Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
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 | 0 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Cash and due from banks | $ 8,374 | $ 6,968 |
Interest-earning deposits | 28,245 | 15,451 |
Total cash and cash equivalents | 36,619 | 22,419 |
Available-for-sale securities, at fair value | 149,422 | 141,955 |
Held-to-maturity securities, at amortized cost (fair value of $56,306 and $54,429, respectively) | 56,135 | 54,645 |
Federal Home Loan Bank stock, at cost | 2,985 | 3,250 |
Loans | 521,094 | 492,147 |
Less: Allowance for loan losses | 5,964 | 6,247 |
Loans receivable, net | 515,130 | 485,900 |
Premises and equipment, net | 15,724 | 15,177 |
Accrued interest receivable | 2,711 | 2,532 |
Foreclosed real estate | 694 | 597 |
Intangible assets, net | 194 | 198 |
Goodwill | 4,536 | 4,536 |
Bank owned life insurance | 11,529 | 11,458 |
Other assets | 6,666 | 6,367 |
Total assets | 802,345 | 749,034 |
Deposits: | ||
Interest-bearing | 583,471 | 535,701 |
Noninterest-bearing | 86,061 | 75,282 |
Total deposits | 669,532 | 610,983 |
Short-term borrowings | 20,921 | 41,947 |
Long-term borrowings | 32,100 | 17,000 |
Subordinated loans | 15,033 | 15,025 |
Accrued interest payable | 96 | 75 |
Other liabilities | 4,825 | 5,643 |
Total liabilities | 742,507 | 690,673 |
Shareholders' equity: | ||
Common stock, par value $0.01; 25,000,000 authorized shares; 4,246,980 and 4,236,744 shares outstanding, respectively | 43 | 43 |
Additional paid in capital | 27,676 | 27,483 |
Retained earnings | 36,216 | 35,619 |
Accumulated other comprehensive loss | (3,207) | (3,822) |
Unearned ESOP | (1,349) | (1,394) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 59,379 | 57,929 |
Noncontrolling interest | 459 | 432 |
Total equity | 59,838 | 58,361 |
Total liabilities and shareholders' equity | $ 802,345 | $ 749,034 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Held-to-maturity securities at fair value | $ 56,306 | $ 54,429 |
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 outstanding (in shares) | 4,246,980 | 4,236,744 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and dividend income: | ||
Loans, including fees | $ 5,741 | $ 4,924 |
Debt securities: | ||
Taxable | 837 | 556 |
Tax-exempt | 193 | 191 |
Dividends | 54 | 27 |
Federal funds sold and interest earning deposits | 45 | 14 |
Total interest income | 6,870 | 5,712 |
Interest expense: | ||
Interest on deposits | 765 | 575 |
Interest on short-term borrowings | 295 | 22 |
Interest on long-term borrowings | 120 | 72 |
Interest on subordinated loans | 193 | 203 |
Total interest expense | 1,373 | 872 |
Net interest income | 5,497 | 4,840 |
Provision for loan losses | 389 | 210 |
Net interest income after provision for loan losses | 5,108 | 4,630 |
Noninterest income: | ||
Service charges on deposit accounts | 263 | 287 |
Earnings and gain on bank owned life insurance | 71 | 80 |
Loan servicing fees | 36 | 34 |
Net gains on sales and redemptions of investment securities | 71 | 80 |
Net losses on sales of loans and foreclosed real estate | (24) | 0 |
Debit card interchange fees | 147 | 135 |
Other charges, commissions & fees | 399 | 385 |
Total noninterest income | 963 | 1,001 |
Noninterest expense: | ||
Salaries and employee benefits | 2,850 | 2,685 |
Building occupancy | 539 | 463 |
Data processing | 427 | 422 |
Professional and other services | 191 | 197 |
Advertising | 176 | 140 |
FDIC assessments | 56 | 108 |
Audits and exams | 84 | 76 |
Other expenses | 676 | 612 |
Total noninterest expenses | 4,999 | 4,703 |
Income before income taxes | 1,072 | 928 |
Provision for income taxes | 245 | 273 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 827 | 655 |
Net income (loss) attributable to noncontrolling interest | 27 | (6) |
Net income attributable to Pathfinder Bancorp, Inc. | 800 | 661 |
Preferred stock dividends | 0 | 16 |
Net income available to common shareholders | $ 800 | $ 645 |
Earnings per common share - basic (in dollars per share) | $ 0.20 | $ 0.16 |
Earnings per common share - diluted (in dollars per share) | 0.19 | 0.15 |
Dividends per common share (in dollars per share) | $ 0.05 | $ 0.05 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | |||
Net Income | $ 827 | $ 655 | |
Retirement Plans: | |||
Retirement plan net losses recognized in plan expenses | 37 | 54 | |
Unrealized holding gains on financial derivative: | |||
Change in unrealized holding losses on financial derivative | 0 | (1) | |
Reclassification adjustment for interest expense included in net income | 0 | 14 | |
Net unrealized gain on financial derivative | 0 | 13 | |
Unrealized holding gains on available-for-sale securities | |||
Unrealized holding gains arising during the period | 1,022 | 702 | |
Reclassification adjustment for net gains included in net income | (71) | (80) | |
Net unrealized gain on available-for-sale securities | 951 | 622 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 37 | 35 |
Other comprehensive income, before tax | 1,025 | 724 | |
Tax effect | (410) | (290) | |
Other comprehensive income, net of tax | 615 | 434 | |
Comprehensive income | 1,442 | 1,089 | |
Comprehensive income (loss), attributable to noncontrolling interest | 27 | (6) | |
Comprehensive income attributable to Pathfinder Bancorp, Inc. | 1,415 | 1,095 | |
Tax Effect Allocated to Each Component of Other Comprehensive Loss | |||
Retirement plan net losses recognized in plan expenses | (14) | (22) | |
Reclassification adjustment for interest expense included in net income | 0 | (5) | |
Unrealized holding gains arising during the period | (409) | (281) | |
Reclassification adjustment for net gains included in net income | 28 | 32 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | (15) | (14) |
Income tax effect related to other comprehensive income | $ (410) | $ (290) | |
[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] | Non-controlling Interest [Member] | Total |
Balance at Dec. 31, 2015 | $ 13,000 | $ 44 | $ 28,717 | $ 33,183 | $ (2,565) | $ (1,574) | $ 424 | $ 71,229 |
Net income | 0 | 0 | 0 | 661 | 0 | 0 | (6) | 655 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 434 | 0 | 434 | |
Preferred stock, redemption | (13,000) | 0 | 0 | 0 | 0 | 0 | (13,000) | |
Preferred stock dividends - SBLF | 0 | 0 | 0 | (16) | 0 | 0 | 0 | (16) |
ESOP shares earned | 0 | 0 | 29 | 0 | 0 | 45 | 0 | 74 |
Stock based compensation | 0 | 0 | 23 | 0 | 0 | 0 | 0 | 23 |
Common stock dividends declared | 0 | 0 | 0 | (207) | 0 | 0 | 0 | (207) |
Balance at Mar. 31, 2016 | 0 | 44 | 28,769 | 33,621 | (2,131) | (1,529) | 418 | 59,192 |
Balance at Dec. 31, 2016 | 0 | 43 | 27,483 | 35,619 | (3,822) | (1,394) | 432 | 58,361 |
Net income | 0 | 0 | 0 | 800 | 0 | 0 | 27 | 827 |
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | 615 | 0 | 0 | 615 |
ESOP shares earned | 0 | 0 | 43 | 0 | 0 | 45 | 0 | 88 |
Stock based compensation | 0 | 0 | 94 | 0 | 0 | 0 | 0 | 94 |
Stock options exercised | 0 | 0 | 56 | 0 | 0 | 0 | 0 | 56 |
Common stock dividends declared | 0 | 0 | 0 | (203) | 0 | 0 | 0 | (203) |
Balance at Mar. 31, 2017 | $ 0 | $ 43 | $ 27,676 | $ 36,216 | $ (3,207) | $ (1,349) | $ 459 | $ 59,838 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Preferred stock redemption (in shares) | (13,000) | |
ESOP shares earned (in shares) | 6,111 | 6,111 |
Common stock dividends declared (in dollars per share) | $ 0.05 | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 800 | $ 661 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 389 | 210 |
Realized losses (gains) on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | 27 | 0 |
Loans | (3) | 0 |
Available-for-sale investment securities | 27 | (80) |
Held-to-maturity investment securities | (4) | 0 |
Depreciation | 247 | 233 |
Amortization of mortgage servicing rights | 3 | 3 |
Amortization of deferred loan costs | 24 | 40 |
Amortization of deferred financing from subordinated loan | 8 | 8 |
Earnings and gain on bank owned life insurance | (71) | (80) |
Net amortization of premiums and discounts on investment securities | 422 | 261 |
Amortization of intangible assets | 4 | 4 |
Stock based compensation and ESOP expense | 182 | 97 |
Net change in accrued interest receivable | (179) | (185) |
Net change in other assets and liabilities | (1,356) | (683) |
Net cash flows from operating activities | 520 | 489 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (31,434) | (53,610) |
Purchase of investment securities held-to-maturity | (2,654) | (500) |
Net proceeds from (purchases of) Federal Home Loan Bank stock | 265 | (211) |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 5,619 | 12,422 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 930 | 378 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 18,913 | 15,273 |
Held-to-maturity investment securities | 202 | 0 |
Real estate acquired through foreclosure | 246 | 0 |
Realized gains on hedging activity | (94) | 0 |
Net change in loans | (30,013) | (3,988) |
Purchase of premises and equipment | (794) | (313) |
Net cash flows from investing activities | (38,814) | (30,549) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 71,143 | 53,315 |
Net change in time deposits | 7,210 | 3,349 |
Net change in brokered deposits | (19,804) | (7,621) |
Net change in short-term borrowings | (21,026) | 4,700 |
Redemption of preferred stock - SBLF | 0 | (13,000) |
Proceeds from long-term borrowings | 15,100 | 0 |
Proceeds from exercise of stock options | 56 | 0 |
Cash dividends paid to preferred shareholder - SBLF | 0 | (49) |
Cash dividends paid to common shareholders | (212) | (218) |
Change in noncontrolling interest, net | 27 | (6) |
Net cash flows from financing activities | 52,494 | 40,470 |
Change in cash and cash equivalents | 14,200 | 10,410 |
Cash and cash equivalents at beginning of period | 22,419 | 15,245 |
Cash and cash equivalents at end of period | 36,619 | 25,655 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 1,351 | 1,005 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | $ 370 | $ 142 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 consolidated financial statements may have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income or comprehensive income as previously reported. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017 or any other interim period. The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain 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 $-0- in the first quarter of 2017 and $16,000 in 2016. These transactions had no effect on the regulatory capital position of the Bank. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements In March, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, premiums and discounts on callable debt securities generally are amortized to the maturity date. An entity must have a large number of similar loans to consider estimates of future principal prepayments when applying the interest method. However, an entity that holds an individual callable debt security at a premium may not amortize that premium to the earliest call date. If that callable debt security is subsequently called, the entity records a loss equal to the unamortized premium. The amendments in this Update more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. In most cases, market participants price securities to the call date that produces the worst yield when the coupon is above current market rates (that is, the security is trading at a premium) and price securities to maturity when the coupon is below market rates (that is, the security is trading at a discount) in anticipation that the borrower will act in its economic best interest. As a result, the amendments more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Company typically holds investment securities that fall under the scope of this ASU. However, when viewed in the context of the Company's overall consolidated statements of financial condition and income statement, the aggregate premiums associated with callable debt securities held in its investment portfolio are relatively low. In addition, the weighted average time between the securities' call dates and maturity dates are also relatively short. Accordingly, the Company does not anticipate that a material impact on its consolidated financial statements of condition, results of operations, or cash flows will result from the adoption of this Update. In March, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Topic 715, Compensation— Retirement Benefits The amendments in this Update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost as defined in paragraphs 715-30-35-4 and 715-60-35-9 are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments in this Update also allow only the service cost component to be eligible for capitalization when applicable (for example, as a cost of internally manufactured inventory or a self-constructed asset). The amendments in this Update are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those three annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. That is, early adoption should be within the first interim period if an employer issues interim financial statements. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. The amendments in this Update should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. Disclosure that the practical expedient was used is required. The Company does not anticipate that a material impact on its consolidated financial statements of condition, results of operations, or cash flows will result from the adoption of this Update. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
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, if any. Diluted earnings per share include the potential dilutive effect that could occur upon the assumed exercise of issued stock options using the Treasury Stock method. Anti-dilutive stock options, not included in the computation below, were 92,261 and 16,472 for the three months ended March 31, 2017 and March 31, 2016, respectively. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. The following table sets forth the calculation of basic and diluted earnings per share. Three months ended March 31, (In thousands, except per share data) 2017 2016 Basic Earnings Per Common Share Net income available to common shareholders $ 800 $ 645 Weighted average common shares outstanding 4,052 4,140 Basic earnings per common share $ 0.20 $ 0.16 Diluted Earnings Per Common Share Net income available to common shareholders $ 800 $ 645 Weighted average common shares outstanding 4,052 4,140 Effect of assumed exercise of stock options 102 78 Diluted weighted average common shares outstanding 4,154 4,218 Diluted earnings per common share $ 0.19 $ 0.15 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investment Securities [Abstract] | |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities are summarized as follows: March 31, 2017 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 $ 31,278 $ 3 $ (57 ) $ 31,224 State and political subdivisions 10,988 1 (523 ) 10,466 Corporate 12,851 13 (266 ) 12,598 Asset backed securities 6,020 17 (42 ) 5,995 Residential mortgage-backed - US agency 33,311 48 (435 ) 32,924 Collateralized mortgage obligations - US agency 50,066 52 (894 ) 49,224 Collateralized mortgage obligations - Private label 6,368 14 (67 ) 6,315 Total 150,882 148 (2,284 ) 148,746 Equity investment securities: Common stock - financial services industry 663 13 - 676 Total 663 13 - 676 Total available-for-sale $ 151,545 $ 161 $ (2,284 ) $ 149,422 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 4,934 $ 53 $ (12 ) $ 4,975 State and political subdivisions 32,582 660 (566 ) 32,676 Corporate 8,201 101 (174 ) 8,128 Residential mortgage-backed - US agency 6,108 70 - 6,178 Collateralized mortgage obligations - US agency 2,931 115 - 3,046 Collateralized mortgage obligations - Private label 1,379 - (76 ) 1,303 Total held-to-maturity $ 56,135 $ 999 $ (828 ) $ 56,306 December 31, 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 $ 24,263 $ 1 $ (80 ) $ 24,184 State and political subdivisions 17,185 33 (737 ) 16,481 Corporate 15,560 20 (385 ) 15,195 Asset backed securities 6,696 5 (37 ) 6,664 Residential mortgage-backed - US agency 31,204 - (638 ) 30,566 Collateralized mortgage obligations - US agency 42,124 45 (1,183 ) 40,986 Collateralized mortgage obligations - Private label 6,682 - (105 ) 6,577 Total 143,714 104 (3,165 ) 140,653 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 - (17 ) 626 Common stock - financial services industry 663 13 - 676 Total 1,306 13 (17 ) 1,302 Total available-for-sale $ 145,020 $ 117 $ (3,182 ) $ 141,955 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 4,928 $ 30 $ (18 ) $ 4,940 State and political subdivisions 30,697 572 (693 ) 30,576 Corporate 8,240 85 (228 ) 8,097 Residential mortgage-backed - US agency 6,386 31 (20 ) 6,397 Collateralized mortgage obligations - US agency 2,927 96 - 3,023 Collateralized mortgage obligations - Private label 1,467 - (71 ) 1,396 Total held-to-maturity $ 54,645 $ 814 $ (1,030 ) $ 54,429 The amortized cost and estimated fair value of debt investments at March 31, 2017 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 $ 21,648 $ 21,629 $ 1,676 $ 1,676 Due after one year through five years 16,314 16,241 8,669 8,808 Due after five years through ten years 11,911 11,831 18,148 18,651 Due after ten years 11,264 10,582 17,224 16,644 Sub-total 61,137 60,283 45,717 45,779 Residential mortgage-backed - US agency 33,311 32,924 6,108 6,178 Collateralized mortgage obligations - US agency 50,066 49,224 2,931 3,046 Collateralized mortgage obligations - Private label 6,368 6,315 1,379 1,303 Totals $ 150,882 $ 148,746 $ 56,135 $ 56,306 The Company's investment securities' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: March 31, 2017 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 6 $ (42 ) $ 22,183 1 $ (15 ) $ 2,985 7 $ (57 ) $ 25,168 State and political subdivisions 37 (516 ) 9,870 1 (7 ) 247 38 (523 ) 10,117 Corporate 6 (240 ) 6,742 1 (26 ) 1,629 7 (266 ) 8,371 Asset backed securities 2 (42 ) 2,621 - - - 2 (42 ) 2,621 Residential mortgage-backed - US agency 17 (435 ) 20,701 - - - 17 (435 ) 20,701 Collateralized mortgage obligations - US agency 28 (812 ) 33,539 4 (82 ) 2,397 32 (894 ) 35,936 Collateralized mortgage obligations - Private label 4 (67 ) 5,075 - - - 4 (67 ) 5,075 Totals 100 $ (2,154 ) $ 100,731 7 $ (130 ) $ 7,258 107 $ (2,284 ) $ 107,989 Held-to-Maturity US Treasury, agencies and GSE's 1 $ (12 ) $ 988 - $ - $ - 1 $ (12 ) $ 988 State and political subdivisions 17 (566 ) 13,812 - - - 17 (566 ) 13,812 Corporate 3 (174 ) 3,552 - - - 3 (174 ) 3,552 Collateralized mortgage obligations - Private label 1 (76 ) 1,303 - - - 1 (76 ) 1,303 Totals 22 $ (828 ) $ 19,655 - $ - $ - 22 $ (828 ) $ 19,655 December 31, 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 6 $ (80 ) $ 22,161 - $ - $ - 6 $ (80 ) $ 22,161 State and political subdivisions 53 (737 ) 14,057 - - - 53 (737 ) 14,057 Corporate 10 (385 ) 10,587 - - - 10 (385 ) 10,587 Asset backed securities 3 (37 ) 4,455 - - - 3 (37 ) 4,455 Equity and other investments 1 (17 ) 626 - - - 1 (17 ) 626 Residential mortgage-backed - US agency 23 (638 ) 29,849 - - - 23 (638 ) 29,849 Collateralized mortgage obligations - US agency 28 (1,087 ) 33,376 4 (96 ) 2,514 32 (1,183 ) 35,890 Collateralized mortgage obligations - Private label 5 (105 ) 6,577 - - - 5 (105 ) 6,577 Totals 129 $ (3,086 ) $ 121,688 4 $ (96 ) $ 2,514 133 $ (3,182 ) $ 124,202 Held-to-Maturity US Treasury, agencies and GSE's 1 $ (18 ) $ 982 - $ - $ - 1 $ (18 ) $ 982 State and political subdivisions 16 (693 ) 10,038 - - - 16 (693 ) 10,038 Corporate 5 (228 ) 4,402 - - - 5 (228 ) 4,402 Residential mortgage-backed - US agency 3 (20 ) 1,869 - - - 3 (20 ) 1,869 Collateralized mortgage obligations - Private label 1 (71 ) 1,396 - - - 1 (71 ) 1,396 Totals 26 $ (1,030 ) $ 18,687 - $ - $ - 26 $ (1,030 ) $ 18,687 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 March 31, 2017 represents OTTI. With the exception of certain individually small municipal bond issuances that are unrated, all securities are rated above the lowest tier of investment grade by one or more nationally recognized statistical rating organizations (NRSROs) with the exception of two corporate securities that are rated at the lowest level of investment grade, four corporate securities that are unrated and seven structured credit issuances, acquired in 2016 and 2017, that are unrated. Thirty seven municipal securities, categorized as available-for-sale, have been in a loss position for nine months or less at March 31, 2017. The majority of these holdings have insignificant unrealized loss position. For the group, aggregate losses are 5.23% and range from 0.04% to 14.19% of their current book values. None of these municipal securities are deemed to have any credit impairment at the reporting date. One municipal security, categorized as available-for-sale, with a loss of 2.73% at March 31, 2017 has been in a loss position greater than 12 months. The security is rated AA by Standard and Poors and is not considered to be credit impaired at the reporting date. Seventeen municipal securities, categorized as held-to-maturity, have been in a loss position for seven months or less at March 31, 2017. With the exception of three small balance municipal securities that are unrated, all of the securities are rated among the three highest investment grades by either Standard & Poors or Moody's. The majority of these holdings have insignificant unrealized loss positions. For the group, aggregate losses are 4.09% and range from 0.02% to 10.56% of their current book values. None of these municipal securities are deemed to have any credit impairment at the reporting date. Six corporate securities, categorized as available-for-sale, have been in a loss position for seven months or less. The majority of these holdings have insignificant unrealized loss position. For the group, aggregate losses are 3.56% and range from 0.01% to 8.11% of their current book values. With the exception of one unrated security and one security rated BBB+, all securities in this group are rated A- of better by Standard & Poors. None of the six corporate securities are deemed to have any credit impairment at the reporting date. One corporate security, categorized as available-for-sale, with a loss of 1.60% at March 31, 2017 has been in a loss position greater than 12 months. The security is rated A by Standard and Poors and is not considered to be credit impaired at the reporting date. Three corporate securities, categorized as held-to-maturity, have been in a loss position for six months or less. The majority of these holdings have insignificant unrealized loss position. For the group, aggregate losses are 4.90% and range from 1.13% to 7.09% of their current book values. With the exception of one unrated security all securities in this group are rated A- of better by Standard & Poors. None of the three corporate securities are deemed to have any credit impairment at the reporting date. Two asset-backed securities, categorized as available-for-sale, have been in a loss position for seven months. For the group, aggregate losses are 1.60% and range from 1.12% to 1.97% of their current book values. One of the securities is unrated and the other is rated AAA by Standard & Poors. Neither of the securities are deemed to have any credit impairment at the reporting date. Four private-label mortgage-backed securities, categorized as available-for-sale, have been in a loss position for ten months or less. Two of the securities are unrated and two are rated Aa1 or better by Moody's. For the group, aggregate losses are 1.33% and range from 0.88% to 2.04% of their current book values. None of the four private-label mortgage-backed securities are deemed to have any credit impairment at the reporting date. One unrated private-label mortgage-backed security, categorized as held-to-maturity, has been in a loss position for four months and has a market value that is 5.82% below its current book value. The security is considered to be sufficiently over-collateralized to a degree necessary to ensure that all contractual principal payments will be received and, therefore, is not deemed to have any credit impairment at the reporting date. The unrealized losses reported pertaining to securities issued by the U.S. Government and its sponsored entities, include seven agency, 17 residential mortgage-backed and 28 collateralized mortgage obligations issued by GNMA, FNMA, FHLMC, FHLB and FFCB. These entities are currently rated Aaa by Moody's Investor Services and AA+ by Standard and Poors. GNMA securities carry explicit guarantees by the U.S. Government as to timely repayment of principal and securities issued by the other agencies listed above 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 March 31, 2017 represents OTTI. 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. At March 31, 2017, the Company held one equity security with a market value that was in excess of its carrying amount and no equity securities with market values below its carrying amount. Management has determined that we have the intent and ability to retain this equity security indefinitely. Gross realized gains (losses) on sales of securities for the indicated periods are detailed below: For the three months ended March 31, (In thousands) 2017 2016 Realized gains on investments $ 78 $ 95 Realized gains on hedging activity 94 - Realized losses on investments (101 ) (15 ) $ 71 $ 80 As of March 31, 2017 and December 31, 2016, securities with a fair value of $131.5 million and $96.4 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $11.3 million and $12.9 million were pledged against certain borrowing arrangements. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, little exposure exists to sub-prime or other high-risk residential mortgages. With limited exceptions in the Company's investment portfolio involving the most senior tranches of securitized bonds, the Company is not in the practice of investing in, or originating, these types of investments or loans. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2017 | |
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 For the three months ended March 31, (In thousands) 2017 2016 2017 2016 Service cost $ - $ - $ - $ - Interest cost 118 116 2 2 Expected return on plan assets (236 ) (237 ) - - Amortization of transition obligation - - - - Amortization of net losses/(gains) 39 56 (2 ) (2 ) Net periodic benefit plan benefit $ (79 ) $ (65 ) $ - $ - The Company will evaluate the need for further contributions to the defined benefit pension plan during 2017. The prepaid pension asset is recorded in other assets on the statement of condition as of March 31, 2017 and December 31, 2016. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2017 | |
Loans [Abstract] | |
Loans | Note 6: Loans Major classifications of loans at the indicated dates are as follows: March 31, December 31, (In thousands) 2017 2016 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 202,282 $ 199,000 Construction 7,565 8,505 Total residential mortgage loans 209,847 207,505 Commercial loans: Real estate 158,303 150,698 Lines of credit 20,221 23,225 Other commercial and industrial 75,680 67,646 Tax exempt loans 11,959 12,523 Total commercial loans 266,163 254,092 Consumer loans: Home equity and junior liens 24,763 24,722 Other consumer 20,708 6,293 Total consumer loans 45,471 31,015 Total loans 521,481 492,612 Net deferred loan fees (387 ) (465 ) Less allowance for loan losses (5,964 ) (6,247 ) Loans receivable, net $ 515,130 $ 485,900 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. In January 2017, the Bank acquired $15.6 million of loans originated by an unrelated financial institution that is located outside of the Bank's market area. The acquired loan pool represented a 90% interest in 763 loans secured by liens on automobiles with maturities ranging primarily from two to six years. These loans will be serviced by the originating financial institution and had an outstanding carrying value of $15.0 million at March 31, 2017, included in the other consumer loans totals above. As of March 31, 2017 and December 31, 2016, residential mortgage loans with a carrying value of $141.6 million and $140.3 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 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2017 and have not changed. As part of the execution of the Company's overall balance sheet management strategies, the Bank will acquire participating interests in loans originated by unrelated third parties on a sporadic basis. The purchase of participations in loans that are originated by third parties only occurs after the completion of thorough pre-acquisition due diligence. Loans in which the Company acquires a participating interest are determined to meet, in all material respects, the Company's internal underwriting policies, including credit and collateral suitability thresholds, prior to acquisition. In addition, the financial condition of the originating financial institutions, which are generally retained as the ongoing loan servicing provider for participations acquired by the Bank, are analyzed prior to the acquisition of the participating interests and monitored on a regular basis thereafter for the life of those interests. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three portfolio segments, each with different risk characteristics but with similar methodologies for assessing risk. Each portfolio segment is broken down into loan classes where appropriate. Loan classes contain unique measurement attributes, risk characteristics, and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class. The following table illustrates the portfolio segments and classes for the Company's loan portfolio: Portfolio Segment Class Residential Mortgage Loans 1-4 family first-lien residential mortgages Construction Commercial Loans Real estate Lines of credit Other commercial and industrial Tax exempt loans Consumer Loans Home equity and junior liens Other consumer The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of March 31, 2017 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 197,626 $ 1,589 $ 1,938 $ 1,129 $ 202,282 Construction 7,565 - - - 7,565 Total residential mortgage loans 205,191 1,589 1,938 1,129 209,847 Commercial loans: Real estate 151,470 2,633 3,698 502 158,303 Lines of credit 19,108 685 422 6 20,221 Other commercial and industrial 74,167 648 772 93 75,680 Tax exempt loans 11,959 - - - 11,959 Total commercial loans 256,704 3,966 4,892 601 266,163 Consumer loans: Home equity and junior liens 24,093 144 231 295 24,763 Other consumer 20,688 10 10 - 20,708 Total consumer loans 44,781 154 241 295 45,471 Total loans $ 506,676 $ 5,709 $ 7,071 $ 2,025 $ 521,481 As of December 31, 2016 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 194,377 $ 1,445 $ 2,115 $ 1,063 $ 199,000 Construction 8,505 - - - 8,505 Total residential mortgage loans 202,882 1,445 2,115 1,063 207,505 Commercial loans: Real estate 143,126 3,714 3,858 - 150,698 Lines of credit 22,141 684 400 - 23,225 Other commercial and industrial 66,279 661 702 4 67,646 Tax exempt loans 12,523 - - - 12,523 Total commercial loans 244,069 5,059 4,960 4 254,092 Consumer loans: Home equity and junior liens 23,963 170 389 200 24,722 Other consumer 6,224 17 8 44 6,293 Total consumer loans 30,187 187 397 244 31,015 Total loans $ 477,138 $ 6,691 $ 7,472 $ 1,311 $ 492,612 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 March 31, 2017 and December 31, 2016, are detailed in the following tables: As of March 31, 2017 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 $ 1,038 $ 1,067 $ 1,834 $ 3,939 $ 198,343 $ 202,282 Construction - - - - 7,565 7,565 Total residential mortgage loans 1,038 1,067 1,834 3,939 205,908 209,847 Commercial loans: Real estate 1,502 3,080 794 5,376 152,927 158,303 Lines of credit 162 7 - 169 20,052 20,221 Other commercial and industrial 115 219 639 973 74,707 75,680 Tax exempt loans - - - - 11,959 11,959 Total commercial loans 1,779 3,306 1,433 6,518 259,645 266,163 Consumer loans: Home equity and junior liens 2 68 411 481 24,282 24,763 Other consumer 2 6 - 8 20,700 20,708 Total consumer loans 4 74 411 489 44,982 45,471 Total loans $ 2,821 $ 4,447 $ 3,678 $ 10,946 $ 510,535 $ 521,481 As of December 31, 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 $ 1,247 $ 832 $ 2,560 $ 4,639 $ 194,361 $ 199,000 Construction - - - - 8,505 8,505 Total residential mortgage loans 1,247 832 2,560 4,639 202,866 207,505 Commercial loans: Real estate 1,063 375 1,223 2,661 148,037 150,698 Lines of credit 819 - - 819 22,406 23,225 Other commercial and industrial 333 - 640 973 66,673 67,646 Tax exempt loans - - - - 12,523 12,523 Total commercial loans 2,215 375 1,863 4,453 249,639 254,092 Consumer loans: Home equity and junior liens 105 157 388 600 24,122 24,722 Other consumer 8 13 50 71 6,222 6,293 Total consumer loans 113 170 388 671 30,344 31,015 Total loans $ 3,575 $ 1,377 $ 4,811 $ 9,763 $ 482,849 $ 492,612 Nonaccrual loans, segregated by class of loan, were as follows: March 31, December 31, (In thousands) 2017 2016 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,834 $ 2,560 1,834 2,560 Commercial loans: Real estate 794 1,223 Lines of credit - - Other commercial and industrial 639 640 1,433 1,863 Consumer loans: Home equity and junior liens 411 338 Other consumer - 50 411 388 Total nonaccrual loans $ 3,678 $ 4,811 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. Pre-modification outstanding recorded investment is the principal loan balance less the provision for loan losses before the loan was modified as a TDR. Post-modification outstanding recorded investment is the principal balance less the provision for loan losses after the loan was modified as a TDR. Additional provision for loan losses is the change in the allowance for loan losses between the pre-modification outstanding recorded investment and post-modification outstanding recorded investment. The Company had no loans that have been modified as TDRs for the three months ended March 31, 2017. The table below details loans that had been modified as TDRs for the three months ended March 31, 2016. For the three months ended March 31, 2016 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Individually evaluated for impairment: Residential mortgage loans 1 45 46 - The TDR individually evaluated for impairment has been classified as TDR due to economic concessions granted, which consisted of additional funds advanced without associated increases in collateral, an interest rate reduction and extended term. The Company is required to disclose loans that have been modified as TDRs within the previous 12 months in which there was payment default after the restructuring. The Company defines payment default as any loans 90 days past due on contractual payments. The Company had no loans that had been modified as TDRs during the twelve months prior to March 31, 2017, which had subsequently defaulted during the three months ended March 31, 2017. The Company had no loans that had been modified as TDRs during the twelve months prior to March 31, 2016, which had subsequently defaulted during the three months ended March 31, 2016. When the Company modifies a loan within a portfolio segment that is individually evaluated for impairment, a potential impairment is analyzed either based on the present value of the expected future cash flows discounted at the interest rate of the original loan terms or the fair value of the collateral less costs to sell. If it is determined that the value of the loan is less than its recorded investment, then impairment is recognized as a component of the provision for loan losses, an associated increase to the allowance for loan losses or as a charge-off to the allowance for loan losses in the current period. Impaired Loans The following tables summarize impaired loan information by portfolio class at the indicated dates: March 31, 2017 December 31, 2016 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 $ 482 $ 489 $ - $ 850 $ 857 $ - Commercial real estate 4,237 4,334 - 4,254 4,344 - Commercial lines of credit 414 414 - 400 400 - Other commercial and industrial 749 749 - 470 470 - Home equity and junior liens - - - 140 140 - With an allowance recorded: 1-4 family first-lien residential mortgages 1,129 1,129 196 763 763 117 Commercial real estate 306 306 - 818 872 455 Other commercial and industrial 252 252 252 552 552 553 Home equity and junior liens 216 216 143 345 345 5 Total: 1-4 family first-lien residential mortgages 1,611 1,618 196 1,613 1,620 117 Commercial real estate 4,543 4,640 - 5,072 5,216 455 Commercial lines of credit 414 414 - 400 400 - Other commercial and industrial 1,001 1,001 252 1,022 1,022 553 Home equity and junior liens 216 216 143 485 485 5 Totals $ 7,785 $ 7,889 $ 591 $ 8,592 $ 8,743 $ 1,130 The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2017 2016 1-4 family first-lien residential mortgages $ 1,612 $ 539 Commercial real estate 4,808 4,391 Commercial lines of credit 407 583 Other commercial and industrial 1,012 747 Home equity and junior liens 351 290 Other consumer - 5 Total $ 8,190 $ 6,555 The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2017 2016 1-4 family first-lien residential mortgages $ 11 $ 7 Commercial real estate 45 25 Other commercial and industrial 13 9 Home equity and junior liens 1 2 Total $ 70 $ 43 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2017 | |
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. March 31, 2017 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 $ 759 $ - $ 2,935 $ 397 $ 1,658 Charge-offs (13 ) - (505 ) (53 ) (16 ) Recoveries 1 - - - 2 Provisions (credits) 196 - 102 21 (164 ) Ending balance $ 943 $ - $ 2,532 $ 365 $ 1,480 Ending balance: related to loans individually evaluated for impairment $ 196 $ - $ - $ - $ 252 Ending balance: related to loans collectively evaluated for impairment $ 747 $ - $ 2,532 $ 365 $ 1,228 Loans receivables: Ending balance $ 202,282 $ 7,565 $ 158,303 $ 20,221 $ 75,680 Ending balance: individually evaluated for impairment $ 1,611 $ - $ 4,543 $ 414 $ 1,001 Ending balance: collectively evaluated for impairment $ 200,671 $ 7,565 $ 153,760 $ 19,807 $ 74,679 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 331 $ 166 $ - $ 6,247 Charge-offs - (69 ) (32 ) - (688 ) Recoveries - - 13 - 16 Provisions (credits) - 247 (14 ) 1 389 Ending balance $ 1 $ 509 $ 133 $ 1 $ 5,964 Ending balance: related to loans individually evaluated for impairment $ - $ 143 $ - $ - $ 591 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 366 $ 133 $ 1 $ 5,373 Loans receivables: Ending balance $ 11,959 $ 24,763 $ 20,708 $ 521,481 Ending balance: individually evaluated for impairment $ - $ 216 $ - $ 7,785 Ending balance: collectively evaluated for impairment $ 11,959 $ 24,547 $ 20,708 $ 513,696 March 31, 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 - - - (21 ) - Recoveries - - - 8 4 Provisions (credits) 61 - (99 ) 7 (61 ) Ending balance $ 642 $ - $ 2,884 $ 395 $ 1,213 Ending balance: related to loans individually evaluated for impairment $ 41 $ - $ 737 $ 5 $ 178 Ending balance: related to loans collectively evaluated for impairment $ 601 $ - $ 2,147 $ 390 $ 1,035 Loans receivables: Ending balance $ 187,221 $ 4,258 $ 127,878 $ 19,526 $ 59,351 Ending balance: individually evaluated for impairment $ 604 $ - $ 4,352 $ 586 $ 734 Ending balance: collectively evaluated for impairment $ 186,617 $ 4,258 $ 123,526 $ 18,940 $ 58,617 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 350 $ 118 $ - $ 5,706 Charge-offs - (60 ) (9 ) - (90 ) Recoveries - 2 11 - 25 Provisions (credits) (1 ) 63 25 215 210 Ending balance $ 2 $ 355 $ 145 $ 215 $ 5,851 Ending balance: related to loans individually evaluated for impairment $ - $ 7 $ - $ - $ 968 Ending balance: related to loans collectively evaluated for impairment $ 2 $ 348 $ 145 $ 215 $ 4,883 Loans receivables: Ending balance $ 7,439 $ 23,472 $ 5,188 $ 434,333 Ending balance: individually evaluated for impairment $ - $ 291 $ 4 $ 6,571 Ending balance: collectively evaluated for impairment $ 7,439 $ 23,181 $ 5,184 $ 427,762 The Company's methodology for determining its allowance for loan losses includes an analysis of qualitative factors that are added to the historical loss rates in arriving at the total allowance for loan losses needed for this general pool of loans. The qualitative factors include: ï‚· Changes in national and local economic trends; ï‚· The rate of growth in the portfolio; ï‚· Trends of delinquencies and nonaccrual balances; ï‚· Changes in loan policy; and ï‚· Changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management's best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan losses analysis and calculation. At March 31, 2017, the Bank held $15.0 million of 90% participation loans originated by an unrelated financial institution that is located outside of the Bank's market area. The loan participations are secured by liens on automobiles. The appropriate level of the provision for loan loss and the corresponding allowance for loan losses related to these automobile loan participations has been determined using historical loss analysis at March 31, 2017. The allocation of the allowance for loan losses summarized on the basis of the Company's calculation methodology was as follows: March 31, 2017 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 196 $ - $ - $ - $ 252 Historical loss rate 102 - 48 32 55 Qualitative factors 645 - 2,484 333 1,173 Total $ 943 $ - $ 2,532 $ 365 $ 1,480 Home equity Other (In thousands) Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 143 $ - $ - $ 591 Historical loss rate - 35 21 - 293 Qualitative factors 1 331 112 - 5,079 Other - - - 1 1 Total $ 1 $ 509 $ 133 $ 1 $ 5,964 March 31, 2016 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 41 $ - $ 737 $ 5 $ 178 Historical loss rate 85 - 72 53 83 Qualitative factors 516 - 2,075 337 952 Total $ 642 $ - $ 2,884 $ 395 $ 1,213 Home equity Other (In thousands) Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 7 $ - $ - $ 968 Historical loss rate - 25 47 - 365 Qualitative factors 2 323 98 - 4,303 Other - - - 215 215 Total $ 2 $ 355 $ 145 $ 215 $ 5,851 |
Foreclosed Real Estate
Foreclosed Real Estate | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Number of properties December 31, 2016 Foreclosed residential real estate 7 $ 490 7 $ 393 At March 31, 2017, the Company reported $656,000 in residential real estate loans in the process of foreclosure. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. The fair value of standby letters of credit was not significant to the Company's consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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 a private sale. 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 March 31, 2017 and has concluded that this investment was appropriately valued at the acquisition cost of its most recent purchase, 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. The swap agreement presented in the accompanying financial statements expired in the second quarter of 2016 and was not renewed. Impaired loans: Impaired loans are those loans in which the Company has measured impairment based on the fair value of the loan's collateral or the discounted value of expected future cash flows. Fair value is generally determined based upon market value evaluations by third parties of the properties and/or estimates by management of working capital collateral or discounted cash flows based upon expected proceeds. These appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property), and the cost approach. Management modifies the appraised values, if needed, to take into account recent developments in the market or other factors, such as, changes in absorption rates or market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Such modifications to the appraised values could result in lower valuations of such collateral. Estimated costs to sell are based on current amounts of disposal costs for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Impaired loans are subject to nonrecurring fair value adjustment upon initial recognition or subsequent impairment. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. Foreclosed real estate: Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell ("initial cost basis"). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: March 31, 2017 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 31,224 $ - $ 31,224 State and political subdivisions - 10,466 - 10,466 Corporate - 12,598 - 12,598 Asset backed securities - 5,995 - 5,995 Residential mortgage-backed - US agency - 32,924 - 32,924 Collateralized mortgage obligations - US agency - 49,224 - 49,224 Collateralized mortgage obligations - Private label - 6,315 - 6,315 Equity investment securities: Common stock - Financial services industry - 220 456 676 Total available-for-sale securities $ - $ 148,966 $ 456 $ 149,422 December 31, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 24,184 $ - $ 24,184 State and political subdivisions - 16,481 - 16,481 Corporate - 15,195 - 15,195 Asset backed securities 6,664 6,664 Residential mortgage-backed - US agency - 30,566 - 30,566 Collateralized mortgage obligations - US agency - 40,986 - 40,986 Collateralized mortgage obligations - Private label - 6,577 - 6,577 Equity investment securities: Mutual funds: Ultra short mortgage fund 626 - - 626 Common stock - Financial services industry - 220 456 676 Total available-for-sale securities $ 626 $ 140,873 $ 456 $ 141,955 The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended March 31, 2017 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - December 31, 2016 $ 456 Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements - Sales - Balance - March 31, 2017 $ 456 Changes in unrealized gains included in earnings related to assets still held at March 31, 2017 $ - 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 March 31, 2017 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 456 Inputs to comparables Weight ascribed to comparable companies 100 % (In thousands) At December 31, 2016 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 456 Inputs to comparables Weight ascribed to comparable companies 100 % Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of March 31, 2017 and December 31, 2016: March 31, 2017 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 428 $ 428 Foreclosed real estate $ - $ - $ 226 $ 226 December 31, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,049 $ 4,049 Foreclosed real estate $ - $ - $ 393 $ 393 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At March 31, 2017 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 15% (6%) (Sales Approach) Costs to Sell 8% - 13% (10%) 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, 2016 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 10% (5%) (Sales Approach) Costs to Sell 8% - 13% (10%) 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 March 31, 2017. 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 a private sale. 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 March 31, 2017 and has concluded that this investment was appropriately valued at the acquisition cost of its most recent purchase, 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: March 31, 2017 December 31, 2016 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 36,619 $ 36,619 $ 22,419 $ 22,419 Investment securities - available-for-sale 1 - - 626 626 Investment securities - available-for-sale 2 148,966 148,966 140,873 140,873 Investment securities - available-for-sale 3 456 456 456 456 Investment securities - held-to-maturity 2 56,135 56,306 54,645 54,429 Federal Home Loan Bank stock 2 2,985 2,985 3,250 3,250 Net loans 3 515,130 512,748 485,900 484,704 Accrued interest receivable 1 2,711 2,711 2,532 2,532 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 499,075 $ 499,075 $ 421,627 $ 421,627 Time Deposits 2 170,457 170,325 189,356 189,197 Borrowings 2 53,021 53,027 58,947 58,918 Subordinated loans 2 15,033 14,214 15,025 14,310 Accrued interest payable 1 96 96 75 75 |
Interest Rate Derivatives
Interest Rate Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
Interest Rate Derivatives [Abstract] | |
Interest Rate Derivatives | Note 11: Interest Rate Derivatives Derivative instruments are entered into by the Company primarily as a risk management tool. 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. During the first quarter of 2017, the Company sold, on two occasions, a U.S. Treasury security in the approximate amount of $40.0 million as a hedge against rising short-term interest rates. The Company was in controlling possession of, but did not own, the security which had been received as collateral from an unrelated third-party, under an industry-standard repurchase agreement. The collateral was received as security for a series of two 30-day loans of approximately $40.0 million at market rates of interests to that third party. The sale of this security provided the funds necessary to advance the loan to the third party and placed the Company in what is generally described as a "short position" with respect to the sold U.S. Treasury security. This transaction acted as a hedge against rising short-term interest rates because the price of the security would be expected to decline in a rising short-term interest rate environment and could therefore be subsequently re-acquired at the conclusion of the second 30-day loan period at a price lower than the price at which it was originally sold. Short-term rates rose during the second 30-day loan period and, consequently, the Company recognized a gain on the sale of securities in the amount of $94,000 and a tax benefit of $36,000 when the Treasury security was repurchased. The tax benefit arose from the reversal of reserves established in prior years against the Company's deferred tax asset position as the transaction gain was characterized as a capital gain for tax purposes. This capital gain was essentially tax free to the Company as the result of the utilization of existing, previously reserved-for, capital loss tax carryforwards that were established in 2013 and 2017. The recognized tax benefit reduced the Company's effective tax rate from what would have been 27.6% to 24.1% in the first quarter of 2017. The gain in income and the recognized tax benefits derived from this transaction were partially offset by an additional $134,000 in after-tax interest expense that increased interest expense and therefore reduced pretax net interest margin by $209,000 in the first quarter of 2017. In total, after-tax net income decreased by approximately $4,000 during the first quarter of 2017 as a result of this transaction. Prior to the commencement of this transaction, the Company incurred consulting and placement fees of $111,000, of which $77,000 has been recorded on the Company's Consolidated Statements of Condition at March 31, 2017 as deferred fees. These deferred fees will be recognized ratably as interest expense on the occasions that this hedging position is reestablished in future periods. The hedge position was closed on March 1, 2017 and, other than the deferred fees of $77,000 discussed above, had no effect on the Company's consolidated financial condition at March 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 (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 $ (1,513 ) $ - $ (1,845 ) $ (464 ) $ (3,822 ) Other comprehensive income before reclassifications - - 613 22 635 Amounts reclassified from AOCI 23 - (43 ) - (20 ) Ending balance $ (1,490 ) $ - $ (1,275 ) $ (442 ) $ (3,207 ) For the three months ended March 31, 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 (loss) income before reclassifications - (1 ) 421 21 441 Amounts reclassified from AOCI 32 9 (48 ) - (7 ) Ending balance $ (1,812 ) $ (8 ) $ 322 $ (633 ) $ (2,131 ) The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified from AOCI 1 (Unaudited) (In thousands) For the three months ended Details about AOCI 1 March 31, 2017 March 31, 2016 Affected Line Item in the Statement of Income Unrealized holding gain on financial derivative: Reclassification adjustment for interest expense included in net income $ - $ (14 ) Interest on long term borrowings - 5 Provision for income taxes $ - $ (9 ) Net Income Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (37 ) $ (54 ) Salaries and employee benefits 14 22 Provision for income taxes $ (23 ) $ (32 ) Net Income Available-for-sale securities Realized gain on sale of securities $ 71 $ 80 Net gains on sales and redemptions of investment securities (28 ) (32 ) Provision for income taxes $ 43 $ 48 Net Income 1 2 See Note 5 for additional information. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, (In thousands, except per share data) 2017 2016 Basic Earnings Per Common Share Net income available to common shareholders $ 800 $ 645 Weighted average common shares outstanding 4,052 4,140 Basic earnings per common share $ 0.20 $ 0.16 Diluted Earnings Per Common Share Net income available to common shareholders $ 800 $ 645 Weighted average common shares outstanding 4,052 4,140 Effect of assumed exercise of stock options 102 78 Diluted weighted average common shares outstanding 4,154 4,218 Diluted earnings per common share $ 0.19 $ 0.15 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 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 $ 31,278 $ 3 $ (57 ) $ 31,224 State and political subdivisions 10,988 1 (523 ) 10,466 Corporate 12,851 13 (266 ) 12,598 Asset backed securities 6,020 17 (42 ) 5,995 Residential mortgage-backed - US agency 33,311 48 (435 ) 32,924 Collateralized mortgage obligations - US agency 50,066 52 (894 ) 49,224 Collateralized mortgage obligations - Private label 6,368 14 (67 ) 6,315 Total 150,882 148 (2,284 ) 148,746 Equity investment securities: Common stock - financial services industry 663 13 - 676 Total 663 13 - 676 Total available-for-sale $ 151,545 $ 161 $ (2,284 ) $ 149,422 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 4,934 $ 53 $ (12 ) $ 4,975 State and political subdivisions 32,582 660 (566 ) 32,676 Corporate 8,201 101 (174 ) 8,128 Residential mortgage-backed - US agency 6,108 70 - 6,178 Collateralized mortgage obligations - US agency 2,931 115 - 3,046 Collateralized mortgage obligations - Private label 1,379 - (76 ) 1,303 Total held-to-maturity $ 56,135 $ 999 $ (828 ) $ 56,306 December 31, 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 $ 24,263 $ 1 $ (80 ) $ 24,184 State and political subdivisions 17,185 33 (737 ) 16,481 Corporate 15,560 20 (385 ) 15,195 Asset backed securities 6,696 5 (37 ) 6,664 Residential mortgage-backed - US agency 31,204 - (638 ) 30,566 Collateralized mortgage obligations - US agency 42,124 45 (1,183 ) 40,986 Collateralized mortgage obligations - Private label 6,682 - (105 ) 6,577 Total 143,714 104 (3,165 ) 140,653 Equity investment securities: Mutual funds: Ultra short mortgage fund 643 - (17 ) 626 Common stock - financial services industry 663 13 - 676 Total 1,306 13 (17 ) 1,302 Total available-for-sale $ 145,020 $ 117 $ (3,182 ) $ 141,955 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 4,928 $ 30 $ (18 ) $ 4,940 State and political subdivisions 30,697 572 (693 ) 30,576 Corporate 8,240 85 (228 ) 8,097 Residential mortgage-backed - US agency 6,386 31 (20 ) 6,397 Collateralized mortgage obligations - US agency 2,927 96 - 3,023 Collateralized mortgage obligations - Private label 1,467 - (71 ) 1,396 Total held-to-maturity $ 54,645 $ 814 $ (1,030 ) $ 54,429 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at March 31, 2017 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 $ 21,648 $ 21,629 $ 1,676 $ 1,676 Due after one year through five years 16,314 16,241 8,669 8,808 Due after five years through ten years 11,911 11,831 18,148 18,651 Due after ten years 11,264 10,582 17,224 16,644 Sub-total 61,137 60,283 45,717 45,779 Residential mortgage-backed - US agency 33,311 32,924 6,108 6,178 Collateralized mortgage obligations - US agency 50,066 49,224 2,931 3,046 Collateralized mortgage obligations - Private label 6,368 6,315 1,379 1,303 Totals $ 150,882 $ 148,746 $ 56,135 $ 56,306 |
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position | The Company's investment securities' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: March 31, 2017 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 6 $ (42 ) $ 22,183 1 $ (15 ) $ 2,985 7 $ (57 ) $ 25,168 State and political subdivisions 37 (516 ) 9,870 1 (7 ) 247 38 (523 ) 10,117 Corporate 6 (240 ) 6,742 1 (26 ) 1,629 7 (266 ) 8,371 Asset backed securities 2 (42 ) 2,621 - - - 2 (42 ) 2,621 Residential mortgage-backed - US agency 17 (435 ) 20,701 - - - 17 (435 ) 20,701 Collateralized mortgage obligations - US agency 28 (812 ) 33,539 4 (82 ) 2,397 32 (894 ) 35,936 Collateralized mortgage obligations - Private label 4 (67 ) 5,075 - - - 4 (67 ) 5,075 Totals 100 $ (2,154 ) $ 100,731 7 $ (130 ) $ 7,258 107 $ (2,284 ) $ 107,989 Held-to-Maturity US Treasury, agencies and GSE's 1 $ (12 ) $ 988 - $ - $ - 1 $ (12 ) $ 988 State and political subdivisions 17 (566 ) 13,812 - - - 17 (566 ) 13,812 Corporate 3 (174 ) 3,552 - - - 3 (174 ) 3,552 Collateralized mortgage obligations - Private label 1 (76 ) 1,303 - - - 1 (76 ) 1,303 Totals 22 $ (828 ) $ 19,655 - $ - $ - 22 $ (828 ) $ 19,655 December 31, 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 6 $ (80 ) $ 22,161 - $ - $ - 6 $ (80 ) $ 22,161 State and political subdivisions 53 (737 ) 14,057 - - - 53 (737 ) 14,057 Corporate 10 (385 ) 10,587 - - - 10 (385 ) 10,587 Asset backed securities 3 (37 ) 4,455 - - - 3 (37 ) 4,455 Equity and other investments 1 (17 ) 626 - - - 1 (17 ) 626 Residential mortgage-backed - US agency 23 (638 ) 29,849 - - - 23 (638 ) 29,849 Collateralized mortgage obligations - US agency 28 (1,087 ) 33,376 4 (96 ) 2,514 32 (1,183 ) 35,890 Collateralized mortgage obligations - Private label 5 (105 ) 6,577 - - - 5 (105 ) 6,577 Totals 129 $ (3,086 ) $ 121,688 4 $ (96 ) $ 2,514 133 $ (3,182 ) $ 124,202 Held-to-Maturity US Treasury, agencies and GSE's 1 $ (18 ) $ 982 - $ - $ - 1 $ (18 ) $ 982 State and political subdivisions 16 (693 ) 10,038 - - - 16 (693 ) 10,038 Corporate 5 (228 ) 4,402 - - - 5 (228 ) 4,402 Residential mortgage-backed - US agency 3 (20 ) 1,869 - - - 3 (20 ) 1,869 Collateralized mortgage obligations - Private label 1 (71 ) 1,396 - - - 1 (71 ) 1,396 Totals 26 $ (1,030 ) $ 18,687 - $ - $ - 26 $ (1,030 ) $ 18,687 |
Gross Realized Gains (Losses) on Sale of Securities | Gross realized gains (losses) on sales of securities for the indicated periods are detailed below: For the three months ended March 31, (In thousands) 2017 2016 Realized gains on investments $ 78 $ 95 Realized gains on hedging activity 94 - Realized losses on investments (101 ) (15 ) $ 71 $ 80 |
Pension and Postretirement Be23
Pension and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 For the three months ended March 31, (In thousands) 2017 2016 2017 2016 Service cost $ - $ - $ - $ - Interest cost 118 116 2 2 Expected return on plan assets (236 ) (237 ) - - Amortization of transition obligation - - - - Amortization of net losses/(gains) 39 56 (2 ) (2 ) Net periodic benefit plan benefit $ (79 ) $ (65 ) $ - $ - |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loans [Abstract] | |
Major Classification of Loans | Major classifications of loans at the indicated dates are as follows: March 31, December 31, (In thousands) 2017 2016 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 202,282 $ 199,000 Construction 7,565 8,505 Total residential mortgage loans 209,847 207,505 Commercial loans: Real estate 158,303 150,698 Lines of credit 20,221 23,225 Other commercial and industrial 75,680 67,646 Tax exempt loans 11,959 12,523 Total commercial loans 266,163 254,092 Consumer loans: Home equity and junior liens 24,763 24,722 Other consumer 20,708 6,293 Total consumer loans 45,471 31,015 Total loans 521,481 492,612 Net deferred loan fees (387 ) (465 ) Less allowance for loan losses (5,964 ) (6,247 ) Loans receivable, net $ 515,130 $ 485,900 |
Summary of Classes of Loan Portfolio | The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of March 31, 2017 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 197,626 $ 1,589 $ 1,938 $ 1,129 $ 202,282 Construction 7,565 - - - 7,565 Total residential mortgage loans 205,191 1,589 1,938 1,129 209,847 Commercial loans: Real estate 151,470 2,633 3,698 502 158,303 Lines of credit 19,108 685 422 6 20,221 Other commercial and industrial 74,167 648 772 93 75,680 Tax exempt loans 11,959 - - - 11,959 Total commercial loans 256,704 3,966 4,892 601 266,163 Consumer loans: Home equity and junior liens 24,093 144 231 295 24,763 Other consumer 20,688 10 10 - 20,708 Total consumer loans 44,781 154 241 295 45,471 Total loans $ 506,676 $ 5,709 $ 7,071 $ 2,025 $ 521,481 As of December 31, 2016 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 194,377 $ 1,445 $ 2,115 $ 1,063 $ 199,000 Construction 8,505 - - - 8,505 Total residential mortgage loans 202,882 1,445 2,115 1,063 207,505 Commercial loans: Real estate 143,126 3,714 3,858 - 150,698 Lines of credit 22,141 684 400 - 23,225 Other commercial and industrial 66,279 661 702 4 67,646 Tax exempt loans 12,523 - - - 12,523 Total commercial loans 244,069 5,059 4,960 4 254,092 Consumer loans: Home equity and junior liens 23,963 170 389 200 24,722 Other consumer 6,224 17 8 44 6,293 Total consumer loans 30,187 187 397 244 31,015 Total loans $ 477,138 $ 6,691 $ 7,472 $ 1,311 $ 492,612 |
Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans | An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of March 31, 2017 and December 31, 2016, are detailed in the following tables: As of March 31, 2017 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 $ 1,038 $ 1,067 $ 1,834 $ 3,939 $ 198,343 $ 202,282 Construction - - - - 7,565 7,565 Total residential mortgage loans 1,038 1,067 1,834 3,939 205,908 209,847 Commercial loans: Real estate 1,502 3,080 794 5,376 152,927 158,303 Lines of credit 162 7 - 169 20,052 20,221 Other commercial and industrial 115 219 639 973 74,707 75,680 Tax exempt loans - - - - 11,959 11,959 Total commercial loans 1,779 3,306 1,433 6,518 259,645 266,163 Consumer loans: Home equity and junior liens 2 68 411 481 24,282 24,763 Other consumer 2 6 - 8 20,700 20,708 Total consumer loans 4 74 411 489 44,982 45,471 Total loans $ 2,821 $ 4,447 $ 3,678 $ 10,946 $ 510,535 $ 521,481 As of December 31, 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 $ 1,247 $ 832 $ 2,560 $ 4,639 $ 194,361 $ 199,000 Construction - - - - 8,505 8,505 Total residential mortgage loans 1,247 832 2,560 4,639 202,866 207,505 Commercial loans: Real estate 1,063 375 1,223 2,661 148,037 150,698 Lines of credit 819 - - 819 22,406 23,225 Other commercial and industrial 333 - 640 973 66,673 67,646 Tax exempt loans - - - - 12,523 12,523 Total commercial loans 2,215 375 1,863 4,453 249,639 254,092 Consumer loans: Home equity and junior liens 105 157 388 600 24,122 24,722 Other consumer 8 13 50 71 6,222 6,293 Total consumer loans 113 170 388 671 30,344 31,015 Total loans $ 3,575 $ 1,377 $ 4,811 $ 9,763 $ 482,849 $ 492,612 |
Nonaccrual Loans Segregated by Class of Loan | Nonaccrual loans, segregated by class of loan, were as follows: March 31, December 31, (In thousands) 2017 2016 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,834 $ 2,560 1,834 2,560 Commercial loans: Real estate 794 1,223 Lines of credit - - Other commercial and industrial 639 640 1,433 1,863 Consumer loans: Home equity and junior liens 411 338 Other consumer - 50 411 388 Total nonaccrual loans $ 3,678 $ 4,811 |
Troubled Debt Restructurings on Financing Receivables | The table below details loans that had been modified as TDRs for the three months ended March 31, 2016. For the three months ended March 31, 2016 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Individually evaluated for impairment: Residential mortgage loans 1 45 46 - |
Summary of Impaired Loans Information by Portfolio Class | The following tables summarize impaired loan information by portfolio class at the indicated dates: March 31, 2017 December 31, 2016 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 $ 482 $ 489 $ - $ 850 $ 857 $ - Commercial real estate 4,237 4,334 - 4,254 4,344 - Commercial lines of credit 414 414 - 400 400 - Other commercial and industrial 749 749 - 470 470 - Home equity and junior liens - - - 140 140 - With an allowance recorded: 1-4 family first-lien residential mortgages 1,129 1,129 196 763 763 117 Commercial real estate 306 306 - 818 872 455 Other commercial and industrial 252 252 252 552 552 553 Home equity and junior liens 216 216 143 345 345 5 Total: 1-4 family first-lien residential mortgages 1,611 1,618 196 1,613 1,620 117 Commercial real estate 4,543 4,640 - 5,072 5,216 455 Commercial lines of credit 414 414 - 400 400 - Other commercial and industrial 1,001 1,001 252 1,022 1,022 553 Home equity and junior liens 216 216 143 485 485 5 Totals $ 7,785 $ 7,889 $ 591 $ 8,592 $ 8,743 $ 1,130 |
Average Recorded Investment in Impaired Loans | The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2017 2016 1-4 family first-lien residential mortgages $ 1,612 $ 539 Commercial real estate 4,808 4,391 Commercial lines of credit 407 583 Other commercial and industrial 1,012 747 Home equity and junior liens 351 290 Other consumer - 5 Total $ 8,190 $ 6,555 |
Cash Basis Interest Income Recognized on Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2017 2016 1-4 family first-lien residential mortgages $ 11 $ 7 Commercial real estate 45 25 Other commercial and industrial 13 9 Home equity and junior liens 1 2 Total $ 70 $ 43 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Allowance for Loan Losses [Abstract] | |
Changes in the Allowance for Loan Losses | An allocation of a portion of the allowance to a given portfolio class does not limit the Company's ability to absorb losses in another portfolio class. March 31, 2017 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 $ 759 $ - $ 2,935 $ 397 $ 1,658 Charge-offs (13 ) - (505 ) (53 ) (16 ) Recoveries 1 - - - 2 Provisions (credits) 196 - 102 21 (164 ) Ending balance $ 943 $ - $ 2,532 $ 365 $ 1,480 Ending balance: related to loans individually evaluated for impairment $ 196 $ - $ - $ - $ 252 Ending balance: related to loans collectively evaluated for impairment $ 747 $ - $ 2,532 $ 365 $ 1,228 Loans receivables: Ending balance $ 202,282 $ 7,565 $ 158,303 $ 20,221 $ 75,680 Ending balance: individually evaluated for impairment $ 1,611 $ - $ 4,543 $ 414 $ 1,001 Ending balance: collectively evaluated for impairment $ 200,671 $ 7,565 $ 153,760 $ 19,807 $ 74,679 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 331 $ 166 $ - $ 6,247 Charge-offs - (69 ) (32 ) - (688 ) Recoveries - - 13 - 16 Provisions (credits) - 247 (14 ) 1 389 Ending balance $ 1 $ 509 $ 133 $ 1 $ 5,964 Ending balance: related to loans individually evaluated for impairment $ - $ 143 $ - $ - $ 591 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 366 $ 133 $ 1 $ 5,373 Loans receivables: Ending balance $ 11,959 $ 24,763 $ 20,708 $ 521,481 Ending balance: individually evaluated for impairment $ - $ 216 $ - $ 7,785 Ending balance: collectively evaluated for impairment $ 11,959 $ 24,547 $ 20,708 $ 513,696 March 31, 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 - - - (21 ) - Recoveries - - - 8 4 Provisions (credits) 61 - (99 ) 7 (61 ) Ending balance $ 642 $ - $ 2,884 $ 395 $ 1,213 Ending balance: related to loans individually evaluated for impairment $ 41 $ - $ 737 $ 5 $ 178 Ending balance: related to loans collectively evaluated for impairment $ 601 $ - $ 2,147 $ 390 $ 1,035 Loans receivables: Ending balance $ 187,221 $ 4,258 $ 127,878 $ 19,526 $ 59,351 Ending balance: individually evaluated for impairment $ 604 $ - $ 4,352 $ 586 $ 734 Ending balance: collectively evaluated for impairment $ 186,617 $ 4,258 $ 123,526 $ 18,940 $ 58,617 Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 350 $ 118 $ - $ 5,706 Charge-offs - (60 ) (9 ) - (90 ) Recoveries - 2 11 - 25 Provisions (credits) (1 ) 63 25 215 210 Ending balance $ 2 $ 355 $ 145 $ 215 $ 5,851 Ending balance: related to loans individually evaluated for impairment $ - $ 7 $ - $ - $ 968 Ending balance: related to loans collectively evaluated for impairment $ 2 $ 348 $ 145 $ 215 $ 4,883 Loans receivables: Ending balance $ 7,439 $ 23,472 $ 5,188 $ 434,333 Ending balance: individually evaluated for impairment $ - $ 291 $ 4 $ 6,571 Ending balance: collectively evaluated for impairment $ 7,439 $ 23,181 $ 5,184 $ 427,762 |
Schedule of Allowance for Loan Losses on Basis of Calculation Methodology | The allocation of the allowance for loan losses summarized on the basis of the Company's calculation methodology was as follows: March 31, 2017 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 196 $ - $ - $ - $ 252 Historical loss rate 102 - 48 32 55 Qualitative factors 645 - 2,484 333 1,173 Total $ 943 $ - $ 2,532 $ 365 $ 1,480 Home equity Other (In thousands) Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 143 $ - $ - $ 591 Historical loss rate - 35 21 - 293 Qualitative factors 1 331 112 - 5,079 Other - - - 1 1 Total $ 1 $ 509 $ 133 $ 1 $ 5,964 March 31, 2016 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 41 $ - $ 737 $ 5 $ 178 Historical loss rate 85 - 72 53 83 Qualitative factors 516 - 2,075 337 952 Total $ 642 $ - $ 2,884 $ 395 $ 1,213 Home equity Other (In thousands) Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 7 $ - $ - $ 968 Historical loss rate - 25 47 - 365 Qualitative factors 2 323 98 - 4,303 Other - - - 215 215 Total $ 2 $ 355 $ 145 $ 215 $ 5,851 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Number of properties December 31, 2016 Foreclosed residential real estate 7 $ 490 7 $ 393 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 31,224 $ - $ 31,224 State and political subdivisions - 10,466 - 10,466 Corporate - 12,598 - 12,598 Asset backed securities - 5,995 - 5,995 Residential mortgage-backed - US agency - 32,924 - 32,924 Collateralized mortgage obligations - US agency - 49,224 - 49,224 Collateralized mortgage obligations - Private label - 6,315 - 6,315 Equity investment securities: Common stock - Financial services industry - 220 456 676 Total available-for-sale securities $ - $ 148,966 $ 456 $ 149,422 December 31, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-sale portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 24,184 $ - $ 24,184 State and political subdivisions - 16,481 - 16,481 Corporate - 15,195 - 15,195 Asset backed securities 6,664 6,664 Residential mortgage-backed - US agency - 30,566 - 30,566 Collateralized mortgage obligations - US agency - 40,986 - 40,986 Collateralized mortgage obligations - Private label - 6,577 - 6,577 Equity investment securities: Mutual funds: Ultra short mortgage fund 626 - - 626 Common stock - Financial services industry - 220 456 676 Total available-for-sale securities $ 626 $ 140,873 $ 456 $ 141,955 |
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 March 31, 2017 were as follows: (In thousands) Common Stock - Financial Services Industry Balance - December 31, 2016 $ 456 Total gains realized/unrealized: Included in earnings - Included in other comprehensive income - Settlements - Sales - Balance - March 31, 2017 $ 456 Changes in unrealized gains included in earnings related to assets still held at March 31, 2017 $ - |
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 March 31, 2017 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 456 Inputs to comparables Weight ascribed to comparable companies 100 % (In thousands) At December 31, 2016 Investment Type Fair Value Valuation Techniques Unobservable Input Weight Common Stock - Financial Services Industry $ 456 Inputs to comparables Weight ascribed to comparable companies 100 % Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of March 31, 2017 and December 31, 2016: March 31, 2017 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 428 $ 428 Foreclosed real estate $ - $ - $ 226 $ 226 December 31, 2016 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,049 $ 4,049 Foreclosed real estate $ - $ - $ 393 $ 393 |
Fair Value Inputs, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At March 31, 2017 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 15% (6%) (Sales Approach) Costs to Sell 8% - 13% (10%) 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, 2016 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 10% (5%) (Sales Approach) Costs to Sell 8% - 13% (10%) 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: March 31, 2017 December 31, 2016 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 36,619 $ 36,619 $ 22,419 $ 22,419 Investment securities - available-for-sale 1 - - 626 626 Investment securities - available-for-sale 2 148,966 148,966 140,873 140,873 Investment securities - available-for-sale 3 456 456 456 456 Investment securities - held-to-maturity 2 56,135 56,306 54,645 54,429 Federal Home Loan Bank stock 2 2,985 2,985 3,250 3,250 Net loans 3 515,130 512,748 485,900 484,704 Accrued interest receivable 1 2,711 2,711 2,532 2,532 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 499,075 $ 499,075 $ 421,627 $ 421,627 Time Deposits 2 170,457 170,325 189,356 189,197 Borrowings 2 53,021 53,027 58,947 58,918 Subordinated loans 2 15,033 14,214 15,025 14,310 Accrued interest payable 1 96 96 75 75 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 (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 $ (1,513 ) $ - $ (1,845 ) $ (464 ) $ (3,822 ) Other comprehensive income before reclassifications - - 613 22 635 Amounts reclassified from AOCI 23 - (43 ) - (20 ) Ending balance $ (1,490 ) $ - $ (1,275 ) $ (442 ) $ (3,207 ) For the three months ended March 31, 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 (loss) income before reclassifications - (1 ) 421 21 441 Amounts reclassified from AOCI 32 9 (48 ) - (7 ) Ending balance $ (1,812 ) $ (8 ) $ 322 $ (633 ) $ (2,131 ) |
Schedule of Amounts Reclassified Out of Each Component of AOCI | The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified from AOCI 1 (Unaudited) (In thousands) For the three months ended Details about AOCI 1 March 31, 2017 March 31, 2016 Affected Line Item in the Statement of Income Unrealized holding gain on financial derivative: Reclassification adjustment for interest expense included in net income $ - $ (14 ) Interest on long term borrowings - 5 Provision for income taxes $ - $ (9 ) Net Income Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (37 ) $ (54 ) Salaries and employee benefits 14 22 Provision for income taxes $ (23 ) $ (32 ) Net Income Available-for-sale securities Realized gain on sale of securities $ 71 $ 80 Net gains on sales and redemptions of investment securities (28 ) (32 ) Provision for income taxes $ 43 $ 48 Net Income 1 2 See Note 5 for additional information. |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) | Feb. 16, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Basis of Presentation [Abstract] | ||||
Membership interest own in Fitzgibbons through subsidiary | 51.00% | |||
Consolidation of membership interest in Fitzgibbons | 100.00% | |||
Noncontrolling interest by subsidiary | 49.00% | |||
Nature of Operations [Line Items] | ||||
Redeemed shares (in shares) | (13,000) | |||
Subordinated loan face value | $ 5,000,000 | |||
Preferred stock dividend rate | 9.00% | |||
Cash dividends paid to preferred shareholder - SBLF | $ 0 | $ 49,000 | $ 16,000 | |
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 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic Earnings Per Common Share [Abstract] | ||
Net income available to common shareholders | $ 800 | $ 645 |
Weighted average common shares outstanding (in shares) | 4,052,000 | 4,140,000 |
Basic earnings per common share (in dollars per share) | $ 0.20 | $ 0.16 |
Diluted Earnings Per Common Share [Abstract] | ||
Net income available to common shareholders | $ 800 | $ 645 |
Weighted average common shares outstanding (in shares) | 4,052,000 | 4,140,000 |
Effect of assumed exercise of stock options (in shares) | 102,000 | 78,000 |
Diluted weighted average common shares outstanding (in shares) | 4,154,000 | 4,218,000 |
Diluted earnings per common share (in dollar per share) | $ 0.19 | $ 0.15 |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock options (in shares) | 92,261 | 16,472 |
Investment Securities (Details)
Investment Securities (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)Security | Mar. 31, 2016USD ($)Security | Dec. 31, 2016USD ($)Security | |
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | $ 150,882 | ||
Total investment securities, amortized cost basis | 151,545 | $ 145,020 | |
Gross Unrealized Gains | 161 | 117 | |
Gross Unrealized Losses | (2,284) | (3,182) | |
Estimated Fair Value | $ 149,422 | 141,955 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of security rated at the lowest label investment grade | Security | 2 | ||
Number Of Unrated Securities | Security | 4 | ||
Number of unrated structured credit issuances | Security | 7 | 7 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 56,135 | 54,645 | |
Held to maturity, gross unrealized gains | 999 | 814 | |
Held to maturity, gross unrealized losses | (828) | (1,030) | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 56,306 | 54,429 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (828) | (1,030) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (828) | (1,030) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 19,655 | 18,687 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | $ 19,655 | $ 18,687 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 22 | 26 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 22 | 26 | |
Number of equity securities held in excess of carrying amount | Security | 1 | ||
Number of equity securities held below its carrying amount | Security | 1 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Due in one year or less | $ 21,648 | ||
Due after one year through five years | 16,314 | ||
Due after five years through ten years | 11,911 | ||
Due after ten years | 11,264 | ||
Sub-total | 61,137 | ||
Residential mortgage-backed - US agency | 33,311 | ||
Collateralized mortgage obligations - US agency | 50,066 | ||
Collateralized mortgage obligations - Private label | 6,368 | ||
Totals, amortized cost | 150,882 | ||
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | |||
Due in one year or less | 21,629 | ||
Due after one year through five years | 16,241 | ||
Due after five years through ten years | 11,831 | ||
Due after ten years | 10,582 | ||
Sub-total | 60,283 | ||
Residential mortgage-backed - US agency | 32,924 | ||
Collateralized mortgage obligations - US agency | 49,224 | ||
Collateralized mortgage obligations - Private label | 6,315 | ||
Available-for-sale securities, debt maturities, fair value, totals | 148,746 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||
Due in one year or less | 1,676 | ||
Due after one year through five years | 8,669 | ||
Due after five years through ten years | 18,148 | ||
Due after ten years | 17,224 | ||
Sub-total | 45,717 | ||
Residential mortgage-backed - US agency | 6,108 | ||
Collateralized mortgage obligations - US agency | 2,931 | ||
Collateralized mortgage obligations - Private label | 1,379 | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 56,135 | $ 54,645 | |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||
Due in one year or less | 1,676 | ||
Due after one year through five years | 8,808 | ||
Due after five years through ten years | 18,651 | ||
Due after ten years | 16,644 | ||
Sub-total | 45,779 | ||
Residential mortgage-backed - US agency | 6,178 | ||
Collateralized mortgage obligations - US agency | 3,046 | ||
Collateralized mortgage obligations - Private label | 1,303 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 56,306 | 54,429 | |
Gain (Loss) on Sale of Investments [Abstract] | |||
Realized gains on investments | 78 | $ 95 | |
Realized gains on hedging activity | 94 | 0 | |
Realized losses on investments | (101) | (15) | |
Total | 71 | $ 80 | |
Securities pledged to collateralize deposit | 131,500 | 96,400 | |
Securities pledged to collateralize borrowing | 11,300 | 12,900 | |
Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | 150,882 | 143,714 | |
Gross Unrealized Gains, Debt investment securities | 148 | 104 | |
Gross Unrealized Losses, Debt investment securities | (2,284) | (3,165) | |
Available-for-sale Securities, Debt investment securities | 148,746 | 140,653 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (2,154) | (3,086) | |
Twelve months or more Unrealized Losses | (130) | (96) | |
Total Unrealized Losses | (2,284) | (3,182) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 100,731 | 121,688 | |
Twelve months or more Fair Value | 7,258 | 2,514 | |
Total Fair Value | $ 107,989 | $ 124,202 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 100 | 129 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | 4 | |
Number of securities in unrealized loss positions | Security | 107 | 133 | |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 150,882 | $ 143,714 | |
US Treasury, Agencies and GSEs [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | 31,278 | 24,263 | |
Gross Unrealized Gains, Debt investment securities | 3 | 1 | |
Gross Unrealized Losses, Debt investment securities | (57) | (80) | |
Available-for-sale Securities, Debt investment securities | 31,224 | 24,184 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (42) | (80) | |
Twelve months or more Unrealized Losses | (15) | 0 | |
Total Unrealized Losses | (57) | (80) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 22,183 | 22,161 | |
Twelve months or more Fair Value | 2,985 | 0 | |
Total Fair Value | $ 25,168 | $ 22,161 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 6 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 0 | |
Number of securities in unrealized loss positions | Security | 7 | 6 | |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 31,278 | $ 24,263 | |
State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | 10,988 | 17,185 | |
Gross Unrealized Gains, Debt investment securities | 1 | 33 | |
Gross Unrealized Losses, Debt investment securities | (523) | (737) | |
Available-for-sale Securities, Debt investment securities | 10,466 | 16,481 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (516) | (737) | |
Twelve months or more Unrealized Losses | (7) | 0 | |
Total Unrealized Losses | (523) | (737) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 9,870 | 14,057 | |
Twelve months or more Fair Value | 247 | 0 | |
Total Fair Value | $ 10,117 | $ 14,057 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 37 | 53 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 0 | |
Number of securities in unrealized loss positions | Security | 38 | 53 | |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 10,988 | $ 17,185 | |
Corporate [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | 12,851 | 15,560 | |
Gross Unrealized Gains, Debt investment securities | 13 | 20 | |
Gross Unrealized Losses, Debt investment securities | (266) | (385) | |
Available-for-sale Securities, Debt investment securities | 12,598 | 15,195 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (240) | (385) | |
Twelve months or more Unrealized Losses | (26) | 0 | |
Total Unrealized Losses | (266) | (385) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 6,742 | 10,587 | |
Twelve months or more Fair Value | 1,629 | 0 | |
Total Fair Value | $ 8,371 | $ 10,587 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 10 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 0 | |
Number of securities in unrealized loss positions | Security | 7 | 10 | |
Percentage of securities remaining in unrealized loss positions, twelve months or more | 1.60% | ||
Number of security rated at the lowest label investment grade | Security | 1 | ||
Number of unrated structured credit issuances | Security | 1 | ||
Number of months securities is in a loss position | 7 months | ||
Percentage of insignificant unrealized loss position | 3.56% | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 12,851 | $ 15,560 | |
Corporate [Member] | Minimum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 0.01% | ||
Corporate [Member] | Maximum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 8.11% | ||
Residential Mortgage-Backed - US Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | $ 33,311 | 31,204 | |
Gross Unrealized Gains, Debt investment securities | 48 | 0 | |
Gross Unrealized Losses, Debt investment securities | (435) | (638) | |
Available-for-sale Securities, Debt investment securities | 32,924 | 30,566 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (435) | (638) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (435) | (638) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 20,701 | 29,849 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | $ 20,701 | $ 29,849 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 17 | 23 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 17 | 23 | |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 33,311 | $ 31,204 | |
Asset Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | 6,020 | 6,696 | |
Gross Unrealized Gains, Debt investment securities | 17 | 5 | |
Gross Unrealized Losses, Debt investment securities | (42) | (37) | |
Available-for-sale Securities, Debt investment securities | 5,995 | 6,664 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (42) | (37) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (42) | (37) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 2,621 | 4,455 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | $ 2,621 | $ 4,455 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 3 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 2 | 3 | |
Number of unrated structured credit issuances | Security | 1 | ||
Number of months securities is in a loss position | 7 months | ||
Percentage of insignificant unrealized loss position | 1.60% | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 6,020 | $ 6,696 | |
Asset Backed Securities [Member] | Minimum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 1.12% | ||
Asset Backed Securities [Member] | Maximum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 1.97% | ||
Collateralized Mortgage Obligations - US Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | $ 50,066 | 42,124 | |
Gross Unrealized Gains, Debt investment securities | 52 | 45 | |
Gross Unrealized Losses, Debt investment securities | (894) | (1,183) | |
Available-for-sale Securities, Debt investment securities | 49,224 | 40,986 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (812) | (1,087) | |
Twelve months or more Unrealized Losses | (82) | (96) | |
Total Unrealized Losses | (894) | (1,183) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 33,539 | 33,376 | |
Twelve months or more Fair Value | 2,397 | 2,514 | |
Total Fair Value | $ 35,936 | $ 35,890 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 28 | 28 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 4 | 4 | |
Number of securities in unrealized loss positions | Security | 32 | 32 | |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 50,066 | $ 42,124 | |
Collateralized Mortgage Obligations of Private Label [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Totals, amortized cost | 6,368 | 6,682 | |
Gross Unrealized Gains, Debt investment securities | 14 | 0 | |
Gross Unrealized Losses, Debt investment securities | (67) | (105) | |
Available-for-sale Securities, Debt investment securities | 6,315 | 6,577 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (67) | (105) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (67) | (105) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 5,075 | 6,577 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | $ 5,075 | $ 6,577 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 4 | 5 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 4 | 5 | |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||
Totals, amortized cost | $ 6,368 | $ 6,682 | |
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 | 37 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | ||
Percentage of securities remaining in unrealized loss positions, twelve months or more | 2.73% | ||
Number of months securities is in a loss position | 9 months | ||
Percentage of insignificant unrealized loss position | 5.23% | ||
Municipal Securities [Member] | Minimum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 0.04% | ||
Municipal Securities [Member] | Maximum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 14.19% | ||
Four Private Label Asset Backed Securities [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 4 | ||
Number of security rated at the lowest label investment grade | Security | 2 | ||
Number of unrated structured credit issuances | Security | 2 | ||
Number of months securities is in a loss position | 10 months | ||
Percentage of insignificant unrealized loss position | 1.33% | ||
Four Private Label Asset Backed Securities [Member] | Minimum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 0.88% | ||
Four Private Label Asset Backed Securities [Member] | Maximum [Member] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of insignificant unrealized loss position | 2.04% | ||
Equity and Other Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost, equity securities | $ 663 | 1,306 | |
Gross Unrealized Gains, Equity investment securities | 13 | 13 | |
Gross Unrealized Losses, Equity investment securities | 0 | (17) | |
Available-for-sale Securities, Equity investment securities | 676 | 1,302 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (17) | ||
Twelve months or more Unrealized Losses | 0 | ||
Total Unrealized Losses | (17) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 626 | ||
Twelve months or more Fair Value | 0 | ||
Total Fair Value | $ 626 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | ||
Mutual Funds Ultra Short Mortgage Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost, equity securities | $ 643 | ||
Gross Unrealized Gains, Equity investment securities | 0 | ||
Gross Unrealized Losses, Equity investment securities | (17) | ||
Available-for-sale Securities, Equity investment securities | 626 | ||
Mutual funds Common Stock Financial Services Industry [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost, equity securities | 663 | 663 | |
Gross Unrealized Gains, Equity investment securities | 13 | 13 | |
Gross Unrealized Losses, Equity investment securities | 0 | 0 | |
Available-for-sale Securities, Equity investment securities | 676 | 676 | |
US Treasury, Agencies and GSEs [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 4,934 | 4,928 | |
Held to maturity, gross unrealized gains | 53 | 30 | |
Held to maturity, gross unrealized losses | (12) | (18) | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 4,975 | 4,940 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (12) | (18) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (12) | (18) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 988 | 982 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | $ 988 | $ 982 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 1 | 1 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 4,934 | $ 4,928 | |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | 4,975 | 4,940 | |
State and Political Subdivisions [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 32,582 | 30,697 | |
Held to maturity, gross unrealized gains | 660 | 572 | |
Held to maturity, gross unrealized losses | (566) | (693) | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 32,676 | 30,576 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (566) | (693) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (566) | (693) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 13,812 | 10,038 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | $ 13,812 | $ 10,038 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 17 | 16 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 17 | 16 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 32,582 | $ 30,697 | |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | 32,676 | 30,576 | |
Corporate [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 8,201 | 8,240 | |
Held to maturity, gross unrealized gains | 101 | 85 | |
Held to maturity, gross unrealized losses | (174) | (228) | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 8,128 | 8,097 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (174) | (228) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (174) | (228) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 3,552 | 4,402 | |
Twelve months or more Fair Value | 0 | 0 | |
Total Fair Value | $ 3,552 | $ 4,402 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 3 | 5 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 3 | 5 | |
Number of months held to maturity securities is in loss position | 6 months | ||
Percentage of securities insignificant unrealized loss position | 4.90% | ||
Number of unrated structured credit issuances | Security | 1 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 8,201 | $ 8,240 | |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | $ 8,128 | 8,097 | |
Corporate [Member] | Minimum [Member] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of securities insignificant unrealized loss position | 1.13% | ||
Corporate [Member] | Maximum [Member] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of securities insignificant unrealized loss position | 7.09% | ||
Residential Mortgage-Backed - US Agency [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 6,108 | 6,386 | |
Held to maturity, gross unrealized gains | 70 | 31 | |
Held to maturity, gross unrealized losses | 0 | (20) | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,178 | 6,397 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (20) | ||
Twelve months or more Unrealized Losses | 0 | ||
Total Unrealized Losses | (20) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 1,869 | ||
Twelve months or more Fair Value | 0 | ||
Total Fair Value | $ 1,869 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 3 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | ||
Number of securities in unrealized loss positions | Security | 3 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 6,108 | $ 6,386 | |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,178 | 6,397 | |
Collateralized Mortgage Obligations - US Agency [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 2,931 | 2,927 | |
Held to maturity, gross unrealized gains | 115 | 96 | |
Held to maturity, gross unrealized losses | 0 | 0 | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 3,046 | 3,023 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 2,931 | 2,927 | |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | $ 3,046 | 3,023 | |
Municipal Securities [Member] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 17 | ||
Number of securities in unrealized loss positions | Security | 2 | ||
Number of months held to maturity securities is in loss position | 7 months | ||
Percentage of securities insignificant unrealized loss position | 4.09% | ||
Number of unrated structured credit issuances | Security | 3 | ||
Number of security rated at the lowest label investment grade | Security | 3 | ||
Municipal Securities [Member] | Minimum [Member] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of securities insignificant unrealized loss position | 0.02% | ||
Municipal Securities [Member] | Maximum [Member] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Percentage of securities insignificant unrealized loss position | 10.56% | ||
One Private Label Asset Backed Securities [Member] | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | ||
Number of months held to maturity securities is in loss position | 4 months | ||
Percentage of securities insignificant unrealized loss position | 5.82% | ||
Collateralized Mortgage Obligations of Private Label [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 1,379 | 1,467 | |
Held to maturity, gross unrealized gains | 0 | 0 | |
Held to maturity, gross unrealized losses | (76) | (71) | |
Held-to-maturity Securities, Debt Maturities, Fair Value | 1,303 | 1,396 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||
Less than twelve months Unrealized Losses | (76) | (71) | |
Twelve months or more Unrealized Losses | 0 | 0 | |
Total Unrealized Losses | (76) | (71) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Less than twelve months Fair Value | 1,303 | 1,396 | |
Total Fair Value | $ 1,303 | $ 1,396 | |
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | |
Number of securities in unrealized loss positions | Security | 1 | 1 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 1,379 | $ 1,467 | |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | $ 1,303 | $ 1,396 |
Pension and Postretirement Be32
Pension and Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 |
Interest cost | 118 | 116 |
Expected return on plan assets | (236) | (237) |
Amortization of transition obligation | 0 | 0 |
Amortization of net losses/(gains) | 39 | 56 |
Net periodic benefit plan (benefit) cost | (79) | (65) |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 2 | 2 |
Expected return on plan assets | 0 | 0 |
Amortization of transition obligation | 0 | 0 |
Amortization of net losses/(gains) | (2) | (2) |
Net periodic benefit plan (benefit) cost | $ 0 | $ 0 |
Loans (Details)
Loans (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($)LoanSegment | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | |
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | $ 521,481 | $ 492,612 | $ 434,333 | |
Net deferred loan fees | (387) | (465) | ||
Less allowance for loan losses | (5,964) | (6,247) | ||
Loans receivable, net | $ 515,130 | 485,900 | ||
Loans acquired | $ 15,600 | |||
Percentage interest of acquired loan | 90.00% | |||
Number of loans secured by liens on automobiles | Loan | 763 | |||
Loans acquired carrying amount | $ 15,000 | |||
Number of portfolio segment | Segment | 3 | |||
Minimum [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Maturity period of acquired loans | 2 years | |||
Maximum [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Maturity period of acquired loans | 6 years | |||
Residential Mortgage Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | $ 209,847 | 207,505 | ||
Residential mortgage loans pledged to FHLBNY as blanket collateral | 141,600 | 140,300 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 202,282 | 199,000 | 187,221 | |
Residential Mortgage Loans [Member] | Construction [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 7,565 | 8,505 | 4,258 | |
Commercial Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 266,163 | 254,092 | ||
Commercial Loans [Member] | Real Estate [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 158,303 | 150,698 | 127,878 | |
Commercial Loans [Member] | Lines of Credit [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 20,221 | 23,225 | 19,526 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 75,680 | 67,646 | 59,351 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 11,959 | 12,523 | 7,439 | |
Consumer Loans [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 45,471 | 31,015 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | 24,763 | 24,722 | 23,472 | |
Consumer Loans [Member] | Other Consumer [Member] | ||||
Notes, Loans and Financing Receivable, Net [Abstract] | ||||
Total loans | $ 20,708 | $ 6,293 | $ 5,188 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicator Details (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 521,481 | $ 492,612 | $ 434,333 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 506,676 | 477,138 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,709 | 6,691 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,071 | 7,472 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,025 | 1,311 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 209,847 | 207,505 | |
Residential Mortgage Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 205,191 | 202,882 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,589 | 1,445 | |
Residential Mortgage Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,938 | 2,115 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,129 | 1,063 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 202,282 | 199,000 | 187,221 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 197,626 | 194,377 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,589 | 1,445 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,938 | 2,115 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,129 | 1,063 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,565 | 8,505 | 4,258 |
Residential Mortgage Loans [Member] | Construction [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 7,565 | 8,505 | |
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 | 266,163 | 254,092 | |
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 256,704 | 244,069 | |
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,966 | 5,059 | |
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,892 | 4,960 | |
Commercial Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 601 | 4 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 158,303 | 150,698 | 127,878 |
Commercial Loans [Member] | Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 151,470 | 143,126 | |
Commercial Loans [Member] | Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 2,633 | 3,714 | |
Commercial Loans [Member] | Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,698 | 3,858 | |
Commercial Loans [Member] | Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 502 | 0 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,221 | 23,225 | 19,526 |
Commercial Loans [Member] | Lines of Credit [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 19,108 | 22,141 | |
Commercial Loans [Member] | Lines of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 685 | 684 | |
Commercial Loans [Member] | Lines of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 422 | 400 | |
Commercial Loans [Member] | Lines of Credit [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6 | 0 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 75,680 | 67,646 | 59,351 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 74,167 | 66,279 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 648 | 661 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 772 | 702 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 93 | 4 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 11,959 | 12,523 | 7,439 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 11,959 | 12,523 | |
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 | 45,471 | 31,015 | |
Consumer Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 44,781 | 30,187 | |
Consumer Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 154 | 187 | |
Consumer Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 241 | 397 | |
Consumer Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 295 | 244 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 24,763 | 24,722 | 23,472 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 24,093 | 23,963 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 144 | 170 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 231 | 389 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 295 | 200 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,708 | 6,293 | $ 5,188 |
Consumer Loans [Member] | Other Consumer [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,688 | 6,224 | |
Consumer Loans [Member] | Other Consumer [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 10 | 17 | |
Consumer Loans [Member] | Other Consumer [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 10 | 8 | |
Consumer Loans [Member] | Other Consumer [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 0 | $ 44 |
Loans, Non-Accrual And Past Due
Loans, Non-Accrual And Past Due Loans (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)Loan | Mar. 31, 2016USD ($)Loan | Dec. 31, 2016USD ($) | |
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 10,946 | $ 9,763 | |
Current | 510,535 | 482,849 | |
Total Loans Receivable | 521,481 | $ 434,333 | 492,612 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | $ 3,678 | 4,811 | |
Number of contracts, TDRs | Loan | 0 | 0 | |
Number of contracts, TDR payment default | Loan | 0 | 0 | |
Troubled Debt Restructuring, Modified [Abstract] | |||
Number of loans | Loan | 0 | 0 | |
30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 2,821 | 3,575 | |
60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,447 | 1,377 | |
90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,678 | 4,811 | |
Residential Mortgage Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,939 | 4,639 | |
Current | 205,908 | 202,866 | |
Total Loans Receivable | 209,847 | 207,505 | |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 1,834 | 2,560 | |
Number of contracts, TDRs | Loan | 1 | ||
Troubled Debt Restructuring, Modified [Abstract] | |||
Number of loans | Loan | 1 | ||
Pre-modification outstanding recorded investment | $ 45 | ||
Post-modification outstanding recorded investment | 46 | ||
Additional provision for loan losses | 0 | ||
Residential Mortgage Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,038 | 1,247 | |
Residential Mortgage Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,067 | 832 | |
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,834 | 2,560 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,939 | 4,639 | |
Current | 198,343 | 194,361 | |
Total Loans Receivable | 202,282 | 187,221 | 199,000 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 1,834 | 2,560 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,038 | 1,247 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,067 | 832 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,834 | 2,560 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 7,565 | 8,505 | |
Total Loans Receivable | 7,565 | 4,258 | 8,505 |
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 | |
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 | |
Residential Mortgage Loans [Member] | Construction [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,518 | 4,453 | |
Current | 259,645 | 249,639 | |
Total Loans Receivable | 266,163 | 254,092 | |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 1,433 | 1,863 | |
Commercial Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,779 | 2,215 | |
Commercial Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,306 | 375 | |
Commercial Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,433 | 1,863 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,376 | 2,661 | |
Current | 152,927 | 148,037 | |
Total Loans Receivable | 158,303 | 127,878 | 150,698 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 794 | 1,223 | |
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,502 | 1,063 | |
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,080 | 375 | |
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 794 | 1,223 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 169 | 819 | |
Current | 20,052 | 22,406 | |
Total Loans Receivable | 20,221 | 19,526 | 23,225 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 0 | 0 | |
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 162 | 819 | |
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7 | 0 | |
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 973 | 973 | |
Current | 74,707 | 66,673 | |
Total Loans Receivable | 75,680 | 59,351 | 67,646 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 639 | 640 | |
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 | 115 | 333 | |
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 | 219 | 0 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 639 | 640 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 11,959 | 12,523 | |
Total Loans Receivable | 11,959 | 7,439 | 12,523 |
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 | |
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 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Consumer Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 489 | 671 | |
Current | 44,982 | 30,344 | |
Total Loans Receivable | 45,471 | 31,015 | |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 411 | 388 | |
Consumer Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4 | 113 | |
Consumer Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 74 | 170 | |
Consumer Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 411 | 388 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 481 | 600 | |
Current | 24,282 | 24,122 | |
Total Loans Receivable | 24,763 | 23,472 | 24,722 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 411 | 338 | |
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 | 2 | 105 | |
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 | 68 | 157 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 411 | 388 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8 | 71 | |
Current | 20,700 | 6,222 | |
Total Loans Receivable | 20,708 | $ 5,188 | 6,293 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||
Nonaccrual status loans | 0 | 50 | |
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2 | 8 | |
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due And Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6 | 13 | |
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 0 | $ 50 |
Loans - Impaired Loans (Details
Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Total [Abstract] | |||
Recorded Investment | $ 7,785 | $ 8,592 | |
Unpaid Principal Balance | 7,889 | 8,743 | |
Related Allowance | 591 | 1,130 | |
Average recorded investment [Abstract] | |||
Average recorded investment in impaired loans | 8,190 | $ 6,555 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||
Cash basis interest income recognized on impaired loans | 70 | 43 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 482 | 850 | |
Unpaid Principal Balance | 489 | 857 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 1,129 | 763 | |
Unpaid Principal Balance | 1,129 | 763 | |
Total [Abstract] | |||
Recorded Investment | 1,611 | 1,613 | |
Unpaid Principal Balance | 1,618 | 1,620 | |
Related Allowance | 196 | 117 | |
Average recorded investment [Abstract] | |||
Average recorded investment in impaired loans | 1,612 | 539 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||
Cash basis interest income recognized on impaired loans | 11 | 7 | |
Commercial Loans [Member] | Commercial Real Estate [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 4,237 | 4,254 | |
Unpaid Principal Balance | 4,334 | 4,344 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 306 | 818 | |
Unpaid Principal Balance | 306 | 872 | |
Total [Abstract] | |||
Recorded Investment | 4,543 | 5,072 | |
Unpaid Principal Balance | 4,640 | 5,216 | |
Related Allowance | 0 | 455 | |
Average recorded investment [Abstract] | |||
Average recorded investment in impaired loans | 4,808 | 4,391 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||
Cash basis interest income recognized on impaired loans | 45 | 25 | |
Commercial Loans [Member] | Commercial Lines of Credit [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 414 | 400 | |
Unpaid Principal Balance | 414 | 400 | |
Total [Abstract] | |||
Recorded Investment | 414 | 400 | |
Unpaid Principal Balance | 414 | 400 | |
Related Allowance | 0 | 0 | |
Average recorded investment [Abstract] | |||
Average recorded investment in impaired loans | 407 | 583 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 749 | 470 | |
Unpaid Principal Balance | 749 | 470 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 252 | 552 | |
Unpaid Principal Balance | 252 | 552 | |
Total [Abstract] | |||
Recorded Investment | 1,001 | 1,022 | |
Unpaid Principal Balance | 1,001 | 1,022 | |
Related Allowance | 252 | 553 | |
Average recorded investment [Abstract] | |||
Average recorded investment in impaired loans | 1,012 | 747 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||
Cash basis interest income recognized on impaired loans | 13 | 9 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
With no related allowance recorded [Abstract] | |||
Recorded Investment | 0 | 140 | |
Unpaid Principal Balance | 0 | 140 | |
With an allowance recorded [Abstract] | |||
Recorded Investment | 216 | 345 | |
Unpaid Principal Balance | 216 | 345 | |
Total [Abstract] | |||
Recorded Investment | 216 | 485 | |
Unpaid Principal Balance | 216 | 485 | |
Related Allowance | 143 | $ 5 | |
Average recorded investment [Abstract] | |||
Average recorded investment in impaired loans | 351 | 290 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||
Cash basis interest income recognized on impaired loans | 1 | 2 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Average recorded investment [Abstract] | |||
Average recorded investment in impaired loans | $ 0 | $ 5 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | $ 6,247 | $ 5,706 | |
Charge-offs | (688) | (90) | |
Recoveries | 16 | 25 | |
Provisions (credits) | 389 | 210 | |
Ending balance | 5,964 | 5,851 | |
Ending balance: related to loans individually evaluated for impairment | 591 | 968 | |
Ending balance: related to loans collectively evaluated for impairment | 5,373 | 4,883 | |
Total Loans Receivable | 521,481 | 434,333 | $ 492,612 |
Ending balance: individually evaluated for impairment | 7,785 | 6,571 | |
Ending balance: collectively evaluated for impairment | 513,696 | 427,762 | |
Unallocated [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 1 | 215 | |
Ending balance | 1 | 215 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1 | 215 | |
Residential Mortgage Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Total Loans Receivable | 209,847 | 207,505 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 759 | 581 | |
Charge-offs | (13) | 0 | |
Recoveries | 1 | 0 | |
Provisions (credits) | 196 | 61 | |
Ending balance | 943 | 642 | |
Ending balance: related to loans individually evaluated for impairment | 196 | 41 | |
Ending balance: related to loans collectively evaluated for impairment | 747 | 601 | |
Total Loans Receivable | 202,282 | 187,221 | 199,000 |
Ending balance: individually evaluated for impairment | 1,611 | 604 | |
Ending balance: collectively evaluated for impairment | 200,671 | 186,617 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 0 | 0 | |
Ending balance | 0 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | |
Total Loans Receivable | 7,565 | 4,258 | 8,505 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 7,565 | 4,258 | |
Commercial Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Total Loans Receivable | 266,163 | 254,092 | |
Commercial Loans [Member] | Commercial Real Estate [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 2,935 | 2,983 | |
Charge-offs | (505) | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 102 | (99) | |
Ending balance | 2,532 | 2,884 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 737 | |
Ending balance: related to loans collectively evaluated for impairment | 2,532 | 2,147 | |
Total Loans Receivable | 158,303 | 127,878 | 150,698 |
Ending balance: individually evaluated for impairment | 4,543 | 4,352 | |
Ending balance: collectively evaluated for impairment | 153,760 | 123,526 | |
Commercial Loans [Member] | Commercial Lines of Credit [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 397 | 401 | |
Charge-offs | (53) | (21) | |
Recoveries | 0 | 8 | |
Provisions (credits) | 21 | 7 | |
Ending balance | 365 | 395 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 5 | |
Ending balance: related to loans collectively evaluated for impairment | 365 | 390 | |
Total Loans Receivable | 20,221 | 19,526 | 23,225 |
Ending balance: individually evaluated for impairment | 414 | 586 | |
Ending balance: collectively evaluated for impairment | 19,807 | 18,940 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 1,658 | 1,270 | |
Charge-offs | (16) | 0 | |
Recoveries | 2 | 4 | |
Provisions (credits) | (164) | (61) | |
Ending balance | 1,480 | 1,213 | |
Ending balance: related to loans individually evaluated for impairment | 252 | 178 | |
Ending balance: related to loans collectively evaluated for impairment | 1,228 | 1,035 | |
Total Loans Receivable | 75,680 | 59,351 | 67,646 |
Ending balance: individually evaluated for impairment | 1,001 | 734 | |
Ending balance: collectively evaluated for impairment | 74,679 | 58,617 | |
Commercial Loans [Member] | Tax Exempt [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 1 | 3 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 0 | (1) | |
Ending balance | 1 | 2 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1 | 2 | |
Total Loans Receivable | 11,959 | 7,439 | 12,523 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 11,959 | 7,439 | |
Consumer Loans [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Total Loans Receivable | 45,471 | 31,015 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 331 | 350 | |
Charge-offs | (69) | (60) | |
Recoveries | 0 | 2 | |
Provisions (credits) | 247 | 63 | |
Ending balance | 509 | 355 | |
Ending balance: related to loans individually evaluated for impairment | 143 | 7 | |
Ending balance: related to loans collectively evaluated for impairment | 366 | 348 | |
Total Loans Receivable | 24,763 | 23,472 | 24,722 |
Ending balance: individually evaluated for impairment | 216 | 291 | |
Ending balance: collectively evaluated for impairment | 24,547 | 23,181 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Allowance for loan losses [Roll Forward] | |||
Beginning Balance | 166 | 118 | |
Charge-offs | (32) | (9) | |
Recoveries | 13 | 11 | |
Provisions (credits) | (14) | 25 | |
Ending balance | 133 | 145 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 133 | 145 | |
Total Loans Receivable | 20,708 | 5,188 | $ 6,293 |
Ending balance: individually evaluated for impairment | 0 | 4 | |
Ending balance: collectively evaluated for impairment | $ 20,708 | $ 5,184 |
Allowance for Loan Losses, Basi
Allowance for Loan Losses, Basis of Calculation Methodology (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | $ 591 | $ 968 | ||
Historical loss rate | 293 | 365 | ||
Qualitative factors | 5,079 | 4,303 | ||
Other | 1 | 215 | ||
Total | 5,964 | $ 6,247 | 5,851 | $ 5,706 |
Loans acquired carrying amount | $ 15,000 | |||
Percentage interest of acquired loan | 90.00% | |||
Unallocated [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | $ 0 | 0 | ||
Historical loss rate | 0 | 0 | ||
Qualitative factors | 0 | 0 | ||
Other | 1 | 215 | ||
Total | 1 | 0 | 215 | 0 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 196 | 41 | ||
Historical loss rate | 102 | 85 | ||
Qualitative factors | 645 | 516 | ||
Total | 943 | 759 | 642 | 581 |
Residential Mortgage Loans [Member] | Construction [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 0 | 0 | ||
Historical loss rate | 0 | 0 | ||
Qualitative factors | 0 | 0 | ||
Total | 0 | 0 | 0 | 0 |
Commercial Loans [Member] | Commercial Real Estate [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 0 | 737 | ||
Historical loss rate | 48 | 72 | ||
Qualitative factors | 2,484 | 2,075 | ||
Total | 2,532 | 2,935 | 2,884 | 2,983 |
Commercial Loans [Member] | Commercial Lines of Credit [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 0 | 5 | ||
Historical loss rate | 32 | 53 | ||
Qualitative factors | 333 | 337 | ||
Total | 365 | 397 | 395 | 401 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 252 | 178 | ||
Historical loss rate | 55 | 83 | ||
Qualitative factors | 1,173 | 952 | ||
Total | 1,480 | 1,658 | 1,213 | 1,270 |
Commercial Loans [Member] | Tax Exempt [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 0 | 0 | ||
Historical loss rate | 0 | 0 | ||
Qualitative factors | 1 | 2 | ||
Other | 0 | 0 | ||
Total | 1 | 1 | 2 | 3 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 143 | 7 | ||
Historical loss rate | 35 | 25 | ||
Qualitative factors | 331 | 323 | ||
Other | 0 | 0 | ||
Total | 509 | 331 | 355 | 350 |
Consumer Loans [Member] | Other Consumer [Member] | ||||
Allowance for Loan Losses on Basis of Calculation Methodology [Abstract] | ||||
Specifically reserved | 0 | 0 | ||
Historical loss rate | 21 | 47 | ||
Qualitative factors | 112 | 98 | ||
Other | 0 | 0 | ||
Total | $ 133 | $ 166 | $ 145 | $ 118 |
Foreclosed Real Estate (Details
Foreclosed Real Estate (Details) $ in Thousands | Mar. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property |
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 694 | $ 597 |
Residential real estate loans in the process of foreclosure | $ 656 | |
Foreclosed Residential Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | Property | 7 | 7 |
Foreclosed real estate | $ 490 | $ 393 |
Guarantees (Details)
Guarantees (Details) $ in Millions | Mar. 31, 2017USD ($) |
Guarantees [Abstract] | |
Standby letters of credit | $ 1.9 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Jun. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2016 | |
Common Stock - Financial Services Industry [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||||
Balance at beginning of period | $ 456 | |||
Total gains realized/unrealized included in earnings | 0 | |||
Total gains realized/unrealized included in other comprehensive income | 0 | |||
Settlements | 0 | |||
Sales | 0 | |||
Balance at end of period | 456 | |||
Changes in unrealized gains included in earnings related to assets still held at March 31, 2017 | 0 | |||
Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Purchase of common stock | $ 130 | $ 313 | ||
Recurring Basis [Member] | Total Fair Value [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 31,224 | $ 24,184 | ||
State and political subdivisions | 10,466 | 16,481 | ||
Corporate | 12,598 | 15,195 | ||
Asset backed securities | 5,995 | 6,664 | ||
Residential mortgage-backed - US agency | 32,924 | 30,566 | ||
Collateralized mortgage obligations - US agency | 49,224 | 40,986 | ||
Collateralized mortgage obligations - Private label | 6,315 | 6,577 | ||
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 626 | |||
Common stock - Financial services industry | 676 | 676 | ||
Total available-for-sale securities | 149,422 | 141,955 | ||
Recurring Basis [Member] | Level 1 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 0 | 0 | ||
State and political subdivisions | 0 | 0 | ||
Corporate | 0 | 0 | ||
Asset backed securities | 0 | |||
Residential mortgage-backed - US agency | 0 | 0 | ||
Collateralized mortgage obligations - US agency | 0 | 0 | ||
Collateralized mortgage obligations - Private label | 0 | 0 | ||
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 626 | |||
Common stock - Financial services industry | 0 | 0 | ||
Total available-for-sale securities | 0 | 626 | ||
Recurring Basis [Member] | Level 2 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 31,224 | 24,184 | ||
State and political subdivisions | 10,466 | 16,481 | ||
Corporate | 12,598 | 15,195 | ||
Asset backed securities | 5,995 | 6,664 | ||
Residential mortgage-backed - US agency | 32,924 | 30,566 | ||
Collateralized mortgage obligations - US agency | 49,224 | 40,986 | ||
Collateralized mortgage obligations - Private label | 6,315 | 6,577 | ||
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 0 | |||
Common stock - Financial services industry | 220 | 220 | ||
Total available-for-sale securities | 148,966 | 140,873 | ||
Recurring Basis [Member] | Level 3 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 0 | 0 | ||
State and political subdivisions | 0 | 0 | ||
Corporate | 0 | 0 | ||
Asset backed securities | 0 | |||
Residential mortgage-backed - US agency | 0 | 0 | ||
Collateralized mortgage obligations - US agency | 0 | 0 | ||
Collateralized mortgage obligations - Private label | 0 | 0 | ||
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 0 | |||
Common stock - Financial services industry | 456 | 456 | ||
Total available-for-sale securities | 456 | 456 | ||
Nonrecurring Basis [Member] | Total Fair Value [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 428 | 4,049 | ||
Foreclosed real estate | 226 | 393 | ||
Nonrecurring Basis [Member] | Level 1 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 0 | 0 | ||
Foreclosed real estate | 0 | 0 | ||
Nonrecurring Basis [Member] | Level 2 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 0 | 0 | ||
Foreclosed real estate | 0 | 0 | ||
Nonrecurring Basis [Member] | Level 3 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 428 | 4,049 | ||
Foreclosed real estate | $ 226 | $ 393 |
Fair Value Measurements, Fair V
Fair Value Measurements, Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Comparable Companies [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Common Stock - Financial Services Industry | $ 456 | $ 456 |
Weight ascribed to comparable companies | 100.00% | 100.00% |
Impaired Loans [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 5.00% | 5.00% |
Impaired Loans [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 10.00% |
Impaired Loans [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 6.00% | 5.00% |
Impaired Loans [Member] | Appraisal of Collateral - Cost to Sell [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 8.00% | 8.00% |
Impaired Loans [Member] | Appraisal of Collateral - Cost to Sell [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 13.00% | 13.00% |
Impaired Loans [Member] | Appraisal of Collateral - Cost to Sell [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 10.00% | 10.00% |
Foreclosed Real Estate [Member] | Appraisal of Collateral - Appraisal Adjustments [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 of Collateral - Appraisal Adjustments [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 of Collateral - Appraisal Adjustments [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 of Collateral - Cost to Sell [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 of Collateral - Cost to Sell [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 of Collateral - Cost to Sell [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 | Mar. 31, 2017 | Dec. 31, 2016 | |
Financial assets [Abstract] | |||
Investment securities - available-for-sale | $ 149,422 | $ 141,955 | |
Investment securities - held-to-maturity | 56,306 | 54,429 | |
Carrying Amounts [Member] | Level 1 [Member] | |||
Financial assets [Abstract] | |||
Cash and cash equivalents | 36,619 | 22,419 | |
Investment securities - available-for-sale | 0 | 626 | |
Accrued interest receivable | 2,711 | 2,532 | |
Financial liabilities [Abstract] | |||
Demand Deposits, Savings, NOW and MMDA | 499,075 | 421,627 | |
Accrued interest payable | 96 | 75 | |
Carrying Amounts [Member] | Level 2 [Member] | |||
Financial assets [Abstract] | |||
Investment securities - available-for-sale | 148,966 | 140,873 | |
Investment securities - held-to-maturity | 56,135 | 54,645 | |
Federal Home Loan Bank stock | 2,985 | 3,250 | |
Financial liabilities [Abstract] | |||
Time Deposits | 170,457 | 189,356 | |
Borrowings | 53,021 | 58,947 | |
Subordinated loans | 15,033 | 15,025 | |
Carrying Amounts [Member] | Level 3 [Member] | |||
Financial assets [Abstract] | |||
Investment securities - available-for-sale | [1] | 456 | 456 |
Net loans | 515,130 | 485,900 | |
Estimated Fair Values [Member] | Level 1 [Member] | |||
Financial assets [Abstract] | |||
Cash and cash equivalents | 36,619 | 22,419 | |
Investment securities - available-for-sale | 0 | 626 | |
Accrued interest receivable | 2,711 | 2,532 | |
Financial liabilities [Abstract] | |||
Demand Deposits, Savings, NOW and MMDA | 499,075 | 421,627 | |
Accrued interest payable | 96 | 75 | |
Estimated Fair Values [Member] | Level 2 [Member] | |||
Financial assets [Abstract] | |||
Investment securities - available-for-sale | 148,966 | 140,873 | |
Investment securities - held-to-maturity | 56,306 | 54,429 | |
Federal Home Loan Bank stock | 2,985 | 3,250 | |
Financial liabilities [Abstract] | |||
Time Deposits | 170,325 | 189,197 | |
Borrowings | 53,027 | 58,918 | |
Subordinated loans | 14,214 | 14,310 | |
Estimated Fair Values [Member] | Level 3 [Member] | |||
Financial assets [Abstract] | |||
Investment securities - available-for-sale | [1] | 456 | 456 |
Net loans | $ 512,748 | $ 484,704 | |
[1] | Fair Value Hierarchy 2 |
Interest Rate Derivatives (Deta
Interest Rate Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest Rate Derivatives [Abstract] | ||
Floating rate trust preferred debenture face amount | $ 5,000 | |
Derivative Financial Instruments [Abstract] | ||
Proceeds from sale of U.S. Treasury securities | $ 40,000 | |
Repurchase agreement period | 30 days | |
Recognized gain on the sale of securities | $ 94 | $ 0 |
Tax benefit from repurchase of treasury security | $ 36 | |
Effective tax rate | 24.10% | |
Expected effective tax rate with no impact of hedging | 27.60% | |
After tax interest expenses partially offset | $ 134 | |
Reduction in pretax net interest margin | 209 | |
Decrease in after-tax net income | (4) | |
Consulting and placement fees | 111 | |
Deferred fees | 77 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 2,000 | |
Remaining term | 7 years | |
Fixed interest rate | 4.96% | |
LIBOR [Member] | ||
Derivative [Line Items] | ||
Term of variable rate | 3 months |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | $ 58,361 | $ 71,229 |
Other comprehensive income before reclassifications | 635 | 441 |
Amounts reclassified from AOCI | (20) | (7) |
Balance | 59,838 | 59,192 |
AOCI Attributable to Parent [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (3,822) | (2,565) |
Balance | (3,207) | (2,131) |
Retirement Plans [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (1,513) | (1,844) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | 23 | 32 |
Balance | (1,490) | (1,812) |
Unrealized Gains and Losses on Financial Derivative [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | 0 | (16) |
Other comprehensive income before reclassifications | 0 | (1) |
Amounts reclassified from AOCI | 0 | 9 |
Balance | 0 | (8) |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (1,845) | (51) |
Other comprehensive income before reclassifications | 613 | 421 |
Amounts reclassified from AOCI | (43) | (48) |
Balance | (1,275) | 322 |
Unrealized Loss on Securities Transferred to Held-to-Maturity [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (464) | (654) |
Other comprehensive income before reclassifications | 22 | 21 |
Amounts reclassified from AOCI | 0 | 0 |
Balance | $ (442) | $ (633) |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Income (Loss), Reclassification out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest on long term borrowings | $ (120) | $ (72) | |
Salaries and employee benefits | (2,850) | (2,685) | |
Net gains on sales and redemptions of investment securities | 71 | 80 | |
Provision for income taxes | (245) | (273) | |
Net income attributable to Pathfinder Bancorp, Inc. | 800 | 661 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Holding Gain on Financial Derivative [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest on long term borrowings | [1] | 0 | (14) |
Provision for income taxes | [1] | 0 | 5 |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | 0 | (9) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retirement Plan Items [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits | [1],[2] | (37) | (54) |
Provision for income taxes | [1],[2] | 14 | 22 |
Net income attributable to Pathfinder Bancorp, Inc. | [1],[2] | (23) | (32) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gains on sales and redemptions of investment securities | [1] | 71 | 80 |
Provision for income taxes | [1] | (28) | (32) |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | $ 43 | $ 48 |
[1] | Amounts in parentheses indicates debits in net income. | ||
[2] | These items are included in net periodic pension cost. |