Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 15, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Pathfinder Bancorp, Inc. | ||
Entity Central Index Key | 1,609,065 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 51.2 | ||
Entity Common Stock, Shares Outstanding | 4,353,850 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash and due from banks | $ 9,624 | $ 6,822 |
Interest earning deposits | 5,621 | 4,534 |
Total cash and cash equivalents | 15,245 | 11,356 |
Available-for-sale securities, at fair value | 98,942 | 88,073 |
Held-to-maturity securities, at amortized cost (fair value of $45,515 and $42,139, respectively) | 44,297 | 40,875 |
Federal Home Loan Bank stock, at cost | 2,424 | 3,454 |
Loans | 430,438 | 387,538 |
Less: Allowance for loan losses | 5,706 | 5,349 |
Loans receivable, net | 424,732 | 382,189 |
Premises and equipment, net | 14,834 | 13,200 |
Accrued interest receivable | 2,053 | 1,849 |
Foreclosed real estate | 517 | 261 |
Intangible assets, net | 214 | 175 |
Goodwill | 4,536 | 4,367 |
Bank owned life insurance | 10,615 | 10,356 |
Other assets | 4,845 | 4,869 |
Total assets | 623,254 | 561,024 |
Deposits: | ||
Interest-bearing | 428,636 | 360,906 |
Noninterest-bearing | 61,679 | 54,662 |
Total deposits | 490,315 | 415,568 |
Short-term borrowings | 24,800 | 55,100 |
Long-term borrowings | 16,500 | 11,000 |
Subordinated loans | 14,991 | 5,155 |
Accrued interest payable | 199 | 63 |
Other liabilities | 5,220 | 4,934 |
Total liabilities | 552,025 | 491,820 |
Shareholders' equity: | ||
Preferred stock - SBLF, par value $0.01 per share; $1,000 liquidation preference; 13,000 shares authorized; 13,000 shares issued and outstanding | 13,000 | 13,000 |
Common stock, par value $0.01; 25,000,000 authorized shares; 4,353,850 and 4,352,203 shares issued and 4,353,850 and 4,352,203 shares outstanding, respectively | 44 | 44 |
Additional paid in capital | 28,717 | 28,534 |
Retained earnings | 33,183 | 31,085 |
Accumulated other comprehensive loss | (2,565) | (2,119) |
Unearned ESOP | (1,574) | (1,754) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 70,805 | 68,790 |
Noncontrolling interest | 424 | 414 |
Total equity | 71,229 | 69,204 |
Total liabilities and shareholders' equity | $ 623,254 | $ 561,024 |
CONSOLIDATED STATEMENTS OF CON3
CONSOLIDATED STATEMENTS OF CONDITION (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Held-to-maturity securities at fair value | $ 45,515,000 | $ 42,139,000 |
Shareholders' equity: | ||
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) | 4,353,850 | 4,352,203 |
Common stock, shares outstanding (in shares) | 4,353,850 | 4,352,203 |
Preferred Stock SBLF [Member] | ||
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 13,000 | 13,000 |
Preferred stock, shares issued (in shares) | 13,000 | 13,000 |
Preferred stock, shares outstanding (in shares) | 13,000 | 13,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and dividend income: | ||
Loans, including fees | $ 18,450 | $ 16,928 |
Debt securities: | ||
Taxable | 2,012 | 1,815 |
Tax-exempt | 763 | 782 |
Dividends | 178 | 160 |
Interest earning time deposits | 0 | 7 |
Federal funds sold and interest earning deposits | 21 | 7 |
Total interest income | 21,424 | 19,699 |
Interest expense: | ||
Interest on deposits | 1,962 | 1,956 |
Interest on short-term borrowings | 138 | 102 |
Interest on long-term borrowings | 257 | 395 |
Interest on subordinated loans | 300 | 161 |
Total interest expense | 2,657 | 2,614 |
Net interest income | 18,767 | 17,085 |
Provision for loan losses | 1,349 | 1,205 |
Net interest income after provision for loan losses | 17,418 | 15,880 |
Noninterest income: | ||
Service charges on deposit accounts | 1,155 | 1,200 |
Earnings and gain on bank owned life insurance | 401 | 308 |
Loan servicing fees | 233 | 271 |
Net gains on sales and redemptions of investment securities | 422 | 310 |
Net gains on sales of loans and foreclosed real estate | 34 | 34 |
Debit card interchange fees | 530 | 496 |
Other charges, commissions & fees | 1,397 | 1,140 |
Total noninterest income | 4,172 | 3,759 |
Noninterest expense: | ||
Salaries and employee benefits | 9,687 | 8,795 |
Building occupancy | 1,921 | 1,607 |
Data processing | 1,609 | 1,548 |
Professional and other services | 859 | 623 |
Advertising | 518 | 537 |
FDIC assessments | 408 | 398 |
Audits and exams | 268 | 249 |
Other expenses | 2,317 | 1,928 |
Total noninterest expenses | 17,587 | 15,685 |
Income before income taxes | 4,003 | 3,954 |
Provision for income taxes | 1,071 | 1,153 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 2,932 | 2,801 |
Net income attributable to noncontrolling interest | 43 | 56 |
Net income attributable to Pathfinder Bancorp, Inc. | 2,889 | 2,745 |
Preferred stock dividends | 130 | 95 |
Net income available to common shareholders | $ 2,759 | $ 2,650 |
Earnings per common share - basic (in dollars per share) | $ 0.67 | $ 0.64 |
Earnings per common share - diluted (in dollars per share) | 0.66 | 0.63 |
Dividends per common share (in dollars per share) | $ 0.16 | $ 0.12 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME) [Abstract] | |||
Net income | $ 2,932 | $ 2,801 | |
Retirement Plans: | |||
Retirement plan net losses recognized in plan expenses | 185 | 43 | |
Plan (losses) not recognized in plan expenses | (267) | (1,397) | |
Net unrealized (loss) on retirement plans | (82) | (1,354) | |
Unrealized holding gains on financial derivative: | |||
Change in unrealized holding losses on financial derivative | (6) | (9) | |
Reclassification adjustment for interest expense included in net income | 61 | 62 | |
Net unrealized gain on financial derivative | 55 | 53 | |
Unrealized holding (losses) gains on available for sale securities | |||
Unrealized holding (losses) gains arising during the period | (425) | 907 | |
Reclassification adjustment for net gains on called HTM | 0 | (171) | |
Reclassification adjustment for net gains included in net income | (422) | (139) | |
Net unrealized (loss) gain on available for sale securities | (847) | 597 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 131 | 81 |
Other comprehensive loss, before tax | (743) | (623) | |
Tax effect | 297 | 249 | |
Other comprehensive loss, net of tax | (446) | (374) | |
Comprehensive income | 2,486 | 2,427 | |
Comprehensive income attributable to noncontrolling interest | 43 | 56 | |
Comprehensive income attributable to Pathfinder Bancorp, Inc. | 2,443 | 2,371 | |
Tax Effect Allocated to Each Component of Other Comprehensive Loss | |||
Retirement plan net losses recognized in plan expenses | (74) | (17) | |
Plan (losses) not recognized in plan expenses | 106 | 559 | |
Change in unrealized holding losses on financial derivative | 2 | 4 | |
Reclassification adjustment for interest expense included in net income | (24) | (25) | |
Unrealized holding (losses) gains arising during the period | 170 | (363) | |
Reclassification adjustment for net gains included in net income | 169 | 124 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | (52) | (33) |
Income tax effect related to other comprehensive income | $ 297 | $ 249 | |
[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 - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Unearned ESOP [Member] | Treasury Stock [Member] | Non-controlling Interest [Member] | Total |
Balance at Dec. 31, 2013 | $ 13,000 | $ 30 | $ 8,226 | $ 28,788 | $ (1,745) | $ (826) | $ (4,761) | $ 358 | $ 43,070 |
Net income | 0 | 0 | 0 | 2,745 | 0 | 0 | 0 | 56 | 2,801 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | (374) | 0 | 0 | 0 | (374) |
Preferred stock dividends - SBLF | 0 | 0 | 0 | (95) | 0 | 0 | 0 | 0 | (95) |
ESOP shares earned | 0 | 0 | 68 | 0 | 0 | 127 | 0 | 0 | 195 |
Stock based compensation | 0 | 0 | 84 | 0 | 0 | 0 | 0 | 0 | 84 |
Stock options exercised | 0 | 0 | (9) | 0 | 0 | 0 | 27 | 0 | 18 |
Proceeds of common stock offering and conversion of existing shares, net of expenses | 0 | 17 | 24,896 | 0 | 0 | (1,055) | 0 | 0 | 23,858 |
Cancel 354,787 Treasury Shares | 0 | (3) | (4,731) | 0 | 0 | 0 | 4,734 | 0 | 0 |
Common stock dividends declared | 0 | 0 | 0 | (353) | 0 | 0 | 0 | 0 | (353) |
Balance at Dec. 31, 2014 | 13,000 | 44 | 28,534 | 31,085 | (2,119) | (1,754) | 0 | 414 | 69,204 |
Net income | 0 | 0 | 0 | 2,889 | 0 | 0 | 0 | 43 | 2,932 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | (446) | 0 | 0 | 0 | (446) |
Preferred stock dividends - SBLF | 0 | 0 | 0 | (130) | 0 | 0 | 0 | 0 | (130) |
ESOP shares earned | 0 | 0 | 89 | 0 | 0 | 180 | 0 | 0 | 269 |
Stock based compensation | 0 | 0 | 85 | 0 | 0 | 0 | 0 | 0 | 85 |
Stock options exercised | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 0 | 9 |
Common stock dividends declared | 0 | 0 | 0 | (661) | 0 | 0 | 0 | 0 | (661) |
Distributions from affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (33) | (33) |
Balance at Dec. 31, 2015 | $ 13,000 | $ 44 | $ 28,717 | $ 33,183 | $ (2,565) | $ (1,574) | $ 0 | $ 424 | $ 71,229 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract] | ||
ESOP shares earned (in shares) | 24,442 | 21,553 |
Common stock dividends declared (in dollars per share) | $ 0.16 | $ 0.12 |
Treasury shares (in shares) | 354,787 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 2,889,000 | $ 2,745,000 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 1,349,000 | 1,205,000 |
Deferred income tax expense | 116,000 | 352,000 |
Proceeds from sales of loans | 69,000 | 0 |
Originations of loans held-for-sale | (68,000) | 0 |
Realized gains on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | (1,000) | (31,000) |
Loans | (33,000) | (3,000) |
Available-for-sale investment securities | (422,000) | (139,000) |
Held-to-maturity investment securities | 0 | (171,000) |
Depreciation | 998,000 | 805,000 |
Amortization of mortgage servicing rights | 14,000 | 14,000 |
Amortization of deferred loan costs | 170,000 | 129,000 |
Earnings on bank owned life insurance | (259,000) | (308,000) |
Realized gain on proceeds from bank owned life insurance | (142,000) | 0 |
Net amortization of premiums and discounts on investment securities | 865,000 | 665,000 |
Amortization of intangible assets | 16,000 | 12,000 |
Stock based compensation and ESOP expense | 354,000 | 279,000 |
Net change in accrued interest receivable | (204,000) | (134,000) |
Net change in other assets and liabilities | 600,000 | (393,000) |
Net cash flows from operating activities | 6,311,000 | 5,027,000 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (67,634,000) | (28,651,000) |
Purchase of investment securities held-to-maturity | (6,317,000) | (8,767,000) |
Proceeds from maturities of interest earning time deposits | 0 | 500,000 |
Net proceeds from (purchases of) Federal Home Loan Bank stock | 1,030,000 | (1,014,000) |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 30,420,000 | 16,895,000 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 2,903,000 | 1,109,000 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 25,180,000 | 4,940,000 |
Held-to-maturity investment securities | 0 | 1,220,000 |
Real estate acquired through foreclosure | 432,000 | 924,000 |
Acquisition of insurance agency | (225,000) | 0 |
Purchase of bank owned life insurance | 0 | (1,780,000) |
Proceeds from bank owned life insurance | 142,000 | 0 |
Net change in loans | (44,784,000) | (47,491,000) |
Purchase of premises and equipment | (2,632,000) | (2,361,000) |
Net cash flows from investing activities | (61,485,000) | (64,476,000) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 80,850,000 | (7,210,000) |
Net change in time deposits and brokered deposits | (6,103,000) | 12,638,000 |
Net change in short-term borrowings | (30,300,000) | 31,100,000 |
Proceeds from long-term borrowings | 18,500,000 | 0 |
Payments on long-term borrowings | (13,000,000) | (5,853,000) |
Proceeds from subordinated loans | 9,836,000 | 0 |
Proceeds from exercise of stock options | 9,000 | 18,000 |
Net proceeds from stock offering and conversion | 0 | 24,913,000 |
Cash dividends paid to preferred shareholder - SBLF | (130,000) | (62,000) |
Cash dividends paid to common shareholders | (609,000) | (316,000) |
Change in noncontrolling interest, net | 10,000 | 56,000 |
Purchase of shares by ESOP | 0 | (1,054,000) |
Net cash flows from financing activities | 59,063,000 | 54,230,000 |
Change in cash and cash equivalents | 3,889,000 | (5,219,000) |
Cash and cash equivalents at beginning of period | 11,356,000 | 16,575,000 |
Cash and cash equivalents at end of period | 15,245,000 | 11,356,000 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 2,521,000 | 2,637,000 |
Income taxes | 1,237,000 | 631,000 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | $ 722,000 | $ 560,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The accompanying consolidated financial statements include the accounts of Pathfinder Bancorp, Inc. (the "Company") and its wholly owned subsidiary, Pathfinder Bank (the "Bank"). The Company is a Maryland corporation headquartered in Oswego, New York. On October 16, 2014, the Company completed its conversion from the mutual holding company structure and the related public offering and is now a stock holding company that is fully owned by the public. As a result of the conversion, the mutual holding company and former mid-tier holding company were merged into Pathfinder Bancorp, Inc. The primary business of the Company is its investment in Pathfinder Bank (the "Bank") which is 100% owned by the Company. The Company sold 2,636,053 shares of common stock in the offering, including 105,442 shares sold to the Pathfinder Bank employee stock ownership plan ("ESOP"). All shares were sold at a price of $10.00 per share raising $26.4 million in gross proceeds. Additionally, $197,000 in cash was received from the merger of MHC into the company; and after accounting for conversion related expenses of $1.5 million, the Company received $24.9 million in net proceeds. Concurrent with the completion of the offering, publicly owned shares of Pathfinder Bancorp, Inc., a federal corporation, were exchanged for 1.6472 shares of the Company's common stock. At December 31, 2015 4,353,850 shares of common stock were outstanding. The Bank has four wholly owned operating subsidiaries, Pathfinder Commercial Bank, Pathfinder Risk Management Company, Inc. ("PRMC"), Pathfinder REIT, Inc. and Whispering Oaks Development Corp. All significant inter-company accounts and activity have been eliminated in consolidation. Although the Company owns, through its subsidiary PRMC, 51% of the membership interest in FitzGibbons Agency, LLC ("FitzGibbons"), the Company is required to consolidate 100% of FitzGibbons 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. The Company has seven offices located in Oswego County, one office in Onondaga County, and a business banking office in Syracuse, New York. The Company is primarily engaged in the business of attracting deposits from the general public in the Company's market area, and investing such deposits, together with other sources of funds, in loans secured by one-to-four family residential real estate, commercial real estate, business assets and investment securities. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations, the annual evaluation of the Company's goodwill for possible impairment and the evaluation of investment securities for other than temporary impairment and the estimation of fair values for accounting and disclosure purposes to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators' judgments based on information available to them at the time of their examinations. Significant Group Concentrations of Credit Risk Most of the Company's activities are with customers located primarily in Oswego and Onondaga counties of New York State. A large portion of the Company's portfolio is centered in residential and commercial real estate. The Company closely monitors real estate collateral values and requires additional reviews of commercial real estate appraisals by a qualified third party for commercial real estate loans in excess of $400,000. All residential loan appraisals are reviewed by an individual or third party who is independent of the loan origination or approval process and was not involved in the approval of appraisers or selection of the appraiser for the transaction, and has no direct or indirect interest, financial or otherwise in the property or the transaction. Advertising The Company follows the policy of charging the costs of advertising to expense as incurred. Noncontrolling Interest Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of the FitzGibbons Agency. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits (with original maturity of three months or less). Investment Securities The Company classifies investment securities as either available-for-sale or held-to-maturity. The Company does not hold any securities considered to be trading. Available-for-sale securities are reported at fair value, with net unrealized gains and losses reflected as a separate component of shareholders' equity, net of the applicable income tax effect. Held-to-maturity securities are those that the Company has the ability and intent to hold until maturity and are reported at amortized cost. Gains or losses on investment security transactions are based on the amortized cost of the specific securities sold. Premiums and discounts on securities are amortized and accreted into income using the interest method over the period to maturity. Note 4 to the consolidated financial statements includes additional information about the Company's accounting policies with respect to the impairment of investment securities. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank ("FHLB") system to hold stock of its district FHLB according to a predetermined formula. The stock is carried at cost. Transfers of Financial Assets Transfers of financial assets, including sales of loans and loan participations, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Loans The Company grants mortgage, commercial, municipal, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses plus net deferred loan origination costs. The ability of the Company's debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received and related direct origination costs incurred are deferred and amortized over the life of the loan using the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one-to-four family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate, lines of credit, other commercial and industrial, and tax-exempt loans. Consumer loans include both home equity lines of credit and loans with junior liens and other consumer loans. Allowance for Loan Losses The allowance for loan losses represents management's estimate of losses inherent in the loan portfolio as of the date of the statement of condition and it is recorded as a reduction of loans. The allowance is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than 120 days past due on a contractual basis, unless productive collection efforts are providing results. Consumer loans may be charged off earlier in the event of bankruptcy, or if there is an amount that is deemed uncollectible. No portion of the allowance for loan losses is restricted to any individual loan product and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on three major components which are; specific components for larger loans, recent historical losses and several qualitative factors applied to a general pool of loans, and an unallocated component. The first component is the specific component that relates to loans that are classified as impaired. For these loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The second or general component covers pools of loans, by loan class, not considered impaired, smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure first based on historical loss rates for each of these categories of loans. The ratio of net charge-offs to loan outstandings within each product class, over the most recent eight quarters, lagged by one quarter, is used to generate the historical loss rates. In addition, qualitative factors are added to the historical loss rates in arriving at the total allowance for loan loss need 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 loss analysis and calculation. The third or unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio and generally comprises less than 10% of the total allowance for loan loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and reason for the delay, the borrower's prior payment record and the amount of shortfall in relation to what is owed. Impairment is measured by either the present value of the expected future cash flows discounted at the loan's effective interest rate or the fair value of the underlying collateral if the loan is collateral dependent. The majority of the Company's loans utilize the fair value of the underlying collateral. An allowance for loan loss is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals, less costs to sell. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans less than $300,000, home equity and other consumer loans for impairment disclosures, unless such loans are related to borrowers with impaired commercial loans or they are the subject to a troubled debt restructuring agreement for those with a carrying value in excess of $300,000. Commercial loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally include but are not limited to a temporary reduction in the interest rate or an extension of a loan's stated maturity date. Commercial loans classified as troubled debt restructurings with a carrying value in excess of $100,000 are designated as impaired and evaluated as discussed above. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower's overall financial condition, repayment sources, guarantors and value of the collateral, if appropriate, are evaluated not less than annually for commercial loans or when credit deficiencies arise on all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. See Note 5 for a description of these regulatory classifications. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Income Recognition on Impaired and Nonaccrual Loans For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or 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. A loan may remain on accrual status if it is either well secured or guaranteed and in the process of collection. When a loan is placed on nonaccrual status, unpaid interest is reversed and charged to interest income. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management's judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. For nonaccrual loans, when future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under standby letters of credit. Such financial instruments are recorded when they are funded. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, ranging up to 40 years for premises and 10 years for equipment. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. Foreclosed Real Estate Physical possession of residential real estate property collateralizing a residential mortgage loan occurs when legal title is obtain upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Properties acquired through foreclosure, or by deed-in-lieu of foreclosure, are recorded at their fair value less estimated costs to sell. Fair value is typically determined based on evaluations by third parties. Costs incurred in connection with preparing the foreclosed real estate for disposition are capitalized to the extent that they enhance the overall fair value of the property. Any write-downs on the asset's fair value less costs to sell at the date of acquisition are charged to the allowance for loan losses. Subsequent write downs and expenses of foreclosed real estate are included as a valuation allowance and recorded in noninterest expense. Goodwill and Intangible Assets Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually for impairment. Intangible assets, such as customer relationships, are amortized over their useful lives, generally 15 years. Mortgage Servicing Rights Originated mortgage servicing rights are recorded at their fair value at the time of transfer of the related loans and are amortized in proportion to, and over the period of, estimated net servicing income or loss. The carrying value of the originated mortgage servicing rights is periodically evaluated for impairment or between annual evaluations under certain circumstances. Stock-Based Compensation Compensation costs related to share-based payment transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award. Compensation costs related to the Employee Stock Ownership Plan are dependent upon the average stock price and the shares committed to be released to plan participants through the period in which income is reported. Retirement Benefits The Company has a non-contributory defined benefit pension plan that covered substantially all employees. 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 will be 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. Pension expense under these plans is charged to current operations and consists of several components of net pension cost based on various actuarial assumptions regarding future experience under the plans. Gains and losses, prior service costs and credits, and any remaining transition amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic cost. Plan assets and obligations are measured as of the Company's statement of condition date. The Company has unfunded deferred compensation and supplemental executive retirement plans for selected current and former employees and officers that provide benefits that cannot be paid from a qualified retirement plan due to Internal Revenue Code restrictions. These plans are nonqualified under the Internal Revenue Code, and assets used to fund benefit payments are not segregated from other assets of the Company, therefore, in general, a participant's or beneficiary's claim to benefits under these plans is as a general creditor. The Bank sponsors an Employee Stock Ownership Plan ("ESOP") covering substantially all full time employees. The cost of shares issued to the ESOP but not committed to be released to the participants is presented in the consolidated statement of condition as a reduction of shareholders' equity. ESOP shares are released to the participants proportionately as the loan is repaid. The Company records ESOP compensation expense based on the shares committed to be released and allocated to the participant's accounts multiplied by the average share price of the Company's stock over the period. Dividends related to unallocated shares are recorded as compensation expense. Derivative Financial Instruments Derivatives are recorded on the statement of condition as assets and liabilities measured at their fair value. The accounting for increases and decreases in the value of derivatives depends upon the use of derivatives and whether the derivatives qualify for hedge accounting. The Company currently has one interest rate swap, which has been determined to be a cash flow hedge. The fair value of cash-flow hedging instruments ("Cash Flow Hedge") is recorded in either other assets or other liabilities. On an ongoing basis, the statement of condition is adjusted to reflect the then current fair value of the Cash Flow Hedge. The related gains or losses are reported in other comprehensive income (loss) and are subsequently reclassified into earnings, as a yield adjustment in the same period in which the related interest on the hedged item (primarily a variable-rate debt obligation) affect earnings. To the extent that the Cash Flow Hedge is not effective, the ineffective portion of the Cash Flow Hedge is immediately recognized as interest expense. Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. Earnings Per Share Basic earnings per common share are computed by dividing net income, after preferred stock dividends and preferred stock discount accretion, by the weighted average number of common shares outstanding throughout each year. Diluted earnings per share gives effect to weighted average shares that would be outstanding assuming the exercise of issued stock options and warrants using the treasury stock method. Unallocated shares of the Company's ESOP plan are not included when computing earnings per share until they are committed to be released. Segment Reporting The Company has evaluated the activities relating to its strategic business units. The controlling interest in the FitzGibbons Agency is dissimilar in nature and management when compared to the Company's other strategic business units which are judged to be similar in nature and management. The Company has determined that the FitzGibbons Agency is below the reporting threshold in size in accordance with Accounting Standards Codification 280. Accordingly, the Company has determined it has no reportable segments. Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the statement of condition, such items, along with net income, are components of comprehensive income. Accumulated other comprehensive (loss) represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2015 2014 Unrealized loss for pension and other postretirement obligations $ (3,073 ) $ (2,991 ) Tax effect 1,229 1,197 Net unrealized loss for pension and other postretirement obligations (1,844 ) (1,794 ) Unrealized loss on financial derivative instruments used in cash flow hedging relationships (27 ) (82 ) Tax effect 11 33 Net unrealized loss on financial derivative instruments used in cash flow hedging relationships (16 ) (49 ) Unrealized (losses) gains on available-for-sale securities (85 ) 763 Tax effect 34 (306 ) Net unrealized gains on available-for-sale securities (51 ) 457 Unrealized loss on securities transferred to held-to-maturity (1,090 ) (1,221 ) Tax effect 436 488 Net unrealized loss on securities transferred to held-to-maturity (654 ) (733 ) Accumulated other comprehensive loss $ (2,565 ) $ (2,119 ) Reclassifications Certain amounts in the 2014 consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income as previously reported. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
NEW ACCOUNTING PRONOUNCEMENTS [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS In January 2016, the FASB issued Accounting Standards Update No. 2016-01—Financial Instruments—Overall (Subtopic 825-10) . The amendments in this Update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this Update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, for public business entities, such as the Company, the amendments in this Update eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application by public business entities to financial statements of fiscal years or interim periods that have not yet been issued are permitted as of the beginning of the fiscal year of adoption. Management of the Company does not expect to adopt this ASU before the required adoption date. The Company does not expect a material impact on its consolidated financial statements of condition, results of operations, or cash flows as a result of the adoption of this Update. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) . ASU No. 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. Under the new guidance a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or an operating lease (i.e., the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under the previous guidance). However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU No. 2016-02 will require both operating and finance leases to be recognized on the balance sheet. Additionally, the ASU will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. Lessor accounting will remain largely unchanged from current GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014. The amendments in ASU No. 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for (1) public business entities, (2) not-for-profit entities that have issued, or are conduit bond obligors for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market, and (3) employee benefit plans that file financial statements with the SEC. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. Early application is permitted for all entities. The Company is currently evaluating the effects of the ASU 2016-02 on its financial statements and disclosures, if any. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 3: EARNINGS PER SHARE Basic earnings per share are 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. 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. 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 4,118 and 16,472 for the years ended 2015 and 2014, respectively. 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. The following table sets forth the calculation of basic and diluted earnings per share. Years ended December 31, (In thousands, except per share data) 2015 2014 Basic Earnings Per Common Share Net income available to common shareholders $ 2,759 $ 2,650 Weighted average common shares outstanding 4,124 4,156 Basic earnings per common share $ 0.67 $ 0.64 Diluted Earnings Per Common Share Net income available to common shareholders $ 2,759 $ 2,650 Weighted average common shares outstanding 4,124 4,156 Effect of assumed exercise of stock options 67 44 Diluted weighted average common shares outstanding 4,191 4,200 Diluted earnings per common share $ 0.66 $ 0.63 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
INVESTMENT SECURITIES [Abstract] | |
INVESTMENT SECURITIES | NOTE 4: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized as follows: December 31, 2015 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 $ 21,380 $ 13 $ (85 ) $ 21,308 State and political subdivisions 8,198 107 (5 ) 8,300 Corporate 18,173 51 (96 ) 18,128 Residential mortgage-backed - US agency 32,740 113 (280 ) 32,573 Collateralized mortgage obligations - US agency 16,880 95 (142 ) 16,833 Total 97,371 379 (608 ) 97,142 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 - (5 ) 638 Large cap equity fund 456 127 - 583 Common stock - financial services industry 554 25 - 579 Total 1,653 152 (5 ) 1,800 Total available-for-sale $ 99,024 $ 531 $ (613 ) $ 98,942 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 7,860 $ 81 $ (29 ) $ 7,912 State and political subdivisions 21,585 881 - 22,466 Corporate 4,175 53 (3 ) 4,225 Residential mortgage-backed - US agency 7,763 137 (5 ) 7,895 Collateralized mortgage obligations - US agency 2,914 103 - 3,017 Total held-to-maturity $ 44,297 $ 1,255 $ (37 ) $ 45,515 December 31, 2014 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 17,896 $ 3 $ (149 ) $ 17,750 State and political subdivisions 8,346 110 (13 ) 8,443 Corporate 13,763 116 (19 ) 13,860 Residential mortgage-backed - US agency 30,321 403 (149 ) 30,575 Collateralized mortgage obligations - US agency 15,432 168 (124 ) 15,476 Total 85,758 800 (454 ) 86,104 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 5 - 648 Large cap equity fund 456 193 - 649 Other mutual funds 183 196 - 379 Common stock - financial services industry 270 23 - 293 Total 1,552 417 - 1,969 Total available-for-sale $ 87,310 $ 1,217 $ (454 ) $ 88,073 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 4,834 $ 58 $ - $ 4,892 State and political subdivisions 22,610 824 (9 ) 23,425 Corporate 2,487 33 (17 ) 2,503 Residential mortgage-backed - US agency 8,043 242 - 8,285 Collateralized mortgage obligations - US agency 2,901 133 - 3,034 Total held-to-maturity $ 40,875 $ 1,290 $ (26 ) $ 42,139 The Company's investments in mortgage-backed securities include pass-through securities and collateralized mortgage obligations issued and guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. As of December 31, 2015 and December 31, 2014, no private-label mortgage-backed securities or collateralized mortgage obligations were held in the securities portfolio. The Company's investments in state and political obligation securities generally are municipal obligations that are general obligations supported by the general taxing authority of the issuer, and in some cases are insured. The obligations issued by school districts are supported by state aid. Primarily, these investments are issued by municipalities within New York State. The amortized cost and estimated fair value of debt investments at December 31, 2015 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated ( In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 8,443 $ 8,464 $ 206 $ 206 Due after one year through five years 30,132 30,111 9,648 9,747 Due after five years through ten years 8,195 8,180 17,108 17,633 Due after ten years 981 981 6,658 7,017 Sub-total 47,751 47,736 33,620 34,603 Residential mortgage-backed - US agency 32,740 32,573 7,763 7,895 Collateralized mortgage obligations - US agency 16,880 16,833 2,914 3,017 Totals $ 97,371 $ 97,142 $ 44,297 $ 45,515 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, is as follows: December 31, 2015 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair Securities Losses Value Securities Losses Value Securities Losses Value (Dollars in thousands) Available-for-Sale US Treasury, agencies and GSE's 9 $ (70 ) $ 13,382 1 $ (15 ) $ 984 10 $ (85 ) $ 14,366 State and political subdivisions 13 (4 ) 1,894 3 (1 ) 339 16 (5 ) 2,233 Corporate 10 (57 ) 8,123 2 (39 ) 2,820 12 (96 ) 10,943 Equity and other investments 1 (5 ) 638 - - - 1 (5 ) 638 Residential mortgage-backed - US agency 14 (148 ) 20,204 5 (132 ) 4,812 19 (280 ) 25,016 Collateralized mortgage obligations - US agency 6 (80 ) 8,618 3 (62 ) 1,789 9 (142 ) 10,407 Totals 53 $ (364 ) $ 52,859 14 $ (249 ) $ 10,744 67 $ (613 ) $ 63,603 Held-to-Maturity US Treasury, agencies and GSE's 2 $ (29 ) $ 2,970 - $ - $ - 2 $ (29 ) $ 2,970 State and political subdivisions - - - - - - - - - Corporate 1 (3 ) 225 - - - 1 (3 ) 225 Residential mortgage-backed - US agency 1 (5 ) 795 - - - 1 (5 ) 795 Collateralized mortgage obligations - US agency - - - - - - - - - Totals 4 $ (37 ) $ 3,990 - $ - $ - 4 $ (37 ) $ 3,990 December 31, 2014 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair Securities Losses Value Securities Losses Value Securities Losses Value (Dollars in thousands) Available-for-Sale US Treasury, agencies and GSE's 7 $ (18 ) $ 7,991 7 $ (131 ) $ 7,856 14 $ (149 ) $ 15,847 State and political subdivisions 19 (13 ) 3,047 1 - 90 20 (13 ) 3,137 Corporate 7 (19 ) 4,520 - - - 7 (19 ) 4,520 Residential mortgage-backed - US agency 2 (8 ) 1,424 6 (141 ) 6,256 8 (149 ) 7,680 Collateralized mortgage obligations - US agency 3 (22 ) 2,692 5 (102 ) 3,963 8 (124 ) 6,655 Totals 38 $ (80 ) $ 19,674 19 $ (374 ) $ 18,165 57 $ (454 ) $ 37,839 Held-to-Maturity US Treasury, agencies and GSE's - $ - $ - - $ - $ - - $ - $ - State and political subdivisions 1 (9 ) 1,463 - - - 1 (9 ) 1,463 Corporate 2 (17 ) 1,108 - - - 2 (17 ) 1,108 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency - - - - - - - - - Totals 3 $ (26 ) $ 2,571 - $ - $ - 3 $ (26 ) $ 2,571 The Company conducts a formal review of investment securities on a quarterly basis for the presence of other-than-temporary impairment ("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 other securities within the portfolio as of December 31, 2015 represents OTTI. All securities which have been in an unrealized loss position for 12 months or more are comprised of United States Agency issued mortgage-backed securities, collateralized mortgage obligations and Agency and Government Sponsored enterprise bond holdings. These positions in US Government Agency and Government Sponsored enterprises are deemed to have no credit impairment, thus, the disclosed unrealized losses relate directly to changes in interest rates subsequent to the acquisition of the individual securities. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell these securities prior to the recovery of the amortized cost. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the length of time the equity security's fair value has been below the carrying amount. Management has determined that we have the intent and ability to retain the equity securities for a sufficient period of time to allow for recovery. All of the Company's equity securities had a fair value greater than the book value at December 31, 2015. Proceeds of $25.2 million and $6.2 million on sales and redemptions of securities for the years ended December 31 resulted in gross realized gains (losses) detailed below: (In thousands) 2015 2014 Realized gains $ 439 $ 312 Realized losses (17 ) (2 ) $ 422 $ 310 As of December 31, 2015 and December 31, 2014, securities with a fair value of $89.7 million and $66.7 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $17.8 million and $19.9 million were pledged against certain borrowing arrangements. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments or loans. |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2015 | |
LOANS [Abstract] | |
LOANS | NOTE 5: LOANS Major classifications of loans are as follows: December 31, December 31, (In thousands) 2015 2014 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 181,792 $ 172,159 Construction 7,924 3,209 Total residential mortgage loans 189,716 175,368 Commercial loans: Real estate 129,506 125,952 Lines of credit 19,035 17,407 Other commercial and industrial 54,899 34,660 Tax exempt loans 9,081 7,201 Total commercial loans 212,521 185,220 Consumer loans: Home equity and junior liens 23,463 22,713 Other consumer 4,886 4,160 Total consumer loans 28,349 26,873 Total loans 430,586 387,461 Net deferred loan costs (148 ) 77 Less allowance for loan losses (5,706 ) (5,349 ) Loans receivable, net $ 424,732 $ 382,189 The Company originates residential mortgage, commercial and consumer loans largely to customers throughout Oswego, Onondaga and surrounding counties. Although the Company has a diversified loan portfolio, a substantial portion of its borrowers' abilities to honor their contracts is dependent upon the counties' employment and economic conditions. As of December 31, 2015 and December 31, 2014, residential mortgage loans with a carrying value of $125.8 million and $121.1 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 has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management and the board of directors reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, nonperforming and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. Risk Characteristics of Portfolio Segments Each portfolio segment generally carries its own unique risk characteristics. The residential mortgage loan segment is impacted by general economic conditions, unemployment rates in the Bank's service area, real estate values and the forward expectation of improvement or deterioration in economic conditions. The commercial loan segment is impacted by general economic conditions but, more specifically, the industry segment in which each borrower participates. Unique competitive changes within a borrower's specific industry, or geographic location could cause significant changes in the borrower's revenue stream, and therefore, impact its ability to repay its obligations. Commercial real estate is also subject to general economic conditions but changes within this segment typically lag changes seen within the consumer and commercial segment. Included within this portfolio are both owner occupied real estate, in which the borrower occupies the majority of the real estate property and upon which the majority of the sources of repayment of the obligation is dependent upon, and non-owner occupied real estate, in which several tenants comprise the repayment source for this portfolio segment. The composition and competitive position of the tenant structure may cause adverse changes in the repayment of debt obligations for the non-owner occupied class within this segment. The consumer loan segment is impacted by general economic conditions, unemployment rates in the Company's service area, and the forward expectation of improvement or deterioration in economic conditions. Real estate loans, including residential mortgages, commercial real estate loans and home equity, comprise 81% of the portfolio in 2015, substantially identical to the composition in 2014. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio. Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Description of Credit Quality Indicators The Company utilizes an eight tier risk rating system to evaluate the quality of its loan portfolio. Loans that are risk rated "1" through "4" are considered "Pass" loans. In accordance with regulatory guidelines, loans rated "5" through "8" are termed "criticized" loans and loans rated "6" through "8" are termed "classified" loans. A description of the Company's credit quality indicators follows. For Commercial Loans: 1. Prime 2. Strong 3. Satisfactory 4. Satisfactory Watch: 5. Special Mention 6. Substandard 7. Doubtful 8. Loss For Residential Mortgage and Consumer Loans: Residential mortgage and consumer loans are assigned a "Pass" rating unless the loan has demonstrated signs of weakness as indicated by the ratings below. 5. Special Mention 6. Substandard 7. Doubtful The risk ratings for classified loans are evaluated at least quarterly for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, residential mortgage or consumer loans. See further discussion of risk ratings in Note 1. The following table presents the segments and classes of the loan portfolio summarized by the aggregate pass rating and the criticized and classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system: As of December 31, 2015 (In thousands) Pass Special Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 177,244 $ 1,375 $ 2,425 $ 748 $ 181,792 Construction 7,924 - - - 7,924 Total residential mortgage loans 185,168 1,375 2,425 748 189,716 Commercial loans: Real estate 121,283 4,345 3,878 - 129,506 Lines of credit 17,358 1,469 208 - 19,035 Other commercial and industrial 53,540 848 504 7 54,899 Tax exempt loans 9,081 - - - 9,081 Total commercial loans 201,262 6,662 4,590 7 212,521 Consumer loans: Home equity and junior liens 22,780 182 287 214 23,463 Other consumer 4,840 31 15 - 4,886 Total consumer loans 27,620 213 302 214 28,349 Total loans $ 414,050 $ 8,250 $ 7,317 $ 969 $ 430,586 As of December 31, 2014 (In thousands) Pass Special Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 166,352 $ 1,384 $ 3,370 $ 1,053 $ 172,159 Construction 3,209 - - - 3,209 Total residential mortgage loans 169,561 1,384 3,370 1,053 175,368 Commercial loans: Real estate 119,521 1,157 5,132 142 125,952 Lines of credit 16,310 451 646 - 17,407 Other commercial and industrial 33,258 434 941 27 34,660 Tax exempt loans 7,201 - - - 7,201 Total commercial loans 176,290 2,042 6,719 169 185,220 Consumer loans: Home equity and junior liens 21,722 333 574 84 22,713 Other consumer 4,113 10 37 - 4,160 Total consumer loans 25,835 343 611 84 26,873 Total loans $ 371,686 $ 3,769 $ 10,700 $ 1,306 $ 387,461 Nonaccrual and Past Due Loans 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, exclusive of deferred costs, segregated by class of loans were as follows: As of December 31, 2015 30-59 Days 60-89 Days 90 Days Past Due Past Due and Over Total Total Loans (In thousands) And Accruing And Accruing Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,115 $ 808 $ 1,715 $ 3,638 $ 178,154 $ 181,792 Construction - - - - 7,924 7,924 Total residential mortgage loans 1,115 808 1,715 3,638 186,078 189,716 Commercial loans: Real estate 940 135 2,694 3,769 125,737 129,506 Lines of credit 20 - 174 194 18,841 19,035 Other commercial and industrial 159 216 370 745 54,154 54,899 Tax exempt loans - - - - 9,081 9,081 Total commercial loans 1,119 351 3,238 4,708 207,813 212,521 Consumer loans: Home equity and junior liens 132 - 360 492 22,971 23,463 Other consumer 14 15 5 34 4,852 4,886 Total consumer loans 146 15 365 526 27,823 28,349 Total loans $ 2,380 $ 1,174 $ 5,318 $ 8,872 $ 421,714 $ 430,586 As of December 31, 2014 30-59 Days 60-89 Days 90 Days Past Due Past Due and Over Total Total Loans (In thousands) And Accruing And Accruing Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,455 $ 687 $ 1,902 $ 4,044 $ 168,115 $ 172,159 Construction - - - - 3,209 3,209 Total residential mortgage loans 1,455 687 1,902 4,044 171,324 175,368 Commercial loans: Real estate 1,462 32 3,547 5,041 120,911 125,952 Lines of credit 10 - 278 288 17,119 17,407 Other commercial and industrial 445 982 205 1,632 33,028 34,660 Tax exempt loans - - - - 7,201 7,201 Total commercial loans 1,917 1,014 4,030 6,961 178,259 185,220 Consumer loans: Home equity and junior liens 120 17 313 450 22,263 22,713 Other consumer 6 17 11 34 4,126 4,160 Total consumer loans 126 34 324 484 26,389 26,873 Total loans $ 3,498 $ 1,735 $ 6,256 $ 11,489 $ 375,972 $ 387,461 Year-end nonaccrual loans, segregated by class of loan, were as follows: December 31, December 31, (In thousands) 2015 2014 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,715 $ 1,902 1,715 1,902 Commercial loans: Real estate 2,694 3,547 Lines of credit 174 278 Other commercial and industrial 370 205 3,238 4,030 Consumer loans: Home equity and junior liens 360 313 Other consumer 5 11 365 324 Total nonaccrual loans $ 5,318 $ 6,256 There were no loans past due ninety days or more and still accruing interest at December 31, 2015 or 2014. 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 recorded investment for each TDR is determined by the loan balance less the reserve associated with the loan. The Company has determined that there was one new TDR in the year ended December 31, 2015. · The modification made within the commercial real estate loan class resulted in a pre-modification and post-modification recorded investment of $678,000 and $324,000, respectively. Economic concessions granted included extended payment terms without an associated increase in collateral. The Company was required to increase the specific reserve against this loan by an additional $354,000, which was a component of the provision of loan losses in the second quarter of 2015. The Company has determined that there were two new TDRs for the year ended December 31, 2014. · The modification made within the commercial real estate loan class resulted in a pre-modification and post-modification recorded investment of $74,000 and $96,000, respectively. The post-modification recorded investment included the funding of escrow and closing costs as a result of the restructuring. Economic concessions granted included extended interest only payment terms and an additional $100,000 for working capital without an associated increase in collateral. The TDR resulted in a loan balance of $565,000 with a specific reserve of $469,000, resulting in a recorded investment of $96,000. The Company was required to increase the specific reserve against this loan by an additional $108,000, which was a component of the provision for loan losses in the third quarter of 2014. · The modification made within the other commercial and industrial loan class included a consolidation of three credit facilities into a single loan with a pre-modification and post-modification recorded investment of $86,000, and $31,000, respectively. The post-modification recorded investment included closing costs as a result of the restructuring. Economic concessions granted included an advance of additional monies without an associated increased in collateral. The TDR resulted in a loan balance of $268,000 with a specific reserve of $237,000, resulting in a recorded investment of $31,000. The Company was required to increase the reserve against this loan by $122,000 which was a component of the provision for loan losses in the fourth quarter of 2014. The table below details loans that have been modified as TDRs during the twelve months prior to December 31, 2015, which have subsequently defaulted during the year ended December 31, 2015. (In thousands) Number of Contracts Recorded Investment Allowance for Loan Loss Residential mortgage loans 1 $ 385 $ - Commercial real estate loans 1 670 346 Other commercial and industrial 1 224 194 The Company had no loans that had been modified as TDRs during the twelve months prior to December 31, 2014, which had subsequently defaulted during the year ended December 31, 2014. When the Company modifies a loan within a portfolio segment, a potential impairment is analyzed either based on the present value of the expected future cash flows discounted at the interest rate of the original loan terms or the fair value of the collateral less costs to sell. If it is determined that the value of the loan is less than its recorded investment, then impairment is recognized as a component of the provision for loan losses, an associated increase to the allowance for loan losses or as a charge-off to the allowance for loan losses in the current period. Impaired Loans The following table summarizes impaired loans information by portfolio class: December 31, 2015 December 31, 2014 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 $ 473 $ 473 $ - $ 1,138 $ 1,163 $ - Commercial real estate 2,580 2,709 - 2,083 2,154 - Commercial lines of credit 574 597 - 185 197 - Other commercial and industrial 536 569 - 335 356 - Home equity and junior liens 187 187 - 21 21 - Other consumer 5 6 - - - - With an allowance recorded: 1-4 family first-lien residential mortgages - - - - - - Commercial real estate 1,850 1,963 760 2,927 2,972 552 Commercial lines of credit 5 5 5 93 99 93 Other commercial and industrial 224 230 193 268 268 238 Home equity and junior liens 101 101 2 340 340 31 Other consumer - - - 11 11 3 Total: 1-4 family first-lien residential mortgages 473 473 - 1,138 1,163 - Commercial real estate 4,430 4,672 760 5,010 5,126 552 Commercial lines of credit 579 602 5 278 296 93 Other commercial and industrial 760 799 193 603 624 238 Home equity and junior liens 288 288 2 361 361 31 Other consumer 5 6 - 11 11 3 Totals $ 6,535 $ 6,840 $ 960 $ 7,401 $ 7,581 $ 917 The following table presents the average recorded investment in impaired loans for the years ended December 31: (In thousands) 2015 2014 1-4 family first-lien residential mortgages $ 671 $ 1,204 Commercial real estate 4,742 4,886 Commercial lines of credit 520 378 Other commercial and industrial 803 529 Home equity and junior liens 305 402 Other consumer 7 9 Total $ 7,048 $ 7,408 The following table presents the cash basis interest income recognized on impaired loans for the years ended December 31: (In thousands) 2015 2014 1-4 family first-lien residential mortgages $ 17 $ 34 Commercial real estate 92 104 Commercial lines of credit - - Other commercial and industrial 29 38 Home equity and junior liens - 12 Other consumer - 1 Total $ 138 $ 189 |
ALLOWANCE FOR LOAN LOSSES
ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Dec. 31, 2015 | |
ALLOWANCE FOR LOAN LOSSES [Abstract] | |
ALLOWANCE FOR LOAN LOSSES | NOTE 6: ALLOWANCE FOR LOAN LOSSES Changes in the allowance for loan losses for the years ended December 31, 2015 and 2014 and information pertaining to the allocation of the allowance for loan losses and balances of the allowance for loan losses and loans receivable based on individual and collective impairment evaluation by loan portfolio class at the indicated dates are summarized in the tables below. 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. December 31, 2015 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 $ 509 $ - $ 2,801 $ 460 $ 1,034 Charge-offs (234 ) - (309 ) (206 ) (272 ) Recoveries 40 - - 38 10 Provisions 266 - 491 109 498 Ending balance $ 581 $ - $ 2,983 $ 401 $ 1,270 Ending balance: related to loans individually evaluated for impairment $ - $ - $ 760 $ 5 $ 193 Ending balance: related to loans collectively evaluated for impairment $ 581 $ - $ 2,223 $ 396 $ 1,077 Loans receivables: Ending balance $ 181,792 $ 7,924 $ 129,506 $ 19,035 $ 54,899 Ending balance: individually evaluated for impairment $ 473 $ - $ 4,430 $ 579 $ 760 Ending balance: collectively evaluated for impairment $ 181,319 $ 7,924 $ 125,076 $ 18,456 $ 54,139 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 388 $ 98 $ 56 $ 5,349 Charge-offs - (26 ) (103 ) - (1,150 ) Recoveries - 10 59 - 157 Provisions (credits) - (22 ) 64 (56 ) 1,350 Ending balance $ 3 $ 350 $ 118 $ - $ 5,706 Ending balance: related to loans individually evaluated for impairment $ - $ 2 $ - $ - $ 960 Ending balance: related to loans collectively evaluated for impairment $ 3 $ 348 $ 118 $ - $ 4,746 Loans receivables: Ending balance $ 9,081 $ 23,463 $ 4,886 $ 430,586 Ending balance: individually evaluated for impairment $ - $ 288 $ 5 $ 6,535 Ending balance: collectively evaluated for impairment $ 9,081 $ 23,175 $ 4,881 $ 424,051 December 31, 2014 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 $ 649 $ - $ 2,302 $ 397 $ 834 Charge-offs (157 ) - (306 ) (174 ) (154 ) Recoveries 2 - 4 9 10 Provisions 15 - 801 228 344 Ending balance $ 509 $ - $ 2,801 $ 460 $ 1,034 Ending balance: related to loans individually evaluated for impairment $ - $ - $ 552 $ 93 $ 238 Ending balance: related to loans collectively evaluated for impairment $ 509 $ - $ 2,249 $ 367 $ 796 Loans receivables: Ending balance $ 172,159 $ 3,209 $ 125,952 $ 17,407 $ 34,660 Ending balance: individually evaluated for impairment $ 1,138 $ - $ 5,010 $ 278 $ 603 Ending balance: collectively evaluated for impairment $ 171,021 $ 3,209 $ 120,942 $ 17,129 $ 34,057 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 2 $ 433 $ 136 $ 288 $ 5,041 Charge-offs - (86 ) (97 ) - (974 ) Recoveries - 1 51 - 77 Provisions (credits) 1 40 8 (232 ) 1,205 Ending balance $ 3 $ 388 $ 98 $ 56 $ 5,349 Ending balance: related to loans individually evaluated for impairment $ - $ 31 $ 3 $ - $ 917 Ending balance: related to loans collectively evaluated for impairment $ 3 $ 357 $ 95 $ 56 $ 4,432 Loans receivables: Ending balance $ 7,201 $ 22,713 $ 4,160 $ 387,461 Ending balance: individually evaluated for impairment $ - $ 361 $ 11 $ 7,401 Ending balance: collectively evaluated for impairment $ 7,201 $ 22,352 $ 4,149 $ 380,060 |
SERVICING
SERVICING | 12 Months Ended |
Dec. 31, 2015 | |
SERVICING [Abstract] | |
SERVICING | NOTE 7: SERVICING Loans serviced for others are not included in the accompanying consolidated statements of condition. At December 31, 2015 and 2014, the Bank serviced 317 and 370 residential mortgage loans for others, respectively. The unpaid principal balances of mortgage loans serviced for others were $20.9 million and $24.8 million at December 31, 2015 and 2014, respectively. The balance of capitalized servicing rights included in other assets at December 31, 2015 and 2014, was $52,000 and $66,000, respectively. The following summarizes mortgage servicing rights capitalized and amortized: (In thousands) 2015 2014 Mortgage servicing rights capitalized $ - $ - Mortgage servicing rights amortized $ 14 $ 14 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
PREMISES AND EQUIPMENT [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 8: PREMISES AND EQUIPMENT A summary of premises and equipment at December 31, is as follows: (In thousands) 2015 2014 Land $ 2,176 $ 2,176 Buildings 12,111 11,438 Furniture, fixtures and equipment 11,194 10,532 Construction in progress 2,502 1,246 27,983 25,392 Less: Accumulated depreciation 13,149 12,192 $ 14,834 $ 13,200 |
FORECLOSED REAL ESTATE
FORECLOSED REAL ESTATE | 12 Months Ended |
Dec. 31, 2015 | |
FORECLOSED REAL ESTATE [Abstract] | |
FORECLOSED REAL ESTATE [Text Block] | NOTE 9: 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. December 31, December 31, (Dollars in thousands) Number of properties 2015 Number of properties 2014 Foreclosed real estate Foreclosed residential real estate 2 $ 182 4 $ 261 At December 31, 2015, the Company reported $584,000 in residential real estate loans in the process of foreclosure. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | NOTE 10: GOODWILL AND INTANGIBLE ASSETS Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually for impairment or between annual evaluations in certain circumstances. Management performs an annual assessment of the Company's goodwill to determine whether or not any impairment of the carrying value may exist. Of the $4.5 million of goodwill carried on the Company's books as of December 31, 2015, $3.8 million of this amount was due to prior periods acquisitions of branches and $696,000 was due to the 2013 acquisition of the FitzGibbons Agency by Pathfinder Risk Management Company, Inc. and the 2015 acquisition of the Huntington Agency in suburban Syracuse. The Company is permitted to assess qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than the carrying value. Based on the results of the assessment, management has determined that the carrying value of goodwill in the amount of $4.5 million is not impaired as of December 31, 2015. The identifiable intangible asset of $214,000 as of December 31, 2015 was due to the acquisition of the FitzGibbons and Huntington Agencies and represents the amortized carrying amount of the customer lists intangible. The weighted average amortization period of this intangible asset is 7.0 years. The gross carrying amount and annual amortization for this identifiable intangible asset are as follows: December 31, (In thousands) 2015 2014 Gross carrying amount $ 175 $ 187 Addition due to Huntington Agency purchase 55 Amortization recognized in the year (16 ) (12 ) Net amortizing intangibles $ 214 $ 175 The estimated amortization expense for each of the five succeeding years ended December 31, is as follows: (In thousands) 2016 $ 16 2017 16 2018 16 2019 16 2020 16 Thereafter 134 $ 214 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2015 | |
DEPOSITS [Abstract] | |
DEPOSITS | NOTE 11: DEPOSITS A summary of deposits at December 31 is as follows: (In thousands) 2015 2014 Savings accounts $ 73,540 $ 71,723 Time accounts 111,250 126,319 Time accounts of $250,000 or more 35,213 26,246 Money management accounts 14,081 13,249 MMDA accounts 146,862 85,438 Demand deposit interest-bearing 42,758 33,669 Demand deposit noninterest-bearing 61,679 54,662 Mortgage escrow funds 4,932 4,262 Total Deposits $ 490,315 $ 415,568 At December 31, 2015, the scheduled maturities of time deposits are as follows: (In thousands) Year of Maturity: 2016 $ 96,348 2017 19,145 2018 14,723 2019 8,200 2020 2,214 Thereafter 5,833 Total $ 146,463 |
BORROWED FUNDS
BORROWED FUNDS | 12 Months Ended |
Dec. 31, 2015 | |
BORROWED FUNDS [Abstract] | |
BORROWED FUNDS | NOTE 12: BORROWED FUNDS The composition of borrowings (excluding subordinated loans) at December 31 is as follows: (In thousands) 2015 2014 Short-term: FHLB Advances $ 24,800 $ 55,100 Long-term: FHLB advances $ 16,500 $ 11,000 Total long-term borrowings $ 16,500 $ 11,000 The ESOP loan payable, with an outstanding balance of $853,000 at December 31, 2013 and payable to a third party lender, was paid off and refinanced by the Company on October 16, 2014 in connection with the Conversion and Offering. In accordance with ASC 718-40-25-9d, the refinanced loan, also termed an employer loan or internally leveraged loan, does not appear on the balance sheet of the Company. The principal balances, interest rates and maturities of the remaining borrowings, all of which are at a fixed rate, at December 31, 2015 are as follows: Term Principal Rates (Dollars in thousands) Advances with FHLB due within 1 year 3,000 2.12 % due within 2 years 7,000 0.78-2.56 % due within 10 years 6,500 1.43-2.55 % Total advances with FHLB $ 16,500 Total long-term fixed rate borrowings $ 16,500 At December 31, 2015, scheduled repayments of long-term debt are as follows (in thousands): 2016 3,000 2017 7,000 Thereafter 6,500 $ 16,500 The Company has access to Federal Home Loan Bank advances, under which it can borrow at various terms and interest rates. Residential mortgage loans with a carrying value of $125.8 million and FHLB stock with a carrying value of $2.4 million have been pledged by the Company under a blanket collateral agreement to secure the Company's borrowings at December 31, 2015. The total outstanding indebtedness under borrowing facilities with the FHLB cannot exceed the total value of the assets pledged under the blanket collateral agreement. The Company has a $17.8 million line of credit available at December 31, 2015 with the Federal Reserve Bank of New York through its Discount Window and has pledged various corporate and municipal securities against the line. The Company has $14.4 million in lines of credit available with three other correspondent banks. $9.4 million of that line of credit is available on an unsecured basis and the remaining $5.0 million must be collateralized with marketable investment securities. Interest on the lines is determined at the time of borrowing. |
SUBORDINATED LOANS
SUBORDINATED LOANS | 12 Months Ended |
Dec. 31, 2015 | |
SUBORDINATED LOANS [Abstract] | |
SUBORDINATED LOANS | NOTE 13: SUBORDINATED LOANS The Company has a non-consolidated subsidiary trust, Pathfinder Statutory Trust II, of which the Company owns 100% of the common equity. The Trust issued $5,000,000 of 30-year floating rate Company-obligated pooled capital securities of Pathfinder Statutory Trust II ("Floating-Rate Debentures"). The Company borrowed the proceeds of the capital securities from its subsidiary by issuing floating rate junior subordinated deferrable interest debentures having substantially similar terms. The capital securities mature in 2037 and are treated as Tier 1 capital by the Federal Deposit Insurance Corporation and the Federal Reserve Board ("FRB"). The capital securities of the trust are a pooled trust preferred fund of Preferred Term Securities VI, Ltd. and are tied to the 3-month LIBOR (0.65%) plus 1.65% for a total of 2.30% at December 31, 2015 with a five-year call provision. The Company guarantees all of these securities. The Company's equity interest in the trust subsidiary of $155,000 is reported in "Other assets". For regulatory reporting purposes, the Federal Reserve has indicated that the preferred securities will continue to qualify as Tier 1 Capital subject to previously specified limitations, until further notice. If regulators make a determination that Trust Preferred Securities can no longer be considered in regulatory capital, the securities become callable and the Company may redeem them. On October 15, 2015, the Company executed the $10.0 million non-amortizing Subordinated Loan with an unrelated third party that is scheduled to mature on October 1, 2025. The Company has the right to prepay the Subordinated Loan at any time after October 15, 2020 without penalty. The terms of the Subordinated Loan require interest payments at an annual interest rate of 3.50% from October 15, 2015 to February 29, 2016. The annual interest rate charged the Company will increase to 6.25% on March 1, 2016 through the maturity date. The Subordinated Loan is senior in the Company's credit repayment hierarchy only to the Company's common equity and, as a result, qualifies as Tier 2 capital for all future periods when applicable. The Company paid $172,000 in origination and legal fees as part of this transaction. These fees will be amortized over the life of the Subordinated Loan through its first call date using the effective interest method. The effective cost of funds related to this transaction is 6.44% calculated under this method. The composition of subordinated loans at December 31 is as follows: (In thousands) 2015 2014 Subordinated Loans Junior subordinated debenture $ 5,155 $ 5,155 Subordinated loan 9,836 - Total long-term borrowings $ 14,991 $ 5,155 The principal balances, interest rates and maturities of the subordinated loans at December 31, 2015 are as follows: Term Principal Rates (Dollars in thousands) Subordinated Loans due within 10 years 9,836 6.48 % due within 22 years 5,155 3-Month Libor + 1.65% Total subordinated loans $ 14,991 At December 31, 2015, scheduled repayments of the subordinated loans (in thousands): 2016 0 2017 0 Thereafter 14,991 $ 14,991 |
EMPLOYEE BENEFITS AND DEFERRED
EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS [Abstract] | |
EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS | NOTE 14: EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS The Company has a noncontributory defined benefit pension plan covering substantially all 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 will be 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 following tables set forth the changes in the plans' benefit obligations, fair value of plan assets and the plans' funded status as of December 31: Pension Benefits Postretirement Benefits (In thousands) 2015 2014 2015 2014 Change in benefit obligations: Benefit obligations at beginning of year $ 9,679 $ 8,333 $ 356 $ 402 Service cost - - - - Interest cost 468 406 17 19 Actuarial (gain) loss (586 ) 1,165 (201 ) 50 Plan Amendment - - - (102 ) Benefits paid (242 ) (225 ) (13 ) (13 ) Benefit obligations at end of year 9,319 9,679 159 356 Change in plan assets: Fair value of plan assets at beginning of year 13,125 12,691 - - Actual return on plan assets (75 ) 659 - - Benefits paid (242 ) (225 ) (13 ) (13 ) Employer contributions - - 13 13 Fair value of plan assets at end of year 12,808 13,125 - - Funded Status - asset (liability) $ 3,489 $ 3,446 $ (159 ) $ (356 ) The funded status of the pension was recorded within other assets on the statement of condition. The unfunded status of the postretirement plan is recorded as a liability on the statement of condition. Amounts recognized in accumulated other comprehensive loss as of December 31 are as follows: Pension Benefits Postretirement Benefits (In thousands) 2015 2014 2015 2014 Net loss(gain) $ 3,245 $ 2,962 $ (172 ) $ 29 Tax effect 1,298 1,185 (69 ) 12 $ 1,947 $ 1,777 $ (103 ) $ 17 Gains and losses in excess of 10% of the greater of the benefit obligation or the fair value of assets are amortized over the average remaining service period of active participants. The Company utilized the actual projected cash flows of the participants in both plans for the years ended December 31, 2015 and December 31, 2014. The following points address the approach taken. 1. An analysis of the defined benefit pension plan's expected future cash flows and high-quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefits yielded a single discount rate of 5.05% at December 31, 2015. 2. An analysis of the postretirement health plan's expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the retiree medical benefits yielded a single discount rate of 5.23% at December 31, 2015. 3. Each discount rate was developed by matching the expected future cash flows of Pathfinder Bank to high quality bonds. Every bond considered has earned ratings of at least AA by Fitch Group, AA by Standard & Poor's, or Aa2 by Moody's Investor Services. The accumulated benefit obligation for the defined benefit pension plan was $9.3 million and $9.7 million at December 31, 2015 and 2014, respectively. The postretirement plan had an accumulated benefit obligation of $159,000 and $356,000 at December 31, 2015 and 2014, respectively. The significant assumptions used in determining the benefit obligations as of December 31, are as follows: Pension Benefits Postretirement Benefits 2015 2014 2015 2014 Weighted average discount rate 5.05% 4.90% 5.23% 4.98% Rate of increase in future compensation levels - - - - Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement health care plan. The annual rates of increase in the per capita cost of covered medical and prescription drug benefits for future years were assumed to be 6.00% for 2016, gradually decreasing to 5.00% in 2018 and remain at that level thereafter. The composition of the net periodic benefit plan cost for the years ended December 31 is as follows: Pension Benefits Postretirement Benefits 2015 2014 2015 2014 (In thousands) Service cost $ - $ - $ - $ - Interest cost 468 406 17 19 Expected return on plan assets (975 ) (942 ) - - Amortization of transition obligation - - - - Amortization of net losses 180 30 5 13 Amortization of unrecognized past service liability - - (5 ) - Net periodic benefit plan (benefit) cost $ (327 ) $ (506 ) $ 17 $ 32 The significant assumptions used in determining the net periodic benefit plan cost for years ended December 31, were as follows: Pension Benefits Postretirement Benefits 2015 2014 2015 2014 Weighted average discount rate 4.90 % 4.95 % 4.98 % 4.95 % Expected long term rate of return on plan assets 7.50 % 7.50 % - - Rate of increase in future compensation levels - - - - The long term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan's target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6.0%-9.0% and 3.0%-5.0%, respectively. The long-term inflation rate was estimated to be 2.5%. When these overall return expectations are applied to the plan's target allocation, the expected rate of return was determined to be in the range of 5.0% to 8.0%. Management has chosen to use a 7.5% expected long-term rate of return to reflect current economic conditions and expected returns. The estimated net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit plan cost during 2016 is $226,000. The estimated amortization of the unrecognized transition obligation and actuarial gain for the post retirement health plan in 2016 is $3,000. The expected net periodic benefit plan cost for 2016 is estimated at a $262,000 negative expense for both retirement plans in aggregate. Plan assets are invested in four diversified investment funds of the Pentegra Retirement Trust (the "Trust", formerly known as RSI Retirement Trust), a private placement investment fund. The Trust has been given discretion by the Plan Sponsor to determine the appropriate strategic asset allocation versus plan liabilities, as governed by the Trust's Investment Policy Statement. The Plan is structured to utilize a Liability Driven Investment (LDI) approach which seeks to fund the current and future liabilities of the Plan and aims to mitigate funded status and contribution volatility. The Plan's asset allocation targets to hold 38% of assets in equity securities via investment in the Long-Term Growth – Equity Portfolio ('LTGE'), 16% in intermediate-term investment grade bonds via investment in the Long-Term Growth – Fixed-Income Portfolio ('LTGFI'), 35% in long duration bonds via the Liability Focused Fixed-Income Portfolio ('LFFI'), 10% in an alternative asset fund (the ALT Portfolio), and 1% in a cash equivalents portfolio (for liquidity). LTGE is a diversified portfolio that invests in a number of actively and passively managed equity-focused mutual funds and collective investment trusts. The Portfolio holds a diversified mix of equity funds in order to gain exposure to the U.S. and non-U.S. equity markets. LTGFI is a diversified portfolio that invests in a number of fixed-income mutual funds and collective investment trusts. The Portfolio invests primarily in intermediate-term bond funds with a focus on Core Plus fixed-income investment approaches. LFFI is a diversified high quality fixed-income portfolio that currently invests in passively managed collective investment trusts that hold long duration bonds. The ALT Portfolio invests in professionally managed private funds that hold alternative assets. The Portfolio currently invests in three long/short equity hedge funds. The investment objectives, investment strategies and risk of each of the daily valued and unitized Portfolios and the funds held within the Portfolios are detailed in the Private Placement Memorandum and the Trust's Investment Policy Statement. The long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. The LTGE and LTGFI Portfolios are designed to provide long-term growth of equity and fixed-income assets with the objective of achieving an investment return in excess of the cost of funding the active life, deferred vested, and all 30-year term and longer obligations of retired lives in the Trust. The LFFI Portfolio is designed to fund the Trust's estimated retired lives class of liabilities for 30 years. The ALT Strategy is designed to add diversification via the addition of relatively low correlation assets. Risk/volatility is further managed by the distinct investment objectives of each of the Trust's Portfolios. A broadly diversified combination of equity and fixed income portfolios and various risk management techniques are used to help achieve these objectives. In addition, significant consideration is paid to the plan's funding levels when determining the overall asset allocation. If the plan is considered to be well-funded, approximately 65% of the plan's assets are allocated to equities and approximately 35% allocated to fixed-income. Asset rebalancing normally occurs when the equity and fixed-income allocations vary by more than 10% from their respective targets (i.e., a 10% policy range guideline). Pension plan assets measured at fair value are summarized below: At December 31, 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Mutual funds - equity Large-cap value (a) $ - $ 696 $ - $ 696 Large-cap Growth (b) - 783 - 783 Large-cap Core (c) - 510 - 510 Mid-cap Value (d) - 166 - 166 Mid-cap Growth (e) - 163 - 163 Mid-cap Core (f) - 162 - 162 Small-cap Value (g) - 119 - 119 Small-cap Growth (h) - 117 - 117 Small-cap Core (i) - 238 - 238 International Equity (j) - 996 - 996 Equity -Total - 3,950 - 3,950 Fixed Income Funds Fixed Income-US Core (k) - 1,578 - 1,578 Intermediate Duration (l) - 2,865 - 2,865 Long Duration (m) - 2,347 - 2,347 Fixed Income-Total - 6,790 - 6,790 Long/Short Equity(n) - 1,793 - 1,793 Company Common Stock - - - - Cash Equivalents-Money market* 72 203 - 275 Total $ 72 $ 12,736 $ - $ 12,808 *Includes cash equivalents investments in equity and fixed income strategies (a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. (d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (f) This category seeks to track the performance of the S&P Midcap 400 Index. (g) This category consists of a selection of investments based on the Russell 2000 Value Index. (h) This category consists of a selection of investments based on the Russell 2000 Growth Index. (i) This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (j) This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-US Net Dividend Return Index. (k) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. (l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5-20 Year, Bullets only Index, along with a diversified mutual fund holding fixed income securities rated A or better. (m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. (n) This category currently invests in three long/short equity hedge funds. At December 31, 2014 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Mutual funds - equity Large-cap value (a) $ - $ 920 $ - $ 920 Large-cap Growth (b) - 914 - 914 Large-cap Core (c) - 649 - 649 Mid-cap Value (d) - 221 - 221 Mid-cap Growth (e) - 222 - 222 Mid-cap Core (f) - 212 - 212 Small-cap Value (g) - 155 - 155 Small-cap Growth (h) - 154 - 154 Small-cap Core (i) - 311 - 311 International Equity (j) - 1,246 - 1,246 Equity -Total - 5,004 - 5,004 Fixed Income Funds Intermediate Duration (k) - 4,261 - 4,261 Long Duration (l) - 2,355 - 2,355 Fixed Income-Total 6,616 6,616 Long/Short Equity(m) - 1,261 - 1,261 Company Common Stock - - - - Cash Equivalents-Money market* 24 220 - 244 Total $ 24 $ 13,101 $ - $ 13,125 *Includes cash equivalents investments in equity and fixed income strategies (a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. (d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (f) This category seeks to track the performance of the S&P Midcap 400 Index. (g) This category consists of a selection of investments based on the Russell 2000 Value Index. (h) This category consists of a selection of investments based on the Russell 2000 Growth Index. (i) This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (j) This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-US Net Dividend Return Index. (k) This category consists of three funds, one containing a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities rated Baa or better. The second fund emphasizes a more globally diversified portfolio of higher-quality, intermediate-term bonds. The third fund seeks to track the Barclays Capital U.S. Corporate A or Better 5-20 Year, Bullets Index. (l) This category consists of funds invested primarily in debt securities with the objective of approximating the return of the Barclays Capital US Long Credit Bond Index with maturities greater than 10 years and the Barclays Capital US Corporate A or Better 20+ year Bullets Only Index. (m) This category currently invests in three long/short equity hedge funds. For the fiscal year ending December 31, 2016, the Company expects to contribute approximately $13,000 to the postretirement plan. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from both retirement plans: Pension Postretirement (In thousands) Benefits Benefits Total Years ending December 31: 2016 $ 243 $ 13 $ 256 2017 262 13 275 2018 276 12 288 2019 287 12 299 2020 307 12 319 Years 2021-2025 1,971 61 2,032 The Company also offers a 401(k) plan to its employees. Contributions to this plan by the Company were $269,000 and $241,000 for 2015 and 2014, respectively. The Company maintains optional deferred compensation plans for its directors and certain executive officers, whereby fees and income normally received are deferred and paid by the Company based upon a payment schedule commencing at age 65 and continuing monthly for 10 years. Directors must serve on the board for a minimum of 5 years to be eligible for the Plan. At December 31, 2015 and 2014, other liabilities include approximately $2.2 million and $2.1 million, respectively, relating to deferred compensation. Deferred compensation expense for the years ended December 31, 2015 and 2014 amounted to approximately $310,000 and $326,000, respectively. The Company has a supplemental executive retirement plan ("SERP") for the benefit of a retired Chief Executive Officer at December 31, 2015. At December 31, 2015 and 2014, other liabilities included approximately $15,000 and $72,000, respectively, accrued under this plan related to the retired CEO. Compensation expense includes approximately $4,000 relating to this supplemental executive retirement plan for the year ended December 31, 2015 and $8,000 for the year ended December 31, 2014. To assist in the funding of the Company's benefits under the supplemental executive retirement plan and deferred compensation plans, the Company is the owner of single premium life insurance policies on selected participants. At December 31, 2015 and 2014, the cash surrender values of these policies were $10.6 million and $10.4 million, respectively. The cash surrender value at December 31, 2015 reflects a reduction of $527,000 for outstanding loans payable to the issuing insurance carrier. The Bank adopted a Defined Contribution Supplemental Executive Retirement Plan (the "SERP"), effective January 1, 2014. The SERP benefits certain key senior executives of the Bank who are selected by the Board to participate, including our Named Executive Officers. The SERP is intended to provide a benefit from the Bank upon retirement, death, disability or voluntary or involuntary termination of service (other than "for cause"), subject to the requirements of Section 409A of the Internal Revenue Code. Accordingly, the SERP obligates the Bank to make a contribution to each executive's account on the last business day of each calendar year. In addition, the Bank, may, but is not required to, make additional discretionary contributions to the executive's accounts from time to time. All executives currently participating in the plan, including the Named Executive Officers, are fully vested in the Bank's contribution to the plan. In the event the executive is terminated involuntarily or resigns for good reason within 24 months following a change in control, the Bank is required to make additional annual contributions the lesser of: (1) three years or (2) the number of years remaining until the executive's benefit age, subject to potential reduction to avoid an excess parachute payment under Code Section 280G. In the event of the executive's death, disability or termination within 24 months after a change in control, the executive's account will be paid in a lump sum to the executive or his beneficiary, as applicable. In the event executive is entitled to a benefit from the SERP due to retirement or other termination of employment, the benefit will be paid either in a lump sum or in 10 annual installments as detailed in his or her participant agreement. At December 31, 2015, other liabilities included $309,000 accrued under this plan. |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2015 | |
STOCK BASED COMPENSATION PLANS [Abstract] | |
STOCK BASED COMPENSATION PLANS | NOTE 15: STOCK BASED COMPENSATION PLANS All share and per share values have been adjusted, where appropriate, by the 1.6472 exchange rate used in the Conversion and Offering that occurred on October 16, 2014. The April 2010 Stock Option Plan In June 2011, the board of directors of the Company approved the grant of stock option awards to its Directors and Executive Officers under the 2010 Stock Option Plan that had 247,080 shares authorized for award. A total of 74,124 stock option awards were granted to the nine directors of the Company, at that time, and 123,540 stock option awards, in total, were granted to the Chief Executive Officer and the Company's then four Senior Vice Presidents. The awards will vest ratably over five years (20% per year for each year of the participant's service with the Company) and will expire ten years from the date of the grant, or June 2021. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 2.2%; volatility factors of the expected market price of the Company's common stock of 0.45; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.49%. Based upon these assumptions, the weighted average fair value of options granted was $2.29. In July 2013, the board of directors of the Company approved the grant of 16,472 stock option awards in total to two newly elected Directors of the Company. The awards will vest ratably over five years (20% per year for each year of the participant's service with the Company) and will expire ten years from the date of the grant, or July 2023. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 2.0%; volatility factors of the expected market price of the Company's common stock of 0.45; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.0%. Based upon these assumptions, the weighted average fair value of options granted was $3.69. In November 2015, the board of directors of the Company approved the grant of 16,472 stock option awards in total to two newly elected Directors of the Company. The awards will vest ratably over five years (20% per year for each year of the participant's service with the Company) and will expire ten years from the date of the grant, or November 2025. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.9%; volatility factors of the expected market price of the Company's common stock of 0.23; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.4%. Based upon these assumptions, the weighted average fair value of options granted was $2.56. The compensation expense of the awards is based on the fair value of the instruments on the date of grant. The Company recorded compensation expense in the amount of $85,000 and $84,000 in 2015 and 2014, respectively, and is expected to record $54,000, $20,000, $15,000, $8,000, and $6,000 in 2016 through 2020. At December 31, 2015, there were 185,310 options outstanding, of which 127,658 were exercisable at an average exercise price of $5.60, and an average remaining contractual life of 5.6 years. Activity in the stock option plans is as follows: Weighted Options Average Shares (Shares in thousands) Outstanding Exercise Price Exercisable Outstanding at December 31, 2013 173 $ 5.46 63 Granted - $ - - Newly vested - 5.75 35 Exercised (3 ) - (3 ) Expired - - - Outstanding at December 31, 2014 170 $ 5.75 95 Granted 17 $ 11.09 - Newly vested - 5.75 35 Exercised (2 ) - (2 ) Expired - - - Outstanding at December 31, 2015 185 $ 5.75 128 The aggregate intrinsic value of a stock option represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options prior to the expiration date. The intrinsic value can change based on fluctuations in the market value of the Company's stock. At December 31, 2015, the intrinsic value of the stock options was $1.2 million. At December 31, 2014, the intrinsic value of the stock options was $693,000. |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE STOCK OWNERSHIP PLAN [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | NOTE 16: EMPLOYEE STOCK OWNERSHIP PLAN The Bank established the Pathfinder Bank Employee Stock Ownership Plan ("Plan") to purchase stock of the Company for the benefit of its employees. In July 2011, the Plan received a $1.1 million loan from Community Bank, N.A., guaranteed by the Company, to fund the Plan's purchase of 125,000 shares of the Company's treasury stock. The loan was being repaid in equal quarterly installments of principal plus interest over ten years beginning October 1, 2011. Interest accrued at the Wall Street Journal Prime Rate plus 1.00%, and was secured by the unallocated shares of the ESOP stock. This loan was refinanced in connection with the Conversion and Offering that occurred on October 16, 2014. In connection with the Conversion and Offering, the ESOP purchased 105,442 shares issued in the offering by obtaining a loan from the Company which was used to purchase both the additional shares and refinance the remaining outstanding balance on the loan from Community Bank N.A. There were 138,982.5 shares associated with the refinanced loan resulting in a total of 244,424.5 shares associated with the new loan provided by the Company. The ESOP loan from the Company has a ten year term and is being repaid in equal payments of principal and interest under a fixed rate of interest equal to 3.25% which was the prime rate of interest on the date of the closing of the offering. This ESOP loan from the Company, also referred to as an internally leveraged ESOP, does not appear as a liability on the Company's consolidated statement of condition as of December 31, 2015 in accordance with ASC 718-40-25-9d. In accordance with the payment of principal on the loan, a proportionate number of shares are allocated to the employees over the ten year time horizon of the loan. Participants' vesting interest in the shares of Company stock is at the rate of 20% per year. Compensation expense is recorded based on the number of shares released to the participants times the average market value of the Company's stock over that same period. Dividends on unallocated shares, recorded as compensation expense on the income statement, are made available to the participants' account. The Company recorded $305,000 and $211,000 in compensation expense in 2015 and 2014, respectively, including $36,000 and $15,000 for dividends on unallocated shares in these same time periods. At December 31, 2015, there were 213,871 unearned ESOP shares with a fair value of $2.8 million. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 17: INCOME TAXES The provision for income taxes for the years ended December 31, is as follows: (In thousands) 2015 2014 Current $ 955 $ 801 Deferred 116 352 $ 1,071 $ 1,153 The provision for income taxes includes the following: (In thousands) 2015 2014 Federal Income Tax $ 929 $ 1,057 State Tax 142 96 $ 1,071 $ 1,153 The components of the net deferred tax liability, included in other liabilities as of December 31, are as follows: (In thousands) 2015 2014 Assets: Deferred compensation $ 858 $ 898 Allowance for loan losses 2,185 2,048 Postretirement benefits 61 136 Mortgage recording tax credit carryforward - 90 Impairment losses on investment securities 155 181 Loan origination fees 66 - Capital loss carryforward 120 305 Held-to-maturity securities 417 468 Other 121 142 Total 3,983 4,268 Liabilities: Prepaid pension (1,336 ) (1,320 ) Depreciation (1,011 ) (1,056 ) Accretion (145 ) (162 ) Loan origination fees - (19 ) Intangible assets (1,470 ) (1,470 ) Investment securities and financial derivative (21 ) (289 ) Mortgage servicing rights (20 ) (25 ) Prepaid expenses (97 ) (84 ) Total (4,100 ) (4,425 ) (117 ) (157 ) Less: deferred tax asset valuation allowance (265 ) (458 ) Net deferred tax liability $ (382 ) $ (615 ) Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the carry back period. A valuation allowance is provided when it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income and the projected future level of taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. The judgment about the level of future taxable income is inherently subjective and is reviewed on a continual basis as regulatory and business factors change. The valuation allowance of $265,000 at December 31, 2015 represents the portion of the deferred tax asset that management believes may not be realizable, as the Company may not generate sufficient capital gains to offset its capital losses prior to the expiration of the capital loss carryforward benefits. The deferred tax allowance was $458,000 at December 31, 2014. The $193,000 decrease in this allowance between the two years relates to the expiration of $131,000 capital loss carryforward tax benefits in 2015 that had been fully reserved for in prior periods and the reduction of the allowance in the amount of $63,000 due to the utilization of that amount in current taxes payable resulting from capital gains realized in 2015. A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, is as follows: 2015 2014 Federal statutory income tax rate 34.0 % 34.0 % State tax, net of federal benefit 2.3 1.6 Tax-exempt interest income (8.1 ) (7.2 ) Increase in value of bank owned life insurance less premiums paid (3.0 ) (2.5 ) Change in valuation allowance (4.8 ) - Other 6.4 3.3 Effective income tax rate 26.8 % 29.2 % |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18: COMMITMENTS AND CONTINGENCIES The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statement of condition. The contractual amount of those commitments to extend credit reflects the extent of involvement the Company has in this particular class of financial instrument. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of the instrument. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. At December 31, 2015 and 2014, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (In thousands) 2015 2014 Commitments to grant loans $ 20,168 $ 28,168 Unfunded commitments related to construction loans in progress 5,726 1,752 Unfunded commitments under lines of credit 34,469 28,174 Standby letters of credit 1,884 4,617 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitment amounts are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the counter party. Collateral held varies but may include residential real estate and income-producing commercial properties. Loan commitments outstanding at December 31, 2015 with fixed interest rates amounted to approximately $13.1 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2015 with variable interest rates amounted to approximately $43.4 million. These outstanding loan commitments carry current market rates. Unfunded commitments under standby letters of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued have expiration dates within one year. The credit risk 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. 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 amount of the liability as of December 31, 2015 and 2014 for guarantees under standby letters of credit issued is not material. The Company leases land and leasehold improvements under agreements that expire in various years with renewal options over the next 30 years. Rental expense, included in building occupancy expense, amounted to $135,000 for 2015 and $98,000 for 2014. Approximate minimum rental commitments for non-cancelable operating leases are as follows: Years Ending December 31: (In thousands) 2016 $ 154 2017 147 2018 105 2019 62 2020 56 Thereafter 324 Total minimum lease payments $ 848 |
DIVIDENDS AND RESTRICTIONS
DIVIDENDS AND RESTRICTIONS | 12 Months Ended |
Dec. 31, 2015 | |
DIVIDENDS AND RESTRICTIONS [Abstract] | |
DIVIDENDS AND RESTRICTIONS | NOTE 19: DIVIDENDS AND RESTRICTIONS The Company's ability to pay dividends to its shareholders is largely dependent on the Bank's ability to pay dividends to the Company. In addition to state law requirements and the capital requirements discussed in Note 20, federal statutes, regulations and policies limit the circumstances under which the Bank may pay dividends. The amount of retained earnings legally available under these regulations approximated $8.9 million as of December 31, 2015. Dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank's capital to be reduced below applicable minimum capital requirements. The Bank made no dividend payments to the Company in the years ended December 31, 2015, December 31, 2014 or December 31, 2013. Since the Company had chosen to participate in the Treasury's SBLF program, it was permitted to pay dividends on its common stock provided certain Tier 1 capital minimums were exceeded and SBLF dividends have been declared and paid to Treasury as of the most recent dividend period. The Company had the right to redeem the shares of Series B Preferred Stock, in whole or in part, at any time at a redemption price equal to the sum of the liquidation amount per share and the per-share amount of any unpaid dividends for the then-current period, subject to any required prior approval by the FDIC. On February 16, 2016, the Company redeemed all 13,000 shares of the Series B Preferred Stock outstanding (see Note 27) with the payment of $13.0 million to the SBLF. This redemption was substantially financed by the issuance of the $10 million Subordinated Loan on October 15, 2015. |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2015 | |
REGULATORY MATTERS [Abstract] | |
REGULATORY MATTERS | NOTE 20: REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). As of December 31, 2015, the Bank's most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as "well-capitalized", under the regulatory framework for prompt corrective action. To be categorized as "well-capitalized", the Bank must maintain total risk based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the tables below. There are no conditions or events since that notification that management believes have changed the Bank's category. The Bank's actual capital amounts and ratios as of December 31, 2015 and 2014 are presented in the following table. Minimum To Be "Well- Minimum Capitalized" For Capital Under Prompt Actual Adequacy Purposes Corrective Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total Core Capital (to Risk-Weighted Assets) $ 67,286 16.22 % $ 33,187 8.00 % $ 41,484 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 62,038 14.95 % $ 24,891 6.00 % $ 33,187 8.00 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 62,038 14.95 % $ 18,668 4.50 % $ 26,965 6.50 % Tier 1 Capital (to Assets) $ 62,038 10.00 % $ 24,816 4.00 % $ 31,020 5.00 % As of December 31, 2014: Total Core Capital (to Risk-Weighted Assets) $ 63,831 16.60 % $ 30,754 8.00 % $ 38,443 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 58,842 15.31 % $ 15,377 4.00 % $ 23,066 6.00 % Tier 1 Capital (to Assets) $ 58,842 10.55 % $ 22,302 4.00 % $ 27,878 5.00 % On September 1, 2011, the Company entered into a Securities Purchase Agreement with the Secretary of the Treasury ("Treasury") pursuant to which the Company sold to the Treasury, 13,000 shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock"), having a liquidation preference of $1,000 per share for aggregate proceeds of $13,000,000. This transaction was entered into as part of the SBLF. The Series B Preferred Stock was entitled to receive non-cumulative dividends payable quarterly, on each January 1, April 1, July 1 and October 1, beginning October 1, 2011. The dividend rate, which was calculated on the aggregate liquidation amount, was initially set at 4.2% per annum based upon the level of "Qualified Small Business Lending," or "QSBL" (as defined in the Securities Purchase Agreement) by Pathfinder Bank. The dividend rate for dividend periods subsequent to the initial period was set based upon the "Percentage Change in Qualified Lending" (as defined in the Securities Purchase Agreement) between each dividend period and the "Baseline" QSBL level. In general, the dividend rate decreased as the level of Pathfinder Bank's QSBL increased. Our dividend rate as of December 31, 2015 was 1.0%. Such dividends were not cumulative, but we could only declare and pay dividends on our common stock (or any other equity securities junior to the Series B Preferred Stock) if we have declared and paid dividends for the current dividend period on the Series B Preferred Stock. We were also subject to other restrictions on our ability to repurchase or redeem other securities. The Company had the right to redeem the shares of Series B Preferred Stock, in whole or in part, at any time at a redemption price equal to the sum of the liquidation amount per share and the per-share amount of any unpaid dividends for the then-current period, subject to any required prior approval by its primary federal regulator. On February 16, 2016, the Company redeemed all 13,000 shares of the Series B Preferred Stock outstanding with the payment of $13.0 million to the SBLF. This redemption was substantially financed by the The Company's goal is to maintain a strong capital position, consistent with the risk profile of its subsidiary banks that supports growth and expansion activities while at the same time exceeding regulatory standards. At December 31, 2015, the Bank exceeded all regulatory required minimum capital ratios and met the regulatory definition of a "well-capitalized" institution, i.e. a leverage capital ratio exceeding 5%, a Tier 1 risk-based capital ratio exceeding 6% and a total risk-based capital ratio exceeding 10%. The Bank is required to maintain average balances on hand or with the Federal Reserve Bank. At December 31, 2015 and 2014, these reserve balances amounted to $3.9 million and are included in cash and due from banks in the statement of condition. |
INTEREST RATE DERIVATIVE
INTEREST RATE DERIVATIVE | 12 Months Ended |
Dec. 31, 2015 | |
INTEREST RATE DERIVATIVE [Abstract] | |
INTEREST RATE DERIVATIVE | NOTE 21: INTEREST RATE DERIVATIVE Derivative instruments are entered into primarily as a risk management tool of the Company. Financial derivatives are recorded at fair value as other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are recognized currently in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument, to the extent that it is effective, are recorded in other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Any ineffective portion of a cash flow hedge is recognized currently in earnings. See Note 22 for further discussion of the fair value of the interest rate derivative. The Company has $5 million of floating rate trust preferred debt indexed to 3-month LIBOR. As a result, it is exposed to variability in cash flows related to changes in projected interest payments caused by changes in the benchmark interest rate. During the fourth quarter of fiscal 2009, the Company entered into an interest rate swap agreement, with a $2.0 million notional amount, to convert a portion of the variable-rate junior subordinated debentures to a fixed rate for a term of approximately 7 years at a rate of 4.96%. The derivative is designated as a cash flow hedge. The hedging strategy ensures that changes in cash flows from the derivative will be highly effective at offsetting changes in interest expense from the hedged exposure. The following table summarizes the fair value of outstanding derivatives and their presentation on the statements of condition as of December 31: (In thousands) 2015 2014 Cash flow hedge: Other liabilities $ 27 $ 82 The change in accumulated other comprehensive loss, on a pretax basis, and the impact on earnings from the interest rate swap that qualifies as a cash flow hedge for the year ended December 31 were as follows: (In thousands) 2015 2014 Balance as of December 31: $ (82 ) $ (135 ) Amount of losses recognized in other comprehensive income (6 ) (9 ) Amount of loss reclassified from other comprehensive income and recognized as interest expense 61 62 Balance as of December 31: $ (27 ) $ (82 ) No amount of ineffectiveness has been included in earnings and the changes in fair value have been recorded in other comprehensive income. 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 posted cash of $201,000 under collateral arrangements to satisfy collateral requirements associated with the interest rate swap contract. |
FAIR VALUE MEASUREMENTS AND DIS
FAIR VALUE MEASUREMENTS AND DISCLOSURES | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENTS AND DISCLOSURES [Abstract] | |
FAIR VALUE MEASUREMENTS AND DISCLOSURES | NOTE 22: FAIR VALUE MEASUREMENTS AND DISCLOSURES 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 securities available-for-sale 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. Interest rate swap derivative: The fair value of the interest rate swap derivative is calculated based on a discounted cash flow model. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. The curve utilized for discounting and projecting is built by obtaining publicly available third party market quotes for various swap maturity terms. Impaired loans: Impaired loans are those loans in which the Company has measured impairment based on the fair value of the loan's collateral or the discounted value of expected future cash flows. Fair value is generally determined based upon market value evaluations by third parties of the properties and/or estimates by management of working capital collateral or discounted cash flows based upon expected proceeds. These appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property), and the cost approach. Management modifies the appraised values, if needed, to take into account recent developments in the market or other factors, such as, changes in absorption rates or market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Such modifications to the appraised values could result in lower valuations of such collateral. Estimated costs to sell are based on current amounts of disposal costs for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Impaired loans are subject to nonrecurring fair value adjustment upon initial recognition or subsequent impairment. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. Foreclosed real estate: Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell ("initial cost basis"). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. The following tables summarize assets measured at fair value on a recurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 21,308 $ - $ 21,308 State and political subdivisions - 8,300 - 8,300 Corporate - 18,128 - 18,128 Residential mortgage-backed - US agency - 32,573 - 32,573 Collateralized mortgage obligations - US agency - 16,833 - 16,833 Equity investment securities: Mutual funds: Ultra short mortgage fund 638 - - 638 Large cap equity fund 583 - - 583 Other mutual funds - - - - Common stock - financial services industry 46 220 313 579 Total available-for-sale securities $ 1,267 $ 97,362 $ 313 $ 98,942 Interest rate swap derivative $ - $ (27 ) $ - $ (27 ) 2014 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 17,750 $ - $ 17,750 State and political subdivisions - 8,443 - 8,443 Corporate - 13,860 - 13,860 Residential mortgage-backed - US agency - 30,575 - 30,575 Collateralized mortgage obligations - US agency - 15,476 - 15,476 Equity investment securities: Mutual funds: Ultra short mortgage fund 648 - - 648 Large cap equity fund 649 - - 649 Other mutual funds - 379 - 379 Common stock - financial services industry 43 250 - 293 Total available-for-sale securities $ 1,340 $ 86,733 $ - $ 88,073 Interest rate swap derivative $ - $ (82 ) $ - $ (82 ) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis as of December 31, 2015 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - December 31, 2014 $ - Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements 313 Sales - Balance - December 31, 2015 $ 313 Changes in unrealized gains included in earnings related to assets still held at December 31, 2015 $ - Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,070 $ 1,070 Foreclosed real estate $ - $ - $ 360 $ 360 2014 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,277 $ 1,277 Foreclosed real estate $ - $ - $ 105 $ 105 Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2015 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 10% (8%) (Sales Approach) Costs to Sell 8% - 15% (14%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2014 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 25% (13%) (Sales Approach) Costs to Sell 6% - 50% (13%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) 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. 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 . Interest earning time deposits – The carrying amounts of these assets approximate their fair value and are classified as Level 1 . Investment securities – The fair values of securities available - - 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. Junior subordinated debentures – The Company secures a quote from its pricing service based on a discounted cash flow methodology which results in a Level 2 classification for this borrowing. Interest rate swap derivative – The fair value of the interest rate swap derivative is obtained from a third party pricing agent and is calculated based on a discounted cash flow model. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. The curve utilized for discounting and projecting is built by obtaining publicly available third party market quotes for various swap maturity terms, and therefore is classified within Level 2 of the fair value hierarchy. The carrying amounts and fair values of the Company's financial instruments as of December 31 are presented in the following table: 2015 2014 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 15,245 $ 15,245 $ 11,356 $ 11,356 Investment securities - available-for-sale 1 1,267 1,267 1,340 1,340 Investment securities - available-for-sale 2 97,362 97,362 86,733 86,733 Investment securities - available-for-sale 3 313 313 - - Investment securities - held-to-maturity 2 44,297 45,515 40,875 42,139 Federal Home Loan Bank stock 2 2,424 2,424 3,454 3,454 Net loans 3 424,732 428,410 382,189 388,151 Accrued interest receivable 1 2,053 2,053 1,849 1,849 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 343,853 $ 343,852 $ 263,004 $ 263,004 Time Deposits 2 146,462 146,158 152,564 152,457 Borrowings 2 41,300 41,282 66,100 66,282 Subordinated loans 2 14,991 14,027 5,155 4,799 Accrued interest payable 1 199 199 63 63 Interest rate swap derivative 2 27 27 82 82 |
PARENT COMPANY - FINANCIAL INFO
PARENT COMPANY - FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
PARENT COMPANY - FINANCIAL INFORMATION [Abstract] | |
PARENT COMPANY - FINANCIAL INFORMATION | NOTE 23: PARENT COMPANY – FINANCIAL INFORMATION The following represents the condensed financial information of Pathfinder Bancorp, Inc. as of and for the years ended December 31: Statements of Condition 2015 2014 (In thousands) Assets Cash on deposit at Pathfinder Bank $ 21,418 $ 12,557 Investments 358 43 Investment in bank subsidiary 64,519 61,723 Investment in non-bank subsidiary 155 155 Other assets 185 134 Total assets $ 86,635 $ 74,612 Liabilities and Shareholders' Equity Accrued liabilities $ 415 $ 253 Subordinated loans 14,991 5,155 Shareholders' equity 71,229 69,204 Total liabilities and shareholders' equity $ 86,635 $ 74,612 Statements of Income 2015 2014 (In thousands) Income Dividends from bank subsidiary $ - $ - Dividends from non-bank subsidiary 4 4 Total income 4 4 Expenses Interest 300 161 Operating, net 248 171 Total expenses 548 332 Loss before taxes and equity in undistributed net income of subsidiaries (544 ) (328 ) Tax benefit 162 98 Loss before equity in undistributed net income of subsidiaries (382 ) (230 ) Equity in undistributed net income of subsidiaries 3,271 2,975 Net income $ 2,889 $ 2,745 Statements of Cash Flows 2015 2014 (In thousands) Operating Activities Net Income $ 2,889 $ 2,745 Equity in undistributed net income of subsidiaries (3,271 ) (2,975 ) Stock based compensation and ESOP expense 354 279 Net change in other assets and liabilities 95 262 Net cash flows from operating activities 67 311 Investing Activities Purchase of investments (312 ) - Capital contributed to wholly-owned bank subsidiary - (12,400 ) Net cash flows from investing activities (312 ) (12,400 ) Financing activities Proceeds from exercise of stock options 9 18 Proceeds from subordinated debt 9,836 - Net proceeds from stock offering - 24,913 Cash dividends paid to preferred shareholders (130 ) (62 ) Cash dividends paid to common shareholders (609 ) (316 ) Purchase of shares by ESOP - (1,054 ) Net cash flows from financing activities 9,106 23,499 Change in cash and cash equivalents 8,861 11,410 Cash and cash equivalents at beginning of year 12,557 1,147 Cash and cash equivalents at end of year $ 21,418 $ 12,557 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 24: RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has granted loans to certain directors, executive officers and their affiliates (collectively referred to as "related parties"). These loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other unaffiliated parties and do not involve more than normal risk of collectability. The following represents the activity associated with loans to related parties during the year ended December 31, 2015: (In thousands) Balance at the beginning of the year $ 7,773 Originations 3,549 Principal payments (998 ) Balance at the end of the year $ 10,324 Deposits of related parties at December 31, 2015 and December 31, 2014 were $2.0 million and $1.5 million, respectively. During 2014, the Company entered into an arm's length lease with one of its directors for parking spaces proximate to its Syracuse office for customer and staff usage. Rent expense paid to related parties during 2015 and 2014 was $6,000 for both periods. |
CONVERSION AND REORGANIZATION
CONVERSION AND REORGANIZATION | 12 Months Ended |
Dec. 31, 2015 | |
CONVERSION AND REORGANIZATION [Abstract] | |
CONVERSION AND REORGANIZATION | NOTE 25: CONVERSION AND REORGANIZATION On October 16, 2014, the former Pathfinder Bancorp ("former Pathfinder") completed the conversion and reorganization pursuant to which Pathfinder Bancorp, MHC converted to the stock holding company form of organization under a "second step" conversion (the "Conversion"), and the Bank reorganized from the two-tier mutual holding company structure to the stock holding company structure. Prior to the completion of the Conversion, the MHC owned approximately 60.4% of the common stock of the Company. The Company, the new stock holding company for Pathfinder Bank, sold 2,636,053 shares of common stock at $10.00 per share, for gross offering proceeds of $26.4 million in its stock offering. In addition, $197,000 in cash was received by the Company from the MHC upon it ceasing to exist. Concurrent with the completion of the offering, shares of common stock of the Company owned by the public were exchanged for shares of The Company's common stock so that the shareholders now own approximately the same percentage of the Company's common stock as they owned of the former Pathfinder's common stock immediately prior to the Conversion. Shareholders of the former Pathfinder received 1.6472 shares of the Company's common stock for each share of the former Pathfinder's common stock that they owned immediately prior to completion of the transaction. As a result of the offering and the exchange of shares, The Company had 4,352,203 shares outstanding at December 31, 2014. The Company has 4,353,850 shares outstanding at December 31, 2015. The Conversion was accounted for as a change in corporate form with no resulting change in the historical basis of the Company's assets, liabilities, and equity. Costs related to the offering were primarily marketing fees paid to the Company's investment banking firm, legal and professional fees, registration fees, printing and mailing costs and totaled $1.5 million. Accordingly, net proceeds were $24.9 million. In addition, as part of the Conversion and dissolution of the MHC, the Company received $197,000 of cash previously held by the MHC. As a result of the Conversion and Offering, Pathfinder Bancorp, Inc., a federal corporation, was succeeded by a new fully public Maryland corporation with the same name and the MHC ceased to exist. The shares of common stock sold in the offering and issued began trading on the NASDAQ Capital Market on October 17, 2014 under the trading symbol "PBHC." In accordance with Board of Governors of the Federal Reserve System regulations, at the time of the reorganization, the Company substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The Bank will establish a parallel liquidation account to support the Company's liquidation account in the event the Company does not have sufficient assets to fund its obligations under its liquidation account. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder's interest in the liquidation accounts. In the event of a complete liquidation of the Bank or the Company, each account holder will be entitled to receive a distribution in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount . |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 26: 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 years ended December 31, 2015 (In thousands) Retirement Plans Unrealized Gains and Losses on Financial derivative Unrealized Gains and Losses on Available-for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (1,794 ) $ (49 ) $ 457 $ (733 ) $ (2,119 ) Other comprehensive (loss) income before reclassifications (161 ) (4 ) (255 ) 79 (341 ) Amounts reclassified from AOCI 111 37 (253 ) - (105 ) Ending balance $ (1,844 ) $ (16 ) $ (51 ) $ (654 ) $ (2,565 ) For the years ended December 31, 2014 (In thousands) Retirement Plans Unrealized Gains and Losses on Financial derivative Unrealized Gains and Losses on Available-for-Sale Securities Securities reclassified from AFS to HTM Total Beginning balance $ (982 ) $ (81 ) $ 99 $ (781 ) (1,745 ) Other comprehensive income (loss) before reclassifications (838 ) (5 ) 544 48 (251 ) Amounts reclassified from AOCI 26 37 (186 ) - (123 ) Ending balance $ (1,794 ) $ (49 ) $ 457 $ (733 ) $ (2,119 ) The following table presents the amounts reclassified out of each component of AOCI for the indicated annual period: (In thousands) For the years ended Details about AOCI 1 December 31, 2015 December 31, 2014 Affected Line Item in the Statement of Income Unrealized holding gain on financial derivative: Reclassification adjustment for interest expense included in net income $ (61 ) $ (62 ) Interest on long term borrowings 24 25 Provision for income taxes $ (37 ) $ (37 ) Net Income Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (185 ) $ (43 ) Salaries and employee benefits 74 17 Provision for income taxes $ (111 ) $ (26 ) Net Income Available-for-sale securities Realized gain on sale of securities $ 422 $ 310 Net gains on sales and redemptions of investment securities (169 ) (124 ) Provision for income taxes $ 253 $ 186 Net Income 1 2 See Note 14 for additional information. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 27: SUBSEQUENT EVENTS On February 16, 2016, the Company redeemed all 13,000 shares of the Series B Preferred Stock outstanding with the payment of $13.0 million to the Small Business Lending Facility ("SBLF"). This redemption was substantially financed by the |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Nature of Operations | Nature of Operations The accompanying consolidated financial statements include the accounts of Pathfinder Bancorp, Inc. (the "Company") and its wholly owned subsidiary, Pathfinder Bank (the "Bank"). The Company is a Maryland corporation headquartered in Oswego, New York. On October 16, 2014, the Company completed its conversion from the mutual holding company structure and the related public offering and is now a stock holding company that is fully owned by the public. As a result of the conversion, the mutual holding company and former mid-tier holding company were merged into Pathfinder Bancorp, Inc. The primary business of the Company is its investment in Pathfinder Bank (the "Bank") which is 100% owned by the Company. The Company sold 2,636,053 shares of common stock in the offering, including 105,442 shares sold to the Pathfinder Bank employee stock ownership plan ("ESOP"). All shares were sold at a price of $10.00 per share raising $26.4 million in gross proceeds. Additionally, $197,000 in cash was received from the merger of MHC into the company; and after accounting for conversion related expenses of $1.5 million, the Company received $24.9 million in net proceeds. Concurrent with the completion of the offering, publicly owned shares of Pathfinder Bancorp, Inc., a federal corporation, were exchanged for 1.6472 shares of the Company's common stock. At December 31, 2015 4,353,850 shares of common stock were outstanding. The Bank has four wholly owned operating subsidiaries, Pathfinder Commercial Bank, Pathfinder Risk Management Company, Inc. ("PRMC"), Pathfinder REIT, Inc. and Whispering Oaks Development Corp. All significant inter-company accounts and activity have been eliminated in consolidation. Although the Company owns, through its subsidiary PRMC, 51% of the membership interest in FitzGibbons Agency, LLC ("FitzGibbons"), the Company is required to consolidate 100% of FitzGibbons 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. The Company has seven offices located in Oswego County, one office in Onondaga County, and a business banking office in Syracuse, New York. The Company is primarily engaged in the business of attracting deposits from the general public in the Company's market area, and investing such deposits, together with other sources of funds, in loans secured by one-to-four family residential real estate, commercial real estate, business assets and investment securities. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations, the annual evaluation of the Company's goodwill for possible impairment and the evaluation of investment securities for other than temporary impairment and the estimation of fair values for accounting and disclosure purposes to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators' judgments based on information available to them at the time of their examinations. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk Most of the Company's activities are with customers located primarily in Oswego and Onondaga counties of New York State. A large portion of the Company's portfolio is centered in residential and commercial real estate. The Company closely monitors real estate collateral values and requires additional reviews of commercial real estate appraisals by a qualified third party for commercial real estate loans in excess of $400,000. All residential loan appraisals are reviewed by an individual or third party who is independent of the loan origination or approval process and was not involved in the approval of appraisers or selection of the appraiser for the transaction, and has no direct or indirect interest, financial or otherwise in the property or the transaction. |
Advertising | Advertising The Company follows the policy of charging the costs of advertising to expense as incurred. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of the FitzGibbons Agency. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits (with original maturity of three months or less). |
Investment Securities | Investment Securities The Company classifies investment securities as either available-for-sale or held-to-maturity. The Company does not hold any securities considered to be trading. Available-for-sale securities are reported at fair value, with net unrealized gains and losses reflected as a separate component of shareholders' equity, net of the applicable income tax effect. Held-to-maturity securities are those that the Company has the ability and intent to hold until maturity and are reported at amortized cost. Gains or losses on investment security transactions are based on the amortized cost of the specific securities sold. Premiums and discounts on securities are amortized and accreted into income using the interest method over the period to maturity. Note 4 to the consolidated financial statements includes additional information about the Company's accounting policies with respect to the impairment of investment securities. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank ("FHLB") system to hold stock of its district FHLB according to a predetermined formula. The stock is carried at cost. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets, including sales of loans and loan participations, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Loans | Loans The Company grants mortgage, commercial, municipal, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses plus net deferred loan origination costs. The ability of the Company's debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received and related direct origination costs incurred are deferred and amortized over the life of the loan using the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one-to-four family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate, lines of credit, other commercial and industrial, and tax-exempt loans. Consumer loans include both home equity lines of credit and loans with junior liens and other consumer loans. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses represents management's estimate of losses inherent in the loan portfolio as of the date of the statement of condition and it is recorded as a reduction of loans. The allowance is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than 120 days past due on a contractual basis, unless productive collection efforts are providing results. Consumer loans may be charged off earlier in the event of bankruptcy, or if there is an amount that is deemed uncollectible. No portion of the allowance for loan losses is restricted to any individual loan product and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on three major components which are; specific components for larger loans, recent historical losses and several qualitative factors applied to a general pool of loans, and an unallocated component. The first component is the specific component that relates to loans that are classified as impaired. For these loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The second or general component covers pools of loans, by loan class, not considered impaired, smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure first based on historical loss rates for each of these categories of loans. The ratio of net charge-offs to loan outstandings within each product class, over the most recent eight quarters, lagged by one quarter, is used to generate the historical loss rates. In addition, qualitative factors are added to the historical loss rates in arriving at the total allowance for loan loss need 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 loss analysis and calculation. The third or unallocated component is maintained to cover uncertainties that could affect management's estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio and generally comprises less than 10% of the total allowance for loan loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and reason for the delay, the borrower's prior payment record and the amount of shortfall in relation to what is owed. Impairment is measured by either the present value of the expected future cash flows discounted at the loan's effective interest rate or the fair value of the underlying collateral if the loan is collateral dependent. The majority of the Company's loans utilize the fair value of the underlying collateral. An allowance for loan loss is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company's impaired loans are measured based on the estimated fair value of the loan's collateral. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals, less costs to sell. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower's financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans less than $300,000, home equity and other consumer loans for impairment disclosures, unless such loans are related to borrowers with impaired commercial loans or they are the subject to a troubled debt restructuring agreement for those with a carrying value in excess of $300,000. Commercial loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally include but are not limited to a temporary reduction in the interest rate or an extension of a loan's stated maturity date. Commercial loans classified as troubled debt restructurings with a carrying value in excess of $100,000 are designated as impaired and evaluated as discussed above. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower's overall financial condition, repayment sources, guarantors and value of the collateral, if appropriate, are evaluated not less than annually for commercial loans or when credit deficiencies arise on all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. See Note 5 for a description of these regulatory classifications. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management's comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Income Recognition on Impaired and Nonaccrual Loans | Income Recognition on Impaired and Nonaccrual Loans For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or 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. A loan may remain on accrual status if it is either well secured or guaranteed and in the process of collection. When a loan is placed on nonaccrual status, unpaid interest is reversed and charged to interest income. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management's judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. For nonaccrual loans, when future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. |
Off-Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under standby letters of credit. Such financial instruments are recorded when they are funded. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, ranging up to 40 years for premises and 10 years for equipment. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. |
Foreclosed Real Estate | Foreclosed Real Estate Physical possession of residential real estate property collateralizing a residential mortgage loan occurs when legal title is obtain upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Properties acquired through foreclosure, or by deed-in-lieu of foreclosure, are recorded at their fair value less estimated costs to sell. Fair value is typically determined based on evaluations by third parties. Costs incurred in connection with preparing the foreclosed real estate for disposition are capitalized to the extent that they enhance the overall fair value of the property. Any write-downs on the asset's fair value less costs to sell at the date of acquisition are charged to the allowance for loan losses. Subsequent write downs and expenses of foreclosed real estate are included as a valuation allowance and recorded in noninterest expense. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually for impairment. Intangible assets, such as customer relationships, are amortized over their useful lives, generally 15 years. |
Mortgage Servicing Rights | Mortgage Servicing Rights Originated mortgage servicing rights are recorded at their fair value at the time of transfer of the related loans and are amortized in proportion to, and over the period of, estimated net servicing income or loss. The carrying value of the originated mortgage servicing rights is periodically evaluated for impairment or between annual evaluations under certain circumstances. |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to share-based payment transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award. Compensation costs related to the Employee Stock Ownership Plan are dependent upon the average stock price and the shares committed to be released to plan participants through the period in which income is reported. |
Retirement Benefits | Retirement Benefits The Company has a non-contributory defined benefit pension plan that covered substantially all employees. 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 will be 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. Pension expense under these plans is charged to current operations and consists of several components of net pension cost based on various actuarial assumptions regarding future experience under the plans. Gains and losses, prior service costs and credits, and any remaining transition amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic cost. Plan assets and obligations are measured as of the Company's statement of condition date. The Company has unfunded deferred compensation and supplemental executive retirement plans for selected current and former employees and officers that provide benefits that cannot be paid from a qualified retirement plan due to Internal Revenue Code restrictions. These plans are nonqualified under the Internal Revenue Code, and assets used to fund benefit payments are not segregated from other assets of the Company, therefore, in general, a participant's or beneficiary's claim to benefits under these plans is as a general creditor. The Bank sponsors an Employee Stock Ownership Plan ("ESOP") covering substantially all full time employees. The cost of shares issued to the ESOP but not committed to be released to the participants is presented in the consolidated statement of condition as a reduction of shareholders' equity. ESOP shares are released to the participants proportionately as the loan is repaid. The Company records ESOP compensation expense based on the shares committed to be released and allocated to the participant's accounts multiplied by the average share price of the Company's stock over the period. Dividends related to unallocated shares are recorded as compensation expense. |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives are recorded on the statement of condition as assets and liabilities measured at their fair value. The accounting for increases and decreases in the value of derivatives depends upon the use of derivatives and whether the derivatives qualify for hedge accounting. The Company currently has one interest rate swap, which has been determined to be a cash flow hedge. The fair value of cash-flow hedging instruments ("Cash Flow Hedge") is recorded in either other assets or other liabilities. On an ongoing basis, the statement of condition is adjusted to reflect the then current fair value of the Cash Flow Hedge. The related gains or losses are reported in other comprehensive income (loss) and are subsequently reclassified into earnings, as a yield adjustment in the same period in which the related interest on the hedged item (primarily a variable-rate debt obligation) affect earnings. To the extent that the Cash Flow Hedge is not effective, the ineffective portion of the Cash Flow Hedge is immediately recognized as interest expense. |
Income Taxes | Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. |
Earning Per Share | Earnings Per Share Basic earnings per common share are computed by dividing net income, after preferred stock dividends and preferred stock discount accretion, by the weighted average number of common shares outstanding throughout each year. Diluted earnings per share gives effect to weighted average shares that would be outstanding assuming the exercise of issued stock options and warrants using the treasury stock method. Unallocated shares of the Company's ESOP plan are not included when computing earnings per share until they are committed to be released. |
Segment Reporting | Segment Reporting The Company has evaluated the activities relating to its strategic business units. The controlling interest in the FitzGibbons Agency is dissimilar in nature and management when compared to the Company's other strategic business units which are judged to be similar in nature and management. The Company has determined that the FitzGibbons Agency is below the reporting threshold in size in accordance with Accounting Standards Codification 280. Accordingly, the Company has determined it has no reportable segments. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the statement of condition, such items, along with net income, are components of comprehensive income. Accumulated other comprehensive (loss) represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2015 2014 Unrealized loss for pension and other postretirement obligations $ (3,073 ) $ (2,991 ) Tax effect 1,229 1,197 Net unrealized loss for pension and other postretirement obligations (1,844 ) (1,794 ) Unrealized loss on financial derivative instruments used in cash flow hedging relationships (27 ) (82 ) Tax effect 11 33 Net unrealized loss on financial derivative instruments used in cash flow hedging relationships (16 ) (49 ) Unrealized (losses) gains on available-for-sale securities (85 ) 763 Tax effect 34 (306 ) Net unrealized gains on available-for-sale securities (51 ) 457 Unrealized loss on securities transferred to held-to-maturity (1,090 ) (1,221 ) Tax effect 436 488 Net unrealized loss on securities transferred to held-to-maturity (654 ) (733 ) Accumulated other comprehensive loss $ (2,565 ) $ (2,119 ) |
Reclassifications | Reclassifications Certain amounts in the 2014 consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income as previously reported. |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive (loss) represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2015 2014 Unrealized loss for pension and other postretirement obligations $ (3,073 ) $ (2,991 ) Tax effect 1,229 1,197 Net unrealized loss for pension and other postretirement obligations (1,844 ) (1,794 ) Unrealized loss on financial derivative instruments used in cash flow hedging relationships (27 ) (82 ) Tax effect 11 33 Net unrealized loss on financial derivative instruments used in cash flow hedging relationships (16 ) (49 ) Unrealized (losses) gains on available-for-sale securities (85 ) 763 Tax effect 34 (306 ) Net unrealized gains on available-for-sale securities (51 ) 457 Unrealized loss on securities transferred to held-to-maturity (1,090 ) (1,221 ) Tax effect 436 488 Net unrealized loss on securities transferred to held-to-maturity (654 ) (733 ) Accumulated other comprehensive loss $ (2,565 ) $ (2,119 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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. Years ended December 31, (In thousands, except per share data) 2015 2014 Basic Earnings Per Common Share Net income available to common shareholders $ 2,759 $ 2,650 Weighted average common shares outstanding 4,124 4,156 Basic earnings per common share $ 0.67 $ 0.64 Diluted Earnings Per Common Share Net income available to common shareholders $ 2,759 $ 2,650 Weighted average common shares outstanding 4,124 4,156 Effect of assumed exercise of stock options 67 44 Diluted weighted average common shares outstanding 4,191 4,200 Diluted earnings per common share $ 0.66 $ 0.63 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INVESTMENT 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: December 31, 2015 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 $ 21,380 $ 13 $ (85 ) $ 21,308 State and political subdivisions 8,198 107 (5 ) 8,300 Corporate 18,173 51 (96 ) 18,128 Residential mortgage-backed - US agency 32,740 113 (280 ) 32,573 Collateralized mortgage obligations - US agency 16,880 95 (142 ) 16,833 Total 97,371 379 (608 ) 97,142 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 - (5 ) 638 Large cap equity fund 456 127 - 583 Common stock - financial services industry 554 25 - 579 Total 1,653 152 (5 ) 1,800 Total available-for-sale $ 99,024 $ 531 $ (613 ) $ 98,942 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 7,860 $ 81 $ (29 ) $ 7,912 State and political subdivisions 21,585 881 - 22,466 Corporate 4,175 53 (3 ) 4,225 Residential mortgage-backed - US agency 7,763 137 (5 ) 7,895 Collateralized mortgage obligations - US agency 2,914 103 - 3,017 Total held-to-maturity $ 44,297 $ 1,255 $ (37 ) $ 45,515 December 31, 2014 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 17,896 $ 3 $ (149 ) $ 17,750 State and political subdivisions 8,346 110 (13 ) 8,443 Corporate 13,763 116 (19 ) 13,860 Residential mortgage-backed - US agency 30,321 403 (149 ) 30,575 Collateralized mortgage obligations - US agency 15,432 168 (124 ) 15,476 Total 85,758 800 (454 ) 86,104 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 5 - 648 Large cap equity fund 456 193 - 649 Other mutual funds 183 196 - 379 Common stock - financial services industry 270 23 - 293 Total 1,552 417 - 1,969 Total available-for-sale $ 87,310 $ 1,217 $ (454 ) $ 88,073 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 4,834 $ 58 $ - $ 4,892 State and political subdivisions 22,610 824 (9 ) 23,425 Corporate 2,487 33 (17 ) 2,503 Residential mortgage-backed - US agency 8,043 242 - 8,285 Collateralized mortgage obligations - US agency 2,901 133 - 3,034 Total held-to-maturity $ 40,875 $ 1,290 $ (26 ) $ 42,139 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at December 31, 2015 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated ( In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 8,443 $ 8,464 $ 206 $ 206 Due after one year through five years 30,132 30,111 9,648 9,747 Due after five years through ten years 8,195 8,180 17,108 17,633 Due after ten years 981 981 6,658 7,017 Sub-total 47,751 47,736 33,620 34,603 Residential mortgage-backed - US agency 32,740 32,573 7,763 7,895 Collateralized mortgage obligations - US agency 16,880 16,833 2,914 3,017 Totals $ 97,371 $ 97,142 $ 44,297 $ 45,515 |
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, is as follows: December 31, 2015 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair Securities Losses Value Securities Losses Value Securities Losses Value (Dollars in thousands) Available-for-Sale US Treasury, agencies and GSE's 9 $ (70 ) $ 13,382 1 $ (15 ) $ 984 10 $ (85 ) $ 14,366 State and political subdivisions 13 (4 ) 1,894 3 (1 ) 339 16 (5 ) 2,233 Corporate 10 (57 ) 8,123 2 (39 ) 2,820 12 (96 ) 10,943 Equity and other investments 1 (5 ) 638 - - - 1 (5 ) 638 Residential mortgage-backed - US agency 14 (148 ) 20,204 5 (132 ) 4,812 19 (280 ) 25,016 Collateralized mortgage obligations - US agency 6 (80 ) 8,618 3 (62 ) 1,789 9 (142 ) 10,407 Totals 53 $ (364 ) $ 52,859 14 $ (249 ) $ 10,744 67 $ (613 ) $ 63,603 Held-to-Maturity US Treasury, agencies and GSE's 2 $ (29 ) $ 2,970 - $ - $ - 2 $ (29 ) $ 2,970 State and political subdivisions - - - - - - - - - Corporate 1 (3 ) 225 - - - 1 (3 ) 225 Residential mortgage-backed - US agency 1 (5 ) 795 - - - 1 (5 ) 795 Collateralized mortgage obligations - US agency - - - - - - - - - Totals 4 $ (37 ) $ 3,990 - $ - $ - 4 $ (37 ) $ 3,990 December 31, 2014 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair Securities Losses Value Securities Losses Value Securities Losses Value (Dollars in thousands) Available-for-Sale US Treasury, agencies and GSE's 7 $ (18 ) $ 7,991 7 $ (131 ) $ 7,856 14 $ (149 ) $ 15,847 State and political subdivisions 19 (13 ) 3,047 1 - 90 20 (13 ) 3,137 Corporate 7 (19 ) 4,520 - - - 7 (19 ) 4,520 Residential mortgage-backed - US agency 2 (8 ) 1,424 6 (141 ) 6,256 8 (149 ) 7,680 Collateralized mortgage obligations - US agency 3 (22 ) 2,692 5 (102 ) 3,963 8 (124 ) 6,655 Totals 38 $ (80 ) $ 19,674 19 $ (374 ) $ 18,165 57 $ (454 ) $ 37,839 Held-to-Maturity US Treasury, agencies and GSE's - $ - $ - - $ - $ - - $ - $ - State and political subdivisions 1 (9 ) 1,463 - - - 1 (9 ) 1,463 Corporate 2 (17 ) 1,108 - - - 2 (17 ) 1,108 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency - - - - - - - - - Totals 3 $ (26 ) $ 2,571 - $ - $ - 3 $ (26 ) $ 2,571 |
Gross realized Gains (Losses) on Sale of Securities | Proceeds of $25.2 million and $6.2 million on sales and redemptions of securities for the years ended December 31 resulted in gross realized gains (losses) detailed below: (In thousands) 2015 2014 Realized gains $ 439 $ 312 Realized losses (17 ) (2 ) $ 422 $ 310 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
LOANS [Abstract] | |
Major Classification of Loans | Major classifications of loans are as follows: December 31, December 31, (In thousands) 2015 2014 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 181,792 $ 172,159 Construction 7,924 3,209 Total residential mortgage loans 189,716 175,368 Commercial loans: Real estate 129,506 125,952 Lines of credit 19,035 17,407 Other commercial and industrial 54,899 34,660 Tax exempt loans 9,081 7,201 Total commercial loans 212,521 185,220 Consumer loans: Home equity and junior liens 23,463 22,713 Other consumer 4,886 4,160 Total consumer loans 28,349 26,873 Total loans 430,586 387,461 Net deferred loan costs (148 ) 77 Less allowance for loan losses (5,706 ) (5,349 ) Loans receivable, net $ 424,732 $ 382,189 |
Summary of Classes of Loan Portfolio | The following table presents the segments and classes of the loan portfolio summarized by the aggregate pass rating and the criticized and classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system: As of December 31, 2015 (In thousands) Pass Special Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 177,244 $ 1,375 $ 2,425 $ 748 $ 181,792 Construction 7,924 - - - 7,924 Total residential mortgage loans 185,168 1,375 2,425 748 189,716 Commercial loans: Real estate 121,283 4,345 3,878 - 129,506 Lines of credit 17,358 1,469 208 - 19,035 Other commercial and industrial 53,540 848 504 7 54,899 Tax exempt loans 9,081 - - - 9,081 Total commercial loans 201,262 6,662 4,590 7 212,521 Consumer loans: Home equity and junior liens 22,780 182 287 214 23,463 Other consumer 4,840 31 15 - 4,886 Total consumer loans 27,620 213 302 214 28,349 Total loans $ 414,050 $ 8,250 $ 7,317 $ 969 $ 430,586 As of December 31, 2014 (In thousands) Pass Special Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 166,352 $ 1,384 $ 3,370 $ 1,053 $ 172,159 Construction 3,209 - - - 3,209 Total residential mortgage loans 169,561 1,384 3,370 1,053 175,368 Commercial loans: Real estate 119,521 1,157 5,132 142 125,952 Lines of credit 16,310 451 646 - 17,407 Other commercial and industrial 33,258 434 941 27 34,660 Tax exempt loans 7,201 - - - 7,201 Total commercial loans 176,290 2,042 6,719 169 185,220 Consumer loans: Home equity and junior liens 21,722 333 574 84 22,713 Other consumer 4,113 10 37 - 4,160 Total consumer loans 25,835 343 611 84 26,873 Total loans $ 371,686 $ 3,769 $ 10,700 $ 1,306 $ 387,461 |
Age Analysis of Past Due Loans Segregated by Class of loans | An age analysis of past due loans, exclusive of deferred costs, segregated by class of loans were as follows: As of December 31, 2015 30-59 Days 60-89 Days 90 Days Past Due Past Due and Over Total Total Loans (In thousands) And Accruing And Accruing Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,115 $ 808 $ 1,715 $ 3,638 $ 178,154 $ 181,792 Construction - - - - 7,924 7,924 Total residential mortgage loans 1,115 808 1,715 3,638 186,078 189,716 Commercial loans: Real estate 940 135 2,694 3,769 125,737 129,506 Lines of credit 20 - 174 194 18,841 19,035 Other commercial and industrial 159 216 370 745 54,154 54,899 Tax exempt loans - - - - 9,081 9,081 Total commercial loans 1,119 351 3,238 4,708 207,813 212,521 Consumer loans: Home equity and junior liens 132 - 360 492 22,971 23,463 Other consumer 14 15 5 34 4,852 4,886 Total consumer loans 146 15 365 526 27,823 28,349 Total loans $ 2,380 $ 1,174 $ 5,318 $ 8,872 $ 421,714 $ 430,586 As of December 31, 2014 30-59 Days 60-89 Days 90 Days Past Due Past Due and Over Total Total Loans (In thousands) And Accruing And Accruing Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,455 $ 687 $ 1,902 $ 4,044 $ 168,115 $ 172,159 Construction - - - - 3,209 3,209 Total residential mortgage loans 1,455 687 1,902 4,044 171,324 175,368 Commercial loans: Real estate 1,462 32 3,547 5,041 120,911 125,952 Lines of credit 10 - 278 288 17,119 17,407 Other commercial and industrial 445 982 205 1,632 33,028 34,660 Tax exempt loans - - - - 7,201 7,201 Total commercial loans 1,917 1,014 4,030 6,961 178,259 185,220 Consumer loans: Home equity and junior liens 120 17 313 450 22,263 22,713 Other consumer 6 17 11 34 4,126 4,160 Total consumer loans 126 34 324 484 26,389 26,873 Total loans $ 3,498 $ 1,735 $ 6,256 $ 11,489 $ 375,972 $ 387,461 |
Nonaccrual Loans Segregated by Class of Loan | Year-end nonaccrual loans, segregated by class of loan, were as follows: December 31, December 31, (In thousands) 2015 2014 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,715 $ 1,902 1,715 1,902 Commercial loans: Real estate 2,694 3,547 Lines of credit 174 278 Other commercial and industrial 370 205 3,238 4,030 Consumer loans: Home equity and junior liens 360 313 Other consumer 5 11 365 324 Total nonaccrual loans $ 5,318 $ 6,256 |
Loans Modified as TDRs | The table below details loans that have been modified as TDRs during the twelve months prior to December 31, 2015, which have subsequently defaulted during the year ended December 31, 2015. (In thousands) Number of Contracts Recorded Investment Allowance for Loan Loss Residential mortgage loans 1 $ 385 $ - Commercial real estate loans 1 670 346 Other commercial and industrial 1 224 194 |
Summary of Impaired Loans Information by Portfolio Class | The following table summarizes impaired loans information by portfolio class: December 31, 2015 December 31, 2014 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 $ 473 $ 473 $ - $ 1,138 $ 1,163 $ - Commercial real estate 2,580 2,709 - 2,083 2,154 - Commercial lines of credit 574 597 - 185 197 - Other commercial and industrial 536 569 - 335 356 - Home equity and junior liens 187 187 - 21 21 - Other consumer 5 6 - - - - With an allowance recorded: 1-4 family first-lien residential mortgages - - - - - - Commercial real estate 1,850 1,963 760 2,927 2,972 552 Commercial lines of credit 5 5 5 93 99 93 Other commercial and industrial 224 230 193 268 268 238 Home equity and junior liens 101 101 2 340 340 31 Other consumer - - - 11 11 3 Total: 1-4 family first-lien residential mortgages 473 473 - 1,138 1,163 - Commercial real estate 4,430 4,672 760 5,010 5,126 552 Commercial lines of credit 579 602 5 278 296 93 Other commercial and industrial 760 799 193 603 624 238 Home equity and junior liens 288 288 2 361 361 31 Other consumer 5 6 - 11 11 3 Totals $ 6,535 $ 6,840 $ 960 $ 7,401 $ 7,581 $ 917 |
Average Recorded Investment in Impaired Loans | The following table presents the average recorded investment in impaired loans for the years ended December 31: (In thousands) 2015 2014 1-4 family first-lien residential mortgages $ 671 $ 1,204 Commercial real estate 4,742 4,886 Commercial lines of credit 520 378 Other commercial and industrial 803 529 Home equity and junior liens 305 402 Other consumer 7 9 Total $ 7,048 $ 7,408 |
Cash Basis Interest Income Recognized on Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the years ended December 31: (In thousands) 2015 2014 1-4 family first-lien residential mortgages $ 17 $ 34 Commercial real estate 92 104 Commercial lines of credit - - Other commercial and industrial 29 38 Home equity and junior liens - 12 Other consumer - 1 Total $ 138 $ 189 |
ALLOWANCE FOR LOAN LOSSES (Tabl
ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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. December 31, 2015 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 $ 509 $ - $ 2,801 $ 460 $ 1,034 Charge-offs (234 ) - (309 ) (206 ) (272 ) Recoveries 40 - - 38 10 Provisions 266 - 491 109 498 Ending balance $ 581 $ - $ 2,983 $ 401 $ 1,270 Ending balance: related to loans individually evaluated for impairment $ - $ - $ 760 $ 5 $ 193 Ending balance: related to loans collectively evaluated for impairment $ 581 $ - $ 2,223 $ 396 $ 1,077 Loans receivables: Ending balance $ 181,792 $ 7,924 $ 129,506 $ 19,035 $ 54,899 Ending balance: individually evaluated for impairment $ 473 $ - $ 4,430 $ 579 $ 760 Ending balance: collectively evaluated for impairment $ 181,319 $ 7,924 $ 125,076 $ 18,456 $ 54,139 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 388 $ 98 $ 56 $ 5,349 Charge-offs - (26 ) (103 ) - (1,150 ) Recoveries - 10 59 - 157 Provisions (credits) - (22 ) 64 (56 ) 1,350 Ending balance $ 3 $ 350 $ 118 $ - $ 5,706 Ending balance: related to loans individually evaluated for impairment $ - $ 2 $ - $ - $ 960 Ending balance: related to loans collectively evaluated for impairment $ 3 $ 348 $ 118 $ - $ 4,746 Loans receivables: Ending balance $ 9,081 $ 23,463 $ 4,886 $ 430,586 Ending balance: individually evaluated for impairment $ - $ 288 $ 5 $ 6,535 Ending balance: collectively evaluated for impairment $ 9,081 $ 23,175 $ 4,881 $ 424,051 December 31, 2014 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 $ 649 $ - $ 2,302 $ 397 $ 834 Charge-offs (157 ) - (306 ) (174 ) (154 ) Recoveries 2 - 4 9 10 Provisions 15 - 801 228 344 Ending balance $ 509 $ - $ 2,801 $ 460 $ 1,034 Ending balance: related to loans individually evaluated for impairment $ - $ - $ 552 $ 93 $ 238 Ending balance: related to loans collectively evaluated for impairment $ 509 $ - $ 2,249 $ 367 $ 796 Loans receivables: Ending balance $ 172,159 $ 3,209 $ 125,952 $ 17,407 $ 34,660 Ending balance: individually evaluated for impairment $ 1,138 $ - $ 5,010 $ 278 $ 603 Ending balance: collectively evaluated for impairment $ 171,021 $ 3,209 $ 120,942 $ 17,129 $ 34,057 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 2 $ 433 $ 136 $ 288 $ 5,041 Charge-offs - (86 ) (97 ) - (974 ) Recoveries - 1 51 - 77 Provisions (credits) 1 40 8 (232 ) 1,205 Ending balance $ 3 $ 388 $ 98 $ 56 $ 5,349 Ending balance: related to loans individually evaluated for impairment $ - $ 31 $ 3 $ - $ 917 Ending balance: related to loans collectively evaluated for impairment $ 3 $ 357 $ 95 $ 56 $ 4,432 Loans receivables: Ending balance $ 7,201 $ 22,713 $ 4,160 $ 387,461 Ending balance: individually evaluated for impairment $ - $ 361 $ 11 $ 7,401 Ending balance: collectively evaluated for impairment $ 7,201 $ 22,352 $ 4,149 $ 380,060 |
SERVICING (Tables)
SERVICING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SERVICING [Abstract] | |
Mortgage Servicing Rights Capitalized and Amortized | The following summarizes mortgage servicing rights capitalized and amortized: (In thousands) 2015 2014 Mortgage servicing rights capitalized $ - $ - Mortgage servicing rights amortized $ 14 $ 14 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PREMISES AND EQUIPMENT [Abstract] | |
Premises and Equipment | A summary of premises and equipment at December 31, is as follows: (In thousands) 2015 2014 Land $ 2,176 $ 2,176 Buildings 12,111 11,438 Furniture, fixtures and equipment 11,194 10,532 Construction in progress 2,502 1,246 27,983 25,392 Less: Accumulated depreciation 13,149 12,192 $ 14,834 $ 13,200 |
FORECLOSED REAL ESTATE (Tables)
FORECLOSED REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FORECLOSED REAL ESTATE [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. December 31, December 31, (Dollars in thousands) Number of properties 2015 Number of properties 2014 Foreclosed real estate Foreclosed residential real estate 2 $ 182 4 $ 261 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
Gross Carrying Amount and Accumulated Amortization for Identifiable Intangible Asset | The gross carrying amount and annual amortization for this identifiable intangible asset are as follows: December 31, (In thousands) 2015 2014 Gross carrying amount $ 175 $ 187 Addition due to Huntington Agency purchase 55 Amortization recognized in the year (16 ) (12 ) Net amortizing intangibles $ 214 $ 175 |
Estimated Amortization Expense for Each of the Five Succeeding Years | The estimated amortization expense for each of the five succeeding years ended December 31, is as follows: (In thousands) 2016 $ 16 2017 16 2018 16 2019 16 2020 16 Thereafter 134 $ 214 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DEPOSITS [Abstract] | |
Summary of Deposits | A summary of deposits at December 31 is as follows: (In thousands) 2015 2014 Savings accounts $ 73,540 $ 71,723 Time accounts 111,250 126,319 Time accounts of $250,000 or more 35,213 26,246 Money management accounts 14,081 13,249 MMDA accounts 146,862 85,438 Demand deposit interest-bearing 42,758 33,669 Demand deposit noninterest-bearing 61,679 54,662 Mortgage escrow funds 4,932 4,262 Total Deposits $ 490,315 $ 415,568 |
Scheduled Maturities of Time Deposits | At December 31, 2015, the scheduled maturities of time deposits are as follows: (In thousands) Year of Maturity: 2016 $ 96,348 2017 19,145 2018 14,723 2019 8,200 2020 2,214 Thereafter 5,833 Total $ 146,463 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
BORROWED FUNDS [Abstract] | |
Composition of Borrowings | The composition of borrowings (excluding subordinated loans) at December 31 is as follows: (In thousands) 2015 2014 Short-term: FHLB Advances $ 24,800 $ 55,100 Long-term: FHLB advances $ 16,500 $ 11,000 Total long-term borrowings $ 16,500 $ 11,000 |
Scheduled Maturities of Debt | The principal balances, interest rates and maturities of the remaining borrowings, all of which are at a fixed rate, at December 31, 2015 are as follows: Term Principal Rates (Dollars in thousands) Advances with FHLB due within 1 year 3,000 2.12 % due within 2 years 7,000 0.78-2.56 % due within 10 years 6,500 1.43-2.55 % Total advances with FHLB $ 16,500 Total long-term fixed rate borrowings $ 16,500 At December 31, 2015, scheduled repayments of long-term debt are as follows (in thousands): 2016 3,000 2017 7,000 Thereafter 6,500 $ 16,500 |
SUBORDINATED LOANS (Tables)
SUBORDINATED LOANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SUBORDINATED LOANS [Abstract] | |
Composition of Subordinated Loans | The composition of subordinated loans at December 31 is as follows: (In thousands) 2015 2014 Subordinated Loans Junior subordinated debenture $ 5,155 $ 5,155 Subordinated loan 9,836 - Total long-term borrowings $ 14,991 $ 5,155 |
Schedule of Principal Balances, Interest Rates and Maturities of the Subordinated Loans | The principal balances, interest rates and maturities of the subordinated loans at December 31, 2015 are as follows: Term Principal Rates (Dollars in thousands) Subordinated Loans due within 10 years 9,836 6.48 % due within 22 years 5,155 3-Month Libor + 1.65% Total subordinated loans $ 14,991 |
Schedule Repayments of the Subordinated Loans | At December 31, 2015, scheduled repayments of the subordinated loans (in thousands): 2016 0 2017 0 Thereafter 14,991 $ 14,991 |
EMPLOYEE BENEFITS AND DEFERRE49
EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS [Abstract] | |
Changes in Plan Benefit Obligations, Fair Value of Plan Assets and Plans' Funded Status | The following tables set forth the changes in the plans' benefit obligations, fair value of plan assets and the plans' funded status as of December 31: Pension Benefits Postretirement Benefits (In thousands) 2015 2014 2015 2014 Change in benefit obligations: Benefit obligations at beginning of year $ 9,679 $ 8,333 $ 356 $ 402 Service cost - - - - Interest cost 468 406 17 19 Actuarial (gain) loss (586 ) 1,165 (201 ) 50 Plan Amendment - - - (102 ) Benefits paid (242 ) (225 ) (13 ) (13 ) Benefit obligations at end of year 9,319 9,679 159 356 Change in plan assets: Fair value of plan assets at beginning of year 13,125 12,691 - - Actual return on plan assets (75 ) 659 - - Benefits paid (242 ) (225 ) (13 ) (13 ) Employer contributions - - 13 13 Fair value of plan assets at end of year 12,808 13,125 - - Funded Status - asset (liability) $ 3,489 $ 3,446 $ (159 ) $ (356 ) |
Amounts Recognized in Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss as of December 31 are as follows: Pension Benefits Postretirement Benefits (In thousands) 2015 2014 2015 2014 Net loss(gain) $ 3,245 $ 2,962 $ (172 ) $ 29 Tax effect 1,298 1,185 (69 ) 12 $ 1,947 $ 1,777 $ (103 ) $ 17 |
Significant Assumptions used in Determining Benefit Obligations and Net Periodic Benefit Plan Cost | The significant assumptions used in determining the benefit obligations as of December 31, are as follows: Pension Benefits Postretirement Benefits 2015 2014 2015 2014 Weighted average discount rate 5.05% 4.90% 5.23% 4.98% Rate of increase in future compensation levels - - - - The significant assumptions used in determining the net periodic benefit plan cost for years ended December 31, were as follows: Pension Benefits Postretirement Benefits 2015 2014 2015 2014 Weighted average discount rate 4.90 % 4.95 % 4.98 % 4.95 % Expected long term rate of return on plan assets 7.50 % 7.50 % - - Rate of increase in future compensation levels - - - - |
Composition of Net Periodic Benefit Plan Cost | The composition of the net periodic benefit plan cost for the years ended December 31 is as follows: Pension Benefits Postretirement Benefits 2015 2014 2015 2014 (In thousands) Service cost $ - $ - $ - $ - Interest cost 468 406 17 19 Expected return on plan assets (975 ) (942 ) - - Amortization of transition obligation - - - - Amortization of net losses 180 30 5 13 Amortization of unrecognized past service liability - - (5 ) - Net periodic benefit plan (benefit) cost $ (327 ) $ (506 ) $ 17 $ 32 |
Pension Plan Assets Measured at Fair Value | Pension plan assets measured at fair value are summarized below: At December 31, 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Mutual funds - equity Large-cap value (a) $ - $ 696 $ - $ 696 Large-cap Growth (b) - 783 - 783 Large-cap Core (c) - 510 - 510 Mid-cap Value (d) - 166 - 166 Mid-cap Growth (e) - 163 - 163 Mid-cap Core (f) - 162 - 162 Small-cap Value (g) - 119 - 119 Small-cap Growth (h) - 117 - 117 Small-cap Core (i) - 238 - 238 International Equity (j) - 996 - 996 Equity -Total - 3,950 - 3,950 Fixed Income Funds Fixed Income-US Core (k) - 1,578 - 1,578 Intermediate Duration (l) - 2,865 - 2,865 Long Duration (m) - 2,347 - 2,347 Fixed Income-Total - 6,790 - 6,790 Long/Short Equity(n) - 1,793 - 1,793 Company Common Stock - - - - Cash Equivalents-Money market* 72 203 - 275 Total $ 72 $ 12,736 $ - $ 12,808 *Includes cash equivalents investments in equity and fixed income strategies (a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. (d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (f) This category seeks to track the performance of the S&P Midcap 400 Index. (g) This category consists of a selection of investments based on the Russell 2000 Value Index. (h) This category consists of a selection of investments based on the Russell 2000 Growth Index. (i) This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (j) This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-US Net Dividend Return Index. (k) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. (l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5-20 Year, Bullets only Index, along with a diversified mutual fund holding fixed income securities rated A or better. (m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. (n) This category currently invests in three long/short equity hedge funds. At December 31, 2014 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Mutual funds - equity Large-cap value (a) $ - $ 920 $ - $ 920 Large-cap Growth (b) - 914 - 914 Large-cap Core (c) - 649 - 649 Mid-cap Value (d) - 221 - 221 Mid-cap Growth (e) - 222 - 222 Mid-cap Core (f) - 212 - 212 Small-cap Value (g) - 155 - 155 Small-cap Growth (h) - 154 - 154 Small-cap Core (i) - 311 - 311 International Equity (j) - 1,246 - 1,246 Equity -Total - 5,004 - 5,004 Fixed Income Funds Intermediate Duration (k) - 4,261 - 4,261 Long Duration (l) - 2,355 - 2,355 Fixed Income-Total 6,616 6,616 Long/Short Equity(m) - 1,261 - 1,261 Company Common Stock - - - - Cash Equivalents-Money market* 24 220 - 244 Total $ 24 $ 13,101 $ - $ 13,125 *Includes cash equivalents investments in equity and fixed income strategies (a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. (d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (f) This category seeks to track the performance of the S&P Midcap 400 Index. (g) This category consists of a selection of investments based on the Russell 2000 Value Index. (h) This category consists of a selection of investments based on the Russell 2000 Growth Index. (i) This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. (j) This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-US Net Dividend Return Index. (k) This category consists of three funds, one containing a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities rated Baa or better. The second fund emphasizes a more globally diversified portfolio of higher-quality, intermediate-term bonds. The third fund seeks to track the Barclays Capital U.S. Corporate A or Better 5-20 Year, Bullets Index. (l) This category consists of funds invested primarily in debt securities with the objective of approximating the return of the Barclays Capital US Long Credit Bond Index with maturities greater than 10 years and the Barclays Capital US Corporate A or Better 20+ year Bullets Only Index. (m) This category currently invests in three long/short equity hedge funds. |
Expected Future Service Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from both retirement plans: Pension Postretirement (In thousands) Benefits Benefits Total Years ending December 31: 2016 $ 243 $ 13 $ 256 2017 262 13 275 2018 276 12 288 2019 287 12 299 2020 307 12 319 Years 2021-2025 1,971 61 2,032 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
STOCK BASED COMPENSATION PLANS [Abstract] | |
Activity in the stock option plans | Activity in the stock option plans is as follows: Weighted Options Average Shares (Shares in thousands) Outstanding Exercise Price Exercisable Outstanding at December 31, 2013 173 $ 5.46 63 Granted - $ - - Newly vested - 5.75 35 Exercised (3 ) - (3 ) Expired - - - Outstanding at December 31, 2014 170 $ 5.75 95 Granted 17 $ 11.09 - Newly vested - 5.75 35 Exercised (2 ) - (2 ) Expired - - - Outstanding at December 31, 2015 185 $ 5.75 128 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Abstract] | |
Provision for Income Taxes | The provision for income taxes for the years ended December 31, is as follows: (In thousands) 2015 2014 Current $ 955 $ 801 Deferred 116 352 $ 1,071 $ 1,153 The provision for income taxes includes the following: (In thousands) 2015 2014 Federal Income Tax $ 929 $ 1,057 State Tax 142 96 $ 1,071 $ 1,153 |
Component of the Net Deferred Tax (Liability) Asset | The components of the net deferred tax liability, included in other liabilities as of December 31, are as follows: (In thousands) 2015 2014 Assets: Deferred compensation $ 858 $ 898 Allowance for loan losses 2,185 2,048 Postretirement benefits 61 136 Mortgage recording tax credit carryforward - 90 Impairment losses on investment securities 155 181 Loan origination fees 66 - Capital loss carryforward 120 305 Held-to-maturity securities 417 468 Other 121 142 Total 3,983 4,268 Liabilities: Prepaid pension (1,336 ) (1,320 ) Depreciation (1,011 ) (1,056 ) Accretion (145 ) (162 ) Loan origination fees - (19 ) Intangible assets (1,470 ) (1,470 ) Investment securities and financial derivative (21 ) (289 ) Mortgage servicing rights (20 ) (25 ) Prepaid expenses (97 ) (84 ) Total (4,100 ) (4,425 ) (117 ) (157 ) Less: deferred tax asset valuation allowance (265 ) (458 ) Net deferred tax liability $ (382 ) $ (615 ) |
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, is as follows: 2015 2014 Federal statutory income tax rate 34.0 % 34.0 % State tax, net of federal benefit 2.3 1.6 Tax-exempt interest income (8.1 ) (7.2 ) Increase in value of bank owned life insurance less premiums paid (3.0 ) (2.5 ) Change in valuation allowance (4.8 ) - Other 6.4 3.3 Effective income tax rate 26.8 % 29.2 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Summary of the Contractual Amounts of Financial Instruments with Credit Risk | At December 31, 2015 and 2014, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (In thousands) 2015 2014 Commitments to grant loans $ 20,168 $ 28,168 Unfunded commitments related to construction loans in progress 5,726 1,752 Unfunded commitments under lines of credit 34,469 28,174 Standby letters of credit 1,884 4,617 |
Minimum Rental Commitments for Non-cancelable Operating Leases | Approximate minimum rental commitments for non-cancelable operating leases are as follows: Years Ending December 31: (In thousands) 2016 $ 154 2017 147 2018 105 2019 62 2020 56 Thereafter 324 Total minimum lease payments $ 848 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
REGULATORY MATTERS [Abstract] | |
Actual Capital Amounts and Ratios | The Bank's actual capital amounts and ratios as of December 31, 2015 and 2014 are presented in the following table. Minimum To Be "Well- Minimum Capitalized" For Capital Under Prompt Actual Adequacy Purposes Corrective Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2015 Total Core Capital (to Risk-Weighted Assets) $ 67,286 16.22 % $ 33,187 8.00 % $ 41,484 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 62,038 14.95 % $ 24,891 6.00 % $ 33,187 8.00 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 62,038 14.95 % $ 18,668 4.50 % $ 26,965 6.50 % Tier 1 Capital (to Assets) $ 62,038 10.00 % $ 24,816 4.00 % $ 31,020 5.00 % As of December 31, 2014: Total Core Capital (to Risk-Weighted Assets) $ 63,831 16.60 % $ 30,754 8.00 % $ 38,443 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 58,842 15.31 % $ 15,377 4.00 % $ 23,066 6.00 % Tier 1 Capital (to Assets) $ 58,842 10.55 % $ 22,302 4.00 % $ 27,878 5.00 % |
INTEREST RATE DERIVATIVE (Table
INTEREST RATE DERIVATIVE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INTEREST RATE DERIVATIVE [Abstract] | |
Fair Value Outstanding Derivatives | The following table summarizes the fair value of outstanding derivatives and their presentation on the statements of condition as of December 31: (In thousands) 2015 2014 Cash flow hedge: Other liabilities $ 27 $ 82 |
Change in Accumulated Other Comprehensive Loss on Pretax Basis and Impact on Earnings from Interest Rate Swap | The change in accumulated other comprehensive loss, on a pretax basis, and the impact on earnings from the interest rate swap that qualifies as a cash flow hedge for the year ended December 31 were as follows: (In thousands) 2015 2014 Balance as of December 31: $ (82 ) $ (135 ) Amount of losses recognized in other comprehensive income (6 ) (9 ) Amount of loss reclassified from other comprehensive income and recognized as interest expense 61 62 Balance as of December 31: $ (27 ) $ (82 ) |
FAIR VALUE MEASUREMENTS AND D55
FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENTS AND 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 December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 21,308 $ - $ 21,308 State and political subdivisions - 8,300 - 8,300 Corporate - 18,128 - 18,128 Residential mortgage-backed - US agency - 32,573 - 32,573 Collateralized mortgage obligations - US agency - 16,833 - 16,833 Equity investment securities: Mutual funds: Ultra short mortgage fund 638 - - 638 Large cap equity fund 583 - - 583 Other mutual funds - - - - Common stock - financial services industry 46 220 313 579 Total available-for-sale securities $ 1,267 $ 97,362 $ 313 $ 98,942 Interest rate swap derivative $ - $ (27 ) $ - $ (27 ) 2014 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 17,750 $ - $ 17,750 State and political subdivisions - 8,443 - 8,443 Corporate - 13,860 - 13,860 Residential mortgage-backed - US agency - 30,575 - 30,575 Collateralized mortgage obligations - US agency - 15,476 - 15,476 Equity investment securities: Mutual funds: Ultra short mortgage fund 648 - - 648 Large cap equity fund 649 - - 649 Other mutual funds - 379 - 379 Common stock - financial services industry 43 250 - 293 Total available-for-sale securities $ 1,340 $ 86,733 $ - $ 88,073 Interest rate swap derivative $ - $ (82 ) $ - $ (82 ) |
Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis as of December 31, 2015 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - December 31, 2014 $ - Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements 313 Sales - Balance - December 31, 2015 $ 313 Changes in unrealized gains included in earnings related to assets still held at December 31, 2015 $ - |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis Segregated by Level of Valuation Inputs | The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,070 $ 1,070 Foreclosed real estate $ - $ - $ 360 $ 360 2014 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,277 $ 1,277 Foreclosed real estate $ - $ - $ 105 $ 105 |
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. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2015 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 10% (8%) (Sales Approach) Costs to Sell 8% - 15% (14%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2014 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 25% (13%) (Sales Approach) Costs to Sell 6% - 50% (13%) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15% - 15% (15%) (Sales Approach) Costs to Sell 6% - 8% (7%) |
Carrying Amounts and Fair Value of Financial Instruments | The carrying amounts and fair values of the Company's financial instruments as of December 31 are presented in the following table: 2015 2014 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 15,245 $ 15,245 $ 11,356 $ 11,356 Investment securities - available-for-sale 1 1,267 1,267 1,340 1,340 Investment securities - available-for-sale 2 97,362 97,362 86,733 86,733 Investment securities - available-for-sale 3 313 313 - - Investment securities - held-to-maturity 2 44,297 45,515 40,875 42,139 Federal Home Loan Bank stock 2 2,424 2,424 3,454 3,454 Net loans 3 424,732 428,410 382,189 388,151 Accrued interest receivable 1 2,053 2,053 1,849 1,849 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 343,853 $ 343,852 $ 263,004 $ 263,004 Time Deposits 2 146,462 146,158 152,564 152,457 Borrowings 2 41,300 41,282 66,100 66,282 Subordinated loans 2 14,991 14,027 5,155 4,799 Accrued interest payable 1 199 199 63 63 Interest rate swap derivative 2 27 27 82 82 |
PARENT COMPANY - FINANCIAL IN56
PARENT COMPANY - FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PARENT COMPANY - FINANCIAL INFORMATION [Abstract] | |
Condensed Financial Information of Parent Company | The following represents the condensed financial information of Pathfinder Bancorp, Inc. as of and for the years ended December 31: Statements of Condition 2015 2014 (In thousands) Assets Cash on deposit at Pathfinder Bank $ 21,418 $ 12,557 Investments 358 43 Investment in bank subsidiary 64,519 61,723 Investment in non-bank subsidiary 155 155 Other assets 185 134 Total assets $ 86,635 $ 74,612 Liabilities and Shareholders' Equity Accrued liabilities $ 415 $ 253 Subordinated loans 14,991 5,155 Shareholders' equity 71,229 69,204 Total liabilities and shareholders' equity $ 86,635 $ 74,612 Statements of Income 2015 2014 (In thousands) Income Dividends from bank subsidiary $ - $ - Dividends from non-bank subsidiary 4 4 Total income 4 4 Expenses Interest 300 161 Operating, net 248 171 Total expenses 548 332 Loss before taxes and equity in undistributed net income of subsidiaries (544 ) (328 ) Tax benefit 162 98 Loss before equity in undistributed net income of subsidiaries (382 ) (230 ) Equity in undistributed net income of subsidiaries 3,271 2,975 Net income $ 2,889 $ 2,745 Statements of Cash Flows 2015 2014 (In thousands) Operating Activities Net Income $ 2,889 $ 2,745 Equity in undistributed net income of subsidiaries (3,271 ) (2,975 ) Stock based compensation and ESOP expense 354 279 Net change in other assets and liabilities 95 262 Net cash flows from operating activities 67 311 Investing Activities Purchase of investments (312 ) - Capital contributed to wholly-owned bank subsidiary - (12,400 ) Net cash flows from investing activities (312 ) (12,400 ) Financing activities Proceeds from exercise of stock options 9 18 Proceeds from subordinated debt 9,836 - Net proceeds from stock offering - 24,913 Cash dividends paid to preferred shareholders (130 ) (62 ) Cash dividends paid to common shareholders (609 ) (316 ) Purchase of shares by ESOP - (1,054 ) Net cash flows from financing activities 9,106 23,499 Change in cash and cash equivalents 8,861 11,410 Cash and cash equivalents at beginning of year 12,557 1,147 Cash and cash equivalents at end of year $ 21,418 $ 12,557 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
Loans to Related Parties | The following represents the activity associated with loans to related parties during the year ended December 31, 2015: (In thousands) Balance at the beginning of the year $ 7,773 Originations 3,549 Principal payments (998 ) Balance at the end of the year $ 10,324 |
ACCUMULATED OTHER COMPREHENSI58
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [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 years ended December 31, 2015 (In thousands) Retirement Plans Unrealized Gains and Losses on Financial derivative Unrealized Gains and Losses on Available-for-Sale Securities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (1,794 ) $ (49 ) $ 457 $ (733 ) $ (2,119 ) Other comprehensive (loss) income before reclassifications (161 ) (4 ) (255 ) 79 (341 ) Amounts reclassified from AOCI 111 37 (253 ) - (105 ) Ending balance $ (1,844 ) $ (16 ) $ (51 ) $ (654 ) $ (2,565 ) For the years ended December 31, 2014 (In thousands) Retirement Plans Unrealized Gains and Losses on Financial derivative Unrealized Gains and Losses on Available-for-Sale Securities Securities reclassified from AFS to HTM Total Beginning balance $ (982 ) $ (81 ) $ 99 $ (781 ) (1,745 ) Other comprehensive income (loss) before reclassifications (838 ) (5 ) 544 48 (251 ) Amounts reclassified from AOCI 26 37 (186 ) - (123 ) Ending balance $ (1,794 ) $ (49 ) $ 457 $ (733 ) $ (2,119 ) |
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 annual period: (In thousands) For the years ended Details about AOCI 1 December 31, 2015 December 31, 2014 Affected Line Item in the Statement of Income Unrealized holding gain on financial derivative: Reclassification adjustment for interest expense included in net income $ (61 ) $ (62 ) Interest on long term borrowings 24 25 Provision for income taxes $ (37 ) $ (37 ) Net Income Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (185 ) $ (43 ) Salaries and employee benefits 74 17 Provision for income taxes $ (111 ) $ (26 ) Net Income Available-for-sale securities Realized gain on sale of securities $ 422 $ 310 Net gains on sales and redemptions of investment securities (169 ) (124 ) Provision for income taxes $ 253 $ 186 Net Income 1 2 See Note 14 for additional information. |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Oct. 16, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)SubsidiaryOffice$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) |
Nature of Operations [Abstract] | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Cash received from acquisition | $ 197,000 | |||
Conversion related expenses | 1,500,000 | |||
Amount received of net proceeds | 24,913,000 | $ 0 | $ 24,913,000 | |
Gross offering proceeds of common stock | $ 1,500,000 | |||
Ratio of conversion of shares | 1.6472 | |||
Common stock, share outstanding (in shares) | shares | 4,353,850 | 4,352,203 | ||
Membership interest own in Fitzgibbons through subsidiary | 51.00% | |||
Consolidation of membership interest in Fitzgibbons | 100.00% | |||
Noncontrolling interest by subsidiary | 49.00% | |||
Number of wholly-owned subsidiaries | Subsidiary | 4 | |||
Number of offices located In Oswego County | Office | 7 | |||
Number of offices located in Onondaga County | Office | 1 | |||
Significant Group Concentrations of Credit Risk [Abstract] | ||||
Minimum commercial real estate loans amount required for additional review | $ 400,000 | |||
Cash and Cash Equivalents [Abstract] | ||||
Maturity period for classification as cash and cash equivalents, maximum | 3 months | |||
Allowance for Loan Losses [Abstract] | ||||
Maximum percentage for estimating specific and general losses | 10.00% | |||
Minimum amount, of residential mortgage loans threshold for evaluations of impairment | $ 300,000 | |||
Minimum amount required for troubled debt restructuring | $ 100,000 | |||
Income Recognition on Impaired and Non-accrual Loans [Abstract] | ||||
Number of consecutive months of current payments before non-accrual troubled debt restructured loans are restored to accrual status | 6 months | |||
Goodwill and Intangible Assets [Abstract] | ||||
Estimated useful life | 15 years | |||
Derivative Financial Instruments [Abstract] | ||||
Number of interest rate swaps | 1 | |||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Unrealized loss for pension and other postretirement obligations | $ (3,073,000) | $ (2,991,000) | ||
Tax effect | 1,229,000 | 1,197,000 | ||
Net unrealized loss for pension and other postretirement obligations | (1,844,000) | (1,794,000) | ||
Unrealized loss on financial derivative instruments used in cash flow hedging relationships | (27,000) | (82,000) | ||
Tax effect | 11,000 | 33,000 | ||
Net unrealized loss on financial derivative instruments used in cash flow hedging relationships | (16,000) | (49,000) | ||
Unrealized (losses) gains on available-for-sale securities | (85,000) | 763,000 | ||
Tax effect | 34,000 | (306,000) | ||
Net unrealized gains on available-for-sale securities | (51,000) | 457,000 | ||
Unrealized loss on securities transferred to held-to-maturity | (1,090,000) | (1,221,000) | ||
Tax effect | 436,000 | 488,000 | ||
Net unrealized loss on securities transferred to held-to-maturity | (654,000) | (733,000) | ||
Accumulated other comprehensive loss | $ (2,565,000) | (2,119,000) | $ (1,745,000) | |
Premises [Member] | Maximum [Member] | ||||
Premises and Equipment [Line Items] | ||||
Useful life | 40 years | |||
Equipment [Member] | Maximum [Member] | ||||
Premises and Equipment [Line Items] | ||||
Useful life | 10 years | |||
Pathfinder Bank [Member] | ||||
Nature of Operations [Abstract] | ||||
Number of shares of common stock sold (in shares) | shares | 2,636,053 | 2,636,053 | ||
Common stock sold per share (in dollar per share) | $ / shares | $ 10 | $ 10 | ||
Cash received from acquisition | $ 197,000 | |||
Conversion related expenses | 26,400,000 | |||
Amount received of net proceeds | 24,913,000 | $ 0 | $ 24,913,000 | |
Gross offering proceeds of common stock | $ 26,400,000 | |||
Pathfinder Bank [Member] | Employee Stock Ownership Plan (ESOP) [Member] | ||||
Nature of Operations [Abstract] | ||||
Number of shares of common stock sold (in shares) | shares | 105,442 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
EARNINGS PER SHARE [Abstract] | ||
Anti-dilutive stock options (in shares) | 4,118 | 16,472 |
Basic Earnings Per Common Share [Abstract] | ||
Net income available to common shareholders | $ 2,759 | $ 2,650 |
Weighted average common shares outstanding (in shares) | 4,124,000 | 4,156,000 |
Basic earnings per common share (in dollars per share) | $ 0.67 | $ 0.64 |
Diluted Earnings Per Common Share [Abstract] | ||
Net income available to common shareholders | $ 2,759 | $ 2,650 |
Weighted average common shares outstanding (in shares) | 4,124,000 | 4,156,000 |
Effect of assumed exercise of stock options (in shares) | 67,000 | 44,000 |
Diluted weighted average common shares outstanding (in shares) | 4,191,000 | 4,200,000 |
Diluted earnings per common share (in dollar per share) | $ 0.66 | $ 0.63 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Security | Dec. 31, 2014USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | ||
Totals, amortized cost | $ 97,371 | |
Total investment securities, amortized cost basis | 99,024 | $ 87,310 |
Gross Unrealized Gains | 531 | 1,217 |
Gross Unrealized Losses | (613) | (454) |
Available-for-sale securities, at fair value | 98,942 | 88,073 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 44,297 | 40,875 |
Held to maturity, gross unrealized gains | 1,255 | 1,290 |
Held to maturity, gross unrealized losses | (37) | (26) |
Held-to-maturity securities, debt maturities, Estimated Fair Value | 45,515 | 42,139 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (37) | (26) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | (37) | (26) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 3,990 | 2,571 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | $ 3,990 | $ 2,571 |
Number of securities in unrealized loss positions, less than twelve months | Security | 4 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 4 | 3 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | $ 8,443 | |
Due after one year through five years | 30,132 | |
Due after five years through ten years | 8,195 | |
Due after ten years | 981 | |
Sub-total | 47,751 | |
Residential mortgage-backed - US agency | 32,740 | |
Collateralized mortgage obligations - US agency, amortized cost | 16,880 | |
Totals, amortized cost | 97,371 | |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 8,464 | |
Due after one year through five years | 30,111 | |
Due after five years through ten years | 8,180 | |
Due after ten years | 981 | |
Sub-total | 47,736 | |
Residential mortgage-backed - US agency | 32,573 | |
Collateralized mortgage obligations - US agency, fair value | 16,833 | |
Available-for-sale securities, debt maturities, fair value, totals | 97,142 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | 206 | |
Due after one year through five years | 9,648 | |
Due after five years through ten years | 17,108 | |
Due after ten years | 6,658 | |
Sub-total | 33,620 | |
Residential mortgage-backed - US agency | 7,763 | |
Collateralized mortgage obligations - US agency | 2,914 | |
Held-to-maturity securities, debt maturities, Amortized Cost | 44,297 | $ 40,875 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 206 | |
Due after one year through five years | 9,747 | |
Due after five years through ten years | 17,633 | |
Due after ten years | 7,017 | |
Sub-total | 34,603 | |
Residential mortgage-backed - US agency | 7,895 | |
Collateralized mortgage obligations - US agency | 3,017 | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 45,515 | 42,139 |
Gain (Loss) on Sale of Investments [Abstract] | ||
Realized gains | 439 | 312 |
Realized losses | (17) | (2) |
Total | 422 | 310 |
Proceeds on sales and redemptions of securities | 25,200 | 6,200 |
Securities Pledged To Collateralize Deposit | 89,700 | 66,700 |
Securities Pledged To Collateralize Borrowing | 17,800 | 19,900 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Totals, amortized cost | 97,371 | 85,758 |
Gross Unrealized Gains, Debt investment securities | 379 | 800 |
Gross Unrealized Losses, Debt investment securities | (608) | (454) |
Available-for-sale Securities, Debt investment securities | 97,142 | 86,104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (364) | (80) |
Twelve months or more Unrealized Losses | (249) | (374) |
Total Unrealized Losses | (613) | (454) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 52,859 | 19,674 |
Twelve months or more Fair Value | 10,744 | 18,165 |
Total Fair Value | $ 63,603 | $ 37,839 |
Number of securities in unrealized loss positions, less than twelve months | Security | 53 | 38 |
Number of securities in unrealized loss positions, twelve months or more | Security | 14 | 19 |
Number of securities in unrealized loss positions | Security | 67 | 57 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Totals, amortized cost | $ 97,371 | $ 85,758 |
US Treasury, agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Totals, amortized cost | 21,380 | 17,896 |
Gross Unrealized Gains, Debt investment securities | 13 | 3 |
Gross Unrealized Losses, Debt investment securities | (85) | (149) |
Available-for-sale Securities, Debt investment securities | 21,308 | 17,750 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (70) | (18) |
Twelve months or more Unrealized Losses | (15) | (131) |
Total Unrealized Losses | (85) | (149) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 13,382 | 7,991 |
Twelve months or more Fair Value | 984 | 7,856 |
Total Fair Value | $ 14,366 | $ 15,847 |
Number of securities in unrealized loss positions, less than twelve months | Security | 9 | 7 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 7 |
Number of securities in unrealized loss positions | Security | 10 | 14 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Totals, amortized cost | $ 21,380 | $ 17,896 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Totals, amortized cost | 8,198 | 8,346 |
Gross Unrealized Gains, Debt investment securities | 107 | 110 |
Gross Unrealized Losses, Debt investment securities | (5) | (13) |
Available-for-sale Securities, Debt investment securities | 8,300 | 8,443 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (4) | (13) |
Twelve months or more Unrealized Losses | (1) | 0 |
Total Unrealized Losses | (5) | (13) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 1,894 | 3,047 |
Twelve months or more Fair Value | 339 | 90 |
Total Fair Value | $ 2,233 | $ 3,137 |
Number of securities in unrealized loss positions, less than twelve months | Security | 13 | 19 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 1 |
Number of securities in unrealized loss positions | Security | 16 | 20 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Totals, amortized cost | $ 8,198 | $ 8,346 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Totals, amortized cost | 18,173 | 13,763 |
Gross Unrealized Gains, Debt investment securities | 51 | 116 |
Gross Unrealized Losses, Debt investment securities | (96) | (19) |
Available-for-sale Securities, Debt investment securities | 18,128 | 13,860 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (57) | (19) |
Twelve months or more Unrealized Losses | (39) | 0 |
Total Unrealized Losses | (96) | (19) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 8,123 | 4,520 |
Twelve months or more Fair Value | 2,820 | 0 |
Total Fair Value | $ 10,943 | $ 4,520 |
Number of securities in unrealized loss positions, less than twelve months | Security | 10 | 7 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 0 |
Number of securities in unrealized loss positions | Security | 12 | 7 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Totals, amortized cost | $ 18,173 | $ 13,763 |
Residential mortgage-backed - US agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Totals, amortized cost | 32,740 | 30,321 |
Gross Unrealized Gains, Debt investment securities | 113 | 403 |
Gross Unrealized Losses, Debt investment securities | (280) | (149) |
Available-for-sale Securities, Debt investment securities | 32,573 | 30,575 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (148) | (8) |
Twelve months or more Unrealized Losses | (132) | (141) |
Total Unrealized Losses | (280) | (149) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 20,204 | 1,424 |
Twelve months or more Fair Value | 4,812 | 6,256 |
Total Fair Value | $ 25,016 | $ 7,680 |
Number of securities in unrealized loss positions, less than twelve months | Security | 14 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | 6 |
Number of securities in unrealized loss positions | Security | 19 | 8 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Totals, amortized cost | $ 32,740 | $ 30,321 |
Collateralized mortgage obligations - US agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Totals, amortized cost | 16,880 | 15,432 |
Gross Unrealized Gains, Debt investment securities | 95 | 168 |
Gross Unrealized Losses, Debt investment securities | (142) | (124) |
Available-for-sale Securities, Debt investment securities | 16,833 | 15,476 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (80) | (22) |
Twelve months or more Unrealized Losses | (62) | (102) |
Total Unrealized Losses | (142) | (124) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 8,618 | 2,692 |
Twelve months or more Fair Value | 1,789 | 3,963 |
Total Fair Value | $ 10,407 | $ 6,655 |
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 5 |
Number of securities in unrealized loss positions | Security | 9 | 8 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Totals, amortized cost | $ 16,880 | $ 15,432 |
Municipal Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Months of unrealized loss positions | 12 months | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, equity securities | $ 1,653 | 1,552 |
Gross Unrealized Gains, Equity investment securities | 152 | 417 |
Gross Unrealized Losses, Equity investment securities | (5) | 0 |
Available-for-sale Securities, Equity investment securities | 1,800 | 1,969 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (5) | |
Twelve months or more Unrealized Losses | 0 | |
Total Unrealized Losses | (5) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 638 | |
Twelve months or more Fair Value | 0 | |
Total Fair Value | $ 638 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | |
Number of securities in unrealized loss positions | Security | 1 | |
Mutual Funds Ultra Short Mortgage Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, equity securities | $ 643 | 643 |
Gross Unrealized Gains, Equity investment securities | 0 | 5 |
Gross Unrealized Losses, Equity investment securities | (5) | 0 |
Available-for-sale Securities, Equity investment securities | 638 | 648 |
Mutual Funds Large Cap Equity Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, equity securities | 456 | 456 |
Gross Unrealized Gains, Equity investment securities | 127 | 193 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | 583 | 649 |
Other Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, equity securities | 183 | |
Gross Unrealized Gains, Equity investment securities | 196 | |
Gross Unrealized Losses, Equity investment securities | 0 | |
Available-for-sale Securities, Equity investment securities | 379 | |
Mutual funds Common Stock Financial Services Industry [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost, equity securities | 554 | 270 |
Gross Unrealized Gains, Equity investment securities | 25 | 23 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | 579 | 293 |
US Treasury, agencies and GSEs [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 7,860 | 4,834 |
Held to maturity, gross unrealized gains | 81 | 58 |
Held to maturity, gross unrealized losses | (29) | 0 |
Held-to-maturity securities, debt maturities, Estimated Fair Value | 7,912 | 4,892 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (29) | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | (29) | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 2,970 | 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | $ 2,970 | $ 0 |
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 2 | 0 |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 7,860 | $ 4,834 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 7,912 | 4,892 |
State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 21,585 | 22,610 |
Held to maturity, gross unrealized gains | 881 | 824 |
Held to maturity, gross unrealized losses | 0 | (9) |
Held-to-maturity securities, debt maturities, Estimated Fair Value | 22,466 | 23,425 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | (9) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | 0 | (9) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 0 | 1,463 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | $ 0 | $ 1,463 |
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 1 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 0 | 1 |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 21,585 | $ 22,610 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 22,466 | 23,425 |
Corporate [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 4,175 | 2,487 |
Held to maturity, gross unrealized gains | 53 | 33 |
Held to maturity, gross unrealized losses | (3) | (17) |
Held-to-maturity securities, debt maturities, Estimated Fair Value | 4,225 | 2,503 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (3) | (17) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | (3) | (17) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 225 | 1,108 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | $ 225 | $ 1,108 |
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 1 | 2 |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 4,175 | $ 2,487 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 4,225 | 2,503 |
Residential mortgage-backed - US agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 7,763 | 8,043 |
Held to maturity, gross unrealized gains | 137 | 242 |
Held to maturity, gross unrealized losses | (5) | 0 |
Held-to-maturity securities, debt maturities, Estimated Fair Value | 7,895 | 8,285 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (5) | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | (5) | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 795 | 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | $ 795 | $ 0 |
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 1 | 0 |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 7,763 | $ 8,043 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 7,895 | 8,285 |
Collateralized mortgage obligations - US agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 2,914 | 2,901 |
Held to maturity, gross unrealized gains | 103 | 133 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held-to-maturity securities, debt maturities, Estimated Fair Value | 3,017 | 3,034 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than twelve months Fair Value | 0 | 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | $ 0 | $ 0 |
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 0 | 0 |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 2,914 | $ 2,901 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | $ 3,017 | $ 3,034 |
LOANS (Details)
LOANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | $ 430,586 | $ 387,461 |
Net deferred loan costs | (148) | 77 |
Less allowance for loan losses | (5,706) | (5,349) |
Loans receivable, net | 424,732 | 382,189 |
1-4 Family First-Lien Residential Mortgages [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 181,792 | 172,159 |
Real Estate [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | $ 129,506 | 125,952 |
Percentage of total loan portfolio | 81.00% | |
Other Commercial and Industrial [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | $ 54,899 | 34,660 |
Tax Exempt Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 9,081 | 7,201 |
Residential Mortgage Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Residential mortgage loans pledged to FHLBNY as blanket collateral | 125,800 | 121,100 |
Home Equity and Junior Liens [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 23,463 | 22,713 |
Other Consumer [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 4,886 | 4,160 |
Residential Mortgage Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 189,716 | 175,368 |
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 181,792 | 172,159 |
Residential Mortgage Loans [Member] | Construction [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 7,924 | 3,209 |
Commercial Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 212,521 | 185,220 |
Commercial Loans [Member] | Real Estate [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 129,506 | 125,952 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 19,035 | 17,407 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 54,899 | 34,660 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 9,081 | 7,201 |
Consumer Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 28,349 | 26,873 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 23,463 | 22,713 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | $ 4,886 | $ 4,160 |
LOANS, CREDIT QUALITY INDICATOR
LOANS, CREDIT QUALITY INDICATOR (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 430,586 | $ 387,461 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 414,050 | $ 371,686 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of consecutive months current before loan is upgraded | 6 months | 6 months |
Loans | $ 8,250 | $ 3,769 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of consecutive months current before loan is upgraded | 6 months | 6 months |
Loans | $ 7,317 | $ 10,700 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 969 | 1,306 |
1-4 Family First-Lien Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 181,792 | 172,159 |
Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 129,506 | 125,952 |
Other Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 54,899 | 34,660 |
Tax Exempt Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,081 | 7,201 |
Home Equity and Junior Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 23,463 | 22,713 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 4,886 | $ 4,160 |
Residential Mortgage and Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of days past due before a loan is classified as Special Mention | 60 days | 60 days |
Number of days past due before a loan is classified as Substandard | 90 days | 90 days |
Residential Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 189,716 | $ 175,368 |
Residential Mortgage Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 185,168 | 169,561 |
Residential Mortgage Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,375 | 1,384 |
Residential Mortgage Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,425 | 3,370 |
Residential Mortgage Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 748 | 1,053 |
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 181,792 | 172,159 |
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 177,244 | 166,352 |
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,375 | 1,384 |
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,425 | 3,370 |
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 748 | 1,053 |
Residential Mortgage Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,924 | 3,209 |
Residential Mortgage Loans [Member] | Construction [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,924 | 3,209 |
Residential Mortgage Loans [Member] | Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Residential Mortgage Loans [Member] | Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Residential Mortgage Loans [Member] | Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 212,521 | 185,220 |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 201,262 | 176,290 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,662 | 2,042 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,590 | 6,719 |
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7 | 169 |
Commercial Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 129,506 | 125,952 |
Commercial Loans [Member] | Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 121,283 | 119,521 |
Commercial Loans [Member] | Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,345 | 1,157 |
Commercial Loans [Member] | Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,878 | 5,132 |
Commercial Loans [Member] | Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 142 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,035 | 17,407 |
Commercial Loans [Member] | Lines of Credit [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,358 | 16,310 |
Commercial Loans [Member] | Lines of Credit [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,469 | 451 |
Commercial Loans [Member] | Lines of Credit [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 208 | 646 |
Commercial Loans [Member] | Lines of Credit [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 54,899 | 34,660 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 53,540 | 33,258 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 848 | 434 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 504 | 941 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7 | 27 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,081 | 7,201 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,081 | 7,201 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28,349 | 26,873 |
Consumer Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27,620 | 25,835 |
Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 213 | 343 |
Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 302 | 611 |
Consumer Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 214 | 84 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 23,463 | 22,713 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 22,780 | 21,722 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 182 | 333 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 287 | 574 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 214 | 84 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,886 | 4,160 |
Consumer Loans [Member] | Other Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,840 | 4,113 |
Consumer Loans [Member] | Other Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31 | 10 |
Consumer Loans [Member] | Other Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15 | 37 |
Consumer Loans [Member] | Other Consumer [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 0 | $ 0 |
LOANS, NON-ACCRUAL AND PAST DUE
LOANS, NON-ACCRUAL AND PAST DUE LOANS (Details) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2015USD ($)LoanContract | Dec. 31, 2014USD ($)FacilityLoanContract | |
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 11,489,000 | $ 8,872,000 | $ 11,489,000 | ||
Current | 375,972,000 | 421,714,000 | 375,972,000 | ||
Total Loans Receivable | 387,461,000 | 430,586,000 | 387,461,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 6,256,000 | 5,318,000 | 6,256,000 | ||
Ninety days past due and still accruing interest | 0 | $ 0 | $ 0 | ||
Troubled debt restructurings, number of contracts | Loan | 1 | 2 | |||
Number of contracts, TDR payment default | Contract | 0 | ||||
Troubled Debt Restructuring, Debtor, Current Period [Abstract] | |||||
Number of Contracts | Contract | 0 | ||||
30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,498,000 | $ 2,380,000 | $ 3,498,000 | ||
60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,735,000 | 1,174,000 | 1,735,000 | ||
90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 6,256,000 | 5,318,000 | 6,256,000 | ||
1-4 Family First-Lien Residential Mortgages [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 172,159,000 | 181,792,000 | 172,159,000 | ||
Real Estate [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 125,952,000 | 129,506,000 | 125,952,000 | ||
Other Commercial and Industrial [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 34,660,000 | 54,899,000 | 34,660,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Recorded investment in new TDRs | 268,000 | 268,000 | |||
Pre-modification recorded investment | 86,000 | ||||
Post-modification recorded investment | 31,000 | ||||
Specific Reserve | $ 237,000 | ||||
Additional specific reserve required against the loan | 122,000 | ||||
Number of credit facilities that were consolidated | Facility | 3 | ||||
Tax Exempt Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 7,201,000 | 9,081,000 | $ 7,201,000 | ||
Home Equity and Junior Liens [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 22,713,000 | 23,463,000 | 22,713,000 | ||
Other Consumer [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 4,160,000 | 4,886,000 | 4,160,000 | ||
Residential Mortgage Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,044,000 | 3,638,000 | 4,044,000 | ||
Current | 171,324,000 | 186,078,000 | 171,324,000 | ||
Total Loans Receivable | 175,368,000 | 189,716,000 | 175,368,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 1,902,000 | $ 1,715,000 | 1,902,000 | ||
Number of contracts, TDR payment default | Contract | 1 | ||||
Troubled Debt Restructuring, Debtor, Current Period [Abstract] | |||||
Number of Contracts | Contract | 1 | ||||
Recorded Investment | $ 385,000 | ||||
Allowance for Loan Loss | 0 | ||||
Residential Mortgage Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,455,000 | 1,115,000 | 1,455,000 | ||
Residential Mortgage Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 687,000 | 808,000 | 687,000 | ||
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,902,000 | 1,715,000 | 1,902,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,044,000 | 3,638,000 | 4,044,000 | ||
Current | 168,115,000 | 178,154,000 | 168,115,000 | ||
Total Loans Receivable | 172,159,000 | 181,792,000 | 172,159,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 1,902,000 | 1,715,000 | 1,902,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,455,000 | 1,115,000 | 1,455,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 687,000 | 808,000 | 687,000 | ||
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 | 1,902,000 | 1,715,000 | 1,902,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Current | 3,209,000 | 7,924,000 | 3,209,000 | ||
Total Loans Receivable | 3,209,000 | 7,924,000 | 3,209,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Residential Mortgage Loans [Member] | Construction [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Residential Mortgage Loans [Member] | Construction [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Commercial Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 6,961,000 | 4,708,000 | 6,961,000 | ||
Current | 178,259,000 | 207,813,000 | 178,259,000 | ||
Total Loans Receivable | 185,220,000 | 212,521,000 | 185,220,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 4,030,000 | 3,238,000 | 4,030,000 | ||
Commercial Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,917,000 | 1,119,000 | 1,917,000 | ||
Commercial Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,014,000 | 351,000 | 1,014,000 | ||
Commercial Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,030,000 | 3,238,000 | 4,030,000 | ||
Commercial Loans [Member] | Real Estate [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 5,041,000 | 3,769,000 | 5,041,000 | ||
Current | 120,911,000 | 125,737,000 | 120,911,000 | ||
Total Loans Receivable | 125,952,000 | 129,506,000 | 125,952,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 3,547,000 | $ 2,694,000 | 3,547,000 | ||
Recorded investment in new TDRs | $ 565,000 | ||||
Pre-modification recorded investment | $ 678,000 | 74,000 | |||
Post-modification recorded investment | 324,000 | 96,000 | |||
Additional working capital | 100,000 | ||||
Specific Reserve | 469,000 | ||||
Additional specific reserve required against the loan | $ 354,000 | $ 108,000 | |||
Number of contracts, TDR payment default | Contract | 1 | ||||
Troubled Debt Restructuring, Debtor, Current Period [Abstract] | |||||
Number of Contracts | Contract | 1 | ||||
Recorded Investment | $ 670,000 | ||||
Allowance for Loan Loss | 346,000 | ||||
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,462,000 | 940,000 | 1,462,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 32,000 | 135,000 | 32,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,547,000 | 2,694,000 | 3,547,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 288,000 | 194,000 | 288,000 | ||
Current | 17,119,000 | 18,841,000 | 17,119,000 | ||
Total Loans Receivable | 17,407,000 | 19,035,000 | 17,407,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 278,000 | 174,000 | 278,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 10,000 | 20,000 | 10,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 278,000 | 174,000 | 278,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,632,000 | 745,000 | 1,632,000 | ||
Current | 33,028,000 | 54,154,000 | 33,028,000 | ||
Total Loans Receivable | 34,660,000 | 54,899,000 | 34,660,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 205,000 | $ 370,000 | 205,000 | ||
Number of contracts, TDR payment default | Contract | 1 | ||||
Troubled Debt Restructuring, Debtor, Current Period [Abstract] | |||||
Number of Contracts | Contract | 1 | ||||
Recorded Investment | $ 224,000 | ||||
Allowance for Loan Loss | 194,000 | ||||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 445,000 | 159,000 | 445,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 982,000 | 216,000 | 982,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 205,000 | 370,000 | 205,000 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Current | 7,201,000 | 9,081,000 | 7,201,000 | ||
Total Loans Receivable | 7,201,000 | 9,081,000 | 7,201,000 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 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 | 0 | ||
Consumer Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 484,000 | 526,000 | 484,000 | ||
Current | 26,389,000 | 27,823,000 | 26,389,000 | ||
Total Loans Receivable | 26,873,000 | 28,349,000 | 26,873,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 324,000 | 365,000 | 324,000 | ||
Consumer Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 126,000 | 146,000 | 126,000 | ||
Consumer Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 34,000 | 15,000 | 34,000 | ||
Consumer Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 324,000 | 365,000 | 324,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 450,000 | 492,000 | 450,000 | ||
Current | 22,263,000 | 22,971,000 | 22,263,000 | ||
Total Loans Receivable | 22,713,000 | 23,463,000 | 22,713,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 313,000 | 360,000 | 313,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 120,000 | 132,000 | 120,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 17,000 | 0 | 17,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 313,000 | 360,000 | 313,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 34,000 | 34,000 | 34,000 | ||
Current | 4,126,000 | 4,852,000 | 4,126,000 | ||
Total Loans Receivable | 4,160,000 | 4,886,000 | 4,160,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 11,000 | 5,000 | 11,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 6,000 | 14,000 | 6,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 17,000 | 15,000 | 17,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 11,000 | $ 5,000 | $ 11,000 |
LOANS - IMPAIRED LOANS (Details
LOANS - IMPAIRED LOANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total [Abstract] | ||
Recorded Investment | $ 6,535 | $ 7,401 |
Unpaid Principal Balance | 6,840 | 7,581 |
Related Allowance | 960 | 917 |
Average recorded investment [Abstract] | ||
Total | 7,048 | 7,408 |
Cash basis interest recognized on impaired loans [Abstract] | ||
Total | 138 | 189 |
Residential Mortgage Loans [Member] | 1-4 Family First-Lien Residential Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 473 | 1,138 |
Unpaid Principal Balance | 473 | 1,163 |
Related Allowance | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total [Abstract] | ||
Recorded Investment | 473 | 1,138 |
Unpaid Principal Balance | 473 | 1,163 |
Related Allowance | 0 | 0 |
Average recorded investment [Abstract] | ||
Total | 671 | 1,204 |
Cash basis interest recognized on impaired loans [Abstract] | ||
Total | 17 | 34 |
Commercial Loans [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 2,580 | 2,083 |
Unpaid Principal Balance | 2,709 | 2,154 |
Related Allowance | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 1,850 | 2,927 |
Unpaid Principal Balance | 1,963 | 2,972 |
Related Allowance | 760 | 552 |
Total [Abstract] | ||
Recorded Investment | 4,430 | 5,010 |
Unpaid Principal Balance | 4,672 | 5,126 |
Related Allowance | 760 | 552 |
Average recorded investment [Abstract] | ||
Total | 4,742 | 4,886 |
Cash basis interest recognized on impaired loans [Abstract] | ||
Total | 92 | 104 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 574 | 185 |
Unpaid Principal Balance | 597 | 197 |
Related Allowance | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 5 | 93 |
Unpaid Principal Balance | 5 | 99 |
Related Allowance | 5 | 93 |
Total [Abstract] | ||
Recorded Investment | 579 | 278 |
Unpaid Principal Balance | 602 | 296 |
Related Allowance | 5 | 93 |
Average recorded investment [Abstract] | ||
Total | 520 | 378 |
Cash basis interest recognized on impaired loans [Abstract] | ||
Total | 0 | 0 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 536 | 335 |
Unpaid Principal Balance | 569 | 356 |
Related Allowance | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 224 | 268 |
Unpaid Principal Balance | 230 | 268 |
Related Allowance | 193 | 238 |
Total [Abstract] | ||
Recorded Investment | 760 | 603 |
Unpaid Principal Balance | 799 | 624 |
Related Allowance | 193 | 238 |
Average recorded investment [Abstract] | ||
Total | 803 | 529 |
Cash basis interest recognized on impaired loans [Abstract] | ||
Total | 29 | 38 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 187 | 21 |
Unpaid Principal Balance | 187 | 21 |
Related Allowance | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 101 | 340 |
Unpaid Principal Balance | 101 | 340 |
Related Allowance | 2 | 31 |
Total [Abstract] | ||
Recorded Investment | 288 | 361 |
Unpaid Principal Balance | 288 | 361 |
Related Allowance | 2 | 31 |
Average recorded investment [Abstract] | ||
Total | 305 | 402 |
Cash basis interest recognized on impaired loans [Abstract] | ||
Total | 0 | 12 |
Consumer Loans [Member] | Other Consumer [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 5 | 0 |
Unpaid Principal Balance | 6 | 0 |
Related Allowance | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 11 |
Unpaid Principal Balance | 0 | 11 |
Related Allowance | 0 | 3 |
Total [Abstract] | ||
Recorded Investment | 5 | 11 |
Unpaid Principal Balance | 6 | 11 |
Related Allowance | 0 | 3 |
Average recorded investment [Abstract] | ||
Total | 7 | 9 |
Cash basis interest recognized on impaired loans [Abstract] | ||
Total | $ 0 | $ 1 |
ALLOWANCE FOR LOAN LOSSES (Deta
ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for loan losses [Roll Forward] | ||
Beginning balance | $ 5,349 | $ 5,041 |
Charge-offs | (1,150) | (974) |
Recoveries | 157 | 77 |
Provisions (credits) | 1,350 | 1,205 |
Ending balance | 5,706 | 5,349 |
Ending balance: related to loans individually evaluated for impairment | 960 | 917 |
Ending balance: related to loans collectively evaluated for impairment | 4,746 | 4,432 |
Loans receivable, ending balance | 430,586 | 387,461 |
Ending balance: individually evaluated for impairment | 6,535 | 7,401 |
Ending balance: collectively evaluated for impairment | 424,051 | 380,060 |
1-4 Family First-Lien Residential Mortgage [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 509 | 649 |
Charge-offs | (234) | (157) |
Recoveries | 40 | 2 |
Provisions (credits) | 266 | 15 |
Ending balance | 581 | 509 |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 |
Ending balance: related to loans collectively evaluated for impairment | 581 | 509 |
Loans receivable, ending balance | 181,792 | 172,159 |
Ending balance: individually evaluated for impairment | 473 | 1,138 |
Ending balance: collectively evaluated for impairment | 181,319 | 171,021 |
Residential Construction Mortgage [Member] | ||
Allowance for loan losses [Roll Forward] | ||
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 |
Loans receivable, ending balance | 7,924 | 3,209 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 7,924 | 3,209 |
Commercial Real Estate [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 2,801 | 2,302 |
Charge-offs | (309) | (306) |
Recoveries | 0 | 4 |
Provisions (credits) | 491 | 801 |
Ending balance | 2,983 | 2,801 |
Ending balance: related to loans individually evaluated for impairment | 760 | 552 |
Ending balance: related to loans collectively evaluated for impairment | 2,223 | 2,249 |
Loans receivable, ending balance | 129,506 | 125,952 |
Ending balance: individually evaluated for impairment | 4,430 | 5,010 |
Ending balance: collectively evaluated for impairment | 125,076 | 120,942 |
Commercial Lines of Credit [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 460 | 397 |
Charge-offs | (206) | (174) |
Recoveries | 38 | 9 |
Provisions (credits) | 109 | 228 |
Ending balance | 401 | 460 |
Ending balance: related to loans individually evaluated for impairment | 5 | 93 |
Ending balance: related to loans collectively evaluated for impairment | 396 | 367 |
Loans receivable, ending balance | 19,035 | 17,407 |
Ending balance: individually evaluated for impairment | 579 | 278 |
Ending balance: collectively evaluated for impairment | 18,456 | 17,129 |
Other Commercial and Industrial [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 1,034 | 834 |
Charge-offs | (272) | (154) |
Recoveries | 10 | 10 |
Provisions (credits) | 498 | 344 |
Ending balance | 1,270 | 1,034 |
Ending balance: related to loans individually evaluated for impairment | 193 | 238 |
Ending balance: related to loans collectively evaluated for impairment | 1,077 | 796 |
Loans receivable, ending balance | 54,899 | 34,660 |
Ending balance: individually evaluated for impairment | 760 | 603 |
Ending balance: collectively evaluated for impairment | 54,139 | 34,057 |
Tax Exempt [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 3 | 2 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions (credits) | 0 | 1 |
Ending balance | 3 | 3 |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 |
Ending balance: related to loans collectively evaluated for impairment | 3 | 3 |
Loans receivable, ending balance | 9,081 | 7,201 |
Ending balance: individually evaluated for impairment | 0 | 0 |
Ending balance: collectively evaluated for impairment | 9,081 | 7,201 |
Home Equity and Junior Liens [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 388 | 433 |
Charge-offs | (26) | (86) |
Recoveries | 10 | 1 |
Provisions (credits) | (22) | 40 |
Ending balance | 350 | 388 |
Ending balance: related to loans individually evaluated for impairment | 2 | 31 |
Ending balance: related to loans collectively evaluated for impairment | 348 | 357 |
Loans receivable, ending balance | 23,463 | 22,713 |
Ending balance: individually evaluated for impairment | 288 | 361 |
Ending balance: collectively evaluated for impairment | 23,175 | 22,352 |
Other Consumer [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 98 | 136 |
Charge-offs | (103) | (97) |
Recoveries | 59 | 51 |
Provisions (credits) | 64 | 8 |
Ending balance | 118 | 98 |
Ending balance: related to loans individually evaluated for impairment | 0 | 3 |
Ending balance: related to loans collectively evaluated for impairment | 118 | 95 |
Loans receivable, ending balance | 4,886 | 4,160 |
Ending balance: individually evaluated for impairment | 5 | 11 |
Ending balance: collectively evaluated for impairment | 4,881 | 4,149 |
Unallocated [Member] | ||
Allowance for loan losses [Roll Forward] | ||
Beginning balance | 56 | 288 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provisions (credits) | (56) | (232) |
Ending balance | 0 | 56 |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 |
Ending balance: related to loans collectively evaluated for impairment | $ 0 | $ 56 |
SERVICING (Details)
SERVICING (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)Loan | Dec. 31, 2014USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance of mortgage and other loans | $ 20,900,000 | $ 24,800,000 |
Capitalized servicing rights | 52,000 | 66,000 |
Mortgage servicing rights capitalized | 0 | 0 |
Mortgage servicing rights amortized | $ 14,000 | $ 14,000 |
Residential Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Loan | 317 | 370 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 27,983 | $ 25,392 |
Less: Accumulated depreciation | 13,149 | 12,192 |
Premises and equipment, net | 14,834 | 13,200 |
Land [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 2,176 | 2,176 |
Buildings [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 12,111 | 11,438 |
Furniture, Fixtures and Equipment [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 11,194 | 10,532 |
Construction in Progress [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 2,502 | $ 1,246 |
FORECLOSED REAL ESTATE (Details
FORECLOSED REAL ESTATE (Details) | Dec. 31, 2015USD ($)Property | Dec. 31, 2014USD ($)Property |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 517,000 | $ 261,000 |
Residential real estate loans in the process of foreclosure | $ 584,000 | |
Foreclosed Residential Mortgage Loans [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | Property | 2 | 4 |
Foreclosed real estate | $ 182,000 | $ 261,000 |
GOODWILL AND INTANGIBLE ASSET70
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 4,536,000 | $ 4,367,000 | |
Identifiable intangible asset | $ 214,000 | ||
Future weighted amortization period of intangible asset | 7 years | ||
Gross carrying amount and accumulated amortization for identifiable intangible asset [Abstract] | |||
Gross carrying amount | $ 175,000 | 187,000 | |
Addition due to huntington agency purchase | 55,000 | 0 | |
Amortization recognized in the year | (16,000) | (12,000) | |
Net amortizing intangibles | 214,000 | 175,000 | |
Estimated amortization expense for each of the five succeeding years [Abstract] | |||
2,016 | 16,000 | ||
2,017 | 16,000 | ||
2,018 | 16,000 | ||
2,019 | 16,000 | ||
2,020 | 16,000 | ||
Thereafter | 134,000 | ||
Net amortizing intangibles | 214,000 | $ 175,000 | |
Branches [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | $ 3,800,000 | ||
Fitzgibbons Agency [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill acquired | $ 696,000 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of deposits [Abstract] | ||
Savings accounts | $ 73,540 | $ 71,723 |
Time accounts | 111,250 | 126,319 |
Time accounts of $250,000 or more | 35,213 | 26,246 |
Money management accounts | 14,081 | 13,249 |
MMDA accounts | 146,862 | 85,438 |
Demand deposit interest-bearing | 42,758 | 33,669 |
Demand deposit noninterest-bearing | 61,679 | 54,662 |
Mortgage escrow funds | 4,932 | 4,262 |
Total deposits | 490,315 | $ 415,568 |
Maturities of time deposits [Abstract] | ||
2,016 | 96,348 | |
2,017 | 19,145 | |
2,018 | 14,723 | |
2,019 | 8,200 | |
2,020 | 2,214 | |
Thereafter | 5,833 | |
Total | $ 146,463 |
BORROWED FUNDS (Details)
BORROWED FUNDS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term [Abstract] | |||
Short-term borrowings | $ 24,800,000 | $ 55,100,000 | |
Long-term [Abstract] | |||
Total Long-term borrowings | 16,500,000 | 11,000,000 | |
Advances with FHLB [Abstract] | |||
due within 1 year | 3,000,000 | ||
due within 2 years | 7,000,000 | ||
due within 10 years | 6,500,000 | ||
Total advances with FHLB | 16,500,000 | ||
Total long-term borrowings | $ 16,500,000 | ||
Federal Home Loan Bank advances interest rate [Abstract] | |||
due within 1 year interest rate | 2.12% | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2,016 | $ 3,000,000 | ||
2,017 | 7,000,000 | ||
Thereafter | 6,500,000 | ||
Long-term debt | $ 16,500,000 | ||
Minimum [Member] | |||
Federal Home Loan Bank advances interest rate [Abstract] | |||
due within 2 years interest rate | 0.78% | ||
due within 10 years interest rate | 1.43% | ||
Maximum [Member] | |||
Federal Home Loan Bank advances interest rate [Abstract] | |||
due within 2 years interest rate | 2.56% | ||
due within 10 years interest rate | 2.55% | ||
FHLB Advances [Member] | |||
Short-term [Abstract] | |||
Short-term borrowings | $ 24,800,000 | 55,100,000 | |
Long-term [Abstract] | |||
Total Long-term borrowings | 16,500,000 | $ 11,000,000 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
Carrying value of residential mortgage loans pledged under a blanket collateral agreement | 125,800,000 | ||
Carrying value of FHLB stock pledged under a blanket collateral agreement | $ 2,400,000 | ||
ESOP Loan Payable [Member] | |||
Long-term [Abstract] | |||
Total Long-term borrowings | $ 853,000 |
BORROWED FUNDS, LINES OF CREDIT
BORROWED FUNDS, LINES OF CREDIT (Details) - Domestic Line of Credit [Member] $ in Millions | Dec. 31, 2015USD ($)Bank |
Federal Reserve Bank of New York [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 17.8 |
Other Corresponding Banks [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 14.4 |
Number of corresponding banks with a line of credit available | Bank | 3 |
Maximum borrowing capacity, unsecured basis | $ 9.4 |
Maximum borrowing capacity, requiring collateral | $ 5 |
SUBORDINATED LOANS (Details)
SUBORDINATED LOANS (Details) - USD ($) | Oct. 15, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Mar. 01, 2016 | Feb. 29, 2016 | Feb. 16, 2016 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Subordinated loan face value | $ 5,000,000 | $ 5,000,000 | |||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
2,016 | 3,000,000 | 3,000,000 | |||||
2,017 | 7,000,000 | 7,000,000 | |||||
Thereafter | 6,500,000 | 6,500,000 | |||||
Junior Subordinated Debentures [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total long-term borrowings | 5,155,000 | 5,155,000 | $ 5,155,000 | ||||
Maturities of Subordinated Debt [Abstract] | |||||||
Total subordinated loans | 5,155,000 | 5,155,000 | 5,155,000 | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Total subordinated loans | $ 5,155,000 | $ 5,155,000 | 5,155,000 | ||||
Junior Subordinated Debentures [Member] | Pathfinder Statutory Trust II [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Ownership interest | 100.00% | 100.00% | |||||
Subordinated loan face value | $ 5,000,000 | $ 5,000,000 | |||||
Term of debt | 30 years | ||||||
Maturity date | Dec. 31, 2037 | ||||||
Effective interest rate | 2.30% | 2.30% | |||||
Call provision on trust securities | 5 years | ||||||
Other assets | $ 155,000 | $ 155,000 | |||||
Junior Subordinated Debentures [Member] | 3-Month LIBOR [Member] | Pathfinder Statutory Trust II [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.65% | ||||||
Basis spread on variable rate | 1.65% | ||||||
Maturities of Subordinated Debt, Interest rate [Abstract] | |||||||
due within 22 years | 1.65% | ||||||
Subordinated Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total long-term borrowings | 9,836,000 | $ 9,836,000 | 0 | ||||
Maturities of Subordinated Debt [Abstract] | |||||||
Total subordinated loans | 9,836,000 | 9,836,000 | 0 | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
Total subordinated loans | 9,836,000 | 9,836,000 | 0 | ||||
Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated loan face value | $ 10,000,000 | 10,000,000 | |||||
Maturity date | Oct. 1, 2025 | ||||||
Effective interest rate | 6.44% | ||||||
Origination and legal fees | $ 172,000 | ||||||
Total long-term borrowings | $ 14,991,000 | 14,991,000 | 5,155,000 | ||||
Maturities of Subordinated Debt [Abstract] | |||||||
due within 10 years | 9,836,000 | 9,836,000 | |||||
due within 22 years | 5,155,000 | 5,155,000 | |||||
Total subordinated loans | $ 14,991,000 | $ 14,991,000 | 5,155,000 | ||||
Maturities of Subordinated Debt, Interest rate [Abstract] | |||||||
due within 10 years | 6.48% | 6.48% | |||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
2,016 | $ 0 | $ 0 | |||||
2,017 | 0 | 0 | |||||
Thereafter | 14,991,000 | 14,991,000 | |||||
Total subordinated loans | $ 14,991,000 | $ 14,991,000 | $ 5,155,000 | ||||
Subordinated Debt [Member] | 3-Month LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.65% | ||||||
Maturities of Subordinated Debt, Interest rate [Abstract] | |||||||
due within 22 years | 1.65% | ||||||
Subordinated Debt [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated loan face value | $ 10,000,000 | ||||||
Effective interest rate | 6.44% | ||||||
Subordinated loan interest rate | 6.25% | 3.50% |
EMPLOYEE BENEFITS AND DEFERRE75
EMPLOYEE BENEFITS AND DEFERRED COMPENSATION AND SUPPLEMENTAL RETIREMENT PLANS (Details) | 12 Months Ended | ||||||||
Dec. 31, 2015USD ($)FundPayment | Dec. 31, 2014USD ($)Fund | Dec. 31, 2015USD ($)Stock | Dec. 31, 2014USD ($)Stock | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years | ||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||||||||
Accumulated other comprehensive income after tax | $ 1,844,000 | $ 1,794,000 | |||||||
Gains or losses greater of the benefit obligation or the fair value of assets amortized over the average remaining service period | 10.00% | ||||||||
Assumed Health Care Cost Trend Rates [Abstract] | |||||||||
Health care cost trend rate assumption | 6.00% | ||||||||
Ultimate health care cost trend rate | 5.00% | ||||||||
Year that rate reaches ultimate trend rate | 2,018 | ||||||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||||||
Long-term inflation rate | 2.50% | ||||||||
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | $ 226,000 | ||||||||
Target Allocations [Abstract] | |||||||||
Number of funds in which plan assets invested | Fund | 4 | ||||||||
Asset rebalancing threshold | 10.00% | ||||||||
Policy range guideline | 10.00% | ||||||||
Expected Benefit Payments [Abstract] | |||||||||
2,016 | $ 256,000 | ||||||||
2,017 | 275,000 | ||||||||
2,018 | 288,000 | ||||||||
2,019 | 299,000 | ||||||||
2,020 | 319,000 | ||||||||
Years 2021-2025 | $ 2,032,000 | ||||||||
401 (k) Plan [Abstract] | |||||||||
Employer contribution to 401 (k) plan | $ 269,000 | $ 241,000 | |||||||
Additional safe harbor Contribution | $ 205,000 | ||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Period for additional annual contributions following change in control | 24 months | ||||||||
Period for benefit payment in the event of death, disability or termination following change in control | 24 months | ||||||||
Number of years the Bank is required to make additional annual contributions | 3 years | ||||||||
Number of annual installments for benefit payments | Payment | 10 | ||||||||
Minimum [Member] | |||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Approximate or typical number of stocks held in the portfolio | Stock | 60 | 60 | |||||||
Maximum [Member] | |||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Approximate or typical number of stocks held in the portfolio | Stock | 70 | 70 | |||||||
Directors and Certain Executive Officers [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||
Deferred compensation benefit payments age | 65 years | ||||||||
Maximum contractual term | 10 years | ||||||||
Requisite service period | 5 years | ||||||||
Liability related to deferred compensation | $ 2,200,000 | $ 2,100,000 | |||||||
Deferred compensation expense | $ 310,000 | $ 326,000 | |||||||
Mutual Funds - Equity - Small-cap Core [Member] | Maximum [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Market capitalizations | 10.00% | 10.00% | |||||||
Mutual Funds Fixed Income US Core [Member] | |||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Assets category consist of number of funds | Fund | 3 | ||||||||
Percentage of fund assets in investment grade fixed income securities | 80.00% | ||||||||
Number of investments in fund assets in investment grade fixed income securities | Fund | 2 | ||||||||
Mutual Funds Fixed Income US Core [Member] | Minimum [Member] | |||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Percentage of target investments in mortgage-backed securities | 50.00% | ||||||||
Mutual Funds - Fixed Income Intermediate duration [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Target plan asset allocations - well-funded | 16.00% | ||||||||
Estimated retirement life of assets in the trust | 30 years | ||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Assets category consist of number of funds | Fund | 3 | ||||||||
Mutual Funds - Fixed Income Intermediate duration [Member] | Minimum [Member] | |||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Maturity Period of debt security | 5 years | 5 years | |||||||
Mutual Funds - Fixed Income Intermediate duration [Member] | Maximum [Member] | |||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Maturity Period of debt security | 20 years | 20 years | |||||||
Mutual Funds-Fixed Income Long Duration [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Target plan asset allocations - well-funded | 35.00% | ||||||||
Estimated retirement life of assets in the trust | 30 years | ||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Maturity Period of debt security | 10 years | ||||||||
Mutual Funds-Fixed Income Long Duration [Member] | Minimum [Member] | |||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Maturity Period of debt security | 20 years | 20 years | |||||||
Long/Short Equity Funds [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Number of funds in which plan assets invested | Fund | 3 | 3 | |||||||
Equities [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Target plan asset allocations - well-funded | 65.00% | ||||||||
Fixed Income Securities [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Target plan asset allocations - well-funded | 35.00% | ||||||||
Equity Securities [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Target plan asset allocations - well-funded | 38.00% | ||||||||
Estimated retirement life of assets in the trust | 30 years | ||||||||
Alternative Asset fund [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Target plan asset allocations - well-funded | 10.00% | ||||||||
Cash Equivalents [Member] | |||||||||
Target Allocations [Abstract] | |||||||||
Target plan asset allocations - well-funded | 1.00% | ||||||||
Pension Benefits [Member] | |||||||||
Change in Benefit Obligation [Roll Forward] | |||||||||
Benefit obligation at beginning of year | $ 9,679,000 | $ 8,333,000 | |||||||
Service cost | 0 | 0 | |||||||
Interest cost | 468,000 | 406,000 | |||||||
Actuarial (gain) loss | (586,000) | 1,165,000 | |||||||
Plan Amendment | 0 | 0 | |||||||
Benefits paid | (242,000) | (225,000) | |||||||
Benefit obligation at end of year | 9,319,000 | 9,679,000 | |||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 13,125,000 | 12,691,000 | |||||||
Actual return on plan assets | (75,000) | 659,000 | |||||||
Benefits paid | (242,000) | (225,000) | |||||||
Employer contributions | 0 | 0 | |||||||
Fair value of plan assets at end of year | 12,808,000 | 13,125,000 | |||||||
Funded status - asset (liability) | 3,489,000 | 3,446,000 | |||||||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||||||||
Net loss(gain) | 3,245,000 | 2,962,000 | |||||||
Tax effect | 1,298,000 | 1,185,000 | |||||||
Accumulated other comprehensive income after tax | $ 1,947,000 | $ 1,777,000 | |||||||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||||||||
Weighted average discount rate | 5.05% | 4.90% | |||||||
Rate of increase in future compensation levels | 0.00% | 0.00% | |||||||
Composition of Net Periodic Benefit Plan Cost [Abstract] | |||||||||
Service cost | 0 | 0 | |||||||
Interest cost | 468,000 | 406,000 | |||||||
Expected return on plan assets | (975,000) | (942,000) | |||||||
Amortization of transition obligation | 0 | 0 | |||||||
Amortization of net losses | 180,000 | 30,000 | |||||||
Amortization of unrecognized past service liability | 0 | 0 | |||||||
Net periodic benefit plan (benefit) cost | $ (327,000) | $ (506,000) | |||||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||||||
Weighted average discount rate | 4.90% | 4.95% | |||||||
Expected long term rate of return on plan assets | 7.50% | 7.50% | |||||||
Rate of increase in future compensation levels | 0.00% | 0.00% | |||||||
Expected net periodic benefit cost in next fiscal year | $ 262,000 | ||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 13,125,000 | $ 12,691,000 | $ 12,808,000 | $ 13,125,000 | |||||
Expected Benefit Payments [Abstract] | |||||||||
2,016 | 243,000 | ||||||||
2,017 | 262,000 | ||||||||
2,018 | 276,000 | ||||||||
2,019 | 287,000 | ||||||||
2,020 | 307,000 | ||||||||
Years 2021-2025 | 1,971,000 | ||||||||
Pension Benefits [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 24,000 | ||||||||
Fair value of plan assets at end of year | 72,000 | 24,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 24,000 | 24,000 | 72,000 | 24,000 | |||||
Pension Benefits [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 13,101,000 | ||||||||
Fair value of plan assets at end of year | 12,736,000 | 13,101,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 13,101,000 | 13,101,000 | 12,736,000 | 13,101,000 | |||||
Pension Benefits [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | ||||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Value [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [1] | 920,000 | |||||||
Fair value of plan assets at end of year | [1] | 696,000 | 920,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [1] | 696,000 | 920,000 | 696,000 | 920,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Value [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [1] | 0 | |||||||
Fair value of plan assets at end of year | [1] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [1] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Value [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [1] | 920,000 | |||||||
Fair value of plan assets at end of year | [1] | 696,000 | 920,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [1] | 920,000 | 920,000 | 696,000 | 920,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Value [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [1] | 0 | |||||||
Fair value of plan assets at end of year | [1] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [1] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [2] | 221,000 | |||||||
Fair value of plan assets at end of year | [2] | 166,000 | 221,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [2] | 166,000 | 221,000 | 166,000 | 221,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [2] | 0 | |||||||
Fair value of plan assets at end of year | [2] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [2] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [2] | 221,000 | |||||||
Fair value of plan assets at end of year | [2] | 166,000 | 221,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [2] | 221,000 | 221,000 | 166,000 | 221,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [2] | 0 | |||||||
Fair value of plan assets at end of year | [2] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [2] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Value [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [3] | 155,000 | |||||||
Fair value of plan assets at end of year | [3] | 119,000 | 155,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [3] | 155,000 | 155,000 | 119,000 | 155,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Value [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [3] | 0 | |||||||
Fair value of plan assets at end of year | [3] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [3] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Value [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [3] | 155,000 | |||||||
Fair value of plan assets at end of year | [3] | 119,000 | 155,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [3] | 155,000 | 155,000 | 119,000 | 155,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Value [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [3] | 0 | |||||||
Fair value of plan assets at end of year | [3] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [3] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [4] | 914,000 | |||||||
Fair value of plan assets at end of year | [4] | 783,000 | 914,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [4] | 914,000 | 914,000 | 783,000 | 914,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [4] | 0 | |||||||
Fair value of plan assets at end of year | [4] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [4] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [4] | 914,000 | |||||||
Fair value of plan assets at end of year | [4] | 783,000 | 914,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [4] | 783,000 | 914,000 | 783,000 | 914,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [4] | 0 | |||||||
Fair value of plan assets at end of year | [4] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [4] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [5] | 222,000 | |||||||
Fair value of plan assets at end of year | [5] | 163,000 | 222,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [5] | 222,000 | 222,000 | 163,000 | 222,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [5] | 0 | |||||||
Fair value of plan assets at end of year | [5] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [5] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [5] | 222,000 | |||||||
Fair value of plan assets at end of year | [5] | 163,000 | 222,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [5] | 163,000 | 222,000 | 163,000 | 222,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [5] | 0 | |||||||
Fair value of plan assets at end of year | [5] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [5] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [6] | 154,000 | |||||||
Fair value of plan assets at end of year | [6] | 117,000 | 154,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [6] | 154,000 | 154,000 | 117,000 | 154,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [6] | 0 | |||||||
Fair value of plan assets at end of year | [6] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [6] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [6] | 154,000 | |||||||
Fair value of plan assets at end of year | [6] | 117,000 | 154,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [6] | 154,000 | 154,000 | 117,000 | 154,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [6] | 0 | |||||||
Fair value of plan assets at end of year | [6] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [6] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Core [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [7] | 649,000 | |||||||
Fair value of plan assets at end of year | [7] | 510,000 | 649,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [7] | 649,000 | 649,000 | 510,000 | 649,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Core [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [7] | 0 | |||||||
Fair value of plan assets at end of year | [7] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [7] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Core [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [7] | 649,000 | |||||||
Fair value of plan assets at end of year | [7] | 510,000 | 649,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [7] | 510,000 | 649,000 | 510,000 | 649,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Large-cap Core [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [7] | 0 | |||||||
Fair value of plan assets at end of year | [7] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [7] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [8] | 212,000 | |||||||
Fair value of plan assets at end of year | [8] | 162,000 | 212,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [8] | 212,000 | 212,000 | 162,000 | 212,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [8] | 0 | |||||||
Fair value of plan assets at end of year | [8] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [8] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [8] | 212,000 | |||||||
Fair value of plan assets at end of year | [8] | 162,000 | 212,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [8] | 212,000 | 212,000 | 162,000 | 212,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [8] | 0 | |||||||
Fair value of plan assets at end of year | [8] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [8] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Core [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [9] | 311,000 | |||||||
Fair value of plan assets at end of year | [9] | 238,000 | 311,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [9] | 311,000 | 311,000 | 238,000 | 311,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Core [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [9] | 0 | |||||||
Fair value of plan assets at end of year | [9] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [9] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Core [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [9] | 311,000 | |||||||
Fair value of plan assets at end of year | [9] | 238,000 | 311,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [9] | 238,000 | 311,000 | 238,000 | 311,000 | ||||
Pension Benefits [Member] | Mutual Funds - Equity - Small-cap Core [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [9] | 0 | |||||||
Fair value of plan assets at end of year | [9] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [9] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | International Equity [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [10] | 1,246,000 | |||||||
Fair value of plan assets at end of year | [10] | 996,000 | 1,246,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [10] | 1,246,000 | 1,246,000 | 996,000 | 1,246,000 | ||||
Pension Benefits [Member] | International Equity [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [10] | 0 | |||||||
Fair value of plan assets at end of year | [10] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [10] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | International Equity [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [10] | 1,246,000 | |||||||
Fair value of plan assets at end of year | [10] | 996,000 | 1,246,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [10] | 1,246,000 | 1,246,000 | 996,000 | 1,246,000 | ||||
Pension Benefits [Member] | International Equity [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [10] | 0 | |||||||
Fair value of plan assets at end of year | [10] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [10] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Mutual Funds Fixed Income US Core [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at end of year | [11] | 1,578,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [11] | 1,578,000 | 1,578,000 | ||||||
Pension Benefits [Member] | Mutual Funds Fixed Income US Core [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at end of year | [11] | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [11] | 0 | 0 | ||||||
Pension Benefits [Member] | Mutual Funds Fixed Income US Core [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at end of year | [11] | 1,578,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [11] | 1,578,000 | 1,578,000 | ||||||
Pension Benefits [Member] | Mutual Funds Fixed Income US Core [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at end of year | [11] | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [11] | 0 | 0 | ||||||
Pension Benefits [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [12] | 4,261,000 | |||||||
Fair value of plan assets at end of year | 2,865,000 | [13] | 4,261,000 | [12] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 4,261,000 | [12] | 4,261,000 | [12] | 2,865,000 | [13] | 4,261,000 | [12] | |
Pension Benefits [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [12] | 0 | |||||||
Fair value of plan assets at end of year | 0 | [13] | 0 | [12] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | [12] | 0 | [12] | 0 | [13] | 0 | [12] | |
Pension Benefits [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [12] | 4,261,000 | |||||||
Fair value of plan assets at end of year | 2,865,000 | [13] | 4,261,000 | [12] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 4,261,000 | [12] | 4,261,000 | [12] | 2,865,000 | [13] | 4,261,000 | [12] | |
Pension Benefits [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [12] | 0 | |||||||
Fair value of plan assets at end of year | 0 | [13] | 0 | [12] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | [13] | 0 | [12] | 0 | [13] | 0 | [12] | |
Pension Benefits [Member] | Mutual Funds-Fixed Income Long Duration [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [14] | 2,355,000 | |||||||
Fair value of plan assets at end of year | 2,347,000 | [15] | 2,355,000 | [14] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 2,347,000 | [15] | 2,355,000 | [14] | 2,347,000 | [15] | 2,355,000 | [14] | |
Pension Benefits [Member] | Mutual Funds-Fixed Income Long Duration [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [14] | 0 | |||||||
Fair value of plan assets at end of year | 0 | [15] | 0 | [14] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | [14] | 0 | [14] | 0 | [15] | 0 | [14] | |
Pension Benefits [Member] | Mutual Funds-Fixed Income Long Duration [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [14] | 2,355,000 | |||||||
Fair value of plan assets at end of year | 2,347,000 | [15] | 2,355,000 | [14] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 2,347,000 | [15] | 2,355,000 | [14] | 2,347,000 | [15] | 2,355,000 | [14] | |
Pension Benefits [Member] | Mutual Funds-Fixed Income Long Duration [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [14] | 0 | |||||||
Fair value of plan assets at end of year | 0 | [15] | 0 | [14] | |||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | [15] | 0 | [14] | 0 | [15] | 0 | [14] | |
Pension Benefits [Member] | Long/Short Equity Funds [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [16] | 1,261,000 | |||||||
Fair value of plan assets at end of year | [16] | 1,793,000 | 1,261,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [16] | 1,261,000 | 1,261,000 | 1,793,000 | 1,261,000 | ||||
Pension Benefits [Member] | Long/Short Equity Funds [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [16] | 0 | |||||||
Fair value of plan assets at end of year | [16] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [16] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Long/Short Equity Funds [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [16] | 1,261,000 | |||||||
Fair value of plan assets at end of year | [16] | 1,793,000 | 1,261,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [16] | 1,261,000 | 1,261,000 | 1,793,000 | 1,261,000 | ||||
Pension Benefits [Member] | Long/Short Equity Funds [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [16] | 0 | |||||||
Fair value of plan assets at end of year | [16] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [16] | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Company Common Stock [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | ||||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||||
Pension Benefits [Member] | Company Common Stock [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | ||||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||||
Pension Benefits [Member] | Company Common Stock [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | ||||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||||
Pension Benefits [Member] | Company Common Stock [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | ||||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||||
Pension Benefits [Member] | Equities [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 5,004,000 | ||||||||
Fair value of plan assets at end of year | 3,950,000 | 5,004,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 5,004,000 | 5,004,000 | 3,950,000 | 5,004,000 | |||||
Pension Benefits [Member] | Equities [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | ||||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||||
Pension Benefits [Member] | Equities [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 5,004,000 | ||||||||
Fair value of plan assets at end of year | 3,950,000 | 5,004,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 3,950,000 | 5,004,000 | 3,950,000 | 5,004,000 | |||||
Pension Benefits [Member] | Equities [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | ||||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | 0 | 0 | |||||
Pension Benefits [Member] | Fixed Income Securities [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 6,616,000 | ||||||||
Fair value of plan assets at end of year | 6,790,000 | 6,616,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 6,790,000 | 6,616,000 | 6,790,000 | 6,616,000 | |||||
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at end of year | 0 | ||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | |||||||
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 6,616,000 | ||||||||
Fair value of plan assets at end of year | 6,790,000 | 6,616,000 | |||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 6,616,000 | 6,616,000 | 6,790,000 | 6,616,000 | |||||
Pension Benefits [Member] | Fixed Income Securities [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at end of year | 0 | ||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | 0 | |||||||
Pension Benefits [Member] | Cash Equivalents-Money Market [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [17] | 244,000 | |||||||
Fair value of plan assets at end of year | [17] | 275,000 | 244,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [17] | 275,000 | 244,000 | 275,000 | 244,000 | ||||
Pension Benefits [Member] | Cash Equivalents-Money Market [Member] | Level 1 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [17] | 24,000 | |||||||
Fair value of plan assets at end of year | [17] | 72,000 | 24,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [17] | 72,000 | 24,000 | 72,000 | 24,000 | ||||
Pension Benefits [Member] | Cash Equivalents-Money Market [Member] | Level 2 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [17] | 220,000 | |||||||
Fair value of plan assets at end of year | [17] | 203,000 | 220,000 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [17] | 203,000 | 220,000 | 203,000 | 220,000 | ||||
Pension Benefits [Member] | Cash Equivalents-Money Market [Member] | Level 3 [Member] | |||||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | [17] | 0 | |||||||
Fair value of plan assets at end of year | [17] | 0 | 0 | ||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | [17] | 0 | 0 | 0 | 0 | ||||
Postretirement Benefits [Member] | |||||||||
Change in Benefit Obligation [Roll Forward] | |||||||||
Benefit obligation at beginning of year | 356,000 | 402,000 | |||||||
Service cost | 0 | 0 | |||||||
Interest cost | 17,000 | 19,000 | |||||||
Actuarial (gain) loss | (201,000) | 50,000 | |||||||
Plan Amendment | 0 | (102,000) | |||||||
Benefits paid | (13,000) | (13,000) | |||||||
Benefit obligation at end of year | 159,000 | 356,000 | |||||||
Change in Plan Assets [Roll Forward] | |||||||||
Fair value of plan assets at beginning of year | 0 | 0 | |||||||
Actual return on plan assets | 0 | 0 | |||||||
Benefits paid | (13,000) | (13,000) | |||||||
Employer contributions | 13,000 | 13,000 | |||||||
Fair value of plan assets at end of year | 0 | 0 | |||||||
Funded status - asset (liability) | (159,000) | (356,000) | |||||||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | |||||||||
Net loss(gain) | (172,000) | 29,000 | |||||||
Tax effect | (69,000) | 12,000 | |||||||
Accumulated other comprehensive income after tax | $ (103,000) | $ 17,000 | |||||||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||||||||
Weighted average discount rate | 5.23% | 4.98% | |||||||
Rate of increase in future compensation levels | 0.00% | 0.00% | |||||||
Composition of Net Periodic Benefit Plan Cost [Abstract] | |||||||||
Service cost | 0 | 0 | |||||||
Interest cost | 17,000 | 19,000 | |||||||
Expected return on plan assets | 0 | 0 | |||||||
Amortization of transition obligation | 0 | 0 | |||||||
Amortization of net losses | 5,000 | 13,000 | |||||||
Amortization of unrecognized past service liability | (5,000) | 0 | |||||||
Net periodic benefit plan (benefit) cost | $ 17,000 | $ 32,000 | |||||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||||||
Weighted average discount rate | 4.98% | 4.95% | |||||||
Expected long term rate of return on plan assets | 0.00% | 0.00% | |||||||
Rate of increase in future compensation levels | 0.00% | 0.00% | |||||||
Estimated amortization of the unrecognized transition obligation and actuarial gain in next fiscal year | $ 3,000 | ||||||||
Expected net periodic benefit cost in next fiscal year | 262,000 | ||||||||
Pension Plan Assets Measured at Fair Value [Abstract] | |||||||||
Fair value of plan assets | 0 | $ 0 | $ 0 | $ 0 | |||||
Estimated future employer contributions in next fiscal year | 13,000 | ||||||||
Expected Benefit Payments [Abstract] | |||||||||
2,016 | 13,000 | ||||||||
2,017 | 13,000 | ||||||||
2,018 | 12,000 | ||||||||
2,019 | 12,000 | ||||||||
2,020 | 12,000 | ||||||||
Years 2021-2025 | 61,000 | ||||||||
Supplemental Executive Retirement Plans [Member] | |||||||||
Expected Benefit Payments [Abstract] | |||||||||
Other accrued liabilities | 309,000 | ||||||||
Compensation expense | 4,000 | $ 8,000 | |||||||
Cash surrender value of life insurance | 10,600,000 | 10,400,000 | |||||||
Change in outstanding loans payable to the issuing insurance carrier | $ 527,000 | ||||||||
Supplemental Executive Retirement Plans [Member] | Retired CEO [Member] | |||||||||
Expected Benefit Payments [Abstract] | |||||||||
Other accrued liabilities | $ 15,000 | $ 72,000 | |||||||
[1] | This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. | ||||||||
[2] | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. | ||||||||
[3] | This category consists of a selection of investments based on the Russell 2000 Value Index. | ||||||||
[4] | This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. | ||||||||
[5] | This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. | ||||||||
[6] | This category consists of a selection of investments based on the Russell 2000 Growth Index. | ||||||||
[7] | This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. | ||||||||
[8] | This category seeks to track the performance of the S&P Midcap 400 Index. | ||||||||
[9] | This category consists of an index fund designed to track the Russell 2000, along with a fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. | ||||||||
[10] | This category has investments in medium to large non-US companies, including high quality, durable growth companies and companies based in countries with stable economic and political systems. A portion of this category consists of an index fund designed to track the MSC ACWI ex-US Net Dividend Return Index. | ||||||||
[11] | This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. | ||||||||
[12] | This category consists of three funds, one containing a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities rated Baa or better. The second fund emphasizes a more globally diversified portfolio of higher-quality, intermediate-term bonds. The third fund seeks to track the Barclays Capital U.S. Corporate A or Better 5-20 Year, Bullets Index. | ||||||||
[13] | This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5-20 Year, Bullets only Index, along with a diversified mutual fund holding fixed income securities rated A or better. | ||||||||
[14] | This category consists of funds invested primarily in debt securities with the objective of approximating the return of the Barclays Capital US Long Credit Bond Index with maturities greater than 10 years and the Barclays Capital US Corporate A or Better 20+ year Bullets Only Index. | ||||||||
[15] | This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. | ||||||||
[16] | This category currently invests in three long/short equity hedge funds. | ||||||||
[17] | Includes cash equivalents investments in equity and fixed income strategies |
STOCK BASED COMPENSATION PLAN76
STOCK BASED COMPENSATION PLANS (Details) | Oct. 16, 2014 | Dec. 31, 2015USD ($)Director$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013Director$ / sharesshares | Dec. 31, 2011DirectorSeniorVicePresident$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Ratio of conversion of shares | 1.6472 | ||||
Stock Options [Member] | |||||
Fair Value Assumptions [Abstract] | |||||
Compensation expense | $ | $ 85,000 | $ 84,000 | |||
Estimated Future Compensation Expense [Abstract] | |||||
Estimated future compensation expense, 2016 | $ | 54,000 | ||||
Estimated future compensation expense, 2017 | $ | 20,000 | ||||
Estimated future compensation expense, 2018 | $ | 15,000 | ||||
Estimated future compensation expense, 2019 | $ | 8,000 | ||||
Estimated future compensation expense, 2020 | $ | $ 6,000 | ||||
Weighted average remaining contractual term - options outstanding | 5 years 7 months 6 days | ||||
Stock Options Outstanding [Roll Forward] | |||||
Outstanding at beginning of period (in shares) | 170,000 | 173,000 | |||
Granted (in shares) | 17,000 | 0 | |||
Newly vested (in shares) | 0 | 0 | |||
Exercised (in shares) | (2,000) | (3,000) | |||
Expired (in shares) | 0 | 0 | |||
Outstanding at end of period (in shares) | 185,000 | 170,000 | 173,000 | ||
Weighted Average Exercise Price [Roll Forward] | |||||
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 5.75 | $ 5.46 | |||
Granted (in dollars per share) | $ / shares | 11.09 | 0 | |||
Newly vested (in dollars per share) | $ / shares | 5.75 | 5.75 | |||
Exercised (in dollars per share) | $ / shares | 0 | 0 | |||
Expired (in dollars per share) | $ / shares | 0 | 0 | |||
Outstanding at end of period (in dollars per share) | $ / shares | $ 5.75 | $ 5.75 | $ 5.46 | ||
Options, Additional Disclosures [Abstract] | |||||
Options exercisable at beginning of period (in shares) | 95,000 | 63,000 | |||
Options exercisable, Granted (in shares) | 0 | 0 | |||
Options exercisable, Newly vested (in shares) | 35,000 | 35,000 | |||
Options exercisable, Exercised (in shares) | (2,000) | (3,000) | |||
Options exercisable, Expired (in shares) | 0 | 0 | |||
Options exercisable at end of period (in shares) | 128,000 | 95,000 | 63,000 | ||
Intrinsic value of options exercised | $ | $ 1,200,000 | $ 693,000 | |||
April 2010 Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Ratio of conversion of shares | 1.6472 | ||||
Number of shares authorized (in shares) | 247,080 | ||||
April 2010 Stock Option Plan [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term of award | 10 years | 10 years | 10 years | ||
Vesting period | 5 years | 5 years | 5 years | ||
Award annual vesting | 20.00% | 20.00% | 20.00% | ||
Fair Value Assumptions [Abstract] | |||||
Risk free interest rate | 1.90% | 2.00% | 2.20% | ||
Expected volatility rate | 0.23% | 0.45% | 0.45% | ||
Expected life | 7 years | 7 years | 7 years | ||
Expected dividend yield | 1.40% | 1.00% | 1.49% | ||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 2.56 | $ 3.69 | $ 2.29 | ||
Stock Options Outstanding [Roll Forward] | |||||
Granted (in shares) | 16,472 | ||||
April 2010 Stock Option Plan [Member] | Stock Options [Member] | Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock awards beneficiaries | Director | 2 | 2 | 9 | ||
Stock Options Outstanding [Roll Forward] | |||||
Granted (in shares) | 16,472 | 74,124 | |||
April 2010 Stock Option Plan [Member] | Stock Options [Member] | Senior Vice President [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock awards beneficiaries | SeniorVicePresident | 4 | ||||
April 2010 Stock Option Plan [Member] | Stock Options [Member] | Chief Executive Officer And Senior Vice President [Member] | |||||
Stock Options Outstanding [Roll Forward] | |||||
Granted (in shares) | 123,540 |
EMPLOYEE STOCK OWNERSHIP PLAN (
EMPLOYEE STOCK OWNERSHIP PLAN (Details) - ESOP [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Loan | $ 1,100,000 | ||
Shares purchased (in shares) | 125,000 | 105,442 | |
Term of loan repayment | 10 years | ||
Basis spread on variable rate | 1.00% | ||
Number of shares from refinanced loan (in shares) | 138,982.5 | ||
Number of shares from new loan (in shares) | 244,424.5 | ||
Fixed interest rate | 3.25% | ||
Award annual vesting | 20.00% | ||
Compensation expense | $ 305,000 | $ 211,000 | |
Dividends on unallocated shares | $ 36,000 | $ 15,000 | |
Unearned ESOP shares (in shares) | 213,871 | ||
Fair value of unearned ESOP shares | $ 2,800,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense [Abstract] | ||
Current | $ 955 | $ 801 |
Deferred | 116 | 352 |
Income tax expense | 1,071 | 1,153 |
Income Tax Expense by Jurisdiction [Abstract] | ||
Federal Income Tax | 929 | 1,057 |
State Tax | 142 | 96 |
Income tax expense | 1,071 | 1,153 |
Assets [Abstract] | ||
Deferred compensation | 858 | 898 |
Allowance for loan losses | 2,185 | 2,048 |
Postretirement benefits | 61 | 136 |
Mortgage recording tax credit carryforward | 0 | 90 |
Impairment losses on investment securities | 155 | 181 |
Loan origination fees | 66 | 0 |
Capital loss carryforward | 120 | 305 |
Held-to-maturity securities | 417 | 468 |
Other | 121 | 142 |
Total | 3,983 | 4,268 |
Liabilities [Abstract] | ||
Prepaid Pension | (1,336) | (1,320) |
Depreciation | (1,011) | (1,056) |
Accretion | (145) | (162) |
Loan origination fees | 0 | (19) |
Intangible assets | (1,470) | (1,470) |
Investment securities and financial derivative | (21) | (289) |
Mortgage servicing rights | (20) | (25) |
Prepaid expenses | (97) | (84) |
Total | (4,100) | (4,425) |
Net deferred tax assets | (117) | (157) |
Less: deferred tax asset valuation allowance | (265) | (458) |
Net deferred tax liability | (382) | $ (615) |
Decrease in valuation allowance | 193,000 | |
Capital loss carryforward tax benefits | 131,000 | |
Reduction in valuation allowance | $ 63,000 | |
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate [Abstract] | ||
Federal statutory income tax rate | 34.00% | 34.00% |
State tax, net of federal benefit | 2.30% | 1.60% |
Tax-exempt interest income | (8.10%) | (7.20%) |
Increase in value of bank owned life insurance less premium paid | (3.00%) | (2.50%) |
Change in valuation allowance | (4.80%) | 0.00% |
Other | 6.40% | 3.30% |
Effective income tax rate | 26.80% | 29.20% |
COMMITMENTS AND CONTINGENCIES79
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Loan commitments outstanding with fixed interest rates | $ 13,100,000 | |
Loan commitments, unused lines of credit and standby letters of credit with variable interest rates | $ 43,400,000 | |
Term of letters of credit, Maximum | 1 year | |
Renewal options for leases, maximum | 30 years | |
Rent expense | $ 135,000 | $ 98,000 |
Future Minimum Rental Commitments for Non-cancelable Operating Leases [Abstract] | ||
2,016 | 154,000 | |
2,017 | 147,000 | |
2,018 | 105,000 | |
2,019 | 62,000 | |
2,020 | 56,000 | |
Thereafter | 324,000 | |
Total minimum lease payments | 848,000 | |
Commitments to Grant Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | 20,168,000 | 28,168,000 |
Unfunded Commitments Related to Construction Loans in Progress [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | 5,726,000 | 1,752,000 |
Unfunded Commitments Under Lines Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | 34,469,000 | 28,174,000 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | $ 1,884,000 | $ 4,617,000 |
DIVIDENDS AND RESTRICTIONS (Det
DIVIDENDS AND RESTRICTIONS (Details) - USD ($) $ in Millions | Feb. 16, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
DIVIDENDS AND RESTRICTIONS [Abstract] | ||||
Retained earnings legally available to pay dividends | $ 8.9 | |||
Proceeds from dividends received | 0 | $ 0 | $ 0 | |
Subsequent Event [Line Items] | ||||
Subordinated loan face value | 5 | |||
Subordinated Note [Member] | ||||
Subsequent Event [Line Items] | ||||
Subordinated loan face value | $ 10 | |||
Subsequent Event [Member] | Series B Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Redeemed shares (in shares) | (13,000) | |||
Payment for redeemed shares | $ (13) | |||
Subsequent Event [Member] | Subordinated Note [Member] | ||||
Subsequent Event [Line Items] | ||||
Subordinated loan face value | $ 10 |
REGULATORY MATTERS (Details)
REGULATORY MATTERS (Details) - USD ($) | Feb. 16, 2016 | Oct. 02, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Sep. 01, 2011 |
Actual Amount [Abstract] | ||||||
Total Core Capital (to Risk-Weighted Assets) | $ 67,286,000 | $ 63,831,000 | ||||
Tier 1 Capital (to Risk-Weighted Assets) | 62,038,000 | 58,842,000 | ||||
Tier 1 Common Equity (to Risk-Weighted Assets) | 62,038,000 | |||||
Tier 1 Capital (to Assets) | $ 62,038,000 | $ 58,842,000 | ||||
Actual Ratio [Abstract] | ||||||
Total Core Capital (to Risk-Weighted Assets) | 16.22% | 16.60% | ||||
Tier 1 Capital (to Risk-Weighted Assets) | 14.95% | 15.31% | ||||
Tier 1 Common Equity (to Risk-Weighted Assets) | 14.95% | |||||
Tier 1 Capital (to Assets) | 10.00% | 10.55% | ||||
Minimum Capital Adequacy Purposes Amount [Abstract] | ||||||
Total Core Capital (to Risk-Weighted Assets) | $ 33,187,000 | $ 30,754,000 | ||||
Tier 1 Capital (to Risk-Weighted Assets) | 24,891,000 | 15,377,000 | ||||
Tier 1 Common Equity (to Risk-Weighted Assets) | 18,668,000 | |||||
Tier 1 Capital (to Assets) | $ 24,816,000 | $ 22,302,000 | ||||
Minimum Capital Adequacy Purposes Ratio [Abstract] | ||||||
Total Core Capital (to Risk-Weighted Assets) | 8.00% | 8.00% | ||||
Tier 1 Capital (to Risk-Weighted Assets) | 6.00% | 4.00% | ||||
Tier 1 Common Equity (to Risk-Weighted Assets) | 4.50% | |||||
Tier 1 Capital (to Assets) | 4.00% | 4.00% | ||||
Minimum To Be "Well Capitalized" Under Prompt Corrective Provisions Amount [Abstract] | ||||||
Total Core Capital (to Risk-Weighted Assets) | $ 41,484,000 | $ 38,443,000 | ||||
Tier 1 Capital (to Risk-Weighted Assets) | 33,187,000 | 23,066,000 | ||||
Tier 1 Common Equity (to Risk-Weighted Assets) | 26,965,000 | |||||
Tier 1 Capital (to Assets) | $ 31,020,000 | $ 27,878,000 | ||||
Minimum To Be "Well Capitalized" Under Prompt Corrective Provisions Ratio [Abstract] | ||||||
Total Core Capital (to Risk-Weighted Assets) | 10.00% | 10.00% | ||||
Tier 1 Capital (to Risk-Weighted Assets) | 8.00% | 6.00% | ||||
Tier 1 Common Equity (to Risk-Weighted Assets) | 6.50% | |||||
Tier 1 Capital (to Assets) | 5.00% | 5.00% | ||||
Class of Stock [Line Items] | ||||||
Preferred stock | $ 13,000,000 | $ 13,000,000 | ||||
Subordinated loan face value | 5,000,000 | |||||
Preferred stock dividends | 130,000 | 62,000 | ||||
Average balance of cash on hand or with the Federal Reserve Bank | 3,900,000 | $ 3,900,000 | ||||
Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock dividend rate | 9.00% | |||||
Subordinated Note [Member] | ||||||
Class of Stock [Line Items] | ||||||
Subordinated loan face value | $ 10,000,000 | |||||
Subordinated Note [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Subordinated loan face value | $ 10,000,000 | |||||
Annual increase in interest expense | 644,000 | |||||
Preferred Stock SBLF [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 13,000 | 13,000 | ||||
Preferred stock dividend rate | 4.20% | 1.00% | ||||
Preferred dividends payable amount | $ 1,200,000 | |||||
Preferred stock dividends | $ 130,000 | |||||
Preferred Stock SBLF [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred dividends payable amount | $ 1,200,000 | |||||
Preferred Stock SBLF [Member] | After Four-and-one Half Years [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock dividend rate | 9.00% | |||||
Preferred Stock CPP [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 13,000 | |||||
Preferred stock liquidation preference (in dollars per share) | $ 1,000 | |||||
Preferred stock | $ 13,000,000 | |||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Redeemed shares (in shares) | (13,000) | |||||
Payment for redeemed shares | $ (13,000,000) |
INTEREST RATE DERIVATIVE (Detai
INTEREST RATE DERIVATIVE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST RATE DERIVATIVE [Abstract] | ||
Floating rate trust preferred debenture face amount | $ 5,000,000 | |
Variable rate basis | 3-month LIBOR | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 2,000,000 | |
Remaining term | 7 years | |
Fixed interest rate | 4.96% | |
Accumulated Other Comprehensive Income Derivatives, Pretax [Roll Forward] | ||
Balance as of beginning of period | $ (82,000) | $ (135,000) |
Amount of losses recognized in other comprehensive income | (6,000) | (9,000) |
Amount of loss reclassified from other comprehensive income and recognized as interest expense | 61,000 | 62,000 |
Balance as of end of period | (27,000) | (82,000) |
Cash under collateral arrangements | 201,000 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Cash flow hedge [Abstract] | ||
Fair value of derivative liability | $ 27,000 | $ 82,000 |
FAIR VALUE MEASUREMENTS AND D83
FAIR VALUE MEASUREMENTS AND DISCLOSURES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||
Balance-Beginning | $ 0 | |
Total gains realized/unrealized included in earnings | 0 | |
Total gains realized/unrealized included in other comprehensive income | 0 | |
Settlements | 313 | |
Sales | 0 | |
Balance-Ending | 313 | |
Changes in unrealized gains included in earnings related to assets still held | 0 | |
Recurring [Member] | Total Fair Value [Member] | ||
Debt investment securities [Abstract] | ||
US Treasury agencies and GSEs | 21,308 | $ 17,750 |
State and political subdivisions | 8,300 | 8,443 |
Corporate | 18,128 | 13,860 |
Residential mortgage-backed - US agency | 32,573 | 30,575 |
Collateralized mortgage obligations - US agency | 16,833 | 15,476 |
Mutual funds [Abstract] | ||
Ultra short mortgage fund | 638 | 648 |
Large cap equity fund | 583 | 649 |
Other mutual funds | 0 | 379 |
Common stock - financial services industry | 579 | 293 |
Investments [Abstract] | ||
Total available-for-sale securities | 98,942 | 88,073 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||
Interest rate swap derivative | (27) | (82) |
Recurring [Member] | Level 1 [Member] | ||
Debt investment securities [Abstract] | ||
US Treasury agencies and GSEs | 0 | 0 |
State and political subdivisions | 0 | 0 |
Corporate | 0 | 0 |
Residential mortgage-backed - US agency | 0 | 0 |
Collateralized mortgage obligations - US agency | 0 | 0 |
Mutual funds [Abstract] | ||
Ultra short mortgage fund | 638 | 648 |
Large cap equity fund | 583 | 649 |
Other mutual funds | 0 | 0 |
Common stock - financial services industry | 46 | 43 |
Investments [Abstract] | ||
Total available-for-sale securities | 1,267 | 1,340 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||
Interest rate swap derivative | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ||
Debt investment securities [Abstract] | ||
US Treasury agencies and GSEs | 21,308 | 17,750 |
State and political subdivisions | 8,300 | 8,443 |
Corporate | 18,128 | 13,860 |
Residential mortgage-backed - US agency | 32,573 | 30,575 |
Collateralized mortgage obligations - US agency | 16,833 | 15,476 |
Mutual funds [Abstract] | ||
Ultra short mortgage fund | 0 | 0 |
Large cap equity fund | 0 | 0 |
Other mutual funds | 0 | 379 |
Common stock - financial services industry | 220 | 250 |
Investments [Abstract] | ||
Total available-for-sale securities | 97,362 | 86,733 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||
Interest rate swap derivative | (27) | (82) |
Recurring [Member] | Level 3 [Member] | ||
Debt investment securities [Abstract] | ||
US Treasury agencies and GSEs | 0 | 0 |
State and political subdivisions | 0 | 0 |
Corporate | 0 | 0 |
Residential mortgage-backed - US agency | 0 | 0 |
Collateralized mortgage obligations - US agency | 0 | 0 |
Mutual funds [Abstract] | ||
Ultra short mortgage fund | 0 | 0 |
Large cap equity fund | 0 | 0 |
Other mutual funds | 0 | 0 |
Common stock - financial services industry | 313 | 0 |
Investments [Abstract] | ||
Total available-for-sale securities | 313 | 0 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||
Interest rate swap derivative | 0 | 0 |
Nonrecurring [Member] | Total Fair Value [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 1,070 | 1,277 |
Foreclosed real estate | 360 | 105 |
Nonrecurring [Member] | Level 1 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 0 | 0 |
Foreclosed real estate | 0 | 0 |
Nonrecurring [Member] | Level 2 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 0 | 0 |
Foreclosed real estate | 0 | 0 |
Nonrecurring [Member] | Level 3 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 1,070 | 1,277 |
Foreclosed real estate | $ 360 | $ 105 |
FAIR VALUE MEASUREMENTS AND D84
FAIR VALUE MEASUREMENTS AND DISCLOSURES, FAIR VALUE INPUTS, QUANTITATIVE INFORMATION (Details) - Level 3 [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Appraisal collateral - appraisal approach [Member] | Minimum [Member] | Impaired loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.00% | 5.00% |
Appraisal collateral - appraisal approach [Member] | Minimum [Member] | Foreclosed real estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 15.00% | 15.00% |
Appraisal collateral - appraisal approach [Member] | Maximum [Member] | Impaired loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 10.00% | 25.00% |
Appraisal collateral - appraisal approach [Member] | Maximum [Member] | Foreclosed real estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 15.00% | 15.00% |
Appraisal collateral - appraisal approach [Member] | Weighted Average [Member] | Impaired loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | 13.00% |
Appraisal collateral - appraisal approach [Member] | Weighted Average [Member] | Foreclosed real estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 15.00% | 15.00% |
Appraisal collateral - cost to sell approach [Member] | Minimum [Member] | Impaired loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | 6.00% |
Appraisal collateral - cost to sell approach [Member] | Minimum [Member] | Foreclosed real estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 6.00% | 6.00% |
Appraisal collateral - cost to sell approach [Member] | Maximum [Member] | Impaired loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 15.00% | 50.00% |
Appraisal collateral - cost to sell approach [Member] | Maximum [Member] | Foreclosed real estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | 8.00% |
Appraisal collateral - cost to sell approach [Member] | Weighted Average [Member] | Impaired loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 14.00% | 13.00% |
Appraisal collateral - cost to sell approach [Member] | Weighted Average [Member] | Foreclosed real estate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 7.00% | 7.00% |
FAIR VALUE MEASUREMENTS AND D85
FAIR VALUE MEASUREMENTS AND DISCLOSURES, FAIR VALUE MEASUREMENTS BY BALANCE SHEET GROUPING (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets [Abstract] | ||
Investment securities - available-for-sale | $ 98,942 | $ 88,073 |
Investment securities - held-to-maturity | 45,515 | 42,139 |
Carrying Amounts [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 15,245 | 11,356 |
Investment securities - available-for-sale | 1,267 | 1,340 |
Accrued interest receivable | 2,053 | 1,849 |
Financial liabilities [Abstract] | ||
Demand Deposits, Savings, NOW and MMDA | 343,853 | 263,004 |
Accrued interest payable | 199 | 63 |
Carrying Amounts [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 97,362 | 86,733 |
Investment securities - held-to-maturity | 44,297 | 40,875 |
Federal Home Loan Bank stock | 2,424 | 3,454 |
Financial liabilities [Abstract] | ||
Time Deposits | 146,462 | 152,564 |
Borrowings | 41,300 | 66,100 |
Subordinated loans | 14,991 | 5,155 |
Interest rate swap derivative | 27 | 82 |
Carrying Amounts [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 313 | 0 |
Net loans | 424,732 | 382,189 |
Estimated Fair Values [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 15,245 | 11,356 |
Investment securities - available-for-sale | 1,267 | 1,340 |
Accrued interest receivable | 2,053 | 1,849 |
Financial liabilities [Abstract] | ||
Demand Deposits, Savings, NOW and MMDA | 343,852 | 263,004 |
Accrued interest payable | 199 | 63 |
Estimated Fair Values [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 97,362 | 86,733 |
Investment securities - held-to-maturity | 45,515 | 42,139 |
Federal Home Loan Bank stock | 2,424 | 3,454 |
Financial liabilities [Abstract] | ||
Time Deposits | 146,158 | 152,457 |
Borrowings | 41,282 | 66,282 |
Subordinated loans | 14,027 | 4,799 |
Interest rate swap derivative | 27 | 82 |
Estimated Fair Values [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 313 | 0 |
Net loans | $ 428,410 | $ 388,151 |
PARENT COMPANY - FINANCIAL IN86
PARENT COMPANY - FINANCIAL INFORMATION (Details) - USD ($) | Oct. 16, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets [Abstract] | |||||
Cash on deposit at Pathfinder Bank | $ 9,624,000 | $ 6,822,000 | |||
Investments | 98,942,000 | 88,073,000 | |||
Other assets | 4,845,000 | 4,869,000 | |||
Total assets | 623,254,000 | 561,024,000 | |||
Liabilities and Shareholders' Equity [Abstract] | |||||
Shareholders' equity | 70,805,000 | 68,790,000 | |||
Total liabilities and shareholders' equity | 623,254,000 | 561,024,000 | |||
Income [Abstract] | |||||
Total interest income | $ 21,424,000 | $ 19,699,000 | |||
Expenses [Abstract] | |||||
Interest | 2,657,000 | 2,614,000 | |||
Operating, net | 2,317,000 | 1,928,000 | |||
Loss before taxes and equity in undistributed net income of subsidiaries | 4,003,000 | 3,954,000 | |||
Tax benefit | (1,071,000) | (1,153,000) | |||
Net income attributable to Pathfinder Bancorp, Inc. | 2,932,000 | 2,801,000 | |||
Operating Activities [Abstract] | |||||
Net Income | 2,932,000 | 2,801,000 | |||
Stock based compensation and ESOP expense | 354,000 | 279,000 | |||
Net change in other assets and liabilities | (600,000) | 393,000 | |||
Net cash flows from operating activities | 6,311,000 | 5,027,000 | |||
Investing Activities [Abstract] | |||||
Net cash flows from investing activities | (61,485,000) | (64,476,000) | |||
Financing activities [Abstract] | |||||
Proceeds from exercise of stock options | 9,000 | 18,000 | |||
Proceeds from subordinated debt | 9,836,000 | 0 | |||
Net proceeds from stock offering and conversion | $ 24,913,000 | 0 | 24,913,000 | ||
Cash dividends paid to preferred shareholder | (130,000) | (62,000) | |||
Cash dividends paid to common shareholders | (609,000) | (316,000) | |||
Purchase of shares by ESOP | 0 | (1,054,000) | |||
Net cash flows from financing activities | 59,063,000 | 54,230,000 | |||
Change in cash and cash equivalents | 3,889,000 | (5,219,000) | |||
Cash and cash equivalents at beginning of period | 11,356,000 | 16,575,000 | |||
Cash and cash equivalents at end of period | 11,356,000 | 16,575,000 | 15,245,000 | 11,356,000 | |
Parent Company [Member] | |||||
Assets [Abstract] | |||||
Cash on deposit at Pathfinder Bank | 21,418,000 | 12,557,000 | |||
Investments | 358,000 | 43,000 | |||
Investments in bank subsidiary | 64,519,000 | 61,723,000 | |||
Investment in non-bank subsidiary | 155,000 | 155,000 | |||
Other assets | 185,000 | 134,000 | |||
Total assets | 86,635,000 | 74,612,000 | |||
Liabilities and Shareholders' Equity [Abstract] | |||||
Accrued liabilities | 415,000 | 253,000 | |||
Subordinated loans | 14,991,000 | 5,155,000 | |||
Shareholders' equity | 71,229,000 | 69,204,000 | |||
Total liabilities and shareholders' equity | 86,635,000 | 74,612,000 | |||
Income [Abstract] | |||||
Dividends from bank subsidiary | 0 | 0 | |||
Dividends from non-bank subsidiary | 4,000 | 4,000 | |||
Total interest income | 4,000 | 4,000 | |||
Expenses [Abstract] | |||||
Interest | 300,000 | 161,000 | |||
Operating, net | 248,000 | 171,000 | |||
Total expenses | 548,000 | 332,000 | |||
Loss before taxes and equity in undistributed net income of subsidiaries | (544,000) | (328,000) | |||
Tax benefit | 162,000 | 98,000 | |||
Loss before equity in undistributed net income of subsidiaries | (382,000) | (230,000) | |||
Equity in undistributed net income of subsidiaries | 3,271,000 | 2,975,000 | |||
Net income attributable to Pathfinder Bancorp, Inc. | 2,889,000 | 2,745,000 | |||
Operating Activities [Abstract] | |||||
Net Income | 2,889,000 | 2,745,000 | |||
Equity in undistributed net income of subsidiaries | (3,271,000) | (2,975,000) | |||
Stock based compensation and ESOP expense | 354,000 | 279,000 | |||
Net change in other assets and liabilities | 95,000 | 262,000 | |||
Net cash flows from operating activities | 67,000 | 311,000 | |||
Investing Activities [Abstract] | |||||
Purchase of investments | (312,000) | 0 | |||
Capital contributed to wholly-owned bank subsidiary | 0 | (12,400,000) | |||
Net cash flows from investing activities | (312,000) | (12,400,000) | |||
Financing activities [Abstract] | |||||
Proceeds from exercise of stock options | 9,000 | 18,000 | |||
Proceeds from subordinated debt | 9,836,000 | 0 | |||
Net proceeds from stock offering and conversion | $ 24,913,000 | 0 | 24,913,000 | ||
Cash dividends paid to preferred shareholder | (130,000) | (62,000) | |||
Cash dividends paid to common shareholders | (609,000) | (316,000) | |||
Purchase of shares by ESOP | 0 | (1,054,000) | |||
Net cash flows from financing activities | 9,106,000 | 23,499,000 | |||
Change in cash and cash equivalents | 8,861,000 | 11,410,000 | |||
Cash and cash equivalents at beginning of period | 12,557,000 | 1,147,000 | |||
Cash and cash equivalents at end of period | $ 12,557,000 | $ 1,147,000 | $ 21,418,000 | $ 12,557,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)Director | Dec. 31, 2014USD ($) | |
Loans to Related Parties [Roll Forward] | ||
Rent expense | $ 135,000 | $ 98,000 |
Directors, Executive Officers and Affiliates [Member] | ||
Loans to Related Parties [Roll Forward] | ||
Balance at the beginning of the year | 7,773,000 | |
Originations | 3,549,000 | |
Principal payments | (998,000) | |
Balance at the end of the year | 10,324,000 | 7,773,000 |
Deposits of related parties | $ 2,000,000 | 1,500,000 |
Directors [Member] | ||
Loans to Related Parties [Roll Forward] | ||
Number of directors participating in the land lease | Director | 1 | |
Rent expense | $ 6,000 | $ 6,000 |
CONVERSION AND REORGANIZATION (
CONVERSION AND REORGANIZATION (Details) | Oct. 16, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares |
Conversion of Stock [Line Items] | |||
Net offering proceeds of common stock | $ 24,913,000 | $ 0 | $ 24,913,000 |
Ratio of conversion of shares | 1.6472 | ||
Common stock conversion features | Shareholders of the Company received 1.6472 shares of New Pathfinder’s common stock for each share of the Company’s common stock they owned immediately prior to completion of the transaction. Cash in lieu of fractional shares was paid based on the offering price of $10.00 per share. | ||
Cash in lieu of fractional shares (in dollars per share) | $ / shares | $ 10 | ||
Common stock, share outstanding (in shares) | shares | 4,353,850 | 4,352,203 | |
Cash received from acquisition | $ 197,000 | ||
New Pathfinder [Member] | |||
Conversion of Stock [Line Items] | |||
Percentage owned by holding company | 60.40% | ||
Number of shares of common stock sold (in shares) | shares | 2,636,053 | 2,636,053 | |
Common stock sold per share (in dollar per share) | $ / shares | $ 10 | $ 10 | |
Gross offering proceeds of common stock | $ 26,400,000 | ||
Net offering proceeds of common stock | 24,913,000 | $ 0 | $ 24,913,000 |
Cost related to offering | 1,500,000 | ||
Cash received from acquisition | $ 197,000 |
ACCUMULATED OTHER COMPREHENSI89
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning balance | $ (2,119) | $ (1,745) | |
Other comprehensive (loss) income before reclassifications | (341) | (251) | |
Amounts reclassified from AOCI | (105) | (123) | |
Ending balance | (2,565) | (2,119) | |
Interest on long term borrowings | (257) | (395) | |
Salaries and employee benefits | (9,687) | (8,795) | |
Net gains on sales and redemptions of investment securities | 422 | 310 | |
Provision for income taxes | (1,071) | (1,153) | |
Net income attributable to Pathfinder Bancorp, Inc. | 2,932 | 2,801 | |
Retirement Plans [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning balance | (1,794) | (982) | |
Other comprehensive (loss) income before reclassifications | (161) | (838) | |
Amounts reclassified from AOCI | 111 | 26 | |
Ending balance | (1,844) | (1,794) | |
Unrealized Gains and Losses on Financial Derivative [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning balance | (49) | (81) | |
Other comprehensive (loss) income before reclassifications | (4) | (5) | |
Amounts reclassified from AOCI | 37 | 37 | |
Ending balance | (16) | (49) | |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning balance | 457 | 99 | |
Other comprehensive (loss) income before reclassifications | (255) | 544 | |
Amounts reclassified from AOCI | (253) | (186) | |
Ending balance | (51) | 457 | |
Securities reclassified from AFS to HTM [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Beginning balance | (733) | (781) | |
Other comprehensive (loss) income before reclassifications | 79 | 48 | |
Amounts reclassified from AOCI | 0 | 0 | |
Ending balance | (654) | (733) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retirement Plans [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Salaries and employee benefits | [1],[2] | (185) | (43) |
Provision for income taxes | [1] | 74 | 17 |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | (111) | (26) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Financial Derivative [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Interest on long term borrowings | [1] | (61) | (62) |
Provision for income taxes | [1] | 24 | 25 |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | (37) | (37) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net gains on sales and redemptions of investment securities | [1] | 422 | 310 |
Provision for income taxes | [1] | (169) | (124) |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | $ 253 | $ 186 |
[1] | Amounts in parentheses indicates debits in net income. | ||
[2] | These items are included in net periodic pension cost. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Feb. 16, 2016 | Oct. 02, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 15, 2015 |
Subsequent Event [Line Items] | |||||
Subordinated loan face value | $ 5,000,000 | ||||
Cash dividends paid to preferred shareholder - SBLF | 130,000 | $ 62,000 | |||
Subordinated Note [Member] | |||||
Subsequent Event [Line Items] | |||||
Subordinated loan face value | $ 10,000,000 | ||||
Subordinated effective interest rate | 6.44% | ||||
Preferred Stock SBLF [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred stock dividend rate | 4.20% | 1.00% | |||
Preferred dividends payable amount | $ 1,200,000 | ||||
Cash dividends paid to preferred shareholder - SBLF | $ 130,000 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred stock dividend rate | 9.00% | ||||
Subsequent Event [Member] | Subordinated Note [Member] | |||||
Subsequent Event [Line Items] | |||||
Subordinated loan face value | $ 10,000,000 | ||||
Subordinated effective interest rate | 6.44% | ||||
Annual increase in interest expense | $ 644,000 | ||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Redeemed shares (in shares) | (13,000) | ||||
Payment for redeemed shares | $ (13,000,000) | ||||
Subsequent Event [Member] | Preferred Stock SBLF [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred dividends payable amount | 1,200,000 | ||||
Dividend payable after retirement of preferred stock | $ 0 |