Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 08, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | PATHFINDER BANCORP, INC. | |
Entity Central Index Key | 0001609065 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,707,657 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Trading Symbol | PBHC | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-36695 | |
Entity Tax Identification Number | 383941859 | |
Entity Address, Address Line One | 214 West First Street | |
Entity Address, City or Town | Oswego | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 13126 | |
City Area Code | 315 | |
Local Phone Number | 343-0057 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and due from banks | $ 38,739 | $ 9,610 |
Interest-earning deposits (including restricted balances of $0 and $3,993, respectively) | 11,603 | 16,706 |
Total cash and cash equivalents | 50,342 | 26,316 |
Available-for-sale securities, at fair value | 117,530 | 177,664 |
Held-to-maturity securities, at amortized cost (fair value of $96,959 and $53,769, respectively) | 95,324 | 53,908 |
Marketable equity securities, at fair value | 510 | 453 |
Federal Home Loan Bank stock, at cost | 4,443 | 5,937 |
Loans | 692,823 | 620,270 |
Less: Allowance for loan losses | 7,825 | 7,306 |
Loans receivable, net | 684,998 | 612,964 |
Premises and equipment, net | 22,247 | 20,623 |
Operating lease right-of-use assets | 2,458 | |
Accrued interest receivable | 3,339 | 3,068 |
Foreclosed real estate | 591 | 1,173 |
Intangible assets, net | 157 | 165 |
Goodwill | 4,536 | 4,536 |
Bank owned life insurance | 17,163 | 16,941 |
Other assets | 9,218 | 9,367 |
Total assets | 1,012,856 | 933,115 |
Deposits: | ||
Interest-bearing | 713,475 | 623,936 |
Noninterest-bearing | 95,162 | 103,124 |
Total deposits | 808,637 | 727,060 |
Short-term borrowings | 29,000 | 39,000 |
Long-term borrowings | 60,434 | 79,534 |
Subordinated loans | 15,111 | 15,094 |
Accrued interest payable | 446 | 304 |
Operating lease liabilities | 2,711 | |
Other liabilities | 8,673 | 7,664 |
Total liabilities | 925,012 | 868,656 |
Shareholders' equity: | ||
Preferred stock, par value $0.01 per share; no liquidation preference; 10,000,000 and 0 shares authorized, respectively; 1,155,283 and 0 shares issued and outstanding, respectively | 12 | |
Common stock, par value $0.01; 25,000,000 authorized shares; 4,707,657 and 4,362,328 shares issued and outstanding, respectively | 47 | 44 |
Additional paid in capital | 49,125 | 29,139 |
Retained earnings | 42,389 | 42,114 |
Accumulated other comprehensive loss | (3,024) | (6,042) |
Unearned ESOP | (944) | (1,034) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 87,605 | 64,221 |
Noncontrolling interest | 239 | 238 |
Total equity | 87,844 | 64,459 |
Total liabilities and shareholders' equity | $ 1,012,856 | $ 933,115 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Restricted Cash | $ 0 | $ 3,993,000 |
Held-to-maturity securities at fair value | $ 96,959,000 | $ 53,769,000 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 0 | $ 0 |
Preferred stock, shares authorized (in dollars per share) | 10,000,000 | 0 |
Preferred stock, shares issued (in shares) | 1,155,283 | 0 |
Preferred stock, shares outstanding (in shares) | 1,155,283 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 4,707,657 | 4,362,328 |
Common stock, shares outstanding (in shares) | 4,707,657 | 4,362,328 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Loans, including fees | $ 8,222 | $ 7,018 | $ 15,797 | $ 13,736 |
Debt securities: | ||||
Taxable | 1,655 | 1,171 | 3,454 | 2,299 |
Tax-exempt | 51 | 217 | 159 | 465 |
Dividends | 74 | 61 | 151 | 129 |
Federal funds sold and interest earning deposits | 106 | 49 | 216 | 96 |
Total interest and dividend income | 10,108 | 8,516 | 19,777 | 16,725 |
Interest expense: | ||||
Interest on deposits | 2,740 | 1,566 | 5,085 | 2,911 |
Interest on short-term borrowings | 58 | 70 | 225 | 163 |
Interest on long-term borrowings | 387 | 203 | 780 | 378 |
Interest on subordinated loans | 217 | 210 | 434 | 413 |
Total interest expense | 3,402 | 2,049 | 6,524 | 3,865 |
Net interest income | 6,706 | 6,467 | 13,253 | 12,860 |
Provision for loan losses | 610 | 297 | 754 | 910 |
Net interest income after provision for loan losses | 6,096 | 6,170 | 12,499 | 11,950 |
Noninterest income: | ||||
Earnings and gain on bank owned life insurance | 101 | 108 | 222 | 181 |
Net gains (losses) on sales and redemptions of investment securities | 32 | (22) | 111 | (129) |
Gains on marketable equity securities | 16 | 13 | 57 | 26 |
Net gains on sales of loans and foreclosed real estate | 13 | 13 | 5 | 16 |
Insurance agency revenue | 218 | 236 | 461 | 465 |
Total noninterest income | 1,219 | 1,024 | 2,312 | 1,919 |
Noninterest expense: | ||||
Salaries and employee benefits | 3,454 | 3,211 | 7,104 | 6,190 |
Building occupancy | 632 | 503 | 1,287 | 1,088 |
Data processing | 587 | 453 | 1,162 | 912 |
Professional and other services | 380 | 405 | 716 | 736 |
Advertising | 242 | 281 | 481 | 468 |
FDIC assessments | 130 | 135 | 241 | 255 |
Audits and exams | 100 | 105 | 200 | 210 |
Insurance agency expense | 229 | 325 | 428 | 489 |
Community service activities | 144 | 141 | 282 | 228 |
Foreclosed real estate expenses | 59 | 48 | 296 | 74 |
Other expenses | 582 | 520 | 1,053 | 936 |
Total noninterest expense | 6,539 | 6,127 | 13,250 | 11,586 |
Income before income taxes | 776 | 1,067 | 1,561 | 2,283 |
Provision for income taxes | 175 | 166 | 426 | 348 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 601 | 901 | 1,135 | 1,935 |
Net (loss) income attributable to noncontrolling interest | (6) | (44) | 14 | (14) |
Net income attributable to Pathfinder Bancorp Inc. | 607 | 945 | 1,121 | 1,949 |
Convertible preferred stock dividends | 69 | 69 | ||
Warrant dividend | 8 | 8 | ||
Undistributed earnings allocated to participating securities | 38 | 41 | ||
Net Income available to common shareholders | $ 492 | $ 945 | $ 1,003 | $ 1,949 |
Earnings per common share - basic | $ 0.11 | $ 0.23 | $ 0.23 | $ 0.47 |
Earnings per common share - diluted | 0.11 | 0.22 | 0.23 | 0.46 |
Dividends per common share | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 348 | $ 273 | $ 630 | $ 547 |
Loan Servicing Fees [Member] | ||||
Noninterest income: | ||||
Noninterest income | 60 | 42 | 87 | 83 |
Debit Card Interchange Fees [Member] | ||||
Noninterest income: | ||||
Noninterest income | 187 | 148 | 331 | 291 |
Other Charges, Commissions & Fees [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 244 | $ 213 | $ 408 | $ 439 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||
Net Income | $ 601 | $ 901 | $ 1,135 | $ 1,935 | |
Retirement Plans: | |||||
Retirement plan net losses recognized in plan expenses | 84 | 43 | 168 | 86 | |
Unrealized holding gains (losses) on available-for-sale securities | |||||
Unrealized holding gains (losses) arising during the period | 1,759 | (1,156) | 3,748 | (2,502) | |
Reclassification adjustment for net (gains) losses included in net income | (32) | 22 | (111) | 129 | |
Net unrealized gains (losses) on available-for-sale securities | 1,727 | (1,134) | 3,637 | (2,373) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 9 | 470 | 15 | 163 |
Other comprehensive income (loss), before tax | 1,820 | (621) | 3,820 | (2,124) | |
Tax effect | (382) | 162 | (802) | 555 | |
Other comprehensive income (loss), net of tax | 1,438 | (459) | 3,018 | (1,569) | |
Comprehensive income | 2,039 | 442 | 4,153 | 366 | |
Comprehensive (loss) income, attributable to noncontrolling interest | (6) | (44) | 14 | (14) | |
Comprehensive income attributable to Pathfinder Bancorp, Inc. | 2,045 | 486 | 4,139 | 380 | |
Tax Effect Allocated to Each Component of Other Comprehensive Income (Loss) | |||||
Retirement plan net losses recognized in plan expenses | (18) | (11) | (37) | (22) | |
Unrealized holding gains (losses) arising during the period | (369) | 302 | (785) | 654 | |
Reclassification adjustment for net (gains) losses included in net income | 7 | (6) | 23 | (34) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | (2) | (123) | (3) | (43) |
Income tax effect related to other comprehensive income (loss) | $ (382) | $ 162 | $ (802) | $ 555 | |
[1] | The accretion of the unrealized holding losses in accumulated other comprehensive loss at the date of transfer at September 30, 2013 partially offsets the amortization of the difference between the par value and the fair value of the investment securities at the date of transfer, and is an adjustment of yield. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Unearned ESOP [Member] | Non-controlling Interest [Member] | ||||
Balance at Dec. 31, 2017 | $ 62,144 | $ 43 | $ 28,170 | $ 39,020 | $ (4,208) | $ (1,214) | $ 333 | |||||
Net income | 1,935 | 1,949 | (14) | |||||||||
Other comprehensive income (loss), net of tax | (1,569) | (1,569) | ||||||||||
ESOP shares earned | 191 | 101 | 90 | |||||||||
Stock based compensation | 162 | 162 | ||||||||||
Stock options exercised | 204 | 204 | ||||||||||
Cumulative effect of change in measurement | Accounting Standards Update 2016-01 | (53) | [1] | 53 | [2] | (53) | [2] | ||||||
Cumulative effect of change in measurement | ASU 2017-12 [Member] | [3] | 359 | 359 | |||||||||
Common stock dividends declared | (497) | (497) | ||||||||||
Cumulative effect of affiliate capital allocation | (8) | 15 | (7) | |||||||||
Distributions from affiliates | (60) | (60) | ||||||||||
Balance at Jun. 30, 2018 | 62,869 | 43 | 28,629 | 40,540 | (5,471) | (1,124) | 252 | |||||
Balance at Mar. 31, 2018 | 62,438 | 43 | 28,384 | 39,829 | (5,012) | (1,169) | 363 | |||||
Net income | 901 | 945 | (44) | |||||||||
Other comprehensive income (loss), net of tax | (459) | (459) | ||||||||||
ESOP shares earned | 97 | 52 | 45 | |||||||||
Stock based compensation | 81 | 81 | ||||||||||
Stock options exercised | 120 | 120 | ||||||||||
Common stock dividends declared | (249) | (249) | ||||||||||
Cumulative effect of affiliate capital allocation | (8) | 15 | (7) | |||||||||
Distributions from affiliates | (60) | (60) | ||||||||||
Balance at Jun. 30, 2018 | 62,869 | 43 | 28,629 | 40,540 | (5,471) | (1,124) | 252 | |||||
Balance at Dec. 31, 2018 | 64,459 | 44 | 29,139 | 42,114 | (6,042) | (1,034) | 238 | |||||
Net income | 1,135 | 1,121 | 14 | |||||||||
Other comprehensive income (loss), net of tax | 3,018 | 3,018 | ||||||||||
Proceeds of common stock private placement, net of expenses | [4] | 3,826 | 3 | 3,823 | ||||||||
Proceeds of preferred stock private placement, net of expenses | [4] | 15,370 | $ 12 | 15,358 | ||||||||
Effect of warrant issued from private placement | [4] | 373 | 373 | |||||||||
ESOP shares earned | 176 | 86 | 90 | |||||||||
Stock based compensation | 146 | 146 | ||||||||||
Stock options exercised | 200 | 200 | ||||||||||
Cumulative effect of change in measurement | ASU 2016-02 [Member] | [5] | (239) | (239) | |||||||||
Common stock dividends declared | (530) | (530) | ||||||||||
Preferred stock dividends declared | (69) | (69) | ||||||||||
Warrant dividends declared | (8) | (8) | ||||||||||
Distributions from affiliates | (13) | (13) | ||||||||||
Balance at Jun. 30, 2019 | 87,844 | 12 | 47 | 49,125 | 42,389 | (3,024) | (944) | 239 | ||||
Balance at Mar. 31, 2019 | 66,438 | 44 | 29,454 | 42,133 | (4,462) | (989) | 258 | |||||
Net income | 601 | 607 | (6) | |||||||||
Other comprehensive income (loss), net of tax | 1,438 | 1,438 | ||||||||||
Proceeds of common stock private placement, net of expenses | [4] | 3,826 | 3 | 3,823 | ||||||||
Proceeds of preferred stock private placement, net of expenses | [4] | 15,370 | 12 | 15,358 | ||||||||
Effect of warrant issued from private placement | [4] | 373 | 373 | |||||||||
ESOP shares earned | 89 | 44 | 45 | |||||||||
Stock based compensation | 73 | 73 | ||||||||||
Common stock dividends declared | (274) | (274) | ||||||||||
Preferred stock dividends declared | (69) | (69) | ||||||||||
Warrant dividends declared | (8) | (8) | ||||||||||
Distributions from affiliates | (13) | (13) | ||||||||||
Balance at Jun. 30, 2019 | $ 87,844 | $ 12 | $ 47 | $ 49,125 | $ 42,389 | $ (3,024) | $ (944) | $ 239 | ||||
[1] | Cumulative effect of unrealized gain on marketable equity securities based on the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. | |||||||||||
[2] | Cumulative effect of unrealized gain on marketable equity securities based on the adoption of ASU 2016-01 - Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. | |||||||||||
[3] | Cumulative effect of unrealized gains on the transfer of 52 investment securities from held-to-maturity classification to available-for-sale classification based on the adoption of ASU 2017-12: Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. | |||||||||||
[4] | On May 8, 2019, the Company entered into a Securities Purchase Agreement with an institutional investor, in which it sold: (i) 37,700 shares of the Company’s common stock, (ii) 1,155,283 shares of a new series of preferred stock, Series B convertible perpetual preferred stock; and (iii) a warrant to purchase 125,000 shares of common stock in a private placement transaction. The Company also entered into Subscription Agreements with certain directors and executive officers of the Company as well as other accredited investors. Pursuant to the Subscription Agreements, the investors purchased an aggregate of 269,277 shares of common stock. | |||||||||||
[5] | Cumulative effect of the adoption of ASU 2016-02, Leases (Topic 842), based on the difference in the right-of-use asset and lease liability as of January 1, 2019. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) | May 08, 2019shares | Jun. 30, 2019$ / sharesshares | Jun. 30, 2018Security$ / sharesshares | Jun. 30, 2019$ / sharesshares | Jun. 30, 2018Security$ / sharesshares |
ESOP shares earned (in shares) | 6,110 | 6,110 | 12,221 | 12,221 | |
Restricted stock units (in shares) | 13,436 | 14,490 | 13,436 | 14,490 | |
Dividends per common share | $ / shares | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 | |
Dividends per preferred share | $ / shares | 0.06 | 0.06 | |||
Dividends per warrant | $ / shares | $ 0.06 | $ 0.06 | |||
Private Placement [Member] | Securities Purchase Agreement [Member] | |||||
Warrant to purchase common stock | 125,000 | ||||
Private Placement [Member] | Securities Purchase Agreement [Member] | Series B Preferred Stock [Member] | |||||
Sale of stock | 1,155,283 | ||||
Private Placement [Member] | Securities Purchase Agreement [Member] | Common Stock [Member] | |||||
Sale of stock | 37,700 | ||||
Private Placement [Member] | Subscription Agreements [Member] | Common Stock [Member] | Directors and Executive Officers [Member] | |||||
Sale of stock | 269,277 | ||||
ASU 2017-12 [Member] | |||||
Number of investment securities classified from held-to-maturity to available-for-sale. | Security | 52 | 52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 1,121 | $ 1,949 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 754 | 910 |
Amortization of operating leases | 15 | 0 |
Proceeds from sales of loans | 48 | 0 |
Originations of loans held-for-sale | (47) | 0 |
Realized (gains) losses on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | 0 | (16) |
Loans | (5) | 0 |
Available-for-sale investment securities | (111) | 131 |
Held-to-maturity investment securities | 0 | (2) |
Premises and equipment | 0 | (8) |
Marketable equity securities | (57) | (26) |
Depreciation | 744 | 578 |
Amortization of mortgage servicing rights | 2 | 22 |
Amortization of deferred loan costs | 128 | 150 |
Amortization of deferred financing from subordinated debt | 17 | 17 |
Earnings and gain on bank owned life insurance | (222) | (181) |
Net amortization of premiums and discounts on investment securities | 618 | 994 |
Amortization of intangible assets | 8 | 9 |
Stock based compensation and ESOP expense | 322 | 353 |
Net change in accrued interest receivable | (271) | 322 |
Pension plan contribution | 0 | (825) |
Net change in other assets and liabilities | 14 | 674 |
Net cash flows from operating activities | 3,078 | 5,051 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (12,280) | (34,427) |
Purchase of investment securities held-to-maturity | (46,970) | 0 |
Purchase of Federal Home Loan Bank stock | (2,605) | (4,660) |
Proceeds from redemption of Federal Home Loan Bank stock | 4,099 | 4,127 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 12,044 | 24,941 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 5,035 | 4,688 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 63,486 | 27,125 |
Held-to-maturity investment securities | 548 | 967 |
Real estate acquired through foreclosure | 1,085 | 496 |
Premise and equipment | 0 | 14 |
Purchase of bank owned life insurance | 0 | (5,000) |
Proceeds from bank owned life insurance | 0 | 228 |
Net change in loans | (73,419) | (27,044) |
Purchase of premises and equipment | (2,368) | (1,159) |
Net cash flows from investing activities | (51,345) | (9,704) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | (14,292) | (2,634) |
Net change in time deposits | 61,781 | 1,842 |
Net change in brokered deposits | 34,088 | 10,358 |
Net change in short-term borrowings | (10,000) | (4,000) |
Payments on long-term borrowings | (19,100) | 0 |
Proceeds from long-term borrowings | 0 | 14,215 |
Proceeds from exercise of stock options | 200 | 204 |
Cash dividends paid to common shareholders | (526) | (502) |
Proceeds from finance lease transaction | 572 | 0 |
Change in noncontrolling interest, net | 1 | (81) |
Net cash flows from financing activities | 72,293 | 19,402 |
Change in cash and cash equivalents | 24,026 | 14,749 |
Cash and cash equivalents at beginning of period | 26,316 | 21,991 |
Cash and cash equivalents at end of period | 50,342 | 36,740 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 6,382 | 3,793 |
Income taxes | 0 | 645 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | 503 | 109 |
RESTRICTED CASH | ||
Federal Reserve Bank Reserve Requirements included in interest earning deposits | 0 | 4,365 |
Common Stock [Member] | ||
FINANCING ACTIVITIES | ||
Net proceeds from private placement | 4,199 | 0 |
Preferred Stock [Member] | ||
FINANCING ACTIVITIES | ||
Net proceeds from private placement | $ 15,370 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements of Pathfinder Bancorp, Inc., (the “Company”), Pathfinder Bank (the “Bank”) and its other wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a complete presentation of consolidated financial condition, results of operations and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Certain amounts in the 2018 consolidated financial statements may have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income or comprehensive income as previously reported. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019 or any other interim period. The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain accounting policies inherently have a greater reliance on the use of estimates, assumptions, and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions, and judgments are necessary when assets and liabilities are required to be recorded at fair value or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and information used to record valuation adjustments for certain assets and liabilities are based on quoted market prices or are provided by unaffiliated third-party sources, when available. When third party information is not available, valuation adjustments are estimated in good faith by management. Although the Company owns, through its subsidiary Pathfinder Risk Management Company, Inc., 51% of the membership interest in FitzGibbons Agency, LLC (“Agency”), the Company is required to consolidate 100% of the Agency within the consolidated financial statements. The 49% of which the Company does not own is accounted for separately as noncontrolling interests within the consolidated financial statements. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) and, to a lesser extent, other authoritative rulemaking bodies promulgate generally accepted accounting principles (“GAAP”) to regulate the standards of accounting in the United States. From time to time, the FASB issues new GAAP standards, known as Accounting Standards Updates (“ASUs”) some of which, upon adoption, may have the potential to change the way in which the Company recognizes or reports within its consolidated financial statements. The following presentation provides a description of the accounting Standards Not Yet Adopted as of June 30, 2019 Standard: Measurement of Credit Losses on Financial Instruments ( ASU 2016-13: Financial Instruments—Credit Losses [Topic 326]: Measurement of Credit Losses on Financial Instruments ) Description: The amended guidance replaces the current incurred loss model for determining the allowance for credit losses. The guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses will represent a valuation account that is deducted from the amortized cost basis of the financial assets to present their net carrying value at the amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as expected increases or decreases of expected credit losses that have taken place during the period. When determining the allowance, expected credit losses over the contractual term of the financial asset(s) (taking into account prepayments) will be estimated considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The amended guidance also requires recording an allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. The initial allowance for these assets will be added to the purchase price at acquisition rather than being reported as an expense. Subsequent changes in the allowance will be recorded through the income statement as an expense adjustment. In addition, the amended guidance requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The calculation of credit losses for available-for-sale securities will be similar to how it is determined under existing guidance. Required Date of Implementation: January 1, 2020 (early adoption permitted as of January 1, 2019). On July 17, the FASB made a tentative decision to change the CECL effective date for all non-SEC filing companies and SEC filers considered small reporting companies (SRCs), such as the Company. Under this tentative decision, SRCs will have until January 1, 2023 to implement this Update. This decision is still subject to potential modification, following a designated comment period, and final promulgation. It is considered likely, however, that the mandatory implementation date for this Update will be extended to the newly-proposed date . Effect on Consolidated Financial Statements: The Company is assessing the new guidance to determine what modifications to existing credit estimation processes may be required. The Company expects that the new guidance will result in an increase in its allowance for credit losses as a result of considering credit losses over the expected life of its loan and debt securities portfolios. Increases in the level of allowances will also reflect new requirements to include estimated credit losses on investment securities classified as held-to-maturity, if any. The Company has formed an Implementation Committee, whose membership includes representatives of senior management, to develop plans that will encompass: (1) internal methodology changes (2) data collection and management activities, (3) internal communication requirements, and (4) estimation of the projected impact of this guidance. The amount of any change in the allowance for credit losses resulting from the new guidance will ultimately be impacted by the provisions of this guidance as well as by the loan and debt security portfolios composition and asset quality at the adoption date, and economic conditions and forecasts at the time of adoption. _____ Standard: Transition Relief for the Implementation of ASU-2016-13 ( ASU 2019-5: Financial Instruments—Credit Losses [Topic 326]: Targeted Transition Relief ) Description: The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses— Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10. General guidance for the use of the fair value option is contained in Subtopic 825-10. The irrevocable election of the fair value option must be applied on an instrument-by-instrument basis for eligible instruments, whose characteristics are within the scope of Subtopic 326-20. Upon adoption of Topic 326, for items measured at fair value in accordance with paragraph 326-10-65-1(i), the difference between the carrying amount and the fair value shall be recorded by means of a cumulative-effect adjustment to the opening retained earnings balance as of the beginning of the first reporting period that an entity has adopted ASU 2016-13. Those differences may include, but are not limited to: (1) unamortized deferred costs, fees, premiums, and discounts (2) valuation allowances (for example, allowance for loan losses), or (3) accrued interest. Required Date of Implementation: See comments above related to ASU 2016-13. Effect on Consolidated Financial Statements: See comments above related to ASU 2016-13. _____ Standard: Simplifying the Test for Goodwill Impairment ( ASU 2017-04: Intangibles—Goodwill and Other [Topic 350]: Simplifying the Test for Goodwill Impairment ) Description: Current guidance requires a two-step approach to determining if recorded goodwill is impaired. In Step 1, reporting entities must first evaluate whether or not the carrying value of a reporting unit is greater than its fair value. In Step 2, if a reporting unit’s carrying value is greater than its fair value, then the entity should calculate the implied fair value of goodwill. If the carrying value of goodwill is more than the implied fair value, an impairment charge for the difference must be recorded. The amended guidance eliminates Step 2 from the goodwill impairment test. Therefore, under the new guidance, if the carrying value of a reporting unit is greater than its fair value, a goodwill impairment charge will be recorded for the difference (up to the carrying value of the recorded goodwill). Required Date of Implementation: January 1, 2020 (early adoption permitted). Effect on Consolidated Financial Statements: The amendments should be applied using a prospective transition method. The Company does not expect the guidance will have a material impact on its consolidated financial statements, unless at some point in the future one of its reporting units were to fail Step 1 of the goodwill impairment test. ____ Standard : Fair Value Measurement ( ASU 2018-13: Fair Value Measurement [Topic 820]: Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement Description: The FASB is issuing the amendments in this ASU as part of the disclosure framework project. The disclosure framework project’s objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for entities such as the Company on fair value measurements in Topic 820, Fair Value Measurement. The following disclosure requirements were removed from Topic 820: 1. The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy 2. The policy for timing of transfers between levels 3. The valuation processes for Level 3 fair value measurements The following disclosure requirements were modified in Topic 820: 1. For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. 2. The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The following disclosure requirements were added to Topic 820: 1. The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period 2. The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. Required Date of Implementation: The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. Effect on Consolidated Financial Statements: The Company does not expect the new guidance will have a material impact to its consolidated statements of condition or income. ____ Standard : Compensation ( ASU 2018-14: Compensation - Retirement Benefits - Defined Benefit Plans - General [Subtopic 715 – 20]: Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans) Description: The FASB is issuing the amendments in this ASU as part of the disclosure framework project. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The following disclosure requirements are removed from Subtopic 715-20: 1. The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year. 2. The amount and timing of plan assets expected to be returned to the employer. 3. Related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan. 4. The effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. The following disclosure requirements are added to Subtopic 715-20: 1. The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates. 2. An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. 1. The projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets. 2. The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. Required Date of Implementation: The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. Effect on Consolidated Financial Statements: The Company does not expect the new guidance will have a material impact to its consolidated statements of condition or income. ____ Standard: Leases ( ASU 2019-1: Leases [Topic 842] Codification Improvements) Description: On February 25, 2016, the FASB issued Accounting Standards ASU No. 2016- 02, Leases [Topic 842], to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing essential information about leasing transactions. ASU 2019-1 addresses three Issues: (1) Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers; (2) Presentation on the statement of cash flows for sales-type and direct financing leases; and (3) Transition disclosures related to Topic 250, Accounting Changes and Error Corrections . The amendments in this ASU address Issue 1, described above, and reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers (generally financial institutions and captive finance companies). Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if significant time lapses between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820. Topic 840 does not provide guidance on how cash received from leases by lessors from sales-type and direct financing leases should be presented in the cash flow statement. The amendments in this ASU address Issue 2, described above, as to the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented. Specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities in the Statement of Cash Flows. Required Date of Implementation : The amendments in this ASU amend Topic 842. The effective date of those amendments for public business entities, such as the Company, is for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Effect on Consolidated Financial Statements: The Company does not expect that the new guidance will have a material impact to its consolidated statements of condition or income. ____ Standard : Various Codification Improvements (ASU 2019-4: Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments) Description: Since 2016, the FASB has issued the following Updates related to financial instruments: 1. Accounting Standards Update No. 2016-01, Financial Instruments— Overall [Subtopic 825-10]: Recognition and Measurement of Financial Assets and Financial Liabilities 2. Accounting Standards Update No. 2016-13, Financial Instruments— Credit Losses [Topic 326]: Measurement of Credit Losses on Financial Instruments; 3. Accounting Standards Update No. 2017-12, Derivatives and Hedging [Topic 815]: Targeted Improvements to Accounting for Hedging Activities. The FASB has an ongoing project on its agenda for improving the Codification or correcting its unintended application. The items addressed in that project generally are not expected to have a significant effect on current accounting practice or to create a significant administrative cost for most entities. The amendments in this ASU are similar to those items and are summarized below. For Codification Improvements specific to ASU 2016-01, the following topics were covered within ASU 2019-04: • Scope Clarifications • Held-to-Maturity Debt Securities Fair Value Disclosures • Applicability of Topic 820 to the Measurement Alternative • Remeasurement of Equity Securities at Historical Exchange Rates The amendments to Topic 326 and other Topics in this Update include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses Transition Resource Group (“TRG”) meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: • Accrued Interest • Transfers between Classifications or Categories for Loans and Debt Securities • Recoveries • Consideration of Prepayments in Determining the Effective Interest Rate • Consideration of Estimated Costs to Sell When Foreclosure Is Probable • Vintage Disclosures— Line-of-Credit Arrangements Converted to Term Loans • Contractual Extensions and Renewals The ASU also covered a number of issues that related to hedge accounting (ASU-2017-12) including: • Partial-Term Fair Value Hedges of Interest Rate Risk • Amortization of Fair Value Hedge Basis Adjustments • Disclosure of Fair Value Hedge Basis Adjustments • Consideration of the Hedged Contractually Specified Interest Rate under the Hypothetical Derivative Method • Scoping for Not-for-Profit Entities • Hedge Accounting Provisions Applicable to Certain Private Companies and Not-for- Profit Entities • Application of a First- Payments-Received Cash Flow Hedging Technique to Overall Cash Flows on a Group of Variable Interest Payments • Transition Guidance Required Dates of Implementation : This ASU 2019-04 has various implementation dates dependent on a number of factors as it pertains to the above items. The Company has adopted ASU 2016-01. Effect on Consolidated Financial Statements: The Company does not expect that the new guidance will have a material impact to its consolidated statements of condition or income. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 3: Earnings per Common Share The Company entered into a Securities Purchase Agreement with Castle Creek Capital Partners VII, L.P. on May 8, 2019. As a result of that agreement, the Company has common stock, Series B convertible perpetual preferred stock and a warrant that are all eligible to participate in dividends equal to the common stock dividends on a per share basis. Securities that participate in dividends, such as the Company’s preferred stock and warrant, are considered “participating securities.” The Company calculates net income available to common shareholders using the two-class method required for capital structures that include participating securities. In applying the two-class method for the three and six months ended June 30, 2019, basic net income per share was calculated by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Basic earnings per share for the three and six months ended June 30, 2018 were calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Net income available to common shareholders is net income to Pathfinder Bancorp, Inc. less the total of preferred dividends declared, if any. Diluted earnings per share include the potential dilutive effect that could occur upon the assumed exercise of issued stock options using the Treasury Stock method. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Anti-dilutive shares are common stock equivalents with average exercise prices in excess of the weighted average market price for the period presented. Anti-dilutive stock options, not included in the computation below, were -0- for the three and six months ended June 30, 2019 and were -0- for the three and six months ended June 30, 2018. The following table sets forth the calculation of basic and diluted earnings per share. Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income attributable to Pathfinder Bancorp, Inc. $ 607 $ 945 $ 1,121 $ 1,949 Convertible preferred stock dividends 69 - 69 - Warrant dividends 8 - 8 - Undistributed earnings allocated to participating securities 38 - 41 - Net income available to common shareholders $ 492 $ 945 $ 1,003 $ 1,949 Basic weighted average common shares outstanding 4,443 4,157 4,344 4,138 Effect of assumed exercise of stock options and unvested restricted stock units - 99 - 108 Diluted weighted average common shares outstanding 4,443 4,256 4,344 4,246 Basic earnings per common share $ 0.11 $ 0.23 $ 0.23 $ 0.47 Diluted earnings per common share $ 0.11 $ 0.22 $ 0.23 $ 0.46 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities are summarized as follows: June 30, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 12,124 $ - $ (41 ) $ 12,083 State and political subdivisions 4,929 2 (3 ) 4,928 Corporate 15,282 309 (49 ) 15,542 Asset backed securities 16,985 176 (24 ) 17,137 Residential mortgage-backed - US agency 18,819 46 (74 ) 18,791 Collateralized mortgage obligations - US agency 34,607 40 (665 ) 33,982 Collateralized mortgage obligations - Private label 14,774 128 (40 ) 14,862 Total 117,520 701 (896 ) 117,325 Equity investment securities: Common stock - financial services industry 205 - - 205 Total 205 - - 205 Total available-for-sale $ 117,725 $ 701 $ (896 ) $ 117,530 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 2,993 $ - $ (4 ) $ 2,989 State and political subdivisions 6,615 85 - 6,700 Corporate 20,194 420 (40 ) 20,574 Asset backed securities 10,653 165 - 10,818 Residential mortgage-backed - US agency 17,135 577 - 17,712 Collateralized mortgage obligations - US agency 17,804 424 - 18,228 Collateralized mortgage obligations - Private label 19,930 57 (49 ) 19,938 Total held-to-maturity $ 95,324 $ 1,728 $ (93 ) $ 96,959 December 31, 2018 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 17,171 $ 18 $ (158 ) $ 17,031 State and political subdivisions 23,661 6 (602 ) 23,065 Corporate 17,389 220 (409 ) 17,200 Asset backed securities 18,243 13 (137 ) 18,119 Residential mortgage-backed - US agency 32,409 34 (777 ) 31,666 Collateralized mortgage obligations - US agency 48,101 31 (1,691 ) 46,441 Collateralized mortgage obligations - Private label 24,317 17 (398 ) 23,936 Total 181,291 339 (4,172 ) 177,458 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 181,497 $ 339 $ (4,172 ) $ 177,664 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 3,987 $ - $ (35 ) $ 3,952 State and political subdivisions 5,089 22 (84 ) 5,027 Corporate 9,924 4 (182 ) 9,746 Asset backed securities 1,509 - (13 ) 1,496 Residential mortgage-backed - US agency 11,601 124 (47 ) 11,678 Collateralized mortgage obligations - US agency 13,972 93 (13 ) 14,052 Collateralized mortgage obligations - Private label 7,826 17 (25 ) 7,818 Total held-to-maturity $ 53,908 $ 260 $ (399 ) $ 53,769 The amortized cost and estimated fair value of debt investments at June 30, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 8,355 $ 8,345 $ 3,100 $ 3,105 Due after one year through five years 12,044 12,302 16,337 16,594 Due after five years through ten years 21,490 21,566 13,163 13,461 Due after ten years 7,431 7,477 7,855 7,921 Sub-total 49,320 49,690 40,455 41,081 Residential mortgage-backed - US agency 18,819 18,791 17,135 17,712 Collateralized mortgage obligations - US agency 34,607 33,982 17,804 18,228 Collateralized mortgage obligations - Private label 14,774 14,862 19,930 19,938 Totals $ 117,520 $ 117,325 $ 95,324 $ 96,959 The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: June 30, 2019 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 2 $ (32 ) $ 7,039 1 $ (9 ) $ 5,024 3 $ (41 ) $ 12,063 State and political subdivisions - - - 1 (3 ) 3,001 1 (3 ) 3,001 Corporate 1 (1 ) 758 5 (48 ) 4,000 6 (49 ) 4,758 Asset backed securities 1 (1 ) 1,267 2 (23 ) 3,134 3 (24 ) 4,401 Residential mortgage-backed - US agency - - - 9 (74 ) 9,684 9 (74 ) 9,684 Collateralized mortgage obligations - US agency 2 (1 ) 1,257 22 (664 ) 26,306 24 (665 ) 27,563 Collateralized mortgage obligations - Private label 2 (5 ) 3,505 4 (35 ) 3,605 6 (40 ) 7,110 Totals 8 $ (40 ) $ 13,826 44 $ (856 ) $ 54,754 52 $ (896 ) $ 68,580 Held-to-Maturity Portfolio US Treasury, agencies and GSE's - $ - $ - 2 $ (4 ) $ 1,996 2 $ (4 ) $ 1,996 State and political subdivisions - - - 1 - 101 1 - 101 Corporate 1 (1 ) 1,011 2 (39 ) 2,849 3 (40 ) 3,860 Residential mortgage-backed - US agency - - - 1 - 241 1 - 241 Collateralized mortgage obligations - US agency - - - - - - - - - Collateralized mortgage obligations - Private label 2 (44 ) 4,001 2 (5 ) 1,466 4 (49 ) 5,467 Totals 3 $ (45 ) $ 5,012 8 $ (48 ) $ 6,653 11 $ (93 ) $ 11,665 December 31, 2018 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 1 $ (22 ) $ 977 2 $ (136 ) $ 12,017 3 $ (158 ) $ 12,994 State and political subdivisions 5 (76 ) 5,213 26 (526 ) 14,206 31 (602 ) 19,419 Corporate 10 (137 ) 8,266 4 (272 ) 3,374 14 (409 ) 11,640 Asset backed securities 7 (91 ) 10,470 2 (46 ) 3,059 9 (137 ) 13,529 Residential mortgage-backed - US agency 6 (83 ) 3,519 21 (694 ) 24,154 27 (777 ) 27,673 Collateralized mortgage obligations - US agency 3 (98 ) 2,792 28 (1,593 ) 35,765 31 (1,691 ) 38,557 Collateralized mortgage obligations - Private label 7 (275 ) 14,011 5 (123 ) 5,907 12 (398 ) 19,918 Totals 39 $ (782 ) $ 45,248 88 $ (3,390 ) $ 98,482 127 $ (4,172 ) $ 143,730 Held-to-Maturity Portfolio US Treasury, agencies and GSE's 1 $ (8 ) $ 982 3 $ (27 ) $ 2,970 4 $ (35 ) $ 3,952 State and political subdivisions - - - 6 (84 ) 2,310 6 (84 ) 2,310 Corporate 4 (41 ) 3,214 2 (141 ) 2,507 6 (182 ) 5,721 Asset backed securities 1 (13 ) 1,496 - - - 1 (13 ) 1,496 Residential mortgage-backed - US agency 3 (8 ) 1,447 2 (39 ) 1,769 5 (47 ) 3,216 Collateralized mortgage obligations - US agency 4 (13 ) 3,972 - - - 4 (13 ) 3,972 Collateralized mortgage obligations - Private label - - - 2 (25 ) 1,874 2 (25 ) 1,874 Totals 13 $ (83 ) $ 11,111 15 $ (316 ) $ 11,430 28 $ (399 ) $ 22,541 Excluding the effects of changes in the characteristics of individual debt securities that potentially give rise to other-than-temporary impairment (“OTTI”), as described below, the fair market value of a debt security as of a particular measurement date is highly dependent upon prevailing market and economic environmental factors at the measurement date relative to the prevailing market and economic environmental factors present at the time the debt security was acquired. The most significant market and environmental factors include, but are not limited to (1) the general level of interest rates, (2) the relationship between shorter-term interest rates and longer-term interest rates (referred to as the “slope” of the interest rate yield curve), (3) general bond market liquidity, (4) the recent and expected near-term volume of new issuances of similar debt securities, and (5) changes in the market values of individual loan collateral underlying mortgage-backed debt securities. Changes in interest rates affect the fair market values of debt securities by influencing the discount rate applied to the securities’ future expected cash flows. The higher the discount rate, the lower the resultant security price. Conversely, the lower the discount rate, the higher the resultant security price. In addition, the cumulative amount and timing of undiscounted cash flows of debt securities may be also affected by changes in interest rates. For any given level of movement in the general market and economic environmental factors described above, the magnitude of any particular debt security’s price changes will also depend heavily upon security-specific factors such as (1) the duration of the security, (2) imbedded optionality contractually granted to the issuer of the security with respect to principal prepayments, and (3) changes in the level of market premiums demanded by investors for securities with imbedded credit risk (where applicable). The Company conducts a formal review of investment securities on a quarterly basis for the presence of OTTI. The Company assesses whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the statement of condition date. Under these circumstances, OTTI is considered to have occurred (1) if we intend to sell the security; (2) if it is “more likely than not” we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not anticipated to be sufficient to recover the entire amortized cost basis. The guidance requires that credit-related OTTI is recognized in earnings while non-credit-related OTTI on securities not expected to be sold is recognized in other comprehensive income (“OCI”). Non-credit-related OTTI is based on other factors, including illiquidity and changes in the general interest rate environment. Presentation of OTTI is made in the consolidated statement of income on a gross basis, including both the portion recognized in earnings as well as the portion recorded in OCI. The gross OTTI would then be offset by the amount of non-credit-related OTTI, showing the net as the impact on earnings. Management does not believe any individual unrealized loss in securities within the portfolio as of June 30, 2019 represents OTTI. At June 30, 2019, the Bank had the following securities, in a loss position for 12 months or more relative to their amortized historical cost, which were deemed to have no credit impairment, thus, the disclosed unrealized losses relate directly to changes in interest rates subsequent to the acquisition of the individual securities. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell these securities prior to the recovery of the amortized cost. • One state and political subdivision security, categorized as available-for-sale, with an amortized historical cost of $3.0 million and an aggregate market value of $3.0 million (unrealized aggregate loss of $3,000, or 0.10%). This security was unrated at issuance by any NRSRO but is supported with substantial credit enhancements believed to be equivalent to those that would be typical of an NRSRO credit rating that is well above the level required to be considered minimum investment grade and, therefore, no credit-related OTTI is deemed to be present. • Five corporate securities, categorized as available-for-sale, with an aggregate amortized historical cost of $4.0 million and an aggregate market value of $4.0 million (unrealized loss of $48,000, or 1.20%). These securities each maintain credit ratings established by one or more NRSRO above the minimum level required to be considered investment grade and, therefore, no credit-related OTTI is deemed to be present. • Two privately-issued asset-backed securities, categorized as available-for-sale, with an aggregate amortized historical cost of $3.1 million and an aggregate market value of $3.1 million (unrealized loss of $23,000, or 0.73%). These securities each maintain credit ratings established by one or more NRSRO above the minimum level required to be considered as investment grade and therefore, no credit-related OTTI is deemed to be present. • Two privately-issued collateralized mortgage obligation securities, categorized as available-for-sale, with an aggregate amortized historical cost of $1.3 million and an aggregate market value of $1.3 million (unrealized loss of $9,000, or 0.70%). These securities each maintain credit ratings established by one or more NRSRO above the minimum level required to be considered investment grade and, therefore, no credit-related OTTI is deemed to be present. • Two privately-issued collateralized mortgage obligation securities, categorized as available-for-sale, with an aggregate amortized historical cost of $2.3 million and an aggregate market value of $2.3 million (unrealized loss of $26,000, or 1.10%). These securities were not rated at the time of their issuance by any NRSRO but each security remains significantly collateralized through subordination. Therefore, no credit-related OTTI is deemed to be present. • One state and political subdivision security, categorized as held-to-maturity, with an aggregate amortized historical cost of $100,000 and an aggregate market value of $100,000 (unrealized aggregate loss of $1,000, or 0.02%). This security was issued by an entity local to the Company and whose financial condition is well known to the Company’s management. No credit-related OTTI is deemed to be present. • Two corporate securities, categorized as held-to-maturity, with an aggregate amortized historical cost of $2.9 million and an aggregate market value of $2.8 million (unrealized aggregate loss of $39,000, or 1.36%). These securities maintain credit ratings established by one or more NRSRO above the minimum level required to be considered investment grade and, therefore, no credit-related OTTI is deemed to be present. • One privately-issued collateralized mortgage obligation security, categorized as held-to-maturity, with an amortized historical cost of $633,000 and a market value of $632,000 (unrealized loss of $1,000, or 0.09%). The security was not rated at its issuance by any NRSRO but remains significantly collateralized through subordination and, therefore, no credit-related OTTI is deemed to be present. • One privately-issued collateralized mortgage obligation security, categorized as held-to-maturity, with an amortized historical cost of $839,000 and an aggregate market value of $834,000 (unrealized loss of $4,000, or 0.53%). This security maintains a credit rating established by one or more NRSRO above the level considered to be minimum investment grade and therefore, no credit-related OTTI is deemed to be present. All other securities with market values less than their amortized historical costs for twelve or more months are issued by United States agencies or government sponsored enterprises and consist of mortgage-backed securities, collateralized mortgage obligations and direct agency financings. These positions in US government agency and government-sponsored enterprises are deemed to have no credit impairment, thus, the disclosed unrealized losses relate directly to changes in interest rates subsequent to the acquisition of the individual securities. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell these securities prior to the recovery of the amortized cost. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the length of time the equity security’s fair value has been below the carrying amount. The Company had no equity investment securities that were impaired at June 30, 2019 or December 31, 2018. Gross realized gains (losses) on sales of securities for the indicated periods are detailed below: For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2018 2019 2018 Realized gains on investments $ 179 $ 133 $ 401 $ 160 Realized losses on investments (147 ) (155 ) (290 ) (289 ) $ 32 $ (22 ) $ 111 $ (129 ) As of June 30, 2019 and December 31, 2018, securities with a fair value of $87.9 million and $69.8 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $24.9 million and $19.5 million were pledged against the Company’s established borrowing arrangements. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, only minimal exposure exists to sub-prime or other high-risk residential mortgages. With limited exceptions in the Company’s investment portfolio involving the most senior tranches of securitized bonds, the Company is not in the practice of investing in, or originating, these types of investments or loans. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits | Note 5: Pension and Postretirement Benefits The Company has a noncontributory defined benefit pension plan covering most employees. The plan provides defined benefits based on years of service and final average salary. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there are no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. In addition, the Company provides certain health and life insurance benefits for a limited number of eligible retired employees. The healthcare plan is contributory with participants’ contributions adjusted annually; the life insurance plan is noncontributory. Employees with less than 14 years of service as of January 1, 1995, are not eligible for the health and life insurance retirement benefits. The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits For the three months ended June 30, For the six months ended June 30, (In thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Service cost $ - $ - $ - $ - $ - $ - $ - $ - Interest cost 123 118 5 6 247 236 11 11 Expected return on plan assets (233 ) (259 ) - - (467 ) (518 ) - - Amortization of prior service credits - - (1 ) (1 ) - - (2 ) (2 ) Amortization of net losses 82 41 3 3 164 82 6 6 Net periodic benefit plan (benefit) cost $ (28 ) $ (100 ) $ 7 $ 8 $ (56 ) $ (200 ) $ 15 $ 15 The Company will evaluate the need for further contributions to the defined benefit pension plan during 2019. The prepaid pension asset is recorded in other assets on the statement of condition as of June 30, 2019 and December 31, 2018. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | Note 6: Loans Major classifications of loans at the indicated dates are as follows: June 30, December 31, (In thousands) 2019 2018 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 239,422 $ 232,523 Construction 3,966 7,121 Total residential mortgage loans 243,388 239,644 Commercial loans: Real estate 225,794 212,314 Lines of credit 56,569 44,235 Other commercial and industrial 79,590 63,359 Tax exempt loans 8,803 9,320 Total commercial loans 370,756 329,228 Consumer loans: Home equity and junior liens 26,214 26,109 Other consumer 52,508 25,424 Total consumer loans 78,722 51,533 Total loans 692,866 620,405 Net deferred loan fees (43 ) (135 ) Less allowance for loan losses (7,825 ) (7,306 ) Loans receivable, net $ 684,998 $ 612,964 Although the Bank may occasionally purchase or fund loan participation interests outside of its primary market areas, the Bank generally originates residential mortgage, commercial, and consumer loans largely to customers throughout Oswego and Onondaga counties. Although the Bank has a diversified loan portfolio, a substantial portion of its borrowers’ abilities to honor their loan contracts is dependent upon the counties’ employment and economic conditions. The Bank acquired $15.6 million, $10.2 million, and $24.6 million of loans originated by an unrelated financial institution, located outside of the Bank’s market area, in January 2017, April 2017, and March 2019, respectively. The acquired loan pools represented a 90% participating interest in a total of 2,283 loans secured by liens on automobiles with maturities ranging primarily from two to six years. These loans will be serviced through their respective maturities by the originating financial institution. At June 30, 2019 and December 31, 2018, there were 1,817 loans outstanding with a remaining outstanding carrying value of $32.8 million and 909 loans outstanding with a remaining outstanding carrying value of $13.3 million, respectively. Since the acquisition of these loan pools, a total of 23 loans had cumulative net charge-offs totaling $165,000 with $45,000 in net charge-offs for the six months ended June 30, 2019. The Bank acquired a $5.0 million pool of consumer loans and a $5.0 million pool of commercial and industrial loans, originated by an unrelated financial institution, located outside of the Bank’s market area in June 2019. The acquired loan pools represent a 100% interest in a total of 86 unsecured consumer loans and a total of 35 commercial and industrial loans. These loans have maturities ranging primarily from four to ten years. No charge-offs have occurred since the acquisition of these loan pools. As of June 30, 2019 and December 31, 2018, residential mortgage loans with a carrying value of $136.6 million and $154.9 million, respectively, have been pledged by the Company to the Federal Home Loan Bank of New York (“FHLBNY”) under a blanket collateral agreement to secure the Company’s line of credit and term borrowings. Loan Origination / Risk Management The Company’s lending policies and procedures are presented in Note 5 to the audited consolidated financial statements included in the 2018 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 27, 2019 and have not changed. As part of the execution of the Company’s overall balance sheet management strategies, the Bank will acquire participating interests in loans originated by unrelated third parties on a sporadic basis. The purchase of participations in loans that are originated by third parties only occurs after the completion of thorough pre-acquisition due diligence. Loans in which the Company acquires a participating interest are determined to meet, in all material respects, the Company’s internal underwriting policies, including credit and collateral suitability thresholds, prior to acquisition. In addition, the financial condition of the originating financial institutions, which are generally retained as the ongoing loan servicing provider for participations acquired by the Bank, are analyzed prior to the acquisition of the participating interests and monitored on a regular basis thereafter for the life of those interests. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three portfolio segments, each with different risk characteristics but with similar methodologies for assessing risk. Each portfolio segment is broken down into loan classes where appropriate. Loan classes contain unique measurement attributes, risk characteristics, and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class. The following table illustrates the portfolio segments and classes for the Company’s loan portfolio: Portfolio Segment Class Residential Mortgage Loans 1-4 family first-lien residential mortgages Construction Commercial Loans Real estate Lines of credit Other commercial and industrial Tax exempt loans Consumer Loans Home equity and junior liens Other consumer The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of June 30, 2019 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 235,879 $ 986 $ 1,318 $ 1,239 $ 239,422 Construction 3,966 - - - 3,966 Total residential mortgage loans 239,845 986 1,318 1,239 243,388 Commercial loans: Real estate 214,631 7,994 2,864 305 225,794 Lines of credit 54,813 1,349 407 - 56,569 Other commercial and industrial 74,655 3,815 1,065 55 79,590 Tax exempt loans 8,803 - - - 8,803 Total commercial loans 352,902 13,158 4,336 360 370,756 Consumer loans: Home equity and junior liens 25,557 111 434 112 26,214 Other consumer 52,217 142 149 - 52,508 Total consumer loans 77,774 253 583 112 78,722 Total loans $ 670,521 $ 14,397 $ 6,237 $ 1,711 $ 692,866 As of December 31, 2018 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 228,563 $ 999 $ 1,190 $ 1,771 $ 232,523 Construction 7,121 - - - 7,121 Total residential mortgage loans 235,684 999 1,190 1,771 239,644 Commercial loans: Real estate 201,997 8,299 1,947 71 212,314 Lines of credit 42,489 1,491 233 22 44,235 Other commercial and industrial 59,344 3,268 612 135 63,359 Tax exempt loans 9,320 - - - 9,320 Total commercial loans 313,150 13,058 2,792 228 329,228 Consumer loans: Home equity and junior liens 25,706 144 173 86 26,109 Other consumer 25,294 95 35 - 25,424 Total consumer loans 51,000 239 208 86 51,533 Total loans $ 599,834 $ 14,296 $ 4,190 $ 2,085 $ 620,405 Management has reviewed its loan portfolio and determined that, to the best of its knowledge, no material exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Nonaccrual and Past Due Loans Loans are placed on nonaccrual when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of June 30, 2019 and December 31, 2018, are detailed in the following tables: As of June 30, 2019 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 904 $ 274 $ 918 $ 2,096 $ 237,326 $ 239,422 Construction - - - - 3,966 3,966 Total residential mortgage loans 904 274 918 2,096 241,292 243,388 Commercial loans: Real estate 3,148 484 2,050 5,682 220,112 225,794 Lines of credit 2,761 555 23 3,339 53,230 56,569 Other commercial and industrial 3,926 914 307 5,147 74,443 79,590 Tax exempt loans - - - - 8,803 8,803 Total commercial loans 9,835 1,953 2,380 14,168 356,588 370,756 Consumer loans: Home equity and junior liens 76 26 237 339 25,875 26,214 Other consumer 237 34 130 401 52,107 52,508 Total consumer loans 313 60 367 740 77,982 78,722 Total loans $ 11,052 $ 2,287 $ 3,665 $ 17,004 $ 675,862 $ 692,866 As of December 31, 2018 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,507 $ 505 $ 1,176 $ 3,188 $ 229,335 $ 232,523 Construction - - - - 7,121 7,121 Total residential mortgage loans 1,507 505 1,176 3,188 236,456 239,644 Commercial loans: Real estate 4,261 364 323 4,948 207,366 212,314 Lines of credit 1,033 111 22 1,166 43,069 44,235 Other commercial and industrial 814 44 387 1,245 62,114 63,359 Tax exempt loans - - - - 9,320 9,320 Total commercial loans 6,108 519 732 7,359 321,869 329,228 Consumer loans: Home equity and junior liens 247 6 35 288 25,821 26,109 Other consumer 226 65 107 398 25,026 25,424 Total consumer loans 473 71 142 686 50,847 51,533 Total loans $ 8,088 $ 1,095 $ 2,050 $ 11,233 $ 609,172 $ 620,405 Nonaccrual loans, segregated by class of loan, were as follows: June 30, December 31, (In thousands) 2019 2018 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 918 $ 1,176 918 1,176 Commercial loans: Real estate 2,135 415 Lines of credit 28 28 Other commercial and industrial 307 387 2,470 830 Consumer loans: Home equity and junior liens 237 35 Other consumer 130 107 367 142 Total nonaccrual loans $ 3,755 $ 2,148 The Company is required to disclose certain activities related to Troubled Debt Restructurings (“TDR”) in accordance with accounting guidance. Certain loans have been modified in a TDR where economic concessions have been granted to a borrower who is experiencing, or expected to experience, financial difficulties. These economic concessions could include a reduction in the loan interest rate, extension of payment terms, reduction of principal amortization, or other actions that it would not otherwise consider for a new loan with similar risk characteristics. The Company is required to disclose new TDRs for each reporting period for which an income statement is being presented. The pre-modification outstanding recorded investment is the principal loan balance less the provision for loan losses before the loan was modified as a TDR. The post-modification outstanding recorded investment is the principal balance less the provision for loan losses after the loan was modified as a TDR. Additional provision for loan losses is the change in the allowance for loan losses between the pre-modification outstanding recorded investment and post-modification outstanding recorded investment. The table below details one loan that was modified as a TDR for the three months ended June 30, 2019. For the three months ended June 30, 2019 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Residential real estate loans 1 $ 205 $ 250 $ - The TDR evaluated for impairment for the three months ended June 30, 2019 has been classified as a TDR due to economic concessions granted, which consisted of additional funds advanced without associated increases in collateral and an extended maturity date that will result in a delay in payment from the original contractual maturity. The table below details one loan that was modified as a TDR for the six months ended June 30, 2019. For the six months ended June 30, 2019 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Residential real estate loans 1 $ 205 $ 250 $ - The TDR evaluated for impairment for the six months ended June 30, 2019 has been classified as a TDR due to economic concessions granted, which consisted of additional funds advanced without associated increases in collateral and an extended maturity date that will result in a delay in payment from the original contractual maturity. The Company had no loans that were modified as TDRs for the three months ended June 30, 2018. The table below details one loan that was modified as a TDR for the six months ended June 30, 2018. For the six months ended June 30, 2018 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Other commercial and industrial loans 1 $ 300 $ 300 $ - The TDR evaluated for impairment for the six months ended June 30, 2018, has been classified as a TDR due to economic concessions granted, which included an extended maturity date that will result in a delay in payment from the original contractual maturity. The Company is required to disclose loans that have been modified as TDRs within the previous 12 months in which there was payment default after the restructuring. The Company defines payment default as any loans 90 days past due on contractual payments. The Company had no loans that were modified as TDRs during the twelve months prior to June 30, 2019, which had subsequently defaulted during the six months ended June 30, 2019. The Company had no loans that were modified as TDRs during the twelve months prior to June 30, 2018, which had subsequently defaulted during the six months ended June 30, 2018. When the Company modifies a loan within a portfolio segment that is individually evaluated for impairment, a potential impairment is analyzed either based on the present value of the expected future cash flows discounted at the interest rate of the original loan terms or the fair value of the collateral less costs to sell. If it is determined that the value of the loan is less than its recorded investment, then impairment is recognized as a component of the provision for loan losses, an associated increase to the allowance for loan losses or as a charge-off to the allowance for loan losses in the current period. Impaired Loans The following table summarizes impaired loan information by portfolio class at the indicated dates: June 30, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (In thousands) Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: 1-4 family first-lien residential mortgages $ 1,033 $ 1,033 $ - $ 1,221 $ 1,226 $ - Commercial real estate 3,103 3,168 - 2,387 2,448 - Commercial lines of credit 165 165 - 228 228 - Other commercial and industrial 602 610 - 451 452 - Home equity and junior liens 79 79 - - - - Other consumer 57 57 - - - - With an allowance recorded: 1-4 family first-lien residential mortgages 600 600 104 606 606 108 Commercial real estate 1,358 1,358 108 486 486 100 Commercial lines of credit 205 205 204 28 28 28 Other commercial and industrial 544 544 287 373 373 255 Home equity and junior liens 168 168 136 207 207 140 Other consumer 40 40 6 - - - Total: 1-4 family first-lien residential mortgages 1,633 1,633 104 1,827 1,832 108 Commercial real estate 4,461 4,526 108 2,873 2,934 100 Commercial lines of credit 370 370 204 256 256 28 Other commercial and industrial 1,146 1,154 287 824 825 255 Home equity and junior liens 247 247 136 207 207 140 Other consumer 97 97 6 - - - Totals $ 7,954 $ 8,027 $ 845 $ 5,987 $ 6,054 $ 631 The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 1-4 family first-lien residential mortgages $ 1,528 $ 1,846 $ 1,627 $ 1,850 Commercial real estate 3,662 4,971 3,399 5,147 Commercial lines of credit 344 376 314 433 Other commercial and industrial 1,100 1,050 1,008 1,049 Home equity and junior liens 227 208 220 235 Other consumer 99 - 66 - Total $ 6,960 $ 8,451 $ 6,634 $ 8,714 The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 1-4 family first-lien residential mortgages $ 23 $ 14 $ 35 $ 32 Commercial real estate 57 18 85 66 Commercial lines of credit 14 10 18 21 Other commercial and industrial 24 13 38 19 Home equity and junior liens 3 3 6 6 Other consumer 3 - 3 - Total $ 124 $ 58 $ 185 $ 144 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2019 | |
Allowance For Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 7: Allowance for Loan Losses Summarized in the tables below are changes in the allowance for loan losses for the indicated periods and information pertaining to the allocation of the allowance for loan losses, balances of the allowance for loan losses, loans receivable based on individual, and collective impairment evaluation by loan portfolio class. An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. For the three months ended June 30, 2019 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 722 $ - $ 3,370 $ 802 $ 1,560 Charge-offs (11 ) - - (24 ) (1 ) Recoveries 1 - - - - Provisions 12 - 82 367 143 Ending balance $ 724 $ - $ 3,452 $ 1,145 $ 1,702 Ending balance: related to loans individually evaluated for impairment 104 - 108 204 287 Ending balance: related to loans collectively evaluated for impairment $ 620 $ - $ 3,344 $ 941 $ 1,415 Loans receivables: Ending balance $ 239,422 $ 3,966 $ 225,794 $ 56,569 $ 79,590 Ending balance: individually evaluated for impairment 1,633 - 4,461 370 1,146 Ending balance: collectively evaluated for impairment $ 237,789 $ 3,966 $ 221,333 $ 56,199 $ 78,444 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 430 $ 399 $ - $ 7,284 Charge-offs - - (40 ) - (76 ) Recoveries - - 6 - 7 Provisions (credits) - (44 ) 50 - 610 Ending balance $ 1 $ 386 $ 415 $ - $ 7,825 Ending balance: related to loans individually evaluated for impairment - 136 6 - 845 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 250 $ 409 $ - $ 6,980 Loans receivables: Ending balance $ 8,803 $ 26,214 $ 52,508 $ 692,866 Ending balance: individually evaluated for impairment - 247 97 7,954 Ending balance: collectively evaluated for impairment $ 8,803 $ 25,967 $ 52,411 $ 684,912 For the six months ended June 30, 2019 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 766 $ - $ 3,578 $ 730 $ 1,285 Charge-offs (11 ) - - (131 ) (2 ) Recoveries 1 - - - - Provisions (credits) (32 ) - (126 ) 546 419 Ending balance $ 724 $ - $ 3,452 $ 1,145 $ 1,702 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 409 $ 385 $ 152 $ 7,306 Charge-offs - - (107 ) - (251 ) Recoveries - - 15 - 16 Provisions (credits) - (23 ) 122 (152 ) 754 Ending balance $ 1 $ 386 $ 415 $ - $ 7,825 For the three months ended June 30, 2018 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 751 $ - $ 3,895 $ 719 $ 1,309 Charge-offs (74 ) - - (50 ) (48 ) Recoveries - - - 66 - Provisions (credits) 45 - 246 (4 ) 10 Ending balance $ 722 $ - $ 4,141 $ 731 $ 1,271 Ending balance: related to loans individually evaluated for impairment 111 - 596 47 276 Ending balance: related to loans collectively evaluated for impairment $ 611 $ - $ 3,545 $ 684 $ 995 Loans receivables: Ending balance $ 225,864 $ 3,288 $ 206,960 $ 49,314 $ 58,742 Ending balance: individually evaluated for impairment 1,844 - 4,530 209 1,038 Ending balance: collectively evaluated for impairment $ 224,020 $ 3,288 $ 202,430 $ 49,105 $ 57,704 Home equity Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 507 $ 260 $ 9 $ 7,451 Charge-offs - - (48 ) - (220 ) Recoveries - 1 10 - 77 Provisions (credits) - (74 ) 69 5 297 Ending balance $ 1 $ 434 $ 291 $ 14 $ 7,605 Ending balance: related to loans individually evaluated for impairment - 141 - - 1,171 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 293 $ 291 $ 14 $ 6,434 Loans receivables: Ending balance $ 9,860 $ 26,262 $ 27,037 $ 607,327 Ending balance: individually evaluated for impairment - 207 - 7,828 Ending balance: collectively evaluated for impairment $ 9,860 $ 26,055 $ 27,037 $ 599,499 For the six months ended June 30, 2018 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 865 $ - $ 3,589 $ 735 $ 1,214 Charge-offs (192 ) - - (50 ) (171 ) Recoveries 20 - - 66 - Provisions (credits) 29 - 552 (20 ) 228 Ending balance $ 722 $ - $ 4,141 $ 731 $ 1,271 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 514 $ 208 $ - $ 7,126 Charge-offs - (17 ) (111 ) - (541 ) Recoveries - 1 23 - 110 Provisions (credits) - (64 ) 171 14 910 Ending balance $ 1 $ 434 $ 291 $ 14 $ 7,605 The Company’s methodology for determining its allowance for loan losses includes an analysis of qualitative factors that are added to the historical loss rates in arriving at the total allowance for loan losses needed for this general pool of loans. The qualitative factors include: • Changes in national and local economic trends; • The rate of growth in the portfolio; • Trends of delinquencies and nonaccrual balances; • Changes in loan policy; and • Changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan losses analysis and calculation. The allocation of the allowance for loan losses summarized on the basis of the Company’s calculation methodology was as follows: June 30, 2019 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 104 $ - $ 108 $ 204 $ 287 Historical loss rate 64 - 89 35 28 Qualitative factors 556 - 3,255 906 1,387 Total $ 724 $ - $ 3,452 $ 1,145 $ 1,702 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 136 $ 6 $ - $ 845 Historical loss rate - 1 144 - 361 Qualitative factors 1 249 265 - 6,619 Total $ 1 $ 386 $ 415 $ - $ 7,825 June 30, 2018 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 111 $ - $ 596 $ 47 $ 276 Historical loss rate 111 - 86 24 17 Qualitative factors 500 - 3,459 660 978 Total $ 722 $ - $ 4,141 $ 731 $ 1,271 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 141 $ - $ - $ 1,171 Historical loss rate - 24 112 - 374 Qualitative factors 1 269 179 - 6,046 Other - - - 14 14 Total $ 1 $ 434 $ 291 $ 14 $ 7,605 |
Foreclosed Real Estate
Foreclosed Real Estate | 6 Months Ended |
Jun. 30, 2019 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
Foreclosed Real Estate | Note 8: Foreclosed Real Estate The Company is required to disclose the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession of the property at each reporting period. (Dollars in thousands) Number of properties June 30, 2019 Number of properties December 31, 2018 Foreclosed residential real estate 2 $ 84 2 $ 73 At June 30, 2019 and December 31, 2018, the Company reported $525,000 and $951,000, respectively, in residential real estate loans in the process of foreclosure. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Guarantees | Note 9: Guarantees The Company does not issue any guarantees that would require liability recognition or disclosure, other than its standby letters of credit. Generally, all letters of credit, when issued have expiration dates within one year. The credit risks involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. The Company had $2.2 million of standby letters of credit as of June 30, 2019. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. The fair value of standby letters of credit was not significant to the Company’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10: Fair Value Measurements Accounting guidance related to fair value measurements and disclosures specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs, minimize the use of unobservable inputs, to the extent possible, and considers counterparty credit risk in its assessment of fair value. The Company used the following methods and significant assumptions to estimate fair value: Investment securities: The fair values of available-for-sale and marketable equity securities are obtained from an independent third party and are based on quoted prices on nationally recognized securities exchanges where available (Level 1). If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service. The Company holds two corporate investment securities with an aggregate amortized historical cost of $4.8 million and an aggregate fair market value of $5.0 million as of June 30, 2019. These securities have valuations that are determined using published net asset values (NAV) derived by analyses of the securities’ underlying assets. These securities are comprised primarily of broadly-diversified real estate and adjustable-rate senior secured business loans and are traded in secondary markets on an infrequent basis. While these securities are redeemable at least annually through tender offers made by their respective issuers, the liquidation value of the securities may be below their stated NAVs and also subject to restrictions as to the amount of securities that can be redeemed at any single scheduled redemption. The Company anticipates that these securities will be redeemed by their respective issuers on indeterminate future dates as a consequence of the ultimate liquidation strategies employed by the management of these investments. Interest rate swap derivative: The fair value of the interest rate swap derivative is calculated based on a discounted cash flow model. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. The curve utilized for discounting and projecting is built by obtaining publicly available third party market quotes for various swap maturity terms. Impaired loans: Impaired loans are those loans in which the Company has measured impairment based on the fair value of the loan’s collateral or the discounted value of expected future cash flows. Fair value is generally determined based upon market value evaluations by third parties of the properties and/or estimates by management of working capital collateral or discounted cash flows based upon expected proceeds. These appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property), and the cost approach. Management modifies the appraised values, if needed, to take into account recent developments in the market or other factors, such as, changes in absorption rates or market conditions from the time of valuation and anticipated sales values considering management’s plans for disposition. Such modifications to the appraised values could result in lower valuations of such collateral. Estimated costs to sell are based on current amounts of disposal costs for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Impaired loans are subject to nonrecurring fair value adjustment upon initial recognition or subsequent impairment. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. Foreclosed real estate: Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell (“initial cost basis”). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management’s plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: June 30, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 12,083 $ - $ 12,083 State and political subdivisions - 4,928 - 4,928 Corporate - 10,502 - 10,502 Asset backed securities - 17,137 - 17,137 Residential mortgage-backed - US agency - 18,791 - 18,791 Collateralized mortgage obligations - US agency - 33,982 - 33,982 Collateralized mortgage obligations - Private label - 14,862 - 14,862 Total 112,285 112,285 Corporate measured at NAV - - - 5,040 Total available-for-sale securities $ - $ 112,285 $ - $ 117,325 Marketable equity securities $ - $ 510 $ - $ 510 Interest rate swap derivative $ - $ (110 ) $ - $ (110 ) December 31, 2018 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 17,031 $ - $ 17,031 State and political subdivisions - 23,065 - 23,065 Corporate - 12,141 - 12,141 Asset backed securities - 18,119 - 18,119 Residential mortgage-backed - US agency - 31,666 - 31,666 Collateralized mortgage obligations - US agency - 46,441 - 46,441 Collateralized mortgage obligations - Private label - 23,936 - 23,936 Total 172,399 172,399 Corporate measured at NAV - - - 5,059 Total available-for-sale securities $ - $ 172,399 $ - $ 177,458 Marketable equity securities $ - $ 453 $ - $ 453 Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2019 and December 31, 2018: June 30, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 3,136 $ 3,136 Foreclosed real estate $ - $ - $ 84 $ 84 December 31, 2018 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,098 $ 1,098 Foreclosed real estate $ - $ - $ 1,173 $ 1,173 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At June 30, 2019 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 30% (10%) (Sales Approach) Costs to Sell 7% - 13% (11%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2018 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 15% (6%) (Sales Approach) Costs to Sell 5% - 13% (11%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) There have been no transfers of assets into or out of any fair value measurement during the three and six months ended June 30, 2019. Required disclosures include fair value information of financial instruments, whether or not recognized in the consolidated statement of condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The Company has various processes and controls in place to ensure that fair value is reasonably estimated. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-ends, and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the financial assets and liabilities were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The Company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash and cash equivalents – The carrying amounts of these assets approximate their fair value and are classified as Level 1. Investment securities – The fair values of available-for-sale, held-to-maturity and marketable equity securities are obtained from an independent third party and are based on quoted prices on nationally recognized exchange where available (Level 1). If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service. Level 3 securities are assets whose fair value cannot be determined by using observable measures, such as market prices or pricing models. Level 3 assets are typically very illiquid, and fair values can only be calculated using estimates or risk-adjusted value ranges. Management applies known factors, such as currently applicable discount rates, to the valuation of those investments in order to determine fair value at the reporting date. The Company holds two corporate investment securities with an aggregate amortized historical cost of $4.8 million and an aggregate fair market value of $5.0 million as of June 30, 2019. These securities have valuations that are determined using published NAV derived by analyses of the securities’ underlying assets. These securities are comprised primarily of broadly-diversified real estate and adjustable-rate senior secured business loans and are traded in secondary markets on an infrequent basis. While these securities are redeemable at least annually through tender offers made by their respective issuers, the liquidation value of the securities may be below their stated NAVs and also subject to restrictions as to the amount of securities that can be redeemed at any single scheduled redemption. The Company anticipates that these securities will be redeemed by their respective issuers on indeterminate future dates as a consequence of the ultimate liquidation strategies employed by the management of these investments. Federal Home Loan Bank stock – The carrying amount of these assets approximates their fair value and are classified as Level 2. Net loans – For variable-rate loans that re-price frequently, fair value is based on carrying amounts. The fair value of other loans (for example, fixed-rate commercial real estate loans, mortgage loans, and commercial and industrial loans) is estimated using discounted cash flow analysis, based on interest rates currently being offered in the market for loans with similar terms to borrowers of similar credit quality. Loan value estimates include judgments based on expected prepayment rates. The measurement of the fair value of loans, including impaired loans, is classified within Level 3 of the fair value hierarchy. Accrued interest receivable and payable – The carrying amount of these assets approximates their fair value and are classified as Level 1. Deposits – The fair values disclosed for demand deposits (e.g., interest-bearing and noninterest-bearing checking, passbook savings and certain types of money management accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts) and are classified within Level 1 of the fair value hierarchy. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates of deposits to a schedule of aggregated expected monthly maturities on time deposits. Measurements of the fair value of time deposits are classified within Level 2 of the fair value hierarchy. Borrowings – Fixed/variable term “bullet” structures are valued using a replacement cost of funds approach. These borrowings are discounted to the FHLBNY advance curve. Option structured borrowings’ fair values are determined by the FHLB for borrowings that include a call or conversion option. If market pricing is not available from this source, current market indications from the FHLBNY are obtained and the borrowings are discounted to the FHLBNY advance curve less an appropriate spread to adjust for the option. These measurements are classified as Level 2 within the fair value hierarchy. Subordinated loans – The Company secures quotes from its pricing service based on a discounted cash flow methodology or utilizes observations of recent highly-similar transactions which result in a Level 2 classification. Interest rate swap derivative – The fair value of the interest rate swap derivative is obtained from a third party pricing agent and is calculated based on a discounted cash flow model. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. The curve utilized for discounting and projecting is built by obtaining publicly available third party market quotes for various swap maturity terms, and therefore is classified within Level 2 of the fair value hierarchy. The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: June 30, 2019 December 31, 2018 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 50,342 $ 50,342 $ 26,316 $ 26,316 Investment securities - available-for-sale 2 112,285 112,285 172,399 172,399 Investment securities - available-for-sale NAV 5,040 5,040 5,059 5,059 Investment securities - marketable equity 2 510 510 453 453 Investment securities - held-to-maturity 2 95,324 96,959 53,908 53,769 Federal Home Loan Bank stock 2 4,443 4,443 5,937 5,937 Net loans 3 684,998 681,739 612,964 601,789 Accrued interest receivable 1 3,339 3,339 3,068 3,068 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 436,047 $ 436,047 $ 450,267 $ 450,267 Time Deposits 2 372,590 373,694 276,793 275,727 Borrowings 2 89,434 89,924 118,534 118,379 Subordinated loans 2 15,111 14,855 15,094 14,485 Accrued interest payable 1 446 446 304 304 Interest rate swap derivative 2 110 110 - - |
Interest Rate Derivatives
Interest Rate Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivatives | Note 11: Interest Rate Derivatives The Company is exposed to certain risks from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its core business activities. As part of the Company’s overall risk management processes, the Company manages its economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of certain balance sheet assets and liabilities. In the normal course of business, the Company also uses derivative financial instruments as an additional risk management tool. Financial derivatives are recorded at fair value as other assets. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. There are two primary types of interest rate derivatives that may be employed by the Company: • Fair Value Hedge - As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value. When effectively hedged, this appreciation or depreciation will generally be offset by fluctuations in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are recognized currently in earnings. • Cash Flow Hedge - Cash flows related to floating rate assets and liabilities will fluctuate with changes in the underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating-rate asset or liability will generally be offset by changes in cash flows of the derivative instrumnets designated as a hedge. This strategy is referred to as a cash flow hedge. For a cash flow hedge, changes in the fair value of the derivative instrument, to the extent that it is effective, are recorded in other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Any ineffective portion of a cash flow hedge is recognized currently in earnings. Among the array of interest rate derivative transactions potentially available to the Company are interest rate swaps. The Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps, designated as fair value hedges, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed payments over the life of the agreements without the exchange of the underlying notional amount. The gain or loss on the derivative as well as the offsetting gain of loss on the hedged item attributable to the hedged risk are recognized in earnings. The Company entered into a pay-fixed/receive variable interest rate swap with a notional amount of $9.2 million in April 2019, which was designated as a fair value hedge associated with specific pools within the Company’s fixed-rate consumer loan portfolio. As of June 30, 2019, the following amounts were recorded on the balance sheet related to the cumulative basis adjustments for fair value hedges: (In thousands) Carrying Amount of the Hedged Assets at June 30, 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at June 30, 2019 Line item on the balance sheet in which the hedged item is included: Loans receivable (1) $ 22,663 $ 88 (1) These amounts include the amortized cost basis of the closed portfolio used to designate the hedging relationship in which the hedged item is the remaining amortized cost of the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $22.7 million, the cumulative basis adjustment associated with the hedging relationship was $88,000, and the amount of the designated hedged item was $9.2 million. At June 30, 2019, the fair value of the derivative resulted in a net liability position of $110,000 under the agreement, recorded by the Company in other liabilities. The Company had no derivative agreements in place at December 31, 2018. The Company manages its potential credit exposure on interest rate swap transactions by entering into a bilateral credit support agreements with each counterparty. These agreements require collateralization of credit exposures beyond specified minimum threshold amounts. The Company’s agreement with its interest rate swap counterparty contains a provision whereby if either party defaults on any of its indebtedness, then that party could also be declared in default on its derivative obligations. The agreement with the Company’s derivative counterparty also includes certain other provisions that if not met, could result in the Company or the counterparty being declared in default. If either the Company or the counterparty were to be declared in default, the other party to the agreement can terminate the derivative position and require settlement of all obligations as specifically outlined within the terms of the agreement. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 12: Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the table below. For the three months ended June 30, 2019 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (3,087 ) $ (1,322 ) $ (53 ) $ (4,462 ) Other comprehensive income before reclassifications - 1,390 7 1,397 Amounts reclassified from AOCI 66 (25 ) - 41 Ending balance $ (3,021 ) $ 43 $ (46 ) $ (3,024 ) For the three months ended June 30, 2018 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,188 ) $ (2,410 ) $ (414 ) $ (5,012 ) Other comprehensive income before reclassifications - (854 ) 347 (507 ) Amounts reclassified from AOCI 32 16 - 48 Ending balance $ (2,156 ) $ (3,248 ) $ (67 ) $ (5,471 ) For the six months ended June 30, 2019 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (3,152 ) $ (2,832 ) $ (58 ) $ (6,042 ) Other comprehensive income before reclassifications - 2,963 12 2,975 Amounts reclassified from AOCI 131 (88 ) - 43 Ending balance $ (3,021 ) $ 43 $ (46 ) $ (3,024 ) For the six months ended June 30, 2018 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Securities reclassified from AFS to HTM Total Beginning balance $ (2,220 ) $ (1,558 ) $ (430 ) $ (4,208 ) Other comprehensive income before reclassifications - (1,848 ) 120 (1,728 ) Amounts reclassified from AOCI 64 95 - 159 Cumulative effect of change in measurement of equity securities (1) - (53 ) - (53 ) Cumulative effect of change in investment securities transfer (2) - 116 243 359 Ending balance $ (2,156 ) $ (3,248 ) $ (67 ) $ (5,471 ) (1) Cumulative effect of unrealized gain on marketable equity securities based on the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. (2) Cumulative effect of unrealized gains on the transfer of 52 investment securities from held-to-maturity classification to available-for-sale classification based on the adoption of ASU 2017-12: Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified Amount Reclassified from AOCI (1) from AOCI (1) (Unaudited) (Unaudited) (In thousands) For the three months ended For the six months ended Details about AOCI (1) June 30, 2019 June 30, 2018 Affected Line Item in the Statement of Income June 30, 2019 June 30, 2018 Retirement plan items Retirement plan net losses recognized in plan expenses (2) $ (84 ) $ (43 ) Salaries and employee benefits $ (168 ) $ (86 ) Tax effect 18 11 Provision for income taxes 37 22 $ (66 ) $ (32 ) Net Income $ (131 ) $ (64 ) Available-for-sale securities Realized gain (loss) on sale of securities $ 32 $ (22 ) Net gains (losses) on sales and redemptions of investment securities $ 111 $ (129 ) Tax effect (7 ) 6 Provision for income taxes (23 ) 34 $ 25 $ (16 ) Net Income $ 88 $ (95 ) (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 5 for additional information. |
Noninterest Income
Noninterest Income | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Noninterest Income | Note 13: Noninterest Income The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2018 2019 2018 Service fees Insufficient funds fees $ 272 $ 200 $ 480 $ 400 Deposit related fees 53 48 105 99 ATM fees 23 25 45 48 Total service fees 348 273 630 547 Fee Income Insurance commissions 216 234 451 460 Investment services revenue 97 83 145 149 ATM fees surcharge 59 61 105 106 Banking house rents collected 33 36 68 66 Total fee income 405 414 769 781 Card income Debit card interchange fees 187 148 331 291 Merchant card fees 22 20 38 33 Total card income 209 168 369 324 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 60 42 87 83 Net gains on sales of loans and foreclosed real estate 13 13 5 16 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 73 55 92 99 Total 1,035 910 1,860 1,751 Earnings and gain on bank owned life insurance 101 108 222 181 Net gains (losses) on sales and redemptions of investment securities 32 (22 ) 111 (129 ) Gains on equity securities 16 13 57 26 Other miscellaneous income 35 15 62 90 Total noninterest income $ 1,219 $ 1,024 $ 2,312 $ 1,919 The following is a discussion of key revenues within the scope of the new revenue guidance: • Service fees – Revenue is earned through insufficient funds fees, customer initiated activities or passage of time for deposit related fees, and ATM service fees. Transaction-based fees are recognized at the time the transaction is executed, which is the same time the Company’s performance obligation is satisfied. Account maintenance fees are earned over the course of the month as the monthly maintenance performance obligation to the customer is satisfied. • Fee income – Revenue is earned through commissions on insurance and securities sales, ATM surcharge fees, and banking house rents collected. The Company earns investment advisory fee income by providing investment management services to customers under investment management contracts. As the direction of investment management accounts is provided over time, the performance obligation to investment management customers is satisfied over time, and therefore, revenue is recognized over time. • Card income – Card income consists of interchange fees from consumer debit card networks and other related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. • Mortgage fee income and realized gain on sale of loans and foreclosed real estate – Revenue from mortgage fee income and realized gain on sale of loans and foreclosed real estate is earned through the origination of residential and commercial mortgage loans, sales of one-to-four family residential mortgage loans, sales of government guarantees portions of SBA loans, and sales of foreclosed real estate, and is earned as the transaction occurs. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Leases | Note 14: Leases The Company has operating and finance leases for certain banking offices and land under noncancelable agreements. Our leases have remaining lease terms that vary from less than one year up to 31 years, some of which include options to extend the leases for various renewal periods. All options to renew are included in the current lease term when we believe it is reasonably certain that the renewal options will be exercised. The Company elected to adopt the transition relief under Topic 842, Leases, using the modified retrospective transition method. The periods presented prior to January 1, 2019 continue to be in accordance with ASC 840. The components of the lease expense are as follows: For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2019 Operating lease cost $ 60 $ 119 Finance lease cost $ 12 $ 12 For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2019 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 $ 104 Operating cash flows from finance leases $ 12 $ 12 Financing cash flows from finance leases $ 11 $ 11 Supplemental balance sheet information related to leases was as follows: June 30, (In thousands, except lease term and discount rate) 2019 Operating Leases: Operating lease right-of-use assets $ 2,458 Operating lease liabilities $ 2,711 Finance Leases: Financial Liability $ 574 Weighted Average Remaining Lease Term: Operating Leases 19.85 years Finance Leases 29.83 years Weighted Average Discount Rate: Operating Leases 3.71 % Finance Leases 13.75 % Maturities of lease liabilities were as follows: Years Ending June 30, (In thousands) 2020 $ 116 2021 109 2022 93 2023 104 2024 114 Thereafter 2,749 Total minimum lease payments $ 3,285 The Company owns certain properties that it leases to unaffiliated third parties at market rates. Lease rental income was $34,000 and $36,000 for the three months ended June 30, 2019 and 2018, respectively. Lease rental income was $68,000 and $66,000 for the six months ended June 30, 2019 and 2018, respectively. All lease agreements, in which the Company is the lessor, are accounted for as operating leases. The Company has no unamortized initial direct costs related to the establishment of these lease agreements at January 1, 2019. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share. Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2019 2018 2019 2018 Net income attributable to Pathfinder Bancorp, Inc. $ 607 $ 945 $ 1,121 $ 1,949 Convertible preferred stock dividends 69 - 69 - Warrant dividends 8 - 8 - Undistributed earnings allocated to participating securities 38 - 41 - Net income available to common shareholders $ 492 $ 945 $ 1,003 $ 1,949 Basic weighted average common shares outstanding 4,443 4,157 4,344 4,138 Effect of assumed exercise of stock options and unvested restricted stock units - 99 - 108 Diluted weighted average common shares outstanding 4,443 4,256 4,344 4,246 Basic earnings per common share $ 0.11 $ 0.23 $ 0.23 $ 0.47 Diluted earnings per common share $ 0.11 $ 0.22 $ 0.23 $ 0.46 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized as follows: June 30, 2019 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 12,124 $ - $ (41 ) $ 12,083 State and political subdivisions 4,929 2 (3 ) 4,928 Corporate 15,282 309 (49 ) 15,542 Asset backed securities 16,985 176 (24 ) 17,137 Residential mortgage-backed - US agency 18,819 46 (74 ) 18,791 Collateralized mortgage obligations - US agency 34,607 40 (665 ) 33,982 Collateralized mortgage obligations - Private label 14,774 128 (40 ) 14,862 Total 117,520 701 (896 ) 117,325 Equity investment securities: Common stock - financial services industry 205 - - 205 Total 205 - - 205 Total available-for-sale $ 117,725 $ 701 $ (896 ) $ 117,530 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 2,993 $ - $ (4 ) $ 2,989 State and political subdivisions 6,615 85 - 6,700 Corporate 20,194 420 (40 ) 20,574 Asset backed securities 10,653 165 - 10,818 Residential mortgage-backed - US agency 17,135 577 - 17,712 Collateralized mortgage obligations - US agency 17,804 424 - 18,228 Collateralized mortgage obligations - Private label 19,930 57 (49 ) 19,938 Total held-to-maturity $ 95,324 $ 1,728 $ (93 ) $ 96,959 December 31, 2018 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 17,171 $ 18 $ (158 ) $ 17,031 State and political subdivisions 23,661 6 (602 ) 23,065 Corporate 17,389 220 (409 ) 17,200 Asset backed securities 18,243 13 (137 ) 18,119 Residential mortgage-backed - US agency 32,409 34 (777 ) 31,666 Collateralized mortgage obligations - US agency 48,101 31 (1,691 ) 46,441 Collateralized mortgage obligations - Private label 24,317 17 (398 ) 23,936 Total 181,291 339 (4,172 ) 177,458 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 181,497 $ 339 $ (4,172 ) $ 177,664 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 3,987 $ - $ (35 ) $ 3,952 State and political subdivisions 5,089 22 (84 ) 5,027 Corporate 9,924 4 (182 ) 9,746 Asset backed securities 1,509 - (13 ) 1,496 Residential mortgage-backed - US agency 11,601 124 (47 ) 11,678 Collateralized mortgage obligations - US agency 13,972 93 (13 ) 14,052 Collateralized mortgage obligations - Private label 7,826 17 (25 ) 7,818 Total held-to-maturity $ 53,908 $ 260 $ (399 ) $ 53,769 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at June 30, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 8,355 $ 8,345 $ 3,100 $ 3,105 Due after one year through five years 12,044 12,302 16,337 16,594 Due after five years through ten years 21,490 21,566 13,163 13,461 Due after ten years 7,431 7,477 7,855 7,921 Sub-total 49,320 49,690 40,455 41,081 Residential mortgage-backed - US agency 18,819 18,791 17,135 17,712 Collateralized mortgage obligations - US agency 34,607 33,982 17,804 18,228 Collateralized mortgage obligations - Private label 14,774 14,862 19,930 19,938 Totals $ 117,520 $ 117,325 $ 95,324 $ 96,959 |
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position | The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: June 30, 2019 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 2 $ (32 ) $ 7,039 1 $ (9 ) $ 5,024 3 $ (41 ) $ 12,063 State and political subdivisions - - - 1 (3 ) 3,001 1 (3 ) 3,001 Corporate 1 (1 ) 758 5 (48 ) 4,000 6 (49 ) 4,758 Asset backed securities 1 (1 ) 1,267 2 (23 ) 3,134 3 (24 ) 4,401 Residential mortgage-backed - US agency - - - 9 (74 ) 9,684 9 (74 ) 9,684 Collateralized mortgage obligations - US agency 2 (1 ) 1,257 22 (664 ) 26,306 24 (665 ) 27,563 Collateralized mortgage obligations - Private label 2 (5 ) 3,505 4 (35 ) 3,605 6 (40 ) 7,110 Totals 8 $ (40 ) $ 13,826 44 $ (856 ) $ 54,754 52 $ (896 ) $ 68,580 Held-to-Maturity Portfolio US Treasury, agencies and GSE's - $ - $ - 2 $ (4 ) $ 1,996 2 $ (4 ) $ 1,996 State and political subdivisions - - - 1 - 101 1 - 101 Corporate 1 (1 ) 1,011 2 (39 ) 2,849 3 (40 ) 3,860 Residential mortgage-backed - US agency - - - 1 - 241 1 - 241 Collateralized mortgage obligations - US agency - - - - - - - - - Collateralized mortgage obligations - Private label 2 (44 ) 4,001 2 (5 ) 1,466 4 (49 ) 5,467 Totals 3 $ (45 ) $ 5,012 8 $ (48 ) $ 6,653 11 $ (93 ) $ 11,665 December 31, 2018 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 1 $ (22 ) $ 977 2 $ (136 ) $ 12,017 3 $ (158 ) $ 12,994 State and political subdivisions 5 (76 ) 5,213 26 (526 ) 14,206 31 (602 ) 19,419 Corporate 10 (137 ) 8,266 4 (272 ) 3,374 14 (409 ) 11,640 Asset backed securities 7 (91 ) 10,470 2 (46 ) 3,059 9 (137 ) 13,529 Residential mortgage-backed - US agency 6 (83 ) 3,519 21 (694 ) 24,154 27 (777 ) 27,673 Collateralized mortgage obligations - US agency 3 (98 ) 2,792 28 (1,593 ) 35,765 31 (1,691 ) 38,557 Collateralized mortgage obligations - Private label 7 (275 ) 14,011 5 (123 ) 5,907 12 (398 ) 19,918 Totals 39 $ (782 ) $ 45,248 88 $ (3,390 ) $ 98,482 127 $ (4,172 ) $ 143,730 Held-to-Maturity Portfolio US Treasury, agencies and GSE's 1 $ (8 ) $ 982 3 $ (27 ) $ 2,970 4 $ (35 ) $ 3,952 State and political subdivisions - - - 6 (84 ) 2,310 6 (84 ) 2,310 Corporate 4 (41 ) 3,214 2 (141 ) 2,507 6 (182 ) 5,721 Asset backed securities 1 (13 ) 1,496 - - - 1 (13 ) 1,496 Residential mortgage-backed - US agency 3 (8 ) 1,447 2 (39 ) 1,769 5 (47 ) 3,216 Collateralized mortgage obligations - US agency 4 (13 ) 3,972 - - - 4 (13 ) 3,972 Collateralized mortgage obligations - Private label - - - 2 (25 ) 1,874 2 (25 ) 1,874 Totals 13 $ (83 ) $ 11,111 15 $ (316 ) $ 11,430 28 $ (399 ) $ 22,541 |
Gross Realized Gains (Losses) on Sale of Securities | Gross realized gains (losses) on sales of securities for the indicated periods are detailed below: For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2018 2019 2018 Realized gains on investments $ 179 $ 133 $ 401 $ 160 Realized losses on investments (147 ) (155 ) (290 ) (289 ) $ 32 $ (22 ) $ 111 $ (129 ) |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Composition of Net Periodic Pension and Postretirement Plan Costs | The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits For the three months ended June 30, For the six months ended June 30, (In thousands) 2019 2018 2019 2018 2019 2018 2019 2018 Service cost $ - $ - $ - $ - $ - $ - $ - $ - Interest cost 123 118 5 6 247 236 11 11 Expected return on plan assets (233 ) (259 ) - - (467 ) (518 ) - - Amortization of prior service credits - - (1 ) (1 ) - - (2 ) (2 ) Amortization of net losses 82 41 3 3 164 82 6 6 Net periodic benefit plan (benefit) cost $ (28 ) $ (100 ) $ 7 $ 8 $ (56 ) $ (200 ) $ 15 $ 15 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Major Classification of Loans | Major classifications of loans at the indicated dates are as follows: June 30, December 31, (In thousands) 2019 2018 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 239,422 $ 232,523 Construction 3,966 7,121 Total residential mortgage loans 243,388 239,644 Commercial loans: Real estate 225,794 212,314 Lines of credit 56,569 44,235 Other commercial and industrial 79,590 63,359 Tax exempt loans 8,803 9,320 Total commercial loans 370,756 329,228 Consumer loans: Home equity and junior liens 26,214 26,109 Other consumer 52,508 25,424 Total consumer loans 78,722 51,533 Total loans 692,866 620,405 Net deferred loan fees (43 ) (135 ) Less allowance for loan losses (7,825 ) (7,306 ) Loans receivable, net $ 684,998 $ 612,964 |
Summary of Classes of Loan Portfolio | The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of June 30, 2019 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 235,879 $ 986 $ 1,318 $ 1,239 $ 239,422 Construction 3,966 - - - 3,966 Total residential mortgage loans 239,845 986 1,318 1,239 243,388 Commercial loans: Real estate 214,631 7,994 2,864 305 225,794 Lines of credit 54,813 1,349 407 - 56,569 Other commercial and industrial 74,655 3,815 1,065 55 79,590 Tax exempt loans 8,803 - - - 8,803 Total commercial loans 352,902 13,158 4,336 360 370,756 Consumer loans: Home equity and junior liens 25,557 111 434 112 26,214 Other consumer 52,217 142 149 - 52,508 Total consumer loans 77,774 253 583 112 78,722 Total loans $ 670,521 $ 14,397 $ 6,237 $ 1,711 $ 692,866 As of December 31, 2018 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 228,563 $ 999 $ 1,190 $ 1,771 $ 232,523 Construction 7,121 - - - 7,121 Total residential mortgage loans 235,684 999 1,190 1,771 239,644 Commercial loans: Real estate 201,997 8,299 1,947 71 212,314 Lines of credit 42,489 1,491 233 22 44,235 Other commercial and industrial 59,344 3,268 612 135 63,359 Tax exempt loans 9,320 - - - 9,320 Total commercial loans 313,150 13,058 2,792 228 329,228 Consumer loans: Home equity and junior liens 25,706 144 173 86 26,109 Other consumer 25,294 95 35 - 25,424 Total consumer loans 51,000 239 208 86 51,533 Total loans $ 599,834 $ 14,296 $ 4,190 $ 2,085 $ 620,405 |
Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans | An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of June 30, 2019 and December 31, 2018, are detailed in the following tables: As of June 30, 2019 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 904 $ 274 $ 918 $ 2,096 $ 237,326 $ 239,422 Construction - - - - 3,966 3,966 Total residential mortgage loans 904 274 918 2,096 241,292 243,388 Commercial loans: Real estate 3,148 484 2,050 5,682 220,112 225,794 Lines of credit 2,761 555 23 3,339 53,230 56,569 Other commercial and industrial 3,926 914 307 5,147 74,443 79,590 Tax exempt loans - - - - 8,803 8,803 Total commercial loans 9,835 1,953 2,380 14,168 356,588 370,756 Consumer loans: Home equity and junior liens 76 26 237 339 25,875 26,214 Other consumer 237 34 130 401 52,107 52,508 Total consumer loans 313 60 367 740 77,982 78,722 Total loans $ 11,052 $ 2,287 $ 3,665 $ 17,004 $ 675,862 $ 692,866 As of December 31, 2018 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,507 $ 505 $ 1,176 $ 3,188 $ 229,335 $ 232,523 Construction - - - - 7,121 7,121 Total residential mortgage loans 1,507 505 1,176 3,188 236,456 239,644 Commercial loans: Real estate 4,261 364 323 4,948 207,366 212,314 Lines of credit 1,033 111 22 1,166 43,069 44,235 Other commercial and industrial 814 44 387 1,245 62,114 63,359 Tax exempt loans - - - - 9,320 9,320 Total commercial loans 6,108 519 732 7,359 321,869 329,228 Consumer loans: Home equity and junior liens 247 6 35 288 25,821 26,109 Other consumer 226 65 107 398 25,026 25,424 Total consumer loans 473 71 142 686 50,847 51,533 Total loans $ 8,088 $ 1,095 $ 2,050 $ 11,233 $ 609,172 $ 620,405 |
Nonaccrual Loans Segregated by Class of Loan | Nonaccrual loans, segregated by class of loan, were as follows: June 30, December 31, (In thousands) 2019 2018 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 918 $ 1,176 918 1,176 Commercial loans: Real estate 2,135 415 Lines of credit 28 28 Other commercial and industrial 307 387 2,470 830 Consumer loans: Home equity and junior liens 237 35 Other consumer 130 107 367 142 Total nonaccrual loans $ 3,755 $ 2,148 |
Troubled Debt Restructurings on Financing Receivables | The table below details one loan that was modified as a TDR for the three months ended June 30, 2019. For the three months ended June 30, 2019 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Residential real estate loans 1 $ 205 $ 250 $ - The table below details one loan that was modified as a TDR for the six months ended June 30, 2019. For the six months ended June 30, 2019 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Residential real estate loans 1 $ 205 $ 250 $ - The table below details one loan that was modified as a TDR for the six months ended June 30, 2018. For the six months ended June 30, 2018 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Other commercial and industrial loans 1 $ 300 $ 300 $ - |
Summary of Impaired Loan Information by Portfolio Class | The following table summarizes impaired loan information by portfolio class at the indicated dates: June 30, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (In thousands) Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: 1-4 family first-lien residential mortgages $ 1,033 $ 1,033 $ - $ 1,221 $ 1,226 $ - Commercial real estate 3,103 3,168 - 2,387 2,448 - Commercial lines of credit 165 165 - 228 228 - Other commercial and industrial 602 610 - 451 452 - Home equity and junior liens 79 79 - - - - Other consumer 57 57 - - - - With an allowance recorded: 1-4 family first-lien residential mortgages 600 600 104 606 606 108 Commercial real estate 1,358 1,358 108 486 486 100 Commercial lines of credit 205 205 204 28 28 28 Other commercial and industrial 544 544 287 373 373 255 Home equity and junior liens 168 168 136 207 207 140 Other consumer 40 40 6 - - - Total: 1-4 family first-lien residential mortgages 1,633 1,633 104 1,827 1,832 108 Commercial real estate 4,461 4,526 108 2,873 2,934 100 Commercial lines of credit 370 370 204 256 256 28 Other commercial and industrial 1,146 1,154 287 824 825 255 Home equity and junior liens 247 247 136 207 207 140 Other consumer 97 97 6 - - - Totals $ 7,954 $ 8,027 $ 845 $ 5,987 $ 6,054 $ 631 |
Average Recorded Investment In Impaired Loans | The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 1-4 family first-lien residential mortgages $ 1,528 $ 1,846 $ 1,627 $ 1,850 Commercial real estate 3,662 4,971 3,399 5,147 Commercial lines of credit 344 376 314 433 Other commercial and industrial 1,100 1,050 1,008 1,049 Home equity and junior liens 227 208 220 235 Other consumer 99 - 66 - Total $ 6,960 $ 8,451 $ 6,634 $ 8,714 |
Cash Basis Interest Income Recognized On Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2019 2018 2019 2018 1-4 family first-lien residential mortgages $ 23 $ 14 $ 35 $ 32 Commercial real estate 57 18 85 66 Commercial lines of credit 14 10 18 21 Other commercial and industrial 24 13 38 19 Home equity and junior liens 3 3 6 6 Other consumer 3 - 3 - Total $ 124 $ 58 $ 185 $ 144 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Allowance For Loan Losses [Abstract] | |
Changes in the Allowance for Loan Losses | An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. For the three months ended June 30, 2019 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 722 $ - $ 3,370 $ 802 $ 1,560 Charge-offs (11 ) - - (24 ) (1 ) Recoveries 1 - - - - Provisions 12 - 82 367 143 Ending balance $ 724 $ - $ 3,452 $ 1,145 $ 1,702 Ending balance: related to loans individually evaluated for impairment 104 - 108 204 287 Ending balance: related to loans collectively evaluated for impairment $ 620 $ - $ 3,344 $ 941 $ 1,415 Loans receivables: Ending balance $ 239,422 $ 3,966 $ 225,794 $ 56,569 $ 79,590 Ending balance: individually evaluated for impairment 1,633 - 4,461 370 1,146 Ending balance: collectively evaluated for impairment $ 237,789 $ 3,966 $ 221,333 $ 56,199 $ 78,444 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 430 $ 399 $ - $ 7,284 Charge-offs - - (40 ) - (76 ) Recoveries - - 6 - 7 Provisions (credits) - (44 ) 50 - 610 Ending balance $ 1 $ 386 $ 415 $ - $ 7,825 Ending balance: related to loans individually evaluated for impairment - 136 6 - 845 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 250 $ 409 $ - $ 6,980 Loans receivables: Ending balance $ 8,803 $ 26,214 $ 52,508 $ 692,866 Ending balance: individually evaluated for impairment - 247 97 7,954 Ending balance: collectively evaluated for impairment $ 8,803 $ 25,967 $ 52,411 $ 684,912 For the six months ended June 30, 2019 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 766 $ - $ 3,578 $ 730 $ 1,285 Charge-offs (11 ) - - (131 ) (2 ) Recoveries 1 - - - - Provisions (credits) (32 ) - (126 ) 546 419 Ending balance $ 724 $ - $ 3,452 $ 1,145 $ 1,702 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 409 $ 385 $ 152 $ 7,306 Charge-offs - - (107 ) - (251 ) Recoveries - - 15 - 16 Provisions (credits) - (23 ) 122 (152 ) 754 Ending balance $ 1 $ 386 $ 415 $ - $ 7,825 For the three months ended June 30, 2018 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 751 $ - $ 3,895 $ 719 $ 1,309 Charge-offs (74 ) - - (50 ) (48 ) Recoveries - - - 66 - Provisions (credits) 45 - 246 (4 ) 10 Ending balance $ 722 $ - $ 4,141 $ 731 $ 1,271 Ending balance: related to loans individually evaluated for impairment 111 - 596 47 276 Ending balance: related to loans collectively evaluated for impairment $ 611 $ - $ 3,545 $ 684 $ 995 Loans receivables: Ending balance $ 225,864 $ 3,288 $ 206,960 $ 49,314 $ 58,742 Ending balance: individually evaluated for impairment 1,844 - 4,530 209 1,038 Ending balance: collectively evaluated for impairment $ 224,020 $ 3,288 $ 202,430 $ 49,105 $ 57,704 Home equity Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 507 $ 260 $ 9 $ 7,451 Charge-offs - - (48 ) - (220 ) Recoveries - 1 10 - 77 Provisions (credits) - (74 ) 69 5 297 Ending balance $ 1 $ 434 $ 291 $ 14 $ 7,605 Ending balance: related to loans individually evaluated for impairment - 141 - - 1,171 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 293 $ 291 $ 14 $ 6,434 Loans receivables: Ending balance $ 9,860 $ 26,262 $ 27,037 $ 607,327 Ending balance: individually evaluated for impairment - 207 - 7,828 Ending balance: collectively evaluated for impairment $ 9,860 $ 26,055 $ 27,037 $ 599,499 For the six months ended June 30, 2018 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 865 $ - $ 3,589 $ 735 $ 1,214 Charge-offs (192 ) - - (50 ) (171 ) Recoveries 20 - - 66 - Provisions (credits) 29 - 552 (20 ) 228 Ending balance $ 722 $ - $ 4,141 $ 731 $ 1,271 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 514 $ 208 $ - $ 7,126 Charge-offs - (17 ) (111 ) - (541 ) Recoveries - 1 23 - 110 Provisions (credits) - (64 ) 171 14 910 Ending balance $ 1 $ 434 $ 291 $ 14 $ 7,605 |
Schedule of Allowance for Loan Losses on Basis of Calculation Methodology | The allocation of the allowance for loan losses summarized on the basis of the Company’s calculation methodology was as follows: June 30, 2019 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 104 $ - $ 108 $ 204 $ 287 Historical loss rate 64 - 89 35 28 Qualitative factors 556 - 3,255 906 1,387 Total $ 724 $ - $ 3,452 $ 1,145 $ 1,702 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 136 $ 6 $ - $ 845 Historical loss rate - 1 144 - 361 Qualitative factors 1 249 265 - 6,619 Total $ 1 $ 386 $ 415 $ - $ 7,825 June 30, 2018 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 111 $ - $ 596 $ 47 $ 276 Historical loss rate 111 - 86 24 17 Qualitative factors 500 - 3,459 660 978 Total $ 722 $ - $ 4,141 $ 731 $ 1,271 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 141 $ - $ - $ 1,171 Historical loss rate - 24 112 - 374 Qualitative factors 1 269 179 - 6,046 Other - - - 14 14 Total $ 1 $ 434 $ 291 $ 14 $ 7,605 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
Carrying Amount Of Foreclosed Residential Real Estate Properties Held | The Company is required to disclose the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession of the property at each reporting period. (Dollars in thousands) Number of properties June 30, 2019 Number of properties December 31, 2018 Foreclosed residential real estate 2 $ 84 2 $ 73 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs | The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: June 30, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 12,083 $ - $ 12,083 State and political subdivisions - 4,928 - 4,928 Corporate - 10,502 - 10,502 Asset backed securities - 17,137 - 17,137 Residential mortgage-backed - US agency - 18,791 - 18,791 Collateralized mortgage obligations - US agency - 33,982 - 33,982 Collateralized mortgage obligations - Private label - 14,862 - 14,862 Total 112,285 112,285 Corporate measured at NAV - - - 5,040 Total available-for-sale securities $ - $ 112,285 $ - $ 117,325 Marketable equity securities $ - $ 510 $ - $ 510 Interest rate swap derivative $ - $ (110 ) $ - $ (110 ) December 31, 2018 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 17,031 $ - $ 17,031 State and political subdivisions - 23,065 - 23,065 Corporate - 12,141 - 12,141 Asset backed securities - 18,119 - 18,119 Residential mortgage-backed - US agency - 31,666 - 31,666 Collateralized mortgage obligations - US agency - 46,441 - 46,441 Collateralized mortgage obligations - Private label - 23,936 - 23,936 Total 172,399 172,399 Corporate measured at NAV - - - 5,059 Total available-for-sale securities $ - $ 172,399 $ - $ 177,458 Marketable equity securities $ - $ 453 $ - $ 453 |
Summary of Fair Value Assets Measured on Nonrecurring Basis | Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2019 and December 31, 2018: June 30, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 3,136 $ 3,136 Foreclosed real estate $ - $ - $ 84 $ 84 December 31, 2018 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,098 $ 1,098 Foreclosed real estate $ - $ - $ 1,173 $ 1,173 |
Fair Value Inputs, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At June 30, 2019 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 30% (10%) (Sales Approach) Costs to Sell 7% - 13% (11%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2018 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 15% (6%) (Sales Approach) Costs to Sell 5% - 13% (11%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) |
Carrying Amounts and Fair Value of Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: June 30, 2019 December 31, 2018 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 50,342 $ 50,342 $ 26,316 $ 26,316 Investment securities - available-for-sale 2 112,285 112,285 172,399 172,399 Investment securities - available-for-sale NAV 5,040 5,040 5,059 5,059 Investment securities - marketable equity 2 510 510 453 453 Investment securities - held-to-maturity 2 95,324 96,959 53,908 53,769 Federal Home Loan Bank stock 2 4,443 4,443 5,937 5,937 Net loans 3 684,998 681,739 612,964 601,789 Accrued interest receivable 1 3,339 3,339 3,068 3,068 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 436,047 $ 436,047 $ 450,267 $ 450,267 Time Deposits 2 372,590 373,694 276,793 275,727 Borrowings 2 89,434 89,924 118,534 118,379 Subordinated loans 2 15,111 14,855 15,094 14,485 Accrued interest payable 1 446 446 304 304 Interest rate swap derivative 2 110 110 - - |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cumulative Basis Adjustments for Fair Value Hedges | As of June 30, 2019, the following amounts were recorded on the balance sheet related to the cumulative basis adjustments for fair value hedges: (In thousands) Carrying Amount of the Hedged Assets at June 30, 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at June 30, 2019 Line item on the balance sheet in which the hedged item is included: Loans receivable (1) $ 22,663 $ 88 (1) These amounts include the amortized cost basis of the closed portfolio used to designate the hedging relationship in which the hedged item is the remaining amortized cost of the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $22.7 million, the cumulative basis adjustment associated with the hedging relationship was $88,000, and the amount of the designated hedged item was $9.2 million. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the table below. For the three months ended June 30, 2019 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (3,087 ) $ (1,322 ) $ (53 ) $ (4,462 ) Other comprehensive income before reclassifications - 1,390 7 1,397 Amounts reclassified from AOCI 66 (25 ) - 41 Ending balance $ (3,021 ) $ 43 $ (46 ) $ (3,024 ) For the three months ended June 30, 2018 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,188 ) $ (2,410 ) $ (414 ) $ (5,012 ) Other comprehensive income before reclassifications - (854 ) 347 (507 ) Amounts reclassified from AOCI 32 16 - 48 Ending balance $ (2,156 ) $ (3,248 ) $ (67 ) $ (5,471 ) For the six months ended June 30, 2019 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (3,152 ) $ (2,832 ) $ (58 ) $ (6,042 ) Other comprehensive income before reclassifications - 2,963 12 2,975 Amounts reclassified from AOCI 131 (88 ) - 43 Ending balance $ (3,021 ) $ 43 $ (46 ) $ (3,024 ) For the six months ended June 30, 2018 (In thousands) Retirement Plans Unrealized Gains and Losses on Available- for-Sale Securities Securities reclassified from AFS to HTM Total Beginning balance $ (2,220 ) $ (1,558 ) $ (430 ) $ (4,208 ) Other comprehensive income before reclassifications - (1,848 ) 120 (1,728 ) Amounts reclassified from AOCI 64 95 - 159 Cumulative effect of change in measurement of equity securities (1) - (53 ) - (53 ) Cumulative effect of change in investment securities transfer (2) - 116 243 359 Ending balance $ (2,156 ) $ (3,248 ) $ (67 ) $ (5,471 ) (1) Cumulative effect of unrealized gain on marketable equity securities based on the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. (2) Cumulative effect of unrealized gains on the transfer of 52 investment securities from held-to-maturity classification to available-for-sale classification based on the adoption of ASU 2017-12: Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. |
Schedule of Amounts Reclassified Out of Each Component of AOCI | The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified Amount Reclassified from AOCI (1) from AOCI (1) (Unaudited) (Unaudited) (In thousands) For the three months ended For the six months ended Details about AOCI (1) June 30, 2019 June 30, 2018 Affected Line Item in the Statement of Income June 30, 2019 June 30, 2018 Retirement plan items Retirement plan net losses recognized in plan expenses (2) $ (84 ) $ (43 ) Salaries and employee benefits $ (168 ) $ (86 ) Tax effect 18 11 Provision for income taxes 37 22 $ (66 ) $ (32 ) Net Income $ (131 ) $ (64 ) Available-for-sale securities Realized gain (loss) on sale of securities $ 32 $ (22 ) Net gains (losses) on sales and redemptions of investment securities $ 111 $ (129 ) Tax effect (7 ) 6 Provision for income taxes (23 ) 34 $ 25 $ (16 ) Net Income $ 88 $ (95 ) (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 5 for additional information. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Noninterest Income | The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2018 2019 2018 Service fees Insufficient funds fees $ 272 $ 200 $ 480 $ 400 Deposit related fees 53 48 105 99 ATM fees 23 25 45 48 Total service fees 348 273 630 547 Fee Income Insurance commissions 216 234 451 460 Investment services revenue 97 83 145 149 ATM fees surcharge 59 61 105 106 Banking house rents collected 33 36 68 66 Total fee income 405 414 769 781 Card income Debit card interchange fees 187 148 331 291 Merchant card fees 22 20 38 33 Total card income 209 168 369 324 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 60 42 87 83 Net gains on sales of loans and foreclosed real estate 13 13 5 16 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 73 55 92 99 Total 1,035 910 1,860 1,751 Earnings and gain on bank owned life insurance 101 108 222 181 Net gains (losses) on sales and redemptions of investment securities 32 (22 ) 111 (129 ) Gains on equity securities 16 13 57 26 Other miscellaneous income 35 15 62 90 Total noninterest income $ 1,219 $ 1,024 $ 2,312 $ 1,919 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of the lease expense are as follows: For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2019 Operating lease cost $ 60 $ 119 Finance lease cost $ 12 $ 12 |
Supplemental Cash Flow Information Related To Leases | For the three months For the six months ended June 30, ended June 30, (In thousands) 2019 2019 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 $ 104 Operating cash flows from finance leases $ 12 $ 12 Financing cash flows from finance leases $ 11 $ 11 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: June 30, (In thousands, except lease term and discount rate) 2019 Operating Leases: Operating lease right-of-use assets $ 2,458 Operating lease liabilities $ 2,711 Finance Leases: Financial Liability $ 574 Weighted Average Remaining Lease Term: Operating Leases 19.85 years Finance Leases 29.83 years Weighted Average Discount Rate: Operating Leases 3.71 % Finance Leases 13.75 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Years Ending June 30, (In thousands) 2020 $ 116 2021 109 2022 93 2023 104 2024 114 Thereafter 2,749 Total minimum lease payments $ 3,285 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | Jun. 30, 2019 |
Nature of Operations [Line Items] | |
Consolidation of membership interest in Fitzgibbons | 100.00% |
FitzGibbons Agency LLC [Member] | Pathfinder Risk Management Company Inc [Member] | |
Nature of Operations [Line Items] | |
Membership interest own in Fitzgibbons through subsidiary | 51.00% |
Noncontrolling interest by subsidiary | 49.00% |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive stock options (in shares) | 0 | 0 | 0 | 0 |
Earnings per Common Share - Cal
Earnings per Common Share - Calculations of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Pathfinder Bancorp, Inc. | $ 607 | $ 945 | $ 1,121 | $ 1,949 |
Convertible preferred stock dividends | 69 | 69 | ||
Warrant dividend | 8 | 8 | ||
Undistributed earnings allocated to participating securities | 38 | 41 | ||
Net Income available to common shareholders | $ 492 | $ 945 | $ 1,003 | $ 1,949 |
Basic weighted average common shares outstanding (in shares) | 4,443 | 4,157 | 4,344 | 4,138 |
Effect of assumed exercise of stock options and unvested restricted stock units (in shares) | 99 | 108 | ||
Diluted weighted average common shares outstanding (in shares) | 4,443 | 4,256 | 4,344 | 4,246 |
Earnings per common share - basic | $ 0.11 | $ 0.23 | $ 0.23 | $ 0.47 |
Earnings per common share - diluted | $ 0.11 | $ 0.22 | $ 0.23 | $ 0.46 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | $ 117,520 | $ 181,291 |
Gross Unrealized Gains, Debt investment securities | 701 | 339 |
Gross Unrealized Losses, Debt investment securities | (896) | (4,172) |
Available-for-sale Securities, Debt investment securities | 117,325 | 177,458 |
Amortized cost, equity securities | 205 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | 205 | 206 |
Total investment securities, amortized cost basis | 117,725 | 181,497 |
Gross Unrealized Gains | 701 | 339 |
Gross Unrealized Losses | (896) | (4,172) |
Estimated Fair Value | 117,530 | 177,664 |
Held-to-maturity securities, debt maturities, Amortized Cost | 95,324 | 53,908 |
Held to maturity, gross unrealized gains | 1,728 | 260 |
Held to maturity, gross unrealized losses | (93) | (399) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 96,959 | 53,769 |
US Treasury, Agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 12,124 | 17,171 |
Gross Unrealized Gains, Debt investment securities | 0 | 18 |
Gross Unrealized Losses, Debt investment securities | (41) | (158) |
Available-for-sale Securities, Debt investment securities | 12,083 | 17,031 |
Held-to-maturity securities, debt maturities, Amortized Cost | 2,993 | 3,987 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | (4) | (35) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 2,989 | 3,952 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 4,929 | 23,661 |
Gross Unrealized Gains, Debt investment securities | 2 | 6 |
Gross Unrealized Losses, Debt investment securities | (3) | (602) |
Available-for-sale Securities, Debt investment securities | 4,928 | 23,065 |
Held-to-maturity securities, debt maturities, Amortized Cost | 6,615 | 5,089 |
Held to maturity, gross unrealized gains | 85 | 22 |
Held to maturity, gross unrealized losses | 0 | (84) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,700 | 5,027 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 15,282 | 17,389 |
Gross Unrealized Gains, Debt investment securities | 309 | 220 |
Gross Unrealized Losses, Debt investment securities | (49) | (409) |
Available-for-sale Securities, Debt investment securities | 15,542 | 17,200 |
Held-to-maturity securities, debt maturities, Amortized Cost | 20,194 | 9,924 |
Held to maturity, gross unrealized gains | 420 | 4 |
Held to maturity, gross unrealized losses | (40) | (182) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 20,574 | 9,746 |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 16,985 | 18,243 |
Gross Unrealized Gains, Debt investment securities | 176 | 13 |
Gross Unrealized Losses, Debt investment securities | (24) | (137) |
Available-for-sale Securities, Debt investment securities | 17,137 | 18,119 |
Held-to-maturity securities, debt maturities, Amortized Cost | 10,653 | 1,509 |
Held to maturity, gross unrealized gains | 165 | 0 |
Held to maturity, gross unrealized losses | 0 | (13) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 10,818 | 1,496 |
Residential Mortgage-Backed - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 18,819 | 32,409 |
Gross Unrealized Gains, Debt investment securities | 46 | 34 |
Gross Unrealized Losses, Debt investment securities | (74) | (777) |
Available-for-sale Securities, Debt investment securities | 18,791 | 31,666 |
Held-to-maturity securities, debt maturities, Amortized Cost | 17,135 | 11,601 |
Held to maturity, gross unrealized gains | 577 | 124 |
Held to maturity, gross unrealized losses | 0 | (47) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 17,712 | 11,678 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 34,607 | 48,101 |
Gross Unrealized Gains, Debt investment securities | 40 | 31 |
Gross Unrealized Losses, Debt investment securities | (665) | (1,691) |
Available-for-sale Securities, Debt investment securities | 33,982 | 46,441 |
Held-to-maturity securities, debt maturities, Amortized Cost | 17,804 | 13,972 |
Held to maturity, gross unrealized gains | 424 | 93 |
Held to maturity, gross unrealized losses | 0 | (13) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 18,228 | 14,052 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 14,774 | 24,317 |
Gross Unrealized Gains, Debt investment securities | 128 | 17 |
Gross Unrealized Losses, Debt investment securities | (40) | (398) |
Available-for-sale Securities, Debt investment securities | 14,862 | 23,936 |
Held-to-maturity securities, debt maturities, Amortized Cost | 19,930 | 7,826 |
Held to maturity, gross unrealized gains | 57 | 17 |
Held to maturity, gross unrealized losses | (49) | (25) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 19,938 | 7,818 |
Mutual funds Common Stock Financial Services Industry [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Amortized cost, equity securities | 205 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | $ 205 | $ 206 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | $ 8,355 | |
Due after one year through five years | 12,044 | |
Due after five years through ten years | 21,490 | |
Due after ten years | 7,431 | |
Sub-total | 49,320 | |
Amortized cost | 117,520 | $ 181,291 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 8,345 | |
Due after one year through five years | 12,302 | |
Due after five years through ten years | 21,566 | |
Due after ten years | 7,477 | |
Sub-total | 49,690 | |
Available-for-sale securities, debt maturities, fair value, totals | 117,325 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | 3,100 | |
Due after one year through five years | 16,337 | |
Due after five years through ten years | 13,163 | |
Due after ten years | 7,855 | |
Sub-total | 40,455 | |
Held-to-maturity securities, debt maturities, Amortized Cost | 95,324 | 53,908 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 3,105 | |
Due after one year through five years | 16,594 | |
Due after five years through ten years | 13,461 | |
Due after ten years | 7,921 | |
Sub-total | 41,081 | |
Held-to-maturity securities at fair value | 96,959 | 53,769 |
Residential Mortgage-Backed - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 18,819 | 32,409 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 18,791 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 17,135 | 11,601 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 17,712 | 11,678 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 34,607 | 48,101 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 33,982 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 17,804 | 13,972 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 18,228 | 14,052 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 14,774 | 24,317 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 14,862 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 19,930 | 7,826 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | $ 19,938 | $ 7,818 |
Investment Securities - Investm
Investment Securities - Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position (Details) | Jun. 30, 2019USD ($)Security | Dec. 31, 2018USD ($)Security | Jun. 30, 2018USD ($)Security |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 3 | 13 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 15 | |
Number of securities in unrealized loss positions | Security | 11 | 28 | |
Less than twelve months Fair Value | $ 5,012,000 | $ 11,111,000 | |
Twelve months or more Fair Value | 6,653,000 | 11,430,000 | |
Total Fair Value | 11,665,000 | 22,541,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (45,000) | (83,000) | |
Twelve months or more Unrealized Losses | (48,000) | (316,000) | |
Total Unrealized Losses | $ (93,000) | $ (399,000) | |
US Treasury, Agencies and GSEs [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 1 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 2 | |
Number of securities in unrealized loss positions | Security | 3 | 3 | |
Less than twelve months Fair Value | $ 7,039,000 | $ 977,000 | |
Twelve months or more Fair Value | 5,024,000 | 12,017,000 | |
Total Fair Value | 12,063,000 | 12,994,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (32,000) | (22,000) | |
Twelve months or more Unrealized Losses | (9,000) | (136,000) | |
Total Unrealized Losses | $ (41,000) | $ (158,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 1 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 3 | |
Number of securities in unrealized loss positions | Security | 2 | 4 | |
Less than twelve months Fair Value | $ 0 | $ 982,000 | |
Twelve months or more Fair Value | 1,996,000 | 2,970,000 | |
Total Fair Value | 1,996,000 | 3,952,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | 0 | (8,000) | |
Twelve months or more Unrealized Losses | (4,000) | (27,000) | |
Total Unrealized Losses | $ (4,000) | $ (35,000) | |
State and Political Subdivisions [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 5 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 26 | |
Number of securities in unrealized loss positions | Security | 1 | 31 | |
Less than twelve months Fair Value | $ 0 | $ 5,213,000 | |
Twelve months or more Fair Value | 3,001,000 | 14,206,000 | |
Total Fair Value | 3,001,000 | 19,419,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | 0 | (76,000) | |
Twelve months or more Unrealized Losses | (3,000) | (526,000) | |
Total Unrealized Losses | $ (3,000) | $ (602,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 6 | 1 |
Number of securities in unrealized loss positions | Security | 1 | 6 | |
Less than twelve months Fair Value | $ 0 | $ 0 | |
Twelve months or more Fair Value | 101,000 | 2,310,000 | $ 100,000,000,000 |
Total Fair Value | 101,000 | 2,310,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | 0 | 0 | |
Twelve months or more Unrealized Losses | 0 | (84,000) | $ (1,000) |
Total Unrealized Losses | $ 0 | $ (84,000) | |
Corporate [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 10 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | 4 | 5 |
Number of securities in unrealized loss positions | Security | 6 | 14 | |
Less than twelve months Fair Value | $ 758,000 | $ 8,266,000 | |
Twelve months or more Fair Value | 4,000,000 | 3,374,000 | $ 4,000,000 |
Total Fair Value | 4,758,000 | 11,640,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (1,000) | (137,000) | |
Twelve months or more Unrealized Losses | (48,000) | (272,000) | $ (48,000) |
Total Unrealized Losses | $ (49,000) | $ (409,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 4 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 | |
Number of securities in unrealized loss positions | Security | 3 | 6 | |
Less than twelve months Fair Value | $ 1,011,000 | $ 3,214,000 | |
Twelve months or more Fair Value | 2,849,000 | 2,507,000 | |
Total Fair Value | 3,860,000 | 5,721,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (1,000) | (41,000) | |
Twelve months or more Unrealized Losses | (39,000) | (141,000) | |
Total Unrealized Losses | $ (40,000) | $ (182,000) | |
Asset Backed Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 7 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 | |
Number of securities in unrealized loss positions | Security | 3 | 9 | |
Less than twelve months Fair Value | $ 1,267,000 | $ 10,470,000 | |
Twelve months or more Fair Value | 3,134,000 | 3,059,000 | |
Total Fair Value | 4,401,000 | 13,529,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (1,000) | (91,000) | |
Twelve months or more Unrealized Losses | (23,000) | (46,000) | |
Total Unrealized Losses | $ (24,000) | $ (137,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | ||
Less than twelve months Fair Value | $ 1,496,000 | ||
Twelve months or more Fair Value | 0 | ||
Total Fair Value | 1,496,000 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (13,000) | ||
Twelve months or more Unrealized Losses | 0 | ||
Total Unrealized Losses | $ (13,000) | ||
Residential Mortgage-Backed - US Agency [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 6 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 9 | 21 | |
Number of securities in unrealized loss positions | Security | 9 | 27 | |
Less than twelve months Fair Value | $ 0 | $ 3,519,000 | |
Twelve months or more Fair Value | 9,684,000 | 24,154,000 | |
Total Fair Value | 9,684,000 | 27,673,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | 0 | (83,000) | |
Twelve months or more Unrealized Losses | (74,000) | (694,000) | |
Total Unrealized Losses | $ (74,000) | $ (777,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 3 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 2 | |
Number of securities in unrealized loss positions | Security | 1 | 5 | |
Less than twelve months Fair Value | $ 0 | $ 1,447,000 | |
Twelve months or more Fair Value | 241,000 | 1,769,000 | |
Total Fair Value | 241,000 | 3,216,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | 0 | (8,000) | |
Twelve months or more Unrealized Losses | 0 | (39,000) | |
Total Unrealized Losses | $ 0 | $ (47,000) | |
Collateralized Mortgage Obligations - US Agency [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 3 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 22 | 28 | |
Number of securities in unrealized loss positions | Security | 24 | 31 | |
Less than twelve months Fair Value | $ 1,257,000 | $ 2,792,000 | |
Twelve months or more Fair Value | 26,306,000 | 35,765,000 | |
Total Fair Value | 27,563,000 | 38,557,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (1,000) | (98,000) | |
Twelve months or more Unrealized Losses | (664,000) | (1,593,000) | |
Total Unrealized Losses | $ (665,000) | $ (1,691,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 4 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 0 | 4 | |
Less than twelve months Fair Value | $ 0 | $ 3,972,000 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | 0 | 3,972,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | 0 | (13,000) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | $ 0 | $ (13,000) | |
Collateralized Mortgage Obligations - Private Label [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 7 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 4 | 5 | |
Number of securities in unrealized loss positions | Security | 6 | 12 | |
Less than twelve months Fair Value | $ 3,505,000 | $ 14,011,000 | |
Twelve months or more Fair Value | 3,605,000 | 5,907,000 | |
Total Fair Value | 7,110,000 | 19,918,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (5,000) | (275,000) | |
Twelve months or more Unrealized Losses | (35,000) | (123,000) | |
Total Unrealized Losses | $ (40,000) | $ (398,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 0 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 | |
Number of securities in unrealized loss positions | Security | 4 | 2 | |
Less than twelve months Fair Value | $ 4,001,000 | $ 0 | |
Twelve months or more Fair Value | 1,466,000 | 1,874,000 | |
Total Fair Value | 5,467,000 | 1,874,000 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (44,000) | 0 | |
Twelve months or more Unrealized Losses | (5,000) | (25,000) | |
Total Unrealized Losses | $ (49,000) | $ (25,000) | |
Debt Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 8 | 39 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 44 | 88 | |
Number of securities in unrealized loss positions | Security | 52 | 127 | |
Less than twelve months Fair Value | $ 13,826,000 | $ 45,248,000 | |
Twelve months or more Fair Value | 54,754,000 | 98,482,000 | |
Total Fair Value | 68,580,000 | 143,730,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (40,000) | (782,000) | |
Twelve months or more Unrealized Losses | (856,000) | (3,390,000) | |
Total Unrealized Losses | $ (896,000) | $ (4,172,000) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 6 Months Ended | ||
Jun. 30, 2019USD ($)Security | Jun. 30, 2018USD ($)Security | Dec. 31, 2018USD ($)Security | |
Held-to-maturity Securities [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 15 | |
Held to maturity sale securities aggregate market value | $ 6,653,000 | $ 11,430,000 | |
Held-to-maturity securities unrealized aggregate loss | 48,000 | 316,000 | |
Gain (Loss) on Sale of Investments [Abstract] | |||
Securities pledged to collateralize deposit | 87,900,000 | 69,800,000 | |
Securities pledged to collateralize borrowing | $ 24,900,000 | $ 19,500,000 | |
Municipal Securities [Member] | |||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | |||
Months of unrealized loss positions | 12 months | ||
State and Political Subdivisions [Member] | |||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 26 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 3,000,000 | ||
Available for sale securities aggregate market value | 3,001,000 | $ 14,206,000 | |
Available for sale securities unrealized aggregate loss | $ 3,000 | $ 526,000 | |
Available for sale securities unrealized aggregate loss percentage | 0.10% | ||
Held-to-maturity Securities [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 1 | 6 |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 100,000,000,000 | ||
Held to maturity sale securities aggregate market value | $ 101,000 | 100,000,000,000 | $ 2,310,000 |
Held-to-maturity securities unrealized aggregate loss | $ 0 | $ 1,000 | $ 84,000 |
Held-to-maturity securities unrealized aggregate loss percentage | 0.02% | ||
Corporate [Member] | |||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | 5 | 4 |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,000,000 | ||
Available for sale securities aggregate market value | $ 4,000,000 | 4,000,000 | $ 3,374,000 |
Available for sale securities unrealized aggregate loss | $ 48,000 | $ 48,000 | $ 272,000 |
Available for sale securities unrealized aggregate loss percentage | 1.20% | ||
Held-to-maturity Securities [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 2,900,000 | ||
Held to maturity sale securities aggregate market value | 2,849,000 | $ 2,507,000 | |
Held-to-maturity securities unrealized aggregate loss | $ 39,000 | $ 141,000 | |
Held-to-maturity securities unrealized aggregate loss percentage | 1.36% | ||
Fixed Rate, Private-label Asset-backed Security Rated [Member] | |||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 3,100,000 | ||
Available for sale securities aggregate market value | 3,100,000 | ||
Available for sale securities unrealized aggregate loss | $ 23,000 | ||
Available for sale securities unrealized aggregate loss percentage | 0.73% | ||
Fixed Rate, Private-label Mortgage-backed Security not Rated [Member] | |||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 1,300,000 | ||
Available for sale securities aggregate market value | 1,300,000 | ||
Available for sale securities unrealized aggregate loss | $ 9,000 | ||
Available for sale securities unrealized aggregate loss percentage | 0.70% | ||
Held-to-maturity Securities [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 633,000 | ||
Held to maturity sale securities aggregate market value | 632,000 | ||
Held-to-maturity securities unrealized aggregate loss | $ 1,000 | ||
Held-to-maturity securities unrealized aggregate loss percentage | 0.09% | ||
Fixed Rate, Private-label Mortgage-backed Security Two [Member] | |||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 2,300,000 | ||
Available for sale securities aggregate market value | 2,300,000 | ||
Available for sale securities unrealized aggregate loss | $ 26,000 | ||
Available for sale securities unrealized aggregate loss percentage | 1.10% | ||
Held-to-maturity Securities [Abstract] | |||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 839,000 | ||
Held to maturity sale securities aggregate market value | 834,000 | ||
Held-to-maturity securities unrealized aggregate loss | $ 4,000 | ||
Held-to-maturity securities unrealized aggregate loss percentage | 0.53% |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Gain Loss On Sale Of Investments [Abstract] | ||||
Realized gains on investments | $ 179 | $ 133 | $ 401 | $ 160 |
Realized losses on investments | (147) | (155) | (290) | (289) |
Total | $ 32 | $ (22) | $ 111 | $ (129) |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years |
Pension and Postretirement Be_4
Pension and Postretirement Benefits - Composition of Net Periodic Pension Plan and Postretirement Plan Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 123 | $ 118 | $ 247 | $ 236 |
Expected return on plan assets | (233) | (259) | (467) | (518) |
Amortization of net losses | 82 | 41 | 164 | 82 |
Net periodic benefit plan (benefit) cost | (28) | (100) | (56) | (200) |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 5 | 6 | 11 | 11 |
Amortization of prior service credits | (1) | (1) | (2) | (2) |
Amortization of net losses | 3 | 3 | 6 | 6 |
Net periodic benefit plan (benefit) cost | $ 7 | $ 8 | $ 15 | $ 15 |
Loans - Major Classification of
Loans - Major Classification of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 692,866 | $ 620,405 | $ 607,327 |
Net deferred loan fees | (43) | (135) | |
Less allowance for loan losses | (7,825) | (7,306) | |
Loans receivable, net | 684,998 | 612,964 | |
Residential Mortgage Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 243,388 | 239,644 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 239,422 | 232,523 | 225,864 |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 3,966 | 7,121 | |
Commercial Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 370,756 | 329,228 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 225,794 | 212,314 | 206,960 |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 56,569 | 44,235 | 49,314 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 79,590 | 63,359 | 58,742 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 8,803 | 9,320 | 9,860 |
Consumer Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 78,722 | 51,533 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 26,214 | 26,109 | 26,262 |
Consumer Loans [Member] | Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 52,508 | $ 25,424 | $ 27,037 |
Loans - Additional Information
Loans - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019USD ($)Loan | Jun. 30, 2018Loan | Jun. 30, 2019USD ($)LoanSegment | Jun. 30, 2018Loan | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)Loan | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans acquired | $ | $ 24,600,000 | $ 10,200,000 | $ 15,600,000 | |||||
Participating interest of acquired loan percentage | 90.00% | |||||||
Number of loans secured by liens on automobiles | Loan | 2,283 | |||||||
Number of loans outstanding | Loan | 1,817 | 1,817 | 909 | |||||
Loans acquired carrying amount | $ | $ 32,800,000 | $ 32,800,000 | $ 13,300,000 | |||||
Number of acquired loan charged-off as uncollectible | Loan | 23 | |||||||
Acquired loans cumulative net charge-offs | $ | $ 165,000 | |||||||
Acquired loans net charge-offs | $ | $ 45,000 | |||||||
Number of portfolio segment | Segment | 3 | |||||||
Troubled Debt Restructuring During Prior Twelve Months [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Number of loans | Loan | 0 | |||||||
Number of loans subsequently defaulted | Loan | 0 | 0 | ||||||
Residential Real Estate Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Number of loans | Loan | 1 | 1 | ||||||
Other Commercial and Industrial Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Number of loans | Loan | 1 | |||||||
Consumer Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans acquired | $ | $ 5,000,000 | $ 5,000,000 | ||||||
Participating interest of acquired loan percentage | 100.00% | |||||||
Number of loans secured by liens on automobiles | Loan | 86 | |||||||
Acquired loans net charge-offs | $ | $ 0 | |||||||
Commercial and Industrial Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Loans acquired | $ | 5,000,000 | $ 5,000,000 | ||||||
Participating interest of acquired loan percentage | 100.00% | |||||||
Number of loans secured by liens on automobiles | Loan | 35 | |||||||
Acquired loans net charge-offs | $ | $ 0 | |||||||
Residential Mortgage Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Residential mortgage loans pledged to FHLBNY as blanket collateral | $ | $ 136,600,000 | $ 136,600,000 | $ 154,900,000 | |||||
Minimum [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Maturity period of acquired loans | 2 years | |||||||
Minimum [Member] | Consumer Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Maturity period of acquired loans | 4 years | |||||||
Minimum [Member] | Commercial and Industrial Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Maturity period of acquired loans | 4 years | |||||||
Maximum [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Maturity period of acquired loans | 6 years | |||||||
Maximum [Member] | Consumer Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Maturity period of acquired loans | 10 years | |||||||
Maximum [Member] | Commercial and Industrial Loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Maturity period of acquired loans | 10 years |
Loans - Summary of Classes of L
Loans - Summary of Classes of Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 692,866 | $ 620,405 | $ 607,327 |
Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 670,521 | 599,834 | |
Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 14,397 | 14,296 | |
Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 6,237 | 4,190 | |
Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,711 | 2,085 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 243,388 | 239,644 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 239,422 | 232,523 | 225,864 |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,966 | 7,121 | |
Residential Mortgage Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 239,845 | 235,684 | |
Residential Mortgage Loans [Member] | Pass [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 235,879 | 228,563 | |
Residential Mortgage Loans [Member] | Pass [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,966 | 7,121 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 986 | 999 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 986 | 999 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,318 | 1,190 | |
Residential Mortgage Loans [Member] | Substandard [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,318 | 1,190 | |
Residential Mortgage Loans [Member] | Substandard [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,239 | 1,771 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,239 | 1,771 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 370,756 | 329,228 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 225,794 | 212,314 | 206,960 |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 56,569 | 44,235 | 49,314 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 79,590 | 63,359 | 58,742 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 8,803 | 9,320 | 9,860 |
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 352,902 | 313,150 | |
Commercial Loans [Member] | Pass [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 214,631 | 201,997 | |
Commercial Loans [Member] | Pass [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 54,813 | 42,489 | |
Commercial Loans [Member] | Pass [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 74,655 | 59,344 | |
Commercial Loans [Member] | Pass [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 8,803 | 9,320 | |
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 13,158 | 13,058 | |
Commercial Loans [Member] | Special Mention [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 7,994 | 8,299 | |
Commercial Loans [Member] | Special Mention [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,349 | 1,491 | |
Commercial Loans [Member] | Special Mention [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,815 | 3,268 | |
Commercial Loans [Member] | Special Mention [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 4,336 | 2,792 | |
Commercial Loans [Member] | Substandard [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,864 | 1,947 | |
Commercial Loans [Member] | Substandard [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 407 | 233 | |
Commercial Loans [Member] | Substandard [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,065 | 612 | |
Commercial Loans [Member] | Substandard [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 360 | 228 | |
Commercial Loans [Member] | Doubtful [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 305 | 71 | |
Commercial Loans [Member] | Doubtful [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 22 | |
Commercial Loans [Member] | Doubtful [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 55 | 135 | |
Commercial Loans [Member] | Doubtful [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 78,722 | 51,533 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 26,214 | 26,109 | 26,262 |
Consumer Loans [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 52,508 | 25,424 | $ 27,037 |
Consumer Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 77,774 | 51,000 | |
Consumer Loans [Member] | Pass [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 25,557 | 25,706 | |
Consumer Loans [Member] | Pass [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 52,217 | 25,294 | |
Consumer Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 253 | 239 | |
Consumer Loans [Member] | Special Mention [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 111 | 144 | |
Consumer Loans [Member] | Special Mention [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 142 | 95 | |
Consumer Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 583 | 208 | |
Consumer Loans [Member] | Substandard [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 434 | 173 | |
Consumer Loans [Member] | Substandard [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 149 | 35 | |
Consumer Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 112 | 86 | |
Consumer Loans [Member] | Doubtful [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 112 | 86 | |
Consumer Loans [Member] | Doubtful [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 0 | $ 0 |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 17,004 | $ 11,233 | |
Current | 675,862 | 609,172 | |
Total Loans Receivable | 692,866 | 620,405 | $ 607,327 |
30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,052 | 8,088 | |
60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,287 | 1,095 | |
90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,665 | 2,050 | |
Residential Mortgage Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,096 | 3,188 | |
Current | 241,292 | 236,456 | |
Total Loans Receivable | 243,388 | 239,644 | |
Residential Mortgage Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 904 | 1,507 | |
Residential Mortgage Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 274 | 505 | |
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 918 | 1,176 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,096 | 3,188 | |
Current | 237,326 | 229,335 | |
Total Loans Receivable | 239,422 | 232,523 | 225,864 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 904 | 1,507 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 274 | 505 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 918 | 1,176 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 3,966 | 7,121 | |
Total Loans Receivable | 3,966 | 7,121 | |
Residential Mortgage Loans [Member] | Construction [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 14,168 | 7,359 | |
Current | 356,588 | 321,869 | |
Total Loans Receivable | 370,756 | 329,228 | |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,835 | 6,108 | |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,953 | 519 | |
Commercial Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,380 | 732 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,682 | 4,948 | |
Current | 220,112 | 207,366 | |
Total Loans Receivable | 225,794 | 212,314 | 206,960 |
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,148 | 4,261 | |
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 484 | 364 | |
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,050 | 323 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,339 | 1,166 | |
Current | 53,230 | 43,069 | |
Total Loans Receivable | 56,569 | 44,235 | 49,314 |
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,761 | 1,033 | |
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 555 | 111 | |
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 23 | 22 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,147 | 1,245 | |
Current | 74,443 | 62,114 | |
Total Loans Receivable | 79,590 | 63,359 | 58,742 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,926 | 814 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 914 | 44 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 307 | 387 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 8,803 | 9,320 | |
Total Loans Receivable | 8,803 | 9,320 | 9,860 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Consumer Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 740 | 686 | |
Current | 77,982 | 50,847 | |
Total Loans Receivable | 78,722 | 51,533 | |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 313 | 473 | |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 60 | 71 | |
Consumer Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 367 | 142 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 339 | 288 | |
Current | 25,875 | 25,821 | |
Total Loans Receivable | 26,214 | 26,109 | 26,262 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 76 | 247 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 26 | 6 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 237 | 35 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 401 | 398 | |
Current | 52,107 | 25,026 | |
Total Loans Receivable | 52,508 | 25,424 | $ 27,037 |
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 237 | 226 | |
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 34 | 65 | |
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 130 | $ 107 |
Loans - Nonaccrual Loans Segreg
Loans - Nonaccrual Loans Segregated by Class of Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 3,755 | $ 2,148 |
Residential Mortgage Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 918 | 1,176 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 918 | 1,176 |
Commercial Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 2,470 | 830 |
Commercial Loans [Member] | Real Estate [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 2,135 | 415 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 28 | 28 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 307 | 387 |
Consumer Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 367 | 142 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 237 | 35 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 130 | $ 107 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($)Loan | Jun. 30, 2019USD ($)Loan | Jun. 30, 2018USD ($)Loan | |
Residential Real Estate Loans [Member] | |||
Troubled Debt Restructuring, Modified [Abstract] | |||
Number of loans | Loan | 1 | 1 | |
Pre-modification outstanding recorded investment | $ 205 | $ 205 | |
Post-modification outstanding recorded investment | 250 | 250 | |
Additional provision for loan losses | $ 0 | $ 0 | |
Other Commercial and Industrial Loans [Member] | |||
Troubled Debt Restructuring, Modified [Abstract] | |||
Number of loans | Loan | 1 | ||
Pre-modification outstanding recorded investment | $ 300 | ||
Post-modification outstanding recorded investment | 300 | ||
Additional provision for loan losses | $ 0 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loan Information by Portfolio Class (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
With an allowance recorded [Abstract] | ||
Related Allowance | $ 845 | $ 631 |
Total [Abstract] | ||
Recorded Investment | 7,954 | 5,987 |
Unpaid Principal Balance | 8,027 | 6,054 |
Related Allowance | 845 | 631 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,033 | 1,221 |
Unpaid Principal Balance | 1,033 | 1,226 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 600 | 606 |
Unpaid Principal Balance | 600 | 606 |
Related Allowance | 104 | 108 |
Total [Abstract] | ||
Recorded Investment | 1,633 | 1,827 |
Unpaid Principal Balance | 1,633 | 1,832 |
Related Allowance | 104 | 108 |
Commercial Loans [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 3,103 | 2,387 |
Unpaid Principal Balance | 3,168 | 2,448 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 1,358 | 486 |
Unpaid Principal Balance | 1,358 | 486 |
Related Allowance | 108 | 100 |
Total [Abstract] | ||
Recorded Investment | 4,461 | 2,873 |
Unpaid Principal Balance | 4,526 | 2,934 |
Related Allowance | 108 | 100 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 165 | 228 |
Unpaid Principal Balance | 165 | 228 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 205 | 28 |
Unpaid Principal Balance | 205 | 28 |
Related Allowance | 204 | 28 |
Total [Abstract] | ||
Recorded Investment | 370 | 256 |
Unpaid Principal Balance | 370 | 256 |
Related Allowance | 204 | 28 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 602 | 451 |
Unpaid Principal Balance | 610 | 452 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 544 | 373 |
Unpaid Principal Balance | 544 | 373 |
Related Allowance | 287 | 255 |
Total [Abstract] | ||
Recorded Investment | 1,146 | 824 |
Unpaid Principal Balance | 1,154 | 825 |
Related Allowance | 287 | 255 |
Commercial Loans [Member] | Other Consumer [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 57 | 0 |
Unpaid Principal Balance | 57 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 40 | 0 |
Unpaid Principal Balance | 40 | 0 |
Related Allowance | 6 | 0 |
Total [Abstract] | ||
Recorded Investment | 97 | 0 |
Unpaid Principal Balance | 97 | 0 |
Related Allowance | 6 | 0 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 79 | 0 |
Unpaid Principal Balance | 79 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 168 | 207 |
Unpaid Principal Balance | 168 | 207 |
Related Allowance | 136 | 140 |
Total [Abstract] | ||
Recorded Investment | 247 | 207 |
Unpaid Principal Balance | 247 | 207 |
Related Allowance | $ 136 | $ 140 |
Loans - Summary of Average Reco
Loans - Summary of Average Recorded Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | $ 6,960 | $ 8,451 | $ 6,634 | $ 8,714 |
1-4 Family First Lien Residential Mortgages [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 1,528 | 1,846 | 1,627 | 1,850 |
Commercial Real Estate [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 3,662 | 4,971 | 3,399 | 5,147 |
Commercial Lines of Credit [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 344 | 376 | 314 | 433 |
Other Commercial and Industrial [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 1,100 | 1,050 | 1,008 | 1,049 |
Home Equity and Junior Liens [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 227 | 208 | 220 | 235 |
Other Consumer [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | $ 99 | $ 0 | $ 66 | $ 0 |
Loans - Schedule of Cash Basis
Loans - Schedule of Cash Basis Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | $ 124 | $ 58 | $ 185 | $ 144 |
1-4 Family First Lien Residential Mortgages [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 23 | 14 | 35 | 32 |
Commercial Real Estate [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 57 | 18 | 85 | 66 |
Commercial Lines of Credit [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 14 | 10 | 18 | 21 |
Other Commercial and Industrial [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 24 | 13 | 38 | 19 |
Home Equity and Junior Liens [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 3 | 3 | 6 | 6 |
Other Consumer [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | $ 3 | $ 0 | $ 3 | $ 0 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Allowance for loan losses: | |||||
Beginning Balance | $ 7,284 | $ 7,451 | $ 7,306 | $ 7,126 | |
Charge-offs | (76) | (220) | (251) | (541) | |
Recoveries | 7 | 77 | 16 | 110 | |
Provisions (credits) | 610 | 297 | 754 | 910 | |
Ending balance | 7,825 | 7,605 | 7,825 | 7,605 | |
Ending balance: related to loans individually evaluated for impairment | 845 | 1,171 | 845 | 1,171 | |
Ending balance: related to loans collectively evaluated for impairment | 6,980 | 6,434 | 6,980 | 6,434 | |
Total Loans Receivable | 692,866 | 607,327 | 692,866 | 607,327 | $ 620,405 |
Ending balance: individually evaluated for impairment | 7,954 | 7,828 | 7,954 | 7,828 | |
Ending balance: collectively evaluated for impairment | 684,912 | 599,499 | 684,912 | 599,499 | |
Unallocated [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 0 | 9 | 152 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 0 | 5 | (152) | 14 | |
Ending balance | 0 | 14 | 0 | 14 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 14 | 0 | 14 | |
Residential Mortgage Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 243,388 | 243,388 | 239,644 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 722 | 751 | 766 | 865 | |
Charge-offs | (11) | (74) | (11) | (192) | |
Recoveries | 1 | 0 | 1 | 20 | |
Provisions (credits) | 12 | 45 | (32) | 29 | |
Ending balance | 724 | 722 | 724 | 722 | |
Ending balance: related to loans individually evaluated for impairment | 104 | 111 | 104 | 111 | |
Ending balance: related to loans collectively evaluated for impairment | 620 | 611 | 620 | 611 | |
Total Loans Receivable | 239,422 | 225,864 | 239,422 | 225,864 | 232,523 |
Ending balance: individually evaluated for impairment | 1,633 | 1,844 | 1,633 | 1,844 | |
Ending balance: collectively evaluated for impairment | 237,789 | 224,020 | 237,789 | 224,020 | |
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 0 | 0 | 0 | 0 | |
Ending balance | 0 | 0 | 0 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | 0 | 0 | |
Total Loans Receivable | 3,966 | 3,288 | 3,966 | 3,288 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 3,966 | 3,288 | 3,966 | 3,288 | |
Commercial Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 370,756 | 370,756 | 329,228 | ||
Commercial Loans [Member] | Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 3,370 | 3,895 | 3,578 | 3,589 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 82 | 246 | (126) | 552 | |
Ending balance | 3,452 | 4,141 | 3,452 | 4,141 | |
Ending balance: related to loans individually evaluated for impairment | 108 | 596 | 108 | 596 | |
Ending balance: related to loans collectively evaluated for impairment | 3,344 | 3,545 | 3,344 | 3,545 | |
Total Loans Receivable | 225,794 | 206,960 | 225,794 | 206,960 | 212,314 |
Ending balance: individually evaluated for impairment | 4,461 | 4,530 | 4,461 | 4,530 | |
Ending balance: collectively evaluated for impairment | 221,333 | 202,430 | 221,333 | 202,430 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 802 | 719 | 730 | 735 | |
Charge-offs | (24) | (50) | (131) | (50) | |
Recoveries | 0 | 66 | 0 | 66 | |
Provisions (credits) | 367 | (4) | 546 | (20) | |
Ending balance | 1,145 | 731 | 1,145 | 731 | |
Ending balance: related to loans individually evaluated for impairment | 204 | 47 | 204 | 47 | |
Ending balance: related to loans collectively evaluated for impairment | 941 | 684 | 941 | 684 | |
Total Loans Receivable | 56,569 | 49,314 | 56,569 | 49,314 | 44,235 |
Ending balance: individually evaluated for impairment | 370 | 209 | 370 | 209 | |
Ending balance: collectively evaluated for impairment | 56,199 | 49,105 | 56,199 | 49,105 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,560 | 1,309 | 1,285 | 1,214 | |
Charge-offs | (1) | (48) | (2) | (171) | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 143 | 10 | 419 | 228 | |
Ending balance | 1,702 | 1,271 | 1,702 | 1,271 | |
Ending balance: related to loans individually evaluated for impairment | 287 | 276 | 287 | 276 | |
Ending balance: related to loans collectively evaluated for impairment | 1,415 | 995 | 1,415 | 995 | |
Total Loans Receivable | 79,590 | 58,742 | 79,590 | 58,742 | 63,359 |
Ending balance: individually evaluated for impairment | 1,146 | 1,038 | 1,146 | 1,038 | |
Ending balance: collectively evaluated for impairment | 78,444 | 57,704 | 78,444 | 57,704 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1 | 1 | 1 | 1 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 0 | 0 | 0 | 0 | |
Ending balance | 1 | 1 | 1 | 1 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1 | 1 | 1 | 1 | |
Total Loans Receivable | 8,803 | 9,860 | 8,803 | 9,860 | 9,320 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 8,803 | 9,860 | 8,803 | 9,860 | |
Consumer Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 78,722 | 78,722 | 51,533 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 430 | 507 | 409 | 514 | |
Charge-offs | 0 | 0 | 0 | (17) | |
Recoveries | 0 | 1 | 0 | 1 | |
Provisions (credits) | (44) | (74) | (23) | (64) | |
Ending balance | 386 | 434 | 386 | 434 | |
Ending balance: related to loans individually evaluated for impairment | 136 | 141 | 136 | 141 | |
Ending balance: related to loans collectively evaluated for impairment | 250 | 293 | 250 | 293 | |
Total Loans Receivable | 26,214 | 26,262 | 26,214 | 26,262 | 26,109 |
Ending balance: individually evaluated for impairment | 247 | 207 | 247 | 207 | |
Ending balance: collectively evaluated for impairment | 25,967 | 26,055 | 25,967 | 26,055 | |
Consumer Loans [Member] | Other Consumer [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 399 | 260 | 385 | 208 | |
Charge-offs | (40) | (48) | (107) | (111) | |
Recoveries | 6 | 10 | 15 | 23 | |
Provisions (credits) | 50 | 69 | 122 | 171 | |
Ending balance | 415 | 291 | 415 | 291 | |
Ending balance: related to loans individually evaluated for impairment | 6 | 0 | 6 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 409 | 291 | 409 | 291 | |
Total Loans Receivable | 52,508 | 27,037 | 52,508 | 27,037 | $ 25,424 |
Ending balance: individually evaluated for impairment | 97 | 0 | 97 | 0 | |
Ending balance: collectively evaluated for impairment | $ 52,411 | $ 27,037 | $ 52,411 | $ 27,037 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Allowance for Loan Losses on Basis of Calculation Methodology (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | $ 845 | $ 1,171 | ||||
Historical loss rate | 361 | 374 | ||||
Qualitative factors | 6,619 | 6,046 | ||||
Other | 14 | |||||
Total | 7,825 | $ 7,284 | $ 7,306 | 7,605 | $ 7,451 | $ 7,126 |
Unallocated [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 0 | 0 | ||||
Historical loss rate | 0 | 0 | ||||
Qualitative factors | 0 | 0 | ||||
Other | 14 | |||||
Total | 0 | 0 | 152 | 14 | 9 | 0 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 104 | 111 | ||||
Historical loss rate | 64 | 111 | ||||
Qualitative factors | 556 | 500 | ||||
Total | 724 | 722 | 766 | 722 | 751 | 865 |
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 0 | 0 | ||||
Historical loss rate | 0 | 0 | ||||
Qualitative factors | 0 | 0 | ||||
Total | 0 | 0 | 0 | 0 | 0 | 0 |
Commercial Loans [Member] | Real Estate [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 108 | 596 | ||||
Historical loss rate | 89 | 86 | ||||
Qualitative factors | 3,255 | 3,459 | ||||
Total | 3,452 | 3,370 | 3,578 | 4,141 | 3,895 | 3,589 |
Commercial Loans [Member] | Lines of Credit [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 204 | 47 | ||||
Historical loss rate | 35 | 24 | ||||
Qualitative factors | 906 | 660 | ||||
Total | 1,145 | 802 | 730 | 731 | 719 | 735 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 287 | 276 | ||||
Historical loss rate | 28 | 17 | ||||
Qualitative factors | 1,387 | 978 | ||||
Total | 1,702 | 1,560 | 1,285 | 1,271 | 1,309 | 1,214 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 0 | 0 | ||||
Historical loss rate | 0 | 0 | ||||
Qualitative factors | 1 | 1 | ||||
Total | 1 | 1 | 1 | 1 | 1 | 1 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 136 | 141 | ||||
Historical loss rate | 1 | 24 | ||||
Qualitative factors | 249 | 269 | ||||
Total | 386 | 430 | 409 | 434 | 507 | 514 |
Consumer Loans [Member] | Other Consumer [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 6 | 0 | ||||
Historical loss rate | 144 | 112 | ||||
Qualitative factors | 265 | 179 | ||||
Total | $ 415 | $ 399 | $ 385 | $ 291 | $ 260 | $ 208 |
Foreclosed Real Estate - Summar
Foreclosed Real Estate - Summary of Carrying Amount of Foreclosed Residential Real Estate Properties Held (Details) $ in Thousands | Jun. 30, 2019USD ($)Property | Dec. 31, 2018USD ($)Property |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 591 | $ 1,173 |
Foreclosed Residential Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | Property | 2 | 2 |
Foreclosed real estate | $ 84 | $ 73 |
Foreclosed Real Estate - Additi
Foreclosed Real Estate - Additional Information (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | ||
Residential real estate loans in the process of foreclosure | $ 525,000 | $ 951,000 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Standby Letters of Credit [Member] | |
Loss Contingencies [Line Items] | |
Maximum amount of loss due to credit risk | $ 2.2 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Corporate [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Schedule Of Available For Sale Securities [Line Items] | |||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,000 | ||
Available for sale securities aggregate market value | $ 4,000 | $ 3,374 | $ 4,000 |
Level 2 [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | 4,800 | ||
Available for sale securities aggregate market value | $ 5,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt investment securities: | ||
Investment securities - available-for-sale | $ 117,530 | $ 177,664 |
Equity investment securities: | ||
Marketable equity securities | 205 | 206 |
Level 2 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 112,285 | 172,399 |
Equity investment securities: | ||
Marketable equity securities | 510 | 453 |
Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 5,040 | 5,059 |
Recurring Basis [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Total available-for-sale securities | 117,325 | 177,458 |
Equity investment securities: | ||
Marketable equity securities | 510 | 0 |
Interest rate derivatives, at fair value, net : | ||
Interest rate swap derivative | (110) | |
Recurring Basis [Member] | Level 1 [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 0 | 0 |
State and political subdivisions | 0 | 0 |
Corporate | 0 | 0 |
Asset backed securities | 0 | 0 |
Residential mortgage-backed - US agency | 0 | 0 |
Collateralized mortgage obligations - US agency | 0 | 0 |
Collateralized mortgage obligations - Private label | 0 | 0 |
Investment securities - available-for-sale | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
Equity investment securities: | ||
Marketable equity securities | 0 | 0 |
Interest rate derivatives, at fair value, net : | ||
Interest rate swap derivative | 0 | |
Recurring Basis [Member] | Level 2 [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 12,083 | 17,031 |
State and political subdivisions | 4,928 | 23,065 |
Corporate | 10,502 | 12,141 |
Asset backed securities | 17,137 | 18,119 |
Residential mortgage-backed - US agency | 18,791 | 31,666 |
Collateralized mortgage obligations - US agency | 33,982 | 46,441 |
Collateralized mortgage obligations - Private label | 14,862 | 23,936 |
Investment securities - available-for-sale | 112,285 | 172,399 |
Total available-for-sale securities | 112,285 | 172,399 |
Equity investment securities: | ||
Marketable equity securities | 510 | 453 |
Interest rate derivatives, at fair value, net : | ||
Interest rate swap derivative | (110) | |
Recurring Basis [Member] | Level 3 [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 0 | 0 |
State and political subdivisions | 0 | 0 |
Corporate | 0 | 0 |
Asset backed securities | 0 | 0 |
Residential mortgage-backed - US agency | 0 | 0 |
Collateralized mortgage obligations - US agency | 0 | 0 |
Collateralized mortgage obligations - Private label | 0 | 0 |
Investment securities - available-for-sale | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
Equity investment securities: | ||
Marketable equity securities | 0 | 0 |
Interest rate derivatives, at fair value, net : | ||
Interest rate swap derivative | 0 | |
Recurring Basis [Member] | Level 1, 2 and 3 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 12,083 | 17,031 |
State and political subdivisions | 4,928 | 23,065 |
Corporate | 10,502 | 12,141 |
Asset backed securities | 17,137 | 18,119 |
Residential mortgage-backed - US agency | 18,791 | 31,666 |
Collateralized mortgage obligations - US agency | 33,982 | 46,441 |
Collateralized mortgage obligations - Private label | 14,862 | 23,936 |
Investment securities - available-for-sale | 112,285 | 172,399 |
Recurring Basis [Member] | Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | $ 5,040 | $ 5,059 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Total Fair Value [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 3,136 | $ 1,098 |
Foreclosed real estate | 84 | 1,173 |
Level 1 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 0 | 0 |
Foreclosed real estate | 0 | 0 |
Level 2 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 0 | 0 |
Foreclosed real estate | 0 | 0 |
Level 3 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 3,136 | 1,098 |
Foreclosed real estate | $ 84 | $ 1,173 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - Measurement Input, Discount Rate [Member] | Jun. 30, 2019 | Dec. 31, 2018 |
Impaired Loans [Member] | Minimum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 5 | 5 |
Impaired Loans [Member] | Minimum [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 7 | 5 |
Impaired Loans [Member] | Maximum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 30 | 15 |
Impaired Loans [Member] | Maximum [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 13 | 13 |
Impaired Loans [Member] | Weighted Average [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 10 | 6 |
Impaired Loans [Member] | Weighted Average [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 11 | 11 |
Foreclosed Real Estate [Member] | Minimum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 15 | 15 |
Foreclosed Real Estate [Member] | Minimum [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 6 | 6 |
Foreclosed Real Estate [Member] | Maximum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 15 | 15 |
Foreclosed Real Estate [Member] | Maximum [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 8 | 8 |
Foreclosed Real Estate [Member] | Weighted Average [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 15 | 15 |
Foreclosed Real Estate [Member] | Weighted Average [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 7 | 7 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Investment securities - available-for-sale | $ 117,530 | $ 177,664 |
Investment securities - marketable equity | 205 | 206 |
Investment securities - held-to-maturity | 96,959 | 53,769 |
Level 1 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 50,342 | 26,316 |
Accrued interest receivable | 3,339 | 3,068 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 436,047 | 450,267 |
Accrued interest payable | 446 | 304 |
Level 1 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 50,342 | 26,316 |
Accrued interest receivable | 3,339 | 3,068 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 436,047 | 450,267 |
Accrued interest payable | 446 | 304 |
Level 2 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 112,285 | 172,399 |
Investment securities - marketable equity | 510 | 453 |
Investment securities - held-to-maturity | 95,324 | 53,908 |
Federal Home Loan Bank stock | 4,443 | 5,937 |
Financial liabilities: | ||
Time Deposits | 372,590 | 276,793 |
Borrowings | 89,434 | 118,534 |
Subordinated loans | 15,111 | 15,094 |
Interest rate swap derivative | 110 | 0 |
Level 2 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 112,285 | 172,399 |
Investment securities - marketable equity | 510 | 453 |
Investment securities - held-to-maturity | 96,959 | 53,769 |
Federal Home Loan Bank stock | 4,443 | 5,937 |
Financial liabilities: | ||
Time Deposits | 373,694 | 275,727 |
Borrowings | 89,924 | 118,379 |
Subordinated loans | 14,855 | 14,485 |
Interest rate swap derivative | 110 | 0 |
Net Asset Value [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 5,040 | 5,059 |
Net Asset Value [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 5,040 | 5,059 |
Level 3 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Net loans | 684,998 | 612,964 |
Level 3 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Net loans | $ 681,739 | $ 601,789 |
Interest Rate Derivatives - Add
Interest Rate Derivatives - Additional Information (Details) | Jun. 30, 2019USD ($)Derivative | Apr. 30, 2019USD ($) | Dec. 31, 2018Derivative |
Interest Rate Derivatives [Member] | |||
Derivative [Line Items] | |||
Number of interest rate derivatives | Derivative | 2 | ||
Number of derivative agreements | Derivative | 0 | ||
Interest Rate Derivatives [Member] | Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Fair value of derivative resulted in net liability position | $ | $ 110,000 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedges [Member] | |||
Derivative [Line Items] | |||
Notional amount | $ | $ 9,200,000 |
Interest Rate Derivative - Cumu
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Interest Rate Derivatives [Member] - Loans Receivable [Member] | Jun. 30, 2019USD ($) | [1] |
Derivative [Line Items] | ||
Carrying Amount of the Hedged Assets | $ 22,663,000 | |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | $ 88,000 | |
[1] | These amounts include the amortized cost basis of the closed portfolio used to designate the hedging relationship in which the hedged item is the remaining amortized cost of the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $22.7 million, the cumulative basis adjustment associated with the hedging relationship was $88,000, and the amount of the designated hedged item was $9.2 million. |
Interest Rate Derivative - Cu_2
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Parenthetical) (Details) - Interest Rate Derivatives [Member] - Loans Receivable [Member] | Jun. 30, 2019USD ($) | |
Derivative [Line Items] | ||
Amortized cost of closed portfolio used in hedging relationship | $ 22,700,000 | |
Cumulative basis adjustment associated with hedging relationship | 88,000 | [1] |
Amount of designated hedging item | $ 9,200,000 | |
[1] | These amounts include the amortized cost basis of the closed portfolio used to designate the hedging relationship in which the hedged item is the remaining amortized cost of the last layer expected to be remaining at the end of the hedging relationship. At June 30, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $22.7 million, the cumulative basis adjustment associated with the hedging relationship was $88,000, and the amount of the designated hedged item was $9.2 million. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | $ 66,438 | $ 62,438 | $ 64,459 | $ 62,144 | |
Other comprehensive income before reclassifications | 1,397 | (507) | 2,975 | (1,728) | |
Amounts reclassified from AOCI | 41 | 48 | 43 | 159 | |
Balance | 87,844 | 62,869 | 87,844 | 62,869 | |
ASU 2016-01 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [1] | (53) | |||
ASU 2017-12 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [2] | 359 | |||
Retirement Plans [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (3,087) | (2,188) | (3,152) | (2,220) | |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI | 66 | 32 | 131 | 64 | |
Balance | (3,021) | (2,156) | (3,021) | (2,156) | |
Retirement Plans [Member] | ASU 2016-01 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [1] | 0 | |||
Retirement Plans [Member] | ASU 2017-12 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [2] | 0 | |||
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (1,322) | (2,410) | (2,832) | (1,558) | |
Other comprehensive income before reclassifications | 1,390 | (854) | 2,963 | (1,848) | |
Amounts reclassified from AOCI | (25) | 16 | (88) | 95 | |
Balance | 43 | (3,248) | 43 | (3,248) | |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ASU 2016-01 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [1] | (53) | |||
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ASU 2017-12 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [2] | 116 | |||
Unrealized Loss on Securities Transferred to Held-to-Maturity [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (53) | (414) | (58) | (430) | |
Other comprehensive income before reclassifications | 7 | 347 | 12 | 120 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Balance | (46) | (67) | (46) | (67) | |
Unrealized Loss on Securities Transferred to Held-to-Maturity [Member] | ASU 2016-01 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [1] | 0 | |||
Unrealized Loss on Securities Transferred to Held-to-Maturity [Member] | ASU 2017-12 [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Cumulative effect of change in measurement | [2] | 243 | |||
AOCI Attributable to Parent [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (4,462) | (5,012) | (6,042) | (4,208) | |
Balance | $ (3,024) | $ (5,471) | $ (3,024) | $ (5,471) | |
[1] | Cumulative effect of unrealized gain on marketable equity securities based on the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities. | ||||
[2] | Cumulative effect of unrealized gains on the transfer of 52 investment securities from held-to-maturity classification to available-for-sale classification based on the adoption of ASU 2017-12: Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Parenthetical) (Details) | Jun. 30, 2018Security |
ASU 2017-12 [Member] | |
Accumulated Other Comprehensive Income Loss [Line Items] | |
Number of investment securities classified from held-to-maturity to available-for-sale. | 52 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of Each Component of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Salaries and employee benefits | $ (3,454) | $ (3,211) | $ (7,104) | $ (6,190) | |
Provision for income taxes | (175) | (166) | (426) | (348) | |
Net income attributable to Pathfinder Bancorp Inc. | 607 | 945 | 1,121 | 1,949 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net gains (losses) on sales and redemptions of investment securities | [1] | 32 | (22) | 111 | (129) |
Provision for income taxes | [1] | (7) | 6 | (23) | 34 |
Net income attributable to Pathfinder Bancorp Inc. | [1] | 25 | (16) | 88 | (95) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retirement Plans [Member] | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Salaries and employee benefits | [1],[2] | (84) | (43) | (168) | (86) |
Provision for income taxes | [1] | 18 | 11 | 37 | 22 |
Net income attributable to Pathfinder Bancorp Inc. | [1] | $ (66) | $ (32) | $ (131) | $ (64) |
[1] | Amounts in parentheses indicates debits in net income. | ||||
[2] | These items are included in net periodic pension cost. |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Earnings and gain on bank owned life insurance | $ 101 | $ 108 | $ 222 | $ 181 |
Net gains (losses) on sales and redemptions of investment securities | 32 | (22) | 111 | (129) |
Gains on equity securities | 16 | 13 | 57 | 26 |
Other miscellaneous income | 35 | 15 | 62 | 90 |
Total noninterest income | 1,219 | 1,024 | 2,312 | 1,919 |
Insufficient Funds Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 272 | 200 | 480 | 400 |
Deposit Related Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 53 | 48 | 105 | 99 |
ATM Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 23 | 25 | 45 | 48 |
Service Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 348 | 273 | 630 | 547 |
Insurance Commissions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 216 | 234 | 451 | 460 |
Investment Services Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 97 | 83 | 145 | 149 |
ATM Fees Surcharge [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 59 | 61 | 105 | 106 |
Banking House Rents Collected [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 33 | 36 | 68 | 66 |
Fee Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 405 | 414 | 769 | 781 |
Debit Card Interchange Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 187 | 148 | 331 | 291 |
Merchant Card Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 22 | 20 | 38 | 33 |
Card Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 209 | 168 | 369 | 324 |
Loan Servicing Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 60 | 42 | 87 | 83 |
Net Gains on Sale of Loans and Foreclosed Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 13 | 13 | 5 | 16 |
Total Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 73 | 55 | 92 | 99 |
Service Fees, Fee Income, Card Income and Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | $ 1,035 | $ 910 | $ 1,860 | $ 1,751 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Lessee Lease Description [Line Items] | ||||
Operating and finance lease, option to extend lease term, description | Our leases have remaining lease terms that vary from less than one year up to 31 years, some of which include options to extend the leases for various renewal periods | |||
Operating and finance lease, option to extend lease term | true | |||
ASU 2016-02 [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lease rental income | $ 34,000 | $ 36,000 | $ 68,000 | $ 66,000 |
Unamortized initial direct costs | $ 0 | |||
Minimum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating and finance leases remaining lease term | 1 year | |||
Maximum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating and finance leases remaining lease term | 31 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 60 | $ 119 |
Finance lease cost | $ 12 | $ 12 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Cash paid for amount included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 56 | $ 104 |
Operating cash flows from finance leases | 12 | 12 |
Financing cash flows from finance leases | $ 11 | $ 11 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases: | |
Operating lease right-of-use assets | $ 2,458 |
Operating lease liabilities | 2,711 |
Finance Leases: | |
Financial Liability | $ 574 |
Weighted Average Remaining Lease Term: | |
Operating Leases | 19 years 10 months 6 days |
Finance Leases | 29 years 9 months 29 days |
Weighted Average Discount Rate: | |
Operating Leases | 3.71% |
Finance Leases | 13.75% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract] | |
2020 | $ 116 |
2021 | 109 |
2022 | 93 |
2023 | 104 |
2024 | 114 |
Thereafter | 2,749 |
Total minimum lease payments | $ 3,285 |