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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Trading Symbol	PDLB
Entity Registrant Name	PDL Community Bancorp
Entity Current Reporting Status	Yes
Entity Central Index Key	0001703489
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		17,175,136
Entity File Number	001-38224
Entity Tax Identification Number	82-2857928
Entity Address, Address Line One	2244 Westchester Avenue
Entity Address, City or Town	Bronx
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10462
City Area Code	718
Local Phone Number	931-9000
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Transition Report	false
Document Quarterly Report	true

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Cash and due from banks (Note 2):
Cash	$ 15,875	$ 6,762
Interest-bearing deposits in banks	60,756	20,915
Total cash and cash equivalents	76,631	27,677
Available-for-sale securities, at fair value (Note 3)	13,800	21,504
Loans held for sale	1,030	1,030
Loans receivable, net (Note 4)	1,072,417	955,737
Accrued interest receivable	7,677	3,982
Premises and equipment, net (Note 5)	32,102	32,746
Federal Home Loan Bank of New York stock (FHLBNY), at cost	6,422	5,735
Deferred tax assets (Note 8)	4,328	3,724
Other assets	5,824	1,621
Total assets	1,220,231	1,053,756
Liabilities:
Deposits (Note 6)	936,219	782,043
Accrued interest payable	48	97
Advance payments by borrowers for taxes and insurance	6,007	6,348
Advances from the Federal Home Loan Bank of New York and others (Note 7)	117,284	104,404
Other liabilities	5,674	2,462
Total liabilities	1,065,232	895,354
Commitments and contingencies (Note 11)
Stockholders' Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued
Common stock, $0.01 par value; 50,000,000 shares authorized; 18,463,028 shares issued and 17,234,291 shares outstanding as of June 30, 2020 and 18,463,028 shares issued and 17,451,134 shares outstanding as of December 31, 2019	185	185
Treasury stock, at cost; 1,228,737 shares as of June 30, 2020 and 1,011,894 shares as of December 31, 2019 (Note 9)	(17,172)	(14,478)
Additional paid-in-capital	85,481	84,777
Retained earnings	91,904	93,688
Accumulated other comprehensive income (Note 14)	150	20
Unearned compensation - ESOP; 554,875 shares as of June 30, 2020 and 579,001 shares as of December 31, 2019 (Note 9)	(5,549)	(5,790)
Total stockholders' equity	154,999	158,402
Total liabilities and stockholders' equity	$ 1,220,231	$ 1,053,756

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares, issued	18,463,028	18,463,028
Common stock, shares, outstanding	17,234,291	17,451,134
Treasury stock,repurchased	1,228,737	1,011,894
Unearned compensation, ESOP shares	554,875	579,001

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest and dividend income:
Interest on loans receivable	$ 12,162	$ 12,060	$ 24,944	$ 24,155
Interest on deposits due from banks	3	278	69	478
Interest and dividend on available-for-sale securities and FHLBNY stock	228	76	410	163
Total interest and dividend income	12,393	12,414	25,423	24,796
Interest expense:
Interest on certificates of deposit	1,730	1,904	3,557	3,860
Interest on other deposits	534	821	1,226	1,452
Interest on borrowings	608	345	1,195	678
Total interest expense	2,872	3,070	5,978	5,990
Net interest income	9,521	9,344	19,445	18,806
Provision for loan losses (Note 4)	271		1,417	149
Net interest income after provision for loan losses	9,250	9,344	18,028	18,657
Noninterest income:
Service charges and fees	145	228	393	458
Brokerage commissions	22	24	72	133
Late and prepayment charges	13	262	132	401
Other	394	172	599	447
Total noninterest income	574	686	1,196	1,439
Noninterest expense:
Compensation and benefits	4,645	4,476	9,653	9,490
Occupancy and equipment	2,277	1,732	4,294	3,643
Data processing expenses	496	431	963	784
Direct loan expenses	199	182	411	338
Insurance and surety bond premiums	128	83	249	166
Office supplies, telephone and postage	312	271	628	588
Professional fees	1,336	733	2,963	1,243
Marketing and promotional expenses	145	47	379	73
Directors fees	69	73	138	156
Regulatory dues	56	47	102	103
Other operating expenses	772	632	1,477	1,214
Total noninterest expense	10,435	8,707	21,257	17,798
Income (loss) before income taxes	(611)	1,323	(2,033)	2,298
Provision (benefit) for income taxes (Note 8)	(40)	373	(249)	680
Net income (loss)	$ (571)	$ 950	$ (1,784)	$ 1,618
Earnings (loss) per share for the period (Note 10)
Basic	$ (0.03)	$ 0.05	$ (0.11)	$ 0.09
Diluted	$ (0.03)	$ 0.05	$ (0.11)	$ 0.09

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (571)	$ 950	$ (1,784)	$ 1,618
Net change in unrealized gains on available-for-sale securities :
Unrealized gains	50	159	165	330
Income tax effect	(10)	(33)	(35)	(70)
Unrealized gains on securities, net of tax	40	126	130	260
Pension benefit liability adjustment:
Net loss		(40)		(83)
Income tax effect		8		17
Pension liability adjustment, net of tax		(32)		(66)
Total other comprehensive income, net of tax	40	94	130	194
Total comprehensive income (loss)	$ (531)	$ 1,044	$ (1,654)	$ 1,812

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock, At Cost	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Unallocated Common Stock of ESOP
Balance at Dec. 31, 2018	$ 169,172	$ 185		$ 84,581	$ 98,813	$ (8,135)	$ (6,272)
Balance, Shares at Dec. 31, 2018		18,463,028
Net income (loss)	1,618				1,618
Other comprehensive income (loss), net of tax	194					194
Treasury stock	(6,798)		$ (6,798)
Treasury stock, Shares		(476,978)
ESOP shares committed to be released (24,126 shares)	361			120			241
Restricted stock awards	608			608
Stock options	48			48
Balance at Jun. 30, 2019	165,203	$ 185	(6,798)	85,357	100,431	(7,941)	(6,031)
Balance, Shares at Jun. 30, 2019		17,986,050
Balance at Dec. 31, 2019	158,402	$ 185	(14,478)	84,777	93,688	20	(5,790)
Balance, Shares at Dec. 31, 2019		17,451,134
Net income (loss)	(1,784)				(1,784)
Other comprehensive income (loss), net of tax	130					130
Treasury stock	(2,694)		(2,694)
Treasury stock, Shares		(216,843)
ESOP shares committed to be released (24,126 shares)	247			6			241
Restricted stock awards	638			638
Stock options	60			60
Balance at Jun. 30, 2020	$ 154,999	$ 185	$ (17,172)	$ 85,481	$ 91,904	$ 150	$ (5,549)
Balance, Shares at Jun. 30, 2020		17,234,291

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]
Number of ESOP shares committed to be released	24,126	48,250	24,126

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash Flows From Operating Activities:
Net income (loss)	$ (571)	$ 950	$ (1,784)	$ 1,618
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of premiums/discounts on securities, net			25	1
Loss on sale of loans, net				101
Provision for loan losses (Note 4)	271		1,417	149	$ 258
Depreciation and amortization	625	50	1,226	1,059
ESOP compensation			247	390
Share-based compensation expense			698	656
Deferred income taxes			(640)	(156)
Changes in assets and liabilities:
(Increase) decrease in accrued interest receivable			(3,695)	22
(Increase) decrease in other assets			(4,203)	538
(Decrease) increase in accrued interest payable			(49)	25
(Decrease) increase in advance payments by borrowers			(341)	22
Increase (decrease) in other liabilities			3,232	(2,505)
Net cash (used in) provided by operating activities			(3,867)	1,920
Cash Flows From Investing Activities:
Proceeds from redemption of FHLBNY stock			4,109	4,455
Purchases of FHLBNY Stock			(4,796)	(6,149)
Purchases of available-for-sale securities			(9,130)
Proceeds from maturities, calls and principal repayments on available-for-sale securities			16,955	5,318
Proceeds from sales of loans			3,530	3,614
Net increase in loans			(121,627)	(19,591)
Net change in other real estate owned				(58)
Purchases of premises and equipment			(582)	(2,129)
Net cash used in investing activities			(111,541)	(14,540)
Cash Flows From Financing Activities:
Net increase (decrease) in deposits			154,176	(7,350)
Repurchase of treasury stock			(2,694)	(6,798)
Proceeds from advances from FHLBNY			179,130	260,398
Repayments of advances from FHLBNY			(166,250)	(250,398)
Net cash provided by (used in) financing activities			164,362	(4,148)
Net increase (decrease) in cash and cash equivalents			48,954	(16,768)
Cash and Cash Equivalents:
Beginning			27,677	69,778	69,778
Ending	$ 76,631	$ 53,010	76,631	53,010	$ 27,677
Cash paid during the period:
Interest			6,028	6,012
Income taxes			$ 91	$ 373

Nature of Business and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business and Summary of Significant Accounting Policies

Note 1.

Nature of Business and Summary of Significant Accounting Policies

Basis of Presentation and Consolidation:

The unaudited interim Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2019 included in the Company’s annual report on Form 10-K.

The unaudited interim Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiary Ponce Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns some of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation.

Nature of Operations:

The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank, a wholly-owned subsidiary of PDL Community Bancorp. The Bank is subjected to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”).

The Bank’s business is conducted through the administrative office and 13 branch banking offices. The banking offices are located in the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches) and Brooklyn (3 branches), New York and Union City (1 branch), New Jersey. The primary market area currently consists of the New York City metropolitan area.

The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, as well as, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts.

Risks and Uncertainties:

The COVID-19 pandemic has created extensive disruptions to the global and U.S. economies and to the lives of individuals throughout the world. The New York City Metropolitan area continues to experience a significant number of cases of the COVID-19 pandemic. Governments, businesses, and the public are taking unprecedented actions to contain the spread of the COVID-19 pandemic and to mitigate its effects, including quarantines, travel bans, shelter-in-place orders, closures of businesses and schools, fiscal and monetary stimulus, and legislation designed to deliver financial aid and other relief. While the scope, duration, and full effects of the COVID-19 pandemic are rapidly evolving and not fully known, it has had a significantly adverse impact on the functioning of financial markets while increasing economic and market uncertainty, and disrupted trade and supply chains.

The potential financial impact is unknown at this time. However, if this pandemic continues for a sustained period of time, it may adversely impact several industries within our geographic footprint and impair the ability of the Company’s customers to fulfill their contractual obligations to the Company. This could cause the Company to experience a material adverse effect on our business operations, loan portfolio, financial condition, and results of operations. During the six months ended June 30, 2020, the provision for loan losses increased by $1,417 primarily due to increases in qualitative reserves as the Company continues to assess the economic impacts the COVID-19 pandemic has on our local economy and our loan portfolio. Therefore, there is a reasonable probability that the Company’s allowance for loan losses estimation as of June 30, 2020 may change in the near term and could result in a material adverse change to the Company’s provision for loan losses, earnings and capital.

Note 1.

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

Summary of Significant Accounting Policies:

Use of Estimates: In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, as of the date of the consolidated statement of financial condition, and revenues and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of loans held for sale, the valuation of deferred tax assets and investment securities and the estimates relating to the valuation for share-based awards.

Interim Financial Statements: The interim consolidated financial statements at June 30, 2020, and for the three and six months ended June 30, 2020 and 2019 are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2020, or any other period.

Significant Group Concentrations of Credit Risk: Most of the Bank's activities are with customers located within New York City. Accordingly, the ultimate collectability of a substantial portion of the Bank's loan portfolio is susceptible to changes in the local market conditions. Note 3 addresses the types of securities that the Bank invests in. Notes 4 and 11 discuss the types of lending that the Bank engages in, and other concentrations.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and amounts due from banks (including items in process of clearing). For purposes of reporting cash flows, the Bank considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash flows from loans originated by the Bank, interest-bearing deposits in financial institutions, and deposits are reported net.

Securities: Management determines the appropriate classification of securities at the date individual investment securities are acquired, and the appropriateness of such classification is reassessed at each statement of financial condition date.

Debt securities that management has the positive intent and ability to hold to maturity, if any, are classified as "held-to-maturity" and recorded at amortized cost. Trading securities, if any, are carried at fair value, with unrealized gains and losses recognized in earnings. Securities not classified as held-to-maturity or trading, are classified as "available-for-sale" and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income, net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities.

Management evaluates securities for other-than-temporary impairment (“OTTI”) on at least a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: (1) OTTI related to credit loss, which must be recognized in the consolidated statement of income and (2) OTTI related to other factors, which is recognized in other comprehensive income.

The credit loss is defined as the difference between the discounted present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings.

Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. The sale of a held-to-maturity security within three months of its maturity date or after collection of at least 85% of the principal outstanding at the time the security was acquired is considered a maturity for purposes of classification and disclosure.

Note 1.

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

Federal Home Loan Bank of New York Stock: The Bank is a member of the FHLBNY. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLBNY stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income.

Loans Receivable: Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at current unpaid principal balances, net of the allowance for loan losses and including net deferred loan origination fees and costs.

Interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the effective interest yield method without anticipating prepayments.

A loan is moved to nonaccrual status in accordance with the Bank’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans.

All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. Accrued interest receivable is closely monitored for collectability and will be charged-off in a timely manner if deemed uncollectable.

Allowance for Loan Losses: The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged-off. The Company’s assessment of the economic impact of the COVID-19 pandemic on borrowers indicates that it is likely that it will be a detriment to their ability to repay in the short-term and that the likelihood of long-term detrimental effects depends significantly on the resumption of normalized economic activities, a factor not yet determinable.

The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired.

Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed.

Impaired loans are measured for impairment using the fair value of the collateral, present value of cash flows, or the observable market price of the note. Impairment measurement for all collateral dependent loans, excluding accruing troubled debt restructurings, is based on the fair value of collateral, less costs to sell, if necessary. A loan is considered collateral dependent if repayment of the loan is expected to be provided solely by the sale or the operation of the underlying collateral.

Note 1.

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

When a loan is modified to a troubled debt restructuring, management evaluates the loan for any possible impairment using either the discounted cash flows method, where the value of the modified loan is based on the present value of expected cash flows, discounted at the contractual interest rate of the original loan agreement, or by using the fair value of the collateral less selling costs, if repayment under the modified terms becomes doubtful.

The general component covers non‑impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced over a rolling 12 quarter average period. This actual loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations.

When establishing the allowance for loan losses, management categorizes loans into risk categories reflecting individual borrower earnings, liquidity, leverage and cash flow, as well as the nature of underlying collateral. These risk categories and relevant risk characteristics are as follows:

Residential and Multifamily Mortgage Loans: Residential and multifamily mortgage loans are secured by first mortgages. These loans are typically underwritten with loan-to-value ratios ranging from 65% to 90%. The primary risks involved in residential mortgages are the borrower’s loss of employment, or other significant event, that negatively impacts the source of repayment. Additionally, a serious decline in home values could jeopardize repayment in the event that the underlying collateral needs to be liquidated to pay-off the loan.

Nonresidential Mortgage Loans: Nonresidential mortgage loans are primarily secured by commercial buildings, office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties, including hotels, restaurants and nursing homes. These loans are typically underwritten at no more than 75% loan-to-value ratio. Although terms vary, commercial real estate loans generally have amortization periods of 15 to 30 years, as well as balloon payments of 10 to 15 years, and terms which provide that the interest rate is adjusted on a 5 year schedule.

Construction and Land Loans: Construction real estate loans consist of vacant land and property that is in the process of improvement. Repayment of these loans can be dependent on the sale of the property to third parties or the successful completion of the improvements by the builder for the end user. In the event a loan is made on property that is not yet improved for the planned development, there is the risk that government approvals will not be granted or will be delayed. Construction loans also run the risk that improvements will not be completed on time or in accordance with specifications and projected costs. Construction real estate loans generally have terms of six months to two years during the construction period with fixed rates or interest rates based on a designated index.

Business Loans: Business loans are loans for commercial, corporate and business purposes, including issuing letters of credit. These loans are secured by business assets or may be unsecured and repayment is directly dependent on the successful operation of the borrower’s business and the borrower’s ability to convert the assets to operating revenue. They possess greater risk than most other types of loans because the repayment capacity of the borrower may become inadequate. Business loans generally have terms of five to seven years or less and interest rates that float in accordance with a designated published index. Substantially, all such loans are backed by the personal guarantees of the owners of the business.

Consumer Loans: Consumer loans generally have higher interest rates than mortgage loans. The risk involved in consumer loans is the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans include passbook loans and other secured and unsecured loans that have been made for a variety of consumer purposes.

Loans Held for Sale: Loan sales occur from time to time as part of strategic business or regulatory compliance initiatives. Loans held for sale, including deferred fees and costs, are reported at the lower of cost or fair value as determined by expected bid prices from potential investors. Loans are sold without recourse and servicing released. When a loan is transferred from portfolio to held-for-sale and the fair value is less than cost, a charge-off is recorded against the allowance for loan losses. Subsequent declines in fair value, if any, are charged against earnings.

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

COVID-19 Pandemic and the CARES Act: On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to troubled debt restructurings (“TDR”) for a limited period of time to account for the effects of the COVID-19 pandemic. Additionally, on April 7, 2020, the banking agencies, including the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, issued a statement, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working With Customers Affected by the Coronavirus (Revised)” (“Interagency Statement”), to encourage banks to work prudently with borrowers and to describe the agencies’ interpretation of how accounting rules under ASC 310-40, “Troubled Debt Restructurings by Creditors,” apply to certain of the COVID-19 pandemic related modifications. Further, on August 3, 2020, the Federal Financial Institutions Examination Council issued a Joint Statement on Additional Loan Accommodations related to COVID-19, to provide prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods.

Under the CARES Act and related Interagency Statement, the Bank can temporarily suspend its delinquency and nonperforming treatment for certain loans that have been granted a payment accommodation that facilitates borrowers' ability to work through the immediate impact of the pandemic. Borrowers who were current prior to becoming affected by the COVID-19 pandemic, then receive payment accommodations as a result of the effects of the COVID-19 pandemic and if all payments are current in accordance with the revised terms of the loan, generally would not be reported as past due. The Bank has chosen to utilize this part of the CARES Act as it relates to delinquencies and nonperforming loans and will not report these loans as past due.

Under Section 4013 of the CARES Act, modifications of loan terms do not automatically result in TDRs and the Bank generally does not need to categorize the COVID-19 pandemic-related modifications as TDRs. The Bank may elect not to categorize loan modifications as TDRs if they are (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. For all other loan modifications, the federal banking agencies have confirmed with staff of the Financial Accounting Standards Board ("FASB") that short-term modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Financial institutions accounting for eligible loans under Section 4013 are not required to apply ASC Subtopic 310-40 to the Section 4013 loans for the term of the loan modification. Financial institutions do not have to report Section 4013 loans as TDRs in regulatory reports, including this Form 10-Q. The Bank has chosen to utilize this section of the CARES Act and will not report the COVID-19 pandemic related modifications as TDRs.

Under the CARES Act and related Interagency Statement, in regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to the COVID-19 pandemic as past due because of the deferral. A loan's payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, this may result in no contractual payments being past due, and these loans are not considered past due during the period of the deferral. Each financial institution should refer to the applicable regulatory reporting instructions, as well as its internal accounting policies, to determine if loans to distressed borrowers should be reported as nonaccrual assets in regulatory reports. However, during the short-term arrangements, these loans generally should not be reported as nonaccrual. The Bank has elected to follow this guidance of the CARES Act and will report loans that have been granted payment deferrals as current so long as they were current at the time the deferral was granted.

Transfers of Financial Assets: Transfers of financial assets are accounted for as sales when all of the components meet the definition of a participating interest and when control over the assets has been surrendered. A participating interest generally represents (1) a proportionate (pro rata) ownership interest in an entire financial asset, (2) a relationship where from the date of transfer all cash flows received from the entire financial asset are divided proportionately among the participating interest holders in an amount equal to their share of ownership, (3) the priority of cash flows has certain characteristics, including no reduction in priority, subordination of interest, or recourse to the transferor other than standard representation or warranties, and (4) no party has the right to pledge or exchange the entire financial asset unless all participating interest holders agree to pledge or exchange the entire financial asset. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through either (a) an agreement to repurchase them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets, other than through a clean-up call.

Note 1.

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

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

Leasehold improvements are amortized over the shorter of the improvements’ estimated economic lives or the related lease terms, including extensions expected to be exercised. Gains and losses on dispositions are recognized upon realization. Maintenance and repairs are expensed as incurred and improvements are capitalized. Leasehold improvements in process are not amortized until the assets are placed in operation.

Impairment of Long-Lived Assets: Long-lived assets, including premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment is indicated by that review, the asset is written down to its estimated fair value through a charge to noninterest expense.

Other Real Estate Owned: Other Real Estate Owned (“OREO”) represents properties acquired through, or in lieu of, loan foreclosure or other proceedings. OREO is initially recorded at fair value, less estimated disposal costs, at the date of foreclosure, which establishes a new cost basis. After foreclosure, the properties are held for sale and are carried at the lower of cost or fair value, less estimated costs of disposal. Any write-down to fair value, at the time of transfer to OREO, is charged to the allowance for loan losses. Properties are evaluated regularly to ensure that the recorded amounts are supported by current fair values and charges against earnings are recorded as necessary to reduce the carrying amount to fair value, less estimated costs to dispose. Costs relating to the development and improvement of the property are capitalized, subject to the limit of fair value of the OREO, while costs relating to holding the property are expensed. Gains or losses are included in operations upon disposal.

Income Taxes: The Company recognizes income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that all or some portion of the deferred tax assets will not be realized.

When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more likely than not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

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

Note 1.

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

Related Party Transactions: Directors and officers of the Company and their affiliates 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. Management believes that all deposit accounts, loans, services and commitments comprising such transactions were made in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers who are not directors or officers. In the opinion of management, the transactions with related parties did not involve more than normal risk of collectability, nor favored treatment or terms, nor present other unfavorable features. Note 15 contains details regarding related party transactions.

Employee Benefit Plans: The Company maintains Ponce Bank’s 401(k) Plan, and a Supplemental Executive Retirement Plan (the “SERP”). 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.

Employee Stock Ownership Plan: Compensation expense is recorded as shares are committed to be released with a corresponding credit to unearned employee stock ownership plan (“ESOP”) equity account at the average fair value of the shares during the period and the shares become outstanding for earnings per share computations. Compensation expense is recognized ratably over the service period based upon management’s estimate of the number of shares expected to be allocated by the ESOP. The difference between the average fair value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in-capital. Unallocated common shares held by the Company’s ESOP are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted earnings per share calculations until they are committed to be released.

Stock Options: The Company recognizes the value of share-based payment transactions as compensation costs in the financial statements over the period that an employee provides service in exchange for the award. The fair value of the share-based payments for stock options is estimated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur during the period.

Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units. The Company recognizes compensation expense for the fair value of the restricted stock units on a straight-line basis over the requisite service period.

Comprehensive Income: Comprehensive income consists of net income and other comprehensive income, which are both recognized as separate components of equity. Other comprehensive income includes unrealized gains and losses on securities available-for-sale and unrecognized gains and losses on actuarial loss and prior service cost of the defined benefit pension plan.

Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and the amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the operations and financial position of the Company.

Fair Value of Financial Instruments: Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 12. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates.

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

Segment Reporting: Although management monitors the revenue streams of the various products and services, the identifiable segments and operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregate in one reportable operating segment.

Loan Commitments and Related Financial Instruments: Financial instruments include off‑balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Earnings (Loss) Per Share (“EPS”): Basic EPS represents net income (loss) attributable to common shareholders divided by the basic weighted average common shares outstanding. Diluted EPS is computed by dividing net income attributable to common shareholders by the basic weighted average common shares outstanding, plus the effect of potential dilutive common stock equivalents outstanding during the period. Basic weighted common shares outstanding is weighted average common shares outstanding less weighted average unallocated ESOP shares.

Treasury Stock: Shares repurchased under the Company’s share repurchase programs were purchased in open-market transactions and are held as treasury stock, unless and until reissued. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity.

Recent Accounting Pronouncements:

As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public business entities until such pronouncements are made applicable to nonpublic business entities. As of June 30, 2020, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period with the exception of ASU 2016-13, which has not been implemented yet as discussed below.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, for public business entities. As the Company is taking advantage of the extended transition period for complying with new or revised accounting standards assuming it remains an EGC, it will adopt the amendments in this update for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022.

The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. To date, the Company has identified its leased office spaces as within the scope of the guidance. The Company currently leases seven leased branches and the new guidance will result in the establishment of a right to use asset and corresponding lease obligations. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope and subsequent related accounting standard updates. The Company has established a project committee and has initiated training on ASU 2016-02. The Company is performing preliminary computations of its right to use asset and corresponding lease obligations for the operating leases of its seven leased branches.

Note 1.

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

In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU reportedly significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard is to replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, is to apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also reportedly simplifies the accounting model for purchased credit-impaired debt, securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, for public business entities. As the Company is taking advantage of the extended transition period for complying with new or revised accounting standards assuming it remains an EGC, it will adopt the amendments in this update for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach).

Although early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its consolidated financial statements. As a result of the required change in approach toward determining estimated credit losses from the current “incurred loss” model to one based on estimated cash flows over a loan’s contractual life, adjusted for prepayments (a “life of loan” model), the Company expects that the new guidance will result in an increase in the allowance for loan losses, particularly for longer duration loan portfolios. The Company also expects that the new guidance may result in an allowance for available-for-sale debt securities. The Company has selected the CECL model and has begun running scenarios. In both cases, the extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time.

In March 2017, the FASB issued ASU 2017-08 “Receivables – Non-Refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” The ASU requires premiums on callable debt securities to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018 for public business entities. Early adoption is permitted beginning after December 15, 2018, including interim periods within those fiscal years. As the Company is taking advantage of the extended transition period for complying with new or revised accounting standards assuming it remains an EGC, it will adopt the amendments in this update for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. ASU 2017-08 is not expected to have a material impact on the Company’s consolidated financial position, results of operations or disclosures.

In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The adoption of this standard did not have a material effect on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12 “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The objective of this update is to simplify the accounting for income taxes by removing certain exceptions to the general principles and improve consistent application and simplify other areas of Topic 740. The amendments in this update are effective for annual periods beginning after December 15, 2020, and interim periods within those fiscal years. The Bank does not believe this update will have a material impact on its financial statements.

Restrictions on Cash and Due from Banks

6 Months Ended

Jun. 30, 2020

Cash And Cash Equivalents [Abstract]

Restrictions on Cash and Due From Banks

Note 2.

Restrictions on Cash and Due from Banks

The Bank is required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based on a percentage of deposits. The Bank had $15,335 and $5,935 in cash to cover its minimum reserve requirement of $0 and $4,927 at June 30, 2020, and December 31, 2019, respectively. Effective March 26, 2020, the Federal Reserve Board eliminated reserve requirement for depository institutions to support lending to households and businesses.

Available-for-Sale Securities

6 Months Ended

Jun. 30, 2020

Investments Debt And Equity Securities [Abstract]

Available-for-Sale Securities

Note 3.

Available-for-Sale Securities

The amortized cost and fair value of available-for-sale securities at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
U.S. Government and Federal Agencies	$	—	$	—	$	—	$	—
Corporate Bonds		9,093		101		—		9,194
Mortgage-Backed Securities:
FNMA Certificates		4,217		42		—		4,259
GNMA Certificates		344		3		—		347
Total	$	13,654	$	146	$	—	$	13,800

	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
Total	$	21,535	$	9	$	(40	)	$	21,504

There were no securities classified as held-to-maturity as of June 30, 2020 and December 31, 2019. There were no sale of available-for-sale securities during the six months ended June 30, 2020 and 2019. A total of $16,955 available-for-sale securities matured or were called during the six months ended June 30, 2020. The Company purchased $9,088 of available-for-sale securities during the six months ended June 30, 2020.

There were no securities in an unrealized loss position at June 30, 2020.

The following table present the Company's securities gross unrealized losses and fair values, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at December 31, 2019:

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

Note 3.

Available-for-Sale Securities (Continued)

The Company’s investment portfolio had 6 and 10 available-for-sale securities at June 30, 2020 and December 31, 2019. At June 30, 2020 and December 31, 2019, the Company had 0 and 9 available-for-sale securities, with gross unrealized loss positions. Management reviewed the financial condition of the entities underlying the securities at both June 30, 2020 and December 31, 2019 and determined that they are not other than temporarily impaired because the unrealized losses in those securities (if any) relate to market interest rate changes. The Company has the ability to hold them and does not have the intent to sell these securities, and it is not more likely than not that the Company will be required to sell these securities, before recovery of the cost basis. In addition, management also considers the issuers of the securities to be financially sound and believes the Company will receive all contractual principal and interest related to these investments.

The following is a summary of maturities of securities at June 30, 2020 and December 31, 2019. Amounts are shown by contractual maturity. Because borrowers for mortgage-backed securities have the right to prepay obligations with or without prepayment penalties, at any time, these securities are included as a total within the table.

	June 30, 2020
	Available-for-Sale
	Amortized		Fair
	Cost		Value
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
After three months through one year		—		—
After one year through five years		2,642		2,735
More than five years		6,451		6,459
		9,093		9,194
Mortgage-Backed Securities		4,561		4,606
Total	$	13,654	$	13,800

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

There were no securities pledged at June 30, 2020 and December 31, 2019.

Loans Receivable and Allowance for Loan Losses

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Loans Receivable and Allowance for Loan Losses

Note 4.

Loans Receivable and Allowance for Loan Losses

Loans at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30,			December 31,
	2020			2019
Mortgage loans:
1-4 Family residential
Investor-Owned	$	317,055		$	305,272
Owner-Occupied		91,345			91,943
Multifamily residential		274,641			250,239
Nonresidential properties		209,068			207,225
Construction and land		96,841			99,309
Nonmortgage loans:
Business loans (1)		93,394			10,877
Consumer loans		1,578			1,231
		1,083,922			966,096
Net deferred loan origination costs		2,256			1,970
Allowance for loan losses		(13,761	)		(12,329	)
Loans receivable, net	$	1,072,417		$	955,737

(1)

As of June 30, 2020, business loans include $83,558 of Paycheck Protection Program (“PPP”) loans.

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.

As of June 30, 2020, the Company had received U.S. Small Business Administration (“SBA”) approval for 886 PPP loans totaling $83,558. Loans under the PPP that meet SBA requirements may be forgiven in certain circumstances and are 100% guaranteed by the SBA. PPP loans have either a two-year or five-year term and earn interest at an annual rate of 1%.

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

Credit-Quality Indicators: 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 internally assigned risk ratings:

•

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

•

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

•

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

•

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

Note 4.

Loans Receivable and Allowance for Loan Losses (Continued)

•

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

•

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

•

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

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

The following tables present credit risk ratings by loan segment as of June 30, 2020 and December 31, 2019:

	June 30, 2020
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
Risk Rating:
Pass	$	397,367	$	266,650	$	203,464	$	80,967	$	93,394	$	1,578	$	1,043,420
Special mention		2,366		—		—		15,874		—		—		18,240
Substandard		8,667		7,991		5,604		—		—		—		22,262
Total	$	408,400	$	274,641	$	209,068	$	96,841	$	93,394	$	1,578	$	1,083,922

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

Note 4.

Loans Receivable and Allowance for Loan Losses (Continued)

An aging analysis of loans, as of June 30, 2020 and December 31, 2019, is as follows:

	June 30, 2020
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
Mortgage loans:
1-4 Family residential
Investor-Owned	$	314,738	$	—	$	809	$	1,508	$	317,055	$	1,966	$	—
Owner-Occupied		89,468		—		176		1,701		91,345		3,529		—
Multifamily residential		274,431		—		210		—		274,641		—		—
Nonresidential properties		205,286		—		—		3,782		209,068		4,974		—
Construction and land		96,841		—		—		—		96,841		—		—
Nonmortgage loans:
Business		93,394		—		—		—		93,394		—		—
Consumer		1,573		5		—		—		1,578		—		—
Total	$	1,075,731	$	5	$	1,195	$	6,991	$	1,083,922	$	10,469	$	—

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

Note 4.

Loans Receivable and Allowance for Loan Losses (Continued)

The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of June 30, 2020 and 2019, and December 31, 2019:

	For the Six Months Ended June 30, 2020
	Mortgage Loans												Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied		Multifamily		Nonresidential			Construction and Land			Business			Consumer			For the Period
Allowance for loan losses:
Balance, beginning of period	$	3,503	$	1,067	$	3,865	$	1,849		$	1,782		$	254		$	9		$	12,329
Provision charged to expense		354		127		876		232			(112	)		(63	)		3			1,417
Losses charged-off		—		—		—		—			—						(2	)		(2	)
Recoveries		—		—		—		4			—			13			—			17
Balance, end of period	$	3,857	$	1,194	$	4,741	$	2,085		$	1,670		$	204		$	10		$	13,761
Ending balance: individually evaluated for impairment	$	135	$	157	$	—	$	38		$	—		$	—		$	—		$	330
Ending balance: collectively evaluated for impairment		3,722		1,037		4,741		2,047			1,670			204			10			13,431
Total	$	3,857	$	1,194	$	4,741	$	2,085		$	1,670		$	204		$	10		$	13,761
Loans:
Ending balance: individually evaluated for impairment	$	5,726	$	5,873	$	—	$	5,775		$	—		$	—		$	—		$	17,374
Ending balance: collectively evaluated for impairment		311,329		85,472		274,641		203,293			96,841			93,394			1,578			1,066,548
Total	$	317,055	$	91,345	$	274,641	$	209,068		$	96,841		$	93,394		$	1,578		$	1,083,922

	For the Three Months Ended June 30, 2020
	Mortgage Loans												Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied		Multifamily		Nonresidential			Construction and Land			Business			Consumer			For the Period

Allowance for loan losses:
Balance, beginning of period	$	3,737	$	1,187	$	4,263	$	2,142		$	1,905		$	239		$	11		$	13,484
Provision charged to expense		120		7		478		(59	)		(235	)		(41	)		1			271
Losses charged-off		—		—		—		—			—			—			(2	)		(2	)
Recoveries		—		—		—		2			—			6			—			8
Balance, end of period	$	3,857	$	1,194	$	4,741	$	2,085		$	1,670		$	204		$	10		$	13,761

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

	For the Six Months Ended June 30, 2019
	Mortgage Loans															Nonmortgage Loans							Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land			Business			Consumer		Unallocated		For the Period
Allowance for loan losses:
Balance, beginning of period	$	3,799		$	1,208		$	3,829		$	1,925		$	1,631		$	260		$	7	$	—	$	12,659
Provision charged to expense		(248	)		(40	)		(116	)		(2	)		(98	)		651			2		—		149
Losses charged-off		—			—			—			—			—			(402	)		—		—		(402	)
Recoveries		23			—			—			5			—			24			2		58		112
Balance, end of period	$	3,574		$	1,168		$	3,713		$	1,928		$	1,533		$	533		$	11	$	58	$	12,518
Ending balance: individually evaluated for impairment	$	273		$	527		$	—		$	124		$	—		$	—		$	2	$	—	$	926
Ending balance: collectively evaluated for impairment		3,301			641			3,713			1,804			1,533			533			9		58		11,592
Total	$	3,574		$	1,168		$	3,713		$	1,928		$	1,533		$	533		$	11	$	58	$	12,518
Loans:
Ending balance: individually evaluated for impairment	$	7,058		$	5,471		$	7		$	5,360		$	1,327		$	38		$	2	$	—	$	19,263
Ending balance: collectively evaluated for impairment		295,370			87,433			238,967			192,007			99,668			11,335			1,149		—		925,929
Total	$	302,428		$	92,904		$	238,974		$	197,367		$	100,995		$	11,373		$	1,151	$	—	$	945,192
																			.
	For the Three Months Ended June 30, 2019
	Mortgage Loans															Nonmortgage Loans							Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land			Business			Consumer		Unallocated		For the Period

Allowance for loan losses:
Balance, beginning of period	$	3,551		$	1,168		$	3,713		$	1,925		$	1,533		$	549		$	10	$	—	$	12,449
Provision charged to expense		—			—			—			—			—			—			—		—		—
Losses charged-off		—			—			—			—			—			(25	)		—		—		(25	)
Recoveries		23			—			—			3			—			9			1		58		94
Balance, end of period	$	3,574		$	1,168		$	3,713		$	1,928		$	1,533		$	533		$	11	$	58	$	12,518

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

	For the Year Ended December 31, 2019
	Mortgage Loans													Nonmortgage Loans					Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential			Construction and Land		Business			Consumer		For the Period
Allowance for loan losses:
Balance, beginning of year	$	3,799		$	1,208		$	3,829	$	1,925		$	1,631	$	260		$	7	$	12,659
Provision charged to expense		(311	)		(141	)		36		(85	)		151		608			—		258
Losses charged-off		(8	)		—			—		—			—		(724	)		—		(732	)
Recoveries		23			—			—		9			—		110			2		144
Balance, end of year	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Ending balance: individually evaluated for impairment	$	265		$	149		$	—	$	31		$	—	$	14		$	—	$	459
Ending balance: collectively evaluated for impairment		3,238			918			3,865		1,818			1,782		240			9		11,870
Total	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Loans:
Ending balance: individually evaluated for impairment	$	6,973		$	5,572		$	—	$	5,548		$	1,125	$	14		$	—	$	19,232
Ending balance: collectively evaluated for impairment		298,299			86,371			250,239		201,677			98,184		10,863			1,231		946,864
Total	$	305,272		$	91,943		$	250,239	$	207,225		$	99,309	$	10,877		$	1,231	$	966,096

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

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

The following information relates to impaired loans as of and for the six months ended June 30, 2020 and 2019 and for the year ended December 31, 2019:

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
For the Six Months Ended June 30, 2020	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
Mortgage loans:
1-4 Family residential	$	12,514	$	8,566	$	3,033	$	11,599	$	292	$	12,337	$	115
Multifamily residential		—		—		—		—		—		4		—
Nonresidential properties		6,090		5,403		372		5,775		38		4,923		30
Construction and land		—		—		—		—		—		1,019		—
Nonmortgage loans:
Business		—		—		—		—		—		81		—
Consumer		—		—		—		—		—		1		—
Total	$	18,604	$	13,969	$	3,405	$	17,374	$	330	$	18,365	$	145

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
For the Six Months Ended June 30, 2019	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
Mortgage loans:
1-4 Family residential	$	13,588	$	7,944	$	4,585	$	12,529	$	800	$	13,438	$	323
Multifamily residential		7		7		—		7		—		7		—
Nonresidential properties		5,463		4,887		473		5,360		124		3,096		67
Construction and land		1,614		1,327		—		1,327		—		1,200		1
Nonmortgage loans:
Business		40		38		—		38		—		309		1
Consumer		2		—		2		2		2		1		—
Total	$	20,714	$	14,203	$	5,060	$	19,263	$	926	$	18,051	$	392

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

Note 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 against the allowance for loan losses.

During the six months ended June 30, 2020, there were no loans restructured as a troubled debt restructuring and as of and for the year ended December 31, 2019, there was one loan restructured as a troubled debt restructuring.

Loans Restructured During

All TDRs with a payment default

within 12 months following the

Six Months Ended June 30, 2020

modification

Pre-

Post-

Balance

Modification

of Loans

Number

Recorded

Number

at the Time

of Loans

Balance

of Loans

of Default

Mortgages:

1-4 Family

—

Total

—

Combination of rate, maturity, other

—

Total

—

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

At June 30, 2020, there were 33 troubled debt restructured loans totaling $9,953 of which $6,842 are on accrual status. At December 31, 2019, there were 36 troubled debt restructured loans totaling $12,204 of which $8,601 are on accrual status. There were no commitments to lend additional funds to borrowers whose loans have been modified in a troubled debt restructuring. The financial impact from the concessions made represents specific impairment reserves on these loans, which aggregated to $330 and $459 at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 and at December 31, 2019, there was one loan in the amount of $1,030 held for sale.

Premises and Equipment

6 Months Ended

Jun. 30, 2020

Property Plant And Equipment [Abstract]

Premises and Equipment

Note 5.

Premises and Equipment

Premises and equipment at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30,			December 31,
	2020			2019
Land	$	3,979		$	3,979
Buildings and improvements		17,527			17,350
Leasehold improvements		25,574			25,534
Furniture, fixtures and equipment		8,878			8,513
		55,958			55,376
Less: accumulated depreciation and amortization		(23,856	)		(22,630	)
Total premises and equipment	$	32,102		$	32,746

Depreciation and amortization expense amounted to $625 and $550 for the three months ended June 30, 2020 and 2019, and $1,226 and $1,059 for the six months ended June 30, 2020 and 2019, respectively, and are included in occupancy and equipment in the accompanying consolidated statements of income. Furniture, fixtures and equipment increased by $365 to $8,878 at June 30, 2020, mainly as a result of purchases of laptops and software to facilitate remote working during the COVID-19 pandemic. Buildings and improvements increased by $177 to $17,527 at June 30, 2020 as part of the branch renovation initiative and leasehold improvements increased by $40 to $25,574.

Deposits

6 Months Ended

Jun. 30, 2020

Banking And Thrift [Abstract]

Deposits

Note 6.

Deposits

Deposits at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30,		December 31,
	2020		2019
Demand (1)	$	192,429	$	109,548
Interest-bearing deposits:
NOW/IOLA accounts		26,477		32,866
Money market accounts		125,631		86,721
Reciprocal deposits		96,915		47,659
Savings accounts		119,277		115,751
Total NOW, money market, reciprocal and savings		368,300		282,997
Certificates of deposit of $250K or more		81,786		84,263
Brokered certificates of deposits (2)		55,878		76,797
Listing service deposits (2)		54,370		32,400
Certificates of deposit less than $250K		183,456		196,038
Total certificates of deposit		375,490		389,498
Total interest-bearing deposits		743,790		672,495
Total deposits	$	936,219	$	782,043

(1)

As of June 30, 2020, included in demand deposits are $65,142 related to net PPP funding.

(2)

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

At June 30, 2020 scheduled maturities of certificates of deposit were as follows:

June 30,
2021	$	219,640
2022		89,487
2023		31,458
2024		14,956
2025		15,949
Thereafter		4,000
	$	375,490

Overdrawn deposit accounts that have been reclassified to loans amounted to $44 and $199 as of June 30, 2020 and December 31, 2019, respectively.

Borrowings

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Borrowings

Note 7.

Borrowings

FHLBNY Advances: As a member of the 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 the FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with the FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $117,284 and $104,404 of outstanding term advances from the FHLBNY at June 30, 2020 and December 31, 2019, respectively. Additionally, the Bank had an unsecured line of credit in the amount of $25,000 with a correspondent bank at June 30, 2020 and December 31, 2019, of which $0 were outstanding as of June 30, 2020 and December 31, 2019, respectively. The Bank also had a guarantee from the FHLBNY through a standby letter of credit of $3,355 at June 30, 2020 and $3,455 at December 31, 2019.

Borrowed funds at June 30, 2020 and December 31, 2019 consist of the following and are summarized by maturity and call date below:

	June 30,							December 31,
	2020							2019
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
Correspondent Bank Overnight line of credit advance	$	—	$	—		—	%	$	—	$	—		—

FHLBNY Term advances ending:
2020		8,029		8,029		2.86			8,029		8,029		2.86
2021		3,000		3,000		1.84			3,000		3,000		1.84
2022		77,880		77,880		1.73			65,000		65,000		1.89
2023		28,375		28,375		2.82			28,375		28,375		2.82
	$	117,284	$	117,284		2.08	%	$	104,404	$	104,404		2.21	%

Interest expense on advances totaled $608 and $345 for the three months ended June 30, 2020 and 2019, and $1,195 and $678 for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020 and December 31, 2019, the Bank had eligible collateral of approximately $318,930 and $301,753, respectively, in residential 1-4 family and multifamily mortgage loans available to secure advances from the FHLBNY.

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 8.

Income Taxes

The provision (benefit) for income taxes for the three and six months ended June 30, 2020 and 2019 consist of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Federal:
Current	$	119		$	377		$	277		$	651
Deferred		(93	)		(41	)		(369	)		(33	)
		26			336			(92	)		618
State and local:
Current		56			84			114			185
Deferred		(566	)		(215	)		(1,256	)		(504	)
		(510	)		(131	)		(1,142	)		(319	)
Valuation allowance		444			168			985			381
Provision (benefit) for income taxes	$	(40	)	$	373		$	(249	)	$	680

Note 8.Income Taxes (Continued)

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three and six months ended June 30, 2020 and 2019 respectively, to income before income taxes as a result of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Income tax, at federal rate	$	(128	)	$	278		$	(427	)	$	483
State and local tax, net of federal taxes		(402	)		(102	)		(902	)		(252	)
Valuation allowance, net of the federal benefit		444			168			985			381
Other		46			29			95			68
	$	(40	)	$	373		$	(249	)	$	680

Management maintains a valuation allowance against its net New York State and New York City deferred tax assets as it is unlikely these deferred tax assets will be utilized to reduce the Company's tax liability in future years. The valuation allowance increased by $985 and $381 for the six months ended June 30, 2020 and 2019, respectively.

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

At June 30, 2020 and December 31, 2019, the Company had no unrecognized tax benefits recorded related to uncertain tax positions. The Company does not expect that the total amount of unrecognized tax benefits will significantly increase in the next twelve months.

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

On March 27, 2020, the President signed the CARES Act to help individuals and businesses that have been negatively impacted by the COVID-19 pandemic. Among other provisions, the CARES Act allows net operating losses, which were modified with the Tax Cuts and Jobs Act of 2017, to be carried back five years. It also modifies the useful lives of qualified leasehold improvements, relaxing the excess loss limitations on pass-through and increasing the interest expense limitation. The Company does not expect the CARES Act to have a material tax impact on the Company's consolidated financial statements.

Note 8.

Income Taxes (Continued)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30, 2020 and December 31, 2019 are presented below:

	June 30,			December 31,
	2020			2019
Deferred tax assets:
Allowance for loan losses	$	4,454		$	3,990
Interest on nonaccrual loans		570			338
Unrealized loss on available-for-sale securities		(29	)		7
Amortization of intangible assets		78			88
Deferred rent payable		110			—
Depreciation of premises and equipment		30			30
Net operating losses		4,908			4,258
Charitable contribution carryforward		1,563			1,675
Compensation and benefits		475			182
Other		135			130
Total gross deferred tax assets		12,294			10,698
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		—			85
Deferred loan fees		730			638
Other		7			7
Total gross deferred tax liabilities		737			730
Valuation allowance		7,229			6,244
Net deferred tax assets	$	4,328		$	3,724

Compensation and Benefit Plans

6 Months Ended

Jun. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Compensation and Benefit Plans

Note 9.

Compensation and Benefit Plans

401(k) Plan:

The Company provides a qualified defined contribution retirement plan under Section 401(k) of the Internal Revenue Code. The 401(k) Plan qualifies under the Internal Revenue Service safe harbor provisions, as defined. Employees are eligible to participate in the 401(k) Plan at the beginning of each quarter (January 1, April 1, July 1, or October 1). The 401(k) Plan provides for elective employee/participant deferrals of income. Discretionary matching, profit-sharing, and safe harbor contributions, not to exceed 4% of employee compensation and profit-sharing contributions may be provided. The Company is currently making a safe harbor contribution of 3%. The 401(k) expenses recorded in the consolidated statements of income amounted to $103 and $77 for the three months ended June 30, 2020 and 2019, and $370 and $167 for the six months ended June 30, 2020 and 2019, respectively.

Employee Stock Ownership Plan:

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

Note 9.

Compensation and Benefit Plans (Continued)

Contributions to the ESOP are to be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, compensation expense equal to the average market price of the shares for the respective periods are recognized, and the shares become outstanding for earnings per share computations (see Note 10).

A summary of the ESOP shares as of June 30, 2020 and December 31, 2019 are as follows:

	June 30, 2020		December 31, 2019
Shares committed-to-be released		24,126		48,250
Shares to be allocated to participants		144,750		96,500
Unallocated shares		554,875		579,001
Total		723,751		723,751
Fair value of unearned shares	$	5,649	$	8,511

The Company recognized ESOP related compensation expense, including ESOP equalization expense, of $131 and $187 for the three months ended June 30, 2020 and 2019, and $288 and $390 for the six months ended June 30, 2020 and 2019, respectively.

Supplemental Executive Retirement Plan:

The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of one key executive. The SERP expense recognized for the three months ended June 30, 2020 and 2019 was $15 and $17, respectively and $30 and $34 for the six months ended June 30, 2020 and 2019, respectively.

2018 Incentive Plan

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

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 shares of 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 June 30, 2020 and December 31, 2019, the maximum number of stock options and SARs remaining to be awarded under the Incentive Plan was 225,476 and 265,476, respectively. As of June 30, 2020 and December 31, 2019, the maximum number of shares of common stock that may be issued as restricted stock or restricted stock units remaining to be awarded under the Incentive Plan was 0, for both periods. If the 2018 Incentive Plan’s flex feature described above were fully utilized, the maximum number of shares of common stock that may be awarded as restricted stock or restricted stock units would be 75,158 and 88,492 as of June 30, 2020 and December 31, 2019, respectively, but would eliminate the availability of stock options and SARs available for award.

Note 9. Compensation and Benefit Plans (Continued)

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 unit awards activity and related information for the six months ended June 30, 2020 and year ended December 31, 2019 are as follows:

	June 30, 2020
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		420,744		$	12.78
Granted		—			—
Forfeited		—			—
Vested		—			—
Non-vested at June 30		420,744		$	12.78

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

Compensation expense related to restricted stock units was $314 and $308 for the three months ended June 30, 2020 and 2019, respectively and $638 and $608 for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the total remaining unrecognized compensation cost related to restricted stock units was $4,645, which is expected to be recognized over the next 30 quarters.

A summary of the Company’s stock option awards activity and related information for the six months ended June 30, 2020 and year ended December 31, 2019 are as follows:

	June 30, 2020
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		163,766	$	12.78
Granted		40,000		8.93
Exercised		—		—
Forfeited		—		—
Outstanding at June 30 (1)		203,766	$	12.02
Exercisable at June 30 (1)		24,788	$	12.77

Note 9. Compensation and Benefit Plans (Continued)

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

(1)

The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at respective periods and the stated exercise price of the underlying options, was $0 and $315 for outstanding options and $0 and $48 for exercisable options at June 30, 2020 and December 31, 2019, respectively.

The weighted-average exercise price for the options as of June 30, 2020 was $12.02 per share and the weighted average remaining contractual life is 8.3 years. The weighted average period over which compensation expenses are expected to be recognized is 5.4 years. There were 24,788 shares exercisable as of June 30, 2020 and December 31, 2019, respectively. Total compensation cost related to stock options recognized was $31 and $22 for the three months ended June 30, 2020 and 2019, and $60 and $48 for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the total remaining unrecognized compensation cost related to unvested stock options was $554, which is expected to be recognized over the next 30 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 Six Months Ended June 30,
	2020			2019
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		38.51	%		16.94	%
Risk-free interest rate		0.48	%		2.51	%
Weighted average grant date fair value	$	3.77		$	4.01

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

Treasury Stock:

The Company adopted a share repurchase program effective March 25, 2019 which expired on September 24, 2019. Under the repurchase program, the Company was permitted to repurchase up to 923,151 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. On November 13, 2019, the Company adopted a second share repurchase program. Under this second program, the Company was permitted to repurchase up to 878,835 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The Company’s share repurchase program was terminated on March 27, 2020. On June 1, 2020, the Company adopted a third share repurchase program. Under this third program, the Company was permitted to repurchase up to 864,987 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The repurchase program may be suspended or terminated at any time without prior notice, and it will expire no later than November 30, 2020.

As of June 30, 2020, the Company had repurchased a total of 1,318,872 shares under the repurchase programs at a weighted average price of $13.99 per share, which were reported as treasury stock. Of the 1,318,872 shares of treasury stock, 90,135 shares have been granted to directors and executive officers under the Company’s 2018 Long-Term Incentive Plan pursuant to restricted stock units which vested on December 4, 2019. As of June 30, 2020, 1,228,737 shares are reported as treasury stock in the Company’s consolidated statements of financial condition.

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 10.

Earnings (Loss) Per Share

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

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2020			2019		2020			2019
	(Dollars in thousands except share data)

Net income (loss)	$	(571	)	$	950	$	(1,784	)	$	1,618

Common shares outstanding for basic EPS:
Weighted average common shares outstanding		17,290,254			18,180,989		17,334,830			18,320,923
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		566,805			615,055		572,837			621,053
Basic weighted average common shares outstanding		16,723,449			17,565,934		16,761,993			17,699,870
Basic earnings (loss) per common share	$	(0.03	)	$	0.05	$	(0.11	)	$	0.09
Dilutive potential common shares:
Add: Dilutive effect of restricted stock awards and stock options		—			89,730		—			60,944
Diluted weighted average common shares outstanding		16,723,449			17,655,664		16,761,993			17,760,814
Diluted earnings (loss) per common share	$	(0.03	)	$	0.05	$	(0.11	)	$	0.09

Commitments, Contingencies and Credit Risk

6 Months Ended

Jun. 30, 2020

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. Financial instruments whose contractual amounts represent credit risk at June 30, 2020 and December 31, 2019 are as follows:

	June 30,		December 31,
	2020		2019
Commitments to grant mortgage loans	$	68,348	$	64,829
Unfunded commitments under lines of credit		38,675		27,833
Standby letters of credit		3,355		3,455
	$	110,378	$	96,117

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

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 uncollateralized and usually do not 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. Generally, 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 June 30, 2020, there are 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 and equipment, totaled $380 and $375 for the three months ended June 30, 2020 and 2019, and $509 and $729 for the six months ended June 30, 2020 and 2019, respectively.

The projected minimum rental payments under the terms of the leases at June 30, 2020 are as follows:

Remainder of 2020	$	675
2021		1,380
2022		1,290
2023		1,277
2024		1,311
2025		1,280
Thereafter		4,566
	$	11,779

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

6 Months Ended

Jun. 30, 2020

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.

Note 12.Fair Value (Continued)

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 are 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 Bank can redeem such stock with FHLBNY at cost. As a member of the FHLBNY, the Company is required to purchase this stock, which is carried at cost and classified 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 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.

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.

Note 12.

Fair Value (Continued)

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			June 30, 2020
Description	Total		Level 1		Level 2		Level 3
Available-for-Sale Securities:
U.S. government and federal agencies	$	—	$	—	$	—	$	—
Corporate bonds		9,194		—		9,194		—
Mortgage-Backed Securities:
FNMA Certificates		4,259		—		4,259		—
GNMA Certificates		347		—		347		—
	$	13,800	$	—	$	13,800	$	—

			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	$	—

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

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of June 30, 2020 and December 31, 2019 and indicate the fair value hierarchy utilized to determine the fair value:

	June 30, 2020
	Total		Level 1		Level 2		Level 3
Impaired loans	$	17,374	$	—	$	—	$	17,374

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

Losses on assets carried at fair value on a nonrecurring basis were de minimis for the three and six months ended June 30, 2020 and 2019, 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 2020 and 2019 have been measured as of their respective period-ends and have not been reevaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than amounts reported at each period.

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 June 30, 2020 and December 31, 2019, the book balances and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
June 30, 2020
Financial assets:
Cash and cash equivalents	$	76,631	$	76,631	$	—	$	—	$	76,631
Available-for-sale securities		13,800		—		13,800		—		13,800
Loans held for sale		1,030		—		—		1,046		1,046
Loans receivable, net		1,072,417		—		—		1,088,825		1,088,825
Accrued interest receivable		7,677		—		7,677		—		7,677
FHLBNY stock		6,422		6,422		—		—		6,422
Financial liabilities:
Deposits:
Demand deposits		192,429		192,429		—		—		192,429
Interest-bearing deposits		368,300		368,300		—		—		368,300
Certificates of deposit		375,490		—		381,863		—		381,863

Advance payments by borrowers for taxes and insurance		6,007		—		6,007		—		6,007
Advances from FHLBNY		117,284		117,284		—		—		117,284
Accrued interest payable		48		—		48		—		48

December 31, 2019
Financial assets:
Cash and cash equivalents	$	27,677	$	27,677	$	—	$	—	$	27,677
Available-for-sale 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		6,348		—		6,348		—		6,348
Advances from FHLBNY		104,404		104,404		—		—		104,404
Accrued interest payable		97		—		97		—		97

Off-Balance-Sheet Instruments: Loan commitments on which the committed interest rate is less than the current market rate are insignificant at June 30, 2020 and December 31, 2019.

- Definition

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

6 Months Ended

Jun. 30, 2020

Banking And Thrift [Abstract]

Regulatory Capital Requirements

Note 13.

Regulatory Capital Requirements

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

Quantitative measures established by regulation require the maintenance of minimum amounts and ratios (set forth in the table below) of total risk-based and Tier 1 capital to risk-weighted assets (as defined), common equity Tier 1 capital (as defined), and Tier 1 capital to adjusted total assets (as defined) adjusted total assets (as defined). As of June 30, 2020 and December 31, 2019, all applicable capital adequacy requirements have been met.

The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer was phased in to 2.5% by 2019. The applicable capital buffer was 9.5% at June 30, 2020 and 10.6% at December 31, 2019.

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

The Company's and the Bank’s actual capital amounts and ratios as of June 30, 2020 and December 31, 2019 as compared to regulatory requirements are as follows:

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
June 30, 2020
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	165,405		19.67	%	$	67,267		8.00	%	$	84,084		10.00	%
Tier 1 Capital to Risk-Weighted Assets		154,849		18.42	%		50,450		6.00	%		67,267		8.00	%
Common Equity Tier 1 Capital Ratio		154,849		18.42	%		37,838		4.50	%		54,654		6.50	%
Tier 1 Capital to Total Assets		154,849		13.80	%		44,898		4.00	%		56,122		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	146,791		17.52	%	$	67,040		8.00	%	$	83,801		10.00	%
Tier 1 Capital to Risk-Weighted Assets		136,270		16.26	%		50,280		6.00	%		67,040		8.00	%
Common Equity Tier 1 Capital Ratio		136,270		16.26	%		37,710		4.50	%		54,470		6.50	%
Tier 1 Capital to Total Assets		136,270		11.63	%		46,882		4.00	%		58,603		5.00	%

Note 13.

Regulatory Capital Requirements (Continued)

											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	%

- Definition

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
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958572-112826

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1D
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958573-112826

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-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
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958569-112826

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1G
-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
-Section 50
-Paragraph 1F
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958575-112826

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1E
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958574-112826

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1H
-URI http://asc.fasb.org/extlink&oid=117337116&loc=d3e65071-112826

+ Details

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income

Note 14.

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income are as follows:

	June 30, 2020
	December 31, 2019		Change		June 30, 2020
Unrealized gains on available-for-sale securities, net	$	20	$	130	$	150
Total	$	20	$	130	$	150

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

Transactions with Related Parties

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Transactions with Related Parties

Note 15.Transactions with Related Parties

Directors and officers of the Company have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the three and six months ended June 30, 2020 and 2019 were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Beginning balance	$	1,244		$	1,255		$	1,260		$	1,278
Originations		—			20			—			20
Payments		(7	)		(19	)		(23	)		(42	)
Ending balance	$	1,237		$	1,256		$	1,237		$	1,256

The Company held deposits in the amount of $6,491 and $8,302 from officers and directors at June 30, 2020 and December 31, 2019, respectively.

Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 16.Subsequent Events

On July 10, 2020, the Company completed the acquisition of Mortgage World Bankers, Inc. (“MWB”) pursuant to an agreement dated May 20, 2019. MWB is a mortgage banking company headquartered in Astoria, New York. The acquisition price for MWB is to be determined based upon an audit of MWB’s financial statements as of June 30, 2020. That audit is ongoing. The acquisition price will be determined prior to September 30, 2020 and will be based on MWB’s assets and capital as of June 30, 2020. The Company incurred $42 of related acquisition costs in first half of 2020 which are reflected in noninterest expenses in the consolidated statements of income. The acquisition qualifies as a business combination and will be accounted for using the acquisition method of accounting.

On July 27, 2020, the Company completed the sale of the real property that was owned by the Bank and was the former location of a branch banking office, located at 30 East 170th Street, Bronx, New York (the “Real Property”). The purchase price for the Real Property was $4,743. The Bank’s carrying value of the Real Property as of July 27, 2020 was $82. The Bank incurred expenses related to the sale of the Real Property of approximately $250. The Bank anticipates recording a gain on sale of approximately $4,411.

The Bank has concurrently entered into a contract to purchase an existing property intended to become a full service branch banking office in a like-kind exchange. This property is located at 135-14 Northern Boulevard, Flushing NY 11354. The transaction is contingent upon, among other things, an acceptable feasibility study and necessary regulatory approvals. Assuming the contingencies are satisfied and the like-kind exchange is completed, the Bank may be permitted to defer payments of the capital gains tax associated with the sale of the Real Property.

In accordance with the Interagency Statement, financial institutions are encouraged to provide payment accommodations, which may include payment deferrals, to any consumer and small businesses who can demonstrate financial hardship caused by the COVID-19 pandemic.

As of July 21, 2020, the Bank had 421 loans that are in forbearance totaling $384,028, primarily consisting of deferrals of principal, interest, and escrow payments. Of the 421 loans in forbearance, 329 loans aggregating $297,405 have not requested an additional three-month forbearance extension, and 92 loans in the amount of $86,623 have requested up-to-an-additional three-month forbearance extension at the conclusion of their initial three-month forbearance period. All of these loans had been performing in accordance with their contractual obligations prior to the granting of the initial forbearance. The Company actively monitors the business activities of borrowers in forbearance and seeks to determine their capacity to resume payments as contractually obligated upon the termination of the forbearance period. Under the current economic conditions and based upon available data, the Company is unable to conclusively determine the repayment capacity, if any, of most of such borrowers. The initial forbearances are and the extended forbearances will be short-term modifications made on a good faith basis in response to the COVID-19 pandemic and in furtherance of governmental policies.

Any furnisher of credit information that agrees to defer payments, forbear on any delinquent credit or account, or provide any other relief to consumers affected by the COVID-19 pandemic must report the credit obligation or account as current if the credit obligation or account was current before the accommodation.

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

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Financial Statement Presentation

Basis of Presentation and Consolidation:

Nature of Operations

Nature of Operations:

Risks and Uncertainties

Risks and Uncertainties:

Use of Estimates

Interim Financial Statements

Significant Group Concentrations of Credit Risk

Cash and Cash Equivalents

Securities

Federal Home Loan Bank of New York Stock

Note 1.

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

Loans Receivable

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

Note 1.

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

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

Impairment of Long-Lived Assets

Other Real Estate Owned

Income Taxes

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

Related Party Transactions

Note 1.

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

Employee Benefit Plans

Employee Stock Ownership Plan

Stock Options

Restricted Stock Units

Comprehensive Income

Loss Contingencies

Fair Value of Financial Instruments

Segment Reporting

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

Loan Commitments and Related Financial Instruments

Earnings Per Share ("EPS")

Treasury Stock

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

Note 1.

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

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

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Estimated Useful Lives of Assets

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

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

Available-for-Sale Securities (Tables)

6 Months Ended

Jun. 30, 2020

Investments Debt And Equity Securities [Abstract]

Amortized Cost and Fair Value of Available-for-Sale Securities

The amortized cost and fair value of available-for-sale securities at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses		Fair Value
U.S. Government and Federal Agencies	$	—	$	—	$	—	$	—
Corporate Bonds		9,093		101		—		9,194
Mortgage-Backed Securities:
FNMA Certificates		4,217		42		—		4,259
GNMA Certificates		344		3		—		347
Total	$	13,654	$	146	$	—	$	13,800

	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
Total	$	21,535	$	9	$	(40	)	$	21,504

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

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

Summary of Maturities of Securities

	June 30, 2020
	Available-for-Sale
	Amortized		Fair
	Cost		Value
Corporate Bonds:
Amounts maturing:
Three months or less	$	—	$	—
After three months through one year		—		—
After one year through five years		2,642		2,735
More than five years		6,451		6,459
		9,093		9,194
Mortgage-Backed Securities		4,561		4,606
Total	$	13,654	$	13,800

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

Loans Receivable and Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Summary of Loans

Loans at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30,			December 31,
	2020			2019
Mortgage loans:
1-4 Family residential
Investor-Owned	$	317,055		$	305,272
Owner-Occupied		91,345			91,943
Multifamily residential		274,641			250,239
Nonresidential properties		209,068			207,225
Construction and land		96,841			99,309
Nonmortgage loans:
Business loans (1)		93,394			10,877
Consumer loans		1,578			1,231
		1,083,922			966,096
Net deferred loan origination costs		2,256			1,970
Allowance for loan losses		(13,761	)		(12,329	)
Loans receivable, net	$	1,072,417		$	955,737

(1)

As of June 30, 2020, business loans include $83,558 of Paycheck Protection Program (“PPP”) loans.

Schedule of Credit Risk Ratings by Loan Segment

The following tables present credit risk ratings by loan segment as of June 30, 2020 and December 31, 2019:

	June 30, 2020
	Mortgage Loans								Nonmortgage Loans
							Construction						Total
	1-4 Family		Multifamily		Nonresidential		and Land		Business		Consumer		Loans
Risk Rating:
Pass	$	397,367	$	266,650	$	203,464	$	80,967	$	93,394	$	1,578	$	1,043,420
Special mention		2,366		—		—		15,874		—		—		18,240
Substandard		8,667		7,991		5,604		—		—		—		22,262
Total	$	408,400	$	274,641	$	209,068	$	96,841	$	93,394	$	1,578	$	1,083,922

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

Schedule of Aging Analysis of Loans

An aging analysis of loans, as of June 30, 2020 and December 31, 2019, is as follows:

	June 30, 2020
			30-59		60-89		90 Days						90 Days
			Days		Days		or More				Nonaccrual		or More
	Current		Past Due		Past Due		Past Due		Total		Loans		Accruing
Mortgage loans:
1-4 Family residential
Investor-Owned	$	314,738	$	—	$	809	$	1,508	$	317,055	$	1,966	$	—
Owner-Occupied		89,468		—		176		1,701		91,345		3,529		—
Multifamily residential		274,431		—		210		—		274,641		—		—
Nonresidential properties		205,286		—		—		3,782		209,068		4,974		—
Construction and land		96,841		—		—		—		96,841		—		—
Nonmortgage loans:
Business		93,394		—		—		—		93,394		—		—
Consumer		1,573		5		—		—		1,578		—		—
Total	$	1,075,731	$	5	$	1,195	$	6,991	$	1,083,922	$	10,469	$	—

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

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

The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of June 30, 2020 and 2019, and December 31, 2019:

	For the Six Months Ended June 30, 2020
	Mortgage Loans												Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied		Multifamily		Nonresidential			Construction and Land			Business			Consumer			For the Period
Allowance for loan losses:
Balance, beginning of period	$	3,503	$	1,067	$	3,865	$	1,849		$	1,782		$	254		$	9		$	12,329
Provision charged to expense		354		127		876		232			(112	)		(63	)		3			1,417
Losses charged-off		—		—		—		—			—						(2	)		(2	)
Recoveries		—		—		—		4			—			13			—			17
Balance, end of period	$	3,857	$	1,194	$	4,741	$	2,085		$	1,670		$	204		$	10		$	13,761
Ending balance: individually evaluated for impairment	$	135	$	157	$	—	$	38		$	—		$	—		$	—		$	330
Ending balance: collectively evaluated for impairment		3,722		1,037		4,741		2,047			1,670			204			10			13,431
Total	$	3,857	$	1,194	$	4,741	$	2,085		$	1,670		$	204		$	10		$	13,761
Loans:
Ending balance: individually evaluated for impairment	$	5,726	$	5,873	$	—	$	5,775		$	—		$	—		$	—		$	17,374
Ending balance: collectively evaluated for impairment		311,329		85,472		274,641		203,293			96,841			93,394			1,578			1,066,548
Total	$	317,055	$	91,345	$	274,641	$	209,068		$	96,841		$	93,394		$	1,578		$	1,083,922

	For the Three Months Ended June 30, 2020
	Mortgage Loans												Nonmortgage Loans						Total
	1-4 Family Investor Owned		1-4 Family Owner Occupied		Multifamily		Nonresidential			Construction and Land			Business			Consumer			For the Period

Allowance for loan losses:
Balance, beginning of period	$	3,737	$	1,187	$	4,263	$	2,142		$	1,905		$	239		$	11		$	13,484
Provision charged to expense		120		7		478		(59	)		(235	)		(41	)		1			271
Losses charged-off		—		—		—		—			—			—			(2	)		(2	)
Recoveries		—		—		—		2			—			6			—			8
Balance, end of period	$	3,857	$	1,194	$	4,741	$	2,085		$	1,670		$	204		$	10		$	13,761

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

	For the Six Months Ended June 30, 2019
	Mortgage Loans															Nonmortgage Loans							Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land			Business			Consumer		Unallocated		For the Period
Allowance for loan losses:
Balance, beginning of period	$	3,799		$	1,208		$	3,829		$	1,925		$	1,631		$	260		$	7	$	—	$	12,659
Provision charged to expense		(248	)		(40	)		(116	)		(2	)		(98	)		651			2		—		149
Losses charged-off		—			—			—			—			—			(402	)		—		—		(402	)
Recoveries		23			—			—			5			—			24			2		58		112
Balance, end of period	$	3,574		$	1,168		$	3,713		$	1,928		$	1,533		$	533		$	11	$	58	$	12,518
Ending balance: individually evaluated for impairment	$	273		$	527		$	—		$	124		$	—		$	—		$	2	$	—	$	926
Ending balance: collectively evaluated for impairment		3,301			641			3,713			1,804			1,533			533			9		58		11,592
Total	$	3,574		$	1,168		$	3,713		$	1,928		$	1,533		$	533		$	11	$	58	$	12,518
Loans:
Ending balance: individually evaluated for impairment	$	7,058		$	5,471		$	7		$	5,360		$	1,327		$	38		$	2	$	—	$	19,263
Ending balance: collectively evaluated for impairment		295,370			87,433			238,967			192,007			99,668			11,335			1,149		—		925,929
Total	$	302,428		$	92,904		$	238,974		$	197,367		$	100,995		$	11,373		$	1,151	$	—	$	945,192
																			.
	For the Three Months Ended June 30, 2019
	Mortgage Loans															Nonmortgage Loans							Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily			Nonresidential			Construction and Land			Business			Consumer		Unallocated		For the Period

Allowance for loan losses:
Balance, beginning of period	$	3,551		$	1,168		$	3,713		$	1,925		$	1,533		$	549		$	10	$	—	$	12,449
Provision charged to expense		—			—			—			—			—			—			—		—		—
Losses charged-off		—			—			—			—			—			(25	)		—		—		(25	)
Recoveries		23			—			—			3			—			9			1		58		94
Balance, end of period	$	3,574		$	1,168		$	3,713		$	1,928		$	1,533		$	533		$	11	$	58	$	12,518

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

	For the Year Ended December 31, 2019
	Mortgage Loans													Nonmortgage Loans					Total
	1-4 Family Investor Owned			1-4 Family Owner Occupied			Multifamily		Nonresidential			Construction and Land		Business			Consumer		For the Period
Allowance for loan losses:
Balance, beginning of year	$	3,799		$	1,208		$	3,829	$	1,925		$	1,631	$	260		$	7	$	12,659
Provision charged to expense		(311	)		(141	)		36		(85	)		151		608			—		258
Losses charged-off		(8	)		—			—		—			—		(724	)		—		(732	)
Recoveries		23			—			—		9			—		110			2		144
Balance, end of year	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Ending balance: individually evaluated for impairment	$	265		$	149		$	—	$	31		$	—	$	14		$	—	$	459
Ending balance: collectively evaluated for impairment		3,238			918			3,865		1,818			1,782		240			9		11,870
Total	$	3,503		$	1,067		$	3,865	$	1,849		$	1,782	$	254		$	9	$	12,329
Loans:
Ending balance: individually evaluated for impairment	$	6,973		$	5,572		$	—	$	5,548		$	1,125	$	14		$	—	$	19,232
Ending balance: collectively evaluated for impairment		298,299			86,371			250,239		201,677			98,184		10,863			1,231		946,864
Total	$	305,272		$	91,943		$	250,239	$	207,225		$	99,309	$	10,877		$	1,231	$	966,096

Schedule of Information Relates to Impaired Loans

The following information relates to impaired loans as of and for the six months ended June 30, 2020 and 2019 and for the year ended December 31, 2019:

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
For the Six Months Ended June 30, 2020	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
Mortgage loans:
1-4 Family residential	$	12,514	$	8,566	$	3,033	$	11,599	$	292	$	12,337	$	115
Multifamily residential		—		—		—		—		—		4		—
Nonresidential properties		6,090		5,403		372		5,775		38		4,923		30
Construction and land		—		—		—		—		—		1,019		—
Nonmortgage loans:
Business		—		—		—		—		—		81		—
Consumer		—		—		—		—		—		1		—
Total	$	18,604	$	13,969	$	3,405	$	17,374	$	330	$	18,365	$	145

	Unpaid Contractual		Recorded Investment		Recorded Investment		Total				Average		Interest Income
	Principal		With No		With		Recorded		Related		Recorded		Recognized
For the Six Months Ended June 30, 2019	Balance		Allowance		Allowance		Investment		Allowance		Investment		on a Cash Basis
Mortgage loans:
1-4 Family residential	$	13,588	$	7,944	$	4,585	$	12,529	$	800	$	13,438	$	323
Multifamily residential		7		7		—		7		—		7		—
Nonresidential properties		5,463		4,887		473		5,360		124		3,096		67
Construction and land		1,614		1,327		—		1,327		—		1,200		1
Nonmortgage loans:
Business		40		38		—		38		—		309		1
Consumer		2		—		2		2		2		1		—
Total	$	20,714	$	14,203	$	5,060	$	19,263	$	926	$	18,051	$	392

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

Schedule of Troubled Debt Restructuring

Loans Restructured During

All TDRs with a payment default

within 12 months following the

Six Months Ended June 30, 2020

modification

Pre-

Post-

Balance

Modification

of Loans

Number

Recorded

Number

at the Time

of Loans

Balance

of Loans

of Default

Mortgages:

1-4 Family

—

Total

—

Combination of rate, maturity, other

—

Total

—

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

Premises and Equipment (Tables)

6 Months Ended

Jun. 30, 2020

Property Plant And Equipment [Abstract]

Summary of Premises and Equipment

Premises and equipment at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30,			December 31,
	2020			2019
Land	$	3,979		$	3,979
Buildings and improvements		17,527			17,350
Leasehold improvements		25,574			25,534
Furniture, fixtures and equipment		8,878			8,513
		55,958			55,376
Less: accumulated depreciation and amortization		(23,856	)		(22,630	)
Total premises and equipment	$	32,102		$	32,746

Deposits (Tables)

6 Months Ended

Jun. 30, 2020

Banking And Thrift [Abstract]

Summarized Deposits

Deposits at June 30, 2020 and December 31, 2019 are summarized as follows:

	June 30,		December 31,
	2020		2019
Demand (1)	$	192,429	$	109,548
Interest-bearing deposits:
NOW/IOLA accounts		26,477		32,866
Money market accounts		125,631		86,721
Reciprocal deposits		96,915		47,659
Savings accounts		119,277		115,751
Total NOW, money market, reciprocal and savings		368,300		282,997
Certificates of deposit of $250K or more		81,786		84,263
Brokered certificates of deposits (2)		55,878		76,797
Listing service deposits (2)		54,370		32,400
Certificates of deposit less than $250K		183,456		196,038
Total certificates of deposit		375,490		389,498
Total interest-bearing deposits		743,790		672,495
Total deposits	$	936,219	$	782,043

Scheduled Maturities of Certificates of Deposit

At June 30, 2020 scheduled maturities of certificates of deposit were as follows:

June 30,
2021	$	219,640
2022		89,487
2023		31,458
2024		14,956
2025		15,949
Thereafter		4,000
	$	375,490

Borrowings (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

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

Borrowed funds at June 30, 2020 and December 31, 2019 consist of the following and are summarized by maturity and call date below:

	June 30,							December 31,
	2020							2019
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
Correspondent Bank Overnight line of credit advance	$	—	$	—		—	%	$	—	$	—		—

FHLBNY Term advances ending:
2020		8,029		8,029		2.86			8,029		8,029		2.86
2021		3,000		3,000		1.84			3,000		3,000		1.84
2022		77,880		77,880		1.73			65,000		65,000		1.89
2023		28,375		28,375		2.82			28,375		28,375		2.82
	$	117,284	$	117,284		2.08	%	$	104,404	$	104,404		2.21	%

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the three and six months ended June 30, 2020 and 2019 consist of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Federal:
Current	$	119		$	377		$	277		$	651
Deferred		(93	)		(41	)		(369	)		(33	)
		26			336			(92	)		618
State and local:
Current		56			84			114			185
Deferred		(566	)		(215	)		(1,256	)		(504	)
		(510	)		(131	)		(1,142	)		(319	)
Valuation allowance		444			168			985			381
Provision (benefit) for income taxes	$	(40	)	$	373		$	(249	)	$	680

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Income tax, at federal rate	$	(128	)	$	278		$	(427	)	$	483
State and local tax, net of federal taxes		(402	)		(102	)		(902	)		(252	)
Valuation allowance, net of the federal benefit		444			168			985			381
Other		46			29			95			68
	$	(40	)	$	373		$	(249	)	$	680

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 June 30, 2020 and December 31, 2019 are presented below:

	June 30,			December 31,
	2020			2019
Deferred tax assets:
Allowance for loan losses	$	4,454		$	3,990
Interest on nonaccrual loans		570			338
Unrealized loss on available-for-sale securities		(29	)		7
Amortization of intangible assets		78			88
Deferred rent payable		110			—
Depreciation of premises and equipment		30			30
Net operating losses		4,908			4,258
Charitable contribution carryforward		1,563			1,675
Compensation and benefits		475			182
Other		135			130
Total gross deferred tax assets		12,294			10,698
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		—			85
Deferred loan fees		730			638
Other		7			7
Total gross deferred tax liabilities		737			730
Valuation allowance		7,229			6,244
Net deferred tax assets	$	4,328		$	3,724

Compensation and Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Summary of ESOP Shares

A summary of the ESOP shares as of June 30, 2020 and December 31, 2019 are as follows:

	June 30, 2020		December 31, 2019
Shares committed-to-be released		24,126		48,250
Shares to be allocated to participants		144,750		96,500
Unallocated shares		554,875		579,001
Total		723,751		723,751
Fair value of unearned shares	$	5,649	$	8,511

Schedule of Restricted Stock Units Awards Activity and Related Information

A summary of the Company’s restricted stock unit awards activity and related information for the six months ended June 30, 2020 and year ended December 31, 2019 are as follows:

	June 30, 2020
	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Non-vested, beginning of year		420,744		$	12.78
Granted		—			—
Forfeited		—			—
Vested		—			—
Non-vested at June 30		420,744		$	12.78

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

Schedule of Stock Option Awards Activity and Related Information

A summary of the Company’s stock option awards activity and related information for the six months ended June 30, 2020 and year ended December 31, 2019 are as follows:

	June 30, 2020
	Options		Weighted- Average Exercise Price Per Share
Outstanding, beginning of year		163,766	$	12.78
Granted		40,000		8.93
Exercised		—		—
Forfeited		—		—
Outstanding at June 30 (1)		203,766	$	12.02
Exercisable at June 30 (1)		24,788	$	12.77

Note 9. Compensation and Benefit Plans (Continued)

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

(1)

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 Six Months Ended June 30,
	2020			2019
Dividend yield		0.00	%		0.00	%
Expected life	6.5 years			6.5 years
Expected volatility		38.51	%		16.94	%
Risk-free interest rate		0.48	%		2.51	%
Weighted average grant date fair value	$	3.77		$	4.01

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

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

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

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2020			2019		2020			2019
	(Dollars in thousands except share data)

Net income (loss)	$	(571	)	$	950	$	(1,784	)	$	1,618

Common shares outstanding for basic EPS:
Weighted average common shares outstanding		17,290,254			18,180,989		17,334,830			18,320,923
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares		566,805			615,055		572,837			621,053
Basic weighted average common shares outstanding		16,723,449			17,565,934		16,761,993			17,699,870
Basic earnings (loss) per common share	$	(0.03	)	$	0.05	$	(0.11	)	$	0.09
Dilutive potential common shares:
Add: Dilutive effect of restricted stock awards and stock options		—			89,730		—			60,944
Diluted weighted average common shares outstanding		16,723,449			17,655,664		16,761,993			17,760,814
Diluted earnings (loss) per common share	$	(0.03	)	$	0.05	$	(0.11	)	$	0.09

Commitments, Contingencies and Credit Risk (Tables)

6 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Financial Instruments Whose Contractual Amounts Represent Credit Risk

Financial instruments whose contractual amounts represent credit risk at June 30, 2020 and December 31, 2019 are as follows:

	June 30,		December 31,
	2020		2019
Commitments to grant mortgage loans	$	68,348	$	64,829
Unfunded commitments under lines of credit		38,675		27,833
Standby letters of credit		3,355		3,455
	$	110,378	$	96,117

Projected Minimum Rental Payments under Terms of Leases

The projected minimum rental payments under the terms of the leases at June 30, 2020 are as follows:

Remainder of 2020	$	675
2021		1,380
2022		1,290
2023		1,277
2024		1,311
2025		1,280
Thereafter		4,566
	$	11,779

- Definition

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)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

			June 30, 2020
Description	Total		Level 1		Level 2		Level 3
Available-for-Sale Securities:
U.S. government and federal agencies	$	—	$	—	$	—	$	—
Corporate bonds		9,194		—		9,194		—
Mortgage-Backed Securities:
FNMA Certificates		4,259		—		4,259		—
GNMA Certificates		347		—		347		—
	$	13,800	$	—	$	13,800	$	—

			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	$	—

Assets Measured at Fair Value on Nonrecurring Basis

	June 30, 2020
	Total		Level 1		Level 2		Level 3
Impaired loans	$	17,374	$	—	$	—	$	17,374

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

Estimated Fair Values of Financial Instruments

As of June 30, 2020 and December 31, 2019, the book balances and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
June 30, 2020
Financial assets:
Cash and cash equivalents	$	76,631	$	76,631	$	—	$	—	$	76,631
Available-for-sale securities		13,800		—		13,800		—		13,800
Loans held for sale		1,030		—		—		1,046		1,046
Loans receivable, net		1,072,417		—		—		1,088,825		1,088,825
Accrued interest receivable		7,677		—		7,677		—		7,677
FHLBNY stock		6,422		6,422		—		—		6,422
Financial liabilities:
Deposits:
Demand deposits		192,429		192,429		—		—		192,429
Interest-bearing deposits		368,300		368,300		—		—		368,300
Certificates of deposit		375,490		—		381,863		—		381,863

Advance payments by borrowers for taxes and insurance		6,007		—		6,007		—		6,007
Advances from FHLBNY		117,284		117,284		—		—		117,284
Accrued interest payable		48		—		48		—		48

December 31, 2019
Financial assets:
Cash and cash equivalents	$	27,677	$	27,677	$	—	$	—	$	27,677
Available-for-sale 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		6,348		—		6,348		—		6,348
Advances from FHLBNY		104,404		104,404		—		—		104,404
Accrued interest payable		97		—		97		—		97

Regulatory Capital Requirements (Tables)

6 Months Ended

Jun. 30, 2020

Banking And Thrift [Abstract]

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

The Company's and the Bank’s actual capital amounts and ratios as of June 30, 2020 and December 31, 2019 as compared to regulatory requirements are as follows:

											To Be Well
											Capitalized Under
						For Capital					Prompt Corrective
	Actual					Adequacy Purposes					Action Provisions
	Amount		Ratio			Amount		Ratio			Amount		Ratio
June 30, 2020
PDL Community Bancorp
Total Capital to Risk-Weighted Assets	$	165,405		19.67	%	$	67,267		8.00	%	$	84,084		10.00	%
Tier 1 Capital to Risk-Weighted Assets		154,849		18.42	%		50,450		6.00	%		67,267		8.00	%
Common Equity Tier 1 Capital Ratio		154,849		18.42	%		37,838		4.50	%		54,654		6.50	%
Tier 1 Capital to Total Assets		154,849		13.80	%		44,898		4.00	%		56,122		5.00	%
Ponce Bank
Total Capital to Risk-Weighted Assets	$	146,791		17.52	%	$	67,040		8.00	%	$	83,801		10.00	%
Tier 1 Capital to Risk-Weighted Assets		136,270		16.26	%		50,280		6.00	%		67,040		8.00	%
Common Equity Tier 1 Capital Ratio		136,270		16.26	%		37,710		4.50	%		54,470		6.50	%
Tier 1 Capital to Total Assets		136,270		11.63	%		46,882		4.00	%		58,603		5.00	%

Note 13.

Regulatory Capital Requirements (Continued)

											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	%

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Components of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income are as follows:

	June 30, 2020
	December 31, 2019		Change		June 30, 2020
Unrealized gains on available-for-sale securities, net	$	20	$	130	$	150
Total	$	20	$	130	$	150

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

Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of Aggregate Loan Transactions with Related Parties

Aggregate loan transactions with related parties for the three and six months ended June 30, 2020 and 2019 were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2020			2019			2020			2019
Beginning balance	$	1,244		$	1,255		$	1,260		$	1,278
Originations		—			20			—			20
Payments		(7	)		(19	)		(23	)		(42	)
Ending balance	$	1,237		$	1,256		$	1,237		$	1,256

Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($) BranchOffice Segment BranchLease	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices		13
Provision for loan losses (Note 4) \| $	$ 271	$ 1,417	$ 149	$ 258
Minimum collection percentage of securities required to be considered as a maturity		85.00%
Period of historical loss experience to estimate allowance for loan losses		36 months
Percentage of largest amount of tax benefits likely to realize		50.00%
Percentage of employee discretionary matching, profit sharing and safe harbor contributions, maximum		4.00%
Number of reportable operating segment \| Segment		1
Number of leased branches \| BranchLease		7
Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Provision for loan losses (Note 4) \| $	(235)	$ (112)	(98)	151
Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Period on which interest rate is adjusted		5 years
Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Provision for loan losses (Note 4) \| $	$ (41)	$ (63)	$ 651	$ 608
Minimum
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio		65.00%
Minimum \| Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		6 months
Minimum \| Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan amortization period		15 years
Balloon payments period of loan		10 years
Minimum \| Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		5 years
Maximum
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio		90.00%
Maximum \| Construction Loans
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		2 years
Maximum \| Commercial Real Estate Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Percentage of loan to value ratio		75.00%
Loan amortization period		30 years
Balloon payments period of loan		15 years
Maximum \| Commercial Portfolio Segment
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Loan term		7 years
Bronx
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices		4
Manhattan
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices		2
Queens
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices		3
Brooklyn
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices		3
New York and Union City
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items]
Number of branch banking offices		1

Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	6 Months Ended
	Jun. 30, 2020
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	39 years
Minimum \| Building Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	15 years
Minimum \| Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	3 years
Maximum \| Building Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	39 years
Maximum \| Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives of assets	10 years

Restrictions on Cash and Due from Banks - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Restricted cash	$ 15,335	$ 5,935
Required reserve balances in cash or on deposit with the Federal Reserve Bank	$ 0	$ 4,927

Available-for-Sale Securities - Amortized Cost and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 13,654	$ 21,535
Gross Unrealized Gains	146	9
Gross Unrealized Losses		(40)
Fair Value	13,800	21,504
U.S. Government and Federal Agencies
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		16,373
Gross Unrealized Losses		(19)
Fair Value		16,354
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,093
Gross Unrealized Gains	101
Fair Value	9,194
FNMA Certificates
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,217	4,680
Gross Unrealized Gains	42
Gross Unrealized Losses		(21)
Fair Value	4,259	4,659
GNMA Certificates
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	344	482
Gross Unrealized Gains	3	9
Fair Value	$ 347	$ 491

Available-for-Sale Securities - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) Security	Dec. 31, 2019 USD ($) Security
Investments Debt And Equity Securities [Abstract]
Held to maturity	$ 0	$ 0
Sale of available-for-sale securities	0	$ 0
Available-for-sale securities matured	16,955,000
Purchases of available-for-sale securities	9,088,000
Unrealized gain (loss) on securities	$ 0
Number of available for sale securities \| Security	6	10
Number of investment securities not other than temporary \| Security	0	9
Securities pledged	$ 0	$ 0

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

Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Available-for-Sale Securities, Amortized Cost	$ 13,654	$ 21,535
Available-for-sale securities, at fair value (Note 3)	13,800	21,504
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Available-for-Sale Securities After one year through five years, Amortized Cost	2,642
Available-for-Sale Securities more than five years, Amortized Cost	6,451
Available-for-Sale Securities, Amortized Cost	9,093
Available-for-Sale Securities After one year through five years, Fair Value	2,735
Available-for-Sale Securities more than five years, Fair Value	6,459
Available-for-sale securities, at fair value (Note 3)	9,194
Mortgage-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Available-for-Sale Securities, Amortized Cost	4,561	5,162
Available-for-sale securities, at fair value (Note 3)	$ 4,606	5,150
U.S. Government and Federal Agencies
Schedule Of Available For Sale Securities [Line Items]
Available-for-Sale Securities Three months or less, Amortized Cost		2,000
Available-for-Sale Securities After three months through one year, Amortized Cost		14,373
Available-for-Sale Securities, Amortized Cost		16,373
Available-for-Sale Securities Three months or less, Fair Value		2,000
Available-for-Sale Securities After three months through one year, Fair Value		14,354
Available-for-sale securities, at fair value (Note 3)		$ 16,354

Summary of Loans (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

$ 1,083,922

$ 966,096

Net deferred loan origination costs

2,256

1,970

Allowance for loan losses

(13,761)

(12,329)

Loans receivable, net

1,072,417

955,737

1-4 Family Residential Investor Owned

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

317,055

305,272

1-4 Family Residential Owner-Occupied

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

91,345

91,943

Multifamily

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

274,641

250,239

Nonresidential Properties

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

209,068

207,225

Construction Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

96,841

99,309

Commercial Portfolio Segment

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

^[1]

93,394

10,877

Consumer Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

$ 1,578

$ 1,231

[1]	As of June 30, 2020, business loans include $83,558 of Paycheck Protection Program (“PPP”) loans.

Summary of Loans (Parenthetical) (Details) - USD ($)
$ in Thousands

Jun. 30, 2020

Dec. 31, 2019

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

$ 1,083,922

$ 966,096

PPP Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

83,558

Commercial Portfolio Segment

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

^[1]

93,394

$ 10,877

Commercial Portfolio Segment | PPP Loans

Financing Receivable Recorded Investment Past Due [Line Items]

Loans before net deferred loan origination cost and allowance for losses on loan

$ 83,558

[1]	As of June 30, 2020, business loans include $83,558 of Paycheck Protection Program (“PPP”) loans.

Loans Receivable and Allowance for Loan Losses - Additional Information (Details) $ in Thousands		6 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($) Loan	Jun. 30, 2020 USD ($) Loan	Dec. 31, 2019 USD ($) Loan	Jun. 30, 2019 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 1,083,922	$ 1,083,922	$ 966,096
Restructured loans \| Loan		0	1
Number of troubled debt restructured loans \| Loan	33	33	36
Troubled debt restructured loans	$ 9,953	$ 9,953	$ 12,204
Troubled debt restructured loan, accrual status	6,842	6,842	8,601
Impairment reserves	330	330	459	$ 926
Loans held for sale	1,030	1,030	1,030
Troubled Debt Restructured Loans
Accounts Notes And Loans Receivable [Line Items]
Impairment reserves	$ 330	$ 330	$ 459
Minimum
Accounts Notes And Loans Receivable [Line Items]
Strong Pass Loans to new or existing borrowers collateralized percentage	90.00%	90.00%
PPP Loans
Accounts Notes And Loans Receivable [Line Items]
Loans before net deferred loan origination cost and allowance for losses on loan	$ 83,558	$ 83,558
Number of loans approved by SBA \| Loan	886	886
Percentage of loans approved by SBA	100.00%	100.00%
Earn annual interest rate	1.00%	1.00%
PPP Loans \| Minimum
Accounts Notes And Loans Receivable [Line Items]
Term of loans approved by SBA	2 years
PPP Loans \| Maximum
Accounts Notes And Loans Receivable [Line Items]
Term of loans approved by SBA	5 years

Aging Analysis of Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Current	$ 1,075,731	$ 948,816
Total Past Due	1,083,922	966,096
Nonaccrual Loans	10,469	10,568
1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Current	89,468	87,243
Total Past Due	91,345	91,943
Nonaccrual Loans	3,529	3,500
Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Current	205,286	203,514
Total Past Due	209,068	207,225
Nonaccrual Loans	4,974	4,201
Multifamily
Financing Receivable Recorded Investment Past Due [Line Items]
Current	274,431	246,318
Total Past Due	274,641	250,239
1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Current	314,738	300,324
Total Past Due	317,055	305,272
Nonaccrual Loans	1,966	1,749
Construction and Land
Financing Receivable Recorded Investment Past Due [Line Items]
Current	96,841	99,309
Total Past Due	96,841	99,309
Nonaccrual Loans		1,118
Financing Receivables, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	5	11,195
Financing Receivables, 30 to 59 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		3,405
Financing Receivables, 30 to 59 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		3
Financing Receivables, 30 to 59 Days Past Due \| Multifamily
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		3,921
Financing Receivables, 30 to 59 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due		3,866
Financing Receivables, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,195
Financing Receivables, 60 to 89 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	176
Financing Receivables, 60 to 89 Days Past Due \| Multifamily
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	210
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	809
Financing Receivables, Over 90 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	6,991	6,085
Financing Receivables, Over 90 Days Past Due \| 1-4 Family Owner-Occupied
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,701	1,295
Financing Receivables, Over 90 Days Past Due \| Nonresidential Properties
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	3,782	3,708
Financing Receivables, Over 90 Days Past Due \| 1-4 Family Residential Investor Owned
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	1,508	1,082
Business
Financing Receivable Recorded Investment Past Due [Line Items]
Current	93,394	10,877
Total Past Due	93,394	10,877
Consumer
Financing Receivable Recorded Investment Past Due [Line Items]
Current	1,573	1,231
Total Past Due	1,578	$ 1,231
Consumer \| Financing Receivables, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Total Past Due	$ 5

Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	$ 13,484	$ 12,449	$ 12,329	$ 12,659	$ 12,659
Provision charged to expense	271		1,417	149	258
Losses charged-off	(2)	(25)	(2)	(402)	(732)
Recoveries	8	94	17	112	144
Balance, end of period	13,761	12,518	13,761	12,518	12,329
Ending balance: individually evaluated for impairment	330	926	330	926	459
Ending balance: collectively evaluated for impairment	13,431	11,592	13,431	11,592	11,870
Ending balance: individually evaluated for impairment	17,374	19,263	17,374	19,263	19,232
Ending balance: collectively evaluated for impairment	1,066,548	925,929	1,066,548	925,929	946,864
Total	1,083,922	945,192	1,083,922	945,192	966,096
1-4 Family Investor Owned
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	3,737	3,551	3,503	3,799	3,799
Provision charged to expense	120		354	(248)	(311)
Losses charged-off					(8)
Recoveries		23		23	23
Balance, end of period	3,857	3,574	3,857	3,574	3,503
Ending balance: individually evaluated for impairment	135	273	135	273	265
Ending balance: collectively evaluated for impairment	3,722	3,301	3,722	3,301	3,238
Ending balance: individually evaluated for impairment	5,726	7,058	5,726	7,058	6,973
Ending balance: collectively evaluated for impairment	311,329	295,370	311,329	295,370	298,299
Total	317,055	302,428	317,055	302,428	305,272
1-4 Family Owner-Occupied
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	1,187	1,168	1,067	1,208	1,208
Provision charged to expense	7		127	(40)	(141)
Balance, end of period	1,194	1,168	1,194	1,168	1,067
Ending balance: individually evaluated for impairment	157	527	157	527	149
Ending balance: collectively evaluated for impairment	1,037	641	1,037	641	918
Ending balance: individually evaluated for impairment	5,873	5,471	5,873	5,471	5,572
Ending balance: collectively evaluated for impairment	85,472	87,433	85,472	87,433	86,371
Total	91,345	92,904	91,345	92,904	91,943
Multifamily
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	4,263	3,713	3,865	3,829	3,829
Provision charged to expense	478		876	(116)	36
Balance, end of period	4,741	3,713	4,741	3,713	3,865
Ending balance: collectively evaluated for impairment	4,741	3,713	4,741	3,713	3,865
Ending balance: individually evaluated for impairment		7		7
Ending balance: collectively evaluated for impairment	274,641	238,967	274,641	238,967	250,239
Total	274,641	238,974	274,641	238,974	250,239
Nonresidential Properties
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	2,142	1,925	1,849	1,925	1,925
Provision charged to expense	(59)		232	(2)	(85)
Recoveries	2	3	4	5	9
Balance, end of period	2,085	1,928	2,085	1,928	1,849
Ending balance: individually evaluated for impairment	38	124	38	124	31
Ending balance: collectively evaluated for impairment	2,047	1,804	2,047	1,804	1,818
Ending balance: individually evaluated for impairment	5,775	5,360	5,775	5,360	5,548
Ending balance: collectively evaluated for impairment	203,293	192,007	203,293	192,007	201,677
Total	209,068	197,367	209,068	197,367	207,225
Construction and Land
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	1,905	1,533	1,782	1,631	1,631
Provision charged to expense	(235)		(112)	(98)	151
Balance, end of period	1,670	1,533	1,670	1,533	1,782
Ending balance: collectively evaluated for impairment	1,670	1,533	1,670	1,533	1,782
Ending balance: individually evaluated for impairment		1,327		1,327	1,125
Ending balance: collectively evaluated for impairment	96,841	99,668	96,841	99,668	98,184
Total	96,841	100,995	96,841	100,995	99,309
Business
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	239	549	254	260	260
Provision charged to expense	(41)		(63)	651	608
Losses charged-off		(25)		(402)	(724)
Recoveries	6	9	13	24	110
Balance, end of period	204	533	204	533	254
Ending balance: individually evaluated for impairment					14
Ending balance: collectively evaluated for impairment	204	533	204	533	240
Ending balance: individually evaluated for impairment		38		38	14
Ending balance: collectively evaluated for impairment	93,394	11,335	93,394	11,335	10,863
Total	93,394	11,373	93,394	11,373	10,877
Consumer
Financing Receivable Allowance For Credit Losses [Line Items]
Balance, beginning of period	11	10	9	7	7
Provision charged to expense	1		3	2
Losses charged-off	(2)		(2)
Recoveries		1		2	2
Balance, end of period	10	11	10	11	9
Ending balance: individually evaluated for impairment		2		2
Ending balance: collectively evaluated for impairment	10	9	10	9	9
Ending balance: individually evaluated for impairment		2		2
Ending balance: collectively evaluated for impairment	1,578	1,149	1,578	1,149	1,231
Total	$ 1,578	1,151	$ 1,578	1,151	$ 1,231
Unallocated
Financing Receivable Allowance For Credit Losses [Line Items]
Recoveries		58		58
Balance, end of period		58		58
Ending balance: collectively evaluated for impairment		$ 58		$ 58

Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	$ 18,604	$ 20,714	$ 20,687
Recorded Investment With No Allowance	13,969	14,203	14,688
Recorded Investment With Allowance	3,405	5,060	4,544
Total Recorded Investment	17,374	19,263	19,232
Related Allowance	330	926	459
Average Recorded Investment	18,365	18,051	18,404
Interest Income Recognized on Cash Basis	145	392	488
1-4 Family Residential
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	12,514	13,588	13,566
Recorded Investment With No Allowance	8,566	7,944	8,390
Recorded Investment With Allowance	3,033	4,585	4,155
Total Recorded Investment	11,599	12,529	12,545
Related Allowance	292	800	414
Average Recorded Investment	12,337	13,438	12,995
Interest Income Recognized on Cash Basis	115	323	361
Nonresidential Properties
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance	6,090	5,463	5,640
Recorded Investment With No Allowance	5,403	4,887	5,173
Recorded Investment With Allowance	372	473	375
Total Recorded Investment	5,775	5,360	5,548
Related Allowance	38	124	31
Average Recorded Investment	4,923	3,096	3,988
Interest Income Recognized on Cash Basis	30	67	121
Multifamily
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		7
Recorded Investment With No Allowance		7
Total Recorded Investment		7
Average Recorded Investment	4	7	6
Construction and Land
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		1,614	1,465
Recorded Investment With No Allowance		1,327	1,125
Total Recorded Investment		1,327	1,125
Average Recorded Investment	1,019	1,200	1,219
Interest Income Recognized on Cash Basis		1	6
Business
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		40	16
Recorded Investment With No Allowance		38
Recorded Investment With Allowance			14
Total Recorded Investment		38	14
Related Allowance			14
Average Recorded Investment	81	309	195
Interest Income Recognized on Cash Basis		1
Consumer
Financing Receivable Impaired [Line Items]
Unpaid Contractual Principal Balance		2
Recorded Investment With Allowance		2
Total Recorded Investment		2
Related Allowance		2
Average Recorded Investment	$ 1	$ 1	$ 1

Schedule of Troubled Debt Restructuring (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020 Loan	Dec. 31, 2019 USD ($) Loan
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan	0	1
Loans Restructured, Pre-Modification Recorded Balance		$ 275
Loans Restructured, Post-Modification Recorded Balance		$ 283
Mortgage Loans
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan		1
Loans Restructured, Pre-Modification Recorded Balance		$ 275
Loans Restructured, Post-Modification Recorded Balance		$ 283
Mortgage Loans \| 1-4 Family
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan		1
Loans Restructured, Pre-Modification Recorded Balance		$ 275
Loans Restructured, Post-Modification Recorded Balance		$ 283
Combination of Rate, Maturity, Other
Financing Receivable Modifications [Line Items]
Loans Restructured, Number of Loans \| Loan		1
Loans Restructured, Pre-Modification Recorded Balance		$ 275
Loans Restructured, Post-Modification Recorded Balance		$ 283

Summary of Premises and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 55,958	$ 55,376
Less: accumulated depreciation and amortization	(23,856)	(22,630)
Total premises and equipment	32,102	32,746
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	17,527	17,350
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	25,574	25,534
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,878	$ 8,513

Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Depreciation and amortization	$ 625	$ 50	$ 1,226	$ 1,059
Property, plant and equipment, gross	55,958		55,958		$ 55,376
Leasehold Improvements
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment			40
Property, plant and equipment, gross	25,574		25,574		25,534
Building Improvements
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment			177
Property, plant and equipment, gross	17,527		17,527		17,350
Furniture, Fixtures and Equipment
Property Plant And Equipment [Line Items]
Increase (decrease) in property, plant and equipment			365
Property, plant and equipment, gross	$ 8,878		$ 8,878		$ 8,513

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

Jun. 30, 2020

Dec. 31, 2019

Banking And Thrift [Abstract]

Demand

^[1]

$ 192,429

$ 109,548

NOW/IOLA accounts

26,477

32,866

Money market accounts

125,631

86,721

Reciprocal deposits

96,915

47,659

Savings accounts

119,277

115,751

Total NOW, money market, reciprocal and savings

368,300

282,997

Certificates of deposit of $250K or more

81,786

84,263

Brokered certificates of deposits

^[2]

55,878

76,797

Listing service deposits

^[2]

54,370

32,400

Certificates of deposit less than $250K

183,456

196,038

Total certificates of deposit

375,490

389,498

Total interest-bearing deposits

743,790

672,495

Total deposits

$ 936,219

$ 782,043

[1]	As of June 30, 2020, included in demand deposits are $65,142 related to net PPP funding.
[2]	There were no individual brokered certificates of deposit or listing service deposits amounting to $250K or more.

Deposits - Summarized Deposits (Parenthetical) (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Banking And Thrift [Abstract]
Demand deposits related to net PPP funding	$ 65,142

Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Banking And Thrift [Abstract]
2021	$ 219,640
2022	89,487
2023	31,458
2024	14,956
2025	15,949
Thereafter	4,000
Total certificates of deposit	$ 375,490	$ 389,498

Deposits - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Banking And Thrift [Abstract]
Overdrawn deposit reclassified to loans amounted	$ 44	$ 199

Borrowings - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Advance from the Federal Home Loan Bank	$ 117,284		$ 117,284		$ 104,404
Guarantee from the FHLBNY through a standby letter of credit	3,355		3,355		3,455
Unsecured fed fund line amount outstanding	25,000		25,000		25,000
Interest expense on FHLBNY advances	608	$ 345	1,195	$ 678
Collateral in residential 1-4 and multifamily mortgage loans available to secure advances from the FHLBNY	318,930		318,930		301,753
FHLBNY
Line Of Credit Facility [Line Items]
Unsecured fed fund line amount outstanding	$ 0		$ 0		$ 0

- Definition

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 FHLBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
2020	$ 8,029	$ 8,029
2021	3,000	3,000
2022	77,880	65,000
2023	28,375	28,375
Total	117,284	104,404
2020	8,029	8,029
2021	3,000	3,000
2022	77,880	65,000
2023	28,375	28,375
Total	$ 117,284	$ 104,404
2020	2.86%	2.86%
2021	1.84%	1.84%
2022	1.73%	1.89%
2023	2.82%	2.82%
Total	2.08%	2.21%

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Federal:
Current	$ 119	$ 377	$ 277	$ 651
Deferred	(93)	(41)	(369)	(33)
Federal income tax provision (benefit)	26	336	(92)	618
State and local:
Current	56	84	114	185
Deferred	(566)	(215)	(1,256)	(504)
State and local income tax provision (benefit)	(510)	(131)	(1,142)	(319)
Valuation allowance	444	168	985	381
Provision (benefit) for income taxes	$ (40)	$ 373	$ (249)	$ 680

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Taxes [Line Items]
Federal income tax rate	21.00%	21.00%	21.00%	21.00%
Increased in valuation allowance	$ (444,000)	$ (168,000)	$ (985,000)	$ (381,000)
NEW YORK
Income Taxes [Line Items]
Increased in valuation allowance			985,000	$ 381,000
Unrecognized tax benefits related to uncertain tax positions	$ 0		$ 0		$ 0

Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract]
Income tax, at federal rate	$ (128)	$ 278	$ (427)	$ 483
State and local tax, net of federal taxes	(402)	(102)	(902)	(252)
Valuation allowance, net of the federal benefit	444	168	985	381
Other	46	29	95	68
Provision (benefit) for income taxes	$ (40)	$ 373	$ (249)	$ 680

Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred tax assets:
Allowance for loan losses	$ 4,454	$ 3,990
Interest on nonaccrual loans	570	338
Unrealized loss on available-for-sale securities	(29)	7
Amortization of intangible assets	78	88
Deferred rent payable	110
Depreciation of premises and equipment	30	30
Net operating losses	4,908	4,258
Charitable contribution carryforward	1,563	1,675
Compensation and benefits	475	182
Other	135	130
Total gross deferred tax assets	12,294	10,698
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		85
Deferred loan fees	730	638
Other	7	7
Total gross deferred tax liabilities	737	730
Valuation allowance	7,229	6,244
Net deferred tax assets	$ 4,328	$ 3,724

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

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 01, 2020

Nov. 13, 2019

Jun. 30, 2020

USD ($)

Executive

$ / shares

Jun. 30, 2019

USD ($)

Jun. 30, 2020

USD ($)

$ / shares

Jun. 30, 2019

USD ($)

Dec. 31, 2019

$ / shares

May 06, 2029

Mar. 25, 2019

Dec. 31, 2018

$ / shares

Compensation And Benefit Plans Disclosure [Line Items]

Maximum employer matching contribution percentage

4.00%

Employer matching contribution percentage

3.00%

Expenses recognized | $

$ 103

$ 77

$ 370

$ 167

131

187

$ 288

$ 390

Number of option grants

40,000

8,918

Total remaining unrecognized compensation cost | $

$ 554

Weighted average period expected to be recognized

90 months

Weighted-average exercise price for options | $ / shares

$ 12.02

^[1]

$ 12.02

^[1]

$ 12.78

^[1]

$ 12.77

Weighted average remaining contractual life

8 years 3 months 18 days

Weighted average period expected to be recognized

5 years 4 months 24 days

Number of shares exercisable

^[1]

24,788

Treasury stock, shares

1,228,737

1,011,894

Common Stock

Compensation And Benefit Plans Disclosure [Line Items]

Stock repurchase program, expire date

Nov. 30, 2020

Mar. 27, 2020

Sep. 24, 2019

Stock repurchase program, percentage of shares repurchase

5.00%

Stock repurchase program, number of shares repurchase

216,843

476,978

Common Stock | Maximum

Compensation And Benefit Plans Disclosure [Line Items]

Stock repurchase program, number of shares repurchase

864,987

878,835

923,151

Restricted Stock Units

Compensation And Benefit Plans Disclosure [Line Items]

Number of stock grants

29,725

Compensation expense | $

$ 314

308

$ 638

$ 608

Total remaining unrecognized compensation cost | $

4,645

$ 4,645

Weighted average period expected to be recognized

90 months

Stock Options

Compensation And Benefit Plans Disclosure [Line Items]

Compensation expense | $

$ 31

$ 60

$ 48

Weighted average period expected to be recognized

6 years 6 months

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

75,158

88,492

Stock repurchase program, number of shares repurchase

1,318,872

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

$ 13.99

2018 Long-Term Incentive Plan | Executive Officers

Compensation And Benefit Plans Disclosure [Line Items]

Vesting percentage

20.00%

2018 Long-Term Incentive Plan | Directors

Compensation And Benefit Plans Disclosure [Line Items]

Vesting percentage

20.00%

Vesting period

10 years

2018 Long-Term Incentive Plan | Stock Options or Stock Appreciation Rights

Compensation And Benefit Plans Disclosure [Line Items]

Common stock reserved for future issuance

891,764

Shares available for future awards

225,476

265,476

2018 Long-Term Incentive Plan | Restricted Stock Units

Compensation And Benefit Plans Disclosure [Line Items]

Common stock reserved for future issuance

356,705

Shares available for future awards

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

Compensation And Benefit Plans Disclosure [Line Items]

Number of stock grants

322,254

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

Compensation And Benefit Plans Disclosure [Line Items]

Number of stock grants

148,625

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

Compensation And Benefit Plans Disclosure [Line Items]

Number of stock grants

40,000

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

Compensation And Benefit Plans Disclosure [Line Items]

Stock repurchase program, shares reissued of restricted stock units

90,135

2018 Long-Term Incentive Plan | Incentive Options | Executive Officers

Compensation And Benefit Plans Disclosure [Line Items]

Number of option grants

119,176

2018 Long-Term Incentive Plan | Non-qualified Options | Outside Directors

Compensation And Benefit Plans Disclosure [Line Items]

Number of option grants

44,590

Supplemental Executive Retirement Plan

Compensation And Benefit Plans Disclosure [Line Items]

Number of key executive under retirement plan | Executive

Expense recognized | $

$ 15

$ 17

$ 30

$ 34

Employee Stock Ownership Plan

Compensation And Benefit Plans Disclosure [Line Items]

ESOP borrowed amount | $

$ 7,238

Number of ESOP shares purchased

723,751

ESOP shares purchased expressed as percentage of common stock issued in stock offering

3.92%

Expected period of loan repaid

15 years

[1]

Compensation and Benefit Plans - Summary of ESOP Shares (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares committed-to-be released	24,126	48,250	24,126
Shares to be allocated to participants	144,750	96,500
Unallocated shares	554,875	579,001
Total	723,751	723,751
Fair value of unearned shares	$ 5,649	$ 8,511

Compensation and Benefit Plans - Schedule of Restricted Stock Units Awards Activity and Related Information (Detail) - Restricted Stock Units - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Non-vested, beginning of year	420,744	510,879
Number of Shares, Granted		29,725
Number of Shares, Forfeited		(29,725)
Number of Shares, Vested		(90,135)
Number of Shares, Non-vested, ending of year	420,744	420,744
Weighted-Average Grant Date Fair Value Per Share, Non-vested, beginning of year	$ 12.78	$ 12.77
Weighted-Average Grant Date Fair Value Per Share, Granted		12.93
Weighted-Average Grant Date Fair Value Per Share, Forfeited		12.77
Weighted-Average Grant Date Fair Value Per Share, Vested		12.77
Weighted-Average Grant Date Fair Value Per Share, Non-vested, ending of year	$ 12.78	$ 12.78

Compensation and Benefit Plans - Schedule of Stock Option Awards Activity and Related Information (Detail) - $ / shares

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Options, Outstanding, beginning of year

163,766

^[1]

163,766

Options, Granted

40,000

8,918

Options, Forfeited

(8,918)

Options, Outstanding, end of year

^[1]

203,766

163,766

Options, Exercisable, end of year

^[1]

24,788

Weighted-Average Exercise Price Per Share, Outstanding, beginning of year

$ 12.78

^[1]

$ 12.77

Weighted-Average Exercise Price Per Share, Granted

8.93

12.93

Weighted-Average Exercise Price Per Share, Forfeited

12.77

Weighted-Average Exercise Price Per Share, Outstanding, end of year

^[1]

12.02

12.78

Weighted-Average Exercise Price Per Share, Exercisable, end of year

^[1]

$ 12.77

[1]

Compensation and Benefit Plans - Schedule of Stock Option Activity and Related Information (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Average Intrinsic Value, Outstanding, end of period	$ 0	$ 315
Average Intrinsic Value, Exercisable, end of period	$ 0	$ 48

Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	5 years 4 months 24 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected life	6 years 6 months	6 years 6 months
Expected volatility	38.51%	16.94%
Risk-free interest rate	0.48%	2.51%
Weighted average grant date fair value	$ 3.77	$ 4.01

Earnings (Loss) Per Share - Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (571)	$ 950	$ (1,784)	$ 1,618
Common shares outstanding for basic EPS:
Weighted average common shares outstanding	17,290,254	18,180,989	17,334,830	18,320,923
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares	566,805	615,055	572,837	621,053
Basic weighted average common shares outstanding	16,723,449	17,565,934	16,761,993	17,699,870
Basic earnings (loss) per common share	$ (0.03)	$ 0.05	$ (0.11)	$ 0.09
Dilutive potential common shares:
Add: Dilutive effect of restricted stock awards and stock options		89,730		60,944
Diluted weighted average common shares outstanding	16,723,449	17,655,664	16,761,993	17,760,814
Diluted earnings (loss) per common share	$ (0.03)	$ 0.05	$ (0.11)	$ 0.09

Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 110,378	$ 96,117
Commitments to Grant Mortgage Loans
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	68,348	64,829
Unfunded Commitments Under Lines of Credit
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	38,675	27,833
Standby Letters of Credit
Fair Value Concentration Of Risk Financial Statement Captions [Line Items]
Contractual amounts represent credit risk	$ 3,355	$ 3,455

Commitments, Contingencies and Credit Risk - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Lease expiration year	2034
Rental expenses under operating leases	$ 380	$ 375	$ 509	$ 729

Commitments, Contingencies and Credit Risk - Projected Minimum Rental Payments under Terms of Leases (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Operating Leases Future Minimum Payments Due [Abstract]
Remainder of 2020	$ 675
2021	1,380
2022	1,290
2023	1,277
2024	1,311
2025	1,280
Thereafter	4,566
Projected minimum rental payments	$ 11,779

Fair Value - Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurement Recurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	$ 13,800	$ 21,504
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	13,800	21,504
U.S. Government and Federal Agencies
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis		16,354
U.S. Government and Federal Agencies \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis		16,354
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	9,194
Corporate Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	9,194
FNMA Certificates
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	4,259	4,659
FNMA Certificates \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	4,259	4,659
GNMA Certificates
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	347	491
GNMA Certificates \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities measure at fair value on recurring basis	$ 347	$ 491

Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Impaired Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on nonrecurring basis	$ 17,374	$ 19,232
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on nonrecurring basis	$ 17,374	$ 19,232

Fair Value - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities	$ 13,800	$ 21,504
Loans held for sale	1,030	1,030
Carrying Amount
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	76,631	27,677
Available-for-sale securities	13,800	21,504
Loans held for sale	1,030	1,030
Loans receivable, net	1,072,417	955,737
Accrued interest receivable	7,677	3,982
FHLBNY stock	6,422	5,735
Demand deposits	192,429	109,548
Interest-bearing deposits	368,300	282,997
Certificates of deposit	375,490	389,498
Advance payments by borrowers for taxes and insurance	6,007	6,348
Advances from FHLBNY	117,284	104,404
Available-for-Sale Securities After one year through five years, Amortized Cost	48	97
Fair Value Measurements
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	76,631	27,677
Available-for-sale securities	13,800	21,504
Loans held for sale	1,046	1,035
Loans receivable, net	1,088,825	959,942
Accrued interest receivable	7,677	3,982
FHLBNY stock	6,422	5,735
Demand deposits	192,429	109,548
Interest-bearing deposits	368,300	282,997
Certificates of deposit	381,863	393,254
Advance payments by borrowers for taxes and insurance	6,007	6,348
Advances from FHLBNY	117,284	104,404
Available-for-Sale Securities After one year through five years, Amortized Cost	48	97
Fair Value Measurements \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash and cash equivalents	76,631	27,677
FHLBNY stock	6,422	5,735
Demand deposits	192,429	109,548
Interest-bearing deposits	368,300	282,997
Advances from FHLBNY	117,284	104,404
Fair Value Measurements \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Available-for-sale securities	13,800	21,504
Accrued interest receivable	7,677	3,982
Certificates of deposit	381,863	393,254
Advance payments by borrowers for taxes and insurance	6,007	6,348
Available-for-Sale Securities After one year through five years, Amortized Cost	48	97
Fair Value Measurements \| Level 3
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Loans held for sale	1,046	1,035
Loans receivable, net	$ 1,088,825	$ 959,942

Regulatory Capital Requirements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Percentage of capital buffer	10.60%	9.50%
Maximum
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Percentage of capital conservation buffer	2.50%

Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
PDL Community Bancorp
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 165,405	$ 168,268
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	154,849	158,382
Common Equity Tier 1 Capital Ratio, Actual Amount	154,849	158,382
Tier 1 Capital to Total Assets, Actual Amount	$ 154,849	$ 158,382
Total Capital to Risk-Weighted Assets, Actual Ratio	19.67%	21.35%
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	18.42%	20.10%
Common Equity Tier 1 Capital Ratio, Actual Ratio	18.42%	20.10%
Tier 1 Capital to Total Assets, Actual Ratio	13.80%	14.97%
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 67,267	$ 63,044
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	50,450	47,283
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	37,838	35,462
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 44,898	$ 42,334
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	8.00%	8.00%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	6.00%	6.00%
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio	4.50%	4.50%
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio	4.00%	4.00%
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 84,084	$ 78,805
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	67,267	63,044
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	54,654	51,223
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 56,122	$ 52,917
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	8.00%
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%	6.50%
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%
Ponce Bank
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items]
Total Capital to Risk-Weighted Assets, Actual Amount	$ 146,791	$ 146,451
Tier 1 Capital to Risk-Weighted Assets, Actual Amount	136,270	136,584
Common Equity Tier 1 Capital Ratio, Actual Amount	136,270	136,584
Tier 1 Capital to Total Assets, Actual Amount	$ 136,270	$ 136,584
Total Capital to Risk-Weighted Assets, Actual Ratio	17.52%	18.62%
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio	16.26%	17.37%
Common Equity Tier 1 Capital Ratio, Actual Ratio	16.26%	17.37%
Tier 1 Capital to Total Assets, Actual Ratio	11.63%	12.92%
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount	$ 67,040	$ 62,923
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount	50,280	47,192
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount	37,710	35,394
Tier 1 Capital to Total Assets, For Capital Adequacy Amount	$ 46,882	$ 42,275
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	8.00%	8.00%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio	6.00%	6.00%
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio	4.50%	4.50%
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio	4.00%	4.00%
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 83,801	$ 78,654
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	67,040	62,923
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	54,470	51,125
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 58,603	$ 52,843
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	10.00%	10.00%
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	8.00%	8.00%
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	6.50%	6.50%
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	5.00%	5.00%

Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive income (loss), net of tax	$ 130	$ 8,155
Unrealized gains (losses) on available for sale securities, net
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive income (loss) beginning balance	20	(291)
Other comprehensive income (loss), net of tax	130	311
Accumulated other comprehensive income (loss) ending balance	150	20
Unrealized losses on pension benefits, net
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive income (loss) beginning balance		(7,844)
Other comprehensive income (loss), net of tax		7,844
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Accumulated other comprehensive income (loss) beginning balance	20	(8,135)
Accumulated other comprehensive income (loss) ending balance	$ 150	$ 20

Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Receivables [Abstract]
Beginning balance	$ 1,244	$ 1,255	$ 1,260	$ 1,278
Originations		20		20
Payments	(7)	(19)	(23)	(42)
Ending balance	$ 1,237	$ 1,256	$ 1,237	$ 1,256

Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Deposits from officers and directors	$ 6,491	$ 8,302

Subsequent Events - Additional Information (Details) $ in Thousands			6 Months Ended	12 Months Ended
	Jul. 21, 2020 USD ($) Loan	Jul. 10, 2020 USD ($)	Jun. 30, 2020 USD ($) Loan	Dec. 31, 2019 Loan
Subsequent Event [Line Items]
Loans Restructured, Number of Loans \| Loan			0	1
Subsequent Event \| COVID-19 \| Payment Deferral
Subsequent Event [Line Items]
Loans Restructured, Number of Loans \| Loan	421
Loan amount	$ 384,028
Number of loans not requested for payment \| Loan	329
Loans in forbearance for which payment is yet to be made	$ 297,405
Number of loan requested for payment \| Loan	92
Amount of loans requested for payment	$ 86,623
Subsequent Event \| COVID-19 \| Payment Deferral \| Maximum
Subsequent Event [Line Items]
Loans receivables forbearance period	3 months
Mortgage World Bankers, Inc.
Subsequent Event [Line Items]
Acquisition costs			$ 42
Mortgage World Bankers, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Date of acquisition agreement		May 20, 2019
Purchase price for real property		$ 4,743
Carrying value of real property		82
Expenses incurred for sale of real property		250
Gain on sale of real property		$ 4,411