Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Jun. 23, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Entity Registrant Name | ECB Bancorp, Inc. | |
Entity Central Index Key | 0001914605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 333-263449 | |
Entity Tax Identification Number | 88-1502079 | |
Entity Address, Address Line One | 419 Broadway | |
Entity Address, City or Town | Everett | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02149 | |
City Area Code | 617 | |
Local Phone Number | 387-1110 | |
Entity Incorporation, State or Country Code | MD |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 4,854 | $ 7,326 |
Short-term investments | 40,919 | 23,749 |
Federal funds sold | 6,013 | 21,900 |
Total cash and cash equivalents | 51,786 | 52,975 |
Interest-bearing time deposits | 300 | 0 |
Investments in available-for-sale securities (at fair value) | 5,029 | 5,010 |
Investments in held-to-maturity securities, at cost (fair values of $66,885 at March 31, 2022 and $65,556 at December 31, 2021) | 70,560 | 65,571 |
Federal Home Loan Bank stock, at cost | 1,087 | 1,087 |
Loans held-for-sale | 334 | 1,301 |
Loans, net of allowance for loan losses of $4,357 as of March 31, 2022 (unaudited) and $4,236 as of December 31, 2021 | 534,771 | 517,131 |
Premises and equipment, net | 3,762 | 3,784 |
Accrued interest receivable | 1,537 | 1,481 |
Deferred tax asset, net | 2,877 | 2,971 |
Bank-owned life insurance | 14,236 | 14,135 |
Other assets | 2,360 | 1,043 |
Total assets | 688,639 | 666,489 |
Deposits: | ||
Noninterest-bearing | 86,993 | 83,288 |
Interest-bearing | 504,293 | 488,443 |
Total deposits | 591,286 | 571,731 |
Federal Home Loan Bank advances | 10,475 | 9,000 |
Other liabilities | 8,207 | 8,485 |
Total liabilities | 609,968 | 589,216 |
Equity: | ||
Surplus | 78,739 | 77,356 |
Accumulated other comprehensive loss | (68) | (83) |
Total equity | 78,671 | 77,273 |
Total liabilities and equity | $ 688,639 | $ 666,489 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||||
Fair value of investments in held-to-maturity securities | $ 66,885 | $ 65,556 | ||
Allowance for loan losses | $ 4,357 | $ 4,236 | $ 3,966 | $ 3,876 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income: | ||
Interest and fees on loans | $ 5,263 | $ 5,164 |
Interest and dividends on securities | 331 | 246 |
Other interest income | 16 | 9 |
Total interest and dividend income | 5,610 | 5,419 |
Interest expense: | ||
Interest on deposits | 660 | 1,031 |
Interest on Federal Home Loan Bank advances | 30 | 42 |
Total interest expense | 690 | 1,073 |
Net interest and dividend income | 4,920 | 4,346 |
Provision for loan losses | 121 | 90 |
Net interest and dividend income after provision for loan losses | 4,799 | 4,256 |
Noninterest income: | ||
Customer service fees | 100 | 100 |
Income from bank-owned life insurance | 101 | 63 |
Net gain on sales of loans | 45 | 120 |
Other income | 5 | 6 |
Total noninterest income | 251 | 289 |
Noninterest expense: | ||
Salaries and employee benefits | 1,987 | 1,677 |
Director compensation | 106 | 91 |
Occupancy and equipment expense | 183 | 187 |
Data processing | 170 | 168 |
Computer software and licensing fees | 46 | 92 |
Advertising and promotions | 138 | 181 |
Professional fees | 165 | 110 |
Federal Deposit Insurance Corporation assessment | 45 | 39 |
Other expense | 332 | 240 |
Total noninterest expense | 3,172 | 2,785 |
Income before income tax expense | 1,878 | 1,760 |
Income tax expense | 495 | 471 |
Net income | $ 1,383 | $ 1,289 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 1,383 | $ 1,289 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding gain (loss) on securities available-for-sale | 15 | (10) |
Other comprehensive income (loss), net of tax | 15 | (10) |
Comprehensive income | $ 1,398 | $ 1,279 |
Statement of Changes in Equity
Statement of Changes in Equity (unaudited) - USD ($) $ in Thousands | Total | Surplus | Accumulated Other Comprehensive Loss |
Beginning balance at Dec. 31, 2020 | $ 73,034 | $ 73,314 | $ (280) |
Net income | 1,289 | 1,289 | 0 |
Other comprehensive income (loss), net of tax effect | (10) | 0 | (10) |
Ending balance at Mar. 31, 2021 | 74,313 | 74,603 | (290) |
Beginning balance at Dec. 31, 2021 | 77,273 | 77,356 | (83) |
Net income | 1,383 | 1,383 | 0 |
Other comprehensive income (loss), net of tax effect | 15 | 0 | 15 |
Ending balance at Mar. 31, 2022 | $ 78,671 | $ 78,739 | $ (68) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 1,383 | $ 1,289 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of securities, net | 61 | 93 |
Provision for loan losses | 121 | 90 |
Change in deferred loan costs/fees | (64) | 136 |
Gain on sales of loans | (45) | (120) |
Proceeds from sales of loans held-for-sale | 2,826 | 7,789 |
Origination of loans held-for-sale | (1,814) | (7,228) |
Depreciation and amortization | 73 | 80 |
(Increase) decrease in accrued interest receivable | (56) | 186 |
Income from bank-owned life insurance | (101) | (63) |
Deferred tax expense | 89 | 0 |
(Increase) decrease in other assets | (1,317) | 11 |
Decrease in other liabilities | (278) | (163) |
Net cash provided by operating activities | 878 | 2,100 |
Cash flows from investing activities: | ||
Purchases of held-to-maturity securities | (8,793) | (12,376) |
Proceeds from paydowns and maturities of held-to-maturity securities | 3,744 | 3,979 |
Purchase of interest-bearing time deposits | (300) | 0 |
Loan originations and principal collections, net | (17,697) | (8,501) |
Capital expenditures | (51) | (81) |
Net cash used in investing activities | (23,097) | (16,979) |
Cash flows from financing activities: | ||
Net increase in demand deposits, NOW and savings accounts | 21,946 | 32,853 |
Net (decrease) increase in time deposits | (2,391) | 8,048 |
Proceeds from long-term Federal Home Loan Bank advances | 1,475 | 4,000 |
Repayments of long-term Federal Home Loan Bank advances | 0 | (3,000) |
Net cash provided by financing activities | 21,030 | 41,901 |
Net (decrease) increase in cash and cash equivalents | (1,189) | 27,022 |
Cash and cash equivalents at beginning of year | 52,975 | 43,411 |
Cash and cash equivalents at end of year | 51,786 | 70,433 |
Supplemental disclosures: | ||
Interest paid | 641 | 1,060 |
Income taxes paid | $ 1,002 | $ 259 |
Plan of Conversion
Plan of Conversion | 3 Months Ended |
Mar. 31, 2022 | |
Plan Of Conversion Disclosure [Abstract] | |
Plan of Conversion | NOTE 1 - PLAN OF CONVERSION On March 9, 2022, the Board of Directors of the Bank adopted a Plan of Conversion under which the Bank would convert from a Massachusetts mutual co-operative bank into a Massachusetts stock co-operative bank and become the wholly owned subsidiary of a newly chartered stock holding company, ECB Bancorp, Inc. (the “Holding Company”). The Plan of Conversion is subject to the approval of various regulatory agencies. The Plan of Conversion was approved by the required vote of more than two-thirds of the Bank’s depositors present and voting at a special meeting of depositors held on May 5, 2022. The Plan of Conversion also includes the filing of a registration statement with the U.S. Securities and Exchange Commission. If such approvals and non-objections are obtained, the Holding Company will issue and sell shares of its common stock in a subscription offering to eligible depositors of the Bank, tax-qualified employee benefit plans established by the Bank or Holding Company, and other eligible subscribers, and, if necessary, in a community offering to the public. The offering costs of issuing the capital stock will be deferred and deducted from the proceeds of the offering. In the event the conversion and offering are not completed, any deferred costs will be charged to operations. At March 31, 2022 (unaudited) and December 31, 2021 , the Bank had incurred approximately $ 792,000 and $ 76,000 , respectively, in offering costs, which are included in other assets on the respective consolidated balance sheets. The Bank shall, at the time of the conversion, establish a Liquidation Account in an amount equal to the net worth of the Bank as of the date of the latest consolidated statement of financial condition contained in the final prospectus distributed in connection with the conversion. The function of the Liquidation Account is to establish a priority on liquidation. The Liquidation Account will be maintained by the Bank for the benefit of the eligible account holders who continue to maintain deposit accounts with the Bank following the conversion. Each eligible account holder shall, with respect to each deposit account, hold a related inchoate interest in a portion of the Liquidation Account balance, in relation to each deposit account balance at the eligibility record date, or to such balance as it may be subsequently reduced, as hereinafter provided. The initial Liquidation Account balance shall not be increased, and shall be subject to downward adjustment to the extent of any downward adjustment of any subaccount balance of any eligible account holder in accordance with the regulations of the Division of Banks of the Commonwealth of Massachusetts. In the unlikely event of a complete liquidation of the Bank (and only in such event), following all liquidation payments to creditors (including those to depositors to the extent of their deposit accounts) each eligible account holder shall be entitled to receive a liquidating distribution from the Liquidation Account, in the amount of the then-adjusted subaccount balances for his or her deposit accounts then held, before any liquidating distribution may be made to any holder of the Bank’s capital stock. The Bank may not declare or pay a cash dividend on its outstanding capital stock if the effect thereof would cause its regulatory capital to be reduced below the amount required to maintain the Liquidation Account and under FDIC rules and regulations. As part of the Plan of Conversion, the Bank intends to establish and fund a charitable foundation (the “Foundation”). The Foundation will be funded with $ 600,000 in cash and 260,000 shares of Holding Company common stock, equaling in the aggregate $ 3.2 million. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 2 – BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Everett Co-operative Bank have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated financial statements of Everett Co-operative Bank include the balances and results of operations of Everett Co-operative Bank and its wholly-owned subsidiary, First Everett Securities Corporation (referred to herein as “the Bank,” “we,” “us,” or “our”). Intercompany transactions and balances are eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Bank’s financial position as of March 31, 2022 and December 31, 2021 and the results of operations and cash flows for the interim periods ended March 31, 2022 and 2021. All interim amounts have not been audited, and the results of operations for the interim periods herein are not necessarily indicative of the results of operations to be expected for the fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 and accompanying notes thereto included in the Company’s Prospectus filed on Form S-1. Certain previously reported amounts have been reclassified to conform to the current period’s presentation. |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards Updates | NOTE 3 – RECENT ACCOUNTING STANDARDS UPDATES ECB Bancorp, Inc. (" the Company) qualifies as an emerging growth company (“EGC”) under the Jumpstart Our Business Startups Act of 2012 and has elected to defer the adoption of new or revised accounting standards until the nonpublic company effective dates. As such, the Company will adopt standards on the nonpublic company effective dates until such time that we no longer qualify as an EGC. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The amendments in this ASU affect entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this ASU replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU also requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a reporting entity’s portfolio. Additionally, this ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The Bank intends to adopt this ASU effective January 1, 2023. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). To date, the Bank has been assessing the key differences and gaps between its current allowance methodology with those it is considering to use upon adoption. This has included assessing the adequacy of existing data and finalizing a vendor selection for a loss model. The Bank expects to validate its model and execute a parallel run beginning in the second half of 2022. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits-Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this ASU remove disclosures that no longer are considered beneficial, clarify the specific requirements of disclosures, and add disclosures identified as relevant. Although narrow in scope, the amendments are considered an important part of FASB’s efforts to improve the effectiveness of disclosures in the notes to financial statements by applying concepts in the Concepts Statement. The amendment became effective on December 31, 2021 for the Bank. The adoption of this ASU did no t have a material effect on the Bank’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures . Update No. 2022-02 applies to public entities that have adopted ASU Topic 326. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loans refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. ASU 2022-02 also requires additional disclosure of current period gross write-offs by year of origination for financing receivables to be included in the entity's vintage disclosure, as currently required under Topic 326. All amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Bank is currently assessing the impact of the adoption of this standard on the Bank's consolidated financial statements. |
Investments in Securities
Investments in Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in Securities | NOTE 4 – INVESTMENTS IN SECURITIES Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost basis of securities and their approximate fair values are as follows at the dates indicated: Amortized Gross Gross Cost Unrealized Unrealized Fair Held-to-maturity: Basis Gains Losses Value (In Thousands) March 31, 2022 Debt securities issued by U.S. government-sponsored enterprises $ 8,604 $ 19 $ ( 373 ) $ 8,250 Mortgage-backed securities 48,415 38 ( 2,966 ) 45,487 Corporate bonds 10,638 — ( 384 ) 10,254 U.S. Treasury Securities 2,903 — ( 9 ) 2,894 Total held-to-maturity securities $ 70,560 $ 57 $ ( 3,732 ) $ 66,885 December 31, 2021 Debt securities issued by U.S. government-sponsored enterprises $ 10,107 $ 75 $ ( 142 ) $ 10,040 Mortgage-backed securities 44,818 311 ( 492 ) 44,637 Corporate bonds 10,646 233 — 10,879 Total held-to-maturity securities $ 65,571 $ 619 $ ( 634 ) $ 65,556 Amortized Gross Gross Cost Unrealized Unrealized Fair Available-for-sale Basis Gains Losses Value (In Thousands) March 31, 2022 Debt securities Corporate bonds $ 4,989 $ 40 $ — $ 5,029 Total available-for-sale securities $ 4,989 $ 40 $ — $ 5,029 December 31, 2021 Debt securities Corporate bonds $ 4,990 $ 20 $ — $ 5,010 Total available-for-sale securities $ 4,990 $ 20 $ — $ 5,010 The actual maturities of certain available for sale or held to maturity securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of available for sale and held to maturity securities as of March 31, 2022 is presented below: Available- for-sale Held-to-maturity Fair Amortized Fair Value Cost Basis Value (In Thousands) Within 1 year $ — $ 2,009 $ 2,023 After 1 year through 5 years 5,029 19,272 18,554 After 5 years through 10 years — 4,662 4,522 After 10 years — 44,617 41,786 Total $ 5,029 $ 70,560 $ 66,885 There were no sales of securities during the three months ended March 31, 2022 and 2021. There were no securities pledged as of March 31, 2022 and December 31, 2021. There were no securities of issuers whose aggregate carrying amount exceeded 10 % of equity as of March 31, 2022 and December 31, 2021. The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows as of March 31, 2022: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) As of March 31, 2022 Held-to-maturity Debt securities issued by U.S. government-sponsored enterprises $ - $ - $ 5,209 $ ( 373 ) $ 5,209 $ ( 373 ) Mortgage-backed securities 28,743 ( 1,603 ) 15,093 ( 1,363 ) 43,836 ( 2,966 ) Corporate Bonds 10,254 ( 384 ) - - 10,254 ( 384 ) U.S. Treasury Securities 2,894 ( 9 ) - - 2,894 ( 9 ) Total temporarily impaired securities $ 41,891 $ ( 1,996 ) $ 20,302 $ ( 1,736 ) $ 62,193 $ ( 3,732 ) Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. At March 31, 2022 , one debt security issued by a U.S. government-sponsored enterprise, forty-five mortgage backed securities, six corporate bonds and one U.S. treasury security had unrealized losses with aggregate depreciation of 6.68 %, 6.34 %, 3.61 % and 0.31 %, respectively, from the Bank’s amortized cost basis. These unrealized losses relate to changes in market interest rates since acquiring the securities. As management has the intent and ability to hold debt securities until maturity, no declines are deemed to be other-than-temporary. |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Credit Quality | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans, Allowance for Loan Losses and Credit Quality | NOTE 5 – LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY Loans consisted of the following as of the dates indicated: At March 31, At December 31, 2022 2021 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One- to four-family residential $ 268,214 49.7 % $ 259,673 49.8 % Multi-family 65,258 12.1 % 59,517 11.4 % Commercial 103,561 19.2 % 99,953 19.2 % Home equity lines of credit 26,626 4.9 % 26,050 5.0 % Construction 71,302 13.2 % 70,668 13.5 % Other loans Commercial loans 4,181 0.8 % 5,439 1.0 % Consumer 355 0.1 % 500 0.1 % 539,497 521,800 Less: Net deferred loan fees ( 369 ) ( 433 ) Allowance for losses ( 4,357 ) ( 4,236 ) Total loans, net $ 534,771 $ 517,131 Certain directors and executive officers of the Bank and companies in which they have a significant ownership interest are also customers of the Bank. Total outstanding loan balances to such persons and their companies amounted to $ 1,320,000 and $ 1,257,000 as of March 31, 2022 and December 31, 2021 , respectively. The following table sets forth the activity for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In Thousands) Beginning Balance $ 1,257 $ 1,268 New Loans — 450 Advances 100 — Paydowns ( 37 ) ( 794 ) Ending Balance $ 1,320 $ 924 The following tables set forth information regarding the allowance for loan losses as of and for the three months ended March 31, 2022 and 2021: Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Unallocated Total (In Thousands) As of March 31, 2022 Allowance for loan losses Beginning balance $ 1,271 $ 417 $ 1,099 $ 185 $ 855 $ 60 $ 2 $ 347 $ 4,236 Charge-offs — — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) 40 46 51 6 16 ( 10 ) ( 1 ) ( 27 ) 121 Ending balance $ 1,311 $ 463 $ 1,150 $ 191 $ 871 $ 50 $ 1 $ 320 $ 4,357 Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 1,311 463 1,150 191 871 50 1 320 4,357 Total allowance for loan losses $ 1,311 $ 463 $ 1,150 $ 191 $ 871 $ 50 $ 1 $ 320 $ 4,357 Loans Ending balance: Individually evaluated for impairment $ 641 $ — $ — $ 99 $ — $ — $ — $ — $ 740 Collectively evaluated for impairment 267,573 65,258 103,561 26,527 71,302 4,181 355 — 538,757 Total Loans $ 268,214 $ 65,258 $ 103,561 $ 26,626 $ 71,302 $ 4,181 $ 355 $ — $ 539,497 Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Unallocated Total (In Thousands) As of March 31, 2021 Allowance for loan losses Beginning balance $ 1,167 $ 266 $ 1,175 $ 208 $ 802 $ 103 $ 4 $ 151 $ 3,876 Charge-offs — — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) ( 3 ) 56 ( 95 ) ( 28 ) ( 103 ) 13 ( 3 ) 253 90 Ending balance $ 1,164 $ 322 $ 1,080 $ 180 $ 699 $ 116 $ 1 $ 404 $ 3,966 Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 1,164 322 1,080 180 699 116 1 404 3,966 Total allowance for loan losses ending $ 1,164 $ 322 $ 1,080 $ 180 $ 699 $ 116 $ 1 $ 404 $ 3,966 Loans Ending balance: Individually evaluated for impairment $ 1,403 $ — $ 772 $ 99 $ — $ 4 $ — $ — $ 2,278 Collectively evaluated for impairment 240,914 47,313 90,025 26,047 61,318 11,500 399 — 477,516 Total Loans $ 242,317 $ 47,313 $ 90,797 $ 26,146 $ 61,318 $ 11,504 $ 399 $ — $ 479,794 The following tables set forth information regarding nonaccrual loans and past-due loans as of the dates indicated: 90 days Total or more Loans on 30–59 Days 60–89 Days 90 Days Past Due Total Total and accruing Non-accrual (in Thousands) As of March 31, 2022 Real estate loans: Residential $ 321 $ — $ 360 $ 681 $ 267,533 $ 268,214 $ — $ 641 Multi-family — — — — 65,258 65,258 — — Commercial — — — — 103,561 103,561 — — Home equity lines of credit — 99 — 99 26,527 26,626 — 99 Construction — — — — 71,302 71,302 — — Other loans: Commercial — — — — 4,181 4,181 — — Consumer — — — 355 355 — — $ 321 $ 99 $ 360 $ 780 $ 538,717 $ 539,497 $ — $ 740 90 days Total or more Loans on 30–59 Days 60–89 Days 90 Days Past Due Total Total and accruing Non-accrual (in Thousands) As of December 31, 2021 Real estate loans: Residential $ — $ 88 $ 817 $ 905 $ 258,768 $ 259,673 $ — $ 883 Multi-family — — — — 59,517 59,517 — — Commercial — — — — 99,953 99,953 — — Home equity lines of credit 99 — — 99 25,951 26,050 — 99 Construction — — — — 70,668 70,668 — — Other loans: Commercial — — — — 5,439 5,439 — — Consumer 1 — — 1 499 500 — — $ 100 $ 88 $ 817 $ 1,005 $ 520,795 $ 521,800 $ — $ 982 Information about loans that meet the definition of an impaired loan in Accounting Standards Codification (ASC) 310-10-35 is as follows as of and for the three months ended March 31 2022 and 2021: As of March 31, 2022 Three Months Ended March 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2022 With no related allowance recorded: Real estate loans: Residential $ 641 $ 641 $ — $ 685 $ 7 Multi-family — — — — — Commercial — — — — — Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial — — — — — Total impaired with no related allowance 740 740 — 784 8 With an allowance recorded: Real estate loans: Residential — — — — — Multi-family — — — — — Home equity lines of credit and loans — — — — — Commercial — — — — — Construction — — — — — Other loans: Commercial — — — — — Total impaired with a related allowance — — — — — Total Real estate loans: Residential 641 641 — 685 7 Multi-family — — — — — Commercial — — — — — Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial — — — — — Total impaired loans $ 740 $ 740 $ — $ 784 $ 8 As of March 31, 2021 Three Months Ended March 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2021 With no related allowance recorded: Real estate loans: Residential $ 1,403 $ 1,403 $ — $ 906 $ 6 Multi-family — — — — — Commercial 772 772 — 774 14 Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial 4 4 — 4 — Total impaired with no related allowance 2,278 2,278 — 1,783 21 With an allowance recorded: Real estate loans: Residential — — — — — Multi-family — — — — — Home equity lines of credit and loans Commercial — — — — — Construction — — — — — Other loans: Commercial — — — — — Total impaired with a related allowance — — — — — Total Real estate loans: Residential 1,403 1,403 — 906 6 Multi-family — — — — — Commercial 772 772 — 774 14 Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial 4 4 — 4 — Total impaired loans $ 2,278 $ 2,278 $ — $ 1,783 $ 21 The Bank classifies loan modifications as TDRs when a borrower is experiencing financial difficulties and it has granted a concession to the borrower. All TDRs, regardless of size, are evaluated for impairment individually to determine the probable loss content and are assigned a specific loan allowance, if deemed appropriate, in the determination of the allowance for loan losses. The financial effects of TDRs are reflected in the components that comprise the allowance for loan losses in either the amount of charge-offs or loan loss provision and ultimate allowance level. During the three months ended March 31, 2022 and 2021 , there were no loans that were modified in a troubled debt restructuring. During the three months ended March 31, 2022 and 2021 , there were no loans modified as TDR loans that subsequently defaulted within one year of the modification. As of March 31, 2022 and December 31, 2021 , there were no commitments to lend additional funds to borrowers whose loans were modified as troubled debt restructurings. The Bank has granted COVID-19 related loan modifications in accordance with the provisions of Section 4013 of the CARES Act. These modifications generally included payment deferrals of principal and/or interest for a period of time with the deferred interest either capitalized to the loan amount or due as a balloon payment at maturity. As of March 31, 2022 and December 31, 2021 , there were no loans that were still subject to a COVID-19 related loan modification agreement. The following tables present the Bank’s loans by risk rating as of the dates indicated: Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Total (In Thousands) As of March 31, 2022 Grade Pass $ 34,125 $ 65,258 $ 103,561 $ 4,408 $ 65,245 $ 4,081 $ - $ 276,678 Special 727 - - 99 - 100 - 926 Substandard - - - - - - - - Doubtful - - - - - - - - Loans not 233,362 - - 22,119 6,057 - 355 261,893 $ 268,214 $ 65,258 $ 103,561 $ 26,626 $ 71,302 $ 4,181 $ 355 $ 539,497 Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Total (In Thousands) As of December 31, 2021 Grade Pass $ 34,613 $ 59,517 $ 99,953 $ 624 $ 64,623 $ 5,339 $ - $ 264,669 Special mention 970 - - 99 394 100 - 1,563 Substandard - - - - - - - - Doubtful - - - - - - - - Loans not 224,090 - - 25,327 5,651 - 500 255,568 $ 259,673 $ 59,517 $ 99,953 $ 26,050 $ 70,668 $ 5,439 $ 500 $ 521,800 Credit Quality Information The Bank utilizes a seven grade internal loan rating system for multi-family and commercial real estate, construction, commercial loans and certain residential and home equity lines of credit as follows: Loans rated 1 – 3: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 4: Loans in this category are considered “special mention.” These loans are starting to show signs of potential weakness and are being closely monitored by management. Loans rated 5: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Bank will sustain some loss if the weakness is not corrected. Loans rated 6: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 7: Loans in this category are considered uncollectible (loss) and of such little value that their continuance as loans is not warranted. On an annual basis, or more often if needed, the Bank formally reviews the ratings on all commercial and industrial loans with aggregate potential outstanding balances of $ 500,000 or more, and all other commercial loans (including multi-family and construction loans as well as residential and home equity line of credit loans to commercial borrowers) with aggregate potential outstanding balances of $ 750,000 or more. For all other loans, the Bank initially assesses credit quality based upon the borrower’s ability to pay and subsequently monitors these loans based on the borrower’s payment activity. There was one consumer mortgage loan in the amount of $ 243,000 that was secured by residential real estate in the process of foreclosure as of March 31, 2022 and December 31, 2021 . |
Employee Benefits
Employee Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Defined Benefit Plan [Abstract] | |
Employee Benefits | NOTE 6 – EMPLOYEE BENEFITS Pension Plans Defined Benefit Plan The Bank provides pension benefits for its employees through membership in the Defined Benefit Plan of the Co-operative Banks Employees Retirement Association (CBERA) (the Plan). The Plan is a multi-employer plan whereby the contributions by each bank are not restricted to provide benefits to the employees of the contributing bank. Each employee reaching the age of 21 and having completed at least one year of service automatically becomes eligible to participate in the Plan. Participants become vested after completion of six years of eligible service. At the December 15, 2021 Bank Board of Directors meeting, the Directors voted to freeze benefit accruals and withdraw from the CBERA Plan as of April 30, 2022. The Bank recorded a liability as of December 31, 2021 and a related expense, each in the amount of $ 2,001,000 , related to this withdrawal. For the three months ended March 31, 2022 a benefit of $ 341,000 was recorded to reflect a reduction in the liability related to the pending withdrawal from the defined benefit plan. The reduction was primarily driven by increases in interest rates since December 31, 2021, which caused defined benefit plan discount rates to rise. The liability as of March 31, 2022 was $ 1,660,000 . In May of 2022, the final withdrawal liability was determined to be $ 1,419,000 , which resulted in a benefit of $ 241,000 , which was recorded in May of 2022. The Bank paid the final amount and has withdrawn from the plan. 401(k) Plan In addition to the defined benefit plan, the Bank has adopted a savings plan which qualifies under Section 401(k) of the Internal Revenue Code and provides for voluntary contributions by participating employees ranging from one percent to fifty percent of their compensation, subject to certain limitations based on federal tax laws. The Bank makes matching contributions equal to 100 % of each employee’s voluntary contributions, up to seven percent of the employee’s compensation. Total pension expense related to the 401(k) plan for the three months ended March 31, 2022 and 2021 amounted to $ 85,000 and $ 61,000 , respectively. Employee Incentive Plan The Bank provides an employee incentive plan which is approved annually by the Board of Directors, based on various factors. The employee incentive plan expense for the three months ended March 31, 2022 and 2021 amounted to $ 266,000 and $ 137,000 , respectively. Supplemental Executive Retirement Plan (SERP) The Bank formed a SERP for certain executive officers. This plan provides nonfunded retirement benefits designed to supplement benefits available through the Bank’s retirement plan for employees. The expense for the three months ended March 31, 2022 and 2021 amounted to $ 25,000 and $ 30,000 , respectively. Director Fee Continuation Plan (DFCP) Effective January 1, 2017, the Bank established a Director Fee Continuation Plan which provides supplemental retirement benefits for directors. Under the DFCP, individuals who are directors as of the effective date of the DFCP are 100 % vested in their benefits. Individuals who become directors after the effective date shall be fully vested in their accounts after having served on the Board of Directors for twelve years. The expense for the three months ended March 31, 2022 and 2021 amounted to $ 32,000 and $ 28,000 , respectively. Supplemental Executive Retirement Agreement On January 1, 2018, the Bank entered into a supplemental executive retirement agreement with an executive officer whereby the Bank is obligated to provide post-retirement salary continuation benefits equal to 60 % of the executive officer’s final average compensation, as defined. Benefits are 100 % vested, commence upon retirement, and are payable based on a ten-year certain and life annuity. The liability for the Plan amounted to $ 2,519,000 and $ 2,332,000 as of March 31, 2022 and December 31, 2021, respectively. The expense recognized for the Plan for the three months ended March 31, 2022 and 2021 amounted to $ 187,000 and $ 204,000 , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 7 - FAIR VALUE MEASUREMENTS ASC 820-10, Fair Value Measurement – Overall, provides a framework for measuring fair value under U.S. GAAP. This guidance also allows an entity the irrevocable option to elect fair value for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. In accordance with ASC 820-10, the Bank groups its financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 – Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or comparable assets or liabilities. Level 3 – Valuations for assets and liabilities that are derived from other methodologies, including option pricing models, discounted cash flow models and similar techniques, and are not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets and liabilities. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Bank’s financial assets and financial liabilities carried at fair value for March 31, 2022 and December 31, 2021. The Bank’s investment in debt instruments available for sale is generally classified within Level 2 of the fair value hierarchy. For those securities, the Bank obtains fair value measurements from independent pricing services. The fair value measurements consider observable data that considers standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. The Bank’s impaired loans are reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using appraisals of similar properties obtained from a third party, and are adjusted for selling costs. These appraised values may be discounted based on management’s historical knowledge, expertise, or changes in the market conditions from time of valuation. For Level 3 inputs, fair values are based upon management’s estimates of the value of the underlying collateral or the present value of the expected cash flows. As of March 31, 2022 and December 31, 2021, the following summarizes assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Quoted Prices Significant Significant in Active Other Unobservable Markets for Observable Inputs Identical Assets Inputs Level 3 Level 1 Level 2 (In Thousands) March 31, 2022 Corporate bonds $ 5,029 $ — $ 5,029 $ — $ — Total available for-sale-securities $ 5,029 $ — $ 5,029 $ — December 31, 2021 Corporate bonds $ 5,010 $ — $ 5,010 $ — Total available for-sale-securities $ 5,010 $ — $ 5,010 $ — Under certain circumstances, the Bank makes adjustments to its assets and liabilities although they are not measured at fair value on an ongoing basis. As of March 31, 2022 and December 31, 2021 , the Bank had no assets or liabilities for which a nonrecurring change in fair value had been recorded. ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. ASU 2016-01 requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. The exit price notion is a market-based measurement of fair value that is represented by the price to sell an asset or transfer a liability in the principal market (or most advantageous market in the absence of a principal market) on the measurement date. For March 31, 2022 and December 31, 2021, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. March 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In Thousands) Financial assets: Cash and cash equivalents $ 51,786 $ 51,786 $ 51,786 $ - $ - Interest bearing time deposits 300 300 - 300 - Held-to-maturity securities 70,560 66,885 - 66,885 - Federal Home Loan Bank stock 1,087 1,087 - 1,087 - Loans, net 534,771 528,430 - - 528,430 Loans held for sale 334 334 - 341 - Accrued interest receivable 1,537 1,537 1,537 - - Bank-owned life insurance 14,236 14,236 - 14,236 - Financial liabilities: Deposits, other than certificates of deposit $ 366,857 $ 366,857 $ - $ 366,857 $ - Certificates of deposit 224,429 220,713 - 220,713 - Federal Home Loan Bank advances 10,475 10,089 - 10,089 - Accrued interest payable 88 88 88 - - December 31, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In Thousands) Financial assets: Cash and cash equivalents $ 52,975 $ 52,975 $ 52,975 $ - $ - Held-to-maturity securities 65,571 65,556 - 65,556 - Federal Home Loan Bank stock 1,087 1,087 - 1,087 - Loans, net 517,131 517,167 - - 517,167 Loans held for sale 1,301 1,322 - 1,322 - Accrued interest receivable 1,481 1,481 1,481 - - Bank-owned life insurance 14,135 14,135 - 14,135 - Financial liabilities: Deposits, other than certificates of deposit $ 344,911 $ 344,911 $ - $ 344,911 $ - Certificates of deposit 226,820 227,265 - 227,265 - Federal Home Loan Bank advances 9,000 8,969 - 8,969 - Accrued interest payable 39 39 39 - - |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 – COMMITMENTS AND CONTINGENCIES The Bank 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 include commitments to extend credit and letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The Bank’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 Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments to extend credit are 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 Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies but usually includes income producing commercial properties or residential real estate. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance by a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. As of March 31, 2022 and December 31, 2021 , the maximum potential amount of the Bank’s obligation was $ 13,000 and $ 13,000 , respectively, for standby letters of credit. The Bank’s outstanding letters of credit generally have a term of less than one year . If a letter of credit is drawn upon, the Bank may seek recourse through the customer’s underlying line of credit. If the customer’s line of credit is also in default, the Bank may take possession of the collateral, if any, securing the line of credit. Amounts of financial instrument liabilities whose contract amounts represent off-balance sheet credit risk are as follows as of March 31, 2022: March 31, 2022 December 31, 2021 (In Thousands) Commitments to originate loans $ 55,523 $ 24,658 Unadvanced funds on lines of credit 46,144 45,548 Unadvanced funds on construction loans 35,765 37,352 Letters of credit 13 13 $ 137,445 $ 107,571 The Bank accrues for credit losses related to off-balance sheet financial instruments. Potential losses on off-balance sheet loan commitments are estimated using the same risk factors used to determine the allowance for loan losses. The allowance for off-balance sheet loan losses is recorded within other liabilities on the consolidated balance sheets and amounted to $ 254,000 and $ 235,000 as of March 31, 2022 and December 31, 2021 , respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | NOTE 9 – OTHER COMPREHENSIVE INCOME (LOSS) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the consolidated balance sheets, such items, along with net income, are components of comprehensive income. The com ponents of other comprehensive income (loss) and related tax effects are as follows for the three months ended March 31 2022 and 2021: Three months ended March 31, 2022 2021 (In thousands) Unrealized gains (losses) on securities: Net unrealized holding gains (losses) on available-for-sale securities $ 20 $ ( 13 ) Reclassification adjustment for realized gains in net income — — 20 ( 13 ) Income tax (expense) benefit ( 5 ) 3 Net-of-tax amount 15 ( 10 ) Other comprehensive income (loss), net of tax $ 15 $ ( 10 ) Accumulated other comprehensive loss as of March 31, 2022 and December 31, 2021 consists of unrecognized benefit costs, net of taxes, and unrealized holding gains on securities available for sale, net of tax, as follows: As of March 31, 2022 As of December 31, 2021 (In thousands) Net unrealized holding gains on securities available-for-sale, net of tax $ 29 $ 14 Unrecognized SERP costs, net of tax ( 53 ) ( 53 ) Unrecognized director fee continuation plan costs, net of tax ( 44 ) ( 44 ) Accumulated other comprehensive loss $ ( 68 ) $ ( 83 ) |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | NOTE 10 – REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Management believes, as of March 31, 2022, that the Bank meets all capital adequacy requirements to which it is subject. As of March 31, 2022, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the bank’s category. The Bank’s actual capital amounts and ratios are also presented in the table as of the dates indicated: Minimum To Be Well Capitalized Under Minimum For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2022 Total Capital (to Risk Weighted Assets) $ 83,350 18.05 % $ 36,945 8.0 % $ 46,181 10.0 % Tier 1 Capital (to Risk Weighted Assets) 78,739 17.05 % 27,709 6.0 % 36,945 8.0 % Common Equity Tier 1 Capital (to Risk Weighted 78,739 17.05 % 20,782 4.5 % 30,018 6.5 % Tier 1 Capital (to Average Assets) 78,739 11.78 % 26,740 4.0 % 33,425 5.0 % As of December 31, 2021 Total Capital (to Risk Weighted Assets) $ 81,827 17.77 % $ 36,842 8.0 % $ 46,052 10.0 % Tier 1 Capital (to Risk Weighted Assets) 77,356 16.80 % 27,631 6.0 % 36,842 8.0 % Common Equity Tier 1 Capital (to Risk Weighted 77,356 16.80 % 20,723 4.5 % 29,934 6.5 % Tier 1 Capital (to Average Assets) 77,356 11.83 % 26,164 4.0 % 32,705 5.0 % |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 - SUBSEQUENT EVENTS As discussed in Note 1, the Plan of Conversion was approved by the required vote of more than two-thirds of the Bank’s depositors present and voting at a special meeting of depositors held on May 5, 2022. As discussed in Note 6, in May of 2022, the final pension withdrawal liability was determined to be $ 1,419,000 , which resulted in a benefit of $ 241,000 , which was recorded in May of 2022. The Bank paid the final amount and has withdrawn from the defined benefit pension plan. |
Investments in Securities (Tabl
Investments in Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Held-to-Maturity Securities | Investments in securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost basis of securities and their approximate fair values are as follows at the dates indicated: Amortized Gross Gross Cost Unrealized Unrealized Fair Held-to-maturity: Basis Gains Losses Value (In Thousands) March 31, 2022 Debt securities issued by U.S. government-sponsored enterprises $ 8,604 $ 19 $ ( 373 ) $ 8,250 Mortgage-backed securities 48,415 38 ( 2,966 ) 45,487 Corporate bonds 10,638 — ( 384 ) 10,254 U.S. Treasury Securities 2,903 — ( 9 ) 2,894 Total held-to-maturity securities $ 70,560 $ 57 $ ( 3,732 ) $ 66,885 December 31, 2021 Debt securities issued by U.S. government-sponsored enterprises $ 10,107 $ 75 $ ( 142 ) $ 10,040 Mortgage-backed securities 44,818 311 ( 492 ) 44,637 Corporate bonds 10,646 233 — 10,879 Total held-to-maturity securities $ 65,571 $ 619 $ ( 634 ) $ 65,556 |
Schedule of Available-for-Sale Securities | Amortized Gross Gross Cost Unrealized Unrealized Fair Available-for-sale Basis Gains Losses Value (In Thousands) March 31, 2022 Debt securities Corporate bonds $ 4,989 $ 40 $ — $ 5,029 Total available-for-sale securities $ 4,989 $ 40 $ — $ 5,029 December 31, 2021 Debt securities Corporate bonds $ 4,990 $ 20 $ — $ 5,010 Total available-for-sale securities $ 4,990 $ 20 $ — $ 5,010 |
Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities | A schedule of the contractual maturities of available for sale and held to maturity securities as of March 31, 2022 is presented below: Available- for-sale Held-to-maturity Fair Amortized Fair Value Cost Basis Value (In Thousands) Within 1 year $ — $ 2,009 $ 2,023 After 1 year through 5 years 5,029 19,272 18,554 After 5 years through 10 years — 4,662 4,522 After 10 years — 44,617 41,786 Total $ 5,029 $ 70,560 $ 66,885 |
Aggregate Fair Value and Unrealized Losses of Securities in a Continuous Unrealized Loss Position | The aggregate fair value and unrealized losses of securities that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more, and are not other-than-temporarily impaired, are as follows as of March 31, 2022: Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) As of March 31, 2022 Held-to-maturity Debt securities issued by U.S. government-sponsored enterprises $ - $ - $ 5,209 $ ( 373 ) $ 5,209 $ ( 373 ) Mortgage-backed securities 28,743 ( 1,603 ) 15,093 ( 1,363 ) 43,836 ( 2,966 ) Corporate Bonds 10,254 ( 384 ) - - 10,254 ( 384 ) U.S. Treasury Securities 2,894 ( 9 ) - - 2,894 ( 9 ) Total temporarily impaired securities $ 41,891 $ ( 1,996 ) $ 20,302 $ ( 1,736 ) $ 62,193 $ ( 3,732 ) |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following as of the dates indicated: At March 31, At December 31, 2022 2021 Amount Percent Amount Percent (Dollars in thousands) Real estate loans: One- to four-family residential $ 268,214 49.7 % $ 259,673 49.8 % Multi-family 65,258 12.1 % 59,517 11.4 % Commercial 103,561 19.2 % 99,953 19.2 % Home equity lines of credit 26,626 4.9 % 26,050 5.0 % Construction 71,302 13.2 % 70,668 13.5 % Other loans Commercial loans 4,181 0.8 % 5,439 1.0 % Consumer 355 0.1 % 500 0.1 % 539,497 521,800 Less: Net deferred loan fees ( 369 ) ( 433 ) Allowance for losses ( 4,357 ) ( 4,236 ) Total loans, net $ 534,771 $ 517,131 |
Summary of Activity for Loans | The following table sets forth the activity for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In Thousands) Beginning Balance $ 1,257 $ 1,268 New Loans — 450 Advances 100 — Paydowns ( 37 ) ( 794 ) Ending Balance $ 1,320 $ 924 |
Schedule of Information Regarding Allowance for Loan Losses | The following tables set forth information regarding the allowance for loan losses as of and for the three months ended March 31, 2022 and 2021: Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Unallocated Total (In Thousands) As of March 31, 2022 Allowance for loan losses Beginning balance $ 1,271 $ 417 $ 1,099 $ 185 $ 855 $ 60 $ 2 $ 347 $ 4,236 Charge-offs — — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) 40 46 51 6 16 ( 10 ) ( 1 ) ( 27 ) 121 Ending balance $ 1,311 $ 463 $ 1,150 $ 191 $ 871 $ 50 $ 1 $ 320 $ 4,357 Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 1,311 463 1,150 191 871 50 1 320 4,357 Total allowance for loan losses $ 1,311 $ 463 $ 1,150 $ 191 $ 871 $ 50 $ 1 $ 320 $ 4,357 Loans Ending balance: Individually evaluated for impairment $ 641 $ — $ — $ 99 $ — $ — $ — $ — $ 740 Collectively evaluated for impairment 267,573 65,258 103,561 26,527 71,302 4,181 355 — 538,757 Total Loans $ 268,214 $ 65,258 $ 103,561 $ 26,626 $ 71,302 $ 4,181 $ 355 $ — $ 539,497 Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Unallocated Total (In Thousands) As of March 31, 2021 Allowance for loan losses Beginning balance $ 1,167 $ 266 $ 1,175 $ 208 $ 802 $ 103 $ 4 $ 151 $ 3,876 Charge-offs — — — — — — — — — Recoveries — — — — — — — — — Provision (benefit) ( 3 ) 56 ( 95 ) ( 28 ) ( 103 ) 13 ( 3 ) 253 90 Ending balance $ 1,164 $ 322 $ 1,080 $ 180 $ 699 $ 116 $ 1 $ 404 $ 3,966 Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment 1,164 322 1,080 180 699 116 1 404 3,966 Total allowance for loan losses ending $ 1,164 $ 322 $ 1,080 $ 180 $ 699 $ 116 $ 1 $ 404 $ 3,966 Loans Ending balance: Individually evaluated for impairment $ 1,403 $ — $ 772 $ 99 $ — $ 4 $ — $ — $ 2,278 Collectively evaluated for impairment 240,914 47,313 90,025 26,047 61,318 11,500 399 — 477,516 Total Loans $ 242,317 $ 47,313 $ 90,797 $ 26,146 $ 61,318 $ 11,504 $ 399 $ — $ 479,794 |
Schedule of Information Regarding Nonaccrual Loans and Past Due Loans | The following tables set forth information regarding nonaccrual loans and past-due loans as of the dates indicated: 90 days Total or more Loans on 30–59 Days 60–89 Days 90 Days Past Due Total Total and accruing Non-accrual (in Thousands) As of March 31, 2022 Real estate loans: Residential $ 321 $ — $ 360 $ 681 $ 267,533 $ 268,214 $ — $ 641 Multi-family — — — — 65,258 65,258 — — Commercial — — — — 103,561 103,561 — — Home equity lines of credit — 99 — 99 26,527 26,626 — 99 Construction — — — — 71,302 71,302 — — Other loans: Commercial — — — — 4,181 4,181 — — Consumer — — — 355 355 — — $ 321 $ 99 $ 360 $ 780 $ 538,717 $ 539,497 $ — $ 740 90 days Total or more Loans on 30–59 Days 60–89 Days 90 Days Past Due Total Total and accruing Non-accrual (in Thousands) As of December 31, 2021 Real estate loans: Residential $ — $ 88 $ 817 $ 905 $ 258,768 $ 259,673 $ — $ 883 Multi-family — — — — 59,517 59,517 — — Commercial — — — — 99,953 99,953 — — Home equity lines of credit 99 — — 99 25,951 26,050 — 99 Construction — — — — 70,668 70,668 — — Other loans: Commercial — — — — 5,439 5,439 — — Consumer 1 — — 1 499 500 — — $ 100 $ 88 $ 817 $ 1,005 $ 520,795 $ 521,800 $ — $ 982 |
Schedule of Information About Impaired Loan | Information about loans that meet the definition of an impaired loan in Accounting Standards Codification (ASC) 310-10-35 is as follows as of and for the three months ended March 31 2022 and 2021: As of March 31, 2022 Three Months Ended March 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2022 With no related allowance recorded: Real estate loans: Residential $ 641 $ 641 $ — $ 685 $ 7 Multi-family — — — — — Commercial — — — — — Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial — — — — — Total impaired with no related allowance 740 740 — 784 8 With an allowance recorded: Real estate loans: Residential — — — — — Multi-family — — — — — Home equity lines of credit and loans — — — — — Commercial — — — — — Construction — — — — — Other loans: Commercial — — — — — Total impaired with a related allowance — — — — — Total Real estate loans: Residential 641 641 — 685 7 Multi-family — — — — — Commercial — — — — — Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial — — — — — Total impaired loans $ 740 $ 740 $ — $ 784 $ 8 As of March 31, 2021 Three Months Ended March 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized March 31, 2021 With no related allowance recorded: Real estate loans: Residential $ 1,403 $ 1,403 $ — $ 906 $ 6 Multi-family — — — — — Commercial 772 772 — 774 14 Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial 4 4 — 4 — Total impaired with no related allowance 2,278 2,278 — 1,783 21 With an allowance recorded: Real estate loans: Residential — — — — — Multi-family — — — — — Home equity lines of credit and loans Commercial — — — — — Construction — — — — — Other loans: Commercial — — — — — Total impaired with a related allowance — — — — — Total Real estate loans: Residential 1,403 1,403 — 906 6 Multi-family — — — — — Commercial 772 772 — 774 14 Home equity lines of credit and loans 99 99 — 99 1 Construction — — — — — Other loans: Commercial 4 4 — 4 — Total impaired loans $ 2,278 $ 2,278 $ — $ 1,783 $ 21 |
Summary of Loans by Risk Rating | The following tables present the Bank’s loans by risk rating as of the dates indicated: Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Total (In Thousands) As of March 31, 2022 Grade Pass $ 34,125 $ 65,258 $ 103,561 $ 4,408 $ 65,245 $ 4,081 $ - $ 276,678 Special 727 - - 99 - 100 - 926 Substandard - - - - - - - - Doubtful - - - - - - - - Loans not 233,362 - - 22,119 6,057 - 355 261,893 $ 268,214 $ 65,258 $ 103,561 $ 26,626 $ 71,302 $ 4,181 $ 355 $ 539,497 Real Estate Home Equity Residential Multi-family Commercial Lines of Credit Construction Commercial Consumer Total (In Thousands) As of December 31, 2021 Grade Pass $ 34,613 $ 59,517 $ 99,953 $ 624 $ 64,623 $ 5,339 $ - $ 264,669 Special mention 970 - - 99 394 100 - 1,563 Substandard - - - - - - - - Doubtful - - - - - - - - Loans not 224,090 - - 25,327 5,651 - 500 255,568 $ 259,673 $ 59,517 $ 99,953 $ 26,050 $ 70,668 $ 5,439 $ 500 $ 521,800 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | As of March 31, 2022 and December 31, 2021, the following summarizes assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Quoted Prices Significant Significant in Active Other Unobservable Markets for Observable Inputs Identical Assets Inputs Level 3 Level 1 Level 2 (In Thousands) March 31, 2022 Corporate bonds $ 5,029 $ — $ 5,029 $ — $ — Total available for-sale-securities $ 5,029 $ — $ 5,029 $ — December 31, 2021 Corporate bonds $ 5,010 $ — $ 5,010 $ — Total available for-sale-securities $ 5,010 $ — $ 5,010 $ — |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis | For March 31, 2022 and December 31, 2021, fair values of loans are estimated on an exit price basis incorporating discounts for credit, liquidity and marketability factors. March 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In Thousands) Financial assets: Cash and cash equivalents $ 51,786 $ 51,786 $ 51,786 $ - $ - Interest bearing time deposits 300 300 - 300 - Held-to-maturity securities 70,560 66,885 - 66,885 - Federal Home Loan Bank stock 1,087 1,087 - 1,087 - Loans, net 534,771 528,430 - - 528,430 Loans held for sale 334 334 - 341 - Accrued interest receivable 1,537 1,537 1,537 - - Bank-owned life insurance 14,236 14,236 - 14,236 - Financial liabilities: Deposits, other than certificates of deposit $ 366,857 $ 366,857 $ - $ 366,857 $ - Certificates of deposit 224,429 220,713 - 220,713 - Federal Home Loan Bank advances 10,475 10,089 - 10,089 - Accrued interest payable 88 88 88 - - December 31, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In Thousands) Financial assets: Cash and cash equivalents $ 52,975 $ 52,975 $ 52,975 $ - $ - Held-to-maturity securities 65,571 65,556 - 65,556 - Federal Home Loan Bank stock 1,087 1,087 - 1,087 - Loans, net 517,131 517,167 - - 517,167 Loans held for sale 1,301 1,322 - 1,322 - Accrued interest receivable 1,481 1,481 1,481 - - Bank-owned life insurance 14,135 14,135 - 14,135 - Financial liabilities: Deposits, other than certificates of deposit $ 344,911 $ 344,911 $ - $ 344,911 $ - Certificates of deposit 226,820 227,265 - 227,265 - Federal Home Loan Bank advances 9,000 8,969 - 8,969 - Accrued interest payable 39 39 39 - - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Financial Instrument Liabilities Represent Off-Balance Sheet Credit Risk | Amounts of financial instrument liabilities whose contract amounts represent off-balance sheet credit risk are as follows as of March 31, 2022: March 31, 2022 December 31, 2021 (In Thousands) Commitments to originate loans $ 55,523 $ 24,658 Unadvanced funds on lines of credit 46,144 45,548 Unadvanced funds on construction loans 35,765 37,352 Letters of credit 13 13 $ 137,445 $ 107,571 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects | The com ponents of other comprehensive income (loss) and related tax effects are as follows for the three months ended March 31 2022 and 2021: Three months ended March 31, 2022 2021 (In thousands) Unrealized gains (losses) on securities: Net unrealized holding gains (losses) on available-for-sale securities $ 20 $ ( 13 ) Reclassification adjustment for realized gains in net income — — 20 ( 13 ) Income tax (expense) benefit ( 5 ) 3 Net-of-tax amount 15 ( 10 ) Other comprehensive income (loss), net of tax $ 15 $ ( 10 ) |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss as of March 31, 2022 and December 31, 2021 consists of unrecognized benefit costs, net of taxes, and unrealized holding gains on securities available for sale, net of tax, as follows: As of March 31, 2022 As of December 31, 2021 (In thousands) Net unrealized holding gains on securities available-for-sale, net of tax $ 29 $ 14 Unrecognized SERP costs, net of tax ( 53 ) ( 53 ) Unrecognized director fee continuation plan costs, net of tax ( 44 ) ( 44 ) Accumulated other comprehensive loss $ ( 68 ) $ ( 83 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Bank's Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios are also presented in the table as of the dates indicated: Minimum To Be Well Capitalized Under Minimum For Capital Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of March 31, 2022 Total Capital (to Risk Weighted Assets) $ 83,350 18.05 % $ 36,945 8.0 % $ 46,181 10.0 % Tier 1 Capital (to Risk Weighted Assets) 78,739 17.05 % 27,709 6.0 % 36,945 8.0 % Common Equity Tier 1 Capital (to Risk Weighted 78,739 17.05 % 20,782 4.5 % 30,018 6.5 % Tier 1 Capital (to Average Assets) 78,739 11.78 % 26,740 4.0 % 33,425 5.0 % As of December 31, 2021 Total Capital (to Risk Weighted Assets) $ 81,827 17.77 % $ 36,842 8.0 % $ 46,052 10.0 % Tier 1 Capital (to Risk Weighted Assets) 77,356 16.80 % 27,631 6.0 % 36,842 8.0 % Common Equity Tier 1 Capital (to Risk Weighted 77,356 16.80 % 20,723 4.5 % 29,934 6.5 % Tier 1 Capital (to Average Assets) 77,356 11.83 % 26,164 4.0 % 32,705 5.0 % |
Plan of Conversion - Additional
Plan of Conversion - Additional Information (Details) - USD ($) | Mar. 09, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Amount funded through cash | $ 600,000 | ||
Number of common stock shares funded | 260,000 | ||
Aggregate amount funded | $ 3,200,000 | ||
Prepaid Expenses and Other Assets | |||
Offering costs | $ 792,000 | $ 76,000 |
Recent Accounting Standards U_2
Recent Accounting Standards Updates - Additional Information (Details) - Accounting Standards Update 2018-14 | Mar. 31, 2022 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted [true false] | true |
Change in accounting principle, accounting standards update, adoption date | Dec. 31, 2021 |
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Investments in Securities - Sch
Investments in Securities - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | $ 70,560 | $ 65,571 |
Held-to-maturity securities, Gross Unrealized Gains | 57 | 619 |
Held-to-maturity securities, Gross Unrealized Losses | (3,732) | (634) |
Held-to-maturity securities, Fair Value | 66,885 | 65,556 |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 8,604 | 10,107 |
Held-to-maturity securities, Gross Unrealized Gains | 19 | 75 |
Held-to-maturity securities, Gross Unrealized Losses | (373) | (142) |
Held-to-maturity securities, Fair Value | 8,250 | 10,040 |
Mortgage-backed Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 48,415 | 44,818 |
Held-to-maturity securities, Gross Unrealized Gains | 38 | 311 |
Held-to-maturity securities, Gross Unrealized Losses | (2,966) | (492) |
Held-to-maturity securities, Fair Value | 45,487 | 44,637 |
Corporate Bonds | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 10,638 | 10,646 |
Held-to-maturity securities, Gross Unrealized Gains | 0 | 233 |
Held-to-maturity securities, Gross Unrealized Losses | (384) | 0 |
Held-to-maturity securities, Fair Value | 10,254 | $ 10,879 |
US Treasury Securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost Basis | 2,903 | |
Held-to-maturity securities, Gross Unrealized Gains | 0 | |
Held-to-maturity securities, Gross Unrealized Losses | (9) | |
Held-to-maturity securities, Fair Value | $ 2,894 |
Investments in Securities - S_2
Investments in Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 4,989 | $ 4,990 |
Available-for-sale Securities, Gross Unrealized Gains | 40 | 20 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | 5,029 | 5,010 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,989 | 4,990 |
Available-for-sale Securities, Gross Unrealized Gains | 40 | 20 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Fair Value | $ 5,029 | $ 5,010 |
Investments in Securities - S_3
Investments in Securities - Schedule of the Contractual Maturities of Available for Sale and Held-to-Maturity Securities (Details) $ in Thousands | Mar. 31, 2022 USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Available-for-sale, Fair Value, Within 1 year | $ 0 |
Available-for-sale, Fair Value, After 1 year through 5 years | 5,029 |
Available-for-sale, Fair Value, After 5 years through 10 years | 0 |
Available-for-sale, Fair Value, After 10 Years | 0 |
Available-for-sale, Fair Value | 5,029 |
Held-to-maturity, Amortized Cost Basis, Within 1 year | 2,009 |
Held-to-maturity, Amortized Cost Basis, After 1 year through 5 years | 19,272 |
Held-to-maturity, Amortized Cost Basis, After 5 years through 10 years | 4,662 |
Held-to-maturity, Amortized Cost Basis, After 10 years | 44,617 |
Held-to-maturity, Amortized Cost Basis, Total | 70,560 |
Held-to-maturity, Fair Value, Within 1 year | 2,023 |
Held-to-maturity, Fair Value, After 1 year through 5 years | 18,554 |
Held-to-maturity, Fair Value, After 5 years through 10 years | 4,522 |
Held-to-maturity, Fair Value, After 10 years | 41,786 |
Held-to-maturity, Fair Value | $ 66,885 |
Investments in Securities - Add
Investments in Securities - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 USD ($) Age | Mar. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Sale of securities | $ | $ 0 | $ 0 | |
Pledged securities | $ | $ 0 | $ 0 | |
Percentage of aggregate carrying amount of equity | 10% | 10% | |
Debt securities issued by U.S. government-sponsored enterprises | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | 1 | ||
Percentage of unrealized losses with aggregate depreciation | 6.68% | ||
Mortgage-backed Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | 45 | ||
Percentage of unrealized losses with aggregate depreciation | 6.34% | ||
Corporate Bonds | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | 6 | ||
Percentage of unrealized losses with aggregate depreciation | 3.61% | ||
US Treasury Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of securities | 1 | ||
Percentage of unrealized losses with aggregate depreciation | 0.31% |
Investments in Securities - Agg
Investments in Securities - Aggregate Fair Value and Unrealized Losses of Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2022 USD ($) |
Schedule Of Held To Maturity Securities [Line Items] | |
Less than 12 Months, Fair Value | $ 41,891 |
Less than 12 Months, Unrealized Losses | (1,996) |
12 Months or Longer, Fair Value | 20,302 |
12 Months or Longer, Unrealized Losses | (1,736) |
Fair Value, Total | 62,193 |
Unrealized Losses, Total | (3,732) |
Debt Securities Issued by U.S. Government-Sponsored Enterprises | |
Schedule Of Held To Maturity Securities [Line Items] | |
Less than 12 Months, Fair Value | 0 |
Less than 12 Months, Unrealized Losses | 0 |
12 Months or Longer, Fair Value | 5,209 |
12 Months or Longer, Unrealized Losses | (373) |
Fair Value, Total | 5,209 |
Unrealized Losses, Total | (373) |
Mortgage-backed Securities | |
Schedule Of Held To Maturity Securities [Line Items] | |
Less than 12 Months, Fair Value | 28,743 |
Less than 12 Months, Unrealized Losses | (1,603) |
12 Months or Longer, Fair Value | 15,093 |
12 Months or Longer, Unrealized Losses | (1,363) |
Fair Value, Total | 43,836 |
Unrealized Losses, Total | (2,966) |
Corporate Bonds | |
Schedule Of Held To Maturity Securities [Line Items] | |
Less than 12 Months, Fair Value | 10,254 |
Less than 12 Months, Unrealized Losses | (384) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | 0 |
Fair Value, Total | 10,254 |
Unrealized Losses, Total | (384) |
US Treasury Securities | |
Schedule Of Held To Maturity Securities [Line Items] | |
Less than 12 Months, Fair Value | 2,894 |
Less than 12 Months, Unrealized Losses | (9) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Losses | 0 |
Fair Value, Total | 2,894 |
Unrealized Losses, Total | $ (9) |
Loans, Allowance for Loan Los_3
Loans, Allowance for Loan Losses and Credit Quality - Schedule of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 539,497 | $ 521,800 | ||
Net deferred loan fees | (369) | (433) | ||
Allowance for losses | (4,357) | (4,236) | $ (3,966) | $ (3,876) |
Total loans, net | 534,771 | 517,131 | ||
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for losses | (50) | (60) | (116) | (103) |
Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for losses | (1) | (2) | (1) | (4) |
Real Estate Loans | Home Equity Lines of Credit | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | 26,626 | 26,050 | ||
Allowance for losses | $ (191) | $ (185) | (180) | (208) |
Total loans, gross percent | 4.90% | 5% | ||
Real Estate Loans | One-to Four Family Residential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 268,214 | $ 259,673 | ||
Total loans, gross percent | 49.70% | 49.80% | ||
Real Estate Loans | Multi Family | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 65,258 | $ 59,517 | ||
Allowance for losses | $ (463) | $ (417) | (322) | (266) |
Total loans, gross percent | 12.10% | 11.40% | ||
Real Estate Loans | Commercial Real Estate Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 103,561 | $ 99,953 | ||
Allowance for losses | $ (1,150) | $ (1,099) | (1,080) | (1,175) |
Total loans, gross percent | 19.20% | 19.20% | ||
Real Estate Loans | Construction | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 71,302 | $ 70,668 | ||
Allowance for losses | $ (871) | $ (855) | $ (699) | $ (802) |
Total loans, gross percent | 13.20% | 13.50% | ||
Other Loans | Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 4,181 | $ 5,439 | ||
Total loans, gross percent | 0.80% | 1% | ||
Other Loans | Consumer | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans, gross | $ 355 | $ 500 | ||
Total loans, gross percent | 0.10% | 0.10% |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Credit Quality - Additional Information (Details) | 3 Months Ended | |||
Mar. 31, 2022 USD ($) Grade | Mar. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Total outstanding loan balances | $ 1,320,000 | $ 924,000 | $ 1,257,000 | $ 1,268,000 |
Troubled debt restructuring | 0 | 0 | ||
TDR loans, subsequently defaulted within one year | 0 | $ 0 | ||
Commitment to lend additional funds to borrowers | 0 | 0 | ||
Loans subject to COVID-19 related loan modification agreement | $ 0 | 0 | ||
Number of Internal Loan Rating Grades | Grade | 7 | |||
Commercial And Industrial Loans | ||||
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Threshold limit for loans receivable | $ 500,000 | |||
Other Commercial Loans | ||||
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Threshold limit for loans receivable | 750,000 | |||
Residential Real Estate | ||||
Schedule Of Loans Allowance For Loan Losses And Credit Quality [Line Items] | ||||
Mortgage loans in process of foreclosure | $ 243,000 | $ 243,000 |
Loans, Allowance for Loan Los_5
Loans, Allowance for Loan Losses and Credit Quality - Summary of Activity for Loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Beginning Balance | $ 1,257,000 | $ 1,268,000 |
New Loans | 0 | 450,000 |
Advances | 100,000 | 0 |
Paydowns | (37,000) | (794,000) |
Ending Balance | $ 1,320,000 | $ 924,000 |
Loans, Allowance for Loan Los_6
Loans, Allowance for Loan Losses and Credit Quality - Schedule of Information Regarding Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for loan losses | |||
Beginning balance | $ 4,236 | $ 3,876 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | 121 | 90 | |
Ending balance | 4,357 | 3,966 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 4,357 | 3,966 | |
Total allowance for loan losses ending balance | 4,357 | 3,966 | $ 4,236 |
Individually evaluated for impairment | 740 | 2,278 | |
Collectively evaluated for impairment | 538,757 | 477,516 | |
Total Loans | 539,497 | 479,794 | 521,800 |
Commercial Loans | |||
Allowance for loan losses | |||
Beginning balance | 60 | 103 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | (10) | 13 | |
Ending balance | 50 | 116 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 50 | 116 | |
Total allowance for loan losses ending balance | 50 | 116 | 60 |
Individually evaluated for impairment | 0 | 4 | |
Collectively evaluated for impairment | 4,181 | 11,500 | |
Total Loans | 4,181 | 11,504 | 5,439 |
Consumer | |||
Allowance for loan losses | |||
Beginning balance | 2 | 4 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | (1) | (3) | |
Ending balance | 1 | 1 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1 | 1 | |
Total allowance for loan losses ending balance | 1 | 1 | 2 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 355 | 399 | |
Total Loans | 355 | 399 | 500 |
Unallocated | |||
Allowance for loan losses | |||
Beginning balance | 347 | 151 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | (27) | 253 | |
Ending balance | 320 | 404 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 320 | 404 | |
Total allowance for loan losses ending balance | 320 | 404 | 347 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Total Loans | 0 | 0 | |
Real Estate | Home Equity Lines of Credit | |||
Allowance for loan losses | |||
Beginning balance | 185 | 208 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | 6 | (28) | |
Ending balance | 191 | 180 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 191 | 180 | |
Total allowance for loan losses ending balance | 191 | 180 | 185 |
Individually evaluated for impairment | 99 | 99 | |
Collectively evaluated for impairment | 26,527 | 26,047 | |
Total Loans | 26,626 | 26,146 | 26,050 |
Real Estate | Residential | |||
Allowance for loan losses | |||
Beginning balance | 1,271 | 1,167 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | 40 | (3) | |
Ending balance | 1,311 | 1,164 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,311 | 1,164 | |
Total allowance for loan losses ending balance | 1,311 | 1,164 | 1,271 |
Individually evaluated for impairment | 641 | 1,403 | |
Collectively evaluated for impairment | 267,573 | 240,914 | |
Total Loans | 268,214 | 242,317 | 259,673 |
Real Estate | Multi Family | |||
Allowance for loan losses | |||
Beginning balance | 417 | 266 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | 46 | 56 | |
Ending balance | 463 | 322 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 463 | 322 | |
Total allowance for loan losses ending balance | 463 | 322 | 417 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 65,258 | 47,313 | |
Total Loans | 65,258 | 47,313 | 59,517 |
Real Estate | Commercial Real Estate Loans | |||
Allowance for loan losses | |||
Beginning balance | 1,099 | 1,175 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | 51 | (95) | |
Ending balance | 1,150 | 1,080 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,150 | 1,080 | |
Total allowance for loan losses ending balance | 1,150 | 1,080 | 1,099 |
Individually evaluated for impairment | 0 | 772 | |
Collectively evaluated for impairment | 103,561 | 90,025 | |
Total Loans | 103,561 | 90,797 | 99,953 |
Real Estate | Construction | |||
Allowance for loan losses | |||
Beginning balance | 855 | 802 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision (benefit) | 16 | (103) | |
Ending balance | 871 | 699 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 871 | 699 | |
Total allowance for loan losses ending balance | 871 | 699 | 855 |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 71,302 | 61,318 | |
Total Loans | $ 71,302 | $ 61,318 | $ 70,668 |
Loans, Allowance for Loan Los_7
Loans, Allowance for Loan Losses and Credit Quality - Schedule of Information Regarding Nonaccrual Loans and Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | $ 539,497 | $ 521,800 | $ 479,794 |
90 days or more and accruing | 0 | 0 | |
Loans on Non-accrual | 740 | 982 | |
30–59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 321 | 100 | |
60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 99 | 88 | |
90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 360 | 817 | |
Total Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 780 | 1,005 | |
Total Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 538,717 | 520,795 | |
Commercial Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 4,181 | 5,439 | 11,504 |
Consumer | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 355 | 500 | 399 |
Real Estate Loans | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 26,626 | 26,050 | 26,146 |
90 days or more and accruing | 0 | 0 | |
Loans on Non-accrual | 99 | 99 | |
Real Estate Loans | 30–59 Days | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 99 | |
Real Estate Loans | 60–89 Days | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 99 | 0 | |
Real Estate Loans | 90 Days or More | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Total Past Due | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 99 | 99 | |
Real Estate Loans | Total Current | Home Equity Lines of Credit | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 26,527 | 25,951 | |
Real Estate Loans | Residential | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 268,214 | 259,673 | 242,317 |
90 days or more and accruing | 0 | 0 | |
Loans on Non-accrual | 641 | 883 | |
Real Estate Loans | Residential | 30–59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 321 | 0 | |
Real Estate Loans | Residential | 60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 88 | |
Real Estate Loans | Residential | 90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 360 | 817 | |
Real Estate Loans | Residential | Total Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 681 | 905 | |
Real Estate Loans | Residential | Total Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 267,533 | 258,768 | |
Real Estate Loans | Multi Family | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 65,258 | 59,517 | 47,313 |
90 days or more and accruing | 0 | 0 | |
Loans on Non-accrual | 0 | 0 | |
Real Estate Loans | Multi Family | 30–59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Multi Family | 60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Multi Family | 90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Multi Family | Total Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Multi Family | Total Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 65,258 | 59,517 | |
Real Estate Loans | Commercial Real Estate Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 103,561 | 99,953 | 90,797 |
90 days or more and accruing | 0 | 0 | |
Loans on Non-accrual | 0 | ||
Real Estate Loans | Commercial Real Estate Loans | 30–59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | 60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | 90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Total Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Total Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 103,561 | 99,953 | |
Real Estate Loans | Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 71,302 | 70,668 | $ 61,318 |
90 days or more and accruing | 0 | ||
Loans on Non-accrual | 0 | 0 | |
Real Estate Loans | Construction | 30–59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Construction | 60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | ||
Real Estate Loans | Construction | 90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | ||
Real Estate Loans | Construction | Total Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Construction | Total Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 71,302 | 70,668 | |
Real Estate Loans | Commercial Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans on Non-accrual | 0 | ||
Real Estate Loans | Consumer | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
90 days or more and accruing | 0 | ||
Real Estate Loans | Consumer | 60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | ||
Real Estate Loans | Consumer | 90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | ||
Other Loans | Commercial Real Estate Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
90 days or more and accruing | 0 | ||
Other Loans | Commercial Loans | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 4,181 | 5,439 | |
90 days or more and accruing | 0 | ||
Loans on Non-accrual | 0 | 0 | |
Other Loans | Commercial Loans | 30–59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Other Loans | Commercial Loans | 60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Other Loans | Commercial Loans | 90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Other Loans | Commercial Loans | Total Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Other Loans | Commercial Loans | Total Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 4,181 | 5,439 | |
Other Loans | Consumer | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 355 | 500 | |
90 days or more and accruing | 0 | 0 | |
Loans on Non-accrual | 0 | 0 | |
Other Loans | Consumer | 30–59 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 1 | |
Other Loans | Consumer | 60–89 Days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 0 | |
Other Loans | Consumer | 90 Days or More | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | ||
Other Loans | Consumer | Total Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 0 | 1 | |
Other Loans | Consumer | Total Current | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | $ 355 | $ 499 |
Loans, Allowance for Loan Los_8
Loans, Allowance for Loan Losses and Credit Quality - Schedule of Information About Impaired Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Recorded Investment | ||
Total impaired with no related allowance | $ 740 | $ 2,278 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 740 | 2,278 |
Unpaid Principal Balance | ||
Total impaired with no related allowance | 740 | 2,278 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 740 | 2,278 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with no related allowance | 784 | 1,783 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 784 | 1,783 |
Interest Income Recognized | ||
Total impaired with no related allowance | 8 | 21 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 8 | 21 |
Real Estate Loans | Home Equity Lines of Credit and Loans | ||
Recorded Investment | ||
Total impaired with no related allowance | 99 | 99 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 99 | 99 |
Unpaid Principal Balance | ||
Total impaired with no related allowance | 99 | 99 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 99 | 99 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with no related allowance | 99 | 99 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 99 | 99 |
Interest Income Recognized | ||
Total impaired with no related allowance | 1 | 1 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 1 | 1 |
Real Estate Loans | Residential | ||
Recorded Investment | ||
Total impaired with no related allowance | 641 | 1,403 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 641 | 1,403 |
Unpaid Principal Balance | ||
Total impaired with no related allowance | 641 | 1,403 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 641 | 1,403 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with no related allowance | 685 | 906 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 685 | 906 |
Interest Income Recognized | ||
Total impaired with no related allowance | 7 | 6 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 7 | 6 |
Real Estate Loans | Multi Family | ||
Recorded Investment | ||
Total impaired with no related allowance | 0 | 0 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Unpaid Principal Balance | ||
Total impaired with no related allowance | 0 | 0 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with no related allowance | 0 | 0 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Interest Income Recognized | ||
Total impaired with no related allowance | 0 | 0 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Real Estate Loans | Commercial Real Estate Loans | ||
Recorded Investment | ||
Total impaired with no related allowance | 0 | 772 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 0 | 772 |
Unpaid Principal Balance | ||
Total impaired with no related allowance | 0 | 772 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 0 | 772 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with no related allowance | 0 | 774 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 0 | 774 |
Interest Income Recognized | ||
Total impaired with no related allowance | 0 | 14 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 0 | 14 |
Real Estate Loans | Construction | ||
Recorded Investment | ||
Total impaired with no related allowance | 0 | 0 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Unpaid Principal Balance | ||
Total impaired with no related allowance | 0 | 0 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with no related allowance | 0 | 0 |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Interest Income Recognized | ||
Total impaired with no related allowance | 0 | |
Total impaired with a related allowance | 0 | 0 |
Total impaired loans | 0 | 0 |
Real Estate Loans | Commercial Loans | ||
Recorded Investment | ||
Total impaired with a related allowance | 0 | 0 |
Unpaid Principal Balance | ||
Total impaired with a related allowance | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with a related allowance | 0 | 0 |
Interest Income Recognized | ||
Total impaired with a related allowance | 0 | 0 |
Other Loans | ||
Recorded Investment | ||
Total impaired with no related allowance | 0 | |
Other Loans | Commercial Real Estate Loans | ||
Unpaid Principal Balance | ||
Related Allowance | 0 | |
Other Loans | Commercial Loans | ||
Recorded Investment | ||
Total impaired with no related allowance | 0 | 4 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 0 | 4 |
Unpaid Principal Balance | ||
Total impaired with no related allowance | 0 | 4 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 0 | 4 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
Total impaired with no related allowance | 0 | 4 |
Total impaired with a related allowance | 0 | |
Total impaired loans | 0 | 4 |
Interest Income Recognized | ||
Total impaired with no related allowance | 0 | |
Total impaired with a related allowance | 0 | |
Total impaired loans | $ 0 | $ 0 |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Credit Quality - Summary of Loans by Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable Impaired [Line Items] | |||
Total Loans | $ 539,497 | $ 521,800 | $ 479,794 |
Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 276,678 | 264,669 | |
Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 926 | 1,563 | |
Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 261,893 | 255,568 | |
Commercial Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 4,181 | 5,439 | 11,504 |
Commercial Loans | Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 4,081 | 5,339 | |
Commercial Loans | Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 100 | 100 | |
Commercial Loans | Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Commercial Loans | Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Commercial Loans | Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 355 | 500 | 399 |
Consumer | Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Consumer | Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Consumer | Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Consumer | Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Consumer | Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 355 | 500 | |
Real Estate Loans | Home Equity Lines of Credit | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 26,626 | 26,050 | 26,146 |
Real Estate Loans | Home Equity Lines of Credit | Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 4,408 | 624 | |
Real Estate Loans | Home Equity Lines of Credit | Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 99 | 99 | |
Real Estate Loans | Home Equity Lines of Credit | Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Home Equity Lines of Credit | Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Home Equity Lines of Credit | Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 22,119 | 25,327 | |
Real Estate Loans | Residential | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 268,214 | 259,673 | 242,317 |
Real Estate Loans | Residential | Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 34,125 | 34,613 | |
Real Estate Loans | Residential | Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 727 | 970 | |
Real Estate Loans | Residential | Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Residential | Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Residential | Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 233,362 | 224,090 | |
Real Estate Loans | Multi Family | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 65,258 | 59,517 | 47,313 |
Real Estate Loans | Multi Family | Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 65,258 | 59,517 | |
Real Estate Loans | Multi Family | Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Multi Family | Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Multi Family | Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Multi Family | Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 103,561 | 99,953 | 90,797 |
Real Estate Loans | Commercial Real Estate Loans | Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 103,561 | 99,953 | |
Real Estate Loans | Commercial Real Estate Loans | Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Commercial Real Estate Loans | Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Construction | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 71,302 | 70,668 | $ 61,318 |
Real Estate Loans | Construction | Pass | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 65,245 | 64,623 | |
Real Estate Loans | Construction | Special Mention | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 394 | |
Real Estate Loans | Construction | Substandard | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Construction | Doubtful | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | 0 | 0 | |
Real Estate Loans | Construction | Loans Not Formally Rated | |||
Financing Receivable Impaired [Line Items] | |||
Total Loans | $ 6,057 | $ 5,651 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) | 1 Months Ended | 3 Months Ended | ||||
Jan. 01, 2018 | Jan. 01, 2017 | May 31, 2022 USD ($) | Mar. 31, 2022 USD ($) Age | Mar. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Eligible age of employee to participate in defined benefit plan | Age | 21 | |||||
Eligible year of service period for employee participation | 1 year | |||||
Eligible year of service period for employee to become vested | 6 years | |||||
Defined benefit plan liability related to withdrawal | $ 1,660,000 | $ 2,001,000 | ||||
Increase (decrease) in defined benefit plan | 341,000 | |||||
Defined contribution plan, employee incentive plan expense | 266,000 | $ 137,000 | ||||
Subsequent Event | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan liability related to withdrawal | $ 1,419,000 | |||||
Increase (decrease) in defined benefit plan | $ 241,000 | |||||
Supplemental Executive Retirement Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, pension expense | 25,000 | 30,000 | ||||
Director Fee Continuation Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, pension expense | 32,000 | 28,000 | ||||
Defined benefit plan, vesting percentage | 100% | |||||
Supplemental Executive Retirement Agreement | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Liability related expense, to withdrawal | 2,519,000 | $ 2,332,000 | ||||
Defined benefit plan, pension expense | $ 187,000 | 204,000 | ||||
Defined benefit plan, employer matching contribution, percent of employees' compensation | 60% | |||||
Defined benefit plan, vesting percentage | 100% | |||||
Defined benefit plan vesting period | 10 years | |||||
401(k) Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Minimum percentage of voluntary contributions by participating employees | 1% | |||||
Maximum percentage of voluntary contributions by participating employees | 50% | |||||
Defined contribution plan, employer matching contribution, percent of match | 100% | |||||
Defined contribution plan, employer matching contribution, percent of employees' compensation | 7% | |||||
Defined contribution plan, pension expense | $ 85,000 | $ 61,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | $ 5,029 | $ 5,010 |
Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,029 | 5,010 |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,029 | 5,010 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 0 | 0 |
Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 0 | 0 |
Fair Value, Recurring | Significant Other Observable Inputs Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,029 | 5,010 |
Fair Value, Recurring | Significant Other Observable Inputs Level 2 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 5,029 | 5,010 |
Fair Value, Recurring | Significant Unobservable Inputs Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs Level 3 | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available for-sale-securities | $ 0 | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis or Non-Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities | $ 66,885 | $ 65,556 |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,786 | 52,975 |
Interest bearing time deposits | 300 | |
Held-to-maturity securities | 70,560 | 65,571 |
Federal Home Loan Bank stock | 1,087 | 1,087 |
Loans, net | 534,771 | 517,131 |
Loans held-for-sale | 334 | 1,301 |
Accrued interest receivable | 1,537 | 1,481 |
Bank-owned life insurance | 14,236 | 14,135 |
Deposits, other than certificates of deposit | 366,857 | 344,911 |
Certificates of deposit | 224,429 | 226,820 |
Federal Home Loan Bank advances | 10,475 | 9,000 |
Accrued interest payable | 88 | 39 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,786 | 52,975 |
Interest bearing time deposits | 300 | |
Held-to-maturity securities | 66,885 | 65,556 |
Federal Home Loan Bank stock | 1,087 | 1,087 |
Loans, net | 528,430 | 517,167 |
Loans held-for-sale | 334 | 1,322 |
Accrued interest receivable | 1,537 | 1,481 |
Bank-owned life insurance | 14,236 | 14,135 |
Deposits, other than certificates of deposit | 366,857 | 344,911 |
Certificates of deposit | 220,713 | 227,265 |
Federal Home Loan Bank advances | 10,089 | 8,969 |
Accrued interest payable | 88 | 39 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 51,786 | 52,975 |
Interest bearing time deposits | 0 | |
Held-to-maturity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Accrued interest receivable | 1,537 | 1,481 |
Bank-owned life insurance | 0 | 0 |
Deposits, other than certificates of deposit | 0 | 0 |
Certificates of deposit | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | 88 | 39 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing time deposits | 300 | |
Held-to-maturity securities | 66,885 | 65,556 |
Federal Home Loan Bank stock | 1,087 | 1,087 |
Loans, net | 0 | 0 |
Loans held-for-sale | 341 | 1,322 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 14,236 | 14,135 |
Deposits, other than certificates of deposit | 366,857 | 344,911 |
Certificates of deposit | 220,713 | 227,265 |
Federal Home Loan Bank advances | 10,089 | 8,969 |
Accrued interest payable | 0 | 0 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing time deposits | 0 | |
Held-to-maturity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans, net | 528,430 | 517,167 |
Loans held-for-sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank-owned life insurance | 0 | 0 |
Deposits, other than certificates of deposit | 0 | 0 |
Certificates of deposit | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Maximum potential amount of bank obligation | $ 13,000 | $ 13,000 |
Letter of credit outstanding term | 1 year | |
Allowance for off balance sheet loan losses | $ 254,000 | $ 235,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Financial Instrument Liabilities Represent Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | $ 137,445 | $ 107,571 |
Commitments To Originate Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 55,523 | 24,658 |
Unadvanced Funds On Lines Of Credit | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 46,144 | 45,548 |
Unadvanced Funds on Construction Loans | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | 35,765 | 37,352 |
Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Off-balance-sheet, credit risk | $ 13 | $ 13 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Schedule of Components of Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Net unrealized holding gains (losses) on available-for-sale securities | $ 20 | $ (13) |
Reclassification adjustment for realized gains in net income | 0 | 0 |
Net unrealized holding gains (losses) on available-for-sale securities, before tax | 20 | (13) |
Income tax (expense) benefit | (5) | 3 |
Net-of-tax amount | 15 | (10) |
Other comprehensive income (loss), net of tax effect | $ 15 | $ (10) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Net unrealized holding gains on securities available-for-sale, net of tax | $ 29 | $ 14 |
Accumulated other comprehensive loss | (68) | (83) |
Supplemental Executive Retirement Plan | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Unrecognized costs, net of tax | (53) | (53) |
Director Fee Continuation Plan | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Unrecognized costs, net of tax | $ (44) | $ (44) |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Regulated Operations [Abstract] | ||
Total Capital (to Risk Weighted Assets), Actual Amount | $ 83,350 | $ 81,827 |
Total Capital (to Risk Weighted Assets), Actual Ratio | 18.05 | 17.77 |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Amount | $ 36,945 | $ 36,842 |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Ratio | 8 | 8 |
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 46,181 | $ 46,052 |
Total Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10 | 10 |
Tier 1 Capital (to Risk Weighted Assets), Actual Amount | $ 78,739 | $ 77,356 |
Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 17.05 | 16.80 |
Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Amount | $ 27,709 | $ 27,631 |
Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Ratio | 6 | 6 |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 36,945 | $ 36,842 |
Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8 | 8 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Amount | $ 78,739 | $ 77,356 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Actual Ratio | 17.05 | 16.80 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Amount | $ 20,782 | $ 20,723 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes Ratio | 4.5 | 4.5 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 30,018 | $ 29,934 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.5 | 6.5 |
Tier 1 Capital (to Average Assets), Actual Amount | $ 78,739 | $ 77,356 |
Tier 1 Capital (to Average Assets), Actual Ratio | 11.78 | 11.83 |
Tier 1 Capital (to Average Assets), Minimum For Capital Adequacy Purposes Amount | $ 26,740 | $ 26,164 |
Tier 1 Capital (to Average Assets), Minimum For Capital Adequacy Purposes Ratio | 4 | 4 |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 33,425 | $ 32,705 |
Tier 1 Capital (to Average Assets), Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5 | 5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
May 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||
Defined benefit plan liability related to withdrawal | $ 1,660,000 | $ 2,001,000 | |
Increase (decrease) in defined benefit plan | $ 341,000 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Defined benefit plan liability related to withdrawal | $ 1,419,000 | ||
Increase (decrease) in defined benefit plan | $ 241,000 |