Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 25, 2021 | Jan. 13, 2021 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Registrant Name | Generations Bancorp NY, Inc. | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | GBNY | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 25.7 | ||
Entity Common Stock, Shares Outstanding | 2,551,940 | ||
Entity Central Index Key | 0001823365 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Cash and due from banks | $ 4,168 | $ 6,685 |
Interest earning deposits | 22,662 | 6,763 |
Total cash and cash equivalents | 26,830 | 13,448 |
Investment securities available-for-sale, at fair value | 17,926 | 30,627 |
Investment securities held-to-maturity (fair value 2020-$1,510, 2019-$2,110) | 1,480 | 2,078 |
Equity investment securities, at fair value | 661 | 2,579 |
Federal Home Loan Bank stock, at cost | 1,992 | 2,267 |
Loans | 287,461 | 261,280 |
Less: Allowance for loan losses | 1,821 | 1,660 |
Loans receivable, net | 285,640 | 259,620 |
Premises and equipment, net | 16,743 | 17,588 |
Bank-owned life insurance | 7,777 | 6,893 |
Pension plan asset | 8,720 | 7,605 |
Foreclosed real estate & repossessed assets | 45 | 70 |
Goodwill | 792 | 792 |
Intangible assets, net | 848 | 913 |
Accrued interest receivable | 1,179 | 1,215 |
Other assets | 2,381 | 1,854 |
Total assets | 373,014 | 347,549 |
Deposits: | ||
Noninterest-bearing | 65,673 | 38,098 |
Interest-bearing | 243,873 | 245,240 |
Total deposits | 309,546 | 283,338 |
Long-term borrowings | 27,628 | 31,448 |
Subordinated debt | 1,235 | 735 |
Advances from borrowers for taxes and insurance | 2,595 | 2,712 |
Other liabilities | 2,124 | 1,085 |
Total liabilities | 343,128 | 319,318 |
Shareholders' equity: | ||
Preferred stock, par value $0.01; 1,000,000 shares authorized; none issued | ||
Common stock, par value $0.01; 9,000,000 shares authorized; 2,551,940 shares issued in 2020 and 2019; 2,463,507 and 2,467,507 shares outstanding in 2020 and 2019 | 26 | 26 |
Additional paid in capital | 11,954 | 11,962 |
Retained earnings | 20,256 | 18,571 |
Accumulated other comprehensive loss | (1,415) | (1,662) |
Treasury stock, at cost; 88,433 and 84,433 shares in 2020 and 2019 | (614) | (573) |
Stock held in rabbi trust | (290) | |
Unearned ESOP shares, at cost | (31) | (93) |
Total shareholders' equity | 29,886 | 28,231 |
Total liabilities and shareholders' equity | $ 373,014 | $ 347,549 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidated Statements of Financial Condition | ||
Investment securities held-to-maturity, fair value | $ 1,510 | $ 2,110 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 9,000,000 | 9,000,000 |
Common Stock, Shares, Issued | 2,551,940 | 2,551,940 |
Common Stock, Shares, Outstanding | 2,463,507 | 2,467,507 |
Treasury Stock, Shares | 88,433 | 84,433 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and dividend income: | ||
Loans, including fees | $ 12,390 | $ 11,742 |
Debt and equity securities: | ||
Taxable | 72 | 117 |
Tax-exempt | 809 | 678 |
Interest earning deposits | 14 | 102 |
Other | 131 | 129 |
Total interest income | 13,416 | 12,768 |
Interest expense: | ||
Deposits | 2,260 | 2,533 |
Short-term borrowings | 3 | 29 |
Long-term borrowings | 591 | 546 |
Subordinated debt | 71 | 59 |
Total interest expense | 2,925 | 3,167 |
Net interest income | 10,491 | 9,601 |
Provision for loan losses | 480 | 360 |
Net interest income after provision for loan losses | 10,011 | 9,241 |
Noninterest income: | ||
Banking fees and service charges | 1,480 | 1,642 |
Mortgage banking income, net | 47 | 84 |
Insurance commissions | 755 | 804 |
Investment services commissions | 88 | 284 |
Earnings on bank-owned life insurance | 134 | 131 |
Unrealized gains (losses) on equity securities | (113) | 270 |
Net gain on sale of securities | 1,100 | 265 |
Other charges, commissions & fees | 469 | 68 |
Total noninterest income | 3,960 | 3,548 |
Noninterest expense: | ||
Compensation and benefits | 5,621 | 6,137 |
Occupancy and equipment | 2,076 | 2,122 |
Service charges | 1,957 | 2,257 |
Regulatory assessments | 313 | 212 |
Professional and other services | 646 | 479 |
Advertising | 418 | 388 |
Other expenses | 1,296 | 1,262 |
Total noninterest expenses | 12,327 | 12,857 |
Income before income tax benefit | 1,644 | (68) |
Benefit for income taxes | (104) | (155) |
Net income | 1,748 | 87 |
Net income available to common shareholders | $ 1,748 | $ 87 |
Earnings per common share | $ 0.71 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive (Loss) Income | ||
Net income | $ 1,748 | $ 87 |
Unrealized gains on securities available-for-sale: | ||
Unrealized holding gains arising during the period | 1,153 | 776 |
Reclassification adjustment for net gains included in net income | (1,071) | (274) |
Net unrealized gains on securities available-for-sale | 82 | 502 |
Defined benefit pension plan: | ||
Net gains arising during the period | 96 | 255 |
Reclassification of amortization of net losses recognized in net pension expense | 135 | 191 |
Net change in defined benefit pension plan asset | 231 | 446 |
Other comprehensive income before tax | 313 | 948 |
Tax effect | (66) | (199) |
Other comprehensive income net of tax | 247 | 749 |
Total comprehensive income | $ 1,995 | $ 836 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Unearned ESOP Shares | Stock Held by Rabbi Trust | Total |
Beginning balance at Dec. 31, 2018 | $ 26 | $ 11,958 | $ 18,484 | $ (2,411) | $ (532) | $ (156) | $ 27,369 | |
Increase (decrease) in stockholders' equity | ||||||||
Net income (loss) | 87 | 87 | ||||||
Other comprehensive income/loss | 749 | 749 | ||||||
Repurchase of common stock | (41) | (41) | ||||||
ESOP shares committed to be released (6,221 shares) | 4 | 63 | 67 | |||||
Ending balance at Dec. 31, 2019 | 26 | 11,962 | 18,571 | (1,662) | (573) | (93) | 28,231 | |
Increase (decrease) in stockholders' equity | ||||||||
Net income (loss) | 1,748 | 1,748 | ||||||
Other comprehensive income/loss | 247 | 247 | ||||||
Purchase of common stock for SERPs | $ (290) | (290) | ||||||
Repurchase of common stock | (41) | (41) | ||||||
ESOP shares committed to be released (6,221 shares) | (8) | 62 | 54 | |||||
Mutual Holding Company merger | (63) | (63) | ||||||
Ending balance at Dec. 31, 2020 | $ 26 | $ 11,954 | $ 20,256 | $ (1,415) | $ (614) | $ (31) | $ (290) | $ 29,886 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders’ Equity (Parentheticals) - shares | Sep. 30, 2019 | Dec. 31, 2020 |
Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) | ||
ESOP shares committed to be released (in shares) | 6,221 | 6,221 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,748 | $ 87 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Provision for loan losses | 480 | 360 |
Deferred income tax benefit | 662 | (159) |
Real estate acquired through foreclosure | 4 | |
Premises and equipment | 36 | |
Available-for-sale investment securities | (1,071) | (265) |
Equity securities | (29) | |
Write-down of premises and equipment to fair value | 25 | |
Write-down of other real estate owned to fair value | 30 | |
Unrealized (gains) losses on equity securities | 113 | (270) |
Depreciation | 1,051 | 1,080 |
Prepaid conversion costs expensed | 209 | |
Amortization of intangible asset | 65 | 55 |
Amortization of fair value adjustment to purchased loan portfolio | (69) | (57) |
ESOP expense | 54 | 67 |
Amortization of deferred loan costs | 151 | 134 |
Earnings on bank-owned life insurance | (134) | (131) |
Change in pension plan assets | (884) | (797) |
Net amortization of premiums and discounts on investment securities | (18) | 53 |
Net change in accrued interest receivable | 36 | (169) |
Net change in other assets and liabilities | (1,212) | 1,128 |
Net cash provided by operating activities | 998 | 1,365 |
INVESTING ACTIVITIES | ||
Purchased of Bank-Owned Life insurance | (750) | |
Purchase of equity investment securities | (1) | (76) |
Purchase of investment securities available-for-sale | (6,876) | (20,146) |
Net proceeds from the (purchase of) redemption of Federal Home Loan Bank stock | 275 | (180) |
Available-for-sale investment securities | 1,851 | 1,707 |
Held-to-maturity investment securities | 590 | 676 |
Available-for-sale investment securities | 18,906 | 259 |
Equity investment securities | 2,423 | 8,670 |
Real estate acquired through foreclosure | 110 | 58 |
Premises and equipment | 95 | |
Net change in loans | (26,697) | (16,039) |
Purchase of premises and equipment | (231) | (809) |
Net cash used in investing activities | (10,400) | (25,785) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, savings accounts, and money market accounts | 50,275 | (2,588) |
Net change in time deposits | (24,067) | 30,710 |
Net change in brokered time deposits | (5,227) | |
Net repayments of from short-term borrowings | (1,000) | |
Payments on long-term borrowings | (9,820) | (8,121) |
Proceeds from subordinated debt offering | 500 | |
Proceeds from long-term borrowings | 6,000 | 15,000 |
Captial infusion of MHC Merger | (63) | |
Repurchase of common stock | (41) | (41) |
Net cash provided by financing activities | 22,784 | 28,733 |
Increase in cash and cash equivalents | 13,382 | 4,313 |
Cash and cash equivalents at beginning of period | 13,448 | 9,135 |
Cash and cash equivalents at end of period | 26,830 | 13,448 |
Supplemental Cash Flows Information | ||
Interest | 2,997 | 3,154 |
Taxes received | $ 115 | $ 82 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization and Nature of Operations | |
Organization and Nature of Operations | 1. Organization and Nature of Operations Seneca-Cayuga Bancorp, Inc. (the “Holding Company”) is a federally chartered stock holding company and a subsidiary of The Seneca Falls Savings Bank, MHC (the “Mutual Holding Company”), a federally chartered mutual holding company. At December 31, 2020 and 2019, the Mutual Holding Company owned 1,480,715 shares, or 60.10% and 60.01%, respectively, of the Holding Company’s outstanding stock, and the remaining Holding Company stock is held by the public or has been repurchased by the Holding Company. The Mutual Holding Company activity is not included in the accompanying consolidated financial statements. Generations Bank (the “Bank”) is a wholly owned subsidiary of the Holding Company. Originally called Seneca Falls Savings Bank, the Bank changed its name in 2012 to improve name and brand recognition. On September 29, 2018, Medina Savings and Loan Association (“MSL”), a mutual savings and loan association owned by its depositors, was merged into the Bank as additional retail offices, expanding our market footprint. All assets and liabilities of MSL were acquired and the consideration given in exchange for this mutual transaction was the issuance of Holding Company stock to our Mutual Holding Company. Based on a third party appraised value of MSL, 171,440 shares were issued to the Mutual Holding Company. Effective December 31, 2018, the Bank officially established Generations Commercial Bank (the “Commercial Bank”), a New York State chartered limited-purpose commercial bank formed expressly to enable local municipalities to deposit public funds with the Bank in accordance with existing NYS municipal law. Although having received regulatory approval and funding the Commercial Bank with $2,500,000 in capital in the year-end December 31, 2018, the Commercial Bank opened for business on January 2, 2019. The Bank maintains its executive offices and main retail location in Seneca Falls, New York, with retail offices in Waterloo, Geneva, Auburn, Union Springs, Phelps, Farmington, Medina and Albion, New York. The Bank is a community-oriented savings institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds in loans secured by one- to four-family residential real estate, commercial real estate, business or personal assets and in investment securities. The Bank also offers financial and investments services to its customers through licensed employees. In addition, Generations Agency, Inc. (the “Agency”) offers personal and commercial insurance products through licensed employees in the same market area. The Agency is the Bank’s wholly-owned subsidiary. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies a. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Holding Company, the Bank, the Commercial Bank and the Agency. The consolidated entity is referred to as the “Company” in the following notes to the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Amounts in the prior year’s consolidated financial statements have been reclassified whenever necessary to conform to the current year’s presentation. Such reclassifications had no impact on net income. b. Use of Estimates The preparation of consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations and the evaluation of investment securities for other-than-temporary impairment to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. c. Cash and Cash Equivalents Cash and cash equivalents include cash, amounts due from banks, including interest-bearing demand deposits and items in the process of collection. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. d. Securities The Company reports debt securities in one of the following categories: (i) “held-to-maturity” which management has the positive intent and ability to hold debt securities to maturity. These securities are reported at amortized cost adjusted for the amortization of premiums and accretion of discounts; or (ii) “available-for-sale” which includes all other debt securities and are reported at fair value, with unrealized gains and losses excluded from earnings and reported in accumulated other comprehensive loss. The Company classifies its debt securities in one of these categories based upon determinations made at the time of purchase, and re-evaluates their classification each quarter-end. Premiums and discounts on debt securities are amortized, or accreted, to interest income over the term of the security and adjusted for the effect of actual prepayments in the case of mortgage-backed securities. Gains and losses on the sales of securities are recognized in income when sold, using the specific identification method, on a trade date basis. Equity securities are reported at fair value, with unrealized gains and losses included in earnings. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated financial statements. Note 4 to the consolidated financial statements includes additional information about the Company’s accounting policies with respect to the impairment of investment securities. e. Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted fair value and is carried at cost, which approximates fair value. f. Loans Receivable The Company grants residential mortgage, commercial and consumer loans to customers, principally located in the Finger Lakes Region of New York State and extending north to Orleans County. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses and plus net deferred loan origination costs. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received, and the related direct origination costs incurred, are deferred and amortized over the life of the loan using a method that approximates the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one- to four-family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate secured by nonresidential property, real estate secured by multi-family residences, construction and other commercial and industrial loans. Consumer loans include home equity (both installment loans and lines of credit), residential junior-lien loans, manufactured home loans, automobile, student and other consumer loans. g. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction of loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable is charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Consumer loans not secured by residential real estate are generally charged off no later than 90 days past due on a contractual basis, earlier in the event of bankruptcy, or if there is an amount deemed uncollectible. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying amount of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, automobile loans identified in pools by product and underwriting standards, as well as smaller balance homogeneous consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative risk factors. These qualitative risk factors include: Asset quality trends The trend in loan growth and portfolio mix Regional and local economic conditions Historical loan loss experience Underlying credit quality 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. The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Real estate loans, including residential mortgages, commercial real estate loans and home equity loans comprise approximately 77% of the portfolio in 2019 and 78% in 2018. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial loans, by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying amount exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, including those in construction, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made as to whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging’s or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Loans classified as troubled restructurings are designated as impaired. The indirect automobile program loans, and the loans originated under a direct sub-prime automobile program, are evaluated separately from the rest of the consumer loan portfolio. Due to the inherent risk of the program loans, they are evaluated based on the historical losses in the portfolio and discounted collateral values. Since this piece of the portfolio no longer enjoys the participation of the dealers, their continuing reserves and dealer cooperation, there are no longer available cash reserves accumulated as part of the indirect loan assignment agreements with local dealers. The direct sub-prime automobile program was offered to consumers for approximately Nine Months in 2014. The program was discontinued after a detailed analysis revealed that the loan type carried higher risk characteristics than the other automobile portfolios. We have analyzed the historical loss factors to date and have assigned higher reserve factors to these loans to represent the associated risk. Reserves for this loan type are based on the rate of delinquency, the prospect of payment established by collection efforts and discounted collateral values. On March 27,2020, the President of the United State signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAPP. Section 4013 of the CARES Act allows financial institutions to suspend application of certain TDR accounting guidance for loan an d lease modifications related to COVID-19 Pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. Section 4013 pf the CARE Act was amended on December 27, 2020 to extended this relief until January 1, 2022. The relief can be applied to loan and lease modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan and lease modifications that defer to re delay the payment of principal or interest, or change the interest rate on the loan. The Company choose to apply this relief to eligible loan and lease modifications. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as loss are considered uncollectible and are charged to the allowance for loans losses. Loans not classified are rated as pass. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. j. Income Recognition on Impaired and Non-accrual Loans For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on non-accrual status, unpaid interest is reversed and charged to interest income. Interest received on non-accrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. When future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a non-accrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. i. Premises and equipment Land is carried at cost. Buildings, improvements and equipment are carried at cost less accumulated depreciation and amortization. Depreciation expense is provided on a straight-line basis over the estimated useful lives of the related assets, which is generally 15 to 40 years for buildings and 3 to 10 years for furniture, equipment, computers and software. Leasehold improvements are amortized over the shorter of the terms of the lease or useful life. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. j. Bank-owned life insurance The Bank invests in bank-owned life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a chosen group of employees. The Bank is the owner and beneficiary of the life insurance policies, and as such, the investment is carried at the cash surrender value of the underlying policies. In 2012, the Bank purchased additional BOLI to offset the cost of the director’s retirement plan and the addition of a supplemental executive retirement plan. The 2012 purchase of $2 million in additional BOLI on senior management includes a split-dollar arrangement on a portion of the insurance benefit. The policies are carried at the cash surrender value and the liability for the split dollar arrangement is recorded in other liabilities. Income from the increase in cash surrender value of the policies is included in noninterest income on the consolidated statements of income. k. Intangible assets and goodwill Intangible assets represent acquired assets that lack physical substance, but can be distinguished from goodwill because of contractual or other legal rights. The Company’s intangible assets include customer lists and covenants not to compete that were acquired in connection with business acquisitions. On December 28, 2016, the Company purchased the John G. Sweeney Agency, Inc. and the associated covenant not to compete was recorded as an intangible asset. Goodwill is reflected in the insurance agency segment. This asset will be amortized over 7 years in accordance with the life identified in the purchase contract. Additionally, as part of recording the purchase of assets and liabilities of MSL at fair value upon the September 29, 2018 merger, Generations Bank recorded a $964,000 Core Deposit Intangible (“CDI”). The CDI valuation method employed a discounted cash flow analysis to determine the fair value of the acquired core deposits to fund operations, versus using comparable term (i.e. term to maturity) wholesale borrowings. A positive valuation results because the overall cost of core deposits (interest rate plus operating expense less other income) is lower than the cost of a laddered portfolio of borrowings structured with the same maturity as the projected core deposit base. As of the Valuation Date, the value of Medina’s core deposits was, in aggregate, $964,000 on a pre-tax basis, equal to 2.50% of the acquired core deposits. This asset will be amortized over 15 years in accordance with the fair value analysis provided by a third party. The Company reviews its identifiable assets for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill represents the excess of the cost of an acquisition over the fair value of tangible and identifiable intangible assets acquired in a business combination utilizing purchase accounting. The stock purchase of the John G. Sweeney Agency, Inc. was recorded as goodwill of $792,000. The value of goodwill is tested at least annually for impairment. The MSL merger did not have goodwill. l. Employee benefit plans The Bank funds two noncontributory defined benefit pension plans, one plan that accrues benefits for employees of Generations Bank that were hired prior to October 1, 2016 and the second plan that was acquired with the MSL merger and covers MSL employees that were participants of that plan effective September 30, 2018. Both plans have been frozen to new employees and cover eligible Company employees at least 21 years of age and with at least one year of service. Benefits under these plans generally are based on employees’ years of service and compensation. The Bank makes annual contributions to the plans equal to the maximum amount that can be deducted for income tax purposes. The Bank sponsors an Employee Stock Ownership Plan (“ESOP”) covering substantially all full time employees. Acquisitions of the Holding Company’s common stock for the Plan by the Bank were funded internally through a borrowing from the Holding Company, which is repayable semi-annually with interest over fifteen years. The cost of shares issued to the ESOP but not allocated to participants is presented in the consolidated statement of financial condition as a reduction of shareholders’ equity. ESOP shares are released to participants proportionately as the loan is repaid. Allocations to individual accounts are based on participant compensation. As shares are committed to be released to participants, the Company reports compensation expense equal to the current market price of the shares and the shares become outstanding for earnings per share computations. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in-capital. Dividends on allocated shares reduce retained earnings; dividends on unallocated ESOP shares reduce debt and accrued interest. The Company has a defined contribution plan under section 401(k) of the Internal Revenue Code. This plan covers all Company employees with at least twelve months of service. The Company’s contributions to this plan are discretionary, begin after one year of service and are determined annually by the Board of Directors. Employee contributions are voluntary. Employees vest immediately in their own contributions, and vest in the Company’s contributions based on years of service. The Company has a Directors Retirement Plan for the benefit of its eligible non-employee members of the Board of Directors of the Company. This plan is an unfunded arrangement and intended to comply with Internal Revenue Code Section 409A. The plan allows for deferred compensation elections and a supplemental contribution by the Bank. The Company also has a supplemental executive retirement plan, under Internal Revenue Code Section 409A, for selected officers. This plan is an unfunded arrangement that consists on an annual contribution calculated based on a target benefit. m. Foreclosed real estate and repossessed assets Real estate and other assets acquired in settlement of loans are carried at the fair value of the property at the date of acquisition less estimated selling costs. The following table represents the detail of such assets at December 31: Year Ended December 31, (In thousands) 2020 2019 Foreclosed real estate $ 45 $ 60 Repossessed assets — 10 $ 45 $ 70 Write-downs from cost to fair value less estimated selling costs, which are required at the time of foreclosure or repossession, are charged to the allowance for loan losses. Subsequent write-downs to fair value, net of estimated selling costs and the net operating expenses of foreclosed assets, are charged to other noninterest expenses and were approximately $40,000 and $16,000 for years ended 2020 and 2019, respectively. At December 31, 2020 there were nine one- to four-family residential mortgage loans and two home equity loans in the process of foreclosure for a total of 558,000. At December 31, 2019, there were five one- to four-family residential mortgage loans and two related home equity loans in the process of foreclosure for a total of $278,000. n. Advertising The Company follows the policy of charging the costs of advertising to expense as incurred. o. Income taxes Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating losses, capital losses and contribution carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. To the extent that current available evidence about the future raises doubt about the likelihood of a deferred tax asset being realized, a valuation allowance is established. The judgment about the level of future taxable income, including that which is considered capital, is inherently subjective and is reviewed on a continual basis as regulatory and business factors change. Interest and penalties are included as a component of noninterest expense if incurred. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent. The terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2020 and 2019, the Company had no uncertain tax positions. p. Comprehensive income Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and unrecognized gains or losses and prior service credits for the defined benefit pension plan are reported as a separate component of the shareholders’ equity section of the consolidated statements of financial condition, such items, along with net income, are components of comprehensive income. The amounts of income tax (expense) benefit allocated to each component of other comprehensive income are as follows for the for years ended December 31, 2020 and 2019: For Years Ended December 31, (In thousands) 2020 2019 Unrealized gains on securities available-for-sale: Unrealized holding gains arising during the period $ (242) $ (163) Reclassification adjustment for net gains included in net income 225 58 Net unrealized gains on securities available-for-sale (17) (105) Defined benefit pension plan: Net plan gains arising during the period (20) (54) Reclassification of amortization of net losses and prior service credit recognized in net pension expense (29) (40) Net change in defined benefit pension plan asset (49) (94) $ (66) $ (199) The balances and changes in the components of accumulated other comprehensive income (loss), net of tax, are as follows: Unrealized Accumulated (Losses) Gains Defined Other Year Ended December 31, on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Income (Loss) Balance, January 1, 2020 $ 658 $ (2,320) $ (1,662) Other comprehensive gain before reclassifications 911 76 987 Amounts reclassified from AOCI to the income statement (846) 106 (740) Net current-period other comprehensive income 65 182 247 Balance, December 31, 2020 $ 723 $ (2,138) $ (1,415) Balance, January 1, 2019 $ 262 $ (2,673) $ (2,411) Other comprehensive gain before reclassifications 612 202 814 Amounts reclassified from AOCI to the income statement (216) 151 (65) Net current-period other comprehensive income 396 353 749 Balance, December 31, 2019 $ 658 $ (2,320) $ (1,662) (1) Reclassification from accumulated other comprehensive loss to retained earnings for the change in accounting treatment adopted under ASU 2016‑01. This amendment requires equity securities to be measured at fair value and the change in fair value to be recognized through net income. q. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding was 2,458,000 and 2,456,000 for the years ended December 31, 2020 and 2019. The Company has not granted any restricted stock awards or |
Balances at Other Banks
Balances at Other Banks | 12 Months Ended |
Dec. 31, 2020 | |
Balances at Other Banks | |
Balances at Other Banks | 3. Balances at Other Banks The Bank may be required to maintain cash balances on hand or with the Federal Reserve Bank. At December 31, 2020, the Bank did not have a reserve requirement. At December 31, 2020 and 2019, these reserve balances amounted to $0 and $1,745,000, respectively and were held in vault cash on hand and reported as cash and due from banks on the consolidated statements of financial condition. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
Securities | |
Securities | 4. Securities Investments in securities available-for-sale and held-to-maturity at December 31, 2020 and December 31, 2019 are summarized as follows: December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 39 $ 1 $ (1) $ 39 State and political subdivisions 16,971 916 — 17,887 Total securities available-for-sale $ 17,010 $ 917 $ (1) $ 17,926 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 1,480 $ 33 $ (3) $ 1,510 Total securities held-to-maturity $ 1,480 $ 33 $ (3) $ 1,510 Equity securities: Large cap equity mutual fund $ 35 $ 35 Other mutual funds 626 626 Total of equity securities $ 661 $ 661 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 48 $ 2 $ — $ 50 State and political subdivisions 29,746 903 (72) 30,577 Total securities available-for-sale $ 29,794 $ 905 $ (72) $ 30,627 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs 2,078 36 (4) 2,110 Total securities held-to-maturity $ 2,078 $ 36 $ (4) $ 2,110 Equity securities: Large cap equity mutual fund $ 31 $ 31 Other mutual funds 2,548 2,548 Total of equity securities $ 2,579 $ 2,579 Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows: December 31, 2020 12 Months or Less More than 12 Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 24 $ (1) $ 2 $ — $ 26 $ (1) Total securities available-for-sale $ 1,090 $ (1) $ 2 $ — $ 1,092 $ (1) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 150 $ (2) $ 97 $ (1) $ 247 $ (3) Total securities held-to-maturity $ 150 $ (2) $ 97 $ (1) $ 247 $ (3) December 31, 2019 12 Months or Less More than 12 Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Residential mortgage-backed - US agency and GSEs* $ — $ — $ 4 $ — $ 4 $ — State and political subdivisions 8,779 (72) — — 8,779 (72) Total securities available-for-sale $ 8,779 $ (72) $ 4 $ — $ 8,783 $ (72) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 68 $ (1) $ 217 $ (3) $ 285 $ (4) Total securities held-to-maturity $ 68 $ (1) $ 217 $ (3) $ 285 $ (4) * Gross unrealized losses are less than $1,000. The Company conducts a formal review of investment securities on a quarterly basis for the presence of other-than-temporary impairment (“OTTI”). Management assesses whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the statement of financial 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 sufficient to recover the entire amortized cost basis. 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. Non-credit-related OTTI is based on other factors, including illiquidity. Presentation of OTTI is made in the consolidated statement of operations on a gross basis, including both the portion recognized in earnings as well as the portion recorded in other comprehensive income. Normally, the gross OTTI would then be offset by the amount of non-credit-related OTTI, showing the net as the impact on earnings. All OTTI charges have been credit-related to date, and therefore no offset has been presented on the consolidated statements of income. Eleven government agency and government sponsored enterprise (GSE) residential mortgage-backed security holdings have an unrealized loss as of December 31, 2020. The securities were issued by the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and the Government National Mortgage Association (GNMA). All of the eleven government-backed securities that have unrealized losses are immaterial, with each of these securities having value deficiencies of $800 or less. None of the securities demonstrate a steadily increasing loss ratio and values fluctuate in reaction to the uncertainty of the economy. Principal and interest continue to be received on all securities as anticipated. The Company has the ability and intent to hold the securities through maturity or recovery of its amortized cost basis. With the government guarantees in place, management does not expect losses on these securities. No OTTI is deemed present on these securities. There were three municipal bonds with an unrealized loss at December 31, 2020. All three of these bonds that have unrealized losses are immaterial, with each of these securities having values deficiencies of $575 or less. The Company anticipates being paid in full. No OTTI is deemed present on these securities. The following table presents a roll-forward of the amount related to credit losses recognized in earnings for the years ended December 31: (In thousands) 2020 2019 Beginning balance – January 1 $ — $ 408 Initial credit impairment — — Subsequent credit impairments — — Reductions for amounts recognized in earnings due to intent or requirement to sell — — Reductions for securities sold — (408) Reductions for increases in cash flows expected to be collected — — Ending balance - December 31 $ — $ — The following is a summary of the amortized cost and estimated fair values of debt securities at December 31, 2020 and December 31, 2019, by remaining term to contractual maturity other than mortgage-backed securities. Actual maturities may differ from these amounts because certain issuers have the right to call or redeem their obligations prior to contractual maturity. The contractual maturities of debt securities generally exceed 20 years; however, the effective average life is expected to be substantially shorter due to anticipated repayments and prepayments. December 31, 2020 Securities Securities Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 974 $ 975 $ — $ — Due over one year through five years 1,400 1,426 — — Due over five through ten years 5,565 5,791 — — Due after ten years 9,032 9,695 — — 16,971 17,887 — — Residential mortgage-backed securities 39 39 1,480 1,510 Total $ 17,010 $ 17,926 $ 1,480 $ 1,510 Gross realized gains (losses) on sales and redemptions of securities for the year ended December 31 are detailed below: Year Ended December 31, (In thousands) 2020 2019 Realized gains $ 1,071 $ 274 Realized losses — — $ 1,071 $ 274 Securities with a fair value of $6,969,058, and $21,773,000 were pledged to collateralize certain deposit arrangements at December 31, 2020 and December 2019. |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Loans Receivable | |
Loans Receivable | 5. Loans Receivable Major classifications of loans at December 31, 2020 and 2019 are as follows: December 31, December 31, (In thousands) 2020 2019 Originated Loans Residential mortgages: One- to four-family $ 113,254 $ 120,208 Construction — 828 113,254 121,036 Commercial loans: Real estate - nonresidential 22,812 33,581 Multi-family 5,125 5,585 Construction — 100 Commercial business 20,178 14,028 48,115 53,294 Consumer: Home equity and junior liens 9,981 10,170 Manufactured homes 44,347 23,769 Automobile 21,469 21,083 Student 2,259 2,251 Recreational vehicle 14,557 263 Other consumer 4,081 1,724 96,694 59,260 Total originated loans 258,063 233,590 Net deferred loan costs 11,854 4,986 Less allowance for loan losses (1,821) (1,660) Net originated loans $ 268,096 $ 236,916 December 31, December 31, (In thousands) 2020 2019 Acquired Loans Residential mortgages: One- to four-family $ 14,102 $ 18,506 Construction — — 14,102 18,506 Commercial loans: Real estate - nonresidential 1,942 2,115 Commercial business 327 404 2,269 2,519 Consumer: Home equity and junior liens 1,406 1,833 Other consumer 190 361 1,596 2,194 Total acquired loans 17,967 23,219 Net deferred loan costs (67) (91) Fair value credit and yield adjustment (356) (424) Net acquired loans $ 17,544 $ 22,704 December 31, December 31, (In thousands) 2020 2019 Total Loans Residential mortgages: One- to four-family $ 127,356 $ 138,714 Construction — 828 127,356 139,542 Commercial loans: Real estate - nonresidential 24,754 35,696 Multi-family 5,125 5,585 Construction — 100 Commercial business 20,505 14,432 50,384 55,813 Consumer: Home equity and junior liens 11,387 12,003 Manufactured homes 44,347 23,769 Automobile 21,469 21,083 Student 2,259 2,251 Recreational vehicle 14,557 263 Other consumer 4,271 2,085 98,290 61,454 Total Loans 276,030 256,809 Net deferred loan costs 11,787 4,895 Fair value credit and yield adjustment (356) (424) Less allowance for loan losses (1,821) (1,660) Loans receivable, net $ 285,640 $ 259,620 The Company grants residential mortgage, commercial and consumer loans to customers throughout the Finger Lakes region of New York State, which includes parts of Cayuga, Seneca, Wayne, Yates and Ontario counties as well as Orleans County. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ abilities to honor their contracts is dependent upon the counties’ employment and economic conditions. To further diversify the loan portfolio, the Company also purchases loans that have been originated outside of the region. High quality automobile loans, originated in Northeastern United States, are purchased regularly from BCI Financial Corporation, a Connecticut Company. In 2019, the Company also began to purchase modular home loans originated throughout the United States from Triad Financial Services, Inc., who then services the loans for the Company. In 2020, the Company began to purchase automobile and recreational vehicle loans originated in New York State from OneSource Financial. The Commercial Business category includes Paycheck Protection Program ("PPP") loans that were authorized under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The PPP was implemented by the Small Business Administration ("SBA") with support from the Department of the Treasury and provided small businesses that were negatively impacted by the COVID-19 pandemic with government guaranteed and potentially forgivable loans that could be used to pay up to eight or twenty-four weeks, depending on the date of the loan, of payroll costs including benefits. Funds could also be used to pay interest on mortgages, rent, and utilities. PPP loans made by the Company have a maturity of two years and an interest rate of 1%. In addition, the SBA pays originating lenders processing fees based on the size of the loan, ranging from 1% to 5% of the loan amount. A borrower who meets certain requirements can request loan forgiveness from the SBA. If loan forgiveness is granted, the SBA will forward the forgiveness amount to the lender. Loan Origination / Risk Management The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. The loan portfolio is segregated into risk rating categories based on the borrower’s overall financial condition, repayment sources, guarantors, and value of collateral, if appropriate. The risk ratings are evaluated at least annually for commercial loans unless credit deficiencies arise, such as delinquent loan payments, for commercial, residential mortgage or consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as loss are considered uncollectible and are charged to the allowance for loan loss. Loans not classified are rated as pass. See further discussion of risk ratings in Note 2. The following table presents the classes of the loan portfolio summarized by the pass rating and the classified ratings of special mention, substandard and doubtful within the Company’s internal risk rating system as of December 31 2020 and 2019: December 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans Residential mortgages: One- to four-family $ 109,752 $ 627 $ 2,875 $ — $ 113,254 Construction — — — — — 109,752 627 2,875 — 113,254 Commercial loans: Real estate - nonresidential 15,597 4,433 2,782 — 22,812 Multi-family 5,083 — 42 — 5,125 Construction — — — — — Commercial business 17,009 842 2,327 — 20,178 37,689 5,275 5,151 — 48,115 Consumer: Home equity and junior liens 9,923 — 58 — 9,981 Manufactured homes 44,272 — 75 — 44,347 Automobile 21,432 4 33 — 21,469 Student 2,259 — — — 2,259 Recreational vehicle 14,527 30 — — 14,557 Other consumer 4,046 4 31 — 4,081 96,459 38 197 — 96,694 Total originated loans $ 243,900 $ 5,940 $ 8,223 $ — $ 258,063 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans Residential mortgages: One- to four-family $ 13,669 $ 63 $ 370 $ — $ 14,102 13,669 63 370 — 14,102 Commercial loans: Real estate - nonresidential 1,942 — — — 1,942 Commercial business 327 — — — 327 2,269 — — — 2,269 Consumer: Home equity and junior liens 1,362 — 44 — 1,406 Other consumer 190 — — — 190 1,552 — 44 — 1,596 Total acquired loans $ 17,490 $ 63 $ 414 $ — $ 17,967 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans Residential mortgages: One- to four-family $ 123,421 $ 690 $ 3,245 $ — $ 127,356 Construction — — — — — 123,421 690 3,245 — 127,356 Commercial loans: Real estate - nonresidential 17,539 4,433 2,782 — 24,754 Multi-family 5,083 — 42 — 5,125 Construction — — — — — Commercial business 17,336 842 2,327 — 20,505 39,958 5,275 5,151 — 50,384 Consumer: Home equity and junior liens 11,285 — 102 — 11,387 Manufactured homes 44,272 — 75 — 44,347 Automobile 21,432 4 33 — 21,469 Student 2,259 — — — 2,259 Recreational vehicle 14,527 30 — — 14,557 Other consumer 4,236 4 31 — 4,271 98,011 38 241 — 98,290 Total loans $ 261,390 $ 6,003 $ 8,637 $ — $ 276,030 December 31, 2019 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans Residential mortgages: One- to four-family $ 116,414 $ 2,159 $ 1,635 $ — $ 120,208 Construction 828 — — — 828 117,242 2,159 1,635 — 121,036 Commercial loans: Real estate - nonresidential 29,192 1,479 2,910 — 33,581 Multi-family 5,585 — — — 5,585 Construction 100 — — — 100 Commercial business 10,222 1,798 2,008 — 14,028 45,099 3,277 4,918 — 53,294 Consumer: Home equity and junior liens 10,030 96 44 — 10,170 Manufactured homes 23,686 83 — — 23,769 Automobile 20,975 54 54 — 21,083 Student 2,251 — — — 2,251 Recreational vehicle 263 — — — 263 Other consumer 1,721 2 1 — 1,724 58,926 235 99 — 59,260 Total originated loans $ 221,267 $ 5,671 $ 6,652 $ — $ 233,590 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans Residential mortgages: One- to four-family $ 17,387 $ 805 $ 314 $ — $ 18,506 17,387 805 314 — 18,506 Commercial loans: Real estate - nonresidential 2,115 — — — 2,115 Commercial business 404 — — — 404 2,519 — — — 2,519 Consumer: Home equity and junior liens 1,746 — 87 — 1,833 Other consumer 361 — — — 361 2,107 — 87 — 2,194 Total acquired loans $ 22,013 $ 805 $ 401 $ — $ 23,219 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans Residential mortgages: One- to four-family $ 133,801 $ 2,964 $ 1,949 $ — $ 138,714 Construction 828 — — — 828 134,629 2,964 1,949 — 139,542 Commercial loans: Real estate - nonresidential 31,307 1,479 2,910 — 35,696 Multi-family 5,585 — — — 5,585 Construction 100 — — — 100 Commercial business 10,626 1,798 2,008 — 14,432 47,618 3,277 4,918 — 55,813 Consumer: Home equity and junior liens 11,776 96 131 — 12,003 Manufactured homes 23,686 83 — — 23,769 Automobile 20,975 54 54 — 21,083 Student 2,251 — — — 2,251 Recreational vehicle 263 — — — 263 Other consumer 2,082 2 1 — 2,085 61,033 235 186 — 61,454 Total loans $ 243,280 $ 6,476 $ 7,053 $ — $ 256,809 Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. The Company did originate a small portfolio of sub-prime automobile loans in 2014. Upon assessment of the higher risk in this portfolio, the lending product was discontinued. It is anticipated to pay down quickly over a short-term. The allowance for loan losses was increased to cover the exposure inherent in the sub-prime automobile portfolio. The total outstanding balance of this discontinued sub-prime portfolio was $6,000 and $181,000 at December 31, 2020 and December 31, 2019. Of the amount outstanding, $4,000 and $125,000 of these loans were current and paying as agreed at December 31, 2020 and December 31, 2019. Non-accrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, segregated by class of loans, as of December 31, 2020 and 2019 are as follows: December 31, 2020 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Originated Loans Residential mortgage loans: One- to four-family $ 2,345 $ 691 $ 2,875 $ 5,911 $ 107,343 $ 113,254 Construction — — — — — — 2,345 691 2,875 5,911 107,343 113,254 Commercial loans: Real estate - nonresidential 66 66 1,103 1,235 21,577 22,812 Multi-family — — 42 42 5,083 5,125 Construction — — — — — — Commercial business 139 — 688 827 19,351 20,178 205 66 1,833 2,104 46,011 48,115 Consumer loans: Home equity and junior liens 92 23 58 173 9,808 9,981 Manufactured homes 944 440 75 1,459 42,888 44,347 Automobile 188 21 33 242 21,227 21,469 Student — — — — 2,259 2,259 Recreational vehicle 229 30 — 259 14,298 14,557 Other consumer 3 4 29 36 4,045 4,081 1,456 518 195 2,169 94,525 96,694 Total originated loans $ 4,006 $ 1,275 $ 4,903 $ 10,184 $ 247,879 $ 258,063 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Acquired Loans Residential mortgage loans: One- to four-family $ 223 $ 48 $ 370 $ 641 $ 13,461 $ 14,102 Construction — — — — — — 223 48 370 641 13,461 14,102 Commercial loans: Real estate - nonresidential — — — — 1,942 1,942 Commercial business — 15 — 15 312 327 — 15 — 15 2,254 2,269 Consumer loans: Home equity and junior liens 46 6 44 96 1,310 1,406 Other consumer — — 2 2 188 190 46 6 46 98 1,498 1,596 Total acquired loans $ 269 $ 69 $ 416 $ 754 $ 17,213 $ 17,967 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Total Loans Residential mortgage loans: One- to four-family $ 2,568 $ 739 $ 3,245 $ 6,552 $ 120,804 $ 127,356 Construction — — — — — — 2,568 739 3,245 6,552 120,804 127,356 Commercial loans: Real estate - nonresidential 66 66 1,103 1,235 23,519 24,754 Multi-family — — 42 42 5,083 5,125 Construction — — — — — — Commercial business 139 15 688 842 19,663 20,505 205 81 1,833 2,119 48,265 50,384 Consumer loans: Home equity and junior liens 138 29 102 269 11,118 11,387 Manufactured homes 944 440 75 1,459 42,888 44,347 Automobile 188 21 33 242 21,227 21,469 Student — — — — 2,259 2,259 Recreational vehicle 229 30 — 259 14,298 14,557 Other consumer 3 4 31 38 4,233 4,271 1,502 524 241 2,267 96,023 98,290 Total loans $ 4,275 $ 1,344 $ 5,319 $ 10,938 $ 265,092 $ 276,030 December 31, 2019 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Originated Loans Residential mortgage loans: One- to four-family $ 2,963 $ 1,656 $ 1,945 $ 6,564 $ 113,644 $ 120,208 Construction — — — — 828 828 2,963 1,656 1,945 6,564 114,472 121,036 Commercial loans: Real estate - nonresidential 350 1,388 912 2,650 30,931 33,581 Multi-family — — — — 5,585 5,585 Construction — — — — 100 100 Commercial business 540 24 73 637 13,391 14,028 890 1,412 985 3,287 50,007 53,294 Consumer loans: Home equity and junior liens 80 71 67 218 9,952 10,170 Manufactured homes 179 83 — 262 23,507 23,769 Automobile 207 54 54 315 20,768 21,083 Student 35 — — 35 2,216 2,251 Recreational vehicle — — — — 263 263 Other consumer 57 2 — 59 1,665 1,724 558 210 121 889 58,371 59,260 Total originated loans $ 4,411 $ 3,278 $ 3,051 $ 10,740 $ 222,850 $ 233,590 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Acquired Loans Residential mortgage loans: One- to four-family $ 457 $ 293 $ 314 $ 1,064 $ 17,442 $ 18,506 — — — — — — Commercial loans: 457 293 314 1,064 17,442 18,506 Real estate - nonresidential Commercial business — — — — 2,115 2,115 Other commercial and industrial — — — — 404 404 — — — — 2,519 2,519 Consumer loans: Home equity and junior liens 11 63 87 161 1,672 1,833 Other consumer 1 18 — 19 342 361 12 81 87 180 2,014 2,194 Total acquired loans $ 469 $ 374 $ 401 $ 1,244 $ 21,975 $ 23,219 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Total Loans Residential mortgage loans: One- to four-family $ 3,420 $ 1,949 $ 2,259 $ 7,628 $ 131,086 $ 138,714 Construction — — — — 828 828 3,420 1,949 2,259 7,628 131,914 139,542 Commercial loans: Real estate - nonresidential 350 1,388 912 2,650 33,046 35,696 Multi-family — — — — 5,585 5,585 Construction — — — — 100 100 Commercial business 540 24 73 637 13,795 14,432 890 1,412 985 3,287 52,526 55,813 Consumer loans: Home equity and junior liens 91 134 154 379 11,624 12,003 Manufactured homes 179 83 — 262 23,507 23,769 Automobile 207 54 54 315 20,768 21,083 Student 35 — — 35 2,216 2,251 Recreational vehicle — — — — 263 263 Other consumer 58 20 — 78 2,007 2,085 570 291 208 1,069 60,385 61,454 Total loans $ 4,880 $ 3,652 $ 3,452 $ 11,984 $ 244,825 $ 256,809 Non-accrual loans, segregated by class of loan, were as follows: December 31, December 31, (In thousands) 2020 2019 Residential mortgage loans: 1-4 family first-lien $ 3,245 $ 2,259 Construction — — 3,245 2,259 Commercial loans: Real estate - nonresidential 1,103 2,509 Real estate - multi-family 42 — Construction — — Other commercial and industrial 688 1,195 1,833 3,704 Consumer loans: Home equity and junior liens 102 154 Manufactured homes 75 — Automobile 33 54 Student — — Recreational Vehicle — Other consumer 31 — 241 208 Total non-accrual loans $ 5,319 $ 6,171 There were no loans past due more than ninety days and still accruing interest at December 31, 2020 ad December 31, 2019. Troubled Debt Restructurings 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 the Company would not otherwise consider for a new loan with similar risk characteristics. The recorded investment for each TDR loan is determined by the outstanding balance less the allowance associated with the loan. There were no newly classified TDR in 2020. In 2019, the Company modified a commercial loan that was originated through a program with Bankers Healthcare Group (BHG). This loan is also serviced by BHG, who maintains a 50% recourse share in losses from this loan program portfolio. BHG deferred payments for the borrower to bring the loan current as after significant delinquency had occurred, making concessions to the maturity date but not the rate or principal due. The principal balance of this loan at December 31, 2019 was $25,000. At December 31, 2020, the Company had nine loans, with an outstanding balance of $2.5 million, in the portfolio that had been modified by making concessions to maturity dates and, in some cases, lowering the interest rate from the original contract. Each modification was done to alleviate the borrowers’ financial difficulties and keep the collateral from repossession when the borrower met the eligibility criteria. One of the outstanding TDRs are in non-accrual status due to delinquency greater than 90 days. Each of the other remaining TDR loans continues to accrue interest and have not defaulted since restructuring. Impaired Loans The following table summarizes impaired loans information by portfolio class as of December 31, 2020 and December 31, 2019: December 31, 2020 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,836 $ 2,937 $ — Construction residential mortgages — — — Commercial real estate - nonresidential 1,198 1,548 — Multi-family — — — Construction commercial — — — Commercial business 782 782 — Home equity and junior liens 109 109 — Manufactured homes — — — Automobile — — — Student — — — Other consumer — — — With an allowance recorded: One- to four-family residential mortgages 429 429 21 Construction residential mortgages — — — Commercial real estate - nonresidential — — — Multi-family 42 42 7 Construction commercial — — — Commercial business 713 713 265 Home equity and junior liens — — — Manufactured homes — — — Automobile 41 41 10 Student — — — Other consumer 2 2 2 Total: One- to four-family residential mortgages 3,265 3,366 21 Construction residential mortgages — — — Commercial real estate - nonresidential 1,198 1,548 — Multi-family 42 42 7 Construction commercial — — — Commercial business 1,495 1,495 265 Home equity and junior liens 109 109 — Manufactured homes — — — Automobile 41 41 10 Student — — — Other consumer 2 2 2 $ 6,152 $ 6,603 $ 305 December 31, 2019 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,150 $ 2,180 $ — Construction residential mortgages — — — Commercial real estate - nonresidential 2,472 2,472 — Multi-family — — — Construction commercial — — — Commercial business 1,622 1,622 — Home equity and junior liens 131 131 — Manufactured homes — — — Automobile 81 81 — Student — — — Other consumer — — — With an allowance recorded: One- to four-family residential mortgages 132 132 7 Construction residential mortgages — — — Commercial real estate - nonresidential 438 438 250 Multi-family — — — Construction commercial — — — Commercial business 385 385 133 Home equity and junior liens — — — Manufactured homes — — — Automobile — — — Student — — — Other consumer 1 1 1 Total: One- to four-family residential mortgages 2,282 2,312 7 Construction residential mortgages — — — Commercial real estate - nonresidential 2,910 2,910 250 Multi-family — — — Construction commercial — — — Commercial business 2,007 2,007 133 Home equity and junior liens 131 131 — Manufactured homes — — — Automobile 81 81 — Student — — — Other consumer 1 1 1 $ 7,412 $ 7,442 $ 391 The Following table represents the average recorded investment in impaired loans For the Year ended December 31, December 31, 2020 2019 Average Average Recorded Recorded (In thousands) Investment Investment One- to four-family residential mortgages $ 3,336 $ 2,309 Construction residential mortgages — — Commercial real estate - nonresidential 1,523 1,453 Multi-family 42 — Construction commercial — — Commercial business 1,572 1,038 Home equity and junior liens 110 132 Manufactured homes — — Automobile 46 89 Student — — Other consumer 2 1 6,631 $ 5,022 The following table presents interest income recognized on impaired loans for the years ended December 31, 2020 and 2019. For the Year ended December 31, (In thousands) 2020 2019 One- to four-family residential mortgages $ 110 $ 82 Construction residential mortgages — — Commercial real estate - nonresidential 19 31 Multi-family 1 — Construction commercial — — Commercial business 54 58 Home equity and junior liens 7 7 Manufactured homes — — Automobile 4 10 Student — — Other consumer — — $ 195 $ 188 |
Servicing
Servicing | 12 Months Ended |
Dec. 31, 2020 | |
Servicing | |
Servicing | 6. Servicing At December 31, 2020 and December 31, 2019, one- to four-family residential mortgage loans serviced for others amounted to approximately $14.0 million and $16.4 million. These loans are not included in the accompanying consolidated statements of financial condition. A portion of the serviced loan portfolio, with outstanding balances totaling $12.1 million and $14.3 million at December 31, 2020 and December 31, 2019, was sold with limited recourse provisions. See Note 17 for further information. The balance of capitalized servicing rights included in other assets at December 31, 2020 and December 31, 2019, was $20,000 and $23,000. Annual amortization of servicing rights is immaterial. |
Allowance for Loan Loss
Allowance for Loan Loss | 12 Months Ended |
Dec. 31, 2020 | |
Allowance for Loan Loss | |
Allowance for Loan Loss | 7. Allowance for Loan Loss Changes in the allowance for loan losses and information pertaining to the allocation of the allowance for loan losses and balances of the allowance for loan losses and loans receivable based on individual and collective impairment evaluation by loan portfolio class at and for the years ended December 31 are summarized as follows: December 31, 2020 One- to four- Construction Commercial Commercial family residential real estate real estate Construction Commercial (In thousands) residential mortgage nonresidential multi-family commercial business Allowance for loan losses: Beginning Balance $ 375 $ 2 $ 421 $ 17 $ — $ 527 Charge-offs (89) — (398) — — (15) Recoveries 4 — — 19 — 140 Provision for loan losses 167 (2) 296 (10) — (35) Ending balance $ 457 $ — $ 319 $ 26 $ — $ 617 Ending balance: related to loans individually evaluated for impairment $ 21 $ — $ — $ 7 $ — $ 265 Ending balance: related to loans collectively evaluated for impairment $ 436 $ — $ 319 $ 19 $ — $ 352 Loans receivable: Ending balance $ 127,356 $ — $ 24,754 $ 5,125 $ — $ 20,505 Ending balance: individually evaluated for impairment $ 3,265 $ — $ 1,198 $ 42 $ — $ 1,495 Ending balance: collectively evaluated for impairment $ 124,091 $ — $ 23,556 $ 5,083 $ — $ 19,010 December 31, 2020 (cont'd) Home equity Manufactured Recreational Other (In thousands) and junior liens Homes Automobile Student Vehicle Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 50 $ — $ 142 $ 69 $ — $ 35 $ 22 $ 1,660 Charge-offs (9) — (54) — (14) (4) — (583) Recoveries 12 — 71 3 6 9 — 264 Provision for loan losses (7) 76 (32) (3) 8 44 (22) 480 Ending balance $ 46 $ 76 $ 127 $ 69 $ — $ 84 $ — $ 1,821 Ending balance: related to loans individually evaluated for impairment $ — $ — $ 10 $ — $ — $ 2 $ — $ 305 Ending balance: related to loans collectively evaluated for impairment $ 46 $ 76 $ 117 $ 69 $ — $ 82 $ — $ 1,516 Loans receivable: Ending balance $ 11,387 $ 44,347 $ 21,469 $ 2,259 $ 14,557 $ 4,271 $ — $ 276,030 Ending balance: individually evaluated for impairment $ 109 $ — $ 41 $ — $ — $ 2 $ — $ 6,152 Ending balance: collectively evaluated for impairment $ 11,278 $ 44,347 $ 21,428 $ 2,259 $ 14,557 $ 4,269 $ — $ 269,878 December 31, 2019 One- to four- Construction Commercial Commercial family residential real estate real estate Construction Commercial (In thousands) residential mortgage nonresidential multi-family commercial business Allowance for loan losses: Beginning Balance $ 314 $ 1 $ 202 $ 12 $ — $ 523 Charge-offs (42) — (18) — — (106) Recoveries 2 — — 9 — 79 Provision for loan losses 101 1 237 (4) — 31 Ending balance $ 375 $ 2 $ 421 $ 17 $ — $ 527 Ending balance: related to loans individually evaluated for impairment $ 7 $ — $ 250 $ — $ — $ 133 Ending balance: related to loans collectively evaluated for impairment $ 368 $ 2 $ 171 $ 17 $ — $ 394 Loans receivable: Ending balance $ 138,714 $ 828 $ 35,696 $ 5,585 $ 100 $ 14,432 Ending balance: individually evaluated for impairment $ 2,282 $ — $ 2,910 $ — $ — $ 2,007 Ending balance: collectively evaluated for impairment $ 136,432 $ 828 $ 32,786 $ 5,585 $ 100 $ 12,425 December 31, 2019 (cont'd) Home equity Manufactured Other (In thousands) and junior liens Homes Automobile Student Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 58 $ — $ 228 $ 50 $ 28 $ 132 $ 1,548 Charge-offs — — (137) (25) (68) — (396) Recoveries — — 52 1 5 — 148 Provision for loan losses (8) — (1) 43 70 (110) 360 Ending balance $ 50 $ — $ 142 $ 69 $ 35 $ 22 $ 1,660 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ 1 $ — $ 391 Ending balance: related to loans collectively evaluated for impairment $ 50 $ — $ 142 $ 69 $ 34 $ 22 $ 1,269 Loans receivable: Ending balance $ 12,003 $ 23,769 $ 21,083 $ 2,251 $ 2,348 $ — $ 256,809 Ending balance: individually evaluated for impairment $ 131 $ — $ 81 $ — $ 1 $ — $ 7,412 Ending balance: collectively Evaluated for impairment $ 11,872 $ 23,769 $ 21,002 $ 2,251 $ 2,347 $ — $ 249,397 |
Federal Home Loan Bank of New Y
Federal Home Loan Bank of New York Stock | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Bank of New York Stock | |
Federal Home Loan Bank of New York Stock | 8. Federal Home Loan Bank of New York Stock The Bank is required to maintain an investment in the stock of the Federal Home Loan Bank of New York (“FHLB”) in an amount equal to at least 1% of the unpaid principal balances of the Bank’s residential mortgage loans or 1/20 of its outstanding advances from the FHLB, whichever is greater. Purchases and sales of stock are made directly with the FHLB at par value. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment | |
Premises and Equipment | 9. Premises and Equipment A summary of the cost and accumulated depreciation of premises and equipment is as follows as of December 31, 2020 and December 31, 2019: December 31, December (In thousands) 2020 2019 Premises: Land $ 3,884 $ 3,909 Buildings and improvements 19,041 19,016 Equipment 6,810 6,638 Construction in progress 206 171 29,941 29,734 Less: Accumulated depreciation 13,198 12,146 $ 16,743 $ 17,588 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets and Goodwill | |
Intangible Assets and Goodwill | 10. Intangible Assets and Goodwill Intangible assets and goodwill are summarized as follows: December 31, 2020 Gross Carrying Accumulated Net (in thousands) Amount Amortization Value Amortized intangible assets: Non-compete agreements $ 5 $ (3) $ 2 Core deposit intangible 964 (118) 846 Goodwill 792 — 792 $ 1,761 $ (121) $ 1,640 December 31, 2019 Gross Carrying Accumulated Net (in thousands) Amount Amortization Value Amortized intangible assets: Non-compete agreements $ 5 $ (2) $ 3 Core deposit intangible 964 (54) 910 Goodwill 792 — 792 $ 1,761 $ (56) $ 1,705 On December 28, 2016, the Company purchased the John G. Sweeney Agency, Inc. The acquisition of this insurance agency included both the purchase of all issued and outstanding common stock of the corporation and a non-compete agreement. Upon the acquisition of the agency, the corporation was dissolved and the value remitted for the purchase of said common shares was recorded as goodwill of $465,000, having no tangible assets associated with the transaction. In consideration for a non-compete covenant covering seven (7) years, the seller was paid $5,000, which was recorded as an intangible asset and will be amortized over the seven year period starting January 1, 2017. On September 29, 2018, the Company merged Medina Savings and Loan Association into Generations Bank. The transaction was structured as a merger with a mutual entity. The consideration paid represents the appraised value of MSL. 171,440 shares of Company stock was issued to the Mutual Holding Company based on the market price per share of the Company as of the date of the merger. The assets and liabilities of MSL were marked to fair value as of the date of the merger. The fair value of the Core Deposit Intangible (“CDI”), was determined using such factors as deposit mix, interest costs, fee income generated and servicing costs. It is the economic benefit that a holder of deposits could expect to realize from the deposit base versus using an alternative source of funds. The CDI valuation employed a discounted cash flow analysis to determine the market value of the acquired core deposits to fund operations, versus using comparable term (i.e. term to maturity) wholesale borrowings. As of the Valuation Date, the intangible value of MSL’s core deposits was, in aggregate, $964,000 on a pre-tax basis, equal to 2.50% of the acquired core deposits. The fair value calculations include the present value of tax benefits assuming the intangible asset is amortized on a straight-line basis over 15 years with an effective tax rate of 21%. Amortization expense for the core intangible asset for the years ended December 31, 2020 was $64,000, as well as the estimated aggregate amortization expense for each of the five succeeding years is summarized as follows: (In thousands) For Years Ended Amortization December 31, Expense 2021 64 2022 64 2023 64 2024 64 2025 64 $ 320 Goodwill previously recorded is being amortized for federal and state income tax purposes. There were no impairment losses on intangible assets or goodwill for the years ended December 31, 2020 and December 31, 2019. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits | |
Deposits | 11. Deposits Deposits, by deposit type, are summarized as follows: December 31, 2020 2019 (In thousands) Checking accounts, non-interest bearing $ 65,673 $ 38,098 Checking accounts, interest-bearing 31,745 27,525 Money market accounts 26,334 24,861 Savings accounts 102,307 85,300 Time deposits 83,487 107,554 $ 309,546 $ 283,338 We participate in reciprocal deposit services for our customers through the Certificate Deposit Account Registry Service (CDARS) and Insured Cash Sweep networks. Included in time deposits in the above table are $24.1 million and $28.4 million in these reciprocal deposits as of December 31, 2020 and 2019, respectively. All brokered time deposits had balances less than $250,000. Early withdrawal of these deposits is not permitted. Scheduled maturities of time deposits, including those that were obtained through the third party broker, at December 31, 2020 and December 31, 2019 are summarized as follows: December 31, (In thousands) 2020 2021 $ 61,554 2022 14,280 2023 3,049 2024 1,797 2025 2,037 Thereafter 770 $ 83,487 T The aggregate amount of time deposits with balances equal to or greater than $250,000 was $22,299,000 and $36,652,000 at December 31, 2020 and 2019 respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings | |
Borrowings | 12. Borrowings The composition of borrowings (including subordinated debt) is as follows: December 31, December 31, (In thousands) 2020 2019 Short-term: FHLB Advances $ — $ — Long-term: FHLB fixed-rate term advances $ 4,300 $ 3,300 FHLB fixed-rate amortizing advances 23,328 28,148 Total long-term borrowings $ 27,628 $ 31,448 Subordinated debt $ 1,235 $ 735 The principal balances and interest rates of the above fixed rate borrowings at December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 (Dollars in thousands) Principal Rates Long-term: FHLB fixed-rate term advances $ 4,300 1.45%-2.48 % FHLB fixed-rate amortizing advances 23,328 0.96%-3.03 % Total long-term borrowings $ 27,628 Subordinated debt $ 1,235 6.00%-8.00 % December 31, 2019 (Dollars in thousands) Principal Rates Long-term: FHLB fixed-rate term advances $ 3,300 1.74%-2.12 % FHLB fixed-rate amortizing advances 28,148 1.20%-3.03 % Total long-term borrowings $ 31,448 Subordinated debt $ 735 8.00 % The maturities of long-term borrowings and subordinated debt are as follows: December 31, December 31, (Dollars in thousands) 2020 2019 Long-term: Due within 1 year $ 10,282 $ 8,171 Due within 2 years 7,898 9,285 Due within 3 years 3,785 7,814 Due within 4 years 4,926 2,457 Due within 5 years 1,796 2,986 Thereafter 176 1,470 Total long-term borrowings $ 28,863 $ 32,183 The Bank has $55.6 million borrowing availability with the Federal Home Loan Bank of New York (“FHLB”) at December 31, 2020. The Bank’s aggregate unused FHLB borrowing capacity was approximately $15.8 million at December 31, 2020. FHLB borrowings are secured by the Bank’s investment in FHLB stock and by a blanket security agreement. This agreement requires the Bank to maintain as collateral certain qualifying assets (principally FHLB stock and residential mortgage loans) not otherwise pledged, with a fair value (as defined) at least equal to 120% of outstanding advances, or $33.2 million and $37.7 million at December 31, 2020 and December 31, 2019. Residential mortgage loans with a carrying value of $70.6 million and $73.9 million at December 31, 2020 and December 31, 2019 and FHLB stock with a carrying value of $2.0 million and $2.3 million at December 31, 2020 and December 31, 2019 have been pledged by the Company under the blanket collateral agreement to secure the Company’s borrowings. Additional borrowings are available to the Bank upon delivery of investment securities and/or loans secured by non-residential property. The Bank also has an $5 million line of credit with a correspondent bank. This line is unsecured. At December 31, 2020 and December 31, 2019 there were no outstanding advances on this line. The Bank also has an additional fed funds line of credit for $5,500,000. This line is unsecured. At December 31, 2020 and December 31, 2019 there were no outstanding advances on this line. In September 2011, the Company issued $735,000 in fixed-rate subordinated debt. The notes, including principal and interest paid at 8% per annum, are subordinate and junior in right of payment to all obligations of the Company. All notes have a maturity date of June 30, 2021, however, the Company redeemed all the subordinated debt on February 15, 2021 with accrued interest of $7,350. Interest payments were made on January 15 th and July 15 th of each year. In July 2020, the Company issued $500,000 in fixed rate subordinated debt. The note including principal and interest paid at 6% per annum, are subordinate and junior in right of payment to all obligations of the Company and mature February 15, 2021. The note and accrued interest were paid in full on January 15, 2021. Of the subordinated debt outstanding at December 31, 2020 and December 31, 2019, $500,000 was held by the Company’s directors and their affiliates each year. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Income Taxes | 13. Income Taxes The Company’s benefit for income taxes included in the consolidated statements of income is as follows: Year Ended December 31, (In thousands) 2020 2019 Current tax expense: Federal $ (781) $ — State 15 4 Total current tax expense (benefit) (766) 4 Deferred tax benefit: Federal 662 (159) State — — Total deferred tax benefit 662 (159) Benefit for income taxes $ (104) $ (155) The Company files consolidated Federal income and New York State franchise tax returns on a calendar year basis. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are recorded in either other assets or other liabilities on the consolidated statements of financial condition and are as follows as of December 31: December 31, (In thousands) 2020 2019 Assets: Deferred Compensation 111 101 Allowance for loan losses 458 438 Net operating loss carryforward 847 1,427 Mortgage recording tax credit 3 11 Nonacrual interest 82 42 Other 72 46 1,573 2,065 Liabilities: Pension (1,831) (1,597) Intangible assets (222) (233) Investment securities, unrealized gains (144) (150) Mortgage servicing rights (4) (5) Depreciation (152) (128) Other (6) (10) (2,359) (2,123) Net deferred tax liability $ (786) $ (58) Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the carry back period. A valuation allowance is provided when it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income and the projected future level of taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. The judgment about the level of future taxable income is inherently subjective and is reviewed on a continual basis as regulatory and business factors change. At December 31, 2020, Seneca Cayuga Bancorp had net operating loss carryforwards of approximately $1.5 million which expire in years 2027‑2037. Additionally, Seneca Cayuga Bancorp has loss carryforwards of $2.5 million with no expiration period. The loss generated in 2018 was carried back under provisions of the CARES Act. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES) was enacted. The CARES Act includes several provisions that impact the Company, including net operating losses and AMT credits. Under the CARES Act, the current net operating loss rules put in place under the Tax Cuts and Jobs Act (TCJA) are temporarily revised to allow losses arising in tax years 2018, 2019 and 2020 to be carried back five years. The Company carried a 2018 loss back. The net operating losses are recorded at a tax rate of 21%, the current statutory rate. The Company recognized a $311,000 tax benefit in 2020 for the rate differential between the current rate and the rate in effect in the period to which the net operating loss was carried back. The CARES Act also allows corporations to immediately claim unused AMT credits, making these fully refundable in in tax years beginning in 2018 and 2019. The Company and its subsidiaries are currently open to examination under the statute of limitations by the Internal Revenue Service and New York State for tax years 2017‑2020. A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, is as follows: Years Ended December 31, 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % State tax, net of federal benefit 0.7 % (4.7) % Bank owned life insurance and other permanent differences (2.1) % 40.1 % Tax exempt income (9.8) % 189.8 % Tax rate differential for NOL carryback (19) % — % Other 2.8 % (18.3) % Effective income tax rate (6.3) % 227.9 % As a thrift institution, the Bank is subject to special provisions in the tax laws regarding its allowable tax bad debt deductions and related tax bad debt reserves. These deductions are determined using methods based on loss experience or a percentage of taxable income. Tax bad debt reserves represent the excess of allowable deductions over actual bad debt losses, and include a defined base-year amount. Deferred tax liabilities are recognized with respect to reserves in excess of the base-year amount, as well as any portion of the base-year amount that is expected to become taxable (or “recaptured”) in the foreseeable future. The Bank’s base-year tax bad debt reserves totaled $332,000 for Federal tax purposes at December 31, 2020 and 2019. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans | |
Employee Benefit Plans | 14. Employee Benefit Plans 401(k) Plan The Company provides for a savings and retirement plan for employees, which qualifies under section 401(k) of the Internal Revenue Code. The plan provides for voluntary contributions by participating employees ranging from one percent to fifteen percent of their compensation, subject to certain limitations. In addition, the Company will make a matching contribution, equal to 25% of the employee’s contribution. Matching contributions vest to the employee ratably over a five-year period. For the periods ended December 31, 2020 and 2019, expense attributable to contributions made by the Company amounted to $63,000 and $53,000, respectively. Defined Benefit Plan The Company provides pension benefits for eligible employees through two defined benefit pension plans (the “Plans”). The original plan accrues benefits for employees of Generations Bank that were hired prior to October 1, 2016. A second plan was acquired with the MSL merger and covers MSL employees that were participants of that plan effective September 30, 2018. Both plans have been frozen to new employees and cover eligible Company employees at least 21 years of age and with at least one year of service. Eligible employees participate in the retirement plan on a non-contributing basis, and are fully vested after five years of service. Benefit payments to retired employees are based upon the length of service and percentages of average compensation over the employees’ service period. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. The following tables set forth the changes in the Plans’ benefit obligations, fair value of plan assets and the plans’ funded status as of December 31: Generations Bank Plan: (In thousands) 2020 2019 Change in benefit obligations: Benefit obligations at beginning of year $ 11,048 $ 9,768 Service Cost 413 377 Interest cost 448 477 Actuarial loss (gain) 946 1,575 Benefit paid (850) (1,149) Benefit obligations at end of year 12,005 11,048 Change in plan assets: Fair value of plan assets at beginning of year 16,679 14,383 Actual return on plan assets 2,222 3,038 Benefits paid (850) (1,149) Employer contributions 281 407 Fair value of plan assets at end of year 18,332 16,679 Funded Status $ 6,327 $ 5,631 Medina Savings and Loan Plan: (In thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 3,489 $ 2,043 Service cost 28 19 Interest cost 143 100 Actuarial loss (gain) 130 434 Benefits reimbursed (paid) (289) 893 Benefit obligations at end of year 3,501 3,489 Change in plan assets: Fair value of plan assets at beginning of year 5,463 3,790 Actual return on plan assets 720 780 Benefits reimbursed (paid) (289) 893 Employer contributions - - Fair value of plan assets at end of year 5,894 5,463 Funded Status $ 2,393 $ 1,974 Amounts recognized in accumulated other comprehensive loss as of December 31 were: Generations Bank Plan: (In thousands) 2020 2019 Unrecognized net loss $ 2,913 $ 2,985 Tax Effect 612 627 $ 2,301 $ 2,358 Medina Savings and Loan Plan: (In thousands) 2020 2019 Unrecognized net gain $ (207) $ (492) Tax Effect (43) (103) $ (164) $ (389) The accumulated benefit obligation for the Generations Bank defined benefit pension plan was $10,481,000 and $9,792,000 at December 31, 2020 and 2019, respectively. The accumulated benefit obligation for the Medina Savings and Loan defined benefit pension plan was $3,433,000 and $3,455,000 at December 31, 2020 and 2019. The assumptions used to determine the benefit obligations are as follows: Generations Bank Plan: 2020 2019 Weighted average discount rate 3.550 % 4.130 % Rate of increase in future compensation levels 4.000 % 4.000 % Medina Savings and Loan Plan: 2020 2019 Weighted average discount rate 3.830 % 4.200 % Rate of increase in future compensation levels 3.000 % 3.000 % The Company elects to use an analysis of the Plans expected future cash flows and high-quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefits to yield the discount rates shown. This method determines the interest rate used to discount the expected cash flows from the retirement plan, establishing the pension benefit obligation and the post-retirement benefit obligation at December 31 st of each year. Each discount rate was developed by matching the expected future cash flows to high quality bonds. Every bond considered has earned ratings of at least AA by Fitch Group, AA by Standard & Poor’s, or Aa2 by Moody’s Investor Services. The bonds were not callable and their price was based on the most recent market transaction in the 75 days prior to the fiscal year end. Fixed coupon and zero coupon bonds were considered. The components of net periodic pension expense and amounts recognized in other comprehensive income are as follows for the years ended December 31: Generations Bank Plan: (In thousands) 2020 2019 Net periodic expenses recognized in income: Service cost $ 413 $ 377 Interest cost 448 477 Expected return on plan assets (1,340) (1,238) Amortization of net losses 135 200 Net periodic pension benefit (344) (184) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net actuarial (gain) loss 63 (225) Amortization of net actuarial loss (135) (200) Total recognized in other comprehensive income (72) (425) Total recognized in net periodic pension benefit and other comprehensive income $ (416) $ (609) Medina Savings and Loan Plan: (In thousands) 2020 2019 Net periodic expenses recognized in income: Service cost $ 28 $ 19 Interest cost 143 100 Expected return on plan assets (430) (316) Amortization of net gain — (9) Net periodic pension benefit (259) (206) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net actuarial gain (160) (30) Amortization of net actuarial gain — 9 Total recognized in other comprehensive income (160) (21) Total recognized in net periodic pension benefit and other comprehensive income $ (419) $ (227) The estimated amount that will be amortized from accumulated other comprehensive loss on the Generations Bank plan into net periodic expense for the year ending December 31, 2021 is $114,000 of net loss. The estimated amount that will be amortized from accumulated other comprehensive income on the Medina Savings and Loan plan into net periodic expense for the year ending December 31, 2021 is $0. The following weighted-average assumptions were used to determine net periodic pension expense: Generations Bank Plan: 2020 2019 Weighted average discount rate 4.130 % 4.990 % Long-term rate of return on plan assets 8.000 % 8.500 % Rate of increase in future compensation levels 4.000 % 4.000 % Medina Savings and Loan Plan: 2020 2019 Weighted average discount rate 4.200 % 5.070 % Long-term rate of return on plan assets 8.000 % 6.750 % Rate of increase in future compensation levels 3.000 % 2.000 % The Bank expects to contribute $365,000 to the Generations Bank plan and $17,000 to the Medina Savings and Loan plan in 2021. The following table shows the expected benefit payments to be paid to participants for the years indicated: Generations Bank Plan: (In thousands) For the years ended December 31, 2021 $ 342 2022 317 2023 317 2024 363 2025 417 2026-2030 2,727 Medina Savings and Loan Plan: (In thousands) For the years ended December 31, 2021 $ 221 2022 219 2023 217 2024 213 2025 211 2026-2030 1,035 Investment Policies and Strategies Plan assets in both plans are invested in diversified investment funds that include equity and bond mutual funds, each with its own investment objectives, investment strategies and risks, as detailed in each fund’s prospectus. The Plan Sponsor determines the appropriate strategic asset allocation in accordance with the plan’s long-term investment objectives. The long-term investment objectives for both pension plans are to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow to assist in maintaining plan assets at a level that will sufficiently cover long-term obligations. Pension plan assets measured at fair value are summarized below. Level 1 values are determined using quoted prices in active markets; Level 2 values are based on significant observable inputs; and Level 3 values are estimated based on significant unobservable inputs. The risk/volatility in the investments of the Generations Bank pension plan and the Medina Savings and Loan pension plan are managed by maintaining a broadly diversified combination of equity and fixed income portfolios with ample diversification within each fund as well. The current target allocation of both Plans’ assets is 65% in equity securities (stock & commodity mutual funds) and 35% in debt securities (bond mutual funds). Generations Bank Plan: December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities and Commodities: (1) Select Fundamental Value $ — $ 1,538 $ — $ 1,538 (2) Select Indexed Equity A — 2,957 — 2,957 (3) Select Blue Chip Growth — 1,434 — 1,434 (4) Mid-Cap Value — 972 — 972 (5) Select S&P Mid-Cap Index — 1,398 — 1,398 (6) Select Mid-Cap Growth — 957 — 957 (7) Small-Cap — 1,153 — 1,153 (8) Select Small-Cap Index — 1,268 — 1,268 (9) Developing Markets — 781 — 781 Fixed Income: (10) Premier Short-Duration Bond — 836 — 836 (11) Premier Core Bond — 1,683 — 1,683 (12) Select MetWest Total Return — 1,663 — 1,663 (13) Select Western Strategic Bond — 1,692 — 1,692 Total $ — $ 18,332 $ — $ 18,332 Generations Bank Plan: December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities and Commodities: (1) Select Fundamental Value $ — $ 1,377 $ — $ 1,377 (2) Select Indexed Equity A — 2,774 — 2,774 (3) Select Blue Chip Growth — 1,388 — 1,388 (4) Mid-Cap Value — 864 — 864 (5) Select S&P Mid-Cap Index — 1,204 — 1,204 (6) Select Mid-Cap Growth — 857 — 857 (7) Small-Cap — 1,056 — 1,056 (8) Select Small-Cap Index — 1,050 — 1,050 (9) Developing Markets — 702 — 702 Fixed Income: (10) Premier Short-Duration Bond — 777 — 777 (11) Premier Core Bond — 1,541 — 1,541 (12) Select MetWest Total Return — 1,538 — 1,538 (13) Select Western Strategic Bond — 1,551 — 1,551 Total $ — $ 16,679 $ — $ 16,679 Medina Savings and Loan Plan: December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities and Commodities: (1) Select Fundamental Value $ — $ 494 $ — $ 494 (2) Select Indexed Equity A — 951 — 951 (3) Select Blue Chip Growth — 461 — 461 (4) Mid-Cap Value — 312 — 312 (5) Select S&P Mid-Cap Index — 450 — 450 (6) Select Mid-Cap Growth — 308 — 308 (7) Small-Cap — 371 — 371 (8) Select Small-Cap Index — 408 — 408 (9) Developing Markets — 251 — 251 Fixed Income: (10) Premier Short-Duration Bond — 269 — 269 (11) Premier Core Bond — 541 — 541 (12) Select MetWest Total Return — 534 — 534 (13) Select Western Strategic Bond — 544 — 544 Total $ — $ 5,894 $ — $ 5,894 (1) This fund invests in stocks of financially sound but temporarily out-of-favor companies providing above-average total return potential and selling at below average projected P/E multiples. (2) The fund seeks to match the performance of the S&P 500 by investing in a representative sample of the stocks in that index. The ability to match investment performance to the S&P 500 is effected by daily cash flow and expenses. (3) This fund invests at least 65% of assets in stocks of blue chip companies. These companies have a market capitalization of at least $200 million if included in the S&P 500 or the Dow Jones Industrial Average or $1 billion for companies not in these indices. (4) The investment seeks long-term capital appreciation. The fund invests, under normal circumstances, at least 80% of its net assets in equity investments of medium-capitalization companies. It invests principally in equity securities of medium-capitalization companies with market capitalizations within the range of the Russell Midcap Value Index at the time of investment. (5) The investment seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the Standard & Poor’s MidCap 400® Index. (6) The investment seeks growth of capital over the long-term. The fund invests primarily in equity securities of mid-capitalization companies. It normally invests at least 80% of its net assets in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the sub-advisors expect to grow at a faster rate than the average company. (7) The fund normally invests at least 80% of net assets in securities of small-capitalization companies. It invests primarily in equity securities. The fund may invest up to 25% of net assets in foreign securities and 10% of net assets in fixed-income securities such as investment-grade debt securities, longer-term U.S. government securities and high-quality money market investments. (8) The investment seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the Russell 2000® Index. (9) The investment seeks capital appreciation aggressively. The fund mainly invests in common stock of issuers in emerging and developing markets throughout the world and may invest up to 100% of total assets in foreign securities. It normally invests at least 80% of net assets, plus borrowings for investment purposes, in equity securities of issuers whose principal activities are in at least three developing markets. The fund primarily invests in companies with high growth potential. (10) The investment seeks to achieve a high total rate of return primarily from current income while minimizing fluctuation in capital values. (11) The fund invests primarily in a diversified selection of investment-grade, publicly traded bonds including corporate, mortgage-backed, and government bonds. Normally, the portfolio duration will range from four to seven years. (12) The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A‑2 by S&P, P‑2 by Moody’s, or F‑2 by Fitch for short-term debt obligations, or, if unrated, determined by the fund’s sub-adviser, Metropolitan West Asset Management, LLC, to be of comparable quality) (13) The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB or higher by Standard & Poor’s, BBB- or higher by Fitch, or A‑2 by S&P, P‑2 by Moody’s, or F‑2 by Fitch for short-term debt obligations, or, if unrated, determined by the fund’s sub-adviser, Metropolitan West Asset Management, LLC, to be of comparable quality). Medina Savings and Loan Plan: December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities: (1) Select Fundamental Value $ — $ 907 $ — $ 907 (2) Select Indexed Equity A — 450 — 450 (3) Select Blue Chip Growth — 454 — 454 (4) Mid-Cap Value — 282 — 282 (5) Select S&P Mid-Cap Index — 393 — 393 (6) Select Mid-Cap Growth — 280 — 280 (7) Small-Cap — 341 — 341 (8) Select Small-Cap Index — 344 — 344 (9) Developing Markets — 229 — 229 Fixed Income: (11) U.S. Core Bond — 256 — 256 (12) Intermediate Duration — 508 — 508 (12) Long Duration — 507 — 507 (13) Money Market — 512 — 512 Total $ — $ 5,463 $ — $ 5,463 Determination of Long-Term Rate of Return The long-term rate of return on assets assumption for both the Generations Bank Plan and the Medina Savings and Loan Plan were set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 5 - 9% and 2 - 6%, respectively. The long-term inflation rate was estimated to be 3%. When these overall return expectations are applied to the Plan’s target allocation, the result is an expected rate of return of 6% - 10%. Employee Stock Ownership Plan (“ESOP”) On July 10, 2006, the ESOP acquired 93,315 shares of the Company’s common stock with funds provided by a loan from the Company. The ESOP loan is repaid principally from the Bank’s contributions to the ESOP. The loan is being repaid in annual installments through 2021 and bears interest at the Wall Street Journal prime lending rate (3.25% at December 31, 2020). Shares are released to participants proportionately as the loan is repaid and totaled 6,221 shares for the years ended December 31, 2020 and 2019. Released shares totaled 90,204 and 83,983 for the years ended December 31, 2020 and 2019, respectively. Unreleased shares totaled 3,111 and 9,332 for the years ended December 31, 2020 and 2019, respectively. ESOP expense was $54,000 and $67,000 for the years ended December 31, 2020 and 2019. At December 31, 2020, there were 3,111 shares unearned having an aggregate fair value of approximately $32,000 based on a fair value per share of $10.42. The Company is obligated at the option of each beneficiary to repurchase shares of the ESOP upon the beneficiary’s termination or after retirement. The maximum repurchase obligation based on 90,204 shares released and fair value of $10.42 per share is $940,000 at December 31, 2020. The maximum repurchase obligation based on 83,983 shares released and fair value of $10.51 per share is $882,667 as of December 31, 2019. Directors’ Retirement Plan In 2012, the Company adopted a Directors Retirement Plan for the benefit of its non-employee members of the Board of Directors. The program is a nonqualified deferred compensation arrangement designed to comply with Internal Revenue Code Section 409A. The Bank makes a supplemental contribution to the plan on an annual basis. The contributions are deposited into a rabbi trust and are thereby isolated from the Company’s working capital. The grantor trust holds and distributes the funds according to the plan and trust documents. The fair value of the securities held in the rabbi trust at December 31, 2020 were $626,000 and are included in equity investment securities. A liability of the same amount is included in other liabilities. Changes in the fair value of the underlying securities held in the rabbi trust are recorded as unrealized gains or losses on equity securities and a corresponding increase or decrease in directors’ fees. The unrealized gain recorded for the year ended December 31, 2020 was $38,000. Expense attributable to contributions made by the Company amounted to $26,000 for each of the years ended December 31, 2020 and 2019. Supplemental Executive Retirement Plan A Supplemental Executive Retirement Plan was also established in 2012, for the benefit of a select group of management or highly compensated employees. This plan is structured as an unfunded arrangement that complies with IRC Section 409A, and allows for annual supplemental contributions to the plan by the Bank. The contributions are deposited into a rabbi trust and are thereby isolated from the Company’s working capital. The grantor trust holds and distributes the funds according to the plan and trust documents. The funds held at the rabbi trust are used to purchase the Company’s common stock. The fair value of the stock held in the rabbi trust at December 31, 2020 was $283,000 and is reflected on the statement of condition as a liability. The cost of securities purchased and held in the rabbi trust is $283,000 and is reflected as a component of equity. Changes in the fair value of the underlying securities held in the rabbi trust are recorded as compensation expense with a corresponding increase or decrease in the liability. The unrealized gain recorded for the year ended December 31, 2020 was $38,000.The expense attributable to contributions made by the Company was $39,000 for the years ended December 31, 2020 and 2019. |
Regulatory Capital
Regulatory Capital | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital | |
Regulatory Capital | 15. Regulatory Capital The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank assets, liabilities and certain off-balance-sheet items as calculated under U.S. GAAP, regulatory reporting requirements and regulatory capital standards. The Bank capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Bank regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulatory reporting standards to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier I capital (as defined) to risk-weighted assets (as defined), common equity Tier I capital (as defined) to total risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined). Management believes, as of December 31, 2020 and 2019, that the Bank meets all capital adequacy requirements to which it is subject. As of December 31, 2020, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum capital ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed the Bank category. The Bank’s actual capital amounts and ratios December 31, 2020 and 2019 are as follows: Minimum To Be "Well- Minimum Capitalized" For Capital Under Prompt Actual Adequacy Purposes Corrective Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Common Equity Tier 1 Capital $ 31,942 12.18 % $ 15,730 6.00 % $ 20,974 8.00 % Total Capital (to Risk-Weighted Assets) $ 33,768 12.88 % $ 20,974 8.00 % $ 26,217 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 31,942 12.18 % $ 11,798 4.50 % $ 10,741 6.50 % Tier 1 Capital (to Total Adjusted Assets) $ 31,942 8.72 % $ 14,648 4.00 % $ 18,310 5.00 % As of December 31, 2019: Common Equity Tier 1 Capital $ 29,290 12.46 % $ 14,104 6.00 % $ 18,805 8.00 % Total Capital (to Risk-Weighted Assets) $ 30,950 13.17 % $ 18,805 8.00 % $ 23,507 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 29,290 12.46 % $ 10,578 4.50 % $ 15,279 6.50 % Tier 1 Capital (to Total Adjusted Assets) $ 29,290 8.27 % $ 14,158 4.00 % $ 17,698 5.00 % |
Dividends and Restrictions
Dividends and Restrictions | 12 Months Ended |
Dec. 31, 2020 | |
Dividends and Restrictions | |
Dividends and Restrictions | 16. Dividends and Restrictions The Holding Company’s ability to pay dividends to its shareholders is largely dependent on the Bank’s ability to pay dividends to the Company. In addition to the capital requirements discussed in Note 15, the circumstances under which the Bank may pay dividends are limited by federal statutes, regulations and policies. The amount of dividends the Bank may pay is equal to its net income for the year plus its net income for the prior two years that are still available for dividends. The amount of retained earnings legally available under these regulations approximated $1,622,000 as of December 31, 2020. Dividends paid by the Bank to the Holding Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 17. Commitments and Contingencies Credit Commitments The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit, interest rate or liquidity risk in excess of the amount recognized in the consolidated statements of financial condition. The Bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amounts of those instruments. The Bank has experienced minimal credit losses to date on its financial instruments with off-balance sheet risk and management does not anticipate any significant losses on its commitments to extend credit outstanding at December 31, 2020. At December 31, 2020 and 2019, financial instruments whose contract amounts represent credit risk consist of the following: Year Ended December 31, (In thousands) 2020 2019 Commitments to grant loans $ 4,009 $ 4,847 Unfunded commitments under lines of credit 14,823 17,072 Standby letters of credit — 400 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitment amounts are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counter party. Collateral held varies but may include residential real estate and income-producing commercial properties. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2020 with fixed interest rates amounted to approximately $4.6 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2020 with variable interest rates amounted to approximately $14.2 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2019 with fixed interest rates amounted to approximately $10.5 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2019 with variable interest rates amounted to approximately $11.8 million. These outstanding loan commitments carry current market rates. Unfunded commitments under revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued have expiration dates. The credit risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. Commitments to Originate and Sell one- to four-family Residential Mortgages The Bank has entered into agreements with the Federal Home Loan Bank of New York as part of its Mortgage Partnership Finance Program (“MPF Program”) to originate and sell one- to four-family residential mortgages. The contracts call for the Bank to provide “best efforts” to meet the commitment, with no penalties to be paid in the event the Bank is not able to fulfill the commitment. At December 31, 2020 and 2019, there were no open contracts. The Bank generally makes a determination whether to sell a loan between the time the loan is committed to be closed and the day after closing. If a loan is selected to be sold, a commitment to deliver the loan by a certain date is made under the MPF Program. At December 31, 2020 and 2019, the Bank had no open commitments to deliver loans. In the event that the Bank is not able to deliver a specific loan committed, substitutions can generally be made. Otherwise, the Bank may extend the commitment for a fee, or the Bank is required to pay a pair-off fee. There were no extension or pair-off fees paid by the Bank for the periods ended December 31, 2020 or 2019. The Bank has sold and funded $68.6 million under the MPF Program, inclusive of USDA loans, to date. The principal outstanding on loans sold under the MPF Program is $12.1 million. The Bank continues to service loans sold under the MPF Program. Under the terms of the MPF Program, there is limited recourse back to the Bank for loans that do not perform in accordance with the terms of the loan agreement. Each loan that is sold under the program is “credit enhanced” such that the individual loan’s rating is raised to “AA,” as determined by the Federal Home Loan Bank of New York. The sum of each individual loan’s credit enhancement represents the total recourse back to the Bank. The total recourse back to the Bank for loans sold was $2.2 million at December 31, 2020. A portion of the recourse is offset by a “first loss account” to which funds are allocated by the Federal Home Loan Bank of New York annually in January. The balance of the “first loss account” allocated to the Bank is $78,500 at December 31, 2020. In addition, many of the loans sold under the MPF Program have primary mortgage insurance, which reduces the Bank’s overall exposure. The potential liability for the recourse is considered when the Bank determines its allowance for loan losses. At December 31, 2020, there were four loans, one of which was a USDA mortgage, that had been sold under the MPF Program, that were past due 30 days or more and had an outstanding principal balance of approximately $239,000. Lease Commitments As part of the MSL merger, the Bank took on the assignment of a non-cancelable operating lease with Wal-Mart East for the space occupied by the Albion retail office. This lease is set to expire on May 31, 2021. Lease expense, since the merger, is included in occupancy expense and was $41,000 for the year ending December 31, 2020 and $45,000 for December 31, 2019. Future minimum lease commitments under the operating lease are as follows: December 31, 2020 (In thousands) 46 19 $ 65 The lease contains an option to extend for additional periods, which are not included in the commitments above. There are no plans to renew this lease. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Concentrations of Credit Risk | |
Concentrations of Credit Risk | 18. Concentrations of Credit Risk The majority of the Company’s activities are with customers located in the Finger Lakes Region of New York, but we have now expanded our market footprint to include Orleans County, located Northwest of the Finger Lakes, and diversified our loan portfolio with loan purchased from areas outside of the local region. See notes 4, 5 and 17 to the consolidated financial statements that discuss the types of securities that the Company invests in, the types of lending the Company engages in and commitments outstanding. The Company does not have any significant concentrations in any one industry or customer. From time to time, the Bank will maintain balances with its correspondent banks that exceed the $250,000 federally insured deposit limits. At December 31, 2020 and December 31, 2019, the Company’s cash accounts did not materially exceed federally insured limit of $250,000. At December 31, 2020 and 2019, the Company held $21,491,000 and $2,568,000 at the Federal Home Loan Bank and Federal Reserve Bank, which are not subject to FDIC limits. Management routinely evaluates the credit worthiness of these correspondent banks, and does not feel they pose a significant risk to the Company. Impact of COVID-19 on the Company: In March 2020, the COVID-19 coronavirus was identified as a global pandemic and began affecting the health of large populations around the world. As a result of the spread of COVID-19, economic uncertainties arose which can ultimately affect the financial position, results of operations and cash flows of the Company as well as the Company's customers. In response to economic concerns over COVID-19, in March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed into law by Congress. The CARES Act included relief for individual Americans, health care workers, small businesses and certain industries hit hard by the COVID-19 pandemic. The 2021 Consolidated Appropriations Act, passed by Congress in December 2020, extended certain provisions of the CARES Act affecting the Company into 2021. The CARES Act included several provisions designed to help financial institutions like the Company in working with their customers. Section 4013 of the CARES Act, as extended, allows a financial institution to elect to suspend generally accepted accounting principles and regulatory determinations with respect to qualifying loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (TDR) until January 1, 2022. The Company has taken advantage of this provision to extend certain payment modifications to loan customers in need. As of December 31, 2020, the Company has no loans outstanding loans that were modified during 2020 under the CARES Act guidance, that remain on modified terms. The Company modified other loans during 2020 under the guidance that have since returned to normal repayment status as of December 31, 2020. The CARES Act also approved the Paycheck Protection Program (PPP), administered by the Small Business Administration (SBA) with funding provided by financial institutions. The 2021 Consolidated Appropriations Act approved a new round of PPP loans in 2021. The PPP provides loans to eligible businesses through financial institutions like the Company, with loans being eligible for forgiveness of some or all of the principal amount by the SBA if the borrower meets certain requirements. The SBA guarantees repayment of the loans to the Company if the borrower's loan is not forgiven and is then not repaid by the customer. The Company earns a 1% interest rate on PPP loans, plus a processing fee from the SBA for processing and originating a loan. The Company originated approximately $10.0 million in PPP loans during 2020, of which approximately $4.9 million are still outstanding at December 31, 2020. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Related Party Transactions | 19. Related Party Transactions Certain officers, directors and their affiliates are engaged in transactions with the Bank in the ordinary course of business. It is the Bank’s policy that all related party transactions are conducted at “arm’s length” and all loans and commitments included in such transactions are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers. The following is a summary of the loans made to officers, directors and their affiliates for the periods ended December 31, 2020 and 2019: Year Ended December 31, (In thousands) 2020 2019 Beginning balance $ 2,755 $ 2,224 Originations 408 1,334 Payments and change in status (636) (803) Ending balance $ 2,527 $ 2,755 The aggregate amount of deposits owned by related parties was $1.6 million and $1.5 million at and December 31, 2020 and 2020. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 20. Revenue from Contracts with Customers The majority of the Company’s revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans and investment securities, which are presented in our consolidated statements of income as components of net interest income. All of the Company’s revenue from contracts with customers in the scope of Topic 606 is recognized within non-interest income. The following table presents revenues subject to Topic 606 for the periods ended December 31, 2020 and 2019, respectively. Year Ended December 31, (In thousands) 2020 2019 Service charges on deposit accounts $ 588 $ 730 Debit card interchange and surcharge income 760 731 E-commerce income 20 23 Investment services income 88 284 Insurance commission and fees 755 793 Loan servicing fees 124 171 $ 2,335 $ 2,732 Service charges on deposit accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which included services such as stop payment charges, wire transfers, and official check charges, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance and inactivity fees, which relate primarily to monthly maintenance and servicing, are recognized at the time the end of the month in which maintenance occurs. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Debit card interchange and surcharge income : The Company earns interchange income from debit cardholder transactions conducted through the MasterCard International Inc. payment network. Additionally, ATM surcharges are also assessed on foreign (non-customer) users at the Company’s ATM network of machines. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and foreign surcharges are a fixed fee per transaction. Both are recognized daily, concurrently with the transaction processing services provided to cardholder. E-commerce income : The Company earns fees for merchant transaction processing services provided to its business customers by a third party service provider. Fees are also earned for credit cards provided to its consumer and business customers by a third party provider. The fees represent a percentage of the monthly transaction activity net of related costs, and are received from the service providers on a monthly basis. Investment services income : The Company earns fees from investment brokerage services provided to its customers by an employee who acts as an agent for a third-party service provider, Cadaret Grant. The Company receives commissions from Cadaret Grant on a monthly basis based upon customer activity and balances held for the month. The Company employs the agent that arranges the relationship between the customer and the brokerage service provider. Investment brokerage commissions are presented gross based on the commission percentage earned. All related costs are recorded as operating expense. Insurance commissions and fees : Regular commissions are earned upon the effective date of bound insurance coverage. They are paid by the insurance carrier and recorded by the Company through a monthly remittance. Contingent commissions are based on a contract but are dependent, not only on the level of policies bound with the carrier, but also on loss claim levels experienced through the last day of the year, volume growth or shrinkage. The Agency’s business is not considered to be significant to the carriers, and many of our insurance carriers are combined under an umbrella with other independent agents, making the contingent commission earned dependent on a calculation that includes the experience of others. As such, the level of contingent commissions is not readily determinable until it is paid, but does not have a significant impact on the Company’s financial results. Loan servicing fees : The majority of income derived from loans is excluded from the scope of the amended guidance on accounting for revenue from contracts with customers. However, servicing fee revenue is generated in the form of late charges on customer loans. Late fees are transaction-based and are recognized at the point in time that the customer has exceeded the loan payment grace-period and the Company has earned the fee based on loan note. Fees are assessed as a percentage of the past-due loan payment amount. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated Other Comprehensive Income (Loss) | 21. Accumulated Other Comprehensive Loss The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the year ended December 31, 2020 and 2019. December 31, Affected Line Item in the (In thousands) 2020 2019 Consolidated Statement of Income Available-for-sale securities: Realized gain on sale of securities ($ 1,071) $ 274 Net gain on sale of securities Tax effect 225 (58) Benefit for income taxes ($ 846) $ 216 Net income Defined benefit pension plan: Retirement plan net losses recognized in net periodic pension cost $ 135 $ 191 Compensation and benefits Tax effect (28) (40) Benefit for income taxes $ 107 $ 151 Net income |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures | |
Fair Value Disclosures | 22. Fair Value Disclosures Management uses its best judgment in estimating the fair value of the Company’s financial assets and liabilities; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial assets and liabilities, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective reporting dates 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 assets and liabilities subsequent to the respective reporting dates may be different from the amounts reported at each reporting date. The Company uses fair value measurements to record fair value adjustments to certain financial assets and liabilities and to determine fair value disclosures. The fair value of a financial asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in some instances, there may be no quoted market prices for the Company’s various financial assets and liabilities. 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. Accordingly, the fair value estimates may not be realized in an immediate settlement of the financial asset or liability. Fair value measurement guidance established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). An asset 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. There have been no changes in valuation techniques during the periods ended December 31, 2020 and 2019. 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, comparison between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s assets and liabilities at December 31, 2020 and December 31, 2019. Cash and due from banks : The carrying amounts of cash and due from banks approximate fair values. Interest-earning deposits : The carrying amounts of interest-earning term deposits held in banks approximate fair values. Investment securities : The fair values of trading, available-for-sale, held-to-maturity and equity securities are obtained from an independent third party and are based on quoted prices on a nationally recognized exchange (Level 1), where available. At this time, only the equity securities qualify as a Level 1 valuation. If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique widely used 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. In 2019, the Company purchased municipal bonds from local government entities. Since these deals were constructed between the Company and the small local government entities, they have not been evaluated by a third party service, and there was no discernable market for these investments. As such, it is deemed that the carrying value approximated fair value (Level 3). Municipal Bonds: The significant unobservable inputs used in the fair value measurement of the Company’s municipal bonds are premiums for unrated securities and marketability discounts. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. In general, changes in either of those inputs will not affect the other input. Federal Home Loan Bank (FHLB) stock : The carrying value of FHLB stock approximates fair value based on the redemption provisions of the FHLB, resulting in a Level 2 classification. There have been no identified events or changes in circumstances that may have a significant adverse effect on the FHLB stock. Loans : The fair values of loans, excluding impaired loans, are estimated using discounted cash flow analyses, using market rates at the statement of financial condition date that reflect the credit and interest rate risk inherent in the loans, resulting in a Level 3 classification. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Future cash flows are then discounted using the Bank’s weighted average rate on new loans and thus the resulting fair value represents exit pricing. Generally, for variable rate loans that reprice frequently and with no significant changes in credit risk, fair values are based on carrying values. Impaired loans : Impaired loans are those loans in which the Company has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third party appraisals of the properties or discounted cash flows based upon expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of loan balances less their valuation allowances. Deposits : The fair values disclosed for demand deposits (e.g., interest and non-interest checking) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts), and are therefore classified as Level 1. Savings and money market account fair values are based on estimated decay rates and current costs. Fair values for fixed rate certificates of deposit, including brokered deposits, are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Due to the inputs necessary to calculate the fair value, savings and time deposits are considered Level 3 valuations that estimate exit pricing. Accrued interest : The carrying amounts of accrued interest receivable and payable approximate fair value, and due to the short-term (30 days or less) nature of the balances, are considered Level 1. Borrowings : Fair values of FHLB advances are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity, resulting in a Level 2 classification. These prices obtained from this active market represent a fair value that is deemed to represent the transfer price if the liability were assumed by a third party. Subordinated Debt : The carrying value is deemed to approximate the fair value. The following table presents a comparison of the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2020 and 2019: December 31, 2020 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 26,830 $ 26,830 $ — $ — $ 26,830 Securities available-for-sale 17,926 — 14,752 3,174 17,926 Securities held-to-maturity 1,480 — 1,510 — 1,510 Equity securities 661 661 — — 661 Loans receivable 285,640 — — 280,887 280,887 Federal Home Loan Bank of New York stock 1,992 — 1,992 — 1,992 Accrued interest receivable 1,179 1,179 — — 1,179 Financial liabilities: Deposits $ 309,546 $ 97,418 $ — $ 213,757 $ 311,175 Long-term borrowings 27,628 — 30,053 — 30,053 Subordinated debt 1,235 — 1,235 — 1,235 Accrued interest payable 52 52 — — 52 December 31, 2019 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 13,448 $ 13,448 $ — $ — $ 13,448 Securities available-for-sale 30,627 — 28,115 2,512 30,627 Securities held-to-maturity 2,078 — 2,110 — 2,110 Equity securities 2,579 2,579 — — 2,579 Loans receivable 259,620 — — 262,929 262,929 Federal Home Loan Bank of New York stock 2,267 — 2,267 — 2,267 Accrued interest receivable 1,215 1,215 — — 1,215 Financial liabilities: Deposits $ 283,338 $ 65,623 $ — $ 218,004 $ 283,627 Long-term borrowings 31,448 — 32,874 — 32,874 Subordinated debt 735 — 735 — 735 Accrued interest payable 104 104 — — 104 The following tables summarize assets measured at fair value on a recurring basis at December 31, 2020 and 2019, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Securities available-for-sale: Debt investment securities: Residential mortgage-backed - US agency and GSEs $ — $ 39 $ — $ 39 Municipal bonds — 14,713 3,174 17,887 Equity investment securities: Large cap equity mutual fund 35 — — 35 Other mutual funds 626 — — 626 Total investment securities $ 661 $ 14,752 $ 3,174 $ 18,587 December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Securities available-for-sale: Debt investment securities: Residential mortgage-backed - US agency and GSEs $ — $ 50 $ — $ 50 Municipal bonds — 28,065 2,512 30,577 Equity investment securities: Large cap equity mutual fund 31 — — 31 Other mutual funds 2,548 — — 2,548 Total investment securities $ 2,579 $ 28,115 $ 2,512 $ 33,206 The Changes in Level 3 assets measured at estimated fair value on recurring basis during the years ended December 31, 2020 and 2019 were as follows: Investment (In thousands) Securities Balance - January 1, 2020 $ 2,512 Total gains realized/unrealized: Included in earnings — Included in other comprehensive income 116 Purchases 2,007 Principal payments/maturities (1,461) Sales — Balance - December 31, 2020 $ 3,174 Investment (In thousands) Securities Balance - January 1, 2019 $ — Total gains realized/unrealized: Included in earnings — Included in other comprehensive income — Purchases 2,528 Principal payments/maturities (16) Sales — Balance - December 31, 2019 $ 2,512 Sensitivity of Significant Unobservable Inputs: The following is a description of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement. Municipal Bonds : The significant unobservable inputs used in the fair value measurement of the Company’s municipal bonds are premiums for unrated securities and marketability discounts. Significant increases (decreases) in either of those inputs isolation would result in a significantly lower (higher) fair value measurement. In general, changes in either of those inputs will not affect the other input. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following tables summarize assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019 segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: At December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 1,663 $ 1,663 Foreclosed real estate & repossessed assets — — 45 45 December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 565 $ 565 Foreclosed real estate & repossessed assets — — 70 70 There have been no transfers of assets in or out of any fair value measurement level. The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at December 31, 2020 and 2019: Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) Impaired loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (20)% 1-4 family residential Costs to Sell 5% - 15% (10)% Impaired loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (25)% Commercial real estate Changes in property condition 10% - 20% (15)% Costs to Sell 5% - 15% (10)% Impaired loans - USDA Guarantee Government guaranteed portion 20% (20)% Other commercial and industrial Foreclosed real estate and repossessed assets Appraisal of collateral Appraisal Adjustments 5% - 35% (25)% Changes in property condition 10% - 20% (15)% Costs to Sell 5% - 15% (10)% Impaired loans : At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive a specific valuation allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These real estate appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property) and the cost approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available, if applicable. Although the fair value of the property normally will be based on an appraisal, the valuation should be consistent with the price that a market participant will pay to purchase the property at the measurement date. Circumstances may exist that indicate that the appraised value is not an accurate measurement of the property’s current fair value. Examples of such circumstances include changed economic conditions since the last appraisal, stale appraisals, or imprecision and subjectivity in the appraisal process. Appraisal adjustments may be made by management to reflect these conditions resulting in a discount of the appraised value. In addition, a discount is typically applied to account for estimated costs to sell. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuations, and management’s expertise and knowledge of the client and client’s business. The methods used to determine the fair values of impaired loans typically result in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Foreclosed real estate & repossessed assets : Assets acquired through foreclosure, transfers in lieu of foreclosure or repossession are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Similar to the impaired loan disclosures above, fair value is commonly based on recent real estate appraisals, or estimated value from auction house or qualified dealer, and adjusted as deemed necessary by independent appraisers and management and estimated costs to sell resulting in a level 3 fair value classification. Foreclosed and repossessed assets are evaluated on a monthly basis to determine whether an additional reduction in the fair value less estimated costs to sell should be recorded. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Only Financial Information | |
Parent Company Only Financial Information | 23. Parent Company Only Financial Information The following presents the condensed financial information pertaining only to Seneca-Cayuga Bancorp, Inc. as of and for the periods ended December 31, 2020 and 2019: Statements of Condition December 31, (In thousands) 2020 2019 Assets Cash and cash equivalents $ 113 $ 172 Securities available-for-sale, at fair value 635 8 Investment in bank subsidiary 32,167 29,603 Note receivable - ESOP 41 120 Other assets 927 — Total assets $ 33,883 $ 29,903 Liabilities and Shareholders' Equity Due to Bank $ 1,851 $ 582 Subordinated debt 1,235 735 Deferred tax liability 72 272 Other liabilities 839 83 Shareholders' equity 29,886 28,231 Total liabilities and shareholders' equity $ 33,883 $ 29,903 Year Ended Statements of Income December 31, (In thousands) 2020 2019 Income Dividends from bank subsidiary $ — $ — Dividends from securities available-for-sale 6 1 Interest income — 11 Gain on merger with Medina Savings and Loan Association — — Other noninterest income 40 1 Total income 46 13 Expenses Interest expense 84 81 Other expenses 251 99 Total expenses 335 180 Loss before taxes and equity in undistributed net income (loss) of bank subsidiary (289) (167) Income tax benefit (274) (155) Loss before equity in undistributed net income of bank subsidiary (15) (12) Equity in undistributed net income of bank subsidiary 1,763 99 Net income $ 1,748 $ 87 Year Ended Statements of Cash Flows December 31, (In thousands) 2020 2019 Operating Activities Net income (loss) $ 1,748 $ 87 Equity in undistributed net income of bank subsidiary (1,763) (99) Unrealized gain loss equity security (39) Net change in other assets (927) 6 Net change in other liabilities (322) (182) Net cash (used in) operating activities (1,303) (188) Investing Activities Capital Infusion in Subsidiary (500) Repayments received on ESOP note 79 76 Net cash (used in) provided by investing activities (421) 76 Financing activities Net proceeds from (repayment of) advances on note payable 1,269 22 Treasury stock purchases (41) (41) Advances from Sub-Debt 500 MHC Merger (63) — Net cash provided by (used in) financing activities 1,665 (19) Net change in cash and cash equivalents (59) (131) Cash and cash equivalents at beginning of year 172 303 Cash and cash equivalents at end of year $ 113 $ 172 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information | |
Segment Information | 24. Segment Information The Company has three primary business segments, its community banking franchise, its insurance agency and a limited-purpose commercial bank, which opened for business in 2019 to provide municipal banking services. The community banking segment provides financial services to consumers and businesses principally in the Finger Lakes Region and Orleans County of New York State. These services include providing various types of loans to customers, accepting deposits, mortgage banking and other traditional banking services. Parent company and treasury function income is included in the community-banking segment, as the majority of effort for these functions is related to this segment. Major revenue sources include net interest income, service fees on deposit accounts and investment services commission. Expenses include personnel and branch-network support charges. The insurance agency segment offers insurance coverage to businesses and individuals in the Finger Lakes Region. The insurance activities consist of those conducted through the Bank’s wholly owned subsidiary, Generations Agency. The primary revenue source is commissions. Expenses include personnel and office support charges. The municipal banking segment is a New York State chartered limited-purpose commercial bank formed expressly to enable local municipalities, primarily within the Finger Lakes Region and Northwest New York State, to deposit public funds with the Commercial Bank in accordance with existing NYS municipal law. The Commercial Bank opened for business on January 2, 2019 and is a wholly owned subsidiary of the Bank. The major revenue source is net interest income. Expenses include personnel, rent and support charges for using the assets and technology of the Bank. Information about the segments is presented in the following table as of and for the years ended and December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Community Municipal Community Municipal Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 10,011 $ — $ 480 $ 10,491 $ 9,553 $ 21 $ 28 $ 9,602 Provision for loan losses 480 — — 480 360 — — 360 Net interest income after provision for loan losses 9,531 — 480 10,011 9,193 21 28 9,242 Total noninterest income 2,718 762 480 3,960 2,736 811 — 3,547 Compensation and benefits (5,176) (389) (56) (5,621) (5,669) (412) (56) (6,137) Other noninterest expense (6,418) (158) (130) (6,706) (6,412) (242) (66) (6,720) (Loss) income before income taxes 655 215 774 1,644 (152) 178 (94) (68) Benefit for income taxes (112) — 8 (104) (155) — — (155) Net (loss) income $ 767 $ 215 $ 766 $ 1,748 $ 3 $ 178 $ (94) $ 87 Total assets $ 373,198 $ 1,452 $ 16,886 $ 391,536 $ 367,707 $ 2,328 $ 46,067 $ 416,102 The following represents a reconciliation of the Company’s reported segment assets: At December 31, At December 31, (In thousands) 2020 2019 Total assets for reportable segments $ 391,536 $ 416,102 Elimination of intercompany balances (18,522) (68,553) Consolidated total assets $ 373,014 $ 347,549 The accounting policies of each segment are the same as those described in the summary of significant accounting policies. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | |
Subsequent Events | 25. Subsequent Events The Company has evaluated subsequent events through March 29, 2021, which is the date the consolidated financial statements were available for issuance. In February 2021 the Company paid all remaining subordinated debt that was outstanding at December 31, 2020. On January 12, 2021, the Holding Company converted from the mutual holding company structure to a fully public stock holding company structure. Generations Bancorp NY, Inc. (“Generations Bancorp”) is a Maryland corporation that was organized in August 2020 as part of the conversion. Generations Bancorp sold 1,477,575 of its common stock in a stock offering, representing the Mutual Holding Company’s ownership interest in the Holding Company, for gross offering proceeds of $14.8 million and net proceeds of $13.3 million. In addition, existing shareholders of the Holding Company had their shares exchanged for shares of Generations Bancorp pursuant to an exchange ratio. As a result of the conversion, the Mutual Holding Company and the Holding Company ceased to exist and Generations Bank became the wholly owned subsidiary of Generations Bancorp. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation and Basis of Presentation | a. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Holding Company, the Bank, the Commercial Bank and the Agency. The consolidated entity is referred to as the “Company” in the following notes to the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Amounts in the prior year’s consolidated financial statements have been reclassified whenever necessary to conform to the current year’s presentation. Such reclassifications had no impact on net income. |
Use of Estimates | b. Use of Estimates The preparation of consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations and the evaluation of investment securities for other-than-temporary impairment to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators’ judgments based on information available to them at the time of their examinations. |
Cash and Cash Equivalents | c. Cash and Cash Equivalents Cash and cash equivalents include cash, amounts due from banks, including interest-bearing demand deposits and items in the process of collection. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. |
Securities | d. Securities The Company reports debt securities in one of the following categories: (i) “held-to-maturity” which management has the positive intent and ability to hold debt securities to maturity. These securities are reported at amortized cost adjusted for the amortization of premiums and accretion of discounts; or (ii) “available-for-sale” which includes all other debt securities and are reported at fair value, with unrealized gains and losses excluded from earnings and reported in accumulated other comprehensive loss. The Company classifies its debt securities in one of these categories based upon determinations made at the time of purchase, and re-evaluates their classification each quarter-end. Premiums and discounts on debt securities are amortized, or accreted, to interest income over the term of the security and adjusted for the effect of actual prepayments in the case of mortgage-backed securities. Gains and losses on the sales of securities are recognized in income when sold, using the specific identification method, on a trade date basis. Equity securities are reported at fair value, with unrealized gains and losses included in earnings. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the accompanying consolidated financial statements. Note 4 to the consolidated financial statements includes additional information about the Company’s accounting policies with respect to the impairment of investment securities. |
Federal Home Loan Bank of New York Stock | e. Federal Home Loan Bank of New York Stock The Bank, as a member of the Federal Home Loan Bank (“FHLB”) system, is required to maintain an investment in capital stock of the FHLB. Based on redemption provisions of the FHLB, the stock has no quoted fair value and is carried at cost, which approximates fair value. |
Loans Receivable | f. Loans Receivable The Company grants residential mortgage, commercial and consumer loans to customers, principally located in the Finger Lakes Region of New York State and extending north to Orleans County. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses and plus net deferred loan origination costs. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received, and the related direct origination costs incurred, are deferred and amortized over the life of the loan using a method that approximates the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one- to four-family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate secured by nonresidential property, real estate secured by multi-family residences, construction and other commercial and industrial loans. Consumer loans include home equity (both installment loans and lines of credit), residential junior-lien loans, manufactured home loans, automobile, student and other consumer loans. |
Allowance for Loan Losses | g. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction of loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable is charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Consumer loans not secured by residential real estate are generally charged off no later than 90 days past due on a contractual basis, earlier in the event of bankruptcy, or if there is an amount deemed uncollectible. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on the Company’s past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available. The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying amount of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, automobile loans identified in pools by product and underwriting standards, as well as smaller balance homogeneous consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative risk factors. These qualitative risk factors include: Asset quality trends The trend in loan growth and portfolio mix Regional and local economic conditions Historical loan loss experience Underlying credit quality 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. The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Real estate loans, including residential mortgages, commercial real estate loans and home equity loans comprise approximately 77% of the portfolio in 2019 and 78% in 2018. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan-by-loan basis for commercial loans, by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for loan losses is established for an impaired loan if its carrying amount exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, including those in construction, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made as to whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable aging’s or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment disclosures, unless such loans are the subject of a troubled debt restructuring agreement. Loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary reduction in interest rate or an extension of a loan’s stated maturity date. Loans classified as troubled restructurings are designated as impaired. The indirect automobile program loans, and the loans originated under a direct sub-prime automobile program, are evaluated separately from the rest of the consumer loan portfolio. Due to the inherent risk of the program loans, they are evaluated based on the historical losses in the portfolio and discounted collateral values. Since this piece of the portfolio no longer enjoys the participation of the dealers, their continuing reserves and dealer cooperation, there are no longer available cash reserves accumulated as part of the indirect loan assignment agreements with local dealers. The direct sub-prime automobile program was offered to consumers for approximately Nine Months in 2014. The program was discontinued after a detailed analysis revealed that the loan type carried higher risk characteristics than the other automobile portfolios. We have analyzed the historical loss factors to date and have assigned higher reserve factors to these loans to represent the associated risk. Reserves for this loan type are based on the rate of delinquency, the prospect of payment established by collection efforts and discounted collateral values. On March 27,2020, the President of the United State signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAPP. Section 4013 of the CARES Act allows financial institutions to suspend application of certain TDR accounting guidance for loan an d lease modifications related to COVID-19 Pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. Section 4013 pf the CARE Act was amended on December 27, 2020 to extended this relief until January 1, 2022. The relief can be applied to loan and lease modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan and lease modifications that defer to re delay the payment of principal or interest, or change the interest rate on the loan. The Company choose to apply this relief to eligible loan and lease modifications. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. Loans classified as special mention have potential weaknesses that deserve management’s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects. Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as doubtful have all the weaknesses inherent in loans classified as substandard with the added characteristic that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as loss are considered uncollectible and are charged to the allowance for loans losses. Loans not classified are rated as pass. In addition, Federal regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Income Recognition on Impaired and Non-accrual Loans | j. Income Recognition on Impaired and Non-accrual Loans For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on non-accrual status, unpaid interest is reversed and charged to interest income. Interest received on non-accrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. When future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a non-accrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. |
Premises and equipment | i. Premises and equipment Land is carried at cost. Buildings, improvements and equipment are carried at cost less accumulated depreciation and amortization. Depreciation expense is provided on a straight-line basis over the estimated useful lives of the related assets, which is generally 15 to 40 years for buildings and 3 to 10 years for furniture, equipment, computers and software. Leasehold improvements are amortized over the shorter of the terms of the lease or useful life. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be recoverable. |
Bank-owned life insurance | j. Bank-owned life insurance The Bank invests in bank-owned life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a chosen group of employees. The Bank is the owner and beneficiary of the life insurance policies, and as such, the investment is carried at the cash surrender value of the underlying policies. In 2012, the Bank purchased additional BOLI to offset the cost of the director’s retirement plan and the addition of a supplemental executive retirement plan. The 2012 purchase of $2 million in additional BOLI on senior management includes a split-dollar arrangement on a portion of the insurance benefit. The policies are carried at the cash surrender value and the liability for the split dollar arrangement is recorded in other liabilities. Income from the increase in cash surrender value of the policies is included in noninterest income on the consolidated statements of income. |
Intangible assets and goodwill | k. Intangible assets and goodwill Intangible assets represent acquired assets that lack physical substance, but can be distinguished from goodwill because of contractual or other legal rights. The Company’s intangible assets include customer lists and covenants not to compete that were acquired in connection with business acquisitions. On December 28, 2016, the Company purchased the John G. Sweeney Agency, Inc. and the associated covenant not to compete was recorded as an intangible asset. Goodwill is reflected in the insurance agency segment. This asset will be amortized over 7 years in accordance with the life identified in the purchase contract. Additionally, as part of recording the purchase of assets and liabilities of MSL at fair value upon the September 29, 2018 merger, Generations Bank recorded a $964,000 Core Deposit Intangible (“CDI”). The CDI valuation method employed a discounted cash flow analysis to determine the fair value of the acquired core deposits to fund operations, versus using comparable term (i.e. term to maturity) wholesale borrowings. A positive valuation results because the overall cost of core deposits (interest rate plus operating expense less other income) is lower than the cost of a laddered portfolio of borrowings structured with the same maturity as the projected core deposit base. As of the Valuation Date, the value of Medina’s core deposits was, in aggregate, $964,000 on a pre-tax basis, equal to 2.50% of the acquired core deposits. This asset will be amortized over 15 years in accordance with the fair value analysis provided by a third party. The Company reviews its identifiable assets for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill represents the excess of the cost of an acquisition over the fair value of tangible and identifiable intangible assets acquired in a business combination utilizing purchase accounting. The stock purchase of the John G. Sweeney Agency, Inc. was recorded as goodwill of $792,000. The value of goodwill is tested at least annually for impairment. The MSL merger did not have goodwill. |
Employee benefit plans | l. Employee benefit plans The Bank funds two noncontributory defined benefit pension plans, one plan that accrues benefits for employees of Generations Bank that were hired prior to October 1, 2016 and the second plan that was acquired with the MSL merger and covers MSL employees that were participants of that plan effective September 30, 2018. Both plans have been frozen to new employees and cover eligible Company employees at least 21 years of age and with at least one year of service. Benefits under these plans generally are based on employees’ years of service and compensation. The Bank makes annual contributions to the plans equal to the maximum amount that can be deducted for income tax purposes. The Bank sponsors an Employee Stock Ownership Plan (“ESOP”) covering substantially all full time employees. Acquisitions of the Holding Company’s common stock for the Plan by the Bank were funded internally through a borrowing from the Holding Company, which is repayable semi-annually with interest over fifteen years. The cost of shares issued to the ESOP but not allocated to participants is presented in the consolidated statement of financial condition as a reduction of shareholders’ equity. ESOP shares are released to participants proportionately as the loan is repaid. Allocations to individual accounts are based on participant compensation. As shares are committed to be released to participants, the Company reports compensation expense equal to the current market price of the shares and the shares become outstanding for earnings per share computations. The difference between the market price and the cost of shares committed to be released is recorded as an adjustment to additional paid-in-capital. Dividends on allocated shares reduce retained earnings; dividends on unallocated ESOP shares reduce debt and accrued interest. The Company has a defined contribution plan under section 401(k) of the Internal Revenue Code. This plan covers all Company employees with at least twelve months of service. The Company’s contributions to this plan are discretionary, begin after one year of service and are determined annually by the Board of Directors. Employee contributions are voluntary. Employees vest immediately in their own contributions, and vest in the Company’s contributions based on years of service. The Company has a Directors Retirement Plan for the benefit of its eligible non-employee members of the Board of Directors of the Company. This plan is an unfunded arrangement and intended to comply with Internal Revenue Code Section 409A. The plan allows for deferred compensation elections and a supplemental contribution by the Bank. The Company also has a supplemental executive retirement plan, under Internal Revenue Code Section 409A, for selected officers. This plan is an unfunded arrangement that consists on an annual contribution calculated based on a target benefit. |
Foreclosed real estate and repossessed assets | m. Foreclosed real estate and repossessed assets Real estate and other assets acquired in settlement of loans are carried at the fair value of the property at the date of acquisition less estimated selling costs. The following table represents the detail of such assets at December 31: Year Ended December 31, (In thousands) 2020 2019 Foreclosed real estate $ 45 $ 60 Repossessed assets — 10 $ 45 $ 70 Write-downs from cost to fair value less estimated selling costs, which are required at the time of foreclosure or repossession, are charged to the allowance for loan losses. Subsequent write-downs to fair value, net of estimated selling costs and the net operating expenses of foreclosed assets, are charged to other noninterest expenses and were approximately $40,000 and $16,000 for years ended 2020 and 2019, respectively. At December 31, 2020 there were nine one- to four-family residential mortgage loans and two home equity loans in the process of foreclosure for a total of 558,000. At December 31, 2019, there were five one- to four-family residential mortgage loans and two related home equity loans in the process of foreclosure for a total of $278,000. |
Advertising | n. Advertising The Company follows the policy of charging the costs of advertising to expense as incurred. |
Income taxes | o. Income taxes Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating losses, capital losses and contribution carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. To the extent that current available evidence about the future raises doubt about the likelihood of a deferred tax asset being realized, a valuation allowance is established. The judgment about the level of future taxable income, including that which is considered capital, is inherently subjective and is reviewed on a continual basis as regulatory and business factors change. Interest and penalties are included as a component of noninterest expense if incurred. Uncertain tax positions are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent. The terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. At December 31, 2020 and 2019, the Company had no uncertain tax positions. |
Comprehensive income | p. Comprehensive income Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and unrecognized gains or losses and prior service credits for the defined benefit pension plan are reported as a separate component of the shareholders’ equity section of the consolidated statements of financial condition, such items, along with net income, are components of comprehensive income. The amounts of income tax (expense) benefit allocated to each component of other comprehensive income are as follows for the for years ended December 31, 2020 and 2019: For Years Ended December 31, (In thousands) 2020 2019 Unrealized gains on securities available-for-sale: Unrealized holding gains arising during the period $ (242) $ (163) Reclassification adjustment for net gains included in net income 225 58 Net unrealized gains on securities available-for-sale (17) (105) Defined benefit pension plan: Net plan gains arising during the period (20) (54) Reclassification of amortization of net losses and prior service credit recognized in net pension expense (29) (40) Net change in defined benefit pension plan asset (49) (94) $ (66) $ (199) The balances and changes in the components of accumulated other comprehensive income (loss), net of tax, are as follows: Unrealized Accumulated (Losses) Gains Defined Other Year Ended December 31, on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Income (Loss) Balance, January 1, 2020 $ 658 $ (2,320) $ (1,662) Other comprehensive gain before reclassifications 911 76 987 Amounts reclassified from AOCI to the income statement (846) 106 (740) Net current-period other comprehensive income 65 182 247 Balance, December 31, 2020 $ 723 $ (2,138) $ (1,415) Balance, January 1, 2019 $ 262 $ (2,673) $ (2,411) Other comprehensive gain before reclassifications 612 202 814 Amounts reclassified from AOCI to the income statement (216) 151 (65) Net current-period other comprehensive income 396 353 749 Balance, December 31, 2019 $ 658 $ (2,320) $ (1,662) (1) Reclassification from accumulated other comprehensive loss to retained earnings for the change in accounting treatment adopted under ASU 2016‑01. This amendment requires equity securities to be measured at fair value and the change in fair value to be recognized through net income. |
Earnings (Loss) Per Common Share | q. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding was 2,458,000 and 2,456,000 for the years ended December 31, 2020 and 2019. The Company has not granted any restricted stock awards or stock options and had no potentially dilutive common stock equivalents. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating basic earnings per common share until they are committed to be released. On May 20, 2008, the Board of Directors of the Company authorized a stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its outstanding shares (excluding shares held by Seneca Falls Savings Bank, MHC, the Company’s mutual holding company), or up to 119,025 shares. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company’s liquidity requirements and alternative uses of capital. Repurchased shares are held as treasury stock and are available for general corporate purposes. The Company conducts such repurchases in accordance with a Rule 10b5‑1 trading plan. |
Recently Adopted and Recently Issued Accounting Pronouncements | r. Recently Adopted and Recently Issued Accounting Pronouncements On January 1, 2019, the Company adopted ASU No. 2016‑02, which amended guidance on “Leases (Topic 842)”. The new guidance establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The objective of this standard is to present a more faithful representation of the rights and obligations arising from leases by requiring lessees to recognize the lease assets and lease liabilities that arise from leases in the statement of financial position and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. The Company has one lease expiring in June 2021, and the obligation under the lease is not significant. Further details of the lease commitment are provided in Note 17 to these Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018‑15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350‑40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018‑15”). The amendments in ASU 2018‑15 broaden the scope of ASC Subtopic 350‑40 to include costs incurred to implement a hosting arrangement that is a service contract. The amendments align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The costs are capitalized or expensed depending on the nature of the costs and the project stage during which they are incurred, consistent with the accounting for internal-use software costs. The amendments in ASU 2018‑15 result in consistent capitalization of implementation costs of a hosting arrangement that is a service contract and implementation costs incurred to develop or obtain internal use software (and hosting arrangements that include an internal-use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in ASU 2018‑15. For public business entities, the ASU is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company early adopted ASU 2018‑15, effective January 1, 2019. In September 2016, the FASB issued ASU No. 2016‑13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016‑13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016‑13 is effective for public business entities that are U.S. Securities and Exchange Commission (SEC) filers for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For SEC filers that are Smaller Reporting Companies, all other public business entities, and other non-public entities, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the impact of these amendments to the Company’s financial position and results of operations and currently does not know or cannot reasonably quantify the impact of the adoption of the amendments as a result of the complexity and extensive changes from these amendments. The Allowance for Loan Losses (ALL) estimate is material to the Company and given the change from an incurred loss model to a methodology that considers the credit loss over the life of the loan, there is the potential for an increase in the ALL at adoption date. The Company is anticipating a significant change in the processes and procedures to calculate the ALL, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for the other-than-temporary impairment on available-for-sale securities will be replaced with an allowance approach. The Company continues to collect and retain historical loan and credit data. The Company is in the process of identifying data gaps. Certain CECL models are currently being evaluated. The Audit Committee is informed of ongoing CECL developments. For additional information on the allowance for loan losses, see Notes 1 and 7. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Foreclosed real estate and repossessed assets | Year Ended December 31, (In thousands) 2020 2019 Foreclosed real estate $ 45 $ 60 Repossessed assets — 10 $ 45 $ 70 |
Income tax (expense) benefit allocated to component of other comprehensive income | For Years Ended December 31, (In thousands) 2020 2019 Unrealized gains on securities available-for-sale: Unrealized holding gains arising during the period $ (242) $ (163) Reclassification adjustment for net gains included in net income 225 58 Net unrealized gains on securities available-for-sale (17) (105) Defined benefit pension plan: Net plan gains arising during the period (20) (54) Reclassification of amortization of net losses and prior service credit recognized in net pension expense (29) (40) Net change in defined benefit pension plan asset (49) (94) $ (66) $ (199) |
Reclassified out of each component of accumulated other comprehensive loss | Unrealized Accumulated (Losses) Gains Defined Other Year Ended December 31, on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Income (Loss) Balance, January 1, 2020 $ 658 $ (2,320) $ (1,662) Other comprehensive gain before reclassifications 911 76 987 Amounts reclassified from AOCI to the income statement (846) 106 (740) Net current-period other comprehensive income 65 182 247 Balance, December 31, 2020 $ 723 $ (2,138) $ (1,415) Balance, January 1, 2019 $ 262 $ (2,673) $ (2,411) Other comprehensive gain before reclassifications 612 202 814 Amounts reclassified from AOCI to the income statement (216) 151 (65) Net current-period other comprehensive income 396 353 749 Balance, December 31, 2019 $ 658 $ (2,320) $ (1,662) (1) Reclassification from accumulated other comprehensive loss to retained earnings for the change in accounting treatment adopted under ASU 2016‑01. This amendment requires equity securities to be measured at fair value and the change in fair value to be recognized through net income. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Securities | |
Schedule of investments in securities available-for-sale and held-to-maturity | December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 39 $ 1 $ (1) $ 39 State and political subdivisions 16,971 916 — 17,887 Total securities available-for-sale $ 17,010 $ 917 $ (1) $ 17,926 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 1,480 $ 33 $ (3) $ 1,510 Total securities held-to-maturity $ 1,480 $ 33 $ (3) $ 1,510 Equity securities: Large cap equity mutual fund $ 35 $ 35 Other mutual funds 626 626 Total of equity securities $ 661 $ 661 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 48 $ 2 $ — $ 50 State and political subdivisions 29,746 903 (72) 30,577 Total securities available-for-sale $ 29,794 $ 905 $ (72) $ 30,627 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs 2,078 36 (4) 2,110 Total securities held-to-maturity $ 2,078 $ 36 $ (4) $ 2,110 Equity securities: Large cap equity mutual fund $ 31 $ 31 Other mutual funds 2,548 2,548 Total of equity securities $ 2,579 $ 2,579 |
Schedule of gross unrealized losses on investment securities and the fair value of the related securities | December 31, 2020 12 Months or Less More than 12 Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 24 $ (1) $ 2 $ — $ 26 $ (1) Total securities available-for-sale $ 1,090 $ (1) $ 2 $ — $ 1,092 $ (1) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 150 $ (2) $ 97 $ (1) $ 247 $ (3) Total securities held-to-maturity $ 150 $ (2) $ 97 $ (1) $ 247 $ (3) December 31, 2019 12 Months or Less More than 12 Months Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Residential mortgage-backed - US agency and GSEs* $ — $ — $ 4 $ — $ 4 $ — State and political subdivisions 8,779 (72) — — 8,779 (72) Total securities available-for-sale $ 8,779 $ (72) $ 4 $ — $ 8,783 $ (72) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 68 $ (1) $ 217 $ (3) $ 285 $ (4) Total securities held-to-maturity $ 68 $ (1) $ 217 $ (3) $ 285 $ (4) * Gross unrealized losses are less than $1,000. |
Schedule of the amount related to credit losses recognized in earnings | (In thousands) 2020 2019 Beginning balance – January 1 $ — $ 408 Initial credit impairment — — Subsequent credit impairments — — Reductions for amounts recognized in earnings due to intent or requirement to sell — — Reductions for securities sold — (408) Reductions for increases in cash flows expected to be collected — — Ending balance - December 31 $ — $ — |
Summary of the amortized cost and estimated fair values of debt securities | December 31, 2020 Securities Securities Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (in thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 974 $ 975 $ — $ — Due over one year through five years 1,400 1,426 — — Due over five through ten years 5,565 5,791 — — Due after ten years 9,032 9,695 — — 16,971 17,887 — — Residential mortgage-backed securities 39 39 1,480 1,510 Total $ 17,010 $ 17,926 $ 1,480 $ 1,510 |
Gross realized gains (losses) on sales and redemptions of securities | Year Ended December 31, (In thousands) 2020 2019 Realized gains $ 1,071 $ 274 Realized losses — — $ 1,071 $ 274 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loans Receivable | |
Schedule of major classifications of loans | December 31, December 31, (In thousands) 2020 2019 Originated Loans Residential mortgages: One- to four-family $ 113,254 $ 120,208 Construction — 828 113,254 121,036 Commercial loans: Real estate - nonresidential 22,812 33,581 Multi-family 5,125 5,585 Construction — 100 Commercial business 20,178 14,028 48,115 53,294 Consumer: Home equity and junior liens 9,981 10,170 Manufactured homes 44,347 23,769 Automobile 21,469 21,083 Student 2,259 2,251 Recreational vehicle 14,557 263 Other consumer 4,081 1,724 96,694 59,260 Total originated loans 258,063 233,590 Net deferred loan costs 11,854 4,986 Less allowance for loan losses (1,821) (1,660) Net originated loans $ 268,096 $ 236,916 December 31, December 31, (In thousands) 2020 2019 Acquired Loans Residential mortgages: One- to four-family $ 14,102 $ 18,506 Construction — — 14,102 18,506 Commercial loans: Real estate - nonresidential 1,942 2,115 Commercial business 327 404 2,269 2,519 Consumer: Home equity and junior liens 1,406 1,833 Other consumer 190 361 1,596 2,194 Total acquired loans 17,967 23,219 Net deferred loan costs (67) (91) Fair value credit and yield adjustment (356) (424) Net acquired loans $ 17,544 $ 22,704 December 31, December 31, (In thousands) 2020 2019 Total Loans Residential mortgages: One- to four-family $ 127,356 $ 138,714 Construction — 828 127,356 139,542 Commercial loans: Real estate - nonresidential 24,754 35,696 Multi-family 5,125 5,585 Construction — 100 Commercial business 20,505 14,432 50,384 55,813 Consumer: Home equity and junior liens 11,387 12,003 Manufactured homes 44,347 23,769 Automobile 21,469 21,083 Student 2,259 2,251 Recreational vehicle 14,557 263 Other consumer 4,271 2,085 98,290 61,454 Total Loans 276,030 256,809 Net deferred loan costs 11,787 4,895 Fair value credit and yield adjustment (356) (424) Less allowance for loan losses (1,821) (1,660) Loans receivable, net $ 285,640 $ 259,620 |
Summary of loan portfolio by Company’s internal risk rating system | December 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans Residential mortgages: One- to four-family $ 109,752 $ 627 $ 2,875 $ — $ 113,254 Construction — — — — — 109,752 627 2,875 — 113,254 Commercial loans: Real estate - nonresidential 15,597 4,433 2,782 — 22,812 Multi-family 5,083 — 42 — 5,125 Construction — — — — — Commercial business 17,009 842 2,327 — 20,178 37,689 5,275 5,151 — 48,115 Consumer: Home equity and junior liens 9,923 — 58 — 9,981 Manufactured homes 44,272 — 75 — 44,347 Automobile 21,432 4 33 — 21,469 Student 2,259 — — — 2,259 Recreational vehicle 14,527 30 — — 14,557 Other consumer 4,046 4 31 — 4,081 96,459 38 197 — 96,694 Total originated loans $ 243,900 $ 5,940 $ 8,223 $ — $ 258,063 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans Residential mortgages: One- to four-family $ 13,669 $ 63 $ 370 $ — $ 14,102 13,669 63 370 — 14,102 Commercial loans: Real estate - nonresidential 1,942 — — — 1,942 Commercial business 327 — — — 327 2,269 — — — 2,269 Consumer: Home equity and junior liens 1,362 — 44 — 1,406 Other consumer 190 — — — 190 1,552 — 44 — 1,596 Total acquired loans $ 17,490 $ 63 $ 414 $ — $ 17,967 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans Residential mortgages: One- to four-family $ 123,421 $ 690 $ 3,245 $ — $ 127,356 Construction — — — — — 123,421 690 3,245 — 127,356 Commercial loans: Real estate - nonresidential 17,539 4,433 2,782 — 24,754 Multi-family 5,083 — 42 — 5,125 Construction — — — — — Commercial business 17,336 842 2,327 — 20,505 39,958 5,275 5,151 — 50,384 Consumer: Home equity and junior liens 11,285 — 102 — 11,387 Manufactured homes 44,272 — 75 — 44,347 Automobile 21,432 4 33 — 21,469 Student 2,259 — — — 2,259 Recreational vehicle 14,527 30 — — 14,557 Other consumer 4,236 4 31 — 4,271 98,011 38 241 — 98,290 Total loans $ 261,390 $ 6,003 $ 8,637 $ — $ 276,030 December 31, 2019 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans Residential mortgages: One- to four-family $ 116,414 $ 2,159 $ 1,635 $ — $ 120,208 Construction 828 — — — 828 117,242 2,159 1,635 — 121,036 Commercial loans: Real estate - nonresidential 29,192 1,479 2,910 — 33,581 Multi-family 5,585 — — — 5,585 Construction 100 — — — 100 Commercial business 10,222 1,798 2,008 — 14,028 45,099 3,277 4,918 — 53,294 Consumer: Home equity and junior liens 10,030 96 44 — 10,170 Manufactured homes 23,686 83 — — 23,769 Automobile 20,975 54 54 — 21,083 Student 2,251 — — — 2,251 Recreational vehicle 263 — — — 263 Other consumer 1,721 2 1 — 1,724 58,926 235 99 — 59,260 Total originated loans $ 221,267 $ 5,671 $ 6,652 $ — $ 233,590 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans Residential mortgages: One- to four-family $ 17,387 $ 805 $ 314 $ — $ 18,506 17,387 805 314 — 18,506 Commercial loans: Real estate - nonresidential 2,115 — — — 2,115 Commercial business 404 — — — 404 2,519 — — — 2,519 Consumer: Home equity and junior liens 1,746 — 87 — 1,833 Other consumer 361 — — — 361 2,107 — 87 — 2,194 Total acquired loans $ 22,013 $ 805 $ 401 $ — $ 23,219 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans Residential mortgages: One- to four-family $ 133,801 $ 2,964 $ 1,949 $ — $ 138,714 Construction 828 — — — 828 134,629 2,964 1,949 — 139,542 Commercial loans: Real estate - nonresidential 31,307 1,479 2,910 — 35,696 Multi-family 5,585 — — — 5,585 Construction 100 — — — 100 Commercial business 10,626 1,798 2,008 — 14,432 47,618 3,277 4,918 — 55,813 Consumer: Home equity and junior liens 11,776 96 131 — 12,003 Manufactured homes 23,686 83 — — 23,769 Automobile 20,975 54 54 — 21,083 Student 2,251 — — — 2,251 Recreational vehicle 263 — — — 263 Other consumer 2,082 2 1 — 2,085 61,033 235 186 — 61,454 Total loans $ 243,280 $ 6,476 $ 7,053 $ — $ 256,809 |
Schedule of age analysis of past due loans, segregated by class of loans | December 31, 2020 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Originated Loans Residential mortgage loans: One- to four-family $ 2,345 $ 691 $ 2,875 $ 5,911 $ 107,343 $ 113,254 Construction — — — — — — 2,345 691 2,875 5,911 107,343 113,254 Commercial loans: Real estate - nonresidential 66 66 1,103 1,235 21,577 22,812 Multi-family — — 42 42 5,083 5,125 Construction — — — — — — Commercial business 139 — 688 827 19,351 20,178 205 66 1,833 2,104 46,011 48,115 Consumer loans: Home equity and junior liens 92 23 58 173 9,808 9,981 Manufactured homes 944 440 75 1,459 42,888 44,347 Automobile 188 21 33 242 21,227 21,469 Student — — — — 2,259 2,259 Recreational vehicle 229 30 — 259 14,298 14,557 Other consumer 3 4 29 36 4,045 4,081 1,456 518 195 2,169 94,525 96,694 Total originated loans $ 4,006 $ 1,275 $ 4,903 $ 10,184 $ 247,879 $ 258,063 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Acquired Loans Residential mortgage loans: One- to four-family $ 223 $ 48 $ 370 $ 641 $ 13,461 $ 14,102 Construction — — — — — — 223 48 370 641 13,461 14,102 Commercial loans: Real estate - nonresidential — — — — 1,942 1,942 Commercial business — 15 — 15 312 327 — 15 — 15 2,254 2,269 Consumer loans: Home equity and junior liens 46 6 44 96 1,310 1,406 Other consumer — — 2 2 188 190 46 6 46 98 1,498 1,596 Total acquired loans $ 269 $ 69 $ 416 $ 754 $ 17,213 $ 17,967 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Total Loans Residential mortgage loans: One- to four-family $ 2,568 $ 739 $ 3,245 $ 6,552 $ 120,804 $ 127,356 Construction — — — — — — 2,568 739 3,245 6,552 120,804 127,356 Commercial loans: Real estate - nonresidential 66 66 1,103 1,235 23,519 24,754 Multi-family — — 42 42 5,083 5,125 Construction — — — — — — Commercial business 139 15 688 842 19,663 20,505 205 81 1,833 2,119 48,265 50,384 Consumer loans: Home equity and junior liens 138 29 102 269 11,118 11,387 Manufactured homes 944 440 75 1,459 42,888 44,347 Automobile 188 21 33 242 21,227 21,469 Student — — — — 2,259 2,259 Recreational vehicle 229 30 — 259 14,298 14,557 Other consumer 3 4 31 38 4,233 4,271 1,502 524 241 2,267 96,023 98,290 Total loans $ 4,275 $ 1,344 $ 5,319 $ 10,938 $ 265,092 $ 276,030 December 31, 2019 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Originated Loans Residential mortgage loans: One- to four-family $ 2,963 $ 1,656 $ 1,945 $ 6,564 $ 113,644 $ 120,208 Construction — — — — 828 828 2,963 1,656 1,945 6,564 114,472 121,036 Commercial loans: Real estate - nonresidential 350 1,388 912 2,650 30,931 33,581 Multi-family — — — — 5,585 5,585 Construction — — — — 100 100 Commercial business 540 24 73 637 13,391 14,028 890 1,412 985 3,287 50,007 53,294 Consumer loans: Home equity and junior liens 80 71 67 218 9,952 10,170 Manufactured homes 179 83 — 262 23,507 23,769 Automobile 207 54 54 315 20,768 21,083 Student 35 — — 35 2,216 2,251 Recreational vehicle — — — — 263 263 Other consumer 57 2 — 59 1,665 1,724 558 210 121 889 58,371 59,260 Total originated loans $ 4,411 $ 3,278 $ 3,051 $ 10,740 $ 222,850 $ 233,590 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Acquired Loans Residential mortgage loans: One- to four-family $ 457 $ 293 $ 314 $ 1,064 $ 17,442 $ 18,506 — — — — — — Commercial loans: 457 293 314 1,064 17,442 18,506 Real estate - nonresidential Commercial business — — — — 2,115 2,115 Other commercial and industrial — — — — 404 404 — — — — 2,519 2,519 Consumer loans: Home equity and junior liens 11 63 87 161 1,672 1,833 Other consumer 1 18 — 19 342 361 12 81 87 180 2,014 2,194 Total acquired loans $ 469 $ 374 $ 401 $ 1,244 $ 21,975 $ 23,219 90 Days 30-59 Days 60-89 Days or More Total Total Loans Total Loans (In thousands) Past Due Past Due Past Due Past Due Current Receivable Total Loans Residential mortgage loans: One- to four-family $ 3,420 $ 1,949 $ 2,259 $ 7,628 $ 131,086 $ 138,714 Construction — — — — 828 828 3,420 1,949 2,259 7,628 131,914 139,542 Commercial loans: Real estate - nonresidential 350 1,388 912 2,650 33,046 35,696 Multi-family — — — — 5,585 5,585 Construction — — — — 100 100 Commercial business 540 24 73 637 13,795 14,432 890 1,412 985 3,287 52,526 55,813 Consumer loans: Home equity and junior liens 91 134 154 379 11,624 12,003 Manufactured homes 179 83 — 262 23,507 23,769 Automobile 207 54 54 315 20,768 21,083 Student 35 — — 35 2,216 2,251 Recreational vehicle — — — — 263 263 Other consumer 58 20 — 78 2,007 2,085 570 291 208 1,069 60,385 61,454 Total loans $ 4,880 $ 3,652 $ 3,452 $ 11,984 $ 244,825 $ 256,809 |
Non-accrual loans, segregated by class of loan | December 31, December 31, (In thousands) 2020 2019 Residential mortgage loans: 1-4 family first-lien $ 3,245 $ 2,259 Construction — — 3,245 2,259 Commercial loans: Real estate - nonresidential 1,103 2,509 Real estate - multi-family 42 — Construction — — Other commercial and industrial 688 1,195 1,833 3,704 Consumer loans: Home equity and junior liens 102 154 Manufactured homes 75 — Automobile 33 54 Student — — Recreational Vehicle — Other consumer 31 — 241 208 Total non-accrual loans $ 5,319 $ 6,171 |
Summary of impaired loans information by portfolio class | December 31, 2020 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,836 $ 2,937 $ — Construction residential mortgages — — — Commercial real estate - nonresidential 1,198 1,548 — Multi-family — — — Construction commercial — — — Commercial business 782 782 — Home equity and junior liens 109 109 — Manufactured homes — — — Automobile — — — Student — — — Other consumer — — — With an allowance recorded: One- to four-family residential mortgages 429 429 21 Construction residential mortgages — — — Commercial real estate - nonresidential — — — Multi-family 42 42 7 Construction commercial — — — Commercial business 713 713 265 Home equity and junior liens — — — Manufactured homes — — — Automobile 41 41 10 Student — — — Other consumer 2 2 2 Total: One- to four-family residential mortgages 3,265 3,366 21 Construction residential mortgages — — — Commercial real estate - nonresidential 1,198 1,548 — Multi-family 42 42 7 Construction commercial — — — Commercial business 1,495 1,495 265 Home equity and junior liens 109 109 — Manufactured homes — — — Automobile 41 41 10 Student — — — Other consumer 2 2 2 $ 6,152 $ 6,603 $ 305 December 31, 2019 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,150 $ 2,180 $ — Construction residential mortgages — — — Commercial real estate - nonresidential 2,472 2,472 — Multi-family — — — Construction commercial — — — Commercial business 1,622 1,622 — Home equity and junior liens 131 131 — Manufactured homes — — — Automobile 81 81 — Student — — — Other consumer — — — With an allowance recorded: One- to four-family residential mortgages 132 132 7 Construction residential mortgages — — — Commercial real estate - nonresidential 438 438 250 Multi-family — — — Construction commercial — — — Commercial business 385 385 133 Home equity and junior liens — — — Manufactured homes — — — Automobile — — — Student — — — Other consumer 1 1 1 Total: One- to four-family residential mortgages 2,282 2,312 7 Construction residential mortgages — — — Commercial real estate - nonresidential 2,910 2,910 250 Multi-family — — — Construction commercial — — — Commercial business 2,007 2,007 133 Home equity and junior liens 131 131 — Manufactured homes — — — Automobile 81 81 — Student — — — Other consumer 1 1 1 $ 7,412 $ 7,442 $ 391 The Following table represents the average recorded investment in impaired loans For the Year ended December 31, December 31, 2020 2019 Average Average Recorded Recorded (In thousands) Investment Investment One- to four-family residential mortgages $ 3,336 $ 2,309 Construction residential mortgages — — Commercial real estate - nonresidential 1,523 1,453 Multi-family 42 — Construction commercial — — Commercial business 1,572 1,038 Home equity and junior liens 110 132 Manufactured homes — — Automobile 46 89 Student — — Other consumer 2 1 6,631 $ 5,022 The following table presents interest income recognized on impaired loans for the years ended December 31, 2020 and 2019. For the Year ended December 31, (In thousands) 2020 2019 One- to four-family residential mortgages $ 110 $ 82 Construction residential mortgages — — Commercial real estate - nonresidential 19 31 Multi-family 1 — Construction commercial — — Commercial business 54 58 Home equity and junior liens 7 7 Manufactured homes — — Automobile 4 10 Student — — Other consumer — — $ 195 $ 188 |
Allowance for Loan Loss (Tables
Allowance for Loan Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Allowance for Loan Loss | |
Changes in the allowance for loan losses | December 31, 2020 One- to four- Construction Commercial Commercial family residential real estate real estate Construction Commercial (In thousands) residential mortgage nonresidential multi-family commercial business Allowance for loan losses: Beginning Balance $ 375 $ 2 $ 421 $ 17 $ — $ 527 Charge-offs (89) — (398) — — (15) Recoveries 4 — — 19 — 140 Provision for loan losses 167 (2) 296 (10) — (35) Ending balance $ 457 $ — $ 319 $ 26 $ — $ 617 Ending balance: related to loans individually evaluated for impairment $ 21 $ — $ — $ 7 $ — $ 265 Ending balance: related to loans collectively evaluated for impairment $ 436 $ — $ 319 $ 19 $ — $ 352 Loans receivable: Ending balance $ 127,356 $ — $ 24,754 $ 5,125 $ — $ 20,505 Ending balance: individually evaluated for impairment $ 3,265 $ — $ 1,198 $ 42 $ — $ 1,495 Ending balance: collectively evaluated for impairment $ 124,091 $ — $ 23,556 $ 5,083 $ — $ 19,010 December 31, 2020 (cont'd) Home equity Manufactured Recreational Other (In thousands) and junior liens Homes Automobile Student Vehicle Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 50 $ — $ 142 $ 69 $ — $ 35 $ 22 $ 1,660 Charge-offs (9) — (54) — (14) (4) — (583) Recoveries 12 — 71 3 6 9 — 264 Provision for loan losses (7) 76 (32) (3) 8 44 (22) 480 Ending balance $ 46 $ 76 $ 127 $ 69 $ — $ 84 $ — $ 1,821 Ending balance: related to loans individually evaluated for impairment $ — $ — $ 10 $ — $ — $ 2 $ — $ 305 Ending balance: related to loans collectively evaluated for impairment $ 46 $ 76 $ 117 $ 69 $ — $ 82 $ — $ 1,516 Loans receivable: Ending balance $ 11,387 $ 44,347 $ 21,469 $ 2,259 $ 14,557 $ 4,271 $ — $ 276,030 Ending balance: individually evaluated for impairment $ 109 $ — $ 41 $ — $ — $ 2 $ — $ 6,152 Ending balance: collectively evaluated for impairment $ 11,278 $ 44,347 $ 21,428 $ 2,259 $ 14,557 $ 4,269 $ — $ 269,878 December 31, 2019 One- to four- Construction Commercial Commercial family residential real estate real estate Construction Commercial (In thousands) residential mortgage nonresidential multi-family commercial business Allowance for loan losses: Beginning Balance $ 314 $ 1 $ 202 $ 12 $ — $ 523 Charge-offs (42) — (18) — — (106) Recoveries 2 — — 9 — 79 Provision for loan losses 101 1 237 (4) — 31 Ending balance $ 375 $ 2 $ 421 $ 17 $ — $ 527 Ending balance: related to loans individually evaluated for impairment $ 7 $ — $ 250 $ — $ — $ 133 Ending balance: related to loans collectively evaluated for impairment $ 368 $ 2 $ 171 $ 17 $ — $ 394 Loans receivable: Ending balance $ 138,714 $ 828 $ 35,696 $ 5,585 $ 100 $ 14,432 Ending balance: individually evaluated for impairment $ 2,282 $ — $ 2,910 $ — $ — $ 2,007 Ending balance: collectively evaluated for impairment $ 136,432 $ 828 $ 32,786 $ 5,585 $ 100 $ 12,425 December 31, 2019 (cont'd) Home equity Manufactured Other (In thousands) and junior liens Homes Automobile Student Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 58 $ — $ 228 $ 50 $ 28 $ 132 $ 1,548 Charge-offs — — (137) (25) (68) — (396) Recoveries — — 52 1 5 — 148 Provision for loan losses (8) — (1) 43 70 (110) 360 Ending balance $ 50 $ — $ 142 $ 69 $ 35 $ 22 $ 1,660 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ 1 $ — $ 391 Ending balance: related to loans collectively evaluated for impairment $ 50 $ — $ 142 $ 69 $ 34 $ 22 $ 1,269 Loans receivable: Ending balance $ 12,003 $ 23,769 $ 21,083 $ 2,251 $ 2,348 $ — $ 256,809 Ending balance: individually evaluated for impairment $ 131 $ — $ 81 $ — $ 1 $ — $ 7,412 Ending balance: collectively Evaluated for impairment $ 11,872 $ 23,769 $ 21,002 $ 2,251 $ 2,347 $ — $ 249,397 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment | |
Schedule of Premises and Equipment | December 31, December (In thousands) 2020 2019 Premises: Land $ 3,884 $ 3,909 Buildings and improvements 19,041 19,016 Equipment 6,810 6,638 Construction in progress 206 171 29,941 29,734 Less: Accumulated depreciation 13,198 12,146 $ 16,743 $ 17,588 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets and Goodwill | |
Schedule of Intangible Assets and Goodwill | December 31, 2020 Gross Carrying Accumulated Net (in thousands) Amount Amortization Value Amortized intangible assets: Non-compete agreements $ 5 $ (3) $ 2 Core deposit intangible 964 (118) 846 Goodwill 792 — 792 $ 1,761 $ (121) $ 1,640 December 31, 2019 Gross Carrying Accumulated Net (in thousands) Amount Amortization Value Amortized intangible assets: Non-compete agreements $ 5 $ (2) $ 3 Core deposit intangible 964 (54) 910 Goodwill 792 — 792 $ 1,761 $ (56) $ 1,705 |
Schedule of Amortization | (In thousands) For Years Ended Amortization December 31, Expense 2021 64 2022 64 2023 64 2024 64 2025 64 $ 320 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits | |
Schedule of deposits, by deposit type | December 31, 2020 2019 (In thousands) Checking accounts, non-interest bearing $ 65,673 $ 38,098 Checking accounts, interest-bearing 31,745 27,525 Money market accounts 26,334 24,861 Savings accounts 102,307 85,300 Time deposits 83,487 107,554 $ 309,546 $ 283,338 |
Schedule of maturities of time deposits, including those that were obtained through the third party broker | December 31, (In thousands) 2020 2021 $ 61,554 2022 14,280 2023 3,049 2024 1,797 2025 2,037 Thereafter 770 $ 83,487 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings | |
Schedule of composition of borrowings | December 31, December 31, (In thousands) 2020 2019 Short-term: FHLB Advances $ — $ — Long-term: FHLB fixed-rate term advances $ 4,300 $ 3,300 FHLB fixed-rate amortizing advances 23,328 28,148 Total long-term borrowings $ 27,628 $ 31,448 Subordinated debt $ 1,235 $ 735 |
Schedule of principal balances and interest rates of fixed rate borrowings | December 31, 2020 (Dollars in thousands) Principal Rates Long-term: FHLB fixed-rate term advances $ 4,300 1.45%-2.48 % FHLB fixed-rate amortizing advances 23,328 0.96%-3.03 % Total long-term borrowings $ 27,628 Subordinated debt $ 1,235 6.00%-8.00 % December 31, 2019 (Dollars in thousands) Principal Rates Long-term: FHLB fixed-rate term advances $ 3,300 1.74%-2.12 % FHLB fixed-rate amortizing advances 28,148 1.20%-3.03 % Total long-term borrowings $ 31,448 Subordinated debt $ 735 8.00 % |
Schedule of maturities of borrowings | December 31, December 31, (Dollars in thousands) 2020 2019 Long-term: Due within 1 year $ 10,282 $ 8,171 Due within 2 years 7,898 9,285 Due within 3 years 3,785 7,814 Due within 4 years 4,926 2,457 Due within 5 years 1,796 2,986 Thereafter 176 1,470 Total long-term borrowings $ 28,863 $ 32,183 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes | |
Schedule of the Company’s benefit for income taxes | Year Ended December 31, (In thousands) 2020 2019 Current tax expense: Federal $ (781) $ — State 15 4 Total current tax expense (benefit) (766) 4 Deferred tax benefit: Federal 662 (159) State — — Total deferred tax benefit 662 (159) Benefit for income taxes $ (104) $ (155) |
Schedule of the deferred tax assets and deferred tax liabilities | December 31, (In thousands) 2020 2019 Assets: Deferred Compensation 111 101 Allowance for loan losses 458 438 Net operating loss carryforward 847 1,427 Mortgage recording tax credit 3 11 Nonacrual interest 82 42 Other 72 46 1,573 2,065 Liabilities: Pension (1,831) (1,597) Intangible assets (222) (233) Investment securities, unrealized gains (144) (150) Mortgage servicing rights (4) (5) Depreciation (152) (128) Other (6) (10) (2,359) (2,123) Net deferred tax liability $ (786) $ (58) |
Schedule of reconciliation of the federal statutory income tax rate to the effective income tax rate | Years Ended December 31, 2020 2019 Federal statutory income tax rate 21.0 % 21.0 % State tax, net of federal benefit 0.7 % (4.7) % Bank owned life insurance and other permanent differences (2.1) % 40.1 % Tax exempt income (9.8) % 189.8 % Tax rate differential for NOL carryback (19) % — % Other 2.8 % (18.3) % Effective income tax rate (6.3) % 227.9 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plans | |
Summary of changes in the Plans’ benefit obligations, fair value of plan assets and the plans’ funded status | Generations Bank Plan: (In thousands) 2020 2019 Change in benefit obligations: Benefit obligations at beginning of year $ 11,048 $ 9,768 Service Cost 413 377 Interest cost 448 477 Actuarial loss (gain) 946 1,575 Benefit paid (850) (1,149) Benefit obligations at end of year 12,005 11,048 Change in plan assets: Fair value of plan assets at beginning of year 16,679 14,383 Actual return on plan assets 2,222 3,038 Benefits paid (850) (1,149) Employer contributions 281 407 Fair value of plan assets at end of year 18,332 16,679 Funded Status $ 6,327 $ 5,631 Medina Savings and Loan Plan: (In thousands) Change in benefit obligations: Benefit obligations at beginning of year $ 3,489 $ 2,043 Service cost 28 19 Interest cost 143 100 Actuarial loss (gain) 130 434 Benefits reimbursed (paid) (289) 893 Benefit obligations at end of year 3,501 3,489 Change in plan assets: Fair value of plan assets at beginning of year 5,463 3,790 Actual return on plan assets 720 780 Benefits reimbursed (paid) (289) 893 Employer contributions - - Fair value of plan assets at end of year 5,894 5,463 Funded Status $ 2,393 $ 1,974 |
Schedule of amounts recognized in accumulated other comprehensive loss | Generations Bank Plan: (In thousands) 2020 2019 Unrecognized net loss $ 2,913 $ 2,985 Tax Effect 612 627 $ 2,301 $ 2,358 Medina Savings and Loan Plan: (In thousands) 2020 2019 Unrecognized net gain $ (207) $ (492) Tax Effect (43) (103) $ (164) $ (389) |
Schedule of net periodic expenses recognized in income other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | Generations Bank Plan: (In thousands) 2020 2019 Net periodic expenses recognized in income: Service cost $ 413 $ 377 Interest cost 448 477 Expected return on plan assets (1,340) (1,238) Amortization of net losses 135 200 Net periodic pension benefit (344) (184) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net actuarial (gain) loss 63 (225) Amortization of net actuarial loss (135) (200) Total recognized in other comprehensive income (72) (425) Total recognized in net periodic pension benefit and other comprehensive income $ (416) $ (609) Medina Savings and Loan Plan: (In thousands) 2020 2019 Net periodic expenses recognized in income: Service cost $ 28 $ 19 Interest cost 143 100 Expected return on plan assets (430) (316) Amortization of net gain — (9) Net periodic pension benefit (259) (206) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net actuarial gain (160) (30) Amortization of net actuarial gain — 9 Total recognized in other comprehensive income (160) (21) Total recognized in net periodic pension benefit and other comprehensive income $ (419) $ (227) |
Schedule of assumptions used to determine benefit obligations and net periodic expense | Generations Bank Plan: 2020 2019 Weighted average discount rate 3.550 % 4.130 % Rate of increase in future compensation levels 4.000 % 4.000 % Medina Savings and Loan Plan: 2020 2019 Weighted average discount rate 3.830 % 4.200 % Rate of increase in future compensation levels 3.000 % 3.000 % Generations Bank Plan: 2020 2019 Weighted average discount rate 4.130 % 4.990 % Long-term rate of return on plan assets 8.000 % 8.500 % Rate of increase in future compensation levels 4.000 % 4.000 % Medina Savings and Loan Plan: 2020 2019 Weighted average discount rate 4.200 % 5.070 % Long-term rate of return on plan assets 8.000 % 6.750 % Rate of increase in future compensation levels 3.000 % 2.000 % |
Schedule of expected benefit payments | Generations Bank Plan: (In thousands) For the years ended December 31, 2021 $ 342 2022 317 2023 317 2024 363 2025 417 2026-2030 2,727 Medina Savings and Loan Plan: (In thousands) For the years ended December 31, 2021 $ 221 2022 219 2023 217 2024 213 2025 211 2026-2030 1,035 |
Summary of pension plan assets measured at fair value | Generations Bank Plan: December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities and Commodities: (1) Select Fundamental Value $ — $ 1,538 $ — $ 1,538 (2) Select Indexed Equity A — 2,957 — 2,957 (3) Select Blue Chip Growth — 1,434 — 1,434 (4) Mid-Cap Value — 972 — 972 (5) Select S&P Mid-Cap Index — 1,398 — 1,398 (6) Select Mid-Cap Growth — 957 — 957 (7) Small-Cap — 1,153 — 1,153 (8) Select Small-Cap Index — 1,268 — 1,268 (9) Developing Markets — 781 — 781 Fixed Income: (10) Premier Short-Duration Bond — 836 — 836 (11) Premier Core Bond — 1,683 — 1,683 (12) Select MetWest Total Return — 1,663 — 1,663 (13) Select Western Strategic Bond — 1,692 — 1,692 Total $ — $ 18,332 $ — $ 18,332 Generations Bank Plan: December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities and Commodities: (1) Select Fundamental Value $ — $ 1,377 $ — $ 1,377 (2) Select Indexed Equity A — 2,774 — 2,774 (3) Select Blue Chip Growth — 1,388 — 1,388 (4) Mid-Cap Value — 864 — 864 (5) Select S&P Mid-Cap Index — 1,204 — 1,204 (6) Select Mid-Cap Growth — 857 — 857 (7) Small-Cap — 1,056 — 1,056 (8) Select Small-Cap Index — 1,050 — 1,050 (9) Developing Markets — 702 — 702 Fixed Income: (10) Premier Short-Duration Bond — 777 — 777 (11) Premier Core Bond — 1,541 — 1,541 (12) Select MetWest Total Return — 1,538 — 1,538 (13) Select Western Strategic Bond — 1,551 — 1,551 Total $ — $ 16,679 $ — $ 16,679 Medina Savings and Loan Plan: December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities and Commodities: (1) Select Fundamental Value $ — $ 494 $ — $ 494 (2) Select Indexed Equity A — 951 — 951 (3) Select Blue Chip Growth — 461 — 461 (4) Mid-Cap Value — 312 — 312 (5) Select S&P Mid-Cap Index — 450 — 450 (6) Select Mid-Cap Growth — 308 — 308 (7) Small-Cap — 371 — 371 (8) Select Small-Cap Index — 408 — 408 (9) Developing Markets — 251 — 251 Fixed Income: (10) Premier Short-Duration Bond — 269 — 269 (11) Premier Core Bond — 541 — 541 (12) Select MetWest Total Return — 534 — 534 (13) Select Western Strategic Bond — 544 — 544 Total $ — $ 5,894 $ — $ 5,894 (1) This fund invests in stocks of financially sound but temporarily out-of-favor companies providing above-average total return potential and selling at below average projected P/E multiples. (2) The fund seeks to match the performance of the S&P 500 by investing in a representative sample of the stocks in that index. The ability to match investment performance to the S&P 500 is effected by daily cash flow and expenses. (3) This fund invests at least 65% of assets in stocks of blue chip companies. These companies have a market capitalization of at least $200 million if included in the S&P 500 or the Dow Jones Industrial Average or $1 billion for companies not in these indices. (4) The investment seeks long-term capital appreciation. The fund invests, under normal circumstances, at least 80% of its net assets in equity investments of medium-capitalization companies. It invests principally in equity securities of medium-capitalization companies with market capitalizations within the range of the Russell Midcap Value Index at the time of investment. (5) The investment seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the Standard & Poor’s MidCap 400® Index. (6) The investment seeks growth of capital over the long-term. The fund invests primarily in equity securities of mid-capitalization companies. It normally invests at least 80% of its net assets in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the sub-advisors expect to grow at a faster rate than the average company. (7) The fund normally invests at least 80% of net assets in securities of small-capitalization companies. It invests primarily in equity securities. The fund may invest up to 25% of net assets in foreign securities and 10% of net assets in fixed-income securities such as investment-grade debt securities, longer-term U.S. government securities and high-quality money market investments. (8) The investment seeks to provide investment results approximating (before fees and expenses) the aggregate price and dividend performance of the securities included in the Russell 2000® Index. (9) The investment seeks capital appreciation aggressively. The fund mainly invests in common stock of issuers in emerging and developing markets throughout the world and may invest up to 100% of total assets in foreign securities. It normally invests at least 80% of net assets, plus borrowings for investment purposes, in equity securities of issuers whose principal activities are in at least three developing markets. The fund primarily invests in companies with high growth potential. (10) The investment seeks to achieve a high total rate of return primarily from current income while minimizing fluctuation in capital values. (11) The fund invests primarily in a diversified selection of investment-grade, publicly traded bonds including corporate, mortgage-backed, and government bonds. Normally, the portfolio duration will range from four to seven years. (12) The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A‑2 by S&P, P‑2 by Moody’s, or F‑2 by Fitch for short-term debt obligations, or, if unrated, determined by the fund’s sub-adviser, Metropolitan West Asset Management, LLC, to be of comparable quality) (13) The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB or higher by Standard & Poor’s, BBB- or higher by Fitch, or A‑2 by S&P, P‑2 by Moody’s, or F‑2 by Fitch for short-term debt obligations, or, if unrated, determined by the fund’s sub-adviser, Metropolitan West Asset Management, LLC, to be of comparable quality). Medina Savings and Loan Plan: December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Asset Category: Equities: (1) Select Fundamental Value $ — $ 907 $ — $ 907 (2) Select Indexed Equity A — 450 — 450 (3) Select Blue Chip Growth — 454 — 454 (4) Mid-Cap Value — 282 — 282 (5) Select S&P Mid-Cap Index — 393 — 393 (6) Select Mid-Cap Growth — 280 — 280 (7) Small-Cap — 341 — 341 (8) Select Small-Cap Index — 344 — 344 (9) Developing Markets — 229 — 229 Fixed Income: (11) U.S. Core Bond — 256 — 256 (12) Intermediate Duration — 508 — 508 (12) Long Duration — 507 — 507 (13) Money Market — 512 — 512 Total $ — $ 5,463 $ — $ 5,463 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital | |
Summary of actual capital amounts and ratios | Minimum To Be "Well- Minimum Capitalized" For Capital Under Prompt Actual Adequacy Purposes Corrective Provisions (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Common Equity Tier 1 Capital $ 31,942 12.18 % $ 15,730 6.00 % $ 20,974 8.00 % Total Capital (to Risk-Weighted Assets) $ 33,768 12.88 % $ 20,974 8.00 % $ 26,217 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 31,942 12.18 % $ 11,798 4.50 % $ 10,741 6.50 % Tier 1 Capital (to Total Adjusted Assets) $ 31,942 8.72 % $ 14,648 4.00 % $ 18,310 5.00 % As of December 31, 2019: Common Equity Tier 1 Capital $ 29,290 12.46 % $ 14,104 6.00 % $ 18,805 8.00 % Total Capital (to Risk-Weighted Assets) $ 30,950 13.17 % $ 18,805 8.00 % $ 23,507 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 29,290 12.46 % $ 10,578 4.50 % $ 15,279 6.50 % Tier 1 Capital (to Total Adjusted Assets) $ 29,290 8.27 % $ 14,158 4.00 % $ 17,698 5.00 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | |
Financial instruments whose contract amounts represent credit risk | Year Ended December 31, (In thousands) 2020 2019 Commitments to grant loans $ 4,009 $ 4,847 Unfunded commitments under lines of credit 14,823 17,072 Standby letters of credit — 400 |
Future minimum lease commitments under the operating lease | December 31, 2020 (In thousands) 46 19 $ 65 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions | |
Summary of loans made to related parties | Year Ended December 31, (In thousands) 2020 2019 Beginning balance $ 2,755 $ 2,224 Originations 408 1,334 Payments and change in status (636) (803) Ending balance $ 2,527 $ 2,755 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contracts with Customers | |
Schedule of disaggregation of revenue | Year Ended December 31, (In thousands) 2020 2019 Service charges on deposit accounts $ 588 $ 730 Debit card interchange and surcharge income 760 731 E-commerce income 20 23 Investment services income 88 284 Insurance commission and fees 755 793 Loan servicing fees 124 171 $ 2,335 $ 2,732 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) | |
Reclassified out of each component of accumulated other comprehensive loss | December 31, Affected Line Item in the (In thousands) 2020 2019 Consolidated Statement of Income Available-for-sale securities: Realized gain on sale of securities ($ 1,071) $ 274 Net gain on sale of securities Tax effect 225 (58) Benefit for income taxes ($ 846) $ 216 Net income Defined benefit pension plan: Retirement plan net losses recognized in net periodic pension cost $ 135 $ 191 Compensation and benefits Tax effect (28) (40) Benefit for income taxes $ 107 $ 151 Net income |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures | |
Schedule of carrying amount and estimated fair value of the Company’s financial instrument | December 31, 2020 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 26,830 $ 26,830 $ — $ — $ 26,830 Securities available-for-sale 17,926 — 14,752 3,174 17,926 Securities held-to-maturity 1,480 — 1,510 — 1,510 Equity securities 661 661 — — 661 Loans receivable 285,640 — — 280,887 280,887 Federal Home Loan Bank of New York stock 1,992 — 1,992 — 1,992 Accrued interest receivable 1,179 1,179 — — 1,179 Financial liabilities: Deposits $ 309,546 $ 97,418 $ — $ 213,757 $ 311,175 Long-term borrowings 27,628 — 30,053 — 30,053 Subordinated debt 1,235 — 1,235 — 1,235 Accrued interest payable 52 52 — — 52 December 31, 2019 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 13,448 $ 13,448 $ — $ — $ 13,448 Securities available-for-sale 30,627 — 28,115 2,512 30,627 Securities held-to-maturity 2,078 — 2,110 — 2,110 Equity securities 2,579 2,579 — — 2,579 Loans receivable 259,620 — — 262,929 262,929 Federal Home Loan Bank of New York stock 2,267 — 2,267 — 2,267 Accrued interest receivable 1,215 1,215 — — 1,215 Financial liabilities: Deposits $ 283,338 $ 65,623 $ — $ 218,004 $ 283,627 Long-term borrowings 31,448 — 32,874 — 32,874 Subordinated debt 735 — 735 — 735 Accrued interest payable 104 104 — — 104 |
Schedule of assets measured at fair value on a recurring basis | December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Securities available-for-sale: Debt investment securities: Residential mortgage-backed - US agency and GSEs $ — $ 39 $ — $ 39 Municipal bonds — 14,713 3,174 17,887 Equity investment securities: Large cap equity mutual fund 35 — — 35 Other mutual funds 626 — — 626 Total investment securities $ 661 $ 14,752 $ 3,174 $ 18,587 December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Securities available-for-sale: Debt investment securities: Residential mortgage-backed - US agency and GSEs $ — $ 50 $ — $ 50 Municipal bonds — 28,065 2,512 30,577 Equity investment securities: Large cap equity mutual fund 31 — — 31 Other mutual funds 2,548 — — 2,548 Total investment securities $ 2,579 $ 28,115 $ 2,512 $ 33,206 |
Schedule of assets measured at fair value on a nonrecurring basis | At December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 1,663 $ 1,663 Foreclosed real estate & repossessed assets — — 45 45 December 31, 2019 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 565 $ 565 Foreclosed real estate & repossessed assets — — 70 70 |
Schedule of quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) Impaired loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (20)% 1-4 family residential Costs to Sell 5% - 15% (10)% Impaired loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (25)% Commercial real estate Changes in property condition 10% - 20% (15)% Costs to Sell 5% - 15% (10)% Impaired loans - USDA Guarantee Government guaranteed portion 20% (20)% Other commercial and industrial Foreclosed real estate and repossessed assets Appraisal of collateral Appraisal Adjustments 5% - 35% (25)% Changes in property condition 10% - 20% (15)% Costs to Sell 5% - 15% (10)% |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Only Financial Information | |
Schedule of balance sheets statement | Statements of Condition December 31, (In thousands) 2020 2019 Assets Cash and cash equivalents $ 113 $ 172 Securities available-for-sale, at fair value 635 8 Investment in bank subsidiary 32,167 29,603 Note receivable - ESOP 41 120 Other assets 927 — Total assets $ 33,883 $ 29,903 Liabilities and Shareholders' Equity Due to Bank $ 1,851 $ 582 Subordinated debt 1,235 735 Deferred tax liability 72 272 Other liabilities 839 83 Shareholders' equity 29,886 28,231 Total liabilities and shareholders' equity $ 33,883 $ 29,903 |
Schedule of statements of operations | Year Ended Statements of Income December 31, (In thousands) 2020 2019 Income Dividends from bank subsidiary $ — $ — Dividends from securities available-for-sale 6 1 Interest income — 11 Gain on merger with Medina Savings and Loan Association — — Other noninterest income 40 1 Total income 46 13 Expenses Interest expense 84 81 Other expenses 251 99 Total expenses 335 180 Loss before taxes and equity in undistributed net income (loss) of bank subsidiary (289) (167) Income tax benefit (274) (155) Loss before equity in undistributed net income of bank subsidiary (15) (12) Equity in undistributed net income of bank subsidiary 1,763 99 Net income $ 1,748 $ 87 |
Schedule of statements of cash flows | Year Ended Statements of Cash Flows December 31, (In thousands) 2020 2019 Operating Activities Net income (loss) $ 1,748 $ 87 Equity in undistributed net income of bank subsidiary (1,763) (99) Unrealized gain loss equity security (39) Net change in other assets (927) 6 Net change in other liabilities (322) (182) Net cash (used in) operating activities (1,303) (188) Investing Activities Capital Infusion in Subsidiary (500) Repayments received on ESOP note 79 76 Net cash (used in) provided by investing activities (421) 76 Financing activities Net proceeds from (repayment of) advances on note payable 1,269 22 Treasury stock purchases (41) (41) Advances from Sub-Debt 500 MHC Merger (63) — Net cash provided by (used in) financing activities 1,665 (19) Net change in cash and cash equivalents (59) (131) Cash and cash equivalents at beginning of year 172 303 Cash and cash equivalents at end of year $ 113 $ 172 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information | |
Summary of information about segments | Year Ended December 31, 2020 2019 Community Municipal Community Municipal Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 10,011 $ — $ 480 $ 10,491 $ 9,553 $ 21 $ 28 $ 9,602 Provision for loan losses 480 — — 480 360 — — 360 Net interest income after provision for loan losses 9,531 — 480 10,011 9,193 21 28 9,242 Total noninterest income 2,718 762 480 3,960 2,736 811 — 3,547 Compensation and benefits (5,176) (389) (56) (5,621) (5,669) (412) (56) (6,137) Other noninterest expense (6,418) (158) (130) (6,706) (6,412) (242) (66) (6,720) (Loss) income before income taxes 655 215 774 1,644 (152) 178 (94) (68) Benefit for income taxes (112) — 8 (104) (155) — — (155) Net (loss) income $ 767 $ 215 $ 766 $ 1,748 $ 3 $ 178 $ (94) $ 87 Total assets $ 373,198 $ 1,452 $ 16,886 $ 391,536 $ 367,707 $ 2,328 $ 46,067 $ 416,102 |
Schedule of reconciliation of the Company’s reported segment assets | At December 31, At December 31, (In thousands) 2020 2019 Total assets for reportable segments $ 391,536 $ 416,102 Elimination of intercompany balances (18,522) (68,553) Consolidated total assets $ 373,014 $ 347,549 |
Organization and Nature of Op_2
Organization and Nature of Operations (Details) - USD ($) | Sep. 29, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Outstanding shares holding | 2,463,507 | 2,467,507 | ||
Seneca Falls Savings Bank, MHC (the “Mutual Holding Company”) | ||||
Related Party Transaction [Line Items] | ||||
Capital amount | $ 2,500,000 | |||
Medina Savings and Loan Association | ||||
Related Party Transaction [Line Items] | ||||
Shares issued | $ 171,440 | |||
Seneca Falls Savings Bank, MHC (the “Mutual Holding Company”) | Seneca-Cayuga Bancorp, Inc. (the “Holding Company”) | ||||
Related Party Transaction [Line Items] | ||||
Outstanding shares holding | 1,480,715 | 1,480,715 | ||
Percentage of holding | 60.10% | 60.01% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Allowance for Loan Losses (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for Loan Losses | ||
Percentage of Real estate loans to Portfolio | 77.00% | 78.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Premises and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | Buildings | |
Premises and equipment | |
Useful life | 15 years |
Minimum | Furniture, equipment, computers and software | |
Premises and equipment | |
Useful life | 3 years |
Maximum | Buildings | |
Premises and equipment | |
Useful life | 40 years |
Maximum | Furniture, equipment, computers and software | |
Premises and equipment | |
Useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Bank-owned life insurance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2012 | |
Bank-owned life insurance | ||
Purchased of Bank-Owned Life insurance | $ 750 | $ 2,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Intangible assets and goodwill (Details) - USD ($) | Sep. 29, 2018 | Sep. 09, 2018 | Dec. 28, 2016 |
John G. Sweeney Agency, Inc | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible asset | 7 years | ||
Goodwill acquired | $ 792,000 | ||
Medina Savings and Loan Association | |||
Business Acquisition [Line Items] | |||
Amortization period of intangible asset | 15 years | ||
Percentage of acquired core deposits | 2.50% | ||
Goodwill acquired | $ 0 | ||
Medina Savings and Loan Association | Core deposit intangible | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 964,000 | $ 964,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Employee benefit plans (Details) | 12 Months Ended |
Dec. 31, 2020planY | |
Employee benefit plans | |
Number of plans | plan | 2 |
Age to qualify for defined pension plans | Y | 21 |
Service period to qualify for defined pension plans | 1 year |
Service period to qualify for defined contribution pension plan | 12 months |
Minimum discretionary contribution term | 1 year |
Employee Stock Ownership Plan | |
Employee benefit plans | |
Duration of borrowings | 15 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Foreclosed real estate and repossessed assets (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||
Foreclosed real estate | $ 45,000 | $ 60,000 |
Repossessed assets | 10,000 | |
Real estate and other assets | 45,000 | 70,000 |
Net of estimated selling costs and the net operating expenses of foreclosed assets | 40,000 | 16,000 |
Amount of loan in Process of foreclosure | $ 558,000 | $ 278,000 |
One- to four-family residential mortgage loans | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||
Number of loans | loan | 9 | 5 |
Home equity loans | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||
Number of loans | loan | 2 | 2 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unrealized (gains) losses on securities available-for-sale: | ||
Unrealized holding gains arising during the period | $ (242) | $ (163) |
Reclassification adjustment for net gains included in net income | 225 | 58 |
Net unrealized gains on securities available-for-sale | (17) | (105) |
Defined benefit pension plan: | ||
Net plan (gains) losses arising during the period | (20) | (54) |
Reclassification of amortization of net losses and prior service credit recognized in net pension expense | (29) | (40) |
Net change in defined benefit pension plan asset | (49) | (94) |
Total tax effect | (66) | (199) |
Changes in the components of accumulated other comprehensive income (loss), net of tax | ||
Beginning balance | 28,231 | 27,369 |
Net current-period other comprehensive income (loss) | 247 | 749 |
Ending balance | 29,886 | 28,231 |
Securities Available-for-Sale | ||
Changes in the components of accumulated other comprehensive income (loss), net of tax | ||
Beginning balance | 658 | 262 |
Other comprehensive gain before reclassifications | 911 | 612 |
Amounts reclassified from AOCI to the income statement | (846) | (216) |
Net current-period other comprehensive income (loss) | 65 | 396 |
Ending balance | 723 | 658 |
Defined Benefit Pension Plan | ||
Changes in the components of accumulated other comprehensive income (loss), net of tax | ||
Beginning balance | (2,320) | (2,673) |
Other comprehensive gain before reclassifications | 76 | 202 |
Amounts reclassified from AOCI to the income statement | 106 | 151 |
Net current-period other comprehensive income (loss) | 182 | 353 |
Ending balance | (2,138) | (2,320) |
Accumulated Other Comprehensive Loss | ||
Changes in the components of accumulated other comprehensive income (loss), net of tax | ||
Beginning balance | (1,662) | (2,411) |
Other comprehensive gain before reclassifications | 987 | 814 |
Amounts reclassified from AOCI to the income statement | (740) | (65) |
Net current-period other comprehensive income (loss) | 247 | 749 |
Ending balance | $ (1,415) | $ (1,662) |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Amounts Reclassified From AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax effect | $ (104) | $ (155) |
Retirement plan net losses recognized in net periodic pension cost | 5,621 | 6,137 |
Amounts Reclassified From AOCI | Securities Available-for-Sale | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Realized gain on sale of securities | (1,071) | 274 |
Tax effect | 225 | (58) |
Net income available-for-sale securities | (846) | 216 |
Amounts Reclassified From AOCI | Defined Benefit Pension Plan | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Tax effect | (28) | (40) |
Retirement plan net losses recognized in net periodic pension cost | 135 | 191 |
Net loss defined benefit pension plan | $ 107 | $ 151 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | May 20, 2008 | |
Earnings Per Common Share | |||
Weighted-average number of common shares outstanding | 2,458,000 | 2,456,000 | |
Repurchase Percentage on Outstanding Shares | 5.00% | ||
Number of shares authorized to repurchase | 119,025 |
Balances at Other Banks (Detail
Balances at Other Banks (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Balances at Other Banks | ||
Reserve balances | $ 0 | $ 1,745,000 |
Securities - Securities availab
Securities - Securities available-for-sale and held-to-maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Securities available-for-sale: | ||
Amortized Cost | $ 17,010 | $ 29,794 |
Gross Unrealized Gains | 917 | 905 |
Gross Unrealized Losses | (1) | (72) |
Debt Securities, Available-for-sale, Total | 17,926 | 30,627 |
Securities held-to-maturity: | ||
Held-to-maturity securities Amortized Cost | 1,480 | 2,078 |
Held-to-maturity securities Gross Unrealized Gains | 33 | 36 |
Held-to-maturity securities Gross Unrealized Losses | (3) | (4) |
Held-to-maturity securities Fair Value | 1,510 | 2,110 |
Equity securities: | ||
Equity securities amortized Cost | 661 | 2,579 |
Equity securities | 661 | 2,579 |
Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Amortized Cost | 39 | 48 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (1) | |
Debt Securities, Available-for-sale, Total | 39 | 50 |
Securities held-to-maturity: | ||
Held-to-maturity securities Amortized Cost | 1,480 | 2,078 |
Held-to-maturity securities Gross Unrealized Gains | 33 | 36 |
Held-to-maturity securities Gross Unrealized Losses | (3) | (4) |
Held-to-maturity securities Fair Value | 1,510 | 2,110 |
State and political subdivisions | ||
Securities available-for-sale: | ||
Amortized Cost | 16,971 | 29,746 |
Gross Unrealized Gains | 916 | 903 |
Gross Unrealized Losses | (72) | |
Debt Securities, Available-for-sale, Total | 17,887 | 30,577 |
Large cap equity mutual fund | ||
Equity securities: | ||
Equity securities amortized Cost | 35 | 31 |
Equity securities | 35 | 31 |
Other mutual funds | ||
Equity securities: | ||
Equity securities amortized Cost | 626 | 2,548 |
Equity securities | $ 626 | $ 2,548 |
Securities - Gross unrealized l
Securities - Gross unrealized losses on investment securities and the fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | $ 1,090 | $ 8,779 |
Fair Value of more than 12 months | 2 | 4 |
Total Fair Value | 1,092 | 8,783 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (1) | (72) |
Total Gross unrealized losses | (1) | (72) |
Fair value of debt securities held-to-maturity: | ||
Fair Value 12 months or less | 150 | 68 |
Fair Value more than 12 months | 97 | 217 |
Total Fair Value | 247 | 285 |
Gross unrealized losses of debt securities held-to-maturity: | ||
Gross unrealized losses 12 months or less | (2) | (1) |
Gross unrealized losses more than 12 months | (1) | (3) |
Total Gross unrealized losses | (3) | (4) |
Maximum | ||
Gross unrealized losses of debt securities available-for-sale: | ||
Total Gross unrealized losses | (1,000) | |
Residential mortgage-backed - US agency and GSEs | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | 24 | |
Fair Value of more than 12 months | 2 | 4 |
Total Fair Value | 26 | 4 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (1) | |
Total Gross unrealized losses | (1) | |
Fair value of debt securities held-to-maturity: | ||
Fair Value 12 months or less | 150 | 68 |
Fair Value more than 12 months | 97 | 217 |
Total Fair Value | 247 | 285 |
Gross unrealized losses of debt securities held-to-maturity: | ||
Gross unrealized losses 12 months or less | (2) | (1) |
Gross unrealized losses more than 12 months | (1) | (3) |
Total Gross unrealized losses | $ (3) | (4) |
State and political subdivisions | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | 8,779 | |
Total Fair Value | 8,779 | |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (72) | |
Total Gross unrealized losses | $ (72) |
Securities - Narrative (Details
Securities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)security | |
Minimum | |
Debt Securities, Available-for-sale [Line Items] | |
Term of Contractual Maturity of Debt Securities | 20 years |
Residential mortgage-backed - US agency and GSEs | |
Debt Securities, Available-for-sale [Line Items] | |
Number of government-backed securities | security | 11 |
Residential mortgage-backed - US agency and GSEs | Maximum | |
Debt Securities, Available-for-sale [Line Items] | |
Impairment of Investments | $ | $ 800 |
Municipal Bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Number of government-backed securities | security | 3 |
Municipal Bonds | Maximum | |
Debt Securities, Available-for-sale [Line Items] | |
Impairment of Investments | $ | $ 575 |
Securities - Roll-forward (Deta
Securities - Roll-forward (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Securities | |
Reductions for securities sold | $ (408) |
Ending balance - December 31 | $ 408 |
Securities - Amortized cost and
Securities - Amortized cost and estimated fair values of debt securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Due in one year or less | $ 974 | |
Due over one year through five years | 1,400 | |
Due over five through ten years | 5,565 | |
Due after ten years | 9,032 | |
Total | 16,971 | |
Residential mortgage-backed securities | 39 | |
Total | 17,010 | $ 29,794 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Due in one year or less | 975 | |
Due over one year through five years | 1,426 | |
Due over five through ten years | 5,791 | |
Due after ten years | 9,695 | |
Total | 17,887 | |
Residential mortgage-backed securities | 39 | |
Debt Securities, Available-for-sale, Total | 17,926 | 30,627 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Residential mortgage-backed securities | 1,480 | |
Debt Securities, Held-to-maturity, Total | 1,480 | 2,078 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Residential mortgage-backed securities | 1,510 | |
Held-to-maturity securities Fair Value | $ 1,510 | $ 2,110 |
Securities - Gross realized gai
Securities - Gross realized gains (losses) on sales and redemptions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Securities | ||
Realized gains | $ 1,071,000 | $ 274,000 |
Total | 1,071,000 | 274,000 |
Fair value of securities pledged as collateral | $ 6,969,058 | $ 21,773,000 |
Loans Receivable - Major classi
Loans Receivable - Major classifications of loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 276,030 | $ 256,809 | |
Net deferred loan costs | 11,787 | 4,895 | |
Fair value credit and yield adjustment | (356) | (424) | |
Less: Allowance for loan losses | (1,821) | (1,660) | $ (1,548) |
Loans receivable, net | 285,640 | 259,620 | |
Home equity and junior liens | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 11,387 | 12,003 | |
Less: Allowance for loan losses | (46) | (50) | (58) |
Manufactured homes | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 44,347 | 23,769 | |
Less: Allowance for loan losses | (76) | ||
Automobile | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 21,469 | 21,083 | |
Less: Allowance for loan losses | (127) | (142) | (228) |
Student | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,259 | 2,251 | |
Less: Allowance for loan losses | (69) | (69) | (50) |
Recreational Vehicle | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 14,557 | ||
Other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 4,271 | 2,348 | |
Less: Allowance for loan losses | (84) | (35) | (28) |
Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 127,356 | 139,542 | |
Residential | One- to four-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 127,356 | 138,714 | |
Less: Allowance for loan losses | (457) | (375) | (314) |
Residential | Construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 828 | ||
Less: Allowance for loan losses | (2) | (1) | |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 50,384 | 55,813 | |
Commercial | Construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 100 | ||
Commercial | Real estate - nonresidential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 24,754 | 35,696 | |
Less: Allowance for loan losses | (319) | (421) | (202) |
Commercial | Multi-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,125 | 5,585 | |
Less: Allowance for loan losses | (26) | (17) | (12) |
Commercial | Commercial business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 20,505 | 14,432 | |
Less: Allowance for loan losses | (617) | (527) | $ (523) |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 98,290 | 61,454 | |
Consumer | Home equity and junior liens | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 11,387 | 12,003 | |
Consumer | Manufactured homes | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 44,347 | 23,769 | |
Consumer | Automobile | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 21,469 | 21,083 | |
Consumer | Student | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,259 | 2,251 | |
Consumer | Recreational Vehicle | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 14,557 | 263 | |
Consumer | Other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 4,271 | 2,085 | |
Originated | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 258,063 | 233,590 | |
Net deferred loan costs | 11,854 | 4,986 | |
Less: Allowance for loan losses | (1,821) | (1,660) | |
Loans receivable, net | 268,096 | 236,916 | |
Originated | Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 113,254 | 121,036 | |
Originated | Residential | One- to four-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 113,254 | 120,208 | |
Originated | Residential | Construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 828 | ||
Originated | Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 48,115 | 53,294 | |
Originated | Commercial | Construction | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 100 | ||
Originated | Commercial | Real estate - nonresidential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,812 | 33,581 | |
Originated | Commercial | Multi-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,125 | 5,585 | |
Originated | Commercial | Commercial business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 20,178 | 14,028 | |
Originated | Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 96,694 | 59,260 | |
Originated | Consumer | Home equity and junior liens | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,981 | 10,170 | |
Originated | Consumer | Manufactured homes | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 44,347 | 23,769 | |
Originated | Consumer | Automobile | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 21,469 | 21,083 | |
Originated | Consumer | Student | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,259 | 2,251 | |
Originated | Consumer | Recreational Vehicle | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 14,557 | 263 | |
Originated | Consumer | Other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 4,081 | 1,724 | |
Acquired | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 17,967 | 23,219 | |
Net deferred loan costs | (67) | (91) | |
Fair value credit and yield adjustment | (356) | (424) | |
Loans receivable, net | 17,544 | 22,704 | |
Acquired | Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 14,102 | 18,506 | |
Acquired | Residential | One- to four-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 14,102 | 18,506 | |
Acquired | Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,269 | 2,519 | |
Acquired | Commercial | Real estate - nonresidential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,942 | 2,115 | |
Acquired | Commercial | Commercial business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 327 | 404 | |
Acquired | Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,596 | 2,194 | |
Acquired | Consumer | Home equity and junior liens | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,406 | 1,833 | |
Acquired | Consumer | Other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 190 | $ 361 |
Loans Receivable - Loan portfol
Loans Receivable - Loan portfolio (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 276,030,000 | $ 256,809,000 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 261,390,000 | 243,280,000 |
Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 6,003,000 | 6,476,000 |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 8,637,000 | 7,053,000 |
Home equity and junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 11,387,000 | 12,003,000 |
Manufactured homes | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,347,000 | 23,769,000 |
Automobile | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 21,469,000 | 21,083,000 |
Discontinued sub-prime automobile loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding balance of all discontinued program loans | 6,000 | 181,000 |
Total outstanding current and paying as agreed | 4,000 | 125,000 |
Student | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,259,000 | 2,251,000 |
Recreational Vehicle | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 14,557,000 | |
Other consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,271,000 | 2,348,000 |
Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 127,356,000 | 139,542,000 |
Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 123,421,000 | 134,629,000 |
Residential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 690,000 | 2,964,000 |
Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 3,245,000 | 1,949,000 |
Residential | One- to four-family | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 127,356,000 | 138,714,000 |
Residential | One- to four-family | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 123,421,000 | 133,801,000 |
Residential | One- to four-family | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 690,000 | 2,964,000 |
Residential | One- to four-family | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 3,245,000 | 1,949,000 |
Residential | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 828,000 | |
Residential | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 828,000 | |
Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 50,384,000 | 55,813,000 |
Commercial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 39,958,000 | 47,618,000 |
Commercial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,275,000 | 3,277,000 |
Commercial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,151,000 | 4,918,000 |
Commercial | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 100,000 | |
Commercial | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 100,000 | |
Commercial | Real estate - nonresidential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 24,754,000 | 35,696,000 |
Commercial | Real estate - nonresidential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 17,539,000 | 31,307,000 |
Commercial | Real estate - nonresidential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,433,000 | 1,479,000 |
Commercial | Real estate - nonresidential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,782,000 | 2,910,000 |
Commercial | Multi-family | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,125,000 | 5,585,000 |
Commercial | Multi-family | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,083,000 | 5,585,000 |
Commercial | Multi-family | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 42,000 | |
Commercial | Commercial business | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 20,505,000 | 14,432,000 |
Commercial | Commercial business | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 17,336,000 | 10,626,000 |
Commercial | Commercial business | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 842,000 | 1,798,000 |
Commercial | Commercial business | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,327,000 | 2,008,000 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 98,290,000 | 61,454,000 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 98,011,000 | 61,033,000 |
Consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 38,000 | 235,000 |
Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 241,000 | 186,000 |
Consumer | Home equity and junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 11,387,000 | 12,003,000 |
Consumer | Home equity and junior liens | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 11,285,000 | 11,776,000 |
Consumer | Home equity and junior liens | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 96,000 | |
Consumer | Home equity and junior liens | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 102,000 | 131,000 |
Consumer | Manufactured homes | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,347,000 | 23,769,000 |
Consumer | Manufactured homes | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,272,000 | 23,686,000 |
Consumer | Manufactured homes | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 83,000 | |
Consumer | Manufactured homes | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 75,000 | |
Consumer | Automobile | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 21,469,000 | 21,083,000 |
Consumer | Automobile | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 21,432,000 | 20,975,000 |
Consumer | Automobile | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,000 | 54,000 |
Consumer | Automobile | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 33,000 | 54,000 |
Consumer | Student | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,259,000 | 2,251,000 |
Consumer | Student | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,259,000 | 2,251,000 |
Consumer | Recreational Vehicle | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 14,557,000 | 263,000 |
Consumer | Recreational Vehicle | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 14,527,000 | 263,000 |
Consumer | Recreational Vehicle | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 30,000 | |
Consumer | Other consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,271,000 | 2,085,000 |
Consumer | Other consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,236,000 | 2,082,000 |
Consumer | Other consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,000 | 2,000 |
Consumer | Other consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 31,000 | 1,000 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 258,063,000 | 233,590,000 |
Originated | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 243,900,000 | 221,267,000 |
Originated | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,940,000 | 5,671,000 |
Originated | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 8,223,000 | 6,652,000 |
Originated | Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 113,254,000 | 121,036,000 |
Originated | Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 109,752,000 | 117,242,000 |
Originated | Residential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 627,000 | 2,159,000 |
Originated | Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,875,000 | 1,635,000 |
Originated | Residential | One- to four-family | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 113,254,000 | 120,208,000 |
Originated | Residential | One- to four-family | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 109,752,000 | 116,414,000 |
Originated | Residential | One- to four-family | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 627,000 | 2,159,000 |
Originated | Residential | One- to four-family | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,875,000 | 1,635,000 |
Originated | Residential | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 828,000 | |
Originated | Residential | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 828,000 | |
Originated | Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 48,115,000 | 53,294,000 |
Originated | Commercial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 37,689,000 | 45,099,000 |
Originated | Commercial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,275,000 | 3,277,000 |
Originated | Commercial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,151,000 | 4,918,000 |
Originated | Commercial | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 100,000 | |
Originated | Commercial | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 100,000 | |
Originated | Commercial | Real estate - nonresidential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 22,812,000 | 33,581,000 |
Originated | Commercial | Real estate - nonresidential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 15,597,000 | 29,192,000 |
Originated | Commercial | Real estate - nonresidential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,433,000 | 1,479,000 |
Originated | Commercial | Real estate - nonresidential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,782,000 | 2,910,000 |
Originated | Commercial | Multi-family | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,125,000 | 5,585,000 |
Originated | Commercial | Multi-family | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 5,083,000 | 5,585,000 |
Originated | Commercial | Multi-family | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 42,000 | |
Originated | Commercial | Commercial business | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 20,178,000 | 14,028,000 |
Originated | Commercial | Commercial business | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 17,009,000 | 10,222,000 |
Originated | Commercial | Commercial business | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 842,000 | 1,798,000 |
Originated | Commercial | Commercial business | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,327,000 | 2,008,000 |
Originated | Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 96,694,000 | 59,260,000 |
Originated | Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 96,459,000 | 58,926,000 |
Originated | Consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 38,000 | 235,000 |
Originated | Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 197,000 | 99,000 |
Originated | Consumer | Home equity and junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 9,981,000 | 10,170,000 |
Originated | Consumer | Home equity and junior liens | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 9,923,000 | 10,030,000 |
Originated | Consumer | Home equity and junior liens | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 96,000 | |
Originated | Consumer | Home equity and junior liens | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 58,000 | 44,000 |
Originated | Consumer | Manufactured homes | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,347,000 | 23,769,000 |
Originated | Consumer | Manufactured homes | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,272,000 | 23,686,000 |
Originated | Consumer | Manufactured homes | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 83,000 | |
Originated | Consumer | Manufactured homes | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 75,000 | |
Originated | Consumer | Automobile | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 21,469,000 | 21,083,000 |
Originated | Consumer | Automobile | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 21,432,000 | 20,975,000 |
Originated | Consumer | Automobile | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,000 | 54,000 |
Originated | Consumer | Automobile | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 33,000 | 54,000 |
Originated | Consumer | Student | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,259,000 | 2,251,000 |
Originated | Consumer | Student | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,259,000 | 2,251,000 |
Originated | Consumer | Recreational Vehicle | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 14,557,000 | 263,000 |
Originated | Consumer | Recreational Vehicle | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 14,527,000 | 263,000 |
Originated | Consumer | Recreational Vehicle | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 30,000 | |
Originated | Consumer | Other consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,081,000 | 1,724,000 |
Originated | Consumer | Other consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,046,000 | 1,721,000 |
Originated | Consumer | Other consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 4,000 | 2,000 |
Originated | Consumer | Other consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 31,000 | 1,000 |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 17,967,000 | 23,219,000 |
Acquired | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 17,490,000 | 22,013,000 |
Acquired | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 63,000 | 805,000 |
Acquired | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 414,000 | 401,000 |
Acquired | Residential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 14,102,000 | 18,506,000 |
Acquired | Residential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 13,669,000 | 17,387,000 |
Acquired | Residential | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 63,000 | 805,000 |
Acquired | Residential | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 370,000 | 314,000 |
Acquired | Residential | One- to four-family | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 14,102,000 | 18,506,000 |
Acquired | Residential | One- to four-family | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 13,669,000 | 17,387,000 |
Acquired | Residential | One- to four-family | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 63,000 | 805,000 |
Acquired | Residential | One- to four-family | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 370,000 | 314,000 |
Acquired | Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,269,000 | 2,519,000 |
Acquired | Commercial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 2,269,000 | 2,519,000 |
Acquired | Commercial | Real estate - nonresidential | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 1,942,000 | 2,115,000 |
Acquired | Commercial | Real estate - nonresidential | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 1,942,000 | 2,115,000 |
Acquired | Commercial | Commercial business | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 327,000 | 404,000 |
Acquired | Commercial | Commercial business | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 327,000 | 404,000 |
Acquired | Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 1,596,000 | 2,194,000 |
Acquired | Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 1,552,000 | 2,107,000 |
Acquired | Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,000 | 87,000 |
Acquired | Consumer | Home equity and junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 1,406,000 | 1,833,000 |
Acquired | Consumer | Home equity and junior liens | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 1,362,000 | 1,746,000 |
Acquired | Consumer | Home equity and junior liens | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 44,000 | 87,000 |
Acquired | Consumer | Other consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | 190,000 | 361,000 |
Acquired | Consumer | Other consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans | $ 190,000 | $ 361,000 |
Loans Receivable - Non-accrual
Loans Receivable - Non-accrual and Past Due Loans (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 10,938,000 | $ 11,984,000 |
Total Loans Current | 265,092,000 | 244,825,000 |
Total loans | 276,030,000 | 256,809,000 |
Non-accrual loans | 5,319,000 | 6,171,000 |
Number of loans past due more than ninety days and still accruing | 0 | 0 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,275,000 | 4,880,000 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,344,000 | 3,652,000 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,319,000 | 3,452,000 |
Home equity and junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,387,000 | 12,003,000 |
Manufactured homes | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 44,347,000 | 23,769,000 |
Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 21,469,000 | 21,083,000 |
Student | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,259,000 | 2,251,000 |
Recreational Vehicle | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 14,557,000 | |
Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,271,000 | 2,348,000 |
Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,552,000 | 7,628,000 |
Total Loans Current | 120,804,000 | 131,914,000 |
Total loans | 127,356,000 | 139,542,000 |
Non-accrual loans | 3,245,000 | 2,259,000 |
Residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,568,000 | 3,420,000 |
Residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 739,000 | 1,949,000 |
Residential | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,245,000 | 2,259,000 |
Residential | One- to four-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,552,000 | 7,628,000 |
Total Loans Current | 120,804,000 | 131,086,000 |
Total loans | 127,356,000 | 138,714,000 |
Residential | One- to four-family | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,568,000 | 3,420,000 |
Residential | One- to four-family | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 739,000 | 1,949,000 |
Residential | One- to four-family | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,245,000 | 2,259,000 |
Residential | 1-4 family first-lien | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 3,245,000 | 2,259,000 |
Residential | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Current | 828,000 | |
Total loans | 828,000 | |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,119,000 | 3,287,000 |
Total Loans Current | 48,265,000 | 52,526,000 |
Total loans | 50,384,000 | 55,813,000 |
Non-accrual loans | 1,833,000 | 3,704,000 |
Commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 205,000 | 890,000 |
Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 81,000 | 1,412,000 |
Commercial | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,833,000 | 985,000 |
Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Current | 100,000 | |
Total loans | 100,000 | |
Commercial | Other commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 688,000 | 1,195,000 |
Commercial | Real estate - nonresidential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,235,000 | 2,650,000 |
Total Loans Current | 23,519,000 | 33,046,000 |
Total loans | 24,754,000 | 35,696,000 |
Non-accrual loans | 1,103,000 | 2,509,000 |
Commercial | Real estate - nonresidential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 66,000 | 350,000 |
Commercial | Real estate - nonresidential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 66,000 | 1,388,000 |
Commercial | Real estate - nonresidential | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,103,000 | 912,000 |
Commercial | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 42,000 | |
Total Loans Current | 5,083,000 | 5,585,000 |
Total loans | 5,125,000 | 5,585,000 |
Non-accrual loans | 42,000 | |
Commercial | Multi-family | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 42,000 | |
Commercial | Commercial business | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 842,000 | 637,000 |
Total Loans Current | 19,663,000 | 13,795,000 |
Total loans | 20,505,000 | 14,432,000 |
Commercial | Commercial business | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 139,000 | 540,000 |
Commercial | Commercial business | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,000 | 24,000 |
Commercial | Commercial business | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 688,000 | 73,000 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,267,000 | 1,069,000 |
Total Loans Current | 96,023,000 | 60,385,000 |
Total loans | 98,290,000 | 61,454,000 |
Non-accrual loans | 241,000 | 208,000 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,502,000 | 570,000 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 524,000 | 291,000 |
Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 241,000 | 208,000 |
Consumer | Home equity and junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 269,000 | 379,000 |
Total Loans Current | 11,118,000 | 11,624,000 |
Total loans | 11,387,000 | 12,003,000 |
Non-accrual loans | 102,000 | 154,000 |
Consumer | Home equity and junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 138,000 | 91,000 |
Consumer | Home equity and junior liens | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 29,000 | 134,000 |
Consumer | Home equity and junior liens | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 102,000 | 154,000 |
Consumer | Manufactured homes | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,459,000 | 262,000 |
Total Loans Current | 42,888,000 | 23,507,000 |
Total loans | 44,347,000 | 23,769,000 |
Non-accrual loans | 75,000 | |
Consumer | Manufactured homes | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 944,000 | 179,000 |
Consumer | Manufactured homes | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 440,000 | 83,000 |
Consumer | Manufactured homes | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 75,000 | |
Consumer | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 242,000 | 315,000 |
Total Loans Current | 21,227,000 | 20,768,000 |
Total loans | 21,469,000 | 21,083,000 |
Non-accrual loans | 33,000 | 54,000 |
Consumer | Automobile | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 188,000 | 207,000 |
Consumer | Automobile | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 21,000 | 54,000 |
Consumer | Automobile | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 33,000 | 54,000 |
Consumer | Student | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 35,000 | |
Total Loans Current | 2,259,000 | 2,216,000 |
Total loans | 2,259,000 | 2,251,000 |
Consumer | Student | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 35,000 | |
Consumer | Recreational Vehicle | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 259,000 | |
Total Loans Current | 14,298,000 | 263,000 |
Total loans | 14,557,000 | 263,000 |
Consumer | Recreational Vehicle | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 229,000 | |
Consumer | Recreational Vehicle | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 30,000 | |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 38,000 | 78,000 |
Total Loans Current | 4,233,000 | 2,007,000 |
Total loans | 4,271,000 | 2,085,000 |
Non-accrual loans | 31,000 | |
Consumer | Other consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,000 | 58,000 |
Consumer | Other consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,000 | 20,000 |
Consumer | Other consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 31,000 | |
Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 10,184,000 | 10,740,000 |
Total Loans Current | 247,879,000 | 222,850,000 |
Total loans | 258,063,000 | 233,590,000 |
Originated | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,006,000 | 4,411,000 |
Originated | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,275,000 | 3,278,000 |
Originated | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,903,000 | 3,051,000 |
Originated | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,911,000 | 6,564,000 |
Total Loans Current | 107,343,000 | 114,472,000 |
Total loans | 113,254,000 | 121,036,000 |
Originated | Residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,345,000 | 2,963,000 |
Originated | Residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 691,000 | 1,656,000 |
Originated | Residential | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,875,000 | 1,945,000 |
Originated | Residential | One- to four-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,911,000 | 6,564,000 |
Total Loans Current | 107,343,000 | 113,644,000 |
Total loans | 113,254,000 | 120,208,000 |
Originated | Residential | One- to four-family | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,345,000 | 2,963,000 |
Originated | Residential | One- to four-family | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 691,000 | 1,656,000 |
Originated | Residential | One- to four-family | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,875,000 | 1,945,000 |
Originated | Residential | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Current | 828,000 | |
Total loans | 828,000 | |
Originated | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,104,000 | 3,287,000 |
Total Loans Current | 46,011,000 | 50,007,000 |
Total loans | 48,115,000 | 53,294,000 |
Originated | Commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 205,000 | 890,000 |
Originated | Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 66,000 | 1,412,000 |
Originated | Commercial | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,833,000 | 985,000 |
Originated | Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Current | 100,000 | |
Total loans | 100,000 | |
Originated | Commercial | Real estate - nonresidential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,235,000 | 2,650,000 |
Total Loans Current | 21,577,000 | 30,931,000 |
Total loans | 22,812,000 | 33,581,000 |
Originated | Commercial | Real estate - nonresidential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 66,000 | 350,000 |
Originated | Commercial | Real estate - nonresidential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 66,000 | 1,388,000 |
Originated | Commercial | Real estate - nonresidential | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,103,000 | 912,000 |
Originated | Commercial | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 42,000 | |
Total Loans Current | 5,083,000 | 5,585,000 |
Total loans | 5,125,000 | 5,585,000 |
Originated | Commercial | Multi-family | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 42,000 | |
Originated | Commercial | Commercial business | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 827,000 | 637,000 |
Total Loans Current | 19,351,000 | 13,391,000 |
Total loans | 20,178,000 | 14,028,000 |
Originated | Commercial | Commercial business | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 139,000 | 540,000 |
Originated | Commercial | Commercial business | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 24,000 | |
Originated | Commercial | Commercial business | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 688,000 | 73,000 |
Originated | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,169,000 | 889,000 |
Total Loans Current | 94,525,000 | 58,371,000 |
Total loans | 96,694,000 | 59,260,000 |
Originated | Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,456,000 | 558,000 |
Originated | Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 518,000 | 210,000 |
Originated | Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 195,000 | 121,000 |
Originated | Consumer | Home equity and junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 173,000 | 218,000 |
Total Loans Current | 9,808,000 | 9,952,000 |
Total loans | 9,981,000 | 10,170,000 |
Originated | Consumer | Home equity and junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 92,000 | 80,000 |
Originated | Consumer | Home equity and junior liens | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 23,000 | 71,000 |
Originated | Consumer | Home equity and junior liens | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 58,000 | 67,000 |
Originated | Consumer | Manufactured homes | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,459,000 | 262,000 |
Total Loans Current | 42,888,000 | 23,507,000 |
Total loans | 44,347,000 | 23,769,000 |
Originated | Consumer | Manufactured homes | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 944,000 | 179,000 |
Originated | Consumer | Manufactured homes | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 440,000 | 83,000 |
Originated | Consumer | Manufactured homes | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 75,000 | |
Originated | Consumer | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 242,000 | 315,000 |
Total Loans Current | 21,227,000 | 20,768,000 |
Total loans | 21,469,000 | 21,083,000 |
Originated | Consumer | Automobile | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 188,000 | 207,000 |
Originated | Consumer | Automobile | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 21,000 | 54,000 |
Originated | Consumer | Automobile | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 33,000 | 54,000 |
Originated | Consumer | Student | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 35,000 | |
Total Loans Current | 2,259,000 | 2,216,000 |
Total loans | 2,259,000 | 2,251,000 |
Originated | Consumer | Student | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 35,000 | |
Originated | Consumer | Recreational Vehicle | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 259,000 | |
Total Loans Current | 14,298,000 | 263,000 |
Total loans | 14,557,000 | 263,000 |
Originated | Consumer | Recreational Vehicle | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 229,000 | |
Originated | Consumer | Recreational Vehicle | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 30,000 | |
Originated | Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 36,000 | 59,000 |
Total Loans Current | 4,045,000 | 1,665,000 |
Total loans | 4,081,000 | 1,724,000 |
Originated | Consumer | Other consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,000 | 57,000 |
Originated | Consumer | Other consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,000 | 2,000 |
Originated | Consumer | Other consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 29,000 | |
Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 754,000 | 1,244,000 |
Total Loans Current | 17,213,000 | 21,975,000 |
Total loans | 17,967,000 | 23,219,000 |
Acquired | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 269,000 | 469,000 |
Acquired | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 69,000 | 374,000 |
Acquired | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 416,000 | 401,000 |
Acquired | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 641,000 | 1,064,000 |
Total Loans Current | 13,461,000 | 17,442,000 |
Total loans | 14,102,000 | 18,506,000 |
Acquired | Residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 223,000 | 457,000 |
Acquired | Residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 48,000 | 293,000 |
Acquired | Residential | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 370,000 | 314,000 |
Acquired | Residential | One- to four-family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 641,000 | 1,064,000 |
Total Loans Current | 13,461,000 | 17,442,000 |
Total loans | 14,102,000 | 18,506,000 |
Acquired | Residential | One- to four-family | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 223,000 | 457,000 |
Acquired | Residential | One- to four-family | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 48,000 | 293,000 |
Acquired | Residential | One- to four-family | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 370,000 | 314,000 |
Acquired | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,000 | |
Total Loans Current | 2,254,000 | 2,519,000 |
Total loans | 2,269,000 | 2,519,000 |
Acquired | Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,000 | |
Acquired | Commercial | Other commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Current | 404,000 | |
Total loans | 404,000 | |
Acquired | Commercial | Real estate - nonresidential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Current | 1,942,000 | 2,115,000 |
Total loans | 1,942,000 | 2,115,000 |
Acquired | Commercial | Commercial business | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,000 | |
Total Loans Current | 312,000 | |
Total loans | 327,000 | 404,000 |
Acquired | Commercial | Commercial business | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 15,000 | |
Acquired | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 98,000 | 180,000 |
Total Loans Current | 1,498,000 | 2,014,000 |
Total loans | 1,596,000 | 2,194,000 |
Acquired | Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 46,000 | 12,000 |
Acquired | Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,000 | 81,000 |
Acquired | Consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 46,000 | 87,000 |
Acquired | Consumer | Home equity and junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 96,000 | 161,000 |
Total Loans Current | 1,310,000 | 1,672,000 |
Total loans | 1,406,000 | 1,833,000 |
Acquired | Consumer | Home equity and junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 46,000 | 11,000 |
Acquired | Consumer | Home equity and junior liens | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,000 | 63,000 |
Acquired | Consumer | Home equity and junior liens | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 44,000 | 87,000 |
Acquired | Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,000 | 19,000 |
Total Loans Current | 188,000 | 342,000 |
Total loans | 190,000 | 361,000 |
Acquired | Consumer | Other consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,000 | |
Acquired | Consumer | Other consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 18,000 | |
Acquired | Consumer | Other consumer | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 2,000 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)loancontract | Dec. 31, 2019USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Number of modified loans | loan | 9 | |
Number of contracts in non-accrual status | contract | 1 | |
Outstanding balance | $ 2,500,000 | |
Charge-offs | (583,000) | $ (396,000) |
Bankers Healthcare Group | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total outstanding TDR | 25,000 | |
Automobile | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | $ (54,000) | $ (137,000) |
Loans Receivable - Impaired Loa
Loans Receivable - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Recorded Investment | ||
Total: | $ 6,152 | $ 7,412 |
Unpaid Principal Balance | ||
Total: | 6,603 | 7,442 |
Related Allowance | 305 | 391 |
Average Recorded Investment | ||
Total: | 6,631 | 5,022 |
Interest Income Recognized | ||
Total: | 195 | 188 |
Multi-family | ||
Recorded Investment | ||
With an allowance recorded: | 42 | |
Total: | 42 | |
Unpaid Principal Balance | ||
With an allowance recorded: | 42 | |
Total: | 42 | |
Related Allowance | 7 | |
Average Recorded Investment | ||
Total: | 42 | |
Interest Income Recognized | ||
Total: | 1 | |
Commercial business | ||
Recorded Investment | ||
With no related allowance recorded: | 782 | 1,622 |
With an allowance recorded: | 713 | 385 |
Total: | 1,495 | 2,007 |
Unpaid Principal Balance | ||
With no related allowance recorded: | 782 | 1,622 |
With an allowance recorded: | 713 | 385 |
Total: | 1,495 | 2,007 |
Related Allowance | 265 | 133 |
Average Recorded Investment | ||
Total: | 1,572 | 1,038 |
Interest Income Recognized | ||
Total: | 54 | 58 |
Home equity and junior liens | ||
Recorded Investment | ||
With no related allowance recorded: | 109 | 131 |
Total: | 109 | 131 |
Unpaid Principal Balance | ||
With no related allowance recorded: | 109 | 131 |
Total: | 109 | 131 |
Average Recorded Investment | ||
Total: | 110 | 132 |
Interest Income Recognized | ||
Total: | 7 | 7 |
Automobile | ||
Recorded Investment | ||
With no related allowance recorded: | 81 | |
With an allowance recorded: | 41 | |
Total: | 41 | 81 |
Unpaid Principal Balance | ||
With no related allowance recorded: | 81 | |
With an allowance recorded: | 41 | |
Total: | 41 | 81 |
Related Allowance | 10 | |
Average Recorded Investment | ||
Total: | 46 | 89 |
Interest Income Recognized | ||
Total: | 4 | 10 |
Other consumer | ||
Recorded Investment | ||
With an allowance recorded: | 2 | 1 |
Total: | 2 | 1 |
Unpaid Principal Balance | ||
With an allowance recorded: | 2 | 1 |
Total: | 2 | 1 |
Related Allowance | 2 | 1 |
Average Recorded Investment | ||
Total: | 2 | 1 |
Residential | One- to four-family | ||
Recorded Investment | ||
With no related allowance recorded: | 2,836 | 2,150 |
With an allowance recorded: | 429 | 132 |
Total: | 3,265 | 2,282 |
Unpaid Principal Balance | ||
With no related allowance recorded: | 2,937 | 2,180 |
With an allowance recorded: | 429 | 132 |
Total: | 3,366 | 2,312 |
Related Allowance | 21 | 7 |
Average Recorded Investment | ||
Total: | 3,336 | 2,309 |
Interest Income Recognized | ||
Total: | 110 | 82 |
Commercial | Real estate - nonresidential | ||
Recorded Investment | ||
With no related allowance recorded: | 1,198 | 2,472 |
With an allowance recorded: | 438 | |
Total: | 1,198 | 2,910 |
Unpaid Principal Balance | ||
With no related allowance recorded: | 1,548 | 2,472 |
With an allowance recorded: | 438 | |
Total: | 1,548 | 2,910 |
Related Allowance | 250 | |
Average Recorded Investment | ||
Total: | 1,523 | 1,453 |
Interest Income Recognized | ||
Total: | $ 19 | $ 31 |
Servicing (Details)
Servicing (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Capitalized servicing rights | $ 20,000 | $ 23,000 |
One- to four-family residential mortgage loans | ||
Servicing Asset at Amortized Cost [Line Items] | ||
Mortgage loans | 14,000,000 | 16,400,000 |
Outstanding balance | $ 12,100,000 | $ 14,300,000 |
Allowance for Loan Loss (Detail
Allowance for Loan Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for loan losses: | ||
Beginning Balance | $ 1,660 | $ 1,548 |
Charge-offs | (583) | (396) |
Recoveries | 264 | 148 |
Provision for loan losses | 480 | 360 |
Ending balance | 1,821 | 1,660 |
Ending balance: related to loans individually evaluated for impairment | 305 | 391 |
Ending balance: related to loans collectively evaluated for impairment | 1,516 | 1,269 |
Loans receivable - Ending balance | 276,030 | 256,809 |
Loans receivable - Ending balance: individually evaluated for impairment | 6,152 | 7,412 |
Loans receivable - Ending balance: collectively evaluated for impairment | 269,878 | 249,397 |
Home equity and junior liens | ||
Allowance for loan losses: | ||
Beginning Balance | 50 | 58 |
Charge-offs | (9) | |
Recoveries | 12 | |
Provision for loan losses | (7) | (8) |
Ending balance | 46 | 50 |
Ending balance: related to loans collectively evaluated for impairment | 46 | 50 |
Loans receivable - Ending balance | 11,387 | 12,003 |
Loans receivable - Ending balance: individually evaluated for impairment | 109 | 131 |
Loans receivable - Ending balance: collectively evaluated for impairment | 11,278 | 11,872 |
Manufactured homes | ||
Allowance for loan losses: | ||
Provision for loan losses | 76 | |
Ending balance | 76 | |
Ending balance: related to loans collectively evaluated for impairment | 76 | |
Loans receivable - Ending balance | 44,347 | 23,769 |
Loans receivable - Ending balance: collectively evaluated for impairment | 44,347 | 23,769 |
Automobile | ||
Allowance for loan losses: | ||
Beginning Balance | 142 | 228 |
Charge-offs | (54) | (137) |
Recoveries | 71 | 52 |
Provision for loan losses | (32) | (1) |
Ending balance | 127 | 142 |
Ending balance: related to loans individually evaluated for impairment | 10 | |
Ending balance: related to loans collectively evaluated for impairment | 117 | 142 |
Loans receivable - Ending balance | 21,469 | 21,083 |
Loans receivable - Ending balance: individually evaluated for impairment | 41 | 81 |
Loans receivable - Ending balance: collectively evaluated for impairment | 21,428 | 21,002 |
Student | ||
Allowance for loan losses: | ||
Beginning Balance | 69 | 50 |
Charge-offs | (25) | |
Recoveries | 3 | 1 |
Provision for loan losses | (3) | 43 |
Ending balance | 69 | 69 |
Ending balance: related to loans collectively evaluated for impairment | 69 | 69 |
Loans receivable - Ending balance | 2,259 | 2,251 |
Loans receivable - Ending balance: collectively evaluated for impairment | 2,259 | 2,251 |
Recreational Vehicle | ||
Allowance for loan losses: | ||
Charge-offs | (14) | |
Recoveries | 6 | |
Provision for loan losses | 8 | |
Loans receivable - Ending balance | 14,557 | |
Loans receivable - Ending balance: collectively evaluated for impairment | 14,557 | |
Other consumer | ||
Allowance for loan losses: | ||
Beginning Balance | 35 | 28 |
Charge-offs | (4) | (68) |
Recoveries | 9 | 5 |
Provision for loan losses | 44 | 70 |
Ending balance | 84 | 35 |
Ending balance: related to loans individually evaluated for impairment | 2 | 1 |
Ending balance: related to loans collectively evaluated for impairment | 82 | 34 |
Loans receivable - Ending balance | 4,271 | 2,348 |
Loans receivable - Ending balance: individually evaluated for impairment | 2 | 1 |
Loans receivable - Ending balance: collectively evaluated for impairment | 4,269 | 2,347 |
Unallocated | ||
Allowance for loan losses: | ||
Beginning Balance | 22 | 132 |
Provision for loan losses | (22) | (110) |
Ending balance | 22 | |
Ending balance: related to loans collectively evaluated for impairment | 22 | |
Residential | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 127,356 | 139,542 |
Residential | One- to four-family | ||
Allowance for loan losses: | ||
Beginning Balance | 375 | 314 |
Charge-offs | (89) | (42) |
Recoveries | 4 | 2 |
Provision for loan losses | 167 | 101 |
Ending balance | 457 | 375 |
Ending balance: related to loans individually evaluated for impairment | 21 | 7 |
Ending balance: related to loans collectively evaluated for impairment | 436 | 368 |
Loans receivable - Ending balance | 127,356 | 138,714 |
Loans receivable - Ending balance: individually evaluated for impairment | 3,265 | 2,282 |
Loans receivable - Ending balance: collectively evaluated for impairment | 124,091 | 136,432 |
Residential | Construction | ||
Allowance for loan losses: | ||
Beginning Balance | 2 | 1 |
Provision for loan losses | (2) | 1 |
Ending balance | 2 | |
Ending balance: related to loans collectively evaluated for impairment | 2 | |
Loans receivable - Ending balance | 828 | |
Loans receivable - Ending balance: collectively evaluated for impairment | 828 | |
Commercial | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 50,384 | 55,813 |
Commercial | Construction | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 100 | |
Loans receivable - Ending balance: collectively evaluated for impairment | 100 | |
Commercial | Real estate - nonresidential | ||
Allowance for loan losses: | ||
Beginning Balance | 421 | 202 |
Charge-offs | (398) | (18) |
Provision for loan losses | 296 | 237 |
Ending balance | 319 | 421 |
Ending balance: related to loans individually evaluated for impairment | 250 | |
Ending balance: related to loans collectively evaluated for impairment | 319 | 171 |
Loans receivable - Ending balance | 24,754 | 35,696 |
Loans receivable - Ending balance: individually evaluated for impairment | 1,198 | 2,910 |
Loans receivable - Ending balance: collectively evaluated for impairment | 23,556 | 32,786 |
Commercial | Multi-family | ||
Allowance for loan losses: | ||
Beginning Balance | 17 | 12 |
Recoveries | 19 | 9 |
Provision for loan losses | (10) | (4) |
Ending balance | 26 | 17 |
Ending balance: related to loans individually evaluated for impairment | 7 | |
Ending balance: related to loans collectively evaluated for impairment | 19 | 17 |
Loans receivable - Ending balance | 5,125 | 5,585 |
Loans receivable - Ending balance: individually evaluated for impairment | 42 | |
Loans receivable - Ending balance: collectively evaluated for impairment | 5,083 | 5,585 |
Commercial | Commercial business | ||
Allowance for loan losses: | ||
Beginning Balance | 527 | 523 |
Charge-offs | (15) | (106) |
Recoveries | 140 | 79 |
Provision for loan losses | (35) | 31 |
Ending balance | 617 | 527 |
Ending balance: related to loans individually evaluated for impairment | 265 | 133 |
Ending balance: related to loans collectively evaluated for impairment | 352 | 394 |
Loans receivable - Ending balance | 20,505 | 14,432 |
Loans receivable - Ending balance: individually evaluated for impairment | 1,495 | 2,007 |
Loans receivable - Ending balance: collectively evaluated for impairment | 19,010 | 12,425 |
Consumer | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 98,290 | 61,454 |
Consumer | Home equity and junior liens | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 11,387 | 12,003 |
Consumer | Manufactured homes | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 44,347 | 23,769 |
Consumer | Automobile | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 21,469 | 21,083 |
Consumer | Student | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 2,259 | 2,251 |
Consumer | Recreational Vehicle | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | 14,557 | 263 |
Consumer | Other consumer | ||
Allowance for loan losses: | ||
Loans receivable - Ending balance | $ 4,271 | $ 2,085 |
Federal Home Loan Bank of New_2
Federal Home Loan Bank of New York Stock (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Bank, Advances [Line Items] | |
Percentage of outstanding advances from the FHLB | 5.00% |
Residential | |
Federal Home Loan Bank, Advances [Line Items] | |
Unpaid principal balance | 1.00% |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment gross | $ 29,941 | $ 29,734 |
Less: Accumulated depreciation | 13,198 | 12,146 |
Total premises and equipment | 16,743 | 17,588 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment gross | 3,884 | 3,909 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment gross | 19,041 | 19,016 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment gross | 6,810 | 6,638 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment gross | $ 206 | $ 171 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Summarized (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,761 | |
Goodwill | $ 792 | 792 |
Gross Carrying Amount | 1,761 | |
Accumulated Amortization | (121) | (56) |
Total | 320 | |
Net Value, including goodwill | 1,640 | 1,705 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5 | 5 |
Accumulated Amortization | (3) | (2) |
Total | 2 | 3 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 964 | 964 |
Accumulated Amortization | (118) | (54) |
Total | $ 846 | $ 910 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Narrative (Details) - USD ($) | Sep. 29, 2018 | Dec. 28, 2016 | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 792,000 | $ 792,000 | ||
Effective income tax rate | 21.00% | 21.00% | ||
John G. Sweeney Agency, Inc | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 465,000 | |||
Amortization period of intangible asset | 7 years | |||
Acquired intangible asset | $ 5,000 | |||
Medina Savings and Loan Association | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period of intangible asset | 15 years | |||
Shares issued in connection with acquisition | 171,440 | |||
Core deposit intangible | Medina Savings and Loan Association | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired intangible asset | $ 964,000 | |||
Percentage of intangible assets acquired of the total acquired intangible assets | 2.50% | |||
Effective income tax rate | 21.00% |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Aggregate Amortization Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets | ||
Amortization expense | $ 65,000 | $ 55,000 |
Amortization Expense | ||
2021 | 64,000 | |
2022 | 64,000 | |
2023 | 64,000 | |
2024 | 64,000 | |
2025 | 64,000 | |
Total | 320,000 | |
Impairment losses on intangible assets | 0 | 0 |
Impairment losses on goodwill | 0 | 0 |
Core deposit intangible | ||
Intangible Assets | ||
Amortization expense | 64,000 | |
Amortization Expense | ||
Total | $ 846,000 | $ 910,000 |
Deposits - Type of Deposits (De
Deposits - Type of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits | ||
Checking accounts, non-interest bearing | $ 65,673 | $ 38,098 |
Checking accounts, interest-bearing | 31,745 | 27,525 |
Money market accounts | 26,334 | 24,861 |
Savings accounts | 102,307 | 85,300 |
Time deposits | 83,487 | 107,554 |
Total deposits | 309,546 | 283,338 |
Reciprocal deposit | $ 24,100 | $ 28,400 |
Deposits -Maturities of Time De
Deposits -Maturities of Time Deposits (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits | ||
2021 | $ 61,554,000 | |
2022 | 14,280,000 | |
2023 | 3,049,000 | |
2024 | 1,797,000 | |
2025 | 2,037,000 | |
Thereafter | 770,000 | |
Total time deposits | 83,487,000 | $ 107,554,000 |
Time deposits equal to or greater than $250,000 | $ 22,299,000 | $ 36,652,000 |
Borrowings - Composition of bor
Borrowings - Composition of borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term: | ||
Total long-term borrowings | $ 27,628 | $ 31,448 |
Subordinated debt | 1,235 | 735 |
Term advances | ||
Long-term: | ||
Total long-term borrowings | 4,300 | 3,300 |
Amortizing advances | ||
Long-term: | ||
Total long-term borrowings | $ 23,328 | $ 28,148 |
Borrowings - Principal balances
Borrowings - Principal balances and interest rates of borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Long-term: | ||
Total long-term borrowings | $ 27,628 | $ 31,448 |
Subordinated debt | $ 1,235 | $ 735 |
Subordinated debt interest rate | 8.00% | |
Minimum | ||
Long-term: | ||
Subordinated debt interest rate | 6.00% | |
Maximum | ||
Long-term: | ||
Subordinated debt interest rate | 8.00% | |
Term advances | ||
Long-term: | ||
Total long-term borrowings | $ 4,300 | $ 3,300 |
Term advances | Minimum | ||
Long-term: | ||
FHLB loan Interest rate | 1.45% | 1.74% |
Term advances | Maximum | ||
Long-term: | ||
FHLB loan Interest rate | 2.48% | 2.12% |
Amortizing advances | ||
Long-term: | ||
Total long-term borrowings | $ 23,328 | $ 28,148 |
Amortizing advances | Minimum | ||
Long-term: | ||
FHLB loan Interest rate | 0.96% | 1.20% |
Amortizing advances | Maximum | ||
Long-term: | ||
FHLB loan Interest rate | 3.03% | 3.03% |
Borrowings - Maturities of borr
Borrowings - Maturities of borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term: | ||
Due within 1 year | $ 10,282 | $ 8,171 |
Due within 2 years | 7,898 | 9,285 |
Due within 3 years | 3,785 | 7,814 |
Due within 4 years | 4,926 | 2,457 |
Due within 5 years | 1,796 | 2,986 |
Thereafter | 176 | 1,470 |
Total long-term borrowings | $ 28,863 | $ 32,183 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Feb. 15, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2011 |
Debt Instrument [Line Items] | |||||
Percentage of securities pledged | 120.00% | ||||
Securities pledged amount | $ 33,200,000 | $ 37,700,000 | |||
Outstanding amount | 0 | 0 | |||
FHLB credit line | |||||
Debt Instrument [Line Items] | |||||
Current available capacity | 55,600,000 | ||||
Unused capacity | 15,800,000 | ||||
FHLB credit line | FHLB Stock | |||||
Debt Instrument [Line Items] | |||||
Securities pledged amount | 2,000,000 | 2,300,000 | |||
FHLB credit line | Residential | |||||
Debt Instrument [Line Items] | |||||
Securities pledged amount | 70,600,000 | 73,900,000 | |||
Line of credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit | 5,000,000 | ||||
Zions Bank line of credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit | 5,500,000 | ||||
Outstanding amount | 0 | 0 | |||
Subordinated debt | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Accrued Interest Redeemed | $ 7,350 | ||||
Debt principal amount | $ 500,000 | $ 735,000 | |||
Interest rate | 6.00% | 8.00% | |||
Subordinated debt | Directors and their affiliates | |||||
Debt Instrument [Line Items] | |||||
Long-term borrowings | $ 500,000 | $ 500,000 |
Income Taxes - Income Taxes Exp
Income Taxes - Income Taxes Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense: | ||
Federal | $ (781) | |
State | 15 | $ 4 |
Total current tax expense (benefit) | (766) | 4 |
Deferred tax benefit: | ||
Federal | 662 | (159) |
Total deferred tax benefit | 662 | (159) |
Benefit for income taxes | $ (104) | $ (155) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assets: | ||
Deferred Compensation | $ 111,000 | $ 101,000 |
Allowance for loan losses | 458,000 | 438,000 |
Net operating loss carryforward | 847,000 | 1,427,000 |
Mortgage recording tax credit | 3,000 | 11,000 |
Nonaccrual interest | 82,000 | 42,000 |
Other | 72,000 | 46,000 |
Total deferred tax assets | 1,573,000 | 2,065,000 |
Liabilities: | ||
Pension | (1,831,000) | (1,597,000) |
Intangible assets | (222,000) | (233,000) |
Investment securities, unrealized gains | (144,000) | (150,000) |
Mortgage servicing rights | (4,000) | (5,000) |
Depreciation | (152,000) | (128,000) |
Other | (6,000) | (10,000) |
Total deferred tax liabilities | (2,359,000) | (2,123,000) |
Net deferred tax liability | (786,000) | (58,000) |
Net Income (Loss) Attributable to Parent | 1,748,000 | $ 87,000 |
Tax benefit for the rate differential between the current rate and the rate in effect in the period to which the net operating loss was carried back | (311,000) | |
Seneca Cayuga Bancorp | ||
Liabilities: | ||
Operating Loss Carryforwards | 1,500,000 | |
Operating loss carryforwards, without expiry | $ 2,500,000 |
Income Taxes -Reconciliation of
Income Taxes -Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | ||
Federal statutory income tax rate | 21.00% | 21.00% |
State tax, net of federal benefit | 0.70% | (4.70%) |
Bank owned life insurance and other permanent differences | (2.10%) | 40.10% |
Tax exempt income | (9.80%) | 189.80% |
Tax rate differential for NOL carryback | (19.00%) | |
Other | 2.80% | (18.30%) |
Effective income tax rate | (6.30%) | 227.90% |
Base-year tax bad debt reserves | $ 332,000 | $ 332,000 |
Employee Benefit Plans - 401(k)
Employee Benefit Plans - 401(k) Plan (Details) - 401(k) Plan - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employer matching contribution | 25.00% | |
Vesting period for matching contribution | 5 years | |
Expense attributable to contributions made by the Company | $ 63,000 | $ 53,000 |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Voluntary contributions by participating employees | 15.00% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Voluntary contributions by participating employees | 1.00% |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)planY | Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Age to qualify for defined pension plans | Y | 21 | |
Service period to qualify for defined pension plans | 1 year | |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | $ 7,605,000 | |
Fair value of plan assets at end of year | $ 8,720,000 | $ 7,605,000 |
Defined Benefit Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of pension plans | plan | 2 | |
Age to qualify for defined pension plans | Y | 21 | |
Service period to qualify for defined pension plans | 1 year | |
Vesting Period | 5 years | |
Generations Bank Plan | ||
Change in benefit obligations: | ||
Benefit obligations at beginning of year | $ 11,048,000 | 9,768,000 |
Service cost | 413,000 | 377,000 |
Interest cost | 448,000 | 477,000 |
Actuarial loss (gain) | 946,000 | 1,575,000 |
Benefits paid | (850,000) | (1,149,000) |
Benefit obligations at end of year | 12,005,000 | 11,048,000 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 16,679,000 | 14,383,000 |
Actual return on plan assets | 2,222,000 | 3,038,000 |
Benefits paid | (850,000) | (1,149,000) |
Employer contributions | 281,000 | 407,000 |
Fair value of plan assets at end of year | 18,332,000 | 16,679,000 |
Funded Status | 6,327,000 | 5,631,000 |
Amounts recognized in accumulated other comprehensive loss | ||
Unrecognized net loss (gain) | 2,913,000 | 2,985,000 |
Tax effect | 612,000 | 627,000 |
Amounts recognized in accumulated other comprehensive loss | 2,301,000 | 2,358,000 |
Accumulated benefit obligation | $ 10,481,000 | $ 9,792,000 |
Assumptions used to determine benefit obligations | ||
Weighted average discount rate | 3.55% | 4.13% |
Rate of increase in future compensation levels | 4.00% | 4.00% |
Medina Savings and Loan Plan | ||
Change in benefit obligations: | ||
Benefit obligations at beginning of year | $ 3,489,000 | $ 2,043,000 |
Service cost | 28,000 | 19,000 |
Interest cost | 143,000 | 100,000 |
Actuarial loss (gain) | 130,000 | 434,000 |
Benefits reimbursed (paid) | (289,000) | 893,000 |
Benefit obligations at end of year | 3,501,000 | 3,489,000 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 5,463,000 | 3,790,000 |
Actual return on plan assets | 720,000 | 780,000 |
Benefits reimbursed (paid) | (289,000) | 893,000 |
Fair value of plan assets at end of year | 5,894,000 | 5,463,000 |
Funded Status | 2,393,000 | 1,974,000 |
Amounts recognized in accumulated other comprehensive loss | ||
Unrecognized net loss (gain) | (207,000) | (492,000) |
Tax effect | (43,000) | (103,000) |
Amounts recognized in accumulated other comprehensive loss | (164,000) | (389,000) |
Accumulated benefit obligation | $ 3,433,000 | $ 3,455,000 |
Assumptions used to determine benefit obligations | ||
Weighted average discount rate | 3.83% | 4.20% |
Rate of increase in future compensation levels | 3.00% | 3.00% |
Employee Benefit Plans - Defi_2
Employee Benefit Plans - Defined Benefit Plan - Components of net periodic pension expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net periodic expenses recognized in income: | |||
Net actuarial (gain) loss | $ (96,000) | $ (255,000) | |
Generations Bank Plan | |||
Net periodic expenses recognized in income: | |||
Service cost | 413,000 | 377,000 | |
Interest cost | 448,000 | 477,000 | |
Expected return on plan assets | (1,340,000) | (1,238,000) | |
Amortization of net losses(gain) | 135,000 | 200,000 | |
Net periodic pension benefit | (344,000) | (184,000) | |
Net actuarial (gain) loss | 63,000 | (225,000) | |
Amortization of net actuarial loss | (135,000) | (200,000) | |
Total recognized in other comprehensive (income) loss | (72,000) | (425,000) | |
Total recognized in net periodic pension benefit and other comprehensive (income) loss | (416,000) | (609,000) | |
Generations Bank Plan | Forecast | |||
Net periodic expenses recognized in income: | |||
Amortization expenses | $ 114,000 | ||
Medina Savings and Loan Plan | |||
Net periodic expenses recognized in income: | |||
Service cost | 28,000 | 19,000 | |
Interest cost | 143,000 | 100,000 | |
Expected return on plan assets | (430,000) | (316,000) | |
Amortization of net losses(gain) | (9,000) | ||
Net periodic pension benefit | (259,000) | (206,000) | |
Net actuarial (gain) loss | (160,000) | (30,000) | |
Amortization of net actuarial loss | 9,000 | ||
Total recognized in other comprehensive (income) loss | (160,000) | (21,000) | |
Total recognized in net periodic pension benefit and other comprehensive (income) loss | $ (419,000) | $ (227,000) | |
Medina Savings and Loan Plan | Forecast | |||
Net periodic expenses recognized in income: | |||
Amortization expenses | $ 0 |
Employee Benefit Plans - Defi_3
Employee Benefit Plans - Defined Benefit Plan - Weighted-average assumptions and Expected benefit payments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Generations Bank Plan | |||
Weighted-average assumptions were used to determine net periodic pension expense | |||
Weighted average discount rate | 4.13% | 4.99% | |
Long-term rate of return on plan assets | 8.00% | 8.50% | |
Rate of increase in future compensation levels | 4.00% | 4.00% | |
Expects to contribute in 2020 | $ 365,000 | ||
Expected benefit payments to be paid to participants | |||
2021 | $ 342,000 | ||
2022 | 317,000 | ||
2023 | 317,000 | ||
2024 | 363,000 | ||
2025 | 417,000 | ||
2026-2030 | $ 2,727,000 | ||
Medina Savings and Loan Plan | |||
Weighted-average assumptions were used to determine net periodic pension expense | |||
Weighted average discount rate | 4.20% | 5.07% | |
Long-term rate of return on plan assets | 8.00% | 6.75% | |
Rate of increase in future compensation levels | 3.00% | 2.00% | |
Expects to contribute in 2020 | $ 17,000 | ||
Expected benefit payments to be paid to participants | |||
2021 | $ 221,000 | ||
2022 | 219,000 | ||
2023 | 217,000 | ||
2024 | 213,000 | ||
2025 | 211,000 | ||
2026-2030 | $ 1,035,000 |
Employee Benefit Plans - Defi_4
Employee Benefit Plans - Defined Benefit Plan - Investment Policies and Strategies (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | $ 8,720,000 | $ 7,605,000 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 65.00% | ||
Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation | 35.00% | ||
Generations Bank Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | $ 18,332,000 | 16,679,000 | $ 14,383,000 |
Generations Bank Plan | Fundamental Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,538,000 | 1,377,000 | |
Generations Bank Plan | Indexed Equity A | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 2,957,000 | 2,774,000 | |
Generations Bank Plan | Blue Chip Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,434,000 | 1,388,000 | |
Generations Bank Plan | Mid-Cap Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 972,000 | 864,000 | |
Generations Bank Plan | S&P Mid-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,398,000 | 1,204,000 | |
Generations Bank Plan | Mid-Cap Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 957,000 | 857,000 | |
Generations Bank Plan | Small-Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,153,000 | 1,056,000 | |
Generations Bank Plan | Select Small-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,268,000 | 1,050,000 | |
Generations Bank Plan | Developing Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 781,000 | 702,000 | |
Generations Bank Plan | Premier Short-Duration Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 836,000 | 777,000 | |
Generations Bank Plan | Premier Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,683,000 | 1,541,000 | |
Generations Bank Plan | MetWest Total Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,663,000 | 1,538,000 | |
Generations Bank Plan | Western Strategic Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,692,000 | 1,551,000 | |
Generations Bank Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 18,332,000 | 16,679,000 | |
Generations Bank Plan | Level 2 | Fundamental Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,538,000 | 1,377,000 | |
Generations Bank Plan | Level 2 | Indexed Equity A | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 2,957,000 | 2,774,000 | |
Generations Bank Plan | Level 2 | Blue Chip Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,434,000 | 1,388,000 | |
Generations Bank Plan | Level 2 | Mid-Cap Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 972,000 | 864,000 | |
Generations Bank Plan | Level 2 | S&P Mid-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,398,000 | 1,204,000 | |
Generations Bank Plan | Level 2 | Mid-Cap Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 957,000 | 857,000 | |
Generations Bank Plan | Level 2 | Small-Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,153,000 | 1,056,000 | |
Generations Bank Plan | Level 2 | Select Small-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,268,000 | 1,050,000 | |
Generations Bank Plan | Level 2 | Developing Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 781,000 | 702,000 | |
Generations Bank Plan | Level 2 | Premier Short-Duration Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 836,000 | 777,000 | |
Generations Bank Plan | Level 2 | Premier Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,683,000 | 1,541,000 | |
Generations Bank Plan | Level 2 | MetWest Total Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 1,663,000 | 1,538,000 | |
Generations Bank Plan | Level 2 | Western Strategic Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | $ 1,692,000 | $ 1,551,000 | |
Generations Bank Plan | Equity securities | Mid-Cap Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 80.00% | ||
Generations Bank Plan | Equity securities | Mid-Cap Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 80.00% | ||
Generations Bank Plan | Equity securities | Small-Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 80.00% | ||
Generations Bank Plan | Equity securities | Developing Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 80.00% | ||
Number of developing markets | item | 3 | ||
Generations Bank Plan | Equity securities | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 25.00% | ||
Generations Bank Plan | Equity securities | Maximum | Developing Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 100.00% | ||
Generations Bank Plan | Stocks of blue chip companies | Blue Chip Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 65.00% | ||
Generations Bank Plan | Stocks of blue chip companies | Blue Chip Growth | Stock Included in Dow Jones Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Market capitalization | $ 200,000,000 | ||
Generations Bank Plan | Stocks of blue chip companies | Blue Chip Growth | Stock Included in Other Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Market capitalization | $ 1,000,000,000 | ||
Generations Bank Plan | Debt securities | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 10.00% | ||
Generations Bank Plan | Debt securities | Minimum | Premier Short-Duration Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio duration | 4 years | 4 years | |
Generations Bank Plan | Debt securities | Minimum | MetWest Total Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 80.00% | ||
Generations Bank Plan | Debt securities | Minimum | Western Strategic Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of investment | 80.00% | ||
Generations Bank Plan | Debt securities | Maximum | Premier Short-Duration Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio duration | 7 years | 7 years | |
Medina Savings and Loan Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | $ 5,894,000 | $ 5,463,000 | $ 3,790,000 |
Medina Savings and Loan Plan | Fundamental Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 494,000 | 907,000 | |
Medina Savings and Loan Plan | Indexed Equity A | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 951,000 | 450,000 | |
Medina Savings and Loan Plan | Blue Chip Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 461,000 | 454,000 | |
Medina Savings and Loan Plan | Mid-Cap Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 312,000 | 282,000 | |
Medina Savings and Loan Plan | S&P Mid-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 450,000 | 393,000 | |
Medina Savings and Loan Plan | Mid-Cap Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 308,000 | 280,000 | |
Medina Savings and Loan Plan | Small-Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 371,000 | 341,000 | |
Medina Savings and Loan Plan | Select Small-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 408,000 | 344,000 | |
Medina Savings and Loan Plan | Developing Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 251,000 | 229,000 | |
Medina Savings and Loan Plan | Premier Short-Duration Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 269,000 | ||
Medina Savings and Loan Plan | Premier Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 541,000 | ||
Medina Savings and Loan Plan | MetWest Total Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 534,000 | ||
Medina Savings and Loan Plan | Western Strategic Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 544,000 | ||
Medina Savings and Loan Plan | U.S. Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 256,000 | ||
Medina Savings and Loan Plan | Intermediate Duration | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 508,000 | ||
Medina Savings and Loan Plan | Long Duration | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 507,000 | ||
Medina Savings and Loan Plan | Money Market | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 512,000 | ||
Medina Savings and Loan Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 5,894,000 | 5,463,000 | |
Medina Savings and Loan Plan | Level 2 | Fundamental Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 494,000 | 907,000 | |
Medina Savings and Loan Plan | Level 2 | Indexed Equity A | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 951,000 | 450,000 | |
Medina Savings and Loan Plan | Level 2 | Blue Chip Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 461,000 | 454,000 | |
Medina Savings and Loan Plan | Level 2 | Mid-Cap Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 312,000 | 282,000 | |
Medina Savings and Loan Plan | Level 2 | S&P Mid-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 450,000 | 393,000 | |
Medina Savings and Loan Plan | Level 2 | Mid-Cap Growth | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 308,000 | 280,000 | |
Medina Savings and Loan Plan | Level 2 | Small-Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 371,000 | 341,000 | |
Medina Savings and Loan Plan | Level 2 | Select Small-Cap Index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 408,000 | 344,000 | |
Medina Savings and Loan Plan | Level 2 | Developing Markets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 251,000 | 229,000 | |
Medina Savings and Loan Plan | Level 2 | Premier Short-Duration Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 269,000 | ||
Medina Savings and Loan Plan | Level 2 | Premier Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 541,000 | ||
Medina Savings and Loan Plan | Level 2 | MetWest Total Return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 534,000 | ||
Medina Savings and Loan Plan | Level 2 | Western Strategic Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | $ 544,000 | ||
Medina Savings and Loan Plan | Level 2 | U.S. Core Bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 256,000 | ||
Medina Savings and Loan Plan | Level 2 | Intermediate Duration | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 508,000 | ||
Medina Savings and Loan Plan | Level 2 | Long Duration | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | 507,000 | ||
Medina Savings and Loan Plan | Level 2 | Money Market | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of planned assets | $ 512,000 |
Employee Benefit Plans - Defi_5
Employee Benefit Plans - Defined Benefit Plan - Determination of Long - Term Rate of Return (Details) - Defined Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Equities and fixed income securities | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Long-term inflation rate | 3.00% |
Equities and fixed income securities | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected rate of return | 6.00% |
Equities and fixed income securities | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected rate of return | 10.00% |
Equity securities | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Long-Term Rate of Return | 5.00% |
Equity securities | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Long-Term Rate of Return | 9.00% |
Debt securities | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Long-Term Rate of Return | 2.00% |
Debt securities | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Long-Term Rate of Return | 6.00% |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Ownership Plan (Details) - Employee Stock Ownership Plan - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 10, 2006 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Total shares | 6,221 | 93,315 | |
Released shares | 90,204 | 83,983 | |
Unreleased shares | 3,111 | 9,332 | |
ESOP expense | $ 54,000 | $ 67,000 | |
Unearned shares | 3,111 | ||
Unearned shares value | 32,000 | ||
Fair value of shares | $ 940,000 | $ 882,667 | |
Fair value per share | $ 10.42 | $ 10.51 | |
Wall Street Journal prime lending rate | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Interest rate | 3.25% |
Employee Benefit Plans - Other
Employee Benefit Plans - Other Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Stock held in rabbi trust | $ 290,000 | |
Directors’ Retirement Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Stock held in rabbi trust | 626,000 | |
Unrealized gain on securities | 38,000 | |
Expense attributable to contributions made | 26,000 | $ 26,000 |
Supplemental Executive Retirement Plan | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Stock held in rabbi trust | 283,000 | |
Fair value of the stock held in trust | 283,000 | |
Unrealized gain on securities | 38,000 | |
Expense attributable to contributions made | $ 39,000 | $ 39,000 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Actual amount | ||
Common Equity Tier 1 Capital, | $ 31,942 | $ 29,290 |
Total Capital (to Risk-Weighted Assets) | 33,768 | 30,950 |
Tier 1 Capital* (to Risk-Weighted Assets) | 31,942 | 29,290 |
Core Capital (to Total Adjusted Assets) | $ 31,942 | $ 29,290 |
Actual Ratio | ||
Common Equity Tier 1 Capital | 12.18 | 12.46 |
Total Capital (to Risk-Weighted Assets) | 12.88 | 13.17 |
Tier 1 Capital* (to Risk-Weighted Assets) | 12.18 | 12.46 |
Core Capital (to Total Adjusted Assets) | 8.72 | 8.27 |
Minimum For Capital Adequacy Purposes, Amount | ||
Common Equity Tier 1 Capital, | $ 15,730 | $ 14,104 |
Total Capital (to Risk-Weighted Assets) | 20,974 | 18,805 |
Tier 1 Capital* (to Risk-Weighted Assets) | 11,798 | 10,578 |
Core Capital (to Total Adjusted Assets) | $ 14,648 | $ 14,158 |
Minimum For Capital Adequacy Purposes, Ratio | ||
Common Equity Tier 1 Capital, | 6 | 6 |
Total Capital (to Risk-Weighted Assets) | 8 | 8 |
Tier 1 Capital* (to Risk-Weighted Assets) | 4.50 | 4.50 |
Core Capital (to Total Adjusted Assets) | 4 | 4 |
Minimum To Be Well- Capitalized Under Prompt Corrective Provisions Amount | ||
Common Equity Tier 1 Capital, | $ 20,974 | $ 18,805 |
Total Capital (to Risk-Weighted Assets) | 26,217 | 23,507 |
Tier 1 Capital* (to Risk-Weighted Assets) | 10,741 | 15,279 |
Core Capital (to Total Adjusted Assets) | $ 18,310 | $ 17,698 |
Minimum To Be Well- Capitalized Under Prompt Corrective Provisions Ratio | ||
Common Equity Tier 1 Capital, | 8 | 8 |
Total Capital (to Risk-Weighted Assets) | 10 | 10 |
Tier 1 Capital* (to Risk-Weighted Assets) | 6.50 | 6.50 |
Core Capital (to Total Adjusted Assets) | 5 | 5 |
Dividends and Restrictions - (D
Dividends and Restrictions - (Details) | Dec. 31, 2020USD ($) |
Dividends and Restrictions | |
Amount of retained earnings legally available for payment of dividend | $ 1,622,000 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies | ||
Loan commitments with fixed interest rate | $ 4,600 | $ 10,500 |
Loan commitments with variable interest rate | 14,200 | 11,800 |
Commitments to grant loans | ||
Commitments and Contingencies | ||
Credit risk for financial instruments | 4,009 | 4,847 |
Unfunded commitments under lines of credit | ||
Commitments and Contingencies | ||
Credit risk for financial instruments | $ 14,823 | 17,072 |
Standby letters of credit | ||
Commitments and Contingencies | ||
Credit risk for financial instruments | $ 400 |
Commitments and Contingencies_2
Commitments and Contingencies - Commitments to Originate (Details) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2020USD ($)loancontract | Dec. 31, 2020USD ($)loancontract | Dec. 31, 2019USD ($)contract | |
Commitments and Contingencies | |||
Outstanding principal balance | $ 285,640,000 | $ 285,640,000 | $ 259,620,000 |
MPF Program | |||
Commitments and Contingencies | |||
Penalties to be paid on failure to fulfill Commitment | $ 0 | ||
Number of open contracts | contract | 0 | 0 | 0 |
Commitments to deliver loans | $ 0 | $ 0 | $ 0 |
Outstanding principal balance | 12,100,000 | 12,100,000 | |
Extension or pair-off fees paid | 0 | ||
Recourse back to bank for loans sold | 2,200,000 | 2,200,000 | |
First loss account allocated to bank | $ 78,500 | ||
MPF Program, Inclusive of USDA Loans | |||
Commitments and Contingencies | |||
Outstanding principal balance | $ 68,600,000 | $ 68,600,000 | |
Number of loans | loan | 4 | 4 | |
MPF Program, Inclusive of USDA Loans | Financial Asset Past Due 30 Days or More | |||
Commitments and Contingencies | |||
Outstanding principal balance | $ 239,000 | $ 239,000 | |
USDA Mortgage Loans | |||
Commitments and Contingencies | |||
Number of loans | loan | 1 | 1 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Commitments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies | ||
Operating lease expense | $ 41,000 | $ 45,000 |
Future minimum lease commitments | ||
2021 | 46,000 | |
2022 | 19,000 | |
Total | $ 65,000 | |
Option to extend | True |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Cash not subject to FDIC limits | $ 21,491,000 | $ 2,568,000 |
Outstanding PPP loans | 285,640,000 | $ 259,620,000 |
Paycheck Protection Program (PPP) | ||
Concentration Risk [Line Items] | ||
Loans outstanding modified | 0 | |
Originated PPP loans | 10,000,000 | |
Outstanding PPP loans | $ 4,900,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions | ||
Beginning balance | $ 2,755 | $ 2,224 |
Originations | 408 | 1,334 |
Payments and change in status | (636) | (803) |
Ending balance | 2,527 | 2,755 |
Deposits | ||
Related Party Transactions | ||
Deposits owned by related parties | $ 1,600 | $ 1,500 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contracts with Customers | ||
Revenues | $ 2,335 | $ 2,732 |
Service charges on deposit accounts | ||
Revenue from Contracts with Customers | ||
Revenues | 588 | 730 |
Debit card interchange and surcharge income | ||
Revenue from Contracts with Customers | ||
Revenues | 760 | 731 |
E-commerce income | ||
Revenue from Contracts with Customers | ||
Revenues | 20 | 23 |
Investment services income | ||
Revenue from Contracts with Customers | ||
Revenues | 88 | 284 |
Insurance commission and fees | ||
Revenue from Contracts with Customers | ||
Revenues | 755 | 793 |
Loan servicing fees | ||
Revenue from Contracts with Customers | ||
Revenues | $ 124 | $ 171 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From AOCI | ||
Tax effect | $ (104) | $ (155) |
Retirement plan net losses recognized in net periodic pension cost | 5,621 | 6,137 |
Amounts Reclassified From AOCI | Securities Available-for-Sale | ||
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From AOCI | ||
Realized gain on sale of securities | (1,071) | 274 |
Tax effect | 225 | (58) |
Net income available-for-sale securities | (846) | 216 |
Amounts Reclassified From AOCI | Defined Benefit Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From AOCI | ||
Tax effect | (28) | (40) |
Retirement plan net losses recognized in net periodic pension cost | 135 | 191 |
Net loss defined benefit pension plan | $ 107 | $ 151 |
Fair Value Disclosures - Carryi
Fair Value Disclosures - Carrying amount and estimated fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Investment securities available-for-sale, at fair value | $ 17,926 | $ 30,627 |
Securities held-to-maturity | 1,510 | 2,110 |
Equity securities | 661 | 2,579 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 26,830 | 13,448 |
Investment securities available-for-sale, at fair value | 17,926 | 30,627 |
Securities held-to-maturity | 1,480 | 2,078 |
Equity securities | 661 | 2,579 |
Loans receivable | 285,640 | 259,620 |
Federal Home Loan Bank of New York stock | 1,992 | 2,267 |
Accrued interest receivable | 1,179 | 1,215 |
Financial liabilities: | ||
Deposits | 309,546 | 283,338 |
Long-term borrowings | 27,628 | 31,448 |
Subordinated debt | 1,235 | 735 |
Accrued interest payable | 52 | 104 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 26,830 | 13,448 |
Investment securities available-for-sale, at fair value | 17,926 | 30,627 |
Securities held-to-maturity | 1,510 | 2,110 |
Equity securities | 661 | 2,579 |
Loans receivable | 280,887 | 262,929 |
Federal Home Loan Bank of New York stock | 1,992 | 2,267 |
Accrued interest receivable | 1,179 | 1,215 |
Financial liabilities: | ||
Deposits | 311,175 | 283,627 |
Long-term borrowings | 30,053 | 32,874 |
Subordinated debt | 1,235 | 735 |
Accrued interest payable | 52 | 104 |
Level 1 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 26,830 | 13,448 |
Equity securities | 661 | 2,579 |
Accrued interest receivable | 1,179 | 1,215 |
Financial liabilities: | ||
Deposits | 97,418 | 65,623 |
Accrued interest payable | 52 | 104 |
Level 2 | Fair Value | ||
Financial assets: | ||
Investment securities available-for-sale, at fair value | 14,752 | 28,115 |
Securities held-to-maturity | 1,510 | 2,110 |
Federal Home Loan Bank of New York stock | 1,992 | 2,267 |
Financial liabilities: | ||
Long-term borrowings | 30,053 | 32,874 |
Subordinated debt | 1,235 | 735 |
Level 3 | Fair Value | ||
Financial assets: | ||
Investment securities available-for-sale, at fair value | 3,174 | 2,512 |
Loans receivable | 280,887 | 262,929 |
Financial liabilities: | ||
Deposits | $ 213,757 | $ 218,004 |
Fair Value Disclosures - Fair v
Fair Value Disclosures - Fair value on a recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available-for-sale: | ||
Debt investment securities | $ 17,926 | $ 30,627 |
Equity securities: | ||
Equity investment securities, at fair value | 661 | 2,579 |
Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Debt investment securities | 39 | 50 |
Large cap equity mutual fund | ||
Equity securities: | ||
Equity investment securities, at fair value | 35 | 31 |
Other mutual funds | ||
Equity securities: | ||
Equity investment securities, at fair value | 626 | 2,548 |
Fair Value, Recurring [Member] | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 18,587 | 33,206 |
Fair Value, Recurring [Member] | Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Debt investment securities | 39 | 50 |
Fair Value, Recurring [Member] | Municipal Bonds | ||
Securities available-for-sale: | ||
Debt investment securities | 17,887 | 30,577 |
Fair Value, Recurring [Member] | Large cap equity mutual fund | ||
Equity securities: | ||
Equity investment securities, at fair value | 35 | 31 |
Fair Value, Recurring [Member] | Other mutual funds | ||
Equity securities: | ||
Equity investment securities, at fair value | 626 | 2,548 |
Level 1 | Fair Value, Recurring [Member] | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 661 | 2,579 |
Level 1 | Fair Value, Recurring [Member] | Large cap equity mutual fund | ||
Equity securities: | ||
Equity investment securities, at fair value | 35 | 31 |
Level 1 | Fair Value, Recurring [Member] | Other mutual funds | ||
Equity securities: | ||
Equity investment securities, at fair value | 626 | 2,548 |
Level 2 | Fair Value, Recurring [Member] | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 14,752 | 28,115 |
Level 2 | Fair Value, Recurring [Member] | Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Debt investment securities | 39 | 50 |
Level 2 | Fair Value, Recurring [Member] | Municipal Bonds | ||
Securities available-for-sale: | ||
Debt investment securities | 14,713 | 28,065 |
Level 3 | Fair Value, Recurring [Member] | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 3,174 | 2,512 |
Level 3 | Fair Value, Recurring [Member] | Municipal Bonds | ||
Securities available-for-sale: | ||
Debt investment securities | $ 3,174 | $ 2,512 |
Fair Value Disclosures - Change
Fair Value Disclosures - Changes in Level 3 assets measured at estimated fair value on a recurring basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in Level 3 assets measured at estimated fair value on a recurring basis | ||
Beginning balance | $ 2,512 | |
Included in other comprehensive income | 116 | |
Purchases | 2,007 | $ 2,528 |
Principal payments | (1,461) | (16) |
Ending balance | $ 3,174 | $ 2,512 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summarize assets measured at fair value on a nonrecurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summarize assets measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 6,152 | $ 7,412 |
Foreclosed real estate & repossessed assets | 45 | 70 |
Non - recurring | ||
Summarize assets measured at fair value on a nonrecurring basis | ||
Impaired loans | 1,663 | 565 |
Foreclosed real estate & repossessed assets | 45 | 70 |
Non - recurring | Level 3 | ||
Summarize assets measured at fair value on a nonrecurring basis | ||
Impaired loans | 1,663 | 565 |
Foreclosed real estate & repossessed assets | $ 45 | $ 70 |
Fair Value Disclosures - Transf
Fair Value Disclosures - Transfers of assets in or out of any fair value measurement level (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures | ||
Transfers of assets, Level 1 to level 2 | $ 0 | $ 0 |
Transfers of assets, Level 2 to level 1 | 0 | 0 |
Transfers of assets in or out of level 3 | $ 0 | $ 0 |
Fair Value Disclosures - Quanti
Fair Value Disclosures - Quantitative information about Level 3 fair value measurements for assets (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Appraisal of collateral | Maximum | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.35 | 0.35 |
Appraisal of collateral | Maximum | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.15 | 0.15 |
Appraisal of collateral | Maximum | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.20 | 0.20 |
Appraisal of collateral | Maximum | Residential | 1-4 family residential | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.35 | 0.35 |
Appraisal of collateral | Maximum | Residential | 1-4 family residential | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.15 | 0.15 |
Appraisal of collateral | Maximum | Commercial | Commercial real estate | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.35 | 0.35 |
Appraisal of collateral | Maximum | Commercial | Commercial real estate | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.15 | 0.15 |
Appraisal of collateral | Maximum | Commercial | Commercial real estate | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.20 | 0.20 |
Appraisal of collateral | Minimum | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.05 | 0.05 |
Appraisal of collateral | Minimum | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.05 | 0.05 |
Appraisal of collateral | Minimum | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.10 | 0.10 |
Appraisal of collateral | Minimum | Residential | 1-4 family residential | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Appraisal of collateral | Minimum | Residential | 1-4 family residential | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Appraisal of collateral | Minimum | Commercial | Commercial real estate | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Appraisal of collateral | Minimum | Commercial | Commercial real estate | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Appraisal of collateral | Minimum | Commercial | Commercial real estate | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.10 | 0.10 |
Appraisal of collateral | Weighted Average | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | (0.25) | (0.25) |
Appraisal of collateral | Weighted Average | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | (0.10) | (0.10) |
Appraisal of collateral | Weighted Average | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | (0.15) | (0.15) |
Appraisal of collateral | Weighted Average | Residential | 1-4 family residential | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.20) | (0.20) |
Appraisal of collateral | Weighted Average | Residential | 1-4 family residential | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.10) | (0.10) |
Appraisal of collateral | Weighted Average | Commercial | Commercial real estate | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.25) | (0.25) |
Appraisal of collateral | Weighted Average | Commercial | Commercial real estate | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.10) | (0.10) |
Appraisal of collateral | Weighted Average | Commercial | Commercial real estate | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.15) | (0.15) |
USDA Guarantee | Commercial and industrial | Other commercial and industrial | Government guaranteed portion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.20 | 0.20 |
USDA Guarantee | Weighted Average | Commercial and industrial | Other commercial and industrial | Government guaranteed portion | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.20) | (0.20) |
Parent Company Only Financial_3
Parent Company Only Financial Information - Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | |||
Cash and cash equivalents | $ 26,830 | $ 13,448 | |
Investment securities available-for-sale, at fair value | 17,926 | 30,627 | |
Other assets | 2,381 | 1,854 | |
Total assets | 373,014 | 347,549 | |
LIABILITIES AND SHAREHOLDERS' EQUITY: | |||
Subordinated debt | 1,235 | 735 | |
Other liabilities | 2,124 | 1,085 | |
Shareholders' equity | 29,886 | 28,231 | $ 27,369 |
Total liabilities and shareholders' equity | 373,014 | 347,549 | |
Generations Bancorp NY, Inc. | |||
ASSETS: | |||
Cash and cash equivalents | 113 | 172 | |
Investment securities available-for-sale, at fair value | 635 | 8 | |
Investment in bank subsidiary | 32,167 | 29,603 | |
Note receivable - ESOP | 41 | 120 | |
Other assets | 927 | ||
Total assets | 33,883 | 29,903 | |
LIABILITIES AND SHAREHOLDERS' EQUITY: | |||
Due to Bank | 1,851 | 582 | |
Subordinated debt | 1,235 | 735 | |
Deferred tax liability | 72 | 272 | |
Other liabilities | 839 | 83 | |
Shareholders' equity | 29,886 | 28,231 | |
Total liabilities and shareholders' equity | $ 33,883 | $ 29,903 |
Parent Company Only Financial_4
Parent Company Only Financial Information - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | ||
Interest expense | $ 2,925 | $ 3,167 |
(Loss) income before income taxes | 1,644 | (68) |
Benefit for income taxes | (104) | (155) |
Loss before equity in undistributed net income (loss) of bank subsidiary | 1,748 | 87 |
Net income (loss) | 1,748 | 87 |
Generations Bancorp NY, Inc. | ||
Income | ||
Dividends from securities available-for-sale | 6 | 1 |
Interest income | 11 | |
Other noninterest income | 40 | 1 |
Total income | 46 | 13 |
Expenses | ||
Interest expense | 84 | 81 |
Other expenses | 251 | 99 |
Total expenses | 335 | 180 |
(Loss) income before income taxes | (289) | (167) |
Benefit for income taxes | (274) | (155) |
Loss before equity in undistributed net income (loss) of bank subsidiary | (15) | (12) |
Equity in undistributed net income (loss) of bank subsidiary | 1,763 | 99 |
Net income (loss) | $ 1,748 | $ 87 |
Parent Company Only Financial_5
Parent Company Only Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,748 | $ 87 |
Net cash provided by operating activities | 998 | 1,365 |
INVESTING ACTIVITIES | ||
Proceeds from the sale of investment securities available-for-sale | 18,906 | 259 |
Net cash used in investing activities | (10,400) | (25,785) |
FINANCING ACTIVITIES | ||
Advances from Sub-Debt | 500 | |
Infusion of capital into bank subsidiary | (63) | |
Net cash provided by financing activities | 22,784 | 28,733 |
Net change in cash and cash equivalents | 13,382 | 4,313 |
Cash and cash equivalents at beginning of period | 13,448 | 9,135 |
Cash and cash equivalents at end of period | 26,830 | 13,448 |
Generations Bancorp NY, Inc. | ||
OPERATING ACTIVITIES | ||
Net income (loss) | 1,748 | 87 |
Equity in undistributed net income (loss) of bank subsidiary | (1,763) | (99) |
Unrealized gain loss equity security | (39) | |
Net change in other assets | (927) | 6 |
Net change in other liabilities | (322) | (182) |
Net cash provided by operating activities | (1,303) | (188) |
INVESTING ACTIVITIES | ||
Capital Infusion in Subsidiary | (500) | |
Repayments received on ESOP note | 79 | 76 |
Net cash used in investing activities | (421) | 76 |
FINANCING ACTIVITIES | ||
Net proceeds from (repayment of) advances on note payable | 1,269 | 22 |
Treasury stock purchases | (41) | (41) |
Advances from Sub-Debt | 500 | |
Infusion of capital into bank subsidiary | (63) | |
Net cash provided by financing activities | 1,665 | (19) |
Net change in cash and cash equivalents | (59) | (131) |
Cash and cash equivalents at beginning of period | 172 | 303 |
Cash and cash equivalents at end of period | $ 113 | $ 172 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | segment | 3 | |
Net interest income | $ 10,491 | $ 9,601 |
Provision for loan losses | 480 | 360 |
Net interest income after provision for loan losses | 10,011 | 9,241 |
Total noninterest income | 3,960 | 3,548 |
Compensation and benefits | 5,621 | 6,137 |
Other noninterest expense | (1,296) | (1,262) |
(Loss) income before income taxes | 1,644 | (68) |
Benefit for income taxes | (104) | (155) |
Net income (loss) | 1,748 | 87 |
Total assets | 373,014 | 347,549 |
Operating segment | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 10,491 | 9,602 |
Provision for loan losses | 480 | 360 |
Net interest income after provision for loan losses | 10,011 | 9,242 |
Total noninterest income | 3,960 | 3,547 |
Compensation and benefits | (5,621) | (6,137) |
Other noninterest expense | (6,706) | (6,720) |
(Loss) income before income taxes | 1,644 | (68) |
Benefit for income taxes | (104) | (155) |
Net income (loss) | 1,748 | 87 |
Total assets | 391,536 | 416,102 |
Operating segment | Community Banking Activities | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 10,011 | 9,553 |
Provision for loan losses | 480 | 360 |
Net interest income after provision for loan losses | 9,531 | 9,193 |
Total noninterest income | 2,718 | 2,736 |
Compensation and benefits | (5,176) | (5,669) |
Other noninterest expense | (6,418) | (6,412) |
(Loss) income before income taxes | 655 | (152) |
Benefit for income taxes | (112) | (155) |
Net income (loss) | 767 | 3 |
Total assets | 373,198 | 367,707 |
Operating segment | Insurance Activities | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 21 | |
Net interest income after provision for loan losses | 21 | |
Total noninterest income | 762 | 811 |
Compensation and benefits | (389) | (412) |
Other noninterest expense | (158) | (242) |
(Loss) income before income taxes | 215 | 178 |
Net income (loss) | 215 | 178 |
Total assets | 1,452 | 2,328 |
Operating segment | Municipal Banking Activities | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 480 | 28 |
Net interest income after provision for loan losses | 480 | 28 |
Total noninterest income | 480 | |
Compensation and benefits | (56) | (56) |
Other noninterest expense | (130) | (66) |
(Loss) income before income taxes | 774 | (94) |
Benefit for income taxes | 8 | |
Net income (loss) | 766 | (94) |
Total assets | 16,886 | 46,067 |
Elimination of intercompany balances | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (18,522) | $ (68,553) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Events $ in Millions | Jan. 12, 2021USD ($)shares |
Subsequent Event [Line Items] | |
Number of common stocks sold | shares | 1,477,575 |
Gross offering proceeds from sale of stocks | $ 14.8 |
Net proceeds from issuance of stock | $ 13.3 |