| | |
Minimum
|
| |
Midpoint
|
| |
Maximum
|
| |||||||||
Number of shares
|
| | | | 8,712,500 | | | | | | 10,250,000 | | | | | | 11,787,500 | | |
Gross offering proceeds
|
| | | $ | 87,125,000 | | | | | $ | 102,500,000 | | | | | $ | 117,875,000 | | |
Estimated offering expenses, excluding selling agent and underwriters’ commissions
|
| | | $ | 1,500,000 | | | | | $ | 1,500,000 | | | | | $ | 1,500,000 | | |
Selling agent and underwriters’ commissions(1)
|
| | | $ | 795,650 | | | | | $ | 937,100 | | | | | $ | 1,078,550 | | |
Estimated net proceeds
|
| | | $ | 84,829,350 | | | | | $ | 100,062,900 | | | | | $ | 115,296,450 | | |
Estimated net proceeds per share
|
| | | $ | 9.74 | | | | | $ | 9.76 | | | | | $ | 9.78 | | |
| | |
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Company Name and Ticker Symbol
|
| |
Exchange
|
| |
Headquarters
|
| |
Total Assets
|
| ||||||
| | | | | | | | | | | |
(in millions)
|
| |||
Elmira Savings Bank (ESBK)
|
| | | | Nasdaq | | | | Elmira, New York | | | | $ | 674 | | |
ESSA Bancorp, Inc. (ESSA)
|
| | | | Nasdaq | | | | Stroudsburg, Pennsylvania | | | | | 1,894 | | |
HMN Financial, Inc. (HMNF)
|
| | | | Nasdaq | | | | Rochester, Minnesota | | | | | 898 | | |
HV Bancorp, Inc. (HVBC)
|
| | | | Nasdaq | | | | Doylestown, Pennsylvania | | | | | 508 | | |
IF Bancorp, Inc. (IROQ)
|
| | | | Nasdaq | | | | Watseka, Illinois | | | | | 726 | | |
PCSB Financial Corporation (PCSB)
|
| | | | Nasdaq | | | |
Yorktown Heights, New York
|
| | | | 1,791 | | |
Provident Bancorp, Inc. (PVBC)
|
| | | | Nasdaq | | | | Amesbury, Massachusetts | | | | | 1,498 | | |
Prudential Bancorp, Inc. (PBIP)
|
| | | | Nasdaq | | | | Philadelphia, Pennsylvania | | | | | 1,223 | | |
Randolph Bancorp, Inc. (RNDB)
|
| | | | Nasdaq | | | | Stoughton, Massachusetts | | | | | 723 | | |
Severn Bancorp, Inc. (SVBI)
|
| | | | Nasdaq | | | | Annapolis, Maryland | | | | | 939 | | |
| | |
Price to
Core Earnings Multiple(1) |
| |
Price to
Book Value Ratio |
| |
Price to
Tangible Book Value Ratio |
| |||||||||
NorthEast Community Bancorp (pro forma): | | | | | | | | | | | | | | | | | | | |
Minimum
|
| | | | 13.35x | | | | | | 63.82% | | | | | | 63.98% | | |
Midpoint
|
| | | | 16.03 | | | | | | 70.92 | | | | | | 71.12 | | |
Maximum
|
| | | | 18.81 | | | | | | 77.28 | | | | | | 77.46 | | |
Peer group companies as of February 5, 2021: | | | | | | | | | | | | | | | | | | | |
Average
|
| | | | 13.13x | | | | | | 90.10% | | | | | | 93.40% | | |
Median
|
| | | | 10.71 | | | | | | 89.45 | | | | | | 92.99 | | |
| | |
Shares to be
Sold in the Offering |
| |
Shares to be Exchanged for
Existing Shares of NorthEast Community Bancorp |
| |
Total Shares
of Common Stock to be Outstanding |
| |
Exchange
Ratio |
| |
Equivalent
per Share Value(1) |
| |
Shares to be
Received for 100 Existing Shares(2) |
| ||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||||||||||||||||||||
Minimum
|
| | | | 8,712,500 | | | | | | 59.6% | | | | | | 5,872,932 | | | | | | 40.4% | | | | | | 14,585,432 | | | | | | 1.1935 | | | | | $ | 11.93 | | | | | | 119 | | |
Midpoint
|
| | | | 10,250,000 | | | | | | 59.6 | | | | | | 6,909,332 | | | | | | 40.4 | | | | | | 17,159,332 | | | | | | 1.4041 | | | | | | 14.04 | | | | | | 140 | | |
Maximum
|
| | | | 11,787,500 | | | | | | 59.6 | | | | | | 7,945,731 | | | | | | 40.4 | | | | | | 19,733,231 | | | | | | 1.6147 | | | | | | 16.15 | | | | | | 161 | | |
| | |
8,712,500
Shares at $10.00 per Share |
| |
11,787,500
Shares at $10.00 per Share |
| ||||||
| | |
(In thousands)
|
| |||||||||
Offering proceeds
|
| | | $ | 87,125 | | | | | $ | 117,875 | | |
Less: offering expenses
|
| | | | 2,296 | | | | | | 2,579 | | |
Net offering proceeds
|
| | | $ | 84,829 | | | | | $ | 115,296 | | |
Less: | | | | | | | | | | | | | |
Proceeds contributed to NorthEast Community Bank
|
| | | $ | 42,415 | | | | | $ | 57,648 | | |
Proceeds used for loan to employee stock ownership plan
|
| | | | 6,970 | | | | | | 9,430 | | |
Proceeds remaining for NorthEast Community Bancorp, Inc.
|
| | | $ | 35,444 | | | | | $ | 48,218 | | |
Number of Shares to be
Granted or Purchased |
| ||||||||||||||||||||||||
| | |
At the
Maximum of Offering Range |
| |
As a Percentage of
Common Stock to be Issued in the Offering(3) |
| |
Dilution Resulting
from the Issuance of Shares for Stock Benefit Plans |
| |
Total Estimated
Value at Maximum of Offering Range |
| ||||||||||||
Employee stock ownership plan(1)
|
| | | | 943,000 | | | | | | 8.00% | | | | | | —% | | | | | $ | 9,430 | | |
Restricted stock(1)
|
| | | | 471,500 | | | | | | 4.00 | | | | | | 2.33 | | | | | | 4,715 | | |
Stock options(2)
|
| | | | 1,178,750 | | | | | | 10.00 | | | | | | 5.64 | | | | | | 3,737 | | |
Total
|
| | | | 2,593,250 | | | | | | 22.00% | | | | | | 7.72% | | | | | $ | 17,882 | | |
| | |
Eligible
Participants |
| |
Number of
Shares at Maximum of Offering Range |
| |
Estimated
Value of Shares |
| |
Percentage of Shares
Outstanding after the Conversion and Offering |
| |||||||||
| | |
Employees
|
| | | | | | | | | | | | | | | | | | |
Employee Stock Ownership Plan: | | | | | | | | | | | | | | | | | | | | | | |
Shares purchased in 2006 offering(1)
|
| | | | | | | 837,093(2) | | | | | $ | 8,371 | | | | | | 4.24% | | |
Shares to be purchased in this offering
|
| | | | | | | 943,000 | | | | | | 9,430 | | | | | | 4.78 | | |
Total
|
| | | | | | | 1,780,093 | | | | | $ | 17,801 | | | | | | 9.02% | | |
| | |
At and For the Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
| | |
(Dollars in thousands, except per share data)
|
| |||||||||||||||||||||||||||
Financial Condition Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 968,221 | | | | | $ | 955,171 | | | | | $ | 870,325 | | | | | $ | 814,821 | | | | | $ | 734,504 | | |
Total cash and cash equivalents
|
| | | | 69,191 | | | | | | 127,675 | | | | | | 51,352 | | | | | | 43,601 | | | | | | 43,173 | | |
Investment securities available-for-sale
|
| | | | 2 | | | | | | 5 | | | | | | 17 | | | | | | 22 | | | | | | 28 | | |
Investment securities held-to-maturity
|
| | | | 7,382 | | | | | | 9,149 | | | | | | 6,041 | | | | | | 7,036 | | | | | | 4,055 | | |
Equity securities (Mutual Funds)
|
| | | | 10,332 | | | | | | 10,044 | | | | | | 8,753 | | | | | | 6,905 | | | | | | 3,922 | | |
Loans receivable, net
|
| | | | 819,733 | | | | | | 747,882 | | | | | | 747,841 | | | | | | 704,124 | | | | | | 626,139 | | |
Deposits
|
| | | | 771,706 | | | | | | 779,158 | | | | | | 687,096 | | | | | | 625,211 | | | | | | 545,346 | | |
Federal Home Loan Bank advances
|
| | | | 28,000 | | | | | | 21,000 | | | | | | 42,461 | | | | | | 62,869 | | | | | | 70,249 | | |
Stockholders’ equity
|
| | | | 153,825 | | | | | | 142,113 | | | | | | 129,618 | | | | | | 116,897 | | | | | | 109,452 | | |
Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 48,977 | | | | | $ | 53,816 | | | | | $ | 46,703 | | | | | $ | 36,475 | | | | | $ | 28,582 | | |
Interest expense
|
| | | | 9,977 | | | | | | 15,034 | | | | | | 9,478 | | | | | | 6,525 | | | | | | 5,380 | | |
Net interest income
|
| | | | 39,000 | | | | | | 38,782 | | | | | | 37,225 | | | | | | 29,950 | | | | | | 23,202 | | |
Provision for loan losses
|
| | | | 814 | | | | | | 727 | | | | | | 1,114 | | | | | | 51 | | | | | | 146 | | |
Net interest income after provision
|
| | | | 38,186 | | | | | | 38,055 | | | | | | 36,111 | | | | | | 29,899 | | | | | | 23,056 | | |
Non-interest income
|
| | | | 2,513 | | | | | | 2,819 | | | | | | 2,368 | | | | | | 2,215 | | | | | | 2,126 | | |
Non-interest expense
|
| | | | 25,088 | | | | | | 23,944 | | | | | | 21,667 | | | | | | 17,587 | | | | | | 17,037 | | |
Income before income taxes
|
| | | | 15,611 | | | | | | 16,930 | | | | | | 16,812 | | | | | | 14,527 | | | | | | 8,145 | | |
Income tax expense
|
| | | | 3,282 | | | | | | 3,977 | | | | | | 3,785 | | | | | | 6,477 | | | | | | 3,118 | | |
Net income
|
| | | $ | 12,329 | | | | | $ | 12,953 | | | | | $ | 13,027 | | | | | $ | 8,050 | | | | | $ | 5,027 | | |
Average common shares outstanding – basic
|
| | | | 12,053 | | | | | | 12,026 | | | | | | 12,000 | | | | | | 11,983 | | | | | | 11,974 | | |
Average common shares outstanding – diluted
|
| | | | 12,053 | | | | | | 12,026 | | | | | | 12,000 | | | | | | 11,983 | | | | | | 11,974 | | |
Net income earnings per share – basic
|
| | | $ | 1.02 | | | | | $ | 1.08 | | | | | $ | 1.09 | | | | | $ | 0.67 | | | | | $ | 0.42 | | |
Net income earnings per share – diluted
|
| | | $ | 1.02 | | | | | $ | 1.08 | | | | | $ | 1.09 | | | | | $ | 0.67 | | | | | $ | 0.42 | | |
Dividends per share
|
| | | $ | 0.12 | | | | | $ | 0.12 | | | | | $ | 0.12 | | | | | $ | 0.12 | | | | | $ | 0.12 | | |
| | |
At or for the Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets
|
| | | | 1.31% | | | | | | 1.35% | | | | | | 1.54% | | | | | | 1.06% | | | | | | 0.76% | | |
Return on average equity
|
| | | | 8.31 | | | | | | 9.48 | | | | | | 10.55 | | | | | | 7.09 | | | | | | 4.68 | | |
Interest rate spread(1)
|
| | | | 3.94 | | | | | | 3.82 | | | | | | 4.36 | | | | | | 3.99 | | | | | | 3.55 | | |
Net interest margin(2)
|
| | | | 4.45 | | | | | | 4.34 | | | | | | 4.72 | | | | | | 4.28 | | | | | | 3.79 | | |
Non-interest expense to average assets
|
| | | | 2.67 | | | | | | 2.50 | | | | | | 2.56 | | | | | | 2.33 | | | | | | 2.56 | | |
Efficiency ratio(3)
|
| | | | 60.43 | | | | | | 57.56 | | | | | | 54.72 | | | | | | 54.68 | | | | | | 67.27 | | |
Average interest-earning assets/average interest- bearing
liabilities |
| | | | 144.75 | | | | | | 130.99 | | | | | | 130.52 | | | | | | 131.09 | | | | | | 127.27 | | |
Average equity to average assets
|
| | | | 15.80 | | | | | | 14.25 | | | | | | 14.58 | | | | | | 15.02 | | | | | | 16.18 | | |
Capital Ratios(4): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets)
|
| | | | 13.72% | | | | | | 14.56% | | | | | | 13.44% | | | | | | 13.41% | | | | | | 14.00% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | 13.23 | | | | | | 14.04 | | | | | | 12.96 | | | | | | 12.96 | | | | | | 13.45 | | |
Common equity Tier 1 capital (to risk-weighted
assets) |
| | | | 13.23 | | | | | | 14.04 | | | | | | 12.96 | | | | | | 12.96 | | | | | | 13.45 | | |
Core (Tier 1) capital (to adjusted total assets)
|
| | | | 14.79 | | | | | | 12.68 | | | | | | 13.27 | | | | | | 13.05 | | | | | | 13.20 | | |
Asset Quality Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses as a percent of total loans
|
| | | | 0.62% | | | | | | 0.61% | | | | | | 0.56% | | | | | | 0.50% | | | | | | 0.60% | | |
Allowance for loan losses as a percent of non-performing loans
|
| | | | 142.44 | | | | | | 116.59 | | | | | | 225.71 | | | | | | 73.84 | | | | | | 70.67 | | |
Net charge-offs to average outstanding loans during the
period |
| | | | 0.04 | | | | | | 0.04 | | | | | | 0.06 | | | | | | 0.05 | | | | | | 0.05 | | |
Non-performing loans as a percent of total loans(5)
|
| | | | 0.43 | | | | | | 0.53 | | | | | | 0.25 | | | | | | 0.67 | | | | | | 0.85 | | |
Non-performing assets as a percent of total assets(5)
|
| | | | 0.58 | | | | | | 0.64 | | | | | | 0.46 | | | | | | 0.89 | | | | | | 1.58 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Number of offices
|
| | | | 13 | | | | | | 13 | | | | | | 12 | | | | | | 11 | | | | | | 12 | | |
| | |
At
March 31, 2021 |
| |
At
December 31, 2020 |
| ||||||
| | |
(Dollars in thousands, except per share data)
|
| |||||||||
Financial Condition Data: | | | | | | | | | | | | | |
Total assets
|
| | | $ | 965,149 | | | | | $ | 968,221 | | |
Total cash and cash equivalents
|
| | | | 55,866 | | | | | | 69,191 | | |
Investment securities available-for-sale
|
| | | | 2 | | | | | | 2 | | |
Investment securities held-to-maturity
|
| | | | 6,939 | | | | | | 7,382 | | |
Equity securities (Mutual Funds)
|
| | | | 10,178 | | | | | | 10,332 | | |
Loans receivable, net
|
| | | | 830,916 | | | | | | 819,733 | | |
Deposits
|
| | | | 765,004 | | | | | | 771,706 | | |
Federal Home Loan Bank advances
|
| | | | 28,000 | | | | | | 28,000 | | |
Stockholders’ equity
|
| | | | 157,026 | | | | | | 153,825 | | |
| | |
Three Months Ended
March 31, 2021 |
| |
Three Months Ended
March 31, 2020 |
| ||||||
| | |
(Dollars in thousands, except per share data)
|
| |||||||||
Operating Data: | | | | | | | | | | | | | |
Interest and dividend income
|
| | | $ | 11,820 | | | | | $ | 12,679 | | |
Interest expense
|
| | | | 1,465 | | | | | | 3,228 | | |
Net interest income
|
| | | | 10,355 | | | | | | 9,451 | | |
Provision for loan losses
|
| | | | 17 | | | | | | 14 | | |
Net interest income after provision
|
| | | | 10,338 | | | | | | 9,437 | | |
Non-interest income
|
| | | | 443 | | | | | | 882 | | |
Non-interest expense
|
| | | | 6,554 | | | | | | 6,068 | | |
Income before income taxes
|
| | | | 4,227 | | | | | | 4,251 | | |
Income tax expense
|
| | | | 982 | | | | | | 995 | | |
Net income
|
| | | $ | 3,245 | | | | | $ | 3,256 | | |
Average common shares outstanding – basic
|
| | | | 12,068 | | | | | | 12,042 | | |
Average common shares outstanding – diluted
|
| | | | 12,068 | | | | | | 12,042 | | |
Net income earnings per share – basic
|
| | | $ | 0.27 | | | | | $ | 0.27 | | |
Net income earnings per share – diluted
|
| | | $ | 0.27 | | | | | $ | 0.27 | | |
Dividends per share
|
| | | $ | 0.03 | | | | | $ | 0.03 | | |
| | |
At or for the Three Months
Ended March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Performance Ratios: | | | | | | | | | | | | | |
Return on average assets
|
| | | | 1.35% | | | | | | 1.41% | | |
Return on average equity
|
| | | | 8.32 | | | | | | 9.03 | | |
Interest rate spread(1)
|
| | | | 4.22 | | | | | | 3.89 | | |
Net interest margin(2)
|
| | | | 4.59 | | | | | | 4.44 | | |
Non-interest expense to average assets
|
| | | | 2.72 | | | | | | 2.64 | | |
Efficiency ratio(3)
|
| | | | 60.70 | | | | | | 58.72 | | |
Average interest-earning assets/average interest-bearing liabilities
|
| | | | 156.76 | | | | | | 135.81 | | |
Average equity to average assets
|
| | | | 16.18 | | | | | | 15.66 | | |
Capital Ratios(4): | | | | | | | | | | | | | |
Total capital (to risk-weighted assets)
|
| | | | 14.03% | | | | | | 14.32% | | |
Tier 1 capital (to risk-weighted assets)
|
| | | | 13.55 | | | | | | 13.83 | | |
Common equity Tier 1 capital (to risk-weighted assets)
|
| | | | 13.55 | | | | | | 13.83 | | |
Core (Tier 1) capital (to adjusted total assets)
|
| | | | 14.95 | | | | | | 14.31 | | |
Asset Quality Ratios: | | | | | | | | | | | | | |
Allowance for loan losses as a percent of total loans
|
| | | | 0.61% | | | | | | 0.59% | | |
Allowance for loan losses as a percent of non-performing loans
|
| | | | 142.63 | | | | | | 129.90 | | |
Net charge-offs to average outstanding loans during the period
|
| | | | — | | | | | | — | | |
Non-performing loans as a percent of total loans(5)
|
| | | | 0.43 | | | | | | 0.45 | | |
Non-performing assets as a percent of total assets(5)
|
| | | | 0.58 | | | | | | 0.61 | | |
Other Data: | | | | | | | | | | | | | |
Number of offices
|
| | | | 13 | | | | | | 13 | | |
| | |
Minimum of
Offering Range |
| |
Midpoint of
Offering Range |
| |
Maximum of
Offering Range |
| |||||||||||||||||||||||||||
| | |
8,712,500
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| |
10,250,000
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| |
11,787,500
Shares at $10.00 per Share |
| |
Percent of
Net Proceeds |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Offering proceeds
|
| | | $ | 87,125 | | | | | | | | | | | $ | 102,500 | | | | | | | | | | | $ | 117,875 | | | | | | | | |
Less: Offering expenses
|
| | | | 2,296 | | | | | | | | | | | | 2,437 | | | | | | | | | | | | 2,579 | | | | | | | | |
Net offering proceeds
|
| | | $ | 84,829 | | | | | | 100.0% | | | | | $ | 100,063 | | | | | | 100.0% | | | | | $ | 115,296 | | | | | | 100.0% | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds contributed to NorthEast Community Bank
|
| | | $ | 42,415 | | | | | | 50.0 | | | | | $ | 50,031 | | | | | | 50.0 | | | | | $ | 57,648 | | | | | | 50.0 | | |
Proceeds used for loan to
employee stock ownership plan |
| | | | 6,970 | | | | | | 8.2 | | | | | | 8,200 | | | | | | 8.2 | | | | | | 9,430 | | | | | | 8.2 | | |
Proceeds remaining for NorthEast Community Bancorp, Inc.
|
| | | $ | 35,444 | | | | | | 41.8% | | | | | $ | 41,832 | | | | | | 41.8% | | | | | $ | 48,218 | | | | | | 41.8% | | |
| | |
At
December 31, 2020 |
| |
Minimum of
Offering Range 8,712,500 Shares at $10.00 per Share |
| |
Midpoint of
Offering Range 10,250,000 Shares at $10.00 per Share |
| |
Maximum of
Offering Range 11,787,500 Shares at $10.00 per Share |
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Deposits(1) | | | | $ | 771,706 | | | | | $ | 771,706 | | | | | $ | 771,706 | | | | | $ | 771,706 | | |
Borrowed funds
|
| | | | 28,000 | | | | | | 28,000 | | | | | | 28,000 | | | | | | 28,000 | | |
Total deposits and borrowed funds
|
| | | $ | 799,706 | | | | | $ | 799,706 | | | | | $ | 799,706 | | | | | $ | 799,706 | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred Stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
25,000,000 shares, $0.01 par value per share authorized; none issued or outstanding
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Common stock: | | | | | | | | | | | | | | | | | | | | | | | | | |
75,000,000 shares, $0.01 par value per share, authorized; specified number of shares assumed to be issued and outstanding(2)
|
| | | | 132 | | | | | | 146 | | | | | | 172 | | | | | | 197 | | |
Additional paid-in capital
|
| | | | 56,901 | | | | | | 134,684 | | | | | | 149,892 | | | | | | 165,100 | | |
NorthEast Community Bancorp, MHC capital
consolidation |
| | | | — | | | | | | 370 | | | | | | 370 | | | | | | 370 | | |
Retained earnings(3)
|
| | | | 105,305 | | | | | | 105,305 | | | | | | 105,305 | | | | | | 105,305 | | |
Accumulated other comprehensive income
|
| | | | (185) | | | | | | (185) | | | | | | (185) | | | | | | (185) | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | |
Treasury stock
|
| | | | (7,032) | | | | | | — | | | | | | — | | | | | | — | | |
Common stock to be acquired by employee
stock ownership plan(4) |
| | | | (1,296) | | | | | | (8,266) | | | | | | (9,496) | | | | | | (10,726) | | |
Common stock to be acquired by new equity
incentive plan(5) |
| | | | — | | | | | | (3,485) | | | | | | (4,100) | | | | | | (4,715) | | |
Total stockholders’ equity
|
| | | $ | 153,825 | | | | | $ | 228,569 | | | | | $ | 241,958 | | | | | $ | 255,346 | | |
Total stockholders’ equity as a percentage of total assets
|
| | | | 15.89% | | | | | | 21.92% | | | | | | 22.91% | | | | | | 23.88% | | |
Tangible equity as a percentage of tangible
assets |
| | | | 15.83% | | | | | | 21.88% | | | | | | 22.87% | | | | | | 23.83% | | |
| | | | | | | | | | | | | | |
Pro Forma at December 31, 2020
Based Upon the Sale in the Offering of |
| |||||||||||||||||||||||||||||||||
| | |
NorthEast Community
Bank Historical at December 31, 2020 |
| |
8,712,500 Shares
|
| |
10,250,000 Shares
|
| |
11,787,500 Shares
|
| ||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| |
Amount
|
| |
Percent of
Assets |
| ||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Equity
|
| | | $ | 142,180 | | | | | | 14.85% | | | | | $ | 174,140 | | | | | | 17.38% | | | | | $ | 179,911 | | | | | | 17.82% | | | | | $ | 185,683 | | | | | | 18.25% | | |
Tier 1 leverage capital(1)(2)
|
| | | $ | 137,962 | | | | | | 14.79% | | | | | $ | 169,922 | | | | | | 17.43% | | | | | $ | 175,693 | | | | | | 17.88% | | | | | $ | 181,465 | | | | | | 18.33% | | |
Tier 1 leverage requirement
|
| | | | 46,629 | | | | | | 5.00 | | | | | | 48,750 | | | | | | 5.00 | | | | | | 49,131 | | | | | | 5.00 | | | | | | 49,512 | | | | | | 5.00 | | |
Excess
|
| | | $ | 91,333 | | | | | | 9.79% | | | | | $ | 121,172 | | | | | | 12.43% | | | | | $ | 126,562 | | | | | | 12.88% | | | | | $ | 131,953 | | | | | | 13.33% | | |
Tier 1 risk-based capital(1)(2)
|
| | | $ | 137,962 | | | | | | 13.23% | | | | | $ | 169,922 | | | | | | 16.17% | | | | | $ | 175,693 | | | | | | 16.69% | | | | | $ | 181,465 | | | | | | 17.22% | | |
Tier 1 risk-based requirement
|
| | | | 83,399 | | | | | | 8.00 | | | | | | 84,078 | | | | | | 8.00 | | | | | | 84,200 | | | | | | 8.00 | | | | | | 84,322 | | | | | | 8.00 | | |
Excess
|
| | | $ | 54,563 | | | | | | 5.23% | | | | | $ | 85,844 | | | | | | 8.17% | | | | | $ | 91,493 | | | | | | 8.69% | | | | | $ | 97,143 | | | | | | 9.22% | | |
Total risk-based capital(1)(2)
|
| | | $ | 143,021 | | | | | | 13.72% | | | | | $ | 174,981 | | | | | | 16.65% | | | | | $ | 180,752 | | | | | | 17.17% | | | | | $ | 186,524 | | | | | | 17.70% | | |
Total risk-based requirement
|
| | | | 104,249 | | | | | | 10.00 | | | | | | 105,098 | | | | | | 10.00 | | | | | | 105,250 | | | | | | 10.00 | | | | | | 105,402 | | | | | | 10.00 | | |
Excess
|
| | | $ | 38,772 | | | | | | 3.72% | | | | | $ | 69,883 | | | | | | 6.65% | | | | | $ | 75,502 | | | | | | 7.17% | | | | | $ | 81,122 | | | | | | 7.70% | | |
Common equity tier 1 risk- based
capital(1)(2) |
| | | $ | 137,962 | | | | | | 13.23% | | | | | $ | 169,922 | | | | | | 16.17% | | | | | $ | 175,693 | | | | | | 16.69% | | | | | $ | 181,465 | | | | | | 17.22% | | |
Common equity tier 1 risk-based
requirement |
| | | | 67,762 | | | | | | 6.50 | | | | | | 68,313 | | | | | | 6.50 | | | | | | 68,412 | | | | | | 6.50 | | | | | | 68,511 | | | | | | 6.50 | | |
Excess
|
| | | $ | 70,200 | | | | | | 6.73% | | | | | $ | 101,609 | | | | | | 9.67% | | | | | $ | 107,281 | | | | | | 10.19% | | | | | $ | 112,954 | | | | | | 10.72% | | |
Reconciliation of capital infused into
NorthEast Community Bank: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net proceeds
|
| | | | | | | | | | | | | | | $ | 42,415 | | | | | | | | | | | $ | 50,031 | | | | | | | | | | | $ | 57,648 | | | | | | | | |
Less: Common stock acquired by new equity incentive plan
|
| | | | | | | | | | | | | | | | (3,485) | | | | | | | | | | | | (4,100) | | | | | | | | | | | | (4,715) | | | | | | | | |
Less: Common stock acquired by employee stock ownership plan
|
| | | | | | | | | | | | | | | | (6,970) | | | | | | | | | | | | (8,200) | | | | | | | | | | | | (9,430) | | | | | | | | |
Pro forma increase
|
| | | | | | | | | | | | | | | $ | 31,960 | | | | | | | | | | | $ | 37,731 | | | | | | | | | | | $ | 43,503 | | | | | | | | |
| | |
At or for the Year Ended December 31, 2020
Based upon the Sale at $10.00 Per Share of |
| |||||||||||||||
| | |
8,712,500
Shares |
| |
10,250,000
Shares |
| |
11,787,500
Shares |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||
Gross proceeds of offering
|
| | | $ | 87,125 | | | | | $ | 102,500 | | | | | $ | 117,875 | | |
Expenses
|
| | | | 2,296 | | | | | | 2,437 | | | | | | 2,579 | | |
Estimated net proceeds
|
| | | | 84,829 | | | | | | 100,063 | | | | | | 115,296 | | |
Common stock purchased by employee stock ownership
plan |
| | | | (6,970) | | | | | | (8,200) | | | | | | (9,430) | | |
Common stock purchased by stock-based benefit
plans |
| | | | (3,485) | | | | | | (4,100) | | | | | | (4,715) | | |
Estimated net proceeds, as adjusted
|
| | | $ | 74,374 | | | | | $ | 87,763 | | | | | $ | 101,151 | | |
For the Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Consolidated net earnings: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 12,329 | | | | | $ | 12,329 | | | | | $ | 12,329 | | |
Income on adjusted net proceeds
|
| | | | 212 | | | | | | 250 | | | | | | 288 | | |
Income on mutual holding company asset
contribution |
| | | | 1 | | | | | | 1 | | | | | | 1 | | |
Employee stock ownership plan(1)
|
| | | | (367) | | | | | | (432) | | | | | | (497) | | |
Stock awards(2)
|
| | | | (551) | | | | | | (648) | | | | | | (745) | | |
Stock options(3)
|
| | | | (523) | | | | | | (616) | | | | | | (708) | | |
Pro forma net income
|
| | | $ | 11,101 | | | | | $ | 10,884 | | | | | $ | 10,668 | | |
Earnings per share(4): | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 0.89 | | | | | $ | 0.75 | | | | | $ | 0.66 | | |
Income on adjusted net proceeds
|
| | | | 0.02 | | | | | | 0.02 | | | | | | 0.02 | | |
Employee stock ownership plan(1)
|
| | | | (0.03) | | | | | | (0.03) | | | | | | (0.03) | | |
Stock awards(2)
|
| | | | (0.04) | | | | | | (0.04) | | | | | | (0.04) | | |
Stock options(3)
|
| | | | (0.04) | | | | | | (0.04) | | | | | | (0.04) | | |
Pro forma earnings per share(4)
|
| | | $ | 0.80 | | | | | $ | 0.66 | | | | | $ | 0.57 | | |
Offering price to pro forma net earnings per share
|
| | | | 12.50x | | | | | | 15.15x | | | | | | 17.54x | | |
Number of shares used in earnings per share calculations
|
| | | | 13,934,899 | | | | | | 16,393,999 | | | | | | 18,856,098 | | |
| | |
At or for the Year Ended December 31, 2020
Based upon the Sale at $10.00 Per Share of |
| |||||||||||||||
| | |
8,712,500
Shares |
| |
10,250,000
Shares |
| |
11,787,500
Shares |
| |||||||||
| | |
(Dollars in thousands, except per share amounts)
|
| |||||||||||||||
At December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 153,825 | | | | | $ | 153,825 | | | | | $ | 153,825 | | |
Estimated net proceeds
|
| | | | 84,829 | | | | | | 100,063 | | | | | | 115,296 | | |
Mutual holding company capital contribution
|
| | | | 370 | | | | | | 370 | | | | | | 370 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (6,970) | | | | | | (8,200) | | | | | | (9,430) | | |
Common stock acquired by stock-based benefit
plans(2) |
| | | | (3,485) | | | | | | (4,100) | | | | | | (4,715) | | |
Pro forma stockholders’ equity
|
| | | | 228,569 | | | | | | 241,958 | | | | | | 255,346 | | |
Intangible assets
|
| | | | (651) | | | | | | (651) | | | | | | (651) | | |
Pro forma tangible stockholders’ equity
|
| | | $ | 227,918 | | | | | $ | 241,307 | | | | | $ | 254,695 | | |
Stockholders’ equity per share: | | | | | | | | | | | | | | | | | | | |
Historical
|
| | | $ | 10.54 | | | | | $ | 8.97 | | | | | $ | 7.80 | | |
Estimated net proceeds
|
| | | | 5.82 | | | | | | 5.83 | | | | | | 5.84 | | |
Equity increase from the mutual holding company
|
| | | | 0.03 | | | | | | 0.02 | | | | | | 0.02 | | |
Common stock acquired by employee stock ownership plan(1)
|
| | | | (0.48) | | | | | | (0.48) | | | | | | (0.48) | | |
Common stock acquired by stock-based benefit
plans(2) |
| | | | (0.24) | | | | | | (0.24) | | | | | | (0.24) | | |
Pro forma stockholders’ equity
|
| | | $ | 15.67 | | | | | $ | 14.10 | | | | | $ | 12.94 | | |
Intangible assets
|
| | | | (0.04) | | | | | | (0.04) | | | | | | (0.03) | | |
Pro forma tangible stockholders’ equity per share(5)
|
| | | $ | 15.63 | | | | | $ | 14.06 | | | | | $ | 12.91 | | |
Pro forma price to book value
|
| | | | 63.82% | | | | | | 70.92% | | | | | | 77.28% | | |
Pro forma price to tangible book value
|
| | | | 63.98% | | | | | | 71.12% | | | | | | 77.46% | | |
Number of shares used in earnings per share
calculations |
| | | | 14,585,432 | | | | | | 17,159,332 | | | | | | 19,733,231 | | |
County
|
| |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Bronx
|
| | | $ | 181,900 | | | | | $ | 107,500 | | |
Kings (Brooklyn)
|
| | | | 63,300 | | | | | | 85,400 | | |
Orange
|
| | | | 88,100 | | | | | | 75,800 | | |
Rockland
|
| | | | 163,000 | | | | | | 163,500 | | |
Sullivan
|
| | | | 3,500 | | | | | | 2,100 | | |
Total
|
| | | $ | 499,800 | | | | | $ | 434,300 | | |
| | |
At December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 6,170 | | | | | | 0.75% | | | | | $ | 9,188 | | | | | | 1.22% | | |
Multifamily
|
| | | | 90,506 | | | | | | 10.97 | | | | | | 98,751 | | | | | | 13.12 | | |
Mixed-use
|
| | | | 30,508 | | | | | | 3.70 | | | | | | 32,460 | | | | | | 4.31 | | |
Total residential real estate loans
|
| | | | 127,184 | | | | | | 15.42 | | | | | | 140,399 | | | | | | 18.65 | | |
Non-residential real estate loans
|
| | | | 60,665 | | | | | | 7.36 | | | | | | 66,894 | | | | | | 8.89 | | |
Construction loans
|
| | | | 545,788 | | | | | | 66.18 | | | | | | 465,379 | | | | | | 61.85 | | |
Commercial and industrial loans
|
| | | | 90,577 | | | | | | 10.98 | | | | | | 79,765 | | | | | | 10.60 | | |
Overdrafts
|
| | | | 452 | | | | | | 0.05 | | | | | | — | | | | | | 0.00 | | |
Consumer loans
|
| | | | 42 | | | | | | 0.01 | | | | | | 51 | | | | | | 0.01 | | |
Total loans
|
| | | | 824,708 | | | | | | 100.00% | | | | | | 752,488 | | | | | | 100.00% | | |
Allowance for losses
|
| | | | (5,088) | | | | | | | | | | | | (4,611) | | | | | | | | |
Deferred loan costs, net
|
| | | | 113 | | | | | | | | | | | | 5 | | | | | | | | |
Loans, net
|
| | | $ | 819,733 | | | | | | | | | | | $ | 747,882 | | | | | | | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 12,839 | | | | | | 1.71% | | | | | $ | 15,080 | | | | | | 2.13% | | | | | $ | 13,704 | | | | | | 2.18% | | |
Multifamily
|
| | | | 138,368 | | | | | | 18.40 | | | | | | 152,881 | | | | | | 21.61 | | | | | | 174,718 | | | | | | 27.73 | | |
Mixed-use
|
| | | | 45,536 | | | | | | 6.05 | | | | | | 57,861 | | | | | | 8.18 | | | | | | 62,584 | | | | | | 9.93 | | |
Total residential real estate
loans |
| | | | 196,743 | | | | | | 26.16 | | | | | | 225,822 | | | | | | 31.92 | | | | | | 251,006 | | | | | | 39.84 | | |
Non-residential real estate loans
|
| | | | 67,326 | | | | | | 8.95 | | | | | | 70,613 | | | | | | 9.98 | | | | | | 70,526 | | | | | | 11.20 | | |
Construction loans
|
| | | | 415,066 | | | | | | 55.19 | | | | | | 341,105 | | | | | | 48.22 | | | | | | 251,017 | | | | | | 39.84 | | |
Commercial and industrial loans
|
| | | | 72,882 | | | | | | 9.69 | | | | | | 69,812 | | | | | | 9.87 | | | | | | 57,349 | | | | | | 9.10 | | |
Overdrafts
|
| | | | — | | | | | | 0.00 | | | | | | — | | | | | | 0.00 | | | | | | — | | | | | | 0.00 | | |
Consumer loans
|
| | | | 76 | | | | | | 0.01 | | | | | | 93 | | | | | | 0.01 | | | | | | 111 | | | | | | 0.02 | | |
Total loans
|
| | | | 752,093 | | | | | | 100.00% | | | | | | 707,445 | | | | | | 100.00% | | | | | | 630,009 | | | | | | 100.00% | | |
Allowance for losses
|
| | | | (4,196) | | | | | | | | | | | | (3,506) | | | | | | | | | | | | (3,771) | | | | | | | | |
Deferred loan (fees) costs, net
|
| | | | (56) | | | | | | | | | | | | 185 | | | | | | | | | | | | (99) | | | | | | | | |
Loans, net
|
| | | $ | 747,841 | | | | | | | | | | | $ | 704,124 | | | | | | | | | | | $ | 626,139 | | | | | | | | |
December 31, 2020
|
| |
One- to
Four-Family |
| |
Multi-
Family |
| |
Mixed-
Use |
| |
Non-
Residential Real Estate |
| |
Construction
|
| |
Commercial
and Industrial |
| |
Overdrafts
|
| |
Consumer
|
| |
Total
Loans |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts due in: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | $ | — | | | | | $ | 4,465 | | | | | $ | 894 | | | | | $ | 15,423 | | | | | $ | 377,919 | | | | | $ | 65,443 | | | | | $ | 452 | | | | | $ | 23 | | | | | $ | 464,619 | | |
More than 1-5 years
|
| | | | 3,080 | | | | | | 31,376 | | | | | | 10,347 | | | | | | 18,503 | | | | | | 167,869 | | | | | | 22,034 | | | | | | — | | | | | | 19 | | | | | | 253,228 | | |
More than 5-10 years
|
| | | | 1,816 | | | | | | 44,201 | | | | | | 18,175 | | | | | | 23,213 | | | | | | — | | | | | | 3,100 | | | | | | — | | | | | | — | | | | | | 90,505 | | |
More than 10 years
|
| | | | 1,274 | | | | | | 10,464 | | | | | | 1,092 | | | | | | 3,526 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,356 | | |
Total
|
| | | $ | 6,170 | | | | | $ | 90,506 | | | | | $ | 30,508 | | | | | $ | 60,665 | | | | | $ | 545,788 | | | | | $ | 90,577 | | | | | $ | 452 | | | | | $ | 42 | | | | | $ | 824,708 | | |
| | |
Fixed Rates
|
| |
Floating or
Adjustable Rates |
| |
Total at
December 31, 2020 |
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 771 | | | | | $ | 5,399 | | | | | $ | 6,170 | | |
Multifamily
|
| | | | 18,666 | | | | | | 67,375 | | | | | | 86,041 | | |
Mixed-use
|
| | | | 3,367 | | | | | | 26,247 | | | | | | 29,614 | | |
Non-residential real estate loans
|
| | | | 13,464 | | | | | | 31,778 | | | | | | 45,242 | | |
Construction loans
|
| | | | — | | | | | | 167,869 | | | | | | 167,869 | | |
Commercial and industrial loans
|
| | | | 5,484 | | | | | | 19,650 | | | | | | 25,134 | | |
Consumer loans
|
| | | | 19 | | | | | | — | | | | | | 19 | | |
Total
|
| | | $ | 41,771 | | | | | $ | 318,318 | | | | | $ | 360,089 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
Total loans at beginning of period
|
| | | $ | 752,488 | | | | | $ | 752,093 | | | | | $ | 707,445 | | | | | $ | 630,009 | | | | | $ | 511,074 | | |
Originations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | | — | | | | | | — | | | | | | 2,031 | | | | | | 3,366 | | | | | | 2,077 | | |
Multifamily
|
| | | | 10,230 | | | | | | 3,871 | | | | | | 10,990 | | | | | | 9,792 | | | | | | 22,208 | | |
Mixed-use
|
| | | | 1,889 | | | | | | 824 | | | | | | 2,574 | | | | | | 2,300 | | | | | | 7,449 | | |
Total residential real estate loans
|
| | | $ | 12,119 | | | | | $ | 4,695 | | | | | $ | 15,595 | | | | | $ | 15,458 | | | | | $ | 31,734 | | |
Non-residential real estate loans
|
| | | $ | 1,050 | | | | | $ | 2,131 | | | | | $ | 7,946 | | | | | $ | 6,448 | | | | | $ | 20,989 | | |
Construction loans
|
| | | | 321,780 | | | | | | 348,740 | | | | | | 380,191 | | | | | | 291,511 | | | | | | 221,563 | | |
Commercial and industrial loans
|
| | | | 54,277 | | | | | | 52,036 | | | | | | 37,390 | | | | | | 40,491 | | | | | | 48,614 | | |
Overdrafts
|
| | | | 452 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | |
Total loans originated
|
| | | $ | 389,678 | | | | | $ | 407,602 | | | | | $ | 441,122 | | | | | $ | 353,908 | | | | | $ | 322,906 | | |
Purchases
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal payments and repayments
|
| | | $ | 317,122 | | | | | $ | 402,004 | | | | | $ | 392,091 | | | | | $ | 250,899 | | | | | $ | 195,462 | | |
Loan sales
|
| | | | — | | | | | | 5,040 | | | | | | 1,247 | | | | | | 25,239 | | | | | | 8,155 | | |
Loan charge offs
|
| | | | 336 | | | | | | 163 | | | | | | 3,136 | | | | | | 334 | | | | | | 354 | | |
Transfers to real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total deductions
|
| | | $ | 317,458 | | | | | $ | 407,207 | | | | | $ | 396,474 | | | | | $ | 276,472 | | | | | $ | 203,971 | | |
Total loans at end of period
|
| | | $ | 824,708 | | | | | $ | 752,488 | | | | | $ | 752,093 | | | | | $ | 707,445 | | | | | $ | 630,009 | | |
|
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| |
Amortized
Cost |
| |
Fair
Value |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable equity securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mutual funds
|
| | | $ | 10,000 | | | | | $ | 10,332 | | | | | $ | 10,000 | | | | | $ | 10,044 | | | | | $ | 9,000 | | | | | $ | 8,753 | | |
Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Mortgage Corporation
|
| | | | 2 | | | | | | 2 | | | | | | 4 | | | | | | 4 | | | | | | 16 | | | | | | 16 | | |
Federal National Mortgage
Association |
| | | | — | | | | | | — | | | | | | 1 | | | | | | 1 | | | | | | 1 | | | | | | 1 | | |
Total mortgage-backed securities
|
| | | | 2 | | | | | | 2 | | | | | | 5 | | | | | | 5 | | | | | | 17 | | | | | | 17 | | |
Total securities available-for-sale
|
| | | | 10,002 | | | | | | 10,334 | | | | | | 10,005 | | | | | | 10,049 | | | | | | 9,017 | | | | | | 8,770 | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Municipal bonds
|
| | | | 4,189 | | | | | | 4,189 | | | | | | 4,190 | | | | | | 4,190 | | | | | | — | | | | | | — | | |
Mortgage-backed securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association
|
| | | | 933 | | | | | | 958 | | | | | | 1,416 | | | | | | 1,444 | | | | | | 1,962 | | | | | | 2,005 | | |
Federal Home Loan Mortgage Association
|
| | | | 59 | | | | | | 58 | | | | | | 66 | | | | | | 67 | | | | | | 74 | | | | | | 75 | | |
Federal National Mortgage
Association |
| | | | 1,097 | | | | | | 1,141 | | | | | | 1,563 | | | | | | 1,576 | | | | | | 1,802 | | | | | | 1,755 | | |
Collateralized mortgage obligations – GSE
|
| | | | 1,104 | | | | | | 1,173 | | | | | | 1,914 | | | | | | 1,938 | | | | | | 2,203 | | | | | | 2,127 | | |
Total mortgage-backed securities
|
| | | | 3,193 | | | | | | 3,330 | | | | | | 4,959 | | | | | | 5,025 | | | | | | 6,041 | | | | | | 5,962 | | |
Total securities held-to-maturity
|
| | | | 7,382 | | | | | | 7,519 | | | | | | 9,149 | | | | | | 9,215 | | | | | | 6,041 | | | | | | 5,962 | | |
Total investment securities
|
| | | $ | 17,384 | | | | | $ | 17,853 | | | | | $ | 19,154 | | | | | $ | 19,264 | | | | | $ | 15,058 | | | | | $ | 14,732 | | |
| | |
One Year or Less
|
| |
More than One Year to
Five Years |
| |
More than Five Years to
Ten Years |
| |
More than Ten Years
|
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020
|
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| |
Carrying
Value |
| |
Weighted
Average Yield |
| ||||||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | | —% | | | | | $ | 2 | | | | | | 2.63% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 2 | | | | | | 2.63% | | |
Total available-for-sale
|
| | | $ | — | | | | | | —% | | | | | $ | 2 | | | | | | 2.63% | | | | | $ | — | | | | | | —% | | | | | $ | — | | | | | | —% | | | | | $ | 2 | | | | | | 2.63% | | |
Securities held-to-maturity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage-backed securities
|
| | | $ | — | | | | | | —% | | | | | $ | 32 | | | | | | 2.94% | | | | | $ | 11 | | | | | | 2.74% | | | | | $ | 2,046 | | | | | | 2.70% | | | | | $ | 2,089 | | | | | | 2.70% | | |
U.S. agency collateralized mortgage obligations
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.91 | | | | | | — | | | | | | — | | | | | | 1,104 | | | | | | 2.73% | | | | | | 1,104 | | | | | | 2.73 | | |
Municipal bonds
|
| | | | 3,241 | | | | | | 1.52 | | | | | | 948 | | | | | | 1.09 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,189 | | | | | | 1.42 | | |
Total held-to-maturity
|
| | | $ | 3,241 | | | | | | 1.52% | | | | | $ | 980 | | | | | | 1.14% | | | | | $ | 11 | | | | | | 2.74% | | | | | $ | 3,150 | | | | | | 2.71% | | | | | $ | 7,382 | | | | | | 1.98% | | |
Total investment securities
|
| | | $ | 3,241 | | | | | | 1.52% | | | | | $ | 982 | | | | | | 1.15% | | | | | $ | 11 | | | | | | 2.74% | | | | | $ | 3,150 | | | | | | 2.71% | | | | | $ | 7,384 | | | | | | 1.98% | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| |
Amount
|
| |
Percent of
Total Deposits |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Demand deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest-bearing accounts
|
| | | $ | 221,371 | | | | | | 28.69% | | | | | $ | 140,001 | | | | | | 17.97% | | | | | $ | 108,353 | | | | | | 15.77% | | |
Now and money market
accounts |
| | | | 100,945 | | | | | | 13.08 | | | | | | 116,613 | | | | | | 14.97 | | | | | | 105,643 | | | | | | 15.37 | | |
Savings accounts
|
| | | | 101,693 | | | | | | 13.18 | | | | | | 98,283 | | | | | | 12.61 | | | | | | 77,903 | | | | | | 11.34 | | |
Certificates of deposit
|
| | | | 347,697 | | | | | | 45.05 | | | | | | 424,261 | | | | | | 54.45 | | | | | | 395,197 | | | | | | 57.52 | | |
Total
|
| | | $ | 771,706 | | | | | | 100.00% | | | | | $ | 779,158 | | | | | | 100.00% | | | | | $ | 687,096 | | | | | | 100.00% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Less than 0.50%
|
| | | $ | 32,546 | | | | | $ | 682 | | | | | $ | 5,421 | | |
0.50% to 0.99%
|
| | | | 94,763 | | | | | | 630 | | | | | | 2,529 | | |
1.00% to 1.49%
|
| | | | 107,801 | | | | | | 5,070 | | | | | | 4,679 | | |
1.50% to 1.99%
|
| | | | 20,985 | | | | | | 37,455 | | | | | | 95,116 | | |
2.00% to 2.99%
|
| | | | 71,706 | | | | | | 245,114 | | | | | | 234,614 | | |
3.00% and greater
|
| | | | 19,896 | | | | | | 135,310 | | | | | | 52,838 | | |
Ending balance
|
| | | $ | 347,697 | | | | | $ | 424,261 | | | | | $ | 395,197 | | |
| | |
Period to Maturity
|
| | | | | | | |||||||||||||||||||||||||||||||||
| | |
Less Than
One Year |
| |
More than
One Year to Two Years |
| |
More than
Two Years to Three Years |
| |
More than
Three Years to Four Years |
| |
More than
Four Years |
| |
Total
|
| |
Percent
of Total Certificate Accounts |
| |||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Less than 0.50%
|
| | | $ | 7,364 | | | | | $ | 157 | | | | | $ | — | | | | | $ | — | | | | | $ | 25,025 | | | | | $ | 32,546 | | | | | | 9.36% | | |
0.50% to 0.99%
|
| | | | 73,238 | | | | | | 15,158 | | | | | | 3,532 | | | | | | 2,157 | | | | | | 678 | | | | | | 94,763 | | | | | | 27.26 | | |
1.00% to 1.49%
|
| | | | 52,854 | | | | | | 35,873 | | | | | | 390 | | | | | | 147 | | | | | | 18,537 | | | | | | 107,801 | | | | | | 31.00 | | |
1.50% to 1.99%
|
| | | | 16,557 | | | | | | 2,805 | | | | | | 608 | | | | | | 533 | | | | | | 482 | | | | | | 20,985 | | | | | | 6.04 | | |
2.00% to 2.99%
|
| | | | 51,084 | | | | | | 14,679 | | | | | | 1,433 | | | | | | 4,228 | | | | | | 282 | | | | | | 71,706 | | | | | | 20.62 | | |
3.00% and greater
|
| | | | 10,737 | | | | | | 2,709 | | | | | | 2,999 | | | | | | 3,451 | | | | | | — | | | | | | 19,896 | | | | | | 5.72 | | |
Total
|
| | | $ | 211,834 | | | | | $ | 71,381 | | | | | $ | 8,962 | | | | | $ | 10,516 | | | | | $ | 45,004 | | | | | $ | 347,697 | | | | | | 100.00% | | |
December 31, 2020
|
| |
Certificates of
Deposit |
| |||
| | |
(Dollars in thousands)
|
| |||
Maturity Period: | | | | | | | |
Three months or less
|
| | | $ | 40,539 | | |
Over three through six months
|
| | | | 31,889 | | |
Over six through twelve months
|
| | | | 86,616 | | |
Over twelve months
|
| | | | 112,335 | | |
Total
|
| | | $ | 271,379 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Beginning balance
|
| | | $ | 779,158 | | | | | $ | 687,096 | | | | | $ | 625,211 | | |
Increase (decrease) before interest credited
|
| | | | 756 | | | | | | 102,683 | | | | | | 67,145 | | |
Interest credited
|
| | | | 8,208 | | | | | | 10,621 | | | | | | 5,260 | | |
Net (decrease) increase in deposits
|
| | | | (7,452) | | | | | | 92,062 | | | | | | 61,885 | | |
Ending balance
|
| | | $ | 771,706 | | | | | $ | 779,158 | | | | | $ | 687,096 | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Rate |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Rate |
| |
Average
Balance |
| |
Percent
|
| |
Weighted
Average Rate |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing transaction
|
| | | $ | 172,508 | | | | | | 22.97% | | | | | | —% | | | | | $ | 127,134 | | | | | | 16.26% | | | | | | —% | | | | | $ | 108,649 | | | | | | 16.76% | | | | | | —% | | |
NOW and money market deposit accounts
|
| | | | 104,390 | | | | | | 13.90 | | | | | | 0.50 | | | | | | 109,524 | | | | | | 14.01 | | | | | | 1.21 | | | | | | 114,314 | | | | | | 17.64 | | | | | | 1.25 | | |
Savings accounts
|
| | | | 101,738 | | | | | | 13.54 | | | | | | 0.33 | | | | | | 89,706 | | | | | | 11.48 | | | | | | 0.98 | | | | | | 81,564 | | | | | | 12.58 | | | | | | 0.67 | | |
Certificates of deposit
|
| | | | 372,535 | | | | | | 49.59 | | | | | | 1.35 | | | | | | 455,286 | | | | | | 58.25 | | | | | | 2.63 | | | | | | 343,633 | | | | | | 53.02 | | | | | | 2.36 | | |
Total
|
| | | $ | 751,171 | | | | | | 100.00% | | | | | | 0.72% | | | | | $ | 781,650 | | | | | | 100.00% | | | | | | 1.73% | | | | | $ | 648,160 | | | | | | 100.00% | | | | | | 1.62% | | |
| | |
At or For the Year Ended
December 31, |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Maximum amount outstanding at any month-end during period: | | | | | | | | | | | | | | | | | | | |
Lines of credit
|
| | | | — | | | | | | — | | | | | | — | | |
Federal Home Loan Bank advances
|
| | | $ | 28,000 | | | | | $ | 38,405 | | | | | $ | 72,869 | | |
Federal Home Loan Bank overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Federal Reserve Bank of New York overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Securities sold under repurchase agreements
|
| | | | — | | | | | | — | | | | | | — | | |
Average outstanding balance during period: | | | | | | | | | | | | | | | | | | | |
Lines of credit
|
| | | $ | — | | | | | $ | — | | | | | $ | 115 | | |
Federal Home Loan Bank advances
|
| | | | 26,811 | | | | | | 28,095 | | | | | | 64,013 | | |
Federal Home Loan Bank overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Federal Reserve Bank of New York overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Securities sold under repurchase agreements
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
At or For the Year Ended
December 31, |
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Weighted average interest rate during period: | | | | | | | | | | | | | | | | | | | |
Lines of credit
|
| | | $ | — | | | | | $ | — | | | | | $ | 1.85 | | |
Federal Home Loan Bank advances
|
| | | | 2.70 | | | | | | 2.64 | | | | | | 1.44 | | |
Federal Home Loan Bank overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Federal Reserve Bank of New York overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Securities sold under repurchase agreements
|
| | | | — | | | | | | — | | | | | | — | | |
Balance outstanding at end of period: | | | | | | | | | | | | | | | | | | | |
Lines of credit
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Federal Home Loan Bank advances
|
| | | | 28,000 | | | | | | 21,000 | | | | | | 42,461 | | |
Federal Home Loan Bank overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Federal Reserve Bank of New York overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Securities sold under repurchase agreements
|
| | | | — | | | | | | — | | | | | | — | | |
Weighted average interest rate at end of period: | | | | | | | | | | | | | | | | | | | |
Lines of credit
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Federal Home Loan Bank advances
|
| | | | 2.52 | | | | | | 2.83 | | | | | | 1.87 | | |
Federal Home Loan Bank overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Federal Reserve Bank of Philadelphia overnight borrowings
|
| | | | — | | | | | | — | | | | | | — | | |
Securities sold under repurchase agreements
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | |
Change Fiscal 2020/2019
|
| |||||||||
| | |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||
Net interest income
|
| | | $ | 39,000 | | | | | $ | 38,782 | | | | | $ | 218 | | | | | | 0.56% | | |
Provision for loan losses
|
| | | | 814 | | | | | | 727 | | | | | | 87 | | | | | | 11.97 | | |
Non-interest income
|
| | | | 2,513 | | | | | | 2,819 | | | | | | (306) | | | | | | (10.85) | | |
Non-interest expenses
|
| | | | 25,088 | | | | | | 23,944 | | | | | | 1,144 | | | | | | 4.78 | | |
Income tax expense
|
| | | | 3,282 | | | | | | 3,977 | | | | | | (695) | | | | | | (17.48) | | |
Net income
|
| | | $ | 12,329 | | | | | $ | 12,953 | | | | | $ | (624) | | | | | | (4.82) | | |
Return on average assets
|
| | | | 1.31% | | | | | | 1.35% | | | | | | | | | | | | | | |
Return on average equity
|
| | | | 8.31% | | | | | | 9.48% | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Other loan fees and service charges
|
| | | $ | 1,045 | | | | | $ | 1,326 | | |
Gain on disposition of equipment
|
| | | | (61) | | | | | | 37 | | |
Earnings on bank-owned life insurance
|
| | | | 609 | | | | | | 567 | | |
Investment advisory fees
|
| | | | 425 | | | | | | 466 | | |
Unrealized gain on equity securities
|
| | | | 288 | | | | | | 291 | | |
Other
|
| | | | 207 | | | | | | 132 | | |
Total
|
| | | $ | 2,513 | | | | | $ | 2,819 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars in thousands)
|
| |||||||||
Salaries and employee benefits
|
| | | $ | 13,809 | | | | | $ | 12,646 | | |
Occupancy expense
|
| | | | 1,932 | | | | | | 1,771 | | |
Equipment
|
| | | | 917 | | | | | | 949 | | |
Outside data processing
|
| | | | 1,771 | | | | | | 1,599 | | |
Advertising
|
| | | | 168 | | | | | | 385 | | |
Impairment loss on goodwill
|
| | | | 98 | | | | | | — | | |
Real estate owned expense
|
| | | | 313 | | | | | | 155 | | |
Other
|
| | | | 6,080 | | | | | | 6,439 | | |
Total
|
| | | $ | 25,088 | | | | | $ | 23,944 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable
|
| | | $ | 797,735 | | | | | $ | 48,202 | | | | | | 6.04% | | | | | $ | 767,309 | | | | | $ | 50,918 | | | | | | 6.64% | | | | | $ | 739,880 | | | | | $ | 45,449 | | | | | | 6.14% | | |
Securities(1) | | | | | 20,264 | | | | | | 415 | | | | | | 2.05 | | | | | | 16,964 | | | | | | 485 | | | | | | 2.86 | | | | | | 17,869 | | | | | | 539 | | | | | | 3.02 | | |
Other interest-earning assets
|
| | | | 58,438 | | | | | | 360 | | | | | | 0.62 | | | | | | 109,859 | | | | | | 2,413 | | | | | | 2.20 | | | | | | 30,128 | | | | | | 715 | | | | | | 2.37 | | |
Total interest-earning assets
|
| | | | 876,437 | | | | | | 48,977 | | | | | | 5.59 | | | | | | 894,132 | | | | | | 53,816 | | | | | | 6.02 | | | | | | 787,877 | | | | | | 46,703 | | | | | | 5.93 | | |
Allowance for loan losses
|
| | | | (4,965) | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | |
Non-interest-earning assets
|
| | | | 67,494 | | | | | | | | | | | | | | | | | | 69,173 | | | | | | | | | | | | | | | | | | 62,141 | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 938,966 | | | | | | | | | | | | | | | | | $ | 963,305 | | | | | | | | | | | | | | | | | $ | 850,018 | | | | | | | | | | | | | | |
Interest bearing demand
|
| | | $ | 104,390 | | | | | $ | 768 | | | | | | 0.74% | | | | | $ | 109,524 | | | | | $ | 1,637 | | | | | | 1.49% | | | | | $ | 114,314 | | | | | $ | 1,334 | | | | | | 1.17% | | |
Savings and club accounts
|
| | | | 101,738 | | | | | | 626 | | | | | | 0.62 | | | | | | 89,706 | | | | | | 832 | | | | | | 0.93 | | | | | | 81,564 | | | | | | 495 | | | | | | 0.61 | | |
Certificates of deposit
|
| | | | 372,535 | | | | | | 7,860 | | | | | | 2.11 | | | | | | 455,286 | | | | | | 11,822 | | | | | | 2.60 | | | | | | 343,633 | | | | | | 6,725 | | | | | | 1.96 | | |
Interest-bearing deposits
|
| | | | 578,663 | | | | | | 9,254 | | | | | | 1.60 | | | | | | 654,516 | | | | | | 14,291 | | | | | | 2.18 | | | | | | 539,511 | | | | | | 8,554 | | | | | | 1.59 | | |
Borrowed money
|
| | | $ | 26,811 | | | | | | 723 | | | | | | 2.70 | | | | | | 28,095 | | | | | | 743 | | | | | | 2.64 | | | | | | 64,128 | | | | | | 924 | | | | | | 1.44 | | |
Interest-bearing liabilities
|
| | | | 605,474 | | | | | | 9,977 | | | | | | 1.65 | | | | | | 682,611 | | | | | | 15,034 | | | | | | 2.20 | | | | | | 603,639 | | | | | | 9,478 | | | | | | 1.57 | | |
Non-interest-bearing demand
|
| | | | 172,508 | | | | | | | | | | | | | | | | | | 127,134 | | | | | | | | | | | | | | | | | | 108,649 | | | | | | | | | | | | | | |
Other non-interest-bearing liabilities
|
| | | | 12,595 | | | | | | | | | | | | | | | | | | 12,531 | | | | | | | | | | | | | | | | | | 10,636 | | | | | | | | | | | | | | |
Total liabilities
|
| | | | 790,577 | | | | | | | | | | | | | | | | | | 822,276 | | | | | | | | | | | | | | | | | | 722,924 | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |
Average
Balance |
| |
Interest and
Dividends |
| |
Yield/
Cost |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity
|
| | | | 148,389 | | | | | | | | | | | | | | | | | | 136,659 | | | | | | | | | | | | | | | | | | 123,436 | | | | | | | | | | | | | | |
Total liabilities and equity
|
| | | $ | 938,966 | | | | | | | | | | | | | | | | | $ | 958,935 | | | | | | | | | | | | | | | | | $ | 846,360 | | | | | | | | | | | | | | |
Net interest income/interest
spread |
| | | | | | | | | $ | 39,000 | | | | | | 3.94% | | | | | | | | | | | $ | 38,782 | | | | | | 3.82% | | | | | | | | | | | $ | 37,225 | | | | | | 4.36% | | |
Interest rate margin
|
| | | | | | | | | | | | | | | | 4.45% | | | | | | | | | | | | | | | | | | 4.34% | | | | | | | | | | | | | | | | | | 4.72% | | |
Net interest-earning assets
|
| | | $ | 270,963 | | | | | | | | | | | | | | | | | $ | 211,521 | | | | | | | | | | | | | | | | | $ | 184,238 | | | | | | | | | | | | | | |
Average interest-earning assets to interest-bearing liabilities
|
| | | | 144.75% | | | | | | | | | | | | | | | | | | 130.99% | | | | | | | | | | | | | | | | | | 130.52% | | | | | | | | | | | | | | |
|
| | |
Year Ended 12/31/2020
Compared to Year Ended 12/31/2019 |
| |
Year Ended 12/31/2019
Compared to Year Ended 12/31/2018 |
| ||||||||||||||||||||||||||||||
| | |
Increase (Decrease)
Due to |
| |
Increase (Decrease)
Due to |
| ||||||||||||||||||||||||||||||
| | |
Volume
|
| |
Rate
|
| |
Total
|
| |
Volume
|
| |
Rate
|
| |
Total
|
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Interest income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable
|
| | | $ | 1,964 | | | | | $ | (4,680) | | | | | $ | (2,716) | | | | | $ | 1,728 | | | | | $ | 3,741 | | | | | $ | 5,469 | | |
Securities
|
| | | | 83 | | | | | | (153) | | | | | | (70) | | | | | | (27) | | | | | | (27) | | | | | | (54) | | |
Other interest-earning assets
|
| | | | (809) | | | | | | (1,244) | | | | | | (2,053) | | | | | | 1,755 | | | | | | (57) | | | | | | 1,698 | | |
Total
|
| | | $ | 1,238 | | | | | $ | (6,077) | | | | | $ | (4,839) | | | | | $ | 3,456 | | | | | $ | 3,657 | | | | | $ | 7,113 | | |
Interest expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand deposit
|
| | | $ | (73) | | | | | $ | (796) | | | | | $ | (869) | | | | | $ | (58) | | | | | $ | 361 | | | | | $ | 303 | | |
Savings accounts
|
| | | | 101 | | | | | | (307) | | | | | | (206) | | | | | | 54 | | | | | | 283 | | | | | | 337 | | |
Certificates of deposits
|
| | | | (1,950) | | | | | | (2,012) | | | | | | (3,962) | | | | | | 2,541 | | | | | | 2,556 | | | | | | 5,097 | | |
Borrowed money
|
| | | | (34) | | | | | | 14 | | | | | | (20) | | | | | | (694) | | | | | | 513 | | | | | | (181) | | |
Total
|
| | | | (1,956) | | | | | | (3,101) | | | | | | (5,057) | | | | | | 1,843 | | | | | | 3,713 | | | | | | 5,556 | | |
Net change in net interest income
|
| | | $ | 3,194 | | | | | $ | (2,976) | | | | | $ | 218 | | | | | $ | 1,613 | | | | | $ | (56) | | | | | $ | 1,557 | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
Non-accrual loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate loans:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 197 | | |
Mixed-use
|
| | | | — | | | | | | 415 | | | | | | 1,762 | | | | | | 1,585 | | | | | | 1,567 | | |
Total residential real estate loans
|
| | | | — | | | | | | 415 | | | | | | 1,762 | | | | | | 1,585 | | | | | | 1,764 | | |
Non-residential real estate loans
|
| | | | 3,572 | | | | | | 3,540 | | | | | | — | | | | | | — | | | | | | — | | |
Construction loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,919 | | | | | | 2,691 | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total non-accrual loans
|
| | | | 3,572 | | | | | | 3,955 | | | | | | 1,762 | | | | | | 4,504 | | | | | | 4,455 | | |
Accruing loans past due 90 days or more: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | 144 | | | | | | — | | |
Total residential real estate loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 144 | | | | | | — | | |
Non-residential real estate loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 481 | | |
Construction loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 400 | | |
Commercial and industrial loans
|
| | | | — | | | | | | — | | | | | | 97 | | | | | | 99 | | | | | | — | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | |
Total accruing loans past due 90 days or more
|
| | | | — | | | | | | — | | | | | | 97 | | | | | | 244 | | | | | | 881 | | |
Total non-performing loans
|
| | | | 3,572 | | | | | | 3,955 | | | | | | 1,859 | | | | | | 4,748 | | | | | | 5,336 | | |
Real estate owned
|
| | | | 1,996 | | | | | | 2,164 | | | | | | 2,164 | | | | | | 2,491 | | | | | | 6,272 | | |
Total non-performing assets
|
| | | $ | 5,568 | | | | | $ | 6,119 | | | | | $ | 4,023 | | | | | $ | 7,239 | | | | | $ | 11,608 | | |
Total non-performing loans to total loans
|
| | | | 0.43% | | | | | | 0.53% | | | | | | 0.25% | | | | | | 0.67% | | | | | | 0.85% | | |
Total non-performing assets to total assets
|
| | | | 0.58% | | | | | | 0.64% | | | | | | 0.46% | | | | | | 0.89% | | | | | | 1.58% | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||
Classified loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Substandard
|
| | | $ | 3,722 | | | | | $ | 3,955 | | | | | $ | 1,859 | | | | | $ | 4,603 | | | | | $ | 4,855 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total classified loans
|
| | | | 3,722 | | | | | | 3,955 | | | | | | 1,859 | | | | | | 4,603 | | | | | | 4,855 | | |
Special mention
|
| | | | 301 | | | | | | 348 | | | | | | 390 | | | | | | 506 | | | | | | 1,594 | | |
Total criticized loans
|
| | | $ | 4,023 | | | | | $ | 4,303 | | | | | $ | 2,249 | | | | | $ | 5,109 | | | | | $ | 6,449 | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
| | |
Days Past Due
|
| |
Days Past Due
|
| ||||||||||||||||||||||||||||||
| | |
30 – 59
|
| |
60 – 89
|
| |
90 or more
|
| |
30 – 59
|
| |
60 – 89
|
| |
90 or more
|
| ||||||||||||||||||
| | |
(In thousands)
|
| |||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mixed-use
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 415 | | |
Non-residential real estate loans
|
| | | | — | | | | | | — | | | | | | 3,572 | | | | | | — | | | | | | — | | | | | | 3,540 | | |
Total
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,572 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,955 | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
| | |
Amount
|
| |
% of Allowance
Amount to Total Allowance |
| |
% of Loans in
Category to Total Loans |
| |
Amount
|
| |
% of Allowance
Amount to Total Allowance |
| |
% of Loans in
Category to Total Loans |
| ||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 16 | | | | | | 0.32% | | | | | | 0.75% | | | | | $ | 42 | | | | | | 0.91% | | | | | | 1.22% | | |
Multifamily
|
| | | | 602 | | | | | | 11.83 | | | | | | 10.97 | | | | | | 396 | | | | | | 8.59 | | | | | | 13.12 | | |
Mixed-use
|
| | | | 89 | | | | | | 1.75 | | | | | | 3.70 | | | | | | 167 | | | | | | 3.62 | | | | | | 4.31 | | |
Non-residential real estate loans
|
| | | | 519 | | | | | | 10.20 | | | | | | 7.36 | | | | | | 503 | | | | | | 10.91 | | | | | | 8.89 | | |
Construction loans
|
| | | | 3,068 | | | | | | 60.30 | | | | | | 66.18 | | | | | | 2,692 | | | | | | 58.38 | | | | | | 61.85 | | |
Commercial and industrial
|
| | | | 774 | | | | | | 15.21 | | | | | | 10.98 | | | | | | 566 | | | | | | 12.28 | | | | | | 10.60 | | |
Consumer loans
|
| | | | — | | | | | | — | | | | | | 0.01 | | | | | | — | | | | | | 0.00 | | | | | | 0.01 | | |
Overdraft
|
| | | | 20 | | | | | | 0.39 | | | | | | 0.05 | | | | | | 71 | | | | | | 1.54 | | | | | | 0.00 | | |
Total general allowance
|
| | | $ | 5,088 | | | | | | 100.00% | | | | | | | | | | | $ | 4,437 | | | | | | 96.23% | | | | | | | | |
Unallocated
|
| | | | — | | | | | | — | | | | | | | | | | | | 174 | | | | | | 3.77 | | | | | | | | |
Total allowance for loan losses
|
| | | $ | 5,088 | | | | | | 100.00% | | | | | | | | | | | $ | 4,611 | | | | | | 100.00% | | | | | | | | |
| | |
At December 31,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of Loans
in Category to Total Loans |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of Loans
in Category to Total Loans |
| |
Amount
|
| |
% of
Allowance Amount to Total Allowance |
| |
% of Loans
in Category to Total Loans |
| |||||||||||||||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | 44 | | | | | | 1.05% | | | | | | 1.71% | | | | | $ | — | | | | | | 0.00% | | | | | | 2.13% | | | | | $ | — | | | | | | 0.00% | | | | | | 2.18% | | |
Multifamily
|
| | | | 508 | | | | | | 12.11 | | | | | | 18.40 | | | | | | 677 | | | | | | 19.31 | | | | | | 21.61 | | | | | | 915 | | | | | | 24.26 | | | | | | 27.73 | | |
Mixed-use
|
| | | | 270 | | | | | | 6.43 | | | | | | 6.05 | | | | | | 320 | | | | | | 9.13 | | | | | | 8.18 | | | | | | 359 | | | | | | 9.52 | | | | | | 9.93 | | |
Non-residential real estate loans
|
| | | | 431 | | | | | | 10.27 | | | | | | 8.95 | | | | | | 443 | | | | | | 12.63 | | | | | | 9.98 | | | | | | 587 | | | | | | 15.57 | | | | | | 11.20 | | |
Construction loans
|
| | | | 2,395 | | | | | | 57.08 | | | | | | 55.19 | | | | | | 1,064 | | | | | | 30.35 | | | | | | 48.22 | | | | | | 1,062 | | | | | | 28.16 | | | | | | 39.84 | | |
Commercial and industrial loans
|
| | | | 522 | | | | | | 12.44 | | | | | | 9.69 | | | | | | 1,002 | | | | | | 28.58 | | | | | | 9.87 | | | | | | 848 | | | | | | 22.49 | | | | | | 9.10 | | |
Consumer loans
|
| | | | — | | | | | | 0.00 | | | | | | 0.01 | | | | | | — | | | | | | 0.00 | | | | | | 0.01 | | | | | | — | | | | | | 0.00 | | | | | | 0.02 | | |
Overdraft
|
| | | | 26 | | | | | | 0.62 | | | | | | 0.00 | | | | | | — | | | | | | 0.00 | | | | | | 0.00 | | | | | | — | | | | | | 0.00 | | | | | | 0.00 | | |
Total general and allocated allowance
|
| | | $ | 4,196 | | | | | | 100.00% | | | | | | | | | | | $ | 3,506 | | | | | | 100.00% | | | | | | | | | | | $ | 3,771 | | | | | | 100.00% | | | | | | | | |
Unallocated
|
| | | | — | | | | | | 0.00 | | | | | | | | | | | | — | | | | | | 0.00 | | | | | | | | | | | | — | | | | | | 0.00 | | | | | | | | |
Total allowance for loan
losses |
| | | $ | 4,196 | | | | | | 100.00% | | | | | | | | | | | $ | 3,506 | | | | | | 100.00% | | | | | | | | | | | $ | 3,771 | | | | | | 100.00% | | | | | | | | |
| | |
At or For the Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
Allowance at beginning of period
|
| | | $ | 4,611 | | | | | $ | 4,196 | | | | | $ | 3,506 | | | | | $ | 3,771 | | | | | $ | 3,895 | | |
Provision for loan losses
|
| | | | 814 | | | | | | 727 | | | | | | 1,114 | | | | | | 51 | | | | | | 146 | | |
Charge-offs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multifamily
|
| | | | — | | | | | | — | | | | | | 10 | | | | | | 202 | | | | | | 246 | | |
Mixed-use
|
| | | | — | | | | | | — | | | | | | — | | | | | | 8 | | | | | | 103 | | |
Total residential real estate loans
|
| | | | — | | | | | | — | | | | | | 10 | | | | | | 210 | | | | | | 349 | | |
Non-residential real estate loans
|
| | | | 65 | | | | | | 67 | | | | | | — | | | | | | 125 | | | | | | 5 | | |
Construction loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial loans
|
| | | | 271 | | | | | | 96 | | | | | | 3,126 | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 28 | | | | | | 157 | | | | | | — | | | | | | — | | | | | | — | | |
Total charge-offs
|
| | | | 364 | | | | | | 320 | | | | | | 3,136 | | | | | | 335 | | | | | | 354 | | |
Recoveries: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Multifamily
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12 | | | | | | 61 | | |
Mixed-use
|
| | | | — | | | | | | 3 | | | | | | 12 | | | | | | 7 | | | | | | 9 | | |
Total residential real estate loans
|
| | | | — | | | | | | 3 | | | | | | 12 | | | | | | 19 | | | | | | 70 | | |
Non-residential real estate loans
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14 | | |
Construction loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial loans
|
| | | | 15 | | | | | | — | | | | | | 2,700 | | | | | | — | | | | | | — | | |
Consumer loans
|
| | | | 3 | | | | | | 5 | | | | | | — | | | | | | — | | | | | | — | | |
Total recoveries
|
| | | | 27 | | | | | | 8 | | | | | | 2,712 | | | | | | 19 | | | | | | 84 | | |
Allowance at end of period
|
| | | $ | 5,088 | | | | | $ | 4,611 | | | | | $ | 4,196 | | | | | $ | 3,506 | | | | | $ | 3,771 | | |
Total loans outstanding
|
| | | $ | 824,708 | | | | | $ | 752,488 | | | | | $ | 752,093 | | | | | $ | 707,445 | | | | | $ | 630,009 | | |
Average loans outstanding
|
| | | | 797,735 | | | | | | 767,309 | | | | | | 739,880 | | | | | | 654,494 | | | | | | 563,405 | | |
Ratio of allowance to non-performing loans
|
| | | | 142.44% | | | | | | 116.59% | | | | | | 225.71% | | | | | | 73.84% | | | | | | 70.67% | | |
Ratio of allowance to total loans
|
| | | | 0.62% | | | | | | 0.61% | | | | | | 0.56% | | | | | | 0.50% | | | | | | 0.60% | | |
Ratio of net charge-offs to average loans
|
| | | | 0.04% | | | | | | 0.04% | | | | | | 0.06% | | | | | | 0.05% | | | | | | 0.05% | | |
Non-performing loans
|
| | | $ | 3,572 | | | | | $ | 3,955 | | | | | $ | 1,859 | | | | | $ | 4,748 | | | | | $ | 5,336 | | |
Net charge-offs (charge-offs less
recoveries) |
| | | | 337 | | | | | | 312 | | | | | | 424 | | | | | | 316 | | | | | | 270 | | |
| | |
Twelve Month
Net Interest Income |
| |
Net Portfolio Value
|
| ||||||||||||
Change in Interest Rates (Basis Points)
|
| |
Percent of Change
|
| |
Estimated NPV
|
| |
Percent
of Change |
| |||||||||
+200
|
| | | | 24.96% | | | | | $ | 178,557 | | | | | | 11.43% | | |
+100
|
| | | | 12.16 | | | | | | 168,944 | | | | | | 5.43 | | |
0
|
| | | | — | | | | | | 160,243 | | | | | | — | | |
-100
|
| | | | (4.54)% | | | | | | 159,679 | | | | | | (0.35)% | | |
| | | | | | | | |
Payments Due by Period
|
| |||||||||||||||||||||
| | |
Total
|
| |
Less than
One Year |
| |
One to
Three Years |
| |
Three to
Five Years |
| |
More Than Five Years
|
| |||||||||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||||||||||||||
Borrowed funds
|
| | | $ | 30,331 | | | | | $ | — | | | | | $ | 15,600 | | | | | $ | 7,261 | | | | | $ | 7,470 | | |
Certificates of deposit
|
| | | | 353,867 | | | | | | 213,080 | | | | | | 82,271 | | | | | | 46,019 | | | | | | 12,497 | | |
Commitments to fund loans
|
| | | | 129,066 | | | | | | 129,066 | | | | | | — | | | | | | — | | | | | | — | | |
Construction LIPs
|
| | | | 327,335 | | | | | | 89,019 | | | | | | 238,316 | | | | | | — | | | | | | — | | |
Unused lines of credit
|
| | | | 101,855 | | | | | | 72,816 | | | | | | 28,730 | | | | | | 301 | | | | | | 8 | | |
Consumer Overdraft Unused Lines of Credit
|
| | | | 94 | | | | | | 94 | | | | | | — | | | | | | — | | | | | | — | | |
Standby letters of credit
|
| | | | 7,002 | | | | | | 6,902 | | | | | | 100 | | | | | | — | | | | | | — | | |
Operating lease obligations
|
| | | | 7,536 | | | | | | 575 | | | | | | 1,032 | | | | | | 696 | | | | | | 5,233 | | |
Total
|
| | | $ | 957,086 | | | | | $ | 511,552 | | | | | $ | 366,049 | | | | | $ | 54,277 | | | | | $ | 25,208 | | |
Name
|
| |
Position
|
|
Kenneth A. Martinek
|
| | Chairman and Chief Executive Officer of NorthEast Community Bancorp, Inc., NorthEast Community Bancorp, NorthEast Community Bancorp, MHC and NorthEast Community Bank | |
Jose M. Collazo | | | President and Chief Operating Officer of NorthEast Community Bancorp, Inc., NorthEast Community Bancorp, NorthEast Community Bancorp, MHC and NorthEast Community Bank | |
Donald S. Hom | | | Executive Vice President and Chief Financial Officer of NorthEast Community Bancorp, Inc, NorthEast Community Bancorp, NorthEast Community Bancorp, MHC and NorthEast Community Bank | |
Director
|
| |
Audit
Committee |
| |
Compensation
Committee |
| |
Nominating/
Corporate Governance Committee |
| |||||||||
Diane B. Cavanaugh
|
| | | | | | | | | | X* | | | | | | X | | |
Charles M. Cirillo
|
| | | | X* | | | | | | | | | | | | | | |
Eugene M. Magier
|
| | | | X | | | | | | | | | | | | X | | |
John F. McKenzie
|
| | | | X | | | | | | X | | | | | | | | |
Kevin P. O’Malley
|
| | | | | | | | | | X | | | | | | | | |
Kenneth H. Thomas
|
| | | | | | | | | | | | | | | | X* | | |
Number of Meetings in Fiscal 2020
|
| | | | 5 | | | | | | 1 | | | | | | 1 | | |
Name
|
| |
Fees Earned
or Paid in Cash |
| |
Total
|
| ||||||
Diane B. Cavanaugh
|
| | | $ | 52,375 | | | | | $ | 52,375 | | |
Charles M. Cirillo
|
| | | | 72,375 | | | | | | 72,375 | | |
Eugene M. Magier
|
| | | | 51,875 | | | | | | 51,875 | | |
John F. McKenzie
|
| | | | 46,875 | | | | | | 46,875 | | |
Kevin P. O’Malley
|
| | | | 51,875 | | | | | | 51,875 | | |
Kenneth H. Thomas
|
| | | | 51,875 | | | | | | 51,875 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)(1)
|
| |
All Other
Compensation ($)(2) |
| |
Total ($)
|
| |||||||||||||||
Kenneth A. Martinek
|
| | | | 2020 | | | | | $ | 400,400 | | | | | $ | 166,500 | | | | | $ | 21,590 | | | | | $ | 588,490 | | |
Chairman and Chief Executive Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jose M. Collazo
|
| | | | 2020 | | | | | | 312,000 | | | | | | 135,000 | | | | | | 32,419 | | | | | | 479,419 | | |
President and Chief Operating Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Donald S. Hom
|
| | | | 2020 | | | | | | 245,000 | | | | | | 109,600 | | | | | | 17,371 | | | | | | 371,971 | | |
Executive Vice President and Chief Financial Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Mr. Martinek
|
| |
Mr. Collazo
|
| |
Mr. Hom
|
| |||||||||
Employee stock ownership plan
|
| | | $ | 21,590 | | | | | $ | 20,419 | | | | | $ | 17,371 | | |
Perquisites
|
| | | | —(a) | | | | | | 12,000(b) | | | | | | —(a) | | |
Name and Address
|
| |
Number of Shares
Owned |
| |
Percent of Common
Stock Outstanding(1) |
| ||||||
NorthEast Community Bancorp, MHC(2)
325 Hamilton Avenue White Plains, New York 10601 |
| | | | 7,273,750 | | | | | | 59.6% | | |
Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P. and Joseph Stillwell(3)
111 Broadway, 12th Floor New York, New York 10006 |
| | | | 976,886(3) | | | | | | 8.0% | | |
Name
|
| |
Number of
Shares Beneficially Owned(1)(2) |
| |
Percent of
Common Stock Outstanding(3) |
| ||||||
Directors: | | | | | | | | | | | | | |
Diane B. Cavanaugh
|
| | | | 500 | | | | | | * | | |
Charles M. Cirillo
|
| | | | 10 | | | | | | * | | |
Jose M. Collazo
|
| | | | 28,567 | | | | | | * | | |
Eugene M. Magier
|
| | | | 9,000(4) | | | | | | * | | |
Charles A. Martinek
|
| | | | 14,691 | | | | | | * | | |
Kenneth A. Martinek
|
| | | | 79,005 | | | | | | * | | |
John F. McKenzie
|
| | | | 5,000 | | | | | | * | | |
Kevin P. O’Malley
|
| | | | 2,020 | | | | | | * | | |
Kenneth H. Thomas
|
| | | | 10,000(5) | | | | | | * | | |
Executive Officers Who Are Not Directors: | | | | | | | | | | | | | |
Donald S. Hom
|
| | | | 11,259 | | | | | | * | | |
All Directors and Executive Officers as a Group (10 persons)
|
| | | | 160,052 | | | | | | 1.3% | | |
| | | | | | | | |
Proposed Purchases of
Stock in the Offering |
| |
Total
Common Stock to be Held |
| ||||||||||||||||||
Name of Beneficial Owner
|
| |
Number of
Shares Received in Exchange for Shares of NorthEast Community Bancorp(1) |
| |
Number
of Shares |
| |
Dollar
Amount |
| |
Number
of Shares(1) |
| |
Percentage
of Total Outstanding(2) |
| |||||||||||||||
Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diane B. Cavanaugh
|
| | | | 702 | | | | | | 500 | | | | | $ | 5,000 | | | | | | 1,202 | | | | | | * | | |
Charles M. Cirillo
|
| | | | 14 | | | | | | 3,500 | | | | | | 35,000 | | | | | | 3,514 | | | | | | * | | |
Jose M. Collazo
|
| | | | 40,110 | | | | | | 3,000 | | | | | | 30,000 | | | | | | 43,110 | | | | | | * | | |
Eugene M. Magier(3)
|
| | | | 12,636 | | | | | | 2,000 | | | | | | 20,000 | | | | | | 14,636 | | | | | | * | | |
Charles A. Martinek
|
| | | | 20,627 | | | | | | 100 | | | | | | 1,000 | | | | | | 20,727 | | | | | | * | | |
Kenneth A. Martinek(4)
|
| | | | 110,930 | | | | | | 20,000 | | | | | | 200,000 | | | | | | 130,930 | | | | | | * | | |
John F. McKenzie(5)
|
| | | | 7,020 | | | | | | 7,000 | | | | | | 70,000 | | | | | | 14,020 | | | | | | * | | |
Kevin P. O’Malley
|
| | | | 2,836 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 12,836 | | | | | | * | | |
Kenneth H. Thomas
|
| | | | 14,041 | | | | | | 10,000 | | | | | | 100,000 | | | | | | 24,041 | | | | | | * | | |
Executive Officers Who are Not Also Directors:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Donald S. Hom
|
| | | | 15,808 | | | | | | 3,000 | | | | | | 30,000 | | | | | | 18,808 | | | | | | * | | |
All Directors and Executive Officers as a Group
|
| | | | 224,724 | | | | | | 59,100 | | | | | | 591,000 | | | | | | 283,824 | | | | | | 1.65% | | |
| | |
Shares to be Sold in
the Offering |
| |
Shares to be Exchanged
for Existing Shares of NorthEast Community Bancorp |
| |
Total Shares of
Common Stock to be Outstanding |
| |
Exchange
Ratio |
| |
Equivalent per
Share Value(1) |
| |
Shares to be
Received for 100 Existing Shares(2) |
| ||||||||||||||||||||||||||||||
| | |
Amount
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Minimum
|
| | | | 8,712,500 | | | | | | 59.6% | | | | | | 5,872,932 | | | | | | 40.4% | | | | | | 14,585,432 | | | | | | 1.1935 | | | | | $ | 11.93 | | | | | | 119 | | |
Midpoint
|
| | | | 10,250,000 | | | | | | 59.6 | | | | | | 6,909,332 | | | | | | 40.4 | | | | | | 17,159,332 | | | | | | 1.4041 | | | | | | 14.04 | | | | | | 140 | | |
Maximum
|
| | | | 11,787,500 | | | | | | 59.6 | | | | | | 7,945,731 | | | | | | 40.4 | | | | | | 19,733,231 | | | | | | 1.6147 | | | | | | 16.15 | | | | | | 161 | | |
Company Name and Ticker Symbol
|
| |
Exchange
|
| |
Headquarters
|
| |
Total Assets
|
| ||||||
| | | | | | | | | | | |
(in millions)
|
| |||
Elmira Savings Bank (ESBK)
|
| | | | Nasdaq | | | | Elmira, New York | | | | $ | 674 | | |
ESSA Bancorp, Inc. (ESSA)
|
| | | | Nasdaq | | | | Stroudsburg, Pennsylvania | | | | | 1,894 | | |
HMN Financial, Inc. (HMNF)
|
| | | | Nasdaq | | | | Rochester, Minnesota | | | | | 898 | | |
HV Bancorp, Inc. (HVBC)
|
| | | | Nasdaq | | | | Doylestown, Pennsylvania | | | | | 508 | | |
IF Bancorp, Inc. (IROQ)
|
| | | | Nasdaq | | | | Watseka, Illinois | | | | | 726 | | |
PCSB Financial Corporation (PCSB)
|
| | | | Nasdaq | | | |
Yorktown Heights, New York
|
| | | | 1,791 | | |
Provident Bancorp, Inc. (PVBC)
|
| | | | Nasdaq | | | | Amesbury, Massachusetts | | | | | 1,498 | | |
Prudential Bancorp, Inc. (PBIP)
|
| | | | Nasdaq | | | | Philadelphia, Pennsylvania | | | | | 1,223 | | |
Randolph Bancorp, Inc. (RNDB)
|
| | | | Nasdaq | | | | Stoughton, Massachusetts | | | | | 723 | | |
Severn Bancorp, Inc. (SVBI)
|
| | | | Nasdaq | | | | Annapolis, Maryland | | | | | 939 | | |
| | |
Price to Core
Earnings Multiple(1) |
| |
Price to Book
Value Ratio |
| |
Price to Tangible
Book Value Ratio |
| |||||||||
NorthEast Community Bancorp (pro forma):
|
| | | | | | | | | | | | | | | | | | |
Minimum
|
| | | | 13.35x | | | | | | 63.82% | | | | | | 63.98% | | |
Midpoint
|
| | | | 16.03 | | | | | | 70.92 | | | | | | 71.12 | | |
Maximum
|
| | | | 18.81 | | | | | | 77.28 | | | | | | 77.46 | | |
Peer group companies as of February 5, 2021: | | | | | | | | | | | | | | | | | | | |
Average
|
| | | | 13.13x | | | | | | 90.10% | | | | | | 93.40% | | |
Median
|
| | | | 10.71 | | | | | | 89.45 | | | | | | 92.99 | | |
| | |
Page
|
| |||
| | | | F-1 | | | |
| | | | F-2 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-9 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands, except share
and per share amounts) |
| |||||||||
ASSETS
|
| | | | | | | | | | | | |
Cash and amounts due from depository institutions
|
| | | $ | 7,613 | | | | | $ | 17,160 | | |
Interest-bearing deposits
|
| | | | 61,578 | | | | | | 110,515 | | |
Cash and cash equivalents
|
| | | | 69,191 | | | | | | 127,675 | | |
Certificates of deposit
|
| | | | 100 | | | | | | 100 | | |
Equity Securities
|
| | | | 10,332 | | | | | | 10,044 | | |
Securities available-for-sale, at fair value
|
| | | | 2 | | | | | | 5 | | |
Securities held-to-maturity (fair value of $7,519 and $9,215,
respectively) |
| | | | 7,382 | | | | | | 9,149 | | |
Loans receivable, net of allowance for loan losses of $5,088 and $4,611 respectively
|
| | | | 819,733 | | | | | | 747,882 | | |
Premises and equipment, net
|
| | | | 18,675 | | | | | | 18,624 | | |
Investments in restricted stock, at cost
|
| | | | 1,595 | | | | | | 1,348 | | |
Bank owned life insurance
|
| | | | 24,691 | | | | | | 24,082 | | |
Accrued interest receivable
|
| | | | 3,838 | | | | | | 3,955 | | |
Goodwill
|
| | | | 651 | | | | | | 749 | | |
Real estate owned
|
| | | | 1,996 | | | | | | 2,164 | | |
Property held for investment
|
| | | | 1,518 | | | | | | 1,555 | | |
Right of Use Assets – Operating
|
| | | | 3,094 | | | | | | 1,150 | | |
Right of Use Assets – Financing
|
| | | | 363 | | | | | | 366 | | |
Other assets
|
| | | | 5,060 | | | | | | 6,323 | | |
Total assets
|
| | | $ | 968,221 | | | | | $ | 955,171 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | |
Liabilities:
|
| | | | | | | | | | | | |
Deposits:
|
| | | | | | | | | | | | |
Non-interest bearing
|
| | | $ | 221,371 | | | | | $ | 140,001 | | |
Interest bearing
|
| | | | 550,335 | | | | | | 639,157 | | |
Total deposits
|
| | | | 771,706 | | | | | | 779,158 | | |
Advance payments by borrowers for taxes and insurance
|
| | | | 2,258 | | | | | | 2,828 | | |
Federal Home Loan Bank advances
|
| | | | 28,000 | | | | | | 21,000 | | |
Lease Liability – Operating
|
| | | | 3,115 | | | | | | 1,156 | | |
Lease Liability – Financing
|
| | | | 460 | | | | | | 424 | | |
Accounts payable and accrued expenses
|
| | | | 8,857 | | | | | | 8,492 | | |
Total liabilities
|
| | | | 814,396 | | | | | | 813,058 | | |
Commitments and contingencies (Note 3)
|
| | | | | | | | | | | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands, except share
and per share amounts) |
| |||||||||
Stockholders’ equity:
|
| | | | | | | | | | | | |
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none
issued |
| | | | — | | | | | | — | | |
Common stock, $0.01 par value; 19,000,000 shares authorized; 13,225,000 shares issued; and 12,194,611 shares outstanding at December 31, 2020
and 2019 |
| | | $ | 132 | | | | | $ | 132 | | |
Additional paid-in capital
|
| | | | 56,901 | | | | | | 56,902 | | |
Unearned Employee Stock Ownership Plan (“ESOP”) shares
|
| | | | (1,296) | | | | | | (1,555) | | |
Retained earnings
|
| | | | 105,305 | | | | | | 93,767 | | |
Treasury stock – at cost, 1,030,389 shares at December 31, 2020 and
2019 |
| | | | (7,032) | | | | | | (7,032) | | |
Accumulated other comprehensive loss
|
| | | | (185) | | | | | | (101) | | |
Total stockholders’ equity
|
| | | | 153,825 | | | | | | 142,113 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 968,221 | | | | | $ | 955,171 | | |
|
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands, except per share amounts)
|
| |||||||||
INTEREST INCOME: | | | | | | | | | | | | | |
Loans
|
| | | $ | 48,202 | | | | | $ | 50,918 | | |
Interest-earning deposits
|
| | | | 360 | | | | | | 2,413 | | |
Securities – taxable
|
| | | | 415 | | | | | | 485 | | |
Total Interest Income
|
| | | | 48,977 | | | | | | 53,816 | | |
INTEREST EXPENSE: | | | | | | | | | | | | | |
Deposits
|
| | | | 9,254 | | | | | | 14,291 | | |
Borrowings
|
| | | | 687 | | | | | | 708 | | |
Financing Lease
|
| | | | 36 | | | | | | 35 | | |
Total Interest Expense
|
| | | | 9,977 | | | | | | 15,034 | | |
Net Interest Income
|
| | | | 39,000 | | | | | | 38,782 | | |
PROVISION FOR LOAN LOSSES
|
| | | | 814 | | | | | | 727 | | |
Net Interest Income after Provision for Loan Losses
|
| | | | 38,186 | | | | | | 38,055 | | |
NON-INTEREST INCOME: | | | | | | | | | | | | | |
Other loan fees and service charges
|
| | | | 1,045 | | | | | | 1,326 | | |
(Loss) Gain on disposition of equipment
|
| | | | (61) | | | | | | 37 | | |
Earnings on bank owned life insurance
|
| | | | 609 | | | | | | 567 | | |
Investment advisory fees
|
| | | | 425 | | | | | | 466 | | |
Unrealized gain on equity securities
|
| | | | 288 | | | | | | 291 | | |
Other
|
| | | | 207 | | | | | | 132 | | |
Total Non-Interest Income
|
| | | | 2,513 | | | | | | 2,819 | | |
NON-INTEREST EXPENSES: | | | | | | | | | | | | | |
Salaries and employee benefits
|
| | | | 13,809 | | | | | | 12,646 | | |
Occupancy expense
|
| | | | 1,932 | | | | | | 1,771 | | |
Equipment
|
| | | | 917 | | | | | | 949 | | |
Outside data processing
|
| | | | 1,771 | | | | | | 1,599 | | |
Advertising
|
| | | | 168 | | | | | | 385 | | |
Impairment loss on goodwill
|
| | | | 98 | | | | | | — | | |
Real estate owned expense
|
| | | | 313 | | | | | | 155 | | |
Other
|
| | | | 6,080 | | | | | | 6,439 | | |
Total Non-Interest Expenses
|
| | | | 25,088 | | | | | | 23,944 | | |
INCOME BEFORE PROVISION FOR INCOME TAXES
|
| | | | 15,611 | | | | | | 16,930 | | |
PROVISION FOR INCOME TAXES
|
| | | | 3,282 | | | | | | 3,977 | | |
NET INCOME
|
| | | $ | 12,329 | | | | | $ | 12,953 | | |
NET INCOME PER COMMON SHARE – BASIC AND
DILUTED |
| | | $ | 1.02 | | | | | $ | 1.08 | | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING – BASIC AND DILUTED |
| | |
|
12,053
|
| | | |
|
12,026
|
| |
DIVIDENDS DECLARED PER COMMON SHARE
|
| | | $ | 0.12 | | | | | $ | 0.12 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Net Income
|
| | | $ | 12,329 | | | | | $ | 12,953 | | |
Other comprehensive income (loss): | | | | | | | | | | | | | |
Unrealized loss on securities available-for-sale arising during the year
|
| | | | — | | | | | | — | | |
Defined benefit pension:
|
| | | | | | | | | | | | |
Reclassification adjustments out of accumulated other comprehensive loss:
|
| | | | | | | | | | | | |
Amortization of prior service cost(1)
|
| | | | 15 | | | | | | 21 | | |
Amortization of actuarial loss(1)
|
| | | | 14 | | | | | | 16 | | |
Actuarial gain arising during period
|
| | | | (136) | | | | | | 2 | | |
Total
|
| | | | (107) | | | | | | 39 | | |
Income tax effect(2)
|
| | | | 23 | | | | | | (8) | | |
Total other comprehensive (loss) income
|
| | | | (84) | | | | | | 31 | | |
Total Comprehensive Income
|
| | | $ | 12,245 | | | | | $ | 12,984 | | |
| | |
Common
Stock |
| |
Additional
Paid- in Capital |
| |
Unearned
ESOP Shares |
| |
Retained
Earnings |
| |
Treasury
Stock |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
|
| |||||||||||||||||||||
| | |
(In thousands, except share and per share amounts)
|
| |||||||||||||||||||||||||||||||||||||||
Balance – January 1,
2019 |
| | | $ | 132 | | | | | $ | 56,862 | | | | | $ | (1,814) | | | | | $ | 81,792 | | | | | $ | (7,032) | | | | | $ | (322) | | | | | $ | 129,618 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12,953 | | | | | | — | | | | | | — | | | | | | 12,953 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31 | | | | | | 31 | | |
Cash dividend declared
($0.12 per share) |
| | | | — | | | | | | — | | | | | | — | | | | | | (788) | | | | |
|
—
|
| | | | | — | | | | | | (788) | | |
ESOP shares earned
|
| | | | — | | | | | | 40 | | | | | | 259 | | | | | | — | | | | | | — | | | | | | — | | | | | | 299 | | |
Reclassification adjustment due to adoption of ASU 2016-01
|
| | | | — | | | | | | — | | | | | | — | | | | | | (190) | | | | | | — | | | | | | 190 | | | | | | — | | |
Balance – December 31, 2019
|
| | | $ | 132 | | | | | $ | 56,902 | | | | | $ | (1,555) | | | | | $ | 93,767 | | | | | $ | (7,032) | | | | | $ | (101) | | | | | $ | 142,113 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 12,329 | | | | | | — | | | | | | — | | | | | | 12,329 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (84) | | | | | | (84) | | |
Cash dividend declared
($0.12 per share) |
| | | | — | | | | | | — | | | | | | — | | | | | | (791) | | | | |
|
—
|
| | | | | — | | | | | | (791) | | |
ESOP shares earned
|
| | | | — | | | | | | (1) | | | | | | 259 | | | | | | — | | | | | | — | | | | | | — | | | | | | 258 | | |
Balance – December 31, 2020
|
| | | $ | 132 | | | | | $ | 56,901 | | | | | $ | (1,296) | | | | | $ | 105,305 | | | | | $ | (7,032) | | | | | $ | (185) | | | | | $ | 153,825 | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 12,329 | | | | | $ | 12,953 | | |
Adjustments to reconcile net income to net cash provided by
operating activities: |
| | | | | | | | | | | | |
Net amortization of securities premiums and discounts, net
|
| | | | (3) | | | | | | 7 | | |
Provision for loan losses
|
| | | | 814 | | | | | | 727 | | |
Depreciation
|
| | | | 1,067 | | | | | | 875 | | |
Net accretion of deferred loan fees and costs
|
| | | | (165) | | | | | | (391) | | |
Amortization of intangible assets
|
| | | | — | | | | | | 41 | | |
Deferred income tax expense
|
| | | | (33) | | | | | | (256) | | |
Unrealized gain recognized on equity securities
|
| | | | (288) | | | | | | (291) | | |
Impairment of goodwill
|
| | | | 98 | | | | | | — | | |
Impairment of real estate owned
|
| | | | 168 | | | | | | — | | |
Earnings on bank owned life insurance
|
| | | | (609) | | | | | | (567) | | |
Loss (Gain) on dispositions of premises and equipment
|
| | | | 61 | | | | | | (37) | | |
ESOP compensation expense
|
| | | | 257 | | | | | | 299 | | |
Decrease in accrued interest receivable
|
| | | | 116 | | | | | | 171 | | |
Decrease in other assets
|
| | | | 1,754 | | | | | | 482 | | |
Increase in accounts payable and accrued expenses
|
| | | | 97 | | | | | | 330 | | |
Net Cash Provided by Operating Activities
|
| | | | 15,663 | | | | | | 14,343 | | |
Cash Flows from Investing Activities:
|
| | | | | | | | | | | | |
Net increase in loans
|
| | | | (72,500) | | | | | | (9,948) | | |
Proceeds from sale of loan participations
|
| | | | — | | | | | | 12,810 | | |
Purchase of loans
|
| | | | — | | | | | | (3,240) | | |
Principal repayments on securities available-for-sale
|
| | | | 3 | | | | | | 12 | | |
Principal repayments on securities held-to-maturity
|
| | | | 1,959 | | | | | | 1,075 | | |
Purchase of marketable equity securities
|
| | | | — | | | | | | (1,000) | | |
Purchase of securities held-to-maturity
|
| | | | (189) | | | | | | (4,190) | | |
Proceeds from sale of fixed assets
|
| | | | 120 | | | | | | 65 | | |
Net (Purchase) redemptions of restricted stock
|
| | | | (247) | | | | | | 1,012 | | |
Purchases of premises and equipment
|
| | | | (1,262) | | | | | | (4,044) | | |
Net Cash Used in Investing Activities
|
| | | | (72,116) | | | | | | (7,448) | | |
Cash Flows from Financing Activities:
|
| | | | | | | | | | | | |
Net (decrease) increase in deposits
|
| | | | (7,453) | | | | | | 92,062 | | |
Proceeds from FHLB of NY advances
|
| | | | 7,000 | | | | | | — | | |
Repayment of FHLB of NY advances
|
| | | | — | | | | | | (21,461) | | |
Decrease in advance payments by borrowers for taxes and insurance
|
| | | | (570) | | | | | | (385) | | |
Cash dividends paid
|
| | | | (1,008) | | | | | | (788) | | |
Net Cash (Used in) Provided by Financing Activities
|
| | | | (2,031) | | | | | | 69,428 | | |
Net Increase in Cash and Cash Equivalents
|
| | | | (58,484) | | | | | | 76,323 | | |
Cash and Cash Equivalents – Beginning
|
| | |
|
127,675
|
| | | |
|
51,352
|
| |
Cash and Cash Equivalents – Ending
|
| | | $ | 69,191 | | | | | $ | 127,675 | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In thousands)
|
| |||||||||
Supplementary Cash Flows Information: | | | | | | | | | | | | | |
Income taxes paid
|
| | | $ | 3,425 | | | | | $ | 4,761 | | |
Interest paid
|
| | | $ | 9,984 | | | | | $ | 15,159 | | |
Supplementary Disclosure of Non-Cash Investing
and Financing Activities: |
| | | | | | | | | | | | |
Recognition of right of use asset – operating
|
| | | $ | 2,694 | | | | | $ | 1,464 | | |
Recognition of lease liability – operating
|
| | | $ | 2,694 | | | | | $ | 1,464 | | |
Recognition of right of use asset – finance
|
| | | $ | — | | | | | $ | 368 | | |
Recognition of lease liability – finance
|
| | | $ | — | | | | | $ | 368 | | |
Dividends declared and not paid
|
| | | $ | 143 | | | | | $ | 360 | | |
|
| | |
Years
|
|
Buildings
|
| |
30 – 50
|
|
Building improvements
|
| |
10 – 50
|
|
Leasehold improvements
|
| |
1 – 15
|
|
Furnishings and equipment
|
| |
3 – 5
|
|
| | | | | | | | | | | | | | |
Regulatory Capital Requirements
|
| |||||||||||||||||||||
| | |
Actual
|
| |
Minimum Capital
Adequacy(1) |
| |
For Classification as
Well-Capitalized |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| |
Amount
|
| |
Ratio
|
| ||||||||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||||||||||||||
As of December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets)
|
| | | $ | 143,021 | | | | | | 13.72% | | | | | $ | ≥83,399 | | | | | | ≥8.00% | | | | | $ | ≥104.249 | | | |
≥10.00%
|
| |||
Tier 1 capital (to risk-weighted assets)
|
| | | | 137,962 | | | | | | 13.23 | | | | | | ≥62,550 | | | | | | ≥6.00 | | | | | | ≥83,399 | | | | | | ≥8.00 | | |
Common equity tier 1 capital (to risk-weighted assets)
|
| | | | 137,962 | | | | | | 13.23 | | | | | | ≥46,912 | | | | | | ≥4.50 | | | | | | ≥67,762 | | | | | | ≥6.50 | | |
Core (Tier 1) capital (to adjusted total assets)
|
| | | | 137,962 | | | | | | 14.79 | | | | | | ≥37,304 | | | | | | ≥4.00 | | | | | | ≥46,629 | | | | | | ≥5.00 | | |
As of December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total capital (to risk-weighted assets)
|
| | | $ | 130,408 | | | | | | 14.56% | | | | | $ | ≥71,675 | | | | | | ≥8.00% | | | | | $ | ≥89,594 | | | |
≥10.00%
|
| |||
Tier 1 capital (to risk-weighted assets)
|
| | | | 125,815 | | | | | | 14.04 | | | | | | ≥53,757 | | | | | | ≥6.00 | | | | | | ≥71,675 | | | | | | ≥8.00 | | |
Common equity tier 1 capital (to risk-weighted assets)
|
| | | | 125,815 | | | | | | 14.04 | | | | | | ≥40,317 | | | | | | ≥4.50 | | | | | | ≥58,236 | | | | | | ≥6.50 | | |
Core (Tier 1) capital (to adjusted total assets)
|
| | | | 125,815 | | | | | | 12.68 | | | | | | ≥39,688 | | | | | | ≥4.00 | | | | | | ≥49,611 | | | | | | ≥5.00 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Financial instruments whose contract amounts represent credit risk: | | | | | | | | | | | | | |
Commitments to extend credit
|
| | | $ | 129,066 | | | | | $ | 73,495 | | |
Construction loans in process
|
| | | | 327,336 | | | | | | 269,976 | | |
Stand-by letters of credit
|
| | | | 7,002 | | | | | | 5,799 | | |
Commitments to fund unused lines of credit:
|
| | | | | | | | | | | | |
Commercial and industrial lines
|
| | | | 101,855 | | | | | | 85,591 | | |
Multi-family real estate equity lines
|
| | | | — | | | | | | — | | |
Consumer lines
|
| | | | 94 | | | | | | 99 | | |
| | | | $ | 565,353 | | | | | $ | 434,960 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Equity Securities, at Fair Value
|
| | | $ | 10,332 | | | | | $ | 10,044 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Unrealized net gain recognized during the reporting period on equity securities still held at the reporting date
|
| | | $ | 288 | | | | | $ | 291 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| ||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||
Mortgage-backed securities – residential: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Mortgage Corporation
|
| | | $ | 2 | | | | | $ | — | | | | | $ | — | | | | | $ | 2 | | |
| | | | $ | 2 | | | | | $ | — | | | | | $ | — | | | | | $ | 2 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||
Mortgage-backed securities – residential: | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Mortgage Corporation
|
| | | $ | 4 | | | | | $ | — | | | | | $ | — | | | | | $ | 4 | | |
Federal National Mortgage Association
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | 1 | | |
| | | | $ | 5 | | | | | $ | — | | | | | $ | — | | | | | $ | 5 | | |
| | |
December 31, 2020
|
| |||||||||
| | |
Amortized Cost
|
| |
Fair Value
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Due after one year but with five years
|
| | | $ | 2 | | | | | $ | 2 | | |
| | | | $ | 2 | | | | | $ | 2 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||
Municipal Bonds
|
| | | $ | 4,189 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,189 | | |
Mortgage-backed securities – residential: | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association
|
| | | $ | 933 | | | | | $ | 25 | | | | | $ | — | | | | | $ | 958 | | |
Federal Home Loan Mortgage Corporation
|
| | | | 59 | | | | | | — | | | | | | 1 | | | | | | 58 | | |
Federal National Mortgage Association
|
| | | | 1,097 | | | | | | 45 | | | | | | — | | | | | | 1,142 | | |
Collateralized mortgage obligations – GSE
|
| | | | 1,104 | | | | | | 68 | | | | | | — | | | | | | 1,172 | | |
| | | | $ | 3,193 | | | | | $ | 138 | | | | | $ | 1 | | | | | $ | 3,330 | | |
| | | | $ | 7,382 | | | | | $ | 138 | | | | | $ | 1 | | | | | $ | 7,519 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
| | |
Amortized
Cost |
| |
Gross
Unrealized Gains |
| |
Gross
Unrealized Losses |
| |
Fair Value
|
| ||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||
Municipal Bonds
|
| | | $ | 4,190 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,190 | | |
Mortgage-backed securities – residential: | | | | | | | | | | | | | | | | | | | | | | | | | |
Government National Mortgage Association
|
| | | $ | 1,416 | | | | | $ | 28 | | | | | $ | — | | | | | $ | 1,444 | | |
Federal Home Loan Mortgage Corporation
|
| | | | 66 | | | | | | 1 | | | | | | — | | | | | | 67 | | |
Federal National Mortgage Association
|
| | | | 1,563 | | | | | | 13 | | | | | | — | | | | | | 1,576 | | |
Collateralized mortgage obligations – GSE
|
| | | | 1,914 | | | | | | 24 | | | | | | — | | | | | | 1,938 | | |
| | | | | 4,959 | | | | | | 66 | | | | | | — | | | | | | 5,025 | | |
| | | | $ | 9,149 | | | | | $ | 66 | | | | | $ | — | | | | | $ | 9,215 | | |
| | |
2020
|
| |||||||||
| | |
Amortized Cost
|
| |
Fair Value
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Due within one year
|
| | | $ | 3,241 | | | | | $ | 3,241 | | |
Due after one but within five years
|
| | | | 980 | | | | | | 980 | | |
Due after five but within ten years
|
| | | | 11 | | | | | | 11 | | |
Due after ten years
|
| | | | 3,150 | | | | | | 3,287 | | |
| | | | $ | 7,382 | | | | | $ | 7,519 | | |
| | |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| ||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||
December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Mortgage Corporation
|
| | | $ | 42 | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | 42 | | | | | $ | 1 | | |
| | | | $ | 42 | | | | | $ | 1 | | | | | $ | — | | | | | $ | — | | | | | $ | 42 | | | | | $ | 1 | | |
| | |
Less than 12 Months
|
| |
12 Months or More
|
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| |
Fair
Value |
| |
Gross
Unrealized Losses |
| ||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||
December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Federal Home Loan Mortgage Corporation
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Residential real estate: | | | | | | | | | | | | | |
One-to-four family
|
| | | $ | 6,170 | | | | | $ | 9,188 | | |
Multi-family
|
| | | | 90,506 | | | | | | 98,751 | | |
Mixed-use
|
| | | | 30,508 | | | | | | 32,460 | | |
Total residential real estate
|
| | | | 127,184 | | | | | | 140,399 | | |
Non-residential real estate
|
| | | | 60,665 | | | | | | 66,894 | | |
Construction
|
| | | | 545,788 | | | | | | 465,379 | | |
Commercial and industrial
|
| | | | 90,577 | | | | | | 79,765 | | |
Overdrafts
|
| | | | 452 | | | | | | — | | |
Consumer
|
| | | | 42 | | | | | | 51 | | |
Total Loans
|
| | | | 824,708 | | | | | | 752,488 | | |
Allowance for loan losses
|
| | | | (5,088) | | | | | | (4,611) | | |
Deferred loan (fees) costs, net
|
| | | | 113 | | | | | | 5 | | |
| | | | $ | 819,733 | | | | | $ | 747,882 | | |
| | |
Residential
Real Estate |
| |
Non-
residential Real Estate |
| |
Construction
|
| |
Commercial
and Industrial |
| |
Consumer
|
| |
Overdraft
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 605 | | | | | $ | 503 | | | | | $ | 2,692 | | | | | $ | 566 | | | | | $ | — | | | | | $ | 71 | | | | | $ | 174 | | | | | $ | 4,611 | | |
Charge-offs
|
| | | | — | | | | | | (65) | | | | | | — | | | | | | (271) | | | | | | — | | | | | | (28) | | | | | | — | | | | | | (364) | | |
Recoveries
|
| | | | 3 | | | | | | 9 | | | | | | — | | | | | | 15 | | | | | | — | | | | | | — | | | | | | — | | | | | | 27 | | |
Provision (Benefit)
|
| | | | 99 | | | | | | 72 | | | | | | 376 | | | | | | 464 | | | | | | — | | | | | | (23) | | | | | | (174) | | | | | | 814 | | |
Ending balance
|
| | | $ | 707 | | | | | $ | 519 | | | | | $ | 3,068 | | | | | $ | 774 | | | | | $ | — | | | | | $ | 20 | | | | | $ | — | | | | | $ | 5,088 | | |
Ending balance: individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Ending balance:
collectively evaluated for impairment |
| | | $ | 707 | | | | | $ | 519 | | | | | $ | 3,068 | | | | | $ | 774 | | | | | $ | — | | | | | $ | 20 | | | | | $ | — | | | | | $ | 5,088 | | |
Loans receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance
|
| | | $ | 127,184 | | | | | $ | 60,665 | | | | | $ | 545,788 | | | | | $ | 90,577 | | | | | $ | 42 | | | | | $ | 452 | | | | | $ | — | | | | | $ | 824,708 | | |
Ending balance: individually evaluated for impairment
|
| | | $ | 2,009 | | | | | $ | 4,461 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,470 | | |
Ending balance:
collectively evaluated for impairment |
| | | $ | 125,175 | | | | | $ | 56,204 | | | | | $ | 545,788 | | | | | $ | 90,577 | | | | | $ | 42 | | | | | $ | 452 | | | | | $ | — | | | | | $ | 818,238 | | |
| | |
Residential
Real Estate |
| |
Non-
residential Real Estate |
| |
Construction
|
| |
Commercial
and Industrial |
| |
Consumer
|
| |
Overdraft
|
| |
Unallocated
|
| |
Total
|
| ||||||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 822 | | | | | $ | 431 | | | | | $ | 2,395 | | | | | $ | 522 | | | | | $ | — | | | | | $ | 26 | | | | | $ | — | | | | | $ | 4,196 | | |
Charge-offs
|
| | | | — | | | | | | (67) | | | | | | — | | | | | | (96) | | | | | | — | | | | | | (157) | | | | | | — | | | | | | (320) | | |
Recoveries
|
| | | | 3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5 | | | | | | — | | | | | | 8 | | |
Provision (Benefit)
|
| | | | (220) | | | | | | 139 | | | | | | 297 | | | | | | 140 | | | | | | — | | | | | | 197 | | | | | | 174 | | | | | | 727 | | |
Ending balance
|
| | | $ | 605 | | | | | $ | 503 | | | | | $ | 2,692 | | | | | $ | 566 | | | | | $ | — | | | | | $ | 71 | | | | | $ | 174 | | | | | $ | 4,611 | | |
Ending balance: individually evaluated for impairment
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Ending balance:
collectively evaluated for impairment |
| | | $ | 605 | | | | | $ | 503 | | | | | $ | 2,692 | | | | | $ | 566 | | | | | $ | — | | | | | $ | 71 | | | | | $ | 174 | | | | | $ | 4,611 | | |
Loans receivable: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ending balance
|
| | | $ | 140,399 | | | | | $ | 66,894 | | | | | $ | 465,379 | | | | | $ | 79,765 | | | | | $ | 51 | | | | | $ | — | | | | | $ | — | | | | | $ | 752,488 | | |
Ending balance: individually evaluated for impairment
|
| | | $ | 2,730 | | | | | $ | 4,280 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,010 | | |
Ending balance:
collectively evaluated for impairment |
| | | $ | 137,669 | | | | | $ | 62,614 | | | | | $ | 465,379 | | | | | $ | 79,765 | | | | | $ | 51 | | | | | $ | — | | | | | $ | — | | | | | $ | 745,478 | | |
2020
|
| |
Recorded
Investment |
| |
Unpaid Principal
Balance |
| |
Related
Allowance |
| |
Average Recorded
Investment |
| |
Interest Income
Recognized |
| |||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||
With no related allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate-Multi-family
|
| | | $ | 2,009 | | | | | $ | 2,009 | | | | | $ | — | | | | | $ | 2,666 | | | | | $ | 87 | | |
Non-residential real estate
|
| | | | 4,461 | | | | | | 4,526 | | | | | | — | | | | | | 4,371 | | | | | | 50 | | |
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 6,470 | | | | | | 6,535 | | | | | | — | | | | | | 7,037 | | | | | | 137 | | |
With an allowance recorded
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate-Multi-family
|
| | | | 2,009 | | | | | | 2,009 | | | | | | — | | | | | | 2,666 | | | | | | 87 | | |
Non-residential real estate
|
| | | | 4,461 | | | | | | 4,526 | | | | | | — | | | | | | 4,371 | | | | | | 50 | | |
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 6,470 | | | | | $ | 6,535 | | | | | $ | — | | | | | $ | 7,037 | | | | | $ | 137 | | |
2019
|
| |
Recorded
Investment |
| |
Unpaid Principal
Balance |
| |
Related
Allowance |
| |
Average Recorded
Investment |
| |
Interest Income
Recognized |
| |||||||||||||||
| | |
(In Thousands)
|
| | | | | | | |||||||||||||||||||||
With no related allowance recorded:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate-Multi-family
|
| | | $ | 2,730 | | | | | $ | 2,730 | | | | | $ | — | | | | | $ | 2,076 | | | | | $ | 96 | | |
Non-residential real estate
|
| | | | 4,280 | | | | | | 4,347 | | | | | | — | | | | | | 1,872 | | | | | | 31 | | |
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 7,010 | | | | | | 7,077 | | | | | | — | | | | | | 3,948 | | | | | | 127 | | |
With an allowance recorded
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Residential real estate-Multi-family
|
| | | | 2,730 | | | | | | 2,730 | | | | | | — | | | | | | 2,076 | | | | | | 96 | | |
Non-residential real estate
|
| | | | 4,280 | | | | | | 4,347 | | | | | | — | | | | | | 1,872 | | | | | | 31 | | |
Construction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commercial and industrial
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 7,010 | | | | | $ | 7,077 | | | | | $ | — | | | | | $ | 3,948 | | | | | $ | 127 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Residential real estate:
|
| | | | | | | | | | | | |
Mixed-use
|
| | | $ | — | | | | | $ | 415 | | |
Non-residential real estate
|
| | | | 3,572 | | | | | | 3,540 | | |
| | | | $ | 3,572 | | | | | $ | 3,955 | | |
| | |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater Than
90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total Loans
Receivable |
| |
Recorded
Investment > 90 Days and Accruing |
| |||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 6,170 | | | | | $ | 6,170 | | | | | $ | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 90,506 | | | | | | 90,506 | | | | | | — | | |
Mixed-use
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,508 | | | | | | 30,508 | | | | | | — | | |
Non-residential real estate
|
| | | | — | | | | | | — | | | | | | 3,572 | | | | | | 3,572 | | | | | | 57,093 | | | | | | 60,665 | | | | | | — | | |
Construction loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 545,788 | | | | | | 545,788 | | | | | | — | | |
Commercial and industrial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 90,577 | | | | | | 90,577 | | | | | | — | | |
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 452 | | | | | | 452 | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42 | | | | | | 42 | | | | | | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 3,572 | | | | | $ | 3,572 | | | | | $ | 821,136 | | | | | $ | 824,708 | | | | | $ | — | | |
| | |
30 – 59 Days
Past Due |
| |
60 – 89 Days
Past Due |
| |
Greater Than
90 Days |
| |
Total Past
Due |
| |
Current
|
| |
Total Loans
Receivable |
| |
Recorded
Investment > 90 Days and Accruing |
| |||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Residential real estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One- to four-family
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 9,188 | | | | | $ | 9,188 | | | | | $ | — | | |
Multi-family
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 98,751 | | | | | | 98,751 | | | | | | — | | |
Mixed-use
|
| | | | — | | | | | | — | | | | | | 415 | | | | | | 415 | | | | | | 32,045 | | | | | | 32,460 | | | | | | — | | |
Non-residential real estate
|
| | | | — | | | | | | — | | | | | | 3,540 | | | | | | 3,540 | | | | | | 63,354 | | | | | | 66,894 | | | | | | — | | |
Construction loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 465,379 | | | | | | 465,379 | | | | | | — | | |
Commercial and industrial loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 79,765 | | | | | | 79,765 | | | | | | 97 | | |
Overdrafts
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consumer
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51 | | | | | | 51 | | | | | | — | | |
| | | | $ | — | | | | | $ | — | | | | | $ | 3,955 | | | | | $ | 3,955 | | | | | $ | 748,533 | | | | | $ | 752,488 | | | | | $ | 97 | | |
| | |
Residential
Real Estate |
| |
Non-residential
Real Estate |
| |
Construction
|
| |
Commercial
and Industrial |
| |
Consumer
|
| |
Overdrafts
|
| |
Total
|
| |||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 127,184 | | | | | $ | 56,943 | | | | | $ | 545,788 | | | | | $ | 90,276 | | | | | $ | 42 | | | | | $ | 452 | | | | | $ | 820,685 | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 301 | | | | | | — | | | | | | — | | | | | | 301 | | |
Substandard
|
| | | | — | | | | | | 3,722 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,722 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 127,184 | | | | | $ | 60,665 | | | | | $ | 545,788 | | | | | $ | 90,577 | | | | | $ | 42 | | | | | $ | 452 | | | | | $ | 824,708 | | |
| | |
Residential
Real Estate |
| |
Non-residential
Real Estate |
| |
Construction
|
| |
Commercial
and Industrial |
| |
Consumer
|
| |
Overdrafts
|
| |
Total
|
| |||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Grade: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pass
|
| | | $ | 139,984 | | | | | $ | 63,354 | | | | | $ | 465,379 | | | | | $ | 79,417 | | | | | $ | 51 | | | | | $ | — | | | | | $ | 748,185 | | |
Special Mention
|
| | | | — | | | | | | — | | | | | | — | | | | | | 348 | | | | | | — | | | | | | — | | | | | | 348 | | |
Substandard
|
| | | | 415 | | | | | | 3,540 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,955 | | |
Doubtful
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 140,399 | | | | | $ | 66,894 | | | | | $ | 465,379 | | | | | $ | 79,765 | | | | | $ | 51 | | | | | | — | | | | | $ | 752,488 | | |
| | |
December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Number of
contracts |
| |
Recorded
Investment |
| |
Number of
contracts |
| |
Recorded
Investment |
| ||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||
Multi-family
|
| | | | 1 | | | | | $ | 1,098 | | | | | | 2 | | | | | $ | 1,377 | | |
Mixed-use
|
| | | | 2 | | | | | | 911 | | | | | | 2 | | | | | | 939 | | |
Non-residential real estate
|
| | | | 2 | | | | | | 739 | | | | | | 2 | | | | | | 739 | | |
Total performing
|
| | | | 5 | | | | | $ | 2,748 | | | | | | 6 | | | | | $ | 3,055 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Interest income that would have been recognized had the loans performed in accordance with their original terms
|
| | | $ | 185 | | | | | $ | 198 | | |
Less: Interest income included in the results of operations
|
| | | | 125 | | | | | | 133 | | |
Total foregone interest
|
| | | $ | 60 | | | | | $ | 65 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Land
|
| | | $ | 3,872 | | | | | $ | 3,872 | | |
Buildings and improvements
|
| | | | 16,782 | | | | | | 16,698 | | |
Leasehold improvements
|
| | | | 1,737 | | | | | | 1,653 | | |
Furnishings and equipment
|
| | | | 7,179 | | | | | | 6,767 | | |
| | | | | 29,570 | | | | | | 28,990 | | |
Accumulated depreciation and amortization
|
| | | | (10,895) | | | | | | (10,366) | | |
| | | | $ | 18,675 | | | | | $ | 18,624 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Loans receivable
|
| | | $ | 4,420 | | | | | $ | 4,363 | | |
Securities
|
| | | | 16 | | | | | | 22 | | |
| | | | | 4,436 | | | | | | 4,385 | | |
Allowance for uncollected interest
|
| | | | (598) | | | | | | (430) | | |
| | | | $ | 3,838 | | | | | $ | 3,955 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Goodwill
|
| | | $ | 1,310 | | | | | $ | 1,310 | | |
Accumulative goodwill impairment
|
| | | | (659) | | | | | | (561) | | |
Goodwill, net of charge-off
|
| | | | 651 | | | | | | 749 | | |
Customer relationships intangible
|
| | | | — | | | | | | — | | |
| | | | $ | 651 | | | | | $ | 749 | | |
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Land
|
| | | $ | 500 | | | | | $ | 500 | | |
Buildings and improvements
|
| | | | 1,442 | | | | | | 1,442 | | |
| | | | | 1,942 | | | | | | 1,942 | | |
Accumulated depreciation and amortization
|
| | | | (424) | | | | | | (387) | | |
| | | | $ | 1,518 | | | | | $ | 1,555 | | |
| | |
December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Amount
|
| |
Weighted Average
Interest Rate |
| |
Amount
|
| |
Weighted Average
Interest Rate |
| ||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||
Demand deposits: | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest bearing
|
| | | $ | 221,371 | | | | | | 0.00% | | | | | $ | 140,001 | | | | | | 0.00% | | |
NOW and money market
|
| | | | 100,945 | | | | | | 0.50% | | | | | | 116,613 | | | | | | 1.21% | | |
Total
|
| | | | 322,316 | | | | | | 0.16% | | | | | | 256,614 | | | | | | 0.55% | | |
Savings accounts
|
| | | | 101,693 | | | | | | 0.33% | | | | | | 98,283 | | | | | | 0.98% | | |
Certificates of deposit maturing in: | | | | | | | | | | | | | | | | | | | | | | | | | |
One year or less
|
| | | | 211,834 | | | | | | 1.38% | | | | | | 348,363 | | | | | | 2.63% | | |
After one to two years
|
| | | | 71,381 | | | | | | 1.39% | | | | | | 43,454 | | | | | | 2.59% | | |
After two to three years
|
| | | | 8,962 | | | | | | 1.95% | | | | | | 18,741 | | | | | | 2.51% | | |
After three to four years
|
| | | | 10,516 | | | | | | 2.43% | | | | | | 4,992 | | | | | | 2.91% | | |
After four years
|
| | | | 45,004 | | | | | | 0.81% | | | | | | 8,711 | | | | | | 2.87% | | |
Total
|
| | | | 347,697 | | | | | | 1.35% | | | | | | 424,261 | | | | | | 2.63% | | |
| | | | $ | 771,706 | | | | | | 0.72% | | | | | $ | 779,158 | | | | | | 1.73% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Demand deposits
|
| | | $ | 734 | | | | | $ | 1,637 | | |
Savings accounts
|
| | | | 626 | | | | | | 832 | | |
Certificates of deposit
|
| | | | 7,894 | | | | | | 11,822 | | |
| | | | $ | 9,254 | | | | | $ | 14,291 | | |
| | |
December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
| | |
Amount
|
| |
Weighted Average
Interest Rate |
| |
Amount
|
| |
Weighted Average
Interest Rate |
| ||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||
Advances maturing in: | | | | | | | | | | | | | | | | | | | | | | | | | |
After two to three years
|
| | | $ | 14,000 | | | | | | 2.81% | | | | | $ | 7,000 | | | | | | 2.79% | | |
After three to four years
|
| | | | 7,000 | | | | | | 2.86% | | | | | | 7,000 | | | | | | 2.83% | | |
After four to five years
|
| | | | — | | | | | | —% | | | | | | 7,000 | | | | | | 2.86% | | |
After five years (due 2030)
|
| | | | 7,000 | | | | | | 1.61% | | | | | | — | | | | | | —% | | |
| | | | $ | 28,000 | | | | | | 2.52% | | | | | $ | 21,000 | | | | | | 2.83% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Current tax expense
|
| | | $ | 3,315 | | | | | $ | 4,233 | | |
Deferred tax expense
|
| | | | (33) | | | | | | (256) | | |
| | | | $ | 3,282 | | | | | $ | 3,977 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars In Thousands)
|
| |||||||||
Federal income tax at statutory rates
|
| | | $ | 3,278 | | | | | $ | 3,555 | | |
State and city tax, net of federal income tax effect
|
| | | | 183 | | | | | | 515 | | |
Non-taxable income on bank owned life insurance
|
| | | | (128) | | | | | | (119) | | |
Other
|
| | | | (51) | | | | | | 26 | | |
| | | | $ | 3,282 | | | | | $ | 3,977 | | |
Effective Income Tax Rate
|
| | | | 21.0% | | | | | | 23.5% | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Deferred tax assets: | | | | | | | | | | | | | |
Allowance for loan losses
|
| | | $ | 1,207 | | | | | $ | 1,322 | | |
State net operating loss carryforwards
|
| | | | 89 | | | | | | 425 | | |
Reserve for uncollected interest
|
| | | | 141 | | | | | | 122 | | |
Depreciation
|
| | | | — | | | | | | 86 | | |
Benefit plans
|
| | | | 1,449 | | | | | | 1,623 | | |
Accumulated other comprehensive loss – DRP
|
| | | | 56 | | | | | | 34 | | |
Unrealized loss on available-for-sale securities
|
| | | | — | | | | | | — | | |
Total Deferred Tax Assets
|
| | | | 2,942 | | | | | | 3,612 | | |
Deferred tax liability: | | | | | | | | | | | | | |
Depreciation
|
| | | | 297 | | | | | | — | | |
Goodwill
|
| | | | 112 | | | | | | 138 | | |
Other
|
| | | | 240 | | | | | | 183 | | |
Total Deferred Tax Liabilities
|
| | | | 649 | | | | | | 321 | | |
Valuation Allowance – State Deferred Tax Assets
|
| | |
|
—
|
| | | |
|
(1,053)
|
| |
Net Deferred Tax Assets Included in Other Assets
|
| | | $ | 2,293 | | | | | $ | 2,238 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Other
|
| | | $ | 2,047 | | | | | $ | 1,768 | | |
Service contracts
|
| | | | 807 | | | | | | 874 | | |
Consulting expense
|
| | | | 763 | | | | | | 975 | | |
Telephone
|
| | | | 551 | | | | | | 531 | | |
Directors compensation
|
| | | | 520 | | | | | | 529 | | |
Audit and accounting
|
| | | | 361 | | | | | | 432 | | |
Insurance
|
| | | | 329 | | | | | | 317 | | |
Director, officer, and employee expense
|
| | | | 286 | | | | | | 404 | | |
Legal fees
|
| | | | 283 | | | | | | 316 | | |
Office supplies and stationary
|
| | | | 128 | | | | | | 133 | | |
Recruiting expense
|
| | | | 5 | | | | | | 160 | | |
| | | | $ | 6,080 | | | | | $ | 6,439 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars In Thousands)
|
| |||||||||
Projected benefit obligation – beginning
|
| | | $ | 1,851 | | | | | $ | 1,789 | | |
Service cost
|
| | | | 125 | | | | | | 99 | | |
Interest cost
|
| | | | 39 | | | | | | 69 | | |
Actuarial (gain) loss
|
| | | | 135 | | | | | | (2) | | |
Prior service cost
|
| | | | — | | | | | | — | | |
Benefits Paid
|
| | | | (104) | | | | | | (104) | | |
Projected benefit obligation – ending
|
| | | $ | 2,046 | | | | | $ | 1,851 | | |
Funded status – accrued liability included in accounts payable and accrued expenses
|
| | | $ | 2,046 | | | | | $ | 1,789 | | |
Accumulated benefit obligation
|
| | | $ | 1,900 | | | | | $ | 1,776 | | |
Discount rate
|
| | | | 2.02% | | | | | | 3.99% | | |
Rate of increase in future compensation levels
|
| | | | 2.00% | | | | | | 2.00% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(Dollars In Thousands)
|
| |||||||||
Net periodic pension expense: | | | | | | | | | | | | | |
Service cost
|
| | | $ | 125 | | | | | $ | 99 | | |
Interest cost
|
| | | | 39 | | | | | | 69 | | |
Actuarial loss recognized
|
| | | | 14 | | | | | | 16 | | |
Prior service cost recognized
|
| | | | 15 | | | | | | 21 | | |
Total net periodic pension expense included in other non-interest expenses
|
| | | $ | 193 | | | | | $ | 205 | | |
Discount rate
|
| | | | 2.02% | | | | | | 3.99% | | |
Rate of increase in future compensation levels
|
| | | | 2.00% | | | | | | 2.00% | | |
|
2021
|
| | | $ | 104 | | |
|
2022
|
| | | | 104 | | |
|
2023
|
| | | | 104 | | |
|
2024
|
| | | | 205 | | |
|
2025
|
| | | | 190 | | |
|
2026 to 2030
|
| | | | 1,015 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Allocated shares
|
| | | | 362,894 | | | | | | 336,973 | | |
Shares committed to be released
|
| | | | 25,921 | | | | | | 25,921 | | |
Unearned shares
|
| | | | 129,605 | | | | | | 155,526 | | |
Total ESOP Shares
|
| | | | 518,420 | | | | | | 518,420 | | |
Less allocated shares distributed to former or retired employees
|
| | | | (76,509) | | | | | | (76,509) | | |
Total ESOP Shares Held by Trustee
|
| | | | 441,911 | | | | | | 441,911 | | |
Fair value of unearned shares
|
| | | $ | 1,684,865 | | | | | $ | 1,866,312 | | |
| | |
December 31,
2020 |
| |
December 31,
2019 |
| ||||||
Finance Lease Amounts: | | | | | | | | | | | | | |
ROU asset
|
| | | $ | 363 | | | | | $ | 366 | | |
Lease liability
|
| | | $ | 460 | | | | | $ | 424 | | |
Operating Lease Amounts: | | | | | | | | | | | | | |
ROU assets
|
| | | $ | 3,094 | | | | | $ | 1,150 | | |
Lease liabilities
|
| | | $ | 3,115 | | | | | $ | 1,156 | | |
Finance Lease Cost | | | | | | | | | | | | | |
Amortization of ROU asset
|
| | | $ | 4 | | | | | $ | 4 | | |
Interest on lease liability
|
| | | $ | 36 | | | | | $ | 35 | | |
Operating Lease Costs
|
| | | $ | 487 | | | | | $ | 326 | | |
Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | | | | | | |
Finance lease
|
| | | $ | (36) | | | | | $ | (35) | | |
Operating leases
|
| | | $ | 472 | | | | | $ | 300 | | |
Weighted-average remaining lease term | | | | | | | | | | | | | |
Finance lease
|
| |
96 years
|
| |
97 years
|
| ||||||
Operating leases
|
| | | | 7.61 | | | |
3.06 years
|
| |||
Weighted-average discount rate | | | | | | | | | | | | | |
Finance lease
|
| | | | 9.50% | | | | | | 9.50% | | |
Operating leases
|
| | | | 1.34% | | | | | | 2.35% | | |
| | |
Operating
Leases |
| |
Finance
Lease |
| ||||||
2021
|
| | | $ | 545 | | | | | $ | 30 | | |
2022
|
| | | | 549 | | | | | | 30 | | |
2023
|
| | | | 423 | | | | | | 30 | | |
2024
|
| | | | 333 | | | | | | 30 | | |
2025
|
| | | | 302 | | | | | | 30 | | |
Thereafter
|
| | | | 1,110 | | | | | | 4,167 | | |
Total lease payments
|
| | | $ | 3,262 | | | | | $ | 4,317 | | |
Interest
|
| | | | (147) | | | | | | (3,857) | | |
Lease liability
|
| | | $ | 3,115 | | | | | $ | 460 | | |
| | |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total Carried
at Fair Value on a Recurring Basis |
| ||||||||||||||||||||||||||||||||||||
Description
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable equity securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mutual funds
|
| | | $ | 10,332 | | | | | $ | 10,044 | | | | | $ | — | | | | | $ | — | | | | |
$
|
—
|
| | | |
$
|
—
|
| | | | $ | 10,332 | | | | | $ | 10,044 | | |
Mortgage-backed securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FHLMC
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 4 | | |
FNMA
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Total assets
|
| | | $ | 10,332 | | | | | $ | 10,044 | | | | | $ | 2 | | | | | $ | 5 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,334 | | | | | $ | 10,049 | | |
| | |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total Carried
at Fair Value on a Non-Recurring Basis |
| ||||||||||||||||||||||||||||||||||||
Description
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 150 | | | | | $ | 699 | | | | | $ | 150 | | | | | $ | 699 | | |
Real estate owned
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,996 | | | | | | 2,164 | | | | | | 1,996 | | | | | | 2,164 | | |
Total assets
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,146 | | | | | $ | 2,863 | | | | | $ | 2,146 | | | | | $ | 2,863 | | |
| | |
At December 31, 2020
|
| |||||||||||||||||||||
| | |
Fair
Value |
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range
|
| |
Weighted
Average |
| |||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 150 | | | |
Income approach
|
| |
Capitalization rate
|
| | | | 7.50% | | | | | | 7.50% | | |
Real estate owned
|
| | | | 1,996 | | | |
Income approach
|
| |
Capitalization rate
|
| | | | 8.40% | | | | | | 8.40% | | |
| | |
At December 31, 2019
|
| |||||||||||||||||||||
| | |
Fair
Value |
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range
|
| |
Weighted
Average |
| |||||||||
| | |
(In Thousands)
|
| |||||||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Impaired loans
|
| | | $ | 699 | | | |
Income approach
|
| |
Capitalization rate
|
| | | | 7.25% | | | | | | 7.25% | | |
Real estate owned
|
| | | | 2,164 | | | |
Income approach
|
| |
Capitalization rate
|
| | | | 8.40% | | | | | | 8.40% | | |
| | | | | | | | | | | | | | |
Fair Value at
December 31, 2020 |
| |||||||||||||||
(In thousands)
|
| |
Carrying
Amount |
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 69,191 | | | | | $ | 69,191 | | | | | $ | 69,191 | | | | | $ | — | | | | | $ | — | | |
Certificates of deposit
|
| | | | 100 | | | | | | 100 | | | | | | — | | | | | | 100 | | | | | | — | | |
Marketable equity securities
|
| | | | 10,332 | | | | | | 10,332 | | | | | | 10,332 | | | | | | — | | | | | | — | | |
Securities available for sale
|
| | | | 2 | | | | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |
Securities held to maturity
|
| | | | 7,382 | | | | | | 7,519 | | | | | | — | | | | | | 7,519 | | | | | | — | | |
Loans receivable
|
| | | | 819,733 | | | | | | 823,996 | | | | | | — | | | | | | — | | | | | | 823,996 | | |
Investments in restricted stock
|
| | | | 1,595 | | | | | | 1,595 | | | | | | — | | | | | | 1,595 | | | | | | — | | |
Accrued interest receivable
|
| | | | 3,838 | | | | | | 3,838 | | | | | | — | | | | | | 3,838 | | | | | | — | | |
Financial Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 771,706 | | | | | | 776,413 | | | | | | — | | | | | | 776,413 | | | | | | — | | |
FHLB of New York advances
|
| | | | 28,000 | | | | | | 29,292 | | | | | | — | | | | | | 29,292 | | | | | | — | | |
Accrued interest payable
|
| | | | 8 | | | | | | 8 | | | | | | — | | | | | | 8 | | | | | | — | | |
| | | | | | | | | | | | | | |
Fair Value at
December 31, 2019 |
| |||||||||||||||
(In thousands)
|
| |
Carrying
Amount |
| |
Fair Value
|
| |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |||||||||||||||
Financial Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 127,675 | | | | | $ | 127,675 | | | | | $ | 127,675 | | | | | $ | — | | | | | $ | — | | |
Certificates of deposit
|
| | | | 100 | | | | | | 100 | | | | | | — | | | | | | 100 | | | | | | — | | |
Marketable equity securities
|
| | | | 10,044 | | | | | | 10,044 | | | | | | 10,044 | | | | | | — | | | | | | — | | |
Securities available for sale
|
| | | | 5 | | | | | | 17 | | | | | | — | | | | | | 17 | | | | | | — | | |
Securities held to maturity
|
| | | | 9,149 | | | | | | 9,215 | | | | | | — | | | | | | 9,215 | | | | | | — | | |
Loans receivable
|
| | | | 747,882 | | | | | | 753,267 | | | | | | — | | | | | | — | | | | | | 753,267 | | |
Investments in restricted stock
|
| | | | 1,348 | | | | | | 1,348 | | | | | | — | | | | | | 1,348 | | | | | | — | | |
Accrued interest receivable
|
| | | | 3,955 | | | | | | 3,955 | | | | | | — | | | | | | 3,955 | | | | | | — | | |
Financial Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits
|
| | | | 779,158 | | | | | | 773,379 | | | | | | — | | | | | | 773,379 | | | | | | — | | |
FHLB of New York advances
|
| | | | 21,000 | | | | | | 21,662 | | | | | | — | | | | | | 21,662 | | | | | | — | | |
Accrued interest payable
|
| | | | 1 | | | | | | 1 | | | | | | — | | | | | | 1 | | | | | | — | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousands)
|
| |||||||||
Non-interest income: | | | | | | | | | | | | | |
Deposit-related fees and charges
|
| | | $ | 77 | | | | | $ | 100 | | |
Loan-related fees and charges(1)
|
| | | | 539 | | | | | | 935 | | |
Electronic banking fees and charges
|
| | | | 429 | | | | | | 291 | | |
(Loss) Gain on disposition of equipment(1)
|
| | | | (61) | | | | | | 37 | | |
Income from bank owned life insurance(1)
|
| | | | 609 | | | | | | 567 | | |
Investment advisory fees
|
| | | | 425 | | | | | | 466 | | |
Unrealized gain on equity securities(1)
|
| | | | 288 | | | | | | 291 | | |
Miscellaneous(1) | | | | | 207 | | | | | | 132 | | |
Total non-interest income
|
| | | $ | 2,513 | | | | | $ | 2,819 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousand)
|
| |||||||||
Assets | | | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 5,844 | | | | | $ | 5,899 | | |
Investment in subsidiary
|
| | | | 142,179 | | | | | | 129,870 | | |
Loans receivable, net of allowance for loan losses of $29 and $18, respectively(1)
|
| | | | 3,917 | | | | | | 4,358 | | |
ESOP loan receivable
|
| | | | 2,051 | | | | | | 2,372 | | |
Total Assets
|
| | | $ | 153,991 | | | | | $ | 142,499 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 166 | | | | | $ | 386 | | |
Total Liabilities
|
| | | | 166 | | | | | | 386 | | |
Total Stockholders’ Equity
|
| | | | 153,825 | | | | | | 142,113 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 153,991 | | | | | $ | 142,499 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousand)
|
| |||||||||
Interest income – loans
|
| | | $ | 268 | | | | | $ | 322 | | |
Interest income – ESOP loan
|
| | | | 196 | | | | | | 220 | | |
Interest income – interest-earning deposits
|
| | | | 14 | | | | | | 91 | | |
Provision for loan losses
|
| | | | (11) | | | | | | 12 | | |
Operating expenses
|
| | | | (208) | | | | | | (151) | | |
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiary
|
| | | | 259 | | | | | | 494 | | |
Income tax expense
|
| | | | 65 | | | | | | 120 | | |
Income before Equity in Undistributed Earnings of Subsidiary
|
| | | | 194 | | | | | | 374 | | |
Equity in undistributed earnings of subsidiary
|
| | | | 12,135 | | | | | | 12,579 | | |
Net Income
|
| | | $ | 12,329 | | | | | $ | 12,953 | | |
Comprehensive Income
|
| | | $ | 12,245 | | | | | $ | 12,984 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(In Thousand)
|
| |||||||||
Cash Flows from Operating Activities | | | | | | | | | | | | | |
Net income
|
| | | $ | 12,329 | | | | | $ | 12,953 | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | |
Equity in undistributed earnings of subsidiary
|
| | | | (12,135) | | | | | | (12,579) | | |
Provision for loan losses
|
| | | | 11 | | | | | | (12) | | |
(Increase) decrease in other liabilities
|
| | | | (3) | | | | | | 210 | | |
Net Cash (Used in) Provided by Operating Activities
|
| | | | 202 | | | | | | 572 | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Repayment of ESOP loan
|
| | | | 321 | | | | | | 297 | | |
Net repayment of loans
|
| | | | 430 | | | | | | 715 | | |
Net Cash Used in Investing Activities
|
| | | | 751 | | | | | | 1,012 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Cash dividends paid
|
| | | | (1,008) | | | | | | (788) | | |
Net Cash Used in Financing Activities
|
| | | | (1,008) | | | | | | (788) | | |
Net Decrease in Cash and Cash Equivalents
|
| | | | (55) | | | | | | 796 | | |
Cash and Cash Equivalents – Beginning
|
| | |
|
5,899
|
| | | |
|
5,103
|
| |
Cash and Cash Equivalents – Ending
|
| | | $ | 5,844 | | | | | $ | 5,899 | | |