Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 001-39883 | |
Entity Registrant Name | Generations Bancorp NY, Inc. | |
Entity Address, State or Province | MD | |
Entity Tax Identificatoin Number | 85-3659943 | |
Entity Address, Address Line One | 20 East Bayard Street | |
Entity Address, City or Town | Seneca Falls | |
Entity Incorporation, State or Country Code | NY | |
Entity Address, Postal Zip Code | 13148 | |
City Area Code | 315 | |
Local Phone Number | 568-5855 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | GBNY | |
Security Exchange Name | NASDAQ | |
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 Common Stock, Shares Outstanding | 2,458,261 | |
Entity Central Index Key | 0001823365 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks | $ 3,432 | $ 4,051 |
Interest earning deposits | 20,235 | 16,946 |
Total cash and cash equivalents | 23,667 | 20,997 |
Interest earning time deposits in banks | 650 | 650 |
Investment securities available-for-sale, at fair value | 36,078 | 36,975 |
Investment securities held-to-maturity (fair value 2022-$1,075, 2021-$1,150) | 1,064 | 1,128 |
Equity investment securities, at fair value | 338 | 350 |
Federal Home Loan Bank stock, at cost | 1,335 | 1,450 |
Loans | 276,459 | 279,961 |
Less: Allowance for loan losses | (1,974) | (1,841) |
Loans receivable, net | 274,485 | 278,120 |
Premises and equipment, net | 15,182 | 15,345 |
Bank-owned life insurance | 7,917 | 7,890 |
Pension plan asset | 11,688 | 11,107 |
Foreclosed real estate & repossessed assets | 27 | |
Goodwill | 792 | 792 |
Intangible assets, net | 767 | 783 |
Accrued interest receivable | 1,274 | 1,249 |
Other assets | 2,234 | 2,086 |
Total assets | 377,471 | 378,949 |
Deposits: | ||
Noninterest-bearing | 57,626 | 57,540 |
Interest-bearing | 257,285 | 254,509 |
Total deposits | 314,911 | 312,049 |
Long-term borrowings | 15,978 | 17,760 |
Advances from borrowers for taxes and insurance | 1,748 | 2,443 |
Deferred tax liability | 711 | 1,118 |
Other liabilities | 2,008 | 2,100 |
Total liabilities | 335,356 | 335,470 |
Shareholders' equity: | ||
Preferred stock, par value $0.01; 1,000,000 shares authorized; none issued | ||
Common stock, par value $0.01; 14,000,000 shares authorized in 2022 and 2021; 2,458,261 shares issued in 2022 and 2021; and 2,458,261 shares outstanding in 2022 and 2021 | 26 | 26 |
Additional paid in capital | 24,496 | 24,494 |
Retained earnings | 22,065 | 21,669 |
Accumulated other comprehensive loss | (2,740) | (966) |
Stock held in rabbi trust | (654) | (654) |
Unearned ESOP shares, at cost | (1,078) | (1,090) |
Total shareholders' equity | 42,115 | 43,479 |
Total liabilities and shareholders' equity | $ 377,471 | $ 378,949 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Condensed Consolidated Statements of Financial Condition | ||
Investment securities held-to-maturity, fair value | $ 1,075 | $ 1,150 |
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 | 14,000,000 | 14,000,000 |
Common Stock, Shares, Issued | 2,458,261 | 2,458,261 |
Common Stock, Shares, Outstanding | 2,458,261 | 2,458,261 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income: | ||
Loans, including fees | $ 2,950 | $ 3,109 |
Debt and equity securities: | ||
Taxable | 162 | 84 |
Tax-exempt | 112 | 101 |
Interest-earning deposits | 16 | 4 |
Other | 9 | 23 |
Total interest income | 3,249 | 3,321 |
Interest expense: | ||
Deposits | 277 | 347 |
Long-term borrowings | 77 | 122 |
Subordinated debt | 9 | |
Total interest expense | 354 | 478 |
Net interest income | 2,895 | 2,843 |
Provision for loan losses | 150 | 135 |
Net interest income after provision for loan losses | 2,745 | 2,708 |
Noninterest income: | ||
Banking fees and service charges | 375 | 374 |
Mortgage banking income, net | 9 | 13 |
Insurance commissions | 197 | 174 |
Earnings on bank-owned life insurance | 27 | 32 |
Change in fair value on equity securities | (12) | (15) |
Other charges, commissions & fees | 20 | 34 |
Total noninterest income | 616 | 612 |
Noninterest expense: | ||
Compensation and benefits | 1,235 | 1,259 |
Occupancy and equipment | 485 | 520 |
Service charges | 506 | 503 |
Regulatory assessments | 63 | 95 |
Professional and other services | 190 | 139 |
Advertising | 108 | 108 |
Other expenses | 303 | 264 |
Total noninterest expenses | 2,890 | 2,888 |
Income before income tax expense | 471 | 432 |
Income tax expense | 75 | 79 |
Net income | 396 | 353 |
Net income available to common shareholders | $ 396 | $ 353 |
Basic earnings per common share (in dollar per share) | $ 0.17 | $ 0.15 |
Diluted earnings per common share | $ 0.17 | $ 0.15 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Consolidated Statements of Comprehensive Income | ||
Net income | $ 396 | $ 353 |
Unrealized losses on securities available-for-sale: | ||
Unrealized holding losses arising during the period | (2,245) | (16) |
Net unrealized losses on securities available-for-sale | (2,245) | (16) |
Defined benefit pension plan: | ||
Reclassification of amortization of net losses recognized in net pension expense | 28 | |
Net change in defined benefit pension plan asset | 28 | |
Other comprehensive income (loss), before tax | (2,245) | 12 |
Tax effect | 471 | (2) |
Other comprehensive income (loss), net of tax | (1,774) | 10 |
Total comprehensive income (loss) | $ (1,378) | $ 363 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Stock Held by Rabbi Trust | Unearned ESOP Share | Total |
Balance at Dec. 31, 2020 | $ 26 | $ 11,954 | $ 20,256 | $ (1,415) | $ (614) | $ (31) | $ (290) | $ 29,886 |
Increase (decrease) in stockholders' equity | ||||||||
Net income | 353 | 353 | ||||||
Proceeds from issuance of 1,477,575 shares of commons stock (which included 109,450 shares related to the ESOP), net of the offering cost of $1.65 million | 13,128 | (1,104) | 12,024 | |||||
Treasury Stock retired | (614) | $ 614 | ||||||
Other comprehensive income (loss) | 10 | 10 | ||||||
Purchase of common stock for SERPs | (337) | (337) | ||||||
ESOP shares committed to be released | 11 | 11 | ||||||
Balance at Mar. 31, 2021 | 26 | 24,468 | 20,609 | (1,405) | (1,124) | (627) | 41,947 | |
Balance at Dec. 31, 2021 | 26 | 24,494 | 21,669 | (966) | (1,090) | (654) | 43,479 | |
Increase (decrease) in stockholders' equity | ||||||||
Net income | 396 | 396 | ||||||
Other comprehensive income (loss) | (1,774) | (1,774) | ||||||
ESOP shares committed to be released | 2 | 12 | 14 | |||||
Balance at Mar. 31, 2022 | $ 26 | $ 24,496 | $ 22,065 | $ (2,740) | $ (1,078) | $ (654) | $ 42,115 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Number of common stocks sold | 1,477,575 |
Offering cost | $ | $ 1,650 |
Seneca-Cayuga Bancorp, Inc. (the "Holding Company") | |
Number of common stocks sold | 109,450 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net income | $ 396 | $ 353 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 150 | 135 |
Deferred income tax expense (benefit) | (407) | 79 |
Realized gains on equity securities | 12 | 15 |
Depreciation | 235 | 259 |
Amortization of intangible asset | 16 | 16 |
Amortization of fair value adjustment to purchased loan portfolio | (17) | (17) |
ESOP expense | 14 | 11 |
Amortization of deferred loan costs | 27 | 26 |
Earnings on bank-owned life insurance | (27) | (32) |
Change in pension plan assets | (581) | (580) |
Net amortization of premiums and discounts on investment securities | 75 | 21 |
Net change in accrued interest receivable | (25) | (120) |
Net change in other assets and liabilities | (464) | (192) |
Net cash provided by operating activities | (596) | (26) |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (2,258) | (15,734) |
Net proceeds from the redemption of Federal Home Loan Bank stock | 115 | 124 |
Proceeds from maturities and principal reductions of: | ||
Available-for-sale investment securities | 837 | 851 |
Held-to-maturity investment securities | 62 | 88 |
Proceeds from sale of: | ||
Real estate and repossessed assets acquired | 27 | 10 |
Net change in loans | 3,475 | 3,119 |
Purchase of premises and equipment | (72) | (156) |
Net cash used in investing activities | 2,186 | (11,698) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, savings accounts, and money market accounts | 2,156 | 1,809 |
Net change in time deposits | 706 | (411) |
Payments on long-term borrowings | (1,782) | (2,321) |
Proceeds (Repayment) from subordinated debt offering | (1,235) | |
Net proceeds from stock offering and conversion | 13,128 | |
Purchase of common stock for ESOP | (1,104) | |
Net cash provided by financing activities | 1,080 | 9,866 |
Net change in cash and cash equivalents | 2,670 | (1,858) |
Cash and cash equivalents at beginning of period | 20,997 | 26,830 |
Cash and cash equivalents at end of period | 23,667 | 24,972 |
Supplemental Cash Flows Information | ||
Interest | $ 348 | 550 |
Transfer of loans to foreclosed real estate and repossessed assets | $ 10 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2022 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations Generations Bancorp NY, Inc. (“Generations Bancorp”) is a Maryland corporation that was organized in August 2020 as part of the Seneca-Cayuga Bancorp, Inc. (“Seneca-Cayuga”) conversion from the mutual holding company structure to a fully public stock holding company structure. Prior to the conversion, Generations Bank was the wholly-owned subsidiary of Seneca-Cayuga, and The Seneca Falls Savings Bank, MHC (“MHC”), which owned 60.1% of Seneca-Cayuga’s common stock. On January 13, 2021, Generations Bancorp sold 1,477,575 of its common stock in a stock offering, (which included 109,450 shares issued to the ESOP) representing the ownership interest of the MHC for gross proceeds of $14.8 million and net proceeds of $13.2 million. The exchange ratio of previously held shares by public shareholders (i.e., shareholders other than the MHC) of Seneca-Cayuga was 0.9980 as applied in the conversion offering. References herein to the “Company” include Generations Bancorp subsequent to the completion of the conversion and Seneca-Cayuga prior to the completion of the conversion. Generations Bank (the “Bank”) is a federally chartered savings bank headquartered in Seneca Falls, New York. We were organized in 1870 and have operated continuously since that time in the northern Finger Lakes Region of New York State which is located in the central to northwestern portion of New York State. Generations Commercial Bank (the “Commercial Bank”) is 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 and is a wholly owned subsidiary of the Bank. The Bank maintains its executive offices and main retail location in Seneca Falls, New York, in addition to seven full-service offices and one drive-through facility located Auburn, Farmington, Geneva, Medina, Phelps, Union Springs, and Waterloo, 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. 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. Interim Financial Statements The interim condensed consolidated financial statements as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments contained in these unaudited consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission, and therefore certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been omitted. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2022, or any other period. Certain prior period data presented in the consolidated financial statements has been reclassified to conform to current year presentation. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto of the Company for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Reference is made to the accounting policies of the Company described in the Notes to Financial Statements contained in the Annual Report on Form 10-K for the year ended December 31, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 2. Accumulated Other Comprehensive Loss The balances and changes in the components of accumulated other comprehensive loss, net of tax, are as follows: Unrealized Accumulated (Losses) Gains Defined Other on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Loss Balance, January 1, 2022 $ 215 $ (1,181) $ (966) Other comprehensive loss before reclassifications (1,774) — (1,774) Net current-period other comprehensive loss (1,774) — (1,774) Balance, March 31, 2022 $ (1,559) $ (1,181) $ (2,740) Balance, January 1, 2021 $ 723 $ (2,138) $ (1,415) Other comprehensive loss before reclassifications (13) — (13) Amounts reclassified from AOCI to the income statement — 23 23 Net current-period other comprehensive income (loss) (13) 23 10 Balance, March 31, 2021 $ 710 $ (2,115) $ (1,405) The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss: Three months ended March 31, Affected Line Item in the (In thousands) 2022 2021 Statement of Income Defined benefit pension plan: Retirement plan net losses recognized in net periodic pension cost $ — $ 28 Compensation and benefits Tax effect — (5) Income tax benefit $ — $ 23 Net income |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Common Share | |
Earnings Per Common Share | 3. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding was 2,351,000 and 2,360,000, for the three months ended March 31, 2022 2021 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Securities | |
Securities | 4. Securities Investments in securities available-for-sale, held-to-maturity, and equity are summarized as follows: At March 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and Government Sponsored Enterprise ("GSE") $ 30 $ 1 $ (1) $ 30 Corporate bonds 20,780 51 (1,742) 19,089 State and political subdivisions 17,241 629 (911) 16,959 Total securities available-for-sale $ 38,051 $ 681 $ (2,654) $ 36,078 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 1,064 $ 15 $ (4) $ 1,075 Total securities held-to-maturity $ 1,064 $ 15 $ (4) $ 1,075 Equity securities: Large cap equity mutual fund $ 44 $ 44 Other mutual funds 294 294 Total of equity securities $ 338 $ 338 At December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 33 $ 1 $ (1) $ 33 Corporate bonds 18,589 266 (812) 18,043 State and political subdivisions 18,081 887 (69) 18,899 Total securities available-for-sale $ 36,703 $ 1,154 $ (882) $ 36,975 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 1,128 $ 25 $ (3) $ 1,150 Total securities held-to-maturity $ 1,128 $ 25 $ (3) $ 1,150 Equity securities: Large cap equity mutual fund $ 45 $ 45 Other mutual funds 305 305 Total of equity securities $ 350 $ 350 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: At March 31, 2022 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 $ — $ — $ 22 $ (1) $ 22 $ (1) Corporate bonds 15,602 (1,742) — — 15,602 (1,742) State and political subdivisions 6,731 (857) 447 (54) 7,178 (911) Total securities available-for-sale $ 22,333 $ (2,599) $ 469 $ (55) $ 22,802 $ (2,654) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 214 $ (1) $ 248 $ (3) $ 462 $ (4) Total securities held-to-maturity $ 214 $ (1) $ 248 $ (3) $ 462 $ (4) At December 31, 2021 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 $ — $ — $ 23 $ (1) $ 23 $ (1) Corporate bonds 9,925 (812) — — 9,925 (812) State and political subdivisions 4,774 (69) — — 4,774 (69) Total securities available-for-sale $ 14,699 $ (881) $ 23 $ (1) $ 14,722 $ (882) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ — $ — $ 156 $ (3) $ 156 $ (3) Total securities held-to-maturity $ — $ — $ 156 $ (3) $ 156 $ (3) 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. Fourteen government agency and government sponsored enterprise (“GSE”) residential mortgage-backed security holdings have an unrealized loss as of March 31, 2022. The securities were issued by the Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and the Government National Mortgage Association (“GNMA”). The government-backed securities that have unrealized losses are immaterial, with each of these securities having value deficiencies of $1,200 or less. There are 43 bond issues held by the Bank that have an unrealized loss as of March 31, 2022. The bonds are issued by well-established municipalities and corporate entities with semi-annual interest payments. All interest payments have historically been made timely. The value of the bonds held is closely correlated with long-term interest rates, and as interest rates increase, the bond values decrease. We anticipate full recovery of our investment over time and have no plans to sell the securities in the near term. Market values of the securities 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. The following is a summary of the amortized cost and estimated fair values of debt securities at March 31, 2022, 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 mortgage-backed securities generally exceed 20 years; however, the effective average life is expected to be substantially shorter due to anticipated repayments and prepayments. At March 31, 2022 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 $ 125 $ 128 $ — $ — Due over one year through five years 1,736 1,686 — — Due over five through ten years 5,907 5,828 — — Due after ten years 30,253 28,406 — — 38,021 36,048 — — Residential mortgage-backed securities 30 30 1,064 1,075 Total $ 38,051 $ 36,078 $ 1,064 $ 1,075 There were no gross realized gains (losses) on sales and redemptions of available-for-sale securities for the three months March 31, 2022 and 2021. Gains and losses on the sales of securities are recognized in income when sold, using the specific identification method, on a trade date basis. Securities with a fair value of $8,665,178 and $8,775,255 were pledged to collateralize certain deposit arrangements at March 31, 2022 and December 31, 2021 respectively. |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Loans Receivable | |
Loans Receivable | 5. Loans Receivable Major classifications of loans are as follows: At March 31, At December 31, (In thousands) 2022 2021 Originated Loans: Residential mortgages: One- to four-family $ 101,613 $ 102,766 101,613 102,766 Commercial loans: Real estate - nonresidential 19,164 19,734 Multi-family 452 456 Commercial business 12,172 12,366 31,788 32,556 Consumer: Home equity and junior liens 9,663 8,840 Manufactured homes 48,116 47,717 Automobile 22,025 22,666 Student 2,102 2,096 Recreational vehicle 28,692 29,463 Other consumer 5,242 5,408 115,840 116,190 Total originated loans 249,241 251,512 Net deferred loan costs 15,212 15,650 Less allowance for loan losses (1,974) (1,841) Net originated loans $ 262,479 $ 265,321 At March 31, At December 31, (In thousands) 2022 2021 Acquired Loans: Residential mortgages: One- to four-family $ 9,678 $ 10,295 9,678 10,295 Commercial loans: Real estate - nonresidential 1,693 1,744 Commercial business 126 162 1,819 1,906 Consumer: Home equity and junior liens 770 861 Other consumer 67 84 837 945 Total acquired loans 12,334 13,146 Net deferred loan costs (58) (60) Fair value credit and yield adjustment (270) (287) Net acquired loans $ 12,006 $ 12,799 At March 31, At December 31, (In thousands) 2022 2021 Total Loans: Residential mortgages: One- to four-family $ 111,291 $ 113,061 111,291 113,061 Commercial loans: Real estate - nonresidential 20,857 21,478 Multi-family 452 456 Commercial business 12,298 12,528 33,607 34,462 Consumer: Home equity and junior liens 10,433 9,701 Manufactured homes 48,116 47,717 Automobile 22,025 22,666 Student 2,102 2,096 Recreational vehicle 28,692 29,463 Other consumer 5,309 5,492 116,677 117,135 Total Loans 261,575 264,658 Net deferred loan costs 15,154 15,590 Fair value credit and yield adjustment (270) (287) Less allowance for loan losses (1,974) (1,841) Loans receivable, net $ 274,485 $ 278,120 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. 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 the Northeastern United States, are purchased regularly from a Connecticut based company. In 2019, the Company also began to purchase modular home loans originated throughout the United States, 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. 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. Risk ratings are also reviewed when 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. 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: At March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans: Residential mortgages: One- to four-family $ 97,862 $ 1,640 $ 2,111 $ — $ 101,613 97,862 1,640 2,111 — 101,613 Commercial loans: Real estate - nonresidential 13,918 3,096 2,150 — 19,164 Multi-family 452 — — — 452 Commercial business 8,445 2,806 921 — 12,172 22,815 5,902 3,071 — 31,788 Consumer: Home equity and junior liens 9,511 40 112 — 9,663 Manufactured homes 48,072 — 44 — 48,116 Automobile 22,010 — 15 — 22,025 Student 2,007 20 75 — 2,102 Recreational vehicle 28,438 205 49 — 28,692 Other consumer 5,242 — — — 5,242 115,280 265 295 — 115,840 Total originated loans $ 235,957 $ 7,807 $ 5,477 $ — $ 249,241 At March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans: Residential mortgages: One- to four-family $ 9,422 $ 100 $ 156 $ — $ 9,678 9,422 100 156 — 9,678 Commercial loans: Real estate - nonresidential 1,693 — — — 1,693 Commercial business 126 — — — 126 1,819 — — — 1,819 Consumer: Home equity and junior liens 770 — — — 770 Other consumer 67 — — — 67 837 — — — 837 Total acquired loans $ 12,078 $ 100 $ 156 $ — $ 12,334 At March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans: Residential mortgages: One- to four-family $ 107,284 $ 1,740 $ 2,267 $ — $ 111,291 107,284 1,740 2,267 — 111,291 Commercial loans: Real estate - nonresidential 15,611 3,096 2,150 — 20,857 Multi-family 452 — — — 452 Commercial business 8,571 2,806 921 — 12,298 24,634 5,902 3,071 — 33,607 Consumer: Home equity and junior liens 10,281 40 112 — 10,433 Manufactured homes 48,072 — 44 — 48,116 Automobile 22,010 — 15 — 22,025 Student 2,007 20 75 — 2,102 Recreational vehicle 28,438 205 49 — 28,692 Other consumer 5,309 — — — 5,309 116,117 265 295 — 116,677 Total loans $ 248,035 $ 7,907 $ 5,633 $ — $ 261,575 At December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans: Residential mortgages: One- to four-family $ 99,294 $ 1,110 $ 2,362 $ — $ 102,766 99,294 1,110 2,362 — 102,766 Commercial loans: Real estate - nonresidential 14,464 3,045 2,225 — 19,734 Multi-family 456 — — — 456 Commercial business 10,256 1,112 998 — 12,366 25,176 4,157 3,223 — 32,556 Consumer: Home equity and junior liens 8,753 41 46 — 8,840 Manufactured homes 47,717 — — — 47,717 Automobile 22,558 64 44 — 22,666 Student 2,096 — — — 2,096 Recreational vehicle 29,424 39 — — 29,463 Other consumer 5,376 32 — — 5,408 115,924 176 90 — 116,190 Total originated loans $ 240,394 $ 5,443 $ 5,675 $ — $ 251,512 At December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans: Residential mortgages: One- to four-family $ 10,038 $ 42 $ 215 $ — $ 10,295 10,038 42 215 — 10,295 Commercial loans: Real estate - nonresidential 1,744 — — — 1,744 Commercial business 162 — — — 162 1,906 — — — 1,906 Consumer: Home equity and junior liens 841 — 20 — 861 Other consumer 84 — — — 84 925 — 20 — 945 Total acquired loans $ 12,869 $ 42 $ 235 $ — $ 13,146 At December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans: Residential mortgages: One- to four-family $ 109,332 $ 1,152 $ 2,577 $ — $ 113,061 109,332 1,152 2,577 — 113,061 Commercial loans: Real estate - nonresidential 16,208 3,045 2,225 — 21,478 Multi-family 456 — — — 456 Commercial business 10,418 1,112 998 — 12,528 27,082 4,157 3,223 — 34,462 Consumer: Home equity and junior liens 9,594 41 66 — 9,701 Manufactured homes 47,717 — — — 47,717 Automobile 22,558 64 44 — 22,666 Student 2,096 — — — 2,096 Recreational vehicle 29,424 39 — — 29,463 Other consumer 5,460 32 — — 5,492 116,849 176 110 — 117,135 Total loans $ 253,263 $ 5,485 $ 5,910 $ — $ 264,658 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. 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. 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 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 allowance for loan losses until prior charge-offs have been fully recovered. An age analysis of past due loans, segregated by class of loans, as are as follows: At March 31, 2022 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 $ 3,096 $ — $ 2,111 $ 5,207 $ 96,406 $ 101,613 3,096 — 2,111 5,207 96,406 101,613 Commercial loans: Real estate - nonresidential 2,855 — 416 3,271 15,893 19,164 Multi-family — — — — 452 452 Commercial business 327 — 134 461 11,711 12,172 3,182 — 550 3,732 28,056 31,788 Consumer loans: Home equity and junior liens 128 — 112 240 9,423 9,663 Manufactured homes 742 266 44 1,052 47,064 48,116 Automobile 219 — 15 234 21,791 22,025 Student — 20 75 95 2,007 2,102 Recreational vehicle 780 205 49 1,034 27,658 28,692 Other consumer 78 — — 78 5,164 5,242 1,947 491 295 2,733 113,107 115,840 Total originated loans $ 8,225 $ 491 $ 2,956 $ 11,672 $ 237,569 $ 249,241 At March 31, 2022 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 $ 334 $ — $ 156 $ 490 $ 9,188 $ 9,678 334 — 156 490 9,188 9,678 Commercial loans: Real estate - nonresidential — — — — 1,693 1,693 Commercial business — — — — 126 126 — — — — 1,819 1,819 Consumer loans: Home equity and junior liens 35 — — 35 735 770 Other consumer — — — — 67 67 35 — — 35 802 837 Total acquired loans $ 369 $ — $ 156 $ 525 $ 11,809 $ 12,334 At March 31, 2022 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 $ 3,430 $ — $ 2,267 $ 5,697 $ 105,594 $ 111,291 3,430 — 2,267 5,697 105,594 111,291 Commercial loans: Real estate - nonresidential 2,855 — 416 3,271 17,586 20,857 Multi-family — — — — 452 452 Commercial business 327 — 134 461 11,837 12,298 3,182 — 550 3,732 29,875 33,607 Consumer loans: Home equity and junior liens 163 — 112 275 10,158 10,433 Manufactured homes 742 266 44 1,052 47,064 48,116 Automobile 219 — 15 234 21,791 22,025 Student — 20 75 95 2,007 2,102 Recreational vehicle 780 205 49 1,034 27,658 28,692 Other consumer 78 — — 78 5,231 5,309 1,982 491 295 2,768 113,909 116,677 Total loans $ 8,594 $ 491 $ 3,112 $ 12,197 $ 249,378 $ 261,575 At December 31, 2021 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 $ 3,137 $ 757 $ 2,362 $ 6,256 $ 96,510 $ 102,766 3,137 757 2,362 6,256 96,510 102,766 Commercial loans: Real estate - nonresidential 389 — 416 805 18,929 19,734 Multi-family — — — — 456 456 Commercial business — 8 161 169 12,197 12,366 389 8 577 974 31,582 32,556 Consumer loans: Home equity and junior liens 149 31 46 226 8,614 8,840 Manufactured homes 922 615 — 1,537 46,180 47,717 Automobile 168 64 44 276 22,390 22,666 Student 95 — — 95 2,001 2,096 Recreational vehicle 605 39 — 644 28,819 29,463 Other consumer 75 32 — 107 5,301 5,408 2,014 781 90 2,885 113,305 116,190 Total originated loans $ 5,540 $ 1,546 $ 3,029 $ 10,115 $ 241,397 $ 251,512 At December 31, 2021 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 $ 318 $ 68 $ 215 $ 601 $ 9,694 $ 10,295 318 68 215 601 9,694 10,295 Commercial loans: Real estate - nonresidential — — — — 1,744 1,744 Commercial business 27 — — 27 135 162 Other commercial and industrial 27 — — 27 1,879 1,906 Consumer loans: — — 20 20 841 861 Home equity and junior liens — — — — 84 84 Other consumer — — 20 20 925 945 $ 345 $ 68 $ 235 $ 648 $ 12,498 $ 13,146 At December 31, 2021 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 $ 3,455 $ 825 $ 2,577 $ 6,857 $ 106,204 $ 113,061 3,455 825 2,577 6,857 106,204 113,061 Commercial loans: Real estate - nonresidential 389 — 416 805 20,673 21,478 Multi-family — — — — 456 456 Commercial business 27 8 161 196 12,332 12,528 416 8 577 1,001 33,461 34,462 Consumer loans: Home equity and junior liens 149 31 66 246 9,455 9,701 Manufactured homes 922 615 — 1,537 46,180 47,717 Automobile 168 64 44 276 22,390 22,666 Student 95 — — 95 2,001 2,096 Recreational vehicle 605 39 — 644 28,819 29,463 Other consumer 75 32 — 107 5,385 5,492 2,014 781 110 2,905 114,230 117,135 Total loans $ 5,885 $ 1,614 $ 3,264 $ 10,763 $ 253,895 $ 264,658 Non-accrual loans, segregated by class of loan, were as follows: At March 31, At December 31, (In thousands) 2022 2021 Residential mortgage loans: One- to four-family $ 2,267 $ 2,577 2,267 2,577 Commercial loans: Real estate - nonresidential 416 416 Commercial business 134 161 550 577 Consumer loans: Home equity and junior liens 112 66 Manufactured homes 44 — Automobile 15 44 Student 75 — Recreational vehicle 49 — 295 110 Total non-accrual loans $ 3,112 $ 3,264 There were no loans past due more than ninety days and still accruing interest at March 31, 2022 and December 31, 2021. 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 is 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 loans that had been modified as a TDR during the three months ended March 31, 2022. There were seven loans that had been modified as a TDR during the three months ended March 31, 2021. During the three months ended March 31, 2022 and 2021, there were no defaults on TDRs that were modified within the twelve months prior to the default date. A default for these purposes is defined as a loan that reaches 90 days past due. The table below details loans that have been modified as a troubled debt restructuring for the three months ended March 31, 2021: Post- Pre-Modification Modification Current Outstanding Outstanding Outstanding Number of Recorded Recorded Recorded For the three months ended March 31, 2021 Contracts Investment Investment Investment One- to four-family residential mortgages 4 $ 336 $ 336 $ 250 Commercial business 3 46 46 34 At March 31, 2022, there were 15 TDR loans, with an outstanding balance of $2.9 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. There were no TDRs in non-accrual status due to delinquency greater than 90 days. All of the TDR loans continue to accrue interest. At December 31, 2021, the Company had 15 TDR loans with an outstanding balance of $3.0 million in the portfolio. Impaired Loans 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 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. The following table summarizes impaired loans information by portfolio class: At March 31, 2022 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,158 $ 2,239 $ — Commercial real estate - nonresidential 416 516 — Commercial business 73 73 — Home equity and junior liens 112 112 — With an allowance recorded: Commercial business 55 55 12 Total: One- to four-family residential mortgages 2,158 2,239 — Commercial real estate - nonresidential 416 516 — Commercial business 128 128 12 Home equity and junior liens 112 112 — $ 2,814 $ 2,995 $ 12 At December 31, 2021 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,352 $ 2,423 $ — Commercial real estate - nonresidential 416 516 — Commercial business 73 73 — Home equity and junior liens 67 67 — With an allowance recorded: One- to four-family residential mortgages 224 224 7 Commercial business 55 55 12 Total: One- to four-family residential mortgages 2,576 2,647 7 Commercial real estate - nonresidential 416 516 — Commercial business 128 128 12 Home equity and junior liens 67 67 — $ 3,187 $ 3,358 $ 19 The following table presents the average recorded investment in impaired loans: Three Months Ended March 31, (In thousands) 2022 2021 One- to four-family residential mortgages $ 2,166 $ 2,175 Commercial real estate - nonresidential 416 1,285 Commercial business 128 2,228 Home equity and junior liens 112 104 Other consumer — 5 2,822 $ 5,797 The following table presents interest income recognized on impaired loans: Three Months Ended March 31, (In thousands) 2022 2021 One- to four-family residential mortgages $ 6 $ 17 Commercial real estate - nonresidential — 16 Multi-family — 15 Home equity and junior liens — 1 $ 6 $ 49 Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis. |
Allowance for Loan Loss
Allowance for Loan Loss | 3 Months Ended |
Mar. 31, 2022 | |
Allowance for Loan Loss | |
Allowance for Loan Loss | 6. 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 are summarized as follows: Three Months Ended March 31, 2022 One- to four- Construction family residential Real estate Construction Commercial (In thousands) residential mortgage nonresidential Multi-family commercial business Allowance for loan losses: Beginning balance $ 688 $ — $ 630 $ 2 $ — $ 161 Charge-offs (10) — — — — — Recoveries 15 — — — — — Provision for loan losses 46 — 14 1 — 48 Ending balance $ 739 $ — $ 644 $ 3 $ — $ 209 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ 12 Ending balance: related to loans collectively evaluated for impairment $ 739 $ — $ 644 $ 3 $ — $ 197 Loans receivable: Ending balance $ 111,291 $ — $ 20,857 $ 452 $ — $ 12,298 Ending balance: individually evaluated for impairment $ 2,158 $ — $ 416 $ — $ — $ 128 Ending balance: collectively evaluated for impairment $ 109,133 $ — $ 20,441 $ 452 $ — $ 12,170 Three Months Ended March 31, 2022 (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 $ 39 $ 102 $ 107 $ 64 $ — $ 48 $ — $ 1,841 Charge-offs — — (40) — — — — (50) Recoveries — — 17 1 — — — 33 Provision (credit) for loan losses 4 14 23 (1) — 1 — 150 Ending balance $ 43 $ 116 $ 107 $ 64 $ — $ 49 $ — $ 1,974 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ 12 Ending balance: related to loans collectively evaluated for impairment $ 43 $ 116 $ 107 $ 64 $ — $ 49 $ — $ 1,962 Loans receivable: Ending balance $ 10,433 $ 48,116 $ 22,025 $ 2,102 $ 28,692 $ 5,309 $ — $ 261,575 Ending balance: individually evaluated for impairment $ 112 $ — $ — $ — $ — $ — $ — $ 2,814 Ending balance: collectively evaluated for impairment $ 10,321 $ 48,116 $ 22,025 $ 2,102 $ 28,692 $ 5,309 $ — $ 258,761 Three Months Ended March 31, 2021 One- to four- Construction family residential Real estate Construction Commercial (In thousands) residential mortgage nonresidential Multi-family commercial business Allowance for loan losses: Beginning balance $ 457 $ — $ 319 $ 26 $ — $ 617 Charge-offs (3) — (51) — — (17) Recoveries 1 — — 6 — 7 Provision (credit) for loan losses 85 — 120 (21) — (77) Ending balance $ 540 $ — $ 388 $ 11 $ — $ 530 Ending balance: related to loans individually evaluated for impairment $ 18 $ — $ 66 $ — $ — $ 210 Ending balance: related to loans collectively evaluated for impairment $ 522 $ — $ 322 $ 11 $ — $ 320 Loans receivable: Ending balance $ 122,533 $ — $ 24,405 $ 2,331 $ — $ 19,576 Ending balance: individually evaluated for impairment $ 2,551 $ — $ 2,788 $ — $ — $ 2,177 Ending balance: collectively evaluated for impairment $ 119,982 $ — $ 21,617 $ 2,331 $ — $ 17,399 Three Months Ended March 31, 2021 (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 $ 46 $ 76 $ 127 $ 69 $ — $ 84 $ — $ 1,821 Charge-offs (2) — (2) — — (33) — (108) Recoveries — — 10 1 7 1 — 33 Provision (credit) for loan losses 4 5 2 1 (7) 23 — 135 Ending balance $ 48 $ 81 $ 137 $ 71 $ — $ 75 $ — $ 1,881 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ 2 $ — $ 296 Ending balance: related to loans collectively evaluated for impairment $ 48 $ 81 $ 137 $ 71 $ — $ 73 $ — $ 1,585 Loans receivable: Ending balance $ 10,365 $ 46,608 $ 22,421 $ 2,304 $ 17,043 $ 4,408 $ — $ 271,994 Ending balance: individually evaluated for impairment $ 103 $ — $ — $ — $ — $ 5 $ — $ 7,624 Ending balance: collectively evaluated for impairment $ 10,262 $ 46,608 $ 22,421 $ 2,304 $ 17,043 $ 4,403 $ — $ 264,370 Year Ended December 31, 2021 One- to four- Construction family residential Real estate Construction Commercial (In thousands) residential mortgage nonresidential Multi-family commercial business Allowance for loan losses: Beginning balance $ 457 $ — $ 319 $ 26 $ — $ 617 Charge-offs (117) — (386) — — (84) Recoveries 28 — 16 12 — 7 Provision (credit) for loan losses 320 — 681 (36) — (379) Ending balance $ 688 $ — $ 630 $ 2 $ — $ 161 Ending balance: related to loans individually evaluated for impairment $ 7 $ — $ — $ — $ — $ 12 Ending balance: related to loans collectively evaluated for impairment $ 681 $ — $ 630 $ 2 $ — $ 149 Loans receivable: Ending balance $ 113,061 $ — $ 21,478 $ 456 $ — $ 12,528 Ending balance: individually evaluated for impairment $ 2,576 $ — $ 416 $ — $ — $ 128 Ending balance: collectively evaluated for impairment $ 110,485 $ — $ 21,062 $ 456 $ — $ 12,400 Year Ended December 31, 2021 (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 $ 46 $ 76 $ 127 $ 69 $ — $ 84 $ — $ 1,821 Charge-offs (2) — (12) — (1) (45) — (647) Recoveries — — 48 3 8 5 — 127 Provision (credit) for loan losses (5) 26 (56) (8) (7) 4 — 540 Ending balance $ 39 $ 102 $ 107 $ 64 $ — $ 48 $ — $ 1,841 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ 19 Ending balance: related to loans collectively evaluated for impairment $ 39 $ 102 $ 107 $ 64 $ — $ 48 $ — $ 1,822 Loans receivable: Ending balance $ 9,701 $ 47,717 $ 22,666 $ 2,096 $ 29,463 $ 5,492 $ — $ 264,658 Ending balance: individually evaluated for impairment $ 67 $ — $ — $ — $ — $ — $ — $ 3,187 Ending balance: collectively evaluated for impairment $ 9,634 $ 47,717 $ 22,666 $ 2,096 $ 29,463 $ 5,492 $ — $ 261,471 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 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. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2022 | |
Employee Benefit Plans | |
Employee Benefit Plans | 7. Employee Benefit Plans The Company provides pension benefits for eligible employees through two defined benefit pension plans (the “Plans”). The following tables set forth the changes in the Plans’ benefit obligations, fair value of plan assets, and the plans’ funded status: Generations Bank Plan: Three Months Ended March 31, (In thousands) 2022 2021 Net periodic expenses recognized in income: Service cost $ 108 $ 115 Interest cost 102 105 Expected return on plan assets (384) (370) Amortization of net losses — 28 Net periodic pension benefit $ (174) $ (122) Medina Savings and Loan Plan: Three Months Ended March 31, (In thousands) 2022 2021 Net periodic expenses recognized in income: Service cost $ 8 $ 8 Interest cost 28 32 Expected return on plan assets (115) (116) Net periodic pension benefit $ (79) $ (76) |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2022 | |
Regulatory Capital | |
Regulatory Capital | 8. 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 Company’s 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’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain amounts and ratios (set forth in the table below) of total core and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to total adjusted assets (as defined). The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (BASEL III rules) became effective for the Bank on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Under the BASEL III rules, the Bank must hold a 2.50% capital conservation buffer above the adequately capitalized risk-based capital ratios. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. Management believes as of March 31, 2022 and December 31, 2021, the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual capital amounts and ratios are as follows: Minimum To Be "Well- Minimum Capitalized" For Capital Under Prompt Actual Adequacy Purposes Corrective Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio As of March 31, 2022 Common Equity Tier 1 Capital $ 41,711 15.01 % $ 12,503 4.50 % $ 18,060 6.50 % Total Capital (to Risk-Weighted Assets) $ 43,685 15.72 % $ 22,228 8.00 % $ 27,785 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 41,711 15.01 % $ 16,671 6.00 % $ 22,228 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 41,711 11.16 % $ 14,952 4.00 % $ 18,690 5.00 % As of December 31, 2021: Common Equity Tier 1 Capital $ 41,287 14.82 % $ 12,534 4.50 % $ 18,104 6.50 % Total Capital (to Risk-Weighted Assets) $ 43,128 15.48 % $ 22,282 8.00 % $ 27,853 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 41,287 14.82 % $ 16,712 6.00 % $ 22,282 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 41,287 10.99 % $ 15,034 4.00 % $ 18,792 5.00 % The Company’s goal is to maintain a strong capital position, consistent with the risk profile of its subsidiary bank that supports growth and expansion activities while at the same time exceeding regulatory standards. At March 31, 2022 and December 31, 2021, Generations Bank exceeded all regulatory required minimum capital ratios and met the regulatory definition of a “well-capitalized” institution, i.e. Tier 1 Capital (to Total Adjusted Asset) exceeding 5.00%, a common equity Tier 1 capital ratio exceeding 6.50%, a Tier 1 risk-based capital ratio exceeding 8.00%, and a total risk-based capital ratio exceeding 10.00%. By letter dated September 10, 2020, based on its supervisory profile, the Office of the Comptroller of the Currency (“OCC”) established higher individual minimum capital ratios for Generations Bank. Specifically, effective September 10, 2020, Generations Bank is required to maintain a leverage ratio of 8.00% and a total capital ratio of 12.00%. The individual minimum capital ratios will remain in effect until terminated, modified, or suspended in writing by the OCC. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. 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 March 31, 2022. Financial instruments whose contract amounts represent credit risk consist of the following: At March 31, At December 31, (In thousands) 2022 2021 Commitments to grant loans $ 3,985 $ 3,524 Unfunded commitments under lines of credit 15,588 15,568 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 March 31, 2022 with fixed interest rates amounted to approximately $3.9 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at March 31, 2022 with variable interest rates amounted to approximately $15.6 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2021 with fixed interest rates amounted to approximately $3.8 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2021 with variable interest rates amounted to approximately $15.3 million. 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 sold and funded $68.6 million of loans to the Federal Home Loan Bank of New York as part of its mortgage partnership finance program (“MPF Program”), inclusive of USDA loans, to date. The principal outstanding balance on loans sold under the MPF Program is $9.5 million at March 31, 2022. The Bank continues to service loans sold under the MPF Program. Under the terms of the MPF Program, there is limited recourse 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 $707,000 at March 31, 2022. 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 was $89,000 at March 31, 2022. 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. Lease Commitments As part of the Medina Savings and Loan Association 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 expired on May 31, 2021 and was not renewed and the office was closed on May 7, 2021. Lease expense, since the merger, is included in occupancy expense and was $0 and $11,300 for the three-month periods ended March 31, 2022 and 2021, respectively, and $19,000 for the year ending December 31, 2021. There are no future minimum lease commitments at March 31, 2022. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 10. 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 operations 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: Three Months Ended March 31, (In thousands) 2022 2021 Service charges on deposit accounts $ 150 $ 135 Debit card interchange and surcharge income 188 211 Insurance commission 197 174 Loan servicing fees 35 26 $ 570 $ 546 Service charges on deposit accounts Debit card interchange and surcharge income Insurance commissions 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 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures | |
Fair Value Disclosures | 11. 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021. Cash and due from banks Interest-earning deposits Investment securities Sensitivity of significant unobservable inputs Municipal bonds Federal Home Loan Bank (“FHLB”) stock Loans receivable Impaired loans Deposits Accrued interest Long-term borrowings The following table presents a comparison of the carrying amount and estimated fair value of the Company’s financial instruments: At March 31, 2022 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 23,667 $ 23,667 $ — $ — $ 23,667 Interest-bearing time deposits in banks 650 — 650 — 650 Securities available-for-sale 36,078 — 33,573 2,505 36,078 Securities held-to-maturity 1,064 — 1,075 — 1,075 Equity securities 338 338 — — 338 Loans receivable 274,485 — — 278,475 278,475 FHLB stock 1,335 — 1,335 — 1,335 Accrued interest receivable 1,274 1,274 — — 1,274 Financial liabilities: Deposits $ 314,911 $ 91,989 $ — $ 218,832 $ 310,821 Long-term borrowings 15,978 — 19,355 — 19,355 Accrued interest payable 40 40 — — 40 At December 31, 2021 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 20,997 $ 20,997 $ — $ — $ 20,997 Interest-bearing time deposits in banks 650 — 650 — 650 Securities available-for-sale 36,975 — 33,965 3,010 36,975 Securities held-to-maturity 1,128 — 1,150 — 1,150 Equity securities 350 350 — — 350 Loans receivable 278,120 — — 281,502 281,502 FHLB stock 1,450 — 1,450 — 1,450 Accrued interest receivable 1,249 1,249 — — 1,249 Financial liabilities: Deposits $ 312,049 $ 94,709 $ — $ 219,261 $ 313,970 Long-term borrowings 17,760 — 21,985 — 21,985 Accrued interest payable 35 35 — — 35 The following tables summarize assets measured at fair value on a recurring basis, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: At March 31, 2022 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 $ — $ 30 $ — $ 30 Corporate bonds — 19,089 — 19,089 Municipal bonds — 14,454 2,505 16,959 Equity investment securities: Large cap equity mutual fund 44 — — 44 Other mutual funds 294 — — 294 Total investment securities $ 338 $ 33,573 $ 2,505 $ 36,416 At December 31, 2021 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 $ — $ 33 $ — $ 33 Corporate bonds — 18,043 — 18,043 Municipal bonds — 15,889 3,010 18,899 Equity investment securities: Large cap equity mutual fund 45 — — 45 Other mutual funds 305 — — 305 Total investment securities $ 350 $ 33,965 $ 3,010 $ 37,325 The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods noted: Investment (In thousands) Securities Balance - January 1, 2022 $ 3,010 Total gains realized/unrealized: Included in other comprehensive income 329 Principal payments/maturities (834) Balance - March 31, 2022 $ 2,505 Investment (In thousands) Securities Balance - January 1, 2021 $ 3,174 Total gains realized/unrealized: Included in other comprehensive income 50 Purchases 826 Principal payments/maturities (665) Balance - March 31, 2021 $ 3,385 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 segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: At March 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 43 $ 43 Foreclosed real estate & repossessed assets — — — — At December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 260 $ 260 Foreclosed real estate & repossessed assets — — 27 27 There have been no transfers of assets in or out of any fair value measurement level. The following table presents additional quantitative information about assets measured at fair value on a recurring basis and for which Level 3 inputs were used to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) Investment type- Other Investments Scheduled principal Cost to Sell 0% and Interest payments Carrying value 100% The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021: 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)% One-to four-family residential Costs to Sell 5% - 15% (10)% Impaired loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (25)% Commercial business Changes in property condition 10% - 20% (15)% Costs to Sell 5% - 15% (10)% 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 Foreclosed real estate & repossessed assets |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Information | |
Segment Information | 12. Segment Information The Company has three primary business segments, its community banking franchise, its insurance agency, and a limited-purpose commercial bank. 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 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 periods as noted: Three Months Ended March 31, 2022 2021 Community Municipal Community Municipal Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 2,835 $ — $ 60 $ 2,895 $ 2,780 $ — $ 63 $ 2,843 Provision for loan losses 150 — — 150 135 — — 135 Net interest income after provision for loan losses 2,685 — 60 2,745 2,645 — 63 2,708 Total noninterest income 421 195 — 616 439 173 — 612 Compensation and benefits (1,149) (86) — (1,235) (1,158) (101) — (1,259) Other noninterest expense (1,604) (30) (21) (1,655) (1,561) (37) (31) (1,629) Income before income tax expense 353 79 39 471 365 35 32 432 Income tax expense 68 — 7 75 72 — 7 79 Net income $ 285 $ 79 $ 32 $ 396 $ 293 $ 35 $ 25 $ 353 The following represents a reconciliation of the Company’s reported segment assets: At March 31, At December 31, (In thousands) 2022 2021 Total assets for reportable segments $ 392,168 $ 395,225 Elimination of intercompany balances (14,697) (16,276) Consolidated total assets $ 377,471 $ 378,949 The accounting policies of each segment are the same as those described in the summary of significant accounting policies. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Recently Issued Accounting Pronouncements | |
Recently Issued Accounting Pronouncements | 13. Recently Issued Accounting Pronouncements ASU No. 2016-13 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 are not 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, such as the Company, 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 will hire a vendor to assist with expected credit loss projections. 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. The Board of Directors is informed of ongoing CECL developments. For additional information on the allowance for loan losses, see Notes 5 and 6 to these condensed consolidated financial statements. ASU No. 2022-02 In March 2022, the FASB issued ASU No. 2022-02, amendments related to Troubled Debt Restructurings (TDRs) for all entities after they adopt 2016-13 and amendments related to vintage disclosures that affect public business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). The amendments in the accounting guidance for TDRs by credits eliminates the recognition and measurement guidance for TDRs in Subtopic 310-40. The effective dates for the amendments in this Update are the same as the effective dates in Update 2016-13. The amendments in this update should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, an entity as the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events | |
Subsequent Events | 14. Subsequent Events The Company has evaluated subsequent events through May 6, 2022, which is the date the consolidated financial statements were issued. Generations Insurance Agency, Inc. (“Agency”), a fully owned subsidiary of Generations Bank, entered into a Management Agreement with The Northwoods Corporation (“Northwoods”) whereby Northwoods will assume customer service responsibilities for Generations Insurance Agency, Inc. effective April 1, 2022. The Agency also entered into a Purchase Agreement under which Northwoods agreed to purchase the Agency’s book of business on January 1, 2024. |
Nature of Operations (Policies)
Nature of Operations (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Nature of Operations | |
Interim Financial Statements | Interim Financial Statements The interim condensed consolidated financial statements as of March 31, 2022, and for the three months ended March 31, 2022 and 2021, are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments contained in these unaudited consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission, and therefore certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been omitted. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2022, or any other period. Certain prior period data presented in the consolidated financial statements has been reclassified to conform to current year presentation. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto of the Company for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Reference is made to the accounting policies of the Company described in the Notes to Financial Statements contained in the Annual Report on Form 10-K for the year ended December 31, 2021. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Loss | |
Schedule of Other comprehensive income information | Unrealized Accumulated (Losses) Gains Defined Other on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Loss Balance, January 1, 2022 $ 215 $ (1,181) $ (966) Other comprehensive loss before reclassifications (1,774) — (1,774) Net current-period other comprehensive loss (1,774) — (1,774) Balance, March 31, 2022 $ (1,559) $ (1,181) $ (2,740) Balance, January 1, 2021 $ 723 $ (2,138) $ (1,415) Other comprehensive loss before reclassifications (13) — (13) Amounts reclassified from AOCI to the income statement — 23 23 Net current-period other comprehensive income (loss) (13) 23 10 Balance, March 31, 2021 $ 710 $ (2,115) $ (1,405) |
Reclassified out of each component of accumulated other comprehensive loss | Three months ended March 31, Affected Line Item in the (In thousands) 2022 2021 Statement of Income Defined benefit pension plan: Retirement plan net losses recognized in net periodic pension cost $ — $ 28 Compensation and benefits Tax effect — (5) Income tax benefit $ — $ 23 Net income |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Securities | |
Schedule of investments in securities available-for-sale and held-to-maturity | At March 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and Government Sponsored Enterprise ("GSE") $ 30 $ 1 $ (1) $ 30 Corporate bonds 20,780 51 (1,742) 19,089 State and political subdivisions 17,241 629 (911) 16,959 Total securities available-for-sale $ 38,051 $ 681 $ (2,654) $ 36,078 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 1,064 $ 15 $ (4) $ 1,075 Total securities held-to-maturity $ 1,064 $ 15 $ (4) $ 1,075 Equity securities: Large cap equity mutual fund $ 44 $ 44 Other mutual funds 294 294 Total of equity securities $ 338 $ 338 At December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 33 $ 1 $ (1) $ 33 Corporate bonds 18,589 266 (812) 18,043 State and political subdivisions 18,081 887 (69) 18,899 Total securities available-for-sale $ 36,703 $ 1,154 $ (882) $ 36,975 Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 1,128 $ 25 $ (3) $ 1,150 Total securities held-to-maturity $ 1,128 $ 25 $ (3) $ 1,150 Equity securities: Large cap equity mutual fund $ 45 $ 45 Other mutual funds 305 305 Total of equity securities $ 350 $ 350 |
Schedule of gross unrealized losses on investment securities and the fair value of the related securities | At March 31, 2022 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 $ — $ — $ 22 $ (1) $ 22 $ (1) Corporate bonds 15,602 (1,742) — — 15,602 (1,742) State and political subdivisions 6,731 (857) 447 (54) 7,178 (911) Total securities available-for-sale $ 22,333 $ (2,599) $ 469 $ (55) $ 22,802 $ (2,654) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ 214 $ (1) $ 248 $ (3) $ 462 $ (4) Total securities held-to-maturity $ 214 $ (1) $ 248 $ (3) $ 462 $ (4) At December 31, 2021 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 $ — $ — $ 23 $ (1) $ 23 $ (1) Corporate bonds 9,925 (812) — — 9,925 (812) State and political subdivisions 4,774 (69) — — 4,774 (69) Total securities available-for-sale $ 14,699 $ (881) $ 23 $ (1) $ 14,722 $ (882) Securities held-to-maturity: Residential mortgage-backed - US agency and GSEs $ — $ — $ 156 $ (3) $ 156 $ (3) Total securities held-to-maturity $ — $ — $ 156 $ (3) $ 156 $ (3) |
Summary of the amortized cost and estimated fair values of debt securities | At March 31, 2022 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 $ 125 $ 128 $ — $ — Due over one year through five years 1,736 1,686 — — Due over five through ten years 5,907 5,828 — — Due after ten years 30,253 28,406 — — 38,021 36,048 — — Residential mortgage-backed securities 30 30 1,064 1,075 Total $ 38,051 $ 36,078 $ 1,064 $ 1,075 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Loans Receivable | |
Schedule of major classifications of loans | At March 31, At December 31, (In thousands) 2022 2021 Originated Loans: Residential mortgages: One- to four-family $ 101,613 $ 102,766 101,613 102,766 Commercial loans: Real estate - nonresidential 19,164 19,734 Multi-family 452 456 Commercial business 12,172 12,366 31,788 32,556 Consumer: Home equity and junior liens 9,663 8,840 Manufactured homes 48,116 47,717 Automobile 22,025 22,666 Student 2,102 2,096 Recreational vehicle 28,692 29,463 Other consumer 5,242 5,408 115,840 116,190 Total originated loans 249,241 251,512 Net deferred loan costs 15,212 15,650 Less allowance for loan losses (1,974) (1,841) Net originated loans $ 262,479 $ 265,321 At March 31, At December 31, (In thousands) 2022 2021 Acquired Loans: Residential mortgages: One- to four-family $ 9,678 $ 10,295 9,678 10,295 Commercial loans: Real estate - nonresidential 1,693 1,744 Commercial business 126 162 1,819 1,906 Consumer: Home equity and junior liens 770 861 Other consumer 67 84 837 945 Total acquired loans 12,334 13,146 Net deferred loan costs (58) (60) Fair value credit and yield adjustment (270) (287) Net acquired loans $ 12,006 $ 12,799 At March 31, At December 31, (In thousands) 2022 2021 Total Loans: Residential mortgages: One- to four-family $ 111,291 $ 113,061 111,291 113,061 Commercial loans: Real estate - nonresidential 20,857 21,478 Multi-family 452 456 Commercial business 12,298 12,528 33,607 34,462 Consumer: Home equity and junior liens 10,433 9,701 Manufactured homes 48,116 47,717 Automobile 22,025 22,666 Student 2,102 2,096 Recreational vehicle 28,692 29,463 Other consumer 5,309 5,492 116,677 117,135 Total Loans 261,575 264,658 Net deferred loan costs 15,154 15,590 Fair value credit and yield adjustment (270) (287) Less allowance for loan losses (1,974) (1,841) Loans receivable, net $ 274,485 $ 278,120 |
Summary of loan portfolio by Company's internal risk rating system | At March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans: Residential mortgages: One- to four-family $ 97,862 $ 1,640 $ 2,111 $ — $ 101,613 97,862 1,640 2,111 — 101,613 Commercial loans: Real estate - nonresidential 13,918 3,096 2,150 — 19,164 Multi-family 452 — — — 452 Commercial business 8,445 2,806 921 — 12,172 22,815 5,902 3,071 — 31,788 Consumer: Home equity and junior liens 9,511 40 112 — 9,663 Manufactured homes 48,072 — 44 — 48,116 Automobile 22,010 — 15 — 22,025 Student 2,007 20 75 — 2,102 Recreational vehicle 28,438 205 49 — 28,692 Other consumer 5,242 — — — 5,242 115,280 265 295 — 115,840 Total originated loans $ 235,957 $ 7,807 $ 5,477 $ — $ 249,241 At March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans: Residential mortgages: One- to four-family $ 9,422 $ 100 $ 156 $ — $ 9,678 9,422 100 156 — 9,678 Commercial loans: Real estate - nonresidential 1,693 — — — 1,693 Commercial business 126 — — — 126 1,819 — — — 1,819 Consumer: Home equity and junior liens 770 — — — 770 Other consumer 67 — — — 67 837 — — — 837 Total acquired loans $ 12,078 $ 100 $ 156 $ — $ 12,334 At March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans: Residential mortgages: One- to four-family $ 107,284 $ 1,740 $ 2,267 $ — $ 111,291 107,284 1,740 2,267 — 111,291 Commercial loans: Real estate - nonresidential 15,611 3,096 2,150 — 20,857 Multi-family 452 — — — 452 Commercial business 8,571 2,806 921 — 12,298 24,634 5,902 3,071 — 33,607 Consumer: Home equity and junior liens 10,281 40 112 — 10,433 Manufactured homes 48,072 — 44 — 48,116 Automobile 22,010 — 15 — 22,025 Student 2,007 20 75 — 2,102 Recreational vehicle 28,438 205 49 — 28,692 Other consumer 5,309 — — — 5,309 116,117 265 295 — 116,677 Total loans $ 248,035 $ 7,907 $ 5,633 $ — $ 261,575 At December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Originated Loans: Residential mortgages: One- to four-family $ 99,294 $ 1,110 $ 2,362 $ — $ 102,766 99,294 1,110 2,362 — 102,766 Commercial loans: Real estate - nonresidential 14,464 3,045 2,225 — 19,734 Multi-family 456 — — — 456 Commercial business 10,256 1,112 998 — 12,366 25,176 4,157 3,223 — 32,556 Consumer: Home equity and junior liens 8,753 41 46 — 8,840 Manufactured homes 47,717 — — — 47,717 Automobile 22,558 64 44 — 22,666 Student 2,096 — — — 2,096 Recreational vehicle 29,424 39 — — 29,463 Other consumer 5,376 32 — — 5,408 115,924 176 90 — 116,190 Total originated loans $ 240,394 $ 5,443 $ 5,675 $ — $ 251,512 At December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Acquired Loans: Residential mortgages: One- to four-family $ 10,038 $ 42 $ 215 $ — $ 10,295 10,038 42 215 — 10,295 Commercial loans: Real estate - nonresidential 1,744 — — — 1,744 Commercial business 162 — — — 162 1,906 — — — 1,906 Consumer: Home equity and junior liens 841 — 20 — 861 Other consumer 84 — — — 84 925 — 20 — 945 Total acquired loans $ 12,869 $ 42 $ 235 $ — $ 13,146 At December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Total Loans: Residential mortgages: One- to four-family $ 109,332 $ 1,152 $ 2,577 $ — $ 113,061 109,332 1,152 2,577 — 113,061 Commercial loans: Real estate - nonresidential 16,208 3,045 2,225 — 21,478 Multi-family 456 — — — 456 Commercial business 10,418 1,112 998 — 12,528 27,082 4,157 3,223 — 34,462 Consumer: Home equity and junior liens 9,594 41 66 — 9,701 Manufactured homes 47,717 — — — 47,717 Automobile 22,558 64 44 — 22,666 Student 2,096 — — — 2,096 Recreational vehicle 29,424 39 — — 29,463 Other consumer 5,460 32 — — 5,492 116,849 176 110 — 117,135 Total loans $ 253,263 $ 5,485 $ 5,910 $ — $ 264,658 |
Schedule of age analysis of past due loans, segregated by class of loans | At March 31, 2022 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 $ 3,096 $ — $ 2,111 $ 5,207 $ 96,406 $ 101,613 3,096 — 2,111 5,207 96,406 101,613 Commercial loans: Real estate - nonresidential 2,855 — 416 3,271 15,893 19,164 Multi-family — — — — 452 452 Commercial business 327 — 134 461 11,711 12,172 3,182 — 550 3,732 28,056 31,788 Consumer loans: Home equity and junior liens 128 — 112 240 9,423 9,663 Manufactured homes 742 266 44 1,052 47,064 48,116 Automobile 219 — 15 234 21,791 22,025 Student — 20 75 95 2,007 2,102 Recreational vehicle 780 205 49 1,034 27,658 28,692 Other consumer 78 — — 78 5,164 5,242 1,947 491 295 2,733 113,107 115,840 Total originated loans $ 8,225 $ 491 $ 2,956 $ 11,672 $ 237,569 $ 249,241 At March 31, 2022 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 $ 334 $ — $ 156 $ 490 $ 9,188 $ 9,678 334 — 156 490 9,188 9,678 Commercial loans: Real estate - nonresidential — — — — 1,693 1,693 Commercial business — — — — 126 126 — — — — 1,819 1,819 Consumer loans: Home equity and junior liens 35 — — 35 735 770 Other consumer — — — — 67 67 35 — — 35 802 837 Total acquired loans $ 369 $ — $ 156 $ 525 $ 11,809 $ 12,334 At March 31, 2022 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 $ 3,430 $ — $ 2,267 $ 5,697 $ 105,594 $ 111,291 3,430 — 2,267 5,697 105,594 111,291 Commercial loans: Real estate - nonresidential 2,855 — 416 3,271 17,586 20,857 Multi-family — — — — 452 452 Commercial business 327 — 134 461 11,837 12,298 3,182 — 550 3,732 29,875 33,607 Consumer loans: Home equity and junior liens 163 — 112 275 10,158 10,433 Manufactured homes 742 266 44 1,052 47,064 48,116 Automobile 219 — 15 234 21,791 22,025 Student — 20 75 95 2,007 2,102 Recreational vehicle 780 205 49 1,034 27,658 28,692 Other consumer 78 — — 78 5,231 5,309 1,982 491 295 2,768 113,909 116,677 Total loans $ 8,594 $ 491 $ 3,112 $ 12,197 $ 249,378 $ 261,575 At December 31, 2021 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 $ 3,137 $ 757 $ 2,362 $ 6,256 $ 96,510 $ 102,766 3,137 757 2,362 6,256 96,510 102,766 Commercial loans: Real estate - nonresidential 389 — 416 805 18,929 19,734 Multi-family — — — — 456 456 Commercial business — 8 161 169 12,197 12,366 389 8 577 974 31,582 32,556 Consumer loans: Home equity and junior liens 149 31 46 226 8,614 8,840 Manufactured homes 922 615 — 1,537 46,180 47,717 Automobile 168 64 44 276 22,390 22,666 Student 95 — — 95 2,001 2,096 Recreational vehicle 605 39 — 644 28,819 29,463 Other consumer 75 32 — 107 5,301 5,408 2,014 781 90 2,885 113,305 116,190 Total originated loans $ 5,540 $ 1,546 $ 3,029 $ 10,115 $ 241,397 $ 251,512 At December 31, 2021 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 $ 318 $ 68 $ 215 $ 601 $ 9,694 $ 10,295 318 68 215 601 9,694 10,295 Commercial loans: Real estate - nonresidential — — — — 1,744 1,744 Commercial business 27 — — 27 135 162 Other commercial and industrial 27 — — 27 1,879 1,906 Consumer loans: — — 20 20 841 861 Home equity and junior liens — — — — 84 84 Other consumer — — 20 20 925 945 $ 345 $ 68 $ 235 $ 648 $ 12,498 $ 13,146 At December 31, 2021 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 $ 3,455 $ 825 $ 2,577 $ 6,857 $ 106,204 $ 113,061 3,455 825 2,577 6,857 106,204 113,061 Commercial loans: Real estate - nonresidential 389 — 416 805 20,673 21,478 Multi-family — — — — 456 456 Commercial business 27 8 161 196 12,332 12,528 416 8 577 1,001 33,461 34,462 Consumer loans: Home equity and junior liens 149 31 66 246 9,455 9,701 Manufactured homes 922 615 — 1,537 46,180 47,717 Automobile 168 64 44 276 22,390 22,666 Student 95 — — 95 2,001 2,096 Recreational vehicle 605 39 — 644 28,819 29,463 Other consumer 75 32 — 107 5,385 5,492 2,014 781 110 2,905 114,230 117,135 Total loans $ 5,885 $ 1,614 $ 3,264 $ 10,763 $ 253,895 $ 264,658 |
Non-accrual loans, segregated by class of loan | At March 31, At December 31, (In thousands) 2022 2021 Residential mortgage loans: One- to four-family $ 2,267 $ 2,577 2,267 2,577 Commercial loans: Real estate - nonresidential 416 416 Commercial business 134 161 550 577 Consumer loans: Home equity and junior liens 112 66 Manufactured homes 44 — Automobile 15 44 Student 75 — Recreational vehicle 49 — 295 110 Total non-accrual loans $ 3,112 $ 3,264 |
Schedule of loans modified as troubled debt restructuring | Post- Pre-Modification Modification Current Outstanding Outstanding Outstanding Number of Recorded Recorded Recorded For the three months ended March 31, 2021 Contracts Investment Investment Investment One- to four-family residential mortgages 4 $ 336 $ 336 $ 250 Commercial business 3 46 46 34 |
Summary of impaired loans information by portfolio class | At March 31, 2022 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,158 $ 2,239 $ — Commercial real estate - nonresidential 416 516 — Commercial business 73 73 — Home equity and junior liens 112 112 — With an allowance recorded: Commercial business 55 55 12 Total: One- to four-family residential mortgages 2,158 2,239 — Commercial real estate - nonresidential 416 516 — Commercial business 128 128 12 Home equity and junior liens 112 112 — $ 2,814 $ 2,995 $ 12 At December 31, 2021 Unpaid Recorded Principal Related (In thousands) Investment Balance Allowance With no related allowance recorded: One- to four-family residential mortgages $ 2,352 $ 2,423 $ — Commercial real estate - nonresidential 416 516 — Commercial business 73 73 — Home equity and junior liens 67 67 — With an allowance recorded: One- to four-family residential mortgages 224 224 7 Commercial business 55 55 12 Total: One- to four-family residential mortgages 2,576 2,647 7 Commercial real estate - nonresidential 416 516 — Commercial business 128 128 12 Home equity and junior liens 67 67 — $ 3,187 $ 3,358 $ 19 The following table presents the average recorded investment in impaired loans: Three Months Ended March 31, (In thousands) 2022 2021 One- to four-family residential mortgages $ 2,166 $ 2,175 Commercial real estate - nonresidential 416 1,285 Commercial business 128 2,228 Home equity and junior liens 112 104 Other consumer — 5 2,822 $ 5,797 The following table presents interest income recognized on impaired loans: Three Months Ended March 31, (In thousands) 2022 2021 One- to four-family residential mortgages $ 6 $ 17 Commercial real estate - nonresidential — 16 Multi-family — 15 Home equity and junior liens — 1 $ 6 $ 49 |
Allowance for Loan Loss (Tables
Allowance for Loan Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Allowance for Loan Loss | |
Changes in the allowance for loan losses | Three Months Ended March 31, 2022 One- to four- Construction family residential Real estate Construction Commercial (In thousands) residential mortgage nonresidential Multi-family commercial business Allowance for loan losses: Beginning balance $ 688 $ — $ 630 $ 2 $ — $ 161 Charge-offs (10) — — — — — Recoveries 15 — — — — — Provision for loan losses 46 — 14 1 — 48 Ending balance $ 739 $ — $ 644 $ 3 $ — $ 209 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ 12 Ending balance: related to loans collectively evaluated for impairment $ 739 $ — $ 644 $ 3 $ — $ 197 Loans receivable: Ending balance $ 111,291 $ — $ 20,857 $ 452 $ — $ 12,298 Ending balance: individually evaluated for impairment $ 2,158 $ — $ 416 $ — $ — $ 128 Ending balance: collectively evaluated for impairment $ 109,133 $ — $ 20,441 $ 452 $ — $ 12,170 Three Months Ended March 31, 2022 (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 $ 39 $ 102 $ 107 $ 64 $ — $ 48 $ — $ 1,841 Charge-offs — — (40) — — — — (50) Recoveries — — 17 1 — — — 33 Provision (credit) for loan losses 4 14 23 (1) — 1 — 150 Ending balance $ 43 $ 116 $ 107 $ 64 $ — $ 49 $ — $ 1,974 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ 12 Ending balance: related to loans collectively evaluated for impairment $ 43 $ 116 $ 107 $ 64 $ — $ 49 $ — $ 1,962 Loans receivable: Ending balance $ 10,433 $ 48,116 $ 22,025 $ 2,102 $ 28,692 $ 5,309 $ — $ 261,575 Ending balance: individually evaluated for impairment $ 112 $ — $ — $ — $ — $ — $ — $ 2,814 Ending balance: collectively evaluated for impairment $ 10,321 $ 48,116 $ 22,025 $ 2,102 $ 28,692 $ 5,309 $ — $ 258,761 Three Months Ended March 31, 2021 One- to four- Construction family residential Real estate Construction Commercial (In thousands) residential mortgage nonresidential Multi-family commercial business Allowance for loan losses: Beginning balance $ 457 $ — $ 319 $ 26 $ — $ 617 Charge-offs (3) — (51) — — (17) Recoveries 1 — — 6 — 7 Provision (credit) for loan losses 85 — 120 (21) — (77) Ending balance $ 540 $ — $ 388 $ 11 $ — $ 530 Ending balance: related to loans individually evaluated for impairment $ 18 $ — $ 66 $ — $ — $ 210 Ending balance: related to loans collectively evaluated for impairment $ 522 $ — $ 322 $ 11 $ — $ 320 Loans receivable: Ending balance $ 122,533 $ — $ 24,405 $ 2,331 $ — $ 19,576 Ending balance: individually evaluated for impairment $ 2,551 $ — $ 2,788 $ — $ — $ 2,177 Ending balance: collectively evaluated for impairment $ 119,982 $ — $ 21,617 $ 2,331 $ — $ 17,399 Three Months Ended March 31, 2021 (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 $ 46 $ 76 $ 127 $ 69 $ — $ 84 $ — $ 1,821 Charge-offs (2) — (2) — — (33) — (108) Recoveries — — 10 1 7 1 — 33 Provision (credit) for loan losses 4 5 2 1 (7) 23 — 135 Ending balance $ 48 $ 81 $ 137 $ 71 $ — $ 75 $ — $ 1,881 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ 2 $ — $ 296 Ending balance: related to loans collectively evaluated for impairment $ 48 $ 81 $ 137 $ 71 $ — $ 73 $ — $ 1,585 Loans receivable: Ending balance $ 10,365 $ 46,608 $ 22,421 $ 2,304 $ 17,043 $ 4,408 $ — $ 271,994 Ending balance: individually evaluated for impairment $ 103 $ — $ — $ — $ — $ 5 $ — $ 7,624 Ending balance: collectively evaluated for impairment $ 10,262 $ 46,608 $ 22,421 $ 2,304 $ 17,043 $ 4,403 $ — $ 264,370 Year Ended December 31, 2021 One- to four- Construction family residential Real estate Construction Commercial (In thousands) residential mortgage nonresidential Multi-family commercial business Allowance for loan losses: Beginning balance $ 457 $ — $ 319 $ 26 $ — $ 617 Charge-offs (117) — (386) — — (84) Recoveries 28 — 16 12 — 7 Provision (credit) for loan losses 320 — 681 (36) — (379) Ending balance $ 688 $ — $ 630 $ 2 $ — $ 161 Ending balance: related to loans individually evaluated for impairment $ 7 $ — $ — $ — $ — $ 12 Ending balance: related to loans collectively evaluated for impairment $ 681 $ — $ 630 $ 2 $ — $ 149 Loans receivable: Ending balance $ 113,061 $ — $ 21,478 $ 456 $ — $ 12,528 Ending balance: individually evaluated for impairment $ 2,576 $ — $ 416 $ — $ — $ 128 Ending balance: collectively evaluated for impairment $ 110,485 $ — $ 21,062 $ 456 $ — $ 12,400 Year Ended December 31, 2021 (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 $ 46 $ 76 $ 127 $ 69 $ — $ 84 $ — $ 1,821 Charge-offs (2) — (12) — (1) (45) — (647) Recoveries — — 48 3 8 5 — 127 Provision (credit) for loan losses (5) 26 (56) (8) (7) 4 — 540 Ending balance $ 39 $ 102 $ 107 $ 64 $ — $ 48 $ — $ 1,841 Ending balance: related to loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — $ 19 Ending balance: related to loans collectively evaluated for impairment $ 39 $ 102 $ 107 $ 64 $ — $ 48 $ — $ 1,822 Loans receivable: Ending balance $ 9,701 $ 47,717 $ 22,666 $ 2,096 $ 29,463 $ 5,492 $ — $ 264,658 Ending balance: individually evaluated for impairment $ 67 $ — $ — $ — $ — $ — $ — $ 3,187 Ending balance: collectively evaluated for impairment $ 9,634 $ 47,717 $ 22,666 $ 2,096 $ 29,463 $ 5,492 $ — $ 261,471 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Employee Benefit Plans | |
Schedule of net periodic expenses recognized in income | Generations Bank Plan: Three Months Ended March 31, (In thousands) 2022 2021 Net periodic expenses recognized in income: Service cost $ 108 $ 115 Interest cost 102 105 Expected return on plan assets (384) (370) Amortization of net losses — 28 Net periodic pension benefit $ (174) $ (122) Medina Savings and Loan Plan: Three Months Ended March 31, (In thousands) 2022 2021 Net periodic expenses recognized in income: Service cost $ 8 $ 8 Interest cost 28 32 Expected return on plan assets (115) (116) Net periodic pension benefit $ (79) $ (76) |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Regulatory Capital | |
Summary of actual capital amounts and ratios | Minimum To Be "Well- Minimum Capitalized" For Capital Under Prompt Actual Adequacy Purposes Corrective Provisions (in thousands) Amount Ratio Amount Ratio Amount Ratio As of March 31, 2022 Common Equity Tier 1 Capital $ 41,711 15.01 % $ 12,503 4.50 % $ 18,060 6.50 % Total Capital (to Risk-Weighted Assets) $ 43,685 15.72 % $ 22,228 8.00 % $ 27,785 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 41,711 15.01 % $ 16,671 6.00 % $ 22,228 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 41,711 11.16 % $ 14,952 4.00 % $ 18,690 5.00 % As of December 31, 2021: Common Equity Tier 1 Capital $ 41,287 14.82 % $ 12,534 4.50 % $ 18,104 6.50 % Total Capital (to Risk-Weighted Assets) $ 43,128 15.48 % $ 22,282 8.00 % $ 27,853 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 41,287 14.82 % $ 16,712 6.00 % $ 22,282 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 41,287 10.99 % $ 15,034 4.00 % $ 18,792 5.00 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | |
Financial instruments whose contract amounts represent credit risk | At March 31, At December 31, (In thousands) 2022 2021 Commitments to grant loans $ 3,985 $ 3,524 Unfunded commitments under lines of credit 15,588 15,568 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contracts with Customers | |
Schedule of disaggregation of revenue | Three Months Ended March 31, (In thousands) 2022 2021 Service charges on deposit accounts $ 150 $ 135 Debit card interchange and surcharge income 188 211 Insurance commission 197 174 Loan servicing fees 35 26 $ 570 $ 546 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures | |
Schedule of carrying amount and estimated fair value of the Company's financial instrument | At March 31, 2022 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 23,667 $ 23,667 $ — $ — $ 23,667 Interest-bearing time deposits in banks 650 — 650 — 650 Securities available-for-sale 36,078 — 33,573 2,505 36,078 Securities held-to-maturity 1,064 — 1,075 — 1,075 Equity securities 338 338 — — 338 Loans receivable 274,485 — — 278,475 278,475 FHLB stock 1,335 — 1,335 — 1,335 Accrued interest receivable 1,274 1,274 — — 1,274 Financial liabilities: Deposits $ 314,911 $ 91,989 $ — $ 218,832 $ 310,821 Long-term borrowings 15,978 — 19,355 — 19,355 Accrued interest payable 40 40 — — 40 At December 31, 2021 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 20,997 $ 20,997 $ — $ — $ 20,997 Interest-bearing time deposits in banks 650 — 650 — 650 Securities available-for-sale 36,975 — 33,965 3,010 36,975 Securities held-to-maturity 1,128 — 1,150 — 1,150 Equity securities 350 350 — — 350 Loans receivable 278,120 — — 281,502 281,502 FHLB stock 1,450 — 1,450 — 1,450 Accrued interest receivable 1,249 1,249 — — 1,249 Financial liabilities: Deposits $ 312,049 $ 94,709 $ — $ 219,261 $ 313,970 Long-term borrowings 17,760 — 21,985 — 21,985 Accrued interest payable 35 35 — — 35 |
Schedule of assets measured at fair value on a recurring basis | At March 31, 2022 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 $ — $ 30 $ — $ 30 Corporate bonds — 19,089 — 19,089 Municipal bonds — 14,454 2,505 16,959 Equity investment securities: Large cap equity mutual fund 44 — — 44 Other mutual funds 294 — — 294 Total investment securities $ 338 $ 33,573 $ 2,505 $ 36,416 At December 31, 2021 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 $ — $ 33 $ — $ 33 Corporate bonds — 18,043 — 18,043 Municipal bonds — 15,889 3,010 18,899 Equity investment securities: Large cap equity mutual fund 45 — — 45 Other mutual funds 305 — — 305 Total investment securities $ 350 $ 33,965 $ 3,010 $ 37,325 |
Schedule of changes in Level 3 assets measured at estimated fair value on a recurring basis | Investment (In thousands) Securities Balance - January 1, 2022 $ 3,010 Total gains realized/unrealized: Included in other comprehensive income 329 Principal payments/maturities (834) Balance - March 31, 2022 $ 2,505 Investment (In thousands) Securities Balance - January 1, 2021 $ 3,174 Total gains realized/unrealized: Included in other comprehensive income 50 Purchases 826 Principal payments/maturities (665) Balance - March 31, 2021 $ 3,385 |
Schedule of assets measured at fair value on a nonrecurring basis | At March 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 43 $ 43 Foreclosed real estate & repossessed assets — — — — At December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ — $ — $ 260 $ 260 Foreclosed real estate & repossessed assets — — 27 27 |
Schedule of quantitative Information about Level 3 Fair Value Measurements | The following table presents additional quantitative information about assets measured at fair value on a recurring basis and for which Level 3 inputs were used to determine fair value: Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) Investment type- Other Investments Scheduled principal Cost to Sell 0% and Interest payments Carrying value 100% The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021: 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)% One-to four-family residential Costs to Sell 5% - 15% (10)% Impaired loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (25)% Commercial business Changes in property condition 10% - 20% (15)% Costs to Sell 5% - 15% (10)% 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)% |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Information | |
Summary of information about segments | Three Months Ended March 31, 2022 2021 Community Municipal Community Municipal Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 2,835 $ — $ 60 $ 2,895 $ 2,780 $ — $ 63 $ 2,843 Provision for loan losses 150 — — 150 135 — — 135 Net interest income after provision for loan losses 2,685 — 60 2,745 2,645 — 63 2,708 Total noninterest income 421 195 — 616 439 173 — 612 Compensation and benefits (1,149) (86) — (1,235) (1,158) (101) — (1,259) Other noninterest expense (1,604) (30) (21) (1,655) (1,561) (37) (31) (1,629) Income before income tax expense 353 79 39 471 365 35 32 432 Income tax expense 68 — 7 75 72 — 7 79 Net income $ 285 $ 79 $ 32 $ 396 $ 293 $ 35 $ 25 $ 353 |
Schedule of reconciliation of the Company's reported segment assets | At March 31, At December 31, (In thousands) 2022 2021 Total assets for reportable segments $ 392,168 $ 395,225 Elimination of intercompany balances (14,697) (16,276) Consolidated total assets $ 377,471 $ 378,949 |
Nature of Operations (Details)
Nature of Operations (Details) $ in Millions | Jan. 13, 2021USD ($)shares | Mar. 31, 2021shares | Mar. 31, 2022facilityOffice | Jul. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Number of common stocks sold | 1,477,575 | 1,477,575 | ||
Exchange ratio of shares | 0.9980 | |||
Gross offering proceeds from sale of stocks | $ | $ 14.8 | |||
Net proceeds from sale | $ | $ 13.2 | |||
Number of full-service office | Office | 7 | |||
Number of drive-thru facility | facility | 1 | |||
Seneca-Cayuga Bancorp, Inc. (the "Holding Company") | ||||
Related Party Transaction [Line Items] | ||||
Number of common stocks sold | 109,450 | |||
ESOP shares committed to be released (in shares) | 109,450 | |||
Seneca Falls Savings Bank, MHC (the "Mutual Holding Company") | Seneca-Cayuga Bancorp, Inc. (the "Holding Company") | ||||
Related Party Transaction [Line Items] | ||||
Percentage of holding | 60.10% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in the components of accumulated other comprehensive loss, net of tax | ||
Balance | $ 43,479 | $ 29,886 |
Net current-period other comprehensive income (loss) | (1,774) | 10 |
Balance | 42,115 | 41,947 |
Securities Available-for-Sale | ||
Changes in the components of accumulated other comprehensive loss, net of tax | ||
Balance | 215 | 723 |
Other comprehensive income (loss) before reclassifications | (1,774) | (13) |
Net current-period other comprehensive income (loss) | (1,774) | (13) |
Balance | (1,559) | 710 |
Defined Benefit Pension Plan | ||
Changes in the components of accumulated other comprehensive loss, net of tax | ||
Balance | (1,181) | (2,138) |
Amounts reclassified from AOCI to the income statement | 23 | |
Net current-period other comprehensive income (loss) | 23 | |
Balance | (1,181) | (2,115) |
Accumulated Other Comprehensive Income (Loss) | ||
Changes in the components of accumulated other comprehensive loss, net of tax | ||
Balance | (966) | (1,415) |
Other comprehensive income (loss) before reclassifications | (1,774) | (13) |
Amounts reclassified from AOCI to the income statement | 23 | |
Net current-period other comprehensive income (loss) | (1,774) | 10 |
Balance | $ (2,740) | $ (1,405) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Retirement plan net losses recognized in net periodic pension cost | $ 1,235 | $ 1,259 |
Tax effect | $ 75 | 79 |
Amounts Reclassified From AOCI | Defined Benefit Pension Plan | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Retirement plan net losses recognized in net periodic pension cost | 28 | |
Tax effect | (5) | |
Net income | $ 23 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Common Share | ||
Weighted-average number of common shares outstanding, basic | 2,351,000 | 2,360,000 |
Weighted-average number of common shares outstanding, diluted | 2,351,000 | 2,360,000 |
Dilutive common stock equivalents | $ 0 |
Securities - Securities availab
Securities - Securities available-for-sale and held-to-maturity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Securities available-for-sale: | ||
Amortized Cost | $ 38,051 | $ 36,703 |
Gross Unrealized Gains | 681 | 1,154 |
Gross Unrealized Losses | (2,654) | (882) |
Debt Securities, Available-for-sale, Total | 36,078 | 36,975 |
Securities held-to-maturity: | ||
Held-to-maturity securities Amortized Cost | 1,064 | 1,128 |
Held-to-maturity securities Gross Unrealized Gains | 15 | 25 |
Held-to-maturity securities Gross Unrealized Losses | (4) | (3) |
Held-to-maturity securities Fair Value | 1,075 | 1,150 |
Equity securities: | ||
Equity securities amortized Cost | 338 | 350 |
Equity securities | 338 | 350 |
Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Amortized Cost | 30 | 33 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (1) | (1) |
Debt Securities, Available-for-sale, Total | 30 | 33 |
Securities held-to-maturity: | ||
Held-to-maturity securities Amortized Cost | 1,064 | 1,128 |
Held-to-maturity securities Gross Unrealized Gains | 15 | 25 |
Held-to-maturity securities Gross Unrealized Losses | (4) | (3) |
Held-to-maturity securities Fair Value | 1,075 | 1,150 |
Corporate bonds | ||
Securities available-for-sale: | ||
Amortized Cost | 20,780 | 18,589 |
Gross Unrealized Gains | 51 | 266 |
Gross Unrealized Losses | (1,742) | (812) |
Debt Securities, Available-for-sale, Total | 19,089 | 18,043 |
State and political subdivisions | ||
Securities available-for-sale: | ||
Amortized Cost | 17,241 | 18,081 |
Gross Unrealized Gains | 629 | 887 |
Gross Unrealized Losses | (911) | (69) |
Debt Securities, Available-for-sale, Total | 16,959 | 18,899 |
Large cap equity mutual fund | ||
Equity securities: | ||
Equity securities amortized Cost | 44 | 45 |
Equity securities | 44 | 45 |
Other mutual funds | ||
Equity securities: | ||
Equity securities amortized Cost | 294 | 305 |
Equity securities | $ 294 | $ 305 |
Securities - Gross unrealized l
Securities - Gross unrealized losses on investment securities and the fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | $ 22,333 | $ 14,699 |
Fair Value of more than 12 months | 469 | 23 |
Total Fair Value | 22,802 | 14,722 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (2,599) | (881) |
Gross unrealized losses more than 12 months | (55) | (1) |
Total Gross unrealized losses | (2,654) | (882) |
Fair value of debt securities held-to-maturity: | ||
Fair Value 12 months or less | 214 | |
Fair Value more than 12 months | 248 | 156 |
Total Fair Value | 462 | 156 |
Gross unrealized losses of debt securities held-to-maturity: | ||
Gross unrealized losses 12 months or less | (1) | |
Gross unrealized losses more than 12 months | (3) | (3) |
Total Gross unrealized losses | (4) | (3) |
Residential mortgage-backed - US agency and GSEs | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of more than 12 months | 22 | 23 |
Total Fair Value | 22 | 23 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses more than 12 months | (1) | (1) |
Total Gross unrealized losses | (1) | (1) |
Fair value of debt securities held-to-maturity: | ||
Fair Value 12 months or less | 214 | |
Fair Value more than 12 months | 248 | 156 |
Total Fair Value | 462 | 156 |
Gross unrealized losses of debt securities held-to-maturity: | ||
Gross unrealized losses 12 months or less | (1) | |
Gross unrealized losses more than 12 months | (3) | (3) |
Total Gross unrealized losses | (4) | (3) |
Corporate bonds | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | 15,602 | 9,925 |
Total Fair Value | 15,602 | 9,925 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (1,742) | (812) |
Total Gross unrealized losses | (1,742) | (812) |
State and political subdivisions | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | 6,731 | 4,774 |
Fair Value of more than 12 months | 447 | |
Total Fair Value | 7,178 | 4,774 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (857) | (69) |
Gross unrealized losses more than 12 months | (54) | |
Total Gross unrealized losses | $ (911) | $ (69) |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022USD ($)security | |
Debt Securities, Available-for-sale [Line Items] | |
Number of government-backed securities | 43 |
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 | 14 |
Each government-backed securities | Maximum | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Unrealized Gain (Loss) | $ | $ 1,200 |
Securities - Amortized cost and
Securities - Amortized cost and estimated fair values of debt securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Due in one year or less | $ 125 | |
Due over one year through five years | 1,736 | |
Due over five through ten years | 5,907 | |
Due after ten years | 30,253 | |
Total | 38,021 | |
Residential mortgage-backed securities | 30 | |
Total | 38,051 | $ 36,703 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Due in one year or less | 128 | |
Due over one year through five years | 1,686 | |
Due over five through ten years | 5,828 | |
Due after ten years | 28,406 | |
Total | 36,048 | |
Residential mortgage-backed securities | 30 | |
Debt Securities, Available-for-sale, Total | 36,078 | 36,975 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Residential mortgage-backed securities | 1,064 | |
Debt Securities, Held-to-maturity, Total | 1,064 | 1,128 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Residential mortgage-backed securities | 1,075 | |
Held-to-maturity securities Fair Value | $ 1,075 | $ 1,150 |
Securities - Gross realized gai
Securities - Gross realized gains (losses) on sales and redemptions (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Securities | ||
Fair value of securities pledged as collateral | $ 8,665,178 | $ 8,775,255 |
Loans Receivable - Major classi
Loans Receivable - Major classifications of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | $ 261,575 | $ 264,658 | $ 271,994 | |
Net deferred loan costs | 15,154 | 15,590 | ||
Fair value credit and yield adjustment | (270) | (287) | ||
Less: Allowance for loan losses | (1,974) | (1,841) | (1,881) | $ (1,821) |
Loans receivable, net | 274,485 | 278,120 | ||
Residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 111,291 | 113,061 | ||
Residential | One- to four-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 111,291 | 113,061 | 122,533 | |
Less: Allowance for loan losses | (739) | (688) | (540) | (457) |
Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 33,607 | 34,462 | ||
Commercial | Real estate - nonresidential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 20,857 | 21,478 | 24,405 | |
Less: Allowance for loan losses | (644) | (630) | (388) | (319) |
Commercial | Multi-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 452 | 456 | 2,331 | |
Less: Allowance for loan losses | (3) | (2) | (11) | (26) |
Commercial | Commercial business | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 12,298 | 12,528 | 19,576 | |
Less: Allowance for loan losses | (209) | (161) | (530) | (617) |
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 116,677 | 117,135 | ||
Consumer | Home equity and junior liens | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 10,433 | 9,701 | 10,365 | |
Less: Allowance for loan losses | (43) | (39) | (48) | (46) |
Consumer | Manufactured homes | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 48,116 | 47,717 | 46,608 | |
Less: Allowance for loan losses | (116) | (102) | (81) | (76) |
Consumer | Automobile | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 22,025 | 22,666 | 22,421 | |
Less: Allowance for loan losses | (107) | (107) | (137) | (127) |
Consumer | Student | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 2,102 | 2,096 | 2,304 | |
Less: Allowance for loan losses | (64) | (64) | (71) | (69) |
Consumer | Recreational Vehicle | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 28,692 | 29,463 | 17,043 | |
Consumer | Other consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 5,309 | 5,492 | 4,408 | |
Less: Allowance for loan losses | (49) | (48) | $ (75) | $ (84) |
Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 249,241 | 251,512 | ||
Net deferred loan costs | 15,212 | 15,650 | ||
Less: Allowance for loan losses | (1,974) | (1,841) | ||
Loans receivable, net | 262,479 | 265,321 | ||
Originated | Residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 101,613 | 102,766 | ||
Originated | Residential | One- to four-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 101,613 | 102,766 | ||
Originated | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 31,788 | 32,556 | ||
Originated | Commercial | Real estate - nonresidential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 19,164 | 19,734 | ||
Originated | Commercial | Multi-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 452 | 456 | ||
Originated | Commercial | Commercial business | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 12,172 | 12,366 | ||
Originated | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 115,840 | 116,190 | ||
Originated | Consumer | Home equity and junior liens | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 9,663 | 8,840 | ||
Originated | Consumer | Manufactured homes | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 48,116 | 47,717 | ||
Originated | Consumer | Automobile | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 22,025 | 22,666 | ||
Originated | Consumer | Student | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 2,102 | 2,096 | ||
Originated | Consumer | Recreational Vehicle | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 28,692 | 29,463 | ||
Originated | Consumer | Other consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 5,242 | 5,408 | ||
Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 12,334 | 13,146 | ||
Net deferred loan costs | (58) | (60) | ||
Fair value credit and yield adjustment | (270) | (287) | ||
Loans receivable, net | 12,006 | 12,799 | ||
Acquired | Residential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 9,678 | 10,295 | ||
Acquired | Residential | One- to four-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 9,678 | 10,295 | ||
Acquired | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,819 | 1,906 | ||
Acquired | Commercial | Real estate - nonresidential | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,693 | 1,744 | ||
Acquired | Commercial | Commercial business | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 126 | 162 | ||
Acquired | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 837 | 945 | ||
Acquired | Consumer | Home equity and junior liens | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 770 | 861 | ||
Acquired | Consumer | Other consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | $ 67 | $ 84 |
Loans Receivable - Loan portfol
Loans Receivable - Loan portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 261,575 | $ 264,658 | $ 271,994 |
Loans past due after interest is not received | 30 days | ||
Period past due when interest is discontinued | 90 days | ||
Contractual performance period of nonaccrual loans to be restored to accrual status | 6 months | ||
Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 248,035 | 253,263 | |
Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 7,907 | 5,485 | |
Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,633 | 5,910 | |
Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 111,291 | 113,061 | |
Residential | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 107,284 | 109,332 | |
Residential | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,740 | 1,152 | |
Residential | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,267 | 2,577 | |
Residential | One- to four-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 111,291 | 113,061 | 122,533 |
Residential | One- to four-family | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 107,284 | 109,332 | |
Residential | One- to four-family | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,740 | 1,152 | |
Residential | One- to four-family | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,267 | 2,577 | |
Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 33,607 | 34,462 | |
Commercial | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 24,634 | 27,082 | |
Commercial | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,902 | 4,157 | |
Commercial | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,071 | 3,223 | |
Commercial | Real estate - nonresidential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 20,857 | 21,478 | 24,405 |
Commercial | Real estate - nonresidential | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 15,611 | 16,208 | |
Commercial | Real estate - nonresidential | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,096 | 3,045 | |
Commercial | Real estate - nonresidential | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,150 | 2,225 | |
Commercial | Multi-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 452 | 456 | 2,331 |
Commercial | Multi-family | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 452 | 456 | |
Commercial | Commercial business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 12,298 | 12,528 | 19,576 |
Commercial | Commercial business | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 8,571 | 10,418 | |
Commercial | Commercial business | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,806 | 1,112 | |
Commercial | Commercial business | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 921 | 998 | |
Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 116,677 | 117,135 | |
Consumer | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 116,117 | 116,849 | |
Consumer | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 265 | 176 | |
Consumer | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 295 | 110 | |
Consumer | Home equity and junior liens | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 10,433 | 9,701 | 10,365 |
Consumer | Home equity and junior liens | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 10,281 | 9,594 | |
Consumer | Home equity and junior liens | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 40 | 41 | |
Consumer | Home equity and junior liens | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 112 | 66 | |
Consumer | Manufactured homes | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 48,116 | 47,717 | 46,608 |
Consumer | Manufactured homes | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 48,072 | 47,717 | |
Consumer | Manufactured homes | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 44 | ||
Consumer | Automobile | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,025 | 22,666 | 22,421 |
Consumer | Automobile | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,010 | 22,558 | |
Consumer | Automobile | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 64 | ||
Consumer | Automobile | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 15 | 44 | |
Consumer | Student | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,102 | 2,096 | 2,304 |
Consumer | Student | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,007 | 2,096 | |
Consumer | Student | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 20 | ||
Consumer | Student | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 75 | ||
Consumer | Recreational Vehicle | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 28,692 | 29,463 | 17,043 |
Consumer | Recreational Vehicle | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 28,438 | 29,424 | |
Consumer | Recreational Vehicle | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 205 | 39 | |
Consumer | Recreational Vehicle | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 49 | ||
Consumer | Other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,309 | 5,492 | $ 4,408 |
Consumer | Other consumer | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,309 | 5,460 | |
Consumer | Other consumer | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 32 | ||
Originated | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 249,241 | 251,512 | |
Originated | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 235,957 | 240,394 | |
Originated | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 7,807 | 5,443 | |
Originated | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,477 | 5,675 | |
Originated | Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 101,613 | 102,766 | |
Originated | Residential | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 97,862 | 99,294 | |
Originated | Residential | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,640 | 1,110 | |
Originated | Residential | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,111 | 2,362 | |
Originated | Residential | One- to four-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 101,613 | 102,766 | |
Originated | Residential | One- to four-family | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 97,862 | 99,294 | |
Originated | Residential | One- to four-family | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,640 | 1,110 | |
Originated | Residential | One- to four-family | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,111 | 2,362 | |
Originated | Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 31,788 | 32,556 | |
Originated | Commercial | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,815 | 25,176 | |
Originated | Commercial | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,902 | 4,157 | |
Originated | Commercial | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,071 | 3,223 | |
Originated | Commercial | Real estate - nonresidential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 19,164 | 19,734 | |
Originated | Commercial | Real estate - nonresidential | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 13,918 | 14,464 | |
Originated | Commercial | Real estate - nonresidential | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 3,096 | 3,045 | |
Originated | Commercial | Real estate - nonresidential | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,150 | 2,225 | |
Originated | Commercial | Multi-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 452 | 456 | |
Originated | Commercial | Multi-family | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 452 | 456 | |
Originated | Commercial | Commercial business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 12,172 | 12,366 | |
Originated | Commercial | Commercial business | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 8,445 | 10,256 | |
Originated | Commercial | Commercial business | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,806 | 1,112 | |
Originated | Commercial | Commercial business | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 921 | 998 | |
Originated | Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 115,840 | 116,190 | |
Originated | Consumer | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 115,280 | 115,924 | |
Originated | Consumer | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 265 | 176 | |
Originated | Consumer | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 295 | 90 | |
Originated | Consumer | Home equity and junior liens | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,663 | 8,840 | |
Originated | Consumer | Home equity and junior liens | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,511 | 8,753 | |
Originated | Consumer | Home equity and junior liens | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 40 | 41 | |
Originated | Consumer | Home equity and junior liens | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 112 | 46 | |
Originated | Consumer | Manufactured homes | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 48,116 | 47,717 | |
Originated | Consumer | Manufactured homes | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 48,072 | 47,717 | |
Originated | Consumer | Manufactured homes | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 44 | ||
Originated | Consumer | Automobile | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,025 | 22,666 | |
Originated | Consumer | Automobile | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 22,010 | 22,558 | |
Originated | Consumer | Automobile | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 64 | ||
Originated | Consumer | Automobile | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 15 | 44 | |
Originated | Consumer | Student | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,102 | 2,096 | |
Originated | Consumer | Student | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 2,007 | 2,096 | |
Originated | Consumer | Student | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 20 | ||
Originated | Consumer | Student | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 75 | ||
Originated | Consumer | Recreational Vehicle | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 28,692 | 29,463 | |
Originated | Consumer | Recreational Vehicle | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 28,438 | 29,424 | |
Originated | Consumer | Recreational Vehicle | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 205 | 39 | |
Originated | Consumer | Recreational Vehicle | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 49 | ||
Originated | Consumer | Other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,242 | 5,408 | |
Originated | Consumer | Other consumer | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 5,242 | 5,376 | |
Originated | Consumer | Other consumer | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 32 | ||
Acquired | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 12,334 | 13,146 | |
Acquired | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 12,078 | 12,869 | |
Acquired | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 100 | 42 | |
Acquired | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 156 | 235 | |
Acquired | Residential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,678 | 10,295 | |
Acquired | Residential | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,422 | 10,038 | |
Acquired | Residential | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 100 | 42 | |
Acquired | Residential | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 156 | 215 | |
Acquired | Residential | One- to four-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,678 | 10,295 | |
Acquired | Residential | One- to four-family | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 9,422 | 10,038 | |
Acquired | Residential | One- to four-family | Special Mention | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 100 | 42 | |
Acquired | Residential | One- to four-family | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 156 | 215 | |
Acquired | Commercial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,819 | 1,906 | |
Acquired | Commercial | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,819 | 1,906 | |
Acquired | Commercial | Real estate - nonresidential | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,693 | 1,744 | |
Acquired | Commercial | Real estate - nonresidential | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 1,693 | 1,744 | |
Acquired | Commercial | Commercial business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 126 | 162 | |
Acquired | Commercial | Commercial business | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 126 | 162 | |
Acquired | Consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 837 | 945 | |
Acquired | Consumer | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 837 | 925 | |
Acquired | Consumer | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 20 | ||
Acquired | Consumer | Home equity and junior liens | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 770 | 861 | |
Acquired | Consumer | Home equity and junior liens | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 770 | 841 | |
Acquired | Consumer | Home equity and junior liens | Substandard | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 20 | ||
Acquired | Consumer | Other consumer | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | 67 | 84 | |
Acquired | Consumer | Other consumer | Pass | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total loans | $ 67 | $ 84 |
Loans Receivable - Non-accrual
Loans Receivable - Non-accrual and Past Due Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Loans past due after interest is not received | 30 days | ||
Period past due when interest is discontinued | 90 days | ||
Contractual performance period of nonaccrual loans to be restored to accrual status | 6 months | ||
Total loans | $ 261,575 | $ 264,658 | $ 271,994 |
Non-accrual loans | 3,112 | 3,264 | |
Number of loans past due more than ninety days and still accruing | 0 | 0 | |
Total outstanding TDR | 2,900 | 3,000 | |
Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 12,197 | 10,763 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,594 | 5,885 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 491 | 1,614 | |
90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,112 | 3,264 | |
Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 249,378 | 253,895 | |
Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 111,291 | 113,061 | |
Non-accrual loans | 2,267 | 2,577 | |
Residential | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,697 | 6,857 | |
Residential | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,430 | 3,455 | |
Residential | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 825 | ||
Residential | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,267 | 2,577 | |
Residential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 105,594 | 106,204 | |
Residential | One- to four-family | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 111,291 | 113,061 | 122,533 |
Total outstanding TDR | 250 | ||
Residential | One- to four-family | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,697 | 6,857 | |
Residential | One- to four-family | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,430 | 3,455 | |
Residential | One- to four-family | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 825 | ||
Residential | One- to four-family | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,267 | 2,577 | |
Residential | One- to four-family | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 105,594 | 106,204 | |
Residential | 1-4 family first-lien | |||
Financing Receivable, Past Due [Line Items] | |||
Non-accrual loans | 2,267 | 2,577 | |
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 33,607 | 34,462 | |
Non-accrual loans | 550 | 577 | |
Commercial | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,732 | 1,001 | |
Commercial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,182 | 416 | |
Commercial | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | ||
Commercial | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 550 | 577 | |
Commercial | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 29,875 | 33,461 | |
Commercial | Real estate - nonresidential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 20,857 | 21,478 | 24,405 |
Non-accrual loans | 416 | 416 | |
Commercial | Real estate - nonresidential | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,271 | 805 | |
Commercial | Real estate - nonresidential | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,855 | 389 | |
Commercial | Real estate - nonresidential | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 416 | 416 | |
Commercial | Real estate - nonresidential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 17,586 | 20,673 | |
Commercial | Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 452 | 456 | 2,331 |
Commercial | Multi-family | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 452 | 456 | |
Commercial | Commercial business | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 12,298 | 12,528 | 19,576 |
Non-accrual loans | 134 | 161 | |
Total outstanding TDR | 34 | ||
Commercial | Commercial business | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 461 | 196 | |
Commercial | Commercial business | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 327 | 27 | |
Commercial | Commercial business | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | ||
Commercial | Commercial business | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 134 | 161 | |
Commercial | Commercial business | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 11,837 | 12,332 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 116,677 | 117,135 | |
Non-accrual loans | 295 | 110 | |
Consumer | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,768 | 2,905 | |
Consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,982 | 2,014 | |
Consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 491 | 781 | |
Consumer | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 295 | 110 | |
Consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 113,909 | 114,230 | |
Consumer | Home equity and junior liens | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 10,433 | 9,701 | 10,365 |
Non-accrual loans | 112 | 66 | |
Consumer | Home equity and junior liens | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 275 | 246 | |
Consumer | Home equity and junior liens | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 163 | 149 | |
Consumer | Home equity and junior liens | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 31 | ||
Consumer | Home equity and junior liens | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 112 | 66 | |
Consumer | Home equity and junior liens | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 10,158 | 9,455 | |
Consumer | Manufactured homes | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 48,116 | 47,717 | 46,608 |
Non-accrual loans | 44 | ||
Consumer | Manufactured homes | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,052 | 1,537 | |
Consumer | Manufactured homes | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 742 | 922 | |
Consumer | Manufactured homes | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 266 | 615 | |
Consumer | Manufactured homes | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 44 | ||
Consumer | Manufactured homes | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 47,064 | 46,180 | |
Consumer | Automobile | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 22,025 | 22,666 | 22,421 |
Non-accrual loans | 15 | 44 | |
Consumer | Automobile | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 234 | 276 | |
Consumer | Automobile | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 219 | 168 | |
Consumer | Automobile | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 64 | ||
Consumer | Automobile | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 15 | 44 | |
Consumer | Automobile | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 21,791 | 22,390 | |
Consumer | Student | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,102 | 2,096 | 2,304 |
Non-accrual loans | 75 | ||
Consumer | Student | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 95 | 95 | |
Consumer | Student | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 95 | ||
Consumer | Student | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 20 | ||
Consumer | Student | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 75 | ||
Consumer | Student | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,007 | 2,001 | |
Consumer | Recreational Vehicle | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 28,692 | 29,463 | 17,043 |
Non-accrual loans | 49 | ||
Consumer | Recreational Vehicle | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,034 | 644 | |
Consumer | Recreational Vehicle | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 780 | 605 | |
Consumer | Recreational Vehicle | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 205 | 39 | |
Consumer | Recreational Vehicle | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 49 | ||
Consumer | Recreational Vehicle | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27,658 | 28,819 | |
Consumer | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,309 | 5,492 | $ 4,408 |
Consumer | Other consumer | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 78 | 107 | |
Consumer | Other consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 78 | 75 | |
Consumer | Other consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 32 | ||
Consumer | Other consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,231 | 5,385 | |
Originated | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 249,241 | 251,512 | |
Originated | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 11,672 | 10,115 | |
Originated | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,225 | 5,540 | |
Originated | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 491 | 1,546 | |
Originated | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,956 | 3,029 | |
Originated | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 237,569 | 241,397 | |
Originated | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 101,613 | 102,766 | |
Originated | Residential | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,207 | 6,256 | |
Originated | Residential | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,096 | 3,137 | |
Originated | Residential | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 757 | ||
Originated | Residential | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,111 | 2,362 | |
Originated | Residential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 96,406 | 96,510 | |
Originated | Residential | One- to four-family | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 101,613 | 102,766 | |
Originated | Residential | One- to four-family | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,207 | 6,256 | |
Originated | Residential | One- to four-family | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,096 | 3,137 | |
Originated | Residential | One- to four-family | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 757 | ||
Originated | Residential | One- to four-family | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,111 | 2,362 | |
Originated | Residential | One- to four-family | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 96,406 | 96,510 | |
Originated | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 31,788 | 32,556 | |
Originated | Commercial | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,732 | 974 | |
Originated | Commercial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,182 | 389 | |
Originated | Commercial | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | ||
Originated | Commercial | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 550 | 577 | |
Originated | Commercial | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 28,056 | 31,582 | |
Originated | Commercial | Real estate - nonresidential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 19,164 | 19,734 | |
Originated | Commercial | Real estate - nonresidential | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,271 | 805 | |
Originated | Commercial | Real estate - nonresidential | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,855 | 389 | |
Originated | Commercial | Real estate - nonresidential | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 416 | 416 | |
Originated | Commercial | Real estate - nonresidential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 15,893 | 18,929 | |
Originated | Commercial | Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 452 | 456 | |
Originated | Commercial | Multi-family | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 452 | 456 | |
Originated | Commercial | Commercial business | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 12,172 | 12,366 | |
Originated | Commercial | Commercial business | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 461 | 169 | |
Originated | Commercial | Commercial business | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 327 | ||
Originated | Commercial | Commercial business | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8 | ||
Originated | Commercial | Commercial business | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 134 | 161 | |
Originated | Commercial | Commercial business | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 11,711 | 12,197 | |
Originated | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 115,840 | 116,190 | |
Originated | Consumer | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,733 | 2,885 | |
Originated | Consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,947 | 2,014 | |
Originated | Consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 491 | 781 | |
Originated | Consumer | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 295 | 90 | |
Originated | Consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 113,107 | 113,305 | |
Originated | Consumer | Home equity and junior liens | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 9,663 | 8,840 | |
Originated | Consumer | Home equity and junior liens | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 240 | 226 | |
Originated | Consumer | Home equity and junior liens | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 128 | 149 | |
Originated | Consumer | Home equity and junior liens | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 31 | ||
Originated | Consumer | Home equity and junior liens | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 112 | 46 | |
Originated | Consumer | Home equity and junior liens | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 9,423 | 8,614 | |
Originated | Consumer | Manufactured homes | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 48,116 | 47,717 | |
Originated | Consumer | Manufactured homes | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,052 | 1,537 | |
Originated | Consumer | Manufactured homes | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 742 | 922 | |
Originated | Consumer | Manufactured homes | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 266 | 615 | |
Originated | Consumer | Manufactured homes | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 44 | ||
Originated | Consumer | Manufactured homes | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 47,064 | 46,180 | |
Originated | Consumer | Automobile | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 22,025 | 22,666 | |
Originated | Consumer | Automobile | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 234 | 276 | |
Originated | Consumer | Automobile | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 219 | 168 | |
Originated | Consumer | Automobile | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 64 | ||
Originated | Consumer | Automobile | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 15 | 44 | |
Originated | Consumer | Automobile | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 21,791 | 22,390 | |
Originated | Consumer | Student | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 2,102 | 2,096 | |
Originated | Consumer | Student | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 95 | 95 | |
Originated | Consumer | Student | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 95 | ||
Originated | Consumer | Student | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 20 | ||
Originated | Consumer | Student | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 75 | ||
Originated | Consumer | Student | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,007 | 2,001 | |
Originated | Consumer | Recreational Vehicle | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 28,692 | 29,463 | |
Originated | Consumer | Recreational Vehicle | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,034 | 644 | |
Originated | Consumer | Recreational Vehicle | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 780 | 605 | |
Originated | Consumer | Recreational Vehicle | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 205 | 39 | |
Originated | Consumer | Recreational Vehicle | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 49 | ||
Originated | Consumer | Recreational Vehicle | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27,658 | 28,819 | |
Originated | Consumer | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 5,242 | 5,408 | |
Originated | Consumer | Other consumer | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 78 | 107 | |
Originated | Consumer | Other consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 78 | 75 | |
Originated | Consumer | Other consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 32 | ||
Originated | Consumer | Other consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,164 | 5,301 | |
Acquired | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 12,334 | 13,146 | |
Acquired | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 525 | 648 | |
Acquired | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 369 | 345 | |
Acquired | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 68 | ||
Acquired | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 156 | 235 | |
Acquired | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 11,809 | 12,498 | |
Acquired | Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 9,678 | 10,295 | |
Acquired | Residential | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 490 | 601 | |
Acquired | Residential | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 334 | 318 | |
Acquired | Residential | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 68 | ||
Acquired | Residential | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 156 | 215 | |
Acquired | Residential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 9,188 | 9,694 | |
Acquired | Residential | One- to four-family | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 9,678 | 10,295 | |
Acquired | Residential | One- to four-family | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 490 | 601 | |
Acquired | Residential | One- to four-family | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 334 | 318 | |
Acquired | Residential | One- to four-family | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 68 | ||
Acquired | Residential | One- to four-family | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 156 | 215 | |
Acquired | Residential | One- to four-family | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 9,188 | 9,694 | |
Acquired | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,819 | 1,906 | |
Acquired | Commercial | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,819 | ||
Acquired | Commercial | Other commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,906 | ||
Acquired | Commercial | Other commercial and industrial | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27 | ||
Acquired | Commercial | Other commercial and industrial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27 | ||
Acquired | Commercial | Other commercial and industrial | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,879 | ||
Acquired | Commercial | Real estate - nonresidential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,693 | 1,744 | |
Acquired | Commercial | Real estate - nonresidential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,693 | 1,744 | |
Acquired | Commercial | Commercial business | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 126 | 162 | |
Acquired | Commercial | Commercial business | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27 | ||
Acquired | Commercial | Commercial business | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27 | ||
Acquired | Commercial | Commercial business | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 126 | 135 | |
Acquired | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 837 | 945 | |
Acquired | Consumer | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 35 | 20 | |
Acquired | Consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 35 | ||
Acquired | Consumer | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 20 | ||
Acquired | Consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 802 | 925 | |
Acquired | Consumer | Home equity and junior liens | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 770 | 861 | |
Acquired | Consumer | Home equity and junior liens | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 35 | 20 | |
Acquired | Consumer | Home equity and junior liens | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 35 | ||
Acquired | Consumer | Home equity and junior liens | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 20 | ||
Acquired | Consumer | Home equity and junior liens | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 735 | 841 | |
Acquired | Consumer | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 67 | 84 | |
Acquired | Consumer | Other consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 67 | $ 84 |
Loans Receivable - Troubled Deb
Loans Receivable - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)loan | Mar. 31, 2021loan | Dec. 31, 2021USD ($)loan | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of contracts modified as TDR | loan | 0 | 7 | |
Current outstanding recorded investment | $ 2,900 | $ 3,000 | |
TDR loans | loan | 15 | 15 | |
Number of Contracts, subsequent default | loan | 0 | 0 | |
Number of contracts in non-accrual status | loan | 0 | ||
Residential | One- to four-family | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of contracts modified as TDR | loan | 4 | ||
Pre-Modification outstanding recorded investment | $ 336 | ||
Post-Modification outstanding recorded investment | 336 | ||
Current outstanding recorded investment | $ 250 | ||
Commercial | Commercial business | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Number of contracts modified as TDR | loan | 3 | ||
Pre-Modification outstanding recorded investment | $ 46 | ||
Post-Modification outstanding recorded investment | 46 | ||
Current outstanding recorded investment | $ 34 |
Loans Receivable - Impaired Loa
Loans Receivable - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Recorded Investment | |||
Total: | $ 2,814 | $ 3,187 | |
Unpaid Principal Balance | |||
Total: | 2,995 | 3,358 | |
Related Allowance | 12 | 19 | |
Average Recorded Investment | |||
Total: | 2,822 | $ 5,797 | |
Interest recognized on cash basis | 6 | 49 | |
Multi-family | |||
Average Recorded Investment | |||
Interest recognized on cash basis | 15 | ||
Commercial business | |||
Recorded Investment | |||
With no related allowance recorded: | 73 | 73 | |
Total: | 128 | 128 | |
Unpaid Principal Balance | |||
With no related allowance recorded: | 73 | 73 | |
Total: | 128 | 128 | |
Related Allowance | 12 | 12 | |
Average Recorded Investment | |||
Total: | 128 | 2,228 | |
Home equity and junior liens | |||
Recorded Investment | |||
With no related allowance recorded: | 67 | ||
Total: | 112 | 67 | |
Unpaid Principal Balance | |||
With no related allowance recorded: | 67 | ||
Total: | 112 | 67 | |
Average Recorded Investment | |||
Total: | 112 | 104 | |
Interest recognized on cash basis | 1 | ||
Other consumer | |||
Average Recorded Investment | |||
Total: | 5 | ||
Residential | One- to four-family | |||
Recorded Investment | |||
With no related allowance recorded: | 2,158 | 2,352 | |
With an allowance recorded: | 224 | ||
Total: | 2,158 | 2,576 | |
Unpaid Principal Balance | |||
With no related allowance recorded: | 2,239 | 2,423 | |
With an allowance recorded: | 224 | ||
Total: | 2,239 | 2,647 | |
Related Allowance | 7 | ||
Average Recorded Investment | |||
Total: | 2,166 | 2,175 | |
Interest recognized on cash basis | 6 | 17 | |
Commercial | Real estate - nonresidential | |||
Recorded Investment | |||
With no related allowance recorded: | 416 | 416 | |
Total: | 416 | 416 | |
Unpaid Principal Balance | |||
With no related allowance recorded: | 516 | 516 | |
Total: | 516 | 516 | |
Average Recorded Investment | |||
Total: | 416 | 1,285 | |
Interest recognized on cash basis | $ 16 | ||
Commercial | Commercial business | |||
Recorded Investment | |||
With an allowance recorded: | 55 | 55 | |
Unpaid Principal Balance | |||
With an allowance recorded: | 55 | 55 | |
Related Allowance | 12 | $ 12 | |
Consumer | Home equity and junior liens | |||
Recorded Investment | |||
With no related allowance recorded: | 112 | ||
Unpaid Principal Balance | |||
With no related allowance recorded: | $ 112 |
Allowance for Loan Loss (Detail
Allowance for Loan Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for loan losses: | |||
Beginning Balance | $ 1,841 | $ 1,821 | $ 1,821 |
Charge-offs | (50) | (108) | (647) |
Recoveries | 33 | 33 | 127 |
Provision (credit) for loan losses | 150 | 135 | 540 |
Ending balance | 1,974 | 1,881 | 1,841 |
Ending balance: related to loans individually evaluated for impairment | 12 | 296 | 19 |
Ending balance: related to loans collectively evaluated for impairment | 1,962 | 1,585 | 1,822 |
Loans receivable - Ending balance | 261,575 | 271,994 | 264,658 |
Loans receivable - Ending balance: individually evaluated for impairment | 2,814 | 7,624 | 3,187 |
Loans receivable - Ending balance: collectively evaluated for impairment | 258,761 | 264,370 | 261,471 |
Residential | |||
Allowance for loan losses: | |||
Loans receivable - Ending balance | 111,291 | 113,061 | |
Residential | One- to four-family | |||
Allowance for loan losses: | |||
Beginning Balance | 688 | 457 | 457 |
Charge-offs | (10) | (3) | (117) |
Recoveries | 15 | 1 | 28 |
Provision (credit) for loan losses | 46 | 85 | 320 |
Ending balance | 739 | 540 | 688 |
Ending balance: related to loans individually evaluated for impairment | 18 | 7 | |
Ending balance: related to loans collectively evaluated for impairment | 739 | 522 | 681 |
Loans receivable - Ending balance | 111,291 | 122,533 | 113,061 |
Loans receivable - Ending balance: individually evaluated for impairment | 2,158 | 2,551 | 2,576 |
Loans receivable - Ending balance: collectively evaluated for impairment | 109,133 | 119,982 | 110,485 |
Commercial | |||
Allowance for loan losses: | |||
Loans receivable - Ending balance | 33,607 | 34,462 | |
Commercial | Real estate - nonresidential | |||
Allowance for loan losses: | |||
Beginning Balance | 630 | 319 | 319 |
Charge-offs | (51) | (386) | |
Recoveries | 16 | ||
Provision (credit) for loan losses | 14 | 120 | 681 |
Ending balance | 644 | 388 | 630 |
Ending balance: related to loans individually evaluated for impairment | 66 | ||
Ending balance: related to loans collectively evaluated for impairment | 644 | 322 | 630 |
Loans receivable - Ending balance | 20,857 | 24,405 | 21,478 |
Loans receivable - Ending balance: individually evaluated for impairment | 416 | 2,788 | 416 |
Loans receivable - Ending balance: collectively evaluated for impairment | 20,441 | 21,617 | 21,062 |
Commercial | Multi-family | |||
Allowance for loan losses: | |||
Beginning Balance | 2 | 26 | 26 |
Recoveries | 6 | 12 | |
Provision (credit) for loan losses | 1 | (21) | (36) |
Ending balance | 3 | 11 | 2 |
Ending balance: related to loans collectively evaluated for impairment | 3 | 11 | 2 |
Loans receivable - Ending balance | 452 | 2,331 | 456 |
Loans receivable - Ending balance: collectively evaluated for impairment | 452 | 2,331 | 456 |
Commercial | Commercial business | |||
Allowance for loan losses: | |||
Beginning Balance | 161 | 617 | 617 |
Charge-offs | (17) | (84) | |
Recoveries | 7 | 7 | |
Provision (credit) for loan losses | 48 | (77) | (379) |
Ending balance | 209 | 530 | 161 |
Ending balance: related to loans individually evaluated for impairment | 12 | 210 | 12 |
Ending balance: related to loans collectively evaluated for impairment | 197 | 320 | 149 |
Loans receivable - Ending balance | 12,298 | 19,576 | 12,528 |
Loans receivable - Ending balance: individually evaluated for impairment | 128 | 2,177 | 128 |
Loans receivable - Ending balance: collectively evaluated for impairment | 12,170 | 17,399 | 12,400 |
Consumer | |||
Allowance for loan losses: | |||
Loans receivable - Ending balance | 116,677 | 117,135 | |
Consumer | Home equity and junior liens | |||
Allowance for loan losses: | |||
Beginning Balance | 39 | 46 | 46 |
Charge-offs | (2) | (2) | |
Provision (credit) for loan losses | 4 | 4 | (5) |
Ending balance | 43 | 48 | 39 |
Ending balance: related to loans collectively evaluated for impairment | 43 | 48 | 39 |
Loans receivable - Ending balance | 10,433 | 10,365 | 9,701 |
Loans receivable - Ending balance: individually evaluated for impairment | 112 | 103 | 67 |
Loans receivable - Ending balance: collectively evaluated for impairment | 10,321 | 10,262 | 9,634 |
Consumer | Manufactured homes | |||
Allowance for loan losses: | |||
Beginning Balance | 102 | 76 | 76 |
Provision (credit) for loan losses | 14 | 5 | 26 |
Ending balance | 116 | 81 | 102 |
Ending balance: related to loans collectively evaluated for impairment | 116 | 81 | 102 |
Loans receivable - Ending balance | 48,116 | 46,608 | 47,717 |
Loans receivable - Ending balance: collectively evaluated for impairment | 48,116 | 46,608 | 47,717 |
Consumer | Automobile | |||
Allowance for loan losses: | |||
Beginning Balance | 107 | 127 | 127 |
Charge-offs | (40) | (2) | (12) |
Recoveries | 17 | 10 | 48 |
Provision (credit) for loan losses | 23 | 2 | (56) |
Ending balance | 107 | 137 | 107 |
Ending balance: related to loans collectively evaluated for impairment | 107 | 137 | 107 |
Loans receivable - Ending balance | 22,025 | 22,421 | 22,666 |
Loans receivable - Ending balance: collectively evaluated for impairment | 22,025 | 22,421 | 22,666 |
Consumer | Student | |||
Allowance for loan losses: | |||
Beginning Balance | 64 | 69 | 69 |
Recoveries | 1 | 1 | 3 |
Provision (credit) for loan losses | (1) | 1 | (8) |
Ending balance | 64 | 71 | 64 |
Ending balance: related to loans collectively evaluated for impairment | 64 | 71 | 64 |
Loans receivable - Ending balance | 2,102 | 2,304 | 2,096 |
Loans receivable - Ending balance: collectively evaluated for impairment | 2,102 | 2,304 | 2,096 |
Consumer | Recreational Vehicle | |||
Allowance for loan losses: | |||
Charge-offs | (1) | ||
Recoveries | 7 | 8 | |
Provision (credit) for loan losses | (7) | (7) | |
Loans receivable - Ending balance | 28,692 | 17,043 | 29,463 |
Loans receivable - Ending balance: collectively evaluated for impairment | 28,692 | 17,043 | 29,463 |
Consumer | Other consumer | |||
Allowance for loan losses: | |||
Beginning Balance | 48 | 84 | 84 |
Charge-offs | (33) | (45) | |
Recoveries | 1 | 5 | |
Provision (credit) for loan losses | 1 | 23 | 4 |
Ending balance | 49 | 75 | 48 |
Ending balance: related to loans individually evaluated for impairment | 2 | ||
Ending balance: related to loans collectively evaluated for impairment | 49 | 73 | 48 |
Loans receivable - Ending balance | 5,309 | 4,408 | 5,492 |
Loans receivable - Ending balance: individually evaluated for impairment | 5 | ||
Loans receivable - Ending balance: collectively evaluated for impairment | $ 5,309 | $ 4,403 | $ 5,492 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan - Components of net periodic pension expense (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)plan | Mar. 31, 2021USD ($) | |
Net periodic expenses recognized in income: | ||
Number of benefit pension plans | plan | 2 | |
Generations Bank Plan | ||
Net periodic expenses recognized in income: | ||
Service cost | $ 108 | $ 115 |
Interest cost | 102 | 105 |
Expected return on plan assets | (384) | (370) |
Amortization of net losses | 28 | |
Net periodic pension benefit | (174) | (122) |
Medina Savings and Loan Plan | ||
Net periodic expenses recognized in income: | ||
Service cost | 8 | 8 |
Interest cost | 28 | 32 |
Expected return on plan assets | (115) | (116) |
Net periodic pension benefit | $ (79) | $ (76) |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Sep. 10, 2020 |
Actual amount | |||
Common Equity Tier 1 Capital, | $ 41,711 | $ 41,287 | |
Total Capital (to Risk-Weighted Assets) | 43,685 | 43,128 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 41,711 | 41,287 | |
Core Capital (to Total Adjusted Assets) | $ 41,711 | $ 41,287 | |
Actual Ratio | |||
Common Equity Tier 1 Capital | 15.01 | 14.82 | |
Total Capital (to Risk-Weighted Assets) | 15.72 | 15.48 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 15.01 | 14.82 | |
Core Capital (to Total Adjusted Assets) | 11.16 | 10.99 | |
Excess capital to risk weighted assets | 10 | 10 | |
Minimum For Capital Adequacy Purposes, Amount | |||
Common Equity Tier 1 Capital, | $ 12,503 | $ 12,534 | |
Total Capital (to Risk-Weighted Assets) | 22,228 | 22,282 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 16,671 | 16,712 | |
Core Capital (to Total Adjusted Assets) | $ 14,952 | $ 15,034 | |
Minimum For Capital Adequacy Purposes, Ratio | |||
Common Equity Tier 1 Capital, | 4.50 | 4.50 | |
Total Capital (to Risk-Weighted Assets) | 8 | 8 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 6 | 6 | |
Core Capital (to Total Adjusted Assets) | 4 | 4 | |
Minimum To Be Well- Capitalized Under Prompt Corrective Provisions Amount | |||
Common Equity Tier 1 Capital, | $ 18,060 | $ 18,104 | |
Total Capital (to Risk-Weighted Assets) | 27,785 | 27,853 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 22,228 | 22,282 | |
Core Capital (to Total Adjusted Assets) | $ 18,690 | $ 18,792 | |
Minimum To Be Well- Capitalized Under Prompt Corrective Provisions Ratio | |||
Common Equity Tier 1 Capital, | 6.50 | 6.50 | |
Total Capital (to Risk-Weighted Assets) | 10 | 10 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 8 | 8 | |
Core Capital (to Total Adjusted Assets) | 5 | 5 | |
Required leverage ratio | 8 | ||
Required total capital ratio | 12 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies | ||
Loan commitments with fixed interest rate | $ 3,900 | $ 3,800 |
Loan commitments with variable interest rate | 15,600 | 15,300 |
Commitments to grant loans | ||
Commitments and Contingencies | ||
Credit risk for financial instruments | 3,985 | 3,524 |
Unfunded commitments under lines of credit | ||
Commitments and Contingencies | ||
Credit risk for financial instruments | $ 15,588 | $ 15,568 |
Commitments and Contingencies_2
Commitments and Contingencies - Commitments to Originate (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies | ||
Outstanding principal balance | $ 274,485,000 | $ 278,120,000 |
MPF Program | ||
Commitments and Contingencies | ||
Outstanding principal balance | 9,500,000 | |
Recourse back to bank for loans sold | 707,000,000,000 | |
First loss account allocated to bank | 89,000 | |
MPF Program, Inclusive of USDA Loans | ||
Commitments and Contingencies | ||
Outstanding principal balance | $ 68,600,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Commitments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Commitments and Contingencies | |||
Operating lease expense | $ 0 | $ 11,300 | $ 19,000 |
Future minimum lease commitments | |||
Future minimum lease commitments | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contracts with Customers | ||
Revenues | $ 570 | $ 546 |
Service charges on deposit accounts | ||
Revenue from Contracts with Customers | ||
Revenues | 150 | 135 |
Debit card interchange and surcharge income | ||
Revenue from Contracts with Customers | ||
Revenues | 188 | 211 |
Insurance commission and fees | ||
Revenue from Contracts with Customers | ||
Revenues | 197 | 174 |
Loan servicing fees | ||
Revenue from Contracts with Customers | ||
Revenues | $ 35 | $ 26 |
Fair Value Disclosures - Carryi
Fair Value Disclosures - Carrying amount and estimated fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Investment securities available-for-sale, at fair value | $ 36,078 | $ 36,975 |
Securities held-to-maturity | 1,075 | 1,150 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 23,667 | 20,997 |
Interest-bearing time deposits in banks | 650 | 650 |
Investment securities available-for-sale, at fair value | 36,078 | 36,975 |
Securities held-to-maturity | 1,064 | 1,128 |
Equity securities | 338 | 350 |
Loans receivable | 274,485 | 278,120 |
FHLB stock | 1,335 | 1,450 |
Accrued interest receivable | 1,274 | 1,249 |
Financial liabilities: | ||
Deposits | 314,911 | 312,049 |
Long-term borrowings | 15,978 | 17,760 |
Accrued interest payable | 40 | 35 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 23,667 | 20,997 |
Interest-bearing time deposits in banks | 650 | 650 |
Investment securities available-for-sale, at fair value | 36,078 | 36,975 |
Securities held-to-maturity | 1,075 | 1,150 |
Equity securities | 338 | 350 |
Loans receivable | 278,475 | 281,502 |
FHLB stock | 1,335 | 1,450 |
Accrued interest receivable | 1,274 | 1,249 |
Financial liabilities: | ||
Deposits | 310,821 | 313,970 |
Long-term borrowings | 19,355 | 21,985 |
Accrued interest payable | 40 | 35 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 23,667 | 20,997 |
Equity securities | 338 | 350 |
Accrued interest receivable | 1,274 | 1,249 |
Financial liabilities: | ||
Deposits | 91,989 | 94,709 |
Accrued interest payable | 40 | 35 |
Level 2 | ||
Financial assets: | ||
Interest-bearing time deposits in banks | 650 | 650 |
Investment securities available-for-sale, at fair value | 33,573 | 33,965 |
Securities held-to-maturity | 1,075 | 1,150 |
FHLB stock | 1,335 | 1,450 |
Financial liabilities: | ||
Long-term borrowings | 19,355 | 21,985 |
Level 3 | ||
Financial assets: | ||
Investment securities available-for-sale, at fair value | 2,505 | 3,010 |
Loans receivable | 278,475 | 281,502 |
Financial liabilities: | ||
Deposits | $ 218,832 | $ 219,261 |
Fair Value Disclosures - Fair v
Fair Value Disclosures - Fair value on a recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale: | ||
Debt investment securities | $ 36,078 | $ 36,975 |
Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Debt investment securities | 30 | 33 |
Corporate bonds | ||
Securities available-for-sale: | ||
Debt investment securities | 19,089 | 18,043 |
Recurring | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 36,416 | 37,325 |
Recurring | Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Debt investment securities | 30 | 33 |
Recurring | Corporate bonds | ||
Securities available-for-sale: | ||
Debt investment securities | 19,089 | 18,043 |
Recurring | Municipal bonds | ||
Securities available-for-sale: | ||
Debt investment securities | 16,959 | 18,899 |
Recurring | Large cap equity mutual fund | ||
Equity securities: | ||
Equity investment securities, at fair value | 44 | 45 |
Recurring | Other mutual funds | ||
Equity securities: | ||
Equity investment securities, at fair value | 294 | 305 |
Level 1 | ||
Equity securities: | ||
Equity investment securities, at fair value | 338 | 350 |
Level 1 | Recurring | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 338 | 350 |
Level 1 | Recurring | Large cap equity mutual fund | ||
Equity securities: | ||
Equity investment securities, at fair value | 44 | 45 |
Level 1 | Recurring | Other mutual funds | ||
Equity securities: | ||
Equity investment securities, at fair value | 294 | 305 |
Level 2 | ||
Securities available-for-sale: | ||
Debt investment securities | 33,573 | 33,965 |
Level 2 | Recurring | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 33,573 | 33,965 |
Level 2 | Recurring | Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Debt investment securities | 30 | 33 |
Level 2 | Recurring | Corporate bonds | ||
Securities available-for-sale: | ||
Debt investment securities | 19,089 | 18,043 |
Level 2 | Recurring | Municipal bonds | ||
Securities available-for-sale: | ||
Debt investment securities | 14,454 | 15,889 |
Level 3 | ||
Securities available-for-sale: | ||
Debt investment securities | 2,505 | 3,010 |
Level 3 | Recurring | ||
Equity securities: | ||
Investments, Fair Value Disclosure, Total | 2,505 | 3,010 |
Level 3 | Recurring | Municipal bonds | ||
Securities available-for-sale: | ||
Debt investment securities | $ 2,505 | $ 3,010 |
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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in Level 3 assets measured at estimated fair value on a recurring basis | ||
Beginning balance | $ 3,010 | $ 3,174 |
Included in other comprehensive income | 329 | 50 |
Purchases | 826 | |
Principal payments | (834) | (665) |
Ending balance | $ 2,505 | $ 3,385 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summarize assets measured at fair value on a nonrecurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Summarize assets measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 2,814 | $ 3,187 |
Non - recurring | ||
Summarize assets measured at fair value on a nonrecurring basis | ||
Impaired loans | 43 | 260 |
Foreclosed real estate & repossessed assets | 27 | |
Non - recurring | Level 3 | ||
Summarize assets measured at fair value on a nonrecurring basis | ||
Impaired loans | $ 43 | 260 |
Foreclosed real estate & repossessed assets | $ 27 |
Fair Value Disclosures - Transf
Fair Value Disclosures - Transfers of assets in or out of any fair value measurement level (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 - Recurring basis (Details) - Recurring - Weighted Average - Costs to Sell | Mar. 31, 2022 |
Principal and interest payments | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other investments | 0 |
Carrying value. | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Other investments | 1 |
Fair Value Disclosures - Quan_2
Fair Value Disclosures - Quantitative information about Level 3 fair value measurements for assets - Non recurring basis (Details) - Non - recurring - Appraisal of collateral | Mar. 31, 2022 | Dec. 31, 2021 |
Maximum | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.35 | 0.35 |
Maximum | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.15 | 0.15 |
Maximum | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.20 | 0.20 |
Maximum | Residential | 1-4 family residential | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.35 | 0.35 |
Maximum | Residential | 1-4 family residential | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.15 | 0.15 |
Maximum | Commercial and industrial | Other loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.35 | 0.35 |
Maximum | Commercial and industrial | Other loans | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.15 | 0.15 |
Maximum | Commercial and industrial | Other loans | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.20 | 0.20 |
Minimum | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.05 | 0.05 |
Minimum | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.05 | 0.05 |
Minimum | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.10 | 0.10 |
Minimum | Residential | 1-4 family residential | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Minimum | Residential | 1-4 family residential | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Minimum | Commercial and industrial | Other loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Minimum | Commercial and industrial | Other loans | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Minimum | Commercial and industrial | Other loans | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.10 | 0.10 |
Weighted Average | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.25 | 0.25 |
Weighted Average | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.10 | 0.10 |
Weighted Average | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Foreclosed real estate & repossessed assets | 0.15 | 0.15 |
Weighted Average | Residential | 1-4 family residential | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.20 | 0.20 |
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 |
Weighted Average | Commercial and industrial | Other loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.25 | 0.25 |
Weighted Average | Commercial and industrial | Other loans | Costs to Sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.10 | 0.10 |
Weighted Average | Commercial and industrial | Other loans | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.15 | 0.15 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($)segment | Dec. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segment | 3 | 3 | |
Net interest income | $ 2,895 | $ 2,843 | |
Provision for loan losses | 150 | 135 | |
Net interest income after provision for loan losses | 2,745 | 2,708 | |
Total noninterest income | 616 | 612 | |
Compensation and benefits | 1,235 | 1,259 | |
Other noninterest expense | (303) | (264) | |
Income before income taxes | 471 | 432 | |
Income tax expense | 75 | 79 | |
Net income | 396 | 353 | |
Total assets | 377,471 | $ 378,949 | |
Operating segment | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 2,895 | 2,843 | |
Provision for loan losses | 150 | 135 | |
Net interest income after provision for loan losses | 2,745 | 2,708 | |
Total noninterest income | 616 | 612 | |
Compensation and benefits | (1,235) | (1,259) | |
Other noninterest expense | (1,655) | (1,629) | |
Income before income taxes | 471 | 432 | |
Income tax expense | 75 | 79 | |
Net income | 396 | 353 | |
Total assets | 392,168 | 395,225 | |
Operating segment | Community Banking Activities | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 2,835 | 2,780 | |
Provision for loan losses | 150 | 135 | |
Net interest income after provision for loan losses | 2,685 | 2,645 | |
Total noninterest income | 421 | 439 | |
Compensation and benefits | (1,149) | (1,158) | |
Other noninterest expense | (1,604) | (1,561) | |
Income before income taxes | 353 | 365 | |
Income tax expense | 68 | 72 | |
Net income | 285 | 293 | |
Operating segment | Insurance Activities | |||
Segment Reporting Information [Line Items] | |||
Total noninterest income | 195 | 173 | |
Compensation and benefits | (86) | (101) | |
Other noninterest expense | (30) | (37) | |
Income before income taxes | 79 | 35 | |
Net income | 79 | 35 | |
Operating segment | Municipal Banking Activities | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 60 | 63 | |
Net interest income after provision for loan losses | 60 | 63 | |
Other noninterest expense | (21) | (31) | |
Income before income taxes | 39 | 32 | |
Income tax expense | 7 | 7 | |
Net income | 32 | $ 25 | |
Elimination of intercompany balances | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ (14,697) | $ (16,276) |