Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 10, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-51821 | |
Entity Registrant Name | LAKE SHORE BANCORP, INC. | |
Entity Incorporation, State or Country Code | X1 | |
Entity Tax Identification Number | 20-4729288 | |
Entity Address, Address Line One | 31 East Fourth Street | |
Entity Address, City or Town | Dunkirk | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14048 | |
City Area Code | 716 | |
Local Phone Number | 366-4070 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LSBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,707,587 | |
Entity Central Index Key | 0001341318 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 9,633 | $ 37,533 |
Interest earning deposits | 17,523 | 30,052 |
Cash and Cash Equivalents | 27,156 | 67,585 |
Securities | 77,540 | 88,816 |
Federal Home Loan Bank stock, at cost | 1,763 | 1,606 |
Loans receivable, net of allowance for loan losses 2022 $6,747; 2021 $6,118 | 547,200 | 517,206 |
Premises and equipment, net | 8,479 | 8,736 |
Accrued interest receivable | 2,379 | 2,483 |
Bank owned life insurance | 23,073 | 22,877 |
Other assets | 6,905 | 4,430 |
Total Assets | 694,495 | 713,739 |
Liabilities | ||
Deposits: Interest bearing | 470,121 | 482,508 |
Deposits: Non-interest bearing | 108,147 | 110,676 |
Total Deposits | 578,268 | 593,184 |
Long-term debt | 24,950 | 21,950 |
Advances from borrowers for taxes and insurance | 3,320 | 3,198 |
Other liabilities | 7,343 | 7,431 |
Total Liabilities | 613,881 | 625,763 |
Stockholders' Equity | ||
Common stock, $0.01 par value per share, 25,000,000 shares authorized; 6,836,514 shares issued and 5,710,779 shares outstanding at June 30, 2022 and 6,836,514 shares issued and 5,692,410 shares outstanding at December 31, 2021 | 68 | 68 |
Additional paid-in capital | 31,410 | 31,350 |
Treasury stock, at cost (1,125,735 shares at June 30, 2022 and 1,144,104 shares at December 31, 2021) | (13,519) | (13,660) |
Unearned shares held by ESOP | (1,151) | (1,194) |
Unearned shares held by compensation plans | (312) | (157) |
Retained earnings | 72,711 | 70,591 |
Accumulated other comprehensive (loss) income | (8,593) | 978 |
Total Stockholders' Equity | 80,614 | 87,976 |
Total Liabilities and Stockholders' Equity | $ 694,495 | $ 713,739 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Consolidated Statements of Financial Condition [Abstract] | ||
Allowance for loan losses | $ 6,747 | $ 6,118 |
Common stock par value per share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Common Stock, Shares Issued | 6,836,514 | 6,836,514 |
Common Stock, Shares Outstanding | 5,710,779 | 5,692,410 |
Treasury Stock, Shares | 1,125,735 | 1,144,104 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Income | ||||
Loans, including fees | $ 5,869 | $ 5,700 | $ 11,289 | $ 11,277 |
Investment securities, taxable | 211 | 181 | 400 | 362 |
Investment securities, tax-exempt | 316 | 280 | 626 | 573 |
Other | 35 | 8 | 50 | 14 |
Total Interest Income | 6,431 | 6,169 | 12,365 | 12,226 |
Interest Expense | ||||
Deposits | 329 | 583 | 676 | 1,210 |
Long-term debt | 109 | 139 | 213 | 282 |
Other | 15 | 16 | 30 | 33 |
Total Interest Expense | 453 | 738 | 919 | 1,525 |
Net Interest Income | 5,978 | 5,431 | 11,446 | 10,701 |
Provision for Loan Losses | 100 | 500 | 500 | 650 |
Net Interest Income after Provision for Loan Losses | 5,878 | 4,931 | 10,946 | 10,051 |
Non-Interest Income | ||||
Service charges and fees | 315 | 270 | 557 | 500 |
Debit card fees | 225 | 230 | 425 | 432 |
Earnings on bank owned life insurance | 98 | 104 | 196 | 209 |
Unrealized loss on equity securities | (8) | (14) | (9) | (20) |
Unrealized gain on interest rate swap | 70 | 10 | 253 | 96 |
Recovery on previously impaired investment securities | 4 | 11 | 10 | 32 |
Net (loss) gain on sale of loans | (6) | 52 | (18) | 209 |
Other | 22 | 20 | 38 | 45 |
Total Non-Interest Income | 720 | 683 | 1,452 | 1,503 |
Non-Interest Expense | ||||
Salaries and employee benefits | 2,460 | 2,243 | 4,867 | 4,344 |
Occupancy and equipment | 778 | 658 | 1,535 | 1,340 |
Data processing | 376 | 374 | 691 | 733 |
Professional services | 335 | 480 | 634 | 749 |
Advertising | 123 | 180 | 259 | 313 |
Postage and supplies | 60 | 77 | 114 | 140 |
FDIC insurance | 47 | 43 | 92 | 87 |
Other | 398 | 340 | 917 | 642 |
Total Non-Interest Expense | 4,577 | 4,395 | 9,109 | 8,348 |
Income before Income Taxes | 2,021 | 1,219 | 3,289 | 3,206 |
Income Tax Expense | 337 | 226 | 544 | 525 |
Net Income | $ 1,684 | $ 993 | $ 2,745 | $ 2,681 |
Earnings per share: Basic | $ 0.29 | $ 0.17 | $ 0.47 | $ 0.45 |
Earnings per share: Diluted | 0.29 | 0.17 | 0.47 | 0.45 |
Dividends declared per share | $ 0.16 | $ 0.13 | $ 0.32 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated Statements of Comprehensive (Loss) Income [Abstract] | ||||
Net income | $ 1,684 | $ 993 | $ 2,745 | $ 2,681 |
Other Comprehensive (Loss)Income, net of tax benefit (expense): | ||||
Unrealized holding (losses) gains on securities available for sale, net of tax benefit (expense) | (3,434) | 219 | (9,563) | (567) |
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, net of tax expense | (3) | (8) | (8) | (25) |
Total Other Comprehensive (Loss) Income | (3,437) | 211 | (9,571) | (592) |
Total Comprehensive (Loss) Income | $ (1,753) | $ 1,204 | $ (6,826) | $ 2,089 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Unearned Shares Held by ESOP [Member] | Unearned Shares Held by Compensation Plans [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Beginning Balance at Dec. 31, 2020 | $ 68 | $ 31,201 | $ (11,584) | $ (1,279) | $ (118) | $ 65,488 | $ 2,148 | $ 85,924 |
Net income | 1,688 | 1,688 | ||||||
Other comprehensive (Loss) Income, net of tax benefit | (803) | (803) | ||||||
ESOP shares earned | 8 | 21 | 29 | |||||
Stock based compensation | 11 | 11 | ||||||
Compensation plan shares granted | 196 | (196) | ||||||
Compensation plan shares forfeited | (13) | 13 | ||||||
Compensation plan shares earned | 10 | 21 | 31 | |||||
Purchase of treasury stock, at cost | (652) | (652) | ||||||
Cash dividends declared | (268) | (268) | ||||||
Ending Balance at Mar. 31, 2021 | 68 | 31,230 | (12,053) | (1,258) | (280) | 66,908 | 1,345 | 85,960 |
Beginning Balance at Dec. 31, 2020 | 68 | 31,201 | (11,584) | (1,279) | (118) | 65,488 | 2,148 | 85,924 |
Net income | 2,681 | |||||||
Other comprehensive (Loss) Income, net of tax benefit | (592) | |||||||
Ending Balance at Jun. 30, 2021 | 68 | 31,273 | (12,600) | (1,236) | (238) | 67,621 | 1,556 | 86,444 |
Beginning Balance at Mar. 31, 2021 | 68 | 31,230 | (12,053) | (1,258) | (280) | 66,908 | 1,345 | 85,960 |
Net income | 993 | 993 | ||||||
Other comprehensive (Loss) Income, net of tax benefit | 211 | 211 | ||||||
ESOP shares earned | 8 | 22 | 30 | |||||
Stock based compensation | 11 | 11 | ||||||
Compensation plan shares earned | 24 | 42 | 66 | |||||
Purchase of treasury stock, at cost | (547) | (547) | ||||||
Cash dividends declared | (280) | (280) | ||||||
Ending Balance at Jun. 30, 2021 | 68 | 31,273 | (12,600) | (1,236) | (238) | 67,621 | 1,556 | 86,444 |
Beginning Balance at Dec. 31, 2021 | 68 | 31,350 | (13,660) | (1,194) | (157) | 70,591 | 978 | 87,976 |
Net income | 1,061 | 1,061 | ||||||
Other comprehensive (Loss) Income, net of tax benefit | (6,134) | (6,134) | ||||||
ESOP shares earned | 8 | 22 | 30 | |||||
Compensation plan shares granted | 255 | (255) | ||||||
Compensation plan shares earned | 16 | 26 | 42 | |||||
Cash dividends declared | (312) | (312) | ||||||
Ending Balance at Mar. 31, 2022 | 68 | 31,374 | (13,405) | (1,172) | (386) | 71,340 | (5,156) | 82,663 |
Beginning Balance at Dec. 31, 2021 | 68 | 31,350 | (13,660) | (1,194) | (157) | 70,591 | 978 | 87,976 |
Net income | 2,745 | |||||||
Other comprehensive (Loss) Income, net of tax benefit | (9,571) | |||||||
Ending Balance at Jun. 30, 2022 | 68 | 31,410 | (13,519) | (1,151) | (312) | 72,711 | (8,593) | 80,614 |
Beginning Balance at Mar. 31, 2022 | 68 | 31,374 | (13,405) | (1,172) | (386) | 71,340 | (5,156) | 82,663 |
Net income | 1,684 | 1,684 | ||||||
Other comprehensive (Loss) Income, net of tax benefit | (3,437) | (3,437) | ||||||
ESOP shares earned | 7 | 21 | 28 | |||||
Compensation plan shares forfeited | (29) | 29 | ||||||
Compensation plan shares earned | 29 | 45 | 74 | |||||
Purchase of treasury stock, at cost | (85) | (85) | ||||||
Cash dividends declared | (313) | (313) | ||||||
Ending Balance at Jun. 30, 2022 | $ 68 | $ 31,410 | $ (13,519) | $ (1,151) | $ (312) | $ 72,711 | $ (8,593) | $ 80,614 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ||||
Other comprehensive (loss) income, tax expense (benefit) | $ (914) | $ (1,630) | $ 55 | $ (213) |
ESOP, shares earned | 1,984 | 1,984 | 1,984 | 1,984 |
Compensation plan shares granted | 27,132 | 20,958 | ||
Compensation plan shares forfeited | 3,062 | 1,392 | ||
Compensation plan shares earned | 4,942 | 2,749 | 4,375 | 2,057 |
Purchase of treasury stock, shares | 5,701 | 36,094 | 43,834 | |
Cash dividends declared, value per share | $ 0.16 | $ 0.16 | $ 0.13 | $ 0.13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 2,745 | $ 2,681 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net amortization of investment securities | 55 | 75 |
Net amortization of deferred loan costs | 147 | 232 |
Provision for loan losses | 500 | 650 |
Recovery on previously impaired investment securities | (10) | (32) |
Unrealized loss on equity securities | 9 | 20 |
Unrealized gain on interest rate swap | (253) | (96) |
Originations of loans held for sale | (1,309) | (6,580) |
Proceeds from sales of loans held for sale | 1,291 | 6,789 |
Loss (gain) on sale of loans held for sale | 18 | (209) |
Depreciation and amortization | 449 | 430 |
Increase in bank owned life insurance, net | (196) | (209) |
ESOP shares committed to be released | 58 | 59 |
Stock based compensation expense | 116 | 119 |
Decrease in accrued interest receivable | 104 | 125 |
Decrease (increase) in other assets | 406 | (76) |
Writedowns of foreclosed real estate | 1 | 7 |
Decrease in other liabilities | (28) | (429) |
Net Cash Provided by Operating Activities | 4,103 | 3,556 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Activity in debt securities: Maturities, prepayments and calls | 5,248 | 10,109 |
Activity in debt securities: Purchases | (6,141) | (9,218) |
Purchases of Federal Home Loan Bank Stock | (157) | (54) |
Redemptions of Federal Home Loan Bank Stock | 128 | |
Loan origination and principal collections, net | (30,822) | (23,245) |
Proceeds from sale of foreclosed real estate | 36 | 55 |
Additions to premises and equipment | (192) | (286) |
Net Cash Used in Investing Activities | (32,028) | (22,511) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net (decrease) increase in deposits | (14,916) | 26,224 |
Net decrease in advances from borrowers for taxes and insurance | 122 | 104 |
Proceeds from issuance of long-term debt | 5,000 | |
Repayment of long-term debt | (2,000) | (2,800) |
Purchase of treasury stock | (85) | (1,199) |
Cash dividends paid | (625) | (548) |
Net Cash (Used in) Provided by Financing Activities | (12,504) | 21,781 |
Net (Decrease) Increase in Cash and Cash Equivalents | (40,429) | 2,826 |
CASH AND CASH EQUIVALENTS - BEGINNING | 67,585 | 42,975 |
CASH AND CASH EQUIVALENTS - ENDING | 27,156 | 45,801 |
SUPPLEMENTARY CASH FLOWS INFORMATION | ||
Interest paid | 925 | 1,532 |
Income taxes paid | 275 | 825 |
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Foreclosed real estate acquired in settlement of loans | $ 181 | 97 |
Securities purchased and not settled | $ 900 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation The interim consolidated financial statements include the accounts of Lake Shore Bancorp, Inc. (the “Company”, “us”, “our”, or “we”) and Lake Shore Savings Bank (the “Bank”), its wholly owned subsidiary. All intercompany accounts and transactions of the consolidated subsidiary have been eliminated in consolidation. The interim consolidated financial statements included herein as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission, and therefore, do not include all information or footnotes necessary for a complete presentation of the consolidated statements of financial condition, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated statement of financial condition at December 31, 2021 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of such information and to make the financial statements not misleading. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated statements of income for the three and six months ended June 30, 2022 are not necessarily indicative of the results for any subsequent period or the entire year ending December 31, 2022. To prepare these consolidated financial statements in conformity with GAAP, management of the Company made a number of estimates and assumptions relating to the reporting of assets and liabilities and the reporting of revenue and expenses. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, securities valuation estimates, evaluation of impairment of securities, income taxes and deferred compensation liabilities. The Company has evaluated events and transactions occurring subsequent to the statement of financial condition as of June 30, 2022 for items that should potentially be recognized or disclosed in these consolidated financial statements. The evaluation was conducted through the date these consolidated financial statements were issued. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2022 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | Note 2 – New Accounting Standards Accounting Standards to be Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the current expected credit loss (“CECL”) model). Under the CECL model entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. Further, ASU 2016-13 made certain targeted amendments to the existing impairment standards for available for sale (“AFS”) debt securities. For an AFS debt security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record credit losses as an allowance rather than a write-down of the amortized cost basis. An entity will apply the amendments in ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company has determined its data requirements and is developing its methodologies for calculating the expected credit losses under ASU 2016-13 which has allowed the Company to run parallel loss reserve calculations. Data integrity associated with these methodologies is being reviewed and enhancements to the current process are being considered. We expect that the new guidance will result in an increase to the allowance for loan losses given that the allowance will be required to cover the full remaining expected life of the portfolio, rather than the incurred loss under the current accounting standard. The extent of this increase is still being evaluated. We are also reviewing the impact of additional disclosures required under ASU 2016-13 on our ongoing financial reporting procedures. The Company is required to adopt this guidance on January 1, 2023. In March 2022, FASB issued ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). The final standard affects all entities after adoption of ASU 2016-13, mentioned above. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables – Troubled Debt Restructurings by Creditors , while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The FASB’s decision to eliminate the TDR accounting model is in response to feedback that the CECL model already incorporates credit losses from loans modified as TDRs, and consequently, the related accounting and disclosures no longer provide the same level of benefit to users. In lieu of the TDR accounting model, creditors will apply the general loan modification guidance in Subtopic 310-20 to all loan modifications, including modifications for borrowers experiencing financial difficulty. The ASU also requires public business entities to expand the vintage disclosures to include gross charge-off by year of origination. The Company currently qualifies as a smaller reporting company and, as such, will be required to implement CECL and ASU 2022-02 for fiscal years beginning after December 15, 2022. The Company does not expect this ASU to have a significant impact on its consolidated financial statements. |
COVID-19
COVID-19 | 6 Months Ended |
Jun. 30, 2022 | |
COVID-19 [Abstract] | |
COVID-19 | Note 3 – COVID-19 On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. The COVID-19 pandemic adversely affected the economy, including lower interest rates, and resulted in the enactment of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). As reported during prior periods, at the onset of the pandemic the Bank became a participating lender in the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) to assist small businesses in our market areas that were impacted by the pandemic. As of June 30, 2022, all of the PPP loans that we originated as of December 31, 2021 have been forgiven by the SBA. There are no CARES Act modifications outstanding as of June 30, 2022. The Company continues to evaluate the risks presented by the ongoing pandemic, along with the impact of the federal and state regulations that have been enacted due to the pandemic, as these events may have a material adverse impact on the Company’s future results, operations, financial position, capital and liquidity. At this time the Company cannot quantify the potential impact of the ongoing pandemic on future operations. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2022 | |
Investment Securities [Abstract] | |
Investment Securities | Note 4 – Investment Securities The amortized cost and fair value of securities are as follows: June 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,008 $ - $ ( 86 ) $ 1,922 Municipal bonds 50,749 32 ( 7,752 ) 43,029 Mortgage-backed securities: Collateralized mortgage obligations-private label 13 - ( 1 ) 12 Collateralized mortgage obligations-government sponsored entities 15,065 9 ( 977 ) 14,097 Government National Mortgage Association 64 1 - 65 Federal National Mortgage Association 13,890 8 ( 1,428 ) 12,470 Federal Home Loan Mortgage Corporation 6,612 4 ( 788 ) 5,828 Asset-backed securities-private label - 101 - 101 Asset-backed securities-government sponsored entities 6 - - 6 Total Debt Securities Available for Sale $ 88,407 $ 155 $ ( 11,032 ) $ 77,530 Equity Securities 22 - ( 12 ) 10 Total Securities $ 88,429 $ 155 $ ( 11,044 ) $ 77,540 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,009 $ 204 $ - $ 2,213 Municipal bonds 49,812 1,085 ( 141 ) 50,756 Mortgage-backed securities: Collateralized mortgage obligations-private label 14 1 - 15 Collateralized mortgage obligations-government sponsored entities 17,798 209 ( 193 ) 17,814 Government National Mortgage Association 76 7 - 83 Federal National Mortgage Association 10,773 53 ( 66 ) 10,760 Federal Home Loan Mortgage Corporation 7,068 87 ( 119 ) 7,036 Asset-backed securities-private label - 110 - 110 Asset-backed securities-government sponsored entities 9 1 - 10 Total Debt Securities Available for Sale $ 87,559 $ 1,757 $ ( 519 ) $ 88,797 Equity Securities 22 - ( 3 ) 19 Total Securities $ 87,581 $ 1,757 $ ( 522 ) $ 88,816 Debt Securities All of our collateralized mortgage obligations are backed by one- to four-family residential mortgages. At June 30, 2022 and December 31, 2021, 31 and 29 municipal bonds with a cost of $ 12.1 million and $ 10.6 million and fair value of $ 10.6 million and $ 11.0 million, respectively, were pledged under a collateral agreement with the Federal Reserve Bank (“FRB”) of New York for liquidity borrowing. In addition, at June 30, 2022 and December 31, 2021, 21 and 20 municipal bonds with a cost of $ 6.3 million and $ 6.0 million and fair value of $ 5.5 million and $ 6.2 million, respectively, were pledged as collateral for customer deposits in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The following table sets forth the Company’s investment in securities with gross unrealized losses of less than twelve months and gross unrealized losses of twelve months or more and associated fair values as of the dates indicated: Less than 12 months 12 months or more Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) June 30, 2022 U.S. Government Agencies $ 1,922 $ ( 86 ) $ - $ - $ 1,922 $ ( 86 ) Municipal bonds 32,442 ( 7,130 ) 2,669 ( 622 ) 35,111 ( 7,752 ) Mortgage-backed securities 25,321 ( 2,475 ) 3,837 ( 719 ) 29,158 ( 3,194 ) $ 59,685 $ ( 9,691 ) $ 6,506 $ ( 1,341 ) $ 66,191 $ ( 11,032 ) December 31, 2021 Municipal bonds $ 9,601 ( 120 ) $ 857 $ ( 21 ) $ 10,458 $ ( 141 ) Mortgage-backed securities 21,141 ( 211 ) 3,083 ( 167 ) 24,224 ( 378 ) $ 30,742 $ ( 331 ) $ 3,940 $ ( 188 ) $ 34,682 $ ( 519 ) The Company reviews all investment securities on an ongoing basis for the presence of other-than-temporary-impairment (“OTTI”) with formal reviews performed quarterly. At June 30, 2022, the Company’s investment portfolio included 172 securities in the “unrealized losses less than twelve months” category and 12 securities in the “unrealized losses twelve months or more” category. Management has the intent and ability to hold these securities until maturity. Management believes the temporary impairments were due to declines in fair value resulting from changes in interest rates and/or increased credit liquidity spreads since the securities were purchased . The unrealized losses on debt securities shown in the previous tables were recorded as a component of other comprehensive loss, net of tax benefit on the Company’s consolidated statements of stockholders’ equity. The following table presents a summary of the credit-related OTTI charges recognized as components of income: For The Six Months Ended June 30, 2022 2021 (Dollars in thousands) Beginning balance $ 162 $ 221 Additions: Credit loss not previously recognized - - Reductions: Losses realized during the period on OTTI previously recognized - - Receipt of cash flows on previously recorded OTTI ( 10 ) ( 32 ) Ending balance $ 152 $ 189 A deterioration in credit quality and/or other factors that may limit the liquidity of a security in our portfolio might adversely affect the fair values of the Company’s investment portfolio and may increase the potential that certain unrealized losses will be designated as “other-than-temporary” and that the Company may incur additional write-downs in future periods. During the six months ended June 30, 2022 and 2021, the Company did no t sell any debt securities. Scheduled contractual maturities of debt securities are as follows: Amortized Fair Cost Value (Dollars in thousands) June 30, 2022: Less than one year $ 415 $ 416 After one year through five years 5,071 4,954 After five years through ten years 10,320 9,636 After ten years 36,951 29,945 Mortgage-backed securities 35,644 32,472 Asset-backed securities 6 107 $ 88,407 $ 77,530 Equity Securities At June 30, 2022 and December 31, 2021, equity securities consisted of 22,368 shares of Federal Home Loan Mortgage Corporation (“FHLMC”) common stock. During the three months ended June 30, 2022 and 2021, the Company recognized an unrealized loss of $ 8,000 and $ 14,000 , respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. During the six months ended June 30, 2022 and 2021, the Company recognized an unrealized loss of $ 9,000 and $ 20,000 , respectively, on the equity securities, which was recorded in non-interest income in the consolidated statements of income. There were no sales of equity securities during the six months ended June 30, 2022 and 2021. |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2022 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 5 - Allowance for Loan Losses Management segregates the loan portfolio into loan types and analyzes the risk level for each loan type when determining its allowance for loan losses. The loan types are as follows: Real Estate Loans: One- to Four-Family – are loans secured by first lien collateral on residential real estate primarily held in the Western New York region. These loans can be affected by economic conditions and the value of underlying properties. Western New York’s housing market has consistently demonstrated stability in home prices despite economic conditions. Furthermore, the Company has conservative underwriting standards and its residential lending policies and procedures ensure that its one- to four-family residential mortgage loans generally conform to secondary market guidelines. Home Equity - are loans or lines of credit secured by first or second liens on owner-occupied residential real estate primarily held in the Western New York region. These loans can also be affected by economic conditions and the values of underlying properties. Home equity loans may have increased risk of loss if the Company does not hold the first mortgage resulting in the Company being in a secondary position in the event of collateral liquidation. The Company does not originate interest only home equity loans. Commercial Real Estate – are loans used to finance the purchase of real property, which generally consists of developed real estate that is held as first lien collateral for the loan. These loans are secured by real estate properties that are primarily held in the Western New York region. Commercial real estate lending involves additional risks compared with one- to four-family residential lending, because payments on loans secured by commercial real estate properties are often dependent on the successful operation or management of the properties, and/or the collateral value of the commercial real estate securing the loan, and repayment of such loans may be subject to adverse conditions in the real estate market or economic conditions to a greater extent than one- to four-family residential mortgage loans. Also, commercial real estate loans typically involve relatively large loan balances concentrated with single borrowers or groups of related borrowers. Construction – are loans to finance the construction of either one- to four-family owner occupied homes or commercial real estate. At the end of the construction period, the loan automatically converts to either a one- to four-family or commercial mortgage, as applicable. Risk of loss on a construction loan depends largely upon the accuracy of the initial estimate of the value of the property at completion compared to the actual cost of construction. The Company limits its risk during construction as disbursements are not made until the required work for each advance has been completed and an updated lien search is performed. The completion of the construction progress is verified by a Company loan officer or inspections performed by an independent appraisal firm. Construction loans also expose us to the risk of construction delays which may impair the borrower’s ability to repay the loan. Other Loans: Commercial – includes business installment loans, lines of credit and other commercial loans. Most of our commercial loans have fixed interest rates, and are for terms generally not in excess of 5 years. Whenever possible, we collateralize these loans with a lien on business assets and equipment and require the personal guarantees from principals of the borrower. Commercial loans generally involve a higher degree of credit risk, as commercial loans can involve relatively large loan balances to a single borrower or groups of related borrowers, with the repayment of such loans typically dependent on the successful operation of the commercial business and the income stream of the borrower. Such risks can be significantly affected by economic conditions. Although commercial loans may be collateralized by equipment or other business assets, the liquidation of collateral in the event of a borrower default may be an insufficient source of repayment because the equipment or other business assets may be obsolete or of limited use, among other things. Accordingly, the repayment of a commercial loan depends primarily on the credit worthiness of the borrowers (and any guarantors), while liquidation of collateral is a secondary and often insufficient source of repayment. Consumer – consist of loans secured by collateral such as an automobile or a deposit account, unsecured loans and lines of credit. Consumer loans tend to have a higher credit risk due to the loans being either unsecured or secured by rapidly depreciable assets. Furthermore, consumer loan payments are dependent on the borrower’s continuing financial stability, and therefore are more likely to be adversely affected by job loss, divorce, illness or personal bankruptcy. The allowance for loan losses is a valuation account that reflects the Company’s evaluation of the losses inherent in its loan portfolio. In order to determine the adequacy of the allowance for loan losses, the Company estimates losses by loan type using historical loss factors, as well as other environmental factors, such as trends in loan volume and loan type, loan concentrations, changes in the experience, ability and depth of the Company’s lending management, and national and local economic conditions. The Company's determination as to the classification of loans and the amount of loss allowances are subject to review by bank regulators, which can require the establishment of additional loss allowances. The Company also reviews all loans on which the collectability of principal may not be reasonably assured, by reviewing payment status, financial conditions and estimated value of loan collateral. These loans are assigned an internal loan grade, and the Company assigns an amount of loss allowances to these classified loans based on loan grade. Although the allocations noted below are by loan type, the allowance for loan losses is general in nature and is available to offset losses from any loan in the Company’s portfolio. The unallocated component of the allowance for loan losses reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for existing specific and general losses in the portfolio. The following tables summarize the activity in the allowance for loan losses for the three and six months ended June 30, 2022 and 2021 and the distribution of the allowance for loan losses and loans receivable by loan portfolio class and impairment method as of June 30, 2022 and December 31, 2021: Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) June 30, 2022 Allowance for Loan Losses: Balance – April 1, 2022 $ 382 $ 271 $ 4,937 $ 420 $ 443 $ 28 $ 19 $ 6,500 Charge-offs - - ( 4 ) - - ( 21 ) - ( 25 ) Recoveries 17 - 154 - - 1 - 172 Provision (credit) 50 59 ( 179 ) ( 47 ) 36 16 165 100 Balance – June 30, 2022 $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Balance – January 1, 2022 $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Charge-offs - - ( 4 ) - - ( 41 ) - ( 45 ) Recoveries 17 1 154 - - 2 - 174 Provision (credit) 49 118 381 13 ( 52 ) 31 ( 40 ) 500 Balance – June 30, 2022 $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Gross Loans Receivable (1) : Ending balance $ 164,006 $ 49,931 $ 288,975 $ 22,615 $ 23,358 $ 1,333 $ - $ 550,218 Ending balance: individually evaluated for impairment $ 252 $ 23 $ - $ - $ - $ - $ - $ 275 Ending balance: collectively evaluated for impairment $ 163,754 $ 49,908 $ 288,975 $ 22,615 $ 23,358 $ 1,333 $ - $ 549,943 (1) Gross Loans Receivable does not include allowance for loan losses of $( 6,747 ) or deferred loan costs of $ 3,729 . (2) Includes one- to four-family construction loans. Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) June 30, 2021 Allowance for Loan Losses: Balance – April 1, 2021 $ 375 $ 220 $ 4,158 $ 477 $ 587 $ 24 $ 163 $ 6,004 Charge-offs ( 12 ) - ( 3 ) - - ( 2 ) - ( 17 ) Recoveries - - 1 - - 3 - 4 Provision (credit) ( 38 ) ( 51 ) 644 18 ( 26 ) 10 ( 57 ) 500 Balance – June 30, 2021 $ 325 $ 169 $ 4,800 $ 495 $ 561 $ 35 $ 106 $ 6,491 Balance – January 1, 2021 $ 346 $ 172 $ 4,052 $ 434 $ 676 $ 27 $ 150 $ 5,857 Charge-offs ( 12 ) - ( 3 ) - - ( 8 ) - ( 23 ) Recoveries - - 2 - - 5 - 7 Provision (credit) ( 9 ) ( 3 ) 749 61 ( 115 ) 11 ( 44 ) 650 Balance – June 30, 2021 $ 325 $ 169 $ 4,800 $ 495 $ 561 $ 35 $ 106 $ 6,491 (1) Includes one– to four-family construction loans. Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2021 Allowance for Loan Losses: Balance – December 31, 2021 $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Gross Loans Receivable (1) : Ending Balance $ 158,826 $ 48,071 $ 266,525 $ 21,824 $ 23,216 $ 1,317 $ - $ 519,779 Ending balance: individually evaluated for impairment $ 261 $ 24 $ 7,002 $ - $ - $ - $ - $ 7,287 Ending balance: collectively evaluated for impairment $ 158,565 $ 48,047 $ 259,523 $ 21,824 $ 23,216 $ 1,317 $ - $ 512,492 (1) Gross Loans Receivable does not include allowance for loan losses of $( 6,118 ) or deferred loan costs of $ 3,545 . (2) Includes one- to four-family construction loans. A loan is considered impaired when, based on current information and events, it is probable that the Company will not be able to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Factors considered in determining impairment include payment status, collateral value and the probability of collecting scheduled payments when due. Impairment is measured on a loan-by-loan basis for commercial real estate loans and commercial loans. Larger groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer, home equity, or one- to four-family loans for impairment disclosure, unless they are subject to a troubled debt restructuring. The following is a summary of information pertaining to impaired loans at or for the periods indicated: Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Six Months Ended At June 30, 2022 June 30, 2022 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 252 $ 252 $ - $ 257 $ 7 Home equity 23 23 - 23 - Commercial real estate (1) - - - 4,921 - Total impaired loans with no related allowance 275 275 - 5,201 7 (1) Average Commercial Real Estate loans consisted of one loan which was paid off during the six months ended June 30, 2022. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2021 December 31, 2021 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 261 $ 261 $ - $ 269 $ 13 Home equity 24 24 - 25 1 Commercial real estate 7,002 7,002 - 8,786 219 Total impaired loans 7,287 7,287 - 9,080 233 The following table provides an analysis of past due loans and non-accruing loans as of the dates indicated: 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Loans on Non- Past Due Past Due Past Due Due Due Receivable Accrual (Dollars in thousands) June 30, 2022: Real Estate Loans: Residential, one- to four-family (1) $ 448 $ 233 $ 1,656 $ 2,337 $ 161,669 $ 164,006 $ 2,035 Home equity 239 195 589 1,023 48,908 49,931 569 Commercial (2) - - - - 288,975 288,975 - Construction - commercial - - - - 22,615 22,615 - Other Loans: Commercial (3) - - - - 23,358 23,358 - Consumer 14 5 - 19 1,314 1,333 10 Total $ 701 $ 433 $ 2,245 $ 3,379 $ 546,839 $ 550,218 $ 2,614 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Loans on Non- Past Due Past Due Past Due Due Due Receivable Accrual (Dollars in thousands) December 31, 2021: Real Estate Loans: Residential, one- to four-family (1) $ 373 $ 758 $ 1,096 $ 2,227 $ 156,599 $ 158,826 $ 1,878 Home equity 265 146 532 943 47,128 48,071 636 Commercial (2) - - - - 266,525 266,525 7,002 Construction - commercial - - - - 21,824 21,824 - Other Loans: Commercial (3) - - - - 23,216 23,216 - Consumer 7 7 5 19 1,298 1,317 5 Total $ 645 $ 911 $ 1,633 $ 3,189 $ 516,590 $ 519,779 $ 9,521 (1) Includes one- to four-family construction loans. (2) Commercial Real Estate loans on non-accrual consists of one loan which was moved to non-accrual status during the year ended December 31, 2021. This loan was paid off during the six months ended June 30, 2022. (3) Includes $ 4.6 million of Paycheck Protection Program (“PPP”) loans at December 31, 2021, which do not require payments for a certain amount of time under the CARES Act and are 100 % guaranteed by SBA. All PPP loans were forgiven as of June 30, 2022. The accrual of interest on loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. A loan does not have to be 90 days delinquent in order to be classified as non-accrual. When interest accrual is discontinued, all unpaid accrued interest is reversed. If ultimate collection of principal is in doubt, all cash receipts on impaired loans are applied to reduce the principal balance . The Company’s policies provide for the classification of loans as follows: Pass/Performing; Special Mention – does not currently expose the Company to a sufficient degree of risk but does possess credit deficiencies or potential weaknesses deserving the Company’s close attention; Substandard – has one or more well-defined weaknesses and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. A substandard asset would be one inadequately protected by the current net worth and paying capacity of the obligor or pledged collateral, if applicable; Doubtful – has all the weaknesses inherent in substandard loans with the additional characteristic that the weaknesses present make collection or liquidation in full on the basis of currently existing facts, conditions and values questionable, and there is a high possibility of loss; and Loss – loan is considered uncollectible and continuance without the establishment of a specific valuation reserve is not warranted. The Company’s Asset Classification Committee is responsible for monitoring risk ratings and making changes as deemed appropriate. Each commercial loan is individually assigned a loan classification. The Company’s consumer loans, including residential one- to four-family loans and home equity loans, are not classified as described above. Instead, the Company uses the delinquency status as the basis for classifying these loans. Generally, all consumer loans more than 90 days past due are classified and placed in non-accrual. Such loans that are well-secured and in the process of collection will remain in accrual status. The following tables summarize the internal loan grades applied to the Company’s loan portfolio as of June 30, 2022 and December 31, 2021: Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) June 30, 2022 Real Estate Loans: Residential, one- to four-family (1) $ 161,775 $ - $ 2,231 $ - $ - $ 164,006 Home equity 48,886 - 1,045 - - 49,931 Commercial (2) 282,026 5,876 1,073 - - 288,975 Construction - commercial 22,615 - - - - 22,615 Other Loans: Commercial (3) 19,626 1,211 2,521 - - 23,358 Consumer 1,323 - 6 - 4 1,333 Total $ 536,251 $ 7,087 $ 6,876 $ - $ 4 $ 550,218 Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2021 Real Estate Loans: Residential, one- to four-family (1) $ 156,931 $ - $ 1,895 $ - $ - $ 158,826 Home equity 47,167 - 904 - - 48,071 Commercial (2) 252,391 6,682 7,452 - - 266,525 Construction - commercial 21,824 - - - - 21,824 Other Loans: Commercial (3) 18,076 1,742 3,398 - - 23,216 Consumer 1,308 - 4 - 5 1,317 Total $ 497,697 $ 8,424 $ 13,653 $ - $ 5 $ 519,779 (1) Includes one- to four-family construction loans. (2) The Substandard classification category for Commercial Real Estate loans includes one $ 7.0 million loan relationship that was deemed to be impaired during the year ended December 31, 2021. This loan was paid off during the six months ended June 30, 2022. (3) The Pass/Performing category for Commercial Loans includes $ 4.6 million of PPP loans at December 31, 2021, which do not require payments for a certain amount of time under the CARES Act and are 100 % guaranteed by SBA. All PPP loans were forgiven as of June 30, 2022. TDRs occur when we grant borrowers concessions that we would not otherwise grant but for economic or legal reasons pertaining to the borrower’s financial difficulties. A concession is made when the terms of the loan modification are more favorable than the terms the borrower would have received in the current market under similar financial difficulties. These concessions may include, but are not limited to, modifications of the terms of the debt, the transfer of assets or the issuance of an equity interest by the borrower to satisfy all or part of the debt, or the addition of borrower(s). The Company identifies loans for potential TDRs primarily through direct communication with the borrower and evaluation of the borrower’s financial statements, revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the near future. Generally, we will not return a TDR to accrual status until the borrower has demonstrated the ability to make principal and interest payments under the restructured terms for at least six consecutive months. The Company’s TDRs are impaired loans, which may result in specific allocations and subsequent charge-offs if appropriate. Some loan modifications classified as TDRs may not ultimately result in full collection of principal and interest, as modified, which may result in potential losses. These potential losses have been factored into our overall estimate of the allowance for loan losses. The following table summarizes the loans that were classified as TDRs as of the dates indicated: Non-Accruing Accruing TDRs That Have Defaulted on Modified Terms Year to Date Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in thousands) At June 30, 2022 Real Estate Loans: Residential, one- to four-family 7 $ 252 1 $ 8 6 $ 244 - $ - Home equity 2 23 1 14 1 9 - - Total 9 $ 275 2 $ 22 7 $ 253 - $ - At December 31, 2021 Real Estate Loans: Residential, one- to four-family 7 $ 261 1 $ 11 6 $ 250 - $ - Home equity 2 24 1 15 1 9 1 15 Commercial (1) 1 7,002 1 7,002 - - - - Total 10 $ 7,287 3 $ 7,028 7 $ 259 1 $ 15 (1) Commercial Real Estate loans consisted of one loan which was paid off during the six months ended June 30, 2022. No additional loan commitments were outstanding to these borrowers at June 30, 2022 and December 31, 2021. The following table details the activity in loans which were first deemed to be TDRs during the three and six months ended June 30, 2022 and 2021. For the Three Months Ended June 30, 2022 For The Three Months Ended June 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Real Estate Loans: Residential, one- to four-family - $ - $ - 1 $ 38 $ 38 Home equity - - - 1 10 10 Total - $ - $ - 2 $ 48 $ 48 For the Six Months June 30, 2022 For the Six Months June 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Real Estate Loans: Residential, one- to four-family - $ - $ - 1 $ 38 $ 38 Home equity - - - 1 10 10 Total - $ - $ - 2 $ 48 $ 48 Foreclosed real estate consists of property acquired in settlement of loans which is carried at its fair value less estimated selling costs. Write-downs from cost to fair value less estimated selling costs are recorded at the date of acquisition or repossession and are charged to the allowance for loan losses. Foreclosed real estate was $ 269,000 and $ 123,000 at June 30, 2022 and December 31, 2021, respectively, and was included as a component of other assets on the consolidated statements of financial condition. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $ 1.7 million at June 30, 2022 and December 31, 2021. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per Share [Abstract] | |
Earnings per Share | Note 6 – Earnings per Share Earnings per share was calculated for the three and six months ended June 30, 2022 and 2021, respectively. Basic earnings per share is based upon the weighted average number of common shares outstanding, exclusive of unearned shares held by the Employee Stock Ownership Plan of Lake Shore Bancorp, Inc. (the “ESOP”) and by the Lake Shore Bancorp, Inc. 2012 Equity Incentive Plan (“EIP”). Diluted earnings per share is based upon the weighted average number of common shares outstanding and common share equivalents that would arise from the exercise of dilutive securities. Stock options are regarded as potential common stock and are considered in the diluted earnings per share calculations to the extent they would be dilutive and computed using the treasury stock method. The calculated basic and diluted earnings per share are as follows: Three Months Ended June 30, 2022 2021 Numerator – net income $ 1,684,000 $ 993,000 Denominator: Basic weighted average shares outstanding 5,903,048 5,919,204 Increase in weighted average shares outstanding due to: Stock options 1,702 3,237 Diluted weighted average shares outstanding 5,904,750 5,922,441 Earnings per share: Basic $ 0.29 $ 0.17 Diluted $ 0.29 $ 0.17 Six Months Ended June 30, 2022 2021 Numerator – net income $ 2,745,000 $ 2,681,000 Denominator: Basic weighted average shares outstanding 5,867,805 5,916,175 Increase in weighted average shares outstanding due to: Stock options 3,088 2,097 Diluted weighted average shares outstanding 5,870,893 5,918,272 Earnings per share: Basic $ 0.47 $ 0.45 Diluted $ 0.47 $ 0.45 |
Commitments to Extend Credit
Commitments to Extend Credit | 6 Months Ended |
Jun. 30, 2022 | |
Commitments to Extend Credit [Abstract] | |
Commitments to Extend Credit | Note 7 – Commitments to Extend Credit The Company has commitments to extend credit with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. There were no loss reserves associated with these commitments at June 30, 2022 and December 31, 2021. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The following commitments to extend credit were outstanding as of the dates specified: Contract Amount June 30, December 31, 2022 2021 (Dollars in thousands) Commitments to grant loans $ 41,504 $ 61,234 Unfunded commitments under lines of credit 76,288 73,387 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. Commitments generally have fixed expiration dates or other termination clauses. The commitments for lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note 8 – Stock-based Compensation As of June 30, 2022, the Company had three active stock-based compensation plans and one expired stock based compensation plan, which are described below. The compensation cost that has been recorded under salary and benefits expense in the non-interest expense section of the consolidated statements of income for these plans was $ 102,000 and $ 107,000 for the three months ended June 30, 2022 and 2021, respectively. The compensation cost that has been recorded for the six months ended June 30, 2022 and 2021 was $ 174,000 and $ 178,000 , respectively. 2006 Stock Option Plan The Company’s 2006 Stock Option Plan (the “Stock Option Plan”), which was approved by the Company’s stockholders, permitted the grant of options to its employees and non-employee directors for up to 297,562 shares of common stock. The Stock Option Plan expired on October 24, 2016 , and grants of options can no longer be awarded. Both incentive stock options and non-qualified stock options have been granted under the Stock Option Plan. The exercise price of each stock option equals the market price of the Company’s common stock on the date of grant and an option’s maximum term is ten years . The stock options generally vest over a five year period. A summary of the status of the Stock Option Plan during the six months ended June 30, 2022 and 2021 is presented below: : 2022 2021 Options Weighted Average Exercise Price Remaining Contractual Life Options Weighted Average Exercise Price Remaining Contractual Life Outstanding at beginning of year 64,548 $ 14.38 64,548 $ 14.38 Granted - - - - Exercised - - - - Outstanding at end of period 64,548 $ 14.38 4.3 years 64,548 $ 14.38 5.3 years Options exercisable at end of period 64,548 $ 14.38 4.3 years 51,636 $ 14.38 5.3 years Fair value of options granted - $ - - $ - At June 30, 2022, stock options had no intrinsic value and there were no remaining options available for grant under the Stock Option Plan. There were no stock options exercised during the three and six months ended June 30, 2022 and 2021. At June 30, 2022, all compensation cost related to the Stock Option Plan has been recognized in prior periods. Compensation expense related to the Stock Option Plan amounted to $ 8,000 for the three month period ended June 30, 2021. Compensation expense related to the Stock Option Plan for the six month period ended June 30, 2021 was $ 17,000 . 2006 Recognition and Retention Plan The Company’s 2006 Recognition and Retention Plan (“RRP”), which was approved by the Company’s stockholders, permitted the grant of restricted stock awards (“Awards”) to employees and non-employee directors for up to 119,025 shares of common stock. The RRP expired on October 24, 2016 , and as of October 24, 2016, all shares permitted under the plan have been granted. As of June 30, 2022, all 119,025 shares in the plan have vested and been distributed to eligible participants under the RRP. At June 30, 2022, all compensation cost related to the RRP has been recognized in prior periods. Co mpensation expense amounted to $ 6,000 for the three months ended June 30, 2021 and $ 12,000 for the six months ended June 30, 2021. A summary of the status of unvested shares under the RRP for the six months ended June 30, 2021 is as follows: At June 30, 2021 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 1,618 $ 14.38 Granted - - Vested - - Unvested shares outstanding at end of period 1,618 $ 14.38 2012 Equity Incentive Plan The Company’s 2012 Equity Incentive Plan (the “EIP”), which was approved by the Company’s stockholders on May 23, 2012, authorizes the issuance of up to 180,000 shares of common stock pursuant to grants of restricted stock awards and up to 20,000 shares of common stock pursuant to grants of incentive stock options and non-qualified stock options, subject to permitted adjustments for certain corporate transactions. Employees and non-employee directors of Lake Shore Bancorp or its subsidiaries are eligible to receive awards under the EIP, except that non-employees may not be granted incentive stock options. The Board of Directors granted restricted stock awards under the EIP during the six months ended June 30, 2022 as follows: Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees March 17, 2022 4,577 100 % on December 9, 2022 $ 15.00 Non-employee directors March 30, 2022 22,555 100 % on March 31, 2025 if three year performance metric is achieved $ 14.96 Employees A summary of the status of unvested restricted stock awards under the EIP for the six months ended June 30, 2022 and 2021 is as follows: At June 30, 2022 Weighted Average Grant Price (per Share) At June 30, 2021 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 29,495 $ 15.24 14,986 $ 15.39 Granted 27,132 14.97 20,958 15.22 Forfeited ( 3,062 ) 15.07 ( 1,392 ) 15.26 Unvested shares outstanding at end of period 53,565 $ 15.11 34,552 $ 15.29 As of June 30, 2022, there were 93,741 shares of restricted stock that vested or were distributed to eligible participants under the EIP. Compensation expense related to unvested restricted stock awards under the EIP amounted to $ 74,000 and $ 60,000 for the three months ended June 30, 2022 and 2021, respectively. Compensation expense related to unvested restricted stock awards under the EIP amounted to $ 116,000 and $ 85,000 for the six months ended June 30, 2022 and 2021, respectively. At June 30, 2022, $ 498,000 of unrecognized compensation cost related to unvested restricted stock awards is expected to be recognized over a period of 33 months . A summary of the status of stock options under the EIP for the six months ended June 30, 2022 and 2021 is presented below: 2022 2021 Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 20,000 $ 14.38 20,000 $ 14.38 Granted - - - - Exercised - - - - Forfeited - - - - Outstanding at end of period 20,000 $ 14.38 4.3 years 20,000 $ 14.38 5.3 years Options exercisable at end of period 20,000 $ 14.38 4.3 years 15,998 $ 14.38 5.3 years Fair value of options granted - - - - At June 30, 2022, stock options had no intrinsic value and there were no remaining options available for grant under the EIP. There were no stock options exercised during the three and six months ended June 30, 2022 and 2021. At June 30, 2022, all compensation cost related to the stock options granted under the EIP has been recognized in prior periods. Compensation expense related to stock options outstanding under the EIP amounted to $ 3,000 for the three months ended June 30, 2021 and $ 5,000 for the six months ended June 30, 2021. Employee Stock Ownership Plan (“ESOP”) The Company established the ESOP for the benefit of eligible employees of the Company and Bank. All Company and Bank employees meeting certain age and service requirements are eligible to participate in the ESOP. Participants’ benefits become fully vested after five years of service once the employee is eligible to participate in the ESOP. The Company utilized $ 2.6 million of the proceeds of its 2006 stock offering to extend a loan to the ESOP and the ESOP used such proceeds to purchase 238,050 shares of stock on the open market at an average price of $ 10.70 per share, plus commission expenses. As a result of the purchase of shares by the ESOP, total stockholders’ equity of the Company was reduced by $ 2.6 million. As of June 30, 2022, the balance of the loan to the ESOP was $ 1.4 million and the fair value of unallocated shares was $ 1.5 million. As of June 30, 2022, there were 80,403 allocated shares and 111,089 unallocated shares compared to 81,719 allocated shares and 119,024 unallocated shares at June 30, 2021. The ESOP compensation expense was $ 28,000 for the three months ended June 30, 2022 and $ 30,000 for the three months ended June 30, 2021 based on 1,984 shares earned in each of those quarters. The ESOP compensation expense was $ 58,000 for the six months ended June 30, 2022 and $ 59,000 for the six months ended June 30, 2021 based on 3,968 shares earned in each of those six month periods. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 9 - Fair Value of Financial Instruments Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of June 30, 2022 and December 31, 2021 and have not been re-evaluated or updated for purposes of these consolidated financial statements subsequent to those respective dates. The estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported here. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities measurements (Level 1) and the lowest priority to unobservable input measurements (Level 3). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3: Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s consolidated statements of financial condition contain investment securities and derivative instruments that are recorded at fair value on a recurring basis. For financial instruments measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2022 and December 31, 2021 were as follows: Fair Value Measurements at June 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities Available for Sale U.S. government agencies $ 1,922 $ - $ 1,922 $ - Municipal bonds 43,029 - 43,029 - Mortgage-backed securities: Collateralized mortgage obligations-private label 12 - 12 - Collateralized mortgage obligations-government sponsored entities 14,097 - 14,097 - Government National Mortgage Association 65 - 65 - Federal National Mortgage Association 12,470 - 12,470 - Federal Home Loan Mortgage Corporation 5,828 - 5,828 - Asset-backed securities: Private label 101 - 101 - Government sponsored entities 6 - 6 - Total Debt Securities Available for Sale $ 77,530 $ - $ 77,530 $ - Equity securities 10 10 - - Total Securities $ 77,540 $ 10 $ 77,530 $ - Interest Rate Swap (1) $ 194 $ - $ 194 $ - (1) Included in Other Assets on the consolidated statements of financial condition. Fair Value Measurements at December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities Available for Sale U.S. government agencies $ 2,213 $ - $ 2,213 $ - Municipal bonds 50,756 - 50,756 - Mortgage-backed securities: Collateralized mortgage obligations-private label 15 - 15 - Collateralized mortgage obligations-government sponsored entities 17,814 - 17,814 - Government National Mortgage Association 83 - 83 - Federal National Mortgage Association 10,760 - 10,760 - Federal Home Loan Mortgage Corporation 7,036 - 7,036 - Asset-backed securities: Private label 110 - 110 - Government sponsored entities 10 - 10 - Total Debt Securities Available for Sale $ 88,797 $ - $ 88,797 $ - Equity securities 19 19 - - Total Securities $ 88,816 $ 19 $ 88,797 $ - Interest Rate Swap (1) $ ( 60 ) $ - $ ( 60 ) $ - (1) Included in Other Liabilities on the consolidated statements of financial condition Level 2 inputs for assets or liabilities measured at fair value on a recurring basis might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment projections, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. The following is a description of valuation methodologies used for financial assets recorded at fair value on a recurring basis: Investment securities - the fair values are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1) or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted prices. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution date, market consensus prepayment projections, credit information, and the security’ terms and conditions, among other things. Level 2 securities which are fixed income instruments that are not quoted on an exchange, but are traded in active markets, are valued using prices obtained from our custodian, who use third party data service providers . Interest Rate Swap – the fair value is based on a discounted cash flow model. The model’s key assumptions include the contractual term of the derivative contract, including the period to maturity, and the use of observable market based inputs, such as interest rates, yield curves, nonperformance risk and implied volatility. In addition to disclosure of the fair value of assets on a recurring basis, GAAP requires disclosures for assets and liabilities measured at fair value on a non-recurring basis, such as impaired assets, foreclosed real estate and mortgage servicing rights. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of these loans. Non-recurring adjustments also include certain impairment amounts for collateral-dependent loans calculated when establishing the allowance for loan losses. An impaired loan is carried at fair value based on either a recent appraisal less estimated selling costs of underlying collateral or discounted cash flows based on current market conditions. Once a loan is foreclosed, the fair value of the real estate owned continues to be evaluated based upon the market value of the repossessed real estate originally securing the loan. Mortgage servicing rights do not trade in an active market with readily observable market data. As a result, the Company estimates the fair value of loan servicing rights by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The key assumptions used in the model include the estimated life of loans sold with servicing retained and the estimated cost to service the loans. Loan servicing rights are classified as Level 3 measurements due to the use of unobservable inputs, as well as management judgment and estimation. For assets measured at fair value on a non-recurring basis at June 30, 2022 and December 31, 2021, the fair value measurements by level within the fair value hierarchy were as follows: Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a non-recurring basis: At June 30, 2022 Mortgage servicing rights $ 219 $ - $ - $ 219 At December 31, 2021 Foreclosed real estate $ 35 $ - $ - $ 35 Mortgage servicing rights 220 - - 220 The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average At June 30, 2022 Mortgage servicing rights $ 219 Discounted Cash Flow Model (1) Discount Rate 10.00 % 10.00 % Servicing Fees 0.25 % 0.25 % Servicing Costs 0.15 % 0.15 % Estimated Life of Loans 5.5 - 7.3 years 5.5 years At December 31, 2021 Foreclosed real estate $ 35 Market valuation of property (2) Direct Disposal Costs (3) 7.00 % 7.00 % Mortgage servicing rights 220 Discounted Cash Flow Model (1) Discount Rate 10.00 % 10.00 % Servicing Fees 0.25 % 0.25 % Servicing Costs 0.15 % 0.15 % Estimated Life of Loans 5.9 years 5.9 years (1) The fair value is based on a discounted cash flow model. The model's key assumptions are the estimated life of loans sold with servicing retained and the estimated cost to service the loans. (2) Fair value is generally determined through independent third-party appraisals of the underlying collateral or by a purchase offer for the related property, which generally includes various Level 3 inputs which are not observable. (3) The fair value basis of foreclosed real estate may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. At December 31, 2021, foreclosed real estate valued using Level 3 inputs had a carrying amount of $ 73,000 and valuation allowance of $ 38,000 . The carrying amount and estimated fair value of the Company’s financial instruments, whether carried at cost or fair value, are as follows: Fair Value Measurements at June 30, 2022 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 27,156 $ 27,156 $ 27,156 $ - $ - Securities 77,540 77,540 10 77,530 - Federal Home Loan Bank stock 1,763 1,763 - 1,763 - Loans receivable, net 547,200 522,792 - - 522,792 Accrued interest receivable 2,379 2,379 - 2,379 - Interest rate swap 194 194 - 194 - Mortgage servicing rights 219 219 - - 219 Financial liabilities: Deposits 578,268 579,437 - 579,437 - Long-term debt 24,950 23,869 - 23,869 - Accrued interest payable 49 49 - 49 - Off-balance-sheet financial instruments - - - - - Fair Value Measurements at December 31, 2021 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 67,585 $ 67,585 $ 67,585 $ - $ - Securities 88,816 88,816 19 88,797 - Federal Home Loan Bank stock 1,606 1,606 - 1,606 - Loans receivable, net 517,206 504,018 - - 504,018 Accrued interest receivable 2,483 2,483 - 2,483 - Mortgage servicing rights 220 220 - - 220 Financial liabilities: Deposits 593,184 596,273 - 596,273 - Long-term debt 21,950 22,073 - 22,073 - Accrued interest payable 55 55 - 55 - Interest rate swap 60 60 - 60 - Off-balance-sheet financial instruments - - - - - |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2022 | |
Treasury Stock [Abstract] | |
Treasury Stock | Note 10 – Treasury Stock During the three and six months ended June 30, 2022, the Company repurchased 5,701 shares of common stock at an average cost of $ 14.91 per share. These shares were repurchased pursuant to the Company’s publicly announced common stock repurchase program. As of June 30, 2022, there were 30,626 shares remaining to be repurchased under the existing stock repurchase program. During the six months ended June 30, 2022, the Company transferred 27,132 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan, at an average cost of $ 9.39 per share to fund awards that had been granted under the plan. During the six months ended June 30, 2022, there were 3,062 shares transferred back into treasury stock reserved for the 2012 Equity Incentive Plan at an average cost of $ 9.39 per share due to forfeitures. During the three months ended June 30, 2021, the Company repurchased 36,094 shares of common stock at an average cost of $ 15.15 per share. During the six months ended June 30, 2021, the Company repurchased 79,928 shares of common stock at an average cost of $ 15.00 per share. The shares were repurchased pursuant to the Company’s publicly announced common stock repurchase program. As of June 30, 2021, the Company had completed the repurchase of shares from the stock repurchase plan put in place during August 2020. During the six months ended June 30, 2021, the Company transferred 20,958 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan, at an average cost of $ 9.39 per share to fund awards that had been granted under the plan. During the six months ended June 30, 2021, there were 1,392 shares transferred back into treasury stock reserved for the 2012 Equity Incentive Plan at an average cost of $ 9.39 per share due to forfeitures. |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 6 Months Ended |
Jun. 30, 2022 | |
Other Comprehensive (Loss) Income [Abstract] | |
Other Comprehensive (Loss) Income | Note 11 – Other Comprehensive (Loss) Income In addition to presenting the consolidated statements of comprehensive (loss) income herein, the following table shows the tax effects allocated to the Company’s single component of other comprehensive (loss) income for the periods presented: For the Three Months Ended June 30, 2022 For The Three Months Ended June 30, 2021 Pre-Tax Amount Tax Benefit Net of Tax Amount Pre-Tax Amount Tax Expense Net of Tax Amount (Unaudited) (Dollars in thousands) Net unrealized (losses) gains on securities available for sale: Net unrealized (losses) gains arising during the period $ ( 4,347 ) $ 913 $ ( 3,434 ) $ 277 $ ( 58 ) $ 219 Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income ( 4 ) 1 ( 3 ) ( 11 ) 3 ( 8 ) Total Other Comprehensive (Loss) Income $ ( 4,351 ) $ 914 $ ( 3,437 ) $ 266 $ ( 55 ) $ 211 For the Six Months Ended June 30, 2022 For The Six Months Ended June 30, 2021 Pre-Tax Amount Tax Benefit Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ ( 12,105 ) $ 2,542 $ ( 9,563 ) $ ( 718 ) $ 151 $ ( 567 ) Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income ( 10 ) 2 ( 8 ) ( 32 ) 7 ( 25 ) Total Other Comprehensive Loss $ ( 12,115 ) $ 2,544 $ ( 9,571 ) $ ( 750 ) $ 158 $ ( 592 ) The following table presents the amounts reclassified out of the single component of the Company’s accumulated other comprehensive (loss) income for the indicated periods: Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive (Loss) Income Affected Line Item Comprehensive (Loss) Gain for the three months ended June 30, on the Consolidated Components 2022 2021 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Recovery on previously impaired investment securities $ ( 4 ) $ ( 11 ) Recovery on previously impaired investment securities Provision for income tax expense 1 3 Income Tax Expense Total reclassification for the period $ ( 3 ) $ ( 8 ) Net Income Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the six months ended June 30, on the Consolidated Components 2022 2021 Statements of Income (Dollars in thousands) Net unrealized losses on securities available sale: Recovery on previously impaired investment securities $ ( 10 ) $ ( 32 ) Recovery on previously impaired investment securities Provision for income tax expense 2 7 Income Tax Expense Total reclassification for the period $ ( 8 ) $ ( 25 ) Net Income |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 – Subsequent Events On July 20, 2022, the Board of Directors declared a quarterly cash dividend of $ 0.18 per share on the Company’s common stock, payable on August 19, 2022 to shareholders of record as of August 2, 2022 . Lake Shore, MHC (the “MHC”), which holds 3,636,875 shares, or approximately 63.7 % of the Company’s total outstanding stock, has elected to waive receipt of the dividend on its shares. On March 10, 2022, the MHC received the non-objection of the Federal Reserve Bank of Philadelphia to waive its right to receive dividends paid by the Company during the twelve months ending February 9, 2023, aggregating up to $ 0.68 per share. The MHC waived $ 582,000 and $ 1.2 million of dividends during the three and six months ended June 30, 2022, respectively. Cumulatively the MHC has waived approximately $ 17.3 million of cash dividends as of June 30, 2022. The dividends waived by the MHC are considered a restriction on the retained earnings of the Company. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities | June 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,008 $ - $ ( 86 ) $ 1,922 Municipal bonds 50,749 32 ( 7,752 ) 43,029 Mortgage-backed securities: Collateralized mortgage obligations-private label 13 - ( 1 ) 12 Collateralized mortgage obligations-government sponsored entities 15,065 9 ( 977 ) 14,097 Government National Mortgage Association 64 1 - 65 Federal National Mortgage Association 13,890 8 ( 1,428 ) 12,470 Federal Home Loan Mortgage Corporation 6,612 4 ( 788 ) 5,828 Asset-backed securities-private label - 101 - 101 Asset-backed securities-government sponsored entities 6 - - 6 Total Debt Securities Available for Sale $ 88,407 $ 155 $ ( 11,032 ) $ 77,530 Equity Securities 22 - ( 12 ) 10 Total Securities $ 88,429 $ 155 $ ( 11,044 ) $ 77,540 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) SECURITIES Debt Securities Available for Sale U.S. government agencies $ 2,009 $ 204 $ - $ 2,213 Municipal bonds 49,812 1,085 ( 141 ) 50,756 Mortgage-backed securities: Collateralized mortgage obligations-private label 14 1 - 15 Collateralized mortgage obligations-government sponsored entities 17,798 209 ( 193 ) 17,814 Government National Mortgage Association 76 7 - 83 Federal National Mortgage Association 10,773 53 ( 66 ) 10,760 Federal Home Loan Mortgage Corporation 7,068 87 ( 119 ) 7,036 Asset-backed securities-private label - 110 - 110 Asset-backed securities-government sponsored entities 9 1 - 10 Total Debt Securities Available for Sale $ 87,559 $ 1,757 $ ( 519 ) $ 88,797 Equity Securities 22 - ( 3 ) 19 Total Securities $ 87,581 $ 1,757 $ ( 522 ) $ 88,816 |
Investment in Debt Securities Gross Unrealized Loss | Less than 12 months 12 months or more Total Gross Gross Gross Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) June 30, 2022 U.S. Government Agencies $ 1,922 $ ( 86 ) $ - $ - $ 1,922 $ ( 86 ) Municipal bonds 32,442 ( 7,130 ) 2,669 ( 622 ) 35,111 ( 7,752 ) Mortgage-backed securities 25,321 ( 2,475 ) 3,837 ( 719 ) 29,158 ( 3,194 ) $ 59,685 $ ( 9,691 ) $ 6,506 $ ( 1,341 ) $ 66,191 $ ( 11,032 ) December 31, 2021 Municipal bonds $ 9,601 ( 120 ) $ 857 $ ( 21 ) $ 10,458 $ ( 141 ) Mortgage-backed securities 21,141 ( 211 ) 3,083 ( 167 ) 24,224 ( 378 ) $ 30,742 $ ( 331 ) $ 3,940 $ ( 188 ) $ 34,682 $ ( 519 ) |
Summary of Credit-Related OTTI Charges Recognized as Components of Income | For The Six Months Ended June 30, 2022 2021 (Dollars in thousands) Beginning balance $ 162 $ 221 Additions: Credit loss not previously recognized - - Reductions: Losses realized during the period on OTTI previously recognized - - Receipt of cash flows on previously recorded OTTI ( 10 ) ( 32 ) Ending balance $ 152 $ 189 |
Scheduled Contractual Maturities of Debt Securities | Amortized Fair Cost Value (Dollars in thousands) June 30, 2022: Less than one year $ 415 $ 416 After one year through five years 5,071 4,954 After five years through ten years 10,320 9,636 After ten years 36,951 29,945 Mortgage-backed securities 35,644 32,472 Asset-backed securities 6 107 $ 88,407 $ 77,530 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Allowance for Loan Losses [Line Items] | |
Summary of Activity in Allowance for Loan Losses | Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) June 30, 2022 Allowance for Loan Losses: Balance – April 1, 2022 $ 382 $ 271 $ 4,937 $ 420 $ 443 $ 28 $ 19 $ 6,500 Charge-offs - - ( 4 ) - - ( 21 ) - ( 25 ) Recoveries 17 - 154 - - 1 - 172 Provision (credit) 50 59 ( 179 ) ( 47 ) 36 16 165 100 Balance – June 30, 2022 $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Balance – January 1, 2022 $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Charge-offs - - ( 4 ) - - ( 41 ) - ( 45 ) Recoveries 17 1 154 - - 2 - 174 Provision (credit) 49 118 381 13 ( 52 ) 31 ( 40 ) 500 Balance – June 30, 2022 $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 449 $ 330 $ 4,908 $ 373 $ 479 $ 24 $ 184 $ 6,747 Gross Loans Receivable (1) : Ending balance $ 164,006 $ 49,931 $ 288,975 $ 22,615 $ 23,358 $ 1,333 $ - $ 550,218 Ending balance: individually evaluated for impairment $ 252 $ 23 $ - $ - $ - $ - $ - $ 275 Ending balance: collectively evaluated for impairment $ 163,754 $ 49,908 $ 288,975 $ 22,615 $ 23,358 $ 1,333 $ - $ 549,943 (1) Gross Loans Receivable does not include allowance for loan losses of $( 6,747 ) or deferred loan costs of $ 3,729 . (2) Includes one- to four-family construction loans. Real Estate Loans Other Loans One- to Four-Family (1) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) June 30, 2021 Allowance for Loan Losses: Balance – April 1, 2021 $ 375 $ 220 $ 4,158 $ 477 $ 587 $ 24 $ 163 $ 6,004 Charge-offs ( 12 ) - ( 3 ) - - ( 2 ) - ( 17 ) Recoveries - - 1 - - 3 - 4 Provision (credit) ( 38 ) ( 51 ) 644 18 ( 26 ) 10 ( 57 ) 500 Balance – June 30, 2021 $ 325 $ 169 $ 4,800 $ 495 $ 561 $ 35 $ 106 $ 6,491 Balance – January 1, 2021 $ 346 $ 172 $ 4,052 $ 434 $ 676 $ 27 $ 150 $ 5,857 Charge-offs ( 12 ) - ( 3 ) - - ( 8 ) - ( 23 ) Recoveries - - 2 - - 5 - 7 Provision (credit) ( 9 ) ( 3 ) 749 61 ( 115 ) 11 ( 44 ) 650 Balance – June 30, 2021 $ 325 $ 169 $ 4,800 $ 495 $ 561 $ 35 $ 106 $ 6,491 (1) Includes one– to four-family construction loans. Real Estate Loans Other Loans One- to Four-Family (2) Home Equity Commercial Construction - Commercial Commercial Consumer Unallocated Total (Dollars in thousands) December 31, 2021 Allowance for Loan Losses: Balance – December 31, 2021 $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 383 $ 211 $ 4,377 $ 360 $ 531 $ 32 $ 224 $ 6,118 Gross Loans Receivable (1) : Ending Balance $ 158,826 $ 48,071 $ 266,525 $ 21,824 $ 23,216 $ 1,317 $ - $ 519,779 Ending balance: individually evaluated for impairment $ 261 $ 24 $ 7,002 $ - $ - $ - $ - $ 7,287 Ending balance: collectively evaluated for impairment $ 158,565 $ 48,047 $ 259,523 $ 21,824 $ 23,216 $ 1,317 $ - $ 512,492 (1) Gross Loans Receivable does not include allowance for loan losses of $( 6,118 ) or deferred loan costs of $ 3,545 . (2) Includes one- to four-family construction loans. |
Summary of Information Pertaining to Impaired Loans | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Six Months Ended At June 30, 2022 June 30, 2022 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 252 $ 252 $ - $ 257 $ 7 Home equity 23 23 - 23 - Commercial real estate (1) - - - 4,921 - Total impaired loans with no related allowance 275 275 - 5,201 7 (1) Average Commercial Real Estate loans consisted of one loan which was paid off during the six months ended June 30, 2022. Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized For the Year Ended At December 31, 2021 December 31, 2021 (Dollars in thousands) With no related allowance recorded: Residential, one- to four-family $ 261 $ 261 $ - $ 269 $ 13 Home equity 24 24 - 25 1 Commercial real estate 7,002 7,002 - 8,786 219 Total impaired loans 7,287 7,287 - 9,080 233 |
Analysis of Past Due Loans and Non-Accruing Loans | 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Loans on Non- Past Due Past Due Past Due Due Due Receivable Accrual (Dollars in thousands) June 30, 2022: Real Estate Loans: Residential, one- to four-family (1) $ 448 $ 233 $ 1,656 $ 2,337 $ 161,669 $ 164,006 $ 2,035 Home equity 239 195 589 1,023 48,908 49,931 569 Commercial (2) - - - - 288,975 288,975 - Construction - commercial - - - - 22,615 22,615 - Other Loans: Commercial (3) - - - - 23,358 23,358 - Consumer 14 5 - 19 1,314 1,333 10 Total $ 701 $ 433 $ 2,245 $ 3,379 $ 546,839 $ 550,218 $ 2,614 30-59 Days 60-89 Days 90 Days or More Total Past Current Total Loans Loans on Non- Past Due Past Due Past Due Due Due Receivable Accrual (Dollars in thousands) December 31, 2021: Real Estate Loans: Residential, one- to four-family (1) $ 373 $ 758 $ 1,096 $ 2,227 $ 156,599 $ 158,826 $ 1,878 Home equity 265 146 532 943 47,128 48,071 636 Commercial (2) - - - - 266,525 266,525 7,002 Construction - commercial - - - - 21,824 21,824 - Other Loans: Commercial (3) - - - - 23,216 23,216 - Consumer 7 7 5 19 1,298 1,317 5 Total $ 645 $ 911 $ 1,633 $ 3,189 $ 516,590 $ 519,779 $ 9,521 (1) Includes one- to four-family construction loans. (2) Commercial Real Estate loans on non-accrual consists of one loan which was moved to non-accrual status during the year ended December 31, 2021. This loan was paid off during the six months ended June 30, 2022. (3) Includes $ 4.6 million of Paycheck Protection Program (“PPP”) loans at December 31, 2021, which do not require payments for a certain amount of time under the CARES Act and are 100 % guaranteed by SBA. All PPP loans were forgiven as of June 30, 2022. |
Summary of Internal Loan Grades Applied to Loan Portfolio | Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) June 30, 2022 Real Estate Loans: Residential, one- to four-family (1) $ 161,775 $ - $ 2,231 $ - $ - $ 164,006 Home equity 48,886 - 1,045 - - 49,931 Commercial (2) 282,026 5,876 1,073 - - 288,975 Construction - commercial 22,615 - - - - 22,615 Other Loans: Commercial (3) 19,626 1,211 2,521 - - 23,358 Consumer 1,323 - 6 - 4 1,333 Total $ 536,251 $ 7,087 $ 6,876 $ - $ 4 $ 550,218 Pass/Performing Special Mention Substandard Doubtful Loss Total (Dollars in thousands) December 31, 2021 Real Estate Loans: Residential, one- to four-family (1) $ 156,931 $ - $ 1,895 $ - $ - $ 158,826 Home equity 47,167 - 904 - - 48,071 Commercial (2) 252,391 6,682 7,452 - - 266,525 Construction - commercial 21,824 - - - - 21,824 Other Loans: Commercial (3) 18,076 1,742 3,398 - - 23,216 Consumer 1,308 - 4 - 5 1,317 Total $ 497,697 $ 8,424 $ 13,653 $ - $ 5 $ 519,779 (1) Includes one- to four-family construction loans. (2) The Substandard classification category for Commercial Real Estate loans includes one $ 7.0 million loan relationship that was deemed to be impaired during the year ended December 31, 2021. This loan was paid off during the six months ended June 30, 2022. (3) The Pass/Performing category for Commercial Loans includes $ 4.6 million of PPP loans at December 31, 2021, which do not require payments for a certain amount of time under the CARES Act and are 100 % guaranteed by SBA. All PPP loans were forgiven as of June 30, 2022. |
Summary of Loans Classified as TDRs | Non-Accruing Accruing TDRs That Have Defaulted on Modified Terms Year to Date Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (Dollars in thousands) At June 30, 2022 Real Estate Loans: Residential, one- to four-family 7 $ 252 1 $ 8 6 $ 244 - $ - Home equity 2 23 1 14 1 9 - - Total 9 $ 275 2 $ 22 7 $ 253 - $ - At December 31, 2021 Real Estate Loans: Residential, one- to four-family 7 $ 261 1 $ 11 6 $ 250 - $ - Home equity 2 24 1 15 1 9 1 15 Commercial (1) 1 7,002 1 7,002 - - - - Total 10 $ 7,287 3 $ 7,028 7 $ 259 1 $ 15 (1) Commercial Real Estate loans consisted of one loan which was paid off during the six months ended June 30, 2022. |
Loans First Deemed To Be TDRs [Member] | |
Allowance for Loan Losses [Line Items] | |
Summary of Loans Classified as TDRs | For the Three Months Ended June 30, 2022 For The Three Months Ended June 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Real Estate Loans: Residential, one- to four-family - $ - $ - 1 $ 38 $ 38 Home equity - - - 1 10 10 Total - $ - $ - 2 $ 48 $ 48 For the Six Months June 30, 2022 For the Six Months June 30, 2021 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Real Estate Loans: Residential, one- to four-family - $ - $ - 1 $ 38 $ 38 Home equity - - - 1 10 10 Total - $ - $ - 2 $ 48 $ 48 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per Share [Abstract] | |
Calculated Basic and Diluted Earnings Per Share | Three Months Ended June 30, 2022 2021 Numerator – net income $ 1,684,000 $ 993,000 Denominator: Basic weighted average shares outstanding 5,903,048 5,919,204 Increase in weighted average shares outstanding due to: Stock options 1,702 3,237 Diluted weighted average shares outstanding 5,904,750 5,922,441 Earnings per share: Basic $ 0.29 $ 0.17 Diluted $ 0.29 $ 0.17 Six Months Ended June 30, 2022 2021 Numerator – net income $ 2,745,000 $ 2,681,000 Denominator: Basic weighted average shares outstanding 5,867,805 5,916,175 Increase in weighted average shares outstanding due to: Stock options 3,088 2,097 Diluted weighted average shares outstanding 5,870,893 5,918,272 Earnings per share: Basic $ 0.47 $ 0.45 Diluted $ 0.47 $ 0.45 |
Commitments to Extend Credit (T
Commitments to Extend Credit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments to Extend Credit [Abstract] | |
Outstanding Commitments to Extend Credit | Contract Amount June 30, December 31, 2022 2021 (Dollars in thousands) Commitments to grant loans $ 41,504 $ 61,234 Unfunded commitments under lines of credit 76,288 73,387 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
2006 Stock Option Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Stock Option Plan | 2022 2021 Options Weighted Average Exercise Price Remaining Contractual Life Options Weighted Average Exercise Price Remaining Contractual Life Outstanding at beginning of year 64,548 $ 14.38 64,548 $ 14.38 Granted - - - - Exercised - - - - Outstanding at end of period 64,548 $ 14.38 4.3 years 64,548 $ 14.38 5.3 years Options exercisable at end of period 64,548 $ 14.38 4.3 years 51,636 $ 14.38 5.3 years Fair value of options granted - $ - - $ - |
2006 Recognition and Retention Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Unvested Restricted Stock Activity | At June 30, 2021 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 1,618 $ 14.38 Granted - - Vested - - Unvested shares outstanding at end of period 1,618 $ 14.38 |
2012 Equity Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Status of Stock Option Plan | 2022 2021 Options Exercise Price Remaining Contractual Life Options Exercise Price Remaining Contractual Life Outstanding at beginning of year 20,000 $ 14.38 20,000 $ 14.38 Granted - - - - Exercised - - - - Forfeited - - - - Outstanding at end of period 20,000 $ 14.38 4.3 years 20,000 $ 14.38 5.3 years Options exercisable at end of period 20,000 $ 14.38 4.3 years 15,998 $ 14.38 5.3 years Fair value of options granted - - - - |
Schedule of Unvested Restricted Stock Activity | At June 30, 2022 Weighted Average Grant Price (per Share) At June 30, 2021 Weighted Average Grant Price (per Share) Unvested shares outstanding at beginning of year 29,495 $ 15.24 14,986 $ 15.39 Granted 27,132 14.97 20,958 15.22 Forfeited ( 3,062 ) 15.07 ( 1,392 ) 15.26 Unvested shares outstanding at end of period 53,565 $ 15.11 34,552 $ 15.29 |
2012 Equity Incentive Plan [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Awards Granted | Grant Date Number of Restricted Stock Awards Vesting Fair Value per Share of Award on Grant Date Awardees March 17, 2022 4,577 100 % on December 9, 2022 $ 15.00 Non-employee directors March 30, 2022 22,555 100 % on March 31, 2025 if three year performance metric is achieved $ 14.96 Employees |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Assets Measured on Recurring Basis | Fair Value Measurements at June 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities Available for Sale U.S. government agencies $ 1,922 $ - $ 1,922 $ - Municipal bonds 43,029 - 43,029 - Mortgage-backed securities: Collateralized mortgage obligations-private label 12 - 12 - Collateralized mortgage obligations-government sponsored entities 14,097 - 14,097 - Government National Mortgage Association 65 - 65 - Federal National Mortgage Association 12,470 - 12,470 - Federal Home Loan Mortgage Corporation 5,828 - 5,828 - Asset-backed securities: Private label 101 - 101 - Government sponsored entities 6 - 6 - Total Debt Securities Available for Sale $ 77,530 $ - $ 77,530 $ - Equity securities 10 10 - - Total Securities $ 77,540 $ 10 $ 77,530 $ - Interest Rate Swap (1) $ 194 $ - $ 194 $ - (1) Included in Other Assets on the consolidated statements of financial condition. Fair Value Measurements at December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a recurring basis: Securities: Debt Securities Available for Sale U.S. government agencies $ 2,213 $ - $ 2,213 $ - Municipal bonds 50,756 - 50,756 - Mortgage-backed securities: Collateralized mortgage obligations-private label 15 - 15 - Collateralized mortgage obligations-government sponsored entities 17,814 - 17,814 - Government National Mortgage Association 83 - 83 - Federal National Mortgage Association 10,760 - 10,760 - Federal Home Loan Mortgage Corporation 7,036 - 7,036 - Asset-backed securities: Private label 110 - 110 - Government sponsored entities 10 - 10 - Total Debt Securities Available for Sale $ 88,797 $ - $ 88,797 $ - Equity securities 19 19 - - Total Securities $ 88,816 $ 19 $ 88,797 $ - Interest Rate Swap (1) $ ( 60 ) $ - $ ( 60 ) $ - (1) Included in Other Liabilities on the consolidated statements of financial condition |
Assets Measured at Fair Value on Nonrecurring Basis | Fair Value Measurements Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Measured at fair value on a non-recurring basis: At June 30, 2022 Mortgage servicing rights $ 219 $ - $ - $ 219 At December 31, 2021 Foreclosed real estate $ 35 $ - $ - $ 35 Mortgage servicing rights 220 - - 220 |
Carrying Amount and Estimated Fair Value of Financial Instruments | Fair Value Measurements at June 30, 2022 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 27,156 $ 27,156 $ 27,156 $ - $ - Securities 77,540 77,540 10 77,530 - Federal Home Loan Bank stock 1,763 1,763 - 1,763 - Loans receivable, net 547,200 522,792 - - 522,792 Accrued interest receivable 2,379 2,379 - 2,379 - Interest rate swap 194 194 - 194 - Mortgage servicing rights 219 219 - - 219 Financial liabilities: Deposits 578,268 579,437 - 579,437 - Long-term debt 24,950 23,869 - 23,869 - Accrued interest payable 49 49 - 49 - Off-balance-sheet financial instruments - - - - - Fair Value Measurements at December 31, 2021 Carrying Estimated Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Other Unobservable Inputs Amount Fair Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) Financial assets: Cash and cash equivalents $ 67,585 $ 67,585 $ 67,585 $ - $ - Securities 88,816 88,816 19 88,797 - Federal Home Loan Bank stock 1,606 1,606 - 1,606 - Loans receivable, net 517,206 504,018 - - 504,018 Accrued interest receivable 2,483 2,483 - 2,483 - Mortgage servicing rights 220 220 - - 220 Financial liabilities: Deposits 593,184 596,273 - 596,273 - Long-term debt 21,950 22,073 - 22,073 - Accrued interest payable 55 55 - 55 - Interest rate swap 60 60 - 60 - Off-balance-sheet financial instruments - - - - - |
Fair Value, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Additional Quantitative Information About Assets Measured at Fair Value | Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Estimate Valuation Technique Unobservable Input Range Weighted Average At June 30, 2022 Mortgage servicing rights $ 219 Discounted Cash Flow Model (1) Discount Rate 10.00 % 10.00 % Servicing Fees 0.25 % 0.25 % Servicing Costs 0.15 % 0.15 % Estimated Life of Loans 5.5 - 7.3 years 5.5 years At December 31, 2021 Foreclosed real estate $ 35 Market valuation of property (2) Direct Disposal Costs (3) 7.00 % 7.00 % Mortgage servicing rights 220 Discounted Cash Flow Model (1) Discount Rate 10.00 % 10.00 % Servicing Fees 0.25 % 0.25 % Servicing Costs 0.15 % 0.15 % Estimated Life of Loans 5.9 years 5.9 years (1) The fair value is based on a discounted cash flow model. The model's key assumptions are the estimated life of loans sold with servicing retained and the estimated cost to service the loans. (2) Fair value is generally determined through independent third-party appraisals of the underlying collateral or by a purchase offer for the related property, which generally includes various Level 3 inputs which are not observable. (3) The fair value basis of foreclosed real estate may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Comprehensive (Loss) Income [Abstract] | |
Tax Effects Allocated to Single Component of Other Comprehensive (Loss) Income | For the Three Months Ended June 30, 2022 For The Three Months Ended June 30, 2021 Pre-Tax Amount Tax Benefit Net of Tax Amount Pre-Tax Amount Tax Expense Net of Tax Amount (Unaudited) (Dollars in thousands) Net unrealized (losses) gains on securities available for sale: Net unrealized (losses) gains arising during the period $ ( 4,347 ) $ 913 $ ( 3,434 ) $ 277 $ ( 58 ) $ 219 Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income ( 4 ) 1 ( 3 ) ( 11 ) 3 ( 8 ) Total Other Comprehensive (Loss) Income $ ( 4,351 ) $ 914 $ ( 3,437 ) $ 266 $ ( 55 ) $ 211 For the Six Months Ended June 30, 2022 For The Six Months Ended June 30, 2021 Pre-Tax Amount Tax Benefit Net of Tax Amount Pre-Tax Amount Tax Benefit Net of Tax Amount (Dollars in thousands) Net unrealized losses on securities available for sale: Net unrealized losses arising during the period $ ( 12,105 ) $ 2,542 $ ( 9,563 ) $ ( 718 ) $ 151 $ ( 567 ) Less: reclassification adjustment related to: Recovery on previously impaired investment securities included in net income ( 10 ) 2 ( 8 ) ( 32 ) 7 ( 25 ) Total Other Comprehensive Loss $ ( 12,115 ) $ 2,544 $ ( 9,571 ) $ ( 750 ) $ 158 $ ( 592 ) |
Reclassification Out of Accumulated Other Comprehensive Income | Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive (Loss) Income Affected Line Item Comprehensive (Loss) Gain for the three months ended June 30, on the Consolidated Components 2022 2021 Statements of Income (Dollars in thousands) Net unrealized losses on securities available for sale: Recovery on previously impaired investment securities $ ( 4 ) $ ( 11 ) Recovery on previously impaired investment securities Provision for income tax expense 1 3 Income Tax Expense Total reclassification for the period $ ( 3 ) $ ( 8 ) Net Income Amounts Reclassified from Accumulated Details about Accumulated Other Other Comprehensive Loss Affected Line Item Comprehensive Loss for the six months ended June 30, on the Consolidated Components 2022 2021 Statements of Income (Dollars in thousands) Net unrealized losses on securities available sale: Recovery on previously impaired investment securities $ ( 10 ) $ ( 32 ) Recovery on previously impaired investment securities Provision for income tax expense 2 7 Income Tax Expense Total reclassification for the period $ ( 8 ) $ ( 25 ) Net Income |
COVID-19 (Details)
COVID-19 (Details) | 6 Months Ended |
Jun. 30, 2022 loan | |
COVID-19, CARES Act [Member] | |
Number of PPP loans remained outstanding | 0 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) security shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) security shares | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) security shares | |
Schedule of Investments [Line Items] | |||||
Number of securities in unrealized losses less than twelve months category | security | 172 | 172 | |||
Number of securities in unrealized losses twelve months or more category | security | 12 | 12 | |||
Available for sale securities sold | $ 0 | $ 0 | |||
Unrealized loss on equity securities | $ 8,000 | $ 14,000 | $ 9,000 | 20,000 | |
Municipal bonds [Member] | Securities Pledged As Collateral Agreement With Federal Reserve Bank Of New York [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment owned balance, positions | security | 31 | 31 | 29 | ||
Investment owned, at cost | $ 12,100,000 | $ 12,100,000 | $ 10,600,000 | ||
Investment owned, at fair value | $ 10,600,000 | $ 10,600,000 | $ 11,000,000 | ||
Municipal bonds [Member] | SecuritiesPledged As Collateral For Customer Deposits [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment owned balance, positions | security | 21 | 21 | 20 | ||
Investment owned, at cost | $ 6,300,000 | $ 6,300,000 | $ 6,000,000 | ||
Investment owned, at fair value | $ 5,500,000 | 5,500,000 | $ 6,200,000 | ||
Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Available for sale securities sold | $ 0 | 0 | |||
Equity Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | |||||
Schedule of Investments [Line Items] | |||||
Equity securities common stock shares owned | shares | 22,368 | 22,368 | 22,368 | ||
Unrealized loss on equity securities | $ 8,000 | $ 14,000 | $ 9,000 | $ 20,000 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 88,429 | $ 87,581 |
Gross Unrealized Gains | 155 | 1,757 |
Gross Unrealized Losses | (11,044) | (522) |
Fair Value | 77,540 | 88,816 |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,008 | 2,009 |
Gross Unrealized Gains | 204 | |
Gross Unrealized Losses | (86) | |
Fair Value | 1,922 | 2,213 |
Municipal bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 50,749 | 49,812 |
Gross Unrealized Gains | 32 | 1,085 |
Gross Unrealized Losses | (7,752) | (141) |
Fair Value | 43,029 | 50,756 |
Collateralized mortgage obligations - private label [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 13 | 14 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (1) | |
Fair Value | 12 | 15 |
Collateralized mortgage obligations - government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 15,065 | 17,798 |
Gross Unrealized Gains | 9 | 209 |
Gross Unrealized Losses | (977) | (193) |
Fair Value | 14,097 | 17,814 |
Government National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 64 | 76 |
Gross Unrealized Gains | 1 | 7 |
Fair Value | 65 | 83 |
Federal National Mortgage Association [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 13,890 | 10,773 |
Gross Unrealized Gains | 8 | 53 |
Gross Unrealized Losses | (1,428) | (66) |
Fair Value | 12,470 | 10,760 |
Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,612 | 7,068 |
Gross Unrealized Gains | 4 | 87 |
Gross Unrealized Losses | (788) | (119) |
Fair Value | 5,828 | 7,036 |
Asset-backed securities - Private label [Member] | ||
Schedule of Investments [Line Items] | ||
Gross Unrealized Gains | 101 | 110 |
Fair Value | 101 | 110 |
Asset-backed securities - Government sponsored entities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6 | 9 |
Gross Unrealized Gains | 1 | |
Fair Value | 6 | 10 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 88,407 | 87,559 |
Gross Unrealized Gains | 155 | 1,757 |
Gross Unrealized Losses | (11,032) | (519) |
Fair Value | 77,530 | 88,797 |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 22 | 22 |
Gross Unrealized Losses | (12) | (3) |
Fair Value | $ 10 | $ 19 |
Investment Securities (Investme
Investment Securities (Investment in Debt Securities Gross Unrealized Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | $ 59,685 | $ 30,742 |
Less than 12 Months, Gross Unrealized Losses | (9,691) | (331) |
12 Months or More, Fair Value | 6,506 | 3,940 |
12 Months or More, Gross Unrealized Losses | (1,341) | (188) |
Fair Value | 66,191 | 34,682 |
Gross Unrealized Losses | (11,032) | (519) |
U.S. Government Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 1,922 | |
Less than 12 Months, Gross Unrealized Losses | (86) | |
Fair Value | 1,922 | |
Gross Unrealized Losses | (86) | |
Municipal bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 32,442 | 9,601 |
Less than 12 Months, Gross Unrealized Losses | (7,130) | (120) |
12 Months or More, Fair Value | 2,669 | 857 |
12 Months or More, Gross Unrealized Losses | (622) | (21) |
Fair Value | 35,111 | 10,458 |
Gross Unrealized Losses | (7,752) | (141) |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 Months, Fair Value | 25,321 | 21,141 |
Less than 12 Months, Gross Unrealized Losses | (2,475) | (211) |
12 Months or More, Fair Value | 3,837 | 3,083 |
12 Months or More, Gross Unrealized Losses | (719) | (167) |
Fair Value | 29,158 | 24,224 |
Gross Unrealized Losses | $ (3,194) | $ (378) |
Investment Securities (Summary
Investment Securities (Summary of Credit-Related OTTI Charges Recognized as Components of Income) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Investment Securities [Abstract] | ||
Beginning balance | $ 162 | $ 221 |
Reductions: Receipt of cash flows on previously recorded OTTI | (10) | (32) |
Ending balance | $ 152 | $ 189 |
Investment Securities (Schedule
Investment Securities (Scheduled Contractual Maturities Debt Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Less than one year- Amortized Cost | $ 415 | |
After one year through five years - Amortized Cost | 5,071 | |
After five years through ten years - Amortized Cost | 10,320 | |
After ten years - Amortized Cost | 36,951 | |
Amortized Cost | 88,429 | $ 87,581 |
Less than one year- Fair Value | 416 | |
After one year through five years - Fair Value | 4,954 | |
After five years through ten years - Fair Value | 9,636 | |
After ten years - Fair Value | 29,945 | |
Mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 35,644 | |
Other securities - Fair Value | 32,472 | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Other securities - Amortized Cost | 6 | |
Other securities - Fair Value | 107 | |
Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 22 | 22 |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 88,407 | $ 87,559 |
Fair Value | $ 77,530 |
Allowance for Loan Losses (Narr
Allowance for Loan Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 loan | Jun. 30, 2021 loan | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||
Loans restructured and classified as TDRs | loan | 2 | 2 | ||
Foreclosed real estate property | $ | $ 269,000 | $ 123,000 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans restructured and classified as TDRs | loan | 1 | 1 | ||
Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans restructured and classified as TDRs | loan | 1 | 1 | ||
TDR [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan commitments to lend additional funds to TDR | $ | 0 | $ 0 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Mortgage loans in process of foreclosure | $ | $ 1,700,000 |
Allowance for Loan Losses (Summ
Allowance for Loan Losses (Summary of Activity in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | $ 6,500 | $ 6,004 | $ 6,118 | $ 5,857 | |||||
Charge-offs | (25) | (17) | (45) | (23) | |||||
Recoveries | 172 | 4 | 174 | 7 | |||||
Provision (credit) | 100 | 500 | 500 | 650 | |||||
Balance, ending | 6,747 | 6,491 | 6,747 | 6,491 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 6,747 | 6,747 | $ 6,118 | ||||||
Ending balance: Gross Loans Receivable | 550,218 | 550,218 | 519,779 | [1] | |||||
Loans Receivable: Ending balance: individually evaluated for impairment | 275 | 275 | 7,287 | [1] | |||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 549,943 | 549,943 | 512,492 | ||||||
Deferred loan costs | 3,729 | 3,729 | 3,545 | ||||||
Real Estate Loans Including One-To Four-Family Construction Loans [Member] | |||||||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | 382 | 375 | 383 | 346 | |||||
Charge-offs | (12) | (12) | |||||||
Recoveries | 17 | 17 | |||||||
Provision (credit) | 50 | (38) | 49 | (9) | |||||
Balance, ending | 449 | 325 | 449 | 325 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 449 | 449 | 383 | ||||||
Ending balance: Gross Loans Receivable | 164,006 | 164,006 | 158,826 | [1] | |||||
Loans Receivable: Ending balance: individually evaluated for impairment | 252 | 252 | 261 | [1] | |||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 163,754 | 163,754 | 158,565 | ||||||
Real Estate Loans: Home Equity [Member] | |||||||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | 271 | 220 | 211 | 172 | |||||
Recoveries | 1 | ||||||||
Provision (credit) | 59 | (51) | 118 | (3) | |||||
Balance, ending | 330 | 169 | 330 | 169 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 330 | 330 | 211 | ||||||
Ending balance: Gross Loans Receivable | 49,931 | 49,931 | 48,071 | [1] | |||||
Loans Receivable: Ending balance: individually evaluated for impairment | 23 | 23 | 24 | [1] | |||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 49,908 | 49,908 | 48,047 | ||||||
Real Estate Loans: Commercial [Member] | |||||||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | 4,937 | 4,158 | 4,377 | 4,052 | |||||
Charge-offs | (4) | (3) | (4) | (3) | |||||
Recoveries | 154 | 1 | 154 | 2 | |||||
Provision (credit) | (179) | 644 | 381 | 749 | |||||
Balance, ending | 4,908 | 4,800 | 4,908 | 4,800 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 4,908 | 4,908 | 4,377 | ||||||
Ending balance: Gross Loans Receivable | 288,975 | 288,975 | 266,525 | [1] | |||||
Loans Receivable: Ending balance: individually evaluated for impairment | [1] | 7,002 | |||||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 288,975 | 288,975 | 259,523 | ||||||
Real Estate Loans: Construction - Commercial [Member] | |||||||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | 420 | 477 | 360 | 434 | |||||
Provision (credit) | (47) | 18 | 13 | 61 | |||||
Balance, ending | 373 | 495 | 373 | 495 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 373 | 373 | 360 | ||||||
Ending balance: Gross Loans Receivable | 22,615 | 22,615 | 21,824 | [1] | |||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 22,615 | 22,615 | 21,824 | ||||||
Other Loans: Commercial [Member] | |||||||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | 443 | 587 | 531 | 676 | |||||
Provision (credit) | 36 | (26) | (52) | (115) | |||||
Balance, ending | 479 | 561 | 479 | 561 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 479 | 479 | 531 | ||||||
Ending balance: Gross Loans Receivable | 23,358 | [2] | 23,358 | [2] | 23,216 | [1] | |||
Loans Receivable: Ending balance: collectively evaluated for impairment | 23,358 | 23,358 | 23,216 | ||||||
Other Loans: Consumer [Member] | |||||||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | 28 | 24 | 32 | 27 | |||||
Charge-offs | (21) | (2) | (41) | (8) | |||||
Recoveries | 1 | 3 | 2 | 5 | |||||
Provision (credit) | 16 | 10 | 31 | 11 | |||||
Balance, ending | 24 | 35 | 24 | 35 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | 24 | 24 | 32 | ||||||
Ending balance: Gross Loans Receivable | 1,333 | 1,333 | 1,317 | [1] | |||||
Loans Receivable: Ending balance: collectively evaluated for impairment | 1,333 | 1,333 | 1,317 | ||||||
Unallocated Financing Receivables [Member] | |||||||||
Allowance for Loan Losses [Line Items] | |||||||||
Balance, beginning | 19 | 163 | 224 | 150 | |||||
Provision (credit) | 165 | (57) | (40) | (44) | |||||
Balance, ending | 184 | $ 106 | 184 | $ 106 | |||||
Allowance for loan losses: Ending balance: collectively evaluated for impairment | $ 184 | $ 184 | $ 224 | ||||||
[1] Gross Loans Receivable does not include allowance for loan losses of $( 6,118 ) or deferred loan costs of $ 3,545 . The Pass/Performing category for Commercial Loans includes $ 4.6 million of PPP loans at December 31, 2021, which do not require payments for a certain amount of time under the CARES Act and are 100 % guaranteed by SBA. All PPP loans were forgiven as of June 30, 2022. |
Allowance for Loan Losses (Su_2
Allowance for Loan Losses (Summary of Information Pertaining to Impaired Loans ) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment, with no related allowance | $ 275 | $ 7,287 |
Unpaid principal balance, with no related allowance | 275 | 7,287 |
Average recorded investment, with no related allowance | 5,201 | 9,080 |
Interest income recognized, with no related allowance | 7 | 233 |
Real Estate Loans: One-to-Four Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment, with no related allowance | 252 | 261 |
Unpaid principal balance, with no related allowance | 252 | 261 |
Average recorded investment, with no related allowance | 257 | 269 |
Interest income recognized, with no related allowance | 7 | 13 |
Real Estate Loans: Home Equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment, with no related allowance | 23 | 24 |
Unpaid principal balance, with no related allowance | 23 | 24 |
Average recorded investment, with no related allowance | 23 | 25 |
Interest income recognized, with no related allowance | 1 | |
Real Estate Loans: Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment, with no related allowance | 7,002 | |
Unpaid principal balance, with no related allowance | 7,002 | |
Average recorded investment, with no related allowance | $ 4,921 | 8,786 |
Interest income recognized, with no related allowance | $ 219 |
Allowance for Loan Losses (Anal
Allowance for Loan Losses (Analysis of Past Due Loans and Non-Accruing Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | |||
Financing Receivable, Past Due [Line Items] | ||||
Loan receivables back to regular payments | $ 550,218 | $ 519,779 | [1] | |
Loans and Leases Receivable, Gross | 550,218 | 519,779 | [1] | |
Loans on Non-Accrual | 2,614 | 9,521 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan receivables back to regular payments | 164,006 | 158,826 | ||
Loans and Leases Receivable, Gross | 164,006 | 158,826 | ||
Loans on Non-Accrual | 2,035 | 1,878 | ||
Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan receivables back to regular payments | 49,931 | 48,071 | [1] | |
Loans and Leases Receivable, Gross | 49,931 | 48,071 | [1] | |
Loans on Non-Accrual | 569 | 636 | ||
Real Estate Loans: Commercial [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan receivables back to regular payments | 288,975 | 266,525 | [1] | |
Loans and Leases Receivable, Gross | 288,975 | 266,525 | [1] | |
Loans on Non-Accrual | 7,002 | |||
Real Estate Loans: Construction - Commercial [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan receivables back to regular payments | 22,615 | 21,824 | [1] | |
Loans and Leases Receivable, Gross | 22,615 | 21,824 | [1] | |
Other Loans: Commercial [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan receivables back to regular payments | 23,358 | [2] | 23,216 | [1] |
Loans and Leases Receivable, Gross | $ 23,358 | [2] | 23,216 | [1] |
PPP loans outstanding | $ 4,600 | |||
PPP loans guaranteed by SBA, percent | 100% | 100% | ||
Other Loans: Consumer [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loan receivables back to regular payments | $ 1,333 | $ 1,317 | [1] | |
Loans and Leases Receivable, Gross | 1,333 | 1,317 | [1] | |
Loans on Non-Accrual | 10 | 5 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 701 | 645 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 448 | 373 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 239 | 265 | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 14 | 7 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 433 | 911 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 233 | 758 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 195 | 146 | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 5 | 7 | ||
Financial Asset, 90 Days or More Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 2,245 | 1,633 | ||
Financial Asset, 90 Days or More Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,656 | 1,096 | ||
Financial Asset, 90 Days or More Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 589 | 532 | ||
Financial Asset, 90 Days or More Past Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 5 | |||
Financial Asset, Past Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 3,379 | 3,189 | ||
Financial Asset, Past Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 2,337 | 2,227 | ||
Financial Asset, Past Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 1,023 | 943 | ||
Financial Asset, Past Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 19 | 19 | ||
Financial Asset, Current Due [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 546,839 | 516,590 | ||
Financial Asset, Current Due [Member] | Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 161,669 | 156,599 | ||
Financial Asset, Current Due [Member] | Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 48,908 | 47,128 | ||
Financial Asset, Current Due [Member] | Real Estate Loans: Commercial [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 288,975 | 266,525 | ||
Financial Asset, Current Due [Member] | Real Estate Loans: Construction - Commercial [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 22,615 | 21,824 | ||
Financial Asset, Current Due [Member] | Other Loans: Commercial [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | 23,358 | 23,216 | ||
Financial Asset, Current Due [Member] | Other Loans: Consumer [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Total Past Due | $ 1,314 | $ 1,298 | ||
[1] Gross Loans Receivable does not include allowance for loan losses of $( 6,118 ) or deferred loan costs of $ 3,545 . The Pass/Performing category for Commercial Loans includes $ 4.6 million of PPP loans at December 31, 2021, which do not require payments for a certain amount of time under the CARES Act and are 100 % guaranteed by SBA. All PPP loans were forgiven as of June 30, 2022. |
Allowance for Loan Losses (Su_3
Allowance for Loan Losses (Summary of Internal Loan Grades Applied to Loan Portfolio) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | |||
Allowance for Loan Losses [Line Items] | ||||
Total | $ 550,218 | $ 519,779 | [1] | |
Pass/ Performing [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 536,251 | 497,697 | ||
Special Mention [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 7,087 | 8,424 | ||
Substandard [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 6,876 | 13,653 | ||
Loss [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 4 | 5 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 164,006 | 158,826 | ||
Real Estate Loans: One-to-Four Family [Member] | Pass/ Performing [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 161,775 | 156,931 | ||
Real Estate Loans: One-to-Four Family [Member] | Substandard [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 2,231 | 1,895 | ||
Real Estate Loans: Home Equity [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 49,931 | 48,071 | [1] | |
Real Estate Loans: Home Equity [Member] | Pass/ Performing [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 48,886 | 47,167 | ||
Real Estate Loans: Home Equity [Member] | Substandard [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 1,045 | 904 | ||
Real Estate Loans: Commercial [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 288,975 | 266,525 | [1] | |
Real Estate Loans: Commercial [Member] | Pass/ Performing [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 282,026 | 252,391 | ||
Real Estate Loans: Commercial [Member] | Special Mention [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 5,876 | 6,682 | ||
Real Estate Loans: Commercial [Member] | Substandard [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 1,073 | 7,452 | ||
Real Estate Loans: Commercial [Member] | Loans First Deemed To Be TDRs [Member] | Substandard [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 7,000 | |||
Real Estate Loans: Construction - Commercial [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 22,615 | 21,824 | [1] | |
Real Estate Loans: Construction - Commercial [Member] | Pass/ Performing [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 22,615 | 21,824 | ||
Other Loans: Commercial [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | $ 23,358 | [2] | 23,216 | [1] |
PPP loans outstanding | $ 4,600 | |||
PPP loans guaranteed by SBA, percent | 100% | 100% | ||
Other Loans: Commercial [Member] | Pass/ Performing [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | $ 19,626 | [2] | $ 18,076 | |
PPP loans outstanding | $ 4,600 | |||
PPP loans guaranteed by SBA, percent | 100% | 100% | ||
Other Loans: Commercial [Member] | Special Mention [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | $ 1,211 | [2] | $ 1,742 | |
Other Loans: Commercial [Member] | Substandard [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 2,521 | [2] | 3,398 | |
Other Loans: Consumer [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 1,333 | 1,317 | [1] | |
Other Loans: Consumer [Member] | Pass/ Performing [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 1,323 | 1,308 | ||
Other Loans: Consumer [Member] | Substandard [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | 6 | 4 | ||
Other Loans: Consumer [Member] | Loss [Member] | ||||
Allowance for Loan Losses [Line Items] | ||||
Total | $ 4 | $ 5 | ||
[1] Gross Loans Receivable does not include allowance for loan losses of $( 6,118 ) or deferred loan costs of $ 3,545 . The Pass/Performing category for Commercial Loans includes $ 4.6 million of PPP loans at December 31, 2021, which do not require payments for a certain amount of time under the CARES Act and are 100 % guaranteed by SBA. All PPP loans were forgiven as of June 30, 2022. |
Allowance for Loan Losses (Su_4
Allowance for Loan Losses (Summary of Loans Classified as TDRs) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 loan | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 loan | Dec. 31, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 2 | 2 | ||
Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | |||
Recorded Investment | $ | $ 15 | |||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 9 | 10 | ||
Recorded Investment | $ | $ 275 | $ 7,287 | ||
Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 2 | 3 | ||
Recorded Investment | $ | $ 22 | $ 7,028 | ||
Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 7 | 7 | ||
Recorded Investment | $ | $ 253 | $ 259 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Real Estate Loans: One-to-Four Family [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 7 | 7 | ||
Recorded Investment | $ | $ 252 | $ 261 | ||
Real Estate Loans: One-to-Four Family [Member] | Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Recorded Investment | $ | $ 8 | $ 11 | ||
Real Estate Loans: One-to-Four Family [Member] | Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 6 | 6 | ||
Recorded Investment | $ | $ 244 | $ 250 | ||
Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Real Estate Loans: Home Equity [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | |||
Recorded Investment | $ | $ 15 | |||
Real Estate Loans: Home Equity [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 2 | 2 | ||
Recorded Investment | $ | $ 23 | $ 24 | ||
Real Estate Loans: Home Equity [Member] | Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Recorded Investment | $ | $ 14 | $ 15 | ||
Real Estate Loans: Home Equity [Member] | Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Recorded Investment | $ | $ 9 | $ 9 | ||
Real Estate Loans: Commercial [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | |||
Recorded Investment | $ | $ 7,002 | |||
Real Estate Loans: Commercial [Member] | Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | |||
Recorded Investment | $ | $ 7,002 |
Allowance for Loan Losses (Acti
Allowance for Loan Losses (Activity in Loans First Deemed to be TDRs) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 USD ($) loan | Jun. 30, 2022 loan | Jun. 30, 2021 USD ($) loan | Dec. 31, 2021 loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 48 | $ 48 | ||
Post-Modification Outstanding Recorded Investment | $ | $ 48 | $ 48 | ||
Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | |||
Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 9 | 10 | ||
Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 2 | 3 | ||
Real Estate Loans: One-to-Four Family [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 38 | $ 38 | ||
Post-Modification Outstanding Recorded Investment | $ | $ 38 | $ 38 | ||
Real Estate Loans: One-to-Four Family [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 7 | 7 | ||
Real Estate Loans: One-to-Four Family [Member] | Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Real Estate Loans: Home Equity [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 10 | $ 10 | ||
Post-Modification Outstanding Recorded Investment | $ | $ 10 | $ 10 | ||
Real Estate Loans: Home Equity [Member] | Nonperforming Financing Receivable [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | |||
Real Estate Loans: Home Equity [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 2 | 2 | ||
Real Estate Loans: Home Equity [Member] | Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | 1 | ||
Real Estate Loans: Commercial [Member] | Performing Financial Instruments [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 | |||
Real Estate Loans: Commercial [Member] | Non Accruing Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | 1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per Share [Abstract] | ||||||
Numerator- net income | $ 1,684 | $ 1,061 | $ 993 | $ 1,688 | $ 2,745 | $ 2,681 |
Denominator: Basic weighted average shares outstanding | 5,903,048 | 5,919,204 | 5,867,805 | 5,916,175 | ||
Increase in weighted average shares outstanding due to: Stock options | 1,702 | 3,237 | 3,088 | 2,097 | ||
Diluted weighted average shares outstanding | 5,904,750 | 5,922,441 | 5,870,893 | 5,918,272 | ||
Earnings per share: Basic | $ 0.29 | $ 0.17 | $ 0.47 | $ 0.45 | ||
Earnings per share: Diluted | $ 0.29 | $ 0.17 | $ 0.47 | $ 0.45 |
Commitments to Extend Credit (D
Commitments to Extend Credit (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Off-Balance-Sheet, Credit Loss, Liability | $ 0 | $ 0 |
Commitments to grant loans [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | 41,504,000 | 61,234,000 |
Unfunded commitments under lines of credit [Member] | ||
Other Commitments [Line Items] | ||
Commitments to extend credit | $ 76,288,000 | $ 73,387,000 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 USD ($) item shares | Mar. 31, 2022 shares | Jun. 30, 2021 USD ($) shares | Mar. 31, 2021 shares | Jun. 30, 2022 USD ($) item shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2006 USD ($) $ / shares shares | May 23, 2012 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock-based compensation plans | item | 3 | 3 | ||||||
Number of stock-based compensation plans expired | item | 1 | 1 | ||||||
Compensation cost | $ | $ 102 | $ 107 | $ 174 | $ 178 | ||||
ESOP compensation expense | $ | $ 58 | 59 | ||||||
ESOP, shares earned | 1,984 | 1,984 | 1,984 | 1,984 | ||||
2006 Stock Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation cost | $ | $ 8 | $ 17 | ||||||
Share-based payment award expiration date | Oct. 24, 2016 | |||||||
Stock option award vesting period | 5 years | |||||||
Stock options exercised, shares | 0 | 0 | ||||||
Stock awards available for grant, shares | 0 | 0 | ||||||
2006 Recognition and Retention Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation cost | $ | $ 6 | $ 12 | ||||||
Share-based payment award expiration date | Oct. 24, 2016 | |||||||
2012 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock options exercised, shares | 0 | 0 | ||||||
Employee Stock Ownership Plan "ESOP" [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award requisite service period | 5 years | |||||||
ESOP, loan amount | $ | $ 1,400 | $ 1,400 | $ 2,600 | |||||
ESOP, shares acquired | 238,050 | |||||||
ESOP, stock purchase price | $ / shares | $ 10.70 | |||||||
ESOP, reduction to stockholders' equity from purchased shares | $ | $ 2,600 | |||||||
ESOP, fair value of unallocated shares | $ | $ 1,500 | $ 1,500 | ||||||
ESOP, number of allocated shares | 80,403 | 81,719 | 80,403 | 81,719 | ||||
ESOP, number of unallocated shares | 111,089 | 119,024 | 111,089 | 119,024 | ||||
ESOP compensation expense | $ | $ 28 | $ 30 | $ 58 | $ 59 | ||||
ESOP, shares earned | 1,984 | 1,984 | 3,968 | 3,968 | ||||
Restricted Stock [Member] | 2006 Recognition and Retention Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation number of stock shares vested | 119,025 | |||||||
Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation cost | $ | $ 74 | $ 60 | $ 116 | $ 85 | ||||
Share-based compensation number of stock shares vested | 93,741 | |||||||
Unrecognized compensation cost, recognition period | 33 months | |||||||
Unrecognized compensation cost related to awards | $ | $ 498 | $ 498 | ||||||
Stock Option [Member] | 2012 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation cost | $ | $ 3 | $ 5 | ||||||
Stock awards available for grant, shares | 0 | 0 | ||||||
Maximum [Member] | 2006 Stock Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation number of shares authorized | 297,562 | 297,562 | ||||||
Share-based payment award expiration period | 10 years | |||||||
Maximum [Member] | 2006 Recognition and Retention Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation number of shares authorized | 119,025 | 119,025 | ||||||
Maximum [Member] | Restricted Stock [Member] | 2012 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation number of shares authorized | 180,000 | |||||||
Maximum [Member] | Stock Option [Member] | 2012 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation number of shares authorized | 20,000 |
Stock-based Compensation (Summa
Stock-based Compensation (Summary of Status of Stock Option Plan) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
2006 Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year | 64,548 | 64,548 |
Exercised | 0 | 0 |
Outstanding at end of period | 64,548 | 64,548 |
Options exercisable at end of period | 64,548 | 51,636 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Outstanding at end of period, Weighted Average Exercise Price | 14.38 | 14.38 |
Options exercisable at end of period, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Options Outstanding at end of period, Remaining Contractual Life | 4 years 3 months 18 days | 5 years 3 months 18 days |
Options Exercisable at end of period, Remaining Contractual Life | 4 years 3 months 18 days | 5 years 3 months 18 days |
2012 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of year | 20,000 | 20,000 |
Exercised | 0 | 0 |
Outstanding at end of period | 20,000 | 20,000 |
Options exercisable at end of period | 20,000 | 15,998 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Outstanding at end of period, Weighted Average Exercise Price | 14.38 | 14.38 |
Options exercisable at end of period, Weighted Average Exercise Price | $ 14.38 | $ 14.38 |
Options Outstanding at end of period, Remaining Contractual Life | 4 years 3 months 18 days | 5 years 3 months 18 days |
Options Exercisable at end of period, Remaining Contractual Life | 4 years 3 months 18 days | 5 years 3 months 18 days |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Unvested Restricted Stock Activity) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
2006 Recognition and Retention Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested shares outstanding at beginning of year | 1,618 | |
Unvested shares outstanding at end of period | 1,618 | |
Unvested shares outstanding at beginning of year, Weighted Average Grant Price | $ 14.38 | |
Unvested shares outstanding at end of period, Weighted Average Grant Price | $ 14.38 | |
2012 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested shares outstanding at beginning of year | 29,495 | 14,986 |
Granted | 27,132 | 20,958 |
Forfeited | (3,062) | (1,392) |
Unvested shares outstanding at end of period | 53,565 | 34,552 |
Unvested shares outstanding at beginning of year, Weighted Average Grant Price | $ 15.24 | $ 15.39 |
Granted, Weighted Average Grant Price | 14.97 | 15.22 |
Forfeited, Weighted average Grant Price | 15.07 | 15.26 |
Unvested shares outstanding at end of period, Weighted Average Grant Price | $ 15.11 | $ 15.29 |
Stock-based Compensation (Sch_2
Stock-based Compensation (Schedule of Awards Granted ) (Details) - 2012 Equity Incentive Plan [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair Value per Share of Award on Grant Date | $ 14.97 | $ 15.22 |
Restricted Stock [Member] | March 17, 2022 [Member] | Non-Employee Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Stock Awards | 4,577 | |
Percentage of Awards Vesting | 100% | |
Fair Value per Share of Award on Grant Date | $ 15 | |
Restricted Stock [Member] | March 30, 2022 [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Stock Awards | 22,555 | |
Percentage of Awards Vesting | 100% | |
Fair Value per Share of Award on Grant Date | $ 14.96 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - Foreclosed Real Estate [Member] - Significant Unobservable Inputs (Level 3) [Member] - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Recorded investment, with related allowance | $ 73 |
Impaired financing receivable, related allowance | $ 38 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair Value of Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | $ 77,540 | $ 88,816 |
Derivative, Fair Value | (60) | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10 | 19 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 77,530 | 88,797 |
Derivative, Fair Value | (60) | |
U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,922 | 2,213 |
Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 43,029 | 50,756 |
Collateralized mortgage obligations - private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 12 | 15 |
Collateralized mortgage obligations - government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 14,097 | 17,814 |
Asset-backed securities - Private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 101 | 110 |
Asset-backed securities - Government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 6 | 10 |
Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 77,530 | 88,797 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10 | 19 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 77,540 | 88,816 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10 | 19 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 77,530 | 88,797 |
Fair Value, Recurring [Member] | U.S. Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,922 | 2,213 |
Fair Value, Recurring [Member] | U.S. Government Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 1,922 | 2,213 |
Fair Value, Recurring [Member] | Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 43,029 | 50,756 |
Fair Value, Recurring [Member] | Municipal bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 43,029 | 50,756 |
Fair Value, Recurring [Member] | Collateralized mortgage obligations - private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 12 | 15 |
Fair Value, Recurring [Member] | Collateralized mortgage obligations - private label [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 12 | 15 |
Fair Value, Recurring [Member] | Collateralized mortgage obligations - government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 14,097 | 17,814 |
Fair Value, Recurring [Member] | Collateralized mortgage obligations - government sponsored entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 14,097 | 17,814 |
Fair Value, Recurring [Member] | Government National Mortgage Association [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 65 | 83 |
Fair Value, Recurring [Member] | Government National Mortgage Association [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 65 | 83 |
Fair Value, Recurring [Member] | Federal National Mortgage Association [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 12,470 | 10,760 |
Fair Value, Recurring [Member] | Federal National Mortgage Association [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 12,470 | 10,760 |
Fair Value, Recurring [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 5,828 | 7,036 |
Fair Value, Recurring [Member] | Federal Home Loan Mortgage Corporation [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 5,828 | 7,036 |
Fair Value, Recurring [Member] | Asset-backed securities - Private label [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 101 | 110 |
Fair Value, Recurring [Member] | Asset-backed securities - Private label [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 101 | 110 |
Fair Value, Recurring [Member] | Asset-backed securities - Government sponsored entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 6 | 10 |
Fair Value, Recurring [Member] | Asset-backed securities - Government sponsored entities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 6 | 10 |
Fair Value, Recurring [Member] | Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 77,530 | 88,797 |
Fair Value, Recurring [Member] | Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 77,530 | 88,797 |
Fair Value, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10 | 19 |
Fair Value, Recurring [Member] | Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities | 10 | 19 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value | (194) | (60) |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Fair Value | $ (194) | $ (60) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Foreclosed real estate | $ 269 | $ 123 | |
Fair Value, Nonrecurring [Member] | Foreclosed Real Estate [Member] | |||
Foreclosed real estate | 35 | ||
Fair Value, Nonrecurring [Member] | Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Estimate | [1],[2] | 35 | |
Foreclosed real estate | 35 | ||
Fair Value, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value Estimate | 219 | 220 | |
Fair Value, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value Estimate | [1],[2] | $ 219 | $ 220 |
[1] The fair value basis of foreclosed real estate may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. The fair value is based on a discounted cash flow model. The model's key assumptions are the estimated life of loans sold with servicing retained and the estimated cost to service the loans. (2) Fair value is generally determined through independent third-party appraisals of the underlying collateral or by a purchase offer for the related property, which generally includes various Level 3 inputs which are not observable. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Additional Quantitative Information About Assets Measured at Fair Value) (Details) $ in Thousands | Jun. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | ||
Measurement Input, Servicing Costs [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | 0.0015 | |||
Foreclosed Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value Estimate | $ | [1],[2] | $ 35 | ||
Mortgage Servicing Rights [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value Estimate | $ | $ 219 | 220 | ||
Mortgage Servicing Rights [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value Estimate | $ | [1],[2] | $ 219 | $ 220 | |
Mortgage Servicing Rights [Member] | Measurement Input, Servicing Costs [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | [1],[2] | 0.0015 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Servicing Costs [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | [1],[2] | 0.0025 | ||
Mortgage Servicing Rights [Member] | Measurement Input, Estimated Life Of Loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Securities, Available-for-Sale, Term | 5 years 10 months 24 days | |||
Mortgage Servicing Rights [Member] | Measurement Input, Estimated Life Of Loans [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Securities, Available-for-Sale, Term | 5 years 6 months | |||
Market Valuation of Property [Member] | Foreclosed Real Estate [Member] | Measurement Input, Direct Disposal Costs [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | [1],[2] | 0.0700 | ||
Market Valuation of Property [Member] | Foreclosed Real Estate [Member] | Measurement Input, Direct Disposal Costs [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | [1],[2] | 0.0700 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Servicing Fees [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | 0.0025 | |||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Estimated Life Of Loans [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Securities, Available-for-Sale, Term | 5 years 10 months 24 days | |||
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | [1],[2] | 0.1000 | 0.1000 | |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | [1],[2] | 0.1000 | 0.1000 | |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Servicing Fees [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | 0.0025 | [1],[2] | 0.0025 | |
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Servicing Costs [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | 0.0015 | |||
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Servicing Costs [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement unobservable inputs | [1],[2] | 0.0015 | ||
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Estimated Life Of Loans [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Securities, Available-for-Sale, Term | 5 years 6 months | |||
Valuation Technique, Discounted Cash Flow [Member] | Mortgage Servicing Rights [Member] | Measurement Input, Estimated Life Of Loans [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Securities, Available-for-Sale, Term | 7 years 3 months 18 days | |||
[1] The fair value basis of foreclosed real estate may be adjusted to reflect management estimates of disposal costs including, but not necessarily limited to, real estate brokerage commissions, legal fees, and delinquent property taxes. The fair value is based on a discounted cash flow model. The model's key assumptions are the estimated life of loans sold with servicing retained and the estimated cost to service the loans. (2) Fair value is generally determined through independent third-party appraisals of the underlying collateral or by a purchase offer for the related property, which generally includes various Level 3 inputs which are not observable. |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Carrying Amount and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Cash and cash equivalents | $ 27,156 | $ 67,585 |
Financial assets: Securities | 77,540 | 88,816 |
Financial assets: Federal Home Loan Bank stock | 1,763 | 1,606 |
Financial assets: Loans receivable, net | 522,792 | 504,018 |
Financial assets: Accrued interest receivable | 2,379 | 2,483 |
Financial assets: Mortgage Servicing Rights | 219 | 220 |
Financial liabilities: Deposits | 579,437 | 596,273 |
Financial liabilities: Long-term debt | 23,869 | 22,073 |
Financial liabilities: Accrued interest payable | 49 | 55 |
Financial liabilities: Interest rate swap | 60 | |
Financial assets: Cash and cash equivalents, Carrying Amount | 27,156 | 67,585 |
Financial assets: Federal Home Loan Bank stock, Carrying Amount | 1,763 | 1,606 |
Financial assets: Loans receivable, net, Carrying Amount | 547,200 | 517,206 |
Financial assets: Accrued interest receivable, Carrying Amount | 2,379 | 2,483 |
Financial assets: Mortgage Servicing Rights, Carrying Amount | 219 | 220 |
Financial assets: Interest Rate Swap | 194 | |
Financial liabilities: Deposits, Carrying Amount | 578,268 | 593,184 |
Financial liabilities: Long-term debt, Carrying Amount | 24,950 | 21,950 |
Financial liabilities: Accrued interest payable, Carrying Amount | 49 | 55 |
Financial liabilities: Interest rate swap, Carrying Amount | 60 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Cash and cash equivalents | 27,156 | 67,585 |
Financial assets: Securities | 10 | 19 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Securities | 77,530 | 88,797 |
Financial assets: Federal Home Loan Bank stock | 1,763 | 1,606 |
Financial assets: Accrued interest receivable | 2,379 | 2,483 |
Financial liabilities: Deposits | 579,437 | 596,273 |
Financial liabilities: Long-term debt | 23,869 | 22,073 |
Financial liabilities: Accrued interest payable | 49 | 55 |
Financial liabilities: Interest rate swap | 60 | |
Financial assets: Interest Rate Swap | 194 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets: Loans receivable, net | 522,792 | 504,018 |
Financial assets: Mortgage Servicing Rights | $ 219 | $ 220 |
Treasury Stock (Details)
Treasury Stock (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Shares of common stock repurchased at average cost | 5,701 | 36,094 | 43,834 | ||
Treasury stock transferred to fund awards granted | 27,132 | 20,958 | |||
Treasury stock transferred, average cost per share | $ 9.39 | ||||
Common Stock Repurchase Program [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Shares of common stock repurchased at average cost | 5,701 | 36,094 | 5,701 | 79,928 | |
Repurchased shares of common stock average cost per share | $ 14.91 | $ 15.15 | $ 14.91 | $ 15 | |
Remaining number of shares authorized to be repurchased under stock repurchase program | 30,626 | 30,626 | |||
2012 Equity Incentive Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock transferred, average cost per share | $ 9.39 | ||||
2012 Equity Incentive Plan [Member] | Stock Forfeitures [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Treasury stock transferred to fund awards granted | 3,062 | 1,392 | |||
Treasury stock transferred, average cost per share | $ 9.39 | $ 9.39 |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income (Tax Effects Allocated to Single Component of Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Comprehensive (Loss) Income [Abstract] | ||||||
Net unrealized (losses) gains on securities available for sale arising during the year, before tax | $ (4,347) | $ 277 | $ (12,105) | $ (718) | ||
Less: reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, before tax | (4) | (11) | (10) | (32) | ||
Total Other Comprehensive Loss, before tax | (4,351) | 266 | (12,115) | (750) | ||
Net unrealized (losses) gains on securities available for sale arising during the year, tax benefit | 913 | (58) | 2,542 | 151 | ||
Less: reclassification adjustments related to: Recovery on previously impaired investment securities included in net income, tax expense | 1 | 3 | 2 | 7 | ||
Total Other Comprehensive (Loss) Income, tax (benefit) expense | (914) | $ (1,630) | 55 | $ (213) | (2,544) | (158) |
Net unrealized (losses) gains on securities available for sale arising during the year, net of tax | (3,434) | (219) | (9,563) | (567) | ||
Reclassification adjustments related to: Recovery on previously impaired investment securities included in net income of subsidiary, net of tax expense | (3) | (8) | (8) | (25) | ||
Total Other Comprehensive (Loss) Income | $ (3,437) | $ (6,134) | $ 211 | $ (803) | $ (9,571) | $ (592) |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Recovery on previously impaired investment securities | $ 4 | $ 11 | $ 10 | $ 32 | ||
Income tax expense | (337) | (226) | (544) | (525) | ||
Net income | 1,684 | $ 1,061 | 993 | $ 1,688 | 2,745 | 2,681 |
Net Unrealized Losses on Securities Available for Sale [Member] | Reclassification out of Accumulated Other Comprehensive (Loss) Income [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Recovery on previously impaired investment securities | (4) | (11) | (10) | (32) | ||
Income tax expense | 1 | 3 | 2 | 7 | ||
Net income | $ (3) | $ (8) | $ (8) | $ (25) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Feb. 09, 2023 | Jul. 20, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||||||||
Dividends declared per share | $ 0.16 | $ 0.16 | $ 0.13 | $ 0.13 | $ 0.32 | $ 0.26 | |||
Amortized cost of securities sold | $ 88,429 | $ 88,429 | $ 87,581 | ||||||
MHC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cumulative cash dividends waived | 17,300 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends declared per share | $ 0.18 | ||||||||
Dividends payable, date to be paid | Aug. 19, 2022 | ||||||||
Dividends payable, date of record | Aug. 02, 2022 | ||||||||
Subsequent Event [Member] | MHC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Equity securities common stock shares owned | 3,636,875 | ||||||||
Subsequent Event [Member] | MHC [Member] | Lake Shore Bancorp [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Equity method investment, ownership percentage | 63.70% | ||||||||
Dividend Declared [Member] | Forecast [Member] | MHC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate annual dividend to be waived per share | $ 0.68 | ||||||||
Dividends Waived [Member] | MHC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash dividends waived | $ 582 | $ 1,200 |