Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 28, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | PATHFINDER BANCORP, INC. | |
Entity Central Index Key | 0001609065 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock Shares Outstanding | 4,753,883 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-36695 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 38-3941859 | |
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 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of each class | Common Stock, $0.01 par value | |
Trading Symbol | PBHC | |
Name of each exchange on which registered | NASDAQ |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
ASSETS: | |||
Cash and due from banks | $ 48,671 | $ 8,284 | |
Interest-earning deposits (including restricted balances of $1,300 and $0, respectively) | 8,908 | 11,876 | |
Total cash and cash equivalents | 57,579 | 20,160 | |
Available-for-sale securities, at fair value | 121,458 | 111,134 | |
Held-to-maturity securities, at amortized cost (fair value of $117,088 and $124,148, respectively) | 120,549 | 122,988 | |
Marketable equity securities, at fair value | 340 | 534 | |
Federal Home Loan Bank stock, at cost | 4,758 | 4,834 | |
Loans | 750,372 | 745,516 | |
Loans held-for-sale | [1] | 150 | 35,935 |
Less: Allowance for loan losses | 9,606 | 8,669 | |
Loans receivable, net | 740,916 | 772,782 | |
Premises and equipment, net | 22,304 | 22,699 | |
Operating lease right-of-use assets | 2,349 | 2,386 | |
Accrued interest receivable | 3,700 | 3,712 | |
Foreclosed real estate | 58 | 88 | |
Intangible assets, net | 145 | 149 | |
Goodwill | 4,536 | 4,536 | |
Bank owned life insurance | 17,519 | 17,403 | |
Other assets | 11,432 | 10,402 | |
Total assets | 1,107,643 | 1,093,807 | |
Deposits: | |||
Interest-bearing | 786,316 | 774,392 | |
Noninterest-bearing | 113,544 | 107,501 | |
Total deposits | 899,860 | 881,893 | |
Short-term borrowings | 8,138 | 25,138 | |
Long-term borrowings | 83,299 | 67,987 | |
Subordinated loans | 15,136 | 15,128 | |
Accrued interest payable | 407 | 396 | |
Operating lease liabilities | 2,618 | 2,650 | |
Other liabilities | 9,874 | 9,946 | |
Total liabilities | 1,019,332 | 1,003,138 | |
Shareholders' equity: | |||
Preferred stock, par value $0.01 per share; no liquidation preference; 10,000,000 and 10,000,000 shares authorized, respectively; 1,155,283 and 1,155,283 shares issued and outstanding, respectively | 12 | 12 | |
Common stock, par value $0.01; 25,000,000 authorized shares; 4,740,446 and 4,709,238 shares issued and outstanding, respectively | 47 | 47 | |
Additional paid in capital | 49,659 | 49,362 | |
Retained earnings | 46,174 | 44,839 | |
Accumulated other comprehensive loss | (7,077) | (2,971) | |
Unearned ESOP | (809) | (855) | |
Total Pathfinder Bancorp, Inc. shareholders' equity | 88,006 | 90,434 | |
Noncontrolling interest | 305 | 235 | |
Total equity | 88,311 | 90,669 | |
Total liabilities and shareholders' equity | $ 1,107,643 | $ 1,093,807 | |
[1] | Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76. These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost. During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial. At December 31, 2019, the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000. These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Restricted Cash | $ 1,300,000 | $ 0 |
Held-to-maturity securities at fair value | $ 117,088,000 | $ 124,148,000 |
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 shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 1,155,283 | 1,155,283 |
Preferred stock, shares outstanding (in shares) | 1,155,283 | 1,155,283 |
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) | 4,740,446 | 4,709,238 |
Common stock, shares outstanding (in shares) | 4,740,446 | 4,709,238 |
Total loans | $ 750,202,000 | $ 781,341,000 |
Net deferred loan fees | 320,000 | 110,000 |
Loans Held-For-Sale [Member] | ||
Shareholders' equity: | ||
Total loans | 151,000 | 35,800,000 |
Net deferred loan fees | 76 | 146,000 |
Loans and leases receivable amortized cost | $ 150,000 | $ 35,900,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and dividend income: | ||
Loans, including fees | $ 9,242,000 | $ 7,575,000 |
Debt securities: | ||
Taxable | 1,692,000 | 1,799,000 |
Tax-exempt | 7,000 | 108,000 |
Dividends | 70,000 | 77,000 |
Federal funds sold and interest earning deposits | 32,000 | 110,000 |
Total interest and dividend income | 11,043,000 | 9,669,000 |
Interest expense: | ||
Interest on deposits | 2,556,000 | 2,345,000 |
Interest on short-term borrowings | 57,000 | 167,000 |
Interest on long-term borrowings | 445,000 | 393,000 |
Interest on subordinated loans | 206,000 | 217,000 |
Total interest expense | 3,264,000 | 3,122,000 |
Net interest income | 7,779,000 | 6,547,000 |
Provision for loan losses | 1,067,000 | 144,000 |
Net interest income after provision for loan losses | 6,712,000 | 6,403,000 |
Noninterest income: | ||
Earnings and gain on bank owned life insurance | 116,000 | 121,000 |
Net gains on sales and redemptions of investment securities | 26,000 | 79,000 |
(Losses) gains on marketable equity securities | (194,000) | 41,000 |
Net gains (losses) on sales of loans and foreclosed real estate | 672,000 | (8,000) |
Insurance agency revenue | 337,000 | 243,000 |
Total noninterest income | 1,748,000 | 1,093,000 |
Noninterest expense: | ||
Salaries and employee benefits | 3,247,000 | 3,650,000 |
Building and occupancy | 754,000 | 655,000 |
Data processing | 600,000 | 574,000 |
Professional and other services | 316,000 | 336,000 |
Advertising | 176,000 | 239,000 |
FDIC assessments | 189,000 | 111,000 |
Audits and exams | 125,000 | 100,000 |
Insurance agency expense | 192,000 | 199,000 |
Community service activities | 107,000 | 138,000 |
Foreclosed real estate expenses | 30,000 | 237,000 |
Other expenses | 509,000 | 472,000 |
Total noninterest expense | 6,245,000 | 6,711,000 |
Income before income taxes | 2,215,000 | 785,000 |
Provision for income taxes | 455,000 | 251,000 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 1,760,000 | 534,000 |
Net income attributable to noncontrolling interest | 70,000 | 20,000 |
Net income attributable to Pathfinder Bancorp Inc. | 1,690,000 | 514,000 |
Convertible preferred stock dividends | 69,000 | |
Warrant dividends | 8,000 | |
Undistributed earnings allocated to participating securities | 290,000 | |
Net income available to common shareholders | $ 1,323,000 | $ 514,000 |
Earnings per common share - basic | $ 0.29 | $ 0.12 |
Earnings per common share - diluted | 0.29 | 0.12 |
Dividends per common share | $ 0.06 | $ 0.06 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Noninterest income | $ 356,000 | $ 282,000 |
Loan Servicing Fees [Member] | ||
Noninterest income: | ||
Noninterest income | 49,000 | 27,000 |
Debit Card Interchange Fees [Member] | ||
Noninterest income: | ||
Noninterest income | 163,000 | 144,000 |
Other Charges, Commissions & Fees [Member] | ||
Noninterest income: | ||
Noninterest income | $ 223,000 | $ 164,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net Income | $ 1,760 | $ 534 | |
Retirement Plans: | |||
Retirement plan net losses recognized in plan expenses | 58 | 84 | |
Unrealized holding (losses) gains on available-for-sale securities: | |||
Unrealized holding (losses) gains arising during the period | (3,633) | 1,988 | |
Reclassification adjustment for net gains included in net income | (26) | (79) | |
Net unrealized (losses) gains on available-for-sale securities | (3,659) | 1,909 | |
Derivatives and hedging activities: | |||
Unrealized holding losses arising during the period | (1,344) | ||
Net unrealized losses on derivatives and hedging activities | (1,344) | ||
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 8 | 6 |
Other comprehensive (loss) income, before tax | (4,937) | 1,999 | |
Tax effect | 1,037 | (419) | |
Other comprehensive (loss) income, net of tax | (3,900) | 1,580 | |
Comprehensive (loss) income | (2,140) | 2,114 | |
Comprehensive income, attributable to noncontrolling interest | 70 | 20 | |
Comprehensive (loss) income attributable to Pathfinder Bancorp, Inc. | (2,210) | 2,094 | |
Tax Effect Allocated to Each Component of Other Comprehensive (Loss) Income | |||
Retirement plan net losses recognized in plan expenses | (12) | (19) | |
Unrealized holding (losses) gains on available-for-sale securities arising during the period | 764 | (416) | |
Reclassification adjustment for net gains included in net income | 5 | 17 | |
Unrealized losses on derivatives and hedging arising during the period | 282 | ||
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | (2) | (1) |
Income tax effect related to other comprehensive (loss) income | $ 1,037 | $ (419) | |
[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, 2018 | $ 64,459 | $ 44 | $ 29,139 | $ 42,114 | $ (6,042) | $ (1,034) | $ 238 | ||
Net Income | 534 | 514 | 20 | ||||||
Other comprehensive (loss) income, net of tax | 1,580 | 1,580 | |||||||
ESOP shares earned | 87 | 42 | 45 | ||||||
Stock based compensation | 73 | 73 | |||||||
Stock options exercised | 200 | 200 | |||||||
Cumulative effect of change in measurement | ASU 2016-02 [Member] | [1] | (239) | (239) | ||||||
Common stock dividends declared | (256) | (256) | |||||||
Balance at Mar. 31, 2019 | 66,438 | 44 | 29,454 | 42,133 | (4,462) | (989) | 258 | ||
Balance at Dec. 31, 2019 | 90,669 | $ 12 | 47 | 49,362 | 44,839 | (2,971) | (855) | 235 | |
Net Income | 1,760 | 1,690 | 70 | ||||||
Reevaluation of deferred tax asset valuation allowance | [2] | (206) | (206) | ||||||
Other comprehensive (loss) income, net of tax | (3,900) | (3,900) | |||||||
ESOP shares earned | 83 | 37 | 46 | ||||||
Stock based compensation | 66 | 66 | |||||||
Stock options exercised | 194 | 194 | |||||||
Common stock dividends declared | (278) | (278) | |||||||
Preferred stock dividends declared | (69) | (69) | |||||||
Warrant dividends declared | (8) | (8) | |||||||
Balance at Mar. 31, 2020 | $ 88,311 | $ 12 | $ 47 | $ 49,659 | $ 46,174 | $ (7,077) | $ (809) | $ 305 | |
[1] | 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. | ||||||||
[2] | Management determined that the Company, under the current New York State (“NYS”) tax code, was highly unlikely to incur a material NYS tax liability in the foreseeable future. As a result, certain net current and deferred tax assets, related to GAAP vs. tax timing differences under previous NYS tax law were no longer going to provide any future tax benefit. The substantial majority of these net deferred tax assets were offset by a related valuation allowance established in prior periods. Therefore, the Company eliminated its remaining NYS net deferred tax asset balances and the related valuation allowance on January 1, 2020. The effect of these eliminations required an adjustment to other comprehensive income balances and had no effect on 2020 reported earnings. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
ESOP shares earned (in shares) | 6,111 | 6,111 |
Dividends per common share | $ 0.06 | $ 0.06 |
Dividends per preferred share | 0.06 | |
Dividends per warrant | $ 0.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 1,690,000 | $ 514,000 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 1,067,000 | 144,000 |
Amortization of operating leases | 5,000 | 11,000 |
Proceeds from sales of loans | 36,614,000 | 0 |
Originations of loans held-for-sale | (150,000) | 0 |
Realized losses (gains) on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | 7,000 | 8,000 |
Loans | (679,000) | 0 |
Available-for-sale investment securities | 0 | (86,000) |
Held-to-maturity investment securities | (26,000) | 7,000 |
Marketable equity securities | 194,000 | (41,000) |
Depreciation | 414,000 | 360,000 |
Amortization of mortgage servicing rights | (279,000) | 3,000 |
Amortization of deferred loan costs | 75,000 | 66,000 |
Amortization of deferred financing from subordinated debt | 8,000 | 8,000 |
Earnings and gain on bank owned life insurance | (116,000) | (121,000) |
Net amortization of premiums and discounts on investment securities | 268,000 | 228,000 |
Amortization of intangible assets | 4,000 | 4,000 |
Stock based compensation and ESOP expense | 149,000 | 160,000 |
Net change in accrued interest receivable | 12,000 | (296,000) |
Net change in other assets and liabilities | (1,262,000) | (2,532,000) |
Net cash flows from operating activities | 37,995,000 | (1,563,000) |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (38,422,000) | (5,081,000) |
Purchase of investment securities held-to-maturity | (7,492,000) | (26,835,000) |
Purchase of Federal Home Loan Bank stock | (1,121,000) | (1,346,000) |
Proceeds from redemption of Federal Home Loan Bank stock | 1,197,000 | 3,195,000 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 24,244,000 | 6,879,000 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 8,824,000 | 1,906,000 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 0 | 22,277,000 |
Held-to-maturity investment securities | 1,068,000 | 30,000 |
Real estate acquired through foreclosure | 81,000 | 1,020,000 |
Net change in loans | (5,119,000) | (38,031,000) |
Purchase of premises and equipment | (19,000) | (1,276,000) |
Net cash flows from investing activities | (16,759,000) | (37,262,000) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 35,546,000 | 960,000 |
Net change in time deposits | 2,137,000 | 43,477,000 |
Net change in brokered deposits | (19,716,000) | 34,031,000 |
Net change in short-term borrowings | (17,000,000) | (26,000,000) |
Payments on long-term borrowings | 0 | (15,100,000) |
Proceeds from long-term borrowings | 15,312,000 | 0 |
Proceeds from exercise of stock options | 194,000 | 200,000 |
Cash dividends paid to common shareholders | (283,000) | (263,000) |
Cash dividends paid to preferred shareholders | (69,000) | 0 |
Cash dividends paid on warrants | (8,000) | 0 |
Change in noncontrolling interest, net | 70,000 | 20,000 |
Net cash flows from financing activities | 16,183,000 | 37,325,000 |
Change in cash and cash equivalents | 37,419,000 | (1,500,000) |
Cash and cash equivalents at beginning of period | 20,160,000 | 26,316,000 |
Cash and cash equivalents at end of period | 57,579,000 | 24,816,000 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 3,253,000 | 2,955,000 |
Income taxes | 200,000 | 0 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | 58,000 | 479,000 |
RESTRICTED CASH | ||
Federal Reserve Bank Reserve Requirements included in interest earning deposits | 0 | 4,632,000 |
Collateral deposits for hedge position included in interest earning deposits | $ 1,300,000 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 2019 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 months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020 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 | 3 Months Ended |
Mar. 31, 2020 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements The Financial Accounting Standards FASB (“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 standards adopted in the first quarter of 2020 as well as standards that are not currently effective, but could have an impact on the Company's consolidated financial statements upon adoption. Standards Adopted in 2020 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 adoption of this ASU had no material impact to its consolidated statements of condition or income. ____ Standard: Leases ( ASU 2019-01: 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 2019-01 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 adoption of this ASU had no material impact to its consolidated statements of condition or income. ____ Standard : Various Codification Improvements (ASU 2019-04: 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 adoption of this ASU had no material impact to its consolidated statements of condition or income. ____ Standards Not Yet Adopted as of March 31, 2020 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, 2023 (early adoption permitted as of January 1, 2019). 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 new guidance is complex and management is still evaluating the preliminary output from models that have been developed during this evaluative phase. In addition, future levels 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. It has been generally assumed that the conversion from the incurred loss model, required under current GAAP, to the CECL methodology will, more likely than not, result in increases to the allowances for credit losses at many financial institutions. However, 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. The amendments in this Update should be applied on a modified retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. _____ 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 : Various Codification Improvements (ASU 2019-04: 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. Standard : Investments ( ASU 2020-01- Equity Securities [Topic 321], Investments—Equity Method and Joint Ventures [Topic 323], and Derivatives and Hedging [Topic 815]—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 ) Description: The amendments in this Update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments clarify that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-10-15-141 to determine the accounting for those forward contracts and purchased options. 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 amendments in this Update should be applied prospectively. The Company does not expect the new guidance will have a material impact to its consolidated statements of condition or income. ____ Standard: Income Taxes (ASU 2019-12- Simplifying the Accounting for Income Taxes) Description: The FASB Board is issuing this Update as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The specific areas of potential simplification in this Update were submitted by stakeholders as part of the Simplification Initiative. The amendments in this Update simplify the accounting for income taxes by removing the following exceptions: 1. Exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment 3. Exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary 4. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. 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 of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. Effect on Consolidated Financial Statements : The amendments in this Update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company does not expect the new guidance will have a material impact to its consolidated statements of condition or income. ____ Standard : Financial Instruments—Credit Losses (ASU 2019-11- Codification Improvements to Topic 326) Description: On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. Through the amendments in that Update, the Board added Topic 326, Financial Instruments—Credit Losses , and made several consequential amendments to the Codification. The Board has an on |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
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, pursuant to which the Company sold: (i) 37,700 shares of the Company’s common stock, par value $0.01 per share, at a purchase price of $14.25 per share; (ii) 1,155,283 shares of a new series of preferred stock, Series B convertible perpetual preferred stock, par value $0.01 per share, at a purchase price of $14.25 per share; and (iii) a warrant, with an approximate fair value of $373,000, to purchase 125,000 shares of common stock of the Company at an exercise price equal to $14.25 per share, in a private placement transaction (the “Private Placement”) for gross proceeds of approximately $17.0 million. As a result of the securities purchase agreement, the Company has common stock, 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 months ended March 31, 2020, 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 months ended March 31, 2019 was 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 both the three months ended March 31, 2020 and March 31, 2019. The following table sets forth the calculation of basic and diluted earnings per share. Three months ended March 31, (In thousands, except per share data) 2020 2019 Net income attributable to Pathfinder Bancorp, Inc. $ 1,690 $ 514 Convertible preferred stock dividends 69 - Warrant dividends 8 - Undistributed earnings allocated to participating securities 290 - Net income available to common shareholders $ 1,323 $ 514 Basic weighted average common shares outstanding 4,607 4,244 Effect of assumed exercise of stock options and unvested restricted stock units - 64 Diluted weighted average common shares outstanding 4,607 4,308 Basic earnings per common share $ 0.29 $ 0.12 Diluted earnings per common share $ 0.29 $ 0.12 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 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 $ 19,645 $ 25 $ (25 ) $ 19,645 State and political subdivisions 7,395 - (515 ) 6,880 Corporate 12,303 244 (337 ) 12,210 Asset backed securities 14,227 - (1,811 ) 12,416 Residential mortgage-backed - US agency 20,112 173 (139 ) 20,146 Collateralized mortgage obligations - US agency 35,843 62 (805 ) 35,100 Collateralized mortgage obligations - Private label 15,680 7 (832 ) 14,855 Total 125,205 511 (4,464 ) 121,252 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 125,411 $ 511 $ (4,464 ) $ 121,458 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 1,999 $ 13 $ - $ 2,012 State and political subdivisions 8,484 75 (81 ) 8,478 Corporate 24,780 210 (1,012 ) 23,978 Asset backed securities 26,016 - (1,992 ) 24,024 Residential mortgage-backed - US agency 13,157 320 (66 ) 13,411 Collateralized mortgage obligations - US agency 22,950 378 (177 ) 23,151 Collateralized mortgage obligations - Private label 23,163 - (1,129 ) 22,034 Total held-to-maturity $ 120,549 $ 996 $ (4,457 ) $ 117,088 December 31, 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 $ 16,850 $ - $ (30 ) $ 16,820 State and political subdivisions 1,735 1 - 1,736 Corporate 12,347 230 (23 ) 12,554 Asset backed securities 13,190 61 (19 ) 13,232 Residential mortgage-backed - US agency 19,012 56 (88 ) 18,980 Collateralized mortgage obligations - US agency 31,320 35 (570 ) 30,785 Collateralized mortgage obligations - Private label 16,767 97 (43 ) 16,821 Total 111,221 480 (773 ) 110,928 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 111,427 $ 480 $ (773 ) $ 111,134 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 1,998 $ 2 $ - $ 2,000 State and political subdivisions 8,534 124 (4 ) 8,654 Corporate 25,779 584 (29 ) 26,334 Asset backed securities 23,099 101 (115 ) 23,085 Residential mortgage-backed - US agency 13,715 247 (3 ) 13,959 Collateralized mortgage obligations - US agency 19,607 300 (29 ) 19,878 Collateralized mortgage obligations - Private label 30,256 35 (53 ) 30,238 Total held-to-maturity $ 122,988 $ 1,393 $ (233 ) $ 124,148 The amortized cost and estimated fair value of debt investments at March 31, 2020 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 $ 13,259 $ 13,276 $ 2,812 $ 2,818 Due after one year through five years 12,485 12,359 20,137 19,536 Due after five years through ten years 13,858 13,201 20,762 20,032 Due after ten years 13,968 12,315 17,568 16,106 Sub-total 53,570 51,151 61,279 58,492 Residential mortgage-backed - US agency 20,112 20,146 13,157 13,411 Collateralized mortgage obligations - US agency 35,843 35,100 22,950 23,151 Collateralized mortgage obligations - Private label 15,680 14,855 23,163 22,034 Totals $ 125,205 $ 121,252 $ 120,549 $ 117,088 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: March 31, 2020 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 $ (25 ) $ 4,952 - $ - $ - 1 $ (25 ) $ 4,952 State and political subdivisions 5 (515 ) 5,390 - - - 5 (515 ) 5,390 Corporate 8 (337 ) 5,143 - - - 8 (337 ) 5,143 Asset backed securities 11 (1,797 ) 12,027 1 (14 ) 367 12 (1,811 ) 12,394 Residential mortgage-backed - US agency 7 (133 ) 7,989 1 (6 ) 1,483 8 (139 ) 9,472 Collateralized mortgage obligations - US agency 11 (212 ) 18,524 8 (593 ) 7,132 19 (805 ) 25,656 Collateralized mortgage obligations - Private label 9 (477 ) 9,434 4 (355 ) 4,339 13 (832 ) 13,773 Totals 52 $ (3,496 ) $ 63,459 14 $ (968 ) $ 13,321 66 $ (4,464 ) $ 76,780 Held-to-Maturity Portfolio State and political subdivisions 2 $ (81 ) $ 3,046 - $ - $ - 2 $ (81 ) $ 3,046 Corporate 12 (1,012 ) 12,236 - - - 12 (1,012 ) 12,236 Asset backed securities 12 (1,992 ) 22,048 - - - 12 (1,992 ) 22,048 Residential mortgage-backed - US agency 3 (66 ) 4,021 - - - 3 (66 ) 4,021 Collateralized mortgage obligations - US agency 3 (177 ) 5,623 - - - 3 (177 ) 5,623 Collateralized mortgage obligations - Private label 11 (1,089 ) 14,214 2 (40 ) 811 13 (1,129 ) 15,025 Totals 43 $ (4,417 ) $ 61,188 2 $ (40 ) $ 811 45 $ (4,457 ) $ 61,999 December 31, 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 4 $ (30 ) $ 16,820 - $ - $ - 4 $ (30 ) $ 16,820 Corporate 1 (23 ) 786 - - - 1 (23 ) 786 Asset backed securities 3 (7 ) 5,211 1 (12 ) 594 4 (19 ) 5,805 Residential mortgage-backed - US agency 10 (77 ) 10,709 4 (11 ) 2,543 14 (88 ) 13,252 Collateralized mortgage obligations - US agency 10 (67 ) 15,791 10 (503 ) 10,034 20 (570 ) 25,825 Collateralized mortgage obligations - Private label 2 (7 ) 3,818 5 (36 ) 3,959 7 (43 ) 7,777 Totals 30 $ (211 ) $ 53,135 20 $ (562 ) $ 17,130 50 $ (773 ) $ 70,265 Held-to-Maturity Portfolio State and political subdivisions 1 $ (4 ) $ 3,027 - $ - $ - 1 $ (4 ) $ 3,027 Corporate 2 (29 ) 2,974 - - - 2 (29 ) 2,974 Asset backed securities 6 (115 ) 11,091 - - - 6 (115 ) 11,091 Residential mortgage-backed - US agency - - - 1 (3 ) 198 1 (3 ) 198 Collateralized mortgage obligations - US agency 2 (29 ) 4,907 - - - 2 (29 ) 4,907 Collateralized mortgage obligations - Private label 6 (49 ) 9,396 2 (4 ) 1,132 8 (53 ) 10,528 Totals 17 $ (226 ) $ 31,395 3 $ (7 ) $ 1,330 20 $ (233 ) $ 32,725 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 the securities portfolio as of March 31, 2020 represented OTTI. At March 31, 2020, 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 related 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 privately-issued asset-backed security, categorized as available-for-sale, with an amortized historical cost of $381,000 and an aggregate market value of $367,000 (unrealized loss of $14,000 or 3.8%). This security maintains a credit rating 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. • Four privately-issued collateralized mortgage obligation securities, categorized as available-for-sale, with an aggregate amortized historical cost of $4.7 million and an aggregate market value of $4.3 million (unrealized aggregate loss of $355,000 or 8.2%). These securities were not rated at the time of their issuances by any NRSRO but each security remains significantly collateralized through subordination and other credit enhancements. Therefore, no credit-related OTTI is deemed to be present. • Two privately-issued collateralized mortgage obligation securities, categorized as held-to-maturity, with an aggregate amortized historical cost of $851,000 and an aggregate market value of $811,000 (aggregate unrealized loss of $40,000 or 4.9%). These securities were not rated at the time of their issuance by any NRSRO but each security remains significantly collateralized through subordination and other credit enhancements. Therefore, no credit-related OTTI is deemed to be present. All other securities with market values less than their amortized historical costs 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 related 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 securities that were impaired at March 31, 2020 or December 31, 2019. The comprehensive loss recorded in the quarter ended March 31, 2020 was primarily the result of the unrealized depreciation in the fair market value of the available-for-sale investment securities portfolio during the three months ended March 31, 2020. This depreciation was primarily due to the effects of the COVID-19 pandemic on global fixed income markets at the end of March 2020, as trading activity in those markets was substantially halted and normal market-based price discovery mechanisms were temporarily, but substantially, incapacitated. As a result, available market price quotations for many of the securities within the Company’s investment securities portfolio were not reflective of the fair values that would be obtainable in normally functioning markets . Gross realized gains (losses) on sales of securities for the indicated periods are detailed below: For the three months ended March 31, (In thousands) 2020 2019 Realized gains on investments $ 33 $ 222 Realized losses on investments (7 ) (143 ) $ 26 $ 79 As of March 31, 2020 and December 31, 2019, securities with a fair value of $113.5 million and $92.4 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $25.6 million and $21.3 million, respectively, were pledged against certain borrowing arrangements. Management has reviewed its mortgage-backed securities portfolios and determined that, to the best of its knowledge, little 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 For the three months ended March 31, (In thousands) 2020 2019 2020 2019 Service cost $ - $ - $ - $ - Interest cost 116 124 4 5 Expected return on plan assets (273 ) (234 ) - - Amortization of prior service credits - - (1 ) (1 ) Amortization of net losses 57 82 2 3 Net periodic benefit plan (benefit) cost $ (100 ) $ (28 ) $ 5 $ 7 The Company will evaluate the need for further contributions to the defined benefit pension plan during 2020. The prepaid pension asset is recorded in other assets on the statement of condition as of March 31, 2020 and December 31, 2019. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans | Note 6: Loans Major classifications of loans at the indicated dates are as follows: March 31, December 31, (In thousands) 2020 2019 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 212,149 $ 209,559 Construction 2,338 3,963 Loans held-for-sale (1) 150 35,790 Total residential mortgage loans 214,637 249,312 Commercial loans: Real estate 261,929 254,257 Lines of credit 59,354 58,617 Other commercial and industrial 84,774 82,092 Tax exempt loans 7,937 8,067 Total commercial loans 413,994 403,033 Consumer loans: Home equity and junior liens 44,732 46,389 Other consumer 76,839 82,607 Total consumer loans 121,571 128,996 Total loans 750,202 781,341 Net deferred loan fees 320 110 Less allowance for loan losses (9,606 ) (8,669 ) Loans receivable, net $ 740,916 $ 772,782 (1) Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76. These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost. During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial. At December 31, 2019 the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000. These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost. Although the Bank may sometimes 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. As part of the Company’s overall balance sheet management strategies and the management’s ongoing efforts to profitably deploy its increased capital position following the equity sales transactions completed in May 2019, the Bank acquired seven diverse pools of loans, originated by unrelated third parties, in six separate transactions during 2019. 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 entity, 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. 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 March 31, 2020 and December 31, 2019 , there were 1,573 loans outstanding with a remaining outstanding carrying value of $24.9 million and 1,657 loans outstan value of $27.2 million, respectively. The unamortized premium included in the carrying value at March 31, 2020 and December 31, 2019 was $833,000 and $930,000, respectively. Since the acquisition of these loan pools, a total of 32 loans had cumulative net charge-offs totaling $204,000, with $8,000 in net-charge-offs for the three months ended March 31, 2020 and $37,000 in net charge-offs for the three months ended March 31, 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. In December 2019, the Bank acquired an additional $1.8 million in commercial and industrial loans and $392,000 of consumer loans from the same institution. The acquired loan pools represented a 100% interest in a total of 89 unsecured consumer loans and a total of 43 commercial and industrial loans. These loans have maturities ranging primarily from four to ten years. At March 31, 2020, there were 85 unsecured consumer loans outstanding with a remaining outstanding carrying value of $4.7 million and 43 commercial and industrial loans outstanding with a remaining outstanding carrying value of $6.4 million. At December 31, 2019, there were 87 unsecured consumer loans outstanding with a remaining outstanding carrying value of $5.0 million and 43 commercial and industrial loans outstanding with a remaining outstanding carrying value of $6.6 million. These loans have no unamortized premium or discount included in the carrying value. No charge-offs have occurred since the acquisition of these loan pools. The Bank acquired a $21.9 million pool of home equity lines of credit originated by an unrelated financial technology company, located outside of the Bank’s market area, in August 2019. The acquired loan pool represented a 100% interest in a total of 395 secured home equity lines of credit. These lines of credit have maturities ranging primarily from four to thirty years. These lines of credit will be serviced through their respective maturities by the originating financial technology company. At March 31, 2020 and December 31, 2019, there were 355 secured home equity lines of credit outstanding with a remaining outstanding carrying value of $18.8 million and there were 376 secured home equity lines of credit outstanding with a remaining outstanding carrying value of $20.1 million, respectively. The unamortized premium included in the carrying value at March 31, 2020 and December 31, 2019 was $368,000 and $390,000, respectively. No charge-offs have occurred since the acquisition of these loan pools. The Bank acquired a $26.6 million pool of unsecured consumer loans originated by an unrelated financial technology company, located outside of the Bank’s market area, in November 2019. The acquired loan pool represents a 59.2% interest in a total of 2,787 unsecured consumer loans. These loans have maturities ranging primarily from three to five years. These loans will be serviced through their respective maturities by the originating unrelated financial technology company. At March 31, 2020 and December 31, 2019, there were 2,754 unsecured consumer loans outstanding with a remaining outstanding carrying value of $23.7 million and 2,768 unsecured consumer loans outstanding with a remaining outstanding carrying value of $25.8 million, respectively. The unamortized premium included in the carrying value at March 31, 2020 and December 31, 2019 was $100,000 and $114,000, respectively. Since the acquisition of theses loan pools, a total of one loan had a cumulative net charge-off totaling $19,000, with $19,000 in net charge-offs for the three months ended March 31, 2020. The Bank acquired a $10.3 million pool of unsecured consumer loans originated by an unrelated financial technology company, located outside of the Bank’s market area, in December 2019. The acquired loan pool represents a 100% interest in a total of 4,259 unsecured consumer loans. These loans have maturities ranging primarily from less than one year to seven years. These loans will be serviced through their respective maturities by the originating unrelated financial technology company. At March 31, 2020 and December 31, 2019, there were 3,936 unsecured consumer loans outstanding with a remaining outstanding carrying value of $8.8 million and 4,259 unsecured consumer loans outstanding with a remaining outstanding carrying value of $10.3 million, respectively. The unamortized premium included in the carrying value at March 31, 2020 and December 31, 2019 was $213,000 and $245,000, respectively. No charge-offs have occurred since the acquisition of these loan pools. The Bank acquired a $2.1 million pool of secured first lien residential mortgage loans originated by an unrelated non-profit housing and community development organization, located within the Bank’s market area, in December 2019. The acquired loan pool represents a 100% interest in a total of 25 secured first lien residential mortgage loans. These loans have maturities ranging primarily from 22 to 24 years. These loans will be serviced through their respective maturities by the unrelated non-profit housing and community development organization. At March 31, 2020 and December 31, 2019, there were 25 residential mortgage loans outstanding with a remaining outstanding carrying value of $2.0 million and 25 residential mortgage loans outstanding with a remaining outstanding carrying value of $2.1 million, respectively. The unamortized premium included in the carrying value at March 31, 2020 and December 31, 2019, was $133,000 and $135,000, respectively. No charge-offs have occurred since the acquisition of these loan pools. As of March 31, 2020 and December 31, 2019, residential mortgage loans with a carrying value of $110.3 million and $136.9 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 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 23, 2020 and have not changed. . 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 March 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 208,451 $ 1,037 $ 1,473 $ 1,188 $ 212,149 Construction 2,338 - - - 2,338 Loans held-for-sale 150 - - - 150 Total residential mortgage loans 210,939 1,037 1,473 1,188 214,637 Commercial loans: Real estate 245,927 12,523 2,771 708 261,929 Lines of credit 51,845 7,207 302 - 59,354 Other commercial and industrial 75,475 8,367 891 41 84,774 Tax exempt loans 7,937 - - - 7,937 Total commercial loans 381,184 28,097 3,964 749 413,994 Consumer loans: Home equity and junior liens 43,844 159 454 275 44,732 Other consumer 76,489 174 176 - 76,839 Total consumer loans 120,333 333 630 275 121,571 Total loans $ 712,456 $ 29,467 $ 6,067 $ 2,212 $ 750,202 As of December 31, 2019 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 205,554 $ 1,093 $ 1,731 $ 1,181 $ 209,559 Construction 3,963 - - - 3,963 Loans held-for-sale 35,790 - - - 35,790 Total residential mortgage loans 245,307 1,093 1,731 1,181 249,312 Commercial loans: Real estate 238,288 12,473 3,194 302 254,257 Lines of credit 50,396 7,945 276 - 58,617 Other commercial and industrial 72,653 8,473 923 43 82,092 Tax exempt loans 8,067 - - - 8,067 Total commercial loans 369,404 28,891 4,393 345 403,033 Consumer loans: Home equity and junior liens 45,414 191 477 307 46,389 Other consumer 82,252 167 188 - 82,607 Total consumer loans 127,666 358 665 307 128,996 Total loans $ 742,377 $ 30,342 $ 6,789 $ 1,833 $ 781,341 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 March 31, 2020 and December 31, 2019, are detailed in the following tables: As of March 31, 2020 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 $ 1,569 $ 600 $ 1,040 $ 3,209 $ 208,940 $ 212,149 Construction - - - - 2,338 2,338 Loans held-for-sale - - - - 150 150 Total residential mortgage loans 1,569 600 1,040 3,209 211,428 214,637 Commercial loans: Real estate 5,829 - 2,268 8,097 253,832 261,929 Lines of credit 2,838 1,967 111 4,916 54,438 59,354 Other commercial and industrial 1,388 3,738 232 5,358 79,416 84,774 Tax exempt loans - - - - 7,937 7,937 Total commercial loans 10,055 5,705 2,611 18,371 395,623 413,994 Consumer loans: Home equity and junior liens 147 72 429 648 44,084 44,732 Other consumer 243 164 228 635 76,204 76,839 Total consumer loans 390 236 657 1,283 120,288 121,571 Total loans $ 12,014 $ 6,541 $ 4,308 $ 22,863 $ 727,339 $ 750,202 As of December 31, 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 $ 947 $ 744 $ 1,613 $ 3,304 $ 206,255 $ 209,559 Construction - - - - 3,963 3,963 Loans held-for-sale - - - - 35,790 35,790 Total residential mortgage loans 947 744 1,613 3,304 246,008 249,312 Commercial loans: Real estate 953 100 2,271 3,324 250,933 254,257 Lines of credit 4,464 25 68 4,557 54,060 58,617 Other commercial and industrial 2,747 315 591 3,653 78,439 82,092 Tax exempt loans - - - - 8,067 8,067 Total commercial loans 8,164 440 2,930 11,534 391,499 403,033 Consumer loans: Home equity and junior liens 315 130 480 925 45,464 46,389 Other consumer 335 50 151 536 82,071 82,607 Total consumer loans 650 180 631 1,461 127,535 128,996 Total loans $ 9,761 $ 1,364 $ 5,174 $ 16,299 $ 765,042 $ 781,341 Nonaccrual loans, segregated by class of loan, were as follows: March 31, December 31, (In thousands) 2020 2019 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,040 $ 1,613 1,040 1,613 Commercial loans: Real estate 2,336 2,343 Lines of credit 111 68 Other commercial and industrial 522 591 2,969 3,002 Consumer loans: Home equity and junior liens 429 480 Other consumer 228 151 657 631 Total nonaccrual loans $ 4,666 $ 5,246 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 Company had no loans that have been modified as TDRs for the three months ended March 31, 2020. The Company had no loans that have been modified as TDRs for the three months ended March 31, 2019. 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 had been modified as TDRs during the twelve months prior to March 31, 2020, which had subsequently defaulted during the three months ended March 31, 2020. The Company had no loans that had been modified as TDRs during the twelve months prior to March 31, 2019, which had subsequently defaulted during the three months ended March 31, 2019. The United States has been operating under a state of emergency related to the Coronavirus Disease 2019 (“COVID-19”) pandemic since March 13, 2020. The direct and indirect effects of the COVID-19 pandemic have resulted in a dramatic reduction in economic activity that has severely hampered the ability for businesses and consumers to meet their current repayment obligations. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on March 27, 2020, in addition to providing financial assistance to both businesses and consumers, creates a forbearance program for federally-backed mortgage loans, protects borrowers from negative credit reporting due to loan accommodations related to the national emergency, and provides financial institutions the option to temporarily suspend certain requirements under GAAP related to troubled debt restructurings for a limited period of time to account for the effects of COVID-19. The banking regulatory agencies have likewise issued guidance encouraging financial institutions to work prudently with borrowers who are, or may be, unable to meet their contractual payment obligations because of the effects of COVID-19. That guidance, with concurrence of the Financial Accounting Standards Board, and provisions of the CARES Act allow modifications made on a good faith basis in response to COVID-19 to borrowers who were generally current with their payments prior to any relief, to not be treated as troubled debt restructurings. Modifications may include payment deferrals, fee waivers, extensions of repayment term, or other delays in payment. The Company has begun working with its customers affected by COVID-19 and expects a significant amount of modifications across many of its loan portfolios in the near term. T hrough May 15, 2020, the Bank granted payment deferral requests primarily for 90 days, on 540 loans representing approximately $142.9 million of existing loan balances. 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 tables summarize impaired loan information by portfolio class at the indicated dates: March 31, 2020 December 31, 2019 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 $ 1,023 $ 1,023 $ - $ 1,027 $ 1,027 $ - Commercial real estate 3,979 4,052 - 3,996 4,067 - Commercial lines of credit 83 83 - 86 86 - Other commercial and industrial 336 355 - 69 77 - Home equity and junior liens 77 77 - 40 40 - Other consumer 55 55 - 55 55 - With an allowance recorded: 1-4 family first-lien residential mortgages 581 581 95 584 584 97 Commercial real estate 448 448 76 450 450 78 Commercial lines of credit 98 98 98 98 98 98 Other commercial and industrial 545 545 379 866 866 406 Home equity and junior liens 142 142 128 180 180 150 Other consumer 35 35 1 36 36 1 Total: 1-4 family first-lien residential mortgages 1,604 1,604 95 1,611 1,611 97 Commercial real estate 4,427 4,500 76 4,446 4,517 78 Commercial lines of credit 181 181 98 184 184 98 Other commercial and industrial 881 900 379 935 943 406 Home equity and junior liens 219 219 128 220 220 150 Other consumer 90 90 1 91 91 1 Totals $ 7,402 $ 7,494 $ 777 $ 7,487 $ 7,566 $ 830 The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2020 2019 1-4 family first-lien residential mortgages $ 1,608 $ 1,625 Commercial real estate 4,437 2,868 Commercial lines of credit 183 287 Other commercial and industrial 908 938 Home equity and junior liens 220 207 Other consumer 91 51 Total $ 7,447 $ 5,976 The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2020 2019 1-4 family first-lien residential mortgages $ 12 $ 12 Commercial real estate 31 28 Commercial lines of credit 2 4 Other commercial and industrial 16 14 Home equity and junior liens 3 3 Other consumer 1 - Total $ 65 $ 61 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Allowance For Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 7: Allowance for Loan Losses Management extensively reviews recent trends in changes in the size and composition of the loan portfolio, historical loss experience, qualitative factors, and specific reserve needs on loans individually evaluated for impairment, in its determination of the adequacy of the allowance for loan losses. We recorded $1.1 million in provision for loan losses for the three-month period ended March 31, 2020, as compared to $144,000 for the three-month period ended March 31, 2019. The $923,000 increase in the provision for loan losses in the first quarter of 2020, as compared to the same quarter in 2019, resulted from year-over-year increases in: (1) the qualitative factors used in determining the adequacy of the allowance for loan losses, (2) the size of the loan portfolio, and (3) delinquent and nonaccrual loans. The increase in the quantitative factors used in determining the provision for loan losses reflects the substantial increase in economic uncertainty and the resultant potential for increased credit losses in future periods as a consequence of the COVID-19 pandemic. Outstanding loan balances increased $92.9 million, or 14.1%, in the quarter ended March 31, 2020, as compared to the same quarter in the previous year, and therefore required a corresponding increase in the estimable and probable loan losses inherent in the loan portfolio. Finally, the provision for loan losses in the quarter ended March 31, 2020 was further increased, as compared to the same quarter in 2019, by the effects of an increase in the ratio of delinquent loans to total loans, which increased to 3.05% at March 31, 2020 as compared to 2.75% at March 31, 2019, coupled with an increase in nonaccrual loans that increased $1.2 million to $4.7 million at March 31, 2020 as compared to $3.4 million at March 31, 2019. 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. March 31, 2020 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 $ 580 $ - $ 4,010 $ 1,195 $ 1,645 Charge-offs (26 ) - - - - Recoveries 1 - - 2 - Provisions 176 - 233 21 113 Ending balance $ 731 $ - $ 4,243 $ 1,218 $ 1,758 Ending balance: related to loans individually evaluated for impairment $ 95 $ - $ 76 $ 98 $ 379 Ending balance: related to loans collectively evaluated for impairment $ 636 $ - $ 4,167 $ 1,120 $ 1,379 Loans receivables: Ending balance $ 212,149 $ 2,338 $ 261,929 $ 59,354 $ 84,774 Ending balance: individually evaluated for impairment $ 1,604 $ - $ 4,427 $ 181 $ 881 Ending balance: collectively evaluated for impairment $ 210,545 $ 2,338 $ 257,502 $ 59,173 $ 83,893 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 553 $ 413 $ 272 $ 8,669 Charge-offs - (28 ) (133 ) - (187 ) Recoveries - 29 25 - 57 Provisions (credits) - 57 541 (74 ) 1,067 Ending balance $ 1 $ 611 $ 846 $ 198 $ 9,606 Ending balance: related to loans individually evaluated for impairment $ - $ 128 $ 1 $ - $ 777 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 483 $ 845 $ 198 $ 8,829 Loans receivables: Ending balance $ 7,937 $ 44,732 $ 76,839 $ 150 $ 750,202 Ending balance: individually evaluated for impairment $ - $ 219 $ 90 $ - $ 7,402 Ending balance: collectively evaluated for impairment $ 7,937 $ 44,513 $ 76,749 $ 150 $ 742,800 March 31, 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 - - - (107 ) (1 ) Recoveries - - - - - Provisions (credits) (44 ) - (208 ) 179 276 Ending balance $ 722 $ - $ 3,370 $ 802 $ 1,560 Ending balance: related to loans individually evaluated for impairment $ 104 $ - $ 98 $ 92 $ 464 Ending balance: related to loans collectively evaluated for impairment $ 618 $ - $ 3,272 $ 710 $ 1,096 Loans receivables: Ending balance $ 237,917 $ 3,855 $ 208,388 $ 55,238 $ 67,542 Ending balance: individually evaluated for impairment $ 1,422 $ - $ 2,863 $ 318 $ 1,052 Ending balance: collectively evaluated for impairment $ 236,495 $ 3,855 $ 205,525 $ 54,920 $ 66,490 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 - - (67 ) - (175 ) Recoveries - - 9 - 9 Provisions (credits) - 21 72 (152 ) 144 Ending balance $ 1 $ 430 $ 399 $ - $ 7,284 Ending balance: related to loans individually evaluated for impairment $ - $ 139 $ 9 $ - $ 906 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 291 $ 390 $ - $ 6,378 Loans receivables: Ending balance $ 9,256 $ 26,212 $ 49,272 $ 657,680 Ending balance: individually evaluated for impairment $ - $ 207 $ 101 $ 5,963 Ending balance: collectively evaluated for impairment $ 9,256 $ 26,005 $ 49,171 $ 651,717 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: March 31, 2020 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 $ 95 $ - $ 76 $ 98 $ 379 Historical loss rate 66 - 101 100 57 Qualitative factors 570 - 4,066 1,020 1,322 Total $ 731 $ - $ 4,243 $ 1,218 $ 1,758 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 128 $ 1 $ - $ 777 Historical loss rate - 146 584 - 1,054 Qualitative factors 1 337 261 - 7,577 Other - - - 198 198 Total $ 1 $ 611 $ 846 $ 198 $ 9,606 March 31, 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 $ - $ 98 $ 92 $ 464 Historical loss rate 65 - 151 18 26 Qualitative factors 553 - 3,121 692 1,070 Total $ 722 $ - $ 3,370 $ 802 $ 1,560 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 139 $ 9 $ - $ 906 Historical loss rate - 13 149 - 422 Qualitative factors 1 278 241 - 5,956 Total $ 1 $ 430 $ 399 $ - $ 7,284 |
Foreclosed Real Estate
Foreclosed Real Estate | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Number of properties December 31, 2019 Foreclosed residential real estate 2 $ 58 - $ - At March 31, 2020 and December 31, 2019, the Company reported $1.0 million and $341,000, respectively, in residential real estate loans in the process of foreclosure. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2020 | |
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 $2.3 million of standby letters of credit as of March 31, 2020. 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 | 3 Months Ended |
Mar. 31, 2020 | |
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. 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, categorized as Level 2, with an aggregate amortized historical cost of $4.7 million and an aggregate fair market value of $4.9 million as of March 31, 2020. 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 derivatives: The fair value of the interest rate derivatives, characterized as either fair value or cash flow hedges, are calculated based on a discounted cash flow model. All future floating rate cash flows are projected and both floating rate and fixed rate cash flows are discounted to the valuation date. The benchmark interest rate curve utilized for projecting cash flows and applying appropriate discount rates 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: March 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 19,645 $ - $ 19,645 State and political subdivisions - 6,880 - 6,880 Corporate - 7,271 - 7,271 Asset backed securities - 12,416 - 12,416 Residential mortgage-backed - US agency - 20,146 - 20,146 Collateralized mortgage obligations - US agency - 35,100 - 35,100 Collateralized mortgage obligations - Private label - 14,855 - 14,855 Total 116,313 116,313 Corporate measured at NAV - - - 4,939 Total available-for-sale securities $ - $ 116,313 $ - $ 121,252 Marketable equity securities $ - $ 340 $ - $ 340 Interest rate swap derivative fair value hedge $ - $ (194 ) $ - $ (194 ) Interest rate swap derivative cash flow hedges $ - $ (1,344 ) $ - $ (1,344 ) December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 16,820 $ - $ 16,820 State and political subdivisions - 1,736 - 1,736 Corporate - 7,631 - 7,631 Asset backed securities - 13,232 - 13,232 Residential mortgage-backed - US agency - 18,980 - 18,980 Collateralized mortgage obligations - US agency - 30,785 - 30,785 Collateralized mortgage obligations - Private label - 16,821 - 16,821 Total - 106,005 - 106,005 Corporate measured at NAV - - - 4,923 Total available-for-sale securities $ - $ 106,005 $ - $ 110,928 Marketable equity securities $ - $ 534 $ - $ 534 Interest rate swap derivative fair value hedge $ - $ (92 ) $ - $ (92 ) Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019: March 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ - $ - Foreclosed real estate $ - $ - $ 58 $ 58 December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 3,105 $ 3,105 Foreclosed real estate $ - $ - $ - $ - 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 March 31, 2020 Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 9% (8%) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2019 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 20% (9%) (Sales Approach) Costs to Sell 7% - 13% (11%) Discounted Cash Flow There have been no transfers of assets into or out of any fair value measurement level during the three months ended March 31, 2020. 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. 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. The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: March 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 57,579 $ 57,579 $ 20,160 $ 20,160 Investment securities - available-for-sale 2 116,313 116,313 106,005 106,005 Investment securities - available-for-sale NAV 4,939 4,939 4,923 4,923 Investment securities - marketable equity 2 340 340 534 534 Investment securities - held-to-maturity 2 120,549 117,088 122,988 124,148 Federal Home Loan Bank stock 2 4,758 4,758 4,834 4,834 Net loans 3 740,916 748,532 772,782 767,654 Accrued interest receivable 1 3,700 3,700 3,712 3,712 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 495,806 $ 495,806 $ 460,293 $ 460,293 Time Deposits 2 404,054 406,487 421,600 422,409 Borrowings 2 91,437 93,956 93,125 93,643 Subordinated loans 2 15,136 13,874 15,128 14,921 Accrued interest payable 1 407 407 396 396 Interest rate swap derivative fair value hedge 2 194 194 92 92 Interest rate swap derivative cash flow hedges 2 1,344 1,344 - - |
Interest Rate Derivative
Interest Rate Derivative | 3 Months Ended |
Mar. 31, 2020 | |
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 changes in economic conditions. As part of managing interest rate risk, the Company enters into standardized interest rate derivative contracts (designated as hedging agreements) to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate hedging agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate hedging agreements are generally entered into with counterparties that meet established credit standards and the agreements contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not material at March 31, 2020. Interest rate hedging agreements 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. In a fair value hedge, the fair value of the derivative (the interest rate hedging agreement) and changes in the fair value of the hedged item are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair value of the interest rate hedging agreements and the hedged items represents hedge ineffectiveness and is recorded as an adjustment to the interest income or interest expense of the respective hedged item. 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 instruments designated as a hedge. This strategy is referred to as a cash flow hedge. In a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. The ineffective portion of the derivative’s gain or loss on cash flow hedges is accounted for similar to that associated with fair value hedges. Among the array of interest rate hedging contracts, potentially available to the Company, are interest rate swap and interest rate cap (or floor) contracts. The Company uses interest rate swaps, cap or floor contracts as part of its interest rate risk management strategy. Interest rate swaps 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. An interest rate cap is a type of interest rate derivative in which the buyer receives payments at the end of each contractual period in which the index interest rate exceeds the contractually agreed upon strike price rate. The purchaser of a cap contract will continue to benefit from any rise in interest rates above the strike price. Similarly an interest rate floor is a derivative contract in which the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. The purchaser of a floor contract will continue to benefit from any rise in interest rates above the strike price. 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. The swap contract will be in force from April 2019 to April 2021 and the Company will be required to pay 2.39% to the swap counterparty, while receiving 3-month LIBOR indexed payments from the same counterparty, with both payments calculated on the notional amount. As of March 31, 2020 and December 31, 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 March 31, 2020 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at March 31, 2020 Carrying Amount of the Hedged Assets at December 31, 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at December 31, 2019 Line item on the balance sheet in which the hedged item is included: Loans receivable (1) $ 18,021 $ 164 $ 19,254 $ 75 (1) These amounts include the amortized cost basis of the hedged 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 contract term. At March 31, 2020 and December 31, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $18.0 million and $19.3 million, the cumulative basis adjustment associated with the hedging relationship was $164,000 and $75,000, and the amount of the designated hedged item was $9.2 million At March 31, 2020 and December 31, 2019, the fair value of the fair value derivative resulted in a net liability position of $194,000 and $92,000 under the agreement, respectively, recorded by the Company in other liabilities. The Company’s participation in the swap contract reduced total loan interest income, recognized in consolidated earnings, by $16,000 in the quarter ended March 31, 2020. In February 2020, the Company entered into an interest rate cap contract in the notional amount of $40.0 million, intended to reduce the Company’s exposure to potential rising interest rates. This contractual agreement has been designated as a cash flow hedge with changes in the fair value of the contract, net of changes in the fair value of the designated hedged liability (certain short-term certificates of deposit with rates of interest that are highly correlated to the 3-month LIBOR index) being accounted for through other comprehensive income. The term of the cap contract will commence on May 1, 2020 and expire on May 1, 2023. The Company paid $228,000 in a one-time premium for the cap contract and has no further contractual obligations to the counterparty over the three-year life of the contract. The premium will be amortized ratably over the contractual term of the cap contract with an annual average cost to the Company of approximately 19 basis points relative to the notional amount. The Company will potentially benefit during the term of this cap contract, in the manner described above, for the period of time that the 3-month LIBOR index exceeds 1.85% (the strike price). The cap contract had no effect on recorded interest expense in the quarter ended March 31, 2020. In March 2020, the Company entered into an interest rate swap contract in the notional amount of $40.0 million, intended to reduce the Company’s exposure to potential rising interest rates. This contractual agreement has been designated as a cash flow hedge with changes in the fair value of the contract, net of changes in the fair value of the designated hedged liability (certain short-term certificates of deposit with rates of interest that are highly correlated to the 3-month LIBOR index) being accounted for through other comprehensive income. The term of the swap contract will commence on May 15, 2020 and expire on May 15, 2023. Under the terms of the swap contract, the Company will be obligated to pay the contractual counterparty an annual rate of 1.39% (the strike price) times the notional amount of the contract. Simultaneously, for the duration of the swap contract, the counterparty will be obligated to pay the Company the annual rate of the 3-month LIBOR index, as determined each calendar quarter, times the notional contractual amount. The swap contract had no effect on recorded interest expense in the quarter ended March 31, 2020. (In thousands) March 31, 2020 December 31, 2019 Cash flow hedges: Total unamortized premium $ 228 $ - Fair market value adjustment interest rate cap (192 ) Total unamortized cap 36 - Fair market value adjustment interest rate swap (1,152 ) - Total loss in comprehensive income $ (1,344 ) $ - The amounts of hedge ineffectiveness, recognized during the quarter ended March 31, 2020, for cash flow hedges were not material to the Company’s consolidated results of operations. The Company had no hedged positions at March 31, 2019. Some or the entire amount included in accumulated other comprehensive loss would be reclassified into current earnings should a portion of, or the entire hedge no longer be considered effective, but at this time, management expects the hedge to remain fully effective during the remaining term of the swap. 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 posted cash in escrow of $1.3 million under collateral arrangements to satisfy collateral requirements associated with the interest rate swap contract at March 31, 2020. For the three months ended March 31, (In thousands) 2020 2019 Balance as of December 31: $ - $ - Amount of losses recognized in other comprehensive income (1,344 ) - Balance as of March 31: $ (1,344 ) $ - |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,717 ) $ (216 ) $ - $ (38 ) $ (2,971 ) Reevaluation of deferred tax asset valuation allowance (1) (188 ) (15 ) - (3 ) (206 ) Other comprehensive income before reclassifications - (2,869 ) (1,062 ) 6 (3,925 ) Amounts reclassified from AOCI 46 (21 ) - - 25 Ending balance $ (2,859 ) $ (3,121 ) $ (1,062 ) $ (35 ) $ (7,077 ) (1) Management determined that the Company, under the current New York State (“NYS”) tax code, was highly unlikely to incur a material NYS tax liability in the foreseeable future. As a result, certain net current and deferred tax assets, related to GAAP vs. tax timing differences under previous NYS tax law were no longer going to provide any future tax benefit. The substantial majority of these net deferred tax assets were offset by a related valuation allowance established in prior periods. Therefore, the Company eliminated its remaining NYS net deferred tax asset balances and the related valuation allowance on January 1, 2020. The effect of these eliminations required an adjustment to other comprehensive income balances and had no effect on 2020 reported earnings. For the three months ended March 31, 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 - 1,572 5 1,577 Amounts reclassified from AOCI 65 (62 ) - 3 Ending balance $ (3,087 ) $ (1,322 ) $ (53 ) $ (4,462 ) The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified from AOCI (1) (Unaudited) (In thousands) For the three months ended Details about AOCI (1) March 31, 2020 March 31, 2019 Affected Line Item in the Statement of Income Retirement plan items Retirement plan net losses recognized in plan expenses (2) $ (58 ) $ (84 ) Salaries and employee benefits Tax effect 12 19 Provision for income taxes $ (46 ) $ (65 ) Net Income Available-for-sale securities Realized gain (loss) on sale of securities $ 26 $ 79 Net gains (losses) on sales and redemptions of investment securities Tax effect (5 ) (17 ) Provision for income taxes $ 21 $ 62 Net Income (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 | 3 Months Ended |
Mar. 31, 2020 | |
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 ended March 31, (In thousands) 2020 2019 Service fees Insufficient funds fees $ 275 $ 208 Deposit related fees 55 52 ATM fees 26 22 Total service fees 356 282 Fee Income Insurance commissions 335 235 Investment services revenue 68 48 ATM fees surcharge 54 46 Banking house rents collected 71 34 Total fee income 528 363 Card income Debit card interchange fees 163 144 Merchant card fees 16 16 Total card income 179 160 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 49 27 Net gains (losses) on sales of loans and foreclosed real estate 672 (8 ) Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 721 19 Total 1,784 824 Earnings and gain on bank owned life insurance 116 121 Net gains on sales and redemptions of investment securities 26 79 (Losses)/gains on marketable equity securities (194 ) 41 Other miscellaneous income 16 28 Total noninterest income $ 1,748 $ 1,093 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 | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 14: Leases The Company has operating 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 30 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 components of the lease expense are as follows: For the three months ended March 31, (In thousands) 2020 2019 Operating lease cost $ 61 $ 59 Finance lease cost 20 - Supplemental cash flow information related to leases was as follows: For the three months ended March 31, (In thousands) 2020 2019 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 $ 48 Operating cash flows from finance leases 20 - Financing cash flows from finance leases 18 - Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) March 31, 2020 December 31, 2019 Operating Leases: Operating lease right-of-use assets $ 2,349 $ 2,386 Operating lease liabilities $ 2,618 $ 2,650 Finance Leases: Financial Liability $ 581 $ 578 Weighted Average Remaining Lease Term: Operating Leases 19.45 years 19.58 years Finance Leases 29.17 years 29.42 years Weighted Average Discount Rate: Operating Leases 3.72 % 3.71 % Finance Leases 13.75 % 13.75 % Maturities of lease liabilities were as follows: Twelve Months Ending March 31, (In thousands) 2021 $ 114 2022 97 2023 102 2024 111 2025 120 Thereafter 2,655 Total minimum lease payments $ 3,199 The Company owns certain properties that it leases to unaffiliated third parties at market rates. Lease rental income was $71,000 and |
COVID-19
COVID-19 | 3 Months Ended |
Mar. 31, 2020 | |
Extraordinary And Unusual Items [Abstract] | |
COVID-19 | Note 15: COVID-19 In early January 2020, the World Health Organization issued an alert that a novel coronavirus outbreak was emanating from the Wuhan Province in China. Over the course of the next several weeks, the outbreak continued to spread to various regions of the world prompting the World Health Organization to declare COVID-19 a global pandemic on March 11, 2020. In the United States, the rapid spread of the COVID-19 virus invoked various Federal and New York State authorities to make emergency declarations and issue executive orders to limit the spread of the disease. Measures included restrictions on international and domestic travel, limitations on public gatherings, implementation of social distancing protocols, school closings, orders to shelter in place and mandates to close all non-essential businesses to the public. As a result, the spread of the coronavirus has caused us to modify our business practices, including employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences. The Company has many employees working remotely and has significantly reduced physical customer contact with employees and other customers by limiting branch activities to drive-thru transactions wherever possible, teleconferencing and in-branch “appointments only” services. Transactional volume has also increased through the Bank’s telephone and internet banking channels. We will take further actions as may be required by government authorities or that we determine to be in the best interests of our employees, customers and business partners. Concerns about the spread of the disease and its anticipated negative impact on economic activity, severely disrupted both domestic and international financial markets prompting the world’s central banks to inject significant amounts of monetary stimulus into their respective economies. In the United States, the Federal Reserve System’s Federal Open Market Committee, swiftly cut the target Federal Funds rate to a range of 0% to 0.25%, including a 50 basis point reduction in the target federal funds rate on March 3, 2020 and an additional 100 basis point reduction on March 15, 2020. In addition, the Federal Reserve initiated various market support programs to ease the stress on financial markets. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on March 27, 2020, provides financial assistance in various forms to both businesses and consumers. In addition, the CARES Act also created many directives affecting the operations of financial services providers, such as the Company, including a forbearance program for federally-backed mortgage loans and protections for borrowers from negative credit reporting due to loan accommodations related to the national emergency. The banking regulatory agencies have likewise issued guidance encouraging financial institutions to work prudently with borrowers who are, or may be, unable to meet their contractual payment obligations because of the effects of COVID-19. The Company has begun working with its business and individual customers affected by COVID-19 and expects a significant amount of modifications across many of its loan portfolios in the near term. Borrowers that were delinquent in their payments to the Bank, prior to requesting a COVID-19 related financial hardship payment deferral were reviewed on a case by case basis for troubled debt restructure classification and non-performing loan status. In the instances where the Company granted a payment deferral to a delinquent borrower, the borrower’s delinquency status was frozen as of February 29, 2020, and their loans will continue to be reported as delinquent during the deferment period based on their delinquency status as of that date. The Company anticipates that the number and amount of COVID-19 financial hardship payment deferral requests will increase significantly during the second quarter of 2020. Consistent with industry regulatory guidance, borrowers that were granted COVID-19 related deferrals but were otherwise current on loan payments will continue to have their loans reported as current loans during the agreed upon deferral period, accrue interest and not be accounted for as troubled debt restructurings. The future performance of the Company’s loan portfolios with respect to credit losses will be highly dependent upon the course and duration, both nationally and within the Company’s market area, of the public health and economic factors related to the pandemic, as well as the concentrations in the Company’s loan portfolio. Concentrations of loans within a portfolio that are made to a singular borrower, to a related groups of borrowers, or to a limited number of industries, are generally considered to be additional risk factors in estimating future credit losses. Therefore, the Company monitors all of its credit relationships to ensure that the total loan amounts extended to one borrower, or to a related group of borrowers, does not exceed the maximum permissible levels defined by applicable regulation or the Company’s generally more restrictive internal policy limits. Loans to a single borrower, or to a related group of borrowers, are referred to as total related credits. Total related credits encompass all related or affiliated borrower loan balances, including available unused lines of credit, for both personal and business loans. At March 31, 2020, the Company had 25 total related credit relationships, comprised of 179 individual loans, with outstanding balances in excess of $5.0 million. These total related credits ranged from $5.0 million to $12.8 million on that date with aggregate balances of $192.0 million. Of the $192.0 million in total related credits, $182.4 million was secured by various collateral assets, primarily commercial real estate, and $9.6 million was unsecured. In addition, the future credit-related performance of a loan portfolio generally depends upon the types of loans within the portfolio, concentrations by type of loan and the quality of the collateral securing the loans. The following table details the Company's loan portfolio by collateral type within major categories as of March 31, 2020: (Dollars in thousands) Balance Number of Loans Average Loan Balance Minimum/ Maximum Loan Balance Allowance for Loan Losses Percent of Total Loans Residential Mortgage Loans $ 214,637 2,096 $ 102 $ 1 - $ 1,576 $ 731 29 % Commercial Real Estate: Mixed Use $ 44,722 50 $ 894 $ 39 - $ 7,433 $ 724 6 % Multi-Family Residential 39,216 58 676 27 - 6,015 635 5 % Hotels and Motels 32,576 10 3,258 226 - 11,500 528 4 % Office 31,560 57 554 14 - 4,927 511 4 % Retail 23,661 54 438 2 - 5,248 383 3 % 1-4 Family Residential 18,604 147 127 10 - 1,250 301 2 % Automobile Dealership 16,054 10 1,605 174 - 6,099 260 2 % Recreation/Golf Course/Marina 10,857 15 723 35 - 3,150 176 1 % Warehouse 10,173 15 678 10 - 2,700 165 1 % Manufacturing/Industrial 6,458 14 461 5 - 1,450 105 1 % Restaurant 6,386 25 255 11 - 1,325 104 1 % Automobile Repair 4,853 10 485 61 - 2,342 79 1 % Not-For-Profit & Community Service Real Estate 3,398 3 1,133 110 - 1,698 55 1 % Land 3,204 6 534 28 - 2,000 52 1 % Skilled Nursing Facility 2,833 1 2,833 2,833 - 2,833 46 1 % All Other 7,374 37 199 1 - 746 119 1 % Total Commercial Real Estate Loans $ 261,929 512 $ 512 $ 4,243 35 % Commercial and Industrial: Secured Term Loans $ 64,025 366 $ 175 $ 0 - $ 6,335 $ 1,322 9 % Unsecured Term Loans 20,749 133 156 0 - 1,647 429 3 % Secured Lines of Credit 48,009 284 169 0 - 5,000 991 6 % Unsecured Lines of Credit 11,345 139 82 0 - 2,999 234 1 % Total Commercial and Industrial Loans $ 144,128 922 $ 156 $ 2,976 19 % Tax Exempt Loans $ 7,937 24 $ 331 $ 9 - $ 2,425 $ 1 1 % Consumer: Home Equity Lines of Credit $ 44,732 1,100 $ 41 $ 1 - $ 418 $ 536 6 % Automobile 33,832 2,076 16 1 - 375 405 4 % Consumer Secured 4,726 85 56 24 - 157 57 1 % Consumer Unsecured 35,827 7,095 5 1 - 120 429 4 % All Others 2,454 849 3 0 - 60 30 1 % Total Consumer Loans $ 121,571 11,205 $ 11 $ 1,457 16 % Net deferred loan fees 320 - - - - - Unallocated allowance for loan losses - - - - 198 - Total Loans $ 750,522 $ 14,759 $ 51 $ 9,606 100 % Including the potential effects of the COVID-19 outbreak on the Company’s loan portfolios, the ongoing and dynamic nature of the pandemic and the resultant, potentially severe and long-lasting, economic dislocations, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: • Demand for our products and services may decline, making it difficult to grow assets and income; • If the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; • Collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; • Our allowance for loan losses may have to be increased if borrowers experience financial difficulties beyond forbearance periods, which will adversely affect our net income; • The net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; • As the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; • A material decrease in net income or a net loss over several quarters could result in a decrease in the rate of our quarterly cash dividend; • Our cyber security risks are increased as the result of an increase in the number of employees working remotely; • We rely on third party vendors for certain services and the unavailability of a critical service due to the COVID-19 outbreak could have an adverse effect on us; and • Federal Deposit Insurance Corporation premiums may increase if the agency experiences additional resolution costs. Moreover, our future success and profitability substantially depends on the management skills of our executive officers and directors, many of whom have held officer and director positions with us for many years. The unanticipated loss or unavailability of key employees due to the outbreak could harm our ability to operate our business or execute our business strategy. We may not be successful in finding and integrating suitable successors in the event of key employee loss or unavailability. Any one or a combination of the factors identified above could negatively impact our business, financial condition and results of operations and prospects. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, (In thousands, except per share data) 2020 2019 Net income attributable to Pathfinder Bancorp, Inc. $ 1,690 $ 514 Convertible preferred stock dividends 69 - Warrant dividends 8 - Undistributed earnings allocated to participating securities 290 - Net income available to common shareholders $ 1,323 $ 514 Basic weighted average common shares outstanding 4,607 4,244 Effect of assumed exercise of stock options and unvested restricted stock units - 64 Diluted weighted average common shares outstanding 4,607 4,308 Basic earnings per common share $ 0.29 $ 0.12 Diluted earnings per common share $ 0.29 $ 0.12 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 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 $ 19,645 $ 25 $ (25 ) $ 19,645 State and political subdivisions 7,395 - (515 ) 6,880 Corporate 12,303 244 (337 ) 12,210 Asset backed securities 14,227 - (1,811 ) 12,416 Residential mortgage-backed - US agency 20,112 173 (139 ) 20,146 Collateralized mortgage obligations - US agency 35,843 62 (805 ) 35,100 Collateralized mortgage obligations - Private label 15,680 7 (832 ) 14,855 Total 125,205 511 (4,464 ) 121,252 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 125,411 $ 511 $ (4,464 ) $ 121,458 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 1,999 $ 13 $ - $ 2,012 State and political subdivisions 8,484 75 (81 ) 8,478 Corporate 24,780 210 (1,012 ) 23,978 Asset backed securities 26,016 - (1,992 ) 24,024 Residential mortgage-backed - US agency 13,157 320 (66 ) 13,411 Collateralized mortgage obligations - US agency 22,950 378 (177 ) 23,151 Collateralized mortgage obligations - Private label 23,163 - (1,129 ) 22,034 Total held-to-maturity $ 120,549 $ 996 $ (4,457 ) $ 117,088 December 31, 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 $ 16,850 $ - $ (30 ) $ 16,820 State and political subdivisions 1,735 1 - 1,736 Corporate 12,347 230 (23 ) 12,554 Asset backed securities 13,190 61 (19 ) 13,232 Residential mortgage-backed - US agency 19,012 56 (88 ) 18,980 Collateralized mortgage obligations - US agency 31,320 35 (570 ) 30,785 Collateralized mortgage obligations - Private label 16,767 97 (43 ) 16,821 Total 111,221 480 (773 ) 110,928 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 111,427 $ 480 $ (773 ) $ 111,134 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 1,998 $ 2 $ - $ 2,000 State and political subdivisions 8,534 124 (4 ) 8,654 Corporate 25,779 584 (29 ) 26,334 Asset backed securities 23,099 101 (115 ) 23,085 Residential mortgage-backed - US agency 13,715 247 (3 ) 13,959 Collateralized mortgage obligations - US agency 19,607 300 (29 ) 19,878 Collateralized mortgage obligations - Private label 30,256 35 (53 ) 30,238 Total held-to-maturity $ 122,988 $ 1,393 $ (233 ) $ 124,148 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at March 31, 2020 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 $ 13,259 $ 13,276 $ 2,812 $ 2,818 Due after one year through five years 12,485 12,359 20,137 19,536 Due after five years through ten years 13,858 13,201 20,762 20,032 Due after ten years 13,968 12,315 17,568 16,106 Sub-total 53,570 51,151 61,279 58,492 Residential mortgage-backed - US agency 20,112 20,146 13,157 13,411 Collateralized mortgage obligations - US agency 35,843 35,100 22,950 23,151 Collateralized mortgage obligations - Private label 15,680 14,855 23,163 22,034 Totals $ 125,205 $ 121,252 $ 120,549 $ 117,088 |
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: March 31, 2020 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 $ (25 ) $ 4,952 - $ - $ - 1 $ (25 ) $ 4,952 State and political subdivisions 5 (515 ) 5,390 - - - 5 (515 ) 5,390 Corporate 8 (337 ) 5,143 - - - 8 (337 ) 5,143 Asset backed securities 11 (1,797 ) 12,027 1 (14 ) 367 12 (1,811 ) 12,394 Residential mortgage-backed - US agency 7 (133 ) 7,989 1 (6 ) 1,483 8 (139 ) 9,472 Collateralized mortgage obligations - US agency 11 (212 ) 18,524 8 (593 ) 7,132 19 (805 ) 25,656 Collateralized mortgage obligations - Private label 9 (477 ) 9,434 4 (355 ) 4,339 13 (832 ) 13,773 Totals 52 $ (3,496 ) $ 63,459 14 $ (968 ) $ 13,321 66 $ (4,464 ) $ 76,780 Held-to-Maturity Portfolio State and political subdivisions 2 $ (81 ) $ 3,046 - $ - $ - 2 $ (81 ) $ 3,046 Corporate 12 (1,012 ) 12,236 - - - 12 (1,012 ) 12,236 Asset backed securities 12 (1,992 ) 22,048 - - - 12 (1,992 ) 22,048 Residential mortgage-backed - US agency 3 (66 ) 4,021 - - - 3 (66 ) 4,021 Collateralized mortgage obligations - US agency 3 (177 ) 5,623 - - - 3 (177 ) 5,623 Collateralized mortgage obligations - Private label 11 (1,089 ) 14,214 2 (40 ) 811 13 (1,129 ) 15,025 Totals 43 $ (4,417 ) $ 61,188 2 $ (40 ) $ 811 45 $ (4,457 ) $ 61,999 December 31, 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 4 $ (30 ) $ 16,820 - $ - $ - 4 $ (30 ) $ 16,820 Corporate 1 (23 ) 786 - - - 1 (23 ) 786 Asset backed securities 3 (7 ) 5,211 1 (12 ) 594 4 (19 ) 5,805 Residential mortgage-backed - US agency 10 (77 ) 10,709 4 (11 ) 2,543 14 (88 ) 13,252 Collateralized mortgage obligations - US agency 10 (67 ) 15,791 10 (503 ) 10,034 20 (570 ) 25,825 Collateralized mortgage obligations - Private label 2 (7 ) 3,818 5 (36 ) 3,959 7 (43 ) 7,777 Totals 30 $ (211 ) $ 53,135 20 $ (562 ) $ 17,130 50 $ (773 ) $ 70,265 Held-to-Maturity Portfolio State and political subdivisions 1 $ (4 ) $ 3,027 - $ - $ - 1 $ (4 ) $ 3,027 Corporate 2 (29 ) 2,974 - - - 2 (29 ) 2,974 Asset backed securities 6 (115 ) 11,091 - - - 6 (115 ) 11,091 Residential mortgage-backed - US agency - - - 1 (3 ) 198 1 (3 ) 198 Collateralized mortgage obligations - US agency 2 (29 ) 4,907 - - - 2 (29 ) 4,907 Collateralized mortgage obligations - Private label 6 (49 ) 9,396 2 (4 ) 1,132 8 (53 ) 10,528 Totals 17 $ (226 ) $ 31,395 3 $ (7 ) $ 1,330 20 $ (233 ) $ 32,725 |
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 ended March 31, (In thousands) 2020 2019 Realized gains on investments $ 33 $ 222 Realized losses on investments (7 ) (143 ) $ 26 $ 79 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 For the three months ended March 31, (In thousands) 2020 2019 2020 2019 Service cost $ - $ - $ - $ - Interest cost 116 124 4 5 Expected return on plan assets (273 ) (234 ) - - Amortization of prior service credits - - (1 ) (1 ) Amortization of net losses 57 82 2 3 Net periodic benefit plan (benefit) cost $ (100 ) $ (28 ) $ 5 $ 7 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Major Classification of Loans | Major classifications of loans at the indicated dates are as follows: March 31, December 31, (In thousands) 2020 2019 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 212,149 $ 209,559 Construction 2,338 3,963 Loans held-for-sale (1) 150 35,790 Total residential mortgage loans 214,637 249,312 Commercial loans: Real estate 261,929 254,257 Lines of credit 59,354 58,617 Other commercial and industrial 84,774 82,092 Tax exempt loans 7,937 8,067 Total commercial loans 413,994 403,033 Consumer loans: Home equity and junior liens 44,732 46,389 Other consumer 76,839 82,607 Total consumer loans 121,571 128,996 Total loans 750,202 781,341 Net deferred loan fees 320 110 Less allowance for loan losses (9,606 ) (8,669 ) Loans receivable, net $ 740,916 $ 772,782 (1) Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76. These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost. During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial. At December 31, 2019 the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000. These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost. |
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 March 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 208,451 $ 1,037 $ 1,473 $ 1,188 $ 212,149 Construction 2,338 - - - 2,338 Loans held-for-sale 150 - - - 150 Total residential mortgage loans 210,939 1,037 1,473 1,188 214,637 Commercial loans: Real estate 245,927 12,523 2,771 708 261,929 Lines of credit 51,845 7,207 302 - 59,354 Other commercial and industrial 75,475 8,367 891 41 84,774 Tax exempt loans 7,937 - - - 7,937 Total commercial loans 381,184 28,097 3,964 749 413,994 Consumer loans: Home equity and junior liens 43,844 159 454 275 44,732 Other consumer 76,489 174 176 - 76,839 Total consumer loans 120,333 333 630 275 121,571 Total loans $ 712,456 $ 29,467 $ 6,067 $ 2,212 $ 750,202 As of December 31, 2019 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 205,554 $ 1,093 $ 1,731 $ 1,181 $ 209,559 Construction 3,963 - - - 3,963 Loans held-for-sale 35,790 - - - 35,790 Total residential mortgage loans 245,307 1,093 1,731 1,181 249,312 Commercial loans: Real estate 238,288 12,473 3,194 302 254,257 Lines of credit 50,396 7,945 276 - 58,617 Other commercial and industrial 72,653 8,473 923 43 82,092 Tax exempt loans 8,067 - - - 8,067 Total commercial loans 369,404 28,891 4,393 345 403,033 Consumer loans: Home equity and junior liens 45,414 191 477 307 46,389 Other consumer 82,252 167 188 - 82,607 Total consumer loans 127,666 358 665 307 128,996 Total loans $ 742,377 $ 30,342 $ 6,789 $ 1,833 $ 781,341 |
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 March 31, 2020 and December 31, 2019, are detailed in the following tables: As of March 31, 2020 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 $ 1,569 $ 600 $ 1,040 $ 3,209 $ 208,940 $ 212,149 Construction - - - - 2,338 2,338 Loans held-for-sale - - - - 150 150 Total residential mortgage loans 1,569 600 1,040 3,209 211,428 214,637 Commercial loans: Real estate 5,829 - 2,268 8,097 253,832 261,929 Lines of credit 2,838 1,967 111 4,916 54,438 59,354 Other commercial and industrial 1,388 3,738 232 5,358 79,416 84,774 Tax exempt loans - - - - 7,937 7,937 Total commercial loans 10,055 5,705 2,611 18,371 395,623 413,994 Consumer loans: Home equity and junior liens 147 72 429 648 44,084 44,732 Other consumer 243 164 228 635 76,204 76,839 Total consumer loans 390 236 657 1,283 120,288 121,571 Total loans $ 12,014 $ 6,541 $ 4,308 $ 22,863 $ 727,339 $ 750,202 As of December 31, 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 $ 947 $ 744 $ 1,613 $ 3,304 $ 206,255 $ 209,559 Construction - - - - 3,963 3,963 Loans held-for-sale - - - - 35,790 35,790 Total residential mortgage loans 947 744 1,613 3,304 246,008 249,312 Commercial loans: Real estate 953 100 2,271 3,324 250,933 254,257 Lines of credit 4,464 25 68 4,557 54,060 58,617 Other commercial and industrial 2,747 315 591 3,653 78,439 82,092 Tax exempt loans - - - - 8,067 8,067 Total commercial loans 8,164 440 2,930 11,534 391,499 403,033 Consumer loans: Home equity and junior liens 315 130 480 925 45,464 46,389 Other consumer 335 50 151 536 82,071 82,607 Total consumer loans 650 180 631 1,461 127,535 128,996 Total loans $ 9,761 $ 1,364 $ 5,174 $ 16,299 $ 765,042 $ 781,341 |
Nonaccrual Loans Segregated by Class of Loan | Nonaccrual loans, segregated by class of loan, were as follows: March 31, December 31, (In thousands) 2020 2019 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,040 $ 1,613 1,040 1,613 Commercial loans: Real estate 2,336 2,343 Lines of credit 111 68 Other commercial and industrial 522 591 2,969 3,002 Consumer loans: Home equity and junior liens 429 480 Other consumer 228 151 657 631 Total nonaccrual loans $ 4,666 $ 5,246 |
Summary of Impaired Loan Information by Portfolio Class | The following tables summarize impaired loan information by portfolio class at the indicated dates: March 31, 2020 December 31, 2019 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 $ 1,023 $ 1,023 $ - $ 1,027 $ 1,027 $ - Commercial real estate 3,979 4,052 - 3,996 4,067 - Commercial lines of credit 83 83 - 86 86 - Other commercial and industrial 336 355 - 69 77 - Home equity and junior liens 77 77 - 40 40 - Other consumer 55 55 - 55 55 - With an allowance recorded: 1-4 family first-lien residential mortgages 581 581 95 584 584 97 Commercial real estate 448 448 76 450 450 78 Commercial lines of credit 98 98 98 98 98 98 Other commercial and industrial 545 545 379 866 866 406 Home equity and junior liens 142 142 128 180 180 150 Other consumer 35 35 1 36 36 1 Total: 1-4 family first-lien residential mortgages 1,604 1,604 95 1,611 1,611 97 Commercial real estate 4,427 4,500 76 4,446 4,517 78 Commercial lines of credit 181 181 98 184 184 98 Other commercial and industrial 881 900 379 935 943 406 Home equity and junior liens 219 219 128 220 220 150 Other consumer 90 90 1 91 91 1 Totals $ 7,402 $ 7,494 $ 777 $ 7,487 $ 7,566 $ 830 |
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 March 31, (In thousands) 2020 2019 1-4 family first-lien residential mortgages $ 1,608 $ 1,625 Commercial real estate 4,437 2,868 Commercial lines of credit 183 287 Other commercial and industrial 908 938 Home equity and junior liens 220 207 Other consumer 91 51 Total $ 7,447 $ 5,976 |
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 March 31, (In thousands) 2020 2019 1-4 family first-lien residential mortgages $ 12 $ 12 Commercial real estate 31 28 Commercial lines of credit 2 4 Other commercial and industrial 16 14 Home equity and junior liens 3 3 Other consumer 1 - Total $ 65 $ 61 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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. March 31, 2020 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 $ 580 $ - $ 4,010 $ 1,195 $ 1,645 Charge-offs (26 ) - - - - Recoveries 1 - - 2 - Provisions 176 - 233 21 113 Ending balance $ 731 $ - $ 4,243 $ 1,218 $ 1,758 Ending balance: related to loans individually evaluated for impairment $ 95 $ - $ 76 $ 98 $ 379 Ending balance: related to loans collectively evaluated for impairment $ 636 $ - $ 4,167 $ 1,120 $ 1,379 Loans receivables: Ending balance $ 212,149 $ 2,338 $ 261,929 $ 59,354 $ 84,774 Ending balance: individually evaluated for impairment $ 1,604 $ - $ 4,427 $ 181 $ 881 Ending balance: collectively evaluated for impairment $ 210,545 $ 2,338 $ 257,502 $ 59,173 $ 83,893 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 553 $ 413 $ 272 $ 8,669 Charge-offs - (28 ) (133 ) - (187 ) Recoveries - 29 25 - 57 Provisions (credits) - 57 541 (74 ) 1,067 Ending balance $ 1 $ 611 $ 846 $ 198 $ 9,606 Ending balance: related to loans individually evaluated for impairment $ - $ 128 $ 1 $ - $ 777 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 483 $ 845 $ 198 $ 8,829 Loans receivables: Ending balance $ 7,937 $ 44,732 $ 76,839 $ 150 $ 750,202 Ending balance: individually evaluated for impairment $ - $ 219 $ 90 $ - $ 7,402 Ending balance: collectively evaluated for impairment $ 7,937 $ 44,513 $ 76,749 $ 150 $ 742,800 March 31, 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 - - - (107 ) (1 ) Recoveries - - - - - Provisions (credits) (44 ) - (208 ) 179 276 Ending balance $ 722 $ - $ 3,370 $ 802 $ 1,560 Ending balance: related to loans individually evaluated for impairment $ 104 $ - $ 98 $ 92 $ 464 Ending balance: related to loans collectively evaluated for impairment $ 618 $ - $ 3,272 $ 710 $ 1,096 Loans receivables: Ending balance $ 237,917 $ 3,855 $ 208,388 $ 55,238 $ 67,542 Ending balance: individually evaluated for impairment $ 1,422 $ - $ 2,863 $ 318 $ 1,052 Ending balance: collectively evaluated for impairment $ 236,495 $ 3,855 $ 205,525 $ 54,920 $ 66,490 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 - - (67 ) - (175 ) Recoveries - - 9 - 9 Provisions (credits) - 21 72 (152 ) 144 Ending balance $ 1 $ 430 $ 399 $ - $ 7,284 Ending balance: related to loans individually evaluated for impairment $ - $ 139 $ 9 $ - $ 906 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 291 $ 390 $ - $ 6,378 Loans receivables: Ending balance $ 9,256 $ 26,212 $ 49,272 $ 657,680 Ending balance: individually evaluated for impairment $ - $ 207 $ 101 $ 5,963 Ending balance: collectively evaluated for impairment $ 9,256 $ 26,005 $ 49,171 $ 651,717 |
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: March 31, 2020 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 $ 95 $ - $ 76 $ 98 $ 379 Historical loss rate 66 - 101 100 57 Qualitative factors 570 - 4,066 1,020 1,322 Total $ 731 $ - $ 4,243 $ 1,218 $ 1,758 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 128 $ 1 $ - $ 777 Historical loss rate - 146 584 - 1,054 Qualitative factors 1 337 261 - 7,577 Other - - - 198 198 Total $ 1 $ 611 $ 846 $ 198 $ 9,606 March 31, 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 $ - $ 98 $ 92 $ 464 Historical loss rate 65 - 151 18 26 Qualitative factors 553 - 3,121 692 1,070 Total $ 722 $ - $ 3,370 $ 802 $ 1,560 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 139 $ 9 $ - $ 906 Historical loss rate - 13 149 - 422 Qualitative factors 1 278 241 - 5,956 Total $ 1 $ 430 $ 399 $ - $ 7,284 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 Number of properties December 31, 2019 Foreclosed residential real estate 2 $ 58 - $ - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: March 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 19,645 $ - $ 19,645 State and political subdivisions - 6,880 - 6,880 Corporate - 7,271 - 7,271 Asset backed securities - 12,416 - 12,416 Residential mortgage-backed - US agency - 20,146 - 20,146 Collateralized mortgage obligations - US agency - 35,100 - 35,100 Collateralized mortgage obligations - Private label - 14,855 - 14,855 Total 116,313 116,313 Corporate measured at NAV - - - 4,939 Total available-for-sale securities $ - $ 116,313 $ - $ 121,252 Marketable equity securities $ - $ 340 $ - $ 340 Interest rate swap derivative fair value hedge $ - $ (194 ) $ - $ (194 ) Interest rate swap derivative cash flow hedges $ - $ (1,344 ) $ - $ (1,344 ) December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 16,820 $ - $ 16,820 State and political subdivisions - 1,736 - 1,736 Corporate - 7,631 - 7,631 Asset backed securities - 13,232 - 13,232 Residential mortgage-backed - US agency - 18,980 - 18,980 Collateralized mortgage obligations - US agency - 30,785 - 30,785 Collateralized mortgage obligations - Private label - 16,821 - 16,821 Total - 106,005 - 106,005 Corporate measured at NAV - - - 4,923 Total available-for-sale securities $ - $ 106,005 $ - $ 110,928 Marketable equity securities $ - $ 534 $ - $ 534 Interest rate swap derivative fair value hedge $ - $ (92 ) $ - $ (92 ) |
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 March 31, 2020 and December 31, 2019: March 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ - $ - Foreclosed real estate $ - $ - $ 58 $ 58 December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 3,105 $ 3,105 Foreclosed real estate $ - $ - $ - $ - |
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 March 31, 2020 Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 9% (8%) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2019 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 20% (9%) (Sales Approach) Costs to Sell 7% - 13% (11%) Discounted Cash Flow |
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: March 31, 2020 December 31, 2019 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 57,579 $ 57,579 $ 20,160 $ 20,160 Investment securities - available-for-sale 2 116,313 116,313 106,005 106,005 Investment securities - available-for-sale NAV 4,939 4,939 4,923 4,923 Investment securities - marketable equity 2 340 340 534 534 Investment securities - held-to-maturity 2 120,549 117,088 122,988 124,148 Federal Home Loan Bank stock 2 4,758 4,758 4,834 4,834 Net loans 3 740,916 748,532 772,782 767,654 Accrued interest receivable 1 3,700 3,700 3,712 3,712 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 495,806 $ 495,806 $ 460,293 $ 460,293 Time Deposits 2 404,054 406,487 421,600 422,409 Borrowings 2 91,437 93,956 93,125 93,643 Subordinated loans 2 15,136 13,874 15,128 14,921 Accrued interest payable 1 407 407 396 396 Interest rate swap derivative fair value hedge 2 194 194 92 92 Interest rate swap derivative cash flow hedges 2 1,344 1,344 - - |
Interest Rate Derivative (Table
Interest Rate Derivative (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cumulative Basis Adjustments for Fair Value Hedges | As of March 31, 2020 and December 31, 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 March 31, 2020 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at March 31, 2020 Carrying Amount of the Hedged Assets at December 31, 2019 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at December 31, 2019 Line item on the balance sheet in which the hedged item is included: Loans receivable (1) $ 18,021 $ 164 $ 19,254 $ 75 (1) These amounts include the amortized cost basis of the hedged 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 contract term. At March 31, 2020 and December 31, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $18.0 million and $19.3 million, the cumulative basis adjustment associated with the hedging relationship was $164,000 and $75,000, and the amount of the designated hedged item was $9.2 million |
Schedule of Cash Flow Hedges | (In thousands) March 31, 2020 December 31, 2019 Cash flow hedges: Total unamortized premium $ 228 $ - Fair market value adjustment interest rate cap (192 ) Total unamortized cap 36 - Fair market value adjustment interest rate swap (1,152 ) - Total loss in comprehensive income $ (1,344 ) $ - |
Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) | For the three months ended March 31, (In thousands) 2020 2019 Balance as of December 31: $ - $ - Amount of losses recognized in other comprehensive income (1,344 ) - Balance as of March 31: $ (1,344 ) $ - |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,717 ) $ (216 ) $ - $ (38 ) $ (2,971 ) Reevaluation of deferred tax asset valuation allowance (1) (188 ) (15 ) - (3 ) (206 ) Other comprehensive income before reclassifications - (2,869 ) (1,062 ) 6 (3,925 ) Amounts reclassified from AOCI 46 (21 ) - - 25 Ending balance $ (2,859 ) $ (3,121 ) $ (1,062 ) $ (35 ) $ (7,077 ) (1) Management determined that the Company, under the current New York State (“NYS”) tax code, was highly unlikely to incur a material NYS tax liability in the foreseeable future. As a result, certain net current and deferred tax assets, related to GAAP vs. tax timing differences under previous NYS tax law were no longer going to provide any future tax benefit. The substantial majority of these net deferred tax assets were offset by a related valuation allowance established in prior periods. Therefore, the Company eliminated its remaining NYS net deferred tax asset balances and the related valuation allowance on January 1, 2020. The effect of these eliminations required an adjustment to other comprehensive income balances and had no effect on 2020 reported earnings. For the three months ended March 31, 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 - 1,572 5 1,577 Amounts reclassified from AOCI 65 (62 ) - 3 Ending balance $ (3,087 ) $ (1,322 ) $ (53 ) $ (4,462 ) |
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 from AOCI (1) (Unaudited) (In thousands) For the three months ended Details about AOCI (1) March 31, 2020 March 31, 2019 Affected Line Item in the Statement of Income Retirement plan items Retirement plan net losses recognized in plan expenses (2) $ (58 ) $ (84 ) Salaries and employee benefits Tax effect 12 19 Provision for income taxes $ (46 ) $ (65 ) Net Income Available-for-sale securities Realized gain (loss) on sale of securities $ 26 $ 79 Net gains (losses) on sales and redemptions of investment securities Tax effect (5 ) (17 ) Provision for income taxes $ 21 $ 62 Net Income (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) | 3 Months Ended |
Mar. 31, 2020 | |
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 ended March 31, (In thousands) 2020 2019 Service fees Insufficient funds fees $ 275 $ 208 Deposit related fees 55 52 ATM fees 26 22 Total service fees 356 282 Fee Income Insurance commissions 335 235 Investment services revenue 68 48 ATM fees surcharge 54 46 Banking house rents collected 71 34 Total fee income 528 363 Card income Debit card interchange fees 163 144 Merchant card fees 16 16 Total card income 179 160 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 49 27 Net gains (losses) on sales of loans and foreclosed real estate 672 (8 ) Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 721 19 Total 1,784 824 Earnings and gain on bank owned life insurance 116 121 Net gains on sales and redemptions of investment securities 26 79 (Losses)/gains on marketable equity securities (194 ) 41 Other miscellaneous income 16 28 Total noninterest income $ 1,748 $ 1,093 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The components of the lease expense are as follows: For the three months ended March 31, (In thousands) 2020 2019 Operating lease cost $ 61 $ 59 Finance lease cost 20 - |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: For the three months ended March 31, (In thousands) 2020 2019 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 $ 48 Operating cash flows from finance leases 20 - Financing cash flows from finance leases 18 - |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) March 31, 2020 December 31, 2019 Operating Leases: Operating lease right-of-use assets $ 2,349 $ 2,386 Operating lease liabilities $ 2,618 $ 2,650 Finance Leases: Financial Liability $ 581 $ 578 Weighted Average Remaining Lease Term: Operating Leases 19.45 years 19.58 years Finance Leases 29.17 years 29.42 years Weighted Average Discount Rate: Operating Leases 3.72 % 3.71 % Finance Leases 13.75 % 13.75 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Twelve Months Ending March 31, (In thousands) 2021 $ 114 2022 97 2023 102 2024 111 2025 120 Thereafter 2,655 Total minimum lease payments $ 3,199 |
COVID-19 (Tables)
COVID-19 (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Loan Portfolio by Collateral Type Within Major Categories | The following table details the Company's loan portfolio by collateral type within major categories as of March 31, 2020: (Dollars in thousands) Balance Number of Loans Average Loan Balance Minimum/ Maximum Loan Balance Allowance for Loan Losses Percent of Total Loans Residential Mortgage Loans $ 214,637 2,096 $ 102 $ 1 - $ 1,576 $ 731 29 % Commercial Real Estate: Mixed Use $ 44,722 50 $ 894 $ 39 - $ 7,433 $ 724 6 % Multi-Family Residential 39,216 58 676 27 - 6,015 635 5 % Hotels and Motels 32,576 10 3,258 226 - 11,500 528 4 % Office 31,560 57 554 14 - 4,927 511 4 % Retail 23,661 54 438 2 - 5,248 383 3 % 1-4 Family Residential 18,604 147 127 10 - 1,250 301 2 % Automobile Dealership 16,054 10 1,605 174 - 6,099 260 2 % Recreation/Golf Course/Marina 10,857 15 723 35 - 3,150 176 1 % Warehouse 10,173 15 678 10 - 2,700 165 1 % Manufacturing/Industrial 6,458 14 461 5 - 1,450 105 1 % Restaurant 6,386 25 255 11 - 1,325 104 1 % Automobile Repair 4,853 10 485 61 - 2,342 79 1 % Not-For-Profit & Community Service Real Estate 3,398 3 1,133 110 - 1,698 55 1 % Land 3,204 6 534 28 - 2,000 52 1 % Skilled Nursing Facility 2,833 1 2,833 2,833 - 2,833 46 1 % All Other 7,374 37 199 1 - 746 119 1 % Total Commercial Real Estate Loans $ 261,929 512 $ 512 $ 4,243 35 % Commercial and Industrial: Secured Term Loans $ 64,025 366 $ 175 $ 0 - $ 6,335 $ 1,322 9 % Unsecured Term Loans 20,749 133 156 0 - 1,647 429 3 % Secured Lines of Credit 48,009 284 169 0 - 5,000 991 6 % Unsecured Lines of Credit 11,345 139 82 0 - 2,999 234 1 % Total Commercial and Industrial Loans $ 144,128 922 $ 156 $ 2,976 19 % Tax Exempt Loans $ 7,937 24 $ 331 $ 9 - $ 2,425 $ 1 1 % Consumer: Home Equity Lines of Credit $ 44,732 1,100 $ 41 $ 1 - $ 418 $ 536 6 % Automobile 33,832 2,076 16 1 - 375 405 4 % Consumer Secured 4,726 85 56 24 - 157 57 1 % Consumer Unsecured 35,827 7,095 5 1 - 120 429 4 % All Others 2,454 849 3 0 - 60 30 1 % Total Consumer Loans $ 121,571 11,205 $ 11 $ 1,457 16 % Net deferred loan fees 320 - - - - - Unallocated allowance for loan losses - - - - 198 - Total Loans $ 750,522 $ 14,759 $ 51 $ 9,606 100 % |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | Mar. 31, 2020 |
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 Share - Additional
Earnings per Share - Additional Information (Details) - USD ($) | May 08, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Stock Option [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive stock options (in shares) | 0 | 0 | ||
Securities Purchase Agreement [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Gross proceeds from private placement | $ 17,000,000 | |||
Securities Purchase Agreement [Member] | Private Placement [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Warrant to purchase common stock | 125,000 | |||
Fair value of warrants | $ 373,000 | |||
Exercise price of warrant | $ 14.25 | |||
Securities Purchase Agreement [Member] | Series B Preferred Stock [Member] | Private Placement [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Sale of stock | 1,155,283 | |||
Purchase price | $ 14.25 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||
Common Stock [Member] | Securities Purchase Agreement [Member] | Private Placement [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Sale of stock | 37,700 | |||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Purchase price | $ 14.25 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 1,690 | $ 514 |
Convertible preferred stock dividends | 69 | |
Warrant dividends | 8 | |
Undistributed earnings allocated to participating securities | 290 | |
Net income available to common shareholders | $ 1,323 | $ 514 |
Basic weighted average common shares outstanding (in shares) | 4,607 | 4,244 |
Effect of assumed exercise of stock options and unvested restricted stock units (in shares) | 64 | |
Diluted weighted average common shares outstanding (in shares) | 4,607 | 4,308 |
Earnings per common share - basic | $ 0.29 | $ 0.12 |
Earnings per common share - diluted | $ 0.29 | $ 0.12 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | $ 125,205 | $ 111,221 |
Gross Unrealized Gains, Debt investment securities | 511 | 480 |
Gross Unrealized Losses, Debt investment securities | (4,464) | (773) |
Available-for-sale Securities, Debt investment securities | 121,252 | 110,928 |
Amortized cost, equity securities | 206 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | 206 | 206 |
Total investment securities, amortized cost basis | 125,411 | 111,427 |
Gross Unrealized Gains | 511 | 480 |
Gross Unrealized Losses | (4,464) | (773) |
Estimated Fair Value | 121,458 | 111,134 |
Held-to-maturity securities, debt maturities, Amortized Cost | 120,549 | 122,988 |
Held to maturity, gross unrealized gains | 996 | 1,393 |
Held to maturity, gross unrealized losses | (4,457) | (233) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 117,088 | 124,148 |
US Treasury, Agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 19,645 | 16,850 |
Gross Unrealized Gains, Debt investment securities | 25 | 0 |
Gross Unrealized Losses, Debt investment securities | (25) | (30) |
Available-for-sale Securities, Debt investment securities | 19,645 | 16,820 |
Held-to-maturity securities, debt maturities, Amortized Cost | 1,999 | 1,998 |
Held to maturity, gross unrealized gains | 13 | 2 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 2,012 | 2,000 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 7,395 | 1,735 |
Gross Unrealized Gains, Debt investment securities | 0 | 1 |
Gross Unrealized Losses, Debt investment securities | (515) | 0 |
Available-for-sale Securities, Debt investment securities | 6,880 | 1,736 |
Held-to-maturity securities, debt maturities, Amortized Cost | 8,484 | 8,534 |
Held to maturity, gross unrealized gains | 75 | 124 |
Held to maturity, gross unrealized losses | (81) | (4) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 8,478 | 8,654 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 12,303 | 12,347 |
Gross Unrealized Gains, Debt investment securities | 244 | 230 |
Gross Unrealized Losses, Debt investment securities | (337) | (23) |
Available-for-sale Securities, Debt investment securities | 12,210 | 12,554 |
Held-to-maturity securities, debt maturities, Amortized Cost | 24,780 | 25,779 |
Held to maturity, gross unrealized gains | 210 | 584 |
Held to maturity, gross unrealized losses | (1,012) | (29) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 23,978 | 26,334 |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 14,227 | 13,190 |
Gross Unrealized Gains, Debt investment securities | 0 | 61 |
Gross Unrealized Losses, Debt investment securities | (1,811) | (19) |
Available-for-sale Securities, Debt investment securities | 12,416 | 13,232 |
Held-to-maturity securities, debt maturities, Amortized Cost | 26,016 | 23,099 |
Held to maturity, gross unrealized gains | 0 | 101 |
Held to maturity, gross unrealized losses | (1,992) | (115) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 24,024 | 23,085 |
Residential Mortgage-Backed - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 20,112 | 19,012 |
Gross Unrealized Gains, Debt investment securities | 173 | 56 |
Gross Unrealized Losses, Debt investment securities | (139) | (88) |
Available-for-sale Securities, Debt investment securities | 20,146 | 18,980 |
Held-to-maturity securities, debt maturities, Amortized Cost | 13,157 | 13,715 |
Held to maturity, gross unrealized gains | 320 | 247 |
Held to maturity, gross unrealized losses | (66) | (3) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 13,411 | 13,959 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 35,843 | 31,320 |
Gross Unrealized Gains, Debt investment securities | 62 | 35 |
Gross Unrealized Losses, Debt investment securities | (805) | (570) |
Available-for-sale Securities, Debt investment securities | 35,100 | 30,785 |
Held-to-maturity securities, debt maturities, Amortized Cost | 22,950 | 19,607 |
Held to maturity, gross unrealized gains | 378 | 300 |
Held to maturity, gross unrealized losses | (177) | (29) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 23,151 | 19,878 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 15,680 | 16,767 |
Gross Unrealized Gains, Debt investment securities | 7 | 97 |
Gross Unrealized Losses, Debt investment securities | (832) | (43) |
Available-for-sale Securities, Debt investment securities | 14,855 | 16,821 |
Held-to-maturity securities, debt maturities, Amortized Cost | 23,163 | 30,256 |
Held to maturity, gross unrealized gains | 0 | 35 |
Held to maturity, gross unrealized losses | (1,129) | (53) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 22,034 | 30,238 |
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 | 206 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | $ 206 | $ 206 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | $ 13,259 | |
Due after one year through five years | 12,485 | |
Due after five years through ten years | 13,858 | |
Due after ten years | 13,968 | |
Sub-total | 53,570 | |
Amortized cost | 125,205 | $ 111,221 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 13,276 | |
Due after one year through five years | 12,359 | |
Due after five years through ten years | 13,201 | |
Due after ten years | 12,315 | |
Sub-total | 51,151 | |
Available-for-sale securities, debt maturities, fair value, totals | 121,252 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | 2,812 | |
Due after one year through five years | 20,137 | |
Due after five years through ten years | 20,762 | |
Due after ten years | 17,568 | |
Sub-total | 61,279 | |
Held-to-maturity securities, debt maturities, Amortized Cost | 120,549 | 122,988 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 2,818 | |
Due after one year through five years | 19,536 | |
Due after five years through ten years | 20,032 | |
Due after ten years | 16,106 | |
Sub-total | 58,492 | |
Held-to-maturity securities at fair value | 117,088 | 124,148 |
Residential Mortgage-Backed - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 20,112 | 19,012 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 20,146 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 13,157 | 13,715 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 13,411 | 13,959 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 35,843 | 31,320 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 35,100 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 22,950 | 19,607 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 23,151 | 19,878 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 15,680 | 16,767 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 14,855 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 23,163 | 30,256 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | $ 22,034 | $ 30,238 |
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) $ in Thousands | Mar. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 43 | 17 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 3 |
Number of securities in unrealized loss positions | Security | 45 | 20 |
Less than twelve months Fair Value | $ 61,188 | $ 31,395 |
Twelve months or more Fair Value | 811 | 1,330 |
Total Fair Value | 61,999 | 32,725 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (4,417) | (226) |
Twelve months or more Unrealized Losses | (40) | (7) |
Total Unrealized Losses | $ (4,457) | $ (233) |
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 | 1 | 4 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 1 | 4 |
Less than twelve months Fair Value | $ 4,952 | $ 16,820 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 4,952 | 16,820 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (25) | (30) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (25) | $ (30) |
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 | 5 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | |
Number of securities in unrealized loss positions | Security | 5 | |
Less than twelve months Fair Value | $ 5,390 | |
Twelve months or more Fair Value | 0 | |
Total Fair Value | 5,390 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (515) | |
Twelve months or more Unrealized Losses | 0 | |
Total Unrealized Losses | $ (515) | |
Held-to-maturity 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 | 0 | 0 |
Number of securities in unrealized loss positions | Security | 2 | 1 |
Less than twelve months Fair Value | $ 3,046 | $ 3,027 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 3,046 | 3,027 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (81) | (4) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (81) | $ (4) |
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 | 8 | 1 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 8 | 1 |
Less than twelve months Fair Value | $ 5,143 | $ 786 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 5,143 | 786 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (337) | (23) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (337) | $ (23) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 12 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 12 | 2 |
Less than twelve months Fair Value | $ 12,236 | $ 2,974 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 12,236 | 2,974 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,012) | (29) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (1,012) | $ (29) |
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 | 11 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 1 |
Number of securities in unrealized loss positions | Security | 12 | 4 |
Less than twelve months Fair Value | $ 12,027 | $ 5,211 |
Twelve months or more Fair Value | 367 | 594 |
Total Fair Value | 12,394 | 5,805 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,797) | (7) |
Twelve months or more Unrealized Losses | (14) | (12) |
Total Unrealized Losses | $ (1,811) | $ (19) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 12 | 6 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 12 | 6 |
Less than twelve months Fair Value | $ 22,048 | $ 11,091 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 22,048 | 11,091 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,992) | (115) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (1,992) | $ (115) |
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 | 7 | 10 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 4 |
Number of securities in unrealized loss positions | Security | 8 | 14 |
Less than twelve months Fair Value | $ 7,989 | $ 10,709 |
Twelve months or more Fair Value | 1,483 | 2,543 |
Total Fair Value | 9,472 | 13,252 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (133) | (77) |
Twelve months or more Unrealized Losses | (6) | (11) |
Total Unrealized Losses | $ (139) | $ (88) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 3 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 1 |
Number of securities in unrealized loss positions | Security | 3 | 1 |
Less than twelve months Fair Value | $ 4,021 | $ 0 |
Twelve months or more Fair Value | 0 | 198 |
Total Fair Value | 4,021 | 198 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (66) | 0 |
Twelve months or more Unrealized Losses | 0 | (3) |
Total Unrealized Losses | $ (66) | $ (3) |
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 | 11 | 10 |
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 10 |
Number of securities in unrealized loss positions | Security | 19 | 20 |
Less than twelve months Fair Value | $ 18,524 | $ 15,791 |
Twelve months or more Fair Value | 7,132 | 10,034 |
Total Fair Value | 25,656 | 25,825 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (212) | (67) |
Twelve months or more Unrealized Losses | (593) | (503) |
Total Unrealized Losses | $ (805) | $ (570) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 3 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 3 | 2 |
Less than twelve months Fair Value | $ 5,623 | $ 4,907 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 5,623 | 4,907 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (177) | (29) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (177) | $ (29) |
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 | 9 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 4 | 5 |
Number of securities in unrealized loss positions | Security | 13 | 7 |
Less than twelve months Fair Value | $ 9,434 | $ 3,818 |
Twelve months or more Fair Value | 4,339 | 3,959 |
Total Fair Value | 13,773 | 7,777 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (477) | (7) |
Twelve months or more Unrealized Losses | (355) | (36) |
Total Unrealized Losses | $ (832) | $ (43) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 11 | 6 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 |
Number of securities in unrealized loss positions | Security | 13 | 8 |
Less than twelve months Fair Value | $ 14,214 | $ 9,396 |
Twelve months or more Fair Value | 811 | 1,132 |
Total Fair Value | 15,025 | 10,528 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,089) | (49) |
Twelve months or more Unrealized Losses | (40) | (4) |
Total Unrealized Losses | $ (1,129) | $ (53) |
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 | 52 | 30 |
Number of securities in unrealized loss positions, twelve months or more | Security | 14 | 20 |
Number of securities in unrealized loss positions | Security | 66 | 50 |
Less than twelve months Fair Value | $ 63,459 | $ 53,135 |
Twelve months or more Fair Value | 13,321 | 17,130 |
Total Fair Value | 76,780 | 70,265 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (3,496) | (211) |
Twelve months or more Unrealized Losses | (968) | (562) |
Total Unrealized Losses | $ (4,464) | $ (773) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security | |
Held-to-maturity Securities [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 3 |
Held to maturity sale securities aggregate market value | $ 811,000 | $ 1,330,000 |
Held-to-maturity securities unrealized aggregate loss | 40,000 | 7,000 |
Gain (Loss) on Sale of Investments [Abstract] | ||
Securities pledged to collateralize deposit | 113,500,000 | 92,400,000 |
Securities pledged to collateralize borrowing | $ 25,600,000 | $ 21,300,000 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Months of unrealized loss positions | 12 months | |
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 | 1 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 381,000 | |
Available for sale securities aggregate market value | 367,000 | |
Available for sale securities unrealized aggregate loss | $ 14,000 | |
Available for sale securities unrealized aggregate loss percentage | 3.80% | |
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 | 4 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,700,000 | |
Available for sale securities aggregate market value | 4,300,000 | |
Available for sale securities unrealized aggregate loss | $ 355,000 | |
Available for sale securities unrealized aggregate loss percentage | 8.20% | |
Held-to-maturity Securities [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 851,000 | |
Held to maturity sale securities aggregate market value | 811,000 | |
Held-to-maturity securities unrealized aggregate loss | $ 40,000 | |
Held-to-maturity securities unrealized aggregate loss percentage | 4.90% |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Gain Loss On Sale Of Investments [Abstract] | ||
Realized gains on investments | $ 33 | $ 222 |
Realized losses on investments | (7) | (143) |
Total | $ 26 | $ 79 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020 | |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Benefits [Member] | ||
Composition of Net Periodic Benefit Plan Cost [Abstract] | ||
Interest cost | $ 116 | $ 124 |
Expected return on plan assets | (273) | (234) |
Amortization of net losses | 57 | 82 |
Net periodic benefit plan (benefit) cost | (100) | (28) |
Postretirement Benefits [Member] | ||
Composition of Net Periodic Benefit Plan Cost [Abstract] | ||
Interest cost | 4 | 5 |
Amortization of prior service credits | (1) | (1) |
Amortization of net losses | 2 | 3 |
Net periodic benefit plan (benefit) cost | $ 5 | $ 7 |
Loans - Major Classification of
Loans - Major Classification of Loans (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | $ 750,202,000 | $ 781,341,000 | $ 657,680,000 | |
Net deferred loan fees | 320,000 | 110,000 | ||
Less allowance for loan losses | (9,606,000) | (8,669,000) | ||
Loans receivable, net | 740,916,000 | 772,782,000 | ||
Loans Held-For-Sale [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 151,000 | 35,800,000 | ||
Net deferred loan fees | 76 | 146,000 | ||
Residential Mortgage Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 214,637,000 | 249,312,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 212,149,000 | 209,559,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 2,338,000 | 3,963,000 | ||
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | [1] | 150,000 | 35,790,000 | |
Commercial Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 413,994,000 | 403,033,000 | ||
Commercial Loans [Member] | Real Estate [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 261,929,000 | 254,257,000 | 208,388,000 | |
Commercial Loans [Member] | Lines of Credit [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 59,354,000 | 58,617,000 | 55,238,000 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 84,774,000 | 82,092,000 | 67,542,000 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 7,937,000 | 8,067,000 | 9,256,000 | |
Consumer Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 121,571,000 | 128,996,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 44,732,000 | 46,389,000 | 26,212,000 | |
Consumer Loans [Member] | Other Consumer [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | $ 76,839,000 | $ 82,607,000 | $ 49,272,000 | |
[1] | Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76. These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost. During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial. At December 31, 2019 the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000. These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost. |
Loans - Major Classification _2
Loans - Major Classification of Loans (Parenthetical) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 750,202,000 | $ 781,341,000 | $ 657,680,000 |
Net deferred loan fees | 320,000 | 110,000 | |
Loans Held-For-Sale [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 151,000 | 35,800,000 | |
Net deferred loan fees | 76 | 146,000 | |
Loans and leases receivable amortized cost | $ 150,000 | $ 35,900,000 |
Loans - Additional Information
Loans - Additional Information (Details) | Nov. 30, 2019USD ($)Loan | Aug. 31, 2019USD ($)Loan | Jun. 30, 2019USD ($)Loan | Dec. 31, 2019USD ($)Loan | Mar. 31, 2020USD ($)LoanTransactionSegment | Mar. 31, 2019USD ($)Loan | May 15, 2020USD ($)Loan | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Number of diverse pools of loans acquired | Loan | 7 | ||||||||
Number of separate transactions | Transaction | 6 | ||||||||
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 | 1,657 | 1,573 | |||||||
Loans acquired carrying amount | $ 27,200,000 | $ 24,900,000 | |||||||
Number of acquired loan charged-off as uncollectible | Loan | 32 | ||||||||
Acquired loans cumulative net charge-offs | $ 204,000 | ||||||||
Acquired loans net charge-offs | 8,000 | $ 37,000 | |||||||
Unamortized premium included in the carrying value | 930,000 | $ 833,000 | |||||||
Number of portfolio segment | Segment | 3 | ||||||||
Number of loans | Loan | 0 | 0 | |||||||
Total loans | 781,341,000 | $ 750,202,000 | $ 657,680,000 | ||||||
Subsequent Event [Member] | COVID-19 [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Number of loans outstanding | Loan | 540 | ||||||||
Total loans | $ 142,900,000 | ||||||||
Troubled Debt Restructuring During Prior Twelve Months [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Number of loans subsequently defaulted | Loan | 0 | 0 | |||||||
Consumer Loans [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans acquired | $ 5,000,000 | $ 392,000 | |||||||
Participating interest of acquired loan percentage | 100.00% | ||||||||
Number of loans outstanding | Loan | 87 | 85 | |||||||
Loans acquired carrying amount | $ 5,000,000 | $ 4,700,000 | |||||||
Acquired loans net charge-offs | 0 | ||||||||
Unamortized premium included in the carrying value | 0 | ||||||||
Number of loans unsecured | Loan | 89 | ||||||||
Total loans | 128,996,000 | $ 121,571,000 | |||||||
Commercial and Industrial Loans [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans acquired | $ 5,000,000 | $ 1,800,000 | |||||||
Participating interest of acquired loan percentage | 100.00% | ||||||||
Number of loans outstanding | Loan | 43 | 43 | |||||||
Loans acquired carrying amount | $ 6,600,000 | $ 6,400,000 | |||||||
Acquired loans net charge-offs | 0 | ||||||||
Unamortized premium included in the carrying value | $ 0 | ||||||||
Number of loans unsecured | Loan | 43 | ||||||||
Home Equity Lines of Credit [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans acquired | $ 21,900,000 | ||||||||
Participating interest of acquired loan percentage | 100.00% | ||||||||
Number of loans outstanding | Loan | 376 | 355 | |||||||
Loans acquired carrying amount | $ 20,100,000 | $ 18,800,000 | |||||||
Acquired loans net charge-offs | 0 | ||||||||
Unamortized premium included in the carrying value | $ 390,000 | $ 368,000 | |||||||
Number of loans secured home equity lines of credit | Loan | 395 | ||||||||
Consumer Loans November 2019 [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans acquired | $ 26,600,000 | ||||||||
Participating interest of acquired loan percentage | 59.20% | ||||||||
Number of loans outstanding | Loan | 2,768 | 2,754 | |||||||
Loans acquired carrying amount | $ 25,800,000 | $ 23,700,000 | |||||||
Number of acquired loan charged-off as uncollectible | Loan | 1 | ||||||||
Acquired loans cumulative net charge-offs | $ 19,000 | ||||||||
Acquired loans net charge-offs | 19,000 | ||||||||
Unamortized premium included in the carrying value | 114,000 | $ 100,000 | |||||||
Number of loans unsecured | Loan | 2,787 | ||||||||
Consumer Loans December 2019 | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans acquired | $ 10,300,000 | ||||||||
Participating interest of acquired loan percentage | 100.00% | ||||||||
Number of loans outstanding | Loan | 4,259 | 3,936 | |||||||
Loans acquired carrying amount | $ 10,300,000 | $ 8,800,000 | |||||||
Acquired loans net charge-offs | 0 | ||||||||
Unamortized premium included in the carrying value | $ 245,000 | $ 213,000 | |||||||
Number of loans unsecured | Loan | 4,259 | ||||||||
Maturity period of acquired loans description | less than one year to seven years | ||||||||
First Lien Residential Mortgages [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Loans acquired | $ 2,100,000 | ||||||||
Participating interest of acquired loan percentage | 100.00% | ||||||||
Number of loans outstanding | Loan | 25 | 25 | |||||||
Loans acquired carrying amount | $ 2,100,000 | $ 2,000,000 | |||||||
Acquired loans net charge-offs | 0 | ||||||||
Unamortized premium included in the carrying value | $ 135,000 | 133,000 | |||||||
Number of loans secured home equity lines of credit | Loan | 25 | ||||||||
Residential Mortgage Loans [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Residential mortgage loans pledged to FHLBNY as blanket collateral | $ 136,900,000 | 110,300,000 | |||||||
Total loans | $ 249,312,000 | $ 214,637,000 | |||||||
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 | ||||||||
Minimum [Member] | Home Equity Lines of Credit [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 4 years | ||||||||
Minimum [Member] | Consumer Loans November 2019 [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 3 years | ||||||||
Minimum [Member] | Consumer Loans December 2019 | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 1 year | ||||||||
Minimum [Member] | First Lien Residential Mortgages [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 22 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 | ||||||||
Maximum [Member] | Home Equity Lines of Credit [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 30 years | ||||||||
Maximum [Member] | Consumer Loans November 2019 [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 5 years | ||||||||
Maximum [Member] | Consumer Loans December 2019 | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 7 years | ||||||||
Maximum [Member] | First Lien Residential Mortgages [Member] | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Maturity period of acquired loans | 24 years |
Loans - Summary of Classes of L
Loans - Summary of Classes of Loan Portfolio (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | $ 750,202,000 | $ 781,341,000 | $ 657,680,000 | |
Loans Held-For-Sale [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 151,000 | 35,800,000 | ||
Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 214,637,000 | 249,312,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 212,149,000 | 209,559,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 2,338,000 | 3,963,000 | ||
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | [1] | 150,000 | 35,790,000 | |
Commercial Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 413,994,000 | 403,033,000 | ||
Commercial Loans [Member] | Real Estate [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 261,929,000 | 254,257,000 | 208,388,000 | |
Commercial Loans [Member] | Lines of Credit [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 59,354,000 | 58,617,000 | 55,238,000 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 84,774,000 | 82,092,000 | 67,542,000 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 7,937,000 | 8,067,000 | 9,256,000 | |
Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 121,571,000 | 128,996,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 44,732,000 | 46,389,000 | 26,212,000 | |
Consumer Loans [Member] | Other Consumer [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 76,839,000 | 82,607,000 | $ 49,272,000 | |
Pass [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 712,456,000 | 742,377,000 | ||
Pass [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 210,939,000 | 245,307,000 | ||
Pass [Member] | Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 208,451,000 | 205,554,000 | ||
Pass [Member] | Residential Mortgage Loans [Member] | Construction [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 2,338,000 | 3,963,000 | ||
Pass [Member] | Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 150,000 | 35,790,000 | ||
Pass [Member] | Commercial Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 381,184,000 | 369,404,000 | ||
Pass [Member] | Commercial Loans [Member] | Real Estate [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 245,927,000 | 238,288,000 | ||
Pass [Member] | Commercial Loans [Member] | Lines of Credit [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 51,845,000 | 50,396,000 | ||
Pass [Member] | Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 75,475,000 | 72,653,000 | ||
Pass [Member] | Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 7,937,000 | 8,067,000 | ||
Pass [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 120,333,000 | 127,666,000 | ||
Pass [Member] | Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 43,844,000 | 45,414,000 | ||
Pass [Member] | Consumer Loans [Member] | Other Consumer [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 76,489,000 | 82,252,000 | ||
Special Mention [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 29,467,000 | 30,342,000 | ||
Special Mention [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 1,037,000 | 1,093,000 | ||
Special Mention [Member] | Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 1,037,000 | 1,093,000 | ||
Special Mention [Member] | Residential Mortgage Loans [Member] | Construction [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Special Mention [Member] | Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Special Mention [Member] | Commercial Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 28,097,000 | 28,891,000 | ||
Special Mention [Member] | Commercial Loans [Member] | Real Estate [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 12,523,000 | 12,473,000 | ||
Special Mention [Member] | Commercial Loans [Member] | Lines of Credit [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 7,207,000 | 7,945,000 | ||
Special Mention [Member] | Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 8,367,000 | 8,473,000 | ||
Special Mention [Member] | Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Special Mention [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 333,000 | 358,000 | ||
Special Mention [Member] | Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 159,000 | 191,000 | ||
Special Mention [Member] | Consumer Loans [Member] | Other Consumer [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 174,000 | 167,000 | ||
Substandard [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 6,067,000 | 6,789,000 | ||
Substandard [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 1,473,000 | 1,731,000 | ||
Substandard [Member] | Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 1,473,000 | 1,731,000 | ||
Substandard [Member] | Residential Mortgage Loans [Member] | Construction [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Substandard [Member] | Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Substandard [Member] | Commercial Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 3,964,000 | 4,393,000 | ||
Substandard [Member] | Commercial Loans [Member] | Real Estate [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 2,771,000 | 3,194,000 | ||
Substandard [Member] | Commercial Loans [Member] | Lines of Credit [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 302,000 | 276,000 | ||
Substandard [Member] | Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 891,000 | 923,000 | ||
Substandard [Member] | Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Substandard [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 630,000 | 665,000 | ||
Substandard [Member] | Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 454,000 | 477,000 | ||
Substandard [Member] | Consumer Loans [Member] | Other Consumer [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 176,000 | 188,000 | ||
Doubtful [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 2,212,000 | 1,833,000 | ||
Doubtful [Member] | Residential Mortgage Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 1,188,000 | 1,181,000 | ||
Doubtful [Member] | Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 1,188,000 | 1,181,000 | ||
Doubtful [Member] | Residential Mortgage Loans [Member] | Construction [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful [Member] | Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful [Member] | Commercial Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 749,000 | 345,000 | ||
Doubtful [Member] | Commercial Loans [Member] | Real Estate [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 708,000 | 302,000 | ||
Doubtful [Member] | Commercial Loans [Member] | Lines of Credit [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful [Member] | Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 41,000 | 43,000 | ||
Doubtful [Member] | Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful [Member] | Consumer Loans [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 275,000 | 307,000 | ||
Doubtful [Member] | Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | 275,000 | 307,000 | ||
Doubtful [Member] | Consumer Loans [Member] | Other Consumer [Member] | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans | $ 0 | $ 0 | ||
[1] | Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76. These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost. During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial. At December 31, 2019 the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000. These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost. |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 22,863,000 | $ 16,299,000 | ||
Current | 727,339,000 | 765,042,000 | ||
Total Loans Receivable | 750,202,000 | 781,341,000 | $ 657,680,000 | |
30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 12,014,000 | 9,761,000 | ||
60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 6,541,000 | 1,364,000 | ||
90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 4,308,000 | 5,174,000 | ||
Loans Held-For-Sale [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Loans Receivable | 151,000 | 35,800,000 | ||
Residential Mortgage Loans [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,209,000 | 3,304,000 | ||
Current | 211,428,000 | 246,008,000 | ||
Total Loans Receivable | 214,637,000 | 249,312,000 | ||
Residential Mortgage Loans [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,569,000 | 947,000 | ||
Residential Mortgage Loans [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 600,000 | 744,000 | ||
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,040,000 | 1,613,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,209,000 | 3,304,000 | ||
Current | 208,940,000 | 206,255,000 | ||
Total Loans Receivable | 212,149,000 | 209,559,000 | ||
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 | 1,569,000 | 947,000 | ||
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 | 600,000 | 744,000 | ||
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 | 1,040,000 | 1,613,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Current | 2,338,000 | 3,963,000 | ||
Total Loans Receivable | 2,338,000 | 3,963,000 | ||
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 | ||
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Current | 150,000 | 35,790,000 | ||
Total Loans Receivable | [1] | 150,000 | 35,790,000 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Residential Mortgage Loans [Member] | Loans Held-For-Sale [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 | 18,371,000 | 11,534,000 | ||
Current | 395,623,000 | 391,499,000 | ||
Total Loans Receivable | 413,994,000 | 403,033,000 | ||
Commercial Loans [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 10,055,000 | 8,164,000 | ||
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5,705,000 | 440,000 | ||
Commercial Loans [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2,611,000 | 2,930,000 | ||
Commercial Loans [Member] | Real Estate [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 8,097,000 | 3,324,000 | ||
Current | 253,832,000 | 250,933,000 | ||
Total Loans Receivable | 261,929,000 | 254,257,000 | 208,388,000 | |
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5,829,000 | 953,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 100,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2,268,000 | 2,271,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 4,916,000 | 4,557,000 | ||
Current | 54,438,000 | 54,060,000 | ||
Total Loans Receivable | 59,354,000 | 58,617,000 | 55,238,000 | |
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2,838,000 | 4,464,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,967,000 | 25,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 111,000 | 68,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5,358,000 | 3,653,000 | ||
Current | 79,416,000 | 78,439,000 | ||
Total Loans Receivable | 84,774,000 | 82,092,000 | 67,542,000 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,388,000 | 2,747,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,738,000 | 315,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 232,000 | 591,000 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Current | 7,937,000 | 8,067,000 | ||
Total Loans Receivable | 7,937,000 | 8,067,000 | 9,256,000 | |
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 | 1,283,000 | 1,461,000 | ||
Current | 120,288,000 | 127,535,000 | ||
Total Loans Receivable | 121,571,000 | 128,996,000 | ||
Consumer Loans [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 390,000 | 650,000 | ||
Consumer Loans [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 236,000 | 180,000 | ||
Consumer Loans [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 657,000 | 631,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 648,000 | 925,000 | ||
Current | 44,084,000 | 45,464,000 | ||
Total Loans Receivable | 44,732,000 | 46,389,000 | 26,212,000 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 147,000 | 315,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 72,000 | 130,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 429,000 | 480,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 635,000 | 536,000 | ||
Current | 76,204,000 | 82,071,000 | ||
Total Loans Receivable | 76,839,000 | 82,607,000 | $ 49,272,000 | |
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 243,000 | 335,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 164,000 | 50,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | ||||
Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 228,000 | $ 151,000 | ||
[1] | Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76. These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost. During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial. At December 31, 2019 the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000. These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost. |
Loans - Nonaccrual Loans Segreg
Loans - Nonaccrual Loans Segregated by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 4,666 | $ 5,246 |
Residential Mortgage Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,040 | 1,613 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,040 | 1,613 |
Commercial Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 2,969 | 3,002 |
Commercial Loans [Member] | Real Estate [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 2,336 | 2,343 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 111 | 68 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 522 | 591 |
Consumer Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 657 | 631 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 429 | 480 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 228 | $ 151 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loan Information by Portfolio Class (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
With an allowance recorded [Abstract] | ||
Related Allowance | $ 777 | $ 830 |
Total [Abstract] | ||
Recorded Investment | 7,402 | 7,487 |
Unpaid Principal Balance | 7,494 | 7,566 |
Related Allowance | 777 | 830 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,023 | 1,027 |
Unpaid Principal Balance | 1,023 | 1,027 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 581 | 584 |
Unpaid Principal Balance | 581 | 584 |
Related Allowance | 95 | 97 |
Total [Abstract] | ||
Recorded Investment | 1,604 | 1,611 |
Unpaid Principal Balance | 1,604 | 1,611 |
Related Allowance | 95 | 97 |
Commercial Loans [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 3,979 | 3,996 |
Unpaid Principal Balance | 4,052 | 4,067 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 448 | 450 |
Unpaid Principal Balance | 448 | 450 |
Related Allowance | 76 | 78 |
Total [Abstract] | ||
Recorded Investment | 4,427 | 4,446 |
Unpaid Principal Balance | 4,500 | 4,517 |
Related Allowance | 76 | 78 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 83 | 86 |
Unpaid Principal Balance | 83 | 86 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 98 | 98 |
Unpaid Principal Balance | 98 | 98 |
Related Allowance | 98 | 98 |
Total [Abstract] | ||
Recorded Investment | 181 | 184 |
Unpaid Principal Balance | 181 | 184 |
Related Allowance | 98 | 98 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 336 | 69 |
Unpaid Principal Balance | 355 | 77 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 545 | 866 |
Unpaid Principal Balance | 545 | 866 |
Related Allowance | 379 | 406 |
Total [Abstract] | ||
Recorded Investment | 881 | 935 |
Unpaid Principal Balance | 900 | 943 |
Related Allowance | 379 | 406 |
Commercial Loans [Member] | Other Consumer [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 55 | 55 |
Unpaid Principal Balance | 55 | 55 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 35 | 36 |
Unpaid Principal Balance | 35 | 36 |
Related Allowance | 1 | 1 |
Total [Abstract] | ||
Recorded Investment | 90 | 91 |
Unpaid Principal Balance | 90 | 91 |
Related Allowance | 1 | 1 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 77 | 40 |
Unpaid Principal Balance | 77 | 40 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 142 | 180 |
Unpaid Principal Balance | 142 | 180 |
Related Allowance | 128 | 150 |
Total [Abstract] | ||
Recorded Investment | 219 | 220 |
Unpaid Principal Balance | 219 | 220 |
Related Allowance | $ 128 | $ 150 |
Loans - Summary of Average Reco
Loans - Summary of Average Recorded Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 7,447 | $ 5,976 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 1,608 | 1,625 |
Commercial Real Estate [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 4,437 | 2,868 |
Commercial Lines of Credit [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 183 | 287 |
Other Commercial and Industrial [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 908 | 938 |
Home Equity and Junior Liens [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 220 | 207 |
Other Consumer [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 91 | $ 51 |
Loans - Schedule of Cash Basis
Loans - Schedule of Cash Basis Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 65 | $ 61 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 12 | 12 |
Commercial Real Estate [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 31 | 28 |
Commercial Lines of Credit [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 2 | 4 |
Other Commercial and Industrial [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 16 | 14 |
Home Equity and Junior Liens [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 3 | 3 |
Other Consumer [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 1 | $ 0 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) | Mar. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Allowance For Loan Losses [Abstract] | |||
Provision for loan losses | $ 1,067,000 | $ 144,000 | |
Increase in provision for loan losses | 923,000 | ||
Outstanding loan balance | $ 92,900,000 | ||
Percentage of increase in outstanding loan | 14.10% | ||
Percentage of additional increase of ratio to total loan in allowance of credit loss | 3.05% | 2.75% | |
Allowance for credit losses increase decrease in nonaccrual loan | $ 1,200,000 | $ 4,700,000 | $ 3,400,000 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Allowance for loan losses: | |||
Beginning Balance | $ 8,669,000 | $ 7,306,000 | |
Charge-offs | (187,000) | (175,000) | |
Recoveries | 57,000 | 9,000 | |
Provisions (credits) | 1,067,000 | 144,000 | |
Ending balance | 9,606,000 | 7,284,000 | |
Ending balance: related to loans individually evaluated for impairment | 777,000 | 906,000 | |
Ending balance: related to loans collectively evaluated for impairment | 8,829,000 | 6,378,000 | |
Total Loans Receivable | 750,202,000 | 657,680,000 | $ 781,341,000 |
Ending balance: individually evaluated for impairment | 7,402,000 | 5,963,000 | |
Ending balance: collectively evaluated for impairment | 742,800,000 | 651,717,000 | |
Unallocated [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 272,000 | 152,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | (74,000) | (152,000) | |
Ending balance | 198,000 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 198,000 | 0 | |
Residential Mortgage Loans [Member] | |||
Allowance for loan losses: | |||
Total Loans Receivable | 214,637,000 | 249,312,000 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 580,000 | 766,000 | |
Charge-offs | (26,000) | 0 | |
Recoveries | 1,000 | 0 | |
Provisions (credits) | 176,000 | (44,000) | |
Ending balance | 731,000 | 722,000 | |
Ending balance: related to loans individually evaluated for impairment | 95,000 | 104,000 | |
Ending balance: related to loans collectively evaluated for impairment | 636,000 | 618,000 | |
Total Loans Receivable | 212,149,000 | 237,917,000 | |
Ending balance: individually evaluated for impairment | 1,604,000 | 1,422,000 | |
Ending balance: collectively evaluated for impairment | 210,545,000 | 236,495,000 | |
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 0 | 0 | |
Ending balance | 0 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | |
Total Loans Receivable | 2,338,000 | 3,855,000 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 2,338,000 | 3,855,000 | |
Commercial Loans [Member] | |||
Allowance for loan losses: | |||
Total Loans Receivable | 413,994,000 | 403,033,000 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 4,010,000 | 3,578,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 233,000 | (208,000) | |
Ending balance | 4,243,000 | 3,370,000 | |
Ending balance: related to loans individually evaluated for impairment | 76,000 | 98,000 | |
Ending balance: related to loans collectively evaluated for impairment | 4,167,000 | 3,272,000 | |
Total Loans Receivable | 261,929,000 | 208,388,000 | 254,257,000 |
Ending balance: individually evaluated for impairment | 4,427,000 | 2,863,000 | |
Ending balance: collectively evaluated for impairment | 257,502,000 | 205,525,000 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 1,195,000 | 730,000 | |
Charge-offs | 0 | (107,000) | |
Recoveries | 2,000 | 0 | |
Provisions (credits) | 21,000 | 179,000 | |
Ending balance | 1,218,000 | 802,000 | |
Ending balance: related to loans individually evaluated for impairment | 98,000 | 92,000 | |
Ending balance: related to loans collectively evaluated for impairment | 1,120,000 | 710,000 | |
Total Loans Receivable | 59,354,000 | 55,238,000 | 58,617,000 |
Ending balance: individually evaluated for impairment | 181,000 | 318,000 | |
Ending balance: collectively evaluated for impairment | 59,173,000 | 54,920,000 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 1,645,000 | 1,285,000 | |
Charge-offs | 0 | (1,000) | |
Recoveries | 0 | 0 | |
Provisions (credits) | 113,000 | 276,000 | |
Ending balance | 1,758,000 | 1,560,000 | |
Ending balance: related to loans individually evaluated for impairment | 379,000 | 464,000 | |
Ending balance: related to loans collectively evaluated for impairment | 1,379,000 | 1,096,000 | |
Total Loans Receivable | 84,774,000 | 67,542,000 | 82,092,000 |
Ending balance: individually evaluated for impairment | 881,000 | 1,052,000 | |
Ending balance: collectively evaluated for impairment | 83,893,000 | 66,490,000 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 1,000 | 1,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 0 | 0 | |
Ending balance | 1,000 | 1,000 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1,000 | 1,000 | |
Total Loans Receivable | 7,937,000 | 9,256,000 | 8,067,000 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 7,937,000 | 9,256,000 | |
Consumer Loans [Member] | |||
Allowance for loan losses: | |||
Total Loans Receivable | 121,571,000 | 128,996,000 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 553,000 | 409,000 | |
Charge-offs | (28,000) | 0 | |
Recoveries | 29,000 | 0 | |
Provisions (credits) | 57,000 | 21,000 | |
Ending balance | 611,000 | 430,000 | |
Ending balance: related to loans individually evaluated for impairment | 128,000 | 139,000 | |
Ending balance: related to loans collectively evaluated for impairment | 483,000 | 291,000 | |
Total Loans Receivable | 44,732,000 | 26,212,000 | 46,389,000 |
Ending balance: individually evaluated for impairment | 219,000 | 207,000 | |
Ending balance: collectively evaluated for impairment | 44,513,000 | 26,005,000 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 413,000 | 385,000 | |
Charge-offs | (133,000) | (67,000) | |
Recoveries | 25,000 | 9,000 | |
Provisions (credits) | 541,000 | 72,000 | |
Ending balance | 846,000 | 399,000 | |
Ending balance: related to loans individually evaluated for impairment | 1,000 | 9,000 | |
Ending balance: related to loans collectively evaluated for impairment | 845,000 | 390,000 | |
Total Loans Receivable | 76,839,000 | 49,272,000 | $ 82,607,000 |
Ending balance: individually evaluated for impairment | 90,000 | 101,000 | |
Ending balance: collectively evaluated for impairment | $ 76,749,000 | $ 49,171,000 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Allowance for Loan Losses on Basis of Calculation Methodology (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | $ 777 | $ 906 | ||
Historical loss rate | 1,054 | 422 | ||
Qualitative factors | 7,577 | 5,956 | ||
Other | 198 | |||
Total | 9,606 | $ 8,669 | 7,284 | $ 7,306 |
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 | 198 | |||
Total | 198 | 272 | 0 | 152 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 95 | 104 | ||
Historical loss rate | 66 | 65 | ||
Qualitative factors | 570 | 553 | ||
Total | 731 | 580 | 722 | 766 |
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 |
Commercial Loans [Member] | Real Estate [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 76 | 98 | ||
Historical loss rate | 101 | 151 | ||
Qualitative factors | 4,066 | 3,121 | ||
Total | 4,243 | 4,010 | 3,370 | 3,578 |
Commercial Loans [Member] | Lines of Credit [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 98 | 92 | ||
Historical loss rate | 100 | 18 | ||
Qualitative factors | 1,020 | 692 | ||
Total | 1,218 | 1,195 | 802 | 730 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 379 | 464 | ||
Historical loss rate | 57 | 26 | ||
Qualitative factors | 1,322 | 1,070 | ||
Total | 1,758 | 1,645 | 1,560 | 1,285 |
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 | ||
Other | 0 | |||
Total | 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 | 128 | 139 | ||
Historical loss rate | 146 | 13 | ||
Qualitative factors | 337 | 278 | ||
Other | 0 | |||
Total | 611 | 553 | 430 | 409 |
Consumer Loans [Member] | Other Consumer [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 1 | 9 | ||
Historical loss rate | 584 | 149 | ||
Qualitative factors | 261 | 241 | ||
Other | 0 | |||
Total | $ 846 | $ 413 | $ 399 | $ 385 |
Foreclosed Real Estate - Summar
Foreclosed Real Estate - Summary of Carrying Amount of Foreclosed Residential Real Estate Properties Held (Details) $ in Thousands | Mar. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 58 | $ 88 |
Foreclosed Residential Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | Property | 2 | |
Foreclosed real estate | $ 58 |
Foreclosed Real Estate - Additi
Foreclosed Real Estate - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | ||
Residential real estate loans in the process of foreclosure | $ 1,000,000 | $ 341,000 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Standby Letters of Credit [Member] | |
Loss Contingencies [Line Items] | |
Maximum amount of loss due to credit risk | $ 2.3 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair value assets transfers between levels amount | $ 0 | |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities aggregate market value | 0 | $ 0 |
Level 2 [Member] | Corporate [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 | 4,700,000 | |
Available for sale securities aggregate market value | $ 4,900,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt investment securities: | ||
Investment securities - available-for-sale | $ 121,458 | $ 111,134 |
Equity investment securities: | ||
Marketable equity securities | 206 | 206 |
Level 2 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 116,313 | 106,005 |
Equity investment securities: | ||
Marketable equity securities | 340 | 534 |
Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 4,939 | 4,923 |
Recurring Basis [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Total available-for-sale securities | 121,252 | 110,928 |
Equity investment securities: | ||
Marketable equity securities | 340 | 534 |
Interest rate derivatives : | ||
Interest rate swap derivative fair value hedge | (194) | (92) |
Interest rate swap derivative cash flow hedges | (1,344) | |
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 : | ||
Interest rate swap derivative fair value hedge | 0 | 0 |
Interest rate swap derivative cash flow hedges | 0 | |
Recurring Basis [Member] | Level 2 [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 19,645 | 16,820 |
State and political subdivisions | 6,880 | 1,736 |
Corporate | 7,271 | 7,631 |
Asset backed securities | 12,416 | 13,232 |
Residential mortgage-backed - US agency | 20,146 | 18,980 |
Collateralized mortgage obligations - US agency | 35,100 | 30,785 |
Collateralized mortgage obligations - Private label | 14,855 | 16,821 |
Investment securities - available-for-sale | 116,313 | 106,005 |
Total available-for-sale securities | 116,313 | 106,005 |
Equity investment securities: | ||
Marketable equity securities | 340 | 534 |
Interest rate derivatives : | ||
Interest rate swap derivative fair value hedge | (194) | (92) |
Interest rate swap derivative cash flow hedges | (1,344) | |
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 : | ||
Interest rate swap derivative fair value hedge | 0 | 0 |
Interest rate swap derivative cash flow hedges | 0 | |
Recurring Basis [Member] | Level 1, 2 and 3 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 19,645 | 16,820 |
State and political subdivisions | 6,880 | 1,736 |
Corporate | 7,271 | 7,631 |
Asset backed securities | 12,416 | 13,232 |
Residential mortgage-backed - US agency | 20,146 | 18,980 |
Collateralized mortgage obligations - US agency | 35,100 | 30,785 |
Collateralized mortgage obligations - Private label | 14,855 | 16,821 |
Investment securities - available-for-sale | 116,313 | 106,005 |
Recurring Basis [Member] | Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | $ 4,939 | $ 4,923 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Basis [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total Fair Value [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 0 | $ 3,105 |
Foreclosed real estate | 58 | 0 |
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 | 0 | 3,105 |
Foreclosed real estate | $ 58 | $ 0 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - Measurement Input, Discount Rate [Member] | Mar. 31, 2020 | Dec. 31, 2019 |
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 | |
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 | |
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 | |
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 | 9 | |
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 | |
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 | 8 | |
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 | |
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 | |
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 | 20 | |
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 | |
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 | 9 | |
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 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Investment securities - available-for-sale | $ 121,458 | $ 111,134 |
Investment securities - marketable equity | 206 | 206 |
Investment securities - held-to-maturity | 117,088 | 124,148 |
Level 1 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 57,579 | 20,160 |
Accrued interest receivable | 3,700 | 3,712 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 495,806 | 460,293 |
Accrued interest payable | 407 | 396 |
Level 1 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 57,579 | 20,160 |
Accrued interest receivable | 3,700 | 3,712 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 495,806 | 460,293 |
Accrued interest payable | 407 | 396 |
Level 2 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 116,313 | 106,005 |
Investment securities - marketable equity | 340 | 534 |
Investment securities - held-to-maturity | 120,549 | 122,988 |
Federal Home Loan Bank stock | 4,758 | 4,834 |
Financial liabilities: | ||
Time Deposits | 404,054 | 421,600 |
Borrowings | 91,437 | 93,125 |
Subordinated loans | 15,136 | 15,128 |
Interest rate swap derivative fair value hedge | 194 | 92 |
Interest rate swap derivative cash flow hedges | 1,344 | 0 |
Level 2 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 116,313 | 106,005 |
Investment securities - marketable equity | 340 | 534 |
Investment securities - held-to-maturity | 117,088 | 124,148 |
Federal Home Loan Bank stock | 4,758 | 4,834 |
Financial liabilities: | ||
Time Deposits | 406,487 | 422,409 |
Borrowings | 93,956 | 93,643 |
Subordinated loans | 13,874 | 14,921 |
Interest rate swap derivative fair value hedge | 194 | 92 |
Interest rate swap derivative cash flow hedges | 1,344 | 0 |
Net Asset Value [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,939 | 4,923 |
Net Asset Value [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,939 | 4,923 |
Level 3 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Net loans | 740,916 | 772,782 |
Level 3 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Net loans | $ 748,532 | $ 767,654 |
Interest Rate Derivative - Addi
Interest Rate Derivative - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Feb. 29, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | |
Derivative [Line Items] | |||||
Amount of designated hedging item | $ 0 | ||||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 40,000,000 | ||||
Interest rate cap contract commencement date | May 15, 2020 | ||||
Interest rate cap contract expiry date | May 15, 2023 | ||||
Derivative effect on recorded interest expense | $ 0 | ||||
Cash in escrow under collateral arrangements | $ 1,300,000 | ||||
Interest Rate Swap [Member] | 3-Month LIBOR [Member] | |||||
Derivative [Line Items] | |||||
Interest rate cap contract strike price | 1.39% | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedges [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 9,200,000 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedges [Member] | 3-Month LIBOR [Member] | |||||
Derivative [Line Items] | |||||
Fixed interest rate | 2.39% | ||||
Interest Rate Derivatives [Member] | |||||
Derivative [Line Items] | |||||
Loan interest income recognized in earnings | $ 16,000 | ||||
Interest Rate Derivatives [Member] | Other Liabilities [Member] | |||||
Derivative [Line Items] | |||||
Fair value of derivative resulted in net liability position | 194,000 | $ 92,000 | |||
Interest Rate Cap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 40,000,000 | ||||
Interest rate cap contract commencement date | May 1, 2020 | ||||
Interest rate cap contract expiry date | May 1, 2023 | ||||
One time premium paid for contract | $ 228,000 | ||||
Contractual obligations to counterparty of contract | $ 0 | ||||
Term of derivative contract | 3 years | ||||
Basis points relative to notional amount | 0.19% | ||||
Derivative effect on recorded interest expense | $ 0 | ||||
Interest Rate Cap [Member] | 3-Month LIBOR [Member] | |||||
Derivative [Line Items] | |||||
Interest rate cap contract strike price | 1.85% |
Interest Rate Derivative - Cumu
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Interest Rate Derivatives [Member] - Loans Receivable [Member] - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | [1] | $ 18,021,000 | $ 19,254,000 |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | [1] | $ 164,000 | $ 75,000 |
[1] | These amounts include the amortized cost basis of the hedged 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 contract term. At March 31, 2020 and December 31, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $18.0 million and $19.3 million, the cumulative basis adjustment associated with the hedging relationship was $164,000 and $75,000, and the amount of the designated hedged item was $9.2 million and $9.2 million, respectively. At March 31, 2020 and December 31, 2019, the fair value of the fair value derivative resulted in a net liability position of $194,000 and $92,000 under the agreement, respectively, recorded by the Company in other liabilities. The Company’s participation in the swap contract reduced total loan interest income, recognized in consolidated earnings, by $16,000 in the quarter ended March 31, 2020. In February 2020, the Company entered into an interest rate cap contract in the notional amount of $40.0 million, intended to reduce the Company’s exposure to potential rising interest rates. This contractual agreement has been designated as a cash flow hedge with changes in the fair value of the contract, net of changes in the fair value of the designated hedged liability (certain short-term certificates of deposit with rates of interest that are highly correlated to the 3-month LIBOR index) being accounted for through other comprehensive income. The term of the cap contract will commence on May 1, 2020 and expire on May 1, 2023. The Company paid $228,000 in a one-time premium for the cap contract and has no further contractual obligations to the counterparty over the three-year life of the contract. The premium will be amortized ratably over the contractual term of the cap contract with an annual average cost to the Company of approximately 19 basis points relative to the notional amount. The Company will potentially benefit during the term of this cap contract, in the manner described above, for the period of time that the 3-month LIBOR index exceeds 1.85% (the strike price). The cap contract had no effect on recorded interest expense in the quarter ended March 31, 2020. In March 2020, the Company entered into an interest rate swap contract in the notional amount of $40.0 million, intended to reduce the Company’s exposure to potential rising interest rates. This contractual agreement has been designated as a cash flow hedge with changes in the fair value of the contract, net of changes in the fair value of the designated hedged liability (certain short-term certificates of deposit with rates of interest that are highly correlated to the 3-month LIBOR index) being accounted for through other comprehensive income. The term of the swap contract will commence on May 15, 2020 and expire on May 15, 2023. Under the terms of the swap contract, the Company will be obligated to pay the contractual counterparty an annual rate of 1.39% (the strike price) times the notional amount of the contract. Simultaneously, for the duration of the swap contract, the counterparty will be obligated to pay the Company the annual rate of the 3-month LIBOR index, as determined each calendar quarter, times the notional contractual amount. The swap contract had no effect on recorded interest expense in the quarter ended March 31, 2020. |
Interest Rate Derivative - Cu_2
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Parenthetical) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Derivative [Line Items] | ||||
Amount of designated hedging item | $ 0 | |||
Interest Rate Derivatives [Member] | Loans Receivable [Member] | ||||
Derivative [Line Items] | ||||
Amortized cost of closed portfolio used in hedging relationship | $ 18,000,000 | $ 19,300,000 | ||
Cumulative basis adjustment associated with hedging relationship | [1] | 164,000 | 75,000 | |
Amount of designated hedging item | $ 9,200,000 | $ 9,200,000 | ||
[1] | These amounts include the amortized cost basis of the hedged 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 contract term. At March 31, 2020 and December 31, 2019, the amortized cost of the basis of the closed portfolio used in the hedging relationship was $18.0 million and $19.3 million, the cumulative basis adjustment associated with the hedging relationship was $164,000 and $75,000, and the amount of the designated hedged item was $9.2 million and $9.2 million, respectively. At March 31, 2020 and December 31, 2019, the fair value of the fair value derivative resulted in a net liability position of $194,000 and $92,000 under the agreement, respectively, recorded by the Company in other liabilities. The Company’s participation in the swap contract reduced total loan interest income, recognized in consolidated earnings, by $16,000 in the quarter ended March 31, 2020. In February 2020, the Company entered into an interest rate cap contract in the notional amount of $40.0 million, intended to reduce the Company’s exposure to potential rising interest rates. This contractual agreement has been designated as a cash flow hedge with changes in the fair value of the contract, net of changes in the fair value of the designated hedged liability (certain short-term certificates of deposit with rates of interest that are highly correlated to the 3-month LIBOR index) being accounted for through other comprehensive income. The term of the cap contract will commence on May 1, 2020 and expire on May 1, 2023. The Company paid $228,000 in a one-time premium for the cap contract and has no further contractual obligations to the counterparty over the three-year life of the contract. The premium will be amortized ratably over the contractual term of the cap contract with an annual average cost to the Company of approximately 19 basis points relative to the notional amount. The Company will potentially benefit during the term of this cap contract, in the manner described above, for the period of time that the 3-month LIBOR index exceeds 1.85% (the strike price). The cap contract had no effect on recorded interest expense in the quarter ended March 31, 2020. In March 2020, the Company entered into an interest rate swap contract in the notional amount of $40.0 million, intended to reduce the Company’s exposure to potential rising interest rates. This contractual agreement has been designated as a cash flow hedge with changes in the fair value of the contract, net of changes in the fair value of the designated hedged liability (certain short-term certificates of deposit with rates of interest that are highly correlated to the 3-month LIBOR index) being accounted for through other comprehensive income. The term of the swap contract will commence on May 15, 2020 and expire on May 15, 2023. Under the terms of the swap contract, the Company will be obligated to pay the contractual counterparty an annual rate of 1.39% (the strike price) times the notional amount of the contract. Simultaneously, for the duration of the swap contract, the counterparty will be obligated to pay the Company the annual rate of the 3-month LIBOR index, as determined each calendar quarter, times the notional contractual amount. The swap contract had no effect on recorded interest expense in the quarter ended March 31, 2020. |
Interest Rate Derivatives - Sch
Interest Rate Derivatives - Schedule of Cash Flow Hedges (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative [Line Items] | |
Total loss in comprehensive income | $ (1,344) |
Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Total unamortized premium | 228 |
Total loss in comprehensive income | (1,344) |
Total unamortized cap | 36 |
Cash Flow Hedging [Member] | Interest Rate Cap [Member] | |
Derivative [Line Items] | |
Total loss in comprehensive income | (192) |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Total loss in comprehensive income | $ (1,152) |
Interest Rate Derivatives - S_2
Interest Rate Derivatives - Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Amount of losses recognized in other comprehensive income | $ (1,344) |
Balance as of March 31: | $ (1,344) |
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 | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Balance | $ 90,669 | $ 64,459 | |
Reevaluation of deferred tax asset valuation allowance | [1] | (206) | |
Other comprehensive income before reclassifications | (3,925) | 1,577 | |
Amounts reclassified from AOCI | 25 | 3 | |
Balance | 88,311 | 66,438 | |
Retirement Plans [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Balance | (2,717) | (3,152) | |
Reevaluation of deferred tax asset valuation allowance | [1] | (188) | |
Other comprehensive income before reclassifications | 0 | 0 | |
Amounts reclassified from AOCI | 46 | 65 | |
Balance | (2,859) | (3,087) | |
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 | (216) | (2,832) | |
Reevaluation of deferred tax asset valuation allowance | [1] | (15) | |
Other comprehensive income before reclassifications | (2,869) | 1,572 | |
Amounts reclassified from AOCI | (21) | (62) | |
Balance | (3,121) | (1,322) | |
Unrealized Losses on Derivatives and Hedging Activities [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Balance | 0 | ||
Reevaluation of deferred tax asset valuation allowance | [1] | 0 | |
Other comprehensive income before reclassifications | (1,062) | ||
Amounts reclassified from AOCI | 0 | ||
Balance | (1,062) | ||
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 | (38) | (58) | |
Reevaluation of deferred tax asset valuation allowance | [1] | (3) | |
Other comprehensive income before reclassifications | 6 | 5 | |
Amounts reclassified from AOCI | 0 | 0 | |
Balance | (35) | (53) | |
AOCI Attributable to Parent [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Balance | (2,971) | (6,042) | |
Reevaluation of deferred tax asset valuation allowance | [1] | 0 | |
Balance | $ (7,077) | $ (4,462) | |
[1] | Management determined that the Company, under the current New York State (“NYS”) tax code, was highly unlikely to incur a material NYS tax liability in the foreseeable future. As a result, certain net current and deferred tax assets, related to GAAP vs. tax timing differences under previous NYS tax law were no longer going to provide any future tax benefit. The substantial majority of these net deferred tax assets were offset by a related valuation allowance established in prior periods. Therefore, the Company eliminated its remaining NYS net deferred tax asset balances and the related valuation allowance on January 1, 2020. The effect of these eliminations required an adjustment to other comprehensive income balances and had no effect on 2020 reported earnings. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of Each Component of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits | $ (3,247) | $ (3,650) | |
Provision for income taxes | (455) | (251) | |
Net income attributable to Pathfinder Bancorp Inc. | 1,690 | 514 | |
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] | (58) | (84) |
Provision for income taxes | [1] | 12 | 19 |
Net income attributable to Pathfinder Bancorp Inc. | [1] | (46) | (65) |
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] | 26 | 79 |
Provision for income taxes | [1] | (5) | (17) |
Net income attributable to Pathfinder Bancorp Inc. | [1] | $ 21 | $ 62 |
[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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Earnings and gain on bank owned life insurance | $ 116 | $ 121 |
Net gains on sales and redemptions of investment securities | 26 | 79 |
(Losses)/gains on marketable equity securities | (194) | 41 |
Other miscellaneous income | 16 | 28 |
Total noninterest income | 1,748 | 1,093 |
Insufficient Funds Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 275 | 208 |
Deposit Related Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 55 | 52 |
ATM Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 26 | 22 |
Service Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 356 | 282 |
Insurance Commissions [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 335 | 235 |
Investment Services Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 68 | 48 |
ATM Fees Surcharge [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 54 | 46 |
Banking House Rents Collected [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 71 | 34 |
Fee Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 528 | 363 |
Debit Card Interchange Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 163 | 144 |
Merchant Card Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 16 | 16 |
Card Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 179 | 160 |
Loan Servicing Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 49 | 27 |
Net Gains (Losses) on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 672 | (8) |
Total Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 721 | 19 |
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 | $ 1,784 | $ 824 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | |||
Operating lease, option to extend lease term, description | Our leases have remaining lease terms that vary from less than one year up to 30 years, some of which include options to extend the leases for various renewal periods | ||
Operating lease, option to extend lease term | true | ||
ASU 2016-02 [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease rental income | $ 71,000 | $ 34,000 | |
Minimum [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating leases remaining lease term | 1 year | ||
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating leases remaining lease term | 30 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 61 | $ 59 |
Finance lease cost | $ 20 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash paid for amount included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 56 | $ 48 |
Operating cash flows from finance leases | 20 | |
Financing cash flows from finance leases | $ 18 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Operating Leases: | ||
Operating lease right-of-use assets | $ 2,349 | $ 2,386 |
Operating lease liabilities | 2,618 | 2,650 |
Finance Leases: | ||
Financial Liability | $ 581 | $ 578 |
Weighted Average Remaining Lease Term: | ||
Operating Leases | 19 years 5 months 12 days | 19 years 6 months 29 days |
Finance Leases | 29 years 2 months 1 day | 29 years 5 months 1 day |
Weighted Average Discount Rate: | ||
Operating Leases | 3.72% | 3.71% |
Finance Leases | 13.75% | 13.75% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract] | |
2021 | $ 114 |
2022 | 97 |
2023 | 102 |
2024 | 111 |
2025 | 120 |
Thereafter | 2,655 |
Total minimum lease payments | $ 3,199 |
COVID-19 - Additional Informati
COVID-19 - Additional Information (Details) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2020USD ($)LoanCredit | May 15, 2020USD ($)Loan | Mar. 15, 2020 | Mar. 03, 2020 | Dec. 31, 2019USD ($)Loan | Mar. 31, 2019USD ($) | |
Unusual Or Infrequent Item [Line Items] | ||||||
Number of loans outstanding | Loan | 1,573 | 1,657 | ||||
Total loans | $ 750,202 | $ 781,341 | $ 657,680 | |||
Loans | $ 740,916 | $ 772,782 | ||||
Subsequent Event [Member] | COVID-19 [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Number of loans outstanding | Loan | 540 | |||||
Total loans | $ 142,900 | |||||
Total Related Credits [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Basis point reduction in target federal funds rate | 1.00% | 0.50% | ||||
Number of related credit relationships | Credit | 25 | |||||
Number of individual loans | Loan | 179 | |||||
Loans | $ 192,000 | |||||
Total Related Credits [Member] | COVID-19 [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Percentage of federal funds rate yield on assets as result of decline in feral reserve board target | 0.00% | |||||
Total Related Credits [Member] | Individual Loans [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Total loans | $ 5,000 | |||||
Total Related Credits [Member] | Real Estate [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Loans | 182,400 | |||||
Total Related Credits [Member] | Unsecured Loans [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Loans | $ 9,600 | |||||
Total Related Credits [Member] | Minimum [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Percentage of decrease in federal funds rate target | 0.00% | |||||
Total loans | $ 5,000 | |||||
Total Related Credits [Member] | Maximum [Member] | ||||||
Unusual Or Infrequent Item [Line Items] | ||||||
Percentage of decrease in federal funds rate target | 0.25% | |||||
Total loans | $ 12,800 |
COVID-19 - Summary of Loan Port
COVID-19 - Summary of Loan Portfolio by Collateral Type Within Major Categories (Details) $ in Thousands | Mar. 31, 2020USD ($)Loan | Dec. 31, 2019USD ($)Loan | Mar. 31, 2019USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 750,202 | $ 781,341 | $ 657,680 |
Net deferred loan fees | $ 320 | $ 110 | |
Number of loans outstanding | Loan | 1,573 | 1,657 | |
Allowance for Loan Losses | $ 9,606 | $ 8,669 | |
Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 214,637 | 249,312 | |
Commercial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 413,994 | 403,033 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 261,929 | 254,257 | 208,388 |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 59,354 | $ 58,617 | $ 55,238 |
Commercial and Industrial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of loans outstanding | Loan | 43 | 43 | |
Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 121,571 | $ 128,996 | |
Number of loans outstanding | Loan | 85 | 87 | |
Collateral [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Net deferred loan fees | $ 320 | ||
Number of loans outstanding | Loan | 14,759 | ||
Average Loan Balance | $ 51 | ||
Allowance for Loan Losses | $ 9,606 | ||
Percent of Total Loans | 100.00% | ||
Total Loans | $ 750,522 | ||
Collateral [Member] | Unallocated [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Allowance for Loan Losses | 198 | ||
Collateral [Member] | Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 214,637 | ||
Number of loans outstanding | Loan | 2,096 | ||
Average Loan Balance | $ 102 | ||
Allowance for Loan Losses | $ 731 | ||
Percent of Total Loans | 29.00% | ||
Collateral [Member] | Residential Mortgage Loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 1 | ||
Collateral [Member] | Residential Mortgage Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,576 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 261,929 | ||
Number of loans outstanding | Loan | 512 | ||
Average Loan Balance | $ 512 | ||
Allowance for Loan Losses | $ 4,243 | ||
Percent of Total Loans | 35.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Mixed Use [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 44,722 | ||
Number of loans outstanding | Loan | 50 | ||
Average Loan Balance | $ 894 | ||
Allowance for Loan Losses | $ 724 | ||
Percent of Total Loans | 6.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Multi-Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 39,216 | ||
Number of loans outstanding | Loan | 58 | ||
Average Loan Balance | $ 676 | ||
Allowance for Loan Losses | $ 635 | ||
Percent of Total Loans | 5.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Hotels and Motels [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 32,576 | ||
Number of loans outstanding | Loan | 10 | ||
Average Loan Balance | $ 3,258 | ||
Allowance for Loan Losses | $ 528 | ||
Percent of Total Loans | 4.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Office [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 31,560 | ||
Number of loans outstanding | Loan | 57 | ||
Average Loan Balance | $ 554 | ||
Allowance for Loan Losses | $ 511 | ||
Percent of Total Loans | 4.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Retail [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 23,661 | ||
Number of loans outstanding | Loan | 54 | ||
Average Loan Balance | $ 438 | ||
Allowance for Loan Losses | $ 383 | ||
Percent of Total Loans | 3.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | 1-4 Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 18,604 | ||
Number of loans outstanding | Loan | 147 | ||
Average Loan Balance | $ 127 | ||
Allowance for Loan Losses | $ 301 | ||
Percent of Total Loans | 2.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Automobile Dealership [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 16,054 | ||
Number of loans outstanding | Loan | 10 | ||
Average Loan Balance | $ 1,605 | ||
Allowance for Loan Losses | $ 260 | ||
Percent of Total Loans | 2.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Recreation/Golf Course/Marina [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 10,857 | ||
Number of loans outstanding | Loan | 15 | ||
Average Loan Balance | $ 723 | ||
Allowance for Loan Losses | $ 176 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Warehouse [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 10,173 | ||
Number of loans outstanding | Loan | 15 | ||
Average Loan Balance | $ 678 | ||
Allowance for Loan Losses | $ 165 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Manufacturing/Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 6,458 | ||
Number of loans outstanding | Loan | 14 | ||
Average Loan Balance | $ 461 | ||
Allowance for Loan Losses | $ 105 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Restaurant [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 6,386 | ||
Number of loans outstanding | Loan | 25 | ||
Average Loan Balance | $ 255 | ||
Allowance for Loan Losses | $ 104 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Automobile Repair [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 4,853 | ||
Number of loans outstanding | Loan | 10 | ||
Average Loan Balance | $ 485 | ||
Allowance for Loan Losses | $ 79 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 3,398 | ||
Number of loans outstanding | Loan | 3 | ||
Average Loan Balance | $ 1,133 | ||
Allowance for Loan Losses | $ 55 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Skilled Nursing Facility [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,833 | ||
Number of loans outstanding | Loan | 1 | ||
Average Loan Balance | $ 2,833 | ||
Allowance for Loan Losses | $ 46 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | All Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 7,374 | ||
Number of loans outstanding | Loan | 37 | ||
Average Loan Balance | $ 199 | ||
Allowance for Loan Losses | $ 119 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Land [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 3,204 | ||
Number of loans outstanding | Loan | 6 | ||
Average Loan Balance | $ 534 | ||
Allowance for Loan Losses | $ 52 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Mixed Use [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 39 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Multi-Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 27 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Hotels and Motels [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 226 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Office [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 14 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Retail [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | 1-4 Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 10 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Automobile Dealership [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 174 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Recreation/Golf Course/Marina [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 35 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Warehouse [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 10 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Manufacturing/Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 5 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Restaurant [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 11 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Automobile Repair [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 61 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 110 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Skilled Nursing Facility [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,833 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | All Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Minimum [Member] | Land [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 28 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Mixed Use [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 7,433 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Multi-Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 6,015 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Hotels and Motels [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 11,500 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Office [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 4,927 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Retail [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 5,248 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | 1-4 Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,250 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Automobile Dealership [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 6,099 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Recreation/Golf Course/Marina [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,150 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Warehouse [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,700 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Manufacturing/Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,450 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Restaurant [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,325 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Automobile Repair [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,342 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,698 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Skilled Nursing Facility [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,833 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | All Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 746 | ||
Collateral [Member] | Commercial Loans [Member] | Real Estate [Member] | Maximum [Member] | Land [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,000 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 144,128 | ||
Number of loans outstanding | Loan | 922 | ||
Average Loan Balance | $ 156 | ||
Allowance for Loan Losses | $ 2,976 | ||
Percent of Total Loans | 19.00% | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Secured Term Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 64,025 | ||
Number of loans outstanding | Loan | 366 | ||
Average Loan Balance | $ 175 | ||
Allowance for Loan Losses | $ 1,322 | ||
Percent of Total Loans | 9.00% | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Secured Term Loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 0 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Secured Term Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 6,335 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Unsecured Term Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 20,749 | ||
Number of loans outstanding | Loan | 133 | ||
Average Loan Balance | $ 156 | ||
Allowance for Loan Losses | $ 429 | ||
Percent of Total Loans | 3.00% | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Unsecured Term Loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 0 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Unsecured Term Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,647 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Lines of Credit [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 48,009 | ||
Number of loans outstanding | Loan | 284 | ||
Average Loan Balance | $ 169 | ||
Allowance for Loan Losses | $ 991 | ||
Percent of Total Loans | 6.00% | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Lines of Credit [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 11,345 | ||
Number of loans outstanding | Loan | 139 | ||
Average Loan Balance | $ 82 | ||
Allowance for Loan Losses | $ 234 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Lines of Credit [Member] | Minimum [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 0 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Lines of Credit [Member] | Minimum [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 0 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Lines of Credit [Member] | Maximum [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 5,000 | ||
Collateral [Member] | Commercial and Industrial Loans [Member] | Lines of Credit [Member] | Maximum [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,999 | ||
Collateral [Member] | Tax Exempt Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 7,937 | ||
Number of loans outstanding | Loan | 24 | ||
Average Loan Balance | $ 331 | ||
Allowance for Loan Losses | $ 1 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Tax Exempt Loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 9 | ||
Collateral [Member] | Tax Exempt Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,425 | ||
Collateral [Member] | Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 121,571 | ||
Number of loans outstanding | Loan | 11,205 | ||
Average Loan Balance | $ 11 | ||
Allowance for Loan Losses | $ 1,457 | ||
Percent of Total Loans | 16.00% | ||
Collateral [Member] | Consumer Loans [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 4,726 | ||
Number of loans outstanding | Loan | 85 | ||
Average Loan Balance | $ 56 | ||
Allowance for Loan Losses | $ 57 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Consumer Loans [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 35,827 | ||
Number of loans outstanding | Loan | 7,095 | ||
Average Loan Balance | $ 5 | ||
Allowance for Loan Losses | $ 429 | ||
Percent of Total Loans | 4.00% | ||
Collateral [Member] | Consumer Loans [Member] | Minimum [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 24 | ||
Collateral [Member] | Consumer Loans [Member] | Minimum [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1 | ||
Collateral [Member] | Consumer Loans [Member] | Maximum [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 157 | ||
Collateral [Member] | Consumer Loans [Member] | Maximum [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 120 | ||
Collateral [Member] | Consumer Loans [Member] | Home Equity Lines of Credit [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 44,732 | ||
Number of loans outstanding | Loan | 1,100 | ||
Average Loan Balance | $ 41 | ||
Allowance for Loan Losses | $ 536 | ||
Percent of Total Loans | 6.00% | ||
Collateral [Member] | Consumer Loans [Member] | Home Equity Lines of Credit [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 1 | ||
Collateral [Member] | Consumer Loans [Member] | Home Equity Lines of Credit [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 418 | ||
Collateral [Member] | Consumer Loans [Member] | Automobile [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 33,832 | ||
Number of loans outstanding | Loan | 2,076 | ||
Average Loan Balance | $ 16 | ||
Allowance for Loan Losses | $ 405 | ||
Percent of Total Loans | 4.00% | ||
Collateral [Member] | Consumer Loans [Member] | Automobile [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 1 | ||
Collateral [Member] | Consumer Loans [Member] | Automobile [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 375 | ||
Collateral [Member] | Consumer Loans [Member] | All Others [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,454 | ||
Number of loans outstanding | Loan | 849 | ||
Average Loan Balance | $ 3 | ||
Allowance for Loan Losses | $ 30 | ||
Percent of Total Loans | 1.00% | ||
Collateral [Member] | Consumer Loans [Member] | All Others [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 0 | ||
Collateral [Member] | Consumer Loans [Member] | All Others [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 60 |