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Loans Receivable and Allowance for Loan Losses

Note 4. Loans Receivable and Allowance for Loan Losses

Loans at December 31, 2019 and 2018 are summarized as follows:

	December 31,			December 31,
	2019			2018
Mortgage loans:
1-4 family residential
Investor-Owned	$	305,272		$	303,197
Owner-Occupied		91,943			92,788
Multifamily residential		250,239			232,509
Nonresidential properties		207,225			196,917
Construction and land		99,309			87,572
Nonmortgage loans:
Business loans		10,877			15,710
Consumer loans		1,231			1,068
		966,096			929,761
Net deferred loan origination costs		1,970			1,407
Allowance for loan losses		(12,329	)		(12,659	)
Loans receivable, net	$	955,737		$	918,509

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

The Company's lending activities are conducted principally in New York City. The Company primarily grants loans secured by real estate to individuals and businesses pursuant to an established credit policy applicable to each type of lending activity in which it engages. Although collateral provides assurance as a secondary source of repayment, the Company ordinarily requires the primary source of repayment to be based on the borrowers' ability to generate continuing cash flows. The Company also evaluates the collateral and creditworthiness of each customer. The credit policy provides that depending on the borrowers’ creditworthiness and type of collateral, credit may be extended up to predetermined percentages of the market value of the collateral. Real estate is the primary form of collateral. Other important forms of collateral are time deposits and marketable securities.

For disclosures related to the allowance for loan losses and credit quality, the Company does not have any disaggregated classes of loans below the segment level.

Credit-Quality Indicators: Internally assigned risk ratings are used as credit-quality indicators, which are reviewed by management on a quarterly basis.

The objectives of the Company’s risk-rating system are to provide the Board of Directors and senior management with an objective assessment of the overall quality of the loan portfolio, to promptly and accurately identify loans with well-defined credit weaknesses so that timely action can be taken to minimize credit loss, to identify relevant trends affecting the collectability of the loan portfolio, to isolate potential problem areas and to provide essential information for determining the adequacy of the allowance for loan losses.

Below are the definitions of the Company's internally assigned risk ratings:

Strong Pass – Loans to new or existing borrowers collateralized at least 90 percent by an unimpaired deposit account at the Company.

Good Pass – Loans to a new or existing borrower in a well-established enterprise in excellent financial condition with strong liquidity and a history of consistently high level of earnings, cash flow and debt service capacity.

Satisfactory Pass – Loans to a new or existing borrower of average strength with acceptable financial condition, satisfactory record of earnings and sufficient historical and projected cash flow to service the debt.

Performance Pass – Loans that evidence strong payment history but document less than average strength, financial condition, record of earnings, or projected cash flows with which to service debt.

Special Mention – Loans in this category are currently protected but show one or more potential weaknesses and risks which may inadequately protect collectability or borrower’s ability to meet repayment terms at some future date if the weakness or weaknesses are not monitored or remediated.

Substandard – Loans that are inadequately protected by the repayment capacity of the borrower or the current sound net worth of the collateral pledged, if any. Loans in this category have well defined weaknesses and risks that jeopardize their repayment. They are characterized by the distinct possibility that some loss may be sustained if the deficiencies are not remedied.

Doubtful – Loans that have all the weaknesses of loans classified as “Substandard” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable.

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

Loans within the top four categories above are considered pass rated, as commonly defined. Risk ratings are assigned as necessary to differentiate risk within the portfolio. They are reviewed on an ongoing basis and revised to reflect changes in the borrowers’ financial condition and outlook, debt service coverage capability, repayment performance, collateral value and coverage as well as other considerations.

The following tables present credit risk ratings by loan segment as of December 31, 2019 and 2018:

	December 31, 2019
	Mortgage Loans								Nonmortgage Loans
	1-4						Construction						Total
	Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
Risk Rating:
Pass	$	386,022	$	249,066	$	202,761	$	75,997	$	10,877	$	1,231	$	925,954
Special mention		2,412		—		—		14,943		—		—		17,355
Substandard		8,781		1,173		4,464		8,369		—		—		22,787
Total	$	397,215	$	250,239	$	207,225	$	99,309	$	10,877	$	1,231	$	966,096

	December 31, 2018
	Mortgage Loans								Nonmortgage Loans
	1-4						Construction						Total
	Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
Risk Rating:
Pass	$	383,123	$	231,422	$	195,327	$	71,438	$	14,324	$	1,068	$	896,702
Special mention		3,728		775		—		8,505		1,386		—		14,394
Substandard		9,134		312		1,590		7,629		—		—		18,665
Total	$	395,985	$	232,509	$	196,917	$	87,572	$	15,710	$	1,068	$	929,761

An aging analysis of loans, as of December 31, 2019 and 2018, is as follows:

	December 31, 2019
			30-59		60-89		Over						Over
			Days		Days		90 Days				Nonaccrual		90 Days
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
Mortgages:
1-4 Family
Investor-Owned	$	300,324	$	3,866	$	—	$	1,082	$	305,272	$	1,749	$	—
Owner-Occupied		87,243		3,405		—		1,295		91,943		3,500		—
Multifamily residential		246,318		3,921		—		—		250,239		—		—
Nonresidential properties		203,514		3		—		3,708		207,225		4,201		—
Construction and land		99,309		—		—		—		99,309		1,118		—
Nonmortgage Loans:
Business		10,877		—		—		—		10,877		—		—
Consumer		1,231		—		—		—		1,231		—		—
Total	$	948,816	$	11,195	$	—	$	6,085	$	966,096	$	10,568	$	—

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

	December 31, 2018
			30-59		60-89		Over						Over
			Days		Days		90 Days				Nonaccrual		90 Days
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
Mortgages:
1-4 Family
Investor-Owned	$	296,188	$	6,539	$	470	$	—	$	303,197	$	1,258	$	—
Owner-Occupied		89,610		1,609		574		995		92,788		3,079		—
Multifamily residential		231,514		995		—		—		232,509		16		—
Nonresidential properties		195,861		—		4		1,052		196,917		1,310		—
Construction and land		87,572		—		—		—		87,572		1,115		—
Nonmortgage Loans:
Business		15,418		292		—		—		15,710		—		—
Consumer		1,068		—		—		—		1,068		—		—
Total	$	917,231	$	9,435	$	1,048	$	2,047	$	929,761	$	6,778	$	—

The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of December 31, 2019, 2018, and 2017, respectively.

	For the Year Ended December 31, 2019

	Mortgage Loans													Nonmortgage Loans					Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential			Construction and Land		Business			Consumer		For the Period
Allowances for loan losses:
Balance, beginning of period	$	3,799		$	1,208		$	3,829	$	1,925		$	1,631	$	260		$	7	$	12,659
Provision charged to expense		(311	)		(141	)		36		(85	)		151		608			—		258
Losses charged-off		(8	)		—			—		—			—		(724	)		—		(732	)
Recoveries		23			—			—		9			—		110			2		144
Balance, end of period	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Ending balance: individually evaluated for impairment	$	265		$	149		$	—	$	31		$	—	$	14		$	—	$	459
Ending balance: collectively evaluated for impairment		3,238			918			3,865		1,818			1,782		240			9		11,870
Total	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Loans:
Ending balance: individually evaluated for impairment	$	6,973		$	5,572		$	—	$	5,548		$	1,125	$	14		$	—	$	19,232
Ending balance: collectively evaluated for impairment		298,299			86,371			250,239		201,677			98,184		10,863			1,231		946,864
Total	$	305,272		$	91,943		$	250,239	$	207,225		$	99,309	$	10,877		$	1,231	$	966,096

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

	For the Year Ended December 31, 2018

	Mortgage Loans											Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land		Business			Consumer			For the Period
Allowances for loan losses:
Balance, beginning of period	$	3,716	$	1,402		$	3,109	$	1,424	$	1,205	$	209		$	6		$	11,071
Provision charged to expense		82		(444	)		720		492		426		(37	)		10			1,249
Losses charged-off		—		—			—		—		—		(34	)		(14	)		(48	)
Recoveries		1		250			—		9		—		122			5			387
Balance, end of period	$	3,799	$	1,208		$	3,829	$	1,925	$	1,631	$	260		$	7		$	12,659
Ending balance: individually evaluated for impairment	$	349	$	234		$	—	$	35	$	—	$	—		$	—		$	618
Ending balance: collectively evaluated for impairment		3,450		974			3,829		1,890		1,631		260			7			12,041
Total	$	3,799	$	1,208		$	3,829	$	1,925	$	1,631	$	260		$	7		$	12,659
Loans:
Ending balance: individually evaluated for impairment	$	6,452	$	6,525		$	16	$	2,750	$	1,108	$	374		$	—		$	17,225
Ending balance: collectively evaluated for impairment		296,745		86,263			232,493		194,167		86,464		15,336			1,068			912,536
Total	$	303,197	$	92,788		$	232,509	$	196,917	$	87,572	$	15,710		$	1,068		$	929,761

	For the Year Ended December 31, 2017
	Mortgage Loans											Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land		Business			Consumer			For the Period
Allowances for loan losses:
Balance, beginning of year	$	3,147	$	1,804		$	2,705	$	1,320	$	615	$	597		$	17		$	10,205
Provision charged to expense		544		(578	)		402		95		588		676			(11	)		1,716
Losses charged-off		—		—			—		—		—		(1,423	)		(6	)		(1,429	)
Recoveries		25		176			2		9		2		359			6			579
Balance, end of year	$	3,716	$	1,402		$	3,109	$	1,424	$	1,205	$	209		$	6		$	11,071
Ending balance: individually evaluated for impairment	$	506	$	375		$	—	$	39	$	—	$	2		$	—		$	922
Ending balance: collectively evaluated for impairment		3,210		1,027			3,109		1,385		1,205		207			6			10,149
Total	$	3,716	$	1,402		$	3,109	$	1,424	$	1,205	$	209		$	6		$	11,071
Loans:
Ending balance: individually evaluated for impairment	$	8,738	$	10,074		$	520	$	4,128	$	1,075	$	625		$	—		$	25,160
Ending balance: collectively evaluated for impairment		278,420		90,780			188,030		147,065		66,165		12,248			886			783,594
Total	$	287,158	$	100,854		$	188,550	$	151,193	$	67,240	$	12,873		$	886		$	808,754

Loans are considered impaired when current information and events indicate all amounts due may not be collectable according to the contractual terms of the related loan agreements. Impaired loans, including troubled debt restructurings, are identified by applying normal loan review procedures in accordance with the allowance for loan losses methodology. Management periodically assesses loans to determine whether impairment exists. Any loan that is, or will potentially be, no longer performing in accordance with the terms of the original loan contract is evaluated to determine impairment.

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

The following information relates to impaired loans as of and for the years ended December 31, 2019, 2018, and 2017:

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2019	Balance		Allowance		Allowance		Investment		Allowance		Investment		on Cash Basis
Mortgages:
1-4 Family	$	13,566	$	8,390	$	4,155	$	12,545	$	414	$	12,995	$	361
Multifamily residential		—		—		—		—		—		6		—
Nonresidential properties		5,640		5,173		375		5,548		31		3,988		121
Construction and land		1,465		1,125		—		1,125		—		1,219		6
Nonmortgage Loans:
Business		16		—		14		14		14		195		—
Consumer		—		—		—		—		—		1		—
Total	$	20,687	$	14,688	$	4,544	$	19,232	$	459	$	18,404	$	488

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2018	Balance		Allowance		Allowance		Investment		Allowance		Investment		on Cash Basis

Mortgages:
1-4 Family	$	12,985	$	7,080	$	5,898	$	12,978	$	583	$	15,163	$	758
Multifamily residential		16		16		—		16		—		36		3
Nonresidential properties		2,748		2,270		480		2,750		35		3,230		172
Construction and land		1,115		1,107		—		1,107		—		1,094		—
Nonmortgage Loans:
Business		374		374		—		374		—		454		22
Consumer		—		—		—		—		—		—		—
Total	$	17,238	$	10,847	$	6,378	$	17,225	$	618	$	19,977	$	955

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2017	Balance		Allowance		Allowance		Investment		Allowance		Investment		on Cash Basis
Mortgages:
1-4 Family	$	20,036	$	10,651	$	8,161	$	18,812	$	506	$	18,512	$	890
Multifamily residential		533		520		—		520		375		166		—
Nonresidential properties		4,729		3,633		495		4,128		—		5,231		166
Construction and land		1,233		1,075		—		1,075		39		1,042		—
Nonmortgage Loans:
Business		667		529		96		625		2		594		24
Consumer		—		—		—		—		—		—		—
Total	$	27,198	$	16,408	$	8,752	$	25,160	$	922	$	25,545	$	1,080

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

The loan portfolio also includes certain loans that have been modified to troubled debt restructurings. Under applicable standards, loans are modified to troubled debt restructurings when a creditor, for economic or legal reasons related to a debtor’s financial condition, grants a concession to the debtor that it would not otherwise consider, unless it results in a delay in payment that is insignificant. These concessions could include a reduction of interest rate on the loan, payment and maturity extensions, forbearance, or other actions intended to maximize collections. When a loan is modified to a troubled debt restructuring, management evaluates for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs if repayment under the modified terms becomes doubtful. If management determines that the value of the modified loan in a troubled debt restructuring is less than the recorded investment in the loan, impairment is recognized through a specific allowance estimate or charge-off to the allowance for loan losses.

For the year ended December 31, 2019, there was one troubled debt restructuring and for the year ended December 31, 2018, there were no loans modified to troubled debt restructuring.

	Loans Restructured During						All TDRs with a payment default within 12 months following the
	Year Ended December 31, 2019						modification
			Pre-		Post-				Balance
			Modification		Modification				of Loans
	Number		Recorded		Recorded		Number		at the Time
	of Loans		Balance		Balance		of Loans		of Default
Mortgages:
1-4 Family		1	$	275	$	283		—	$	—
Total		1	$	275	$	283		—	$	—
Combination of rate, maturity, other		1	$	275	$	283		—	$	—
Total		1	$	275	$	283		—	$	—

	Loans Restructured During						All TDRs with a payment default within 12 months following the
	Year Ended December 31, 2018						modification
			Pre-		Post-				Balance
			Modification		Modification				of Loans
	Number		Recorded		Recorded		Number		at the Time
	of Loans		Balance		Balance		of Loans		of Default
Mortgages:
1-4 Family		—	$	—	$	—		1	$	176
Total		—	$	—	$	—		1	$	176
Combination of rate, maturity, other		—	$	—	$	—		1	$	176
Total		—	$	—	$	—		1	$	176

At December 31, 2019, there were 36 troubled debt restructured loans totaling $12,204 of which $8,601 are on accrual status. At December 31, 2018, there were 40 troubled debt restructured loans totaling $14,104 of which $10,460 were on accrual status. There were no commitments to lend additional funds to borrowers whose loans have been modified to troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans, which aggregated to $459 and $618 at December 31, 2019 and 2018, respectively.

At December 31, 2019, there was one loan in the amount of $1,030 held for sale and no loans held for sale at December 31, 2018. The one loan held for sale is a nonaccrual loan and is over 90 days past due.

Premises and Equipment

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Premises and Equipment

Note 5. Premises and Equipment

A summary of premises and equipment at December 31, 2019 and 2018 is as follows:

	December 31,
	2019			2018
Land	$	3,979		$	3,979
Buildings and improvements		17,350			16,423
Leasehold improvements		25,534			23,430
Furniture, fixtures and equipment		8,513			7,728
		55,376			51,560
Less accumulated depreciation and amortization		(22,630	)		(20,425	)
	$	32,746		$	31,135

Depreciation and amortization expense amounted to $2,222, $1,798 and $1,625 for the years ended December 31, 2019, 2018, and 2017, respectively, and are included in occupancy expense in the accompanying consolidated statements of income. Leasehold improvements increased by $2,104 to $25,534 and buildings and improvements increased by $927 to $17,350 at December 31, 2019 mainly due to investments made to the branch network and other product delivery services as part of branch renovation initiative. Furniture, fixtures and equipment also increased by $785 to $8,513 at December 31, 2019, mainly as a result of investments in new Teller Cash Recyclers (TCRs) that were installed in the branches.

Deposits

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Deposits

Note 6. Deposits

Deposits at December 31, 2019 and 2018 are summarized as follows:

	December 31,
	2019		2018
Demand	$	109,548	$	115,923
Interest-bearing deposits:
NOW/IOLA accounts		32,866		30,783
Money market accounts		86,721		64,262
Reciprocal deposits (1)		47,659		51,913
Savings accounts		115,751		122,791
Total NOW, money market, and savings		282,997		269,749
Certificates of deposit of $250K or more		84,263		90,195
Brokered certificates of deposit (3)		76,797		67,157
Listing service deposits (3)		32,400		39,065
Certificates of deposit less than $250K (2)		196,038		227,669
Total certificates of deposit		389,498		424,086
Total interest-bearing deposits		672,495		693,835
Total deposits	$	782,043	$	809,758

(1)

Included in reciprocal deposits are money market accounts and certificates of deposit.

(2)

Brokered certificates of deposit in the amount of $76,797 and $67,157 and listing service deposits in the amount of $32,400 and $39,065 for the years ended December 31, 2019 and 2018, respectively, are excluded from the certificates of deposit of less than $250K.

(3)

There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more.

Note 6. Deposits (Continued)

At December 31, 2019, scheduled maturities of certificates of deposit were as follows:

December 31,
2020	$	217,159
2021		109,954
2022		44,226
2023		8,512
2024		9,647
	$	389,498

Overdrawn deposit accounts that have been reclassified to loans amounted to $199 and $241 as of December 31, 2019 and 2018, respectively.

Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Borrowings

Note 7. Borrowings

FHLBNY Advances: As a member of FHLBNY, the Bank has the ability to borrow from the FHLBNY based on a certain percentage of the value of the Bank's qualified collateral, as defined in FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $104,404 and $44,404 of outstanding advances from FHLBNY at December 31, 2019 and 2018, respectively. Additionally, the Bank has an unsecured line of credit in the amount of $25,000 with a correspondent bank of which $0 and $25,000 were outstanding at December 31, 2019 and 2018, respectively. The Bank also had a guarantee from the FHLBNY through a standby letter of credit of $3,455 and $7,639 at December 31, 2019 and 2018, respectively.

Borrowed funds at December 31, 2019 and 2018 consist of the following and are summarized by maturity and call date below:

	December 31,							December 31,
	2019							2018
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
Correspondent bank overnight line of credit advance	$	—	$	—		—	%	$	25,000	$	25,000		2.64	%

FHLBNY term advances ending :
2020		8,029		8,029		2.86			8,029		8,029		2.86
2021		3,000		3,000		1.84			3,000		3,000		1.84
2022		65,000		65,000		1.89			5,000		5,000		1.97
2023		28,375		28,375		2.82			28,375		28,375		2.82
	$	104,404	$	104,404		2.21	%	$	69,404	$	69,404		2.69	%

Interest expense on advances totaled $1,854, $899, and $210 for the years ended December 31, 2019, 2018 and 2017, respectively.

As of December 31, 2019 and 2018, the Bank has eligible collateral of approximately $301,753 and $280,457, respectively, in mortgage loans available to secure advances from the FHLBNY.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 8. Income Taxes

The provision (benefit) for income taxes for the years ended December 31, 2019, 2018, and 2017 consists of the following:

	For the Years Ended December 31,
	2019			2018			2017
Federal:
Current	$	878		$	972		$	1,062
Deferred		(1,436	)		37			24
		(558	)		1,009			1,086
State and local:
Current		296			333			402
Deferred		(3,002	)		(1,011	)		(1,670	)
		(2,706	)		(678	)		(1,268	)
Changes in valuation allowance		2,340			790			1,606
Provision (benefit) for income taxes	$	(924	)	$	1,121		$	1,424

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for 2019 and 2018 and 34% for 2017 to income before income taxes as a result of the following:

	For the Years Ended December 31,
	2019			2018			2017
Income tax, at federal rate	$	(1,270	)	$	799		$	(1,007	)
State and local tax, net of federal taxes		(2,128	)		(536	)		(1,340	)
Valuation allowance, net of the federal benefit		2,340			790			1,606
Expense due to enactment of federal tax reform		—			—			2,113
Other		134			68			52
Provision (benefit) for income taxes	$	(924	)	$	1,121		$	1,424

On December 22, 2017, the U.S. Government signed into law the “Tax Cuts and Jobs Act” (the “Tax Act”) which, starting in 2018, reduced the Company’s corporate income tax rate from 34% to 21%, but eliminates or increases certain permanent differences. As of the date of enactment, the Company has adjusted its deferred tax assets and liabilities for the new statutory rate, which resulted in $2,113 income tax expense for the year ended December 31, 2017.

On December 22, 2017, the U.S. Securities and Exchange Commission (“SEC”) released Staff Accounting Bulletin No. 118 (“SAB 118”) to address any uncertainty or diversity of views in practice in accounting for the income tax effects of the Act in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete this accounting in the reporting period that includes the enactment date. SAB 118 allows for a measurement period, not to extend beyond one year from the Act’s enactment date, to complete the necessary accounting. All these matters were finalized in 2018 with no material impact to the Company’s federal income tax expense.

Management maintains a valuation allowance against its net New York State and New York City deferred tax as it is unlikely these deferred tax assets will impact the Company's tax liability in future years. The valuation allowance increased by $2,340, $790 and $1,606 for the years ended December 31, 2019, 2018 and 2017, respectively.

Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets in accordance with GAAP since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible.

Note 8. Income Taxes (Continued)

At December 31, 2019 and 2018, the Company had no unrecognized tax benefits recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months.

The Company is subject to U.S. federal income tax, New York State income tax, New Jersey income tax, and New York City income tax. The Company is no longer subject to examination by taxing authorities for years before 2016.

In 2018, the Company elected to early adopt ASU 2018-02, “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The Company reclassified the income tax effects of Tax Cuts and Jobs Act of approximately $1,281 from accumulated other comprehensive income to retained earnings as presented in the consolidated statements of stockholders’ equity.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below:

	At December 31,
	2019		2018
Deferred tax assets:
Allowance for losses on loans	$	3,990	$	3,939
Pension obligations		—		2,102
Interest on nonaccrual loans		338		74
Unrealized loss on available-for-sale securities		7		91
Amortization of intangible assets		88		102
Deferred rent payable		—		153
Depreciation of premises and equipment		30		—
Net operating losses		4,258		3,111
Charitable contribution carryforward		1,675		1,694
Compensation and benefits		182		129
Other		130		106
Total gross deferred tax assets		10,698		11,501
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		85		3,120
Depreciation and amortization of premises and equipment		—		222
Deferred loan fees		638		438
Other		7		6
Total gross deferred tax liabilities		730		3,786
Valuation allowance		6,244		3,904
Net deferred tax assets	$	3,724	$	3,811

The deferred tax expense (benefit) has been allocated between operations and equity as follows:

	For the Years Ended December 31,
	2019			2018			2017
Equity	$	2,186		$	282		$	746
Operations		(2,099	)		(184	)		(1,276	)
	$	87		$	98		$	(530	)

Compensation and Benefit Plans

12 Months Ended

Dec. 31, 2019

Compensation and Benefit Plans

Note 9. Compensation and Benefit Plans

Defined Benefit Plan:

As has previously been disclosed, on May 31, 2007, the Company’s defined benefit pension plan (“Defined Benefit Plan”) was frozen and replaced with a qualified defined contribution plan. On May 31, 2019, the Company’s Board of Directors approved the termination of the Defined Benefit Plan which was liquidated on December 1, 2019. During 2019, the Company offered participants in the Defined Benefit Plan with vested qualified benefits the option of receiving their benefits in a lump sum payment in lieu of receiving monthly annuity payments. Approximately 115 participants elected to receive lump sum payments aggregating approximately $6,427 which were paid from plan assets to these participants during the fourth quarter of 2019. Also, during the fourth quarter of 2019, the Company transferred the remainder of the Defined Benefit Plan’s pension obligations to a third party insurance provider by purchasing annuity contracts aggregating approximately $7,431 which was fully funded directly by plan assets. The benefit obligations settled by the lump sum payments and annuity contracts resulted in payments from plan assets of approximately $13,858. The remaining previously unrecognized losses in accumulated other comprehensive loss relating to the Defined Benefit Plan were recognized as an expense and a pre-tax charge of approximately $9,930 ($7,844 after-tax) was recorded in other income (expense), net, in our consolidated statements of operations during the fourth quarter of 2019.

The following table sets forth the Defined Benefit Plan’s funded status and amounts recognized in the consolidated statements of financial condition as of December 31, 2019 and 2018 using a measurement date as of December 31, 2019 and 2018, respectively:

	December 31,
	2019			2018
Projected benefit obligation	$	—		$	(14,244	)
Fair value of plan assets		261			14,416
Funded status	$	261		$	172
Accumulated benefit obligation	$	—		$	(14,244	)

	December 31,
	2019			2018
Changes in benefit obligation:
Beginning of period	$	14,244		$	15,883
Service cost		39			39
Interest cost		589			542
Lump sum and annuity purchase		(13,858	)		—
Interest rate change		2,787			(1,691	)
Mortality change		—			(41	)
(Gain)/ Loss		(3,130	)		243
Administrative cost		(39	)		(39	)
Benefits paid		(632	)		(692	)
End of period	$	—		$	14,244

	December 31,
	2019			2018
Changes in plan assets:
Fair value of plan assets, beginning of year	$	14,416		$	14,732
Actual return on plan assets		374			415
Lump sum and annuity purchase		(13,858	)
Benefits paid		(632	)		(692	)
Administrative expenses paid		(39	)		(39	)
Fair value of plan assets, end of year	$	261		$	14,416

Note 9. Compensation and Benefit Plans (Continued)

Pretax amounts recognized in accumulated other comprehensive loss, which will be amortized into net periodic benefit cost over the coming years, were $0 and $9,856 at December 31, 2019 and 2018, respectively.

The components of net periodic benefit cost are as follows for the years ended December 31, 2019, 2018, and 2017:

	For the Years Ended December 31,
	2019			2018			2017
Service cost	$	39		$	39		$	39
Interest cost		589			542			581
Expected return on plan assets		(842	)		(860	)		(839	)
Amortization of prior service cost		25			25			25
Amortization of loss		259			299			234
Net periodic benefit cost	$	70		$	45		$	40

Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of December 31, 2019 and 2018:

	December 31,
	2019	2018
Discount rate	N/A	4.25%
Rate of compensation increase	N/A	0.00%

Weighted-average assumptions used to determine the net benefit cost consisted of the following for the years ended December 31, 2019 and 2018:

	December 31,
	2019	2018
Discount rate	4.25%	3.50%
Rate of compensation increase	0.00%	0.00%
Expected long-term rate of return on assets	6.00%	6.00%

The expected rate of return on plan assets is estimated based on the plan’s historical performance of return on assets.

The investment policy for plan assets is to manage the portfolio to preserve principal and liquidity while maximizing the return on the plan’s investment portfolio through the full investment of available funds. Plan assets are currently maintained in a guaranteed deposit account with Prudential Retirement Insurance and Annuity Company, earning interest at rates that are determined at the beginning of each year.

Pension assets consist solely of funds on deposit in a guaranteed deposit account. The fair value of the pension plan assets at December 31, 2019 and 2018 was $261 and $14,416, respectively.

The guaranteed deposit account is valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer. Such fair value measurement is considered a Level 3 measurement.

Note 9. Compensation and Benefit Plans (Continued)

401(k) Plan:

The Company also provides a qualified defined contribution retirement plan adopted under Section 401(k) of the Internal Revenue Code. The 401(k) Plan qualifies under the Internal Revenue Service safe harbor provisions, as defined. Employees are eligible to participate in the 401(k) Plan at the beginning of each quarter (January 1, April 1, July 1 or October 1). The 401(k) Plan provides for elective employee/participant deferrals of income. Discretionary matching, profit-sharing, and safe harbor contributions, not to exceed 4% of employee compensation and profit-sharing contributions may be provided. The Company is currently making a safe harbor contributions of 3%. The 401(k) expenses recorded in the consolidated statements of income (loss) amounted to $331, $363 and $317 for the years ended December 31, 2019, 2018 and 2017, respectively.

Employee Stock Ownership Plan:

In connection with the reorganization, the Company established an Employee Stock Ownership Plan (ESOP) for the exclusive benefit of eligible employees. The ESOP borrowed $7,238 from the Company, sufficient to purchase 723,751 shares (approximately 3.92% of the common stock sold in the stock offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Company and dividends received by the ESOP. Contributions will be applied to repay interest on the loan first, and then the remainder will be applied to principal. The loan is expected to be repaid over a period of 15 years. Shares purchased with the loan proceeds are held by the trustee in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants, subject to applicable regulations.

Contributions to the ESOP are to be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, compensation expense equal to the average market price of the shares for the respective period are recognized, and the unallocated shares are taken into consideration when computing earnings per share (see Note 10).

A summary of the ESOP shares is as follows:

	December 31, 2019		December 31, 2018
Shares committed-to-be released		48,250		48,250
Shares to be allocated to participants		96,500		48,250
Unallocated shares		579,001		627,251
Total		723,751		723,751
Fair value of unearned shares	$	8,511	$	7,991

The Company recognized $766, $615 and $526 in compensation expense for the years ended December 31, 2019, 2018 and 2017, respectively.

Supplemental Executive Retirement Plan:

The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of one key executive. SERP expenses recognized were $62, $61, and $166 for the years ended December 31, 2019, 2018 and 2017, respectively.

Note 9. Compensation and Benefit Plans (Continued)

2018 Incentive Plan

The Company’s stockholders approved the PDL Community Bancorp 2018 Long-Term Incentive Plan (the “2018 Incentive Plan”) at the Special Meeting of Stockholders on October 30, 2018. The maximum number of shares of common stock which can be issued under the 2018 Incentive Plan is 1,248,469. Of the 1,248,469 shares, the maximum number of shares that may be awarded under the 2018 Incentive Plan pursuant to the exercise of stock options or stock appreciation rights (“SARs”) is 891,764 shares (all of which may be granted as incentive stock options), and the number of shares of common stock that may be issued as restricted stock awards or restricted stock units is 356,705 shares. However, the 2018 Incentive Plan contains a flexible feature that provides that awards of restricted stock and restricted stock units in excess of the 356,705 share limitation may be granted but each share of stock covered by such excess award shall reduce the 891,764 share limitation for awards of stock options and SARs by 3.0 shares of common stock. The Company converted 462,522 awards of stock options into 154,174 restricted stock units in 2018.

Under the 2018 Incentive Plan, the Company made grants equal to 674,645 shares on December 4, 2018 which include 119,176 incentive options to executive officers, 44,590 non-qualified options to outside directors, 40,000 restricted stock units to officers, 322,254 restricted stock units to executive officers and 148,625 restricted stock units to outside directors. Awards to directors generally vest 20% annually beginning with the first anniversary of the date of grant. Awards to a director with fewer than five years of service at the time of grant vest over a longer period and will not become fully vested until the director has completed ten years of service. Awards to the executive officer who is not a director vest 20% annually beginning on December 4, 2020. As of December 31, 2019 and 2018, the maximum number of stock options and SARs and the maximum number of shares of common stock that may be issued as restricted stock awards or restricted stock units remaining to be awarded under the Incentive Plan was 265,476 and 0, respectively, for both years. If the 2018 Incentive Plan’s flex feature described above were fully utilized, the maximum number of shares of common stock that may be awarded as restricted stock awards or restricted stock units would be 88,492, but would eliminate the availability of stock options and SARs available for award.

The product of the number of units granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock units under the Company’s 2018 Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock units on a straight-line basis over the requisite service period for the entire award.

A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2019 and 2018 are as follows:

	December 31, 2019
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		510,879		$	12.77
Granted		29,725			12.93
Forfeited		(29,725	)		12.77
Vested		(90,135	)		12.77
Non-vested at December 31		420,744		$	12.78

Note 9. Compensation and Benefit Plans (Continued)

	December 31, 2018
	Number of Shares		Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		—	$	—
Granted		510,879		12.77
Forfeited		—		—
Vested		—		—
Non-vested at December 31		510,879	$	12.77

Compensation expense related to restricted stock units for the years ended December 31, 2019 and 2018 was $1,155 and $91, respectively.

A summary of the Company’s stock options activity and related information for the years ended December 31, 2019 and 2018 are as follows:

	December 31, 2019
	Options			Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		163,766		$	12.77
Granted		8,918			12.93
Exercised		—			—
Forfeited		(8,918	)		12.77
Outstanding, end of year (1)		163,766		$	12.78
Exercisable, end of year (1)		24,788		$	12.77

	December 31, 2018
	Options			Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		—		$	—
Granted		163,766			12.77
Exercised		—			—
Forfeited		—			—
Outstanding, end of year (1)		163,766		$	12.77
Exercisable, end of year (1)		—		$	—

(1)

The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $315 and $0 for outstanding options and $48 and $0 for exercisable options at December 31, 2019 and 2018, respectively.

Note 9. Compensation and Benefit Plans (Continued)

The weighted-average exercise price for outstanding options as of December 31, 2019 was $12.78 per share and the weighted-average remaining contractual life is 8.9 years. The weighted-average period over which it is expected to be recognized is 5.4 years. There were 24,788 shares exercisable as of December 31, 2019. Total compensation costs related to stock options recognized was $101 and $7 for the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019, the total remaining unrecognized compensation cost related to unvested stock options and restricted stock units was $5,757, which is expected to be recognized over the next 32 quarters.

The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions:

	For the Years Ended December 31,
	2019			2018
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		16.94	%		20.15	%
Risk-free interest rate		2.51	%		2.74	%
Weighted average grant date fair value	$	4.01		$	3.53

The expected volatility is based on the stock’s historical volatility. The expected life is an estimate based on management’s review of the various factors and calculated using the simplified method for plain vanilla options. The dividend yield assumption is based on the Company’s history and expectation of dividend payouts.

Treasury Stock:

The Company adopted a share repurchase program effective March 25, 2019 which expired on September 24, 2019. Under this program, the Company was permitted to repurchase up to 923,151 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. On November 13, 2019, the Company adopted a second share repurchase program. Under this second program, the Company may repurchase up to 878,835 shares of the Company’s stock, or approximately

5% of the Company’s then current issued and outstanding shares. The repurchase program may be suspended or terminated at any time without prior notice, and it will expire no later than May 12, 2020.

As of December 31, 2019, the Company had repurchased a total of 1,102,029 shares under the repurchase programs at a weighted average price of $14.30 per share, which are reported as treasury stock in the consolidated statements of financial condition. Of the 1,102,029 shares of treasury stock, 90,135 shares were reissued as a result of restricted stock units that vested on December 4, 2019.

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 10. Earnings Per Common Share

The following table presents a reconciliation of the number of common shares used in the calculation of basic and diluted earnings per common share:

	For the Years Ended December 31,					For the Period September 29, through December 31,
	2019			2018		2017
	(Dollars in thousands except share data)
Net Income (loss)	$	(5,125	)	$	2,677	$	(2,864	)
Common shares outstanding for basic EPS:
Weighted average common shares outstanding (1)		18,039,640			18,463,028		18,463,028
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		607,322			657,159		723,232
Basic weighted average common shares outstanding		17,432,318			17,805,869		17,739,796
Basic earnings (loss) per common share	$	(0.29	)	$	0.15	$	(0.16	)
Dilutive potential common shares:
Add: Dilutive effect of restricted stock awards		—			6,337		—
Diluted weighted average common shares outstanding		17,432,318			17,812,206		17,739,796
Diluted earnings (loss) per common share	$	(0.29	)	$	0.15	$	(0.16	)

(1)

The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on September 29, 2017.

Commitments, Contingencies and Credit Risk

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingencies and Credit Risk

Note 11. Commitments, Contingencies and Credit Risk

Financial Instruments With Off-Balance-Sheet Risk: In the normal course of business, financial instruments with off-balance-sheet risk may be used to meet the financing needs of customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the consolidated statements of financial condition. The contractual amounts of these instruments reflect the extent of involvement in particular classes of financial instruments.

The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer default, and the value of any existing collateral become worthless. The same credit policies are used in making commitments and contractual obligations as for on-balance-sheet instruments.

Note 11. Commitments, Contingencies and Credit Risk (Continued)

Financial instruments whose contractual amounts represent credit risk at December 31, 2019 and 2018 are as follows:

	December 31,
	2019		2018
Commitments to grant mortgage loans	$	64,829	$	52,017
Unfunded commitments under lines of credit		27,833		44,752
Standby letters of credit		3,455		7,759
	$	96,117	$	104,528

Commitments to Grant Mortgage Loans: Commitments to grant mortgage loans are agreements to lend to a customer as long as all terms and conditions are met as established in the contract. Commitments generally have fixed expiration dates or other termination clauses, and may require payment of a fee by the borrower. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate and income-producing commercial properties. Material losses are not anticipated as a result of these transactions.

Unfunded Commitments Under Lines of Credit: Unfunded commitments under commercial lines of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extension of credit to existing customers. These lines of credit are both uncollateralized and usually contain a specified maturity date and, ultimately, may not be drawn upon to the total extent to which the Company is committed.

Standby Letters of Credit: Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Standby letters of credit are largely cash secured.

Concentration by Geographic Location: Loans, commitments to extend credit and standby letters of credit have been granted to customers who are located primarily in New York City. The majority of such loans most often are secured by one-to-four family residential. The loans are expected to be repaid from the borrowers' cash flows.

Lease Commitments: At December 31, 2019, there were noncancelable operating leases for office space that expire on various dates through 2034. One such lease contains an escalation clause providing for increased rental based primarily on increases in real estate taxes. Rental expenses under operating leases, included in occupancy expense, totaled $1,490, $1,440, and $1,488 for the years ended December 31, 2019, 2018, and 2017, respectively.

The projected minimum rental payments under the terms of the leases at December 31, 2019 are as follows:

December 31,
2020	$	1,340
2021		1,380
2022		1,289
2023		1,276
2024		1,310
Thereafter		5,872
	$	12,467

Legal Matters: The Company is involved in various legal proceedings which have arisen in the normal course of business. Management believes that resolution of these matters will not have a material effect on the Company’s financial condition or results of operations.

Fair Value

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value

Note 12. Fair Value

The following fair value hierarchy is used based on the lowest level of input significant to the fair value measurement. There are three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company used the following methods and significant assumptions to estimate fair value:

Cash and Cash Equivalents, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, and Accrued Interest Payable: The carrying amount is a reasonable estimate of fair value. These assets and liabilities were not recorded at fair value on a recurring basis.

Available-for-Sale Securities: These financial instruments are recorded at fair value in the consolidated financial statements on a recurring basis. Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted prices are not available, then fair values are estimated by using pricing models (e.g., matrix pricing) or quoted prices of securities with similar characteristics and are classified within Level 2 of the valuation hierarchy. Examples of such instruments include government agency bonds and mortgage-backed securities. Level 3 securities are securities for which significant unobservable inputs are utilized. There were no changes in valuation techniques used to measure similar assets during the period.

FHLBNY Stock: The carrying value of FHLBNY stock approximates fair value since the Company can redeem such stock with FHLBNY at cost. As a member of the FHLBNY, the Company is required to purchase this stock, which we carry at cost and classify as restricted equity securities.

Loans: For variable rate loans, which reprice frequently and have no significant change in credit risk, carrying values are a reasonable estimate of fair values, adjusted for credit losses inherent in the portfolios. The fair value of fixed rate loans is estimated by discounting the future cash flows using estimated market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities, adjusted for credit losses inherent in the portfolios. Impaired loans are valued using a present value discounted cash flow method, or the fair value of the collateral. Loans are not recorded at fair value on a recurring basis.

Loans Held for Sale: Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is determined from actual bids from bona fide investors. These assets are classified as Level 2.

Other Real Estate Owned: Other real estate owned represents real estate acquired through foreclosure, and is recorded at fair value less estimated disposal costs on a nonrecurring basis. Fair value is based upon independent market prices, appraised values of the collateral or management's estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, the asset is classified as Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the asset is classified as Level 3.

Deposits: The fair values of demand deposits, savings, NOW, reciprocal deposits and money market accounts equal their carrying amounts, which represent the amounts payable on demand at the reporting date. Fair values for fixed-term, fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies market interest rates on certificates of deposit to a schedule of aggregated expected monthly maturities on such deposits. Deposits are not recorded at fair value on a recurring basis.

Note 12. Fair Value (Continued)

FHLBNY Advances: The fair value of the advances is estimated using a discounted cash flow calculation that applies current market-based FHLBNY interest rates for advances of similar maturity to a schedule of maturities of such advances. These borrowings are not recorded at fair value on a recurring basis.

Off-Balance-Sheet Instruments: Fair values for off-balance-sheet instruments (lending commitments and standby letters of credit) are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. Off-balance-sheet instruments are not recorded at fair value on a recurring basis.

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2019 and 2018, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			December 31, 2019
Description	Total		Level 1		Level 2		Level 3
Available-for-Sale Securities:
U.S. government and federal agencies	$	16,354	$	—	$	16,354	$	—
Mortgage-Backed Securities:
FNMA Certificates		4,659		—		4,659		—
GNMA Certificates		491		—		491		—
	$	21,504	$	—	$	21,504	$	—

			December 31, 2018
Description	Total		Level 1		Level 2		Level 3
Available-for-Sale Securities:
U.S. government and federal agencies	$	20,515	$	—	$	20,515	$	—
U.S. Treasury		4,995		4,995		—		—
Mortgage-Backed Securities:
FNMA Certificates		759		—		759		—
GNMA Certificates		875		—		875		—
	$	27,144	$	4,995	$	22,149	$	—

Our assessment and classification of an investment within a level can change over time based upon maturity or liquidity of the investment and would be reflected at the beginning of the quarter in which the change occurred.

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018 and indicate the fair value hierarchy utilized to determine the fair value:

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Impaired loans	$	19,232	$	—	$	—	$	19,232

Note 12. Fair Value (Continued)

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Impaired loans	$	17,225	$	—	$	—	$	17,225

Losses on assets carried at fair value on a nonrecurring basis were de minimis for the years ended December 31, 2019 and 2018, respectively.

The fair value information about financial instruments are disclosed, whether or not recognized in the consolidated statements of financial condition, for which it is practicable to estimate that value. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The estimated fair value amounts for 2019 and 2018 have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each period.

The information presented should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company's assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company's disclosures and those of other banks may not be meaningful.

Note 12. Fair Value (Continued)

As of December 31, 2019 and 2018, the book balances and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
December 31, 2019	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	27,677	$	27,677	$	—	$	—	$	27,677
Investment securities		21,504		—		21,504		—		21,504
Loans held for sale		1,030		—		—		1,035		1,035
Loans receivable, net		955,737		—		—		959,942		959,942
Accrued interest receivable		3,982		—		3,982		—		3,982
FHLBNY stock		5,735		5,735		—		—		5,735
Financial liabilities:
Deposits:
Demand deposits		109,548		109,548		—		—		109,548
Interest-bearing deposits		282,997		282,997		—		—		282,997
Certificates of deposit		389,498		—		393,254		—		393,254
Advance payments by borrowers for taxes and insurance		97		—		97		—		97
Advances from FHLBNY		6,348		6,348		—		—		6,348
Accrued interest payable		782,043		—		782,043		—		782,043

December 31, 2018
Financial assets:
Cash and cash equivalents	$	69,778	$	69,778	$	—	$	—	$	69,778
Investment securities		27,144		4,995		22,149		—		27,144
Loans receivable, net		918,509		—		—		926,867		926,867
Accrued interest receivable		3,795		—		3,795		—		3,795
FHLBNY stock		2,915		2,915		—		—		2,915
Financial liabilities:
Deposits:
Demand deposits		115,923		115,923		—		—		115,923
Interest-bearing deposits		269,749		269,749		—		—		269,749
Certificates of deposit		424,086		—		425,564		—		425,564
Advance payments by borrowers for taxes and insurance		6,037		—		6,037		—		6,037
Advances from FHLBNY		69,404		69,404		—		—		69,404
Accrued interest payable		63		—		63		—		63

Off-Balance-Sheet Instruments: There were no loan commitments on which the committed interest rate is less than the current market rate at December 31, 2019 and 2018.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Regulatory Capital Requirements

12 Months Ended

Dec. 31, 2019

Regulatory Capital Requirements

Note 13. Regulatory Capital Requirements

The Company and the Bank are subject to various regulatory capital requirements administered by the Federal Reserve Board and the OCC, respectively. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s operations and consolidated financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation require the maintenance of minimum amounts and ratios (set forth in the table below) of total risk-based and Tier 1 capital to risk-weighted assets (as defined), common equity Tier 1 capital (as defined), and Tier 1 capital to adjusted total assets (as defined). As of December 31, 2019 and 2018, all applicable capital adequacy requirements have been met.

The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer is being phased in from 0% for 2015 to 2.5% by 2019. The applicable capital buffer was 10.6% and 11.4% at December 31, 2019 and 2018, respectively.

The most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and the Bank must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table below. There were no conditions or events since then that management believes have changed the Bank's category.

Note 13. Regulatory Capital Requirements (Continued)

The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2019 and 2018 as compared to regulatory requirements are as follows:

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
December 31, 2019
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	168,268		21.35	%	$	63,044		8.00	%	$	78,805		10.00	%
Tier 1 Capital to Risk-Weighted Assets		158,382		20.10	%		47,283		6.00	%		63,044		8.00	%
Common Equity Tier 1 Capital Ratio		158,382		20.10	%		35,462		4.50	%		51,223		6.50	%
Tier 1 Capital to Total Assets		158,382		14.97	%		42,334		4.00	%		52,917		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	146,451		18.62	%	$	62,923		8.00	%	$	78,654		10.00	%
Tier 1 Capital to Risk-Weighted Assets		136,584		17.37	%		47,192		6.00	%		62,923		8.00	%
Common Equity Tier 1 Capital Ratio		136,584		17.37	%		35,394		4.50	%		51,125		6.50	%
Tier 1 Capital to Total Assets		136,584		12.92	%		42,275		4.00	%		52,843		5.00	%

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
December 31, 2018
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	186,940		24.36	%	$	61,385		8.00	%	$	76,731		10.00	%
Tier 1 Capital to Risk-Weighted Assets		177,307		23.11	%		46,038		6.00	%		61,385		8.00	%
Common Equity Tier 1 Capital Ratio		177,307		23.11	%		34,529		4.50	%		49,875		6.50	%
Tier 1 Capital to Total Assets		177,307		18.13	%		39,114		4.00	%		48,892		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	148,486		19.39	%	$	61,261		8.00	%	$	76,577		10.00	%
Tier 1 Capital to Risk-Weighted Assets		138,872		18.14	%		45,946		6.00	%		61,261		8.00	%
Common Equity Tier 1 Capital Ratio		138,872		18.14	%		34,459		4.50	%		49,775		6.50	%
Tier 1 Capital to Total Assets		138,872		13.66	%		40,652		4.00	%		50,815		5.00	%

Accumulated Other Comprehensive Income (Loss)

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1D
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958570-112826

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958569-112826

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958577-112826

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Note 14. Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:

	December 31, 2019
	December 31, 2018			Change		December 31, 2019
Unrealized losses on securities available for sale, net	$	(291	)	$	311	$	20
Realized losses on pension benefits, net		(7,844	)		7,844		—
Total	$	(8,135	)	$	8,155	$	20

	December 31, 2018
	December 31, 2017			Change			December 31, 2018
Unrealized losses on securities available for sale, net	$	(221	)	$	(70	)	$	(291	)
Unrealized losses on pension benefits, net		(7,630	)		(214	)		(7,844	)
Total	$	(7,851	)	$	(284	)	$	(8,135	)

Transactions With Related Parties

12 Months Ended

Dec. 31, 2019

Transactions With Related Parties

Note 15. Transactions with Related Parties

Directors and officers of the Company have been customers of and have had transactions with the Company, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the years ended December 31, 2019, 2018, and 2017 were as follows:

	For the Years Ended December 31,
	2019			2018			2017
Beginning balance	$	1,278		$	1,351		$	1,573
Originations		60			400			—
Payments		(78	)		(473	)		(222	)
Ending balance	$	1,260		$	1,278		$	1,351

The Company held deposits in the amount of $8,302 and $6,943 from officers and directors at December 31, 2019 and 2018, respectively.

Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent Company Only Financial Statements

Note 16. Parent Company Only Financial Statements

The following are the financial statements of the Parent as of and for the years ended December 31, 2019 and 2018.

	December 31,
ASSETS	2019		2018
Cash and cash equivalents	$	13,363	$	30,867
Investment in Ponce Bank		136,603		130,737
Loan receivable - ESOP		5,894		6,308
Loan receivable - Foundation		606		—
Other assets		2,409		1,523
Total assets	$	158,875	$	169,435

LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities and accrued expenses	$	473	$	263
Stockholders' equity		158,402		169,172
Total liabilities and stockholders' equity	$	158,875	$	169,435

Note 16. Parent Company Only Financial Statements (Continued)

	For the Years Ended December 31,
	2019			2018
Interest on ESOP loan	$	164		$	175
Interest on certificates of deposit		90			—
Interest on other deposits		182			404
Net interest income		436			579
Share-based compensation expense		1,256			98
Management fee expense		411			411
Office occupancy and equipment		60			20
Contribution to Ponce De Leon Foundation		—			—
Professional fees		1,255			1,823
Other noninterest expenses		115			171
Total noninterest expense		3,097			2,523
Income (loss) before income tax (benefit)		(2,661	)		(1,944	)
Income tax (benefit)		(533	)		(221	)
Equity in undistributed earnings of Ponce Bank		(2,997	)		4,400
Net income (loss)	$	(5,125	)	$	2,677

	For the Years Ended December 31,
	2019			2018
Cash Flows from Operating Activities:
Net income (loss)	$	(5,125	)	$	2,677
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		2,997			(4,400	)
Deferred income tax		598			83
Share-based compensation expense		1,256			98
Increase in other assets		(918	)		(257	)
Net (decrease) increase in other liabilities		(357	)		202
Net cash used in operating activities		(1,549	)		(1,597	)
Cash Flows from Investing Activities:
Loan to Foundation		(606	)		—
Repayment of ESOP Loan		414			404
Net cash (used in) provided by investing activities		(192	)		404
Cash Flows from Financing Activities:
Repurchase of treasury shares		(15,763	)		—
Net cash (used in) provided by financing activities		(15,763	)		—
Net (decrease) increase in cash and cash equivalents		(17,504	)		(1,193	)
Cash and cash equivalents at beginning of year		30,867			32,060
Cash and cash equivalents at end of year	$	13,363		$	30,867

Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

Note 17. Quarterly Financial Information (unaudited)

	2019									2018
	Fourth			Third		Second		First		Fourth		Third		Second		First
	(Dollars in thousands except share data)
Net interest income	$	9,562		$	9,765	$	9,344	$	9,462	$	9,607	$	9,247	$	9,133	$	8,677
Provision for loan losses		95			14		—		149		215		602		337		94
Net interest income after provision for loan losses		9,467			9,751		9,344		9,313		9,392		8,645		8,796		8,583
Noninterest income		665			579		686		753		815		714		524		885
Noninterest expense		19,475			9,334		8,707		9,091		9,074		8,769		8,455		8,259
Income (loss) before taxes		(9,343	)		996		1,323		975		1,133		590		865		1,209
Provision (benefit) for income taxes		(1,891	)		287		373		307		498		188		166		268
Net income (loss)	$	(7,452	)	$	709	$	950	$	668	$	635	$	402	$	699	$	941

Basic earnings (loss) per share	$	(0.43	)	$	0.04	$	0.05	$	0.04	$	0.04	$	0.02	$	0.04	$	0.05
Diluted earnings (loss) per share	$	(0.43	)	$	0.04	$	0.05	$	0.04	$	0.04	$	0.02	$	0.04	$	0.05
Basic weighted average common shares		17,145,970			17,185,993		17,565,934		17,835,295		17,823,847		17,811,784		17,799,723		17,787,661
Diluted weighted average common shares		17,145,970			17,297,054		17,655,664		17,864,327		17,830,184		17,811,784		17,799,723		17,787,661

Nature of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Financial Statement Presentation

Basis of Presentation and Consolidation:

Inter-company transactions and balances are eliminated in consolidation.

Nature of Operations

Nature of Operations:

Use of Estimates

Summary of Significant Accounting Policies:

Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued)

Significant Group Concentrations of Credit Risk

Cash and Cash Equivalents

Securities

Federal Home Loan Bank of New York Stock

Loans Receivable

Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued)

Allowance for Loan Losses

Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued)

Residential and Multifamily Mortgage Loans

Nonresidential Mortgage Loans

Construction and Land Loans

Business Loans

Consumer Loans

Loans Held for Sale

Transfers of Financial Assets

Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued)

Premises and Equipment

Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation.

Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows:

		Years
Building		39
Building improvements		15 - 39
Furniture, fixtures, and equipment		3 - 10

Impairment of Long-Lived Assets

Other Real Estate Owned

Income Taxes

Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued)

Interest and penalties associated with unrecognized tax benefits, if any, would be classified as additional provision for income taxes in the consolidated statements of income (loss).

Related Party Transactions

Employee Benefit Plans

Employee Stock Ownership Plan

Stock Options

Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued)

Restricted Stock Units

Comprehensive Income (Loss)

Loss Contingencies

Fair Value of Financial Instruments

Segment Reporting

Loan Commitments and Related Financial Instruments

Earnings per Share (“EPS”)

Treasury Stock

Treasury Stock: Shares repurchased under the Company’s share repurchase programs were purchased in open-market transactions and are held as treasury stock.

Reclassification of Prior Year Presentation

Recent Accounting Pronouncements

Note 1. Nature of Business and Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements:

Accounting Pronouncements Not Yet Adopted:

Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Estimated Useful Lives of Assets

Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows:

		Years
Building		39
Building improvements		15 - 39
Furniture, fixtures, and equipment		3 - 10

Available-for-Sale Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Available-for-Sale Securities

The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities at December 31, 2019 and 2018 are summarized as follows:

	December 31, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
U.S. Government and Federal Agencies	$	16,373	$	—	$	(19	)	$	16,354
Mortgage-Backed Securities:
FNMA Certificates		4,680		—		(21	)		4,659
GNMA Certificates		482		9		—			491
	$	21,535	$	9	$	(40	)	$	21,504

Note 3. Available-for-Sale-Securities (Continued)

	December 31, 2018
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
U.S. Government and Federal Agencies	$	20,924	$	—	$	(409	)	$	20,515
U.S. Treasury		4,997		—		(2	)		4,995
Mortgage-Backed Securities:
FNMA Certificates		778		—		(19	)		759
GNMA Certificates		870		5		—			875
	$	27,569	$	5	$	(430	)	$	27,144

Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position

	December 31, 2019
	Securities With Gross Unrealized Losses
	Less Than 12 Months				12 Months or More					Total		Total
	Fair		Unrealized		Fair		Unrealized			Fair		Unrealized
	Value		Loss		Value		Loss			Value		Loss
U.S. Government and Federal Agencies	$	—	$	—	$	16,354	$	(19	)	$	16,354	$	(19	)
Mortgage-Backed
FNMA Certificates		—		—		4,659		(21	)		4,659		(21	)
	$	—	$	—	$	21,013	$	(40	)	$	21,013	$	(40	)

Note 3. Available-for-Sale-Securities (Continued)

	December 31, 2018
	Securities With Gross Unrealized Losses
	Less Than 12 Months					12 Months or More					Total		Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Loss			Value		Loss			Value		Loss
U.S. Government and Federal Agencies	$	—	$	—		$	20,515	$	(409	)	$	20,515	$	(409	)
U.S. Treasury		4,995		(2	)		—		—			4,995		(2	)
Mortgage-Backed
FNMA Certificates		—		—			759		(19	)		759		(19	)
	$	4,995	$	(2	)	$	21,274	$	(428	)	$	26,269	$	(430	)

Summary of Maturities of Securities

	December 31, 2019
	Available-for-Sale
	Amortized		Fair
	Cost		Value
U.S. Government and Federal Agency Securities:
Amounts maturing:
Three months or less	$	2,000	$	2,000
After three months through one year		14,373		14,354
After one year through five years		—		—
		16,373		16,354
Mortgage-Backed Securities		5,162		5,150
Total	$	21,535	$	21,504

	December 31, 2018
	Available-for-Sale
	Amortized		Fair
	Cost		Value
U.S. Government and Federal Agency Securities:
Amounts maturing:
Three months or less	$	4,997	$	4,995
After three months through one year		4,554		4,497
After one year through five years		16,370		16,018
		25,921		25,510
Mortgage-Backed Securities		1,648		1,634
Total	$	27,569	$	27,144

Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Credit Risk Ratings by Loan Segment

Summary of Loans

Loans at December 31, 2019 and 2018 are summarized as follows:

	December 31,			December 31,
	2019			2018
Mortgage loans:
1-4 family residential
Investor-Owned	$	305,272		$	303,197
Owner-Occupied		91,943			92,788
Multifamily residential		250,239			232,509
Nonresidential properties		207,225			196,917
Construction and land		99,309			87,572
Nonmortgage loans:
Business loans		10,877			15,710
Consumer loans		1,231			1,068
		966,096			929,761
Net deferred loan origination costs		1,970			1,407
Allowance for loan losses		(12,329	)		(12,659	)
Loans receivable, net	$	955,737		$	918,509

The following tables present credit risk ratings by loan segment as of December 31, 2019 and 2018:

	December 31, 2019
	Mortgage Loans								Nonmortgage Loans
	1-4						Construction						Total
	Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
Risk Rating:
Pass	$	386,022	$	249,066	$	202,761	$	75,997	$	10,877	$	1,231	$	925,954
Special mention		2,412		—		—		14,943		—		—		17,355
Substandard		8,781		1,173		4,464		8,369		—		—		22,787
Total	$	397,215	$	250,239	$	207,225	$	99,309	$	10,877	$	1,231	$	966,096

	December 31, 2018
	Mortgage Loans								Nonmortgage Loans
	1-4						Construction						Total
	Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
Risk Rating:
Pass	$	383,123	$	231,422	$	195,327	$	71,438	$	14,324	$	1,068	$	896,702
Special mention		3,728		775		—		8,505		1,386		—		14,394
Substandard		9,134		312		1,590		7,629		—		—		18,665
Total	$	395,985	$	232,509	$	196,917	$	87,572	$	15,710	$	1,068	$	929,761

Schedule of Aging Analysis of Loans

An aging analysis of loans, as of December 31, 2019 and 2018, is as follows:

	December 31, 2019
			30-59		60-89		Over						Over
			Days		Days		90 Days				Nonaccrual		90 Days
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
Mortgages:
1-4 Family
Investor-Owned	$	300,324	$	3,866	$	—	$	1,082	$	305,272	$	1,749	$	—
Owner-Occupied		87,243		3,405		—		1,295		91,943		3,500		—
Multifamily residential		246,318		3,921		—		—		250,239		—		—
Nonresidential properties		203,514		3		—		3,708		207,225		4,201		—
Construction and land		99,309		—		—		—		99,309		1,118		—
Nonmortgage Loans:
Business		10,877		—		—		—		10,877		—		—
Consumer		1,231		—		—		—		1,231		—		—
Total	$	948,816	$	11,195	$	—	$	6,085	$	966,096	$	10,568	$	—

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

	December 31, 2018
			30-59		60-89		Over						Over
			Days		Days		90 Days				Nonaccrual		90 Days
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
Mortgages:
1-4 Family
Investor-Owned	$	296,188	$	6,539	$	470	$	—	$	303,197	$	1,258	$	—
Owner-Occupied		89,610		1,609		574		995		92,788		3,079		—
Multifamily residential		231,514		995		—		—		232,509		16		—
Nonresidential properties		195,861		—		4		1,052		196,917		1,310		—
Construction and land		87,572		—		—		—		87,572		1,115		—
Nonmortgage Loans:
Business		15,418		292		—		—		15,710		—		—
Consumer		1,068		—		—		—		1,068		—		—
Total	$	917,231	$	9,435	$	1,048	$	2,047	$	929,761	$	6,778	$	—

Schedule of Composition of Allowance for Loan Losses and Related Recorded Investment

The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of December 31, 2019, 2018, and 2017, respectively.

	For the Year Ended December 31, 2019

	Mortgage Loans													Nonmortgage Loans					Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential			Construction and Land		Business			Consumer		For the Period
Allowances for loan losses:
Balance, beginning of period	$	3,799		$	1,208		$	3,829	$	1,925		$	1,631	$	260		$	7	$	12,659
Provision charged to expense		(311	)		(141	)		36		(85	)		151		608			—		258
Losses charged-off		(8	)		—			—		—			—		(724	)		—		(732	)
Recoveries		23			—			—		9			—		110			2		144
Balance, end of period	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Ending balance: individually evaluated for impairment	$	265		$	149		$	—	$	31		$	—	$	14		$	—	$	459
Ending balance: collectively evaluated for impairment		3,238			918			3,865		1,818			1,782		240			9		11,870
Total	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Loans:
Ending balance: individually evaluated for impairment	$	6,973		$	5,572		$	—	$	5,548		$	1,125	$	14		$	—	$	19,232
Ending balance: collectively evaluated for impairment		298,299			86,371			250,239		201,677			98,184		10,863			1,231		946,864
Total	$	305,272		$	91,943		$	250,239	$	207,225		$	99,309	$	10,877		$	1,231	$	966,096

Note 4. Loans Receivable and Allowance for Loan Losses (Continued)

	For the Year Ended December 31, 2018

	Mortgage Loans											Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land		Business			Consumer			For the Period
Allowances for loan losses:
Balance, beginning of period	$	3,716	$	1,402		$	3,109	$	1,424	$	1,205	$	209		$	6		$	11,071
Provision charged to expense		82		(444	)		720		492		426		(37	)		10			1,249
Losses charged-off		—		—			—		—		—		(34	)		(14	)		(48	)
Recoveries		1		250			—		9		—		122			5			387
Balance, end of period	$	3,799	$	1,208		$	3,829	$	1,925	$	1,631	$	260		$	7		$	12,659
Ending balance: individually evaluated for impairment	$	349	$	234		$	—	$	35	$	—	$	—		$	—		$	618
Ending balance: collectively evaluated for impairment		3,450		974			3,829		1,890		1,631		260			7			12,041
Total	$	3,799	$	1,208		$	3,829	$	1,925	$	1,631	$	260		$	7		$	12,659
Loans:
Ending balance: individually evaluated for impairment	$	6,452	$	6,525		$	16	$	2,750	$	1,108	$	374		$	—		$	17,225
Ending balance: collectively evaluated for impairment		296,745		86,263			232,493		194,167		86,464		15,336			1,068			912,536
Total	$	303,197	$	92,788		$	232,509	$	196,917	$	87,572	$	15,710		$	1,068		$	929,761

	For the Year Ended December 31, 2017
	Mortgage Loans											Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied			Multifamily		Nonresidential		Construction and Land		Business			Consumer			For the Period
Allowances for loan losses:
Balance, beginning of year	$	3,147	$	1,804		$	2,705	$	1,320	$	615	$	597		$	17		$	10,205
Provision charged to expense		544		(578	)		402		95		588		676			(11	)		1,716
Losses charged-off		—		—			—		—		—		(1,423	)		(6	)		(1,429	)
Recoveries		25		176			2		9		2		359			6			579
Balance, end of year	$	3,716	$	1,402		$	3,109	$	1,424	$	1,205	$	209		$	6		$	11,071
Ending balance: individually evaluated for impairment	$	506	$	375		$	—	$	39	$	—	$	2		$	—		$	922
Ending balance: collectively evaluated for impairment		3,210		1,027			3,109		1,385		1,205		207			6			10,149
Total	$	3,716	$	1,402		$	3,109	$	1,424	$	1,205	$	209		$	6		$	11,071
Loans:
Ending balance: individually evaluated for impairment	$	8,738	$	10,074		$	520	$	4,128	$	1,075	$	625		$	—		$	25,160
Ending balance: collectively evaluated for impairment		278,420		90,780			188,030		147,065		66,165		12,248			886			783,594
Total	$	287,158	$	100,854		$	188,550	$	151,193	$	67,240	$	12,873		$	886		$	808,754

Schedule of Information Relates to Impaired Loans

The following information relates to impaired loans as of and for the years ended December 31, 2019, 2018, and 2017:

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2019	Balance		Allowance		Allowance		Investment		Allowance		Investment		on Cash Basis
Mortgages:
1-4 Family	$	13,566	$	8,390	$	4,155	$	12,545	$	414	$	12,995	$	361
Multifamily residential		—		—		—		—		—		6		—
Nonresidential properties		5,640		5,173		375		5,548		31		3,988		121
Construction and land		1,465		1,125		—		1,125		—		1,219		6
Nonmortgage Loans:
Business		16		—		14		14		14		195		—
Consumer		—		—		—		—		—		1		—
Total	$	20,687	$	14,688	$	4,544	$	19,232	$	459	$	18,404	$	488

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2018	Balance		Allowance		Allowance		Investment		Allowance		Investment		on Cash Basis

Mortgages:
1-4 Family	$	12,985	$	7,080	$	5,898	$	12,978	$	583	$	15,163	$	758
Multifamily residential		16		16		—		16		—		36		3
Nonresidential properties		2,748		2,270		480		2,750		35		3,230		172
Construction and land		1,115		1,107		—		1,107		—		1,094		—
Nonmortgage Loans:
Business		374		374		—		374		—		454		22
Consumer		—		—		—		—		—		—		—
Total	$	17,238	$	10,847	$	6,378	$	17,225	$	618	$	19,977	$	955

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
December 31, 2017	Balance		Allowance		Allowance		Investment		Allowance		Investment		on Cash Basis
Mortgages:
1-4 Family	$	20,036	$	10,651	$	8,161	$	18,812	$	506	$	18,512	$	890
Multifamily residential		533		520		—		520		375		166		—
Nonresidential properties		4,729		3,633		495		4,128		—		5,231		166
Construction and land		1,233		1,075		—		1,075		39		1,042		—
Nonmortgage Loans:
Business		667		529		96		625		2		594		24
Consumer		—		—		—		—		—		—		—
Total	$	27,198	$	16,408	$	8,752	$	25,160	$	922	$	25,545	$	1,080

Schedule of Troubled Debt Restructuring

	Loans Restructured During						All TDRs with a payment default within 12 months following the
	Year Ended December 31, 2019						modification
			Pre-		Post-				Balance
			Modification		Modification				of Loans
	Number		Recorded		Recorded		Number		at the Time
	of Loans		Balance		Balance		of Loans		of Default
Mortgages:
1-4 Family		1	$	275	$	283		—	$	—
Total		1	$	275	$	283		—	$	—
Combination of rate, maturity, other		1	$	275	$	283		—	$	—
Total		1	$	275	$	283		—	$	—

	Loans Restructured During						All TDRs with a payment default within 12 months following the
	Year Ended December 31, 2018						modification
			Pre-		Post-				Balance
			Modification		Modification				of Loans
	Number		Recorded		Recorded		Number		at the Time
	of Loans		Balance		Balance		of Loans		of Default
Mortgages:
1-4 Family		—	$	—	$	—		1	$	176
Total		—	$	—	$	—		1	$	176
Combination of rate, maturity, other		—	$	—	$	—		1	$	176
Total		—	$	—	$	—		1	$	176

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Summary of Premises and Equipment

A summary of premises and equipment at December 31, 2019 and 2018 is as follows:

	December 31,
	2019			2018
Land	$	3,979		$	3,979
Buildings and improvements		17,350			16,423
Leasehold improvements		25,534			23,430
Furniture, fixtures and equipment		8,513			7,728
		55,376			51,560
Less accumulated depreciation and amortization		(22,630	)		(20,425	)
	$	32,746		$	31,135

Deposits (Tables)

12 Months Ended

Dec. 31, 2019

Scheduled Maturities of Certificates of Deposit

Summarized Deposits

Deposits at December 31, 2019 and 2018 are summarized as follows:

	December 31,
	2019		2018
Demand	$	109,548	$	115,923
Interest-bearing deposits:
NOW/IOLA accounts		32,866		30,783
Money market accounts		86,721		64,262
Reciprocal deposits (1)		47,659		51,913
Savings accounts		115,751		122,791
Total NOW, money market, and savings		282,997		269,749
Certificates of deposit of $250K or more		84,263		90,195
Brokered certificates of deposit (3)		76,797		67,157
Listing service deposits (3)		32,400		39,065
Certificates of deposit less than $250K (2)		196,038		227,669
Total certificates of deposit		389,498		424,086
Total interest-bearing deposits		672,495		693,835
Total deposits	$	782,043	$	809,758

(1)

Included in reciprocal deposits are money market accounts and certificates of deposit.

(2)

(3)

There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more.

At December 31, 2019, scheduled maturities of certificates of deposit were as follows:

December 31,
2020	$	217,159
2021		109,954
2022		44,226
2023		8,512
2024		9,647
	$	389,498

Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date

Borrowed funds at December 31, 2019 and 2018 consist of the following and are summarized by maturity and call date below:

	December 31,							December 31,
	2019							2018
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
Correspondent bank overnight line of credit advance	$	—	$	—		—	%	$	25,000	$	25,000		2.64	%

FHLBNY term advances ending :
2020		8,029		8,029		2.86			8,029		8,029		2.86
2021		3,000		3,000		1.84			3,000		3,000		1.84
2022		65,000		65,000		1.89			5,000		5,000		1.97
2023		28,375		28,375		2.82			28,375		28,375		2.82
	$	104,404	$	104,404		2.21	%	$	69,404	$	69,404		2.69	%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the years ended December 31, 2019, 2018, and 2017 consists of the following:

	For the Years Ended December 31,
	2019			2018			2017
Federal:
Current	$	878		$	972		$	1,062
Deferred		(1,436	)		37			24
		(558	)		1,009			1,086
State and local:
Current		296			333			402
Deferred		(3,002	)		(1,011	)		(1,670	)
		(2,706	)		(678	)		(1,268	)
Changes in valuation allowance		2,340			790			1,606
Provision (benefit) for income taxes	$	(924	)	$	1,121		$	1,424

Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense

	For the Years Ended December 31,
	2019			2018			2017
Income tax, at federal rate	$	(1,270	)	$	799		$	(1,007	)
State and local tax, net of federal taxes		(2,128	)		(536	)		(1,340	)
Valuation allowance, net of the federal benefit		2,340			790			1,606
Expense due to enactment of federal tax reform		—			—			2,113
Other		134			68			52
Provision (benefit) for income taxes	$	(924	)	$	1,121		$	1,424

Schedule of Significant Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below:

	At December 31,
	2019		2018
Deferred tax assets:
Allowance for losses on loans	$	3,990	$	3,939
Pension obligations		—		2,102
Interest on nonaccrual loans		338		74
Unrealized loss on available-for-sale securities		7		91
Amortization of intangible assets		88		102
Deferred rent payable		—		153
Depreciation of premises and equipment		30		—
Net operating losses		4,258		3,111
Charitable contribution carryforward		1,675		1,694
Compensation and benefits		182		129
Other		130		106
Total gross deferred tax assets		10,698		11,501
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		85		3,120
Depreciation and amortization of premises and equipment		—		222
Deferred loan fees		638		438
Other		7		6
Total gross deferred tax liabilities		730		3,786
Valuation allowance		6,244		3,904
Net deferred tax assets	$	3,724	$	3,811

Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity

The deferred tax expense (benefit) has been allocated between operations and equity as follows:

	For the Years Ended December 31,
	2019			2018			2017
Equity	$	2,186		$	282		$	746
Operations		(2,099	)		(184	)		(1,276	)
	$	87		$	98		$	(530	)

Compensation and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Summary of Defined Benefit Plan Funded Status and Amounts Recognized in Financial Condition Statements

	December 31,
	2019			2018
Projected benefit obligation	$	—		$	(14,244	)
Fair value of plan assets		261			14,416
Funded status	$	261		$	172
Accumulated benefit obligation	$	—		$	(14,244	)

	December 31,
	2019			2018
Changes in benefit obligation:
Beginning of period	$	14,244		$	15,883
Service cost		39			39
Interest cost		589			542
Lump sum and annuity purchase		(13,858	)		—
Interest rate change		2,787			(1,691	)
Mortality change		—			(41	)
(Gain)/ Loss		(3,130	)		243
Administrative cost		(39	)		(39	)
Benefits paid		(632	)		(692	)
End of period	$	—		$	14,244

	December 31,
	2019			2018
Changes in plan assets:
Fair value of plan assets, beginning of year	$	14,416		$	14,732
Actual return on plan assets		374			415
Lump sum and annuity purchase		(13,858	)
Benefits paid		(632	)		(692	)
Administrative expenses paid		(39	)		(39	)
Fair value of plan assets, end of year	$	261		$	14,416

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost are as follows for the years ended December 31, 2019, 2018, and 2017:

	For the Years Ended December 31,
	2019			2018			2017
Service cost	$	39		$	39		$	39
Interest cost		589			542			581
Expected return on plan assets		(842	)		(860	)		(839	)
Amortization of prior service cost		25			25			25
Amortization of loss		259			299			234
Net periodic benefit cost	$	70		$	45		$	40

Weighted Average Assumptions Used to Determine Net Benefit Obligations

Weighted-average assumptions used to determine the net benefit obligations consisted of the following as of December 31, 2019 and 2018:

	December 31,
	2019	2018
Discount rate	N/A	4.25%
Rate of compensation increase	N/A	0.00%

Weighted Average Assumptions Used to Determine Net Benefit Cost

Weighted-average assumptions used to determine the net benefit cost consisted of the following for the years ended December 31, 2019 and 2018:

	December 31,
	2019	2018
Discount rate	4.25%	3.50%
Rate of compensation increase	0.00%	0.00%
Expected long-term rate of return on assets	6.00%	6.00%

Summary of ESOP Shares

A summary of the ESOP shares is as follows:

	December 31, 2019		December 31, 2018
Shares committed-to-be released		48,250		48,250
Shares to be allocated to participants		96,500		48,250
Unallocated shares		579,001		627,251
Total		723,751		723,751
Fair value of unearned shares	$	8,511	$	7,991

Schedule of Restricted Stock Units Activity and Related Information

A summary of the Company’s restricted stock units activity and related information for the years ended December 31, 2019 and 2018 are as follows:

	December 31, 2019
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		510,879		$	12.77
Granted		29,725			12.93
Forfeited		(29,725	)		12.77
Vested		(90,135	)		12.77
Non-vested at December 31		420,744		$	12.78

Note 9. Compensation and Benefit Plans (Continued)

	December 31, 2018
	Number of Shares		Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		—	$	—
Granted		510,879		12.77
Forfeited		—		—
Vested		—		—
Non-vested at December 31		510,879	$	12.77

Schedule of Stock Option Activity and Related Information

A summary of the Company’s stock options activity and related information for the years ended December 31, 2019 and 2018 are as follows:

	December 31, 2019
	Options			Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		163,766		$	12.77
Granted		8,918			12.93
Exercised		—			—
Forfeited		(8,918	)		12.77
Outstanding, end of year (1)		163,766		$	12.78
Exercisable, end of year (1)		24,788		$	12.77

	December 31, 2018
	Options			Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		—		$	—
Granted		163,766			12.77
Exercised		—			—
Forfeited		—			—
Outstanding, end of year (1)		163,766		$	12.77
Exercisable, end of year (1)		—		$	—

(1)

Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using Black-Scholes option pricing model with the following weighted average assumptions:

	For the Years Ended December 31,
	2019			2018
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		16.94	%		20.15	%
Risk-free interest rate		2.51	%		2.74	%
Weighted average grant date fair value	$	4.01		$	3.53

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share

The following table presents a reconciliation of the number of common shares used in the calculation of basic and diluted earnings per common share:

	For the Years Ended December 31,					For the Period September 29, through December 31,
	2019			2018		2017
	(Dollars in thousands except share data)
Net Income (loss)	$	(5,125	)	$	2,677	$	(2,864	)
Common shares outstanding for basic EPS:
Weighted average common shares outstanding (1)		18,039,640			18,463,028		18,463,028
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		607,322			657,159		723,232
Basic weighted average common shares outstanding		17,432,318			17,805,869		17,739,796
Basic earnings (loss) per common share	$	(0.29	)	$	0.15	$	(0.16	)
Dilutive potential common shares:
Add: Dilutive effect of restricted stock awards		—			6,337		—
Diluted weighted average common shares outstanding		17,432,318			17,812,206		17,739,796
Diluted earnings (loss) per common share	$	(0.29	)	$	0.15	$	(0.16	)

(1)

The weighted average shares outstanding are calculated for the full periods presented and factor zero shares outstanding for the days prior to the conversion on September 29, 2017.

Commitments, Contingencies and Credit Risk (Tables)

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Financial Instruments Whose Contractual Amounts Represent Credit Risk

Financial instruments whose contractual amounts represent credit risk at December 31, 2019 and 2018 are as follows:

	December 31,
	2019		2018
Commitments to grant mortgage loans	$	64,829	$	52,017
Unfunded commitments under lines of credit		27,833		44,752
Standby letters of credit		3,455		7,759
	$	96,117	$	104,528

Projected Minimum Rental Payments under Terms of Leases

The projected minimum rental payments under the terms of the leases at December 31, 2019 are as follows:

December 31,
2020	$	1,340
2021		1,380
2022		1,289
2023		1,276
2024		1,310
Thereafter		5,872
	$	12,467

Assets Measured at Fair Value on Recurring Basis

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

			December 31, 2019
Description	Total		Level 1		Level 2		Level 3
Available-for-Sale Securities:
U.S. government and federal agencies	$	16,354	$	—	$	16,354	$	—
Mortgage-Backed Securities:
FNMA Certificates		4,659		—		4,659		—
GNMA Certificates		491		—		491		—
	$	21,504	$	—	$	21,504	$	—

			December 31, 2018
Description	Total		Level 1		Level 2		Level 3
Available-for-Sale Securities:
U.S. government and federal agencies	$	20,515	$	—	$	20,515	$	—
U.S. Treasury		4,995		4,995		—		—
Mortgage-Backed Securities:
FNMA Certificates		759		—		759		—
GNMA Certificates		875		—		875		—
	$	27,144	$	4,995	$	22,149	$	—

Assets Measured at Fair Value on Nonrecurring Basis

	December 31, 2019
	Total		Level 1		Level 2		Level 3
Impaired loans	$	19,232	$	—	$	—	$	19,232

Note 12. Fair Value (Continued)

	December 31, 2018
	Total		Level 1		Level 2		Level 3
Impaired loans	$	17,225	$	—	$	—	$	17,225

Estimated Fair Values of Financial Instruments

As of December 31, 2019 and 2018, the book balances and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
December 31, 2019	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	27,677	$	27,677	$	—	$	—	$	27,677
Investment securities		21,504		—		21,504		—		21,504
Loans held for sale		1,030		—		—		1,035		1,035
Loans receivable, net		955,737		—		—		959,942		959,942
Accrued interest receivable		3,982		—		3,982		—		3,982
FHLBNY stock		5,735		5,735		—		—		5,735
Financial liabilities:
Deposits:
Demand deposits		109,548		109,548		—		—		109,548
Interest-bearing deposits		282,997		282,997		—		—		282,997
Certificates of deposit		389,498		—		393,254		—		393,254
Advance payments by borrowers for taxes and insurance		97		—		97		—		97
Advances from FHLBNY		6,348		6,348		—		—		6,348
Accrued interest payable		782,043		—		782,043		—		782,043

December 31, 2018
Financial assets:
Cash and cash equivalents	$	69,778	$	69,778	$	—	$	—	$	69,778
Investment securities		27,144		4,995		22,149		—		27,144
Loans receivable, net		918,509		—		—		926,867		926,867
Accrued interest receivable		3,795		—		3,795		—		3,795
FHLBNY stock		2,915		2,915		—		—		2,915
Financial liabilities:
Deposits:
Demand deposits		115,923		115,923		—		—		115,923
Interest-bearing deposits		269,749		269,749		—		—		269,749
Certificates of deposit		424,086		—		425,564		—		425,564
Advance payments by borrowers for taxes and insurance		6,037		—		6,037		—		6,037
Advances from FHLBNY		69,404		69,404		—		—		69,404
Accrued interest payable		63		—		63		—		63

Regulatory Capital Requirements (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements

Note 13. Regulatory Capital Requirements (Continued)

The Company's and the Bank’s actual capital amounts and ratios as of December 31, 2019 and 2018 as compared to regulatory requirements are as follows:

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
December 31, 2019
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	168,268		21.35	%	$	63,044		8.00	%	$	78,805		10.00	%
Tier 1 Capital to Risk-Weighted Assets		158,382		20.10	%		47,283		6.00	%		63,044		8.00	%
Common Equity Tier 1 Capital Ratio		158,382		20.10	%		35,462		4.50	%		51,223		6.50	%
Tier 1 Capital to Total Assets		158,382		14.97	%		42,334		4.00	%		52,917		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	146,451		18.62	%	$	62,923		8.00	%	$	78,654		10.00	%
Tier 1 Capital to Risk-Weighted Assets		136,584		17.37	%		47,192		6.00	%		62,923		8.00	%
Common Equity Tier 1 Capital Ratio		136,584		17.37	%		35,394		4.50	%		51,125		6.50	%
Tier 1 Capital to Total Assets		136,584		12.92	%		42,275		4.00	%		52,843		5.00	%

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
December 31, 2018
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	186,940		24.36	%	$	61,385		8.00	%	$	76,731		10.00	%
Tier 1 Capital to Risk-Weighted Assets		177,307		23.11	%		46,038		6.00	%		61,385		8.00	%
Common Equity Tier 1 Capital Ratio		177,307		23.11	%		34,529		4.50	%		49,875		6.50	%
Tier 1 Capital to Total Assets		177,307		18.13	%		39,114		4.00	%		48,892		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	148,486		19.39	%	$	61,261		8.00	%	$	76,577		10.00	%
Tier 1 Capital to Risk-Weighted Assets		138,872		18.14	%		45,946		6.00	%		61,261		8.00	%
Common Equity Tier 1 Capital Ratio		138,872		18.14	%		34,459		4.50	%		49,775		6.50	%
Tier 1 Capital to Total Assets		138,872		13.66	%		40,652		4.00	%		50,815		5.00	%

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are as follows:

	December 31, 2019
	December 31, 2018			Change		December 31, 2019
Unrealized losses on securities available for sale, net	$	(291	)	$	311	$	20
Realized losses on pension benefits, net		(7,844	)		7,844		—
Total	$	(8,135	)	$	8,155	$	20

	December 31, 2018
	December 31, 2017			Change			December 31, 2018
Unrealized losses on securities available for sale, net	$	(221	)	$	(70	)	$	(291	)
Unrealized losses on pension benefits, net		(7,630	)		(214	)		(7,844	)
Total	$	(7,851	)	$	(284	)	$	(8,135	)

Transactions With Related Parties (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Aggregate Loan Transactions with Related Parties

Aggregate loan transactions with related parties for the years ended December 31, 2019, 2018, and 2017 were as follows:

	For the Years Ended December 31,
	2019			2018			2017
Beginning balance	$	1,278		$	1,351		$	1,573
Originations		60			400			—
Payments		(78	)		(473	)		(222	)
Ending balance	$	1,260		$	1,278		$	1,351

Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule of Consolidated Statements of Financial Condition

The following are the financial statements of the Parent as of and for the years ended December 31, 2019 and 2018.

	December 31,
ASSETS	2019		2018
Cash and cash equivalents	$	13,363	$	30,867
Investment in Ponce Bank		136,603		130,737
Loan receivable - ESOP		5,894		6,308
Loan receivable - Foundation		606		—
Other assets		2,409		1,523
Total assets	$	158,875	$	169,435

LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities and accrued expenses	$	473	$	263
Stockholders' equity		158,402		169,172
Total liabilities and stockholders' equity	$	158,875	$	169,435

Schedule of Consolidated Statements of Income (Loss)

Note 16. Parent Company Only Financial Statements (Continued)

	For the Years Ended December 31,
	2019			2018
Interest on ESOP loan	$	164		$	175
Interest on certificates of deposit		90			—
Interest on other deposits		182			404
Net interest income		436			579
Share-based compensation expense		1,256			98
Management fee expense		411			411
Office occupancy and equipment		60			20
Contribution to Ponce De Leon Foundation		—			—
Professional fees		1,255			1,823
Other noninterest expenses		115			171
Total noninterest expense		3,097			2,523
Income (loss) before income tax (benefit)		(2,661	)		(1,944	)
Income tax (benefit)		(533	)		(221	)
Equity in undistributed earnings of Ponce Bank		(2,997	)		4,400
Net income (loss)	$	(5,125	)	$	2,677

Schedule of Consolidated Statements of Cash Flows

	For the Years Ended December 31,
	2019			2018
Cash Flows from Operating Activities:
Net income (loss)	$	(5,125	)	$	2,677
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		2,997			(4,400	)
Deferred income tax		598			83
Share-based compensation expense		1,256			98
Increase in other assets		(918	)		(257	)
Net (decrease) increase in other liabilities		(357	)		202
Net cash used in operating activities		(1,549	)		(1,597	)
Cash Flows from Investing Activities:
Loan to Foundation		(606	)		—
Repayment of ESOP Loan		414			404
Net cash (used in) provided by investing activities		(192	)		404
Cash Flows from Financing Activities:
Repurchase of treasury shares		(15,763	)		—
Net cash (used in) provided by financing activities		(15,763	)		—
Net (decrease) increase in cash and cash equivalents		(17,504	)		(1,193	)
Cash and cash equivalents at beginning of year		30,867			32,060
Cash and cash equivalents at end of year	$	13,363		$	30,867

Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

	2019									2018
	Fourth			Third		Second		First		Fourth		Third		Second		First
	(Dollars in thousands except share data)
Net interest income	$	9,562		$	9,765	$	9,344	$	9,462	$	9,607	$	9,247	$	9,133	$	8,677
Provision for loan losses		95			14		—		149		215		602		337		94
Net interest income after provision for loan losses		9,467			9,751		9,344		9,313		9,392		8,645		8,796		8,583
Noninterest income		665			579		686		753		815		714		524		885
Noninterest expense		19,475			9,334		8,707		9,091		9,074		8,769		8,455		8,259
Income (loss) before taxes		(9,343	)		996		1,323		975		1,133		590		865		1,209
Provision (benefit) for income taxes		(1,891	)		287		373		307		498		188		166		268
Net income (loss)	$	(7,452	)	$	709	$	950	$	668	$	635	$	402	$	699	$	941

Basic earnings (loss) per share	$	(0.43	)	$	0.04	$	0.05	$	0.04	$	0.04	$	0.02	$	0.04	$	0.05
Diluted earnings (loss) per share	$	(0.43	)	$	0.04	$	0.05	$	0.04	$	0.04	$	0.02	$	0.04	$	0.05
Basic weighted average common shares		17,145,970			17,185,993		17,565,934		17,835,295		17,823,847		17,811,784		17,799,723		17,787,661
Diluted weighted average common shares		17,145,970			17,297,054		17,655,664		17,864,327		17,830,184		17,811,784		17,799,723		17,787,661

Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 BranchOffice Segment BranchLease
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch offices	13
Minimum collection percentage of securities required to be considered as a maturity	85.00%
Period of historical loss experience to estimate allowance for loan losses	36 months
Percentage of largest amount of tax benefits likely to realize	50.00%
Maximum employer matching contribution percentage	4.00%
Number of reportable operating segment \| Segment	1
Number of leases branches \| BranchLease	7
Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Period on which interest rate is adjusted	5 years
Minimum
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio	65.00%
Minimum \| Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term	6 months
Minimum \| Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan amortization period	15 years
Balloon payments period of loan	10 years
Minimum \| Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term	5 years
Maximum
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio	90.00%
Maximum \| Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term	2 years
Maximum \| Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio	75.00%
Loan amortization period	30 years
Balloon payments period of loan	15 years
Maximum \| Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term	7 years
Bronx
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch offices	4
Manhattan
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch offices	2
Queens
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch offices	3
Brooklyn
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch offices	3
New York and Union City
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch offices	1
Ponce De Leon Federal Bank
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Ownership percentage	100.00%

Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Dec. 31, 2019
Building
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	39 years
Minimum \| Building Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Minimum \| Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Maximum \| Building Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	39 years
Maximum \| Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	10 years

Restrictions on Cash and Due From Banks - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Restricted cash	$ 5,935	$ 44,717
Required reserve balances in cash or on deposit with the Federal Reserve Bank	$ 4,927	$ 4,375

Available-for-Sale Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 21,535	$ 27,569
Gross Unrealized Gains	9	5
Gross Unrealized Losses	(40)	(430)
Fair Value	21,504	27,144
U.S. Government and Federal Agencies
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,373	20,924
Gross Unrealized Losses	(19)	(409)
Fair Value	16,354	20,515
FNMA Certificates
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,680	778
Gross Unrealized Losses	(21)	(19)
Fair Value	4,659	759
GNMA Certificates
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	482	870
Gross Unrealized Gains	9	5
Fair Value	$ 491	875
US Treasury
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		4,997
Gross Unrealized Losses		(2)
Fair Value		$ 4,995

Available-for-Sale Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) Security	Dec. 31, 2018 USD ($) Security
Schedule Of Available For Sale Securities [Line Items]
Held to maturity	$ 0	$ 0
Sale of available-for-sale securities	39,555,000	3,760,000
Purchases of available-for-sale securities	$ 34,000,000	$ 4,996,000
Number of available for sale securities \| Security	10	12
Number of investment securities not other than temporary \| Security	9	11
Securities pledged	$ 0	$ 0
U S Treasury
Schedule Of Available For Sale Securities [Line Items]
Purchases of available-for-sale securities	30,000,000
Mortgage-backed Securities
Schedule Of Available For Sale Securities [Line Items]
Purchases of available-for-sale securities	$ 4,000,000

Available-for-Sale Securities - Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		$ 4,995
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(2)
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	$ 21,013	21,274
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(40)	(428)
Securities With Gross Unrealized Losses, Total Fair Value	21,013	26,269
Securities With Gross Unrealized Losses, Total Unrealized Losses	(40)	(430)
U.S. Government and Federal Agencies
Schedule Of Available For Sale Securities [Line Items]
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	16,354	20,515
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(19)	(409)
Securities With Gross Unrealized Losses, Total Fair Value	16,354	20,515
Securities With Gross Unrealized Losses, Total Unrealized Losses	(19)	(409)
FNMA Certificates
Schedule Of Available For Sale Securities [Line Items]
Securities With Gross Unrealized Losses 12 Months or More, Fair Value	4,659	759
Securities With Gross Unrealized Losses 12 Months or More, Unrealized Losses	(21)	(19)
Securities With Gross Unrealized Losses, Total Fair Value	4,659	759
Securities With Gross Unrealized Losses, Total Unrealized Losses	$ (21)	(19)
US Treasury
Schedule Of Available For Sale Securities [Line Items]
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value		4,995
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses		(2)
Securities With Gross Unrealized Losses, Total Fair Value		4,995
Securities With Gross Unrealized Losses, Total Unrealized Losses		$ (2)

Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Available-for-Sale Securities, Amortized Cost	$ 21,535	$ 27,569
Available-for-sale securities, at fair value (Note 3)	21,504	27,144
U.S. Government and Federal Agencies
Schedule Of Available For Sale Securities [Line Items]
Available-for-Sale Securities Three months or less, Amortized Cost	2,000	4,997
Available-for-Sale Securities After three months through one year, Amortized Cost	14,373	4,554
Available-for-Sale Securities After one year through five years, Amortized Cost		16,370
Available-for-Sale Securities, Amortized Cost	16,373	25,921
Available-for-Sale Securities Three months or less, Fair Value	2,000	4,995
Available-for-Sale Securities After three months through one year, Fair Value	14,354	4,497
Available-for-Sale Securities After one year through five years, Fair Value		16,018
Available-for-sale securities, at fair value (Note 3)	16,354	25,510
Mortgage-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Available-for-Sale Securities, Amortized Cost	5,162	1,648
Available-for-sale securities, at fair value (Note 3)	$ 5,150	$ 1,634

Summary of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 966,096	$ 929,761
Net deferred loan origination costs	1,970	1,407
Allowance for loan losses	(12,329)	(12,659)
Loans receivable, net	955,737	918,509
1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	305,272	303,197
1-4 Family Residential Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	91,943	92,788
Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	250,239	232,509
Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	207,225	196,917
Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	99,309	87,572
Commercial Portfolio Segment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	10,877	15,710
Consumer Loans
Financing Receivable Recorded Investment Past Due [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 1,231	$ 1,068

Loans Receivable and Allowance for Loan Losses - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) Loan	Dec. 31, 2018 USD ($) Loan	Dec. 31, 2017 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Restructured loans \| Loan	1	0
Number of troubled debt restructured loans \| Loan	36	40
Troubled debt restructured loans	$ 12,204	$ 14,104
Troubled debt restructured loan, accrual status	8,601	10,460
Impairment reserves	459	618	$ 922
Loans held for sale	1,030	0
Troubled Debt Restructured Loans
Accounts Notes And Loans Receivable [Line Items]
Impairment reserves	$ 459	$ 618
Minimum
Accounts Notes And Loans Receivable [Line Items]
Strong Pass Loans to new or existing borrowers collateralized percentage	90.00%

Aging Analysis of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable Recorded Investment Past Due [Line Items]
Current	$ 948,816	$ 917,231
Total Past Due	966,096	929,761
Nonaccrual Loans	10,568	6,778
1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Current	87,243	89,610
Total Past Due	91,943	92,788
Nonaccrual Loans	3,500	3,079
Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Current	246,318	231,514
Total Past Due	250,239	232,509
Nonaccrual Loans		16
Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Current	203,514	195,861
Total Past Due	207,225	196,917
Nonaccrual Loans	4,201	1,310
1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Current	300,324	296,188
Total Past Due	305,272	303,197
Nonaccrual Loans	1,749	1,258
Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Current	99,309	87,572
Total Past Due	99,309	87,572
Nonaccrual Loans	1,118	1,115
Financing Receivables, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	11,195	9,435
Financing Receivables, 30 to 59 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,405	1,609
Financing Receivables, 30 to 59 Days Past Due \| Multifamily Residential
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,921	995
Financing Receivables, 30 to 59 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3
Financing Receivables, 30 to 59 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,866	6,539
Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		1,048
Financing Receivables, 60 to 89 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		574
Financing Receivables, 60 to 89 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		4
Financing Receivables, 60 to 89 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		470
Financing Receivables, Over 90 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	6,085	2,047
Financing Receivables, Over 90 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,295	995
Financing Receivables, Over 90 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,708	1,052
Financing Receivables, Over 90 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,082
Business
Financing Receivable Recorded Investment Past Due [Line Items]
Current	10,877	15,418
Total Past Due	10,877	15,710
Business \| Financing Receivables, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		292
Consumer
Financing Receivable Recorded Investment Past Due [Line Items]
Current	1,231	1,068
Total Past Due	$ 1,231	$ 1,068

Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands	3 Months Ended							12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			$ 12,659				$ 11,071	$ 12,659	$ 11,071	$ 10,205
Provision charged to expense	$ 95	$ 14	149	$ 215	$ 602	$ 337	94	258	1,249	1,716
Losses charged-off								(732)	(48)	(1,429)
Recoveries								144	387	579
Balance, end of period	12,329			12,659				12,329	12,659	11,071
Ending balance: individually evaluated for impairment	459			618				459	618	922
Ending balance: collectively evaluated for impairment	11,870			12,041				11,870	12,041	10,149
Ending balance: individually evaluated for impairment	19,232			17,225				19,232	17,225	25,160
Ending balance: collectively evaluated for impairment	946,864			912,536				946,864	912,536	783,594
Total	966,096			929,761				966,096	929,761	808,754
1-4 Family Investor Owned
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			3,799				3,716	3,799	3,716	3,147
Provision charged to expense								(311)	82	544
Losses charged-off								(8)
Recoveries								23	1	25
Balance, end of period	3,503			3,799				3,503	3,799	3,716
Ending balance: individually evaluated for impairment	265			349				265	349	506
Ending balance: collectively evaluated for impairment	3,238			3,450				3,238	3,450	3,210
Ending balance: individually evaluated for impairment	6,973			6,452				6,973	6,452	8,738
Ending balance: collectively evaluated for impairment	298,299			296,745				298,299	296,745	278,420
Total	305,272			303,197				305,272	303,197	287,158
1-4 Family Owner-Occupied
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			1,208				1,402	1,208	1,402	1,804
Provision charged to expense								(141)	(444)	(578)
Recoveries									250	176
Balance, end of period	1,067			1,208				1,067	1,208	1,402
Ending balance: individually evaluated for impairment	149			234				149	234	375
Ending balance: collectively evaluated for impairment	918			974				918	974	1,027
Ending balance: individually evaluated for impairment	5,572			6,525				5,572	6,525	10,074
Ending balance: collectively evaluated for impairment	86,371			86,263				86,371	86,263	90,780
Total	91,943			92,788				91,943	92,788	100,854
Multifamily
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			3,829				3,109	3,829	3,109	2,705
Provision charged to expense								36	720	402
Recoveries										2
Balance, end of period	3,865			3,829				3,865	3,829	3,109
Ending balance: collectively evaluated for impairment	3,865			3,829				3,865	3,829	3,109
Ending balance: individually evaluated for impairment				16					16	520
Ending balance: collectively evaluated for impairment	250,239			232,493				250,239	232,493	188,030
Total	250,239			232,509				250,239	232,509	188,550
Nonresidential
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			1,925				1,424	1,925	1,424	1,320
Provision charged to expense								(85)	492	95
Recoveries								9	9	9
Balance, end of period	1,849			1,925				1,849	1,925	1,424
Ending balance: individually evaluated for impairment	31			35				31	35	39
Ending balance: collectively evaluated for impairment	1,818			1,890				1,818	1,890	1,385
Ending balance: individually evaluated for impairment	5,548			2,750				5,548	2,750	4,128
Ending balance: collectively evaluated for impairment	201,677			194,167				201,677	194,167	147,065
Total	207,225			196,917				207,225	196,917	151,193
Construction and Land
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			1,631				1,205	1,631	1,205	615
Provision charged to expense								151	426	588
Recoveries										2
Balance, end of period	1,782			1,631				1,782	1,631	1,205
Ending balance: collectively evaluated for impairment	1,782			1,631				1,782	1,631	1,205
Ending balance: individually evaluated for impairment	1,125			1,108				1,125	1,108	1,075
Ending balance: collectively evaluated for impairment	98,184			86,464				98,184	86,464	66,165
Total	99,309			87,572				99,309	87,572	67,240
Business
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			260				209	260	209	597
Provision charged to expense								608	(37)	676
Losses charged-off								(724)	(34)	(1,423)
Recoveries								110	122	359
Balance, end of period	254			260				254	260	209
Ending balance: individually evaluated for impairment	14							14		2
Ending balance: collectively evaluated for impairment	240			260				240	260	207
Ending balance: individually evaluated for impairment	14			374				14	374	625
Ending balance: collectively evaluated for impairment	10,863			15,336				10,863	15,336	12,248
Total	10,877			15,710				10,877	15,710	12,873
Consumer
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period			$ 7				$ 6	7	6	17
Provision charged to expense									10	(11)
Losses charged-off									(14)	(6)
Recoveries								2	5	6
Balance, end of period	9			7				9	7	6
Ending balance: collectively evaluated for impairment	9			7				9	7	6
Ending balance: collectively evaluated for impairment	1,231			1,068				1,231	1,068	886
Total	$ 1,231			$ 1,068				$ 1,231	$ 1,068	$ 886

Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	$ 20,687	$ 17,238	$ 27,198
Recorded Investment With No Allowance	14,688	10,847	16,408
Recorded Investment With Allowance	4,544	6,378	8,752
Total Recorded Investment	19,232	17,225	25,160
Related Allowance	459	618	922
Average Recorded Investment	18,404	19,977	25,545
Interest Income Recognized on Cash Basis	488	955	1,080
1-4 Family
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	13,566	12,985	20,036
Recorded Investment With No Allowance	8,390	7,080	10,651
Recorded Investment With Allowance	4,155	5,898	8,161
Total Recorded Investment	12,545	12,978	18,812
Related Allowance	414	583	506
Average Recorded Investment	12,995	15,163	18,512
Interest Income Recognized on Cash Basis	361	758	890
Multifamily Residential
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		16	533
Recorded Investment With No Allowance		16	520
Total Recorded Investment		16	520
Related Allowance			375
Average Recorded Investment	6	36	166
Interest Income Recognized on Cash Basis		3
Nonresidential Properties
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	5,640	2,748	4,729
Recorded Investment With No Allowance	5,173	2,270	3,633
Recorded Investment With Allowance	375	480	495
Total Recorded Investment	5,548	2,750	4,128
Related Allowance	31	35
Average Recorded Investment	3,988	3,230	5,231
Interest Income Recognized on Cash Basis	121	172	166
Construction and Land
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	1,465	1,115	1,233
Recorded Investment With No Allowance	1,125	1,107	1,075
Total Recorded Investment	1,125	1,107	1,075
Related Allowance			39
Average Recorded Investment	1,219	1,094	1,042
Interest Income Recognized on Cash Basis	6
Business
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	16	374	667
Recorded Investment With No Allowance		374	529
Recorded Investment With Allowance	14		96
Total Recorded Investment	14	374	625
Related Allowance	14		2
Average Recorded Investment	195	454	594
Interest Income Recognized on Cash Basis		$ 22	$ 24
Consumer
Financing Receivable Impaired [Line Items]
Average Recorded Investment	$ 1

Schedule of Troubled Debt Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) Loan	Dec. 31, 2018 USD ($) Loan
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan	1	0
Loans Restructured, Pre-Modification Recorded Balance	$ 275
Loans Restructured, Post-Modification Recorded Balance	$ 283
All TDRs with a payment default within 12 months following modification, Number of Loans \| Loan		1
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default		$ 176
Mortgage Loans
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan	1
Loans Restructured, Pre-Modification Recorded Balance	$ 275
Loans Restructured, Post-Modification Recorded Balance	$ 283
All TDRs with a payment default within 12 months following modification, Number of Loans \| Loan		1
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default		$ 176
Mortgage Loans \| 1-4 Family
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan	1
Loans Restructured, Pre-Modification Recorded Balance	$ 275
Loans Restructured, Post-Modification Recorded Balance	$ 283
All TDRs with a payment default within 12 months following modification, Number of Loans \| Loan		1
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default		$ 176
Combination of Rate, Maturity, Other
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan	1
Loans Restructured, Pre-Modification Recorded Balance	$ 275
Loans Restructured, Post-Modification Recorded Balance	$ 283
All TDRs with a payment default within 12 months following modification, Number of Loans \| Loan		1
All TDRs with a payment default within 12 months following modification, Balance of Loans at the Time of Default		$ 176

Summary of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 55,376	$ 51,560
Less accumulated depreciation and amortization	(22,630)	(20,425)
Total premises and equipment	32,746	31,135
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	3,979	3,979
Building Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	17,350	16,423
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	25,534	23,430
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,513	$ 7,728

Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 2,222	$ 1,798	$ 1,625
Property, plant and equipment, gross	55,376	51,560
Leasehold Improvements
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	2,104
Property, plant and equipment, gross	25,534	23,430
Building Improvements
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	927
Property, plant and equipment, gross	17,350	16,423
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment	785
Property, plant and equipment, gross	$ 8,513	$ 7,728

Deposits - Summarized Deposits (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Total NOW, money market, and savings

Demand

$ 109,548

$ 115,923

NOW/IOLA accounts

32,866

30,783

Money market accounts

86,721

64,262

Reciprocal deposits

^[1]

47,659

51,913

Savings accounts

115,751

122,791

282,997

269,749

Certificates of deposit of $250K or more

84,263

90,195

Brokered certificates of deposit

^[2]

76,797

67,157

Listing service deposits

^[2]

32,400

39,065

Certificates of deposit less than $250K

^[3]

196,038

227,669

Total certificates of deposit

389,498

424,086

Total interest-bearing deposits

672,495

693,835

Total deposits

$ 782,043

$ 809,758

[1]	Included in reciprocal deposits are money market accounts and certificates of deposit.
[2]	There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more.
[3]	Brokered certificates of deposit in the amount of $76,797 and $67,157 and listing service deposits in the amount of $32,400 and $39,065 for the years ended December 31, 2019 and 2018, respectively, are excluded from the certificates of deposit of less than $250K.

Deposits - Summarized Deposits (Details) (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Brokered certificates of deposit

^[1]

$ 76,797

$ 67,157

Listing service deposits

^[1]

$ 32,400

$ 39,065

[1]	There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more.

Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Banking And Thrift [Abstract]
2020	$ 217,159
2021	109,954
2022	44,226
2023	8,512
2024	9,647
Total certificates of deposit	$ 389,498	$ 424,086

Deposits - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Banking And Thrift [Abstract]
Overdrawn deposit reclassified to loans amounted	$ 199	$ 241

Borrowings - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Line Of Credit Facility [Line Items]
Advance from the Federal Home Loan Bank	$ 104,404	$ 44,404
Guarantee from the FHLBNY through a standby letter of credit	3,455	7,639
Unsecured fed fund line amount outstanding	25,000	25,000
Interest expense on FHLBNY advances	1,854	899	$ 210
Collateral mortgage loans available to secure advances from the FHLB	301,753	280,457
FHLBNY
Line Of Credit Facility [Line Items]
Unsecured fed fund line amount outstanding	$ 0	$ 25,000

Compensation And Benefit Plans Disclosure [Line Items]

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Borrowings - Schedule of Borrowed Funds FHLB and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Line Of Credit Facility [Line Items]
2020	$ 8,029	$ 8,029
2021	3,000	3,000
2022	65,000	5,000
2023	28,375	28,375
Total	104,404	69,404
2020	8,029	8,029
2021	3,000	3,000
2022	65,000	5,000
2023	28,375	28,375
Total	$ 104,404	$ 69,404
2020	2.86%	2.86%
2021	1.84%	1.84%
2022	1.89%	1.97%
2023	2.82%	2.82%
Total	2.21%	2.69%
Correspondent Bank
Line Of Credit Facility [Line Items]
Correspondent bank overnight line of credit advance		$ 25,000
Correspondent bank overnight line of credit advance		$ 25,000
Correspondent bank overnight line of credit advance		2.64%

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Federal:
Current									$ 878	$ 972	$ 1,062
Deferred									(1,436)	37	24
Federal income tax provision (benefit)									(558)	1,009	1,086
State and local:
Current									296	333	402
Deferred									(3,002)	(1,011)	(1,670)
State and local income tax provision (benefit)									(2,706)	(678)	(1,268)
Changes in valuation allowance									2,340	790	1,606
Provision (benefit) for income taxes	$ (1,891)	$ 287	$ 373	$ 307	$ 498	$ 188	$ 166	$ 268	$ (924)	$ 1,121	$ 1,424

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Federal income tax rate	21.00%	21.00%	34.00%
Income tax expense due to enactment of statutory tax rate			$ 2,113,000
Increased in valuation allowance	$ (2,340,000)	$ (790,000)	(1,606,000)
Reclassification of certain income tax effects from accumulated other comprehensive income		1,281,000
NEW YORK
Income Taxes [Line Items]
Increased in valuation allowance	2,340,000	790,000	$ 1,606,000
Unrecognized tax benefits	$ 0	$ 0

Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Income tax, at federal rate									$ (1,270)	$ 799	$ (1,007)
State and local tax, net of federal taxes									(2,128)	(536)	(1,340)
Valuation allowance, net of the federal benefit									2,340	790	1,606
Expense due to enactment of federal tax reform											2,113
Other									134	68	52
Provision (benefit) for income taxes	$ (1,891)	$ 287	$ 373	$ 307	$ 498	$ 188	$ 166	$ 268	$ (924)	$ 1,121	$ 1,424

Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Allowance for losses on loans	$ 3,990	$ 3,939
Pension obligations		2,102
Interest on nonaccrual loans	338	74
Unrealized loss on available-for-sale securities	7	91
Amortization of intangible assets	88	102
Deferred rent payable		153
Depreciation of premises and equipment	30
Net operating losses	4,258	3,111
Charitable contribution carryforward	1,675	1,694
Compensation and benefits	182	129
Other	130	106
Total gross deferred tax assets	10,698	11,501
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net	85	3,120
Depreciation and amortization of premises and equipment		222
Deferred loan fees	638	438
Other	7	6
Total gross deferred tax liabilities	730	3,786
Valuation allowance	6,244	3,904
Net deferred tax assets	$ 3,724	$ 3,811

Income Taxes - Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Income Tax Expense Benefit Continuing Operations [Abstract]
Equity	$ 2,186	$ 282	$ 746
Operations	(2,099)	(184)	(1,276)
Deferred tax expense (benefit) from operations and equity	$ 87	$ 98	$ (530)

Compensation and Benefit Plans - Additional Information (Detail)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Nov. 13, 2019

Dec. 31, 2019

USD ($)

Participant

$ / shares

Dec. 31, 2019

USD ($)

Participant

Executive

$ / shares

Dec. 31, 2018

USD ($)

$ / shares

Dec. 31, 2017

USD ($)

Mar. 25, 2019

Defined benefit pension plan (Defined pension plan) termination date

Dec. 01, 2019

Number of participants elected to receive lum sum payments | Participant

115

Lump sum paid In lieu of pension benefits from plan assets | $

$ 6,427

Defined benefit plan with accumulated benefit obligation in excess of Plan assets, accumulated benefit obligation | $

7,431

$ 7,431

Defined benefit plan settlement charge | $

13,858

Pretax amounts recognized in accumulated other comprehensive loss | $

$ 9,856

Fair value of pension plan assets | $

$ 261

261

14,416

$ 14,732

Expenses recognized | $

$ 331

363

$ 317

Maximum employer matching contribution percentage

4.00%

Employer matching contribution percentage

3.00%

Number of ESOP shares purchased

723,751

Compensation expense | $

$ 766

$ 615

$ 526

Number of option grants

8,918

163,766

Weighted-average exercise price for options | $ / shares

^[1]

$ 12.78

$ 12.77

Weighted average remaining contractual life

8 years 10 months 24 days

Weighted average period expected to be recognized

5 years 4 months 24 days

Number of shares exercisable

^[1]

24,788

Stock repurchase program, weighted average price per share | $ / shares

$ 14.30

Common Stock

Compensation And Benefit Plans Disclosure [Line Items]

Stock repurchase program, expire date

Sep. 24, 2019

Stock repurchase program, percentage of shares repurchase

5.00%

Stock repurchase program, number of shares repurchase

1,102,029

Common Stock | Maximum

Compensation And Benefit Plans Disclosure [Line Items]

Stock repurchase program, number of shares repurchase

923,151

Stock repurchase program, expire date

May 12, 2020

Stock repurchase program, remaining number of shares authorized to be repurchased

878,835

Stock Options

Compensation And Benefit Plans Disclosure [Line Items]

Compensation expense | $

$ 101

$ 7

Weighted average period expected to be recognized

6 years 6 months

Restricted Stock Units

Compensation And Benefit Plans Disclosure [Line Items]

Total remaining unrecognized compensation cost related to unvested stock options and restricted stock | $

29,725

510,879

Compensation expense | $

$ 1,155

$ 91

$ 5,757

Weighted average period expected to be recognized

96 months

Stock repurchase program, shares reissued of restricted stock units

90,135

2018 Long-Term Incentive Plan

Compensation And Benefit Plans Disclosure [Line Items]

Equity incentive plans, maximum number of shares issuable

1,248,469

Common stock reserved for future issuance

1,248,469

Conversion of issuable stock options to issuable restricted stock ratio

3.0

Number of issuable stock options converted into restricted stock units

462,522

Number of restricted stock units converted from issuable stock options

154,174

Number of grants

674,645

Conversion of issuable stock options to issuable restricted stock

88,492

2018 Long-Term Incentive Plan | Directors

Compensation And Benefit Plans Disclosure [Line Items]

Vesting percentage

20.00%

Vesting period

10 years

2018 Long-Term Incentive Plan | Executive Officers

Compensation And Benefit Plans Disclosure [Line Items]

Vesting percentage

20.00%

2018 Long-Term Incentive Plan | Stock Options

Compensation And Benefit Plans Disclosure [Line Items]

Common stock reserved for future issuance

891,764

Shares available for future awards

265,476

2018 Long-Term Incentive Plan | Restricted Stock Units

Compensation And Benefit Plans Disclosure [Line Items]

Common stock reserved for future issuance

356,705

Shares available for future awards

2018 Long-Term Incentive Plan | Restricted Stock Units | Executive Officers

Compensation And Benefit Plans Disclosure [Line Items]

2018 Long-Term Incentive Plan | Restricted Stock Units | Outside Directors

322,254

Compensation And Benefit Plans Disclosure [Line Items]

2018 Long-Term Incentive Plan | Restricted Stock Units | Officers

148,625

Compensation And Benefit Plans Disclosure [Line Items]