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Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Interest and fees on loans receivable $ 4,438 $ 3,731 $ 13,226 $ 11,687
Interest on mortgage-backed and other securities 59 90 194 283
Other interest income 77 194 293 503
Total interest income 4,574 4,015 13,713 12,473
Interest expense:        
Interest on deposits 631 1,105 2,653 3,229
Interest on borrowings 566 518 1,754 1,577
Total interest expense 1,197 1,623 4,407 4,806
Net interest income 3,377 2,392 9,306 7,667
Loan loss provision (recapture) 0 47 29 (301)
Net interest income after loan loss provision (recapture) 3,377 2,345 9,277 7,968
Non-interest income:        
Service charges 93 116 331 353
Gain on sale of loans 76 204 199 204
CDFI Grant 0 0 0 233
Other 37 24 115 69
Total non-interest income 206 344 645 859
Non-interest expense:        
Compensation and benefits 1,909 1,876 5,947 5,633
Occupancy expense 332 325 967 945
Information services 242 231 700 657
Professional services 840 335 1,675 909
Office services and supplies 97 72 260 207
Loan related expenses 41 58 62 116
Corporate insurance 30 32 94 101
Amortization of investment in affordable housing limited partnership 26 36 79 134
Other 215 179 499 524
Total non-interest expense 3,732 3,144 10,283 9,226
Loss before income taxes (149) (455) (361) (399)
Income tax expense (benefit) 95 (176) (300) (262)
Net loss (244) (279) (61) (137)
Other comprehensive (loss) income, net of tax:        
Unrealized (losses) gains on securities available-for-sale arising during the period (40) 64 290 417
Income tax (benefit) expense (12) 19 86 123
Other comprehensive (loss) income, net of tax (28) 45 204 294
Comprehensive (loss) income $ (272) $ (234) $ 143 $ 157
Loss earnings per common share-basic (in dollars per share) $ (0.01) $ (0.01) $ 0 $ (0.01)
Loss earnings per common share-diluted (in dollars per share) $ (0.01) $ (0.01) $ 0 $ (0.01)