Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 08, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
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 | 2,241,801 | |
Entity Central Index Key | 0001823365 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS: | ||
Cash and due from banks | $ 4,243 | $ 3,991 |
Interest earning deposits | 5,590 | 10,534 |
Total cash and cash equivalents | 9,833 | 14,525 |
Interest-earning time deposits in banks | 3,156 | 4,362 |
Investment securities available-for-sale, at fair value | 26,009 | 31,302 |
Investment securities held-to-maturity (fair value 2024-$1,192, 2023-$1,226) | 1,409 | 1,454 |
Equity investment securities, at fair value | 406 | 361 |
Federal Home Loan Bank stock, at cost | 1,506 | 1,588 |
Loans | 325,332 | 336,455 |
Less: Allowance for credit losses | (3,177) | (2,973) |
Loans receivable, net | 322,155 | 333,482 |
Premises and equipment, net | 13,758 | 14,195 |
Bank-owned life insurance | 5,996 | 5,938 |
Pension plan asset | 13,516 | 13,027 |
Foreclosed real estate | 118 | |
Intangible assets, net | 621 | 654 |
Accrued interest receivable | 1,775 | 1,611 |
Other assets | 1,615 | 1,879 |
Total assets | 401,755 | 424,496 |
Deposits: | ||
Noninterest-bearing | 49,136 | 51,528 |
Interest-bearing | 289,686 | 306,078 |
Total deposits | 338,822 | 357,606 |
Long-term borrowings | 21,316 | 23,577 |
Advances from borrowers for taxes and insurance | 3,443 | 2,931 |
Other liabilities | 2,628 | 2,684 |
Total liabilities | 366,209 | 386,798 |
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 2024 and 2023; 2,241,801 and 2,235,889 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively | 22 | 22 |
Additional paid in capital | 22,374 | 22,289 |
Retained earnings | 19,614 | 21,000 |
Accumulated other comprehensive loss | (5,131) | (4,257) |
Stock held in rabbi trust | (357) | (357) |
Unearned ESOP shares, at cost | (976) | (999) |
Total shareholders' equity | 35,546 | 37,698 |
Total liabilities and shareholders' equity | $ 401,755 | $ 424,496 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parentheticals) $ in Thousands | Jun. 30, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares |
Condensed Consolidated Statements of Financial Condition | ||
Investment securities held-to-maturity, fair value | $ | $ 1,192 | $ 1,226 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 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 | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 14,000,000 | 14,000,000 |
Common Stock, Shares, Issued | 2,241,801 | 2,235,889 |
Common Stock, Shares, Outstanding | 2,241,801 | 2,235,889 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and dividend income: | ||||
Loans, including fees | $ 3,959 | $ 3,455 | $ 7,950 | $ 6,803 |
Debt and equity securities: | ||||
Taxable | 174 | 240 | 393 | 479 |
Tax-exempt | 112 | 99 | 226 | 200 |
Interest-earning deposits | 71 | 36 | 182 | 81 |
Other | 42 | 26 | 82 | 65 |
Total interest income | 4,358 | 3,856 | 8,833 | 7,628 |
Interest expense: | ||||
Deposits | 2,218 | 1,405 | 4,518 | 2,527 |
Short-term borrowings | 50 | 180 | 103 | 268 |
Long-term borrowings | 220 | 32 | 446 | 70 |
Total interest expense | 2,488 | 1,617 | 5,067 | 2,865 |
Net interest income | 1,870 | 2,239 | 3,766 | 4,763 |
Provision for loan losses | 377 | 165 | 602 | 330 |
Total provision for credit losses | 377 | 165 | 602 | 330 |
Net interest income after provision for credit losses | 1,493 | 2,074 | 3,164 | 4,433 |
Noninterest income: | ||||
Banking fees and service charges | 371 | 364 | 691 | 728 |
Mortgage banking income, net | 6 | 7 | 13 | 15 |
Insurance commissions | 1 | 24 | 1 | 153 |
Earnings on bank-owned life insurance | 29 | 28 | 57 | 56 |
Change in fair value on equity securities | 17 | 26 | 41 | 34 |
Net gain on sale of securities | 10 | |||
Net gain on sale of Generations Agency | 312 | 312 | ||
Other charges, commissions & fees | 38 | 27 | 90 | 66 |
Total noninterest income | 462 | 788 | 903 | 1,364 |
Noninterest expense: | ||||
Compensation and benefits | 1,076 | 1,338 | 2,174 | 2,746 |
Occupancy and equipment | 511 | 502 | 995 | 1,015 |
Service charges | 498 | 416 | 1,016 | 923 |
Regulatory assessments | 119 | 103 | 210 | 167 |
Professional and other services | 341 | 232 | 528 | 423 |
Advertising | 85 | 107 | 170 | 214 |
Other expenses | 426 | 376 | 789 | 713 |
Total noninterest expenses | 3,056 | 3,074 | 5,882 | 6,201 |
Loss before income tax benefit | (1,101) | (212) | (1,815) | (404) |
Income tax benefit | (260) | (46) | (429) | (86) |
Net loss | (841) | (166) | (1,386) | (318) |
Net loss available to common shareholders | $ (841) | $ (166) | $ (1,386) | $ (318) |
Basic losses per common share | $ (0.39) | $ (0.07) | $ (0.65) | $ (0.14) |
Diluted losses per common share | $ (0.39) | $ (0.07) | $ (0.65) | $ (0.14) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Condensed Consolidated Statements of Comprehensive (Loss) Income | ||||
Net loss | $ (841) | $ (166) | $ (1,386) | $ (318) |
Unrealized (losses) gains on securities available-for-sale: | ||||
Unrealized holding (losses) gains arising during the period | (314) | (173) | (455) | 242 |
Reclassification adjustment for net gains included in net income | 10 | |||
Net unrealized (losses) gains on securities available-for-sale | (314) | (173) | (445) | 242 |
Defined benefit pension plan: | ||||
Reclassification of amortization of net losses recognized in net pension expense | 41 | 81 | ||
Net change in defined benefit pension plan asset | 41 | 81 | ||
Other comprehensive (loss) income, before tax | (314) | (132) | (445) | 323 |
Tax effect | 260 | (27) | 429 | 68 |
Other comprehensive (loss) income, net of tax | (574) | (105) | (874) | 255 |
Total comprehensive loss | $ (1,415) | $ (271) | $ (2,260) | $ (63) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss. | Stock Held by Rabbi Trust | Unearned ESOP Share | Total |
Balance at Dec. 31, 2022 | $ 24 | $ 23,002 | $ 22,512 | $ (6,467) | $ (698) | $ (1,045) | $ 37,328 |
Increase (decrease) in stockholders' equity | |||||||
Net loss | (318) | (318) | |||||
Other comprehensive (loss) income | 255 | 255 | |||||
Effect of stock repurchase plan | (1) | (446) | 20 | (427) | |||
Stock-based compensation | 107 | 107 | |||||
ESOP shares committed to be released | (1) | 23 | 22 | ||||
Purchase of common stock for Directors Retirement Plan | (10) | (10) | |||||
Purchase of common stock for SERPs | (31) | (31) | |||||
Balance at Jun. 30, 2023 | 23 | 22,662 | 22,214 | (6,212) | (739) | (1,022) | 36,926 |
Balance at Mar. 31, 2023 | 23 | 22,983 | 22,353 | (6,107) | (698) | (1,033) | 37,521 |
Increase (decrease) in stockholders' equity | |||||||
Net loss | (166) | (166) | |||||
Other comprehensive (loss) income | (105) | (105) | |||||
Effect of stock repurchase plan | (373) | 27 | (346) | ||||
Stock-based compensation | 54 | 54 | |||||
ESOP shares committed to be released | (2) | 11 | 9 | ||||
Purchase of common stock for Directors Retirement Plan | (10) | (10) | |||||
Purchase of common stock for SERPs | (31) | (31) | |||||
Balance at Jun. 30, 2023 | 23 | 22,662 | 22,214 | (6,212) | (739) | (1,022) | 36,926 |
Balance at Dec. 31, 2023 | 22 | 22,289 | 21,000 | (4,257) | (357) | (999) | 37,698 |
Increase (decrease) in stockholders' equity | |||||||
Net loss | (1,386) | (1,386) | |||||
Other comprehensive (loss) income | (874) | (874) | |||||
Stock-based compensation | 84 | 84 | |||||
ESOP shares committed to be released | 1 | 23 | 24 | ||||
Balance at Jun. 30, 2024 | 22 | 22,374 | 19,614 | (5,131) | (357) | (976) | 35,546 |
Balance at Mar. 31, 2024 | 22 | 22,330 | 20,455 | (4,557) | (357) | (988) | 36,905 |
Increase (decrease) in stockholders' equity | |||||||
Net loss | (841) | (841) | |||||
Other comprehensive (loss) income | (574) | (574) | |||||
Stock-based compensation | 44 | 44 | |||||
ESOP shares committed to be released | 12 | 12 | |||||
Balance at Jun. 30, 2024 | $ 22 | $ 22,374 | $ 19,614 | $ (5,131) | $ (357) | $ (976) | $ 35,546 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING ACTIVITIES | ||
Net loss | $ (1,386) | $ (318) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 602 | 330 |
Deferred income tax benefit | (93) | (127) |
Realized gains on sales of: | ||
Available-for-sale investment securities | (10) | |
Change in fair value on equity securities | (41) | (34) |
Dividend reinvestment in equity securities | (4) | |
Write-down of other real estate owned to fair value | 20 | |
Depreciation | 463 | 474 |
Amortization of intangible asset | 33 | 32 |
Amortization of fair value adjustment to purchased loan portfolio | (34) | (34) |
ESOP expense | 24 | 22 |
Stock-based compensation | 84 | 107 |
Amortization of deferred loan costs | 1,115 | 1,039 |
Earnings on bank-owned life insurance | (57) | (56) |
Change in pension plan assets | (489) | (643) |
Extinguishment of goodwill | 792 | |
Net amortization of premiums and discounts on investment securities | 29 | 39 |
Net change in accrued interest receivable | (164) | (27) |
Net change in other assets and liabilities | 389 | 1,058 |
Net cash provided by operating activities | 481 | 2,654 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (879) | |
Net change in interest-earning time deposits in banks | 1,206 | (2,260) |
Net proceeds from the redemption of Federal Home Loan Bank stock | 82 | 301 |
Proceeds from maturities and principal reductions of: | ||
Available-for-sale investment securities | 3,691 | 3,055 |
Held-to-maturity investment securities | 44 | 69 |
Proceeds from sale of: | ||
Available-for-sale investment securities | 1,133 | |
Real estate and repossessed assets acquired | 100 | 112 |
Premises and equipment | 15 | |
Net change in loans | 9,642 | (13,290) |
Purchase of premises and equipment | (26) | (168) |
Net cash provided by (used in) investing activities | 15,872 | (13,045) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, savings accounts, and money market accounts | (2,497) | (20,619) |
Net change in time deposits | (16,287) | 35,588 |
Net change in short-term borrowings | (6,956) | |
Payments on long-term borrowings | (2,261) | (2,889) |
Proceeds from long-term borrowings | 3,000 | |
Purchase of common stock for directors retirement plan | (10) | |
Purchase of common stock of SERP | (31) | |
Effect of stock repurchase plan | (427) | |
Net cash (used in) provided by financing activities | (21,045) | 7,656 |
Net change in cash and cash equivalents | (4,692) | (2,735) |
Cash and cash equivalents at beginning of period | 14,525 | 8,004 |
Cash and cash equivalents at end of period | 9,833 | 5,269 |
Supplemental Cash Flows Information | ||
Interest | 5,210 | 2,701 |
Transfer of loans to foreclosed real estate and repossessed assets | $ 2 | $ 371 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2024 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations Generations Bancorp NY, Inc. (the “Company” or “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 (the “Bank”) was the wholly owned subsidiary of Seneca-Cayuga and The Seneca Falls Savings Bank, MHC (“MHC”) 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. In connection with the conversion, liquidation accounts were established by the Company and the Bank in an aggregate amount equal to (i) the MHC’s ownership interest in the shareholders’ equity of Seneca-Cayuga as of the date of the latest statement of financial condition included in the Company’s definitive prospectus, plus (ii) the value of the net assets of the MHC as of the date of the MHC’s latest statement of financial condition before the consummation of the Conversion (excluding the MHC’s ownership interest in Seneca-Cayuga). Each eligible account holder and supplemental eligible account holder is entitled to a proportionate share of the liquidation accounts in the event of a liquidation of (i) the Company or the Bank or (ii) the Bank, and only in such events. This share will be reduced if the eligible account holder’s or supplemental account holder’s deposit balance falls below the amounts on the date of record and will cease to exist if the account is closed. The liquidation account will never be increased despite any increase after conversion in the related deposit balance. The Bank may not pay a dividend on its capital stock if the effect thereof would cause retained earnings to be reduced below the liquidation account amount or regulatory capital requirements. The Bank is a federal 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 New York State 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, with retail offices in 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. Interim Financial Statements The interim condensed consolidated financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023, 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 and six months ended June 30, 2024 are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2024, 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, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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, 2023. The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 2 of the audited financial statements and notes for the year ended December 31, 2023 and are contained in the Company's Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
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 Defined Other Three Months Ended June 30, on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Loss Balance, March 31, 2024 $ (3,103) $ (1,454) $ (4,557) Other comprehensive loss before reclassifications (574) — (574) Net current-period other comprehensive loss (574) — (574) Balance, June 30, 2024 $ (3,677) $ (1,454) $ (5,131) Balance, March 31, 2023 $ (3,577) $ (2,530) $ (6,107) Other comprehensive loss before reclassifications (137) — (137) Amounts reclassified from AOCI to the statements of operations, net of tax — 32 32 Net current-period other comprehensive loss (137) 32 (105) Balance, June 30, 2023 $ (3,714) $ (2,498) $ (6,212) Unrealized Accumulated (Losses) Gains Defined Other Six Months Ended June 30, on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Loss Balance, December 31, 2023 $ (2,803) $ (1,454) $ (4,257) Other comprehensive loss before reclassifications (882) — (882) Amounts reclassified from AOCI to the statements of operations, net of tax 8 — 8 Net current-period other comprehensive loss (874) — (874) Balance, June 30, 2024 $ (3,677) $ (1,454) $ (5,131) Balance, December 31, 2022 $ (3,905) $ (2,562) $ (6,467) Other comprehensive income before reclassifications 191 — 191 Amounts reclassified from AOCI to the statements of operations, net of tax — 64 64 Net current-period other comprehensive income 191 64 255 Balance, June 30, 2023 $ (3,714) $ (2,498) $ (6,212) The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss: Three months ended June 30, Six months ended June 30, Affected Line Item in the (In thousands) 2024 2023 2024 2023 Statements of Operations Available-for-sale securities: Realized gain on sale of securities $ — $ — $ 10 $ — Net gain on sale of securities Tax effect — — (2) — Income tax benefit $ — $ — $ 8 $ — Net loss Defined benefit pension plan: Retirement plan net losses recognized in net periodic pension cost $ — $ 41 $ — $ 81 Compensation and benefits Tax effect — (9) — (17) Income tax benefit $ — $ 32 $ — $ 64 Net loss |
Earnings (Losses) Per Common Sh
Earnings (Losses) Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings (Losses) Per Common Share | |
Earnings (Losses) Per Common Share | 3. Earnings (Losses) Per Common Share Basic earnings (losses) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (losses) per share is calculated in a manner similar to that of basic earnings (losses) per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. Based on the calculation, there was no impact on earnings (losses) per share as the stock options were considered anti-dilutive for the three and six months ended June 30, 2024. On March 28, 2022, the Board of Directors authorized a stock repurchase program to repurchase approximately 83,300 shares, or approximately 3.4%, of the Company’s outstanding common stock. On May 19, 2022, the 2022 Equity Incentive Plan (the “Plan”) which includes initial grants of restricted stock and stock options to outside directors, was approved by the Company’s stockholders. On June 14, 2022, the Board of Directors of the Company approved restricted stock and stock option grants to senior management. An aggregate of 132,977 stock options and 53,191 shares of restricted stock were granted to directors and senior management during the period ended June 30, 2022. The grants to directors and senior management vest over a five-year period in equal annual installments, with the first installment vesting on the first anniversary date of the grant and succeeding installments on each anniversary thereafter, through 2027. On July 25, 2022, the Board of Directors authorized a second stock repurchase program to acquire up to 87,000 shares, or approximately 3.6% of the Company’s outstanding common stock at the conclusion of the first stock repurchase program. On May 31, 2023, the Board of Directors authorized a third stock repurchase program to acquire up to $1.0 million, or approximately 91,000 shares, or approximately 4.0% of the Company’s outstanding common stock, based on the current trading price of the common stock. At this time, the Company does not expect to repurchase any more shares under the third stock repurchase program. On March 25, 2024, the Board of Directors of the Company approved stock option grants to the Chief Executive Officer and restricted stock grants to select members of management. An aggregate of 14,780 stock options were granted to the Chief Executive Officer and 5,912 shares of restricted stock were granted to management during the period ended March 31, 2024. The grants vest over a five-year period in equal annual installments, with the first installment vesting on the first anniversary date of the grant and succeeding installments on each anniversary thereafter, through 2029. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating basic earnings per common share until they are committed to be released. The following tables set forth the calculation of basic and diluted earnings per share. Three Months Ended June 30, (In thousands, except per share data) 2024 2023 Net loss available to common stockholders $ (841) $ (166) Weighted-average common shares outstanding 2,145 2,238 Losses per common share - basic and diluted $ (0.39) $ (0.07) Six Months Ended June 30, (In thousands, except per share data) 2024 2023 Net loss available to common stockholders $ (1,386) $ (318) Weighted-average common shares outstanding 2,141 2,239 Losses per common share - basic and diluted $ (0.65) $ (0.14) |
Securities
Securities | 6 Months Ended |
Jun. 30, 2024 | |
Securities | |
Securities | 4. Securities Investments in securities available-for-sale, held-to-maturity, and equity are summarized as follows: At June 30, 2024 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") $ 20 $ — $ — $ 20 Corporate bonds 12,960 61 (2,137) 10,884 State and political subdivisions 17,022 75 (1,992) 15,105 Total securities available-for-sale $ 30,002 $ 136 $ (4,129) $ 26,009 Securities held-to-maturity: Structured certificates of deposit $ 650 $ — $ (192) $ 458 Residential mortgage-backed - US agency and GSEs 759 — (25) 734 Total securities held-to-maturity $ 1,409 $ — $ (217) $ 1,192 Equity securities: Large cap equity mutual fund $ 54 $ 54 Other mutual funds 352 352 Total of equity securities $ 406 $ 406 At December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 20 $ — $ — $ 20 Corporate bonds 17,242 85 (2,280) 15,047 State and political subdivisions 17,588 112 (1,465) 16,235 Total securities available-for-sale $ 34,850 $ 197 $ (3,745) $ 31,302 Securities held-to-maturity: Structured certificates of deposit $ 650 $ — $ (208) $ 442 Residential mortgage-backed - US agency and GSEs 804 1 (21) 784 Total securities held-to-maturity $ 1,454 $ 1 $ (229) $ 1,226 Equity securities: Large cap equity mutual fund $ 45 $ 45 Other mutual funds 316 316 Total of equity securities $ 361 $ 361 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 June 30, 2024 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 (1) $ 16 $ — $ — $ — $ 16 $ — Corporate bonds (1) 81 — 9,614 (2,137) 9,695 (2,137) State and political subdivisions (1) 57 — 13,666 (1,992) 13,723 (1,992) Total securities available-for-sale $ 154 $ — $ 23,280 $ (4,129) $ 23,434 $ (4,129) (1) Aggregate unrealized loss position less than $500 At December 31, 2023 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 $ — $ — $ — $ — $ — $ — Corporate bonds 2,367 (14) 10,642 (2,266) 13,009 (2,280) State and political subdivisions 1,427 (11) 13,336 (1,454) 14,763 (1,465) Total securities available-for-sale $ 3,794 $ (25) $ 23,978 $ (3,720) $ 27,772 $ (3,745) The Company conducts a formal review of investment securities on a quarterly basis for the presence of credit-related and non-credit-related losses. Management assesses whether a loss is present when the fair value of a debt security is less than its amortized cost basis at the statement of financial condition date. Unrealized losses on corporate bonds have not been recognized into income because the issuer(s) bonds are of investment quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuer(s) continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity. There are 96 bond issues held by the Company that have an unrealized loss as of June 30, 2024. 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. Within this portfolio are six bonds issued by corporate entities that have an aggregate loss of $1.8 million. These bonds have variable rates and reprice based upon the spread between intermediate Treasury bond yields and long-term Treasury bond yields and will respond positively with the steepening of the Treasury yield curve. 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 credit-related or non-credit-related losses are deemed present on these securities. The Company monitors the credit quality of the debt securities held-to-maturity on a quarterly basis. At June 30, 2024 the amortized cost of debt securities held-to-maturity totaled $1.4 million. Structured certificates of deposit totaled $650,000 and are fully insured by the Federal Deposit Insurance Corporation as no one security exceeds the $250,000 insurance limit. Residential mortgage-backed securities totaled $759,000 and are backed by the full faith of the U.S. government. As a result, no credit-related or non-credit related losses are deemed present on these securities. The following is a summary of the amortized cost and estimated fair values of debt securities at June 30, 2024, 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 June 30, 2024 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 $ 435 $ 422 $ — $ — Due over one year through five years 3,863 3,573 — — Due over five through ten years 5,311 4,103 — — Due after ten years 20,373 17,891 — — 29,982 25,989 — — Structured certificates of deposit — — 650 458 Residential mortgage-backed securities 20 20 759 734 Total $ 30,002 $ 26,009 $ 1,409 $ 1,192 There were no gross realized gains or losses on sales and redemptions of available-for-sale securities for the three months ended June 30, 2024. There were $10,000 in gross realized gains and no losses on sales and redemptions of available-for-sale securities for the six months ended June 30, 2024. There were no gross realized gains or losses on sales and redemptions of available-for-sale securities for the three and six months ended June 30, 2023. 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 $12.5 million and $12.0 million were pledged to collateralize certain deposit arrangements at June 30, 2024 and December 31, 2023, respectively. |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Loans Receivable | |
Loans Receivable | 5. Loans Receivable Major classifications of loans are as follows: At June 30, At December 31, (In thousands) 2024 2023 Residential mortgages: One- to four-family $ 169,502 $ 168,387 169,502 168,387 Commercial loans: Real estate - nonresidential 13,864 14,437 Multi-family 777 832 Commercial business 14,902 18,821 29,543 34,090 Consumer: Home equity and junior liens 15,096 13,632 Manufactured homes 46,209 48,681 Automobile 19,459 22,424 Student 1,441 1,569 Recreational vehicle 21,403 22,915 Other consumer 8,897 9,555 112,505 118,776 Total Loans 311,550 321,253 Net deferred loan costs 13,897 15,351 Fair value credit and yield adjustment (115) (149) Less allowance for loan losses (3,177) (2,973) Loans receivable, net $ 322,155 $ 333,482 The Company originates 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, the seller of which then services the loans for the Company. In 2020, the Company began to purchase automobile and recreational vehicle loans originated in New York State. In 2022, the Company began to purchase one- to four-family, owner-occupied residential real estate loans from a third-party originator. These loans are serviced by the Company and primarily located in Cayuga, Ontario, Orleans, and Seneca counties. 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 credit loss. Loans not classified are rated as pass. The following table presents the classes of the loan portfolio summarized by the credit quality indicator: At June 30, 2024 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgages: One- to four-family $ 166,231 $ 1,265 $ 2,006 $ — $ 169,502 166,231 1,265 2,006 — 169,502 Commercial loans: Real estate - nonresidential 11,974 1,610 280 — 13,864 Multi-family 777 — — — 777 Commercial business 14,004 521 377 — 14,902 26,755 2,131 657 — 29,543 Consumer: Home equity and junior liens 14,911 98 87 — 15,096 Manufactured homes 45,708 233 268 — 46,209 Automobile 19,341 49 69 — 19,459 Student 1,409 5 27 — 1,441 Recreational vehicle 20,704 333 366 — 21,403 Other consumer 8,844 53 — — 8,897 110,917 771 817 — 112,505 Total loans $ 303,903 $ 4,167 $ 3,480 $ — $ 311,550 At December 31, 2023 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgages: One- to four-family $ 164,940 $ 1,169 $ 2,278 $ — $ 168,387 164,940 1,169 2,278 — 168,387 Commercial loans: Real estate - nonresidential 12,505 1,633 299 — 14,437 Multi-family 832 — — — 832 Commercial business 16,016 615 2,190 — 18,821 29,353 2,248 2,489 — 34,090 Consumer: Home equity and junior liens 13,486 61 85 — 13,632 Manufactured homes 48,286 72 323 — 48,681 Automobile 22,216 88 120 — 22,424 Student 1,543 — 26 — 1,569 Recreational vehicle 21,974 650 291 — 22,915 Other consumer 9,428 56 71 — 9,555 116,933 927 916 — 118,776 Total loans $ 311,226 $ 4,344 $ 5,683 $ — $ 321,253 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 June 30, 2024 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 Residential mortgage loans: One- to four-family $ 5,134 $ 1,356 $ 2,006 $ 8,496 $ 161,006 $ 169,502 5,134 1,356 2,006 8,496 161,006 169,502 Commercial loans: Real estate - nonresidential 81 — 18 99 13,765 13,864 Multi-family 380 — — 380 397 777 Commercial business 59 — — 59 14,843 14,902 520 — 18 538 29,005 29,543 Consumer loans: Home equity and junior liens 195 94 87 376 14,720 15,096 Manufactured homes 737 233 268 1,238 44,971 46,209 Automobile 198 49 70 317 19,142 19,459 Student — 5 27 32 1,409 1,441 Recreational vehicle 594 333 366 1,293 20,110 21,403 Other consumer 211 53 — 264 8,633 8,897 1,935 767 818 3,520 108,985 112,505 Total loans $ 7,589 $ 2,123 $ 2,842 $ 12,554 $ 298,996 $ 311,550 At December 31, 2023 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 Residential mortgage loans: One- to four-family $ 5,397 $ 1,491 $ 2,277 $ 9,165 $ 159,222 $ 168,387 5,397 1,491 2,277 9,165 159,222 168,387 Commercial loans: Real estate - nonresidential — — 29 29 14,408 14,437 Multi-family 384 — — 384 448 832 Commercial business 388 73 41 502 18,319 18,821 772 73 70 915 33,175 34,090 Consumer loans: Home equity and junior liens 336 77 85 498 13,134 13,632 Manufactured homes 609 72 323 1,004 47,677 48,681 Automobile 246 88 120 454 21,970 22,424 Student 4 — 25 29 1,540 1,569 Recreational vehicle 913 650 291 1,854 21,061 22,915 Other consumer 154 56 71 281 9,274 9,555 2,262 943 915 4,120 114,656 118,776 Total loans $ 8,431 $ 2,507 $ 3,262 $ 14,200 $ 307,053 $ 321,253 There were no loans past due more than ninety days and still accruing interest at June 30, 2024 and December 31, 2023. Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis for the periods. The following tables provide loans on non-accrual status. Non-accrual loans may have an allowance for credit losses or a negative allowance for credit losses from expected recoveries of amounts previously written off. Non-accrual loans may not have an allowance for credit losses if the loss expectations are zero given a solid collateral value. At June 30, 2024 At December 31,2023 Non-accrual loans Non-accrual loans with no allowance with no allowance (In thousands) Non-accrual loan for credit losses Non-accrual loan for credit losses Residential mortgage loans: One- to four-family $ 2,006 $ 1,894 $ 2,277 $ 2,277 Commercial loans: Real estate - nonresidential 18 18 29 29 Commercial business 298 298 397 356 Consumer loans: Home equity and junior liens 87 87 85 85 Manufactured homes 268 268 323 323 Automobile 70 70 120 120 Student 27 27 25 25 Recreational vehicle 366 366 291 291 Other consumer — — 71 71 $ 3,140 $ 3,028 $ 3,618 $ 3,577 The following table summarizes interest income recognized on non-accrual loans: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Residential mortgage loans: One- to four-family $ 11 $ 4 $ 23 $ 31 Commercial loans: Commercial business — — — 1 Consumer loans: Home equity and junior liens — 1 1 2 Automobile 1 1 2 2 Recreational vehicle 3 4 8 6 15 10 34 42 Loan Modifications The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies loans by providing principal forgiveness on certain of its real estate loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. There were no loans modified with financial difficulty during the three and six months ended June 30, 2024 and 2023. The following tables present an analysis of collateral-dependent loans of the Company as of June 30, 2024 and December 31, 2023: At June 30, 2024 Residential Business Commercial Total (In thousands) properties assets Land property Other Loans One- to four-family $ 1,594 $ — $ — $ — $ — $ 1,594 Real estate - nonresidential 18 — — — — 18 Commercial business — 298 — — — 298 Home equity and junior liens 87 — — — — 87 Total loans $ 1,699 $ 298 $ — $ — $ — $ 1,997 At December 31, 2023 Residential Business Commercial Total (In thousands) properties assets Land property Other Loans One- to four-family $ 1,977 $ — $ — $ — $ — $ 1,977 Real estate - nonresidential 29 — — — — 29 Commercial business — 414 — — — 414 Home equity and junior liens 85 — — — — 85 Total loans $ 2,091 $ 414 $ — $ — $ — $ 2,505 The following tables present the loans to customers as of June 30, 2024 and December 31, 2023 based on year of origination within each credit quality indicator: At June 30, 2024 2024 2023 2022 2021 2020 Prior Total Residential mortgage loans: 4 Internal grade $ 7,663 $ 38,981 $ 39,684 $ 9,244 $ 10,606 $ 60,053 $ 166,231 5 Internal grade — — 235 135 — 895 1,265 6 Internal grade — 175 136 117 41 1,537 2,006 $ 7,663 $ 39,156 $ 40,055 $ 9,496 $ 10,647 $ 62,485 $ 169,502 Commercial loans: 2 Internal grade $ — $ — $ — $ — $ — $ — $ — 3 Internal grade — 637 35 577 205 4,520 5,974 4 Internal grade — 5,757 3,657 549 185 10,633 20,781 5 Internal grade — — — — — 2,131 2,131 6 Internal grade — — — — — 657 657 $ — $ 6,394 $ 3,692 $ 1,126 $ 390 $ 17,941 $ 29,543 Consumer loans: 4 Internal grade $ 1,951 $ 15,510 $ 22,115 $ 24,085 $ 30,053 $ 17,203 $ 110,917 5 Internal grade — 23 184 211 159 194 771 6 Internal grade — — 81 336 287 113 817 $ 1,951 $ 15,533 $ 22,380 $ 24,632 $ 30,499 $ 17,510 $ 112,505 At December 31, 2023 2023 2022 2021 2020 2019 Prior Total Residential mortgage loans: 4 Internal grade $ 39,312 $ 41,364 $ 10,185 $ 11,309 $ 11,008 $ 51,762 $ 164,940 5 Internal grade — — 27 — — 1,142 1,169 6 Internal grade — 132 — 41 763 1,342 2,278 $ 39,312 $ 41,496 $ 10,212 $ 11,350 $ 11,771 $ 54,246 $ 168,387 Commercial loans: 2 Internal grade $ — $ — $ — $ — $ — $ 360 $ 360 3 Internal grade 1,615 155 594 242 459 4,212 7,277 4 Internal grade 6,496 3,461 657 193 409 10,500 21,716 5 Internal grade — — — — 2,028 220 2,248 6 Internal grade — — — — 41 2,448 2,489 $ 8,111 $ 3,616 $ 1,251 $ 435 $ 2,937 $ 17,740 $ 34,090 Consumer loans: 4 Internal grade $ 16,103 $ 24,083 $ 25,866 $ 31,711 $ 8,668 $ 10,502 $ 116,933 5 Internal grade — 104 474 227 17 105 927 6 Internal grade — 83 406 295 54 78 916 $ 16,103 $ 24,270 $ 26,746 $ 32,233 $ 8,739 $ 10,685 $ 118,776 The following tables present the gross write-offs and recoveries based on year of origination for the six months ended June 30, 2024 and 2023: June 30, 2024 2024 2023 2022 2021 2020 Prior Total Residential mortgage loans: Current period gross write-offs $ — $ — $ — $ — $ — $ (3) $ (3) Current period recoveries — — — — — 2 2 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ (1) $ (1) Commercial loans: Current period gross write-offs $ — $ — $ — $ — $ — $ (34) $ (34) Current period recoveries — — — — — 25 25 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ (9) $ (9) Consumer loans: Current period gross write-offs $ — $ (23) $ (79) $ (222) $ (112) $ (24) $ (460) Current period recoveries — — 19 16 21 16 72 Current period net (write-offs) recoveries $ — $ (23) $ (60) $ (206) $ (91) $ (8) $ (388) June 30, 2023 2023 2022 2021 2020 2019 Prior Total Residential mortgage loans: Current period gross write-offs $ — $ — $ — $ — $ — $ (100) $ (100) Current period recoveries — — — — — 3 3 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ (97) $ (97) Commercial loans: Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — 51 51 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ 51 $ 51 Consumer loans: Current period gross write-offs $ — $ — $ (1) $ (1) $ — $ (20) $ (22) Current period recoveries — — — — — 12 12 Current period net (write-offs) recoveries $ — $ — $ (1) $ (1) $ — $ (8) $ (10) |
Allowance for Credit Loss
Allowance for Credit Loss | 6 Months Ended |
Jun. 30, 2024 | |
Allowance for Credit Loss | |
Allowance for Credit Loss | 6. Allowance for Credit Loss The following tables summarize the activity related to the allowance for credit losses for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, 2024 Credit Loss Write-offs Expense During Recoveries Beginning for the the During Ending (In thousands) Balance Period Period the Period Balance Residential mortgage loans: One- to four-family $ 1,178 $ 22 $ — $ 1 $ 1,201 Commercial loans: Real estate - nonresidential 480 19 — — 499 Commercial business 190 (55) — 25 160 Consumer loans: Home equity and junior liens 107 9 — — 116 Automobile 261 8 (68) 17 218 Student 12 (2) — 1 11 Recreational vehicle 421 382 (247) 6 562 Other consumer 401 (6) (3) 18 410 $ 3,050 $ 377 $ (318) $ 68 $ 3,177 Three Months Ended June 30, 2023 Credit Loss Write-offs Expense During Recoveries Beginning for the the During Ending (In thousands) Balance Period Period the Period Balance Residential mortgage loans: One- to four-family $ 943 $ 220 $ (100) $ 2 $ 1,065 Construction 1 (1) — — — Commercial loans: Real estate - nonresidential 600 (63) — — 537 Commercial business 279 (30) — 49 298 Consumer loans: Home equity and junior liens 70 8 (2) — 76 Automobile 259 (9) — 4 254 Student 15 (1) — 1 15 Recreational vehicle 134 16 — — 150 Other consumer 352 25 (1) — 376 $ 2,653 $ 165 $ (103) $ 56 $ 2,771 Six Months Ended June 30, 2024 Credit Loss Write-offs Expense During Recoveries Beginning for the the During Ending (In thousands) Balance Period Period the Period Balance Residential mortgage loans: One- to four-family $ 1,184 $ 18 $ (3) $ 2 $ 1,201 Commercial loans: Real estate - nonresidential 495 4 — — 499 Commercial business 206 (37) (34) 25 160 Consumer loans: Home equity and junior liens 102 13 — 1 116 Automobile 242 17 (83) 42 218 Student 12 (4) — 3 11 Recreational vehicle 369 506 (319) 6 562 Other consumer 363 85 (58) 20 410 $ 2,973 $ 602 $ (497) $ 99 $ 3,177 Six Months Ended June 30, 2023 Additional Allowance Recognized Credit Due to Loss Write-offs Adoption Expense During Recoveries Beginning of for the the During Ending (In thousands) Balance Topic 326 Period Period the Period Balance Residential mortgage loans: One- to four-family $ 787 $ 115 $ 260 $ (100) $ 3 $ 1,065 Construction 2 — (2) — — — Commercial loans: Real estate - nonresidential 319 325 (107) — — 537 Multi-family 4 (4) — — — — Commercial business 248 92 (93) — 51 298 Consumer loans: Home equity and junior liens 65 (9) 33 (13) — 76 Manufactured homes 110 (110) — — — — Automobile 135 106 4 — 9 254 Student 55 (38) 3 (7) 2 15 Recreational vehicle 646 (646) 150 — — 150 Other consumer 126 169 82 (2) 1 376 $ 2,497 $ — $ 330 $ (122) $ 66 $ 2,771 At June 30, 2024 and December 31, 2023 there was a $6,000 liability recorded for unfunded loan commitments. 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 | 6 Months Ended |
Jun. 30, 2024 | |
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’ net periodic pension benefit: Generations Bank Plan: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net periodic expenses recognized in income: Service cost $ 41 $ 60 $ 83 $ 120 Interest cost 121 117 241 235 Expected return on plan assets (345) (306) (690) (613) Amortization of net losses — 41 — 81 Net periodic pension benefit $ (183) $ (88) $ (366) $ (177) Medina Savings and Loan Plan: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net periodic expenses recognized in income: Service cost $ 4 $ 3 $ 8 $ 6 Interest cost 33 33 66 67 Expected return on plan assets (98) (89) (197) (179) Net periodic pension benefit $ (61) $ (53) $ (123) $ (106) On July 3, 2024, the Board of Directors approved a hard freeze of the Plans. On July 8, 2024, the Company informed employees of its decision to freeze benefit accruals under the Plans. The Plans were frozen as of July 31, 2024. Compensation earned by employees up to July 31, 2024 is used for purposes of calculating benefits under the Plans, however, there are no further benefit accruals after this date. The net periodic pension income for the year ended December 31, 2024, increased from $978,000 to $1.1 million which represents an increase of $133,000 for the year ended December 31, 2024, due to the Plans freeze . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Stock-Based Compensation | |
Stock-Based Compensation | 8. Stock-Based Compensation A summary of the Company’s stock option activity and Three Months Ended June 30, 2024 Weighted Average Exercise Price Per Options Share Outstanding at beginning of quarter 147,757 $ 11.45 Grants — — Exercised — — Outstanding at quarter end 147,757 $ 11.45 Exercisable at quarter end 75,355 $ 11.61 Three Months Ended June 30, 2023 Weighted Average Exercise Price Per Options Share Outstanding at beginning of quarter 132,977 $ 11.61 Grants — — Exercised — — Outstanding at quarter end 132,977 $ 11.61 Exercisable at quarter end 26,595 $ 11.61 Six Months Ended June 30, 2024 Weighted Average Exercise Price Per Options Share Outstanding at beginning of year 132,977 $ 11.61 Grants 14,780 10.00 Exercised — — Outstanding at June 30, 2024 147,757 $ 11.45 Exercisable at June 30, 2024 75,355 $ 11.61 Six Months Ended June 30, 2023 Weighted Average Exercise Price Per Options Share Outstanding at beginning of year 132,977 $ 11.61 Grants — — Exercised — — Outstanding at June 30, 2023 132,977 $ 11.61 Exercisable at June 30, 2023 26,595 $ 11.61 An aggregate of 14,780 stock options were granted to the Chief Executive Officer during the six months ended June 30, 2024. The grants The compensation expense of the awards is based on the fair value of the instruments on the date of grant using the Black Scholes model. The Company recorded compensation expense in the amount of $19,000 and $36,000 for the three and six months ended June 30, 2024, respectively. The Company recorded compensation expense in the amount of $23,000 and $45,000 for the three and six months ended June 30, 2023, respectively. An aggregate of 5,912 shares of restricted stock were granted to select members of management during the six months ended June 30, 2024. These shares of restricted stock vest in the same manner as the stock options described above. The Company recorded compensation expense in the amount of $25,000 and $48,000 for the three and six months ended June 30, 2024, respectively. The Company recorded compensation expense in the amount of $31,000 and $62,000 for the three and six months ended June 30, 2023, respectively. |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory Capital | |
Regulatory Capital | 9. 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). Under applicable regulation, 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 June 30, 2024 and December 31, 2023, 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 June 30, 2024: Common Equity Tier 1 Capital $ 37,913 13.02 % $ 13,104 4.50 % $ 18,927 6.50 % Total Capital (to Risk-Weighted Assets) $ 41,096 14.11 % $ 23,295 8.00 % $ 29,119 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 37,913 13.02 % $ 17,472 6.00 % $ 23,295 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 37,913 9.42 % $ 16,098 4.00 % $ 20,123 5.00 % As of December 31, 2023: Common Equity Tier 1 Capital $ 39,288 12.83 % $ 13,781 4.50 % $ 19,907 6.50 % Total Capital (to Risk-Weighted Assets) $ 42,267 13.80 % $ 24,500 8.00 % $ 30,626 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 39,288 12.83 % $ 18,375 6.00 % $ 24,500 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 39,288 9.37 % $ 16,775 4.00 % $ 20,969 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 June 30, 2024 and December 31, 2023, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies | |
Commitments and Contingencies | 10. 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 June 30, 2024. Financial instruments whose contract amounts represent credit risk consist of the following: At June 30, At December 31, (In thousands) 2024 2023 Commitments to grant loans $ 356 $ 987 Unfunded commitments under lines of credit 13,836 14,375 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 June 30, 2024 with fixed interest rates amounted to approximately $11.0 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at June 30, 2024 with variable interest rates amounted to approximately $3.2 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2023 with fixed interest rates amounted to approximately $11.5 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2023 with variable interest rates amounted to approximately $3.8 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. The Company maintains a separate reserve for credit losses on off-balance sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The reserve for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company’s other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The Company has identified the unfunded portion of certain lines of credit as unconditionally cancellable credit exposures, meaning the Company can cancel the unfunded commitment at any time. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. For the three and six months ended June 30, 2024 and 2023, the Company did not record a provision for credit losses for unfunded commitments. 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 $6.7 million at June 30, 2024. 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 June 30, 2024. 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 $96,000 at June 30, 2024. In addition, many of the loans sold under the MPF Program have primary mortgage insurance, which reduces the Bank’s overall exposure. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 11. 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 June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Service charges on deposit accounts $ 140 $ 141 $ 251 $ 275 Debit card interchange and surcharge income 174 188 346 371 Insurance commissions 1 24 1 153 Net gain on sale of Generations Agency — 312 — 312 Loan servicing fees 52 29 86 74 $ 367 $ 694 $ 684 $ 1,185 Service charges on deposit accounts Debit card interchange and surcharge income Insurance commissions calculation that includes the experience of others. As such, the level of contingent commissions is not readily determinable until it is paid, but does not have a significant impact on the Company’s financial results. The Agency’s book of business was purchased by Northwoods on June 1, 2023. Loan servicing fees |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures | |
Fair Value Disclosures | 12. 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 June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023. Cash and due from banks Interest-earning deposits Investment securities State and political subdivisions Federal Home Loan Bank (“FHLB”) stock Loans receivable Collateral-dependent and individually evaluated loans Deposits Accrued interest Borrowings The following table presents a comparison of the carrying amount and estimated fair value of the Company’s financial instruments: At June 30, 2024 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 9,833 $ 9,833 $ — $ — $ 9,833 Interest-earning time deposits in banks 3,156 — 3,156 — 3,156 Securities available-for-sale 26,009 — 24,742 1,267 26,009 Securities held-to-maturity 1,409 — 1,192 — 1,192 Equity securities 406 406 — — 406 Loans receivable, net 322,155 — — 293,648 293,648 FHLB stock 1,506 — 1,506 — 1,506 Accrued interest receivable 1,775 1,775 — — 1,775 Financial liabilities: Deposits $ 338,822 $ 86,607 $ — $ 244,593 $ 331,200 Long-term borrowings 21,316 — 21,049 — 21,049 Accrued interest payable 496 496 — — 496 At December 31, 2023 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 14,525 $ 14,525 $ — $ — $ 14,525 Interest-bearing time deposits in banks 4,362 — 4,362 — 4,362 Securities available-for-sale 31,302 — 29,827 1,475 31,302 Securities held-to-maturity 1,454 — 1,226 — 1,226 Equity securities 361 361 — — 361 Loans receivable, net 333,482 — — 304,655 304,655 FHLB stock 1,588 — 1,588 — 1,588 Accrued interest receivable 1,611 1,611 — — 1,611 Financial liabilities: Deposits $ 357,606 $ 86,637 $ — $ 263,760 $ 350,397 Long-term borrowings 23,577 — 23,411 — 23,411 Accrued interest payable 638 638 — — 638 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 June 30, 2024 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 $ — $ 20 $ — $ 20 Corporate bonds — 10,884 — 10,884 State and political subdivisions — 13,838 1,267 15,105 Equity investment securities: Large cap equity mutual fund 54 — — 54 Other mutual funds 352 — — 352 Total investment securities $ 406 $ 24,742 $ 1,267 $ 26,415 At December 31, 2023 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 $ — $ 20 $ — $ 20 Corporate bonds — 15,047 — 15,047 State and political subdivisions — 14,760 1,475 16,235 Equity investment securities: Large cap equity mutual fund 45 — — 45 Other mutual funds 316 — — 316 Total investment securities $ 361 $ 29,827 $ 1,475 $ 31,663 The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods noted: Investment (In thousands) Securities Balance - December 31, 2023 $ 1,475 Total gains realized/unrealized: Included in other comprehensive loss (9) Principal payments/maturities (199) Balance - June 30, 2024 $ 1,267 Investment (In thousands) Securities Balance - December 31, 2022 $ 1,715 Total gains realized/unrealized: Included in other comprehensive income 130 Principal payments/maturities (298) Balance - June 30, 2023 $ 1,547 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 June 30, 2024 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Collateral-dependent loans $ — $ — $ 92 $ 92 Foreclosed real estate & repossessed assets — — — — At December 31, 2023 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Collateral-dependent loans $ — $ — $ 36 $ 36 Foreclosed real estate & repossessed assets — — 118 118 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- State and political subdivisions Scheduled principal Cost to Sell 0% and interest payments Carrying value 100% Sensitivity of significant unobservable inputs The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023: Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) Collateral-dependent loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (20)% One-to four-family residential Costs to Sell 5% - 15% (10)% Collateral-dependent 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)% Collateral-dependent loans Foreclosed real estate & repossessed assets |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Information | |
Segment Information | 13. Segment Information The Company had three primary business segments, its community banking franchise, its insurance agency, and a limited-purpose commercial bank until the sale of the insurance agency’s book of business on June 1, 2023. As of June 30, 2024 the Company has two primary business segments, its community banking franchise 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 and service fees on deposit accounts. Expenses include personnel and branch-network support charges. The insurance agency segment offered insurance coverage to businesses and individuals in the Finger Lakes Region. The insurance activities consisted of those conducted through the Bank’s wholly owned subsidiary, Generations Agency. The primary revenue source was commissions. Pursuant to a Management Agreement, which became effective on April 1, 2022, personnel and office support charges were assumed by Northwoods. The Agency’s book of business was purchased by Northwoods on June 1, 2023. The commercial 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 rent and support charges for using the assets and technology of the Bank. Information about the segments is presented in the following tables as of and for the periods as noted: Three Months Ended June 30, 2024 2023 Community Commercial Community Commercial Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 1,779 $ — $ 91 $ 1,870 $ 2,220 $ — $ 19 $ 2,239 Provision for loan losses 377 — — 377 165 — — 165 Net interest income after provision for loan losses 1,402 — 91 1,493 2,055 — 19 2,074 Total noninterest income 462 — — 462 766 22 — 788 Compensation and benefits (1,076) — — (1,076) (1,338) — — (1,338) Other noninterest expense (1,959) — (21) (1,980) (1,714) (1) (21) (1,736) (Loss) Income before income tax (benefit) expense (1,171) — 70 (1,101) (231) 21 (2) (212) Income tax (benefit) expense (275) — 15 (260) (46) — — (46) Net (loss) income $ (896) $ — $ 55 $ (841) $ (185) $ 21 $ (2) $ (166) Six Months Ended June 30, 2024 2023 Community Commercial Community Commercial Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 3,581 $ — $ 185 $ 3,766 $ 4,685 $ — $ 78 $ 4,763 Provision for loan losses 602 — — 602 330 — — 330 Net interest income after provision for loan losses 2,979 — 185 3,164 4,355 — 78 4,433 Total noninterest income 903 — — 903 1,215 149 — 1,364 Compensation and benefits (2,174) — — (2,174) (2,746) — — (2,746) Other noninterest expense (3,666) — (42) (3,708) (3,413) (1) (41) (3,455) (Loss) Income before income tax (benefit) expense (1,958) — 143 (1,815) (589) 148 37 (404) Income tax (benefit) expense (459) — 30 (429) (94) — 8 (86) Net (loss) income $ (1,499) $ — $ 113 $ (1,386) $ (495) $ 148 $ 29 $ (318) The following represents a reconciliation of the Company’s reported segment assets: At June 30, At December 31, (In thousands) 2024 2023 Total assets for reportable segments $ 420,191 $ 441,146 Elimination of intercompany balances (18,436) (16,650) Consolidated total assets $ 401,755 $ 424,496 The accounting policies of each segment are the same as those described in the summary of significant accounting policies. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill Disclosure [Abstract] | |
Goodwill | 14. Goodwill There was no goodwill at June 30, 2024 and December 31, 2023 and no activity during this period. The change in the carrying amount of goodwill for the six months ended June 30, 2023 is as follows: Generations (In thousands) Agency, Inc Balance as of December 31, 2022 $ 792 Extinguishment of goodwill due to sale (792) Balance as of June 30, 2023 $ — |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (841) | $ (166) | $ (1,386) | $ (318) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Operations (Policies)
Nature of Operations (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Nature of Operations | |
Interim Financial Statements | Interim Financial Statements The interim condensed consolidated financial statements as of June 30, 2024, and for the three and six months ended June 30, 2024 and 2023, 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 and six months ended June 30, 2024 are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2024, 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, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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, 2023. The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 2 of the audited financial statements and notes for the year ended December 31, 2023 and are contained in the Company's Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Loss | |
Schedule of Other comprehensive loss information | Unrealized Accumulated Losses Defined Other Three Months Ended June 30, on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Loss Balance, March 31, 2024 $ (3,103) $ (1,454) $ (4,557) Other comprehensive loss before reclassifications (574) — (574) Net current-period other comprehensive loss (574) — (574) Balance, June 30, 2024 $ (3,677) $ (1,454) $ (5,131) Balance, March 31, 2023 $ (3,577) $ (2,530) $ (6,107) Other comprehensive loss before reclassifications (137) — (137) Amounts reclassified from AOCI to the statements of operations, net of tax — 32 32 Net current-period other comprehensive loss (137) 32 (105) Balance, June 30, 2023 $ (3,714) $ (2,498) $ (6,212) Unrealized Accumulated (Losses) Gains Defined Other Six Months Ended June 30, on Securities Benefit Comprehensive (In thousands) Available-for-Sale Pension Plan Loss Balance, December 31, 2023 $ (2,803) $ (1,454) $ (4,257) Other comprehensive loss before reclassifications (882) — (882) Amounts reclassified from AOCI to the statements of operations, net of tax 8 — 8 Net current-period other comprehensive loss (874) — (874) Balance, June 30, 2024 $ (3,677) $ (1,454) $ (5,131) Balance, December 31, 2022 $ (3,905) $ (2,562) $ (6,467) Other comprehensive income before reclassifications 191 — 191 Amounts reclassified from AOCI to the statements of operations, net of tax — 64 64 Net current-period other comprehensive income 191 64 255 Balance, June 30, 2023 $ (3,714) $ (2,498) $ (6,212) |
Reclassified out of each component of accumulated other comprehensive loss | Three months ended June 30, Six months ended June 30, Affected Line Item in the (In thousands) 2024 2023 2024 2023 Statements of Operations Available-for-sale securities: Realized gain on sale of securities $ — $ — $ 10 $ — Net gain on sale of securities Tax effect — — (2) — Income tax benefit $ — $ — $ 8 $ — Net loss Defined benefit pension plan: Retirement plan net losses recognized in net periodic pension cost $ — $ 41 $ — $ 81 Compensation and benefits Tax effect — (9) — (17) Income tax benefit $ — $ 32 $ — $ 64 Net loss |
Earnings (Losses) Per Common _2
Earnings (Losses) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings (Losses) Per Common Share | |
Schedule of calculation of basic and diluted earnings per share | Three Months Ended June 30, (In thousands, except per share data) 2024 2023 Net loss available to common stockholders $ (841) $ (166) Weighted-average common shares outstanding 2,145 2,238 Losses per common share - basic and diluted $ (0.39) $ (0.07) Six Months Ended June 30, (In thousands, except per share data) 2024 2023 Net loss available to common stockholders $ (1,386) $ (318) Weighted-average common shares outstanding 2,141 2,239 Losses per common share - basic and diluted $ (0.65) $ (0.14) |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Securities | |
Schedule of investments in securities available-for-sale and held-to-maturity | At June 30, 2024 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") $ 20 $ — $ — $ 20 Corporate bonds 12,960 61 (2,137) 10,884 State and political subdivisions 17,022 75 (1,992) 15,105 Total securities available-for-sale $ 30,002 $ 136 $ (4,129) $ 26,009 Securities held-to-maturity: Structured certificates of deposit $ 650 $ — $ (192) $ 458 Residential mortgage-backed - US agency and GSEs 759 — (25) 734 Total securities held-to-maturity $ 1,409 $ — $ (217) $ 1,192 Equity securities: Large cap equity mutual fund $ 54 $ 54 Other mutual funds 352 352 Total of equity securities $ 406 $ 406 At December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Securities available-for-sale: Residential mortgage-backed - US agency and GSEs $ 20 $ — $ — $ 20 Corporate bonds 17,242 85 (2,280) 15,047 State and political subdivisions 17,588 112 (1,465) 16,235 Total securities available-for-sale $ 34,850 $ 197 $ (3,745) $ 31,302 Securities held-to-maturity: Structured certificates of deposit $ 650 $ — $ (208) $ 442 Residential mortgage-backed - US agency and GSEs 804 1 (21) 784 Total securities held-to-maturity $ 1,454 $ 1 $ (229) $ 1,226 Equity securities: Large cap equity mutual fund $ 45 $ 45 Other mutual funds 316 316 Total of equity securities $ 361 $ 361 |
Schedule of gross unrealized losses on investment securities and the fair value of the related securities | At June 30, 2024 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 (1) $ 16 $ — $ — $ — $ 16 $ — Corporate bonds (1) 81 — 9,614 (2,137) 9,695 (2,137) State and political subdivisions (1) 57 — 13,666 (1,992) 13,723 (1,992) Total securities available-for-sale $ 154 $ — $ 23,280 $ (4,129) $ 23,434 $ (4,129) (1) Aggregate unrealized loss position less than $500 At December 31, 2023 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 $ — $ — $ — $ — $ — $ — Corporate bonds 2,367 (14) 10,642 (2,266) 13,009 (2,280) State and political subdivisions 1,427 (11) 13,336 (1,454) 14,763 (1,465) Total securities available-for-sale $ 3,794 $ (25) $ 23,978 $ (3,720) $ 27,772 $ (3,745) |
Summary of the amortized cost and estimated fair values of debt securities | At June 30, 2024 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 $ 435 $ 422 $ — $ — Due over one year through five years 3,863 3,573 — — Due over five through ten years 5,311 4,103 — — Due after ten years 20,373 17,891 — — 29,982 25,989 — — Structured certificates of deposit — — 650 458 Residential mortgage-backed securities 20 20 759 734 Total $ 30,002 $ 26,009 $ 1,409 $ 1,192 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Loans Receivable | |
Schedule of major classifications of loans | At June 30, At December 31, (In thousands) 2024 2023 Residential mortgages: One- to four-family $ 169,502 $ 168,387 169,502 168,387 Commercial loans: Real estate - nonresidential 13,864 14,437 Multi-family 777 832 Commercial business 14,902 18,821 29,543 34,090 Consumer: Home equity and junior liens 15,096 13,632 Manufactured homes 46,209 48,681 Automobile 19,459 22,424 Student 1,441 1,569 Recreational vehicle 21,403 22,915 Other consumer 8,897 9,555 112,505 118,776 Total Loans 311,550 321,253 Net deferred loan costs 13,897 15,351 Fair value credit and yield adjustment (115) (149) Less allowance for loan losses (3,177) (2,973) Loans receivable, net $ 322,155 $ 333,482 |
Schedule of classes of the loan portfolio summarized by the credit quality indicator | At June 30, 2024 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgages: One- to four-family $ 166,231 $ 1,265 $ 2,006 $ — $ 169,502 166,231 1,265 2,006 — 169,502 Commercial loans: Real estate - nonresidential 11,974 1,610 280 — 13,864 Multi-family 777 — — — 777 Commercial business 14,004 521 377 — 14,902 26,755 2,131 657 — 29,543 Consumer: Home equity and junior liens 14,911 98 87 — 15,096 Manufactured homes 45,708 233 268 — 46,209 Automobile 19,341 49 69 — 19,459 Student 1,409 5 27 — 1,441 Recreational vehicle 20,704 333 366 — 21,403 Other consumer 8,844 53 — — 8,897 110,917 771 817 — 112,505 Total loans $ 303,903 $ 4,167 $ 3,480 $ — $ 311,550 At December 31, 2023 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgages: One- to four-family $ 164,940 $ 1,169 $ 2,278 $ — $ 168,387 164,940 1,169 2,278 — 168,387 Commercial loans: Real estate - nonresidential 12,505 1,633 299 — 14,437 Multi-family 832 — — — 832 Commercial business 16,016 615 2,190 — 18,821 29,353 2,248 2,489 — 34,090 Consumer: Home equity and junior liens 13,486 61 85 — 13,632 Manufactured homes 48,286 72 323 — 48,681 Automobile 22,216 88 120 — 22,424 Student 1,543 — 26 — 1,569 Recreational vehicle 21,974 650 291 — 22,915 Other consumer 9,428 56 71 — 9,555 116,933 927 916 — 118,776 Total loans $ 311,226 $ 4,344 $ 5,683 $ — $ 321,253 |
Schedule of age analysis of past due loans, segregated by class of loans | At June 30, 2024 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 Residential mortgage loans: One- to four-family $ 5,134 $ 1,356 $ 2,006 $ 8,496 $ 161,006 $ 169,502 5,134 1,356 2,006 8,496 161,006 169,502 Commercial loans: Real estate - nonresidential 81 — 18 99 13,765 13,864 Multi-family 380 — — 380 397 777 Commercial business 59 — — 59 14,843 14,902 520 — 18 538 29,005 29,543 Consumer loans: Home equity and junior liens 195 94 87 376 14,720 15,096 Manufactured homes 737 233 268 1,238 44,971 46,209 Automobile 198 49 70 317 19,142 19,459 Student — 5 27 32 1,409 1,441 Recreational vehicle 594 333 366 1,293 20,110 21,403 Other consumer 211 53 — 264 8,633 8,897 1,935 767 818 3,520 108,985 112,505 Total loans $ 7,589 $ 2,123 $ 2,842 $ 12,554 $ 298,996 $ 311,550 At December 31, 2023 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 Residential mortgage loans: One- to four-family $ 5,397 $ 1,491 $ 2,277 $ 9,165 $ 159,222 $ 168,387 5,397 1,491 2,277 9,165 159,222 168,387 Commercial loans: Real estate - nonresidential — — 29 29 14,408 14,437 Multi-family 384 — — 384 448 832 Commercial business 388 73 41 502 18,319 18,821 772 73 70 915 33,175 34,090 Consumer loans: Home equity and junior liens 336 77 85 498 13,134 13,632 Manufactured homes 609 72 323 1,004 47,677 48,681 Automobile 246 88 120 454 21,970 22,424 Student 4 — 25 29 1,540 1,569 Recreational vehicle 913 650 291 1,854 21,061 22,915 Other consumer 154 56 71 281 9,274 9,555 2,262 943 915 4,120 114,656 118,776 Total loans $ 8,431 $ 2,507 $ 3,262 $ 14,200 $ 307,053 $ 321,253 |
Schedule of non-accrual loans, segregated by class of loan | At June 30, 2024 At December 31,2023 Non-accrual loans Non-accrual loans with no allowance with no allowance (In thousands) Non-accrual loan for credit losses Non-accrual loan for credit losses Residential mortgage loans: One- to four-family $ 2,006 $ 1,894 $ 2,277 $ 2,277 Commercial loans: Real estate - nonresidential 18 18 29 29 Commercial business 298 298 397 356 Consumer loans: Home equity and junior liens 87 87 85 85 Manufactured homes 268 268 323 323 Automobile 70 70 120 120 Student 27 27 25 25 Recreational vehicle 366 366 291 291 Other consumer — — 71 71 $ 3,140 $ 3,028 $ 3,618 $ 3,577 |
Schedule of interest income recognized on non-accrual loans | Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Residential mortgage loans: One- to four-family $ 11 $ 4 $ 23 $ 31 Commercial loans: Commercial business — — — 1 Consumer loans: Home equity and junior liens — 1 1 2 Automobile 1 1 2 2 Recreational vehicle 3 4 8 6 15 10 34 42 |
Schedule of collateral-dependent loans | At June 30, 2024 Residential Business Commercial Total (In thousands) properties assets Land property Other Loans One- to four-family $ 1,594 $ — $ — $ — $ — $ 1,594 Real estate - nonresidential 18 — — — — 18 Commercial business — 298 — — — 298 Home equity and junior liens 87 — — — — 87 Total loans $ 1,699 $ 298 $ — $ — $ — $ 1,997 At December 31, 2023 Residential Business Commercial Total (In thousands) properties assets Land property Other Loans One- to four-family $ 1,977 $ — $ — $ — $ — $ 1,977 Real estate - nonresidential 29 — — — — 29 Commercial business — 414 — — — 414 Home equity and junior liens 85 — — — — 85 Total loans $ 2,091 $ 414 $ — $ — $ — $ 2,505 |
Schedule of loans to customers based on year of origination within each credit quality indicator | At June 30, 2024 2024 2023 2022 2021 2020 Prior Total Residential mortgage loans: 4 Internal grade $ 7,663 $ 38,981 $ 39,684 $ 9,244 $ 10,606 $ 60,053 $ 166,231 5 Internal grade — — 235 135 — 895 1,265 6 Internal grade — 175 136 117 41 1,537 2,006 $ 7,663 $ 39,156 $ 40,055 $ 9,496 $ 10,647 $ 62,485 $ 169,502 Commercial loans: 2 Internal grade $ — $ — $ — $ — $ — $ — $ — 3 Internal grade — 637 35 577 205 4,520 5,974 4 Internal grade — 5,757 3,657 549 185 10,633 20,781 5 Internal grade — — — — — 2,131 2,131 6 Internal grade — — — — — 657 657 $ — $ 6,394 $ 3,692 $ 1,126 $ 390 $ 17,941 $ 29,543 Consumer loans: 4 Internal grade $ 1,951 $ 15,510 $ 22,115 $ 24,085 $ 30,053 $ 17,203 $ 110,917 5 Internal grade — 23 184 211 159 194 771 6 Internal grade — — 81 336 287 113 817 $ 1,951 $ 15,533 $ 22,380 $ 24,632 $ 30,499 $ 17,510 $ 112,505 At December 31, 2023 2023 2022 2021 2020 2019 Prior Total Residential mortgage loans: 4 Internal grade $ 39,312 $ 41,364 $ 10,185 $ 11,309 $ 11,008 $ 51,762 $ 164,940 5 Internal grade — — 27 — — 1,142 1,169 6 Internal grade — 132 — 41 763 1,342 2,278 $ 39,312 $ 41,496 $ 10,212 $ 11,350 $ 11,771 $ 54,246 $ 168,387 Commercial loans: 2 Internal grade $ — $ — $ — $ — $ — $ 360 $ 360 3 Internal grade 1,615 155 594 242 459 4,212 7,277 4 Internal grade 6,496 3,461 657 193 409 10,500 21,716 5 Internal grade — — — — 2,028 220 2,248 6 Internal grade — — — — 41 2,448 2,489 $ 8,111 $ 3,616 $ 1,251 $ 435 $ 2,937 $ 17,740 $ 34,090 Consumer loans: 4 Internal grade $ 16,103 $ 24,083 $ 25,866 $ 31,711 $ 8,668 $ 10,502 $ 116,933 5 Internal grade — 104 474 227 17 105 927 6 Internal grade — 83 406 295 54 78 916 $ 16,103 $ 24,270 $ 26,746 $ 32,233 $ 8,739 $ 10,685 $ 118,776 |
Schedule of gross write-offs and recoveries based on year of origination | June 30, 2024 2024 2023 2022 2021 2020 Prior Total Residential mortgage loans: Current period gross write-offs $ — $ — $ — $ — $ — $ (3) $ (3) Current period recoveries — — — — — 2 2 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ (1) $ (1) Commercial loans: Current period gross write-offs $ — $ — $ — $ — $ — $ (34) $ (34) Current period recoveries — — — — — 25 25 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ (9) $ (9) Consumer loans: Current period gross write-offs $ — $ (23) $ (79) $ (222) $ (112) $ (24) $ (460) Current period recoveries — — 19 16 21 16 72 Current period net (write-offs) recoveries $ — $ (23) $ (60) $ (206) $ (91) $ (8) $ (388) June 30, 2023 2023 2022 2021 2020 2019 Prior Total Residential mortgage loans: Current period gross write-offs $ — $ — $ — $ — $ — $ (100) $ (100) Current period recoveries — — — — — 3 3 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ (97) $ (97) Commercial loans: Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — Current period recoveries — — — — — 51 51 Current period net (write-offs) recoveries $ — $ — $ — $ — $ — $ 51 $ 51 Consumer loans: Current period gross write-offs $ — $ — $ (1) $ (1) $ — $ (20) $ (22) Current period recoveries — — — — — 12 12 Current period net (write-offs) recoveries $ — $ — $ (1) $ (1) $ — $ (8) $ (10) |
Allowance for Credit Loss (Tabl
Allowance for Credit Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Allowance for Credit Loss | |
Summary of the activity related to the allowance for credit losses | Three Months Ended June 30, 2024 Credit Loss Write-offs Expense During Recoveries Beginning for the the During Ending (In thousands) Balance Period Period the Period Balance Residential mortgage loans: One- to four-family $ 1,178 $ 22 $ — $ 1 $ 1,201 Commercial loans: Real estate - nonresidential 480 19 — — 499 Commercial business 190 (55) — 25 160 Consumer loans: Home equity and junior liens 107 9 — — 116 Automobile 261 8 (68) 17 218 Student 12 (2) — 1 11 Recreational vehicle 421 382 (247) 6 562 Other consumer 401 (6) (3) 18 410 $ 3,050 $ 377 $ (318) $ 68 $ 3,177 Three Months Ended June 30, 2023 Credit Loss Write-offs Expense During Recoveries Beginning for the the During Ending (In thousands) Balance Period Period the Period Balance Residential mortgage loans: One- to four-family $ 943 $ 220 $ (100) $ 2 $ 1,065 Construction 1 (1) — — — Commercial loans: Real estate - nonresidential 600 (63) — — 537 Commercial business 279 (30) — 49 298 Consumer loans: Home equity and junior liens 70 8 (2) — 76 Automobile 259 (9) — 4 254 Student 15 (1) — 1 15 Recreational vehicle 134 16 — — 150 Other consumer 352 25 (1) — 376 $ 2,653 $ 165 $ (103) $ 56 $ 2,771 Six Months Ended June 30, 2024 Credit Loss Write-offs Expense During Recoveries Beginning for the the During Ending (In thousands) Balance Period Period the Period Balance Residential mortgage loans: One- to four-family $ 1,184 $ 18 $ (3) $ 2 $ 1,201 Commercial loans: Real estate - nonresidential 495 4 — — 499 Commercial business 206 (37) (34) 25 160 Consumer loans: Home equity and junior liens 102 13 — 1 116 Automobile 242 17 (83) 42 218 Student 12 (4) — 3 11 Recreational vehicle 369 506 (319) 6 562 Other consumer 363 85 (58) 20 410 $ 2,973 $ 602 $ (497) $ 99 $ 3,177 Six Months Ended June 30, 2023 Additional Allowance Recognized Credit Due to Loss Write-offs Adoption Expense During Recoveries Beginning of for the the During Ending (In thousands) Balance Topic 326 Period Period the Period Balance Residential mortgage loans: One- to four-family $ 787 $ 115 $ 260 $ (100) $ 3 $ 1,065 Construction 2 — (2) — — — Commercial loans: Real estate - nonresidential 319 325 (107) — — 537 Multi-family 4 (4) — — — — Commercial business 248 92 (93) — 51 298 Consumer loans: Home equity and junior liens 65 (9) 33 (13) — 76 Manufactured homes 110 (110) — — — — Automobile 135 106 4 — 9 254 Student 55 (38) 3 (7) 2 15 Recreational vehicle 646 (646) 150 — — 150 Other consumer 126 169 82 (2) 1 376 $ 2,497 $ — $ 330 $ (122) $ 66 $ 2,771 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Employee Benefit Plans | |
Schedule of net periodic expenses recognized in income | Generations Bank Plan: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net periodic expenses recognized in income: Service cost $ 41 $ 60 $ 83 $ 120 Interest cost 121 117 241 235 Expected return on plan assets (345) (306) (690) (613) Amortization of net losses — 41 — 81 Net periodic pension benefit $ (183) $ (88) $ (366) $ (177) Medina Savings and Loan Plan: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Net periodic expenses recognized in income: Service cost $ 4 $ 3 $ 8 $ 6 Interest cost 33 33 66 67 Expected return on plan assets (98) (89) (197) (179) Net periodic pension benefit $ (61) $ (53) $ (123) $ (106) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stock-Based Compensation | |
Schedule of the Company's stock option activity and related information for its option plans | Three Months Ended June 30, 2024 Weighted Average Exercise Price Per Options Share Outstanding at beginning of quarter 147,757 $ 11.45 Grants — — Exercised — — Outstanding at quarter end 147,757 $ 11.45 Exercisable at quarter end 75,355 $ 11.61 Three Months Ended June 30, 2023 Weighted Average Exercise Price Per Options Share Outstanding at beginning of quarter 132,977 $ 11.61 Grants — — Exercised — — Outstanding at quarter end 132,977 $ 11.61 Exercisable at quarter end 26,595 $ 11.61 Six Months Ended June 30, 2024 Weighted Average Exercise Price Per Options Share Outstanding at beginning of year 132,977 $ 11.61 Grants 14,780 10.00 Exercised — — Outstanding at June 30, 2024 147,757 $ 11.45 Exercisable at June 30, 2024 75,355 $ 11.61 Six Months Ended June 30, 2023 Weighted Average Exercise Price Per Options Share Outstanding at beginning of year 132,977 $ 11.61 Grants — — Exercised — — Outstanding at June 30, 2023 132,977 $ 11.61 Exercisable at June 30, 2023 26,595 $ 11.61 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024: Common Equity Tier 1 Capital $ 37,913 13.02 % $ 13,104 4.50 % $ 18,927 6.50 % Total Capital (to Risk-Weighted Assets) $ 41,096 14.11 % $ 23,295 8.00 % $ 29,119 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 37,913 13.02 % $ 17,472 6.00 % $ 23,295 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 37,913 9.42 % $ 16,098 4.00 % $ 20,123 5.00 % As of December 31, 2023: Common Equity Tier 1 Capital $ 39,288 12.83 % $ 13,781 4.50 % $ 19,907 6.50 % Total Capital (to Risk-Weighted Assets) $ 42,267 13.80 % $ 24,500 8.00 % $ 30,626 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 39,288 12.83 % $ 18,375 6.00 % $ 24,500 8.00 % Tier 1 Capital (to Total Adjusted Assets) $ 39,288 9.37 % $ 16,775 4.00 % $ 20,969 5.00 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies | |
Schedule of financial instruments whose contract amounts represent credit risk | At June 30, At December 31, (In thousands) 2024 2023 Commitments to grant loans $ 356 $ 987 Unfunded commitments under lines of credit 13,836 14,375 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contracts with Customers | |
Schedule of disaggregation of revenue subject to Topic 606 | Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2024 2023 2024 2023 Service charges on deposit accounts $ 140 $ 141 $ 251 $ 275 Debit card interchange and surcharge income 174 188 346 371 Insurance commissions 1 24 1 153 Net gain on sale of Generations Agency — 312 — 312 Loan servicing fees 52 29 86 74 $ 367 $ 694 $ 684 $ 1,185 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures | |
Schedule of carrying amount and estimated fair value of the Company's financial instrument | At June 30, 2024 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 9,833 $ 9,833 $ — $ — $ 9,833 Interest-earning time deposits in banks 3,156 — 3,156 — 3,156 Securities available-for-sale 26,009 — 24,742 1,267 26,009 Securities held-to-maturity 1,409 — 1,192 — 1,192 Equity securities 406 406 — — 406 Loans receivable, net 322,155 — — 293,648 293,648 FHLB stock 1,506 — 1,506 — 1,506 Accrued interest receivable 1,775 1,775 — — 1,775 Financial liabilities: Deposits $ 338,822 $ 86,607 $ — $ 244,593 $ 331,200 Long-term borrowings 21,316 — 21,049 — 21,049 Accrued interest payable 496 496 — — 496 At December 31, 2023 Carrying Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Financial assets: Cash and cash equivalents $ 14,525 $ 14,525 $ — $ — $ 14,525 Interest-bearing time deposits in banks 4,362 — 4,362 — 4,362 Securities available-for-sale 31,302 — 29,827 1,475 31,302 Securities held-to-maturity 1,454 — 1,226 — 1,226 Equity securities 361 361 — — 361 Loans receivable, net 333,482 — — 304,655 304,655 FHLB stock 1,588 — 1,588 — 1,588 Accrued interest receivable 1,611 1,611 — — 1,611 Financial liabilities: Deposits $ 357,606 $ 86,637 $ — $ 263,760 $ 350,397 Long-term borrowings 23,577 — 23,411 — 23,411 Accrued interest payable 638 638 — — 638 |
Schedule of assets measured at fair value on a recurring basis | At June 30, 2024 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 $ — $ 20 $ — $ 20 Corporate bonds — 10,884 — 10,884 State and political subdivisions — 13,838 1,267 15,105 Equity investment securities: Large cap equity mutual fund 54 — — 54 Other mutual funds 352 — — 352 Total investment securities $ 406 $ 24,742 $ 1,267 $ 26,415 At December 31, 2023 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 $ — $ 20 $ — $ 20 Corporate bonds — 15,047 — 15,047 State and political subdivisions — 14,760 1,475 16,235 Equity investment securities: Large cap equity mutual fund 45 — — 45 Other mutual funds 316 — — 316 Total investment securities $ 361 $ 29,827 $ 1,475 $ 31,663 |
Schedule of changes in Level 3 assets measured at estimated fair value on a recurring basis | Investment (In thousands) Securities Balance - December 31, 2023 $ 1,475 Total gains realized/unrealized: Included in other comprehensive loss (9) Principal payments/maturities (199) Balance - June 30, 2024 $ 1,267 Investment (In thousands) Securities Balance - December 31, 2022 $ 1,715 Total gains realized/unrealized: Included in other comprehensive income 130 Principal payments/maturities (298) Balance - June 30, 2023 $ 1,547 |
Schedule of assets measured at fair value on a nonrecurring basis | At June 30, 2024 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Collateral-dependent loans $ — $ — $ 92 $ 92 Foreclosed real estate & repossessed assets — — — — At December 31, 2023 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Collateral-dependent loans $ — $ — $ 36 $ 36 Foreclosed real estate & repossessed assets — — 118 118 |
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- State and political subdivisions 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 June 30, 2024 and December 31, 2023: Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) Collateral-dependent loans - Appraisal of collateral Appraisal Adjustments 5% - 35% (20)% One-to four-family residential Costs to Sell 5% - 15% (10)% Collateral-dependent 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) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Information | |
Summary of information about segments | Three Months Ended June 30, 2024 2023 Community Commercial Community Commercial Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 1,779 $ — $ 91 $ 1,870 $ 2,220 $ — $ 19 $ 2,239 Provision for loan losses 377 — — 377 165 — — 165 Net interest income after provision for loan losses 1,402 — 91 1,493 2,055 — 19 2,074 Total noninterest income 462 — — 462 766 22 — 788 Compensation and benefits (1,076) — — (1,076) (1,338) — — (1,338) Other noninterest expense (1,959) — (21) (1,980) (1,714) (1) (21) (1,736) (Loss) Income before income tax (benefit) expense (1,171) — 70 (1,101) (231) 21 (2) (212) Income tax (benefit) expense (275) — 15 (260) (46) — — (46) Net (loss) income $ (896) $ — $ 55 $ (841) $ (185) $ 21 $ (2) $ (166) Six Months Ended June 30, 2024 2023 Community Commercial Community Commercial Banking Insurance Banking Banking Insurance Banking (In thousands) Activities Activities Activities Total Activities Activities Activities Total Net interest income $ 3,581 $ — $ 185 $ 3,766 $ 4,685 $ — $ 78 $ 4,763 Provision for loan losses 602 — — 602 330 — — 330 Net interest income after provision for loan losses 2,979 — 185 3,164 4,355 — 78 4,433 Total noninterest income 903 — — 903 1,215 149 — 1,364 Compensation and benefits (2,174) — — (2,174) (2,746) — — (2,746) Other noninterest expense (3,666) — (42) (3,708) (3,413) (1) (41) (3,455) (Loss) Income before income tax (benefit) expense (1,958) — 143 (1,815) (589) 148 37 (404) Income tax (benefit) expense (459) — 30 (429) (94) — 8 (86) Net (loss) income $ (1,499) $ — $ 113 $ (1,386) $ (495) $ 148 $ 29 $ (318) |
Schedule of reconciliation of the Company's reported segment assets | At June 30, At December 31, (In thousands) 2024 2023 Total assets for reportable segments $ 420,191 $ 441,146 Elimination of intercompany balances (18,436) (16,650) Consolidated total assets $ 401,755 $ 424,496 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | Generations (In thousands) Agency, Inc Balance as of December 31, 2022 $ 792 Extinguishment of goodwill due to sale (792) Balance as of June 30, 2023 $ — |
Nature of Operations (Details)
Nature of Operations (Details) $ in Millions | Jan. 13, 2021 USD ($) shares | Jul. 31, 2020 |
Organization and Nature of Operations | ||
Issuance of shares (in shares) | shares | 1,477,575 | |
Gross offering proceeds from sale of stocks | $ | $ 14.8 | |
Net proceeds from sale | $ | $ 13.2 | |
Exchange ratio of shares | 0.9980 | |
Seneca-Cayuga Bancorp, Inc. (the "Holding Company") | ||
Organization and Nature of Operations | ||
ESOP shares committed to be released (in shares) | shares | 109,450 | |
Seneca Falls Savings Bank, MHC (the "Mutual Holding Company") | Seneca-Cayuga Bancorp, Inc. (the "Holding Company") | ||
Organization and Nature of Operations | ||
Percentage of holding | 60.10% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Changes in the components of accumulated other comprehensive loss, net of tax | ||||
Balance | $ 36,905 | $ 37,521 | $ 37,698 | $ 37,328 |
Net current-period other comprehensive income (loss) | (574) | (105) | (874) | 255 |
Balance | 35,546 | 36,926 | 35,546 | 36,926 |
Accumulated Other Comprehensive Loss | ||||
Changes in the components of accumulated other comprehensive loss, net of tax | ||||
Balance | (4,557) | (6,107) | (4,257) | (6,467) |
Other comprehensive income (loss) before reclassifications | (574) | (137) | (882) | 191 |
Amounts reclassified from AOCI to the statements of operations, net of tax | 32 | 8 | 64 | |
Net current-period other comprehensive income (loss) | (574) | (105) | (874) | 255 |
Balance | (5,131) | (6,212) | (5,131) | (6,212) |
Defined Benefit Pension Plan | ||||
Changes in the components of accumulated other comprehensive loss, net of tax | ||||
Balance | (1,454) | (2,530) | (1,454) | (2,562) |
Amounts reclassified from AOCI to the statements of operations, net of tax | 32 | 64 | ||
Net current-period other comprehensive income (loss) | 32 | 64 | ||
Balance | (1,454) | (2,498) | (1,454) | (2,498) |
Unrealized (Losses) Gains on Securities Available-for-sale | ||||
Changes in the components of accumulated other comprehensive loss, net of tax | ||||
Balance | (3,103) | (3,577) | (2,803) | (3,905) |
Other comprehensive income (loss) before reclassifications | (574) | (137) | (882) | 191 |
Amounts reclassified from AOCI to the statements of operations, net of tax | 8 | |||
Net current-period other comprehensive income (loss) | (574) | (137) | (874) | 191 |
Balance | $ (3,677) | $ (3,714) | $ (3,677) | $ (3,714) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From AOCI | ||||
Realized gain on sale of securities | $ (10) | |||
Retirement plan net losses recognized in net periodic pension cost | $ 1,076 | $ 1,338 | 2,174 | $ 2,746 |
Tax effect | (260) | (46) | (429) | (86) |
Net loss | $ (841) | (166) | (1,386) | (318) |
Amounts Reclassified From AOCI | Available-for-sale securities | ||||
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From AOCI | ||||
Realized gain on sale of securities | 10 | |||
Tax effect | (2) | |||
Net loss | $ (8) | |||
Amounts Reclassified From AOCI | Defined benefit pension plan | ||||
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From AOCI | ||||
Retirement plan net losses recognized in net periodic pension cost | 41 | 81 | ||
Tax effect | (9) | (17) | ||
Net loss | $ (32) | $ (64) |
Earnings (Losses) Per Common _3
Earnings (Losses) Per Common Share - Additional information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
May 31, 2023 | Jul. 25, 2022 | Mar. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock option granted to directors | 132,977 | 0 | 14,780 | 0 | 14,780 | 0 | |||
Vesting period for directors | 5 years | ||||||||
Stock Repurchase Program, March 28, 2022 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock repurchased (in share) | 83,300 | ||||||||
Stock repurchased (as a percent) | 3.40% | ||||||||
Stock Repurchase Program, July 25, 2022 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock repurchased (as a percent) | 3.60% | ||||||||
Stock Repurchase Program, July 25, 2022 | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock repurchased (in share) | 87,000 | ||||||||
Stock Repurchase Program, May 31, 2023 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Authorized stock repurchase program | $ 1 | ||||||||
Number of shares authorized to repurchase | 91,000 | ||||||||
Stock repurchased (as a percent) | 4% | ||||||||
Restricted shares | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted shares granted to directors | 53,191 | 5,912 | 5,912 |
Earnings (Losses) Per Common _4
Earnings (Losses) Per Common Share - EPS calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Summary of Significant Accounting Policies | ||||
Net loss available to common shareholders | $ (841) | $ (166) | $ (1,386) | $ (318) |
Weighted-average number of common shares outstanding, basic | 2,145 | 2,238 | 2,141 | 2,239 |
Weighted-average number of common shares outstanding, diluted | 2,145 | 2,238 | 2,141 | 2,239 |
Basic losses per common share | $ (0.39) | $ (0.07) | $ (0.65) | $ (0.14) |
Diluted losses per common share | $ (0.39) | $ (0.07) | $ (0.65) | $ (0.14) |
Securities - Summary (Details)
Securities - Summary (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Securities available-for-sale: | ||
Amortized Cost | $ 30,002 | $ 34,850 |
Gross Unrealized Gains | 136 | 197 |
Gross Unrealized Losses | (4,129) | (3,745) |
Fair Value | 26,009 | 31,302 |
Securities held-to-maturity: | ||
Amortized Cost | 1,409 | 1,454 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (217) | (229) |
Fair Value | 1,192 | 1,226 |
Equity securities: | ||
Amortized Cost | 406 | 361 |
Fair Value | 406 | 361 |
Structured certificates of deposit | ||
Securities held-to-maturity: | ||
Amortized Cost | 650 | 650 |
Gross Unrealized Losses | (192) | (208) |
Fair Value | 458 | 442 |
Residential mortgage-backed - US agency and GSEs | ||
Securities available-for-sale: | ||
Amortized Cost | 20 | 20 |
Fair Value | 20 | 20 |
Securities held-to-maturity: | ||
Amortized Cost | 759 | 804 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (25) | (21) |
Fair Value | 734 | 784 |
Corporate bonds | ||
Securities available-for-sale: | ||
Amortized Cost | 12,960 | 17,242 |
Gross Unrealized Gains | 61 | 85 |
Gross Unrealized Losses | (2,137) | (2,280) |
Fair Value | 10,884 | 15,047 |
State and political subdivisions | ||
Securities available-for-sale: | ||
Amortized Cost | 17,022 | 17,588 |
Gross Unrealized Gains | 75 | 112 |
Gross Unrealized Losses | (1,992) | (1,465) |
Fair Value | 15,105 | 16,235 |
Large cap equity mutual fund | ||
Equity securities: | ||
Amortized Cost | 54 | 45 |
Fair Value | 54 | 45 |
Other mutual funds | ||
Equity securities: | ||
Amortized Cost | 352 | 316 |
Fair Value | $ 352 | $ 316 |
Securities - Unrealized losses
Securities - Unrealized losses and the fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | $ 154 | $ 3,794 |
Fair Value of more than 12 months | 23,280 | 23,978 |
Total Fair Value | 23,434 | 27,772 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (25) | |
Gross unrealized losses more than 12 months | (4,129) | (3,720) |
Total Gross unrealized losses | (4,129) | (3,745) |
Aggregate unrealized position | 23,434 | 27,772 |
Residential mortgage-backed - US agency and GSEs | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | 16 | |
Total Fair Value | 16 | |
Gross unrealized losses of debt securities available-for-sale: | ||
Aggregate unrealized position | 16 | |
Corporate bonds | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | 81 | 2,367 |
Fair Value of more than 12 months | 9,614 | 10,642 |
Total Fair Value | 9,695 | 13,009 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (14) | |
Gross unrealized losses more than 12 months | (2,137) | (2,266) |
Total Gross unrealized losses | (2,137) | (2,280) |
Aggregate unrealized position | 9,695 | 13,009 |
State and political subdivisions | ||
Fair value of debt securities available-for-sale: | ||
Fair Value of 12 months or less | 57 | 1,427 |
Fair Value of more than 12 months | 13,666 | 13,336 |
Total Fair Value | 13,723 | 14,763 |
Gross unrealized losses of debt securities available-for-sale: | ||
Gross unrealized losses 12 months or less | (11) | |
Gross unrealized losses more than 12 months | (1,992) | (1,454) |
Total Gross unrealized losses | (1,992) | (1,465) |
Aggregate unrealized position | 13,723 | $ 14,763 |
Residential mortgage-backed - private label | Maximum | ||
Fair value of debt securities available-for-sale: | ||
Total Fair Value | 500 | |
Gross unrealized losses of debt securities available-for-sale: | ||
Aggregate unrealized position | $ 500 |
Securities - Narrative (Details
Securities - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 USD ($) security | |
Securities | |
Debt securities held-to-maturity | $ 1,400,000 |
Deposit assets | $ 650,000 |
Number of security exceeding the $250,000 FDIC insurance limit | security | 0 |
Minimum contractual maturity of mortgage back securities (in years) | 20 years |
Residential Mortgage Backed Securities Member | |
Securities | |
Deposit assets | $ 759,000 |
Corporate bonds | |
Securities | |
Number of securities | security | 96 |
Bonds issued by corporate entities | |
Securities | |
Number of securities | security | 6 |
Aggregate loss | $ 1,800,000 |
Securities - Contractual maturi
Securities - Contractual maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Securities Available-for-Sale, Amortized Cost, Maturity | ||
Due in one year or less | $ 435 | |
Due over one year through five years | 3,863 | |
Due over five through ten years | 5,311 | |
Due after ten years | 20,373 | |
Total | 29,982 | |
Total | 30,002 | $ 34,850 |
Securities Available-for-Sale, Estimated Fair Value, Maturity | ||
Due in one year or less | 422 | |
Due over one year through five years | 3,573 | |
Due over five through ten years | 4,103 | |
Due after ten years | 17,891 | |
Total | 25,989 | |
Fair Value | 26,009 | 31,302 |
Securities Held-to-Maturity, Amortized Cost, Maturity | ||
Debt Securities, Held-to-maturity, Total | 1,409 | 1,454 |
Securities Held-to-Maturity, Estimated Fair Value, Maturity | ||
Fair Value | 1,192 | 1,226 |
Residential mortgage-backed securities | ||
Securities Available-for-Sale, Amortized Cost, Maturity | ||
Securities Available-for-Sale, Amortized Cost | 20 | |
Securities Available-for-Sale, Estimated Fair Value, Maturity | ||
Securities Available-for-Sale, Estimated Fair Value | 20 | |
Securities Held-to-Maturity, Amortized Cost, Maturity | ||
Securities Held-to-Maturity, Amortized Cost | 759 | |
Securities Held-to-Maturity, Estimated Fair Value, Maturity | ||
Securities Held-to-Maturity, Estimated Fair Value | 734 | |
Structured certificates of deposit | ||
Securities Held-to-Maturity, Amortized Cost, Maturity | ||
Securities Held-to-Maturity, Amortized Cost | 650 | |
Debt Securities, Held-to-maturity, Total | 650 | 650 |
Securities Held-to-Maturity, Estimated Fair Value, Maturity | ||
Securities Held-to-Maturity, Estimated Fair Value | 458 | |
Fair Value | $ 458 | $ 442 |
Securities - Realized gains (lo
Securities - Realized gains (losses) on sales and redemptions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Securities | |||||
Gross realized gains (losses) on sales and redemptions | $ 0 | ||||
Investment securities available-for-sale, at fair value | 26,009,000 | $ 26,009,000 | $ 31,302,000 | ||
Realized gains | 10,000 | ||||
Realized losses | 0 | ||||
Realized Gain (Loss) | $ 0 | $ 0 | |||
Asset Pledged as Collateral | |||||
Securities | |||||
Investment securities available-for-sale, at fair value | $ 12,500,000 | $ 12,500,000 | $ 12,000,000 |
Loans Receivable - Major classi
Loans Receivable - Major classifications of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 311,550 | $ 321,253 | ||||
Net deferred loan costs | 13,897 | 15,351 | ||||
Fair value credit and yield adjustment | (115) | (149) | ||||
Less: Allowance for credit losses | (3,177) | $ (3,050) | (2,973) | $ (2,771) | $ (2,653) | $ (2,497) |
Loans receivable, net | 322,155 | 333,482 | ||||
Residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 169,502 | 168,387 | ||||
Residential | One- to four-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 169,502 | 168,387 | ||||
Less: Allowance for credit losses | (1,201) | (1,178) | (1,184) | (1,065) | (943) | (787) |
Residential | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Less: Allowance for credit losses | (1) | (2) | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 29,543 | 34,090 | ||||
Commercial | Real estate - nonresidential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 13,864 | 14,437 | ||||
Less: Allowance for credit losses | (499) | (480) | (495) | (537) | (600) | (319) |
Commercial | Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 777 | 832 | ||||
Less: Allowance for credit losses | (4) | |||||
Commercial | Commercial business | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 14,902 | 18,821 | ||||
Less: Allowance for credit losses | (160) | (190) | (206) | (298) | (279) | (248) |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 112,505 | 118,776 | ||||
Consumer | Home equity and junior liens | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 15,096 | 13,632 | ||||
Less: Allowance for credit losses | (116) | (107) | (102) | (76) | (70) | (65) |
Consumer | Manufactured homes | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 46,209 | 48,681 | ||||
Less: Allowance for credit losses | (110) | |||||
Consumer | Automobile | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 19,459 | 22,424 | ||||
Less: Allowance for credit losses | (218) | (261) | (242) | (254) | (259) | (135) |
Consumer | Student | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 1,441 | 1,569 | ||||
Less: Allowance for credit losses | (11) | (12) | (12) | (15) | (15) | (55) |
Consumer | Recreational Vehicle | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 21,403 | 22,915 | ||||
Less: Allowance for credit losses | (562) | (421) | (369) | (150) | (134) | (646) |
Consumer | Other consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 8,897 | 9,555 | ||||
Less: Allowance for credit losses | $ (410) | $ (401) | $ (363) | $ (376) | $ (352) | $ (126) |
Loans Receivable - Loan portfol
Loans Receivable - Loan portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 311,550 | $ 321,253 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 303,903 | 311,226 |
Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,167 | 4,344 |
Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,480 | 5,683 |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 169,502 | 168,387 |
Residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 166,231 | 164,940 |
Residential | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,265 | 1,169 |
Residential | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,006 | 2,278 |
Residential | One- to four-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 169,502 | 168,387 |
Residential | One- to four-family | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 166,231 | 164,940 |
Residential | One- to four-family | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,265 | 1,169 |
Residential | One- to four-family | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,006 | 2,278 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 29,543 | 34,090 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 26,755 | 29,353 |
Commercial | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,131 | 2,248 |
Commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 657 | 2,489 |
Commercial | Real estate - nonresidential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 13,864 | 14,437 |
Commercial | Real estate - nonresidential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 11,974 | 12,505 |
Commercial | Real estate - nonresidential | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,610 | 1,633 |
Commercial | Real estate - nonresidential | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 280 | 299 |
Commercial | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 777 | 832 |
Commercial | Multi-family | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 777 | 832 |
Commercial | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,902 | 18,821 |
Commercial | Commercial business | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,004 | 16,016 |
Commercial | Commercial business | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 521 | 615 |
Commercial | Commercial business | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 377 | 2,190 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 112,505 | 118,776 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 110,917 | 116,933 |
Consumer | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 771 | 927 |
Consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 817 | 916 |
Consumer | Home equity and junior liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 15,096 | 13,632 |
Consumer | Home equity and junior liens | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,911 | 13,486 |
Consumer | Home equity and junior liens | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 98 | 61 |
Consumer | Home equity and junior liens | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 87 | 85 |
Consumer | Manufactured homes | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 46,209 | 48,681 |
Consumer | Manufactured homes | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 45,708 | 48,286 |
Consumer | Manufactured homes | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 233 | 72 |
Consumer | Manufactured homes | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 268 | 323 |
Consumer | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 19,459 | 22,424 |
Consumer | Automobile | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 19,341 | 22,216 |
Consumer | Automobile | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 49 | 88 |
Consumer | Automobile | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 69 | 120 |
Consumer | Student | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,441 | 1,569 |
Consumer | Student | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,409 | 1,543 |
Consumer | Student | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 5 | |
Consumer | Student | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 27 | 26 |
Consumer | Recreational Vehicle | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 21,403 | 22,915 |
Consumer | Recreational Vehicle | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 20,704 | 21,974 |
Consumer | Recreational Vehicle | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 333 | 650 |
Consumer | Recreational Vehicle | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 366 | 291 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,897 | 9,555 |
Consumer | Other consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,844 | 9,428 |
Consumer | Other consumer | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 53 | 56 |
Consumer | Other consumer | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 71 |
Loans Receivable - Past Due Loa
Loans Receivable - Past Due Loans (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | Jun. 30, 2023 loan | |
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 | $ 311,550 | $ 321,253 | |
Number of loans past due more than ninety days and still accruing | $ 0 | 0 | |
Number of loans modified to borrowers experiencing financial difficulty | loan | 0 | 0 | |
Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 12,554 | 14,200 | |
30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 7,589 | 8,431 | |
60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,123 | 2,507 | |
90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,842 | 3,262 | |
Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 298,996 | 307,053 | |
Residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 169,502 | 168,387 | |
Residential | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,496 | 9,165 | |
Residential | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,134 | 5,397 | |
Residential | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,356 | 1,491 | |
Residential | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,006 | 2,277 | |
Residential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 161,006 | 159,222 | |
Residential | One- to four-family | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 169,502 | 168,387 | |
Residential | One- to four-family | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 8,496 | 9,165 | |
Residential | One- to four-family | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5,134 | 5,397 | |
Residential | One- to four-family | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,356 | 1,491 | |
Residential | One- to four-family | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 2,006 | 2,277 | |
Residential | One- to four-family | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 161,006 | 159,222 | |
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 29,543 | 34,090 | |
Commercial | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 538 | 915 | |
Commercial | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 520 | 772 | |
Commercial | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 73 | ||
Commercial | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 18 | 70 | |
Commercial | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 29,005 | 33,175 | |
Commercial | Real estate - nonresidential | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 13,864 | 14,437 | |
Commercial | Real estate - nonresidential | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 99 | 29 | |
Commercial | Real estate - nonresidential | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 81 | ||
Commercial | Real estate - nonresidential | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 18 | 29 | |
Commercial | Real estate - nonresidential | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 13,765 | 14,408 | |
Commercial | Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 777 | 832 | |
Commercial | Multi-family | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 380 | 384 | |
Commercial | Multi-family | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 380 | 384 | |
Commercial | Multi-family | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 397 | 448 | |
Commercial | Commercial business | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 14,902 | 18,821 | |
Commercial | Commercial business | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 59 | 502 | |
Commercial | Commercial business | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 59 | 388 | |
Commercial | Commercial business | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 73 | ||
Commercial | Commercial business | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 41 | ||
Commercial | Commercial business | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 14,843 | 18,319 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 112,505 | 118,776 | |
Consumer | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 3,520 | 4,120 | |
Consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,935 | 2,262 | |
Consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 767 | 943 | |
Consumer | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 818 | 915 | |
Consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 108,985 | 114,656 | |
Consumer | Home equity and junior liens | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 15,096 | 13,632 | |
Consumer | Home equity and junior liens | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 376 | 498 | |
Consumer | Home equity and junior liens | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 195 | 336 | |
Consumer | Home equity and junior liens | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 94 | 77 | |
Consumer | Home equity and junior liens | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 87 | 85 | |
Consumer | Home equity and junior liens | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 14,720 | 13,134 | |
Consumer | Manufactured homes | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 46,209 | 48,681 | |
Consumer | Manufactured homes | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,238 | 1,004 | |
Consumer | Manufactured homes | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 737 | 609 | |
Consumer | Manufactured homes | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 233 | 72 | |
Consumer | Manufactured homes | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 268 | 323 | |
Consumer | Manufactured homes | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 44,971 | 47,677 | |
Consumer | Automobile | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 19,459 | 22,424 | |
Consumer | Automobile | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 317 | 454 | |
Consumer | Automobile | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 198 | 246 | |
Consumer | Automobile | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 49 | 88 | |
Consumer | Automobile | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 70 | 120 | |
Consumer | Automobile | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 19,142 | 21,970 | |
Consumer | Student | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 1,441 | 1,569 | |
Consumer | Student | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 32 | 29 | |
Consumer | Student | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 4 | ||
Consumer | Student | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 5 | ||
Consumer | Student | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 27 | 25 | |
Consumer | Student | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,409 | 1,540 | |
Consumer | Recreational Vehicle | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 21,403 | 22,915 | |
Consumer | Recreational Vehicle | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 1,293 | 1,854 | |
Consumer | Recreational Vehicle | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 594 | 913 | |
Consumer | Recreational Vehicle | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 333 | 650 | |
Consumer | Recreational Vehicle | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 366 | 291 | |
Consumer | Recreational Vehicle | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 20,110 | 21,061 | |
Consumer | Other consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 8,897 | 9,555 | |
Consumer | Other consumer | Total Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 264 | 281 | |
Consumer | Other consumer | 30-59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 211 | 154 | |
Consumer | Other consumer | 60-89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 53 | 56 | |
Consumer | Other consumer | 90 Days or More Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | 71 | ||
Consumer | Other consumer | Total Loans Current | |||
Financing Receivable, Past Due [Line Items] | |||
Loans | $ 8,633 | $ 9,274 |
Loans Receivable - Non-accrual
Loans Receivable - Non-accrual (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Non-accrual loans | |||||
Non-accrual loans | $ 3,140 | $ 3,140 | $ 3,618 | ||
Non-accrual loans with no allowance for credit losses | 3,028 | 3,028 | 3,577 | ||
Interest income recognized on non-accrual loans | 15 | $ 10 | 34 | $ 42 | |
Residential | One- to four-family | |||||
Non-accrual loans | |||||
Non-accrual loans | 2,006 | 2,006 | 2,277 | ||
Non-accrual loans with no allowance for credit losses | 1,894 | 1,894 | 2,277 | ||
Interest income recognized on non-accrual loans | 11 | 4 | 23 | 31 | |
Commercial | Real estate - nonresidential | |||||
Non-accrual loans | |||||
Non-accrual loans | 18 | 18 | 29 | ||
Non-accrual loans with no allowance for credit losses | 18 | 18 | 29 | ||
Commercial | Commercial business | |||||
Non-accrual loans | |||||
Non-accrual loans | 298 | 298 | 397 | ||
Non-accrual loans with no allowance for credit losses | 298 | 298 | 356 | ||
Interest income recognized on non-accrual loans | 1 | ||||
Consumer | Home equity and junior liens | |||||
Non-accrual loans | |||||
Non-accrual loans | 87 | 87 | 85 | ||
Non-accrual loans with no allowance for credit losses | 87 | 87 | 85 | ||
Interest income recognized on non-accrual loans | 1 | 1 | 2 | ||
Consumer | Manufactured homes | |||||
Non-accrual loans | |||||
Non-accrual loans | 268 | 268 | 323 | ||
Non-accrual loans with no allowance for credit losses | 268 | 268 | 323 | ||
Consumer | Automobile | |||||
Non-accrual loans | |||||
Non-accrual loans | 70 | 70 | 120 | ||
Non-accrual loans with no allowance for credit losses | 70 | 70 | 120 | ||
Interest income recognized on non-accrual loans | 1 | 1 | 2 | 2 | |
Consumer | Student | |||||
Non-accrual loans | |||||
Non-accrual loans | 27 | 27 | 25 | ||
Non-accrual loans with no allowance for credit losses | 27 | 27 | 25 | ||
Consumer | Recreational Vehicle | |||||
Non-accrual loans | |||||
Non-accrual loans | 366 | 366 | 291 | ||
Non-accrual loans with no allowance for credit losses | 366 | 366 | 291 | ||
Interest income recognized on non-accrual loans | $ 3 | $ 4 | $ 8 | $ 6 | |
Consumer | Other consumer | |||||
Non-accrual loans | |||||
Non-accrual loans | 71 | ||||
Non-accrual loans with no allowance for credit losses | $ 71 |
Loans Receivable - Analysis of
Loans Receivable - Analysis of collateral-dependent loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | $ 1,997 | $ 2,505 |
One- to four-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 1,594 | 1,977 |
Real estate - nonresidential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 18 | 29 |
Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 298 | 414 |
Home equity and junior liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 87 | 85 |
Residential Properties | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 1,699 | 2,091 |
Residential Properties | One- to four-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 1,594 | 1,977 |
Residential Properties | Real estate - nonresidential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 18 | 29 |
Residential Properties | Home equity and junior liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 87 | 85 |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | 298 | 414 |
Business Assets | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total collateral-dependent loans | $ 298 | $ 414 |
Loans Receivable - Summary of L
Loans Receivable - Summary of Loan to customers origination within each credit quality (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans | $ 325,332 | $ 325,332 | $ 336,455 | ||
Current period net (write-offs) recoveries | (318) | $ (103) | (497) | $ (122) | |
Current period net (write-offs) recoveries | 68 | $ 56 | 99 | 66 | |
Residential | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 / 2023 | 7,663 | 7,663 | 39,312 | ||
2023 / 2022 | 39,156 | 39,156 | 41,496 | ||
2022 / 2021 | 40,055 | 40,055 | 10,212 | ||
2021 / 2020 | 9,496 | 9,496 | 11,350 | ||
2020 / 2019 | 10,647 | 10,647 | 11,771 | ||
Prior | 62,485 | 62,485 | 54,246 | ||
Total Loans | 169,502 | 169,502 | 168,387 | ||
Prior | (3) | (100) | |||
Current period net (write-offs) recoveries | (3) | (100) | |||
Prior | 2 | 3 | |||
Current period net (write-offs) recoveries | 2 | 3 | |||
Prior | (1) | ||||
Prior | 97 | ||||
Current period net (write-offs) recoveries | (1) | (97) | |||
Residential | Internal Grade 4 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 / 2023 | 7,663 | 7,663 | 39,312 | ||
2023 / 2022 | 38,981 | 38,981 | 41,364 | ||
2022 / 2021 | 39,684 | 39,684 | 10,185 | ||
2021 / 2020 | 9,244 | 9,244 | 11,309 | ||
2020 / 2019 | 10,606 | 10,606 | 11,008 | ||
Prior | 60,053 | 60,053 | 51,762 | ||
Total Loans | 166,231 | 166,231 | 164,940 | ||
Residential | Internal Grade 5 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2022 / 2021 | 235 | 235 | 27 | ||
2021 / 2020 | 135 | 135 | |||
Prior | 895 | 895 | 1,142 | ||
Total Loans | 1,265 | 1,265 | 1,169 | ||
Residential | Internal Grade 6 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 / 2022 | 175 | 175 | 132 | ||
2022 / 2021 | 136 | 136 | |||
2021 / 2020 | 117 | 117 | 41 | ||
2020 / 2019 | 41 | 41 | 763 | ||
Prior | 1,537 | 1,537 | 1,342 | ||
Total Loans | 2,006 | 2,006 | 2,278 | ||
Commercial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 / 2023 | 8,111 | ||||
2023 / 2022 | 6,394 | 6,394 | 3,616 | ||
2022 / 2021 | 3,692 | 3,692 | 1,251 | ||
2021 / 2020 | 1,126 | 1,126 | 435 | ||
2020 / 2019 | 390 | 390 | 2,937 | ||
Prior | 17,941 | 17,941 | 17,740 | ||
Total Loans | 29,543 | 29,543 | 34,090 | ||
Prior | (34) | ||||
Current period net (write-offs) recoveries | (34) | ||||
Prior | 25 | 51 | |||
Current period net (write-offs) recoveries | 25 | 51 | |||
Prior | (9) | ||||
Prior | (51) | ||||
Current period net (write-offs) recoveries | (9) | 51 | |||
Commercial | Internal Grade 2 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Prior | 360 | ||||
Total Loans | 360 | ||||
Commercial | Internal Grade 3 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 / 2023 | 1,615 | ||||
2023 / 2022 | 637 | 637 | 155 | ||
2022 / 2021 | 35 | 35 | 594 | ||
2021 / 2020 | 577 | 577 | 242 | ||
2020 / 2019 | 205 | 205 | 459 | ||
Prior | 4,520 | 4,520 | 4,212 | ||
Total Loans | 5,974 | 5,974 | 7,277 | ||
Commercial | Internal Grade 4 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 / 2023 | 6,496 | ||||
2023 / 2022 | 5,757 | 5,757 | 3,461 | ||
2022 / 2021 | 3,657 | 3,657 | 657 | ||
2021 / 2020 | 549 | 549 | 193 | ||
2020 / 2019 | 185 | 185 | 409 | ||
Prior | 10,633 | 10,633 | 10,500 | ||
Total Loans | 20,781 | 20,781 | 21,716 | ||
Commercial | Internal Grade 5 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2020 / 2019 | 2,028 | ||||
Prior | 2,131 | 2,131 | 220 | ||
Total Loans | 2,131 | 2,131 | 2,248 | ||
Commercial | Internal Grade 6 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2020 / 2019 | 41 | ||||
Prior | 657 | 657 | 2,448 | ||
Total Loans | 657 | 657 | 2,489 | ||
Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 / 2023 | 1,951 | 1,951 | 16,103 | ||
2023 / 2022 | 15,533 | 15,533 | 24,270 | ||
2022 / 2021 | 22,380 | 22,380 | 26,746 | ||
2021 / 2020 | 24,632 | 24,632 | 32,233 | ||
2020 / 2019 | 30,499 | 30,499 | 8,739 | ||
Prior | 17,510 | 17,510 | 10,685 | ||
Total Loans | 112,505 | 112,505 | 118,776 | ||
2023 / 2022 | (23) | ||||
2022 / 2021 | (79) | (1) | |||
2021 / 2020 | (222) | (1) | |||
2020 / 2019 | (112) | ||||
Prior | (24) | (20) | |||
Current period net (write-offs) recoveries | (460) | (22) | |||
2022 / 2021 | 19 | ||||
2021 / 2020 | 16 | ||||
2020 / 2019 | 21 | ||||
Prior | 16 | 12 | |||
Current period net (write-offs) recoveries | 72 | 12 | |||
2023 / 2022 | (23) | ||||
2022 / 2021 | (60) | (1) | |||
2021 / 2020 | (206) | (1) | |||
2020 / 2019 | (91) | ||||
Prior | (8) | (8) | |||
Current period net (write-offs) recoveries | (388) | $ (10) | |||
Consumer | Internal Grade 4 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2024 / 2023 | 1,951 | 1,951 | 16,103 | ||
2023 / 2022 | 15,510 | 15,510 | 24,083 | ||
2022 / 2021 | 22,115 | 22,115 | 25,866 | ||
2021 / 2020 | 24,085 | 24,085 | 31,711 | ||
2020 / 2019 | 30,053 | 30,053 | 8,668 | ||
Prior | 17,203 | 17,203 | 10,502 | ||
Total Loans | 110,917 | 110,917 | 116,933 | ||
Consumer | Internal Grade 5 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 / 2022 | 23 | 23 | 104 | ||
2022 / 2021 | 184 | 184 | 474 | ||
2021 / 2020 | 211 | 211 | 227 | ||
2020 / 2019 | 159 | 159 | 17 | ||
Prior | 194 | 194 | 105 | ||
Total Loans | 771 | 771 | 927 | ||
Consumer | Internal Grade 6 | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 / 2022 | 83 | ||||
2022 / 2021 | 81 | 81 | 406 | ||
2021 / 2020 | 336 | 336 | 295 | ||
2020 / 2019 | 287 | 287 | 54 | ||
Prior | 113 | 113 | 78 | ||
Total Loans | $ 817 | $ 817 | $ 916 |
Allowance for Credit Loss - Act
Allowance for Credit Loss - Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Activity of allowance for credit losses | |||||
Beginning Balance | $ 3,050 | $ 2,653 | $ 2,973 | $ 2,497 | |
Credit Loss Expense for the Period | 377 | 165 | 602 | 330 | |
Write-offs During the Period | (318) | (103) | (497) | (122) | |
Recoveries During the period | 68 | 56 | 99 | 66 | |
Ending Balance | 3,177 | 2,771 | 3,177 | 2,771 | |
Amount of unfunded loan commitments | 6,000 | 6,000 | $ 6,000 | ||
Residential | |||||
Activity of allowance for credit losses | |||||
Write-offs During the Period | (3) | (100) | |||
Recoveries During the period | 2 | 3 | |||
Residential | One- to four-family | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 1,178 | 943 | 1,184 | 787 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | 115 | ||||
Credit Loss Expense for the Period | 22 | 220 | 18 | 260 | |
Write-offs During the Period | (100) | (3) | (100) | ||
Recoveries During the period | 1 | 2 | 2 | 3 | |
Ending Balance | 1,201 | 1,065 | 1,201 | 1,065 | |
Residential | Construction | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 1 | 2 | |||
Credit Loss Expense for the Period | (1) | (2) | |||
Commercial | |||||
Activity of allowance for credit losses | |||||
Write-offs During the Period | (34) | ||||
Recoveries During the period | 25 | 51 | |||
Commercial | Real estate - nonresidential | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 480 | 600 | 495 | 319 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | 325 | ||||
Credit Loss Expense for the Period | 19 | (63) | 4 | (107) | |
Ending Balance | 499 | 537 | 499 | 537 | |
Commercial | Multi-family | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 4 | ||||
Additional Allowance Recognized Due to Adoption of Topic 326 | (4) | ||||
Commercial | Commercial business | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 190 | 279 | 206 | 248 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | 92 | ||||
Credit Loss Expense for the Period | (55) | (30) | (37) | (93) | |
Write-offs During the Period | (34) | ||||
Recoveries During the period | 25 | 49 | 25 | 51 | |
Ending Balance | 160 | 298 | 160 | 298 | |
Consumer | |||||
Activity of allowance for credit losses | |||||
Write-offs During the Period | (460) | (22) | |||
Recoveries During the period | 72 | 12 | |||
Consumer | Home equity and junior liens | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 107 | 70 | 102 | 65 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | (9) | ||||
Credit Loss Expense for the Period | 9 | 8 | 13 | 33 | |
Write-offs During the Period | (2) | (13) | |||
Recoveries During the period | 1 | ||||
Ending Balance | 116 | 76 | 116 | 76 | |
Consumer | Manufactured homes | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 110 | ||||
Additional Allowance Recognized Due to Adoption of Topic 326 | (110) | ||||
Consumer | Automobile | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 261 | 259 | 242 | 135 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | 106 | ||||
Credit Loss Expense for the Period | 8 | (9) | 17 | 4 | |
Write-offs During the Period | (68) | (83) | |||
Recoveries During the period | 17 | 4 | 42 | 9 | |
Ending Balance | 218 | 254 | 218 | 254 | |
Consumer | Student | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 12 | 15 | 12 | 55 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | (38) | ||||
Credit Loss Expense for the Period | (2) | (1) | (4) | 3 | |
Write-offs During the Period | (7) | ||||
Recoveries During the period | 1 | 1 | 3 | 2 | |
Ending Balance | 11 | 15 | 11 | 15 | |
Consumer | Recreational Vehicle | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 421 | 134 | 369 | 646 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | (646) | ||||
Credit Loss Expense for the Period | 382 | 16 | 506 | 150 | |
Write-offs During the Period | (247) | (319) | |||
Recoveries During the period | 6 | 6 | |||
Ending Balance | 562 | 150 | 562 | 150 | |
Consumer | Other consumer | |||||
Activity of allowance for credit losses | |||||
Beginning Balance | 401 | 352 | 363 | 126 | |
Additional Allowance Recognized Due to Adoption of Topic 326 | 169 | ||||
Credit Loss Expense for the Period | (6) | 25 | 85 | 82 | |
Write-offs During the Period | (3) | (1) | (58) | (2) | |
Recoveries During the period | 18 | 20 | 1 | ||
Ending Balance | $ 410 | $ 376 | $ 410 | $ 376 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plan - Net periodic pension benefit (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) plan | Jun. 30, 2023 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Defined Benefit Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of benefit pension plans | plan | 2 | |||||
Net periodic expenses recognized in income: | ||||||
Net periodic pension income | $ 1,100,000 | $ 978,000 | ||||
Net periodic pension income for the period | $ 133,000 | |||||
Generations Bank Plan | ||||||
Net periodic expenses recognized in income: | ||||||
Service cost | $ 41,000 | $ 60,000 | $ 83,000 | $ 120,000 | ||
Interest cost | $ 121,000 | $ 117,000 | $ 241,000 | $ 235,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Labor and Related Expense | Labor and Related Expense | Labor and Related Expense | Labor and Related Expense | ||
Expected return on plan assets | $ (345,000) | $ (306,000) | $ (690,000) | $ (613,000) | ||
Amortization of net losses | $ 41,000 | $ 81,000 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | ||
Net periodic pension benefit | $ (183,000) | $ (88,000) | $ (366,000) | $ (177,000) | ||
Medina Savings and Loan Plan | ||||||
Net periodic expenses recognized in income: | ||||||
Service cost | 4,000 | 3,000 | 8,000 | 6,000 | ||
Interest cost | 33,000 | 33,000 | 66,000 | 67,000 | ||
Expected return on plan assets | $ (98,000) | $ (89,000) | $ (197,000) | $ (179,000) | ||
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Labor and Related Expense | Labor and Related Expense | Labor and Related Expense | Labor and Related Expense | ||
Net periodic pension benefit | $ (61,000) | $ (53,000) | $ (123,000) | $ (106,000) |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||
Outstanding at beginning of year | 147,757 | 132,977 | 132,977 | 132,977 | 132,977 | |
Grants | 132,977 | 0 | 14,780 | 0 | 14,780 | 0 |
Exercised | 0 | 0 | 0 | |||
Outstanding at quarter end | 147,757 | 147,757 | 132,977 | 147,757 | 132,977 | |
Exercisable at quarter end | 75,355 | 26,595 | 75,355 | 26,595 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||
Outstanding at beginning of period | $ 11.45 | $ 11.61 | $ 11.61 | $ 11.61 | $ 11.61 | |
Grants | 0 | 0 | 10 | 0 | ||
Exercised | 0 | 0 | 0 | |||
Outstanding at quarter end | 11.45 | $ 11.45 | 11.61 | 11.45 | 11.61 | |
Exercisable at quarter end | $ 11.61 | $ 11.61 | $ 11.61 | $ 11.61 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option granted to directors | 132,977 | 0 | 14,780 | 0 | 14,780 | 0 |
Share-Based Payment Arrangement, Grantee Status [Extensible Enumeration] | us-gaap:ShareBasedPaymentArrangementNonemployeeMember | |||||
Vesting period | 5 years | |||||
Stock based compensation expense | $ 19,000 | $ 23,000 | $ 36,000 | $ 45,000 | ||
Restricted shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares granted to directors | 53,191 | 5,912 | 5,912 | |||
Stock based compensation expense | $ 25,000 | $ 31,000 | $ 48,000 | $ 62,000 |
Regulatory Capital (Details)
Regulatory Capital (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Sep. 10, 2020 |
Actual amount | |||
Common Equity Tier 1 Capital, | $ 37,913 | $ 39,288 | |
Total Capital (to Risk-Weighted Assets) | 41,096 | 42,267 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 37,913 | 39,288 | |
Tier 1 Capital (to Total Adjusted Assets) | $ 37,913 | $ 39,288 | |
Actual Ratio | |||
Common Equity Tier 1 Capital | 0.1302 | 0.1283 | |
Total Capital (to Risk-Weighted Assets) | 0.1411 | 0.1380 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 0.1302 | 0.1283 | |
Tier 1 Capital (to Total Adjusted Assets) | 0.0942 | 0.0937 | |
Excess capital to risk weighted assets | 0.1000 | 0.1000 | |
Minimum For Capital Adequacy Purposes, Amount | |||
Common Equity Tier 1 Capital, | $ 13,104 | $ 13,781 | |
Total Capital (to Risk-Weighted Assets) | 23,295 | 24,500 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 17,472 | 18,375 | |
Tier 1 Capital (to Total Adjusted Assets) | $ 16,098 | $ 16,775 | |
Minimum For Capital Adequacy Purposes, Ratio | |||
Common Equity Tier 1 Capital, | 0.0450 | 0.0450 | |
Total Capital (to Risk-Weighted Assets) | 0.0800 | 0.0800 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 0.0600 | 0.0600 | |
Tier 1 Capital (to Total Adjusted Assets) | 0.0400 | 0.0400 | |
Minimum To Be Well- Capitalized Under Prompt Corrective Provisions Amount | |||
Common Equity Tier 1 Capital, | $ 18,927 | $ 19,907 | |
Total Capital (to Risk-Weighted Assets) | 29,119 | 30,626 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 23,295 | 24,500 | |
Tier 1 Capital (to Total Adjusted Assets) | $ 20,123 | $ 20,969 | |
Minimum To Be Well- Capitalized Under Prompt Corrective Provisions Ratio | |||
Common Equity Tier 1 Capital, | 0.0650 | 0.0650 | |
Total Capital (to Risk-Weighted Assets) | 0.1000 | 0.1000 | |
Tier 1 Capital* (to Risk-Weighted Assets) | 0.0800 | 0.0800 | |
Tier 1 Capital (to Total Adjusted Assets) | 0.0500 | 0.0500 | |
Required leverage ratio | 0.0800 | ||
Required total capital ratio | 0.1200 |
Commitments and Contingencies -
Commitments and Contingencies - Credit Commitments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Commitments and Contingencies | ||
Loan commitments with fixed interest rate | $ 11,000 | $ 11,500 |
Loan commitments with variable interest rate | 3,200 | 3,800 |
Commitments to grant loans | ||
Commitments and Contingencies | ||
Credit risk for financial instruments | 356 | 987 |
Unfunded commitments under lines of credit | ||
Commitments and Contingencies | ||
Credit risk for financial instruments | $ 13,836 | $ 14,375 |
Commitments and Contingencies_2
Commitments and Contingencies - Commitments to Originate (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies | ||
Loans to the Federal Home Loan Bank | $ 322,155,000 | $ 333,482,000 |
MPF Program | ||
Commitments and Contingencies | ||
Loans to the Federal Home Loan Bank | 6,700,000 | |
Recourse back to bank for loans sold | 707,000 | |
First loss account allocated to bank | 96,000 | |
MPF Program, Inclusive of USDA Loans | ||
Commitments and Contingencies | ||
Loans to the Federal Home Loan Bank | $ 68,600,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from Contracts with Customers | ||||
Revenues | $ 367,000 | $ 694,000 | $ 684,000 | $ 1,185,000 |
Revenue not related to contracts | 4,000 | 4,000 | 7,000 | 7,000 |
Service charges on deposit accounts | ||||
Revenue from Contracts with Customers | ||||
Revenues | 140,000 | 141,000 | 251,000 | 275,000 |
Debit card interchange and surcharge income | ||||
Revenue from Contracts with Customers | ||||
Revenues | 174,000 | 188,000 | 346,000 | 371,000 |
Insurance commissions | ||||
Revenue from Contracts with Customers | ||||
Revenues | 1,000 | 24,000 | 1,000 | 153,000 |
Net gain on sale of Generations Agency | ||||
Revenue from Contracts with Customers | ||||
Revenues | 312,000 | 312,000 | ||
Loan servicing fees | ||||
Revenue from Contracts with Customers | ||||
Revenues | $ 52,000 | $ 29,000 | $ 86,000 | $ 74,000 |
Fair Value Disclosures - Carryi
Fair Value Disclosures - Carrying amount and estimated fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Investment securities available-for-sale, at fair value | $ 26,009 | $ 31,302 |
Securities held-to-maturity | 1,192 | 1,226 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 9,833 | 14,525 |
Interest-earning time deposits in banks | 3,156 | 4,362 |
Investment securities available-for-sale, at fair value | 26,009 | 31,302 |
Securities held-to-maturity | 1,409 | 1,454 |
Equity securities | 406 | 361 |
Loans receivable, net | 322,155 | 333,482 |
FHLB stock | 1,506 | 1,588 |
Accrued interest receivable | 1,775 | 1,611 |
Financial liabilities: | ||
Deposits | 338,822 | 357,606 |
Long-term borrowings | 21,316 | 23,577 |
Accrued interest payable | 496 | 638 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 9,833 | 14,525 |
Interest-earning time deposits in banks | 3,156 | 4,362 |
Investment securities available-for-sale, at fair value | 26,009 | 31,302 |
Securities held-to-maturity | 1,192 | 1,226 |
Equity securities | 406 | 361 |
Loans receivable, net | 293,648 | 304,655 |
FHLB stock | 1,506 | 1,588 |
Accrued interest receivable | 1,775 | 1,611 |
Financial liabilities: | ||
Deposits | 331,200 | 350,397 |
Long-term borrowings | 21,049 | 23,411 |
Accrued interest payable | 496 | 638 |
Level 1 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 9,833 | 14,525 |
Equity securities | 406 | 361 |
Accrued interest receivable | 1,775 | 1,611 |
Financial liabilities: | ||
Deposits | 86,607 | 86,637 |
Accrued interest payable | 496 | 638 |
Level 2 | Fair Value | ||
Financial assets: | ||
Interest-earning time deposits in banks | 3,156 | 4,362 |
Investment securities available-for-sale, at fair value | 24,742 | 29,827 |
Securities held-to-maturity | 1,192 | 1,226 |
FHLB stock | 1,506 | 1,588 |
Financial liabilities: | ||
Long-term borrowings | 21,049 | 23,411 |
Level 3 | Fair Value | ||
Financial assets: | ||
Investment securities available-for-sale, at fair value | 1,267 | 1,475 |
Loans receivable, net | 293,648 | 304,655 |
Financial liabilities: | ||
Deposits | $ 244,593 | $ 263,760 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Equity securities: | ||
Investment securities available-for-sale, at fair value | $ 26,009 | $ 31,302 |
Residential mortgage-backed - US agency and GSEs | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 20 | 20 |
Corporate bonds | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 10,884 | 15,047 |
Recurring | ||
Equity securities: | ||
Total investment securities | 26,415 | 31,663 |
Recurring | Residential mortgage-backed - US agency and GSEs | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 20 | 20 |
Recurring | Corporate bonds | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 10,884 | 15,047 |
Recurring | State and political subdivisions | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 15,105 | 16,235 |
Recurring | Large cap equity mutual fund | ||
Equity securities: | ||
Equity investment securities, at fair value | 54 | 45 |
Recurring | Other mutual funds | ||
Equity securities: | ||
Equity investment securities, at fair value | 352 | 316 |
Level 1 | Recurring | ||
Equity securities: | ||
Total investment securities | 406 | 361 |
Level 1 | Recurring | Large cap equity mutual fund | ||
Equity securities: | ||
Equity investment securities, at fair value | 54 | 45 |
Level 1 | Recurring | Other mutual funds | ||
Equity securities: | ||
Equity investment securities, at fair value | 352 | 316 |
Level 2 | Recurring | ||
Equity securities: | ||
Total investment securities | 24,742 | 29,827 |
Level 2 | Recurring | Residential mortgage-backed - US agency and GSEs | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 20 | 20 |
Level 2 | Recurring | Corporate bonds | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 10,884 | 15,047 |
Level 2 | Recurring | State and political subdivisions | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | 13,838 | 14,760 |
Level 3 | Recurring | ||
Equity securities: | ||
Total investment securities | 1,267 | 1,475 |
Level 3 | Recurring | State and political subdivisions | ||
Equity securities: | ||
Investment securities available-for-sale, at fair value | $ 1,267 | $ 1,475 |
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 | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Changes in Level 3 assets measured at estimated fair value on a recurring basis | ||
Beginning balance | $ 1,475 | $ 1,715 |
Included in other comprehensive loss | $ (9) | $ 130 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax |
Principal payments/maturities | $ (199) | $ (298) |
Ending balance | $ 1,267 | $ 1,547 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary Of Assets measured at fair value on a nonrecurring basis (Details) - Non - recurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Summarize assets measured at fair value on a nonrecurring basis | ||
Collateral-dependent loans | $ 92 | $ 36 |
Foreclosed real estate & repossessed assets | 118 | |
Level 3 | ||
Summarize assets measured at fair value on a nonrecurring basis | ||
Collateral-dependent loans | $ 92 | 36 |
Foreclosed real estate & repossessed assets | $ 118 |
Fair Value Disclosures - Transf
Fair Value Disclosures - Transfers of assets in or out of any fair value measurement level (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Principal and interest payments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and political subdivisions | 0 | 0 |
Carrying value. | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
State and political subdivisions | 1 | 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 | Jun. 30, 2024 | Dec. 31, 2023 |
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 | One-to four-family residential | Collateral-dependent and impaired loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.35 | 0.35 |
Maximum | Residential | One-to four-family residential | Collateral-dependent and impaired 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 | Collateral-dependent and impaired loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.35 | 0.35 |
Maximum | Commercial and industrial | Other loans | Collateral-dependent and impaired 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 | Collateral-dependent and impaired 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 | One-to four-family residential | Collateral-dependent and impaired loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Minimum | Residential | One-to four-family residential | Collateral-dependent and impaired 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 | Collateral-dependent and impaired loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | 0.05 | 0.05 |
Minimum | Commercial and industrial | Other loans | Collateral-dependent and impaired 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 | Collateral-dependent and impaired 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 | One-to four-family residential | Collateral-dependent and impaired loans | Appraisal Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.20) | (0.20) |
Weighted Average | Residential | One-to four-family residential | Collateral-dependent and impaired 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 | Collateral-dependent and impaired 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 | Collateral-dependent and impaired 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 | Collateral-dependent and impaired loans | Changes in property condition | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans | (0.15) | (0.15) |
Segment Information - Operation
Segment Information - Operations (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 01, 2023 segment | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) segment | Jun. 30, 2023 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | segment | 3 | 2 | |||
Net interest income | $ 1,870 | $ 2,239 | $ 3,766 | $ 4,763 | |
Provision for loan losses | 377 | 165 | 602 | 330 | |
Net interest income after provision for credit losses | 1,493 | 2,074 | 3,164 | 4,433 | |
Total noninterest income | 462 | 788 | 903 | 1,364 | |
Compensation and benefits | (1,076) | (1,338) | (2,174) | (2,746) | |
Other noninterest expense | (1,980) | (1,736) | (3,708) | (3,455) | |
(Loss) Income before income tax (benefit) expense | (1,101) | (212) | (1,815) | (404) | |
Income tax benefit | (260) | (46) | (429) | (86) | |
Net loss | (841) | (166) | (1,386) | (318) | |
Community Banking Activities | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1,779 | 2,220 | 3,581 | 4,685 | |
Provision for loan losses | 377 | 165 | 602 | 330 | |
Net interest income after provision for credit losses | 1,402 | 2,055 | 2,979 | 4,355 | |
Total noninterest income | 462 | 766 | 903 | 1,215 | |
Compensation and benefits | (1,076) | (1,338) | (2,174) | (2,746) | |
Other noninterest expense | (1,959) | (1,714) | (3,666) | (3,413) | |
(Loss) Income before income tax (benefit) expense | (1,171) | (231) | (1,958) | (589) | |
Income tax benefit | (275) | (46) | (459) | (94) | |
Net loss | (896) | (185) | (1,499) | (495) | |
Insurance Activities | |||||
Segment Reporting Information [Line Items] | |||||
Total noninterest income | 22 | 149 | |||
Other noninterest expense | (1) | (1) | |||
(Loss) Income before income tax (benefit) expense | 21 | 148 | |||
Net loss | 21 | 148 | |||
Commercial Banking Activities | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 91 | 19 | 185 | 78 | |
Net interest income after provision for credit losses | 91 | 19 | 185 | 78 | |
Other noninterest expense | (21) | (21) | (42) | (41) | |
(Loss) Income before income tax (benefit) expense | 70 | (2) | 143 | 37 | |
Income tax benefit | 15 | 30 | 8 | ||
Net loss | $ 55 | $ (2) | $ 113 | $ 29 |
Segment Information - Reported
Segment Information - Reported segment assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $ 401,755 | $ 424,496 |
Total assets for reportable segments | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 420,191 | 441,146 |
Elimination of intercompany balances | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $ (18,436) | $ (16,650) |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Goodwill Disclosure [Abstract] | |||
Goodwill, Beginning Balance | $ 792 | ||
Extinguishment of goodwill due to sale | $ (792) | ||
Goodwill | $ 0 | $ 0 |