Commitments, Contingencies and Credit Risk - Projected Minimum Rental Payments under Terms of Leases (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
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Operating Leases Future Minimum Payments Due [Abstract] | |
Remainder of 2021 | $ 1,258 |
2022 | 1,574 |
2023 | 1,526 |
2024 | 1,512 |
2025 | 1,433 |
2026 | 1,170 |
Thereafter | 4,722 |
Projected minimum rental payments | $ 13,195 |
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- Definition Operating leases future minimum payments due in six years. No definition available.
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- Definition Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- References No definition available.
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- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
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Accumulated Other Comprehensive Income |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income |
The components of accumulated other comprehensive income are as follows:
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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Business Acquisition - Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2021 |
Dec. 31, 2020 |
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Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 1,800 | |
ASSETS | ||
Mortgage loans held for sale, at fair value | 13,700 | |
Premises and equipment, net (Note 6) | 33,625 | $ 32,045 |
Other assets | 7,204 | 12,604 |
Total assets | 1,433,707 | 1,355,231 |
Liabilities: | ||
Other liabilities | 3,032 | 10,330 |
Total liabilities | 1,272,503 | $ 1,195,687 |
Mortgage World Bankers Inc | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | 1,755 | |
ASSETS | ||
Cash and cash equivalents | 750 | |
Mortgage loans held for sale, at fair value | 10,549 | |
Premises and equipment, net (Note 6) | 302 | |
Other assets | 772 | |
Total assets | 12,373 | |
Liabilities: | ||
Warehouse lines of credit | 9,135 | |
Mortgage loans fundings payable | 1,237 | |
Other liabilities | 246 | |
Total liabilities | 10,618 | |
Net assets | $ 1,755 |
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- Definition Mortgage loans fundings payable. No definition available.
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- Definition Warehouse lines of credit. No definition available.
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of net assets (liabilities). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. No definition available.
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Fair value portion of mortgage loans held-for-sale. No definition available.
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- Definition Amount of assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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- Definition Lease expiration year. No definition available.
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- Definition Number of investors loan volume sold. No definition available.
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- Definition Number of states in which loan closed. No definition available.
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- Definition Number of states permitted to close. No definition available.
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- Definition Percentage of closed loan volume. No definition available.
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- Definition Percentage of originated loan volume insured. No definition available.
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- Definition Percentage of originated loan volume sold. No definition available.
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- Definition Repurchase or indemnification requests for loans sold. No definition available.
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- Definition Sale leaseback transaction, annual rent. No definition available.
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- Definition Sale leaseback transaction, initial agreement period. No definition available.
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- Definition Sale leaseback transaction, percentage increase in annual rent. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of gain (loss) on sale and leaseback transaction from transfer of asset accounted for as sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A description of the terms of the lease(s) related to the assets being leased-back in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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- Details
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Regulatory Capital Requirements - Additional Information (Details) |
12 Months Ended | ||
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Dec. 31, 2019 |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Percentage of capital buffer | 7.80% | 7.95% | |
Maximum | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||
Percentage of capital conservation buffer | 2.50% |
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- Definition Percentage of capital buffer. No definition available.
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- Definition Percentage of capital conservation buffer required. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Details
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- Definition Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets. No definition available.
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- Definition Fair value portion of mortgage loans held-for-sale. No definition available.
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Segment Reporting (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Profit and Loss |
Information about the reportable segments and reconciliation to the unaudited interim Consolidated Financial Statements at March 31, 2021 and 2020 and for the three months then ended is presented in the tables below.
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value |
The following fair value hierarchy is used based on the lowest level of input significant to the fair value measurement. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
The Company used the following methods and significant assumptions to estimate fair value: Cash and Cash Equivalents, Placements with Banks, Accrued Interest Receivable, Advance Payments by Borrowers for Taxes and Insurance, and Accrued Interest Payable: 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 Receivable: 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. Mortgage Loans Held for Sale: Mortgage loans held for sale, at fair value, consists of mortgage loans originated for sale by Mortgage World and accounted for under the fair value option. These assets are valued using stated investor pricing for substantially equivalent loans as Level 2. In determining fair value, such measurements are derived based on observable market data, including whole-loan transaction pricing and similar market transactions adjusted for portfolio composition, servicing value and market conditions. Loans held for sale by the Bank are carried at the lower of cost or fair value as determined by investor bid prices. Under the fair value option, management has elected, on an instrument-by-instrument basis, fair value for substantially all forms of mortgage loans originated for sale on a recurring basis. The fair value carrying amount of mortgages held for sale measured under the fair value option was $13.7 million and the aggregate unpaid principal amounted to $13.5 million. Interest Rate Lock Commitments: Mortgage World enters into rate lock commitments to extend credit to borrowers for generally up to a 60 day period for origination and/or purchase of loans. To the extent that a loan is ultimately granted and the borrower ultimately accepts the terms of the loan, these loan commitments expose Mortgage World to variability in its fair value due to changes in interest rates. Note 13.Fair Value (Continued) The FASB determined that loan commitments related to the origination or acquisition of mortgage loans that will be held for sale must be accounted for as derivative instruments. Such commitments, along with any related fees received from potential borrowers, are recorded at fair value in derivative assets or liabilities, with changes in fair value recorded in net gain or loss on sale of mortgage loans. Fair value is based on active market pricing for substantially similar underlying mortgage loans commonly referred to as best execution pricing or investment commitment pricing, if the loan is committed to an investor through a best efforts contract. In valuing interest rate lock commitments, there are several unobservable inputs such as the fair value of the mortgage servicing rights, estimated remaining cost to originate the loans, and the pull through rate of the open pipeline. Accordingly, such derivative is classified as Level 3. The approximate notional amounts of Mortgage World’s derivative instruments were $6.0 million and $11.3 million at March 31, 2021 and December 31, 2020, respectively. The fair value of derivatives related to interest rate lock commitments not subject to a forward loan sale commitment, amounted to $59,000 and $166,000 as of March 31, 2021 and December 31, 2020 and is included in other assets on the consolidated statements of financial position. The table below presents the changes in derivatives from interest rate lock commitments that are measured at fair value on a recurring basis:
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. Warehouse Lines of Credit: The carrying amounts of warehouse lines of credit and mortgage loan fundings payable approximate fair value and due to their short-term nature are classified as Level 2. 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 13.Fair Value (Continued)
The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, and indicate the level within the fair value hierarchy utilized to determine the fair value:
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 March 31, 2021 and December 31, 2020 and indicate the fair value hierarchy utilized to determine the fair value:
Losses on assets carried at fair value on a nonrecurring basis were de minimis for the three months ended March 31, 2021 and 2020, respectively.
Note 13.Fair Value (Continued) As of March 31, 2021 and December 31, 2020, the carrying values and estimated fair values of the Company's financial instruments were as follows:
Off-Balance-Sheet Instruments: Loan commitments on which the committed interest rate is less than the current market rate are insignificant at March 31, 2021 and December 31, 2020.
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 2021 and 2020 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. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before allowance of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Share (Tables) |
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Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share |
The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share:
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
The provision (benefit) for income taxes for the three months ended March 31, 2021 and 2020 consists of the following:
Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three months ended March 31, 2021 and 2020, respectively, to income before income taxes as a result of the following:
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 decreased by $242,000 for the three months ended March 31, 2021 and increased by $541,000 for the three months ended March 31, 2020. Note 9.Income Taxes (Continued) Management has determined that it is not required to establish a valuation allowance against any other deferred tax assets since it is more likely than not that the deferred tax assets will be fully utilized in future periods. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income, and the projected future taxable income over the periods that the temporary differences comprising the deferred tax assets will be deductible. For federal income tax purposes, a financial institution may carry net operating losses (“NOL”) to forward tax years indefinitely. The use of NOL to offset income is limited to 80%. The CARES Act allows NOLs generated in 2018, 2019 and 2020 to be carried back to each of the five preceding tax years. The Company did not generate NOLs in 2018, 2019 or 2020 so no carryback is available. At March 31, 2021, the Company had no federal NOL carryforwards. The state and city of New York allow for a three-year carryback period and carryforward period of twenty years on net operating losses generated on or after tax year 2015. For tax years prior to 2015, no carryback period is allowed. Ponce De Leon Federal Bank, the predecessor of Ponce Bank, has pre-2015 carryforwards of $772,000 for New York State purposes and $528,000 for New York City purposes. Furthermore, there are post-2015 carryforwards available of $36.0 million for New York State purposes and $20.4 million for New York City purposes. Finally, for New Jersey purposes, losses may only be carried forward 20 years, with no allowable carryback period. At March 31, 2021, the Bank had no New Jersey net operating loss carryforwards At March 31, 2021 and December 31, 2020, the Company had no unrecognized tax benefits recorded. 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, Connecticut income tax, New Jersey income tax, Florida income tax, Pennsylvania income tax and New York City income tax. The Company is no longer subject to examination by taxing authorities for years before 2017. On March 27, 2020, the CARES Act was signed to help individuals and businesses that have been negatively impacted by the COVID-19 pandemic. Among other provisions, the CARES Act allows net operating losses, which were modified with the Tax Cuts and Jobs Act of 2017, to be carried back five years. It also modifies the useful lives of qualified leasehold improvements, relaxing the excess loss limitations on pass-through and increasing the interest expense limitation. The Company does not expect the CARES Act to have a material tax impact on the Company's consolidated financial statements.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2021 and December 31, 2020 are presented below:
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Regulatory Capital Requirements - Summary of Actual Capital Amounts and Ratios As Compared to Regulatory Requirements (Details) |
Mar. 31, 2021
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Dec. 31, 2020
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Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 173,715 | $ 171,578 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 161,176 | 159,410 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 161,176 | 159,410 |
Tier 1 Capital to Total Assets, Actual Amount | $ 161,176 | $ 159,410 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.1737 | 0.1768 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.1612 | 0.1642 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.1612 | 0.1642 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1175 | 0.1334 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 79,996 | $ 77,644 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 59,997 | 58,233 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 44,998 | 43,675 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 54,887 | $ 47,814 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0800 | 0.0800 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 0.0450 | 0.0450 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 99,995 | $ 97,055 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 79,996 | 77,644 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 64,996 | 63,086 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 68,609 | $ 59,768 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0650 | 0.0650 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
Ponce Bank | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 157,325 | $ 153,951 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 144,836 | 141,850 |
Common Equity Tier 1 Capital Ratio, Actual Amount | 144,836 | 141,850 |
Tier 1 Capital to Total Assets, Actual Amount | $ 144,836 | $ 141,850 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.1580 | 0.1595 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.1454 | 0.1470 |
Common Equity Tier 1 Capital Ratio, Actual Ratio | 0.1454 | 0.1470 |
Tier 1 Capital to Total Assets, Actual Ratio | 0.1078 | 0.1119 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Amount | $ 79,677 | $ 77,213 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Amount | 59,757 | 57,909 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Amount | 44,818 | 43,432 |
Tier 1 Capital to Total Assets, For Capital Adequacy Amount | $ 53,728 | $ 50,715 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0800 | 0.0800 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio | 0.0600 | 0.0600 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio | 0.0450 | 0.0450 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio | 0.0400 | 0.0400 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 99,596 | $ 96,516 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 79,677 | 77,213 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 64,737 | 62,735 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 67,160 | $ 63,394 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.1000 | 0.1000 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0800 | 0.0800 |
Common Equity Tier 1 Capital Ratio, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0650 | 0.0650 |
Tier 1 Capital to Total Assets, For Capital Adequacy Ratio, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.0500 | 0.0500 |
X | ||||||||||
- Definition Common equity tier one capital required for capital adequacy to risk weighted assets. No definition available.
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X | ||||||||||
- Definition Common equity tier one capital required to be well capitalized to average assets. No definition available.
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X | ||||||||||
- Definition Amount of total capital as defined by regulatory framework. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of minimum total risk-based capital required for capital adequacy as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Ratio of minimum total risk-based capital to risk-weighted assets required for capital adequacy as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of minimum total risk-based capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Ratio of minimum total risk-based capital to risk-weighted assets categorized as well capitalized as defined by regulatory framework for prompt corrective action. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Ratio of total risk-based capital to risk-weighted assets as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of Common Equity Tier 1 risk-based capital as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Ratio of Common Equity Tier 1 risk-based capital to risk-weighted assets as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of minimum Common Equity Tier 1 risk-based capital required for capital adequacy as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of minimum Common Equity Tier 1 risk-based capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Amount of Tier 1 leverage capital as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of minimum Tier 1 leverage capital required for capital adequacy as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Ratio of minimum Tier 1 leverage capital to average assets required for capital adequacy as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of minimum Tier 1 leverage capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Ratio of minimum Tier 1 leverage capital to average assets categorized as well capitalized as defined by regulatory framework for prompt corrective action. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Ratio of Tier 1 capital to average assets as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of Tier 1 risk-based capital as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of minimum Tier 1 risk-based capital required for capital adequacy as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Ratio of minimum Tier 1 risk-based capital to risk-weighted assets required for capital adequacy as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of minimum Tier 1 risk-based capital categorized as well capitalized as defined by regulatory framework for prompt corrective action. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Ratio of minimum Tier 1 risk-based capital to risk-weighted assets categorized as well capitalized as defined by regulatory framework for prompt corrective action. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Ratio of Tier 1 risk-based capital to risk-weighted assets as defined by regulatory framework. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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- Details
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) |
The provision (benefit) for income taxes for the three months ended March 31, 2021 and 2020 consists of the following:
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Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense |
Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% for the three months ended March 31, 2021 and 2020, respectively, to income before income taxes as a result of the following:
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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 March 31, 2021 and December 31, 2020 are presented below:
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- References No definition available.
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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Fair Value - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities, at fair value (Note 4) | $ 30,929 | $ 17,498 |
Held-to-maturity securities, at amortized costs | 1,732 | 1,743 |
Mortgage loans held for sale, at fair value | 13,700 | |
Warehouse lines of credit (Note 8) | 11,664 | 29,961 |
Mortgage loan fundings payable (Note 8) | 676 | 1,483 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 90,122 | 72,078 |
Available-for-sale securities, at fair value (Note 4) | 30,929 | 17,498 |
Held-to-maturity securities, at amortized costs | 1,732 | 1,743 |
Placements with banks | 2,739 | 2,739 |
Mortgage loans held for sale, at fair value | 13,725 | 35,406 |
Loans receivable, net | 1,230,458 | 1,158,640 |
Accrued interest receivable | 12,547 | 11,396 |
FHLBNY stock | 6,057 | 6,426 |
Demand deposits | 242,255 | 189,855 |
Interest-bearing deposits | 457,119 | 432,737 |
Certificates of deposit | 439,172 | 406,987 |
Advance payments by borrowers for taxes and insurance | 9,264 | 7,019 |
Advances from FHLBNY | 109,255 | 117,255 |
Warehouse lines of credit (Note 8) | 11,664 | 29,961 |
Mortgage loan fundings payable (Note 8) | 676 | 1,483 |
Accrued interest payable | 66 | 60 |
Fair Value Measurements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 90,122 | 72,078 |
Available-for-sale securities, at fair value (Note 4) | 30,929 | 17,498 |
Held-to-maturity securities, at amortized costs | 1,661 | 1,722 |
Placements with banks | 2,739 | 2,739 |
Mortgage loans held for sale, at fair value | 13,725 | 35,406 |
Loans receivable, net | 1,244,854 | 1,182,971 |
Accrued interest receivable | 12,547 | 11,396 |
FHLBNY stock | 6,057 | 6,426 |
Demand deposits | 242,255 | 189,855 |
Interest-bearing deposits | 457,119 | 432,737 |
Certificates of deposit | 445,260 | 411,742 |
Advance payments by borrowers for taxes and insurance | 9,264 | 7,019 |
Advances from FHLBNY | 111,123 | 119,248 |
Warehouse lines of credit (Note 8) | 11,664 | 29,961 |
Mortgage loan fundings payable (Note 8) | 676 | 1,483 |
Accrued interest payable | 66 | 60 |
Fair Value Measurements | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 90,122 | 72,078 |
FHLBNY stock | 6,057 | 6,426 |
Demand deposits | 242,255 | 189,855 |
Interest-bearing deposits | 457,119 | 432,737 |
Fair Value Measurements | Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities, at fair value (Note 4) | 30,929 | 17,498 |
Held-to-maturity securities, at amortized costs | 1,661 | 1,722 |
Placements with banks | 2,739 | 2,739 |
Mortgage loans held for sale, at fair value | 13,725 | 35,406 |
Accrued interest receivable | 12,547 | 11,396 |
Certificates of deposit | 445,260 | 411,742 |
Advance payments by borrowers for taxes and insurance | 9,264 | 7,019 |
Advances from FHLBNY | 111,123 | 119,248 |
Warehouse lines of credit (Note 8) | 11,664 | 29,961 |
Mortgage loan fundings payable (Note 8) | 676 | 1,483 |
Accrued interest payable | 66 | 60 |
Fair Value Measurements | Level 3 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans receivable, net | $ 1,244,854 | $ 1,182,971 |
X | ||||||||||
- Definition Accrued interest payable fair value. No definition available.
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X | ||||||||||
- Definition Accrued interest receivable fair value. No definition available.
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X | ||||||||||
- Definition Advance payments by borrowers for taxes and insurance fair value. No definition available.
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- Definition Certificates of deposit fair value. No definition available.
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- Definition Demand deposit liability fair value. No definition available.
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X | ||||||||||
- Definition Interest bearing deposit fair value. No definition available.
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Fair value portion of borrowing from Federal Home Loan Bank (FHLBank). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value portion of investments in Federal Home Loan Bank (FHLBank) stock. No definition available.
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- Definition Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value portion of loan receivable, including, but not limited to, mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value portion of mortgage loans held-for-sale. No definition available.
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- Definition The aggregate amount of the participation liability at the end of the accounting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of the outstanding short-term borrowings under a revolving line of credit used by mortgage bankers to finance the origination or purchase of loans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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- Details
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- Details
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- Details
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- Details
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Premises and Equipment |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment |
Note 6.Premises and Equipment Premises and equipment at March 31, 2021 and December 31, 2020 are summarized as follows:
Depreciation and amortization expense amounted to $603,211 and $602,267 for the three months ended March 31, 2021 and 2020, respectively, and are included in occupancy and equipment in the accompanying consolidated statements of operations. Compared to December 31, 2020, buildings and improvements increased by $3.1 million to $20.2 million as a result of $3.2 million related to a new building and $367,000 of new improvements offset by $538,000 as a result of sale of real property. Leasehold improvements decreased by $2.1 million to $24.0 million due to the sale of real property. Land decreased by $252,000 to $3.6 million as a result of sale of real property. Furniture, fixtures and equipment increased by $111,000 to $9.3 million primarily as a result of renovations of premises. |
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- References No definition available.
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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Borrowings - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Line Of Credit Facility [Line Items] | |||
Advance from the Federal Home Loan Bank | $ 109,300 | $ 109,300 | |
Guarantee from the FHLBNY through a standby letter of credit | 61,500 | 61,500 | |
Unsecured fed fund line amount outstanding | 25,000 | 25,000 | |
Unsecured fed fund line amount outstanding | 13,336 | 4,939 | |
Repayments of advances from FHLBNY | 8,500 | $ 75,750 | |
Interest expense on FHLBNY advances | 543,671 | 581,259 | |
Interest Expense on overnight advances | 308 | 5,233 | |
Collateral in residential 1-4 and multifamily mortgage loans available to secure advances from the FHLBNY | $ 358,600 | 336,800 | |
Warehouse line of credit expiration date | Jun. 30, 2021 | ||
Interest Expense | $ 2,285 | $ 3,106 | |
Mortgage loans funding payable | 676,170 | 1,500 | |
Warehouse Line of Credit #1 | |||
Line Of Credit Facility [Line Items] | |||
Unsecured fed fund line amount outstanding | $ 11,432 | 2,171 | |
Debt Instrument, Interest Rate, Basis for Effective Rate | The interest rate is based on the 30-day LIBOR rate plus 3.25%. | ||
Line of credit facility, effective interest rate | 3.44% | ||
Warehouse Line of Credit #2 | |||
Line Of Credit Facility [Line Items] | |||
Unsecured fed fund line amount outstanding | $ 1,904 | 2,768 | |
Debt Instrument, Interest Rate, Basis for Effective Rate | The interest rate is based on the 30-day LIBOR rate plus 3.00% | ||
Line of credit facility, effective interest rate | 3.19% | ||
Interest Expense | $ 139,873 | ||
Variable Rate Above LIBOR | Warehouse Line of Credit #1 | |||
Line Of Credit Facility [Line Items] | |||
Interest rate, LIBOR/Variable rate | 3.25% | ||
Variable Rate Above LIBOR | Warehouse Line of Credit #2 | |||
Line Of Credit Facility [Line Items] | |||
Interest rate, LIBOR/Variable rate | 3.00% | ||
FHLBNY | |||
Line Of Credit Facility [Line Items] | |||
Unsecured fed fund line amount outstanding | $ 0 | $ 0 | |
Repayments of advances from FHLBNY | $ 8,000 |
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- Definition Amount of borrowings as of the balance sheet date from the Federal Home Loan Bank, which are primarily used to cover shortages in the required reserve balance and liquidity shortages. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest expense on interest-bearing deposits from another Federal Home Loan Bank (FHLBank). No definition available.
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- Definition Interest expense incurred during the reporting period on short-term borrowings associated with Federal Home Loan Bank and Federal Reserve Bank advances. No definition available.
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X | ||||||||||
- Definition The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
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X | ||||||||||
- 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Date the credit facility terminates, in CCYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The effective interest rate at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Description of the interest rate for the amounts borrowed under the credit facility, including the terms and the method for determining the interest rate (for example, fixed or variable, LIBOR plus a percentage, increasing rate, timing of interest rate resets, remarketing provisions). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Carrying amount as of the balance sheet date of loans that have been pledged as collateral for borrowings. If the secured party has the right by contract or custom to sell or re-pledge the collateral, then the debtor reclassifies that asset and report that asset in its statement of financial position separately from other assets not so encumbered. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of cash outflow for repayment of Federal Home Loan Bank (FHLBank) borrowing, classified as financing activity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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- Details
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X | ||||||||||
- Details
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Business Combinations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Fair Values of the Assets Acquired and Liabilities Assumed |
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Mortgage World:
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Acquisition - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Jul. 10, 2020 |
Mar. 31, 2021 |
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Business Combinations [Abstract] | ||
Business Acquisition, Effective Date of Acquisition | Jul. 10, 2020 | Jul. 10, 2020 |
Business Acquisition, Name of Acquired Entity | Mortgage World | Mortgage World |
Business Combination, Consideration Transferred | $ 1,800 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 0 |
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- Definition Date when the acquirer obtains control of the acquiree, in CCYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Name of the acquired entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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Restrictions on Cash and Due from Banks |
3 Months Ended | ||
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Mar. 31, 2021 | |||
Cash And Cash Equivalents [Abstract] | |||
Restrictions on Cash and Due from Banks |
The Bank was previously required to maintain reserve balances in cash or on deposit with the Federal Reserve Bank, based on a percentage of deposits. The Bank had $10.1 million and $24.5 million in cash to cover its minimum reserve requirement of $0 at March 31, 2021, and December 31, 2020. Effective March 26, 2020, the Federal Reserve Board eliminated reserve requirement for depository institutions to support lending to households and businesses. Cash and cash equivalents include Mortgage World restricted cash which consists of escrows due to HUD for upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers and good faith deposits received from commercial loan customers relating to the closing of a commercial loan. As of March 31, 2021 and December 31, 2020, the total amount of restricted cash was $70,172 and $150,407, respectively, and these were reflected on the consolidated statements of financial condition. |
X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Loans Receivable and Allowance for Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans |
Loans receivable at March 31, 2021 and December 31, 2020 are summarized as follows:
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Schedule of Credit Risk Ratings by Loan Segment |
The following tables present credit risk ratings by loan segment as of March 31, 2021 and December 31, 2020:
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Schedule of Aging Analysis of Loans |
Note 5.Loans Receivable and Allowance for Loan Losses (Continued) An aging analysis of loans, as of March 31, 2021 and December 31, 2020, is as follows:
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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 March 31, 2021 and 2020, and December 31, 2020:
Note 5.Loans Receivable and Allowance for Loan Losses (Continued)
Note 5.Loans Receivable and Allowance for Loan Losses (Continued)
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Schedule of Information Relates to Impaired Loans |
The following information relates to impaired loans as of and for the three months ended March 31, 2021 and 2020 and for the year ended December 31, 2020:
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X | ||||||||||
- Definition Tabular disclosure of allowance for credit loss on financing receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Tabular disclosure of impaired financing receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Tabular disclosure of aging analysis for financing receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date |
Borrowed funds at March 31, 2021 and December 31, 2020 consist of the following and are summarized by maturity and call date below:
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Schedule of Warehouse Lines of Credit |
Warehouse Line of Credit #1 The interest rate is based on the 30-day LIBOR rate plus 3.25%. The effective rate at March 31, 2021 was 3.44%. The line of credit is an evergreen agreement that terminates upon request by either the financial institution or the borrower. Warehouse Line of Credit #2 The interest rate is based on the 30-day LIBOR rate plus 3.00% for loans funded by wires. The effective rate at March 31, 2021 was 3.19%. The warehouse line of credit is due to expire on June 30, 2021. Total interest expense on warehouse lines of credit totaled $139,873 for the three months ended March 31, 2021.
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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X | ||||||||||
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Nature of Business and Summary of Significant Accounting Policies (Policies) |
3 Months Ended | ||||||||||||
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Mar. 31, 2021 | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||
Basis of Financial Statement Presentation |
Basis of Presentation and Consolidation: The unaudited interim Consolidated Financial Statements of PDL Community Bancorp (the “Company”) presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by the U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments and disclosures considered necessary for the fair presentation of the accompanying Consolidated Financial Statements have been included. Interim results are not necessarily reflective of the results for the entire year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2020 included in the Company’s annual report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries Ponce Bank (the “Bank”) and Mortgage World Bankers, Inc. (“Mortgage World”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns one 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. |
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Nature of Operations |
Nature of Operations: The Company is a financial holding company formed on September 29, 2017 in connection with the reorganization of the Bank into a mutual holding company structure. The Company is subject to the regulation and examination by the Board of Governors of the Federal Reserve. The Company’s business is conducted through the administrative office and 19 mortgage and banking offices. The banking offices are located in New York City – the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches), Brooklyn (3 branches) and Union City (1 branch), New Jersey. The mortgage offices are located in Nassau County (1), Queens (2) and Brooklyn (1), New York and Englewood Cliffs (1) and Bergenfield (1), New Jersey. The Company’s primary market area currently consists of the New York City metropolitan area. The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank. The Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. The Bank is subject to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. On July 10, 2020, the Company completed its acquisition of Mortgage World. Mortgage World is a mortgage banking entity subject to the regulation and examination of the New York State Department of Financial Services. The primary business of Mortgage World is the taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors. Although Mortgage World is permitted to do business in various states (New York, New Jersey, Pennsylvania, Florida and Connecticut), it primarily operates in the New York City metropolitan area. |
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Risks and Uncertainties |
Risks and Uncertainties: The COVID-19 pandemic continues to disrupt the global and U.S. economies and as well as the lives of individuals throughout the world. The New York City Metropolitan area continues to experience 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 vaccinations and quarantines and to certain extent limitation to travel. The financial impact of the COVID-19 pandemic is still unknown at this time. However, if the pandemic continues for a sustained period of time, it may continue to 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 its business operations, loan portfolio, financial condition, and results of operations. During the three months ended March 31, 2021, the provision for loan losses increased by $685,689 primarily due to increases in qualitative reserves as the Company continues to assess the economic impacts the COVID-19 pandemic has on its local economy and its loan portfolio. Therefore, there is a reasonable probability that the Company’s allowance for loan losses as of March 31, 2021 may change thereafter and could result in a material adverse change to the Company’s provision for loan losses, earnings and capital. |
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Use of Estimates |
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. |
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Interim Financial Statements |
Interim Financial Statements: The interim consolidated financial statements at March 31, 2021, and for the three months ended March 31, 2021 and 2020 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 months ended March 31, 2021, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2021, or any other period. |
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Significant Group Concentrations of Credit Risk | 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 and Mortgage World’s ability to sell originated loans in the secondary markets are susceptible to changes in the local market conditions. Note 4 discusses the types of securities that the Bank invests in. Notes 5 and 12 discuss the types of lending that the Bank engages in, and other concentrations. |
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Cash and Cash Equivalents |
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 Company 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 Company, interest-bearing deposits in financial institutions, and deposits are reported net. Included in cash and cash equivalents are restricted cash from escrows and good faith deposits. Escrows consist of U.S. Department of Housing and Urban Development (“HUD”) upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers. Good faith deposits consist of deposits received from commercial loan customers for use in various disbursements relating to the closing of a commercial loan. Restricted cash are included in cash and cash equivalents for purposes of the consolidated statement of cash flows. |
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Securities |
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 (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) 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 operations 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. |
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Federal Home Loan Bank of New York Stock |
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. |
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Loans Receivable |
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 interest method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. Accrued interest receivable is closely monitored for collectability and will be charged-off in a timely manner if deemed uncollectable. |
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Allowance for Loan Losses |
Allowance for Loan Losses: The allowance for loan losses (“ALLL”) 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. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the 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. When a loan is modified to troubled debt restructured, management evaluates for any possible impairment by using 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: |
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Residential and Multifamily Mortgage Loans |
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. |
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Nonresidential Mortgage Loans |
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 due in 10 to 15 years, and terms which provide that the interest rates are adjusted on a 5-year schedule. |
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Construction and Land Loans |
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 and generally have a conversion to permanent financing feature. |
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Business Loans |
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. |
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Consumer Loans |
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. |
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Mortgage Loans Held for Sale |
Mortgage Loans Held for Sale: Mortgage loans held for sale, at fair value, include residential mortgages that were originated in accordance with secondary market pricing and underwriting standards. These loans are originated by Mortgage World which the Company intends to sell on the secondary market. Mortgage loans held for sale are carried at fair value under the fair value option accounting guidance for financial assets and financial liabilities. The gains or losses for the changes in fair value of these loans are included in income on sale of mortgage loans on the consolidated statements of operations. Interest income on mortgage loans held for sale measured under the fair value option is calculated based on the principal amount of the loan and is included in interest on loans receivable on the consolidated statements of operations. The Bank loans held for sale are earmarked for investor purchase and are reported at the lower of cost or fair value as determined by investor bid prices. Sales of loans occur from time to time as part of strategic business or regulatory compliance initiatives. Bank loans held for sale are sold without recourse and servicing released. When a Bank 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. Derivative Financial Instruments: The Company, through Mortgage World, uses derivative financial instruments as a part of its price risk management activities. All such derivative financial instruments are designated as free-standing derivative instruments. In accordance with FASB ASC 815-25, Derivatives and Hedging, all derivative instruments are recognized as assets or liabilities on the balance sheet at their fair value. Changes in the fair value of these derivatives are reported in current period earnings. Additionally, to facilitate the sale of mortgage loans, Mortgage World may enter into forward sale positions on securities, and mandatory delivery positions. Exposure to losses or gains on these positions is limited to the net difference between the calculated amounts to be received and paid. As of March 31, 2021, the Company did not enter into any forward sale or mandatory delivery positions on their financial instruments. Revenue from Contracts with Customers: The Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. ASC 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company's primary source of revenue is interest income on financial assets and income from mortgage banking activities, which are explicitly excluded from the scope of ASC 606. |
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COVID-19 Pandemic and the CARES Act |
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 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 the COVID-19 pandemic, 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 Company may temporarily suspend its delinquency and nonperforming treatment for certain loans that have been granted a payment accommodation that facilitates borrowers' ability to work through the immediate impact of the pandemic. Borrowers who were current prior to becoming affected by the COVID-19 pandemic, then receive payment accommodations as a result of the effects of the COVID-19 pandemic and if all payments are current in accordance with the revised terms of the loan, generally would not be reported as past due. The Company has chosen to utilize this part of the CARES Act as it relates to delinquencies and nonperforming loans and does not report these loans as past due. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) Under Section 4013 of the CARES Act, modifications of loan terms do not automatically result in TDRs and the Company generally does not need to categorize the COVID-19 pandemic-related modifications as TDRs. The Company may elect not to categorize loan modifications as TDRs if they are (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. The termination date was extended by the Consolidated Appropriations Act of 2021, to the earlier of 60 days after the date of termination of the National Emergency or January 1, 2022. For all other loan modifications, the federal banking agencies have confirmed with staff of the Financial Accounting Standards Board ("FASB") that short-term modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Financial institutions accounting for eligible loans under Section 4013 are not required to apply ASC Subtopic 310-40 to the Section 4013 loans for the term of the loan modification. Financial institutions do not have to report Section 4013 loans as TDRs in regulatory reports, including this Form 10-Q. The Company has chosen to utilize this section of the CARES Act and does not report the COVID-19 pandemic related modifications as TDRs. Under the CARES Act and related Interagency Statement, in regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to the COVID-19 pandemic as past due because of the deferral. A loan's payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, this may result in no contractual payments being past due, and these loans are not considered past due during the period of the deferral. Each financial institution should refer to the applicable regulatory reporting instructions, as well as its internal accounting policies, to determine if loans to distressed borrowers should be reported as nonaccrual assets in regulatory reports. However, during the short-term arrangements, these loans generally should not be reported as nonaccrual. The Company has elected to follow this guidance of the CARES Act and reports loans that have been granted payment deferrals as current so long as they were current at the time the deferral was granted. |
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Transfers of Financial Assets |
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. |
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Premises and Equipment |
Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed and charged to operations using the straight-line method over the estimated useful lives of the respective assets as follows:
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. |
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Impairment of Long-Lived Assets |
Impairment of Long-Lived Assets: Long-lived assets, including premises and leasehold improvements, 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. |
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Other Real Estate Owned |
Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) 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. |
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Income Taxes |
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, or other applicable basis of taxation, 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 operations. |
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Related Party Transactions |
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 16 contains details regarding related party transactions. |
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Employee Benefit Plans |
Employee Benefit Plans: The Company maintains a KSOP, an Employee Stock Ownership Plan with 401(k) provisions incorporated, a Long-Term Incentive Plan that includes grants of restricted stock units and stock options, and a Supplemental Executive Retirement Plan (the “SERP”). |
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KSOP, the Employee Stock Ownership Plan with 401(k) Provisions |
KSOP, the Employee Stock Ownership Plan with 401(k) Provisions: Compensation expense is recorded as shares are committed to be released with a corresponding credit to unearned KSOP equity account at the average fair market 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 KSOP. The difference between the average fair market value and the cost of the shares allocated by the KSOP is recorded as an adjustment to additional paid-in-capital. Unallocated common shares held by the Company’s KSOP 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. The 401(k) provisions provide 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. |
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Stock Options |
Stock Options: The Company recognizes the value of shared-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. |
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Restricted Stock Units |
Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units. The Company recognizes compensation expense for the fair value of the restricted stock units on a straight-line basis over the requisite service period. |
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Comprehensive Income |
Comprehensive Income (Loss): Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which are both recognized as separate components of equity. Other comprehensive income (loss) includes unrealized gains and losses on securities available-for-sale. |
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Loss Contingencies |
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 an 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. |
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Fair Value of Financial Instruments |
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 13. 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. |
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Segment Reporting |
Segment Reporting: The Company’s business is conducted through two business segments: Ponce Bank, which involves the delivery of loan and deposit products to customers, and Mortgage World, which consists of mortgage underwriting and selling such mortgages to investors. Accordingly, all of the financial service operations are considered by management to be aggregated in two reportable operating segments as more fully disclosed in Note 17. |
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Loan Commitments and Related Financial Instruments | 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. |
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Earnings (Loss) Per Share ("EPS") |
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 (loss) 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. |
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Treasury Stock |
Treasury Stock: Shares repurchased under the Company’s share repurchase programs were purchased in open-market transactions and are held as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. |
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Reclassification of Prior Year Presentation |
Reclassification of Prior Year Presentation: Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reporting results of operations and did not affect previously reported amounts in the Consolidated Statements of Operations. |
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Recent Accounting Pronouncements |
Recent Accounting Pronouncements: As an emerging growth company (“EGC”) as defined in Rule 12b-2 of the Exchange Act, the Company has elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public business entities until such pronouncements are made applicable to nonpublic business entities. As of March 31, 2021, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period.
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. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) 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 14 branches and mortgage offices 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 14 leased branches and mortgage offices. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU 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, that are not deemed to be smaller reporting companies as defined by the SEC as of November 15, 2019. 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. The Company adopted 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 did not 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 Company adopted this standard, which had no 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 Company adopted this standard, which had no material effect on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” This ASU provides optional means and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of the reference rate reform. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company believes this update will not have a material impact on the consolidated financial statements. |
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- Definition Business loans. No definition available.
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- Definition COVID-19 Pandemic and the CARES Act. No definition available.
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- Definition Construction and land loans. No definition available.
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- Definition Consumer loans. No definition available.
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- Definition Interim financial statements. No definition available.
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- Definition Nature of Operations. No definition available.
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- Definition Nonresidential mortgage loans. No definition available.
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- Definition Related party transactions. No definition available.
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- Definition Residential and multifamily mortgage loans. No definition available.
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- Definition Restricted stock units. No definition available.
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- Definition Accounting policy related to risks and uncertainties. No definition available.
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X | ||||||||||
- Definition Stock options. No definition available.
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X | ||||||||||
- Definition Treasury stock. No definition available.
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X | ||||||||||
- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for comprehensive income. No definition available.
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- Definition Disclosure of accounting policy for credit risk. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Disclosure of accounting policy for ESOP transactions, including the method of measuring compensation, the classification of dividends on ESOP shares, and the treatment of ESOP shares for EPS computations. If the employer has both old ESOP shares for which it does not adopt new guidance and new ESOP shares for which new guidance is required, these disclosures are required for both blocks of shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for financing receivables classified as held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for loan commitments accounted for as derivatives, including the methods and assumptions used to estimate fair value and any associated hedging strategies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for estimating the allowance for losses on loans and lease receivables. The disclosure may include (a) how the entity determines each element of the allowance, (b) which loans are evaluated individually and which loans are evaluated as a group, (c) how the entity determines both the allocated and unallocated portions of the allowance, (d) how the entity determines the loss factors applied to graded loans in order to develop a general allowance, and (e) what self-correcting mechanism the entity uses to reduce differences between estimated and actual losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for real estate acquired through foreclosure. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for investment classified as marketable security. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- References No definition available.
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- Definition Disclosure of accounting policy for policy loans receivable, including the basis for determining the amount reported for loans made to policyholders against and secured by future policy benefits. May also disclose the range of interest rates charged to policyholders on such loans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for postemployment benefits. Postemployment benefits are benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement, except for: a) benefits provided through a pension or postretirement benefit plan, b) individual deferred compensation arrangements, c) special or contractual termination benefits, and d) stock compensation plans. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Disclosure of accounting policy for reclassification affecting comparability of financial statement. Excludes amendment to accounting standards, other change in accounting principle, and correction of error. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Disclosure of accounting policy for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for not readily marketable securities, valuation methods and significant assumptions used to determine fair value, restrictions on the investment and reasons investments are not readily marketable, including securities that are not registered, investments in nonpublic entities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for segment reporting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for transfers and servicing financial assets, including securitization transactions as well as repurchase and resale agreements. This disclosure may include how the entity (1) determines whether a transaction is accounted for as a sale; (2) accounts for a sale transaction, including the initial and subsequent accounting for any interests that the entity obtains or continues to hold in the transaction, how such interests are valued, and the significant assumptions used in the valuation; (3) accounts for a transaction that does not qualify for sale treatment (that is, a financing); and (4) accounts for its servicing assets and liabilities ("servicing"), including how such servicing is measured initially and subsequently, and the methodology and significant assumptions used to value such servicing. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Subsequent Events - Additional Information (Details) |
3 Months Ended |
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Mar. 31, 2021
shares
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Bank of America Strategic Investments Corporation | |
Subsequent Event [Line Items] | |
Treasury stock shares sold | 348,739 |
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- Definition The company sold its treasury stock to Bank of America Strategic Investments Corporations No definition available.
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- Definition Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. No definition available.
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- Details
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Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Banking And Thrifts [Abstract] | ||
2022 | $ 250,430 | |
2023 | 71,323 | |
2024 | 28,812 | |
2025 | 25,468 | |
2026 | 59,139 | |
Thereafter | 4,000 | |
Total certificates of deposit | $ 439,172 | $ 406,987 |
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- Definition Banking And Thrifts [Abstract] No definition available.
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X | ||||||||||
- Definition Amount of time deposit maturing after fifth fiscal year following current fiscal year. Time deposit includes, but is not limited to, certificate of deposit. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of time deposit maturing in fifth fiscal year following current fiscal year. Time deposit includes, but is not limited to, certificate of deposit. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of time deposit maturing in fourth fiscal year following current fiscal year. Time deposit includes, but is not limited to, certificate of deposit. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of time deposit maturing in next fiscal year following current fiscal year. Time deposit includes, but is not limited to, certificate of deposit. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of time deposit maturing in third fiscal year following current fiscal year. Time deposit includes, but is not limited to, certificate of deposit. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of time deposit maturing in second fiscal year following current fiscal year. Time deposit includes, but is not limited to, certificate of deposit. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of time deposit liabilities, including certificates of deposit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Acquisition |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition |
Note 2.Business Acquisition On July 10, 2020, the Company completed its acquisition of 100 percent of the shares of common stock of Mortgage World. The shareholders of Mortgage World received total consideration of $1.8 million in cash. The acquisition was accounted for using the acquisition method of accounting, and accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. Mortgage World’s results of operations have been included in the Company’s Consolidated Statements of Operations since July 10, 2020. The assets acquired and liabilities assumed in the acquisition were recorded at their estimated fair values based on management’s best estimates, using information available at the date of the acquisition. The fair values are preliminary estimates and subject to adjustment for up to one year after the closing date of the acquisition. The Company did not recognize goodwill from the acquisition. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed of Mortgage World:
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X | ||||||||||
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Compensation and Benefit Plans - Additional Information (Details) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2021 |
Dec. 14, 2020
shares
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Jun. 01, 2020
shares
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Nov. 13, 2019
shares
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Mar. 25, 2019
shares
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Mar. 31, 2021
USD ($)
Executive
$ / shares
shares
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Mar. 31, 2020
USD ($)
shares
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Dec. 31, 2020
$ / shares
shares
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Dec. 31, 2019
$ / shares
|
|
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Expenses recognized | $ | $ 86,555 | $ 267,067 | |||||||
Maximum employer matching contribution percentage | 4.00% | ||||||||
Employer matching contribution percentage | 3.00% | 3.00% | |||||||
ESOP related compensation expense including equalization expense | $ | $ 156,853,000 | $ 156,167,000 | |||||||
Number of option grants | 0 | 40,000 | |||||||
Total remaining unrecognized compensation cost | $ | $ 3,800,000 | ||||||||
Weighted average period expected to be recognized | 81 months | ||||||||
Weighted-average exercise price for options | $ / shares | $ 12.02 | $ 12.02 | $ 12.77 | ||||||
Weighted average remaining contractual life | 7 years 7 months 6 days | ||||||||
Weighted average period expected to be recognized | 4 years 6 months | ||||||||
Number of shares exercisable | 55,938 | 55,938 | |||||||
Stock repurchase program, number of shares repurchase | 1,444,776 | ||||||||
Shares withheld for tax withholding obligation | 166 | ||||||||
Common Stock | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Stock repurchase program, expire date | Jun. 13, 2021 | Nov. 30, 2020 | Mar. 27, 2020 | Sep. 24, 2019 | |||||
Stock repurchase program, percentage of shares repurchase | 5.00% | 5.00% | 5.00% | 5.00% | |||||
Stock repurchase program, number of shares repurchase | 107,717 | 151,394 | |||||||
Common Stock | Maximum | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Stock repurchase program, number of shares repurchase | 852,302 | 864,987 | 878,835 | 923,151 | |||||
Executive Officers | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Non-Executive Officers | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Non-Executive Officers Not Director | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Vesting percentage | 20.00% | ||||||||
Restricted Stock Units | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Number of stock grants | 0 | 15,000 | |||||||
Compensation expense | $ | $ 318,265 | $ 323,620 | |||||||
Total remaining unrecognized compensation cost | $ | $ 453,664,000 | ||||||||
Weighted average period expected to be recognized | 81 months | ||||||||
Stock Options | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Compensation expense | $ | $ 33,088,000 | $ 28,712,000 | |||||||
Weighted average period expected to be recognized | 6 years 6 months | 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 | 63,159 | 63,159 | |||||||
Stock repurchase program, number of shares repurchase | 1,631,570 | ||||||||
Stock repurchase program, weighted average price per share | $ / shares | $ 13.27 | ||||||||
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 | 189,476 | 189,476 | |||||||
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 | 0 | 0 | |||||||
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 | Non-Executive Officers | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Number of stock grants | 40,000 | ||||||||
2018 Long-Term Incentive Plan | Restricted Stock Units | Non-Executive Officers | December 31, 2020 | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Number of stock grants | 15,000 | ||||||||
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 | 186,960 | ||||||||
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 | Incentive Options | Non-Executive Officers | December 31, 2020 | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Number of stock grants | 40,000 | ||||||||
2018 Long-Term Incentive Plan | Non-qualified Options | Outside Directors | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Number of option grants | 44,590 | ||||||||
2020 Long-Term Incentive Plan | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Number of issuable stock options converted into restricted stock units | 45,000 | ||||||||
Number of restricted stock units converted from issuable stock options | 15,000 | ||||||||
Supplemental Executive Retirement Plan | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
Expense recognized | $ | $ 15,125,000 | $ 15,125,000 | |||||||
Number of key executive under retirement plan | Executive | 1 | ||||||||
Employee Stock Ownership Plan | |||||||||
Compensation And Benefit Plans Disclosure [Line Items] | |||||||||
ESOP borrowed amount | $ | $ 7,200,000 | ||||||||
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 |
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- Definition Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares of capital stock issued (purchased by employees) in connection with an employee stock ownership plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Regulatory Capital Requirements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements |
The Company, the Bank and Mortgage World are subject to various regulatory capital requirements administered by the Federal Reserve Board, the OCC, the U.S. Department of Housing and Urban Development, and the NYS Department of Financial Services, respectively. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s operations and financial statements. Under the regulatory capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation require the maintenance of minimum amounts and ratios (set forth in the table below) of total risk-based and Tier 1 capital to risk-weighted assets (as defined), common equity Tier 1 capital (as defined), and Tier 1 capital to adjusted total assets (as defined) adjusted total assets (as defined). As of March 31, 2021 and December 31, 2020, 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 7.8% at March 31, 2021 and 7.95% at December 31, 2020. 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 March 31, 2021 and December 31, 2020 as compared to regulatory requirements are as follows:
Mortgage World is subject to various net worth requirements in connection with regulatory authorities and lending agreements that Mortgage World has entered with purchase facility lenders. Failure to maintain minimum capital requirements could result in Mortgage World’s inability to originate and service loans, and, therefore, could have a direct material effect on the Company’s consolidated financial statements.
Mortgage World’s minimum net worth requirements as of March 31, 2021 and December 31, 2020 are reflected below:
As of March 31, 2021 and December 31, 2020, Mortgage World is in compliance with all minimum capital requirements.
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- 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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Impaired Loans - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 18,879 | $ 19,352 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on nonrecurring basis | $ 18,879 | $ 19,352 |
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- Definition Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Deposits - Additional Information (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Banking And Thrifts [Abstract] | ||
Overdrawn deposit reclassified to loans amounted | $ 61,556 | $ 101,715 |
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Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Millions |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Related Party Transactions [Abstract] | ||
Deposits from directors, executive officers and non-executive officers | $ 6.8 | $ 6.9 |
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Aging Analysis of Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 1,228,182 | $ 1,156,951 |
Total Past Due | 1,246,478 | 1,172,053 |
Nonaccrual Loans | 12,301 | 11,683 |
1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 311,271 | 313,960 |
Total Past Due | 317,895 | 319,596 |
Nonaccrual Loans | 3,153 | 3,058 |
1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 97,327 | 95,775 |
Total Past Due | 99,985 | 98,795 |
Nonaccrual Loans | 3,780 | 3,250 |
Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 212,059 | 215,657 |
Total Past Due | 215,340 | 218,929 |
Nonaccrual Loans | 4,422 | 4,429 |
Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 314,132 | 305,325 |
Total Past Due | 315,078 | 307,411 |
Nonaccrual Loans | 946 | 946 |
Construction and Land | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 119,339 | 105,858 |
Total Past Due | 119,339 | 105,858 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 7,929 | 5,531 |
Financial Asset, 30 to 59 Days Past Due | 1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 4,739 | 2,222 |
Financial Asset, 30 to 59 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 380 | 1,572 |
Financial Asset, 30 to 59 Days Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,140 | |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,553 | 2,171 |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,507 | |
Financing Receivables, 60 to 89 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 818 | 348 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 8,814 | 7,400 |
Financial Asset, Equal to or Greater than 90 Days Past Due | 1-4 Family Investor Owned | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,885 | 1,907 |
Financial Asset, Equal to or Greater than 90 Days Past Due | 1-4 Family Owner-Occupied | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 1,460 | 1,100 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Nonresidential Properties | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 3,281 | 3,272 |
Financial Asset, Equal to or Greater than 90 Days Past Due | Multifamily Residential | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 946 | 946 |
Business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 141,635 | 94,847 |
Total Past Due | 142,135 | 94,947 |
Business | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 500 | 100 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 32,419 | 25,529 |
Total Past Due | 36,706 | 26,517 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 2,310 | 497 |
Consumer | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | 735 | 316 |
Consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total Past Due | $ 1,242 | $ 175 |
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Income Taxes - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Income Taxes [Line Items] | |||||
Federal income tax rate | 21.00% | 21.00% | |||
Increased in valuation allowance | $ 242,000 | $ (541,000) | |||
Net operating loss to offset income limited | 80.00% | ||||
Net operating loss generated | $ 0 | $ 0 | $ 0 | ||
Operating Loss Carry back | 0 | $ 0 | $ 0 | ||
New Jersey Division of Taxation | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | $ 0 | ||||
pre-2015 carryforwards [Member] | New york State [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 772,000,000 | ||||
pre-2015 carryforwards [Member] | New York State | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 528,000,000 | ||||
post-2015 carryforwards [Member] | New york State [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 20,400,000 | ||||
post-2015 carryforwards [Member] | New York State | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 36,000,000 | ||||
CARES ACT [Member] | |||||
Income Taxes [Line Items] | |||||
Net operating loss carryforwards | 0 | ||||
NEW YORK | |||||
Income Taxes [Line Items] | |||||
Increased in valuation allowance | 242,000 | $ 541,000 | |||
Unrecognized tax benefits | $ 0 | $ 0 |
X | ||||||||||
- Definition Income taxes. No definition available.
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X | ||||||||||
- Definition Operating Loss Carry back. No definition available.
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X | ||||||||||
- Definition Operating Loss Carryforwards Limitations On Use 1 No definition available.
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X | ||||||||||
- Definition Operating loss generated during the period No definition available.
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X | ||||||||||
- Definition Percentage of domestic federal statutory tax rate applicable to pretax income (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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- Details
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- Details
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- Details
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- Details
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Commitments, Contingencies and Credit Risk (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Whose Contractual Amounts Represent Credit Risk | Financial instruments whose contractual amounts represent credit risk at March 31, 2021 and December 31, 2020 are as follows:
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Projected Minimum Rental Payments under Terms of Leases |
The projected minimum rental payments under the terms of the leases at March 31, 2021 are as follows:
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Consolidated Statements of Financial Condition - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Cash and due from banks (Note 3): | ||
Cash | $ 13,551 | $ 26,936 |
Interest-bearing deposits in banks | 76,571 | 45,142 |
Total cash and cash equivalents | 90,122 | 72,078 |
Available-for-sale securities, at fair value (Note 4) | 30,929 | 17,498 |
Held-to-maturity securities, at amortized cost (fair value of $1,661) (Note 4) | 1,732 | 1,743 |
Placements with banks | 2,739 | 2,739 |
Mortgage loans held for sale, at fair value | 13,725 | 35,406 |
Loans receivable, net of allowance for loan losses - 2021 $15,508; 2020 $14,870 (Note 5) | 1,230,458 | 1,158,640 |
Accrued interest receivable | 12,547 | 11,396 |
Premises and equipment, net (Note 6) | 33,625 | 32,045 |
Federal Home Loan Bank of New York stock (FHLBNY), at cost | 6,057 | 6,426 |
Deferred tax assets (Note 9) | 4,569 | 4,656 |
Other assets | 7,204 | 12,604 |
Total assets | 1,433,707 | 1,355,231 |
Liabilities: | ||
Deposits (Note 7) | 1,138,546 | 1,029,579 |
Accrued interest payable | 66 | 60 |
Advance payments by borrowers for taxes and insurance | 9,264 | 7,019 |
Advances from the Federal Home Loan Bank of New York and others (Note 8) | 109,255 | 117,255 |
Warehouse lines of credit (Note 8) | 11,664 | 29,961 |
Mortgage loan fundings payable (Note 8) | 676 | 1,483 |
Other liabilities | 3,032 | 10,330 |
Total liabilities | 1,272,503 | 1,195,687 |
Commitments and contingencies (Note 12) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value; 50,000,000 shares authorized; 18,463,028 shares issued and 17,018,252 shares outstanding as of March 31, 2021 and 18,463,028 shares issued and 17,125,969 shares outstanding as of December 31, 2020 | 185 | 185 |
Treasury stock, at cost; 1,444,776 shares as of March 31, 2021 and 1,337,059 shares as of December 31, 2020 (Note 10) | (19,285) | (18,114) |
Additional paid-in-capital | 85,470 | 85,105 |
Retained earnings | 99,993 | 97,541 |
Accumulated other comprehensive income (Note 15) | 28 | 135 |
Unearned compensation ─ ESOP; 518,688 shares as of March 31, 2021 and 530,751 shares as of December 31, 2020 (Note 10) | (5,187) | (5,308) |
Total stockholders' equity | 161,204 | 159,544 |
Total liabilities and stockholders' equity | $ 1,433,707 | $ 1,355,231 |
X | ||||||||||
- Definition Advances from federal home loan banks and others. No definition available.
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X | ||||||||||
- Definition Placements with banks. No definition available.
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X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Carrying amount of accumulated prepayments received by financial institutions from borrowers for taxes (for example, property taxes) and insurance (for example, property and catastrophe) which will periodically be remitted to the appropriate governmental agency or vendor on behalf of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Federal Home Loan Bank (FHLB) stock represents an equity interest in a FHLB. It does not have a readily determinable fair value because its ownership is restricted and it lacks a market (liquidity). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, before other-than-temporary impairment (OTTI) accretion, of investment in debt securities measured at amortized cost (held-to-maturity). No definition available.
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X | ||||||||||
- Definition For banks and other depository institutions (including Federal Reserve Banks, if applicable): Interest-bearing deposits in other financial institutions for relatively short periods of time including, for example, certificates of deposits, which are presented separately from cash on the balance sheet. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount after allowance and deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Excludes loans and leases covered under loss sharing agreements and loans held for sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables. No definition available.
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X | ||||||||||
- Definition Amount of assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of the participation liability at the end of the accounting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- References No definition available.
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- Definition Amount allocated to previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value of unearned shares for all classes of common stock and nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by an employee stock ownership plan (ESOP). Includes the sale of shares or the issuance treasury shares to an ESOP. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of the outstanding short-term borrowings under a revolving line of credit used by mortgage bankers to finance the origination or purchase of loans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Fair Value (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value |
The table below presents the changes in derivatives from interest rate lock commitments that are measured at fair value on a recurring basis:
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Assets Measured at Fair Value on Recurring Basis |
Note 13.Fair Value (Continued)
The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, and indicate the level within the fair value hierarchy utilized to determine the fair value:
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Assets Measured at Fair Value on Nonrecurring Basis |
The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020 and indicate the fair value hierarchy utilized to determine the fair value:
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Estimated Fair Values of Financial Instruments |
As of March 31, 2021 and December 31, 2020, the carrying values and estimated fair values of the Company's financial instruments were as follows:
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X | ||||||||||
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Deposits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking And Thrifts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Deposits |
Deposits at March 31, 2021 and December 31, 2020 are summarized as follows:
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Scheduled Maturities of Certificates of Deposit |
Note 7.Deposits (Continued)
At March 31, 2021 scheduled maturities of certificates of deposit were as follows:
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X | ||||||||||
- Definition Banking And Thrifts [Abstract] No definition available.
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X | ||||||||||
- Definition Tabular disclosure of type of deposit liability. No definition available.
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X | ||||||||||
- Definition Tabular disclosure of time deposit liability maturities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Available-for-Sale Securities - Summary of Maturities of Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Available-for-Sale Securities: | ||
Available-for-Sale Securities, Amortized Cost | $ 30,832 | $ 17,351 |
Held-to-Maturity Securities: | ||
Held-to-Maturity Securities, Amortized Cost | 1,732 | 1,743 |
Available-for-sale securities, at fair value (Note 4) | 30,929 | 17,498 |
Held-to-maturity securities, at amortized cost ,fair value | 1,661 | 1,722 |
Corporate Bonds | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,656 | 2,651 |
Available-for-Sale Securities After five years through ten years, Amortized Cost | 10,752 | 7,730 |
Available-for-Sale Securities, Amortized Cost | 13,408 | 10,381 |
Held-to-Maturity Securities: | ||
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,715 | 2,728 |
Available-for-Sale Securities After five years through ten years, Amortized Cost | 10,842 | 7,735 |
Available-for-sale securities, at fair value (Note 4) | 13,557 | 10,463 |
U.S. Government Bonds | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,978 | |
Available-for-Sale Securities, Amortized Cost | 2,978 | |
Held-to-Maturity Securities: | ||
Available-for-Sale Securities After one year through five years, Amortized Cost | 2,988 | |
Available-for-sale securities, at fair value (Note 4) | 2,988 | |
Mortgage-Backed Securities | ||
Available-for-Sale Securities: | ||
Available-for-Sale Securities, Amortized Cost | 14,446 | 6,970 |
Held-to-Maturity Securities: | ||
Available-for-sale securities, at fair value (Note 4) | 14,384 | 7,035 |
FHLMC Certificates | ||
Held-to-Maturity Securities: | ||
Held-to-Maturity Securities, Amortized Cost | 1,732 | 1,743 |
Held-to-maturity securities, at amortized cost ,fair value | $ 1,661 | $ 1,722 |
X | ||||||||||
- Definition Held to maturity securities amortized cost No definition available.
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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Loans Receivable and Allowance for Loan Losses - Additional Information (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021
USD ($)
Loan
|
Mar. 31, 2021
USD ($)
Loan
|
Dec. 31, 2020
USD ($)
Loan
|
Mar. 31, 2020
USD ($)
|
|
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,246,478,000 | $ 1,246,478,000 | $ 1,172,053,000 | |
Restructured loans | Loan | 0 | 0 | ||
Number of troubled debt restructured loans | Loan | 32 | 32 | 32 | |
Troubled debt restructured loans | $ 9,700,000 | $ 9,700,000 | $ 9,700,000 | |
Troubled debt restructured loan, accrual status | 6,600,000 | 6,600,000 | 6,600,000 | |
Impairment reserves | $ 284,000 | $ 284,000 | $ 292,000 | $ 289,000 |
Number of loan held for sale | Loan | 1 | |||
Loans held for sale | $ 1,000,000 | |||
Mortgage World Bankers Inc | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Number of loan held for sale | Loan | 26 | 26 | 70 | |
Loans held for sale | $ 13,700,000 | $ 13,700,000 | $ 34,400,000 | |
Troubled Debt Restructured Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Impairment reserves | $ 284,000 | $ 284,000 | $ 292,000 | |
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 | $ 132,500,000 | $ 132,500,000 | ||
Number of loans orginated by SBA | Loan | 1,992 | 1,992 | ||
Number of loans approved by SBA | Loan | 1,708 | 1,708 | ||
Percentage of loans approved by SBA | 100.00% | 100.00% | ||
Earn annual interest rate | 1.00% | 1.00% | ||
PPP Loans | Minimum | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Term of loans approved by SBA | 2 years | |||
PPP Loans | Maximum | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Term of loans approved by SBA | 5 years | |||
Loans receivable fee | 5.00% | 5.00% |
X | ||||||||||
- Definition Number of financing receivable troubled restructured Loans. No definition available.
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X | ||||||||||
- Definition Loan held for sale. No definition available.
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X | ||||||||||
- Definition Loans receivable annual interest rate. No definition available.
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X | ||||||||||
- Definition Loans Receivable Fee. No definition available.
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X | ||||||||||
- Definition Number of loan held for sale. No definition available.
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X | ||||||||||
- Definition Number of loans approved by government authorities. No definition available.
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X | ||||||||||
- Definition Number of loans orginated by government authorities. No definition available.
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X | ||||||||||
- Definition Percentage of loans guaranteed by government authorities. No definition available.
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X | ||||||||||
- Definition Strong pass loans to new or existing borrowers collateralized percentage. No definition available.
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X | ||||||||||
- Definition Term of loan approved by government authorities. No definition available.
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X | ||||||||||
- Definition Troubled debt restructured loan, accrual status. No definition available.
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X | ||||||||||
- Definition Troubled debt restructured loans. No definition available.
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Amount of valuation allowance for financing receivables that are expected to be uncollectible that were individually evaluated for impairment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Number of financing receivables that have been modified by troubled debt restructurings. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount before allowance of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Commitments, Contingencies and Credit Risk |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 March 31, 2021 and December 31, 2020 are as follows:
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. Note 12.Commitments, Contingencies and Credit Risk (Continued) Commitments to Sell Loans at Lock-in Rates: In order to assure itself of a marketplace to sell its loans, Mortgage World has agreements with investors who will commit to purchase loans at locked-in rates. Mortgage World has off-balance sheet market risk to the extent that Mortgage World does not obtain matching commitments from these investors to purchase the loans. This will expose Mortgage World to the lower of cost or market valuation environment. Repurchases, Indemnifications and Premium Recaptures: Loans sold by Mortgage World under investor programs are subject to repurchase or indemnification if they fail to meet the origination criteria of those programs. In addition, loans sold to investors are also subject to repurchase or indemnifications if the loan is two or three months delinquent during a set period which usually varies from six months to a year after the loan is sold. There are no open repurchase or indemnification requests for loans sold as a correspondent lender or where the Company acted as a broker in the transaction as of March 31, 2021. 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 contain a specified maturity date and, ultimately, may not be drawn upon to the total extent to which the Company is committed. Letters of Credit: 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. Letters of credit are largely cash secured. Concentration by Geographic Location: Loans, commitments to extend credit and letters of credit have been granted to customers who are located primarily in the New York City metropolitan area. 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. Loan Concentrations: As of March 31, 2021, approximately 6.9% of Mortgage World total originated loan volume was insured and approximately 78.5% of total originated loan volume was sold to three investors. Mortgage World is permitted to close loans in five states and has closed approximately 98.8% of its loan volume in two states. Lease Commitments: At March 31, 2021, there are noncancelable operating leases for office space that expire on various dates through 2036. Certain of these leases contains an escalation clause providing for increased rental based primarily on increases in real estate taxes. During the period, the Company entered into a sale-leaseback transaction for a real property with an initial fifteen-year lease agreement at an initial base annual rent of approximately $145,000 subject to annual rent increases of 1.5%. The sale lease-back resulted in a gain of approximately $662,546, net of expenses, which is included in other non-interest income in the accompanying consolidated statements of operations. Under the lease agreement, the Bank has four (4) consecutive options to extend the term of the lease by five (5) years for each such option. Rental expenses under operating leases, included in occupancy and equipment, totaled $503,240 and $128,642 for the three months ended March 31, 2021 and 2020, respectively. The projected minimum rental payments under the terms of the leases at March 31, 2021 are as follows:
Legal Matters: The Company is involved in various legal proceedings which have arisen in the normal course of business. Management believes that resolution of these matters will not have a material effect on the Company’s financial condition or results of operations. |
X | ||||||||||
- Definition Commitments contingencies and credit risk. No definition available.
|
X | ||||||||||
- References No definition available.
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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 2,452 | $ (1,213) |
Net change in unrealized gains (loss) on available-for-sale securities : | ||
Unrealized gains (loss) | (80) | 115 |
Income tax effect | (27) | (25) |
Total other comprehensive income (loss), net of tax | (107) | 90 |
Total comprehensive income (loss) | $ 2,345 | $ (1,123) |
X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount, before tax and adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount, before adjustment, of tax expense (benefit) for unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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Transactions with Related Parties (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Aggregate Loan Transactions with Related Parties | Aggregate loan transactions with related parties for the three months ended March 31, 2021 and 2020 were as follows:
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- References No definition available.
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. No definition available.
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Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement Of Financial Position [Abstract] | ||
Held-to-maturity securities, at amortized cost ,fair value | $ 1,661 | $ 1,722 |
Loans receivable, allowance for loan losses | $ 15,508 | $ 14,870 |
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 | 17,018,252 | 17,125,969 |
Treasury stock,repurchased | 1,444,776 | 1,337,059 |
Unearned compensation, ESOP shares | 518,688 | 530,751 |
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- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Shares contributed to the ESOP that have not yet been released, committed to be released, or allocated to participant accounts. Suspense shares generally collateralize ESOP debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of allowance to cover probable credit losses on loans and leases. Includes carryover of or adjustments to the allowance for loan losses in connection with business combinations. Excludes allowance for loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
May 11, 2021 |
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Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | 17,327,942 | |
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 $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Document Quarterly Report | true |
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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Available-for-Sale Securities - Additional Information (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021
USD ($)
Security
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Dec. 31, 2020
USD ($)
Security
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Investments Debt And Equity Securities [Abstract] | ||
Held to maturity | Security | 1 | 1 |
Sale of available-for-sale securities | $ 0 | $ 0 |
Available-for-sale securities matured | 0 | 17,800,000 |
Purchases of available-for-sale securities | $ 14,100,000 | 13,600,000 |
Purchases of Held-to-maturity securities | $ 1,700,000 | |
Number of available for sale securities | Security | 12 | 8 |
Number of held-to-maturity security | Security | 1 | 1 |
Number of investment securities not other than temporary | Security | 5 | 3 |
Securities pledged | $ 0 | $ 0 |
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- Definition Held-to-maturity securities, number of securities held. No definition available.
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- Definition Investment portfolio number of available for sale securities. No definition available.
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- Definition Investment portfolio number of held-to-maturity security. No definition available.
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- Definition Sales of available for sale securities. No definition available.
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- Definition Number of investment positions in available-for-sale investments in a continuous unrealized loss position for which an other-than-temporary impairment (OTTI) has not been recognized in the income statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of restricted investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash outflow through purchase of long-term held-to-maturity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow from sale, maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Loans Receivable and Allowance for Loan Losses |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses |
Loans receivable at March 31, 2021 and December 31, 2020 are summarized as follows:
The Company’s lending activities are conducted principally in metropolitan 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 or on an unsecured basis. Real estate is the primary form of collateral. Other important forms of collateral are time deposits and marketable securities. The Company had received U.S. Small Business Administration (“SBA”) approval and originated 1,992 PPP loans of which 1,708 loans totaling $132.5 million were outstanding at March 31, 2021. Loans under the PPP that meet SBA requirements may be forgiven in certain circumstances and are 100% guaranteed by the SBA. PPP loans have either a two-year or five-year term, provide for fees of up to 5% of the loan amount and earn interest at an annual rate of 1%. For disclosures related to the allowance for loan losses and credit quality, the Company does not have any disaggregated classes of loans below the segment level. Credit-Quality Indicators: 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:
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 March 31, 2021 and December 31, 2020:
Note 5.Loans Receivable and Allowance for Loan Losses (Continued) An aging analysis of loans, as of March 31, 2021 and December 31, 2020, is as follows:
The following schedules detail the composition of the allowance for loan losses and the related recorded investment in loans as of March 31, 2021 and 2020, and December 31, 2020:
Note 5.Loans Receivable and Allowance for Loan Losses (Continued)
Note 5.Loans Receivable and Allowance for Loan Losses (Continued)
Loans are considered impaired when current information and events indicate all amounts due may not be collectable according to the contractual terms of the related loan agreements. Impaired loans, including troubled debt restructurings, are identified by applying normal loan review procedures in accordance with the allowance for loan losses methodology. Management periodically assesses loans to determine whether impairment exists. Any loan that is, or will potentially be, no longer performing in accordance with the terms of the original loan contract is evaluated to determine impairment. Note 5.Loans Receivable and Allowance for Loan Losses (Continued) The following information relates to impaired loans as of and for the three months ended March 31, 2021 and 2020 and for the year ended December 31, 2020:
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 three months ended March 31, 2021, and for the year ended December 31, 2020, there were no loans restructured as a troubled debt restructuring.
At March 31, 2021 and December 31, 2020, there were 32 troubled debt restructured loans totaling $9.7 million of which $6.6 million 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 $284,000 and $292,000 at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and at December 31, 2020, 26 loans and 70 loans related to Mortgage World in the amount of $13.7 million and $34.4 million, respectively, were held for sale and accounted for under the fair value option accounting guidance for financial assets and financial liabilities. At December 31, 2020, there was one loan in the amount of $1.0 million held for sale related to the Bank. Refer to Note 13 Fair Value for additional information. Loan modifications and payment deferrals as a result of the COVID-19 pandemic that meet the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators are excluded from evaluation of TDR classification and will continue to be reported as current during the payment deferral period. The Company’s policy is to continue to accrue interest during the deferral period. Loans that do not meet the CARES Act or regulatory guidance criteria are evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. |
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- Definition The entire disclosure for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Compensation and Benefit Plans - Schedule of Fair Value of Option Grant Using Black-Scholes Option Pricing Model With Weighted Average Assumptions (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life | 4 years 6 months | |
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 |
X | ||||||||||
- Definition Share based compensation arrangement by share based payment award fair value assumptions weighted average grant date fair value. No definition available.
|
X | ||||||||||
- Definition The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Expected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Details
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Available-for-Sale Securities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities |
The amortized cost, gross unrealized gains and losses, and fair value of securities at March 31, 2021 and December 31, 2020 are summarized as follows:
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Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position |
Note 4.Available-for-Sale Securities (Continued) The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2021 and December 31, 2020:
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Summary of Maturities of Securities |
Note 4.Available-for-Sale Securities (Continued) The following is a summary of maturities of securities at March 31, 2021 and December 31, 2020. 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.
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X | ||||||||||
- Definition Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities. No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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X | ||||||||||
- References No definition available.
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Borrowings - Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Line Of Credit Facility [Line Items] | ||
2021 | $ 3,000 | $ 3,000 |
2022 | 77,880 | 77,880 |
2023 | 28,375 | 28,375 |
Total | 109,255 | 117,255 |
2021 | 3,000 | 3,000 |
2022 | 77,880 | 77,880 |
2023 | 28,375 | 28,375 |
Total | $ 109,255 | $ 117,255 |
2021 | 1.84% | 1.84% |
2022 | 1.73% | 1.73% |
2023 | 2.82% | 2.82% |
Total | 2.02% | 1.90% |
Correspondent Bank | ||
Line Of Credit Facility [Line Items] | ||
Overnight line of credit advance | $ 8,000 | |
Overnight line of credit advance | $ 8,000 | |
Overnight line of credit advance | 0.34% |
X | ||||||||||
- Definition Advances from federal home loan banks and correspondent bank. No definition available.
|
X | ||||||||||
- Definition Advances from Federal Home Loan Banks redeemable and Correspondent Bank at call date. No definition available.
|
X | ||||||||||
- Definition Federal home loan bank advances redeemable at call date summary due from one to two years of balance sheet date. No definition available.
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X | ||||||||||
- Definition Federal home loan bank advances redeemable at call date summary due from two to three years of balance sheet date. No definition available.
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X | ||||||||||
- Definition Federal home loan advances redeemable at call date summary due in remainder of fiscal year of balance sheet date. No definition available.
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X | ||||||||||
- Definition Redeemable at call date overnight line of credit advance. No definition available.
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X | ||||||||||
- Definition Scheduled maturity overnight line of credit advance. No definition available.
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X | ||||||||||
- Definition Weighted average rate overnight line of credit advance. No definition available.
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X | ||||||||||
- Definition Weighted average interest rate of advance from Federal Home Loan Bank (FHLBank) due in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Weighted average interest rate of advance from Federal Home Loan Bank (FHLBank) due in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Weighted average interest rate of advance from Federal Home Loan Bank (FHLBank) due in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Weighted average interest rate of advance from Federal Home Loan Bank (FHLBank) due in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of advance from Federal Home Loan Bank (FHLBank) maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of advance from Federal Home Loan Bank (FHLBank) maturing in remainder of current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). No definition available.
|
X | ||||||||||
- Definition Amount of advance from Federal Home Loan Bank (FHLBank) maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Details
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Compensation and Benefit Plans - Schedule of Stock Option Awards Activity and Related Information (Details) - $ / shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options, Outstanding, beginning of year | 203,766 | 163,766 |
Number of option grants | 0 | 40,000 |
Options, Exercised | 0 | |
Options, Forfeited | 0 | |
Options, Outstanding, end of year | 203,766 | 203,766 |
Options, Exercisable, end of year | 55,938 | 55,938 |
Weighted-Average Exercise Price Per Share, Outstanding, beginning of year | $ 12.02 | $ 12.77 |
Weighted-Average Exercise Price Per Share, Granted | 0 | 8.93 |
Weighted-Average Exercise Price Per Share, Exercised | 0 | |
Weighted-Average Exercise Price Per Share, Forfeited | 0 | |
Weighted-Average Exercise Price Per Share, Outstanding, end of year | 12.02 | 12.02 |
Weighted-Average Exercise Price Per Share, Exercisable, end of year | $ 12.77 | $ 12.77 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. No definition available.
|
X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
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X | ||||||||||
- Definition Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated. No definition available.
|
X | ||||||||||
- Definition Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Compensation and Benefit Plans - Schedule of Restricted Stock Units Awards Activity and Related Information (Details) - Restricted Stock Units - $ / shares |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Non-vested, beginning of year | 335,919 | 420,744 |
Number of Shares, Granted | 0 | 15,000 |
Number of Shares, Forfeited | 0 | (3,000) |
Number of Shares, Vested | 0 | (96,825) |
Number of Shares, Non-vested, ending of year | 335,919 | 335,919 |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, beginning of year | $ 12.66 | $ 12.78 |
Weighted-Average Grant Date Fair Value Per Share, Granted | 0 | 10.05 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 0 | 12.77 |
Weighted-Average Grant Date Fair Value Per Share, Vested | 0 | 12.77 |
Weighted-Average Grant Date Fair Value Per Share, Non-vested, ending of year | $ 12.66 | $ 12.66 |
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Per share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Details
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Borrowings |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $109.3 million of outstanding term advances from the FHLBNY at March 31, 2021 and December 31, 2020. The Bank repaid $8.0 million in advances from FHLBNY during the three months ended March 31, 2021. Additionally, the Bank had an unsecured line of credit in the amount of $25.0 million with a correspondent bank at March 31, 2021 and December 31, 2020, of which $0 were outstanding as of March 31, 2021 and December 31, 2020. The Bank also had a guarantee from the FHLBNY through letters of credit of up to $61.5 million at March 31, 2021 and at December 31, 2020. Borrowed funds at March 31, 2021 and December 31, 2020 consist of the following and are summarized by maturity and call date below:
Interest expense on FHLBNY term advances totaled $543,671 and $581,259 for the three months ended March 31, 2021 and 2020, respectively. Interest expense on FHLBNY overnight advances totaled $308 and $5,233 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021 and December 31, 2020, the Bank had eligible collateral of approximately $358.6 million and $336.8 million, respectively, in residential 1-4 family and multifamily mortgage loans available to secure advances from the FHLBNY. Note 8.Borrowings (Continued)
Warehouse Lines of Credit: Mortgage World maintains two warehouse lines of credit with financial institutions for the purpose of funding the originations and sale of residential mortgages. The lines of credit are repaid with proceeds from the sale of the mortgage loans. The lines are secured by the assets collaterizing underlying mortgages. The agreements with the warehouse lenders provide for certain restrictive covenants such as minimum net worth and liquidity ratios for Mortgage World. All warehouse facilities are guaranteed by Mortgage World. As of March 31, 2021 and December 31, 2020, Mortgage World was in full compliance with all financial covenants.
Warehouse Line of Credit #1 The interest rate is based on the 30-day LIBOR rate plus 3.25%. The effective rate at March 31, 2021 was 3.44%. The line of credit is an evergreen agreement that terminates upon request by either the financial institution or the borrower. Warehouse Line of Credit #2 The interest rate is based on the 30-day LIBOR rate plus 3.00% for loans funded by wires. The effective rate at March 31, 2021 was 3.19%. The warehouse line of credit is due to expire on June 30, 2021. Total interest expense on warehouse lines of credit totaled $139,873 for the three months ended March 31, 2021.
Mortgage Loan Funding Payable: Mortgage loan funding payable consists of liabilities to borrowers in connection with the origination of residential loans originated and intended for sale in the secondary market, that remain unfunded by the Company because there is typically a three day period from when the loans close to when they are funded by the warehouse line of credit. This liability is presented at cost and fully offsets the principal balance of the related loans included in mortgage loans held for sale, at fair value on the consolidated statement of financial condition. At March 31, 2021 and December 31, 2020, the balance of mortgage loan funding payable was $676,170 and $1.5 million, respectively. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Regulatory Capital Requirements - Summary of Minimum Capital Requirements (Details) - Mortgage World Bankers Inc $ in Thousands |
Mar. 31, 2021
USD ($)
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HUD | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | $ 1,000 |
New York Department of Financial Services | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | 250 |
Other State Banking Departments | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Total Capital to Risk-Weighted Assets, Actual Amount | $ 250 |
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- Definition Amount of total capital as defined by regulatory framework. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Available-for-Sale Securities - Company's Securities' Gross Unrealized Losses and Fair Values, Aggregated by Length of Time Individual Securities Have Been in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | $ 13,761 | $ 4,913 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (149) | (18) |
Securities With Gross Unrealized Losses, Total Fair Value | 13,761 | 4,913 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (149) | (18) |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 1,661 | 1,722 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (71) | (21) |
Securities With Gross Unrealized Losses, Total Fair Value | 1,661 | 1,722 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (71) | (21) |
Corporate Bonds | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 2,716 | 1,717 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (9) | (13) |
Securities With Gross Unrealized Losses, Total Fair Value | 2,716 | 1,717 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (9) | (13) |
Collateralized Mortgage Obligations | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 6,975 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (69) | |
Securities With Gross Unrealized Losses, Total Fair Value | 6,975 | |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (69) | |
FNMA Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 4,070 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (71) | |
Securities With Gross Unrealized Losses, Total Fair Value | 4,070 | |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (71) | |
FHLMC Certificates | ||
Available-for-Sale Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 3,196 | |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (5) | |
Securities With Gross Unrealized Losses, Total Fair Value | 3,196 | |
Securities With Gross Unrealized Losses, Total Unrealized Losses | (5) | |
Held-to-Maturity Securities: | ||
Securities With Gross Unrealized Losses Less Than 12 Months, Fair Value | 1,661 | 1,722 |
Securities With Gross Unrealized Losses Less Than 12 Months, Unrealized Losses | (71) | (21) |
Securities With Gross Unrealized Losses, Total Fair Value | 1,661 | 1,722 |
Securities With Gross Unrealized Losses, Total Unrealized Losses | $ (71) | $ (21) |
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- References No definition available.
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- Definition This item represents the aggregate fair value of investments in debt and equity securities in an unrealized loss position which are categorized neither as held-to-maturity nor trading securities. No definition available.
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- Definition This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for less than twelve months. No definition available.
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at amortized cost (held-to-maturity), in unrealized loss position. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity), in unrealized loss position. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at amortized cost (held-to-maturity), in continuous loss position for less than 12 months. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity), in continuous unrealized loss position for less than 12 months. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Commitments, Contingencies and Credit Risk - Financial Instruments Whose Contractual Amounts Represent Credit Risk (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
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Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 164,253 | $ 151,259 |
Commitments to Grant Mortgage Loans | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 119,866 | 101,722 |
Commitments to Sell Loans at Lock-In Rates | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | 5,995 | 11,276 |
Unfunded Commitments Under Lines of Credit | ||
Fair Value Concentration Of Risk Financial Statement Captions [Line Items] | ||
Contractual amounts represent credit risk | $ 38,392 | $ 38,261 |
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- Definition This item represents disclosure of all significant concentrations of credit risk or market risk arising from the subject financial instrument (as defined), whether from an individual counterparty or groups of counterparties. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Premises and Equipment - Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 603,211 | $ 602,267 | |
Property, plant and equipment, gross | 57,097,000 | $ 56,304,000 | |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 2,100 | ||
Property, plant and equipment, gross | 23,976,000 | 26,104,000 | |
Building Improvements | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 3,100 | ||
Property, plant and equipment, gross | 20,181,000 | 17,119,000 | |
Furniture, Fixtures and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 111,000,000 | ||
Property, plant and equipment, gross | 9,295,000 | 9,184,000 | |
Offset Improvement | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 367,000,000 | ||
Property, plant and equipment, gross | 538,000,000 | ||
Land | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | 252,000,000 | ||
Property, plant and equipment, gross | 3,645,000 | $ 3,897,000 | |
Buildings | |||
Property Plant And Equipment [Line Items] | |||
Increase (decrease) in property, plant and equipment | $ 3,200,000 |
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events |
Note 18.Subsequent Events In a privately negotiated transaction, the Company sold 348,739 shares of the Company’s treasury stock to Banc of America Strategic Investments Corporation.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Compensation and Benefit Plans - Summary of ESOP Shares (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Shares committed-to-be released | 12,063 | 48,250 | 12,063 |
Shares allocated to participants | 177,520 | 129,270 | |
Unallocated shares | 518,688 | 530,751 | |
Total | 708,271 | 708,271 | |
Fair value of unallocated shares | $ 5,763 | $ 5,578 |
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- Definition Employee stock ownership plan E S O P number of shares to be allocated to participants. No definition available.
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- References No definition available.
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- Definition Fair value of unearned shares held by the employee stock ownership plan (ESOP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The shares that, although not legally released, will be released by a future scheduled and committed debt service payment and will be allocated to employees for service rendered in the current accounting period. The ESOP documents typically define the period of service to which the shares relate. ESOP shares are released to compensate employees directly, to settle employer liabilities for other employee benefits, and to replace dividends on allocated shares that are used for debt service. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Shares contributed to the ESOP that have not yet been released, committed to be released, or allocated to participant accounts. Suspense shares generally collateralize ESOP debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the allocated, committed-to-be-released and suspense shares of the entity held by the plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Share |
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Earnings Per Share |
The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share:
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting |
Note 17.Segment Reporting The Company has two reportable segments: Ponce Bank and Mortgage World. Income from Ponce Bank consists primarily of interest earned on loans and investment securities and service charges on deposit accounts. Income from Mortgage World consists primarily of taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors. The accounting policies of the reportable segments are the same as those described in the summary of accounting policies. Segment profit and loss is measured by net income on a legal entity basis. Intercompany transactions are eliminated in consolidation.
Note 17.Segment Reporting (Continued)
Information about the reportable segments and reconciliation to the unaudited interim Consolidated Financial Statements at March 31, 2021 and 2020 and for the three months then ended is presented in the tables below.
Note 17.Segment Reporting (Continued)
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Interest and dividend income: | ||
Interest on loans receivable | $ 14,925 | $ 12,782 |
Interest on deposits due from banks | 2 | 66 |
Interest and dividend on available-for-sale securities and FHLBNY stock | 250 | 182 |
Total interest and dividend income | 15,177 | 13,030 |
Interest expense: | ||
Interest on certificates of deposit | 1,219 | 1,827 |
Interest on other deposits | 382 | 692 |
Interest on borrowings | 684 | 587 |
Total interest expense | 2,285 | 3,106 |
Net interest income | 12,892 | 9,924 |
Provision for loan losses (Note 5) | 686 | 1,146 |
Net interest income after provision for loan losses | 12,206 | 8,778 |
Non-interest income: | ||
Service charges and fees | 329 | 248 |
Brokerage commissions | 223 | 50 |
Late and prepayment charges | 244 | 119 |
Income on sale of mortgage loans | 1,508 | |
Loan origination | 539 | |
Gain on sale of real property | 663 | |
Other | 387 | 205 |
Total non-interest income | 3,893 | 622 |
Non-interest expense: | ||
Compensation and benefits | 5,664 | 5,008 |
Occupancy and equipment | 2,634 | 2,017 |
Data processing expenses | 594 | 467 |
Direct loan expenses | 1,009 | 212 |
Insurance and surety bond premiums | 146 | 121 |
Office supplies, telephone and postage | 409 | 316 |
Professional fees | 1,262 | 1,627 |
Marketing and promotional expenses | 38 | 234 |
Directors fees | 69 | 69 |
Regulatory dues | 60 | 46 |
Other operating expenses | 1,030 | 705 |
Total non-interest expense | 12,915 | 10,822 |
Income (loss) before income taxes | 3,184 | (1,422) |
Provision (benefit) for income taxes (Note 9) | 732 | (209) |
Net income (loss) | $ 2,452 | $ (1,213) |
Earnings (loss) per share (Note 11): | ||
Basic | $ 0.15 | $ (0.07) |
Diluted | $ 0.15 | $ (0.07) |
Weighted average shares outstanding (Note 11): | ||
Basic | 16,548,196 | 16,800,538 |
Diluted | 16,548,196 | 16,800,538 |
X | ||||||||||
- Definition Loan origination. No definition available.
|
X | ||||||||||
- Definition Non interest expense insurance and surety bond premiums. No definition available.
|
X | ||||||||||
- Definition Non interest income late and prepayment charges. No definition available.
|
X | ||||||||||
- Definition Non interest income service charges and fees. No definition available.
|
X | ||||||||||
- Definition Noninterest expense regulatory dues. No definition available.
|
X | ||||||||||
- Definition Amount of commission revenue from buying and selling securities on behalf of customers. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition The gains (losses) included in earnings that represent the difference between the sale price and the carrying value of loans made to finance real estate acquisitions. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of operating dividend and interest income, including amortization and accretion of premiums and discounts, on available-for-sale securities. No definition available.
|
X | ||||||||||
- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Aggregate amount of interest expense on all borrowings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Interest expense incurred on other deposits in domestic offices. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The aggregate interest expense incurred on time deposits, including certificates of deposits, in domestic offices. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Interest income derived from funds deposited with both domestic and foreign financial institutions including funds in money market and other accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Expenses paid for obtaining loans which includes expenses such as application and origination fees. No definition available.
|
X | ||||||||||
- Definition The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Noninterest expense related to directors' fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The aggregate amount of expenses directly related to the supplies and postage. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Deposits - Summarized Deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Banking And Thrifts [Abstract] | ||||||
Demand | [1] | $ 242,255 | $ 189,855 | |||
NOW/IOLA accounts | 32,235 | 39,296 | ||||
Money market accounts | 157,271 | 136,258 | ||||
Reciprocal deposits | 137,402 | 131,363 | ||||
Savings accounts | 130,211 | 125,820 | ||||
Total NOW, money market, reciprocal and savings | 457,119 | 432,737 | ||||
Certificates of deposit of $250K or more | 77,418 | 78,435 | ||||
Brokered certificates of deposits | 86,004 | 52,678 | ||||
Listing service deposits | [2] | 61,133 | 39,476 | |||
Certificates of deposit less than $250K | 214,617 | 236,398 | ||||
Total certificates of deposit | 439,172 | 406,987 | ||||
Total interest-bearing deposits | 896,291 | 839,724 | ||||
Total deposits | $ 1,138,546 | $ 1,029,579 | ||||
|
X | ||||||||||
- Definition Banking And Thrifts [Abstract] No definition available.
|
X | ||||||||||
- Definition Brokered certificates of deposit No definition available.
|
X | ||||||||||
- Definition Deposits Negotiable Order of Withdrawal NOW, money market, reciprocal and savings. No definition available.
|
X | ||||||||||
- Definition Listing service deposits. No definition available.
|
X | ||||||||||
- Definition The amount of deposits that an insured depository institution receives through a deposit placement network on a reciprocal basis No definition available.
|
X | ||||||||||
- Definition Time deposits less than two fifty thousand. No definition available.
|
X | ||||||||||
- Definition Time deposits two fifty thousand or more. No definition available.
|
X | ||||||||||
- Definition The amount of money in accounts that may bear interest and that the depositor is entitled to withdraw at any time without prior notice. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of deposits in accounts that offer many of the same services as checking accounts although transactions may be somewhat more limited, share some of the characteristics of a money market fund and are insured by the Federal government, also known as money market accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of deposits in interest-bearing transaction accounts at banks or savings and loans, that are restricted in regard to ownership and can usually only be held by individuals, nonprofit entities and governments. Negotiable order of withdrawal accounts differ from money market demand accounts as they typically have higher reserve requirements and no limit on the number of checks that can be written. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of interest bearing deposits with no stated maturity, which may include passbook and statement savings accounts and money-market deposit accounts (MMDAs). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The aggregate of all domestic and foreign interest-bearing deposit liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of time deposit liabilities, including certificates of deposit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Fair Value - Additional Information (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value Disclosures [Abstract] | ||
Aggregate unpaid pricipal balance | $ 13,500,000 | |
Mortgage loans held for sale, at fair value | $ 13,700,000 | |
Significant purchase commitment description | Mortgage World enters into rate lock commitments to extend credit to borrowers for generally up to a 60 day period for origination and/or purchase of loans. To the extent that a loan is ultimately granted and the borrower ultimately accepts the terms of the loan, these loan commitments expose Mortgage World to variability in its fair value due to changes in interest rates. | |
Derivative, notional amount | $ 6,000,000 | $ 11,300,000 |
Derivatives from interest rate lock commitments | $ 59,000 | $ 166,000 |
X | ||||||||||
- Definition Nominal or face amount used to calculate payment on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition This item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans and long-term receivables (other than securities categorized as trading, available-for-sale or held-to-maturity) that have contractual principal amounts and for which the fair value option has been elected. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Fair value as of the balance sheet date of interest rate derivative assets, which includes all such derivative instruments in hedging and nonhedging relationships that are recognized as assets. No definition available.
|
X | ||||||||||
- Definition Fair value portion of mortgage loans held-for-sale. No definition available.
|
X | ||||||||||
- Definition Excluding long-term commitments, description of arrangements in which the entity has agreed to expend funds to procure goods or services from one or more suppliers, which may include identification of the goods or services to be purchased, identity of the seller, pricing, effects on pricing (such as penalties) of failing to reach minimum quantities required to be purchased, cancellation rights, and termination provisions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Credit Risk Ratings by Loan Segment (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,246,478 | $ 1,172,053 | ||||
1-4 Family | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 417,880 | 418,391 | ||||
Multifamily Residential | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 315,078 | 307,411 | ||||
Nonresidential | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 215,340 | 218,929 | ||||
Construction and Land | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 119,339 | 105,858 | ||||
Business | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | [1] | 142,135 | 94,947 | |||
Consumer | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | [2] | 36,706 | 26,517 | |||
Pass | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 1,217,218 | 1,131,999 | ||||
Pass | 1-4 Family | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 406,662 | 406,993 | ||||
Pass | Multifamily Residential | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 308,716 | 301,015 | ||||
Pass | Nonresidential | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 210,310 | 213,882 | ||||
Pass | Construction and Land | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 112,689 | 88,645 | ||||
Pass | Business | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 142,135 | 94,947 | ||||
Pass | Consumer | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 36,706 | 26,517 | ||||
Special Mention | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,966 | 19,546 | ||||
Special Mention | 1-4 Family | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 2,316 | 2,333 | ||||
Special Mention | Construction and Land | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,650 | 17,213 | ||||
Substandard | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 20,294 | 20,508 | ||||
Substandard | 1-4 Family | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 8,902 | 9,065 | ||||
Substandard | Multifamily Residential | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 6,362 | 6,396 | ||||
Substandard | Nonresidential | ||||||
Financing Receivable Recorded Investment [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 5,030 | $ 5,047 | ||||
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount before allowance of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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X | ||||||||||
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X | ||||||||||
- Details
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Income Taxes - Significant Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred tax assets: | ||
Allowance for loan losses | $ 5,054 | $ 4,846 |
Deferred loan fees | 167 | |
Interest on nonaccrual loans | 711 | 792 |
Amortization of intangible assets | 65 | 70 |
Deferred rent payable | 124 | 120 |
Depreciation of premises and equipment | 79 | |
Net operating losses | 3,802 | 3,990 |
Charitable contribution carryforward | 1,273 | 1,366 |
Compensation and benefits | 483 | 326 |
Other | 69 | 78 |
Total gross deferred tax assets | 11,748 | 11,667 |
Deferred tax liabilities: | ||
Depreciation of premises and equipment | 903 | |
Deferred loan fees | 475 | |
Unrealized gain on available-for-sale securities | 8 | 25 |
Other | 38 | 39 |
Total gross deferred tax liabilities | 949 | 539 |
Valuation allowance | 6,230 | 6,472 |
Net deferred tax assets | $ 4,569 | $ 4,656 |
X | ||||||||||
- Definition Deferred tax assets interest on nonaccrual loans. No definition available.
|
X | ||||||||||
- Definition Deferred tax liabilities unrealized gains on available for sale securities gross. No definition available.
|
X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible charitable contribution carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from intangible assets including goodwill. No definition available.
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount, before allocation of valuation allowance, of deferred tax asset attributable to deductible temporary differences, classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from property, plant, and equipment. No definition available.
|
X | ||||||||||
- Definition Amount, before allocation of valuation allowances, of deferred tax asset attributable to deductible differences from reserves and accruals, compensation and benefit costs, and other provisions, reserves, and allowances. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from compensation and benefits costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the allowance for doubtful accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred rent. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from tax deferred revenue or income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
---|---|---|---|
Statement Of Stockholders Equity [Abstract] | |||
Number of ESOP shares committed to be released | 12,063 | 48,250 | 12,063 |
X | ||||||||||
- Definition The shares that, although not legally released, will be released by a future scheduled and committed debt service payment and will be allocated to employees for service rendered in the current accounting period. The ESOP documents typically define the period of service to which the shares relate. ESOP shares are released to compensate employees directly, to settle employer liabilities for other employee benefits, and to replace dividends on allocated shares that are used for debt service. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
Restrictions on Cash and Due from Banks - Additional Information (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Cash And Cash Equivalents [Abstract] | ||
Restricted cash | $ 10,100 | $ 24,500 |
Required reserve balances in cash or on deposit with the Federal Reserve Bank | 0 | 0 |
Total Restricted cash | $ 70,172 | $ 150,407 |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Cash deposited in a special reserve account for the exclusive benefit of customers pursuant to SEC Regulations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income |
The components of accumulated other comprehensive income are as follows:
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
Summary of Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | $ 1,246,478 | $ 1,172,053 | ||||
Net deferred loan origination costs | (512) | 1,457 | ||||
Allowance for loan losses | (15,508) | (14,870) | ||||
Loans receivable, net | 1,230,458 | 1,158,640 | ||||
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 | 317,895 | 319,596 | ||||
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 | 99,985 | 98,795 | ||||
Multifamily Residential | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 315,078 | 307,411 | ||||
Nonresidential Properties | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 215,340 | 218,929 | ||||
Construction and Land | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | 119,339 | 105,858 | ||||
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] | 142,135 | 94,947 | |||
Consumer Loans | ||||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||||
Loans before net deferred loan origination cost and allowance for losses on loan | [2] | $ 36,706 | $ 26,517 | |||
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of allowance to cover probable credit losses on loans and leases. Includes carryover of or adjustments to the allowance for loan losses in connection with business combinations. Excludes allowance for loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of deferred interest and fee income, unamortized costs incurred to originate loans and leases, unamortized loan commitments and loan syndication fees, and premiums over or discounts from face amounts of acquired loans. Excludes amounts for loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount before allowance of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount after allowance and deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Excludes loans and leases covered under loss sharing agreements and loans held for sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
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Earnings Per Share - Schedule of Reconciliation of Number of Shares Used in Calculation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 2,452 | $ (1,213) |
Common shares outstanding for basic EPS: | ||
Weighted average common shares outstanding | 17,078,813 | 17,379,406 |
Less: Weighted average unallocated Employee Stock Ownership Plan (ESOP) shares | 530,617 | 578,868 |
Basic weighted average common shares outstanding | 16,548,196 | 16,800,538 |
Basic earnings (loss) per common share | $ 0.15 | $ (0.07) |
Dilutive potential common shares: | ||
Diluted weighted average common shares outstanding | 16,548,196 | 16,800,538 |
Diluted earnings (loss) per common share | $ 0.15 | $ (0.07) |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Number of employee stock ownership plan (ESOP) shares that have not been committed to be released determined by relating the portion of time within a reporting period that these shares have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
|
Available-for-Sale Securities |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Securities |
The amortized cost, gross unrealized gains and losses, and fair value of securities at March 31, 2021 and December 31, 2020 are summarized as follows:
There was one security classified as held-to-maturity as of March 31, 2021 and December 31, 2020. There were no available-for-sale securities and held-to-maturity securities sold during the three months ended March 31, 2021 and for the year ended December 31, 2020. No securities matured and/or were called during the three months ended March 31, 2021 and $17.8 million matured and/or were called during the year ended December 31, 2020. The Company purchased $14.1 million in available-for-sale securities during the three months ended March 31, 2021 and $13.6 million in available-for-sale securities and $1.7 million in held-to-maturity securities during the year ended December 31, 2020. Note 4.Available-for-Sale Securities (Continued) The following table presents the Company's gross unrealized losses and fair values of its securities, aggregated by the length of time the individual securities have been in a continuous unrealized loss position, at March 31, 2021 and December 31, 2020:
The Company’s investment portfolio had twelve and eight available-for-sale securities at March 31, 2021 and December 31, 2020, respectively, and one held-to-maturity security at March 31, 2021 and December 31, 2020. At March 31, 2021 and December 31, 2020, the Company had five and three available-for-sale securities, respectively, and one held-to-maturity security at March 31, 2021 and December 31, 2020 with gross unrealized loss positions. Management reviewed the financial condition of the entities underlying the securities at both March 31, 2021 and December 31, 2020 and determined that they are not other than temporarily impaired because the unrealized losses in those securities 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. Note 4.Available-for-Sale Securities (Continued) The following is a summary of maturities of securities at March 31, 2021 and December 31, 2020. 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.
There were no securities pledged at March 31, 2021 and December 31, 2020. The held-to-maturity securities held at March 31, 2021 and December 31, 2020 will mature on October 1, 2050.
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- References No definition available.
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- Definition The entire disclosure for investments in certain debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Consolidated Statements of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Cash Flows From Operating Activities: | |||
Net income (loss) | $ 2,452,000 | $ (1,213,000) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Amortization of premiums/discounts on securities, net | 20,000 | 2,000 | |
Loss on sale of loans | 152,000 | ||
Gain on sale of real property | (663,000) | ||
Gain on derivatives | (59,000) | ||
Provision for loan losses (Note 5) | 686,000 | 1,146,000 | $ 2,443,000 |
Depreciation and amortization | 603,211 | 602,267 | |
ESOP compensation | 157,000 | 156,000 | |
Share-based compensation expense | 352,000 | 352,000 | |
Deferred income taxes | 254,000 | (441,000) | |
Changes in assets and liabilities: | |||
Decrease in mortgage loans held for sale, fair value | 20,649,000 | ||
Increase in accrued interest receivable | (1,151,000) | (216,000) | |
Decrease (increase) in other assets | 5,459,000 | (3,506,000) | |
Increase (decrease) in accrued interest payable | 6,000 | (11,000) | |
Increase in advance payments by borrowers | 2,245,000 | 1,947,000 | |
Decrease in mortgage loan fundings payable | (807,000) | ||
(Decrease) increase in other liabilities | (7,744,000) | 2,439,000 | |
Net cash provided by operating activities | 22,611,000 | 1,257,000 | |
Cash Flows From Investing Activities: | |||
Proceeds from redemption of FHLBNY stock | 399,000 | 2,039,000 | |
Purchases of FHLBNY Stock | (30,000) | (4,193,000) | |
Purchases of available-for-sale securities | (14,123,000) | (8,685,000) | |
Proceeds from sale of available-for-sale securities | 8,875,000 | ||
Proceeds from maturities, calls and principal repayments on available-for-sale securities | 634,000 | 2,148,000 | |
Proceeds from sales of loans | 880,000 | 3,530,000 | |
Net increase in loans | (72,504,000) | (21,918,000) | |
Proceeds from sale of real property | 2,417,000 | ||
Purchases of premises and equipment | (3,739,000) | (336,000) | |
Net cash used in investing activities | (86,066,000) | (18,540,000) | |
Cash Flows From Financing Activities: | |||
Net increase in deposits | 108,967,000 | 47,698,000 | |
Repurchase of treasury stock | (1,171,000) | (2,012,000) | |
Proceeds from advances from FHLBNY | 500,000 | 123,630,000 | |
Repayments of advances from FHLBNY | (8,500,000) | (75,750,000) | |
Net advances on warehouse lines of credit | (18,297,000) | ||
Net cash provided by financing activities | 81,499,000 | 93,566,000 | |
Net increase in cash and cash equivalents | 18,044,000 | 76,283,000 | |
Cash and Cash Equivalents including restricted cash: | |||
Beginning | 72,078,000 | 27,677,000 | 27,677,000 |
Ending | 90,122,000 | 103,960,000 | $ 72,078,000 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest on deposits and borrowings | 2,279,000 | 3,117,000 | |
Cash paid for income taxes | $ 50,000 | $ 91,000 |
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- Definition Gain on sale of real property. No definition available.
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X | ||||||||||
- Definition Increase decrease in advance payments by borrowers. No definition available.
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X | ||||||||||
- Definition Increase decrease in mortgage loan fundings payable. No definition available.
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X | ||||||||||
- Definition Proceeds from maturities, calls and principal repayments on available-for-sale securities. No definition available.
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X | ||||||||||
- Definition Proceeds from sale of real property 1. No definition available.
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X | ||||||||||
- Definition The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of plan compensation cost recognized during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the amount due from borrowers for interest payments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The net cash inflow or outflow for the increase (decrease) in the beginning and end of period deposits balances. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in the value of mortgage loans that are held with the intention to sell or be securitized in the near future. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Amount of increase (decrease) in operating assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of increase (decrease) in operating liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of cash outflow to acquire investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of cash outflow to acquire Federal Home Loan Bank (FHLB) stock. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition The cash outflow for the purchase of loan receivable arising from the financing of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash inflow from collection of advance by Federal Home Loan Bank (FHLBank), classified as investing activity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of cash inflow from sale of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of cash inflow from sale of Federal Home Loan Bank (FHLB) stock. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition The cash inflow associated with the sale of loans receivables arising from the financing of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of cash outflow for repayment of Federal Home Loan Bank (FHLBank) borrowing, classified as financing activity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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X | ||||||||||
- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
|
Income Taxes - Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ||
Income tax, at federal rate | $ 669 | $ (299) |
State and local tax, net of federal taxes | 299 | (500) |
Valuation allowance, net of the federal benefit | (242) | 541 |
Other | 6 | 49 |
Provision (benefit) for income taxes | $ 732 | $ (209) |
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to increase (decrease) in the valuation allowance for deferred tax assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Deposits |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Banking And Thrifts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits |
Deposits at March 31, 2021 and December 31, 2020 are summarized as follows:
Note 7.Deposits (Continued)
At March 31, 2021 scheduled maturities of certificates of deposit were as follows:
Overdrawn deposit accounts that have been reclassified to loans amounted to $61,556 and $101,715 as of March 31, 2021 and December 31, 2020, respectively. |
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- Definition Banking And Thrifts [Abstract] No definition available.
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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | $ 20 | |
Other comprehensive income (loss), net of tax | $ (107) | 115 |
Unrealized gains on available-for-sale securities, net | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | 135 | 20 |
Other comprehensive income (loss), net of tax | (107) | 115 |
Accumulated other comprehensive income (loss) ending balance | 28 | 135 |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive income (loss) beginning balance | 135 | |
Accumulated other comprehensive income (loss) ending balance | $ 28 | $ 135 |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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- Details
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Nature of Business and Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||
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, 2020 included in the Company’s annual report on Form 10-K. The unaudited interim Consolidated Financial Statements include the accounts of the Company, its wholly-owned subsidiaries Ponce Bank (the “Bank”) and Mortgage World Bankers, Inc. (“Mortgage World”), and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries consist of PFS Service Corp., which owns one of the Bank’s real property, and Ponce De Leon Mortgage Corp., which is a mortgage banking entity. All significant intercompany transactions and balances have been eliminated in consolidation. Nature of Operations: The Company is a financial holding company formed on September 29, 2017 in connection with the reorganization of the Bank into a mutual holding company structure. The Company is subject to the regulation and examination by the Board of Governors of the Federal Reserve. The Company’s business is conducted through the administrative office and 19 mortgage and banking offices. The banking offices are located in New York City – the Bronx (4 branches), Manhattan (2 branches), Queens (3 branches), Brooklyn (3 branches) and Union City (1 branch), New Jersey. The mortgage offices are located in Nassau County (1), Queens (2) and Brooklyn (1), New York and Englewood Cliffs (1) and Bergenfield (1), New Jersey. The Company’s primary market area currently consists of the New York City metropolitan area. The Bank is a federally chartered stock savings association headquartered in the Bronx, New York. It was originally chartered in 1960 as a federally chartered mutual savings and loan association under the name Ponce De Leon Federal Savings and Loan Association. In 1985, the Bank changed its name to “Ponce De Leon Federal Savings Bank.” In 1997, the Bank changed its name again to “Ponce De Leon Federal Bank.” Upon the completion of its reorganization into a mutual holding company structure, the assets and liabilities of Ponce De Leon Federal Bank were transferred to and assumed by the Bank. The Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. The Bank is subject to comprehensive regulation and examination by the Office of Comptroller of the Currency (the “OCC”). The Bank’s business primarily consists of taking deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, in mortgage loans, consisting of one-to-four family residential (both investor-owned and owner-occupied), multifamily residential, nonresidential properties and construction and land, and, to a lesser extent, in business and consumer loans. The Bank also invests in securities, which have historically consisted of U.S. government and federal agency securities and securities issued by government-sponsored or owned enterprises, mortgage-backed securities and Federal Home Loan Bank of New York (the “FHLBNY”) stock. The Bank offers a variety of deposit accounts, including demand, savings, money markets and certificates of deposit accounts. On July 10, 2020, the Company completed its acquisition of Mortgage World. Mortgage World is a mortgage banking entity subject to the regulation and examination of the New York State Department of Financial Services. The primary business of Mortgage World is the taking of applications from the general public for residential mortgage loans, underwriting them to investors’ standards, closing and funding them and holding them until they are sold to investors. Although Mortgage World is permitted to do business in various states (New York, New Jersey, Pennsylvania, Florida and Connecticut), it primarily operates in the New York City metropolitan area.
Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) Risks and Uncertainties: The COVID-19 pandemic continues to disrupt the global and U.S. economies and as well as the lives of individuals throughout the world. The New York City Metropolitan area continues to experience 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 vaccinations and quarantines and to certain extent limitation to travel. The financial impact of the COVID-19 pandemic is still unknown at this time. However, if the pandemic continues for a sustained period of time, it may continue to 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 its business operations, loan portfolio, financial condition, and results of operations. During the three months ended March 31, 2021, the provision for loan losses increased by $685,689 primarily due to increases in qualitative reserves as the Company continues to assess the economic impacts the COVID-19 pandemic has on its local economy and its loan portfolio. Therefore, there is a reasonable probability that the Company’s allowance for loan losses as of March 31, 2021 may change thereafter and could result in a material adverse change to the Company’s provision for loan losses, earnings and capital.
Summary of Significant Accounting Policies: Use of Estimates: 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 March 31, 2021, and for the three months ended March 31, 2021 and 2020 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 months ended March 31, 2021, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2021, 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 and Mortgage World’s ability to sell originated loans in the secondary markets are susceptible to changes in the local market conditions. Note 4 discusses the types of securities that the Bank invests in. Notes 5 and 12 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 Company 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 Company, interest-bearing deposits in financial institutions, and deposits are reported net. Included in cash and cash equivalents are restricted cash from escrows and good faith deposits. Escrows consist of U.S. Department of Housing and Urban Development (“HUD”) upfront mortgage insurance premiums and escrows on unsold mortgages that are held on behalf of borrowers. Good faith deposits consist of deposits received from commercial loan customers for use in various disbursements relating to the closing of a commercial loan. Restricted cash are included in cash and cash equivalents for purposes of the consolidated statement of cash flows. 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 (loss), net of tax. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) 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 operations and (2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the discounted present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. The sale of a held-to-maturity security within three months of its maturity date or after collection of at least 85% of the principal outstanding at the time the security was acquired is considered a maturity for purposes of classification and disclosure.
Federal Home Loan Bank of New York Stock: 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 interest method without anticipating prepayments. A loan is moved to nonaccrual status in accordance with the Company’s policy typically after 90 days of non-payment. The accrual of interest on mortgage and commercial loans is generally discontinued at the time the loan becomes 90 days past due unless the loan is well-secured and in process of collection. Consumer loans are typically charged-off no later than 120 days past due. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual status or charged-off if collection of principal or interest is considered doubtful. All nonaccrual loans are considered impaired loans. All interest accrued but not received for loans placed on nonaccrual are reversed against interest income. Interest received on such loans is accounted for on the cash basis or recorded against principal balances, until qualifying for return to accrual. Cash basis interest recognition is only applied on nonaccrual loans with a sufficient collateral margin to ensure no doubt with respect to the collectability of principal. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and remain current for a period of time (typically six months) and future payments are reasonably assured. 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 (“ALLL”) 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. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the 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. When a loan is modified to troubled debt restructured, management evaluates for any possible impairment by using 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 due in 10 to 15 years, and terms which provide that the interest rates are 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 and generally have a conversion to permanent financing feature.
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. Mortgage Loans Held for Sale: Mortgage loans held for sale, at fair value, include residential mortgages that were originated in accordance with secondary market pricing and underwriting standards. These loans are originated by Mortgage World which the Company intends to sell on the secondary market. Mortgage loans held for sale are carried at fair value under the fair value option accounting guidance for financial assets and financial liabilities. The gains or losses for the changes in fair value of these loans are included in income on sale of mortgage loans on the consolidated statements of operations. Interest income on mortgage loans held for sale measured under the fair value option is calculated based on the principal amount of the loan and is included in interest on loans receivable on the consolidated statements of operations. The Bank loans held for sale are earmarked for investor purchase and are reported at the lower of cost or fair value as determined by investor bid prices. Sales of loans occur from time to time as part of strategic business or regulatory compliance initiatives. Bank loans held for sale are sold without recourse and servicing released. When a Bank 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. Derivative Financial Instruments: The Company, through Mortgage World, uses derivative financial instruments as a part of its price risk management activities. All such derivative financial instruments are designated as free-standing derivative instruments. In accordance with FASB ASC 815-25, Derivatives and Hedging, all derivative instruments are recognized as assets or liabilities on the balance sheet at their fair value. Changes in the fair value of these derivatives are reported in current period earnings. Additionally, to facilitate the sale of mortgage loans, Mortgage World may enter into forward sale positions on securities, and mandatory delivery positions. Exposure to losses or gains on these positions is limited to the net difference between the calculated amounts to be received and paid. As of March 31, 2021, the Company did not enter into any forward sale or mandatory delivery positions on their financial instruments. Revenue from Contracts with Customers: The Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. ASC 606 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company's primary source of revenue is interest income on financial assets and income from mortgage banking activities, which are explicitly excluded from the scope of ASC 606. 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 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 the COVID-19 pandemic, 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 Company may temporarily suspend its delinquency and nonperforming treatment for certain loans that have been granted a payment accommodation that facilitates borrowers' ability to work through the immediate impact of the pandemic. Borrowers who were current prior to becoming affected by the COVID-19 pandemic, then receive payment accommodations as a result of the effects of the COVID-19 pandemic and if all payments are current in accordance with the revised terms of the loan, generally would not be reported as past due. The Company has chosen to utilize this part of the CARES Act as it relates to delinquencies and nonperforming loans and does not report these loans as past due. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) Under Section 4013 of the CARES Act, modifications of loan terms do not automatically result in TDRs and the Company generally does not need to categorize the COVID-19 pandemic-related modifications as TDRs. The Company may elect not to categorize loan modifications as TDRs if they are (1) related to the COVID-19 pandemic; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. The termination date was extended by the Consolidated Appropriations Act of 2021, to the earlier of 60 days after the date of termination of the National Emergency or January 1, 2022. For all other loan modifications, the federal banking agencies have confirmed with staff of the Financial Accounting Standards Board ("FASB") that short-term modifications made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. Financial institutions accounting for eligible loans under Section 4013 are not required to apply ASC Subtopic 310-40 to the Section 4013 loans for the term of the loan modification. Financial institutions do not have to report Section 4013 loans as TDRs in regulatory reports, including this Form 10-Q. The Company has chosen to utilize this section of the CARES Act and does not report the COVID-19 pandemic related modifications as TDRs.
Under the CARES Act and related Interagency Statement, in regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to the COVID-19 pandemic as past due because of the deferral. A loan's payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, this may result in no contractual payments being past due, and these loans are not considered past due during the period of the deferral. Each financial institution should refer to the applicable regulatory reporting instructions, as well as its internal accounting policies, to determine if loans to distressed borrowers should be reported as nonaccrual assets in regulatory reports. However, during the short-term arrangements, these loans generally should not be reported as nonaccrual. The Company has elected to follow this guidance of the CARES Act and reports 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. 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:
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 leasehold improvements, 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. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) 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, or other applicable basis of taxation, 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 operations.
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 16 contains details regarding related party transactions. Employee Benefit Plans: The Company maintains a KSOP, an Employee Stock Ownership Plan with 401(k) provisions incorporated, a Long-Term Incentive Plan that includes grants of restricted stock units and stock options, and a Supplemental Executive Retirement Plan (the “SERP”). KSOP, the Employee Stock Ownership Plan with 401(k) Provisions: Compensation expense is recorded as shares are committed to be released with a corresponding credit to unearned KSOP equity account at the average fair market 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 KSOP. The difference between the average fair market value and the cost of the shares allocated by the KSOP is recorded as an adjustment to additional paid-in-capital. Unallocated common shares held by the Company’s KSOP 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. The 401(k) provisions provide 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. Stock Options: The Company recognizes the value of shared-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. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) Restricted Stock Units: The Company recognizes compensation cost related to restricted stock units based on the market price of the stock units at the grant date over the vesting period. The product of the number of units granted and the grant date market price of the Company’s common stock determines the fair value of restricted stock units. The Company recognizes compensation expense for the fair value of the restricted stock units on a straight-line basis over the requisite service period. Comprehensive Income (Loss): Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which are both recognized as separate components of equity. Other comprehensive income (loss) includes unrealized gains and losses on securities available-for-sale. 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 an 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 13. 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. Segment Reporting: The Company’s business is conducted through two business segments: Ponce Bank, which involves the delivery of loan and deposit products to customers, and Mortgage World, which consists of mortgage underwriting and selling such mortgages to investors. Accordingly, all of the financial service operations are considered by management to be aggregated in two reportable operating segments as more fully disclosed in Note 17. 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 (loss) 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. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. Reclassification of Prior Year Presentation: Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reporting results of operations and did not affect previously reported amounts in the Consolidated Statements of Operations. 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 March 31, 2021, there is no significant difference in the comparability of the consolidated financial statements as a result of this extended transition period.
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. Note 1.Nature of Business and Summary of Significant Accounting Policies (Continued) 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 14 branches and mortgage offices 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 14 leased branches and mortgage offices. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU 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, that are not deemed to be smaller reporting companies as defined by the SEC as of November 15, 2019. 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. The Company adopted 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 did not 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 Company adopted this standard, which had no 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 Company adopted this standard, which had no material effect on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848).” This ASU provides optional means and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of the reference rate reform. The amendments in this ASU are effective for all entities as of March 12, 2020 through December 31, 2022. The Company believes this update will not have a material impact on the consolidated financial statements. |
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- Definition The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Composition of Allowance for Loan Losses and Related Recorded Investment in Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | $ 14,870 | $ 12,329 | $ 12,329 |
Provision charged to expense | 686 | 1,146 | 2,443 |
Losses charged-off | (50) | (6) | |
Recoveries | 2 | 9 | 104 |
Balance, end of period | 15,508 | 13,484 | 14,870 |
Ending balance: individually evaluated for impairment | 284 | 289 | 292 |
Ending balance: collectively evaluated for impairment | 15,224 | 13,195 | 14,578 |
Ending balance: individually evaluated for impairment | 18,879 | 16,098 | 19,352 |
Ending balance: collectively evaluated for impairment | 1,227,599 | 968,219 | 1,152,701 |
Total | 1,246,478 | 984,317 | 1,172,053 |
1-4 Family Residential Investor Owned | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 3,850 | 3,503 | 3,503 |
Provision charged to expense | (6) | 234 | 347 |
Balance, end of period | 3,844 | 3,737 | 3,850 |
Ending balance: individually evaluated for impairment | 116 | 113 | 118 |
Ending balance: collectively evaluated for impairment | 3,728 | 3,624 | 3,732 |
Ending balance: individually evaluated for impairment | 6,515 | 5,303 | 7,468 |
Ending balance: collectively evaluated for impairment | 311,380 | 302,903 | 312,128 |
Total | 317,895 | 308,206 | 319,596 |
1-4 Family Owner-Occupied | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 1,260 | 1,067 | 1,067 |
Provision charged to expense | 14 | 120 | 193 |
Balance, end of period | 1,274 | 1,187 | 1,260 |
Ending balance: individually evaluated for impairment | 127 | 145 | 134 |
Ending balance: collectively evaluated for impairment | 1,147 | 1,042 | 1,126 |
Ending balance: individually evaluated for impairment | 6,247 | 5,613 | 5,754 |
Ending balance: collectively evaluated for impairment | 93,738 | 88,274 | 93,041 |
Total | 99,985 | 93,887 | 98,795 |
Multifamily | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 5,214 | 3,865 | 3,865 |
Provision charged to expense | 226 | 398 | 1,349 |
Balance, end of period | 5,440 | 4,263 | 5,214 |
Ending balance: collectively evaluated for impairment | 5,440 | 4,263 | 5,214 |
Ending balance: individually evaluated for impairment | 946 | 946 | |
Ending balance: collectively evaluated for impairment | 314,132 | 259,326 | 306,465 |
Total | 315,078 | 259,326 | 307,411 |
Nonresidential Properties | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 2,194 | 1,849 | 1,849 |
Provision charged to expense | (10) | 291 | 341 |
Recoveries | 2 | 4 | |
Balance, end of period | 2,184 | 2,142 | 2,194 |
Ending balance: individually evaluated for impairment | 41 | 31 | 40 |
Ending balance: collectively evaluated for impairment | 2,143 | 2,111 | 2,154 |
Ending balance: individually evaluated for impairment | 5,171 | 5,182 | 5,184 |
Ending balance: collectively evaluated for impairment | 210,169 | 205,043 | 213,745 |
Total | 215,340 | 210,225 | 218,929 |
Construction and Land | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 1,820 | 1,782 | 1,782 |
Provision charged to expense | 107 | 123 | 38 |
Balance, end of period | 1,927 | 1,905 | 1,820 |
Ending balance: collectively evaluated for impairment | 1,927 | 1,905 | 1,820 |
Ending balance: collectively evaluated for impairment | 119,339 | 100,202 | 105,858 |
Total | 119,339 | 100,202 | 105,858 |
Business | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 254 | 254 | 254 |
Provision charged to expense | (10) | (22) | (95) |
Recoveries | 2 | 7 | 95 |
Balance, end of period | 246 | 239 | 254 |
Ending balance: collectively evaluated for impairment | 246 | 239 | 254 |
Ending balance: collectively evaluated for impairment | 142,135 | 11,183 | 94,947 |
Total | 142,135 | 11,183 | 94,947 |
Consumer Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance, beginning of period | 278 | 9 | 9 |
Provision charged to expense | 365 | 2 | 270 |
Losses charged-off | (50) | (6) | |
Recoveries | 5 | ||
Balance, end of period | 593 | 11 | 278 |
Ending balance: collectively evaluated for impairment | 593 | 11 | 278 |
Ending balance: collectively evaluated for impairment | 36,706 | 1,288 | 26,517 |
Total | $ 36,706 | $ 1,288 | $ 26,517 |
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- Definition The valuation allowance for financing receivables that are expected to be uncollectible that were collectively evaluated for impairment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of valuation allowance for financing receivables that are expected to be uncollectible that were individually evaluated for impairment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase in allowance for credit loss on financing receivable from recovery. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of writeoff of financing receivable, charged against allowance for credit loss. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before allowance and after deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Excludes loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Regulatory Capital Requirements (Tables) |
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Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2021 and December 31, 2020 as compared to regulatory requirements are as follows:
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Mortgage World Bankers Inc | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Bank's Actual Capital Amounts and Ratios As Compared to Regulatory Requirements |
Mortgage World’s minimum net worth requirements as of March 31, 2021 and December 31, 2020 are reflected below:
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Tabular disclosure of the capital amounts and ratios as of the balance sheet date, indicating whether the entity or entities are in compliance with regulatory capital requirements, by entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Available-for-Sale Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Available-for-Sale Securities: | ||
Amortized Cost | $ 30,832 | $ 17,351 |
Gross Unrealized Gains | 246 | 165 |
Gross Unrealized Losses | (149) | (18) |
Fair Value | 30,929 | 17,498 |
Held-to-Maturity Securities: | ||
Amortized Cost | 1,732 | 1,743 |
Gross Unrealized Losses | (71) | (21) |
Fair Value | 1,661 | 1,722 |
Corporate Bonds | ||
Available-for-Sale Securities: | ||
Amortized Cost | 13,408 | 10,381 |
Gross Unrealized Gains | 158 | 95 |
Gross Unrealized Losses | (9) | (13) |
Fair Value | 13,557 | 10,463 |
U.S. Government Bonds | ||
Available-for-Sale Securities: | ||
Amortized Cost | 2,978 | |
Gross Unrealized Gains | 10 | |
Fair Value | 2,988 | |
Collateralized Mortgage Obligations | ||
Available-for-Sale Securities: | ||
Amortized Cost | 7,044 | |
Gross Unrealized Losses | (69) | |
Fair Value | 6,975 | |
FNMA Certificates | ||
Available-for-Sale Securities: | ||
Amortized Cost | 7,161 | 3,506 |
Gross Unrealized Gains | 71 | 61 |
Gross Unrealized Losses | (71) | |
Fair Value | 7,161 | 3,567 |
GNMA Certificates | ||
Available-for-Sale Securities: | ||
Amortized Cost | 241 | 263 |
Gross Unrealized Gains | 7 | 9 |
Fair Value | 248 | 272 |
FHLMC Certificates | ||
Available-for-Sale Securities: | ||
Amortized Cost | 3,201 | |
Gross Unrealized Losses | (5) | |
Fair Value | 3,196 | |
Held-to-Maturity Securities: | ||
Amortized Cost | 1,732 | 1,743 |
Gross Unrealized Losses | (71) | (21) |
Fair Value | $ 1,661 | $ 1,722 |
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- Definition Amount before tax of unrealized gain in accumulated other comprehensive income (AOCI) on investments in debt and equity securities classified as available-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of accumulated unrealized loss on investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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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, 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) | (1,213) | (1,213) | |||||
Other comprehensive income (loss), net of tax | 90 | 90 | |||||
Treasury stock | (2,012) | (2,012) | |||||
Treasury stock, Shares | (151,394) | ||||||
ESOP shares committed to be released (12,063 shares) | 124 | 3 | 121 | ||||
Restricted stock awards | 323 | 323 | |||||
Stock options | 29 | 29 | |||||
Balance at Mar. 31, 2020 | 155,743 | $ 185 | (16,490) | 85,132 | 92,475 | 110 | (5,669) |
Balance, Shares at Mar. 31, 2020 | 17,299,740 | ||||||
Balance at Dec. 31, 2020 | 159,544 | $ 185 | (18,114) | 85,105 | 97,541 | 135 | (5,308) |
Balance, Shares at Dec. 31, 2020 | 17,125,969 | ||||||
Net income (loss) | 2,452 | 2,452 | |||||
Other comprehensive income (loss), net of tax | (107) | (107) | |||||
Treasury stock | $ (1,171) | (1,171) | |||||
Treasury stock, Shares | (1,444,776) | (107,717) | |||||
ESOP shares committed to be released (12,063 shares) | $ 134 | 13 | 121 | ||||
Restricted stock awards | 319 | 319 | |||||
Stock options | 33 | 33 | |||||
Balance at Mar. 31, 2021 | $ 161,204 | $ 185 | $ (19,285) | $ 85,470 | $ 99,993 | $ 28 | $ (5,187) |
Balance, Shares at Mar. 31, 2021 | 17,018,252 |
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- Definition Employee stock ownership plan ESOP number of committed to be released value. No definition available.
|
X | ||||||||||
- Definition Other comprehensive income loss before reclassification from stranded tax effects. No definition available.
|
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- Definition Amount of increase to additional paid-in capital (APIC) for recognition of cost for restricted stock unit under share-based payment arrangement. No definition available.
|
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- Definition Amount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement. No definition available.
|
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
|
X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Deposits - Summarized Deposits (Parenthetical) (Details) - USD ($) |
Mar. 31, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Time Deposits [Line Items] | ||||
Individual brokered certification of deposit | $ 28,800,000 | $ 27,000,000 | ||
Listing service deposits | [1] | 61,133,000 | $ 39,476,000 | |
Minimum | ||||
Time Deposits [Line Items] | ||||
Listing service deposits | $ 250,000 | |||
|
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- Definition Individual brokered certification of deposit. No definition available.
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- Definition Listing service deposits. No definition available.
|
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- Definition Time Deposits. No definition available.
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Nature of Business and Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||
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:
|
X | ||||||||||
- Definition Property plant and equipment useful life. No definition available.
|
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- References No definition available.
|
Transactions with Related Parties |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties |
Note 16.Transactions with Related Parties Directors, executive officers and non-executive officers of the Company have been customers of and have had transactions with the Bank, and it is expected that such persons will continue to have such transactions in the future. Aggregate loan transactions with related parties for the three months ended March 31, 2021 and 2020 were as follows:
The Company held deposits in the amount of $6.8 million and $6.9 million from directors, executive officers and non-executive officers at March 31, 2021 and December 31, 2020, respectively. |
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- References No definition available.
|
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Information Relates to Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 20,209 | $ 20,696 | $ 17,104 |
Recorded Investment With No Allowance | 16,051 | 16,372 | 13,264 |
Recorded Investment With Allowance | 2,828 | 2,980 | 2,834 |
Total Recorded Investment | 18,879 | 19,352 | 16,098 |
Related Allowance | 284 | 292 | 289 |
Average Recorded Investment | 18,286 | 18,289 | 18,158 |
Interest Income Recognized on Cash Basis | 72 | 388 | 66 |
1-4 Family Residential | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 13,636 | 14,118 | 11,859 |
Recorded Investment With No Allowance | 10,302 | 10,613 | 8,454 |
Recorded Investment With Allowance | 2,460 | 2,609 | 2,462 |
Total Recorded Investment | 12,762 | 13,222 | 10,916 |
Related Allowance | 243 | 252 | 258 |
Average Recorded Investment | 12,325 | 12,306 | 12,568 |
Interest Income Recognized on Cash Basis | 64 | 321 | 57 |
Nonresidential Properties | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 5,627 | 5,632 | 5,245 |
Recorded Investment With No Allowance | 4,803 | 4,813 | 4,810 |
Recorded Investment With Allowance | 368 | 371 | 372 |
Total Recorded Investment | 5,171 | 5,184 | 5,182 |
Related Allowance | 41 | 40 | 31 |
Average Recorded Investment | 5,351 | 5,339 | 4,419 |
Interest Income Recognized on Cash Basis | 8 | 33 | 9 |
Multifamily | |||
Financing Receivable Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 946 | 946 | |
Recorded Investment With No Allowance | 946 | 946 | |
Total Recorded Investment | 946 | 946 | |
Average Recorded Investment | 420 | 231 | 6 |
Interest Income Recognized on Cash Basis | 34 | ||
Construction and Land | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | 188 | 405 | 1,035 |
Business | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | $ 2 | $ 8 | 129 |
Consumer Loans | |||
Financing Receivable Impaired [Line Items] | |||
Average Recorded Investment | $ 1 |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Average amount of investment of impaired financing receivables with related allowance for credit losses and without a related allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest income recognized on a cash-basis method of accounting that the financing receivables (with related allowance for credit losses and without a related allowance for credit losses) were impaired. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount of investment of impaired financing receivables with related allowance for credit losses and without a related allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of allowance for credit losses related to recorded investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount of unpaid principal balance of impaired financing receivables with related allowance for credit losses and without related allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount of investment in impaired financing receivables for which there is no related allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of investment in impaired financing receivables for which there is a related allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Summary of Premises and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 57,097 | $ 56,304 |
Less: accumulated depreciation and amortization | (23,472) | (24,259) |
Total premises and equipment | 33,625 | 32,045 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,645 | 3,897 |
Building Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 20,181 | 17,119 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 23,976 | 26,104 |
Furniture, Fixtures and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,295 | $ 9,184 |
X | ||||||||||
- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Nature of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jul. 10, 2020
BranchOffice
MortgageOffice
|
Mar. 31, 2021
USD ($)
Segment
BranchLease
|
Mar. 31, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Number of branch banking offices | 19 | |||
Business Acquisition, Effective Date of Acquisition | Jul. 10, 2020 | Jul. 10, 2020 | ||
Business Acquisition, Name of Acquired Entity | Mortgage World | Mortgage World | ||
Provision for loan losses (Note 5) | $ | $ 686 | $ 1,146 | $ 2,443 | |
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 business segment | Segment | 2 | |||
Number of leased branches | BranchLease | 14 | |||
Construction Loans | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Provision for loan losses (Note 5) | $ | $ 107 | 123 | 38 | |
Commercial Real Estate Portfolio Segment | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Period on which interest rate is adjusted | 5 years | |||
Commercial Portfolio Segment | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Provision for loan losses (Note 5) | $ | $ (10) | $ (22) | $ (95) | |
Minimum | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Percentage of loan to value ratio | 65.00% | |||
Minimum | Construction Loans | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Loan term | 6 months | |||
Minimum | Commercial Real Estate Portfolio Segment | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Loan amortization period | 15 years | |||
Balloon payments period of loan | 10 years | |||
Minimum | Commercial Portfolio Segment | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Loan term | 5 years | |||
Maximum | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Percentage of loan to value ratio | 90.00% | |||
Maximum | Construction Loans | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Loan term | 2 years | |||
Maximum | Commercial Real Estate Portfolio Segment | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Percentage of loan to value ratio | 75.00% | |||
Loan amortization period | 30 years | |||
Balloon payments period of loan | 15 years | |||
Maximum | Commercial Portfolio Segment | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Loan term | 7 years | |||
COVID-19 | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Provision for loan losses (Note 5) | $ | $ 685,689 | |||
Bronx | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Number of branch banking offices | 4 | |||
Manhattan | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Number of branch banking offices | 2 | |||
Queens | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Number of branch banking offices | 3 | |||
Number of branch mortgage offices | MortgageOffice | 2 | |||
Brooklyn | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Number of branch banking offices | 3 | |||
Union City | ||||
Nature Of Business And Summary Of Significant Accounting Policies Table Of Statement [Line Items] | ||||
Number of branch banking offices | 1 |
X | ||||||||||
- Definition Balloon payments period of loan. No definition available.
|
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- Definition Defined contribution plan percentage of employee discretionary matching, profit sharing and safe harbor contributions, maximum. No definition available.
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- Definition Loan amortization period. No definition available.
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- Definition Loan term. No definition available.
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- Definition Minimum collection percentage of securities. No definition available.
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- Definition Nature of business and summary of significant accounting policies. No definition available.
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- Definition Number of branch banking offices. No definition available.
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- Definition Number of branch mortgage offices. No definition available.
|
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- Definition Number of leases branches. No definition available.
|
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- Definition Number of reportable operating segment. No definition available.
|
X | ||||||||||
- Definition Percentage of Loan to value ratio. No definition available.
|
X | ||||||||||
- Definition Period of historical loss experience to estimate allowance for loan losses. No definition available.
|
X | ||||||||||
- Definition Period of interest rate adjustment. No definition available.
|
X | ||||||||||
- Definition Unrecognized tax benefits threshold percentage. No definition available.
|
X | ||||||||||
- Definition Date when the acquirer obtains control of the acquiree, in CCYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Name of the acquired entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Compensation and Benefit Plans - Schedule of Stock Option Awards Activity and Related Information (Parenthetical) (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Average Intrinsic Value, Outstanding, end of year | $ 0 | $ 0 |
Average Intrinsic Value, Exercisable, end of year | $ 0 | $ 0 |
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- References No definition available.
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- Definition Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Fair Value - Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | |
Balance as of December 31, 2020 | $ 166 |
Change in fair value of derivative instrument reported in earnings | (107) |
Balance as of March 31, 2021 | $ 59 |
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- References No definition available.
|
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- Definition Amount of increase (decrease) of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset), measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of financial instrument classified as derivative asset (liability) after deduction of derivative liability (asset), measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Borrowings - Schedule of Warehouse Lines of Credit (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||
Credit Line Maximum | $ 25,000 | $ 34,900 |
Unused Line of Credit | 13,336 | 4,939 |
Balance | 11,664 | 29,961 |
Warehouse Line of Credit #1 | ||
Debt Instrument [Line Items] | ||
Credit Line Maximum | 20,000 | 29,900 |
Unused Line of Credit | 11,432 | 2,171 |
Balance | 8,568 | 27,729 |
Warehouse Line of Credit #2 | ||
Debt Instrument [Line Items] | ||
Credit Line Maximum | 5,000 | 5,000 |
Unused Line of Credit | 1,904 | 2,768 |
Balance | $ 3,096 | $ 2,232 |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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- Definition Average amount borrowed under the credit facility during the period. No definition available.
|
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Nature of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
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 |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
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Segment Reporting - Schedule of Segment Profit and Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Interest and dividend income | $ 15,177 | $ 13,030 | |
Interest Expense | 2,285 | 3,106 | |
Net interest income | 12,892 | 9,924 | |
Provision for loan losses | 686 | 1,146 | |
Net interest income after provision for loan losses | 12,206 | 8,778 | |
Non-interest income: | |||
Service charges and fees | 329 | 248 | |
Brokerage commissions | 223 | 50 | |
Late and prepayment charges | 244 | 119 | |
Income on sale of mortgage loans | 1,508 | ||
Loan origination | 539 | ||
Gain on sale of real property | 663 | ||
Other | 387 | 205 | |
Total non-interest income | 3,893 | 622 | |
Non-interest expense: | |||
Compensation and benefits | 5,664 | 5,008 | |
Occupancy and equipment | 2,634 | 2,017 | |
Data processing expenses | 594 | 467 | |
Direct loan expenses | 1,009 | 212 | |
Insurance and surety bond premiums | 146 | 121 | |
Office supplies, telephone and postage | 409 | 316 | |
Professional fees | 1,262 | 1,627 | |
Marketing and promotional expenses | 38 | 234 | |
Directors fees | 69 | 69 | |
Regulatory dues | 60 | 46 | |
Other operating expenses | 1,030 | 705 | |
Total non-interest expense | 12,915 | 10,822 | |
Income (loss) before income taxes | 3,184 | (1,422) | |
Provision (benefit) for income taxes (Note 9) | 732 | (209) | |
Net income (loss) | 2,452 | (1,213) | |
Total assets | 1,433,707 | $ 1,355,231 | |
Ponce Bank | |||
Segment Reporting Information [Line Items] | |||
Interest and dividend income | 15,027 | 13,030 | |
Interest Expense | 2,186 | 3,174 | |
Net interest income | 12,841 | 9,856 | |
Provision for loan losses | 686 | 1,146 | |
Net interest income after provision for loan losses | 12,155 | 8,710 | |
Non-interest income: | |||
Service charges and fees | 329 | 248 | |
Brokerage commissions | 50 | ||
Late and prepayment charges | 244 | 119 | |
Gain on sale of real property | 663 | ||
Other | 568 | 333 | |
Total non-interest income | 1,804 | 750 | |
Non-interest expense: | |||
Compensation and benefits | 4,072 | 4,656 | |
Occupancy and equipment | 2,498 | 2,004 | |
Data processing expenses | 581 | 467 | |
Direct loan expenses | 462 | 212 | |
Insurance and surety bond premiums | 146 | 121 | |
Office supplies, telephone and postage | 352 | 316 | |
Professional fees | 777 | 1,277 | |
Marketing and promotional expenses | 29 | 234 | |
Directors fees | 69 | 69 | |
Regulatory dues | 60 | 46 | |
Other operating expenses | 954 | 692 | |
Total non-interest expense | 10,000 | 10,094 | |
Income (loss) before income taxes | 3,959 | (634) | |
Provision (benefit) for income taxes (Note 9) | 1,105 | (58) | |
Net income (loss) | 2,854 | (576) | |
Total assets | 1,414,832 | 1,315,287 | |
Mortgage World | |||
Segment Reporting Information [Line Items] | |||
Interest and dividend income | 150 | ||
Interest Expense | 140 | ||
Net interest income | 10 | ||
Net interest income after provision for loan losses | 10 | ||
Non-interest income: | |||
Brokerage commissions | 223 | ||
Income on sale of mortgage loans | 1,508 | ||
Loan origination | 539 | ||
Other | 88 | ||
Total non-interest income | 2,358 | ||
Non-interest expense: | |||
Compensation and benefits | 1,241 | ||
Occupancy and equipment | 122 | ||
Data processing expenses | 13 | ||
Direct loan expenses | 547 | ||
Office supplies, telephone and postage | 57 | ||
Professional fees | 244 | ||
Marketing and promotional expenses | 9 | ||
Other operating expenses | 58 | ||
Total non-interest expense | 2,291 | ||
Income (loss) before income taxes | 77 | ||
Provision (benefit) for income taxes (Note 9) | 40 | ||
Net income (loss) | 37 | ||
Total assets | 19,694 | 38,397 | |
PDL Community Bancorp | |||
Segment Reporting Information [Line Items] | |||
Interest and dividend income | 41 | 68 | |
Net interest income | 41 | 68 | |
Net interest income after provision for loan losses | 41 | 68 | |
Non-interest expense: | |||
Compensation and benefits | 351 | 352 | |
Occupancy and equipment | 14 | 13 | |
Professional fees | 381 | 350 | |
Other operating expenses | 147 | 141 | |
Total non-interest expense | 893 | 856 | |
Income (loss) before income taxes | (852) | (788) | |
Provision (benefit) for income taxes (Note 9) | (413) | (151) | |
Equity in undistributed earnings of Ponce Bank and Mortgage World | 2,891 | (576) | |
Net income (loss) | 2,452 | (1,213) | |
Total assets | 161,463 | 159,811 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Interest and dividend income | (41) | (68) | |
Interest Expense | (41) | (68) | |
Non-interest income: | |||
Other | (269) | (128) | |
Total non-interest income | (269) | (128) | |
Non-interest expense: | |||
Professional fees | (140) | ||
Other operating expenses | (129) | (128) | |
Total non-interest expense | (269) | (128) | |
Equity in undistributed earnings of Ponce Bank and Mortgage World | (2,891) | 576 | |
Net income (loss) | (2,891) | $ 576 | |
Total assets | $ (162,282) | $ (158,264) |
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- Definition Late and prepayment charges from Customers. No definition available.
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- Definition Noninterest Expense Direct loan expenses. No definition available.
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- Definition Noninterest expense regulatory dues. No definition available.
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- Definition Office occupancy and equipment. No definition available.
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- Definition Office supplies, telephone and postage. No definition available.
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- Definition Service charges and fees from Customers. No definition available.
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of commission revenue from buying and selling securities on behalf of customers. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense for employee benefit and equity-based compensation. No definition available.
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- Definition The gains (losses) included in earnings that represent the difference between the sale price and the carrying value of loans made to finance real estate acquisitions. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) on sale or disposal of oil and gas property or timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The gains (losses) included in earning that represent the difference between the sale price and the carrying value of consumer loans. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest revenue (income derived from investments in debt securities and on cash and cash equivalents) net of interest expense (cost of borrowed funds accounted for as interest). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income and dividend income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The loan servicing fees paid to third parties that relate to loan expenses for a portfolio containing the entire group of loans owned by the company. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Noninterest expense related to directors' fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Represents the total of noninterest income derived from certain activities and assets including (for example): (1) venture capital investments; (2) bank owned life insurance; (3) foreign currency transactions; and (4) mortgage servicing rights. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
|
Federal: | ||
Current | $ 560 | $ 158 |
Deferred | 36 | (276) |
Federal income tax provision (benefit) | 596 | (118) |
State and local: | ||
Current | 68 | 58 |
Deferred | 310 | (690) |
State and local income tax provision (benefit) | 378 | (632) |
Valuation allowance | (242) | 541 |
Provision (benefit) for income taxes | $ 732 | $ (209) |
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- Definition Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current and deferred federal income tax expense (benefit) attributable to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of state and local current and deferred income tax expense (benefit) attributable to continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Aggregate Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Receivables [Abstract] | ||
Beginning balance | $ 424 | $ 1,260 |
Originations | 10 | |
Payments | (10) | (16) |
Ending balance | $ 424 | $ 1,244 |
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- Definition For an unclassified balance sheet, reflects the carrying amount of unpaid loan amounts due from related parties at the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Reflects the amount of new advances made to related parties in the form of loan and lease receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow from related parties which reduce the amount of loans and leases receivable due from related parties. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Compensation and Benefit Plans |
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Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Benefit Plans |
401(k) Provisions: Prior to January 1, 2021, the Company provided 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 operations amounted to $86,555 and $267,067 for the three months ended March 31, 2021 and 2020, respectively.
Effective January 1, 2021, the Company amended and restated its ESOP into a KSOP, Employee Stock Ownership Plan with 401(k) Provision, to include substantially the same 401(k) provisions contained in the previously separate 401(k) plan. The Company made a safe harbor contribution of 3% into the 401(k) Plan. There were no changes to the provisions of the previously separately formed ESOP as discussed below.
KSOP, Employee Stock Ownership Plan with 401 (k) Provisions: In connection with the reorganization, the Company established an ESOP for the exclusive benefit of eligible employees. The ESOP borrowed $7.2 million from the Company sufficient to purchase 723,751 shares (approximately 3.92% of the common stock sold in the Company’s initial stock offering). The loan is secured by the shares purchased and will be repaid by the ESOP with funds from contributions made by the Company and dividends received by the ESOP. Contributions will be applied to repay interest on the loan first, and then the remainder will be applied to principal. The loan is expected to be repaid over a period of 15 years. Shares purchased with the loan proceeds are held by the trustee in a suspense account for allocation among participants as the loan is repaid. Contributions to the ESOP and shares released from the suspense account are allocated among participants in proportion to their compensation, relative to total compensation of all active participants, subject to applicable regulations. Contributions to the ESOP are to be sufficient to pay principal and interest currently due under the loan agreement. As shares are committed to be released from collateral, compensation expense equal to the average market price of the shares for the respective periods are recognized, and the shares become outstanding for earnings per share computations (see Note 11).
A summary of the ESOP shares as of March 31, 2021 and December 31, 2020 are as follows:
The Company recognized ESOP related compensation expense, including ESOP equalization expense, of $156,853 and $156,167 for the three months ended March 31, 2021 and 2020, respectively. Supplemental Executive Retirement Plan:
The Bank maintains a non-qualified supplemental executive retirement plan (“SERP”) for the benefit of one key executive officer. The SERP expense recognized for the three months ended March 31, 2021 and 2020 was $15,125.
2018 Incentive Plan
The Company’s stockholders approved the PDL Community Bancorp 2018 Long-Term Incentive Plan (the “2018 Incentive Plan”) at the Special Meeting of Stockholders on October 30, 2018. The maximum number of shares of common stock which can be issued under the 2018 Incentive Plan is 1,248,469. Of the 1,248,469 shares, the maximum number of shares that may be awarded under the 2018 Incentive Plan pursuant to the exercise of stock options or stock appreciation rights (“SARs”) is 891,764 shares (all of which may be granted as incentive stock options), and the number of shares of common stock that may be issued as restricted stock awards or restricted stock units is 356,705 shares. However, the 2018 Incentive Plan contains a flex feature that provides that awards of restricted stock and restricted stock units in excess of the 356,705 share limitation may be granted but each share of stock covered by such excess award shall reduce the 891,764 share limitation for awards of stock options and SARs by 3.0 shares of common stock. The Company converted 462,522 awards of stock options into 154,174 restricted stock units in 2018 and 45,000 awards of stock options into 15,000 restricted stock units in 2020.
Under the 2018 Incentive Plan, the Company made grants equal to 674,645 shares on December 4, 2018 which include 119,176 incentive options to executive officers, 44,590 non-qualified options to outside directors, 322,254 restricted stock units to executive officers, 40,000 restricted stock units to non-executive officers and 148,625 restricted stock units to outside directors. During the year ended December 31, 2020, the Company awarded 40,000 incentive options and 15,000 restricted stock units to non-executive officers under the 2018 Incentive Plan. Awards to directors generally vest 20% annually beginning with the first anniversary of the date of grant. Awards to a director with fewer than five years of service at the time of grant vest over a longer period and will not become fully vested until the director has completed ten years of service. Awards to the executive officer who is not a director vest 20% annually beginning on December 4, 2020. As of March 31, 2021 and December 31, 2020, the maximum number of stock options and SARs remaining to be awarded under the Incentive Plan was 189,476 for both periods. As of March 31, 2021 and December 31, 2020, 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 none, 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 63,159 as of March 31, 2021 and December 31, 2020, but would eliminate the availability of stock options and SARs available for award.
The product of the number of units granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock units under the Company’s 2018 Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock units on a straight-line basis over the requisite service period for the entire award.
Note 10. Compensation and Benefit Plans (Continued)
A summary of the Company’s restricted stock unit awards activity and related information for the three months ended March 31, 2021 and year ended December 31, 2020 are as follows:
Compensation expense related to restricted stock units was $318,265 and $323,620 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the total remaining unrecognized compensation cost related to restricted stock units was $3.8 million, which is expected to be recognized over the next 27 quarters. A summary of the Company’s stock option awards activity and related information for the three months ended March 31, 2021 and year ended December 31, 2020 are as follows:
Note 10. Compensation and Benefit Plans (Continued)
The weighted-average exercise price for the options as of March 31, 2021 was $12.02 per share and the weighted average remaining contractual life is 7.6 years. The weighted average period over which compensation expenses are expected to be recognized is 4.5 years. There were 55,938 shares exercisable as of March 31, 2021 and December 31, 2020. Total compensation cost related to stock options recognized was $33,088 and $28,712 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the total remaining unrecognized compensation cost related to unvested stock options was $453,664, which is expected to be recognized over the next 27 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:
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 authorized 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 authorized 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 second share repurchase program was terminated on March 27, 2020 in response to the uncertainty related to the unfolding COVID-19 pandemic. On June 1, 2020, the Company adopted a third share repurchase program. Under this third program, the Company was authorized 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 Company’s third share repurchase program expired on November 30, 2020. On December 14, 2020, the Company adopted a fourth share repurchase program. Under this fourth program, the Company is authorized to repurchase up to 852,302 shares of the Company’s stock, or approximately 5% of the Company’s then current issued and outstanding shares. The fourth repurchase program may be suspended or terminated at any time without prior notice, and it will expire no later than June 13, 2021.
As of March 31, 2021, the Company had repurchased a total of 1,631,570 shares under the repurchase programs at a weighted average price of $13.27 per share, of which 1,444,776 shares are reported as treasury stock. Of the 1,631,570 shares repurchased, a total of 186,960 shares have been used for grants given to directors, executive officers and non-executive officers under the Company’s 2018 Long-Term Incentive Plan pursuant to restricted stock units which vested on December 4, 2020 and 2019. Of the 186,960 shares, 166 shares were retained to satisfy a recipient’s taxes and other withholding obligations and these shares remain as part of treasury stock. |
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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Premises and Equipment (Tables) |
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Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Premises and Equipment |
Premises and equipment at March 31, 2021 and December 31, 2020 are summarized as follows:
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Compensation and Benefit Plans (Tables) |
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Compensation And Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of ESOP Shares |
A summary of the ESOP shares as of March 31, 2021 and December 31, 2020 are as follows:
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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 three months ended March 31, 2021 and year ended December 31, 2020 are as follows:
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Schedule of Stock Option Awards Activity and Related Information |
A summary of the Company’s stock option awards activity and related information for the three months ended March 31, 2021 and year ended December 31, 2020 are as follows:
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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:
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- References No definition available.
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the details pertaining to each employee stock ownership plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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