Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 11, 2016 | |
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 Common Stock, Shares Outstanding | 4,358,144 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 12,296 | $ 9,624 |
Interest earning deposits | 12,800 | 5,621 |
Total cash and cash equivalents | 25,096 | 15,245 |
Available-for-sale securities, at fair value | 116,395 | 98,942 |
Held-to-maturity securities, at amortized cost (fair value of $43,887 and $45,515, respectively) | 42,126 | 44,297 |
Federal Home Loan Bank stock, at cost | 4,036 | 2,424 |
Loans | 450,581 | 430,438 |
Less: Allowance for loan losses | 5,930 | 5,706 |
Loans receivable, net | 444,651 | 424,732 |
Premises and equipment, net | 14,880 | 14,834 |
Accrued interest receivable | 2,069 | 2,053 |
Foreclosed real estate | 506 | 517 |
Intangible assets, net | 206 | 214 |
Goodwill | 4,536 | 4,536 |
Bank owned life insurance | 11,297 | 10,615 |
Other assets | 5,173 | 4,845 |
Total assets | 670,971 | 623,254 |
Deposits: | ||
Interest-bearing | 458,104 | 428,636 |
Noninterest-bearing | 67,964 | 61,679 |
Total deposits | 526,068 | 490,315 |
Short-term borrowings | 49,950 | 24,800 |
Long-term borrowings | 13,500 | 16,500 |
Subordinated loans | 15,008 | 14,991 |
Accrued interest payable | 39 | 199 |
Other liabilities | 6,283 | 5,220 |
Total liabilities | 610,848 | 552,025 |
Shareholders' equity: | ||
Preferred stock - SBLF, par value $0.01 per share; $1,000 liquidation preference; 13,000 shares authorized; 0 shares and 13,000 shares issued and outstanding, respectively | 0 | 13,000 |
Common stock, par value $0.01; 25,000,000 authorized shares; 4,358,144 and 4,353,850 shares issued and 4,358,144 and 4,353,850 shares outstanding, respectively | 44 | 44 |
Additional paid in capital | 28,870 | 28,717 |
Retained earnings | 34,244 | 33,183 |
Accumulated other comprehensive loss | (1,985) | (2,565) |
Unearned ESOP | (1,484) | (1,574) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 59,689 | 70,805 |
Noncontrolling interest | 434 | 424 |
Total equity | 60,123 | 71,229 |
Total liabilities and shareholders' equity | $ 670,971 | $ 623,254 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Held-to-maturity securities at fair value | $ 43,887 | $ 45,515 |
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) | 4,358,144 | 4,353,850 |
Common stock, shares outstanding (in shares) | 4,358,144 | 4,353,850 |
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) | 0 | 13,000 |
Preferred stock, shares outstanding (in shares) | 0 | 13,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and dividend income: | ||||
Loans, including fees | $ 5,047 | $ 4,551 | $ 9,971 | $ 8,950 |
Debt securities: | ||||
Taxable | 581 | 516 | 1,137 | 975 |
Tax-exempt | 200 | 190 | 391 | 387 |
Dividends | 26 | 40 | 53 | 69 |
Federal funds sold and interest earning deposits | 12 | 5 | 26 | 7 |
Total interest and dividend income | 5,866 | 5,302 | 11,578 | 10,388 |
Interest expense: | ||||
Interest on deposits | 572 | 483 | 1,147 | 928 |
Interest on short-term borrowings | 29 | 35 | 51 | 72 |
Interest on long-term borrowings | 71 | 65 | 143 | 126 |
Interest on subordinated loans | 201 | 40 | 404 | 80 |
Total interest expense | 873 | 623 | 1,745 | 1,206 |
Net interest income | 4,993 | 4,679 | 9,833 | 9,182 |
Provision for loan losses | 150 | 401 | 360 | 784 |
Net interest income after provision for loan losses | 4,843 | 4,278 | 9,473 | 8,398 |
Noninterest income: | ||||
Service charges on deposit accounts | 285 | 288 | 572 | 554 |
Earnings and gain on bank owned life insurance | 66 | 65 | 146 | 149 |
Loan servicing fees | 31 | 41 | 65 | 93 |
Net gains on sales and redemptions of investment securities | 132 | 49 | 212 | 101 |
Net losses on sales of loans and foreclosed real estate | (10) | (4) | (10) | (4) |
Debit card interchange fees | 141 | 136 | 276 | 259 |
Other charges, commissions & fees | 381 | 377 | 766 | 665 |
Total noninterest income | 1,026 | 952 | 2,027 | 1,817 |
Noninterest expense: | ||||
Salaries and employee benefits | 2,653 | 2,356 | 5,338 | 4,738 |
Building occupancy | 425 | 441 | 888 | 944 |
Data processing | 419 | 354 | 841 | 742 |
Professional and other services | 221 | 229 | 418 | 449 |
Advertising | 189 | 114 | 329 | 236 |
FDIC assessments | 108 | 102 | 216 | 197 |
Audits and exams | 82 | 59 | 158 | 120 |
Other expenses | 681 | 577 | 1,293 | 1,030 |
Total noninterest expenses | 4,778 | 4,232 | 9,481 | 8,456 |
Income before income taxes | 1,091 | 998 | 2,019 | 1,759 |
Provision for income taxes | 225 | 290 | 498 | 514 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 866 | 708 | 1,521 | 1,245 |
Net income attributable to noncontrolling interest | 34 | 14 | 28 | 22 |
Net income attributable to Pathfinder Bancorp, Inc. | 832 | 694 | 1,493 | 1,223 |
Preferred stock dividends | 0 | 33 | 16 | 65 |
Net income available to common shareholders | $ 832 | $ 661 | $ 1,477 | $ 1,158 |
Earnings per common share - basic (in dollars per share) | $ 0.20 | $ 0.16 | $ 0.36 | $ 0.28 |
Earnings per common share - diluted (in dollars per share) | 0.20 | 0.16 | 0.35 | 0.28 |
Dividends per common share (in dollars per share) | $ 0.05 | $ 0.03 | $ 0.10 | $ 0.06 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | |||||
Net Income | $ 866 | $ 708 | $ 1,521 | $ 1,245 | |
Retirement Plans: | |||||
Retirement plan net losses recognized in plan expenses | 54 | 45 | 109 | 90 | |
Plan (losses) not recognized in plan expenses | 0 | 0 | 0 | 0 | |
Net unrealized gain on retirement plans | 54 | 45 | 109 | 90 | |
Unrealized holding gains on financial derivative: | |||||
Change in unrealized holding gains (losses) on financial derivative | 3 | (5) | 2 | (6) | |
Reclassification adjustment for interest expense included in net income | 11 | 15 | 25 | 31 | |
Net unrealized gain on financial derivative | 14 | 10 | 27 | 25 | |
Unrealized holding gains (losses) on available for sale securities | |||||
Unrealized holding gains (losses) arising during the period | 6 | (878) | 548 | (413) | |
Reclassification adjustment for net gains (losses) included in net income | 132 | (49) | 212 | (101) | |
Net unrealized gain (losses) on available for sale securities | 138 | (927) | 760 | (514) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 35 | 32 | 70 | 65 |
Other comprehensive income (losses), before tax | 241 | (840) | 966 | (334) | |
Tax effect | (95) | 336 | (386) | 134 | |
Other comprehensive income (losses), net of tax | 146 | (504) | 580 | (200) | |
Comprehensive income | 1,012 | 204 | 2,101 | 1,045 | |
Comprehensive income attributable to noncontrolling interest | 34 | 14 | 28 | 22 | |
Comprehensive income attributable to Pathfinder Bancorp, Inc. | 978 | 190 | 2,073 | 1,023 | |
Tax Effect Allocated to Each Component of Other Comprehensive Income | |||||
Retirement plan net losses recognized in plan expenses | (21) | (18) | (44) | (36) | |
Change in unrealized holding (losses) gains on financial derivative | (2) | 2 | (1) | 2 | |
Reclassification adjustment for interest expense included in net income | (4) | (6) | (10) | (12) | |
Unrealized holding (losses) gains arising during the period | (2) | 351 | (219) | 165 | |
Reclassification adjustment for net (losses) gains included in net income | (52) | 20 | (84) | 41 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | (14) | (13) | (28) | (26) |
Income tax effect related to other comprehensive income | $ (95) | $ 336 | $ (386) | $ 134 | |
[1] | The accretion of the unrealized holding losses in accumulated other comprehensive loss at the date of transfer at September 30, 2013 partially offsets the amortization of the difference between the par value and the fair value of the investment securities at the date of transfer, and is an adjustment of yield. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Unearned ESOP [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2014 | $ 13,000 | $ 44 | $ 28,534 | $ 31,085 | $ (2,119) | $ (1,754) | $ 414 | $ 69,204 |
Net income | 0 | 0 | 0 | 1,223 | 0 | 0 | 22 | 1,245 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (200) | 0 | 0 | (200) |
Preferred stock dividends - SBLF | 0 | 0 | 0 | (65) | 0 | 0 | 0 | (65) |
ESOP shares earned | 0 | 0 | 38 | 0 | 0 | 90 | 0 | 128 |
Stock based compensation | 0 | 0 | 42 | 0 | 0 | 0 | 0 | 42 |
Common stock dividends declared | 0 | 0 | 0 | (247) | 0 | 0 | 0 | (247) |
Distributions from affiliates | 0 | 0 | 0 | 0 | 0 | (33) | (33) | |
Balance at Jun. 30, 2015 | 13,000 | 44 | 28,614 | 31,996 | (2,319) | (1,664) | 403 | 70,074 |
Net income | 708 | |||||||
Other comprehensive income (loss), net of tax | (504) | |||||||
Balance at Jun. 30, 2015 | 13,000 | 44 | 28,614 | 31,996 | (2,319) | (1,664) | 403 | 70,074 |
Balance at Dec. 31, 2015 | 13,000 | 44 | 28,717 | 33,183 | (2,565) | (1,574) | 424 | 71,229 |
Net income | 0 | 0 | 0 | 1,493 | 0 | 0 | 28 | 1,521 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 580 | 0 | 0 | 580 |
Preferred stock, redemption | (13,000) | 0 | 0 | 0 | 0 | 0 | 0 | (13,000) |
Preferred stock dividends - SBLF | 0 | 0 | 0 | (16) | 0 | 0 | 0 | (16) |
ESOP shares earned | 0 | 0 | 54 | 0 | 0 | 90 | 0 | 144 |
Stock based compensation | 0 | 0 | 76 | 0 | 0 | 0 | 0 | 76 |
Stock options exercised | 0 | 0 | 23 | 0 | 0 | 0 | 0 | 23 |
Common stock dividends declared | 0 | 0 | 0 | (416) | 0 | 0 | 0 | (416) |
Distributions from affiliates | 0 | 0 | 0 | 0 | 0 | 0 | (18) | (18) |
Balance at Jun. 30, 2016 | 0 | 44 | 28,870 | 34,244 | (1,985) | (1,484) | 434 | 60,123 |
Net income | 866 | |||||||
Other comprehensive income (loss), net of tax | 146 | |||||||
Balance at Jun. 30, 2016 | $ 0 | $ 44 | $ 28,870 | $ 34,244 | $ (1,985) | $ (1,484) | $ 434 | $ 60,123 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
ESOP shares earned (in shares) | 12,221 | 12,222 |
Common stock dividends declared (in dollars per share) | $ 0.10 | $ 0.06 |
Preferred Stock [Member] | ||
Preferred stock redemption (in shares) | (13,000) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 1,493 | $ 1,223 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 360 | 784 |
Realized losses (gains) on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | 10 | 4 |
Available-for-sale investment securities | (211) | (101) |
Held-to-maturity investment securities | (1) | 0 |
Depreciation | 458 | 465 |
Amortization of mortgage servicing rights | 6 | 7 |
Amortization of deferred loan costs | 99 | 82 |
Amortization of deferred financing from subordinated debt | 17 | 0 |
Earnings and gain on bank owned life insurance | (146) | (149) |
Net amortization of premiums and discounts on investment securities | 585 | 436 |
Amortization of intangible assets | 8 | 9 |
Stock based compensation and ESOP expense | 220 | 170 |
Net change in accrued interest receivable | (16) | (117) |
Net change in other assets and liabilities | 373 | 683 |
Net cash flows from operating activities | 3,255 | 3,496 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (81,252) | (47,485) |
Purchase of investment securities held-to-maturity | (500) | (5,034) |
Net (purchases of) proceeds from Federal Home Loan Bank stock | (1,612) | 98 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 36,271 | 15,933 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 2,686 | 2,015 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 25,970 | 16,481 |
Held-to-maturity investment securities | 2,000 | 0 |
Real estate acquired through foreclosure | 170 | 171 |
Acquisition of insurance agency | 0 | (225) |
Net change in loans | (20,548) | (16,463) |
Purchase of premises and equipment | (504) | (503) |
Net cash flows from investing activities | (37,319) | (35,012) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 37,851 | 45,933 |
Net change in time deposits and brokered deposits | (2,098) | (3,926) |
Net change in short-term borrowings | 25,150 | (7,100) |
Payments on long-term borrowings | (3,000) | (2,000) |
Proceeds from long-term borrowings | 0 | 5,000 |
Repayment of loans on cash surrender value of bank owned life insurance | (536) | 0 |
Redemption of preferred stock - SBLF | (13,000) | 0 |
Proceeds from exercise of stock options | 23 | 0 |
Cash dividends paid to preferred shareholder - SBLF | (49) | (65) |
Cash dividends paid to common shareholders | (436) | (261) |
Change in noncontrolling interest, net | 10 | (11) |
Net cash flows from financing activities | 43,915 | 37,570 |
Change in cash and cash equivalents | 9,851 | 6,054 |
Cash and cash equivalents at beginning of period | 15,245 | 11,356 |
Cash and cash equivalents at end of period | 25,096 | 17,410 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 1,905 | 1,209 |
Income taxes | 513 | 462 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | $ 170 | $ 275 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements of Pathfinder Bancorp, Inc., (the "Company"), Pathfinder Bank (the "Bank") and its other wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a complete presentation of consolidated financial condition, results of operations and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Certain amounts in the 2015 consolidated financial statements may have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income or comprehensive income as previously reported. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain policies inherently have a greater reliance on the use of estimates, assumptions, and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions, and judgments are necessary when assets and liabilities are required to be recorded at fair value or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and information used to record valuation adjustments for certain assets and liabilities are based on quoted market prices or are provided by other third-party sources, when available. When third party information is not available, valuation adjustments are estimated in good faith by management. Although the Company owns, through its subsidiary Pathfinder Risk Management Company, Inc., 51% of the membership interest in FitzGibbons Agency, LLC ("Agency"), the Company is required to consolidate 100% of the Agency within the consolidated financial statements. The 49% of which the Company does not own is accounted for separately as noncontrolling interests within the consolidated financial statements. 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 issuance on October 15, 2015 of the $10.0 million Subordinated Loan with an effective annual interest rate of 6.44%. The issuance of the Subordinated Loan has increased interest expense by approximately $644,000 per year, but prospectively reduced the future amount payable to the SBLF in preferred stock dividends. Had the preferred stock not been retired, effective April 1, 2016, the annual dividend rate for the preferred stock would have been 9.0%. Therefore, the retirement of the $13.0 million of the SBLF Preferred Series B stock has resulted in an annual reduction of dividends payable to the preferred shareholder of $1.2 million. The Company paid preferred stock dividends totaling $16,000 in 2016 and $130,000 in 2015. These transactions had no effect on the regulatory capital position of the Bank. On June 1, 2016, the Company announced that it had completed the process of its previously announced restructuring plan to combine the operations of its subsidiaries, Pathfinder Bank and Pathfinder Commercial Bank, into a single New York State chartered commercial bank. This transaction was completed on May 31, 2016. Simultaneously with the combination, Pathfinder Commercial Bank's charter was amended such that Pathfinder Commercial Bank became a full-service commercial bank, rather than a limited purpose commercial bank, which it was previously, and its name was changed to "Pathfinder Bank". The transaction is expected to have little impact on the investments or operations of the Bank, although the Bank expects some annual operating cost savings as a result of the combination. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements On June 16, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The new CECL model will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses ("ECL") methodology should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. Generally, the initial estimate of the ECL and subsequent changes in the estimate will be reported in current earnings. The ECL will be recorded through an allowance for loan and lease losses ("ALLL") in the statement of financial position. Current GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable that a loss has been incurred. The current model therefore generally restricts an organization's ability to record credit losses that are expected, but do not yet meet the "probable" threshold. The ASU also significantly amends the current available-for-sale ("AFS") security other-than-temporary impairment ("OTTI") model for debt securities. The new model will require an estimate of ECL only when the fair value is below the amortized cost of the asset. The length of time that the fair value of an AFS debt security has been below the amortized cost will no longer impact the determination of whether a credit loss exists. In addition, credit losses on AFS debt securities will now be limited to the difference between the security's amortized cost basis and its fair value. The AFS debt security model will also require the use of an allowance to record estimated credit losses (and subsequent recoveries). The new guidance addresses purchased financial assets with credit deterioration ("PCD"). The new model applies to purchased financial assets (measured at amortized cost or held as AFS) that have experienced more than insignificant credit deterioration since origination. This represents a change from the scope of what are considered purchased credit-impaired assets under the current model. Different than the accounting for originated or purchased assets that do not qualify as PCD, the initial estimate of expected credit losses for a PCD would be recognized through an ALLL with an offset to the cost basis of the related financial asset at acquisition (i.e., there is no impact to net income at initial recognition). Subsequently, the accounting will follow the applicable CECL or AFS debt security impairment model with all adjustments of the ALLL recognized through earnings. ASU 2016-13 also expands the disclosure requirements regarding an entity's assumptions, models, and methods for estimating the ALLL. In addition, public business entities ("PBEs") will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This disclosure will not be required for other reporting entities. For PBEs that are U.S. Securities and Exchange Commission (SEC) filers, such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The provisions of this new accounting standard are complex and will require substantial analysis prior to the ASU's implementation. The Company's management is currently in the process of evaluating the impact that this standard will have on its consolidated financial statements. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per Common Share [Abstract] | |
Earnings per Common Share | Note 3: Earnings per Common 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 stock options, not included in the computation below, were 280,396 for the three months ended June 30, 2016 and 148,434 for the six months ended June 30, 2016 and were -0- for the three months ended June 30, 2015 and 8,236 for the six months ended June 30, 2015. 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. Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2016 2015 2016 2015 Basic Earnings Per Common Share Net income available to common shareholders $ 832 $ 661 $ 1,477 $ 1,158 Weighted average common shares outstanding 4,149 4,120 4,145 4,117 Basic earnings per common share $ 0.20 $ 0.16 $ 0.36 $ 0.28 Diluted Earnings Per Common Share Net income available to common shareholders $ 832 $ 661 $ 1,477 $ 1,158 Weighted average common shares outstanding 4,149 4,120 4,145 4,117 Effect of assumed exercise of stock options 84 67 81 62 Diluted weighted average common shares outstanding 4,233 4,187 4,226 4,179 Diluted earnings per common share $ 0.20 $ 0.16 $ 0.35 $ 0.28 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investment Securities [Abstract] | |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities are summarized as follows: June 30, 2016 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 $ 28,041 $ 9 $ (16 ) $ 28,034 State and political subdivisions 11,804 155 (17 ) 11,942 Corporate 12,501 113 (26 ) 12,588 Asset backed securities 2,564 - - 2,564 Residential mortgage-backed - US agency 23,526 213 - 23,739 Collateralized mortgage obligations - US agency 29,711 216 (84 ) 29,843 Collateralized mortgage obligations - Private Label 5,808 - (32 ) 5,776 Total 113,955 706 (175 ) 114,486 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 - (8 ) 635 Large cap equity fund 456 155 - 611 Common stock - Financial services industry 663 - - 663 Total 1,762 155 (8 ) 1,909 Total available-for-sale $ 115,717 $ 861 $ (183 ) $ 116,395 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 5,874 $ 178 $ - $ 6,052 State and political subdivisions 21,578 1,095 - 22,673 Corporate 4,607 46 (13 ) 4,640 Residential mortgage-backed - US agency 7,146 248 - 7,394 Collateralized mortgage obligations - US agency 2,921 207 - 3,128 Total held-to-maturity $ 42,126 $ 1,774 $ (13 ) $ 43,887 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 Collateralized mortgage obligations - Private Label - - - - 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 The amortized cost and estimated fair value of debt investments at June 30, 2016 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 $ 17,920 $ 17,926 $ 205 $ 206 Due after one year through five years 28,110 28,240 10,075 10,386 Due after five years through ten years 6,445 6,519 17,633 18,427 Due after ten years 2,435 2,443 4,146 4,346 Sub-total 54,910 55,128 32,059 33,365 Residential mortgage-backed - US agency 23,526 23,739 7,146 7,394 Collateralized mortgage obligations - US agency 29,711 29,843 2,921 3,128 Collateralized mortgage obligations - Private label 5,808 5,776 - - Totals $ 113,955 $ 114,486 $ 42,126 $ 43,887 The Company's investment securities' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: June 30, 2016 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale US Treasury, agencies and GSE's 4 $ (16 ) $ 11,991 - $ - $ - 4 $ (16 ) $ 11,991 State and political subdivisions 9 (17 ) 2,572 - - - 9 (17 ) 2,572 Corporate - - - 2 (26 ) 2,157 2 (26 ) 2,157 Equity and other investments 1 (8 ) 635 - - - 1 (8 ) 635 Residential mortgage-backed - US agency 1 - 659 - - - 1 - 659 Collateralized mortgage obligations - US agency 5 (32 ) 5,930 6 (52 ) 3,872 11 (84 ) 9,802 Collateralized mortgage obligations - Private label 2 (32 ) 2,127 - - - 2 (32 ) 2,127 Totals 22 $ (105 ) $ 23,914 8 $ (78 ) $ 6,029 30 $ (183 ) $ 29,943 Held-to-Maturity US Treasury, agencies and GSE's - $ - $ - - $ - $ - - $ - $ - Corporate 1 (13 ) 840 - - - 1 (13 ) 840 Residential mortgage-backed - US agency - - - - - - - - - Totals 1 $ (13 ) $ 840 - $ - $ - 1 $ (13 ) $ 840 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 (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value 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 Collateralized mortgage obligations - Private label - - - - - - - - - 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 Corporate 1 (3 ) 225 - - - 1 (3 ) 225 Residential mortgage-backed - US agency 1 (5 ) 795 - - - 1 (5 ) 795 Totals 4 $ (37 ) $ 3,990 - $ - $ - 4 $ (37 ) $ 3,990 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 the securities portfolio as of June 30, 2016 represents OTTI. With the exception of certain individually small municipal bond issuances, all securities are rated above the lowest tier of investment grade by one or more nationally recognized statistical rating organizations (NRSRO) with the exception of three corporate securities that are rated at the lowest level of investment grade and three structured credit issuances, acquired in 2016, that are unrated. Nine municipal securities have been in a loss position for four months or less at June 30, 2016. Each of these has a relatively insignificant unrealized loss position. For the group, losses range from 0.01% to 1.31% of their current book values. No municipal securities are deemed to have any credit impairment at the reporting date. Two corporate securities have been in a loss position for greater than 12 months with the largest loss position being 1.57% of current book value. The two securities are rated A1 and A3 by Moody's, and A and A- by Standard & Poors, respectively. The unrealized losses reported pertaining to securities issued by the U.S. Government and its sponsored entities, include agency and mortgage-backed securities issued by FNMA, FHLMC, FHLB and FFCB which are currently rated Aaa by Moody's Investor Services, AA+ by Standard and Poors and are implicitly guaranteed by the U.S. Government. The unrealized losses reflected are primarily attributable to changes in interest rates since the securities were acquired. 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 recovery of the amortized cost. As such, management does not believe any individual unrealized loss as of June 30, 2016 represents OTTI. Two private-label mortgage-backed securities, acquired in 2016, have been in a loss position for three months or less at June 30, 2016. The largest loss position among the two securities is 1.53% of current book value. Neither security is rated by an NRSRO but management monitors their performance regularly and the securities are not deemed to have any credit-related impairment at June 30, 2016. 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. Gross realized gains (losses) on sales of securities for the indicated periods are detailed below: For the three months For the six months ended June 30, ended June 30, (In thousands) 2016 2015 2016 2015 Realized gains $ 134 $ 53 $ 229 $ 110 Realized losses (2 ) (4 ) (17 ) (9 ) $ 132 $ 49 $ 212 $ 101 As of June 30, 2016 and December 31, 2015, securities with a fair value of $74.5 million and $89.7 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $15.5 million and $17.8 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 exposure exists to sub-prime or other high-risk residential mortgages. With limited exceptions in the Company's investment portfolio involving the senior-most tranches of securitized bonds, the Company is not in the practice of investing in, or originating, these types of investments or loans. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2016 | |
Pension and Postretirement Benefits [Abstract] | |
Pension and Postretirement Benefits | Note 5: Pension and Postretirement Benefits 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 are no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. In addition, the Company provides certain health and life insurance benefits for a limited number of eligible retired employees. The healthcare plan is contributory with participants' contributions adjusted annually; the life insurance plan is noncontributory. Employees with less than 14 years of service as of January 1, 1995, are not eligible for the health and life insurance retirement benefits. The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits For the three months ended June 30, For the six months ended June 30, (In thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost $ - $ - $ - $ - $ - $ - $ - $ - Interest cost 116 117 2 5 232 234 4 9 Expected return on plan assets (238 ) (243 ) - - (476 ) (487 ) - - Amortization of net losses 56 45 (2 ) - 113 90 (4 ) - Net periodic benefit plan (benefit) cost $ (66 ) $ (81 ) $ - $ 5 $ (131 ) $ (163 ) $ - $ 9 The Company will evaluate the need for further contributions to the defined benefit pension plan during 2016. The prepaid pension asset is recorded in other assets on the statement of condition as of June 30, 2016 and December 31, 2015. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2016 | |
Loans [Abstract] | |
Loans | Note 6: Loans Major classifications of loans at the indicated dates are as follows: June 30, December 31, (In thousands) 2016 2015 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 188,455 $ 181,792 Construction 5,414 7,924 Total residential mortgage loans 193,869 189,716 Commercial loans: Real estate 132,433 129,506 Lines of credit 20,777 19,035 Other commercial and industrial 66,632 54,899 Tax exempt loans 8,265 9,081 Total commercial loans 228,107 212,521 Consumer loans: Home equity and junior liens 23,452 23,463 Other consumer 5,396 4,886 Total consumer loans 28,848 28,349 Total loans 450,824 430,586 Net deferred loan fees (243 ) (148 ) Less allowance for loan losses (5,930 ) (5,706 ) Loans receivable, net $ 444,651 $ 424,732 The Company originates residential mortgage, commercial, and consumer loans largely to customers throughout Oswego and Onondaga counties. Although the Company has a diversified loan portfolio, a substantial portion of its borrowers' abilities to honor their loan contracts is dependent upon the counties' employment and economic conditions. As of June 30, 2016 and December 31, 2015, residential mortgage loans with a carrying value of $130.9 million and $125.8 million, respectively, have been pledged by the Company to the Federal Home Loan Bank of New York ("FHLBNY") under a blanket collateral agreement to secure the Company's line of credit and term borrowings. Loan Origination / Risk Management The Company's lending policies and procedures are presented in Note 5 to the audited consolidated financial statements included in the 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2016 and have not changed. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three portfolio segments, each with different risk characteristics but with similar methodologies for assessing risk. Each portfolio segment is broken down into loan classes where appropriate. Loan classes contain unique measurement attributes, risk characteristics, and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class. The following table illustrates the portfolio segments and classes for the Company's loan portfolio: Portfolio Segment Class Residential Mortgage Loans 1-4 family first-lien residential mortgages Construction Commercial Loans Real estate Lines of credit Other commercial and industrial Tax exempt loans Consumer Loans Home equity and junior liens Other consumer The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of June 30, 2016 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 184,629 $ 512 $ 1,850 $ 1,464 $ 188,455 Construction 5,414 - - - 5,414 Total residential mortgage loans 190,043 512 1,850 1,464 193,869 Commercial loans: Real estate 124,598 4,130 3,705 - 132,433 Lines of credit 19,704 1,058 15 - 20,777 Other commercial and industrial 65,634 722 270 6 66,632 Tax exempt loans 8,265 - - - 8,265 Total commercial loans 218,201 5,910 3,990 6 228,107 Consumer loans: Home equity and junior liens 22,915 182 177 178 23,452 Other consumer 5,282 54 60 - 5,396 Total consumer loans 28,197 236 237 178 28,848 Total loans $ 436,441 $ 6,658 $ 6,077 $ 1,648 $ 450,824 As of December 31, 2015 Special (In thousands) Pass 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 Management has reviewed its loan portfolio and determined that, to the best of its knowledge, 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. Nonaccrual and Past Due Loans Loans are placed on nonaccrual when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of June 30, 2016 and December 31, 2015, are detailed in the following tables: As of June 30, 2016 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 $ 1,562 $ 546 $ 1,721 $ 3,829 $ 184,626 $ 188,455 Construction - - - - 5,414 5,414 Total residential mortgage loans 1,562 546 1,721 3,829 190,040 193,869 Commercial loans: Real estate 76 507 2,736 3,319 129,114 132,433 Lines of credit - - 100 100 20,677 20,777 Other commercial and industrial 423 701 188 1,312 65,320 66,632 Tax exempt loans - - - - 8,265 8,265 Total commercial loans 499 1,208 3,024 4,731 223,376 228,107 Consumer loans: Home equity and junior liens 118 33 395 546 22,906 23,452 Other consumer 7 53 9 69 5,327 5,396 Total consumer loans 125 86 404 615 28,233 28,848 Total loans $ 2,186 $ 1,840 $ 5,149 $ 9,175 $ 441,649 $ 450,824 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 Nonaccrual loans, segregated by class of loan, were as follows: June 30, December 31, (In thousands) 2016 2015 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,721 $ 1,715 1,721 1,715 Commercial loans: Real estate 2,736 2,694 Lines of credit 100 174 Other commercial and industrial 188 370 3,024 3,238 Consumer loans: Home equity and junior liens 395 360 Other consumer 9 5 404 365 Total nonaccrual loans $ 5,149 $ 5,318 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 Company has determined that there were no new TDRs for the three or six month period ended June 30, 2016. The Company has determined that there were no new TDRs in the three month period ended June 30, 2015 and one new TDR in the six month period ended June 30, 2015. The following details the nature of this TDR, which occurred in the first six months of 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. The Company had no loans that have been modified as TDRs during the twelve months prior to June 30, 2016, which have subsequently defaulted during the six months ended June 30, 2016. The Company had no loans that had been modified as TDRs during the twelve months prior to June 30, 2015, which had subsequently defaulted during the six months ended June 30, 2015. 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 tables summarize impaired loan information by portfolio class at the indicated dates: June 30, 2016 December 31, 2015 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 $ 469 $ 469 $ - $ 473 $ 473 $ - Commercial real estate 2,332 2,513 - 2,580 2,709 - Commercial lines of credit 410 410 - 574 597 - Other commercial and industrial 377 377 - 536 569 - Home equity and junior liens 278 278 - 187 187 - Other consumer 2 3 - 5 6 - With an allowance recorded: 1-4 family first-lien residential mortgages 131 144 39 - - - Commercial real estate 1,912 2,035 792 1,850 1,963 760 Commercial lines of credit 5 5 5 5 5 5 Other commercial and industrial 183 198 152 224 230 193 Home equity and junior liens 7 8 6 101 101 2 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 600 613 39 473 473 - Commercial real estate 4,244 4,548 792 4,430 4,672 760 Commercial lines of credit 415 415 5 579 602 5 Other commercial and industrial 560 575 152 760 799 193 Home equity and junior liens 285 286 6 288 288 2 Other consumer 2 3 - 5 6 - Totals $ 6,106 $ 6,440 $ 994 $ 6,535 $ 6,840 $ 960 The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2016 2015 2016 2015 1-4 family first-lien residential mortgages $ 602 $ 633 $ 559 $ 801 Commercial real estate 4,298 4,875 4,342 4,920 Commercial lines of credit 501 543 526 455 Other commercial and industrial 647 861 685 775 Home equity and junior liens 288 295 288 317 Other consumer 3 8 4 9 Total $ 6,339 $ 7,215 $ 6,404 $ 7,277 The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2016 2015 2016 2015 1-4 family first-lien residential mortgages $ 5 $ 5 $ 12 $ 9 Commercial real estate 27 34 52 50 Commercial lines of credit - 7 - 7 Other commercial and industrial 12 13 21 18 Home equity and junior liens 2 - 4 10 Other consumer - - - - Total $ 46 $ 59 $ 89 $ 94 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2016 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 7: Allowance for Loan Losses Summarized in the tables below are changes in the allowance for loan losses for the indicated periods and information pertaining to the allocation of the allowance for loan losses, balances of the allowance for loan losses, loans receivable based on individual, and collective impairment evaluation by loan portfolio class. An allocation of a portion of the allowance to a given portfolio class does not limit the Company's ability to absorb losses in another portfolio class. For the three months ended June 30, 2016 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 $ 642 $ - $ 2,884 $ 395 $ 1,213 Charge-offs (30 ) - - (22 ) - Recoveries 1 - - 1 3 Provisions 14 - 187 31 25 Ending balance $ 627 $ - $ 3,071 $ 405 $ 1,241 Ending balance: related to loans individually evaluated for impairment 39 - 792 5 152 Ending balance: related to loans collectively evaluated for impairment $ 588 $ - $ 2,279 $ 400 $ 1,089 Loans receivables: Ending balance $ 188,455 $ 5,414 $ 132,433 $ 20,777 $ 66,632 Ending balance: individually evaluated for impairment 600 - 4,244 415 560 Ending balance: collectively evaluated for impairment $ 187,855 $ 5,414 $ 128,189 $ 20,362 $ 66,072 Home equity Other Municipal and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 2 $ 355 $ 145 $ 215 $ 5,851 Charge-offs - (29 ) (10 ) - (91 ) Recoveries - 1 14 - 20 Provisions (1 ) 23 (2 ) (127 ) 150 Ending balance $ 1 $ 350 $ 147 $ 88 $ 5,930 Ending balance: related to loans individually evaluated for impairment - 6 - - 994 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 344 $ 147 $ 88 $ 4,936 Loans receivables: Ending balance $ 8,265 $ 23,452 $ 5,396 $ 450,824 Ending balance: individually evaluated for impairment - 285 2 6,106 Ending balance: collectively evaluated for impairment $ 8,265 $ 23,167 $ 5,394 $ 444,718 For the six months ended June 30, 2016 1-4 family first-lien Other residential Commercial Commercial commercial ( In thousands) mortgage Construction real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 581 $ - $ 2,983 $ 401 $ 1,270 Charge-offs (30 ) - - (43 ) - Recoveries 1 - - 9 7 Provisions 75 - 88 38 (36 ) Ending balance $ 627 $ - $ 3,071 $ 405 $ 1,241 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 350 $ 118 $ - $ 5,706 Charge-offs - (89 ) (19 ) - (181 ) Recoveries - 3 25 - 45 Provisions (2 ) 86 23 88 360 Ending balance $ 1 $ 350 $ 147 $ 88 $ 5,930 For the three months ended June 30, 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 $ 498 $ - $ 3,165 $ 441 $ 938 Charge-offs (27 ) - - - - Recoveries 38 - - 25 3 Provisions 35 - 123 51 169 Ending balance $ 544 $ - $ 3,288 $ 517 $ 1,110 Ending balance: related to loans individually evaluated for impairment - - 1,064 150 220 Ending balance: related to loans collectively evaluated for impairment $ 544 $ - $ 2,224 $ 367 $ 890 Loans receivables: Ending balance $ 175,978 $ 3,934 $ 126,349 $ 18,119 $ 42,290 Ending balance: individually evaluated for impairment 479 - 4,818 612 952 Ending balance: collectively evaluated for impairment $ 175,499 $ 3,934 $ 121,531 $ 17,507 $ 41,338 Home equity Other Municipal and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 4 $ 329 $ 87 $ - $ 5,462 Charge-offs - - (12 ) - (39 ) Recoveries - - 10 - 76 Provisions 1 2 20 - 401 Ending balance $ 5 $ 331 $ 105 $ - $ 5,900 Ending balance: related to loans individually evaluated for impairment - 5 - - 1,439 Ending balance: related to loans collectively evaluated for impairment $ 5 $ 326 $ 105 $ - $ 4,461 Loans receivables: Ending balance $ 9,606 $ 22,591 $ 4,610 $ 403,477 Ending balance: individually evaluated for impairment - 294 7 7,162 Ending balance: collectively evaluated for impairment $ 9,606 $ 22,297 $ 4,603 $ 396,315 For the six months ended June 30, 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 (165 ) - (29 ) (10 ) (108 ) Recoveries 38 - - 36 5 Provisions 162 - 516 31 179 Ending balance $ 544 $ - $ 3,288 $ 517 $ 1,110 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 - - (32 ) - (344 ) Recoveries - 7 25 - 111 Provisions 2 (64 ) 14 (56 ) 784 Ending balance $ 5 $ 331 $ 105 $ - $ 5,900 |
Foreclosed Real Estate
Foreclosed Real Estate | 6 Months Ended |
Jun. 30, 2016 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate | Note 8: Foreclosed Real Estate The Company is required to disclose the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession of the property at each reporting period. (Dollars in thousands) Number of properties June 30, 2016 Number of properties December 31, 2015 Foreclosed residential real estate 4 $ 170 2 $ 182 At June 30, 2016, the Company reported $ 1.1 million in residential real estate loans in the process of foreclosure. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2016 | |
Guarantees [Abstract] | |
Guarantees | Note 9: Guarantees The Company does not issue any guarantees that would require liability recognition or disclosure, other than its standby letters of credit. Generally, all letters of credit, when issued have expiration dates within one year. The credit 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. The Company had $1.9 million of standby letters of credit as of June 30, 2016. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. The fair value of standby letters of credit was not significant to the Company's consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 10: Fair Value Measurements Accounting guidance related to fair value measurements and disclosures specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. An asset's or liability's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs, minimize the use of unobservable inputs, to the extent possible, and considers counterparty credit risk in its assessment of fair value. The Company used the following methods and significant assumptions to estimate fair value: Investment securities: The fair values of 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. During the third quarter of 2015, the Company purchased $313,000 of the common stock of a community-based financial institution that conducts its operations outside of the Company's primary market area. During the second quarter of 2016, the Company purchased an additional $130,000 of this common stock. The first purchase was in conjunction with a capital raise by the financial institution that attracted multiple investors and the second purchase was made in the secondary market. The stock of this financial institution is not traded on any exchange and there are no quoted market prices available for this security (Level 3). Management has reviewed the results of the financial operations of the financial institution for the quarter ended June 30, 2016 and has concluded that this investment was appropriately valued at its acquisition cost, which was considered to be its fair value as of the measurement date. 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. Impaired loans: Impaired loans are those loans in which the Company has measured impairment based on the fair value of the loan's collateral or the discounted value of expected future cash flows. Fair value is generally determined based upon market value evaluations by third parties of the properties and/or estimates by management of working capital collateral or discounted cash flows based upon expected proceeds. These appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property), and the cost approach. Management modifies the appraised values, if needed, to take into account recent developments in the market or other factors, such as, changes in absorption rates or market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Such modifications to the appraised values could result in lower valuations of such collateral. Estimated costs to sell are based on current amounts of disposal costs for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Impaired loans are subject to nonrecurring fair value adjustment upon initial recognition or subsequent impairment. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. Foreclosed real estate: Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell ("initial cost basis"). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: June 30, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 28,034 $ - $ 28,034 State and political subdivisions - 11,942 - 11,942 Corporate - 12,588 - 12,588 Asset backed securities - 2,564 - 2,564 Residential mortgage-backed - US agency - 23,739 - 23,739 Collateralized mortgage obligations - US agency - 29,843 - 29,843 Collateralized mortgage obligations - Private label - 5,776 - 5,776 Equity investment securities: Mutual funds: Ultra short mortgage fund 635 - - 635 Large cap equity fund 611 - - 611 Common stock - financial services industry - 220 443 663 Total available-for-sale securities $ 1,246 $ 114,706 $ 443 $ 116,395 Interest rate swap derivative $ - $ - $ - $ - December 31, 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 Collateralized mortgage obligations - Private label - - - - Equity investment securities: Mutual funds: Ultra short mortgage fund 638 - - 638 Large cap equity fund 583 - - 583 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 ) The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2016 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - March 31, 2016 $ 313 Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements 130 Sales - Balance - June 30, 2016 $ 443 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ - The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2016 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - December 31, 2015 $ 313 Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements 130 Sales - Balance - June 30, 2016 $ 443 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ - The following table summarizes the valuation techniques and significant unobservable inputs used for the Company's investments that are categorized within Level 3 of the fair value hierarchy at the indicated dates: (In thousands) At June 30, 2016 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 443 Inputs to comparables Weight ascribed to comparable companies 100 % (In thousands) At December 31, 2015 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 313 Inputs to comparables Weight ascribed to comparable companies 100 % The Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2016 and December 31, 2015: June 30, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 518 $ 518 Foreclosed real estate $ - $ - $ 170 $ 170 December 31, 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,070 $ 1,070 Foreclosed real estate $ - $ - $ 360 $ 360 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At June 30, 2016 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 10% (8%) (Sales Approach) Costs to Sell 7% - 15% (13%) 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, 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%) There have been no transfers of assets into or out of any fair value measurement level during the quarter ended June 30, 2016. 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. Investment securities – The fair values of securities available-for-sale and held-to-maturity are obtained from an independent third party and are based on quoted prices on nationally recognized exchange where available (Level 1). If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities, but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service. During the third quarter of 2015, the Company purchased $313,000 of the common stock of a community-based financial institution that conducts its operations outside of the Company's primary market area. During the second quarter of 2016, the Company purchased an additional $130,000 of this common stock. The first purchase was in conjunction with a capital raise by the financial institution that attracted multiple investors and the second purchase was made in the secondary market. The stock of this financial institution is not traded on any exchange and there are no quoted market prices available for this security (Level 3). Management has reviewed the results of the financial operations of the financial institution for the quarter ended June 30, 2016 and has concluded that this investment was appropriately valued at its acquisition cost, which was considered to be its fair value as of the measurement date. Federal Home Loan Bank stock – The carrying amount of these assets approximates their fair value and are classified as Level 2. Net loans – For variable-rate loans that re-price frequently, fair value is based on carrying amounts. The fair value of other loans (for example, fixed-rate commercial real estate loans, mortgage loans, and commercial and industrial loans) is estimated using discounted cash flow analysis, based on interest rates currently being offered in the market for loans with similar terms to borrowers of similar credit quality. Loan value estimates include judgments based on expected prepayment rates. The measurement of the fair value of loans, including impaired loans, is classified within Level 3 of the fair value hierarchy. Accrued interest receivable and payable – The carrying amount of these assets approximates their fair value and are classified as Level 1. Deposits – The fair values disclosed for demand deposits (e.g., interest-bearing and noninterest-bearing checking, passbook savings and certain types of money management accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts) and are classified within Level 1 of the fair value hierarchy. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates of deposits to a schedule of aggregated expected monthly maturities on time deposits. Measurements of the fair value of time deposits are classified within Level 2 of the fair value hierarchy. Borrowings – Fixed/variable term "bullet" structures are valued using a replacement cost of funds approach. These borrowings are discounted to the FHLBNY advance curve. Option structured borrowings' fair values are determined by the FHLB for borrowings that include a call or conversion option. If market pricing is not available from this source, current market indications from the FHLBNY are obtained and the borrowings are discounted to the FHLBNY advance curve less an appropriate spread to adjust for the option. These measurements are classified as Level 2 within the fair value hierarchy. Subordinated Loans – The Company secures quotes from its pricing service based on a discounted cash flow methodology or utilizes observations of recent highly-similar transactions which result in a Level 2 classification. Interest rate swap derivative – The fair value of the interest rate swap derivative is obtained from a third party pricing agent and is calculated based on a discounted cash flow model. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. The curve utilized for discounting and projecting is built by obtaining publicly available third party market quotes for various swap maturity terms, and therefore is classified within Level 2 of the fair value hierarchy. The carrying amounts and fair values of the Company's financial instruments as of the indicated dates are presented in the following table: June 30, 2016 December 31, 2015 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 25,096 $ 25,096 $ 15,245 $ 15,245 Investment securities - available-for-sale 1 1,246 1,246 1,267 1,267 Investment securities - available-for-sale 2 114,706 114,706 97,362 97,362 Investment securities - available-for-sale 3 443 443 313 313 Investment securities - held-to-maturity 2 42,126 43,887 44,297 45,515 Federal Home Loan Bank stock 2 4,036 4,036 2,424 2,424 Net loans 3 444,651 452,752 424,732 428,410 Accrued interest receivable 1 2,069 2,069 2,053 2,053 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 382,677 $ 382,677 $ 343,853 $ 343,852 Time Deposits 2 143,391 144,295 146,462 146,158 Borrowings 2 63,450 63,643 41,300 41,282 Subordinated loans 2 15,008 13,905 14,991 14,027 Accrued interest payable 1 39 39 199 199 Interest rate swap derivative 2 - - 27 27 |
Interest Rate Derivatives
Interest Rate Derivatives | 6 Months Ended |
Jun. 30, 2016 | |
Interest Rate Derivatives [Abstract] | |
Interest Rate Derivatives | Note 11: Interest Rate Derivatives 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 10 for further discussion of the fair value of the interest rate derivative. The Company has $5.0 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 floating rate trust preferred debt to a fixed rate for a term of approximately seven years at a rate of 4.96%. This swap agreement expired in the second quarter of 2016 and was not renewed. The derivative, while in effect, was designated as a cash flow hedge. The hedging strategy ensured that changes in cash flows from the derivative would have been highly effective at offsetting changes in interest expense from the hedged exposure. The following table summarizes the fair value of the outstanding derivative and its presentation on the statements of condition: (In thousands) June 30, 2016 December 31, 2015 Cash flow hedge: Other liabilities $ - $ 27 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 periods indicated below were as follows: Three months ended June 30, (In thousands) 2016 2015 Balance as of March 31: $ (14 ) $ (67 ) Amount of losses (gains) recognized in other comprehensive income 3 (5 ) Amount of loss reclassified from other comprehensive income and recognized as interest expense 11 15 Balance as of June 30: $ - $ (57 ) Six months ended June 30, (In thousands) 2016 2015 Balance as of December 31: $ (27 ) $ (82 ) Amount of losses (gains) recognized in other comprehensive income 2 (6 ) Amount of loss reclassified from other comprehensive income and recognized as interest expense 25 31 Balance as of June 30: $ - $ (57 ) No amount of ineffectiveness had been included in earnings for prior periods and the changes in fair value were recorded in other comprehensive (loss) income. Some, or all, of the amount included in accumulated other comprehensive (loss) income would have been reclassified into current earnings should a portion of, or the entire hedge no longer been considered effective. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 12: Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the periods indicated are summarized in the table below. For the three months ended June 30, 2016 (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 $ (1,812 ) $ (8 ) $ 322 $ (633 ) $ (2,131 ) Other comprehensive income before reclassifications - 1 4 21 26 Amounts reclassified from AOCI 33 7 80 - 120 Ending balance $ (1,779 ) $ - $ 406 $ (612 ) $ (1,985 ) For the six months ended June 30, 2016 (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 $ (1,844 ) $ (16 ) $ (51 ) $ (654 ) $ (2,565 ) Other comprehensive income before reclassifications - 1 329 42 372 Amounts reclassified from AOCI 65 15 128 - 208 Ending balance $ (1,779 ) $ - $ 406 $ (612 ) $ (1,985 ) For the three months ended June 30, 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 $ (1,767 ) $ (40 ) $ 705 $ (713 ) $ (1,815 ) Other comprehensive (loss) income before reclassifications - (3 ) (527 ) 19 (511 ) Amounts reclassified from AOCI 27 9 (29 ) - 7 Ending balance $ (1,740 ) $ (34 ) $ 149 $ (694 ) $ (2,319 ) For the six months ended June 30, 2015 (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 $ (1,794 ) $ (49 ) $ 457 $ (733 ) (2,119 ) Other comprehensive (loss) income before reclassifications - (4 ) (248 ) 39 (213 ) Amounts reclassified from AOCI 54 19 (60 ) - 13 Ending balance $ (1,740 ) $ (34 ) $ 149 $ (694 ) $ (2,319 ) The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified Amount Reclassified from AOCI 1 from AOCI 1 (Unaudited) (Unaudited) (In thousands) For the three months ended For the six months ended Details about AOCI 1 June 30, 2016 June 30, 2015 Affected Line Item in the Statement of Income June 30, 2016 June 30, 2015 Unrealized holding gain on financial derivative: Reclassification adjustment for interest expense included in net income $ (11 ) $ (15 ) Interest on long term borrowings $ (25 ) $ (31 ) 4 6 Provision for income taxes 10 12 $ (7 ) $ (9 ) Net Income $ (15 ) $ (19 ) Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (54 ) $ (45 ) Salaries and employee benefits $ (109 ) $ (90 ) 21 18 Provision for income taxes 44 36 $ (33 ) $ (27 ) Net Income $ (65 ) $ (54 ) Available-for-sale securities Realized gain on sale of securities $ (132 ) $ 49 Net gains on sales and redemptions of investment securities $ (212 ) $ 101 52 (20 ) Provision for income taxes 84 (41 ) $ (80 ) $ 29 Net Income $ (128 ) $ 60 1 2 See Note 5 for additional information. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per Common Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share. Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2016 2015 2016 2015 Basic Earnings Per Common Share Net income available to common shareholders $ 832 $ 661 $ 1,477 $ 1,158 Weighted average common shares outstanding 4,149 4,120 4,145 4,117 Basic earnings per common share $ 0.20 $ 0.16 $ 0.36 $ 0.28 Diluted Earnings Per Common Share Net income available to common shareholders $ 832 $ 661 $ 1,477 $ 1,158 Weighted average common shares outstanding 4,149 4,120 4,145 4,117 Effect of assumed exercise of stock options 84 67 81 62 Diluted weighted average common shares outstanding 4,233 4,187 4,226 4,179 Diluted earnings per common share $ 0.20 $ 0.16 $ 0.35 $ 0.28 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 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 $ 28,041 $ 9 $ (16 ) $ 28,034 State and political subdivisions 11,804 155 (17 ) 11,942 Corporate 12,501 113 (26 ) 12,588 Asset backed securities 2,564 - - 2,564 Residential mortgage-backed - US agency 23,526 213 - 23,739 Collateralized mortgage obligations - US agency 29,711 216 (84 ) 29,843 Collateralized mortgage obligations - Private Label 5,808 - (32 ) 5,776 Total 113,955 706 (175 ) 114,486 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 - (8 ) 635 Large cap equity fund 456 155 - 611 Common stock - Financial services industry 663 - - 663 Total 1,762 155 (8 ) 1,909 Total available-for-sale $ 115,717 $ 861 $ (183 ) $ 116,395 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 5,874 $ 178 $ - $ 6,052 State and political subdivisions 21,578 1,095 - 22,673 Corporate 4,607 46 (13 ) 4,640 Residential mortgage-backed - US agency 7,146 248 - 7,394 Collateralized mortgage obligations - US agency 2,921 207 - 3,128 Total held-to-maturity $ 42,126 $ 1,774 $ (13 ) $ 43,887 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 Collateralized mortgage obligations - Private Label - - - - 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 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at June 30, 2016 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 $ 17,920 $ 17,926 $ 205 $ 206 Due after one year through five years 28,110 28,240 10,075 10,386 Due after five years through ten years 6,445 6,519 17,633 18,427 Due after ten years 2,435 2,443 4,146 4,346 Sub-total 54,910 55,128 32,059 33,365 Residential mortgage-backed - US agency 23,526 23,739 7,146 7,394 Collateralized mortgage obligations - US agency 29,711 29,843 2,921 3,128 Collateralized mortgage obligations - Private label 5,808 5,776 - - Totals $ 113,955 $ 114,486 $ 42,126 $ 43,887 |
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position | The Company's investment securities' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: June 30, 2016 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale US Treasury, agencies and GSE's 4 $ (16 ) $ 11,991 - $ - $ - 4 $ (16 ) $ 11,991 State and political subdivisions 9 (17 ) 2,572 - - - 9 (17 ) 2,572 Corporate - - - 2 (26 ) 2,157 2 (26 ) 2,157 Equity and other investments 1 (8 ) 635 - - - 1 (8 ) 635 Residential mortgage-backed - US agency 1 - 659 - - - 1 - 659 Collateralized mortgage obligations - US agency 5 (32 ) 5,930 6 (52 ) 3,872 11 (84 ) 9,802 Collateralized mortgage obligations - Private label 2 (32 ) 2,127 - - - 2 (32 ) 2,127 Totals 22 $ (105 ) $ 23,914 8 $ (78 ) $ 6,029 30 $ (183 ) $ 29,943 Held-to-Maturity US Treasury, agencies and GSE's - $ - $ - - $ - $ - - $ - $ - Corporate 1 (13 ) 840 - - - 1 (13 ) 840 Residential mortgage-backed - US agency - - - - - - - - - Totals 1 $ (13 ) $ 840 - $ - $ - 1 $ (13 ) $ 840 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 (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value 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 Collateralized mortgage obligations - Private label - - - - - - - - - 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 Corporate 1 (3 ) 225 - - - 1 (3 ) 225 Residential mortgage-backed - US agency 1 (5 ) 795 - - - 1 (5 ) 795 Totals 4 $ (37 ) $ 3,990 - $ - $ - 4 $ (37 ) $ 3,990 |
Gross Realized Gains (Losses) on Sale of Securities | Gross realized gains (losses) on sales of securities for the indicated periods are detailed below: For the three months For the six months ended June 30, ended June 30, (In thousands) 2016 2015 2016 2015 Realized gains $ 134 $ 53 $ 229 $ 110 Realized losses (2 ) (4 ) (17 ) (9 ) $ 132 $ 49 $ 212 $ 101 |
Pension and Postretirement Be23
Pension and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Pension and Postretirement Benefits [Abstract] | |
Composition of Net Periodic Pension and Postretirement Plan Costs | The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits For the three months ended June 30, For the six months ended June 30, (In thousands) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost $ - $ - $ - $ - $ - $ - $ - $ - Interest cost 116 117 2 5 232 234 4 9 Expected return on plan assets (238 ) (243 ) - - (476 ) (487 ) - - Amortization of net losses 56 45 (2 ) - 113 90 (4 ) - Net periodic benefit plan (benefit) cost $ (66 ) $ (81 ) $ - $ 5 $ (131 ) $ (163 ) $ - $ 9 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans [Abstract] | |
Major Classification of Loans | Major classifications of loans at the indicated dates are as follows: June 30, December 31, (In thousands) 2016 2015 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 188,455 $ 181,792 Construction 5,414 7,924 Total residential mortgage loans 193,869 189,716 Commercial loans: Real estate 132,433 129,506 Lines of credit 20,777 19,035 Other commercial and industrial 66,632 54,899 Tax exempt loans 8,265 9,081 Total commercial loans 228,107 212,521 Consumer loans: Home equity and junior liens 23,452 23,463 Other consumer 5,396 4,886 Total consumer loans 28,848 28,349 Total loans 450,824 430,586 Net deferred loan fees (243 ) (148 ) Less allowance for loan losses (5,930 ) (5,706 ) Loans receivable, net $ 444,651 $ 424,732 |
Summary of Classes of Loan Portfolio | The following table illustrates the portfolio segments and classes for the Company's loan portfolio: Portfolio Segment Class Residential Mortgage Loans 1-4 family first-lien residential mortgages Construction Commercial Loans Real estate Lines of credit Other commercial and industrial Tax exempt loans Consumer Loans Home equity and junior liens Other consumer The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of June 30, 2016 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 184,629 $ 512 $ 1,850 $ 1,464 $ 188,455 Construction 5,414 - - - 5,414 Total residential mortgage loans 190,043 512 1,850 1,464 193,869 Commercial loans: Real estate 124,598 4,130 3,705 - 132,433 Lines of credit 19,704 1,058 15 - 20,777 Other commercial and industrial 65,634 722 270 6 66,632 Tax exempt loans 8,265 - - - 8,265 Total commercial loans 218,201 5,910 3,990 6 228,107 Consumer loans: Home equity and junior liens 22,915 182 177 178 23,452 Other consumer 5,282 54 60 - 5,396 Total consumer loans 28,197 236 237 178 28,848 Total loans $ 436,441 $ 6,658 $ 6,077 $ 1,648 $ 450,824 As of December 31, 2015 Special (In thousands) Pass 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 |
Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans | An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of June 30, 2016 and December 31, 2015, are detailed in the following tables: As of June 30, 2016 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 $ 1,562 $ 546 $ 1,721 $ 3,829 $ 184,626 $ 188,455 Construction - - - - 5,414 5,414 Total residential mortgage loans 1,562 546 1,721 3,829 190,040 193,869 Commercial loans: Real estate 76 507 2,736 3,319 129,114 132,433 Lines of credit - - 100 100 20,677 20,777 Other commercial and industrial 423 701 188 1,312 65,320 66,632 Tax exempt loans - - - - 8,265 8,265 Total commercial loans 499 1,208 3,024 4,731 223,376 228,107 Consumer loans: Home equity and junior liens 118 33 395 546 22,906 23,452 Other consumer 7 53 9 69 5,327 5,396 Total consumer loans 125 86 404 615 28,233 28,848 Total loans $ 2,186 $ 1,840 $ 5,149 $ 9,175 $ 441,649 $ 450,824 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 |
Nonaccrual Loans Segregated by Class of Loan | Nonaccrual loans, segregated by class of loan, were as follows: June 30, December 31, (In thousands) 2016 2015 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,721 $ 1,715 1,721 1,715 Commercial loans: Real estate 2,736 2,694 Lines of credit 100 174 Other commercial and industrial 188 370 3,024 3,238 Consumer loans: Home equity and junior liens 395 360 Other consumer 9 5 404 365 Total nonaccrual loans $ 5,149 $ 5,318 |
Summary of Impaired Loans Information by Portfolio Class | The following tables summarize impaired loan information by portfolio class at the indicated dates: June 30, 2016 December 31, 2015 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 $ 469 $ 469 $ - $ 473 $ 473 $ - Commercial real estate 2,332 2,513 - 2,580 2,709 - Commercial lines of credit 410 410 - 574 597 - Other commercial and industrial 377 377 - 536 569 - Home equity and junior liens 278 278 - 187 187 - Other consumer 2 3 - 5 6 - With an allowance recorded: 1-4 family first-lien residential mortgages 131 144 39 - - - Commercial real estate 1,912 2,035 792 1,850 1,963 760 Commercial lines of credit 5 5 5 5 5 5 Other commercial and industrial 183 198 152 224 230 193 Home equity and junior liens 7 8 6 101 101 2 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 600 613 39 473 473 - Commercial real estate 4,244 4,548 792 4,430 4,672 760 Commercial lines of credit 415 415 5 579 602 5 Other commercial and industrial 560 575 152 760 799 193 Home equity and junior liens 285 286 6 288 288 2 Other consumer 2 3 - 5 6 - Totals $ 6,106 $ 6,440 $ 994 $ 6,535 $ 6,840 $ 960 |
Average Recorded Investment in Impaired Loans | The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2016 2015 2016 2015 1-4 family first-lien residential mortgages $ 602 $ 633 $ 559 $ 801 Commercial real estate 4,298 4,875 4,342 4,920 Commercial lines of credit 501 543 526 455 Other commercial and industrial 647 861 685 775 Home equity and junior liens 288 295 288 317 Other consumer 3 8 4 9 Total $ 6,339 $ 7,215 $ 6,404 $ 7,277 |
Cash Basis Interest Income Recognized on Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2016 2015 2016 2015 1-4 family first-lien residential mortgages $ 5 $ 5 $ 12 $ 9 Commercial real estate 27 34 52 50 Commercial lines of credit - 7 - 7 Other commercial and industrial 12 13 21 18 Home equity and junior liens 2 - 4 10 Other consumer - - - - Total $ 46 $ 59 $ 89 $ 94 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Allowance for Loan Losses [Abstract] | |
Changes in the Allowance for Loan Losses | An allocation of a portion of the allowance to a given portfolio class does not limit the Company's ability to absorb losses in another portfolio class. For the three months ended June 30, 2016 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 $ 642 $ - $ 2,884 $ 395 $ 1,213 Charge-offs (30 ) - - (22 ) - Recoveries 1 - - 1 3 Provisions 14 - 187 31 25 Ending balance $ 627 $ - $ 3,071 $ 405 $ 1,241 Ending balance: related to loans individually evaluated for impairment 39 - 792 5 152 Ending balance: related to loans collectively evaluated for impairment $ 588 $ - $ 2,279 $ 400 $ 1,089 Loans receivables: Ending balance $ 188,455 $ 5,414 $ 132,433 $ 20,777 $ 66,632 Ending balance: individually evaluated for impairment 600 - 4,244 415 560 Ending balance: collectively evaluated for impairment $ 187,855 $ 5,414 $ 128,189 $ 20,362 $ 66,072 Home equity Other Municipal and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 2 $ 355 $ 145 $ 215 $ 5,851 Charge-offs - (29 ) (10 ) - (91 ) Recoveries - 1 14 - 20 Provisions (1 ) 23 (2 ) (127 ) 150 Ending balance $ 1 $ 350 $ 147 $ 88 $ 5,930 Ending balance: related to loans individually evaluated for impairment - 6 - - 994 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 344 $ 147 $ 88 $ 4,936 Loans receivables: Ending balance $ 8,265 $ 23,452 $ 5,396 $ 450,824 Ending balance: individually evaluated for impairment - 285 2 6,106 Ending balance: collectively evaluated for impairment $ 8,265 $ 23,167 $ 5,394 $ 444,718 For the six months ended June 30, 2016 1-4 family first-lien Other residential Commercial Commercial commercial ( In thousands) mortgage Construction real estate lines of credit and industrial Allowance for loan losses: Beginning Balance $ 581 $ - $ 2,983 $ 401 $ 1,270 Charge-offs (30 ) - - (43 ) - Recoveries 1 - - 9 7 Provisions 75 - 88 38 (36 ) Ending balance $ 627 $ - $ 3,071 $ 405 $ 1,241 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 350 $ 118 $ - $ 5,706 Charge-offs - (89 ) (19 ) - (181 ) Recoveries - 3 25 - 45 Provisions (2 ) 86 23 88 360 Ending balance $ 1 $ 350 $ 147 $ 88 $ 5,930 For the three months ended June 30, 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 $ 498 $ - $ 3,165 $ 441 $ 938 Charge-offs (27 ) - - - - Recoveries 38 - - 25 3 Provisions 35 - 123 51 169 Ending balance $ 544 $ - $ 3,288 $ 517 $ 1,110 Ending balance: related to loans individually evaluated for impairment - - 1,064 150 220 Ending balance: related to loans collectively evaluated for impairment $ 544 $ - $ 2,224 $ 367 $ 890 Loans receivables: Ending balance $ 175,978 $ 3,934 $ 126,349 $ 18,119 $ 42,290 Ending balance: individually evaluated for impairment 479 - 4,818 612 952 Ending balance: collectively evaluated for impairment $ 175,499 $ 3,934 $ 121,531 $ 17,507 $ 41,338 Home equity Other Municipal and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 4 $ 329 $ 87 $ - $ 5,462 Charge-offs - - (12 ) - (39 ) Recoveries - - 10 - 76 Provisions 1 2 20 - 401 Ending balance $ 5 $ 331 $ 105 $ - $ 5,900 Ending balance: related to loans individually evaluated for impairment - 5 - - 1,439 Ending balance: related to loans collectively evaluated for impairment $ 5 $ 326 $ 105 $ - $ 4,461 Loans receivables: Ending balance $ 9,606 $ 22,591 $ 4,610 $ 403,477 Ending balance: individually evaluated for impairment - 294 7 7,162 Ending balance: collectively evaluated for impairment $ 9,606 $ 22,297 $ 4,603 $ 396,315 For the six months ended June 30, 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 (165 ) - (29 ) (10 ) (108 ) Recoveries 38 - - 36 5 Provisions 162 - 516 31 179 Ending balance $ 544 $ - $ 3,288 $ 517 $ 1,110 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 - - (32 ) - (344 ) Recoveries - 7 25 - 111 Provisions 2 (64 ) 14 (56 ) 784 Ending balance $ 5 $ 331 $ 105 $ - $ 5,900 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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. (Dollars in thousands) Number of properties June 30, 2016 Number of properties December 31, 2015 Foreclosed residential real estate 4 $ 170 2 $ 182 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs | The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: June 30, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 28,034 $ - $ 28,034 State and political subdivisions - 11,942 - 11,942 Corporate - 12,588 - 12,588 Asset backed securities - 2,564 - 2,564 Residential mortgage-backed - US agency - 23,739 - 23,739 Collateralized mortgage obligations - US agency - 29,843 - 29,843 Collateralized mortgage obligations - Private label - 5,776 - 5,776 Equity investment securities: Mutual funds: Ultra short mortgage fund 635 - - 635 Large cap equity fund 611 - - 611 Common stock - financial services industry - 220 443 663 Total available-for-sale securities $ 1,246 $ 114,706 $ 443 $ 116,395 Interest rate swap derivative $ - $ - $ - $ - December 31, 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 Collateralized mortgage obligations - Private label - - - - Equity investment securities: Mutual funds: Ultra short mortgage fund 638 - - 638 Large cap equity fund 583 - - 583 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 ) |
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 during the three months ended June 30, 2016 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - March 31, 2016 $ 313 Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements 130 Sales - Balance - June 30, 2016 $ 443 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ - The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2016 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - December 31, 2015 $ 313 Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements 130 Sales - Balance - June 30, 2016 $ 443 Changes in unrealized gains included in earnings related to assets still held at June 30, 2016 $ - |
Summary of Assets Measured at Fair Value on a Nonrecurring Basis Segregated by Level of Valuation Inputs | The following table summarizes the valuation techniques and significant unobservable inputs used for the Company's investments that are categorized within Level 3 of the fair value hierarchy at the indicated dates: (In thousands) At June 30, 2016 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 443 Inputs to comparables Weight ascribed to comparable companies 100 % (In thousands) At December 31, 2015 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 313 Inputs to comparables Weight ascribed to comparable companies 100 % The Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2016 and December 31, 2015: June 30, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 518 $ 518 Foreclosed real estate $ - $ - $ 170 $ 170 December 31, 2015 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 1,070 $ 1,070 Foreclosed real estate $ - $ - $ 360 $ 360 |
Fair Value Inputs, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At June 30, 2016 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 10% (8%) (Sales Approach) Costs to Sell 7% - 15% (13%) 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, 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%) |
Carrying Amounts and Fair Value of Financial Instruments | The carrying amounts and fair values of the Company's financial instruments as of the indicated dates are presented in the following table: June 30, 2016 December 31, 2015 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 25,096 $ 25,096 $ 15,245 $ 15,245 Investment securities - available-for-sale 1 1,246 1,246 1,267 1,267 Investment securities - available-for-sale 2 114,706 114,706 97,362 97,362 Investment securities - available-for-sale 3 443 443 313 313 Investment securities - held-to-maturity 2 42,126 43,887 44,297 45,515 Federal Home Loan Bank stock 2 4,036 4,036 2,424 2,424 Net loans 3 444,651 452,752 424,732 428,410 Accrued interest receivable 1 2,069 2,069 2,053 2,053 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 382,677 $ 382,677 $ 343,853 $ 343,852 Time Deposits 2 143,391 144,295 146,462 146,158 Borrowings 2 63,450 63,643 41,300 41,282 Subordinated loans 2 15,008 13,905 14,991 14,027 Accrued interest payable 1 39 39 199 199 Interest rate swap derivative 2 - - 27 27 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Interest Rate Derivatives [Abstract] | |
Fair Value Outstanding Derivatives | The following table summarizes the fair value of the outstanding derivative and its presentation on the statements of condition: (In thousands) June 30, 2016 December 31, 2015 Cash flow hedge: Other liabilities $ - $ 27 |
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 periods indicated below were as follows: Three months ended June 30, (In thousands) 2016 2015 Balance as of March 31: $ (14 ) $ (67 ) Amount of losses (gains) recognized in other comprehensive income 3 (5 ) Amount of loss reclassified from other comprehensive income and recognized as interest expense 11 15 Balance as of June 30: $ - $ (57 ) Six months ended June 30, (In thousands) 2016 2015 Balance as of December 31: $ (27 ) $ (82 ) Amount of losses (gains) recognized in other comprehensive income 2 (6 ) Amount of loss reclassified from other comprehensive income and recognized as interest expense 25 31 Balance as of June 30: $ - $ (57 ) |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 three months ended June 30, 2016 (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 $ (1,812 ) $ (8 ) $ 322 $ (633 ) $ (2,131 ) Other comprehensive income before reclassifications - 1 4 21 26 Amounts reclassified from AOCI 33 7 80 - 120 Ending balance $ (1,779 ) $ - $ 406 $ (612 ) $ (1,985 ) For the six months ended June 30, 2016 (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 $ (1,844 ) $ (16 ) $ (51 ) $ (654 ) $ (2,565 ) Other comprehensive income before reclassifications - 1 329 42 372 Amounts reclassified from AOCI 65 15 128 - 208 Ending balance $ (1,779 ) $ - $ 406 $ (612 ) $ (1,985 ) For the three months ended June 30, 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 $ (1,767 ) $ (40 ) $ 705 $ (713 ) $ (1,815 ) Other comprehensive (loss) income before reclassifications - (3 ) (527 ) 19 (511 ) Amounts reclassified from AOCI 27 9 (29 ) - 7 Ending balance $ (1,740 ) $ (34 ) $ 149 $ (694 ) $ (2,319 ) For the six months ended June 30, 2015 (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 $ (1,794 ) $ (49 ) $ 457 $ (733 ) (2,119 ) Other comprehensive (loss) income before reclassifications - (4 ) (248 ) 39 (213 ) Amounts reclassified from AOCI 54 19 (60 ) - 13 Ending balance $ (1,740 ) $ (34 ) $ 149 $ (694 ) $ (2,319 ) |
Schedule of Amounts Reclassified Out of Each Component of AOCI | The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified Amount Reclassified from AOCI 1 from AOCI 1 (Unaudited) (Unaudited) (In thousands) For the three months ended For the six months ended Details about AOCI 1 June 30, 2016 June 30, 2015 Affected Line Item in the Statement of Income June 30, 2016 June 30, 2015 Unrealized holding gain on financial derivative: Reclassification adjustment for interest expense included in net income $ (11 ) $ (15 ) Interest on long term borrowings $ (25 ) $ (31 ) 4 6 Provision for income taxes 10 12 $ (7 ) $ (9 ) Net Income $ (15 ) $ (19 ) Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (54 ) $ (45 ) Salaries and employee benefits $ (109 ) $ (90 ) 21 18 Provision for income taxes 44 36 $ (33 ) $ (27 ) Net Income $ (65 ) $ (54 ) Available-for-sale securities Realized gain on sale of securities $ (132 ) $ 49 Net gains on sales and redemptions of investment securities $ (212 ) $ 101 52 (20 ) Provision for income taxes 84 (41 ) $ (80 ) $ 29 Net Income $ (128 ) $ 60 1 2 See Note 5 for additional information. |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) | Feb. 16, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Basis of Presentation [Abstract] | |||||
Membership interest own in Fitzgibbons through subsidiary | 51.00% | 51.00% | |||
Consolidation of membership interest in Fitzgibbons | 100.00% | 100.00% | |||
Noncontrolling interest by subsidiary | 49.00% | 49.00% | |||
Nature of Operations [Line Items] | |||||
Subordinated loan face value | $ 5,000,000 | $ 5,000,000 | |||
Preferred stock dividend rate | 9.00% | ||||
Cash dividends paid to preferred shareholder - SBLF | $ 16,000 | $ 49,000 | $ 65,000 | $ 130,000 | |
Subordinated Note [Member] | |||||
Nature of Operations [Line Items] | |||||
Subordinated loan face value | $ 10,000,000 | ||||
Subordinated effective interest rate | 6.44% | ||||
Annual increase in interest expense | $ 644,000 | ||||
Series B Preferred Stock [Member] | |||||
Nature of Operations [Line Items] | |||||
Redeemed shares (in shares) | (13,000) | ||||
Payment for redeemed shares | $ (13,000,000) | ||||
Preferred Stock SBLF [Member] | |||||
Nature of Operations [Line Items] | |||||
Preferred dividends payable amount | 1,200,000 | ||||
Dividend payable after retirement of preferred stock | $ 0 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings per Common Share [Abstract] | ||||
Anti-dilutive stock options (in shares) | 280,396 | 0 | 148,434 | 8,236 |
Basic Earnings Per Common Share [Abstract] | ||||
Net income available to common shareholders | $ 832 | $ 661 | $ 1,477 | $ 1,158 |
Weighted average common shares outstanding (in shares) | 4,149,000 | 4,120,000 | 4,145,000 | 4,117,000 |
Basic earnings per common share (in dollars per share) | $ 0.20 | $ 0.16 | $ 0.36 | $ 0.28 |
Diluted Earnings Per Common Share [Abstract] | ||||
Net income available to common shareholders | $ 832 | $ 661 | $ 1,477 | $ 1,158 |
Weighted average common shares outstanding (in shares) | 4,149,000 | 4,120,000 | 4,145,000 | 4,117,000 |
Effect of assumed exercise of stock options (in shares) | 84,000 | 67,000 | 81,000 | 62,000 |
Diluted weighted average common shares outstanding (in shares) | 4,233,000 | 4,187,000 | 4,226,000 | 4,179,000 |
Diluted earnings per common share (in dollar per share) | $ 0.20 | $ 0.16 | $ 0.35 | $ 0.28 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)Security | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Security | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | $ 113,955 | $ 113,955 | |||
Total investment securities, amortized cost basis | 115,717 | 115,717 | $ 99,024 | ||
Gross Unrealized Gains | 861 | 861 | 531 | ||
Gross Unrealized Losses | (183) | (183) | (613) | ||
Estimated Fair Value | 116,395 | $ 116,395 | 98,942 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Number of unrated structured credit issuances | Security | 3 | ||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 42,126 | $ 42,126 | 44,297 | ||
Held to maturity, gross unrealized gains | 1,774 | 1,774 | 1,255 | ||
Held to maturity, gross unrealized losses | (13) | (13) | (37) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 43,887 | 43,887 | 45,515 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (13) | (13) | (37) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (13) | (13) | (37) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 840 | 840 | 3,990 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 840 | $ 840 | $ 3,990 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 4 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 4 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Due in one year or less | $ 17,920 | $ 17,920 | |||
Due after one year through five years | 28,110 | 28,110 | |||
Due after five years through ten years | 6,445 | 6,445 | |||
Due after ten years | 2,435 | 2,435 | |||
Sub-total | 54,910 | 54,910 | |||
Residential mortgage-backed - US agency | 23,526 | 23,526 | |||
Collateralized mortgage obligations - US agency | 29,711 | 29,711 | |||
Collateralized mortgage obligations - Private label | 5,808 | 5,808 | |||
Totals, amortized cost | 113,955 | 113,955 | |||
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Due in one year or less | 17,926 | 17,926 | |||
Due after one year through five years | 28,240 | 28,240 | |||
Due after five years through ten years | 6,519 | 6,519 | |||
Due after ten years | 2,443 | 2,443 | |||
Sub-total | 55,128 | 55,128 | |||
Residential mortgage-backed - US agency | 23,739 | 23,739 | |||
Collateralized mortgage obligations - US agency | 29,843 | 29,843 | |||
Collateralized mortgage obligations - Private label | 5,776 | 5,776 | |||
Available-for-sale securities, debt maturities, fair value, totals | 114,486 | 114,486 | |||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Due in one year or less | 205 | 205 | |||
Due after one year through five years | 10,075 | 10,075 | |||
Due after five years through ten years | 17,633 | 17,633 | |||
Due after ten years | 4,146 | 4,146 | |||
Sub-total | 32,059 | 32,059 | |||
Residential mortgage-backed - US agency | 7,146 | 7,146 | |||
Collateralized mortgage obligations - US agency | 2,921 | 2,921 | |||
Collateralized mortgage obligations - Private label | 0 | 0 | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 42,126 | 42,126 | $ 44,297 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Due in one year or less | 206 | 206 | |||
Due after one year through five years | 10,386 | 10,386 | |||
Due after five years through ten years | 18,427 | 18,427 | |||
Due after ten years | 4,346 | 4,346 | |||
Sub-total | 33,365 | 33,365 | |||
Residential mortgage-backed - US agency | 7,394 | 7,394 | |||
Collateralized mortgage obligations - US agency | 3,128 | 3,128 | |||
Collateralized mortgage obligations - Private label | 0 | 0 | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | 43,887 | 43,887 | 45,515 | ||
Gain (Loss) on Sale of Investments [Abstract] | |||||
Realized gains | 134 | $ 53 | 229 | $ 110 | |
Realized losses | (2) | (4) | (17) | (9) | |
Total | 132 | $ 49 | 212 | $ 101 | |
Securities pledged to collateralize deposit | 74,500 | 74,500 | 89,700 | ||
Securities pledged to collateralize borrowing | 15,500 | 15,500 | 17,800 | ||
Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 113,955 | 113,955 | 97,371 | ||
Gross Unrealized Gains, Debt investment securities | 706 | 706 | 379 | ||
Gross Unrealized Losses, Debt investment securities | (175) | (175) | (608) | ||
Available-for-sale Securities, Debt investment securities | 114,486 | 114,486 | 97,142 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (105) | (105) | (364) | ||
Twelve months or more Unrealized Losses | (78) | (78) | (249) | ||
Total Unrealized Losses | (183) | (183) | (613) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 23,914 | 23,914 | 52,859 | ||
Twelve months or more Fair Value | 6,029 | 6,029 | 10,744 | ||
Total Fair Value | $ 29,943 | $ 29,943 | $ 63,603 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 22 | 22 | 53 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 8 | 14 | ||
Number of securities in unrealized loss positions | Security | 30 | 30 | 67 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 113,955 | $ 113,955 | $ 97,371 | ||
US Treasury, Agencies and GSEs [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 28,041 | 28,041 | 21,380 | ||
Gross Unrealized Gains, Debt investment securities | 9 | 9 | 13 | ||
Gross Unrealized Losses, Debt investment securities | (16) | (16) | (85) | ||
Available-for-sale Securities, Debt investment securities | 28,034 | 28,034 | 21,308 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (16) | (16) | (70) | ||
Twelve months or more Unrealized Losses | 0 | 0 | (15) | ||
Total Unrealized Losses | (16) | (16) | (85) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 11,991 | 11,991 | 13,382 | ||
Twelve months or more Fair Value | 0 | 0 | 984 | ||
Total Fair Value | $ 11,991 | $ 11,991 | $ 14,366 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 4 | 4 | 9 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 1 | ||
Number of securities in unrealized loss positions | Security | 4 | 4 | 10 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 28,041 | $ 28,041 | $ 21,380 | ||
State and Political Subdivisions [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 11,804 | 11,804 | 8,198 | ||
Gross Unrealized Gains, Debt investment securities | 155 | 155 | 107 | ||
Gross Unrealized Losses, Debt investment securities | (17) | (17) | (5) | ||
Available-for-sale Securities, Debt investment securities | 11,942 | 11,942 | 8,300 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (17) | (17) | (4) | ||
Twelve months or more Unrealized Losses | 0 | 0 | (1) | ||
Total Unrealized Losses | (17) | (17) | (5) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 2,572 | 2,572 | 1,894 | ||
Twelve months or more Fair Value | 0 | 0 | 339 | ||
Total Fair Value | $ 2,572 | $ 2,572 | $ 2,233 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 9 | 9 | 13 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 3 | ||
Number of securities in unrealized loss positions | Security | 9 | 9 | 16 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 11,804 | $ 11,804 | $ 8,198 | ||
Corporate [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 12,501 | 12,501 | 18,173 | ||
Gross Unrealized Gains, Debt investment securities | 113 | 113 | 51 | ||
Gross Unrealized Losses, Debt investment securities | (26) | (26) | (96) | ||
Available-for-sale Securities, Debt investment securities | 12,588 | 12,588 | 18,128 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (57) | ||
Twelve months or more Unrealized Losses | (26) | (26) | (39) | ||
Total Unrealized Losses | (26) | (26) | (96) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 0 | 0 | 8,123 | ||
Twelve months or more Fair Value | 2,157 | 2,157 | 2,820 | ||
Total Fair Value | $ 2,157 | $ 2,157 | $ 10,943 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 | 10 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 | 2 | ||
Number of securities in unrealized loss positions | Security | 2 | 2 | 12 | ||
Percentage of securities remaining in unrealized loss positions, twelve months or more | 1.57% | 1.57% | |||
Number of security rated at the lowest label investment grade | Security | 3 | ||||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 12,501 | $ 12,501 | $ 18,173 | ||
Residential Mortgage-Backed - US Agency [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 23,526 | 23,526 | 32,740 | ||
Gross Unrealized Gains, Debt investment securities | 213 | 213 | 113 | ||
Gross Unrealized Losses, Debt investment securities | 0 | 0 | (280) | ||
Available-for-sale Securities, Debt investment securities | 23,739 | 23,739 | 32,573 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | 23,526 | 23,526 | 32,740 | ||
Asset Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 2,564 | 2,564 | |||
Gross Unrealized Gains, Debt investment securities | 0 | 0 | |||
Gross Unrealized Losses, Debt investment securities | 0 | 0 | |||
Available-for-sale Securities, Debt investment securities | 2,564 | 2,564 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (148) | ||
Twelve months or more Unrealized Losses | 0 | 0 | (132) | ||
Total Unrealized Losses | 0 | 0 | (280) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 659 | 659 | 20,204 | ||
Twelve months or more Fair Value | 0 | 0 | 4,812 | ||
Total Fair Value | $ 659 | $ 659 | $ 25,016 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 14 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 5 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 19 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 2,564 | $ 2,564 | |||
Collateralized Mortgage Obligations - US Agency [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 29,711 | 29,711 | $ 16,880 | ||
Gross Unrealized Gains, Debt investment securities | 216 | 216 | 95 | ||
Gross Unrealized Losses, Debt investment securities | (84) | (84) | (142) | ||
Available-for-sale Securities, Debt investment securities | 29,843 | 29,843 | 16,833 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (32) | (32) | (80) | ||
Twelve months or more Unrealized Losses | (52) | (52) | (62) | ||
Total Unrealized Losses | (84) | (84) | (142) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 5,930 | 5,930 | 8,618 | ||
Twelve months or more Fair Value | 3,872 | 3,872 | 1,789 | ||
Total Fair Value | $ 9,802 | $ 9,802 | $ 10,407 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 5 | 5 | 6 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 6 | 6 | 3 | ||
Number of securities in unrealized loss positions | Security | 11 | 11 | 9 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 29,711 | $ 29,711 | $ 16,880 | ||
Collateralized Mortgage Obligations of Private Label [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 5,808 | 5,808 | 0 | ||
Gross Unrealized Gains, Debt investment securities | 0 | 0 | 0 | ||
Gross Unrealized Losses, Debt investment securities | (32) | (32) | 0 | ||
Available-for-sale Securities, Debt investment securities | 5,776 | 5,776 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (32) | (32) | 0 | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (32) | (32) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 2,127 | 2,127 | 0 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 2,127 | $ 2,127 | $ 0 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 2 | 0 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 2 | 2 | 0 | ||
Percentage of securities remaining in unrealized loss positions, less than twelve months | 1.53% | 1.53% | |||
Number of months securities is in a loss position | 3 months | ||||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 5,808 | $ 5,808 | $ 0 | ||
Municipal Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Number of securities in unrealized loss positions, less than twelve months | Security | 9 | 9 | |||
Number of months securities is in a loss position | 4 months | ||||
Municipal Securities [Member] | Minimum [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Securities in insignificant unrealized loss position to current value | 0.01% | 0.01% | |||
Municipal Securities [Member] | Maximum [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Securities in insignificant unrealized loss position to current value | 1.31% | 1.31% | |||
Equity and Other Investments [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | $ 1,762 | $ 1,762 | 1,653 | ||
Gross Unrealized Gains, Equity investment securities | 155 | 155 | 152 | ||
Gross Unrealized Losses, Equity investment securities | (8) | (8) | (5) | ||
Available-for-sale Securities, Equity investment securities | 1,909 | 1,909 | 1,800 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (8) | (8) | (5) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (8) | (8) | (5) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 635 | 635 | 638 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 635 | $ 635 | $ 638 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 1 | ||
Mutual Funds Ultra Short Mortgage Fund [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | $ 643 | $ 643 | $ 643 | ||
Gross Unrealized Gains, Equity investment securities | 0 | 0 | 0 | ||
Gross Unrealized Losses, Equity investment securities | (8) | (8) | (5) | ||
Available-for-sale Securities, Equity investment securities | 635 | 635 | 638 | ||
Mutual Funds Large Cap Equity Fund [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | 456 | 456 | 456 | ||
Gross Unrealized Gains, Equity investment securities | 155 | 155 | 127 | ||
Gross Unrealized Losses, Equity investment securities | 0 | 0 | 0 | ||
Available-for-sale Securities, Equity investment securities | 611 | 611 | 583 | ||
Mutual funds Common Stock Financial Services Industry [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | 663 | 663 | 554 | ||
Gross Unrealized Gains, Equity investment securities | 0 | 0 | 25 | ||
Gross Unrealized Losses, Equity investment securities | 0 | 0 | 0 | ||
Available-for-sale Securities, Equity investment securities | 663 | 663 | 579 | ||
US Treasury, Agencies and GSEs [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 5,874 | 5,874 | 7,860 | ||
Held to maturity, gross unrealized gains | 178 | 178 | 81 | ||
Held to maturity, gross unrealized losses | 0 | 0 | (29) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,052 | 6,052 | 7,912 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (29) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | 0 | 0 | (29) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 0 | 0 | 2,970 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 0 | $ 0 | $ 2,970 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 | 2 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 0 | 0 | 2 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 5,874 | $ 5,874 | $ 7,860 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,052 | 6,052 | 7,912 | ||
State and Political Subdivisions [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 21,578 | 21,578 | 21,585 | ||
Held to maturity, gross unrealized gains | 1,095 | 1,095 | 881 | ||
Held to maturity, gross unrealized losses | 0 | 0 | 0 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 22,673 | 22,673 | 22,466 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 21,578 | 21,578 | 21,585 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 22,673 | 22,673 | 22,466 | ||
Corporate [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 4,607 | 4,607 | 4,175 | ||
Held to maturity, gross unrealized gains | 46 | 46 | 53 | ||
Held to maturity, gross unrealized losses | (13) | (13) | (3) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 4,640 | 4,640 | 4,225 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (13) | (13) | (3) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (13) | (13) | (3) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 840 | 840 | 225 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 840 | $ 840 | $ 225 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 1 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 4,607 | $ 4,607 | $ 4,175 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 4,640 | 4,640 | 4,225 | ||
Residential Mortgage-Backed - US Agency [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 7,146 | 7,146 | 7,763 | ||
Held to maturity, gross unrealized gains | 248 | 248 | 137 | ||
Held to maturity, gross unrealized losses | 0 | 0 | (5) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 7,394 | 7,394 | 7,895 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (5) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | 0 | 0 | (5) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 0 | 0 | 795 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 0 | $ 0 | $ 795 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 0 | 0 | 1 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 7,146 | $ 7,146 | $ 7,763 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 7,394 | 7,394 | 7,895 | ||
Collateralized Mortgage Obligations - US Agency [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 2,921 | 2,921 | 2,914 | ||
Held to maturity, gross unrealized gains | 207 | 207 | 103 | ||
Held to maturity, gross unrealized losses | 0 | 0 | 0 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 3,128 | 3,128 | 3,017 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 2,921 | 2,921 | 2,914 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | $ 3,128 | $ 3,128 | $ 3,017 |
Pension and Postretirement Be33
Pension and Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 116 | 117 | 232 | 234 |
Expected return on plan assets | (238) | (243) | (476) | (487) |
Amortization of net losses | 56 | 45 | 113 | 90 |
Net periodic benefit plan (benefit) cost | (66) | (81) | (131) | (163) |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 2 | 5 | 4 | 9 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net losses | (2) | 0 | (4) | 0 |
Net periodic benefit plan (benefit) cost | $ 0 | $ 5 | $ 0 | $ 9 |
Loans (Details)
Loans (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | |
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 450,824 | $ 430,586 | $ 403,477 |
Net deferred loan fees | (243) | (148) | |
Less allowance for loan losses | (5,930) | (5,706) | |
Loans receivable, net | $ 444,651 | 424,732 | |
Number of portfolio segment | Segment | 3 | ||
1-4 Family First Lien Residential Mortgage [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 188,455 | 175,978 | |
Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 132,433 | 126,349 | |
Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 66,632 | 42,290 | |
Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 23,452 | 22,591 | |
Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 5,396 | $ 4,610 | |
Residential Mortgage Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 193,869 | 189,716 | |
Residential mortgage loans pledged to FHLBNY as blanket collateral | 130,900 | 125,800 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 188,455 | 181,792 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 5,414 | 7,924 | |
Commercial Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 228,107 | 212,521 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 132,433 | 129,506 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 20,777 | 19,035 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 66,632 | 54,899 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 8,265 | 9,081 | |
Consumer Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 28,848 | 28,349 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 23,452 | 23,463 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 5,396 | $ 4,886 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicator Details (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 450,824 | $ 430,586 | $ 403,477 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 436,441 | 414,050 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,658 | 8,250 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,077 | 7,317 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,648 | 969 | |
1-4 Family First Lien Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 188,455 | 175,978 | |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 132,433 | 126,349 | |
Other Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 66,632 | 42,290 | |
Home Equity and Junior Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 23,452 | 22,591 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,396 | $ 4,610 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 193,869 | 189,716 | |
Residential Mortgage Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 190,043 | 185,168 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 512 | 1,375 | |
Residential Mortgage Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,850 | 2,425 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,464 | 748 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 188,455 | 181,792 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 184,629 | 177,244 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 512 | 1,375 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,850 | 2,425 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,464 | 748 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,414 | 7,924 | |
Residential Mortgage Loans [Member] | Construction [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,414 | 7,924 | |
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 | 228,107 | 212,521 | |
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 218,201 | 201,262 | |
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,910 | 6,662 | |
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,990 | 4,590 | |
Commercial Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6 | 7 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 132,433 | 129,506 | |
Commercial Loans [Member] | Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 124,598 | 121,283 | |
Commercial Loans [Member] | Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,130 | 4,345 | |
Commercial Loans [Member] | Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,705 | 3,878 | |
Commercial Loans [Member] | Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,777 | 19,035 | |
Commercial Loans [Member] | Lines of Credit [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 19,704 | 17,358 | |
Commercial Loans [Member] | Lines of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,058 | 1,469 | |
Commercial Loans [Member] | Lines of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 15 | 208 | |
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 | 66,632 | 54,899 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 65,634 | 53,540 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 722 | 848 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 270 | 504 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6 | 7 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,265 | 9,081 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,265 | 9,081 | |
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 | 28,848 | 28,349 | |
Consumer Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 28,197 | 27,620 | |
Consumer Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 236 | 213 | |
Consumer Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 237 | 302 | |
Consumer Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 178 | 214 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 23,452 | 23,463 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 22,915 | 22,780 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 182 | 182 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 177 | 287 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 178 | 214 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,396 | 4,886 | |
Consumer Loans [Member] | Other Consumer [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,282 | 4,840 | |
Consumer Loans [Member] | Other Consumer [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 54 | 31 | |
Consumer Loans [Member] | Other Consumer [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 60 | 15 | |
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 | 6 Months Ended | |||
Jun. 30, 2016USD ($)Loan | Jun. 30, 2015USD ($)Loan | Jun. 30, 2016USD ($)Loan | Jun. 30, 2015USD ($)Loan | Dec. 31, 2015USD ($) | |
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 9,175,000 | $ 9,175,000 | $ 8,872,000 | ||
Current | 441,649,000 | 441,649,000 | 421,714,000 | ||
Total Loans Receivable | 450,824,000 | $ 403,477,000 | 450,824,000 | $ 403,477,000 | 430,586,000 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 5,149,000 | 5,149,000 | 5,318,000 | ||
Ninety days past due and still accruing interest | $ 0 | $ 0 | 0 | ||
Number of contracts, TDRs | Loan | 0 | 0 | 0 | 1 | |
Number of contracts, TDR payment default | Loan | 0 | 0 | |||
30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 2,186,000 | $ 2,186,000 | 2,380,000 | ||
60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,840,000 | 1,840,000 | 1,174,000 | ||
90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 5,149,000 | 5,149,000 | 5,318,000 | ||
1-4 Family First Lien Residential Mortgage [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 188,455,000 | $ 175,978,000 | 188,455,000 | $ 175,978,000 | |
Real Estate [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 132,433,000 | 126,349,000 | 132,433,000 | 126,349,000 | |
Other Commercial and Industrial [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 66,632,000 | 42,290,000 | 66,632,000 | 42,290,000 | |
Home Equity and Junior Liens [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 23,452,000 | 22,591,000 | 23,452,000 | 22,591,000 | |
Other Consumer [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 5,396,000 | $ 4,610,000 | 5,396,000 | $ 4,610,000 | |
Residential Mortgage Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,829,000 | 3,829,000 | 3,638,000 | ||
Current | 190,040,000 | 190,040,000 | 186,078,000 | ||
Total Loans Receivable | 193,869,000 | 193,869,000 | 189,716,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,562,000 | 1,562,000 | 1,115,000 | ||
Residential Mortgage Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 546,000 | 546,000 | 808,000 | ||
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,829,000 | 3,829,000 | 3,638,000 | ||
Current | 184,626,000 | 184,626,000 | 178,154,000 | ||
Total Loans Receivable | 188,455,000 | 188,455,000 | 181,792,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,562,000 | 1,562,000 | 1,115,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 546,000 | 546,000 | 808,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Current | 5,414,000 | 5,414,000 | 7,924,000 | ||
Total Loans Receivable | 5,414,000 | 5,414,000 | 7,924,000 | ||
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 | 4,731,000 | 4,731,000 | 4,708,000 | ||
Current | 223,376,000 | 223,376,000 | 207,813,000 | ||
Total Loans Receivable | 228,107,000 | 228,107,000 | 212,521,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 3,024,000 | 3,024,000 | 3,238,000 | ||
Commercial Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 499,000 | 499,000 | 1,119,000 | ||
Commercial Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,208,000 | 1,208,000 | 351,000 | ||
Commercial Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,024,000 | 3,024,000 | 3,238,000 | ||
Commercial Loans [Member] | Real Estate [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,319,000 | 3,319,000 | 3,769,000 | ||
Current | 129,114,000 | 129,114,000 | 125,737,000 | ||
Total Loans Receivable | 132,433,000 | 132,433,000 | 129,506,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 2,736,000 | 2,736,000 | 2,694,000 | ||
Pre-modification recorded investment | 678,000 | ||||
Post-modification recorded investment | 324,000 | ||||
Additional specific reserve required against the loan | 354,000 | ||||
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 76,000 | 76,000 | 940,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 507,000 | 507,000 | 135,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,736,000 | 2,736,000 | 2,694,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 100,000 | 100,000 | 194,000 | ||
Current | 20,677,000 | 20,677,000 | 18,841,000 | ||
Total Loans Receivable | 20,777,000 | 20,777,000 | 19,035,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 100,000 | 100,000 | 174,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 20,000 | ||
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 | 100,000 | 100,000 | 174,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,312,000 | 1,312,000 | 745,000 | ||
Current | 65,320,000 | 65,320,000 | 54,154,000 | ||
Total Loans Receivable | 66,632,000 | 66,632,000 | 54,899,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 188,000 | 188,000 | 370,000 | ||
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 | 423,000 | 423,000 | 159,000 | ||
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 | 701,000 | 701,000 | 216,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 188,000 | 188,000 | 370,000 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Current | 8,265,000 | 8,265,000 | 9,081,000 | ||
Total Loans Receivable | 8,265,000 | 8,265,000 | 9,081,000 | ||
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 | 615,000 | 615,000 | 526,000 | ||
Current | 28,233,000 | 28,233,000 | 27,823,000 | ||
Total Loans Receivable | 28,848,000 | 28,848,000 | 28,349,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 404,000 | 404,000 | 365,000 | ||
Consumer Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 125,000 | 125,000 | 146,000 | ||
Consumer Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 86,000 | 86,000 | 15,000 | ||
Consumer Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 404,000 | 404,000 | 365,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 546,000 | 546,000 | 492,000 | ||
Current | 22,906,000 | 22,906,000 | 22,971,000 | ||
Total Loans Receivable | 23,452,000 | 23,452,000 | 23,463,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 395,000 | 395,000 | 360,000 | ||
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 | 118,000 | 118,000 | 132,000 | ||
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 | 33,000 | 33,000 | 0 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 395,000 | 395,000 | 360,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 69,000 | 69,000 | 34,000 | ||
Current | 5,327,000 | 5,327,000 | 4,852,000 | ||
Total Loans Receivable | 5,396,000 | 5,396,000 | 4,886,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 9,000 | 9,000 | 5,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 7,000 | 7,000 | 14,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 53,000 | 53,000 | 15,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 9,000 | $ 9,000 | $ 5,000 |
Loans - Impaired Loans (Details
Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Total [Abstract] | |||||
Recorded Investment | $ 6,106 | $ 6,106 | $ 6,535 | ||
Unpaid Principal Balance | 6,440 | 6,440 | 6,840 | ||
Related Allowance | 994 | 994 | 960 | ||
Average recorded investment [Abstract] | |||||
Total | 6,339 | $ 7,215 | 6,404 | $ 7,277 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 46 | 59 | 89 | 94 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 469 | 469 | 473 | ||
Unpaid Principal Balance | 469 | 469 | 473 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 131 | 131 | 0 | ||
Unpaid Principal Balance | 144 | 144 | 0 | ||
Related Allowance | 39 | 39 | 0 | ||
Total [Abstract] | |||||
Recorded Investment | 600 | 600 | 473 | ||
Unpaid Principal Balance | 613 | 613 | 473 | ||
Related Allowance | 39 | 39 | 0 | ||
Average recorded investment [Abstract] | |||||
Total | 602 | 633 | 559 | 801 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 5 | 5 | 12 | 9 | |
Commercial Loans [Member] | Commercial Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 2,332 | 2,332 | 2,580 | ||
Unpaid Principal Balance | 2,513 | 2,513 | 2,709 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 1,912 | 1,912 | 1,850 | ||
Unpaid Principal Balance | 2,035 | 2,035 | 1,963 | ||
Related Allowance | 792 | 792 | 760 | ||
Total [Abstract] | |||||
Recorded Investment | 4,244 | 4,244 | 4,430 | ||
Unpaid Principal Balance | 4,548 | 4,548 | 4,672 | ||
Related Allowance | 792 | 792 | 760 | ||
Average recorded investment [Abstract] | |||||
Total | 4,298 | 4,875 | 4,342 | 4,920 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 27 | 34 | 52 | 50 | |
Commercial Loans [Member] | Commercial Lines of Credit [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 410 | 410 | 574 | ||
Unpaid Principal Balance | 410 | 410 | 597 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 5 | 5 | 5 | ||
Unpaid Principal Balance | 5 | 5 | 5 | ||
Related Allowance | 5 | 5 | 5 | ||
Total [Abstract] | |||||
Recorded Investment | 415 | 415 | 579 | ||
Unpaid Principal Balance | 415 | 415 | 602 | ||
Related Allowance | 5 | 5 | 5 | ||
Average recorded investment [Abstract] | |||||
Total | 501 | 543 | 526 | 455 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 0 | 7 | 0 | 7 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 377 | 377 | 536 | ||
Unpaid Principal Balance | 377 | 377 | 569 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 183 | 183 | 224 | ||
Unpaid Principal Balance | 198 | 198 | 230 | ||
Related Allowance | 152 | 152 | 193 | ||
Total [Abstract] | |||||
Recorded Investment | 560 | 560 | 760 | ||
Unpaid Principal Balance | 575 | 575 | 799 | ||
Related Allowance | 152 | 152 | 193 | ||
Average recorded investment [Abstract] | |||||
Total | 647 | 861 | 685 | 775 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 12 | 13 | 21 | 18 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 278 | 278 | 187 | ||
Unpaid Principal Balance | 278 | 278 | 187 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 7 | 7 | 101 | ||
Unpaid Principal Balance | 8 | 8 | 101 | ||
Related Allowance | 6 | 6 | 2 | ||
Total [Abstract] | |||||
Recorded Investment | 285 | 285 | 288 | ||
Unpaid Principal Balance | 286 | 286 | 288 | ||
Related Allowance | 6 | 6 | 2 | ||
Average recorded investment [Abstract] | |||||
Total | 288 | 295 | 288 | 317 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 2 | 0 | 4 | 10 | |
Consumer Loans [Member] | Other Consumer [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 2 | 2 | 5 | ||
Unpaid Principal Balance | 3 | 3 | 6 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
Total [Abstract] | |||||
Recorded Investment | 2 | 2 | 5 | ||
Unpaid Principal Balance | 3 | 3 | 6 | ||
Related Allowance | 0 | 0 | $ 0 | ||
Average recorded investment [Abstract] | |||||
Total | 3 | 8 | 4 | 9 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | $ 5,851 | $ 5,462 | $ 5,706 | $ 5,349 | |
Charge-offs | (91) | (39) | (181) | (344) | |
Recoveries | 20 | 76 | 45 | 111 | |
Provisions | 150 | 401 | 360 | 784 | |
Ending Balance | 5,930 | 5,900 | 5,930 | 5,900 | |
Ending balance: related to loans individually evaluated for impairment | 994 | 1,439 | 994 | 1,439 | |
Ending balance: related to loans collectively evaluated for impairment | 4,936 | 4,461 | 4,936 | 4,461 | |
Loans receivable, ending balance | 450,824 | 403,477 | 450,824 | 403,477 | $ 430,586 |
Ending balance: individually evaluated for impairment | 6,106 | 7,162 | 6,106 | 7,162 | |
Ending balance: collectively evaluated for impairment | 444,718 | 396,315 | 444,718 | 396,315 | |
1-4 Family First Lien Residential Mortgage [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 642 | 498 | 581 | 509 | |
Charge-offs | (30) | (27) | (30) | (165) | |
Recoveries | 1 | 38 | 1 | 38 | |
Provisions | 14 | 35 | 75 | 162 | |
Ending Balance | 627 | 544 | 627 | 544 | |
Ending balance: related to loans individually evaluated for impairment | 39 | 0 | 39 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 588 | 544 | 588 | 544 | |
Loans receivable, ending balance | 188,455 | 175,978 | 188,455 | 175,978 | |
Ending balance: individually evaluated for impairment | 600 | 479 | 600 | 479 | |
Ending balance: collectively evaluated for impairment | 187,855 | 175,499 | 187,855 | 175,499 | |
Residential Construction Mortgage [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 0 | 0 | 0 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provisions | 0 | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | 0 | 0 | |
Loans receivable, ending balance | 5,414 | 3,934 | 5,414 | 3,934 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 5,414 | 3,934 | 5,414 | 3,934 | |
Commercial Real Estate [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 2,884 | 3,165 | 2,983 | 2,801 | |
Charge-offs | 0 | 0 | 0 | (29) | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions | 187 | 123 | 88 | 516 | |
Ending Balance | 3,071 | 3,288 | 3,071 | 3,288 | |
Ending balance: related to loans individually evaluated for impairment | 792 | 1,064 | 792 | 1,064 | |
Ending balance: related to loans collectively evaluated for impairment | 2,279 | 2,224 | 2,279 | 2,224 | |
Loans receivable, ending balance | 132,433 | 126,349 | 132,433 | 126,349 | |
Ending balance: individually evaluated for impairment | 4,244 | 4,818 | 4,244 | 4,818 | |
Ending balance: collectively evaluated for impairment | 128,189 | 121,531 | 128,189 | 121,531 | |
Commercial Lines of Credit [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 395 | 441 | 401 | 460 | |
Charge-offs | (22) | 0 | (43) | (10) | |
Recoveries | 1 | 25 | 9 | 36 | |
Provisions | 31 | 51 | 38 | 31 | |
Ending Balance | 405 | 517 | 405 | 517 | |
Ending balance: related to loans individually evaluated for impairment | 5 | 150 | 5 | 150 | |
Ending balance: related to loans collectively evaluated for impairment | 400 | 367 | 400 | 367 | |
Loans receivable, ending balance | 20,777 | 18,119 | 20,777 | 18,119 | |
Ending balance: individually evaluated for impairment | 415 | 612 | 415 | 612 | |
Ending balance: collectively evaluated for impairment | 20,362 | 17,507 | 20,362 | 17,507 | |
Other Commercial and Industrial Loans [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 1,213 | 938 | 1,270 | 1,034 | |
Charge-offs | 0 | 0 | 0 | (108) | |
Recoveries | 3 | 3 | 7 | 5 | |
Provisions | 25 | 169 | (36) | 179 | |
Ending Balance | 1,241 | 1,110 | 1,241 | 1,110 | |
Ending balance: related to loans individually evaluated for impairment | 152 | 220 | 152 | 220 | |
Ending balance: related to loans collectively evaluated for impairment | 1,089 | 890 | 1,089 | 890 | |
Loans receivable, ending balance | 66,632 | 42,290 | 66,632 | 42,290 | |
Ending balance: individually evaluated for impairment | 560 | 952 | 560 | 952 | |
Ending balance: collectively evaluated for impairment | 66,072 | 41,338 | 66,072 | 41,338 | |
Municipal [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 2 | 4 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provisions | (1) | 1 | |||
Ending Balance | 1 | 5 | 1 | 5 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1 | 5 | 1 | 5 | |
Loans receivable, ending balance | 8,265 | 9,606 | 8,265 | 9,606 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 8,265 | 9,606 | 8,265 | 9,606 | |
Tax Exempt [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 3 | 3 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provisions | (2) | 2 | |||
Ending Balance | 1 | 5 | 1 | 5 | |
Constructions [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 0 | ||||
Charge-offs | 0 | ||||
Recoveries | 0 | ||||
Provisions | 0 | ||||
Ending Balance | 0 | 0 | |||
Home Equity and Junior Liens [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 355 | 329 | 350 | 388 | |
Charge-offs | (29) | 0 | (89) | 0 | |
Recoveries | 1 | 0 | 3 | 7 | |
Provisions | 23 | 2 | 86 | (64) | |
Ending Balance | 350 | 331 | 350 | 331 | |
Ending balance: related to loans individually evaluated for impairment | 6 | 5 | 6 | 5 | |
Ending balance: related to loans collectively evaluated for impairment | 344 | 326 | 344 | 326 | |
Loans receivable, ending balance | 23,452 | 22,591 | 23,452 | 22,591 | |
Ending balance: individually evaluated for impairment | 285 | 294 | 285 | 294 | |
Ending balance: collectively evaluated for impairment | 23,167 | 22,297 | 23,167 | 22,297 | |
Other Consumer [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 145 | 87 | 118 | 98 | |
Charge-offs | (10) | (12) | (19) | (32) | |
Recoveries | 14 | 10 | 25 | 25 | |
Provisions | (2) | 20 | 23 | 14 | |
Ending Balance | 147 | 105 | 147 | 105 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 147 | 105 | 147 | 105 | |
Loans receivable, ending balance | 5,396 | 4,610 | 5,396 | 4,610 | |
Ending balance: individually evaluated for impairment | 2 | 7 | 2 | 7 | |
Ending balance: collectively evaluated for impairment | 5,394 | 4,603 | 5,394 | 4,603 | |
Unallocated [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 215 | 0 | 0 | 56 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions | (127) | 0 | 88 | (56) | |
Ending Balance | 88 | 0 | 88 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | $ 88 | $ 0 | $ 88 | $ 0 |
Foreclosed Real Estate (Details
Foreclosed Real Estate (Details) $ in Thousands | Jun. 30, 2016USD ($)Property | Dec. 31, 2015USD ($)Property |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 506 | $ 517 |
Residential real estate loans in the process of foreclosure | $ 1,100 | |
Foreclosed Residential Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | Property | 4 | 2 |
Foreclosed real estate | $ 170 | $ 182 |
Guarantees (Details)
Guarantees (Details) $ in Millions | Jun. 30, 2016USD ($) |
Loss Contingencies [Line Items] | |
Standby letters of credit | $ 1.9 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Common Stock - Financial Services Industry [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||||
Balance-Beginning | $ 313,000 | $ 313,000 | ||
Total gains realized/unrealized included in earnings | 0 | 0 | ||
Total gains realized/unrealized included in other comprehensive income | 0 | 0 | ||
Settlements | 130,000 | 130,000 | ||
Sales | 0 | 0 | ||
Balance-Ending | 443,000 | 443,000 | ||
Changes in unrealized gains included in earnings related to assets still held | 0 | 0 | ||
Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Purchase of common stock | 130,000 | $ 330,000 | ||
Recurring Basis [Member] | Level 1 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 0 | 0 | $ 0 | |
State and political subdivisions | 0 | 0 | 0 | |
Corporate | 0 | 0 | 0 | |
Asset backed securities | 0 | 0 | ||
Residential mortgage-backed - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - Private label | 0 | 0 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 635,000 | 635,000 | 638,000 | |
Large cap equity fund | 611,000 | 611,000 | 583,000 | |
Purchase of common | 0 | 0 | 46,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 1,246,000 | 1,246,000 | 1,267,000 | |
Interest rate swap derivative | 0 | 0 | 0 | |
Recurring Basis [Member] | Level 2 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 28,034,000 | 28,034,000 | 21,308,000 | |
State and political subdivisions | 11,942,000 | 11,942,000 | 8,300,000 | |
Corporate | 12,588,000 | 12,588,000 | 18,128,000 | |
Asset backed securities | 2,564,000 | 2,564,000 | ||
Residential mortgage-backed - US agency | 23,739,000 | 23,739,000 | 32,573,000 | |
Collateralized mortgage obligations - US agency | 29,843,000 | 29,843,000 | 16,833,000 | |
Collateralized mortgage obligations - Private label | 5,776,000 | 5,776,000 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 0 | 0 | 0 | |
Large cap equity fund | 0 | 0 | 0 | |
Purchase of common | 220,000 | 220,000 | 220,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 114,706,000 | 114,706,000 | 97,362,000 | |
Interest rate swap derivative | 0 | 0 | (27,000) | |
Recurring Basis [Member] | Level 3 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 0 | 0 | 0 | |
State and political subdivisions | 0 | 0 | 0 | |
Corporate | 0 | 0 | 0 | |
Asset backed securities | 0 | 0 | ||
Residential mortgage-backed - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - Private label | 0 | 0 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 0 | 0 | 0 | |
Large cap equity fund | 0 | 0 | 0 | |
Purchase of common | 443,000 | 443,000 | 313,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 443,000 | 443,000 | 313,000 | |
Interest rate swap derivative | 0 | 0 | 0 | |
Recurring Basis [Member] | Total Fair Value [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 28,034,000 | 28,034,000 | 21,308,000 | |
State and political subdivisions | 11,942,000 | 11,942,000 | 8,300,000 | |
Corporate | 12,588,000 | 12,588,000 | 18,128,000 | |
Asset backed securities | 2,564,000 | 2,564,000 | ||
Residential mortgage-backed - US agency | 23,739,000 | 23,739,000 | 32,573,000 | |
Collateralized mortgage obligations - US agency | 29,843,000 | 29,843,000 | 16,833,000 | |
Collateralized mortgage obligations - Private label | 5,776,000 | 5,776,000 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 635,000 | 635,000 | 638,000 | |
Large cap equity fund | 611,000 | 611,000 | 583,000 | |
Purchase of common | 663,000 | 663,000 | 579,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 116,395,000 | 116,395,000 | 98,942,000 | |
Interest rate swap derivative | 0 | 0 | (27,000) | |
Nonrecurring Basis [Member] | Level 1 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 0 | 0 | 0 | |
Foreclosed real estate | 0 | 0 | 0 | |
Nonrecurring Basis [Member] | Level 2 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 0 | 0 | 0 | |
Foreclosed real estate | 0 | 0 | 0 | |
Nonrecurring Basis [Member] | Level 3 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 518,000 | 518,000 | 1,070,000 | |
Foreclosed real estate | 170,000 | 170,000 | 360,000 | |
Nonrecurring Basis [Member] | Total Fair Value [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 518,000 | 518,000 | 1,070,000 | |
Foreclosed real estate | $ 170,000 | $ 170,000 | $ 360,000 |
Fair Value Measurements, Fair V
Fair Value Measurements, Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Comparable Companies [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Common stock - financial services | $ 443 | $ 313 |
Fair value inputs, comparability weight | 100.00% | 100.00% |
Impaired Loans [Member] | Appraisal Collateral - Appraisal Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 5.00% | 5.00% |
Impaired Loans [Member] | Appraisal Collateral - Appraisal Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 10.00% | 10.00% |
Impaired Loans [Member] | Appraisal Collateral - Appraisal Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 8.00% | 8.00% |
Impaired Loans [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 7.00% | 8.00% |
Impaired Loans [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Impaired Loans [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 13.00% | 14.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Appraisal Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Appraisal Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Appraisal Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 6.00% | 6.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 8.00% | 8.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 7.00% | 7.00% |
Fair Value Measurements, Fair43
Fair Value Measurements, Fair Value Measurement By Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets [Abstract] | ||
Investment securities - available-for-sale | $ 116,395 | $ 98,942 |
Investment securities - held-to-maturity | 43,887 | 45,515 |
Carrying Amounts [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 25,096 | 15,245 |
Investment securities - available-for-sale | 1,246 | 1,267 |
Accrued interest receivable | 2,069 | 2,053 |
Financial liabilities [Abstract] | ||
Demand Deposits, Savings, NOW and MMDA | 382,677 | 343,853 |
Accrued interest payable | 39 | 199 |
Carrying Amounts [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 114,706 | 97,362 |
Investment securities - held-to-maturity | 42,126 | 44,297 |
Federal Home Loan Bank stock | 4,036 | 2,424 |
Financial liabilities [Abstract] | ||
Time Deposits | 143,391 | 146,462 |
Borrowings | 63,450 | 41,300 |
Subordinated loans | 15,008 | 14,991 |
Interest rate swap derivative | 0 | 27 |
Carrying Amounts [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 443 | 313 |
Net loans | 444,651 | 424,732 |
Estimated Fair Values [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 25,096 | 15,245 |
Investment securities - available-for-sale | 1,246 | 1,267 |
Accrued interest receivable | 2,069 | 2,053 |
Financial liabilities [Abstract] | ||
Demand Deposits, Savings, NOW and MMDA | 382,677 | 343,852 |
Accrued interest payable | 39 | 199 |
Estimated Fair Values [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 114,706 | 97,362 |
Investment securities - held-to-maturity | 43,887 | 45,515 |
Federal Home Loan Bank stock | 4,036 | 2,424 |
Financial liabilities [Abstract] | ||
Time Deposits | 144,295 | 146,158 |
Borrowings | 63,643 | 41,282 |
Subordinated loans | 13,905 | 14,027 |
Interest rate swap derivative | 0 | 27 |
Estimated Fair Values [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 443 | 313 |
Net loans | $ 452,752 | $ 428,410 |
Interest Rate Derivatives (Deta
Interest Rate Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Interest Rate Derivatives [Abstract] | |||||
Floating rate trust preferred debenture face amount | $ 5,000 | $ 5,000 | |||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 2,000 | $ 2,000 | |||
Remaining term | 7 years | ||||
Fixed interest rate | 4.96% | 4.96% | |||
Accumulated Other Comprehensive Income Derivatives, Pretax [Roll Forward] | |||||
Balance as of beginning of period | $ (14) | $ (67) | $ (27) | $ (82) | |
Amount of losses (gains) recognized in other comprehensive income | 3 | (5) | 2 | (6) | |
Amount of loss reclassified from other comprehensive income and recognized as interest expense | 11 | 15 | 25 | 31 | |
Balance as of end of period | 0 | $ (57) | 0 | $ (57) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||
Cash Flow Hedge [Abstract] | |||||
Fair value of derivative liability | $ 0 | $ 0 | $ 27 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | $ 71,229 | $ 69,204 | |||
Other comprehensive (loss) income before reclassifications | $ 26 | $ (511) | 372 | (213) | |
Amounts reclassified from AOCI | 120 | 7 | 208 | 13 | |
Balance | 60,123 | 70,074 | 60,123 | 70,074 | |
Interest on long term borrowings | (71) | (65) | (143) | (126) | |
Salaries and employee benefits | (2,653) | (2,356) | (5,338) | (4,738) | |
Net gains on sales and redemptions of investment securities | 132 | 49 | 212 | 101 | |
Provision for income taxes | (225) | (290) | (498) | (514) | |
Net income attributable to Pathfinder Bancorp, Inc. | 832 | 694 | 1,493 | 1,223 | |
AOCI Attributable to Parent [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (2,131) | (1,815) | (2,565) | (2,119) | |
Balance | (1,985) | (2,319) | (1,985) | (2,319) | |
Retirement Plans [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (1,812) | (1,767) | (1,844) | (1,794) | |
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI | 33 | 27 | 65 | 54 | |
Balance | (1,779) | (1,740) | (1,779) | (1,740) | |
Unrealized Gains and Losses on Financial Derivative [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (8) | (40) | (16) | (49) | |
Other comprehensive (loss) income before reclassifications | 1 | (3) | 1 | (4) | |
Amounts reclassified from AOCI | 7 | 9 | 15 | 19 | |
Balance | 0 | (34) | 0 | (34) | |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | 322 | 705 | (51) | 457 | |
Other comprehensive (loss) income before reclassifications | 4 | (527) | 329 | (248) | |
Amounts reclassified from AOCI | 80 | (29) | 128 | (60) | |
Balance | 406 | 149 | 406 | 149 | |
Securities Reclassified from AFS to HTM [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (633) | (713) | (654) | (733) | |
Other comprehensive (loss) income before reclassifications | 21 | 19 | 42 | 39 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Balance | (612) | (694) | (612) | (694) | |
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] | (54) | (45) | (109) | (90) |
Provision for income taxes | [1],[2] | 21 | 18 | 44 | 36 |
Net income attributable to Pathfinder Bancorp, Inc. | [1],[2] | (33) | (27) | (65) | (54) |
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] | (11) | (15) | (25) | (31) |
Provision for income taxes | [1] | 4 | 6 | 10 | 12 |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | (7) | (9) | (15) | (19) |
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] | (132) | 49 | (212) | 101 |
Provision for income taxes | [1] | 52 | (20) | 84 | (41) |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | $ (80) | $ 29 | $ (128) | $ 60 |
[1] | Amounts in parentheses indicates debits in net income. | ||||
[2] | These items are included in net periodic pension cost. |