For real estate owned, fair value is generally determined through independent appraisals or fair value estimations of the underlying properties which generally include various Level 3 inputs which are not identifiable. The appraisals or fair value estimation may be adjusted by management for qualitative reasons and estimated liquidation expenses. Management’s assumptions may include consideration of location and occupancy of the property and current economic conditions. Subsequently, as these properties are actively marketed, the estimated fair values may be periodically adjusted through incremental subsequent write-downs to reflect decreases in estimated values resulting from sales price observations and the impact of changing economic and market conditions. A loan is considered impaired when, based upon current information and events; it is probable that the Company will be unable to collect all scheduled payments in accordance with the contractual terms of the loan. Impaired loans that are collateral dependent are written down to fair value through the establishment of specific reserves, a component of the allowance for loan losses or through partial charge-offs, and as such are carried at the lower of cost or the fair value. Estimates of fair value of the collateral are determined based on a variety of information, including available valuations from certified appraisers for similar assets, present value of discounted cash flows and inputs that are ​ Note 20 - Fair Value Disclosures (continued) estimated based on commonly used and generally accepted industry liquidation advance rates and estimates and assumptions developed by management. The appraisals may be adjusted by management for estimated liquidation expenses and qualitative factors such as economic conditions. If real estate is not the primary source of repayment, present value of discounted cash flows and estimates using generally accepted industry liquidation advance rates are utilized. Due to the multitude of assumptions, many of which are subjective in nature, and the varying inputs and techniques used by appraisers, the Company recognizes that valuations could differ across a wide spectrum of valuation techniques employed and accordingly, fair value estimates for impaired loans are classified as Level 3. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective year-ends and have not been re-evaluated or updated for purposes of these 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 the amounts reported at each year-end. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a 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 companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments at December 31, 2021 and 2020: Securities Fair values for marketable equity securities are determined by quoted market prices on nationally recognized and foreign securities exchanges (Level 1). Fair values for securities available for sale and held to maturity are determined utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things. ​ Note 20 - Fair Value Disclosures (continued) Securities (continued) The carrying amounts and estimated fair value of our financial instruments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2021 ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ ​ ​ ​ Assets ​ Inputs ​ Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 152,269 ​ $ 152,269 ​ $ 152,269 ​ $ — ​ $ — Certificates of deposit ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ 100 ​ ​ — Marketable equity securities ​ ​ 19,943 ​ ​ 19,943 ​ ​ 19,943 ​ ​ — ​ ​ — Securities available for sale ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ — Securities held to maturity ​ ​ 17,880 ​ ​ 17,620 ​ ​ — ​ ​ 17,620 ​ ​ — Loans receivable ​ ​ 968,093 ​ ​ 968,247 ​ ​ — ​ ​ — ​ ​ 968,247 Investments in restricted stock ​ ​ 1,569 ​ ​ 1,569 ​ ​ — ​ ​ 1,569 ​ ​ — Accrued interest receivable ​ ​ 4,283 ​ ​ 4,283 ​ ​ — ​ ​ 4,283 ​ ​ — Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ ​ 927,164 ​ ​ 929,003 ​ ​ — ​ ​ 929,003 ​ ​ — FHLB of New York advances ​ ​ 28,000 ​ ​ 28,283 ​ ​ — ​ ​ 28,283 ​ ​ — Accrued interest payable ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020 ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ ​ ​ ​ Assets ​ Inputs ​ Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 69,191 ​ $ 69,191 ​ $ 69,191 ​ $ — ​ $ — Certificates of deposit ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ 100 ​ ​ — Marketable equity securities ​ ​ 10,332 ​ ​ 10,332 ​ ​ 10,332 ​ ​ — ​ ​ — Securities available for sale ​ ​ 2 ​ ​ 2 ​ ​ — ​ ​ 2 ​ ​ — Securities held to maturity ​ ​ 7,382 ​ ​ 7,519 ​ ​ — ​ ​ 7,519 ​ ​ — Loans receivable ​ ​ 819,733 ​ ​ 823,996 ​ ​ — ​ ​ — ​ ​ 823,996 Investments in restricted stock ​ ​ 1,595 ​ ​ 1,595 ​ ​ — ​ ​ 1,595 ​ ​ — Accrued interest receivable ​ ​ 3,838 ​ ​ 3,838 ​ ​ — ​ ​ 3,838 ​ ​ — Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ ​ 771,706 ​ ​ 776,413 ​ ​ — ​ ​ 776,413 ​ ​ — FHLB of New York advances ​ ​ 28,000 ​ ​ 29,292 ​ ​ — ​ ​ 29,292 ​ ​ — Accrued interest payable ​ ​ 8 ​ ​ 8 ​ ​ — ​ ​ 8 ​ ​ — ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	Note 21 – Related Party Transactions At December 31, 2021 and 2020, there were no outstanding loans to a related party. Deposits of related parties at the Company totaled $1.7 million and $1.6 million at December 31, 2021 and 2020, respectively. Kevin P. O’Malley is an attorney with Kevin P. O’Malley, P.C., a law firm that provides construction loan closing services to borrowers of the Company. During the fiscal year ended December 31, 2021 and 2020, construction loan borrowers of the Company paid $779,687 and $536,106 respectively in legal fees to Mr. O’Malley’s law firm in connection with closing of construction loans. In addition, in fiscal year 2021 and 2020, the Company paid Mr. O’Malley’s law firm $26,000 and $3,000 for legal services provided on a corporate related matter.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2021
Revenue Recognition
Revenue Recognition	Note 22 – Revenue Recognition The majority of the Company’s revenues come from interest income and other sources, including loans and securities that are outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented within noninterest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include deposit service charges on deposits, electronic banking fees and charges income, and investment advisory fees. A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as referral fees based month end reports. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of December 31, 2021, the Company did not have any significant contract balances. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized within noninterest income. The following table presents the Company’s sources of noninterest income for the years ended December 31, 2021 and 2020. Sources of revenue outside the scope of ASC 606 are noted as such: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 ​ ​ (In Thousands) Non-interest income: ​ ​ ​ Deposit-related fees and charges ​ $ 71 ​ $ 77 Loan-related fees and charges (1) ​ 828 ​ 539 Electronic banking fees and charges ​ 669 ​ 429 Gain (loss) on disposition of equipment (1) ​ 7 ​ (61) Income from bank owned life insurance (1) ​ 600 ​ 609 Investment advisory fees ​ 514 ​ 425 Unrealized gain (loss) on equity securities (1) ​ (389) ​ 288 Miscellaneous (1) ​ 54 ​ 207 Total non-interest income ​ $ 2,354 ​ $ 2,513 (1) Not within the scope of ASC 606. ​ Note 22 – Revenue Recognition (continued) A description of the Company’s revenue streams accounted for under ASC 606 is as follows: Service Charges on Deposit Accounts The Company earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed at the point in the time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Electronic Banking Fee Income The Company earns interchange fees from debit and credit card holder transactions conducted through various payment networks. Interchange fees from cardholder transactions are recognized daily, concurrently with the transaction processing services provided by an outsourced technology solution. Investment Advisory Fees The Company earns fees from investment advisory and financial planning services under the name of Harbor West Financial Planning Wealth Management, a division of the Company through a networking arrangement with a registered broker-dealer and investment advisor. The registered broker-dealer deducts investment advisory fees and financial planning services fees from the client’s assets under management and remits the fees, net of administrative fees, to the Company on a monthly basis. The Company recognizes the fees into non-interest income upon receipt of the monthly remittances.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2021
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 23 – Recent Accounting Pronouncements Accounting Standards Pending Adoption: ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13 "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which requires credit losses on most financial assets to be measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (CECL) model). Under this model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination ("PCD assets") should be determined in a similar manner to other financial assets measured on an amortized cost basis. Upon initial recognition, the allowance for credit losses is added to the purchase price ("gross up approach") to determine the initial amortized cost basis. The subsequent accounting for PCD assets will use the CECL model described above. ​ Note 23 – Recent Accounting Pronouncements (continued) The ASU made certain targeted amendments to the existing impairment model for available-for-sale (AFS) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. As amended, ASU No. 2016-13 and any related amending ASUs No. 2019-04, 2019-11, and 2020-03 are effective for entities qualifying as smaller reporting companies for fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption is permitted for all entities as of the fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. The Company has begun collecting and evaluating data and system requirements to implement this standard. The adoption of this update could have a material impact on the Company’s consolidated results of operations and financial condition. The extent of the impact is still unknown and will depend on many factors, such as the composition of the Company’s loan portfolio and expected loss history at adoption. Management has engaged consultants to assess the preparedness of the Company for evaluating and implementing CECL. ASU 2020-03 - Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU No. 2020-03, “Codification Improvements to Financial Instruments.” This ASU clarifies various financial instruments topics, including the CECL standard issued in 2016. Amendments related to ASU 2016-13 for entities that have not yet adopted that guidance are effective upon adoption of the amendments in ASU 2016-13. Early adoption is not permitted before an entity’s adoption of ASU 2016-13. Other amendments are effective upon issuance of this ASU. See the discussion regarding the adoption of ASU 2016-13 above. ASU 2020-04 - Reference Rate Reform (Topic 848) In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848)" which provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued, subject to meeting certain criteria. Under the new guidance, an entity can elect by accounting topic or industry subtopic to account for the modification of a contract affected by reference rate reform as a continuation of the existing contract, if certain conditions are met. In addition, the new guidance allows an entity to elect on a hedge-by-hedge basis to continue to apply hedge accounting for hedging relationships in which the critical terms change due to reference rate reform, if certain conditions are met. A one-time election to sell and/or transfer held-to-maturity debt securities that reference a rate affected by reference rate reform is also allowed. ASU No. 2020-04 became effective for all entities as of March 12, 2020 and will apply to all LIBOR reference rate modifications through December 31, 2022. ASU 2021-01 - Reference Rate Reform (Topic 848) In January 2021, the FASB issued ASU No. 2021-01, "Reference Rate Reform (Topic 848)". The amendments in this update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. ASU No. 2021-01 became immediately effective for all entities, which may elect to apply the update retrospectively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date within an interim period that includes or is subsequent to the issuance date of ASU No. 2021-01 up to the date that financial statements are available to be issued. In addition, ASU No.2021-01 applies to all contract modifications made through December 31, 2022. We are evaluating the impacts of this ASU and have not yet determined whether LIBOR transition and this ASU will have material effects on our business operations and consolidated financial statements. The amendments in this update apply to contract modifications that replace a ​ Note 23 – Recent Accounting Pronouncements (continued) reference rate reform and contemporaneous modifications of other terms related to the replacement of the reference rate. ASU 2021-06 - Presentation of Financial Statements (Topic 205) In August 2021, the FASB issued ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942), and Financial Services – Investment Companies (Topic 946): Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants (SEC Update), to amend SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. This ASU was effective upon issuance and did not have a significant impact on the Company’s financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	Note 24 - Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued.

Parent Company Only Financial I

Parent Company Only Financial Information	12 Months Ended
	Dec. 31, 2021
Parent Company Only Financial Information
Parent Company Only Financial Information	Note 25 – Parent Company Only Financial Information The following are the condensed financial statements for Northeast Community Bancorp, Inc. (Parent company only) as of December 31, 2021 and 2020 and for the years then ended. Condensed Statements of Financial Condition ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 ​ ​ (In Thousand) Assets ​ ​ ​ Cash and due from banks ​ $ 44,388 ​ $ 5,844 Investment in subsidiary ​ 194,497 ​ 142,179 Loans receivable, net of allowance for loan losses of  $29 and $29, respectively (1) ​ 4,477 ​ 3,917 ESOP loan receivable ​ 8,973 ​ 2,051 Total Assets ​ $ 252,335 ​ $ 153,991 Liabilities and Stockholders’ Equity ​ ​ Accounts payable and accrued expenses ​ $ 953 ​ $ 166 Total Liabilities ​ 953 ​ 166 Total Stockholders’ Equity ​ 251,382 ​ 153,825 Total Liabilities and Stockholders’ Equity ​ $ 252,335 ​ $ 153,991 (1) Represents participation loans purchased from the Bank ​ Note 25 – Parent Company Only Financial Information (continued) Condensed Statements of Operations and Comprehensive Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 ​ ​ (In Thousand) Interest income – loans ​ $ 287 ​ $ 268 Interest income – ESOP loan ​ 289 ​ 196 Interest income – interest-earning deposits ​ 1 ​ 14 Provision for loan losses ​ — ​ (11) Operating expenses ​ (248) ​ (208) Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiary ​ 329 ​ 259 Income tax expense ​ 82 ​ 65 Income before Equity in Undistributed Earnings of Subsidiary ​ 247 ​ 194 Equity in undistributed earnings of subsidiary ​ 11,658 ​ 12,135 Net Income ​ $ 11,905 ​ $ 12,329 Comprehensive Income ​ $ 11,951 ​ $ 12,245 ​ Statements of Cash Flow ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 ​ ​ (In Thousand) Cash Flows from Operating Activities ​ ​ ​ Net income ​ $ 11,905 ​ $ 12,329 Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ Equity in undistributed earnings of subsidiary ​ (11,658) ​ (12,135) Provision for loan losses ​ — ​ 11 (Increase) decrease in other liabilities ​ 161 ​ (3) Net Cash Provided by Operating Activities ​ 408 ​ 202 Cash Flows from Investing Activities ​ ​ Repayment of ESOP loan ​ 906 ​ 321 Net (increase) decrease in loans ​ ​ (560) ​ ​ 430 Capital infusion to subsidiary ​ ​ (47,511) ​ ​ — Net Cash (Used in) Provided by Investing Activities ​ (47,165) ​ 751 Cash Flows from Financing Activities ​ ​ Cash dividends paid ​ (2,261) ​ (1,008) Loan to ESOP ​ ​ (7,828) ​ ​ — Issuance of common stock ​ ​ 95,390 ​ ​ — Net Cash Provided by (Used in) Financing Activities ​ 85,301 ​ (1,008) Net Increase (Decrease) in Cash and Cash Equivalents ​ 38,544 ​ (55) Cash and Cash Equivalents – Beginning ​ 5,844 ​ 5,899 Cash and Cash Equivalents – Ending ​ $ 44,388 ​ $ 5,844 ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Nature of Business	Nature of Business: Northeast Community Bancorp, Inc. (the “Company”) is a Maryland corporation that was incorporated in May 2021 to be the successor to NorthEast Community Bancorp, Inc., a federally chartered corporation (the “Mid-Tier Holding Company”), upon completion of the second-step conversion of NorthEast Community Bank (the “Bank”) from the two-tier mutual holding company structure to the stock holding company structure. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. The second-step conversion was completed on July 12, 2021, at which time the Company sold, for gross proceeds of $97.8 million, a total of 9,784,077 shares of common stock at $10.00 per share. As part of the second-step conversion, each of the existing outstanding shares of Mid-Tier Holding Company common stock owned by persons other than NorthEast Community Bancorp, MHC was converted into 1.3400 shares of Company common stock. As a result of the second-step conversion, all share information has been subsequently revised to reflect the 1.3400 exchange ratio, unless otherwise noted. The Bank is a New York State-chartered savings bank and completed its conversion from a federally-chartered savings bank effective as of the close of business on June 29, 2012. The Company’s primary activity is the ownership and operation of the Bank. The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its ten branch offices located in Bronx, New York, Orange, Rockland and Westchester Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New York, New City, New York and Danvers, Massachusetts. The Bank’s principal business consists of originating primarily construction loans and, to a lesser extent, commercial and industrial loans and multifamily and mixed-use residential real estate loans and non-residential real estate loans. The Bank offers a variety of retail deposit products to the general public in the areas surrounding its main office and its branch offices, with interest rates that are competitive with those of similar products offered by other financial institutions operating in its market area. The Bank also utilizes borrowings as a source of funds. The Bank’s revenues are derived primarily from interest on loans and, to a lesser extent, interest on investment securities and mortgage-backed securities. The Bank also generates revenues from other income including deposit fees, service charges and investment advisory fees. The Bank also offers investment advisory and financial planning services under the name Harbor West Wealth Management Group, a division of the Bank, through a networking arrangement with a registered broker-dealer and investment advisor. New England Commercial Properties LLC (“NECP”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2007 to facilitate the purchase or lease of real property by the Bank. New England Commercial Properties, LLC currently owns one foreclosed property located in Pennsylvania. NECB Financial Services Group, LLC (“NECB Financial”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in the third quarter of 2012 as a complement to Harbor West Wealth Management Group to sell life insurance and fixed rate annuities. NECB Financial is licensed in the States of New York and Connecticut. Note 1 - Summary of Significant Accounting Policies (continued) 72 West Eckerson LLC (“72 West Eckerson”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2015 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch locations in Spring Valley, New York and Monroe, New York. 166 Route 59 Realty LLC (“166 Route 59 Realty”), a New York limited liability company and wholly owned subsidiary of the Bank, was formed in April 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the Bank branch located in Airmont, New York. 3 Winterton Realty LLC, a New York limited liability company and wholly owned subsidiary of the Bank, was formed in October 2021 to facilitate the purchase or lease of real property by the Bank and currently owns the property for a Bank branch located in Bloomingburg, New York.
Principles of Consolidations	Principles of Consolidation: The consolidated financial statements include the accounts of the Company, the Bank, NECP, NECB Financial, 72 West Eckerson, 166 Route 59 Realty, and 3 Winterton Realty LLC (collectively the “Company”) and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All significant inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-K and Article 10 of Regulation S-X. When necessary, certain reclassifications were made to prior year amounts to conform with current year presentation.
Use of Estimates	Use of Estimates: The preparation of consolidated financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect certain recorded amounts and disclosures. Accordingly, actual results could differ from those estimates. The most significant estimate pertains to the allowance for loan losses. The borrowers’ abilities to meet contractual obligations and collateral value are the most significant assumptions used to arrive at the estimate. The risks associated with such estimates arise when unforeseen conditions affect the borrowers’ abilities to meet the contractual obligations of the loan and result in a decline in the value of the supporting collateral. Such unforeseen changes may have an adverse effect on the consolidated results of operations and financial position of the Company. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Additionally, the Company is exposed to significant changes in market interest rates. Such changes could have an adverse effect on consolidated earnings and consolidated financial position, particularly in those situations in which the maturities or re-pricing of assets are different than the maturities or re-pricing of the supporting liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents include cash and amounts due from depository institutions and interest-bearing deposits in other banks, all with original maturities of 90 days or less.
Certificates of Deposit	Certificates of Deposit: Certificates of deposit are carried at cost which approximates fair value and have maturities of less than one year.
Securities	Securities: The Company classifies its debt securities as held to maturity or available for sale at the time of purchase. Held to maturity securities are those debt securities which management has the intent and the Company has the ability to hold to maturity and are reported at amortized cost (unless there is other than temporary impairment). Available for sale securities are those debt securities which are neither held to maturity securities nor trading securities and are reported at fair value, with unrealized gains and losses, net of the related income tax effect, excluded from earnings and reported in a separate component of stockholders’ equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are temporary or other-than-temporary. Temporary impairments on available for sale securities are recognized, on a tax-effected basis, through other comprehensive income (loss) (“OCI”) with offsetting adjustments to the carrying value of the security and the balance of related deferred taxes. Temporary impairments on held to maturity securities are not recorded in the consolidated financial statements; however, information concerning the amount and duration of unrealized losses on held to maturity securities is disclosed. Other-than-temporary impairments on debt securities that the Company has decided to sell, or will, more likely than not, be required to sell prior to the full recovery of fair value to a level equal to or exceeding amortized cost, are recognized in earnings. If either of these conditions regarding the likelihood of sale apply for a debt security, the other-than-temporary impairment is bifurcated into credit-related and noncredit-related components. Credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on a debt security fall below its amortized cost. The noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related other-than-temporary impairments in earnings. Noncredit-related other-than-temporary impairments on debt securities are recognized in OCI. Premiums and discounts on all securities are amortized/accreted to maturity by use of the level-yield method. Gain or loss on sales of securities is based on the specific identification method. Equity securities are carried at fair value with changes in fair value reported in income.
Loans Receivable	Loans Receivable: Loans are stated at unpaid principal balances plus net deferred loan origination fees and costs less an allowance for loan losses. Interest on loans receivable is recorded on the accrual basis. An allowance for uncollected interest is established on loans where management has determined that the borrowers may be unable to meet contractual principal and/or interest obligations or where interest or principal is 90 days or more past due, unless the loans are well secured with a reasonable expectation of collection. When a loan is placed on nonaccrual, an allowance for uncollected interest is established and charged against current income. Thereafter, interest income is not recognized unless the financial condition and payment record of the borrower warrant the recognition of interest income. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest on loans that have been restructured is accrued according to the renegotiated terms. Net loan origination fees and costs are deferred and amortized into interest income over the contractual lives of the related loans by use of the level yield method. Past due status of loans is based upon the contractual due date. Prepayment penalties received on loans which pay in full prior to the scheduled maturity are included in interest income in the period the prepayment penalties are collected.
Allowance for Loan Losses	Allowance for Loan Losses: The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the statement of financial condition date and is recorded as a reduction to loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. Risk characteristics associated with the types of loans we underwrite are as follows: Multi-family, Mixed-use and Non-residential Real Estate Loans Commercial and Industrial Loans Construction Loans . Consumer Loans. The allowance consists of specific and general reserves. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, a specific allowance is established or a partial charge-off is taken when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. If an impairment is identified, the Company charges off the impaired portion immediately. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral Note 1 - Summary of Significant Accounting Policies (continued) 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 records, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis. The Company does not evaluate individual 1-4 family residential real estate and consumer loans for impairment, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral or discounted cash flows. For loans secured by real estate, estimated fair values are determined primarily through in-house or third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal, the current value based on the current loan to value and debt coverage ratios as calculated by the troubled debt officer and the executive committee, and the condition of the property. Appraised values might be discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property, if any. For loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. The general component covers pools of loans by loan class including loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate and consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates, adjusted for qualitative factors. These qualitative risk factors include: 1. Changes in policies and procedures in underwriting standards and collections. 2. Changes in economic conditions. 3. Changes in nature and volume of lending. 4. Experience of origination team. 5. Changes in past due loan volume and severity of classified assets. 6. Quality and scope of the loan review system. 7. Debt coverage ratios and loan-to-value averages in existing portfolio. 8. Concentrations of credit. 9. Legal and regulatory issues. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, residential and consumer loans. Credit quality risk ratings include regulatory classifications of pass, special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include Note 1 - Summary of Significant Accounting Policies (continued) loans that may be inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass. The allowance calculation for each pool of loans is also based on the loss factors that reflect the Company’s historical charge-off experience adjusted for current economic conditions applied to loan groups with similar characteristics or classifications in the current portfolio. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a proprietary structured loan rating process which allows for a periodic review of its loan portfolio and the early identification of potential impaired loans. These proprietary systems, depending on the type of loan, take into consideration factors such as project location, loan duration, loan to value or loan to cost, property condition, borrower experience, guarantor strength, tenant concentration, projected debt-service coverage, absorption rate, sponsor’s experience, and as well as other factors. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date at a below market rate. In measuring the impairment associated with restructured loans that qualify as troubled debt restructurings, the Company compares the present value of the cash flows that are expected to be received in accordance with the loan’s modified terms, discounted at the loan’s original contractual interest rate, with the pre-modification carrying value to measure impairment. Adversely classified, non-accrual troubled debt restructurings may be returned to accrued status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. All troubled debt restructured loans are classified as impaired. Based on management’s comprehensive analysis of the loan portfolio, management believes the allowance for loan losses is appropriate as of December 31, 2021 and 2020, respectively.
Concentration of Risk	Concentration of Risk: The Company’s lending activity is concentrated in construction and permanent loans secured by multi-family and non-residential real estate located primarily in the Northeast and Mid-Atlantic regions of the United States. As of December 31, 2021 and 2020, the Company had construction loans located in New York State totaling $279.1 million and $181.9 million in the Bronx, $85.5 million and $96.1 million in the Village of Spring Valley, $61.2 million and $69.5 million in the Town of Palm Tree, $87.5 million and $66.9 million in the Hamlet of Monsey, $51.5 million and $63.3 million in Brooklyn and $15.2 million and $18.6 million in the Town of Monroe. The Company also had deposits in excess of the FDIC insurance limit at other financial institutions. At December 31, 2021 and 2020, such deposits totaled $125.0 million and $47.2 million held by the Federal Reserve Bank of New York, $21.9 million and $10.0 million held by the Federal Home Loan Bank of New York, and $1.0 million and $4.4 million held by Atlantic Community Bankers Bank (“ACBB”). Generally, deposits in excess of $250,000 are not insured by the FDIC.
Premises and Equipment	Premises and Equipment: Land is stated at cost. Buildings and improvements, leasehold improvements and furnishings and equipment are stated at cost less accumulated depreciation and amortization computed on the straight-line method over the following useful lives: Note 1 - Summary of Significant Accounting Policies (continued) ​ ​ ​ ​ ​ Years Buildings 30   50 Building improvements 10   50 Leasehold improvements 1   15 Furnishings and equipment 3   5 ​ Maintenance and repairs are charged to operations in the years incurred. Property and equipment are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable. In evaluating property and equipment for recoverability, we use our best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value. The Company did not have impairment recorded for property and equipment in 2021 and 2020.
Bank Owned Life Insurance ("BOLI")	Bank Owned Life Insurance (“BOLI”): The Company owns life insurance on the lives of certain of its officers. The cash surrender value is recorded as an asset and the change in cash surrender value is included in non-interest income and is tax-exempt. The BOLI can be liquidated, if necessary, with tax consequences. However, the Company intends to hold these policies and, accordingly, the Company has not provided for deferred income taxes on the earnings from the increase in cash surrender value.
Investments in Restricted Stock	Investments in Restricted Stock: Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. The Company also owns restricted stock in Atlantic Community Bancshares, Inc. (ACBI), holding company of ACBB, a correspondent banker’s bank. These stocks are carried at cost. At December 31, 2021 and 2020, the Company had $1.5 million and $1.5 million in FHLB stock, and $70,000 and $70,000 in ACBB stocks.
Goodwill	Goodwill: Goodwill at December 31, 2021 and 2020 totaled $651,000 and $651,000, respectively, and consists of goodwill acquired in the business combination completed by the Company in November 2007. The Company tests goodwill during the fourth quarter of each year for impairment, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist. The Company utilizes a two-step approach. The first step requires a comparison of the carrying value of the reporting unit to the fair value of the unit. The Company estimates the fair value of the reporting unit through internal analyses and external valuation, which utilizes an income approach based on the present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, impairment exists and the Company will perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any. The second step of the goodwill impairment test, if necessary, compares the implied fair value of a reporting unit’s goodwill with its carrying value. The implied fair value of goodwill is determined in the same manner that the amount of goodwill recognized in a business combination is determined. The Company allocates the fair value of the reporting unit to all of the assets and liabilities of that unit, including identifiable intangible assets, as if the reporting unit had been acquired in a business combination. Any excess of the value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. No impairment charges were recorded in 2021. Impairment charges of $98,000 were recorded in 2020 due to a decrease in the assets under management resulting in an expected decrease in fee revenue from this division.
Real Estate Owned	Real Estate Owned: Real estate owned is carried at the lower of cost or fair value of the related property, as determined by current appraisals less estimated costs to sell. Foreclosed real estate is initially recorded at the fair value of property acquired minus estimated costs to sell at the date of foreclosure, establishing a new cost basis. Write-downs on these properties, which occur after the initial transfer from the loan portfolio, are recorded as operating expenses. Costs of holding such properties are charged to non-interest expense in the current period. Gains, to the extent allowable, and losses on the disposition of these properties are reflected in the real estate owned expense in the consolidated statement of income.
Property Held for Investment	Property Held for Investment: Land is stated at cost. Buildings and improvements are stated at cost less accumulated depreciation computed on the straight-line method over the useful lives between 30 to 50 years for buildings and 10 to 50 years for building improvements. Property held for investment is evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable. In evaluating property held for investment for recoverability, we use our best estimate of future cash flows expected to result from the use of the asset and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than the carrying amount, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value. The Company did not have impairment recorded for property held for investment in 2021 and 2020.
Income Taxes	Income Taxes: The Company files a consolidated federal income tax return. Income taxes are allocated to the Company, Bank, NECP, and NECB Financial based upon their respective income or loss included in the consolidated income tax return. The Company, the Bank, NECP, and NECB Financial file combined or separate state and city income tax returns depending on the particular requirements of each jurisdiction. Federal, state and city income tax expense has been provided on the basis of reported income. The amounts reflected on the tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for financial reporting and income tax reporting purposes. The tax effect of these temporary differences is accounted for as deferred taxes applicable to future periods. Deferred income tax expense or benefit is determined by recognizing deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. The realization of deferred tax assets is assessed and a valuation allowance provided, when necessary, for that portion of the asset, which is not more likely than not to be realized. The Company accounts for uncertainty in income taxes recognized in its consolidated financial statements in accordance with ASC Topic 740, “Income Taxes”, which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has not identified any significant income tax uncertainties through the evaluation of its income tax positions for the years ended December 31, 2021 and 2020, and has not recognized any liabilities for tax uncertainties as of December 31, 2021 and 2020. The Company’s policy is to recognize income tax related interest and penalties in income tax expense; such amounts were not significant during the years ended December 31, 2021 and 2020. The tax years subject to examination by federal, state, and city taxing authorities are 2018 through 2021.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss): The Company records in accumulated other comprehensive income (loss), net of related deferred income taxes, unrealized gains and losses on available for sale securities and the prior service cost and actuarial gains and losses related to the Outside Directors Retirement Plan (“DRP”) that have not yet been recognized in expense. Gains and losses on the sale of securities, if any, are reclassified to non-interest income upon the sale of the related securities or upon the recognition of a security impairment loss and a portion of the prior service cost and actuarial gains and losses of the DRP are reclassified to non-interest expense. At December 31, 2021, accumulated other comprehensive loss totaled $139,000 and included $183,000 in prior service cost and actuarial losses of the DRP net of $44,000 of related deferred income taxes. At December 31, 2020, accumulated other comprehensive loss totaled $185,000 and included $241,000 in prior service cost and actuarial losses of the DRP net of $56,000 of related deferred income taxes.
Net Income Per Common Share	Net Income Per Common Share: Basic net income per common share is calculated by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Unallocated common shares held by the Employee Stock Ownership Plan (“ESOP”) are not included in the weighted-average number of common shares outstanding for purposes of calculating basic net income per common share until they are committed to be released. There were no dilutive common share equivalents at December 31, 2021 or 2020.
Stockholders' Equity	Stockholders’ Equity: The authorized capital stock of the Company under its federal charter consists of 75,000,000 shares of common stock, par value of $0.01 per share, and 25,000,000 shares of preferred stock, par value of $0.01 per share. Each share of common stock has the same relative rights as, and is identical in all respects with, each other share of common stock. At December 31, 2021 and 2020, the Company has issued 16,377,936 shares and 17,721,500 shares of common stock with 16,377,936 shares and 16,340,779 shares outstanding. The Company has not issued any preferred stock.
Employee Stock Ownership Plan (ESOP)	Employee Stock Ownership Plan (ESOP): The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. Dividends on unallocated ESOP shares are recorded as a reduction of the ESOP loan.
Treasury Stock	Treasury Stock: The Company records treasury stock at cost.
Segment Information	Segment Information: The Company reports certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision makers. Substantially most of the Company’s operations occur through the bank and involve the delivery of loan and deposit products to customers. Small portion of the Company’s operations occurs through wealth management advisory service to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking and advisory service. The wealth management operation does not meet the quantitative threshold requirement to be disclosed separately.
Off-Balance-Sheet Financial Instruments	Off-Balance-Sheet Financial Instruments: In the ordinary course of business, the Company enters into off-balance-sheet financial instruments consisting of commitments to extend credit. Such financial instruments are recorded in the consolidated statement of financial condition when funded.
COVID19 Pandemic	COVID-19 Pandemic: On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (“COVID-19”) originating in Wuhan, China and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020 and based on the rapid increase in exposure globally, WHO classified COVID-19 as a global pandemic indicating that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. The full impact of COVID-19 continues to evolve as of the date of this report. The outbreak of COVID-19 has, and is anticipated to continue to, adversely impact a broad range of industries in which customers of the Company operate and impair their ability to fulfill their financial obligations to the Company. In addition, the spread of COVID-19 has caused and will likely continue to cause significant disruptions in the U.S. economy and is highly likely to continue to disrupt banking and other financial activities in the areas in which the Company operates. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions and the ability of borrowers to repay their obligations to us on a timely basis or if at all. If the global response to contain COVID-19 escalates or is unsuccessful, the Company could experience a material adverse effect on its business, financial condition, results of operations, and cash flows. Although the full magnitude of the pandemic is uncertain, management is actively monitoring the impact of the global situation on the banking industry and the Company’s financial condition, liquidity, future results of operations, and workforce. Given the daily evolution of COVID-19 and the global responses to curb the spread of COVID-19, the Company is currently unable to estimate and quantify the effects of this crisis on the Company’s results of operations, financial condition, or liquidity for 2021. Nevertheless, the adverse economic effects of COVID-19 might lead to an increase in credit risk on the Company’s construction loan, commercial and industrial loan, and multi-family, mixed-use, and non-residential real estate loan portfolios. Likewise, the Company is also monitoring the fluctuations in the markets as it pertains to interest rates and the impact on deposits and fair value of our securities portfolio for other than temporary impairment. To curtail the spread of COVID-19, the Company temporarily closed one branch due to its location in an enclosed shopping mall and the lobby, except by appointment only, of the other eight branches. Currently, all our nine branches have resumed normal operations in servicing our customers. On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security (“CARES”) Act in response to the COVID-19 pandemic. This legislation aims at providing relief for individuals and businesses that have been negatively impacted by the COVID-19 pandemic. The CARES Act includes a provision for the Company to opt out of applying the “troubled-debt restructuring” (“TDR”) accounting guidance in ASC 310-40 for certain loan modifications. Loan modifications made between March 1, 2020 and the earlier of (1) December 30, 2020 or (2) 60 days after the President declares a termination of the COVID-19 national emergency are eligible for this relief if the related loans were not more than 30 days past due as of December 31, 2019. On December 27, 2020, the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 was signed into law, which also contains provisions that could directly impact financial institutions, including extending the time that insured depository institutions and depository institution holding companies have to comply with the current Note 1 - Summary of Significant Accounting Policies (continued) expected credit losses (“CECL”) accounting standard and extending the authority granted to banks under the CARES Act to elect to temporarily suspend the requirements under U.S. GAAP applicable to troubled debt restructurings for loan modifications related to the COVID-19 pandemic for any loan that was not more than 30 days past due as of December 31, 2019. The act directs financial regulators to support community development financial institutions and minority depository institutions and directs Congress to re-appropriate $429 billion in unobligated CARES Act funds. The Payroll Protection Program (PPP), which was originally established under the CARES Act, was also extended under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. Due to the impact of COVID-19 on our borrowers, we granted during the years ended December 31, 2020 and December 31, 2021 eligible loan modifications under the CARES Act in the form of payment deferral of principal and interest to 196 loans totaling $190.9 million at the time payment deferral was requested. Subsequently, 109 loans totaling $106.4 million were paid off and 86 loans totaling $84.5 million are no longer on deferral status. As of December 31, 2021, we had one loan totaling $79,000 still in deferral status. As of February 1, 2022, the loan was returned to normal payment status. The granting of the payment deferrals had no significant impact on our evaluation of the allowance for loan losses. We did not grant any PPP loans pursuant to the CARES Act or the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. While the Company considers these disruptions to be temporary, if the disruptions continue, this might have an adverse effect on the Company’s results of operations, financial position, and liquidity in 2022. Further, a decrease in the results of future operations might place a strain on the Company’s regulatory capital ratios.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Schedule of useful life of property	​ ​ ​ ​ ​ Years Buildings 30   50 Building improvements 10   50 Leasehold improvements 1   15 Furnishings and equipment 3   5

Mutual Holding Company Reorga_2

Mutual Holding Company Reorganization and Regulatory Matters (Tables)	12 Months Ended
	Dec. 31, 2021
Mutual Holding Company Reorganization and Regulatory Matters
Schedule of bank's capital levels	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Regulatory Capital Requirements ​ ​ ​ ​ ​ ​ ​ Minimum Capital ​ For Classification as ​ ​ Actual ​ Adequacy(1) ​ Well-Capitalized ​ Amount Ratio Amount Ratio Amount Ratio ​ ​ (Dollars in Thousands) As of December 31, 2021: ​ ​ ​ ​ Total capital (to risk-weighted assets) ​ $ 196,155 15.28 % $ ≥102,702 ≥8.00 % $ ≥128,377 ≥10.00 % Tier 1 capital (to risk-weighted assets) ​ 190,941 14.87 ​ ≥77,026 ≥6.00 ​ ≥102,702 ≥8.00 ​ Common equity tier 1 capital (to risk-weighted assets) ​ 190,941 14.87 ​ ≥57,770 ≥4.50 ​ ≥83,445 ≥6.50 ​ Core (Tier 1) capital (to adjusted total assets) ​ 190,941 16.79 ​ ≥45,486 ≥4.00 ​ ≥56,857 ≥5.00 ​ As of December 31, 2020: ​ ​ ​ ​ Total capital (to risk-weighted assets) ​ $ 143,021 13.72 % $ ≥83,399 ≥8.00 % $ ≥104,249 ≥10.00 % Tier 1 capital (to risk-weighted assets) ​ 137,962 13.23 ​ ≥62,550 ≥6.00 ​ ≥83,399 ≥8.00 ​ Common equity tier 1 capital (to risk-weighted assets) ​ 137,962 13.23 ​ ≥46,912 ≥4.50 ​ ≥67,762 ≥6.50 ​ Core (Tier 1) capital (to adjusted total assets) ​ 137,962 14.79 ​ ≥37,304 ≥4.00 ​ ≥46,629 ≥5.00 ​ (1) Ratios do not include the capital conservation buffer.

Financial Instruments with Of_2

Financial Instruments with Off-Balance Sheet Risk (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Instruments with Off-Balance Sheet Risk
Schedule of financial instruments with off-balance sheet risk	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ (In Thousands) Financial instruments whose contract amounts represent credit risk: ​ ​ ​ Commitments to extend credit ​ $ 174,355 ​ $ 129,066 Construction loans in process ​ 436,916 ​ 327,336 Stand-by letters of credit ​ 6,922 ​ 7,002 Commitments to fund unused lines of credit: ​ ​ Commercial and industrial lines ​ 130,697 ​ 101,855 Multi-family real estate equity lines ​ — ​ — Consumer lines ​ 90 ​ 94 ​ ​ $ 748,980 ​ $ 565,353

Equity Securities (Tables)

Equity Securities (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Securities
Schedule of equity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) Equity Securities, at Fair Value ​ $ 19,943 ​ $ 10,332
Schedule of unrealized gains recognized in net income on equity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) ​ ​ ​ ​ ​ ​ ​ Net gain (loss) recognized on equity securities during the period ​ $ (389) ​ $ 288 Less: Net losses realized on the sale of equity securities during the period ​ ​ — ​ ​ — Unrealized net gain (loss) recognized on equity securities held at the reporting date ​ $ (389) ​ $ 288

Securities Available-for-Sale (

Securities Available-for-Sale (Tables)	12 Months Ended
	Dec. 31, 2021
Securities Available-for-Sale
Schedule of portfolio of securities available-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In Thousands) Mortgage-backed securities – residential: ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ ​ $ 1 ​ $ — ​ $ — ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ (In Thousands) Mortgage-backed securities – residential: ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 2 ​ $ — ​ $ — ​ $ 2 ​ ​ $ 2 ​ $ — ​ $ — ​ $ 2
Schedule of contractual final maturities of securities available-for-sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Amortized Cost Fair Value ​ ​ (In Thousands) Due after one year but within five years ​ $ 1 ​ $ 1 ​ ​ $ 1 ​ $ 1

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	12 Months Ended
	Dec. 31, 2021
Securities Held-to-Maturity
Summary of securities held-to-maturity portfolio	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In Thousands) Municipal Bonds ​ $ 10,017 ​ $ 7 ​ $ 267 ​ $ 9,757 Mortgage-backed securities – residential: ​ ​ ​ ​ ​ Government National Mortgage Association ​ $ 656 ​ $ 19 ​ $ — ​ $ 675 Federal Home Loan Mortgage Corporation ​ 1,059 ​ — ​ 5 ​ 1,054 Federal National Mortgage Association ​ 2,695 ​ 23 ​ 6 ​ 2,712 Collateralized mortgage obligations – GSE ​ 3,453 ​ 18 ​ 49 ​ 3,422 ​ ​ $ 7,863 ​ $ 60 ​ $ 60 ​ $ 7,863 ​ ​ $ 17,880 ​ $ 67 ​ $ 327 ​ $ 17,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ Cost Gains Losses Value ​ ​ (In Thousands) Municipal Bonds ​ $ 4,189 ​ $ — ​ $ — ​ $ 4,189 Mortgage-backed securities – residential: ​ ​ ​ ​ Government National Mortgage Association ​ $ 933 ​ $ 25 ​ $ — ​ $ 958 Federal Home Loan Mortgage Corporation ​ 59 ​ — ​ 1 ​ 58 Federal National Mortgage Association ​ 1,097 ​ 45 ​ — ​ 1,142 Collateralized mortgage obligations – GSE ​ 1,104 ​ 68 ​ — ​ 1,172 ​ ​ $ 3,193 ​ $ 138 ​ $ 1 ​ $ 3,330 ​ ​ $ 7,382 ​ $ 138 ​ $ 1 ​ $ 7,519
Schedule of contractual final maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Amortized ​ Fair ​ Cost Value ​ (In Thousands) Due within one year ​ $ 538 ​ $ 739 Due after one but within five years ​ 1,779 ​ 2,173 Due after five but within ten years ​ 1,652 ​ 1,889 Due after ten years ​ 13,911 ​ 12,819 ​ ​ $ 17,880 ​ $ 17,620
Schedule of unrealized losses and the fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Value Losses Value Losses Value Losses ​ ​ (In Thousands) December 31, 2021: ​ ​ ​ ​ ​ ​ Municipal Bonds ​ $ 9,134 ​ $ 267 ​ $ — ​ $ — ​ $ 9,134 ​ $ 267 Mortgage-backed securities – residential: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 1,004 ​ $ 5 ​ $ — ​ $ — ​ $ 1,004 ​ $ 5 Federal National Mortgage Association ​ ​ 2,035 ​ ​ 6 ​ ​ — ​ ​ — ​ ​ 2,035 ​ ​ 6 Collateralized mortgage obligations – GSE ​ ​ 907 ​ ​ 49 ​ ​ — ​ ​ — ​ ​ 907 ​ ​ 49 ​ ​ ​ 3,946 ​ ​ 60 ​ ​ — ​ ​ — ​ ​ 3,946 ​ ​ 60 ​ ​ $ 13,080 ​ $ 327 ​ $ — ​ $ — ​ $ 13,080 ​ $ 327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 Months ​ 12 Months or More ​ Total ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Fair ​ Unrealized ​ Value Losses Value Losses Value Losses ​ ​ (In Thousands) December 31, 2020: ​ ​ ​ ​ ​ ​ Federal Home Loan Mortgage Corporation ​ $ 42 ​ $ 1 ​ $ — ​ $ — ​ $ 42 ​ $ 1 ​ ​ $ 42 ​ $ 1 ​ $ — ​ $ — ​ $ 42 ​ $ 1

Loans Receivable and the Allo_2

Loans Receivable and the Allowance for Loan Losses (Tables)	12 Months Ended
	Dec. 31, 2021
Loans Receivable and the Allowance for Loan Losses
Summary of composition of loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) Residential real estate: ​ ​ ​ One-to-four family ​ $ 7,189 ​ $ 6,170 Multi-family ​ 84,425 ​ 90,506 Mixed-use ​ 28,744 ​ 30,508 Total residential real estate ​ 120,358 ​ 127,184 Non-residential real estate ​ 50,016 ​ 60,665 Construction ​ 683,830 ​ 545,788 Commercial and industrial ​ 118,378 ​ 90,577 Consumer ​ 269 ​ 494 Total Loans ​ 972,851 ​ 824,708 Allowance for loan losses ​ (5,242) ​ (5,088) Deferred loan (fees) costs, net ​ 484 ​ 113 ​ ​ $ 968,093 ​ $ 819,733
Schedule of analysis of the activity in the allowance for loan losses	As of and For the Year Ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction Industrial Consumer Unallocated Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 571 ​ $ 381 ​ $ 3,143 ​ $ 973 ​ $ 10 ​ $ 164 ​ $ 5,242 Ending balance: individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Ending balance: collectively evaluated for impairment ​ $ 571 ​ $ 381 ​ $ 3,143 ​ $ 973 ​ $ 10 ​ $ 164 ​ $ 5,242 Loans receivable: ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 120,358 ​ $ 50,016 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ — ​ $ 972,851 Ending balance: individually evaluated for impairment ​ $ 876 ​ $ 746 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,622 Ending balance: collectively evaluated for impairment ​ $ 119,482 ​ $ 49,270 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ — ​ $ 971,229 As of and For the Year Ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction Industrial Consumer Unallocated Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088 Ending balance: individually evaluated for impairment ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Ending balance: collectively evaluated for impairment ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088 Loans receivable: ​ ​ ​ ​ ​ ​ ​ Ending balance ​ $ 127,184 ​ $ 60,665 ​ $ 545,788 ​ $ 90,577 ​ $ 494 ​ $ — ​ $ 824,708 Ending balance: individually evaluated for impairment ​ $ 2,009 ​ $ 4,461 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,470 Ending balance: collectively evaluated for impairment ​ $ 125,175 ​ $ 56,204 ​ $ 545,788 ​ $ 90,577 ​ $ 494 ​ $ — ​ $ 818,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Real Estate ​ Construction ​ Industrial ​ Consumer ​ Unallocated ​ Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ Balance - December 31, 2020 ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088 Charge-offs ​ — ​ (3,593) ​ — ​ — ​ (23) ​ — ​ (3,616) Recoveries ​ 150 ​ 2 ​ — ​ — ​ 8 ​ — ​ 160 Provision (Benefit) ​ (286) ​ 3,453 ​ 75 ​ 199 ​ 5 ​ 164 ​ 3,610 Balance - December 31, 2021 ​ $ 571 ​ $ 381 ​ $ 3,143 ​ $ 973 ​ $ 10 ​ $ 164 ​ $ 5,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non- ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ residential ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate ​ Real Estate ​ Construction ​ Industrial ​ Consumer ​ Unallocated ​ Total ​ ​ (In Thousands) Allowance for loan losses: ​ ​ ​ ​ ​ ​ ​ Balance - December 31, 2019 ​ $ 605 ​ $ 503 ​ $ 2,692 ​ $ 566 ​ $ 71 ​ $ 174 ​ $ 4,611 Charge-offs ​ — ​ (65) ​ — ​ (271) ​ (28) ​ — ​ (364) Recoveries ​ 3 ​ 9 ​ — ​ 15 ​ — ​ — ​ 27 Provision (Benefit) ​ 99 ​ 72 ​ 376 ​ 464 ​ (23) ​ (174) ​ 814 Balance - December 31, 2020 ​ $ 707 ​ $ 519 ​ $ 3,068 ​ $ 774 ​ $ 20 ​ $ — ​ $ 5,088
Summary of recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired	As of and for the Year Ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded Unpaid Principal Related Average Recorded Interest Income 2021 ​ Investment ​ Balance ​ Allowance ​ Investment ​ Recognized ​ ​ (In Thousands) With no related allowance recorded: ​ ​ ​ ​ ​ Residential real estate ​ $ 876 ​ $ 876 ​ $ — ​ $ 1,986 ​ $ 86 Non-residential real estate ​ 746 ​ 813 ​ — ​ 3,891 ​ ​ 36 Construction ​ — ​ — ​ — ​ — ​ ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ 1,622 ​ 1,689 ​ — ​ 5,877 ​ 122 With an allowance recorded ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total: ​ ​ ​ ​ ​ Residential real estate ​ 876 ​ 876 ​ — ​ 1,986 ​ 86 Non-residential real estate ​ 746 ​ 813 ​ — ​ 3,891 ​ 36 Construction ​ — ​ — ​ — ​ — ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ $ 1,622 ​ $ 1,689 ​ $ — ​ $ 5,877 ​ $ 122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the Year Ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded Unpaid Principal Related Average Recorded Interest Income 2020 ​ Investment ​ Balance ​ Allowance ​ Investment ​ Recognized ​ ​ (In Thousands) With no related allowance recorded: ​ ​ ​ ​ ​ Residential real estate ​ $ 2,009 ​ $ 2,009 ​ $ — ​ $ 2,666 ​ $ 87 Non-residential real estate ​ 4,461 ​ 4,526 ​ — ​ 4,371 ​ 50 Construction ​ — ​ — ​ — ​ — ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ 6,470 ​ 6,535 ​ — ​ 7,037 ​ 137 With an allowance recorded ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total: ​ ​ ​ ​ ​ Residential real estate ​ 2,009 ​ 2,009 ​ — ​ 2,666 ​ 87 Non-residential real estate ​ 4,461 ​ 4,526 ​ — ​ 4,371 ​ 50 Construction ​ — ​ — ​ — ​ — ​ — Commercial and industrial ​ — ​ — ​ — ​ — ​ — ​ ​ $ 6,470 ​ $ 6,535 ​ $ — ​ $ 7,037 ​ $ 137
Summary of loans receivable on nonaccrual status	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Non-residential real estate ​ $ — ​ $ 3,572 ​ ​ $ — ​ $ 3,572
Schedule of age analysis of past due loans	Age Analysis of Past Due Loans as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment > ​ ​ 30 – 59 Days ​ 60 – 89 Days ​ Greater Than ​ Total Past ​ ​ ​ ​ Total Loans ​ 90 Days and ​ Past Due Past Due 90 Days Due Current Receivable Accruing ​ ​ (In Thousands) Residential real estate: ​ ​ ​ ​ ​ ​ ​ One- to four-family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 7,189 ​ $ 7,189 ​ $ — Multi-family ​ — ​ — ​ — ​ — ​ 84,425 ​ 84,425 ​ — Mixed-use ​ — ​ — ​ — ​ — ​ 28,744 ​ 28,744 ​ — Non-residential real estate ​ — ​ — ​ — ​ — ​ 50,016 ​ 50,016 ​ — Construction loans ​ — ​ — ​ — ​ — ​ 683,830 ​ 683,830 ​ — Commercial and industrial loans ​ — ​ — ​ — ​ — ​ 118,378 ​ 118,378 ​ — Consumer ​ — ​ — ​ — ​ — ​ 269 ​ 269 ​ — ​ ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 972,851 ​ $ 972,851 ​ $ — ​ Note 7 - Loans Receivable and the Allowance for Loan Losses (continued) Age Analysis of Past Due Loans as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment ​ ​ 30 – 59 Days ​ 60 – 89 Days ​ Greater Than ​ Total Past ​ ​ ​ ​ Total Loans ​ > 90 Days and ​ Past Due Past Due 90 Days Due Current Receivable Accruing ​ ​ (In Thousands) Residential real estate: ​ ​ ​ ​ ​ ​ ​ One- to four-family ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 6,170 ​ $ 6,170 ​ $ — Multi-family ​ — ​ — ​ — ​ — ​ 90,506 ​ 90,506 ​ — Mixed-use ​ — ​ — ​ — ​ — ​ 30,508 ​ 30,508 ​ — Non-residential real estate ​ — ​ — ​ 3,572 ​ 3,572 ​ 57,093 ​ 60,665 ​ — Construction loans ​ — ​ — ​ — ​ — ​ 545,788 ​ 545,788 ​ — Commercial and industrial loans ​ — ​ — ​ — ​ — ​ 90,577 ​ 90,577 ​ — Consumer ​ — ​ — ​ — ​ — ​ 494 ​ 494 ​ — ​ ​ $ — ​ $ — ​ $ 3,572 ​ $ 3,572 ​ $ 821,136 ​ $ 824,708 ​ $ —
Summary of credit risk profile by internally assigned grade	Credit Risk Profile by Internally Assigned Grade as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Non-residential ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction and Industrial Consumer Total ​ ​ (In Thousands) Grade: ​ ​ ​ ​ ​ ​ Pass ​ $ 120,358 ​ $ 49,270 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ 972,105 Special Mention ​ — ​ — ​ — ​ — ​ — ​ — Substandard ​ — ​ 746 ​ — ​ — ​ — ​ 746 Doubtful ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 120,358 ​ $ 50,016 ​ $ 683,830 ​ $ 118,378 ​ $ 269 ​ $ 972,851 ​ Credit Risk Profile by Internally Assigned Grade as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ Non-residential ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ Real Estate Real Estate Construction and Industrial Consumer Total ​ ​ (In Thousands) Grade: ​ ​ ​ ​ ​ ​ Pass ​ $ 127,184 ​ $ 56,943 ​ $ 545,788 ​ $ 90,276 ​ $ 494 ​ $ 820,685 Special Mention ​ — ​ — ​ — ​ 301 ​ — ​ 301 Substandard ​ — ​ 3,722 ​ — ​ — ​ — ​ 3,722 Doubtful ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ $ 127,184 ​ $ 60,665 ​ $ 545,788 ​ $ 90,577 ​ $ 494 ​ $ 824,708
Schedule of recorded investment for loans classified as Trouble Debt Restructuring (TDR)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ Number of ​ Recorded ​ Number of ​ Recorded ​ contracts Investment contracts Investment ​ ​ (Dollars in Thousands) Residential Real Estate - Multi-family ​ — ​ $ — 1 ​ $ 1,098 Residential Real Estate - Mixed-use ​ 2 ​ 876 2 ​ 911 Non-residential real estate ​ 2 ​ 746 2 ​ 739 Total performing ​ 4 ​ $ 1,622 5 ​ $ 2,748
Summary of interest forgone on loans classified as troubled debt restructurings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 ​ (In Thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms ​ $ 154 ​ $ 185 Less: Interest income included in the results of operations ​ 122 ​ 125 Total foregone interest ​ $ 32 ​ $ 60

Premises and Equipment, Net (Ta

Premises and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Premises and Equipment, Net
Summary of premises and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Land ​ $ 6,432 ​ $ 3,872 Buildings and improvements ​ 19,786 ​ 16,782 Leasehold improvements ​ 1,741 ​ 1,737 Furnishings and equipment ​ 7,785 ​ 7,179 ​ ​ 35,744 ​ 29,570 Accumulated depreciation and amortization ​ (11,837) ​ (10,895) ​ ​ $ 23,907 ​ $ 18,675

Accrued Interest Receivable, _2

Accrued Interest Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Accrued Interest Receivable, Net
Summary of accrued interest receivable, net	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Loans receivable ​ $ 4,204 ​ $ 4,420 Securities ​ 79 ​ 16 ​ ​ 4,283 ​ 4,436 Allowance for uncollected interest ​ — ​ (598) ​ ​ $ 4,283 ​ $ 3,838

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets
Summary of goodwill and intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Goodwill ​ $ 1,310 ​ $ 1,310 Accumulative goodwill impairment ​ (659) ​ (659) Goodwill, net of charge-off ​ $ 651 ​ $ 651

Property Held For Investment (T

Property Held For Investment (Tables)	12 Months Ended
	Dec. 31, 2021
Property Held For Investment.
Schedule of property held for investment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2021 2020 ​ ​ (In Thousands) Land ​ $ 500 ​ $ 500 Buildings and improvements ​ 1,442 ​ 1,442 ​ ​ 1,942 ​ 1,942 Accumulated depreciation and amortization ​ (461) ​ (424) ​ ​ $ 1,481 ​ $ 1,518

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2021
Deposits.
Schedule of total deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Weighted Average ​ ​ ​ Weighted Average ​ Amount Interest Rate Amount Interest Rate ​ ​ (Dollars in Thousands) Demand deposits: ​ ​ ​ ​ Non-interest bearing ​ $ 330,853 — % $ 221,371 — % NOW and money market ​ 118,420 0.53 % 100,945 0.50 % Total ​ 449,273 0.14 % 322,316 0.16 % Savings accounts ​ 184,896 0.63 % 101,693 0.33 % Certificates of deposit maturing in: ​ ​ ​ One year or less ​ 189,247 0.89 % 211,834 1.38 % After one to two years ​ 35,677 1.23 % 71,381 1.39 % After two to three years ​ 16,950 1.82 % 8,962 1.95 % After three to four years ​ 38,373 0.63 % 10,516 2.43 % After four years ​ 12,748 1.31 % 45,004 0.81 % Total ​ 292,995 0.97 % 347,697 1.35 % ​ ​ $ 927,164 0.50 % $ 771,706 0.72 %
Schedule of interest expense on deposits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (In Thousands) Demand deposits ​ $ 696 ​ $ 734 Savings accounts ​ 328 ​ 626 Certificates of deposit ​ 3,335 ​ 7,894 ​ ​ $ 4,359 ​ $ 9,254

Federal Home Loan Bank of New_2

Federal Home Loan Bank of New York ("FHLB") Advances (Tables)	12 Months Ended
	Dec. 31, 2021
Federal Home Loan Bank of New York ("FHLB") Advances
Schedule of FHLB advances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 ​ ​ ​ Weighted Average ​ Weighted Average ​ Amount Interest Rate Amount Interest Rate ​ ​ (Dollars in Thousands) Advances maturing in: ​ ​ ​ ​ One year or less ​ $ 7,000 ​ 2.79 % $ 14,000 ​ 2.81 % After one to three years ​ ​ 14,000 2.85 % ​ 7,000 2.86 % After three to four years ​ — — % — — % After five years (due 2030) ​ 7,000 1.61 % 7,000 1.61 % ​ ​ $ 28,000 2.52 % $ 28,000 2.52 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of components of provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (In Thousands) Current tax expense ​ $ 3,551 ​ $ 3,315 Deferred tax expense ​ 118 ​ (33) ​ ​ $ 3,669 ​ $ 3,282
Schedule of reconciliation of income tax rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (Dollars In Thousands) Federal income tax at statutory rates ​ $ 3,271 ​ $ 3,278 ​ State and city tax, net of federal income tax effect ​ 506 ​ 183 ​ Non-taxable income on bank owned life insurance ​ (126) ​ (128) ​ Other ​ 18 ​ (51) ​ ​ ​ $ 3,669 ​ $ 3,282 ​ Effective Income Tax Rate ​ 23.6 % 21.0 %
Schedule of net deferred tax asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In Thousands) Deferred tax assets: ​ ​ Allowance for loan losses ​ $ 1,238 ​ $ 1,207 State net operating loss carryforwards ​ 82 ​ 89 Reserve for uncollected interest ​ — ​ 141 Benefit plans ​ 1,562 ​ 1,449 Accumulated other comprehensive loss – DRP ​ 44 ​ 56 Total Deferred Tax Assets ​ 2,926 ​ 2,942 Deferred tax liability: ​ ​ Depreciation ​ 403 ​ 297 Goodwill ​ 133 ​ 112 Other ​ 227 ​ 240 Total Deferred Tax Liabilities ​ 763 ​ 649 Net Deferred Tax Assets Included in Other Assets ​ $ 2,163 ​ $ 2,293

Other Non-Interest Expenses (Ta

Other Non-Interest Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Other Non-Interest Expenses
Schedule of other non-interest expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (In Thousands) Other ​ $ 1,947 ​ $ 2,047 Service contracts ​ 915 ​ 807 Consulting expense ​ 1,043 ​ 763 Telephone ​ 578 ​ 551 Directors compensation ​ 540 ​ 520 Audit and accounting ​ 498 ​ 361 Insurance ​ 303 ​ 329 Director, officer, and employee expense ​ 272 ​ 286 Legal fees ​ 231 ​ 283 Office supplies and stationary ​ 129 ​ 128 Recruiting expense ​ 29 ​ 5 ​ ​ $ 6,485 ​ $ 6,080

Benefits Plans (Tables)

Benefits Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Benefits Plans
Schedule of funded status of the DRP	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (Dollars In Thousands) Projected benefit obligation – beginning ​ $ 2,046 ​ $ 1,851 ​ Service cost ​ 124 ​ 125 ​ Interest cost ​ 48 ​ 39 ​ Actuarial (gain) loss ​ (27) ​ 135 ​ Prior service cost ​ — ​ — ​ Benefits Paid ​ (104) ​ (104) ​ Projected benefit obligation – ending ​ $ 2,087 ​ $ 2,046 ​ Funded status – accrued liability included in accounts payable and accrued expenses ​ $ 2,087 ​ $ 2,046 ​ Accumulated benefit obligation ​ $ 1,947 ​ $ 1,900 ​ Discount rate ​ 2.45 % 2.02 % Rate of increase in future compensation levels ​ 2.00 % 2.00 %
Schedule of components of net pension periodic expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 ​ ​ (Dollars In Thousands) Net periodic pension expense: ​ ​ ​ ​ Service cost ​ $ 124 ​ $ 125 ​ Interest cost ​ 48 ​ 39 ​ Actuarial loss recognized ​ 31 ​ 14 ​ Prior service cost recognized ​ — ​ 15 ​ Total net periodic pension expense included in other non-interest expenses ​ $ 203 ​ $ 193 ​ Discount rate ​ 2.45 % 2.02 % Rate of increase in future compensation levels ​ 2.00 % 2.00 %
Schedule of benefit payments, which reflect expected future service	Benefit payments, which reflect expected future service as appropriate, are expected to be paid for the years ending December 31 as follows (in thousands): ​ ​ ​ ​ 2022 $ 104 2023 ​ 104 2024 ​ 206 2025 ​ 192 2026 ​ 206 2027 to 2031 ​ 1,012
Summary of ESOP shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2021 ​ 2020 Allocated shares ¹ ​ ​ 521,012 ​ 486,278 Shares committed to be released ¹ ​ ​ 86,910 ​ 34,734 Unearned shares ¹ ​ ​ 869,487 ​ 173,671 Total ESOP Shares ¹ ​ ​ 1,477,409 ​ 694,683 Less allocated shares distributed to former or retired employees ¹ ​ ​ (106,369) ​ (102,522) Total ESOP Shares Held by Trustee ¹ ​ ​ 1,371,040 ​ 592,161 Fair value of unearned shares ​ $ 9,677,390 ​ $ 1,684,865

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Schedule of Company's leases	The quantitative data relates to the Company’s leases are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2021 ​ 2020 Finance Lease Amounts: ​ ​ ​ ROU asset ​ $ 359 ​ $ 363 ​ Lease liability ​ $ 496 ​ $ 460 ​ Operating Lease Amounts: ​ ​ ​ ​ ROU assets ​ $ 2,564 ​ $ 3,094 ​ Lease liabilities ​ $ 2,604 ​ $ 3,115 ​ Finance Lease Cost ​ ​ ​ Amortization of ROU asset ​ $ 4 ​ $ 4 ​ Interest on lease liability ​ $ 36 ​ $ 36 ​ Operating Lease Costs ​ $ 566 ​ $ 487 ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Finance lease ​ $ (36) ​ $ (36) ​ Operating leases ​ $ 545 ​ $ 472 ​ Weighted-average remaining lease term ​ ​ ​ Finance lease ​ 95 years ​ 96 years ​ Operating leases ​ 7.02 ​ 7.61 ​ Weighted-average discount rate ​ ​ ​ Finance lease ​ 9.50 % 9.50 % Operating leases ​ 1.22 % 1.34 %
Maturities of operating lease liabilities	Maturities of lease liabilities at December 31, 2021 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ Leases ​ Lease Years ended December 31: ​ ​ ​ ​ ​ ​ 2022 ​ $ 549 ​ $ 30 2023 ​ 423 ​ 30 2024 ​ 333 ​ 30 2025 ​ 302 ​ 30 2026 ​ 235 ​ 31 Thereafter ​ 875 ​ 4,055 Total lease payments ​ $ 2,717 ​ $ 4,206 Interest ​ (113) ​ (3,710) Lease liability ​ $ 2,604 ​ $ 496
Maturities of financing lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ Leases ​ Lease Years ended December 31: ​ ​ ​ ​ ​ ​ 2022 ​ $ 549 ​ $ 30 2023 ​ 423 ​ 30 2024 ​ 333 ​ 30 2025 ​ 302 ​ 30 2026 ​ 235 ​ 31 Thereafter ​ 875 ​ 4,055 Total lease payments ​ $ 2,717 ​ $ 4,206 Interest ​ (113) ​ (3,710) Lease liability ​ $ 2,604 ​ $ 496

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures
Assets carried at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Significant ​ Total Carried ​ ​ Active Markets for ​ Observable ​ Unobservable ​ at Fair ​ ​ Identical Assets ​ Inputs ​ Inputs ​ Value on a ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Recurring Basis ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, Description 2021 2020 2021 2020 2021 2020 2021 2020 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Marketable equity securities: ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ $ 19,943 ​ $ 10,332 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 19,943 ​ $ 10,332 Mortgage-backed securities ​ ​ ​ ​ ​ ​ ​ ​ FHLMC ​ — ​ — ​ 1 ​ 2 ​ — ​ — ​ 1 ​ 2 Total assets ​ $ 19,943 ​ $ 10,332 ​ $ 1 ​ $ 2 ​ $ — ​ $ — ​ $ 19,944 ​ $ 10,334
Assets carried at fair value on a non-recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted Prices in ​ Significant Other ​ Significant ​ Total Carried ​ ​ Active Markets for ​ Observable ​ Unobservable ​ at Fair ​ ​ Identical Assets ​ Inputs ​ Inputs ​ Value on a ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Non-Recurring Basis ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ December 31, Description 2021 2020 2021 2020 2021 2020 2021 2020 ​ (In Thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 150 ​ $ — ​ $ 150 Real estate owned ​ — ​ — ​ — ​ — ​ — ​ 1,996 ​ — ​ 1,996 Total assets ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 2,146 ​ $ — ​ $ 2,146
Schedule of qualitative information about non-recurring Level 3 fair value measurements of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021 ​ Fair Valuation Unobservable ​ Weighted ​ ​ Value ​ Technique ​ Input ​ Range ​ Average ​ ​ (In Thousands) Assets: ​ ​ ​ Impaired loans ​ $ — Income approach Capitalization rate — % — % Real estate owned ​ — Income approach Capitalization rate — % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 ​ Fair Valuation Unobservable ​ Weighted ​ ​ Value ​ Technique ​ Input ​ Range ​ Average ​ ​ (In Thousands) Assets: ​ ​ ​ Impaired loans ​ $ 150 Income approach Capitalization rate 7.50 % 7.50 % Real estate owned ​ 1,996 Income approach Capitalization rate 8.40 % 8.40 %
Schedule of carrying amounts and estimated fair value of our financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2021 ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ ​ ​ ​ Assets ​ Inputs ​ Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 152,269 ​ $ 152,269 ​ $ 152,269 ​ $ — ​ $ — Certificates of deposit ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ 100 ​ ​ — Marketable equity securities ​ ​ 19,943 ​ ​ 19,943 ​ ​ 19,943 ​ ​ — ​ ​ — Securities available for sale ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ — Securities held to maturity ​ ​ 17,880 ​ ​ 17,620 ​ ​ — ​ ​ 17,620 ​ ​ — Loans receivable ​ ​ 968,093 ​ ​ 968,247 ​ ​ — ​ ​ — ​ ​ 968,247 Investments in restricted stock ​ ​ 1,569 ​ ​ 1,569 ​ ​ — ​ ​ 1,569 ​ ​ — Accrued interest receivable ​ ​ 4,283 ​ ​ 4,283 ​ ​ — ​ ​ 4,283 ​ ​ — Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ ​ 927,164 ​ ​ 929,003 ​ ​ — ​ ​ 929,003 ​ ​ — FHLB of New York advances ​ ​ 28,000 ​ ​ 28,283 ​ ​ — ​ ​ 28,283 ​ ​ — Accrued interest payable ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020 ​ ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ Significant ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ ​ Carrying ​ ​ ​ ​ Assets ​ Inputs ​ Inputs (In thousands) Amount Fair Value (Level 1) (Level 2) (Level 3) Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 69,191 ​ $ 69,191 ​ $ 69,191 ​ $ — ​ $ — Certificates of deposit ​ ​ 100 ​ ​ 100 ​ ​ — ​ ​ 100 ​ ​ — Marketable equity securities ​ ​ 10,332 ​ ​ 10,332 ​ ​ 10,332 ​ ​ — ​ ​ — Securities available for sale ​ ​ 2 ​ ​ 2 ​ ​ — ​ ​ 2 ​ ​ — Securities held to maturity ​ ​ 7,382 ​ ​ 7,519 ​ ​ — ​ ​ 7,519 ​ ​ — Loans receivable ​ ​ 819,733 ​ ​ 823,996 ​ ​ — ​ ​ — ​ ​ 823,996 Investments in restricted stock ​ ​ 1,595 ​ ​ 1,595 ​ ​ — ​ ​ 1,595 ​ ​ — Accrued interest receivable ​ ​ 3,838 ​ ​ 3,838 ​ ​ — ​ ​ 3,838 ​ ​ — Financial Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deposits ​ ​ 771,706 ​ ​ 776,413 ​ ​ — ​ ​ 776,413 ​ ​ — FHLB of New York advances ​ ​ 28,000 ​ ​ 29,292 ​ ​ — ​ ​ 29,292 ​ ​ — Accrued interest payable ​ ​ 8 ​ ​ 8 ​ ​ — ​ ​ 8 ​ ​ —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue Recognition
Revenue Recognition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 ​ ​ (In Thousands) Non-interest income: ​ ​ ​ Deposit-related fees and charges ​ $ 71 ​ $ 77 Loan-related fees and charges (1) ​ 828 ​ 539 Electronic banking fees and charges ​ 669 ​ 429 Gain (loss) on disposition of equipment (1) ​ 7 ​ (61) Income from bank owned life insurance (1) ​ 600 ​ 609 Investment advisory fees ​ 514 ​ 425 Unrealized gain (loss) on equity securities (1) ​ (389) ​ 288 Miscellaneous (1) ​ 54 ​ 207 Total non-interest income ​ $ 2,354 ​ $ 2,513

Parent Company Only Financial_2

Parent Company Only Financial Information (Tables)	12 Months Ended
	Dec. 31, 2021
Parent Company Only Financial Information
Condensed Statements of Financial Condition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 ​ ​ (In Thousand) Assets ​ ​ ​ Cash and due from banks ​ $ 44,388 ​ $ 5,844 Investment in subsidiary ​ 194,497 ​ 142,179 Loans receivable, net of allowance for loan losses of  $29 and $29, respectively (1) ​ 4,477 ​ 3,917 ESOP loan receivable ​ 8,973 ​ 2,051 Total Assets ​ $ 252,335 ​ $ 153,991 Liabilities and Stockholders’ Equity ​ ​ Accounts payable and accrued expenses ​ $ 953 ​ $ 166 Total Liabilities ​ 953 ​ 166 Total Stockholders’ Equity ​ 251,382 ​ 153,825 Total Liabilities and Stockholders’ Equity ​ $ 252,335 ​ $ 153,991 (1) Represents participation loans purchased from the Bank
Condensed Statements of Operations and Comprehensive Income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 ​ ​ (In Thousand) Interest income – loans ​ $ 287 ​ $ 268 Interest income – ESOP loan ​ 289 ​ 196 Interest income – interest-earning deposits ​ 1 ​ 14 Provision for loan losses ​ — ​ (11) Operating expenses ​ (248) ​ (208) Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiary ​ 329 ​ 259 Income tax expense ​ 82 ​ 65 Income before Equity in Undistributed Earnings of Subsidiary ​ 247 ​ 194 Equity in undistributed earnings of subsidiary ​ 11,658 ​ 12,135 Net Income ​ $ 11,905 ​ $ 12,329 Comprehensive Income ​ $ 11,951 ​ $ 12,245
Statements of Cash Flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 ​ ​ (In Thousand) Cash Flows from Operating Activities ​ ​ ​ Net income ​ $ 11,905 ​ $ 12,329 Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ Equity in undistributed earnings of subsidiary ​ (11,658) ​ (12,135) Provision for loan losses ​ — ​ 11 (Increase) decrease in other liabilities ​ 161 ​ (3) Net Cash Provided by Operating Activities ​ 408 ​ 202 Cash Flows from Investing Activities ​ ​ Repayment of ESOP loan ​ 906 ​ 321 Net (increase) decrease in loans ​ ​ (560) ​ ​ 430 Capital infusion to subsidiary ​ ​ (47,511) ​ ​ — Net Cash (Used in) Provided by Investing Activities ​ (47,165) ​ 751 Cash Flows from Financing Activities ​ ​ Cash dividends paid ​ (2,261) ​ (1,008) Loan to ESOP ​ ​ (7,828) ​ ​ — Issuance of common stock ​ ​ 95,390 ​ ​ — Net Cash Provided by (Used in) Financing Activities ​ 85,301 ​ (1,008) Net Increase (Decrease) in Cash and Cash Equivalents ​ 38,544 ​ (55) Cash and Cash Equivalents – Beginning ​ 5,844 ​ 5,899 Cash and Cash Equivalents – Ending ​ $ 44,388 ​ $ 5,844

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	Jul. 12, 2021USD ($)$ / sharesshares	Dec. 27, 2020USD ($)	Jul. 05, 2006shares	Dec. 31, 2021USD ($)itemOfficepropertyloan$ / sharesshares	Dec. 31, 2020USD ($)loan$ / sharesshares
Summary of Significant Accounting Policies
Number of branch offices | Office				10
Number of loan production offices | Office				3
Gross proceeds				$ 95,390
Stock issued | shares	782,726		5,951,250
Exchange ratio				1.3400	1.3400
Goodwill				$ 651	$ 651
Impairment of goodwill				0	98
Accumulated other comprehensive loss				(139)	(185)
Accumulated other comprehensive loss of prior service cost				183	241
Accumulated other comprehensive loss of actuarial losses of Directors Retirement Plan				$ 44	$ 56
Dilutive common share equivalents | shares				0	0
Common Stock, Shares Authorized | shares				75,000,000	25,460,000
Common stock, par value | $ / shares				$ 0.01	$ 0.01
Preferred Stock, Shares Authorized | shares				25,000,000	1,340,000
Preferred stock, par value | $ / shares				$ 0.01	$ 0.01
Common stock, shares issued | shares				16,377,936	17,721,500
Common stock, shares outstanding | shares				16,377,936	16,340,779
COVID19
Summary of Significant Accounting Policies
Number of full service branches | item				9
Number of branches temporarily closed | item				1
Number of branches operating | item				8
Amount of loan modifications requested		$ 429,000,000
Number of loans paid | loan				109	196
Proceeds received from loans				$ 106,400	$ 190,900
Number of loans no longer on deferral status | loan					86
Amount of loans no longer on deferral status					$ 84,500
Number of loans in deferral status | loan					1
Amount of loans in deferral status					$ 79,000,000
Buildings | Minimum
Summary of Significant Accounting Policies
Useful life of property				30 years
Property held for investment useful life				30 years
Buildings | Maximum
Summary of Significant Accounting Policies
Useful life of property				50 years
Property held for investment useful life				50 years
Building improvements | Minimum
Summary of Significant Accounting Policies
Useful life of property				10 years
Property held for investment useful life				10 years
Building improvements | Maximum
Summary of Significant Accounting Policies
Useful life of property				50 years
Property held for investment useful life				50 years
Leasehold improvements | Minimum
Summary of Significant Accounting Policies
Useful life of property				1 year
Leasehold improvements | Maximum
Summary of Significant Accounting Policies
Useful life of property				15 years
Furnishings and equipment | Minimum
Summary of Significant Accounting Policies
Useful life of property				3 years
Furnishings and equipment | Maximum
Summary of Significant Accounting Policies
Useful life of property				5 years
Bronx
Summary of Significant Accounting Policies
Construction loans				$ 279,100	181,900
Village of Spring Valley
Summary of Significant Accounting Policies
Construction loans				85,500	96,100
Town of Palm Tree
Summary of Significant Accounting Policies
Construction loans				61,200	69,500
Hamlet of Monsey
Summary of Significant Accounting Policies
Construction loans				87,500	66,900
Brooklyn
Summary of Significant Accounting Policies
Construction loans				51,500	63,300
Town of Monroe
Summary of Significant Accounting Policies
Construction loans				$ 15,200	18,600
New England Commercial Properties LLC
Summary of Significant Accounting Policies
Number of foreclosed properties | property				1
Federal Reserve Bank of New York
Summary of Significant Accounting Policies
Deposits in excess of FDIC insurance limit				$ 125,000	47,200
Federal Home Loan Bank of New York
Summary of Significant Accounting Policies
Deposits in excess of FDIC insurance limit				21,900	10,000
Restricted stock held				1,500	1,500
Atlantic Community Bankers Bank
Summary of Significant Accounting Policies
Deposits in excess of FDIC insurance limit				1,000	4,400
Restricted stock held				$ 70	$ 70
NorthEast Community Bank
Summary of Significant Accounting Policies
Gross proceeds	$ 97,800
Stock issued | shares	9,784,077
Share price | $ / shares	$ 10
Shares issued upon conversion | shares	1.3400
Exchange ratio	1.3400

Mutual Holding Company Reorga_3

Mutual Holding Company Reorganization and Regulatory Capital - Narrative (Details) $ in Thousands	Jul. 12, 2021shares	Jul. 05, 2006shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Mutual Holding Company Reorganization and Regulatory Matters
Stock issued	782,726	5,951,250
Dividend declared | $			$ 2,887	$ 791
Percentage of minimum Tier 1 capital to risk based assets			6	6
Percentage of risk weight			150.00%
Minimum
Mutual Holding Company Reorganization and Regulatory Matters
Percentage of minimum Tier 1 capital to risk based assets			4
Percentage of capital conservation buffer			0.625%
Maximum
Mutual Holding Company Reorganization and Regulatory Matters
Percentage of minimum Tier 1 capital to risk based assets			6
Percentage of capital conservation buffer			2.50%
Northeast Community Bancorp, MHC
Mutual Holding Company Reorganization and Regulatory Matters
Stock issued		7,273,750

Mutual Holding Company Reorga_4

Mutual Holding Company Reorganization and Regulatory Capital - Schedule of capital levels of the bank (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Actual Capital Amount [Abstract]
Total capital (to risk-weighted assets), Actual amount	$ 196,155	$ 143,021
Total capital (to risk-weighted assets), Minimum Capital Adequacy amount	102,702	83,399
Total capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 128,377	$ 104,249
Actual Capital Ratio [Abstract]
Total capital (to risk-weighted assets), Actual ratio	15.28	13.72
Total capital (to risk-weighted assets), Minimum Capital Adequacy ratio	8	8
Total capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	10	10
Tier 1 capital Amount [Abstract]
Tier 1 capital (to risk-weighted assets), Actual amount	$ 190,941	$ 137,962
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	77,026	62,550
Tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 102,702	$ 83,399
Tier 1 capital Ratio [Abstract]
Tier 1 capital (to risk-weighted assets), Actual ratio	14.87	13.23
Tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy ratio	6	6
Tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	8	8
Common Equity Tier 1 Capital Amount [Abstract]
Common equity tier 1 capital (to risk-weighted assets), Actual amount	$ 190,941	$ 137,962
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy amount	57,770	46,912
Common equity tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized amount	$ 83,445	$ 67,762
Common Equity Tier 1 Capital Ratio [Abstract]
Common equity tier 1 capital (to risk-weighted assets), Actual ratio	14.87	13.23
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Adequacy ratio	4.50	4.50
Common equity tier 1 capital (to risk-weighted assets), For Classification as Well-Capitalized ratio	6.50	6.50
Core (Tier 1) Capital Amount [Abstract]
Core (Tier 1) capital (to adjusted total assets), Actual amount	$ 190,941	$ 137,962
Core (Tier 1) capital (to adjusted total assets), Minimum Capital Adequacy amount	45,486	37,304
Core (Tier 1) capital (to adjusted total assets), For Classification as Well-Capitalized amount	$ 56,857	$ 46,629
Core (Tier 1) Capital Ratio [Abstract]
Core (Tier 1) capital (to adjusted total assets), Actual ratio	16.79	14.79
Core (Tier 1) capital (to adjusted total assets), Minimum Capital Adequacy ratio	4	4
Core (Tier 1) capital (to adjusted total assets), For Classification as Well-Capitalized ratio	5	5

Financial Instruments with Of_3

Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	$ 748,980	$ 565,353
Commitments to extend credit
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	174,355	129,066
Construction loans in process
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	436,916	327,336
Stand-by letters of credit
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	6,922	7,002
Commercial and industrial lines
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	130,697	101,855
Consumer lines
Financial Instruments with Off-Balance Sheet Risk
Financial Instruments with Off-Balance Sheet Risk	$ 90	$ 94

Equity Securities - Schedule of

Equity Securities - Schedule of equity securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Equity Securities
Equity Securities, at Fair Value	$ 19,943	$ 10,332

Equity Securities - Schedule _2

Equity Securities - Schedule of unrealized gains recognized in net income on equity securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity Securities, FV-NI, Gain (Loss) [Abstract]
Net gain (loss) recognized on equity securities during the period	$ (389)	$ 288
Unrealized net gain (loss) recognized on equity securities held at the reporting date	$ (389)	$ 288

Securities Available-for-Sale -

Securities Available-for-Sale - Schedule of portfolio of securities available-for-sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 1	$ 2
Mortgage-backed securities - residential
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1	2
Fair Value	1	2
Mortgage-backed securities - residential | Federal Home Loan Mortgage Corporation
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1	2
Fair Value	$ 1	$ 2

Securities Available-for-Sale_2

Securities Available-for-Sale - Schedule of contractual final maturities of securities available-for-sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Proceeds from sales of securities available-for-sale	$ 0	$ 0
Mortgage-backed securities - residential
Amortized Cost
Due after one year but with five years, Amortized cost	1
Fair Value
Due after one year but with five years, Fair value	$ 1

Securities Available-for-Sale_3

Securities Available-for-Sale - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Securities Available-for-Sale
Unrealized loss	$ 0	$ 0

Securities Held-to-Maturity - P

Securities Held-to-Maturity - Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Securities Held-to-Maturity
Amortized Cost	$ 17,880	$ 7,382
Gross Unrealized Gains	67	138
Gross Unrealized Losses	327	1
Fair Value	17,620	7,519
Municipal Bonds
Securities Held-to-Maturity
Amortized Cost	10,017	4,189
Gross Unrealized Gains	7
Gross Unrealized Losses	267
Fair Value	9,757	4,189
Mortgage-backed securities - residential
Securities Held-to-Maturity
Amortized Cost	7,863	3,193
Gross Unrealized Gains	60	138
Gross Unrealized Losses	60	1
Fair Value	7,863	3,330
Government National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	656	933
Gross Unrealized Gains	19	25
Fair Value	675	958
Federal Home Loan Mortgage Corporation
Securities Held-to-Maturity
Amortized Cost	1,059	59
Gross Unrealized Losses	5	1
Fair Value	1,054	58
Federal National Mortgage Association
Securities Held-to-Maturity
Amortized Cost	2,695	1,097
Gross Unrealized Gains	23	45
Gross Unrealized Losses	6
Fair Value	2,712	1,142
Collateralized mortgage obligations - GSE
Securities Held-to-Maturity
Amortized Cost	3,453	1,104
Gross Unrealized Gains	18	68
Gross Unrealized Losses	49
Fair Value	$ 3,422	$ 1,172

Securities Held-to-Maturity - C

Securities Held-to-Maturity - Contractual final maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Amortized Cost
Due within one year	$ 538
Due after one but within five years	1,779
Due after five but within ten years	1,652
Due after ten years	13,911
Amortized Cost	17,880
Fair Value
Due within one year	739
Due after one but within five years	2,173
Due after five but within ten years	1,889
Due after ten years	12,819
Fair Value	$ 17,620

Securities Held-to-Maturity - A

Securities Held-to-Maturity - Age of unrealized losses and the fair value (Details) $ in Thousands	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Fair Value
Less than 12 Months	$ 13,080	$ 42
Total	13,080	42
Gross Unrealized Losses
Less than 12 Months	327	1
Total	327	$ 1
Number of securities with unrealized loss | item		1
Federal Home Loan Mortgage Corporation
Fair Value
Less than 12 Months	1,004	$ 42
Total	1,004	42
Gross Unrealized Losses
Less than 12 Months	5	1
Total	5	$ 1
Federal National Mortgage Association
Fair Value
Less than 12 Months	2,035
Total	2,035
Gross Unrealized Losses
Less than 12 Months	6
Total	6
Collateralized mortgage obligations - GSE
Fair Value
Less than 12 Months	907
Total	907
Gross Unrealized Losses
Less than 12 Months	49
Total	49
Mortgage-backed securities - residential
Fair Value
Less than 12 Months	3,946
Total	3,946
Gross Unrealized Losses
Less than 12 Months	60
Total	$ 60
Mortgage-backed securities
Gross Unrealized Losses
Number of securities with unrealized loss | item	4
Municipal Bonds
Fair Value
Less than 12 Months	$ 9,134
Total	9,134
Gross Unrealized Losses
Less than 12 Months	267
Total	$ 267
Number of securities with unrealized loss | item	3

Loans Receivable and the Allo_3

Loans Receivable and the Allowance for Loan Losses - Summary of composition of loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loans Receivable and the Allowance for Loan Losses
Loans receivable	$ 972,851	$ 824,708
Allowance for loan losses	(5,242)	(5,088)	$ (4,611)
Deferred loan (fees) costs, net	484	113
Net loans	968,093	819,733
Residential real estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	120,358	127,184
Allowance for loan losses	(571)	(707)	(605)
Residential real estate | One-to-four family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	7,189	6,170
Residential real estate | Multi-family
Loans Receivable and the Allowance for Loan Losses
Loans receivable	84,425	90,506
Residential real estate | Mixed-use
Loans Receivable and the Allowance for Loan Losses
Loans receivable	28,744	30,508
Non-residential real estate
Loans Receivable and the Allowance for Loan Losses
Loans receivable	50,016	60,665
Allowance for loan losses	(381)	(519)	(503)
Construction
Loans Receivable and the Allowance for Loan Losses
Loans receivable	683,830	545,788
Allowance for loan losses	(3,143)	(3,068)	(2,692)
Commercial and industrial
Loans Receivable and the Allowance for Loan Losses
Loans receivable	118,378	90,577
Allowance for loan losses	(973)	(774)	(566)
Consumer
Loans Receivable and the Allowance for Loan Losses
Loans receivable	269	494
Allowance for loan losses	$ (10)	$ (20)	$ (71)

Loans Receivable and the Allo_4

Loans Receivable and the Allowance for Loan Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans Receivable and the Allowance for Loan Losses
Loans serviced for the benefit of others	$ 14,610	$ 11,876
Loans to related parties	0	0
Sale of loan participations	$ 14,600	$ 0

Loans Receivable and the Allo_5

Loans Receivable and the Allowance for Loan Losses - Schedule of analysis of the activity in the allowance for loan losses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for loan losses:
Ending balance	$ 5,242	$ 5,088	$ 4,611
Ending balance: collectively evaluated for impairment	5,242	5,088
Ending balance	972,851	824,708
Ending balance: individually evaluated for impairment	1,622	6,470
Ending balance: collectively evaluated for impairment	971,229	818,238
Residential real estate
Allowance for loan losses:
Ending balance	571	707	605
Ending balance: collectively evaluated for impairment	571	707
Ending balance	120,358	127,184
Ending balance: individually evaluated for impairment	876	2,009
Ending balance: collectively evaluated for impairment	119,482	125,175
Non-residential real estate
Allowance for loan losses:
Ending balance	381	519	503
Ending balance: collectively evaluated for impairment	381	519
Ending balance	50,016	60,665
Ending balance: individually evaluated for impairment	746	4,461
Ending balance: collectively evaluated for impairment	49,270	56,204
Construction
Allowance for loan losses:
Ending balance	3,143	3,068	2,692
Ending balance: collectively evaluated for impairment	3,143	3,068
Ending balance	683,830	545,788
Ending balance: collectively evaluated for impairment	683,830	545,788
Commercial and industrial
Allowance for loan losses:
Ending balance	973	774	566
Ending balance: collectively evaluated for impairment	973	774
Ending balance	118,378	90,577
Ending balance: collectively evaluated for impairment	118,378	90,577
Consumer
Allowance for loan losses:
Ending balance	10	20	71
Ending balance: collectively evaluated for impairment	10	20
Ending balance	269	494
Ending balance: collectively evaluated for impairment	269	$ 494
Unallocated
Allowance for loan losses:
Ending balance	164		$ 174
Ending balance: collectively evaluated for impairment	$ 164

Loans Receivable and the Allo_6

Loans Receivable and the Allowance for Loan Losses - Schedule of analysis of the activity in the allowance for loan loss by loan class (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for loan losses:
Beginning balance	$ 5,088	$ 4,611
Charge-offs	(3,616)	(364)
Recoveries	160	27
Provision (Benefit)	3,610	814
Ending balance	5,242	5,088
Residential real estate
Allowance for loan losses:
Beginning balance	707	605
Recoveries	150	3
Provision (Benefit)	(286)	99
Ending balance	571	707
Non-residential real estate
Allowance for loan losses:
Beginning balance	519	503
Charge-offs	(3,593)	(65)
Recoveries	2	9
Provision (Benefit)	3,453	72
Ending balance	381	519
Construction
Allowance for loan losses:
Beginning balance	3,068	2,692
Provision (Benefit)	75	376
Ending balance	3,143	3,068
Commercial and industrial
Allowance for loan losses:
Beginning balance	774	566
Charge-offs		(271)
Recoveries		15
Provision (Benefit)	199	464
Ending balance	973	774
Consumer
Allowance for loan losses:
Beginning balance	20	71
Charge-offs	(23)	(28)
Recoveries	8
Provision (Benefit)	5	(23)
Ending balance	10	20
Unallocated
Allowance for loan losses:
Beginning balance		174
Provision (Benefit)	164	$ (174)
Ending balance	$ 164

Loans Receivable and the Allo_7

Loans Receivable and the Allowance for Loan Losses - Activity in the allowance for loan loss by loan class - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)borrower	Dec. 31, 2020USD ($)
Allowance for loan losses:
Charge-offs	$ 3,616	$ 364
Financing receivables term	2 years
Property's value with the parking easement	$ 0
Non-residential real estate
Allowance for loan losses:
Charge-offs	3,593	$ 65
Financing receivables secured by real estate balance	$ 3,600
Commercial real estate
Allowance for loan losses:
Financing receivables secured number of borrowers guaranteed | borrower	2

Loans Receivable and the Allo_8

Loans Receivable and the Allowance for Loan Losses - Summary of recorded investment, unpaid principal balance and allocated allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Recorded Investment
Recorded Investment, With no related allowance	$ 1,622	$ 6,470
Recorded Investment	1,622	6,470
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	1,689	6,535
Unpaid Principal Balance	1,689	6,535
Average Recorded Investment
Average Recorded Investment, With no related allowance	5,877	7,037
Average Recorded Investment	5,877	7,037
Interest Income Recognized
Interest Income Recognized, With no related allowance	122	137
Interest Income Recognized	122	137
Residential real estate
Recorded Investment
Recorded Investment, With no related allowance		2,009
Recorded Investment		2,009
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance		2,009
Unpaid Principal Balance, With an allowance		2,009
Average Recorded Investment
Average Recorded Investment, With no related allowance		2,666
Average Recorded Investment		2,666
Interest Income Recognized
Interest Income Recognized, With no related allowance		87
Interest Income Recognized		87
Residential real estate | Multi-family
Recorded Investment
Recorded Investment, With no related allowance	876
Recorded Investment	876
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	876
Unpaid Principal Balance	876
Average Recorded Investment
Average Recorded Investment, With no related allowance	1,986
Average Recorded Investment	1,986
Interest Income Recognized
Interest Income Recognized, With no related allowance	86
Interest Income Recognized	86
Non-residential real estate
Recorded Investment
Recorded Investment, With no related allowance	746	4,461
Recorded Investment	746	4,461
Unpaid Principal Balance
Unpaid Principal Balance, With no related allowance	813	4,526
Unpaid Principal Balance, With an allowance		4,526
Unpaid Principal Balance	813
Average Recorded Investment
Average Recorded Investment, With no related allowance	3,891	4,371
Average Recorded Investment	3,891	4,371
Interest Income Recognized
Interest Income Recognized, With no related allowance	36	50
Interest Income Recognized	$ 36	$ 50

Loans Receivable and the Allo_9

Loans Receivable and the Allowance for Loan Losses - Summary of loans receivable on nonaccrual status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans Receivable on Nonaccrual Status		$ 3,572
Interest income from a loan that was in non-accrual status	$ 0	0
Interest collected on loans	0	85
Interest income that would have been recorded had the loans been on accrual status	$ 173	236
Non-residential real estate
Financing Receivable, Past Due [Line Items]
Loans Receivable on Nonaccrual Status		$ 3,572

Loans Receivable and the All_10

Loans Receivable and the Allowance for Loan Losses - Schedule of age analysis of past due loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 972,851	$ 824,708
90 Days Or Greater
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		3,572
Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		3,572
Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	972,851	821,136
Residential real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	120,358	127,184
Residential real estate | One-to-four family
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,189	6,170
Residential real estate | One-to-four family | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	7,189	6,170
Residential real estate | Multi-family
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	84,425	90,506
Residential real estate | Multi-family | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	84,425	90,506
Residential real estate | Mixed-use
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	28,744	30,508
Residential real estate | Mixed-use | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	28,744	30,508
Non-residential real estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	50,016	60,665
Non-residential real estate | 90 Days Or Greater
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		3,572
Non-residential real estate | Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		3,572
Non-residential real estate | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	50,016	57,093
Construction
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	683,830	545,788
Construction | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	683,830	545,788
Commercial and industrial
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	118,378	90,577
Commercial and industrial | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	118,378	90,577
Consumer
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	269	494
Consumer | Current
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 269	$ 494

Loans Receivable and the All_11

Loans Receivable and the Allowance for Loan Losses - Summary of credit risk profile by internally assigned grade (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 972,851	$ 824,708
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	972,105	820,685
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		301
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	746	3,722
Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	120,358	127,184
Residential real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	120,358	127,184
Non-residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	50,016	60,665
Non-residential real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	49,270	56,943
Non-residential real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	746	3,722
Construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	683,830	545,788
Construction | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	683,830	545,788
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	118,378	90,577
Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	118,378	90,276
Commercial and industrial | Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable		301
Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	269	494
Consumer | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 269	$ 494

Loans Receivable and the All_12

Loans Receivable and the Allowance for Loan Losses - Troubled Debt Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loancontract	Dec. 31, 2020USD ($)contractloan
Loan and Lease Receivables, Impaired [Abstract]
Interest income that would have been recognized had the loans performed in accordance with their original terms	$ 154	$ 185
Less: Interest income included in the results of operations	122	125
Total foregone interest	$ 32	$ 60
Number of loans modified that were deemed troubled debt restructuring | loan	0	0
Number of loans that had defaulted which were modified in previous twelve months | loan	0	0
Performing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	4	5
Recorded Investment	$ 1,622	$ 2,748
Residential real estate | Multi-family | Performing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract		1
Recorded Investment		$ 1,098
Residential real estate | Mixed-use | Performing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	2	2
Recorded Investment	$ 876	$ 911
Non-residential real estate | Performing
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of contracts | contract	2	2
Recorded Investment	$ 746	$ 739

Premises and Equipment, Net (De

Premises and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 35,744	$ 29,570
Accumulated depreciation and amortization	(11,837)	(10,895)
Premises and equipment, net	23,907	18,675
Depreciation expense	1,117	1,067
Land.
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	6,432	3,872
Buildings and improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	19,786	16,782
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	1,741	1,737
Furnishings and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 7,785	$ 7,179

Accrued Interest Receivable, _3

Accrued Interest Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued Interest Receivable, Net
Loans receivable	$ 4,204	$ 4,420
Securities	79	16
Total	4,283	4,436
Allowance for uncollected interest		(598)
Total	$ 4,283	$ 3,838

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets
Goodwill	$ 1,310	$ 1,310
Accumulative goodwill impairment	(659)	(659)
Goodwill, net of charge-off	651	651
Impairment of goodwill	$ 0	$ 98

Real Estate Owned ("REO") (Deta

Real Estate Owned ("REO") (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Real Estate Owned ("REO")
Number of foreclosed property owned | property	1	1
Value of foreclosed property owned	$ 1,996	$ 1,996
REO expense including loss on sales and write-downs	$ 93	$ 313

Property Held For Investment (D

Property Held For Investment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)property
Property Held For Investment.
Land	$ 500	$ 500
Buildings and improvements	1,442	1,442
Property Held For Investment, Cost	1,942	1,942
Accumulated depreciation and amortization	(461)	(424)
Real Estate Investment Property, Net, Total	$ 1,481	$ 1,518
Number of Property Held For Investment | property	1	1

Deposits - Total deposits and t

Deposits - Total deposits and the weighted average rate of deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amount
Non-interest bearing	$ 330,853	$ 221,371
NOW and money market	118,420	100,945
Total	449,273	322,316
Savings accounts	184,896	101,693
Certificates of deposit maturing in:
One year or less	189,247	211,834
After one to two years	35,677	71,381
After two to three years	16,950	8,962
After three to four years	38,373	10,516
After four years	12,748	45,004
Total	292,995	347,697
Total deposits	$ 927,164	$ 771,706
Weighted Average Interest Rate
NOW and money market	0.53%	0.50%
Total	0.14%	0.16%
Savings accounts	0.63%	0.33%
Certificates of deposit maturing in:
One year or less	0.89%	1.38%
After one to two years	1.23%	1.39%
After two to three years	1.82%	1.95%
After three to four years	0.63%	2.43%
Atter four years	1.31%	0.81%
Total	0.97%	1.35%
Weighted average rate of deposits	0.50%	0.72%

Deposits - Narrative (Details)

Deposits - Narrative (Details)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)
Cash and cash equivalents
Demand deposit overdrafts	$ 233,000	$ 452,000
Brokered deposits	44,600,000	70,700,000
Insured Cash Sweep ("ICS") reciprocal money market deposits	$ 22,300,000	8,500,000
Number of retail depositors | item	6
Certificates of deposit.
Cash and cash equivalents
Deposits in excess of $2,50,000	$ 134,733,000	$ 158,092,000

Deposits - Interest expense (De

Deposits - Interest expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Interest Expense Domestic Deposit Liabilities [Abstract]
Demand deposits	$ 696	$ 734
Savings accounts	328	626
Certificates of deposit	3,335	7,894
Interest expense on deposits	$ 4,359	$ 9,254

Federal Home Loan Bank of New_3

Federal Home Loan Bank of New York ("FHLB") Advances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Advances maturing in:
One year or less	$ 7,000	$ 14,000
After one to three years	14,000	7,000
After five years (due 2030)	7,000	7,000
FHLB advances	$ 28,000	$ 28,000
Weighted Average Interest Rate
One year or less	2.79%	2.81%
After one to three years	2.85%	2.86%
After five years (due 2030)	1.61%	1.61%
FHLB advances weighted average interest rate (as a percent)	2.52%	2.52%

Federal Home Loan Bank of New_4

Federal Home Loan Bank of New York ("FHLB") Advances - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank of New York ("FHLB") Advances
Outstanding advances	$ 28,000	$ 28,000
FHLB
Federal Home Loan Bank of New York ("FHLB") Advances
Advances subject to early call or redemption features	0
Maximum borrowing capacity	29,400
Outstanding advances	28,000
Atlantic Community Bankers Bank
Federal Home Loan Bank of New York ("FHLB") Advances
Outstanding advances	$ 8,000
Minimum
Federal Home Loan Bank of New York ("FHLB") Advances
Term of the advance	2 years
Maximum
Federal Home Loan Bank of New York ("FHLB") Advances
Term of the advance	10 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Percentage of allowance for bad debt deductible	8.00%
Bad debt deductions included in retained earnings	$ 4,100	$ 4,100
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current tax expense	3,551	3,315
Deferred tax expense	118	(33)
Income Tax Expense (Benefit), Total	$ 3,669	$ 3,282

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal income tax rate	21.00%	21.00%
Federal income tax at statutory rates	$ 3,271	$ 3,278
State and city tax, net of federal income tax effect	506	183
Non-taxable income on bank owned life insurance	(126)	(128)
Other	18	(51)
Income Tax Expense (Benefit), Total	$ 3,669	$ 3,282
Effective Income Tax Rate	23.60%	21.00%

Income Taxes - Net deferred tax

Income Taxes - Net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowance for loan losses	$ 1,238	$ 1,207
State net operating loss carryforwards	82	89
Reserve for uncollected interest		141
Benefit plans	1,562	1,449
Accumulated other comprehensive loss - DRP	44	56
Total Deferred Tax Assets	2,926	2,942
Deferred tax liability:
Depreciation	403	297
Goodwill	133	112
Other	227	240
Total Deferred Tax Liabilities	763	649
Valuation Allowance - State Deferred Tax Assets	0
Net Deferred Tax Assets Included in Other Assets	2,163	$ 2,293
State and Local Jurisdiction
Deferred tax liability:
Net operating loss (NOL) carryforwards subject to expiration	$ 3,100

Other Non-Interest Expenses (De

Other Non-Interest Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Other Non-Interest Expenses
Other	$ 1,947	$ 2,047
Service contracts	915	807
Consulting expense	1,043	763
Telephone	578	551
Directors compensation	540	520
Audit and accounting	498	361
Insurance	303	329
Director, officer, and employee expense	272	286
Legal fees	231	283
Office supplies and stationary	129	128
Recruiting expense	29	5
Other non-interest expenses	$ 6,485	$ 6,080

Benefits Plans - Funded status

Benefits Plans - Funded status of the DRP (Details) - Pension Plan - DRP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Benefits Plans
Projected benefit obligation - beginning	$ 2,046	$ 1,851
Service cost	124	125
Interest cost	48	39
Actuarial (gain) loss	(27)	135
Prior service cost		15
Benefits Paid	(104)	(104)
Projected benefit obligation - ending	2,087	2,046
Accumulated benefit obligation	$ 1,947	$ 1,900
Discount rate	2.45%	2.02%
Rate of increase in future compensation levels	2.00%	2.00%
Accounts payable and accrued expenses
Benefits Plans
Funded status - accrued liability included in accounts payable and accrued expenses	$ 2,087	$ 2,046

Benefits Plans - Net periodic p

Benefits Plans - Net periodic pension expense (Details) - Pension Plan - DRP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net periodic pension expense:
Service cost	$ 124	$ 125
Interest cost	48	39
Actuarial loss recognized	31	14
Prior service cost recognized		15
Total net periodic pension expense included in other non-interest expenses	$ 203	$ 193
Discount rate	2.45%	2.02%
Rate of increase in future compensation levels	2.00%	2.00%

Benefits Plans - Benefit paymen

Benefits Plans - Benefit payments (Details) - Pension Plan - DRP - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Estimated Future Benefit Payments
2022	$ 104
2023	104
2024	206
2025	192
2026	206
2027 to 2031	1,012
Unrecognized net gain (loss)	$ (27)	$ (136)

Benefits Plans - Narrative (Det

Benefits Plans - Narrative (Details)	Jul. 12, 2021USD ($)item$ / sharesshares	Jul. 05, 2006shares	Dec. 31, 2021USD ($)item$ / sharesshares	Dec. 31, 2020USD ($)
Benefits Plans
Common stock shares acquired | shares	782,726	5,951,250
Share price | $ / shares	$ 10		$ 10
Interest rate on loans (as a percent)	3.25%
Number of installments of loans receivable | item	15
Balance remaining on the ESOP loan			$ 968,093,000	$ 819,733,000
Employee Stock Ownership Plan Loan
Benefits Plans
Amount borrowed from company	$ 7,827,260		$ 5,184,200
Common stock shares acquired | shares			518,420
Interest rate on loans (as a percent)			8.25%
Number of installments of loans receivable | item			20
401 (K) Plan
Benefits Plans
Employers matching contribution (as a percent)			0.00%	0.00%
401 (K) Plan | Minimum
Benefits Plans
Participants maximum contribution (as a percent)			1.00%
401 (K) Plan | Maximum
Benefits Plans
Participants maximum contribution (as a percent)			15.00%
ESOP 2006
Benefits Plans
Shares committed to be released | shares			2,894
ESOP 2006 | Employee Stock Ownership Plan Loan
Benefits Plans
Expense on defined benefit plan.			$ 931,000	$ 258,000
Dividends on unallocated shares reduced from loan			115,000	19,000
Dividends on unallocated shares charged to retained earnings			63,000	43,000
ESOP 2006 | First ESOP loan
Benefits Plans
Balance remaining on the ESOP loan			$ 1,703,000	2,051,000
ESOP 2021
Benefits Plans
Shares committed to be released | shares			4,348
ESOP 2021 | Second ESOP loan
Benefits Plans
Balance remaining on the ESOP loan			$ 7,270,000
Pension Plan | SERP
Benefits Plans
Term of average base salary preceding retirement			3 years
Monthly installments			50.00%
Expense on defined benefit plan.			$ 455,000	303,000
Liability for defined benefit plan			3,778,000	$ 3,322,000
2022			0
2023			0
2024			0
2025			0
2026			$ 0
Pension Plan | SERP | Minimum
Benefits Plans
Benefit payment term			15 years

Benefits Plans - ESOP shares (D

Benefits Plans - ESOP shares (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Benefits Plans
Exchange ratio	1.3400	1.3400
Pension Plan | DRP
Benefits Plans
Allocated shares	$ 521,012	$ 486,278
Shares committed to be released	86,910	34,734
Unearned shares	869,487	173,671
Total ESOP Shares	1,477,409	694,683
Less allocated shares distributed to former or retired employees	(106,369)	(102,522)
Total ESOP Shares Held by Trustee	1,371,040	592,161
Fair value of unearned shares	$ 9,677,390	$ 1,684,865

Leases - Narrative (Details)

Leases - Narrative (Details)	12 Months Ended
	Dec. 31, 2021
Leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Finance lease remaining lease terms	95 years
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Minimum
Leases
Operating lease remaining lease terms	2 years
Operating lease initial lease terms	5 years
Maximum
Leases
Operating lease remaining lease terms	9 years
Operating lease initial lease terms	10 years

Leases - Schedule of leases of

Leases - Schedule of leases of the Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
ROU asset	$ 359	$ 363
Lease liability	496	460
ROU assets	2,564	3,094
Lease liability	2,604	3,115
Amortization of ROU asset	4	4
Interest on lease liability	36	36
Operating Lease Costs	566	487
Finance lease	(36)	(36)
Operating leases	$ 545	$ 472
Finance lease	95 years	96 years
Operating leases	7 years 7 days	7 years 7 months 9 days
Finance lease	9.50%	9.50%
Operating leases	1.22%	1.34%

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Maturities of Operating lease liabilities
2022	$ 549
2023	423
2024	333
2025	302
2026	235
Thereafter	875
Total lease payments	2,717
Interest	(113)
Lease liability	2,604	$ 3,115
Maturities of Finance lease liabilities
2022	30
2023	30
2024	30
2025	30
2026	31
Thereafter	4,055
Total lease payments	4,206
Interest	(3,710)
Lease liability	$ 496	$ 460

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets carried at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures
Transfer of Assets from Level 1 to 2	$ 0	$ 0
Transfer of Assets from Level 2 to 1	0	0
Transfer of Liabilities from Level 1 to 2	0	0
Transfer of Liabilities from Level 2 to 1	0	0
Recurring
Fair Value Disclosures
Total assets	19,944	10,334
Total Liabilities	0	0
Recurring | Mutual funds
Fair Value Disclosures
Total assets	19,943	10,332
Recurring | FHLMC
Fair Value Disclosures
Total assets	1	2
Level 1 | Recurring
Fair Value Disclosures
Total assets	19,943	10,332
Level 1 | Recurring | Mutual funds
Fair Value Disclosures
Total assets	19,943	10,332
Level 2 | Recurring
Fair Value Disclosures
Total assets	1	2
Level 2 | Recurring | FHLMC
Fair Value Disclosures
Total assets	$ 1	$ 2

Fair Value Disclosures - Asse_2

Fair Value Disclosures - Assets carried at fair value on a non-recurring basis (Details) - Non recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures
Total assets		$ 2,146
Total Liabilities	$ 0	0
Impaired loans
Fair Value Disclosures
Total assets		150
Real estate owned
Fair Value Disclosures
Total assets		1,996
Level 3
Fair Value Disclosures
Total assets		2,146
Level 3 | Impaired loans
Fair Value Disclosures
Total assets		150
Level 3 | Real estate owned
Fair Value Disclosures
Total assets		$ 1,996

Fair Value Disclosures - Qualit

Fair Value Disclosures - Qualitative information about non-recurring Level III fair value measurements (Details) - Non recurring $ in Thousands	Dec. 31, 2020USD ($)
Fair Value Disclosures
Fair value	$ 2,146
Impaired loans
Fair Value Disclosures
Fair value	150
Real estate owned
Fair Value Disclosures
Fair value	1,996
Level 3
Fair Value Disclosures
Fair value	2,146
Level 3 | Impaired loans
Fair Value Disclosures
Fair value	$ 150
Level 3 | Impaired loans | Income approach | Capitalization rate
Fair Value Disclosures
Securities held for sale	7.50
Level 3 | Impaired loans | Income approach | Weighted Average | Capitalization rate
Fair Value Disclosures
Securities held for sale	7.50
Level 3 | Real estate owned
Fair Value Disclosures
Fair value	$ 1,996
Level 3 | Real estate owned | Income approach | Capitalization rate
Fair Value Disclosures
Securities held for sale	8.40
Level 3 | Real estate owned | Income approach | Weighted Average | Capitalization rate
Fair Value Disclosures
Securities held for sale	8.40

Fair Value Disclosures - Carryi

Fair Value Disclosures - Carrying amounts and estimated fair value of our financial instruments (Details) - Non recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures
Total assets		$ 2,146
Carrying Amount | Deposits- liabilities
Fair Value Disclosures
Financial Liabilities	$ 927,164	771,706
Carrying Amount | FHLB of New York advances
Fair Value Disclosures
Financial Liabilities	28,000	28,000
Carrying Amount | Accrued interest payable
Fair Value Disclosures
Financial Liabilities		8
Carrying Amount | Cash and cash equivalents
Fair Value Disclosures
Total assets	152,269	69,191
Carrying Amount | Certificates of deposit.
Fair Value Disclosures
Total assets	100	100
Carrying Amount | Marketable equity securities
Fair Value Disclosures
Total assets	19,943	10,332
Carrying Amount | Securities available for sale
Fair Value Disclosures
Total assets	1	2
Carrying Amount | Securities held to maturity
Fair Value Disclosures
Total assets	17,880	7,382
Carrying Amount | Loans receivable
Fair Value Disclosures
Total assets	968,093	819,733
Carrying Amount | Investments in restricted stock
Fair Value Disclosures
Total assets	1,569	1,595
Carrying Amount | Accrued interest receivable
Fair Value Disclosures
Total assets	4,283	3,838
Fair Value | Deposits- liabilities
Fair Value Disclosures
Financial Liabilities	929,003	776,413
Fair Value | FHLB of New York advances
Fair Value Disclosures
Financial Liabilities	28,283	29,292
Fair Value | Accrued interest payable
Fair Value Disclosures
Financial Liabilities		8
Fair Value | Cash and cash equivalents
Fair Value Disclosures
Total assets	152,269	69,191
Fair Value | Certificates of deposit.
Fair Value Disclosures
Total assets	100	100
Fair Value | Marketable equity securities
Fair Value Disclosures
Total assets	19,943	10,332
Fair Value | Securities available for sale
Fair Value Disclosures
Total assets	1	2
Fair Value | Securities held to maturity
Fair Value Disclosures
Total assets	17,620	7,519
Fair Value | Loans receivable
Fair Value Disclosures
Total assets	968,247	823,996
Fair Value | Investments in restricted stock
Fair Value Disclosures
Total assets	1,569	1,595
Fair Value | Accrued interest receivable
Fair Value Disclosures
Total assets	4,283	3,838
Level 1 | Fair Value | Cash and cash equivalents
Fair Value Disclosures
Total assets	152,269	69,191
Level 1 | Fair Value | Marketable equity securities
Fair Value Disclosures
Total assets	19,943	10,332
Level 2 | Fair Value | Deposits- liabilities
Fair Value Disclosures
Financial Liabilities	929,003	776,413
Level 2 | Fair Value | FHLB of New York advances
Fair Value Disclosures
Financial Liabilities	28,283	29,292
Level 2 | Fair Value | Accrued interest payable
Fair Value Disclosures
Financial Liabilities		8
Level 2 | Fair Value | Certificates of deposit.
Fair Value Disclosures
Total assets	100	100
Level 2 | Fair Value | Securities available for sale
Fair Value Disclosures
Total assets	1	2
Level 2 | Fair Value | Securities held to maturity
Fair Value Disclosures
Total assets	17,620	7,519
Level 2 | Fair Value | Investments in restricted stock
Fair Value Disclosures
Total assets	1,569	1,595
Level 2 | Fair Value | Accrued interest receivable
Fair Value Disclosures
Total assets	4,283	3,838
Level 3
Fair Value Disclosures
Total assets		2,146
Level 3 | Fair Value | Loans receivable
Fair Value Disclosures
Total assets	$ 968,247	$ 823,996

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Outstanding loans	$ 0	$ 0
Deposits of related parties	1,700,000	1,600,000
Payment of related party expenses on corporate related matter	26,000
Kevin P. O'Malley, P.C Law Firm
Related Party Transaction [Line Items]
Payment of related party expenses on construction loans	$ 779,687	536,106
Payment of related party expenses on corporate related matter		$ 3,000

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition
Deposit-related fees and charges	$ 71	$ 77
Loan-related fees and charges	828	539
Electronic banking fees and charges	669	429
Gain (loss) on disposition of equipment	7	(61)
Income from bank owned life insurance	600	609
Investment advisory fees	514	425
Unrealized gain (loss) on equity securities	(389)	288
Miscellaneous	54	207
Total Non-Interest Income	$ 2,354	$ 2,513

Parent Company Only Financial_3

Parent Company Only Financial Information - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and due from banks	$ 8,344	$ 7,613
Loans receivable, net of allowance for loan losses of $29 and $29, respectively	968,093	819,733
Total assets	1,225,070	968,221
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	13,540	8,857
Total liabilities	973,688	814,396
Total stockholders' equity	251,382	153,825	$ 142,113
Total liabilities and stockholders' equity	1,225,070	968,221
Parent Company [Member]
ASSETS
Cash and due from banks	44,388	5,844
Investment in subsidiary	194,497	142,179
Loans receivable, net of allowance for loan losses of $29 and $29, respectively	4,477	3,917
ESOP loan receivable	8,973	2,051
Total assets	252,335	153,991
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	953	166
Total liabilities	953	166
Total stockholders' equity	251,382	153,825
Total liabilities and stockholders' equity	$ 252,335	$ 153,991

Parent Company Only Financial_4

Parent Company Only Financial Information - Condensed Statements of Financial Condition (Parentheticals) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Allowance for loan losses	$ 5,242	$ 5,088	$ 4,611
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Allowance for loan losses	$ 29	$ 29

Parent Company Only Financial_5

Parent Company Only Financial Information - Condensed Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]
Interest income - loans	$ 47,898	$ 48,202
Interest income - interest-earning deposits	115	360
Provision for loan losses	(3,610)	(814)
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiary	15,574	15,611
Income tax expense	3,669	3,282
Net Income	11,905	12,329
Comprehensive Income	11,951	12,245
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Interest income - loans	287	268
Interest income - ESOP loan	289	196
Interest income - interest-earning deposits	1	14
Provision for loan losses		11
Operating expenses	(248)	(208)
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiary	329	259
Income tax expense	82	65
Income before Equity in Undistributed Earnings of Subsidiary	247	194
Equity in undistributed earnings of subsidiary	11,658	12,135
Net Income	11,905	12,329
Comprehensive Income	$ 11,951	$ 12,245

Parent Company Only Financial_6

Parent Company Only Financial Information - Statements of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net income	$ 11,905	$ 12,329
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan losses	3,610	814
Net Cash Provided by Operating Activities	21,556	15,663
Cash Flows from Investing Activities
Net Cash (Used in) Provided by Investing Activities	(178,863)	(72,116)
Cash Flows from Financing Activities
Cash dividends paid	(2,261)	(1,008)
Loan to ESOP	(7,828)
Issuance of common stock	95,390
Net Cash Provided by (Used in) Financing Activities	240,385	(2,031)
Net Increase (Decrease) in Cash and Cash Equivalents	83,078	(58,484)
Cash and Cash Equivalents - Beginning	69,191	127,675
Cash and Cash Equivalents - Ending	152,269	69,191
Parent Company [Member]
Cash Flows from Operating Activities
Net income	11,905	12,329
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of subsidiary	(11,658)	(12,135)
Provision for loan losses		(11)
(Increase) decrease in other liabilities	161	(3)
Net Cash Provided by Operating Activities	408	202
Cash Flows from Investing Activities
Repayment of ESOP loan	906	321
Net (increase) decrease in loans	(560)	430
Capital infusion to subsidiary	(47,511)
Net Cash (Used in) Provided by Investing Activities	(47,165)	751
Cash Flows from Financing Activities
Cash dividends paid	(2,261)	(1,008)
Loan to ESOP	(7,828)
Issuance of common stock	95,390
Net Cash Provided by (Used in) Financing Activities	85,301	(1,008)
Net Increase (Decrease) in Cash and Cash Equivalents	38,544	(55)
Cash and Cash Equivalents - Beginning	5,844	5,899
Cash and Cash Equivalents - Ending	$ 44,388	$ 5,844