Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 20, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PATHFINDER BANCORP, INC. | ||
Entity Central Index Key | 0001609065 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 68.1 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 001-36695 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 38-3941859 | ||
Entity Address, Address Line One | 214 West First Street | ||
Entity Address, City or Town | Oswego | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 13126 | ||
City Area Code | 315 | ||
Local Phone Number | 343-0057 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Bonadio & Co., LLP | ||
Auditor Location | Pittsford, New York | ||
Auditor Firm ID | 1884 | ||
Title of each class | Common Stock, $0.01 par value | ||
Trading Symbol | PBHC | ||
Name of each exchange on which registered | NASDAQ | ||
Voting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock Shares Outstanding | 4,651,829 | ||
Series A Nonvoting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock Shares Outstanding | 1,380,283 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks (including restricted balances of $1,600 and $1,600 respectively) | $ 13,939 | $ 13,856 |
Interest-earning deposits (including restricted balances of $0 and $0, respectively) | 21,343 | 23,293 |
Total cash and cash equivalents | 35,282 | 37,149 |
Available-for-sale securities, at fair value | 191,726 | 190,598 |
Held-to-maturity securities, at amortized cost (fair value of $181,491 and $162,805, respectively) | 194,402 | 160,923 |
Marketable equity securities, at fair value | 1,862 | 677 |
Federal Home Loan Bank stock, at cost | 5,982 | 4,189 |
Loans | 897,735 | 831,946 |
Loans held-for-sale | 19 | 513 |
Less: Allowance for loan losses | 15,319 | 12,935 |
Loans receivable, net | 882,435 | 819,524 |
Premises and equipment, net | 17,872 | 21,659 |
Assets held-for-sale | 3,042 | 0 |
Operating lease right-of-use assets | 2,098 | 2,136 |
Finance lease right-of-use assets | 4,213 | 0 |
Accrued interest receivable | 6,168 | 4,520 |
Foreclosed real estate | 221 | 0 |
Intangible assets, net | 101 | 117 |
Goodwill | 4,536 | 4,536 |
Bank owned life insurance | 24,012 | 23,423 |
Other assets | 25,969 | 15,726 |
Total assets | 1,399,921 | 1,285,177 |
Deposits: | ||
Interest-bearing | 941,719 | 863,488 |
Noninterest-bearing | 183,711 | 191,858 |
Total deposits | 1,125,430 | 1,055,346 |
Short-term borrowings | 60,333 | 12,500 |
Long-term borrowings | 55,664 | 64,598 |
Subordinated debt | 29,733 | 29,563 |
Accrued interest payable | 975 | 106 |
Operating lease liabilities | 2,417 | 2,440 |
Finance lease liabilities | 4,422 | 596 |
Other liabilities | 9,365 | 9,395 |
Total liabilities | 1,288,339 | 1,174,544 |
Shareholders' equity: | ||
Additional paid in capital | 52,101 | 51,044 |
Retained earnings | 71,322 | 60,946 |
Accumulated other comprehensive loss | (12,172) | (1,268) |
Unearned ESOP | (315) | (495) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 110,997 | 110,287 |
Noncontrolling interest | 585 | 346 |
Total equity | 111,582 | 110,633 |
Total liabilities and shareholders' equity | 1,399,921 | 1,285,177 |
Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 47 | 46 |
Non-Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | $ 14 | $ 14 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks including restricted cash | $ 0 | $ 1,600 |
Restricted Cash | 0 | 0 |
Held-to-maturity securities at fair value | $ 181,491 | $ 162,805 |
Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 4,651,829 | 4,603,184 |
Common stock, shares outstanding (in shares) | 4,651,829 | 4,603,184 |
Non-Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,505,283 | 1,505,283 |
Common stock, shares issued (in shares) | 1,380,283 | 1,380,283 |
Common stock, shares outstanding (in shares) | 1,380,283 | 1,380,283 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income: | ||
Loans, including fees | $ 38,322 | $ 37,026 |
Debt securities: | ||
Taxable | 11,225 | 8,312 |
Tax-exempt | 1,173 | 171 |
Dividends | 229 | 309 |
Federal funds sold and interest earning deposits | 149 | 9 |
Total interest and dividend income | 51,098 | 45,827 |
Interest expense: | ||
Interest on deposits | 7,072 | 4,714 |
Interest on short-term borrowings | 310 | 10 |
Interest on long-term borrowings | 564 | 1,018 |
Interest on subordinated loans | 1,749 | 1,790 |
Total interest expense | 9,695 | 7,532 |
Net interest income | 41,403 | 38,295 |
Provision for loan losses | 2,754 | 1,022 |
Net interest income after provision for loan losses | 38,649 | 37,273 |
Noninterest income: | ||
Earnings and gain on bank owned life insurance | 589 | 559 |
Net gains on sales and redemptions of investment securities | (169) | 37 |
Gains (losses) on marketable equity securities | 352 | 382 |
Net gains on sales of loans and foreclosed real estate | 137 | 313 |
Net gains on sales of premises and equipment | (250) | 201 |
Insurance agency revenue | 1,128 | 1,048 |
Total noninterest income | 5,914 | 6,231 |
Noninterest expense: | ||
Salaries and employee benefits | 16,022 | 14,384 |
Building and occupancy | 3,380 | 3,121 |
Data processing | 2,042 | 2,555 |
Professional and other services | 1,528 | 1,627 |
Advertising | 905 | 1,198 |
FDIC assessments | 606 | 874 |
Audits and exams | 688 | 725 |
Insurance agency expense | 906 | 825 |
Community service activities | 267 | 220 |
Foreclosed real estate expenses | 78 | 46 |
Other expenses | 2,452 | 1,920 |
Total noninterest expenses | 28,874 | 27,495 |
Income before income taxes | 15,689 | 16,009 |
Provision for income taxes | 2,656 | 3,499 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 13,033 | 12,510 |
Net income attributable to noncontrolling interest | 101 | 103 |
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,932 | $ 12,407 |
Common stock dividends declared ($0.36 per share) | $ 0.36 | $ 0.28 |
Voting Common Stock [Member] | ||
Noninterest expense: | ||
Earnings per common share- basic | 2.13 | 2.07 |
Common stock dividends declared ($0.36 per share) | 1,646 | 1,258 |
Series A Non voting [Member] | ||
Noninterest expense: | ||
Earnings per common share- basic | 2.13 | 2.07 |
Voting and Series A Non-Voting [Member] | ||
Noninterest expense: | ||
Common stock dividends declared ($0.36 per share) | $ 0.36 | $ 0.28 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Service charges on deposit accounts | $ 1,126 | $ 1,464 |
Loan Servicing Fees [Member] | ||
Noninterest income: | ||
Service charges on deposit accounts | 363 | 246 |
Debit Card Interchange Fees [Member] | ||
Noninterest income: | ||
Service charges on deposit accounts | 867 | 923 |
Other Charges, Commissions & Fees [Member] | ||
Noninterest income: | ||
Service charges on deposit accounts | $ 1,771 | $ 1,058 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net Income | $ 13,033 | $ 12,510 | |
Retirement Plans: | |||
Retirement plan net losses recognized in plan expenses | 2 | 105 | |
Plan (losses) gains not recognized in plan expenses | (1,380) | 818 | |
Net unrealized (losses) gains on retirement plans | (1,378) | 923 | |
Available-for-sale securities: | |||
Unrealized holding losses arising during the period | (14,448) | (535) | |
Reclassification adjustment for net losses (gains) included in net income | 160 | (19) | |
Net unrealized gains on available-for-sale securities | (14,288) | (554) | |
Derivatives and hedging activities: | |||
Unrealized holding gains arising during the period | 906 | 921 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Total | 906 | 921 | |
Accretion of net unrealized (losses) gains on securities transferred to held-to-maturity | [1] | (2) | 21 |
Other comprehensive income, before tax | (14,762) | 1,311 | |
Tax effect | 3,858 | (343) | |
Other comprehensive income, net of tax | (10,904) | 968 | |
Comprehensive income | 2,129 | 13,478 | |
Comprehensive income, attributable to noncontrolling interest | 101 | 103 | |
Comprehensive income attributable to Pathfinder Bancorp, Inc. | 2,028 | 13,375 | |
Tax Effect Allocated to Each Component of Other Comprehensive Income | |||
Retirement plan net gains recognized in plan expenses | 0 | (27) | |
Plan losses (gains) not recognized in plan expenses | 363 | (215) | |
Unrealized holding losses arising during the period | 3,775 | 140 | |
Reclassification adjustment for net (losses) gains included in net income | (42) | 5 | |
Unrealized gains on derivatives and hedging arising during the period | (238) | (241) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 0 | (5) |
Income tax effect related to other comprehensive income | $ 3,858 | $ (343) | |
[1] The accretion of the unrealized holding losses in accumulated other comprehensive loss at the date of transfer at September 30, 2013 partially offsets the amortization of the difference between the par value and the fair value of the investment securities at the date of transfer, and is an adjustment of yield. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Unearned ESOP [Member] | Non-controlling Interest [Member] | Non-Voting Common Stock [Member] Common Stock [Member] |
Balance at Dec. 31, 2020 | $ 97,722 | $ 14 | $ 45 | $ 50,024 | $ 50,284 | $ (2,236) | $ (675) | $ 266 | |
Net Income | 12,510 | 12,407 | 103 | ||||||
Conversion of Preferred stock to Non-Voting common stock | $ (14) | $ 14 | |||||||
Other comprehensive income, net of tax | 968 | 968 | |||||||
ESOP shares earned | 376 | 196 | 180 | ||||||
Stock based compensation | 241 | 241 | |||||||
Stock options exercised | 551 | 1 | 550 | ||||||
Common stock dividends declared | (1,258) | (1,258) | |||||||
Non-Voting common stock dividends declared ($0.21 per share) | (290) | (290) | |||||||
Preferred stock dividends declared | (97) | (97) | |||||||
Warrant dividends declared | (35) | (35) | |||||||
Cumulative effect of affiliate capital allocation | 33 | (65) | 32 | ||||||
Distributions from affiliates | (55) | (55) | |||||||
Balance at Dec. 31, 2021 | 110,633 | 46 | 51,044 | 60,946 | (1,268) | (495) | 346 | 14 | |
Net Income | 13,033 | 12,932 | 101 | ||||||
Other comprehensive income, net of tax | (10,904) | (10,904) | |||||||
ESOP shares earned | 470 | 290 | 180 | ||||||
Stock based compensation | 156 | 156 | |||||||
Stock options exercised | 418 | 1 | 417 | ||||||
Common stock dividends declared | (1,646) | (1,646) | |||||||
Non-Voting common stock dividends declared ($0.21 per share) | (497) | (497) | |||||||
Warrant dividends declared | (45) | (45) | |||||||
Cumulative effect of affiliate capital allocation | 194 | (368) | 174 | ||||||
Distributions from affiliates | (36) | (36) | |||||||
Balance at Dec. 31, 2022 | $ 111,582 | $ 47 | $ 52,101 | $ 71,322 | $ (12,172) | $ (315) | $ 585 | $ 14 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ESOP shares earned (in shares) | 24,442 | 24,442 |
Common Stock, Dividends, Per Share, Declared | $ 0.36 | $ 0.28 |
Dividends per non voting common share | 0.36 | 0.21 |
Preferred stock dividends declared ($0.07 per share) | 0.07 | |
Dividends per warrant | $ 0.36 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,932 | $ 12,407 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 2,754 | 1,022 |
Deferred income expense (benefit) tax | 298 | 481 |
Amortization of operating leases | (372) | 19 |
Proceeds from sales of loans | 8,035 | 9,224 |
Originations of loans held-for-sale | (7,404) | (7,898) |
Realized (gains) losses on sales, redemptions and calls of: | ||
Loans | (137) | (313) |
Available-for-sale investment securities | 160 | (19) |
Held-to-maturity investment securities | 9 | (18) |
Premises and equipment | (130) | (201) |
Marketable equity securities | (352) | (382) |
Impairment of asset | 380 | 0 |
Depreciation | 1,067 | 1,787 |
Amortization of mortgage servicing rights | (11) | (5) |
Amortization of deferred loan costs | 385 | 1,820 |
Amortization of deferred financing from subordinated debt | 170 | 163 |
Earnings and gain on bank owned life insurance | (589) | (559) |
Net amortization of premiums and discounts on investment securities | 2,002 | 2,418 |
Amortization of intangible assets | 16 | 16 |
Stock based compensation and ESOP expense | 626 | 617 |
Net change in accrued interest receivable | (1,648) | 29 |
Payment of executive deferred compensation and SERP contracts, expensed in prior periods | 0 | (571) |
Net change in other assets and liabilities | 3,542 | 117 |
Net cash flows from operating activities | 21,733 | 20,154 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (52,375) | (156,548) |
Purchase of investment securities held-to-maturity | (62,566) | (43,914) |
Purchase of Federal Home Loan Bank stock | (15,896) | (6,665) |
Proceeds from redemption of Federal Home Loan Bank stock | 14,103 | 6,866 |
Purchase of marketable securities | (1,628) | 0 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 19,230 | 52,202 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 27,148 | 50,155 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 8,358 | 38,243 |
Held-to-maturity investment securities | 2,206 | 3,784 |
Proceeds from sales of marketable equity securities | 714 | 1,555 |
Purchase of bank owned life insurance | 0 | (5,000) |
Net change in loans | (66,302) | (9,648) |
Purchase of premises and equipment | (1,898) | (1,212) |
Insurance proceeds from fixed assets | 66 | 0 |
Disposal of premises and equipment | (3,311) | 0 |
Proceeds from sales of premises and equipment | 991 | 231 |
Net cash flows from investing activities | (131,160) | (69,951) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 5,337 | 95,431 |
Net change in time deposits | (26,079) | (23,824) |
Net change in brokered deposits | 90,826 | (12,168) |
Net change in short-term borrowings | 47,833 | 8,480 |
Payments on long-term borrowings | (18,227) | (25,969) |
Proceeds from long-term borrowings | 9,293 | 12,537 |
Payments On Sub Debt Borrowings | 0 | (10,000) |
Proceeds from exercise of stock options | 418 | 551 |
Cash dividends paid to common voting shareholders | (1,568) | (1,227) |
Cash dividends paid to common non-voting shareholders | (469) | (194) |
Cash dividends paid to preferred shareholders | 0 | (180) |
Cash dividends paid on warrants | (43) | (35) |
Change in noncontrolling interest, net | 239 | 80 |
Net cash flows from financing activities | 107,560 | 43,482 |
Change in cash and cash equivalents | (1,867) | (6,315) |
Cash and cash equivalents at beginning of year | 37,149 | 43,464 |
Cash and cash equivalents at end of year | 35,282 | 37,149 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 1,754 | 7,439 |
Income taxes | 3,218 | 2,460 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | 252 | 0 |
Transfer from net premises for held for sale investment | 3,042 | 0 |
RESTRICTED CASH | ||
Collateral deposits for hedge position included in cash and due from banks | $ 1,600 | $ 1,600 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1: Summary of Significant Accounting Policies Nature of Operations The accompanying consolidated financial statements include the accounts of Pathfinder Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Pathfinder Bank (the “Bank”). The Company is a Maryland corporation headquartered in Oswego, New York. On October 16, 2014, the Company completed its conversion from the mutual holding company structure and the related public offering and is now a stock holding company that is fully owned by the public. As a result of the conversion, the mutual holding company and former mid-tier holding company were merged into Pathfinder Bancorp, Inc. The primary business of the Company is its investment in Pathfinder Bank (the "Bank") which is 100% owned by the Company. The Bank has two wholly owned operating subsidiaries, Pathfinder Risk Management Company, Inc. (“PRMC”) and Whispering Oaks Development Corp. All significant inter-company accounts and activity have been eliminated in consolidation. Although the Company owns, through its subsidiary PRMC, 51 % of the membership interest in FitzGibbons Agency, LLC (“FitzGibbons”), the Company is required to consolidate 100 % of FitzGibbons within the consolidated financial statements. The 49 % of which the Company does not own is accounted for separately as noncontrolling interests within the consolidated financial statements. The Company has seven branch offices located in Oswego County, four branch offices in Onondaga County and one limited purpose office in Oneida County. The Company is primarily engaged in the business of attracting deposits from the general public in the Company’s market area, and investing such deposits, together with other sources of funds, in loans secured by commercial real estate, business assets, one-to-four family residential real estate and investment securities. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations, the annual evaluation of the Company’s goodwill for possible impairment and the evaluation of investment securities for other than temporary impairment and the estimation of fair values for accounting and disclosure purposes to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators' judgments based on information available to them at the time of their examinations. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located primarily in Oswego and Onondaga counties of New York State. A large portion of the Company’s portfolio is centered in residential and commercial real estate. The Company closely monitors real estate collateral values and requires additional reviews of commercial real estate appraisals by a qualified third party for commercial real estate loans in excess of $ 400,000 . All residential loan appraisals are reviewed by an individual or third party who is independent of the loan origination or approval process and was not involved in the approval of appraisers or selection of the appraiser for the transaction, and has no direct or indirect interest, financial or otherwise in the property or the transaction. Note 4 discusses the types of securities that the Company invests in. Note 5 discusses the types of lending that the Company engages in. Advertising The Company generally follows the policy of charging the costs of advertising to expense as incurred. Expenditures for new marketing and advertising material designs and/or media content, related to specifically-identifiable marketing campaigns are capitalized and expensed over the estimated life of the campaign. Such periods of time are generally 12-24 months in duration and do not exceed 36 months. Noncontrolling Interest Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of FitzGibbons. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits (with original maturity of three months or less). Investment Securities The Company classifies investment securities as either available-for-sale or held-to-maturity. The Company does not hold any securities considered to be trading. Available-for-sale securities are reported at fair value, with net unrealized gains and losses reflected as a separate component of shareholders’ equity, net of the applicable income tax effect. Held-to-maturity securities are those that the Company has the ability and intent to hold until maturity and are reported at amortized cost. Gains or losses on investment security transactions are based on the amortized cost of the specific securities sold. Premiums and discounts on securities are amortized and accreted into income using the interest method over the period to maturity. The Company records its investment in marketable equity securities (“MES”) at fair value. Changes in the fair value of MES are recorded as additions to, or subtractions from, net income in the period that the change occurs. These changes in fair value are separately disclosed as gains (losses) on equity securities on the Consolidated Statements of Income. Note 4 to the consolidated financial statements includes additional information about the Company’s accounting policies with respect to the impairment of investment securities. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. The stock is carried at cost. Transfers of Financial Assets Transfers of financial assets, including sales of loans and loan participations, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Loans The Company grants mortgage, commercial, municipal, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses plus net deferred loan origination costs. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received and related direct origination costs incurred are deferred and amortized over the life of the loan using the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one-to-four family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate, lines of credit, other commercial and industrial, and tax-exempt loans. Consumer loans include both home equity lines of credit and loans with junior liens and other consumer loans. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the date of the statement of condition and it is recorded as a reduction of loans. The allowance is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than 120 days past due on a contractual basis, unless productive collection efforts are providing results. Consumer loans may be charged off earlier in the event of bankruptcy, or if there is an amount that is deemed uncollectible. No portion of the allowance for loan losses is restricted to any individual loan product and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on three major components which are; specific components for larger loans, recent historical losses and several qualitative factors applied to a general pool of loans, and an unallocated component. The first component is the specific component that relates to loans that are classified as impaired. For these loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The second or general component covers pools of loans, by loan class, not considered impaired, smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure first based on historical loss rates for each of these categories of loans. The ratio of net charge-offs to loans outstanding within each product class, over the most recent eight quarters, lagged by one quarter, is used to generate the historical loss rates. In addition, qualitative factors are added to the historical loss rates in arriving at the total allowance for loan loss need for this general pool of loans. The qualitative factors include changes in national and local economic trends, the rate of growth in the portfolio, trends of delinquencies and nonaccrual balances, changes in loan policy, and changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss analysis and calculation. The third or unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio and generally comprises less than 10 % of the total allowance for loan loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and reason for the delay, the borrower’s prior payment record and the amount of shortfall in relation to what is owed. Impairment is measured by either the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral, if the loan is collateral dependent. The majority of the Company’s loans utilize the fair value of the underlying collateral. An allowance for loan loss is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals, less costs to sell. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans less than $ 300,000 , home equity and other consumer loans for impairment disclosures, unless such loans are related to borrowers with impaired commercial loans or they are subject to a troubled debt restructuring agreement. Loans that are related to borrowers with impaired commercial loans or are subject to a troubled debt restructuring agreement are evaluated individually for impairment. Commercial loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally include but are not limited to a temporary reduction in the interest rate or an extension of a loan’s stated maturity date. Commercial loans classified as troubled debt restructurings are designated as impaired and evaluated individually as discussed above. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of the collateral, if appropriate, are evaluated not less than annually for commercial loans or when credit deficiencies arise on all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. See Note 5 for a description of these regulatory classifications. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Beginning on January 1, 2023, the Company adopted ASU 2016-13: Financial Instruments—Credit Losses [Topic 326]: Measurement of Credit Losses on Financial Instruments. See Notes 2 and 6 for a further discussion of this transition. Income Recognition on Impaired and Nonaccrual Loans For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is either well secured or guaranteed and in the process of collection. When a loan is placed on nonaccrual status, unpaid interest is reversed and charged to interest income. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months , and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. For nonaccrual loans, when future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under standby letters of credit. Such financial instruments are recorded when they are funded. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, ranging up to 40 years for premises and leasehold improvements and 10 years for equipment. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. Foreclosed Real Estate Physical possession of residential real estate property collateralizing a residential mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Properties acquired through foreclosure, or by deed-in-lieu of foreclosure, are recorded at their fair value less estimated costs to sell. Fair value is typically determined based on evaluations by third parties. Costs incurred in connection with preparing the foreclosed real estate for disposition are capitalized to the extent that they enhance the overall fair value of the property. Any write-downs on the asset’s fair value less costs to sell at the date of acquisition are charged to the allowance for loan losses. Subsequent write downs and expenses of foreclosed real estate are included as a valuation allowance and recorded in noninterest expense. Goodwill and Intangible Assets Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually or when there is a triggering event for impairment. Intangible assets, such as customer lists, are amortized over their useful lives, generally 15 years. Mortgage Servicing Rights Originated mortgage servicing rights are recorded at their fair value at the time of transfer of the related loans and are amortized in proportion to, and over the period of, estimated net servicing income or loss. The carrying value of the originated mortgage servicing rights is periodically evaluated for impairment or between annual evaluations under certain circumstances. Stock-Based Compensation Compensation costs related to share-based payment transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award. Compensation costs related to the Employee Stock Ownership Plan are dependent upon the average stock price and the shares committed to be released to plan participants through the period in which income is reported. Retirement Benefits The Company has a non-contributory defined benefit pension plan that covered substantially all employees. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there will be no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. Pension expense under these plans is charged to current operations and consists of several components of net pension cost based on various actuarial assumptions regarding future experience under the plans. Gains and losses, prior service costs and credits, and any remaining transition amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic cost. Plan assets and obligations are measured as of the Company’s statement of condition date. The Company has unfunded deferred compensation and supplemental executive retirement plans for selected current and former employees and officers that provide benefits that cannot be paid from a qualified retirement plan due to Internal Revenue Code restrictions. These plans are nonqualified under the Internal Revenue Code, and assets used to fund benefit payments are not segregated from other assets of the Company, therefore, in general, a participant's or beneficiary's claim to benefits under these plans is as a general creditor. The Bank sponsors an Employee Stock Ownership Plan (“ESOP”) covering substantially all full time employees. The cost of shares issued to the ESOP but not committed to be released to the participants is presented in the consolidated statement of condition as a reduction of shareholders’ equity. ESOP shares are released to the participants on an annual basis in accordance with a predetermined schedule. The Company records ESOP compensation expense based on the shares committed to be released and allocated to the participant’s accounts multiplied by the average share price of the Company’s stock over the period. Dividends related to unallocated shares are recorded as compensation expense. Derivative Financial Instruments Derivatives are recorded on the statement of condition as assets and liabilities measured at their fair value. The accounting for changes in the fair value of a derivative depends on whether or not the derivative has been designated and qualifies as part of a hedging relationship. The Company acquires derivatives with the intent of designating and qualifying those instruments as part of hedging relationships to other balance sheet assets or liabilities. The specific accounting treatment for increases and decreases in the value of derivatives further depends upon the use of the specific derivatives. There are two primary types of interest rate derivatives that may be employed by the Company: • Fair Value Hedge - As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value over the course of their economic lives prior to maturity. When effectively hedged, this appreciation or depreciation will generally be offset by fluctuations in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are expected to substantially offset each other and these changes are recognized currently in earnings. • Cash Flow Hedge - Cash flows related to floating rate assets and liabilities will fluctuate with changes in the underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating-rate asset or liability will generally be offset by changes in cash flows of the derivative instruments designated as a hedge. This strategy is referred to as a cash flow hedge. For a cash flow hedge, changes in the fair value of the derivative instrument, to the extent that it is effective, are recorded in other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Any ineffective portion of a cash flow hedge is recognized currently in earnings. Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. Earnings Per Share Basic net income per share was calculated using the two-class method by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Note 3 provides more information related to earnings per share. Segment Reporting The Company has evaluated the activities relating to its strategic business units. The controlling interest in the FitzGibbons Agency is dissimilar in nature and management when compared to the Company’s other strategic business units which are judged to be similar in nature and management. The Company has determined that the FitzGibbons Agency is below the reporting threshold in size in accordance with Accounting Standards Codification 280. Accordingly, the Company has determined it has no reportable segments. Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the statement of condition, such items, along with net income, are components of comprehensive income. Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2022 2021 Unrealized loss for pension and other postretirement obligations $ ( 3,286 ) $ ( 1,907 ) Tax effect 859 495 Net unrealized loss for pension and other postretirement obligations ( 2,427 ) ( 1,412 ) Unrealized (loss) gain on available-for-sale securities ( 13,710 ) 579 Tax effect 3,583 ( 151 ) Net unrealized (loss) gain on available-for-sale securities ( 10,127 ) 428 Unrealized holding gain (loss) on hedging activities arising during the period 517 ( 388 ) Tax effect ( 135 ) 102 Net unrealized gain (loss) on hedging activities 382 ( 286 ) Unrealized loss on securities transferred to held-to-maturity - ( 2 ) Tax effect - 4 Net unrealized gain (loss) on securities transferred to held-to-maturity - 2 Accumulated other comprehensive loss $ ( 12,172 ) $ ( 1,268 ) Reclassifications Certain amounts in the 2021 consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income as previously reported. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) and, to a lesser extent, other authoritative rulemaking bodies promulgate GAAP to regulate the standards of accounting in the United States. From time to time, the FASB issues new GAAP standards, known as Accounting Standards Updates (“ASUs”) some of which, upon adoption, may have the potential to change the way in which the Company recognizes or reports within its consolidated financial statements. The following table provides a description of standards that were adopted in 2022 and standards not yet adopted as of December 31, 2022, but could have an impact on the Company's consolidated financial statements upon adoption. Standards Not Yet Adopted as of December 31, 2022 Standard Description Required Date Effect on Consolidated Financial Statements Measurement of Credit Losses on Financial Instruments (ASU 2016-13: Financial Instruments—Credit Losses [Topic 326]: Measurement of Credit Losses on Financial Instruments) The amended guidance replaces the currently-required (as of December 31, 2022) incurred loss model for determining the allowance for credit losses. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses will represent a valuation account that is deducted from the amortized cost basis of the financial assets to present their net carrying value at the amount expected to be collected. The income statement will reflect the measurement of credit losses for newly recognized financial assets as well as expected increases or decreases of expected credit losses that have taken place during the reporting period. When determining the allowance, expected credit losses over the contractual term of the financial asset(s) (taking into account prepayments) will be estimated considering relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The amended guidance also requires recording an allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. The initial allowance for these assets will be added to the purchase price at acquisition rather than being reported as an expense. Subsequent changes in the allowance will be recorded through the income statement as an expense adjustment. In addition, the amended guidance requires credit losses relating to available-for-sale debt securities to be recorded through an allowance for credit losses. The calculation of credit losses for available-for-sale securities will be substantially unchanged from how it is determined under existing guidance. January 1, 2023 (early adoption permitted as of January 1, 2019) The Company adopted the new guidance on January 1, 2023. On that date, the Company recorded a one-time CECL transition adjustment by increasing the Company's allowance for credit losses by $ 2.3 million and simultaneously increasing its deferred tax asset balance (a component of other assets on the Statement of Financial Condition) by $ 610,000 . These entries resulted in a one-time reduction in the Company's January 1, 2023 retained earnings (a component of tangible common equity) of $ 1.7 million on the adoption date. Per the new guidance, this one-time transitional adjustment was not recorded as a charge to net income and will have no effect on reported net income in the first quarter of 2023. Standard Description Required Date Effect on Consolidated Financial Statements Transition Relief for the Implementation of ASU-2016-13 (ASU 2019-5: Financial Instruments—Credit Losses [Topic 326]: Targeted Transition Relief) The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost , with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall , applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall , and 825-10. General guidance for the use of the fair value option is contained in Subtopic 825-10. The irrevocable election of the fair value option must be applied on an instrument-by-instrument basis for eligible instruments, whose characteristics are within the scope of Subtopic 326-20. Upon adoption of Topic 326, for items measured at fair value in accordance with paragraph 326-10-65-1(i), the difference between the carrying amount and the fair value shall be recorded by means of a cumulative-effect adjustment to the opening retained earnings balance as of the beginning of the first reporting period that an entity has adopted ASU 2016-13. Those differences may include, but are not limited to: (1) unamortized deferred costs, fees, premiums, and discounts (2) valuation allowances (for example, allowance for loan losses), or (3) accrued interest. January 1, 2023 (early adoption permitted as of January 1, 2019) The Company's management evaluated the option to irrevocably elect the fair value option in Subtopic 825-10, upon adoption of Topic 326. Management does not intend to exercise this irrevocable option and therefore does not believe that the provisions of this Update will have a material effect on either the Company's operations or the reported results of those operations in future periods. Standard Description Required Date Effect on Consolidated Financial Statements Financial Instruments—Credit Losses (ASU 2019-11- Codification Improvements to Topic 326) On June 16, 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. Through the amendments in that Update, the Board added Topic 326, Financial Instruments—Credit Losses , and made several consequential amendments to the Codification. The items addressed in that project generally are not expected to have a significant effect on current accounting practice for most entities. The amendments in this Update clarify or address stakeholders' specific issues about certain aspects of the amendments in Update 2016-13, with potential applicability to the Company, as described below: The effective dates and transition requirements for the amendments are the same as the effective dates and transition requirements in Update 2016-13. The Company adopted ASU-2016-13 on January 1, 2023, as discussed above. The additional guidance provided in ASU 2019-11 was considered in the calculations, a one-time CECL transition adjustment was recorded on that date, and will not have a material effect on the operations of the Company or the reported results of those operations in future periods. Standard Description Required Date Effect on Consolidated Financial Statements Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASU 2022-03) ASU 2022-03 provides clarification that a “contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the equity security's unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value (i.e., the entity should not apply a discount related to the contractual sale restriction, as stated in ASC 820-10-35-36B as amended by the ASU). In addition, the ASU prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. For public business entities, such as the Company, fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The Company is assessing the new guidance to determine the financial impact of this transition and does not expect that the guidance will have a material effect on its consolidated statements of financial condition or income. Standard Description Required Date Effect on Consolidated Financial Statements Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method (ASU 2022-01) Under current guidance, the last-of-layer method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets (or one or more beneficial interests secured by a portfolio of prepayable financial instruments) without having to consider prepayment risk or credit risk when measuring those assets. ASU 2022-01 expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and non-prepayable financial assets. Under the new guidance, an entity will adjust the basis of the hedged item for the change in fair value that is attributable to changes in the hedged risk (i.e., interest rate risk), as of each reporting date, by adjusting the basis of the hedged asset at the portfolio level and not allocate the adjustment to individual assets within the portfolio. The ASU does not change an entity’s current requirement to allocate the portfolio-level basis adjustment to the individual assets within a closed portfolio upon a de-designation of a hedging relationship. For public business entities, fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The Company adopted this Update on January 1, 2023. Management does not believe that the adoption of ASU-2022-1 will have a material effect on the operations of the Company or the reported results of those operations in future periods. Standard Description Required Date Effect on Consolidated Financial Statements Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ASU 2022-02 ASU 2022-02 supersedes the accounting guidance for TDRs for creditors in ASC 310-40 in its entirety and requires entities to evaluate all receivable modifications under ASC 310-20-35-9 through 35-11 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The ASU also amends other subtopics to remove references to TDRs for creditors. In addition to the elimination of TDR guidance, an entity that has adopted ASU 2022-02 no longer considers renewals, modifications, and extensions that result from reasonably expected TDRs in their calculation of the allowance for credit losses in accordance with ASC 326-20. Due to the removal of the TDR accounting model, all loan modifications will be accounted for under the general loan modification guidance in Subtopic 310-20. The effective dates and transition requirements for the amendments are the same as the effective dates and transition requirements in Update 2016-13. The Company adopted ASU-2016-13 on January 1, 2023, as discussed above. The additional guidance provided in ASU 2022-02 was considered in the calculations and the one-time CECL transition adjustment, and related adjustments and reclassifications recorded on that date, will not have a material effect on the operations of the Company or the reported results of those operations in future periods. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 3: EARNINGS PER SHARE Following shareholder approval received on June 4, 2021, the Company converted 1,380,283 shares of its Series B Convertible Perpetual Preferred Stock to an equal number of shares of its newly-created Series A Non-Voting Common Stock. The conversion, which was effective on June 28, 2021, represented 100% of the Company's Convertible Perpetual Preferred Stock outstanding at the time of the conversion and retired the Convertible Perpetual Preferred Stock in perpetuity. The Company has voting common stock, non-voting common stock and a warrant that are all eligible to participate in dividends equal to the voting common stock dividends on a per share basis. Securities that participate in dividends, such as the Company’s non-voting common stock and warrant, are considered “participating securities.” The Company calculates net income available to voting common shareholders using the two-class method required for capital structures that include participating securities. In applying the two-class method, basic net income per share was calculated by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Anti-dilutive shares are common stock equivalents with average exercise prices in excess of the weighted average market price for the period presented. Anti-dilutive stock options, not included in the computation below, were $- 0 - for the years ended 2022 and 2021, respectively. The following table sets forth the calculation of basic and diluted earnings per share. Years Ended December 31, (In thousands, except per share data) 2022 2021 Net income attributable to Pathfinder Bancorp, Inc. $ 12,932 $ 12,407 Convertible preferred stock dividends - 180 Series A Non-Voting Common Stock dividends 497 206 Warrant dividends 45 35 Undistributed earnings allocated to participating securities 2,667 2,699 Net income available to common shareholders- Voting $ 9,723 $ 9,287 Net income attributable to Pathfinder Bancorp, Inc. $ 12,932 $ 12,407 Convertible preferred stock dividends - 180 Voting Common Stock dividends 1,646 1,258 Warrant dividends 45 35 Undistributed earnings allocated to participating securities 8,298 9,392 Net income available to common shareholders- Series A Non-Voting $ 2,943 $ 1,542 Basic and diluted weighted average common shares outstanding- Voting 4,559 4,478 Basic and diluted weighted average common shares outstanding- Series A Non-Voting 1,380 745 Basic and diluted earnings per common share- Voting $ 2.13 $ 2.07 Basic and diluted earnings per common share- Series A Non-Voting $ 2.13 $ 2.07 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 4: INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized as follows: December 31, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 32,533 $ 37 $ ( 3,206 ) $ 29,364 State and political subdivisions 48,002 384 ( 3,001 ) 45,385 Corporate 11,803 676 ( 650 ) 11,829 Asset backed securities 16,059 - ( 659 ) 15,400 Residential mortgage-backed - US agency 17,982 - ( 1,582 ) 16,400 Collateralized mortgage obligations - US agency 13,070 - ( 1,362 ) 11,708 Collateralized mortgage obligations - Private label 65,781 8 ( 4,355 ) 61,434 Total 205,230 1,105 ( 14,815 ) 191,520 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 205,436 $ 1,105 $ ( 14,815 ) $ 191,726 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 3,852 $ - $ ( 280 ) $ 3,572 State and political subdivisions 15,211 - ( 2,340 ) 12,871 Corporate 45,086 2 ( 2,586 ) 42,502 Asset backed securities 19,158 - ( 1,291 ) 17,867 Residential mortgage-backed - US agency 7,489 - ( 739 ) 6,750 Collateralized mortgage obligations - US agency 15,109 - ( 1,251 ) 13,858 Collateralized mortgage obligations - Private label 88,497 4 ( 4,430 ) 84,071 Total held-to-maturity $ 194,402 $ 6 $ ( 12,917 ) $ 181,491 December 31, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 32,669 $ 17 $ ( 413 ) $ 32,273 State and political subdivisions 37,860 1,383 ( 44 ) 39,199 Corporate 13,603 562 ( 38 ) 14,127 Asset backed securities 13,693 9 ( 89 ) 13,613 Residential mortgage-backed - US agency 22,482 148 ( 466 ) 22,164 Collateralized mortgage obligations - US agency 12,658 30 ( 403 ) 12,285 Collateralized mortgage obligations - Private label 56,848 285 ( 402 ) 56,731 Total 189,813 2,434 ( 1,855 ) 190,392 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 190,019 $ 2,434 $ ( 1,855 ) $ 190,598 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 14,790 416 ( 140 ) 15,066 Corporate 46,290 1,252 ( 102 ) 47,440 Asset backed securities 14,636 67 ( 188 ) 14,515 Residential mortgage-backed - US agency 9,740 277 ( 18 ) 9,999 Collateralized mortgage obligations - US agency 11,362 367 ( 9 ) 11,720 Collateralized mortgage obligations - Private label 64,105 222 ( 262 ) 64,065 Total held-to-maturity $ 160,923 $ 2,601 $ ( 719 ) $ 162,805 A substantial percentage of the Company’s investments in mortgage-backed securities include pass-through securities and collateralized mortgage obligations issued and guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. At December 31, 2022, the Company also held a total of 100 private-label mortgage-backed securities, collateralized mortgage obligations or asset-backed securities with an aggregate book balance of $ 169.8 million. At December 31, 2021, the Company also held a total of 88 private-label mortgage-backed securities, collateralized mortgage obligations or asset-backed securities with an aggregate book balance of $ 149.2 million. These investments are relatively short-duration securities with significant credit enhancements. The Company’s investments in state and political obligation securities are generally municipal obligations that are categorized as general obligations of the issuer that are supported by the overall taxing authority of the issuer, and in some cases are insured. The obligations issued by school districts are generally supported by state administered insurance funds or credit enhancement programs. The amortized cost and estimated fair value of debt investments at December 31, 2022 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 5,068 $ 5,739 $ - $ - Due after one year through five years 4,758 4,510 17,991 17,577 Due after five years through ten years 34,580 31,146 41,156 38,083 Due after ten years 63,991 60,583 24,160 21,152 Sub-total 108,397 101,978 83,307 76,812 Residential mortgage-backed - US agency 17,982 16,400 7,489 6,750 Collateralized mortgage obligations - US agency 13,070 11,708 15,109 13,858 Collateralized mortgage obligations - Private label 65,781 61,434 88,497 84,071 Totals $ 205,230 $ 191,520 $ 194,402 $ 181,491 The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows: December 31, 2022 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's - $ - $ - 3 $ ( 3,206 ) $ 26,167 3 $ ( 3,206 ) $ 26,167 State and political subdivisions 10 ( 830 ) 12,601 17 ( 2,171 ) 20,128 27 ( 3,001 ) 32,729 Corporate 7 ( 269 ) 5,720 2 ( 381 ) 1,319 9 ( 650 ) 7,039 Asset backed securities 5 ( 148 ) 5,473 5 ( 511 ) 9,926 10 ( 659 ) 15,399 Residential mortgage-backed - US agency 10 ( 131 ) 2,747 5 ( 1,451 ) 13,653 15 ( 1,582 ) 16,400 Collateralized mortgage obligations - US agency 6 ( 238 ) 4,009 6 ( 1,124 ) 7,700 12 ( 1,362 ) 11,709 Collateralized mortgage obligations - Private label 15 ( 1,684 ) 20,429 19 ( 2,671 ) 33,707 34 ( 4,355 ) 54,136 Totals 53 $ ( 3,300 ) $ 50,979 57 $ ( 11,515 ) $ 112,600 110 $ ( 14,815 ) $ 163,579 Held-to-Maturity Portfolio US Treasury, agencies and GSE's 2 $ ( 280 ) $ 3,573 - $ - $ - 2 $ ( 280 ) $ 3,573 State and political subdivisions 7 ( 871 ) 7,277 7 ( 1,469 ) 5,077 14 ( 2,340 ) 12,354 Corporate 31 ( 1,786 ) 29,213 9 ( 800 ) 6,803 40 ( 2,586 ) 36,016 Asset backed securities 6 ( 625 ) 9,742 3 ( 666 ) 3,674 9 ( 1,291 ) 13,416 Residential mortgage-backed - US agency 10 ( 736 ) 6,577 1 ( 3 ) 107 11 ( 739 ) 6,684 Collateralized mortgage obligations - US agency 10 ( 1,236 ) 12,965 1 ( 15 ) 892 11 ( 1,251 ) 13,857 Collateralized mortgage obligations - Private label 38 ( 2,719 ) 58,061 8 ( 1,711 ) 12,532 46 ( 4,430 ) 70,593 Totals 104 $ ( 8,253 ) $ 127,408 29 $ ( 4,664 ) $ 29,085 133 $ ( 12,917 ) $ 156,493 December 31, 2021 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 3 $ ( 413 ) $ 31,195 - $ - $ - 3 $ ( 413 ) $ 31,195 State and political subdivisions 3 ( 44 ) 4,847 - - - 3 ( 44 ) 4,847 Corporate 2 ( 5 ) 1,162 1 ( 33 ) 722 3 ( 38 ) 1,884 Asset backed securities 5 ( 89 ) 11,206 - - - 5 ( 89 ) 11,206 Residential mortgage-backed - US agency 3 ( 466 ) 13,090 - - - 3 ( 466 ) 13,090 Collateralized mortgage obligations - US agency 3 ( 126 ) 6,504 2 ( 277 ) 2,204 5 ( 403 ) 8,708 Collateralized mortgage obligations - Private label 18 ( 388 ) 38,816 2 ( 14 ) 1,539 20 ( 402 ) 40,355 Totals 37 $ ( 1,531 ) $ 106,820 5 $ ( 324 ) $ 4,465 42 $ ( 1,855 ) $ 111,285 Held-to-Maturity Portfolio State and political subdivisions 4 ( 28 ) 2,013 2 ( 112 ) 3,988 6 ( 140 ) 6,001 Corporate 9 ( 102 ) 7,636 - - - 9 ( 102 ) 7,636 Asset backed securities 2 ( 130 ) 2,974 2 ( 58 ) 1,610 4 ( 188 ) 4,584 Residential mortgage-backed - US agency 1 ( 18 ) 1,941 - - - 1 ( 18 ) 1,941 Collateralized mortgage obligations - US agency - - - 1 ( 9 ) 1,109 1 ( 9 ) 1,109 Collateralized mortgage obligations - Private label 6 ( 163 ) 13,070 3 ( 99 ) 3,820 9 ( 262 ) 16,890 Totals 22 $ ( 441 ) $ 27,634 8 $ ( 278 ) $ 10,527 30 $ ( 719 ) $ 38,161 Other Than Temporary Impairment The Company conducts a formal review of investment securities on a quarterly basis for the presence of OTTI. The Company assesses whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the statement of condition date. Under these circumstances, OTTI is considered to have occurred (1) if we intend to sell the security; (2) if it is “more likely than not” we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not anticipated to be sufficient to recover the entire amortized cost basis. The guidance requires that credit-related OTTI is recognized in earnings while non-credit-related OTTI on securities not expected to be sold is recognized in other comprehensive income (“OCI”). Non-credit-related OTTI is based on other factors, including illiquidity and changes in the general interest rate environment. Presentation of OTTI is made in the consolidated statement of income on a gross basis, including both the portion recognized in earnings, as well as the portion recorded in OCI. The gross OTTI would then be offset by the amount of non-credit-related OTTI, showing the net as the impact on earnings. M anagement does not believe any unrealized losses in individual investment securities within the portfolio as of December 31, 2022 represent OTTI. There were a total of 57 securities classified as available-for-sale with an aggregate amortized historical cost of $ 124.1 million and an unrealized aggregate loss of $ 11.5 million, or - 9.3 %, that were in an unrealized loss position for 12 months or longer at December 31, 2022. In addition, there were 29 securities classified as held-to-maturity with an aggregate amortized historical cost of $ 33.7 million and an unrealized aggregate loss of $ 4.7 million, or - 13.8 %, that were in an unrealized loss position for 12 months or longer at December 31, 2022. In total, therefore, at December 31, 2022 there were 86 securities with an aggregate book value of $ 157.9 million and an aggregate fair value of $ 141.7 million, representing a loss of $ 16.2 million, or - 10.2 %, that were in an unrealized loss position for 12 months or more on that date. All of the securities which have been in an unrealized loss position for 12 months or more at December 31, 2022 have been individually analyzed and none of the securities are considered to be impaired. These securities have unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments. In all cases, price improvement in future periods will be realized as the issuances approach maturity. Of the 86 securities in an unrealized loss position for 12 months or more at December 31, 2022, 16 securities, with aggregate amortized cost balances of $ 48.5 million and representing 30.7 % of the aggregate amortized cost of all securities in an unrealized loss position for 12 months or more, are issued by the United States government or GSEs (collectively, "government-issued securities") and are therefore either explicitly or implicitly guaranteed as to the timely payment of contractual principal and interest These positions are deemed to have no credit impairment, thus, the disclosed unrealized losses relate primarily to changes in prevailing interest rates. The following table summarizes all debt securities not issued by the United States government or GSEs, held by the Bank at December 31, 2022, whose fair value has been less than their respective amortized cost basis for 12 or more months: December 31, 2022 Number of Individual Securities Amortized Historical Cost Loss Range In Dollars Total Loss In Dollars Loss Range Percentage Total Loss Percentage NRSRO Rated Count NRSRO Rated Percentage NRSRO Rated In Dollars OTTI Impairment In Dollars (Dollars in thousands) Available-for-Sale Portfolio State and political subdivisions 17 $ 22,300 $ 25 - 462 $ 2,171 1 %- 26 % 9.7 % 17 100 % $ 22,300 $ - Corporate 2 1,701 $ 160 - 222 381 22 %- 24 % 22.4 % 2 100 % 1,701 - Asset backed securities 5 10,436 $ 53 - 210 511 2 %- 12 % 4.9 % 5 100 % 10,436 - Collateralized mortgage obligations - Private label 19 36,378 $ 1 - 654 2,671 1 %- 21 % 7.3 % 10 53 % 18,674 - Totals 43 $ 70,815 $ 5,734 8.1 % 34 75 % $ 53,111 $ - Held-to-Maturity Portfolio State and political subdivisions 7 $ 6,545 $ 25 - 564 $ 1,469 15 %- 28 % 22.4 % 7 100 % $ 6,545 $ - Corporate 9 7,602 $ 48 - 201 800 8 %- 13 % 10.5 % 3 33 % 2,852 - Asset backed securities 3 4,339 $ 30 - 491 666 2 %- 24 % 15.3 % 3 100 % 4,339 - Collateralized mortgage obligations - Private label 8 14,244 $ 6 - 439 1,711 2 %- 21 % 12.0 % 6 75 % 10,999 - Totals 27 $ 32,730 $ 4,646 14.2 % 19 76 % $ 24,735 $ - Of the total 70 securities in an unrealized loss position for 12 months or more at December 31, 2022 (see table above), 53 securities, with aggregate amortized cost balances of $ 77.8 million and representing 71.2 % of the aggregate amortized cost of all non-government-issued securities in an unrealized loss position for 12 months or more, are currently rated by one of more NRSRO at or above the minimum investment grade. These positions are deemed to have no credit impairment, thus, the disclosed unrealized losses relate primarily to changes in prevailing interest rates. In addition to the government-issued and NRSRO-rated securities discussed above, representing 80.0 % of all securities in a loss position greater than 12 months at December 31, 2022, the Company held 17 non-government-issued/backed securities that were in an unrealized loss position for 12 or more months at December 31, 2022 and are unrated by any NRSRO. All of these securities were unrated at the time of their original issuance. These securities are primarily privately-issued asset-backed or mortgage-backed securities (including issuances backed by commercial real estate mortgages). Most of these securities have significant credit enhancements in place in the form of cash reserves or other overcollateralization and of these, the vast majority are the most senior tranche with respect to credit priority in the overall issuance structure for that particular security. Given the characteristics of the underlying loans supporting each of these securities and the credit enhancements in place, it is unlikely that any of the Company’s unrated securities, now in a loss position for 12 or more months, will experience any loss of principal in currently foreseeable economic environments prior to the security’s respective maturity dates. Additional Disclosures Proceeds of $ 11.0 million and $ 42.0 million, respectively on sales and redemptions of securities for the years ended December 31, 2022 and 2021 resulted in gross realized gains (losses) detailed below: (In thousands) 2022 2021 Realized gains on investments $ 37 $ 120 Realized losses on investments ( 206 ) ( 83 ) $ ( 169 ) $ 37 As of December 31, 2022 and December 31, 2021, securities with a fair value of $ 99.8 million and $ 103.2 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $ 38.1 million and $ 9.4 million were pledged against certain borrowing arrangements. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans | NOTE 5: LOANS Major classifications of loans are as follows: December 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 257,656 $ 240,434 Construction 5,085 6,329 Loans held-for-sale 19 513 Total residential mortgage loans 262,760 247,276 Commercial loans: Real estate 345,330 288,450 Lines of credit 82,050 61,884 Other commercial and industrial 77,273 69,135 Paycheck Protection Program loans 203 19,338 Tax exempt loans 4,280 5,811 Total commercial loans 509,136 444,618 Consumer loans: Home equity and junior liens 34,007 31,737 Other consumer 92,851 110,108 Total consumer loans 126,858 141,845 Total loans 898,754 833,739 Net deferred loan fees ( 1,000 ) ( 1,280 ) Less allowance for loan losses 15,319 12,935 Loans receivable, net $ 882,435 $ 819,524 Paycheck Protection Program (“PPP”) The Bank participated in all rounds of the PPP funded by the U.S. Treasury Department and administered by the U.S. SBA pursuant to the CARES Act and subsequent legislation. PPP loans have an interest rate of 1.0 % and a two-year or five-year loan term to maturity. The SBA guarantees 100% of the PPP loans made to eligible borrowers. The entire principal amount of the borrower’s PPP loan, including any accrued interest, is eligible to be reduced by the loan forgiveness amount under the PPP so long as employee and compensation levels of the business are maintained and the loan proceeds are used for qualifying expenses. The PPP ended in May 2021. Information related to the Company’s PPP loans are included in the following tables: Unaudited For the years ended (In thousands, except number of loans) December 31, 2022 December 31, 2021 Number of PPP loans originated in the year - 478 Funded balance of PPP loans originated in the year $ - $ 36,369 Number of PPP loans forgiven in the year 251 796 Balance of PPP loans forgiven in the year $ 13,091 $ 77,054 Deferred PPP fee income recognized in the year $ 707 $ 2,150 (In thousands) December 31, 2022 December 31, 2021 Unearned PPP deferred fee income at end of year $ 12 $ 716 (In thousands, except number of loans) Number Balance Total PPP loans originated since inception 1,177 $ 111,721 Total PPP loans forgiven since inception 1,172 111,518 Total PPP loans remaining at December 31, 2022 5 $ 203 The Bank received $ 4.0 million in fees from the SBA associated with PPP lending activities during 2020 and 2021 and recognized $ 707,000 and $ 2.2 million of those fees in 2022 and 2021, respectively. At December 31, 2022, the Bank held five PPP loans in its portfolio, representing $ 203,000 in outstanding loan balances, and anticipates that all activities related to the PPP will be completed in the first quarter of 2023. Future credit-related performance of a loan portfolio generally depends upon the types of loans within the portfolio, concentrations by type of loan and the quality of the collateral securing the loans. The following table details the Company's loan portfolio by collateral type within major categories as of December 31, 2022. (Dollars in thousands) Balance Number Average Minimum/ Allowance for Loan Losses Percent Residential Mortgage Loans $ 262,760 1,639 $ 160 $ 469 $ 4,972 $ 714 29 % Commercial Real Estate: Mixed Use $ 70,154 66 $ 1,063 $ 22 $ 8,848 $ 1,195 8 % Multi-Family Residential 45,815 55 833 6 6,008 780 5 % Hotels and Motels 37,816 65 582 8 4,144 644 4 % Office 27,831 8 3,479 291 11,500 474 3 % Retail 25,515 165 155 - 2,449 435 3 % 1-4 Family Residential 24,289 50 486 24 4,895 414 3 % Automobile Dealership 16,894 17 994 86 4,543 288 2 % Skilled Nursing Facility 13,575 7 1,939 48 5,821 231 2 % Recreation/ Golf Course/ 11,900 2 5,950 3,800 8,100 203 1 % Warehouse 9,732 10 973 53 3,815 166 1 % Manufacturing/Industrial 9,634 18 535 53 3,444 164 1 % Restaurant 8,193 15 546 60 2,455 140 1 % Automobile Repair 6,133 15 409 9 2,151 104 1 % Hospitals 5,709 22 260 7 1,124 97 1 % Not-For-Profit & Community Service Real Estate 4,111 3 1,370 67 3,070 70 0 % Land 3,242 3 1,081 98 1,647 55 0 % All Other 24,787 31 800 11 7,180 422 2 % Total Commercial Real Estate Loans $ 345,330 552 $ 626 $ - $ 11,500 $ 5,882 38 % Commercial and Industrial: Secured Term Loans $ 61,918 382 $ 162 $ - $ 3,581 $ 2,694 7 % Unsecured Term Loans 15,355 93 165 - 3,574 668 2 % Secured Lines of Credit 57,508 268 215 - 5,000 2,503 6 % Unsecured Lines of Credit 24,542 147 167 - 2,906 1,068 3 % Total Commercial and $ 159,323 890 $ 179 $ - $ 5,000 $ 6,933 18 % Tax Exempt Loans $ 4,280 11 $ 389 $ 12 $ 2,248 $ 3 0 % Paycheck Protection Program Loans $ 203 5 $ 41 $ 5 $ 100 $ - 0 % Consumer: Home Equity Lines of Credit $ 34,007 883 $ 39 $ - $ 918 $ 741 4 % Vehicle 15,136 1,028 15 - 423 171 2 % Consumer Secured 32,613 1,418 23 13 82 367 4 % Consumer Unsecured 42,740 2,309 19 - 72 481 5 % All Others 2,362 595 4 - 55 27 0 % Total Consumer Loans $ 126,858 6,233 $ 20 $ - $ 918 $ 1,787 15 % Net deferred loan fees ( 1,000 ) - - - - - - Unallocated allowance for ( 15,319 ) - - - - - - Total Loans $ 882,435 9,330 $ 95 $ 15,319 100 % In 2019, the Bank acquired seven diverse pools of loans, originated by unrelated third parties. There were six new loan pools added in 2021. No new loan pools were acquired in 2022. The following table summarizes the purchased loan pool positions, held by the Bank in purchased loans at year end (month and date of acquisition in parentheses): (In thousands, except number of loans) December 31, 2022 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Automobile loans (1/2017) $ 50,400 $ 4,200 $ 128 537 0 - 4 years $ 247 Commercial and industrial loans (6/2019) 6,800 2,100 - 22 3 - 7 years - Home equity lines of credit (8/2019) 21,900 6,000 189 143 1 - 27 years - Unsecured consumer loan pool 2 (11/2019) 26,600 1,500 11 320 0 - 2 years - Residential real estate loans (12/2019) 4,300 3,900 240 49 16 - 22 years - Unsecured consumer loan pool 1 (12/2019) 5,400 1,600 - 50 1 - 4 years - Unsecured consumer installment loans pool 3 (12/2019) 10,300 1,000 38 354 0 - 9 years 63 Secured consumer installment loans pool 4 (12/2020) 14,500 11,300 ( 1,484 ) 518 23 - 24 years - Unsecured consumer loans pool 5 (1/2021) 24,400 17,300 ( 485 ) 678 8 - 24 years - Revolving commercial line of credit 1 (3/2021) 11,600 11,400 14 1 0 - 1 year - Secured consumer installment loans (11/2021) 21,300 19,700 ( 3,237 ) 850 18 - 25 years - Revolving commercial line of credit 2 (11/2021) 10,500 15,000 23 1 0 - 1 year - Unsecured consumer loans pool 6 (11/2021) 22,200 20,200 ( 2,441 ) 540 8 - 24 years - Total $ 230,200 $ 115,200 $ ( 7,004 ) 4,063 $ 310 (In thousands, except number of loans) December 31, 2021 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Automobile loans (1/2017) $ 50,400 $ 8,800 $ 301 855 0 - 5 years $ 239 Commercial and industrial loans (6/2019) 6,800 3,900 - 33 4 - 8 years - Home equity lines of credit (8/2019) 21,900 8,400 243 187 2 - 28 years - Unsecured consumer loan pool 2 (11/2019) 26,600 6,300 30 1,438 1 - 3 years - Residential real estate loans (12/2019) 4,300 4,100 257 51 17 - 23 years - Unsecured consumer loan pool 1 (12/2019) 5,400 2,600 - 66 3 - 5 years - Unsecured consumer installment loans pool 3 (12/2019) 10,300 2,200 74 1,356 0 - 6 years 30 Secured consumer installment loans pool 4 (12/2020) 14,500 12,600 ( 1,776 ) 563 23 - 24 years - Unsecured consumer loans pool 5 (1/2021) 24,400 19,700 ( 583 ) 756 8 - 24 years - Revolving commercial line of credit 1 (3/2021) 11,600 7,100 26 1 0 - 1 year - Secured consumer installment loans (11/2021) 21,300 21,400 ( 3,642 ) 900 19 - 25 years - Revolving commercial line of credit 2 (11/2021) 10,500 9,300 35 1 0 - 1 year - Unsecured consumer loans pool 6 (11/2021) 22,200 22,100 ( 2,785 ) 564 9 - 24 years - Total $ 230,200 $ 128,500 $ ( 7,820 ) 6,771 $ 269 As of December 31, 2022 and December 31, 2021, residential mortgage loans with a carrying value of $ 110.3 million and $ 123.2 million, respectively, have been pledged by the Company to the FHLBNY under a blanket collateral agreement to secure the Company’s line of credit and term borrowings. Risk Characteristics of Portfolio Segments Each portfolio segment generally carries its own unique risk characteristics. The residential mortgage loan segment is impacted by general economic conditions, unemployment rates in the Bank’s service area, real estate values and the forward expectation of improvement or deterioration in economic conditions. First and second lien residential mortgages, acquired via purchase are impacted by general economic conditions, unemployment rates in the general areas in which the loan collateral is located, real estate values in those areas and the forward expectation of improvement or deterioration in economic conditions. The commercial loan segment is impacted by general economic conditions but, more specifically, the industry segment in which each borrower participates. Unique competitive changes within a borrower’s specific industry, or geographic location could cause significant changes in the borrower’s revenue stream, and therefore, impact its ability to repay its obligations. Commercial real estate is also subject to general economic conditions but changes within this segment typically lag changes seen within the consumer and commercial segment. Included within this portfolio are both owner occupied real estate, in which the borrower occupies the majority of the real estate property and upon which the majority of the sources of repayment of the obligation is dependent upon, and non-owner occupied real estate, in which several tenants comprise the repayment source for this portfolio segment. The composition and competitive position of the tenant structure may cause adverse changes in the repayment of debt obligations for the non-owner occupied class within this segment. The consumer loan segment is impacted by general economic conditions, unemployment rates in the geographic areas in which borrowers and loan collateral are located, and the forward expectation of improvement or deterioration in economic conditions. Real estate loans, including residential mortgages, commercial real estate loans and home equity, comprised 71.4 % and 68.0 % of the total loans held in the portfolio in 2022 and 2021, respectively. Loans sec ured by real estate generally provide strong collateral protection and thus significantly reduce the inherent credit risk in the portfolio. Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Description of Credit Quality Indicators The Company utilizes an eight tier risk rating system to evaluate the quality of its loan portfolio. Loans that are risk rated “1” through “4” are considered “Pass” loans. In accordance with regulatory guidelines, loans rated “5” through “8” are termed “criticized” loans and loans rated “6” through “8” are termed “classified” loans. A description of the Company’s credit quality indicators follows. For Commercial Loans: 1. Prime : A loan that is fully secured by properly margined Pathfinder Bank deposit account(s) or an obligation of the US Government. It may also be unsecured if it is supported by a very strong financial condition and, in the case of a commercial loan, excellent management. There exists an unquestioned ability to repay the loan in accordance with its terms. 2. Strong : Desirable relationship of somewhat less stature than Prime grade. Possesses a sound documented repayment source, and back up, which will allow repayment within the terms of the loan. Individual loans backed by solid assets, character and integrity. Ability of individual or company management is good and well established. Probability of serious financial deterioration is unlikely. 3. Satisfactory : Stable financial condition with cash flow sufficient for debt service coverage. Satisfactory loans of average strength having some deficiency or vulnerability to changing economic or industry conditions but performing as agreed with documented evidence of repayment capacity. May be unsecured loans to borrowers with satisfactory credit and financial strength. Satisfactory provisions for management succession and a secondary source of repayment exists. 4. Satisfactory Watch: A four is not a criticized or classified credit. These credits do not display the characteristics of a criticized asset as defined by the regulatory definitions. A credit is given a Satisfactory Watch designation if there are matters or trends observed deserving attention somewhat beyond normal monitoring. Borrowing obligations may be handled according to agreement but could be adversely impacted by developing factors such as industry conditions, operating problems, pending litigation of a significant nature or declining collateral quality and adequacy. 5. Special Mention : A warning risk grade that portrays one or more weaknesses that may be tolerated in the short term. Assets in this category are currently protected but are potentially weak. This loan would not normally be booked as a new credit, but may have redeeming characteristics persuading the Bank to continue working with the borrower. Loans accorded this classification have potential weaknesses which may, if not checked or corrected, weaken the company’s assets, inadequately protect the Bank’s position or effect the orderly, scheduled reduction of the debt at some future time. 6. Substandard : The relationship is inadequately protected by the current net worth and cash flow capacity of the borrower, guarantor/endorser, or of the collateral pledged. Assets have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt. The relationship shows deteriorating trends or other deficient areas. The loan may be nonperforming and expected to remain so for the foreseeable future. Relationship balances may be adequately secured by asset value; however a deteriorated financial condition may necessitate collateral liquidation to effect repayment. This would also include any relationship with an unacceptable financial condition requiring excessive attention of the officer due to the nature of the credit risk or lack of borrower cooperation. 7. Doubtful : The relationship has all the weaknesses inherent in a credit graded 5 with the added characteristic that the weaknesses make collection on the basis of currently existing facts, conditions and value, highly questionable or improbable. The possibility of some loss is extremely high, however its classification as an anticipated loss is deferred until a more exact determination of the extent of loss is determined. Loans in this category must be on nonaccrual. 8. Loss : Loans are considered uncollectible and of such little value that continuance as bankable assets is not warranted. It is not practicable or desirable to defer writing off this basically worthless asset even though partial recovery may be possible in the future. For Residential Mortgage and Consumer Loans: Residential mortgage and consumer loans are assigned a “Pass” rating unless the loan has demonstrated signs of weakness as indicated by the ratings below. 5. Special Mention : All loans sixty days past due are classified Special Mention. The loan is not upgraded until it has been current for six consecutive months. 6. Substandard : All loans 90 days past due are classified Substandard. The loan is not upgraded until it has been current for six consecutive months. 7. Doubtful : The relationship has all the weaknesses inherent in a credit graded 5 with the added characteristic that the weaknesses make collection on the basis of currently existing facts, conditions and value, highly questionable or improbable. The possibility of some loss is extremely high. The risk ratings for classified loans are evaluated at least quarterly for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, residential mortgage or consumer loans. See further discussion of risk ratings in Note 1. The following table presents the segments and classes of the loan portfolio summarized by the aggregate pass rating and the criticized and classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system: As of December 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 254,768 $ 1,240 $ 994 $ 654 $ 257,656 Construction 5,085 - - - 5,085 Loans held-for-sale 19 - - - 19 Total residential mortgage loans 259,872 1,240 994 654 262,760 Commercial loans: Real estate 327,438 12,270 5,261 361 345,330 Lines of credit 74,632 1,984 5,400 34 82,050 Other commercial and industrial 67,923 4,482 4,605 263 77,273 Paycheck Protection Program loans 203 - - - 203 Tax exempt loans 4,280 - - - 4,280 Total commercial loans 474,476 18,736 15,266 658 509,136 Consumer loans: Home equity and junior liens 33,050 17 719 221 34,007 Other consumer 92,762 33 56 - 92,851 Total consumer loans 125,812 50 775 221 126,858 Total loans $ 860,160 $ 20,026 $ 17,035 $ 1,533 $ 898,754 As of December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 238,823 $ 269 $ 811 $ 531 $ 240,434 Construction 6,329 - - - 6,329 Loans held-for-sale 513 - - - 513 Total residential mortgage loans 245,665 269 811 531 247,276 Commercial loans: Real estate 267,388 9,879 10,604 579 288,450 Lines of credit 54,408 4,036 3,387 53 61,884 Other commercial and industrial 56,719 3,907 8,321 188 69,135 Paycheck Protection Program loans 19,338 - - - 19,338 Tax exempt loans 5,811 - - - 5,811 Total commercial loans 403,664 17,822 22,312 820 444,618 Consumer loans: Home equity and junior liens 30,740 133 606 258 31,737 Other consumer 109,979 44 77 8 110,108 Total consumer loans 140,719 177 683 266 141,845 Total loans $ 790,048 $ 18,268 $ 23,806 $ 1,617 $ 833,739 Nonaccrual and Past Due Loans Loans are placed on nonaccrual when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be performing. Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, for the years ended December 31, are detailed in the following tables: As of December 31, 2022 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,627 $ 620 $ 932 $ 3,179 $ 254,477 $ 257,656 Construction - - - - 5,085 5,085 Loans held-for-sale - - - - 19 19 Total residential mortgage loans 1,627 620 932 3,179 259,581 262,760 Commercial loans: Real estate 4,974 854 3,499 9,327 336,003 345,330 Lines of credit 1,280 1,584 298 3,162 78,888 82,050 Other commercial and industrial 4,721 999 1,738 7,458 69,815 77,273 Paycheck Protection Program loans - - - - 203 203 Tax exempt loans - - - - 4,280 4,280 Total commercial loans 10,975 3,437 5,535 19,947 489,189 509,136 Consumer loans: Home equity and junior liens 23 17 279 319 33,688 34,007 Other consumer 391 239 1,904 2,534 90,317 92,851 Total consumer loans 414 256 2,183 2,853 124,005 126,858 Total loans $ 13,016 $ 4,313 $ 8,650 $ 25,979 $ 872,775 $ 898,754 As of December 31, 2021 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 960 $ 416 $ 891 $ 2,268 $ 238,166 $ 240,434 Construction - - - - 6,329 6,329 Loans held-for-sale - - - - 513 513 Total residential mortgage loans 960 416 891 2,268 245,008 247,276 Commercial loans: Real estate 1,735 1,029 4,379 7,143 281,307 288,450 Lines of credit 156 1,180 576 1,913 59,971 61,884 Other commercial and industrial 1,799 1,686 1,056 4,541 64,594 69,135 Paycheck Protection Program loans - - - - 19,338 19,338 Tax exempt loans - - - - 5,811 5,811 Total commercial loans 3,691 3,895 6,011 13,597 431,021 444,618 Consumer loans: Home equity and junior liens 17 49 251 317 31,420 31,737 Other consumer 571 257 852 1,680 108,428 110,108 Total consumer loans 588 306 1,103 1,998 139,847 141,845 Total loans $ 5,239 $ 4,617 $ 8,006 $ 17,862 $ 815,877 $ 833,739 Year-end nonaccrual loans, segregated by class of loan, were as follows: December 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,112 $ 891 1,112 891 Commercial loans: Real estate 3,504 4,407 Lines of credit 332 629 Other commercial and industrial 1,884 1,261 5,720 6,297 Consumer loans: Home equity and junior liens 279 252 Other consumer 1,904 852 Total consumer loans 2,183 1,104 Total nonaccrual loans $ 9,015 $ 8,292 There were no loans past due ninety days or more and still accruing interest at December 31, 2022 or 2021. The Company is required to disclose certain activities related to Troubled Debt Restructurings (“TDR”) in accordance with accounting guidance. Certain loans have been modified in a TDR where economic concessions have been granted to a borrower who is experiencing, or expected to experience, financial difficulties. These economic concessions could include a reduction in the loan interest rate, extension of payment terms, reduction of principal amortization, or other actions that it would not otherwise consider for a new loan with similar risk characteristics. The Company is required to disclose new TDRs for each reporting period for which an income statement is being presented. Pre-modification outstanding recorded investment is the principal loan balance less the provision for loan losses before the loan was modified as a TDR. Post-modification outstanding recorded investment is the principal balance less the provision for loan losses after the loan was modified as a TDR. Additional provision for loan losses is the change in the allowance for loan losses between the pre-modification outstanding recorded investment and post-modification outstanding recorded investment. The table below details loans that had been modified as TDRs for the year ended December 31, 2022. For the year ended December 31, 2022 (In thousands) Number of loans Pre-modification Post-modification Additional Commercial real estate loans 2 $ 373 $ 373 $ - The TDRs evaluated for impairment for the year ended December 31, 2022 have been classified as TDRs due to economic concessions granted, which include reduction in the stated interest rate, a significant delay in the timing of the payment or an extended maturity date that will result in a significant delay in payment from the original terms. The table below details loans that have been modified as TDRs for the year ended December 31, 2021. For the year ended December 31, 2021 (In thousands) Number of loans Pre-modification Post-modification Additional Commercial real estate loans 1 $ 675 $ 675 $ - Commercial and industrial loans 1 200 206 - Residential mortgages 3 453 459 - Consumer loans 1 443 504 - The TDRs evaluated for impairment for the year ended December 31, 2021 have been classified as TDRs due to economic concessions granted, which include reductions in the stated interest rates or an extended maturity date that will result in a delay in payment from the original contractual maturity. One loan has been granted four deferrals and based on the known history of the borrower, Management has determined this loan to be a TDR. The Company is required to disclose loans that have been modified as TDRs within the previous 12 months in which there was payment default after the restructuring. The Company defines payment default as any loans 90 days past due on contractual payments. The Company had no loans that had been modified as TDRs during the twelve months prior to December 31, 2022, which had subsequently defaulted during the year ended December 31, 2022. The Company had no loans that had been modified as TDRs during the twelve months prior to December 31, 2021, which had subsequently defaulted during the year ended December 31, 2021. When the Company modifies a loan within a portfolio segment that is individually evaluated for impairment, a potential impairment is analyzed either based on the present value of the expected future cash flows discounted at the interest rate of the original loan terms or the fair value of the collateral less costs to sell. If it is determined that the value of the loan is less than its recorded investment, then impairment is recognized as a component of the provision for loan losses, an associated increase to the allowance for loan losses or as a charge-off to the allowance for loan losses in the current period. Impaired Loans The following table summarizes impaired loans information by portfolio class at: December 31, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (In thousands) Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: 1-4 family first-lien residential mortgages $ 1,048 $ 1,048 $ - $ 666 $ 666 $ - Commercial real estate 5,283 5,386 - 4,708 4,801 - Commercial lines of credit 2,218 2,218 - 100 104 - Other commercial and industrial 2,780 2,829 - 357 396 - Home equity and junior liens 182 182 - 93 93 - Other consumer - - - - - - With an allowance recorded: 1-4 family first-lien residential mortgages 450 450 91 539 539 90 Commercial real estate 2,625 2,625 346 2,450 2,450 300 Commercial lines of credit 3,059 3,066 2,957 53 53 53 Other commercial and industrial 1,998 1,998 1,285 1,852 1,852 1,319 Home equity and junior liens 536 536 114 539 539 114 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 1,498 1,498 91 1,205 1,205 90 Commercial real estate 7,908 8,011 346 7,158 7,251 300 Commercial lines of credit 5,277 5,284 2,957 153 157 53 Other commercial and industrial 4,778 4,827 1,285 2,209 2,248 1,319 Home equity and junior liens 718 718 114 632 632 114 Other consumer - - - - - - Totals $ 20,179 $ 20,338 $ 4,793 $ 11,357 $ 11,493 $ 1,876 The following table presents the average recorded investment in impaired loans for the years ended December 31: (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 1,232 $ 1,439 Commercial real estate 7,285 9,538 Commercial lines of credit 1,951 640 Other commercial and industrial 3,155 5,041 Home equity and junior liens 647 516 Other consumer - 50 Total $ 14,270 $ 17,224 The following table presents the cash basis interest income recognized on impaired loans for the years ended December 31: (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 65 $ 62 Commercial real estate 247 285 Commercial lines of credit 143 10 Other commercial and industrial 304 180 Home equity and junior liens 6 6 Other consumer - - Total $ 765 $ 543 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2022 | |
Allowance For Loan Losses [Abstract] | |
Allowance for Loan Losses | NOTE 6: ALLOWANCE FOR LOAN LOSSES Changes in the allowance for loan losses for the years ended December 31, 2022 and 2021 and information pertaining to the allocation of the allowance for loan losses and balances of the allowance for loan losses and loans receivable based on individual and collective impairment evaluation by loan portfolio class at the indicated dates are summarized in the tables below. An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. December 31, 2022 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Charge-offs ( 29 ) - ( 48 ) ( 51 ) ( 486 ) - Recoveries - - 250 - 46 - Provisions (credits) ( 129 ) - 371 3,106 622 - Ending balance $ 714 $ - $ 5,881 $ 3,990 $ 2,944 $ - Ending balance: related to loans $ 91 $ - $ 346 $ 2,957 $ 1,285 $ - Ending balance: related to loans $ 623 $ - $ 5,535 $ 1,033 $ 1,659 $ - Loans receivables: Ending balance $ 257,656 $ 5,085 $ 345,330 $ 82,050 $ 77,273 $ 203 Ending balance: individually $ 1,498 $ - $ 7,908 $ 5,278 $ 4,777 $ - Ending balance: $ 256,158 $ 5,085 $ 337,422 $ 76,772 $ 72,496 $ 203 collectively Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 3 $ 774 $ 1,297 $ 984 $ 12,935 Charge-offs - - ( 147 ) - ( 761 ) Recoveries - - 95 - 391 Provisions - ( 33 ) ( 199 ) ( 984 ) 2,754 Ending balance $ 3 $ 741 $ 1,046 $ - $ 15,319 Ending balance: related to loans $ - $ 114 $ - $ - $ 4,793 Ending balance: related to loans $ 3 $ 627 $ 1,046 $ - $ 10,526 Loans receivables: Ending balance $ 4,280 $ 34,007 $ 92,851 $ 19 $ 898,754 Ending balance: individually $ - $ 718 $ - $ - $ 20,179 Ending balance: collectively $ 4,280 $ 33,289 $ 92,851 $ 19 $ 878,575 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2022, the Bank had loans held-for-sale with a principal balance of $ 19,000 . These loans were still part of the portfolio as of December 31, 2022. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. December 31, 2021 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs ( 20 ) - ( 7 ) ( 50 ) ( 707 ) - Recoveries - - - 69 1 - Provisions (credits) ( 39 ) - 539 ( 754 ) 476 - Ending balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Ending balance: related to loans $ 90 $ - $ 300 $ 53 $ 1,319 $ - Ending balance: related to loans $ 782 $ - $ 5,008 $ 882 $ 1,444 $ - Loans receivables: Ending balance $ 240,434 $ 6,329 $ 288,450 $ 61,884 $ 69,135 $ 19,338 Ending balance: individually $ 1,205 $ - $ 7,158 $ 153 $ 2,209 $ - Ending balance: collectively $ 239,229 $ 6,329 $ 281,292 $ 61,731 $ 66,926 $ 19,338 Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Charge-offs - - ( 240 ) - ( 1,024 ) Recoveries - - 88 - 158 Provisions 2 35 326 438 1,022 Ending balance $ 3 $ 774 $ 1,297 $ 984 $ 12,935 Ending balance: related to loans $ - $ 114 $ - $ - $ 1,876 Ending balance: related to loans $ 3 $ 660 $ 1,297 $ 984 $ 11,059 Loans receivables: Ending balance $ 5,811 $ 31,737 $ 110,108 $ 513 $ 833,739 Ending balance: individually $ - $ 632 $ - $ - $ 11,357 Ending balance: collectively $ 5,811 $ 31,105 $ 110,108 $ 513 $ 822,382 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $ 513,000 . These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. The Company’s methodology for determining its allowance for loan losses includes an analysis of qualitative factors that are added to the historical loss rates in arriving at the total allowance for loan losses needed for this general pool of loans. The qualitative factors include: • Changes in national and local economic trends; • The rate of growth in the portfolio; • Trends of delinquencies and nonaccrual balances; • Changes in loan policy; and • Changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan losses analysis and calculation. The allocation of the allowance for loan losses summarized on the basis of the Company’s calculation methodology was as follows: December 31, 2022 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 91 $ - $ 346 $ 2,957 $ 1,285 Historical loss rate 5 - ( 32 ) - 97 Qualitative factors 618 - 5,567 1,033 1,562 Total $ 714 $ - $ 5,881 $ 3,990 $ 2,944 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 4,793 Historical loss rate - 321 708 - 1,099 Qualitative factors 3 306 338 - 9,427 Other - - - - - Total $ 3 $ 741 $ 1,046 $ - $ 15,319 December 31, 2021 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 90 $ - $ 300 $ 53 $ 1,319 Historical loss rate 82 - 2 25 227 Qualitative factors 700 - 5,006 857 1,217 Total $ 872 $ - $ 5,308 $ 935 $ 2,762 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 1,876 Historical loss rate - 324 1,028 - 1,688 Qualitative factors 3 336 269 - 8,388 Other - - - 984 984 Total $ 3 $ 774 $ 1,297 $ 984 $ 12,935 In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard’s stated main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables (such as loans) and other financial assets in scope. The ASU requires entities to measure credit losses on most financial assets carried at amortized costs and certain other instruments using an expected credit loss model. Banks in the United States above $ 5.0 billion in assets generally adopted this new way of measuring loan losses called the “Current Expected Credit Loss” (“CECL”) model in 2020, with smaller public and private banks, such as Pathfinder, required to convert to this method in fiscal years beginning after December 15, 2022. The Company computed its Allowance for Loan Losses at December 31, 2022 using a methodology called the "Incurred Loss Model" ("ILM"), which remained applicable GAAP at that date. ILM (current GAAP) assumes that all loans will be repaid until evidence to the contrary (known as a loss or trigger event) is identified. Only at that point is the impaired loan (or portfolio of loans) written down to a lower value. CECL requires that an estimate of loss for the entire life cycle of each asset with credit loss exposure be recorded at the funding date of that asset as a component of the reported Allowance for Credit Losses. For additional information regarding current expected credit losses, see Notes 2 and 6 to the consolidated financial statements. The three major differences between CECL and ILM are: (1) CECL requires that reserves for the full, expected life of any asset with credit loss exposure be established at the funding date of the asset. The reserve must consider all expected credit and credit-related losses in aggregate to the asset's maturity (including prepayment projections) using a methodology that both a.) requires an evaluation of the Bank’s segmented internal credit dynamics (historical loss rate, underwriting standards, etc.); and b.) requires evaluations of the macroeconomic environment at funding and at the end of each subsequent reporting period; (2) CECL requires that a broader array of assets, in addition to outstanding loans, must be included in the CECL calculation than were includable under the ILM model; and (3) CECL requires substantially enhanced documentation and underlying assumption, input and calculation support, due to its more extensive modeling assumptions and inputs, as well as its more complex calculations, than were previously considered necessary under ILM. Beginning on January 1, 2023, the Bank will have to account for all credit loss exposures using this CECL methodology. A nonrecurring adjustment from ILM to CECL was made on January 1, 2023, increasing the ALLL at December 31, 2022 by $ 2.2 million in determining the beginning ACL for the quarter ended March 31, 2023. This transition adjustment was booked to retained earnings in the first quarter of 2023 and therefore will be a subtraction from tangible book value (“TBV”), after tax effects of approximately $ 1.7 million. |
Servicing
Servicing | 12 Months Ended |
Dec. 31, 2022 | |
Servicing Asset [Abstract] | |
Servicing | NOTE 7: SERVICING Loans serviced for others are not included in the accompanying consolidated statements of condition. At December 31, 2022 and 2021, the Bank serviced 503 and 493 residential mortgage loans for others, respectively. The unpaid principal balances of mortgage loans serviced for others were $ 52.2 million and $ 51.1 million at December 31, 2022 and 2021, respectively. The balance of capitalized servicing rights included in other assets at December 31, 2022 and 2021, was $ 368,000 and $ 379,000 , respectively. The following summarizes mortgage servicing rights capitalized and amortized: (In thousands) 2022 2021 Mortgage servicing rights capitalized $ 64 $ 72 Mortgage servicing rights amortized 75 69 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 8: PREMISES AND EQUIPMENT A summary of premises and equipment at December 31, is as follows: (In thousands) 2022 2021 Land $ 2,063 $ 2,434 Buildings 20,406 23,000 Furniture, fixtures and equipment 17,337 16,861 Construction in progress 320 548 40,126 42,843 Less: Accumulated depreciation 22,254 21,184 $ 17,872 $ 21,659 Depreciation expense in 2022 and 2021 was $ 1.1 million and $ 1.8 million, respectively. |
Foreclosed Real Estate
Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Foreclosed Real Estate | NOTE 9: FORECLOSED REAL ESTATE A summary of foreclosed real estate at December 31, is as follows: (Dollars in thousands) Number of December 31, Number of properties December 31, Foreclosed real estate 2 $ 221 - $ - At December 31, 2022 and December 31, 2021, the Company reported $ 542,000 and $ 1.1 million, respectively, in real estate loans in the process of foreclosure. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 10: GOODWILL AND INTANGIBLE ASSETS Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually for impairment or between annual evaluations in certain circumstances. Management performs an annual assessment of the Company’s goodwill to determine whether or not any impairment of the carrying value may exist. Of the $ 4.5 million of goodwill carried on the Company’s books as of December 31, 2022, $ 3.8 million of this amount was due to prior periods acquisitions of bank branches and $ 696,000 , initially and currently classified as an identifiable intangible asset, was due to the 2013 acquisition of the FitzGibbons Agency by PRMC and the 2015 acquisition of the Huntington Agency. In 2020, the Company retained expert, independent consultants to evaluate the recorded goodwill for impairment. The Company updated those evaluations using internal modeling processes for the year ended December 31, 2022. The Company is permitted to assess market-based, prospective analyses and other qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than the carrying value. Based on the results of the assessments made by management, with prior input from the retained consultants, it was determined that the carrying value of goodwill in the amount of $ 4.5 million is not impaired as of December 31, 2022. The identifiable intangible asset of $ 101,000 as of December 31, 2022 was due to the acquisition of the FitzGibbons and Huntington Agencies and represents the amortized carrying amount of the customer lists intangible. The weighted average remaining amortization period of this intangible asset is 3.67 years. The gross carrying amount and annual amortization for this identifiable intangible asset are as follows: December 31, (In thousands) 2022 2021 Gross carrying amount $ 243 $ 243 Accumulated amortization ( 142 ) ( 126 ) Net amortizing intangibles $ 101 $ 117 The estimated amortization expense for each of the five succeeding years ended December 31, is as follows: (In thousands) 2023 $ 16 2024 16 2025 16 2026 16 2027 16 Thereafter 21 Total $ 101 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | NOTE 11: DEPOSITS A summary of deposits at December 31 is as follows: (In thousands) 2022 2021 Savings accounts $ 134,880 $ 131,176 Time accounts 314,109 253,564 Time accounts in excess of $250,000 71,696 67,450 Money management accounts 16,107 16,124 MMDA accounts 270,326 256,963 Demand deposit interest-bearing 127,395 130,816 Demand deposit noninterest-bearing 183,711 191,858 Mortgage escrow funds 7,206 7,395 Total Deposits $ 1,125,430 $ 1,055,346 At December 31, 2022, the scheduled maturities of time deposits are as follows: (In thousands) Year of Maturity: 2023 $ 216,235 2024 60,298 2025 69,540 2026 31,194 2027 6,754 Thereafter 1,784 Total $ 385,805 In addition to deposits obtained from its business operations within its target market areas, the Bank also obtains brokered deposits through various programs administered by IntraFi Network and through other unaffiliated third-party financial institutions. At December 31, 2022 2021 (In thousands) Non-Brokered Brokered Total Non-Brokered Brokered Total Savings accounts $ 134,880 $ 134,880 $ 131,176 $ 131,176 Time accounts 105,478 208,631 314,109 135,804 117,760 253,564 Time accounts of $250,000 or more 71,696 71,696 67,450 67,450 Money management accounts 16,107 16,107 16,124 16,124 MMDA accounts 270,326 270,326 256,963 256,963 Demand deposit interest-bearing 87,395 40,000 127,395 90,771 40,045 130,816 Demand deposit noninterest-bearing 183,711 183,711 191,858 191,858 Mortgage escrow funds 7,206 7,206 7,395 7,395 Total Deposits $ 876,799 $ 248,631 $ 1,125,430 $ 897,541 $ 157,805 $ 1,055,346 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | NOTE 12: BORROWED FUNDS The composition of borrowings (excluding subordinated debt) at December 31 is as follows: (In thousands) 2022 2021 Short-term: FHLB advances $ 60,333 $ 12,500 Total short-term borrowings $ 60,333 $ 12,500 Long-term: FHLB advances $ 55,664 $ 64,598 Total long-term borrowings $ 55,664 $ 64,598 The principal balances, interest rates and maturities of the outstanding long-term borrowings, all of which are at a fixed rate, at December 31, 2022 are as follows: Term Principal Rates (Dollars in thousands) Advances with FHLB Due within 1 year $ 12,006 0.34 - 3.17 % Due within 2 years 22,850 0.39 - 5.03 % Due within 10 years 20,808 0.52 - 4.52 % Total advances with FHLB $ 55,664 Total long-term fixed rate borrowings $ 55,664 At December 31, 2022, scheduled repayments of long-term debt are as follows: (In thousands) 2023 $ 12,006 2024 22,850 2025 19,108 2026 1,700 Total $ 55,664 The Company has access to FHLBNY advances, under which it can borrow at various terms and interest rates. Residential mortgage loans with a carrying value of $ 110.3 million, securities with a carrying value of $ 27.8 million and FHLB stock with a carrying value of $ 6.0 million have been pledged by the Company under a blanket collateral agreement to secure the Company’s borrowings at December 31, 2022. The total outstanding indebtedness under borrowing facilities with the FHLB cannot exceed the total value of the assets pledged under the blanket collateral agreement. The Company has a $ 10.3 million line of credit available at December 31, 2022 with the Federal Reserve Bank of New York through its Discount Window and has pledged various corporate and municipal securities against the line. The Company has $ 15.0 million in lines of credit available with two other correspondent banks. $ 10.0 million of that line of credit is available on an unsecured basis and the remaining $ 5.0 million must be collateralized with investment securities. Interest on the lines is determined at the time of borrowing. |
Subordinated Loans
Subordinated Loans | 12 Months Ended |
Dec. 31, 2022 | |
Subordinated Borrowings [Abstract] | |
Subordinated Loans | NOTE 13: SUBORDINATED DEBT On October 14, 2020, the Company executed a private placement of $ 25.0 million of its 5.50 % Fixed to Floating Rate non-amortizing Subordinated Debt (the “2020 Subordinated Debt”) to certain qualified institutional investors. The 2020 Subordinated Debt has a maturity date of October 15, 2030 and initially bears interest, payable semi-annually, at a fixed annual rate of 5.50 % per annum until October 15, 2025. Commencing on that date, the interest rate applicable to the outstanding principal amount due will be reset quarterly to an interest rate per annum equal to the then current three month Secured Overnight Financing Rate ("SOFR") plus 532 basis points, payable quarterly until maturity. The Company may redeem the 2020 Subordinated Debt at par, in whole or in part, at its option, any time after October 15, 2025 (the first redemption date). The 2020 Subordinated Debt is senior in the Company’s credit repayment hierarchy only to the Company’s common equity and preferred stock and, and any future senior indebtedness and is intended to qualify as Tier 2 capital for regulatory capital purposes for the Company. The Company paid $ 783,000 in origination and legal fees as part of this transaction. These fees will be amortized over the life of the 2020 Subordinated Debt through its first redemption date using the effective interest method, giving rise to an effective cost of funds of 6.22 % from the issuance date calculated under this method. Accordingly, interest expense related to this indebtedness of $ 1.6 million and $ 1.5 million was recorded in the years ended December 31, 2022 and December 31, 2021, respectively. The Company has a non-consolidated subsidiary trust, Pathfinder Statutory Trust II, of which the Company owns 100 % of the common equity. The Trust issued $ 5,000,000 of 30 -year floating rate Company-obligated pooled capital securities of Pathfinder Statutory Trust II (“Floating-Rate Debentures”). The Company borrowed the proceeds of the capital securities from its subsidiary by issuing floating rate junior subordinated deferrable interest debentures having substantially similar terms. The capital securities mature in 2037 and are treated as Tier 1 c apital by the FDIC and FRB. The capital securities of the trust are a pooled trust preferred fund of Preferred Term Securities VI, Ltd., whose interest rate resets quarterly, and are indexed to the 3 -month LIBOR rate plus 1.65 %. These securities have a five-year call provision. The Company paid $ 178,000 and $ 94,000 in interest expense related to this issuance in 2022 and 2021, respectively. The Company guarantees all of these securities. The United Kingdom’s Financial Conduct Authority (“FCA”), the organization responsible for regulating LIBOR, ceased publishing LIBOR indices at the end of 2021. The Alternative Reference Rates Committee (the “ARRC”), formed by the Federal Reserve Board and the Federal Reserve Bank of New York, had been charged with developing an alternative rate that replaced LIBOR in the United States (U.S. dollar-denominated LIBOR). The ARRC identified the SOFR as the rate that represents best practice for use in U.S. dollar-denominated LIBOR derivatives and other financial contracts. Accordingly, SOFR has currently replaced LIBOR in the substantial majority of contracts in which LIBOR was used. Management has analyzed the Company’s aggregate exposure to instruments that are indexed to LIBOR (including the Company’s acquired loan participations, fixed-income investments, hedging instruments and the Floating-Rate debt) and concluded that the adoption of SOFR will not materially impact the Company or the results of its operations. The Company's equity interest in the trust subsidiary is included in other assets on the Consolidated Statements of Financial Condition at December 31, 2022 and 2021. For regulatory reporting purposes, the Federal Reserve Board has indicated that the preferred securities will continue to qualify as Tier 1 Capital subject to previously specified limitations, until further notice. If regulators make a determination that Trust Preferred Securities can no longer be considered in regulatory capital, the securities become callable and the Company may redeem them. On April 1, 2021, the Company redeemed a $ 10.0 million non-amortizing subordinated debt instrument. The terms of the subordinated debt required fixed interest payments at an annual interest rate of 6.25 % after February 29, 2016 until the debt’s scheduled maturity date. Interest expense, related to this borrowing, of $- 0 - and $ 156,000 was recorded in the years ended December 31, 2022 and 2021, respectively. The composition of subordinated debt at December 31 is as follows: (In thousands) 2022 2021 Subordinated debt Junior subordinated debenture $ 5,155 $ 5,155 Subordinated debt $ 25,000 $ 25,000 Deferred Financing Charges ( 422 ) ( 592 ) Total subordinated debt $ 29,733 $ 29,563 The principal balances, interest rates and maturities of the subordinated debt at December 31, 2022 are as follows: Term Principal Rates (Dollars in thousands) Subordinated debt: Due within 8 years $ 25,000 5.5 % Due within 15 years 5,155 3-Month LIBOR + 1.65 % Total subordinated debt $ 30,155 S cheduled repayments of the subordinated debt at December 31, 2022 are as follows: (In thousands) 2023 $ - 2024 - 2025 25,000 2026 - 2027 - Thereafter 5,155 Total $ 30,155 |
Employee Benefits and Deferred
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans | NOTE 14: Employee Benefits and Deferred Compensation and Supplemental Retirement Plans The Company has a noncontributory defined benefit pension plan covering substantially all employees. The plan provides defined benefits based on years of service and final average salary. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there will be no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. In addition, the Company provides certain health and life insurance benefits for a limited number of eligible retired employees. The healthcare plan is contributory with participants’ contributions adjusted annually; the life insurance plan is noncontributory. Employees with less than 14 years of service as of January 1, 1995, are not eligible for the health and life insurance retirement benefits. The following tables set forth the changes in the plans’ benefit obligations, fair value of plan assets and the plans’ funded status as of December 31: Pension Benefits Postretirement Benefits (In thousands) 2022 2021 2022 2021 Change in benefit obligations: Benefit obligations at beginning of year $ 12,720 $ 12,967 $ 325 $ 369 Service cost - - - - Interest cost 465 441 11 12 Plan participants' contribution - - 9 8 Actuarial (gain) loss ( 3,368 ) ( 389 ) ( 164 ) ( 19 ) Benefits paid ( 375 ) ( 299 ) ( 45 ) ( 45 ) Benefit obligations at end of year 9,442 12,720 136 325 Change in plan assets: Fair value of plan assets at beginning of year 20,531 19,274 - - Actual return on plan assets ( 3,845 ) 1,556 - - Benefits paid ( 375 ) ( 299 ) ( 45 ) ( 45 ) Plan participants' contribution - - 9 8 Employer contributions - - 36 37 Fair value of plan assets at end of year 16,311 20,531 - - Funded (unfunded) status - asset (liability) $ 6,869 $ 7,811 $ ( 136 ) $ ( 325 ) The funded status of the pension was recorded within other assets on the statement of condition. The unfunded status of the postretirement plan is recorded within other liabilities on the statement of condition. Amounts recognized in accumulated other comprehensive loss as of December 31 are as follows: Pension Benefits Postretirement Benefits (In thousands) 2022 2021 2022 2021 Net loss (gain) $ 3,389 $ 1,843 $ ( 103 ) $ 64 Tax Effect 886 480 ( 27 ) 15 $ 2,503 $ 1,363 $ ( 76 ) $ 49 Gains and losses in excess of 10 % of the greater of the benefit obligation or the fair value of assets are amortized over the average remaining service period of active participants. The Company utilized the actual projected cash flows of the participants in both plans for the years ended December 31, 2022 and December 31, 2021. The following points address the approach taken. 1. An analysis of the defined benefit pension plan’s expected future cash flows and high-quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefits yielded a single discount rate of 6.09 % at December 31, 2022. 2. An analysis of the postretirement health plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the retiree medical benefits yielded a single discount rate of 6.09 % at December 31, 2022. 3. Each discount rate was developed by matching the expected future cash flows of the Bank to high quality bonds. Every bond considered has earned ratings of at least AA by Fitch Group, AA by Standard & Poor’s, or Aa2 by Moody’s Investor Services. The accumulated benefit obligation for the defined benefit pension plan was $ 9.4 million and $ 12.7 million at December 31, 2022 and 2021, respectively. The postretirement plan had an accumulated benefit obligation of $ 136,000 and $ 325,000 at December 31, 2022 and 2021, respectively. The significant assumptions used in determining the benefit obligations as of December 31, are as follows: Pension Benefits Postretirement Benefits 2022 2021 2022 2021 Weighted average discount rate 6.09 % 3.71 % 6.09 % 3.71 % Rate of increase in future compensation levels - - - - Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement health care plan. The annual rates of increase in the per capita cost of covered medical and prescription drug benefits for future years were assumed to be 4.50 % for 2022, gradually decreasing to 4.20 % in 2025 and remain at that level thereafter. The composition of the net periodic benefit plan (benefit) cost for the years ended December 31 is as follows: Pension Benefits Postretirement Benefits (In thousands) 2022 2021 2022 2021 Service cost $ - $ - $ - $ - Interest cost 465 441 11 12 Expected return on plan assets ( 1,068 ) ( 1,146 ) - - Amortization of transition obligation - - - - Amortization of net losses - 101 7 9 Amortization of unrecognized past service liability - - ( 5 ) ( 5 ) Net periodic benefit plan (benefit) cost $ ( 603 ) $ ( 604 ) $ 13 $ 16 The significant assumptions used in determining the net periodic benefit plan cost for years ended December 31, were as follows: Pension Benefits Postretirement Benefits 2022 2021 2022 2021 Weighted average discount rate 6.09 % 3.71 % 6.09 % 3.71 % Expected long term rate of return on plan assets 6.00 % 5.25 % - - Rate of increase in future compensation levels - - - - The long term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6.5 % to 8.5 % and 2.0 % to 4.0 %, respectively. The long-term inflation rate was estimated to be 2.5 %. When these overall return expectations are applied to the plan’s target allocation, the expected rate of return was determined to be in the range of 5.0 % to 7.0 %. Management chose to use a 5.25 % expected long-term rate of return in 2022 and a 6.0 % expected long-term rate of return in 2023 reflecting current economic conditions and expected rates of return. Based on the $ 16.3 million fair value of plan assets at December 31, 2022, each 50 basis point decrease in the expected long-term rate of return would reduce after tax net income at a 2023 expected state and federal combined statutory tax rate of 26.1 % by approximately $ 60,000 . The estimated net actuarial income that will be amortized from accumulated other comprehensive income into net periodic benefit plan income during 2023 is $ 175,000 . The estimated amortization of the unrecognized transition obligation and actuarial income for the postretirement health plan in 2023 is $ 136,000 . The expected net periodic benefit plan benefit for 2023 is estimated to be $ 174,000 for both retirement plans in aggregate. Plan assets are invested in three diversified investment portfolios of the Pentegra Retirement Trust (the “Trust”, formerly known as RSI Retirement Trust), a private placement investment fund. The Trust has been given discretion by the Plan Sponsor to determine the appropriate strategic asset allocation versus plan liabilities, as governed by the Trust’s Investment Policy Statement. The Plan is structured to utilize a Liability Driven Investment (LDI) approach which seeks to fund the current and future liabilities of the Plan and aims to mitigate funded status and contribution volatility. The Plan’s asset allocation targets to hold 48 % of assets in equity securities via investment in the Long-Term Growth – Equity Portfolio (‘LTGE’), 16 % in intermediate-term investment grade bonds via investment in the Long-Term Growth – Fixed-Income Portfolio (‘LTGFI’), 35 % in long duration bonds via the Liability Focused Fixed-Income Portfolio (‘LFFI’), and 1 % in a cash equivalents portfolio (for liquidity). LTGE is a diversified portfolio that invests in a number of actively and passively managed equity-focused mutual funds and collective investment trusts. The Portfolio holds a diversified mix of equity funds in order to gain exposure to the U.S. and non-U.S. equity markets. LTGFI is a diversified portfolio that invests in a number of fixed-income mutual funds and collective investment trusts. The Portfolio invests primarily in intermediate-term bond funds with a focus on Core Plus fixed-income investment approaches. LFFI is a diversified high quality fixed-income portfolio that currently invests in passively managed collective investment trusts that hold long duration bonds. The investment objectives, investment strategies and risks of each of the daily valued and unitized Portfolios and the funds held within the Portfolios are detailed in the Private Placement Memorandum and the Trust’s Investment Policy Statement. The overall long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. The LTGE and LTGFI Portfolios are designed to provide long-term growth of equity and fixed-income assets with the objective of achieving an investment return in excess of the cost of funding the active life, deferred vested, and all 30 -year term and longer obligations of retired lives in the Trust. The LFFI Portfolio is designed to fund the Trust’s estimated retired lives class of liabilities for 30 years. Risk/volatility is further managed by the distinct investment objectives of each of the Trust’s Portfolios. Pension plan assets measured at fair value are summarized below: At December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Fair Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,659 $ - $ 1,659 Large-cap Growth (b) - 1,239 - 1,239 Large-cap Core (c) - 993 - 993 Mid-cap Value (d) - 384 - 384 Mid-cap Growth (e) - 309 - 309 Mid-cap Core (f) - 340 - 340 Small-cap Value (g) - 179 - 179 Small-cap Growth (h) - 413 - 413 Small-cap Core (i) - 268 - 268 International Equity (j) - 2,199 - 2,199 Equity -Total - 7,983 - 7,983 Fixed Income Funds Fixed Income - US Core (k) - 2,007 - 2,007 Intermediate Duration (l) - 3,347 - 3,347 Long Duration (m) - 2,568 - 2,568 Fixed Income-Total - 7,922 - 7,922 Cash Equivalents-Money market* 54 352 - 406 Total $ 54 $ 16,257 $ - $ 16,311 At December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Fair Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,763 $ - $ 1,763 Large-cap Growth (b) - 1,946 - 1,946 Large-cap Core (c) - 1,234 - 1,234 Mid-cap Value (d) - 475 - 475 Mid-cap Growth (e) - 442 - 442 Mid-cap Core (f) - 398 - 398 Small-cap Value (g) - 222 - 222 Small-cap Growth (h) - 533 - 533 Small-cap Core (i) - 332 - 332 International Equity (j) - 2,651 - 2,651 Equity -Total - 9,996 - 9,996 Fixed Income Funds Fixed Income - US Core (k) - 2,380 - 2,380 Intermediate Duration (l) - 4,249 - 4,249 Long Duration (m) - 3,521 - 3,521 Fixed Income-Total - 10,150 - 10,150 Cash Equivalents-Money market* 49 336 - 385 Total $ 49 $ 20,482 $ - $ 20,531 *Includes cash equivalents investments in equity and fixed income strategies a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. f) This category seeks to track the performance of the S&P Midcap 400 Index. g) This category consists of a selection of investments based on the Russell 2000 Value Index. h) This category consists of a mutual fund invested in small capitalization growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. i) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10 % of the market universe, or smaller than the 1000th largest US company. j) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80 % of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. k) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80 % of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50 % or more in mortgage-backed securities guaranteed by the US government and its agencies. l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year, Bullets only Index, along with a diversified mutual fund holding fixed income securities rated A or better. m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. For the fiscal year ending December 31, 2023, the Company expects to contribute approximately $ 17,000 to the postretirement plan. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from both retirement plans: Pension Postretirement (In thousands) Benefits Benefits Total Years ending December 31: 2023 $ 449 $ 17 $ 466 2024 465 16 481 2025 489 15 504 2026 616 14 630 2027 636 13 649 Thereafter 3,639 55 3,694 The Company also offers a 401(k) plan to its employees. Contributions to this plan by the Company were $ 433,000 and $ 414,000 for 2022 and 2021, respectively. In addition, the Company made $ 337,000 and $ 314,000 of safe harbor contributions to the plan in 2022 and 2021, respectively. The Company maintains optional deferred compensation plans for its directors and certain executive officers, whereby fees and income normally received are deferred and paid by the Company based upon a payment schedule commencing between the ages of 65 and 70 and continuing monthly for 10 years. At December 31, 2022 and 2021, other liabilities include approximately $ 3.2 million and $ 3.0 million, respectively, relating to deferred compensation. Deferred compensation expense for the years ended December 31, 2022 and 2021 amounted to approximately $ 355,000 and $ 349,000 , respectively. To assist in the funding of the Company’s benefits under the supplemental executive retirement plan and deferred compensation plans, the Company is the owner of single premium life insurance policies on selected participants. At December 31, 2022 and 2021, the cash surrender values of these policies were $ 24.0 million and $ 23.4 million, respectively. The Bank adopted a Defined Contribution Supplemental Executive Retirement Plan (the “SERP”), effective January 1, 2014. The SERP benefits certain key senior executives of the Bank who are selected by the Board to participate, including our named executive officers. The SERP is intended to provide a benefit from the Bank upon retirement, death, disability or voluntary or involuntary termination of service (other than “for cause”), subject to the requirements of Section 409A of the Internal Revenue Code. Accordingly, the SERP obligates the Bank to make a contribution to each executive’s account on the last business day of each calendar year. In addition, the Bank, may, but is not required to, make additional discretionary contributions to the executive’s accounts from time to time. All executives currently participating in the plan, including the named executive officers, are fully vested in the Bank’s contribution to the plan. In the event the executive is terminated involuntarily or resigns for good reason within 24 months following a change in control, the Bank is required to make additional annual contributions the lesser of: (1) three years or (2) the number of years remaining until the executive’s benefit age, subject to potential reduction to avoid an excess parachute payment under Code Section 280G. In the event of the executive’s death, disability or termination within 24 months after a change in control, the executive’s account will be paid in a lump sum to the executive or his beneficiary, as applicable. In the event the executive is entitled to a benefit from the SERP due to retirement or other termination of employment, the benefit will be paid either in a lump sum or in 10 annual installments as detailed in his or her participant agreement. At December 31, 2022 and 2021, other liabilities included $ 635,000 and $ 578,000 , respectively, accrued under this plan. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation Plans | NOTE 15: Stock Based Compensation PlanS All share and per share values have been adjusted, where appropriate, by the 1.6472 exchange rate used in the Conversion and Offering that occurred on October 16, 2014. April 2010 Stock Option Grants In June 2011, the Board of Directors of the Company approved the grant of stock option awards to its directors and executive officers under the 2010 Stock Option Plan that had 247,080 shares authorized for award. A total of 74,124 stock option awards were granted to the nine directors of the Company, at that time, and 123,540 stock option awards, in total, were granted to the Chief Executive Officer and the Company’s then four senior vice presidents. The awards vested ratably over five years ( 20 % per year for each year of the participant’s service with the Company) with an expiration date ten years from the date of the grant, or June 2021. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 2.2 %; volatility factors of the expected market price of the Company's common stock of 0.45 ; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.49 %. Based upon these assumptions, the weighted average fair value of options granted was $ 2.29 . In July 2013, the Board of Directors of the Company approved the grant of 16,472 stock option awards in total to two newly elected directors of the Company. The awards vested ratably over five years ( 20 % per year for each year of the participant’s service with the Company) with an expiration date ten years from the date of the grant, or July 2023. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 2.0 %; volatility factors of the expected market price of the Company's common stock of 0.45 ; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.0 %. Based upon these assumptions, the weighted average fair value of options granted was $ 3.69 . In November 2015, the Board of Directors of the Company approved the grant of 16,472 stock option awards in total to two newly elected directors of the Company. The awards vest ratably over five years ( 20 % per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or November 2025. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.9 %; volatility factors of the expected market price of the Company's common stock of 0.23 ; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.4 %. Based upon these assumptions, the weighted average fair value of options granted was $ 2.56 . In April 2016, the Board of Directors of the Company approved the grant of 47,768 stock option awards in total to three officers and one recently promoted senior officer. The awards vest ratably over five years ( 20 % per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or April 2026. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.6 %; volatility factors of the expected market price of the Company's common stock of 0.32 ; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.55 %. Based upon these assumptions, the weighted average fair value of options granted was $ 3.17 . May 2016 Stock Option Grants In May 2016, the Board of Directors of the Company approved the grant of stock option awards to its directors, executive officers, senior officers and officers under the 2016 Equity Incentive Plan that was approved at the Annual Meeting of Shareholders on May 4, 2016 when 263,605 shares were authorized for award. A total of 79,083 stock option awards were granted to the nine directors of the Company and 44,812 stock option awards, in total, were granted to thirteen officers. The awards vest ratably over five years ( 20 % per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or May 2026. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.6 %; volatility factors of the expected market price of the Company's common stock of 0.32 ; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.55 %. Based upon these assumptions, the weighted average fair value of options granted was $ 3.32 . A total of 92,261 stock option awards were granted to the Chief Executive Officer, two executive officers and three senior officers. The awards vest ratably over seven years (approximately 14.28 % per year for each year of the participant’s service with the Company) with the exception of one senior officer whose awards vested upon retirement on August 1, 2017 and will expire ten years from the date of the grant, or May 2026. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.7 %; volatility factors of the expected market price of the Company's common stock of 0.32 ; weighted average expected lives of the options of 8.5 years: cash dividend yield of 1.55%. Based upon these assumptions, the weighted average fair value of options granted was $ 3.59 . In September 2020, the Board of Directors of the Company approved the grant of 3,000 stock option awards to one officer. The awards vest ratably over three years (approximately 33.3 % per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or September 2030. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free rate of 0.35 %; volatility factors of the expected market price of the Company’s common stock of 0.21 ; weighted average expected lives of the options of 6.0 years: cash dividend yield of 2.46%. Based upon these assumptions, the weighted average fair value of options granted was $ 1.32 . In October 2020, the Board of Directors of the Company approved the grant of 9,000 stock option awards in total to two senior officers and four officers. The awards vest ratably over three years (approximately 33.3 % per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or October 2030. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free rate of 0.45 %; volatility factors of the expected market price of the Company’s common stock of 0.22 ; weighted average expected lives of the options of 6.0 years: cash dividend yield of 2.31 %. Based upon these assumptions, the weighted average fair value of options granted was $ 1.51 . In October 2020, the Board of Directors of the Company approved the grant of 39,668 stock option awards to one senior officer. The awards were split between incentive stock option awards and non-qualified stock option awards in accordance with applicable tax regulations that required that allocation of stock option distributions due to the aggregate value of the stock option awards vesting each year. The awards vest ratably over three years (approximately 33.3 % per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or October 2030. The Black-Scholes model, for the 26,633 incentive stock option awards, used the following weighted average assumptions: risk-free rate of 0.45 %; volatility factors of the expected market price of the Company’s common stock of 0.25 ; weighted average expected lives of the options of 6.0 years: cash dividend yield of 2.31 %. The Black-Scholes model, for the 13,035 non-qualified stock option awards, used the following weighted average assumptions: risk-free rate of 0.44 %; volatility factors of the expected market price of the Company’s common stock of 0.26 ; weighted average expected lives of the options of 5.9 years: cash dividend yield of 2.31 %. Based upon these assumptions, the weighted average fair value of the incentive stock options and the non-qualified stock options granted were $ 1.83 and $ 1.85 , respectively. Activity in the stock option plans is as follows: Options Outstanding Shares Exercisable Number of Weighted Average Number of Weighted Average (Shares in thousands) Shares Exercise Price Shares Exercise Price Outstanding at January 1, 2021 320 $ 10.89 204 $ 10.91 Granted - - - - Newly vested - - 59 10.97 Exercised ( 53 ) - ( 53 ) - Forfeited - - - - Expired ( 3 ) 9.48 - - Outstanding at December 31, 2021 264 $ 10.98 210 $ 11.05 Granted - $ - - $ - Newly vested - - 27 10.73 Exercised ( 37 ) - ( 37 ) - Forfeited ( 4 ) 11.35 - - Expired - - - - Outstanding at December 31, 2022 223 $ 10.94 200 $ 10.98 The aggregate intrinsic value of a stock option represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options prior to the expiration date. The intrinsic value can change based on fluctuations in the market value of the Company’s stock. At December 31, 2022, the intrinsic value of the stock options was $ 1.8 million. At December 31, 2021, the intrinsic value of the stock options was $ 1.6 million. At December 31, 2022, the average remaining contractual life of outstanding options and shares exercisable were 4.2 years and 3.9 years, respectively. May 2016 Restricted Stock Unit Grants In May 2016, the Board of Directors of the Company approved the grant of restricted stock units to its directors, executive officers, senior officers and officers under the 2016 Equity Incentive Plan that was approved at the Annual Meeting of Shareholders on May 4, 2016 when 105,442 shares were authorized for award. A total of 31,635 restricted stock units were granted to the nine directors of the Company and 8,436 restricted stock units, in total, were granted to two officers. The units vest ratably over five years ( 20 % per year for each year of the participant’s service with the Company). A total of 46,570 restricted stock units, in total, were granted to the Chief Executive Officer, two executive officers and three senior officers. The units vest ratably over seven years (approximately 14.28 % per year for each year of the participant’s service with the Company) with the exception of one senior officer whose units vested upon retirement on August 1, 2017. In September 2020, the Board of Directors of the Company approved the grant of 1,000 restricted stock units to one officer. The units vest ratably over three years (approximately 33.3 % per year for each year of the participant’s service with the Company). In October 2020, the Board of Directors of the Company approved the grant of 17,801 restricted stock units to three senior officers and four officers. The units vest ratably over three years (approximately 33.3 % per year for each year of the participant’s service with the Company). The compensation expense of the stock option awards and restricted stock units is based on the fair value of the instruments on the date of grant. The Company recorded compensation expense in the amount of $ 157,000 and $ 241,000 in 2022 and 2021, respectively, and is expected to record $ 93,112 , and $- 0 - in 2023 and 2024. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2022 | |
Employee Stock Ownership Plan [Abstract] | |
Employee Stock Ownership Plan | NOTE 16: EMPLOYEE STOCK OWNERSHIP PLAN The Bank established the Pathfinder Bank Employee Stock Ownership Plan (“Plan”) to purchase stock of the Company for the benefit of its employees. In July 2011, the Plan received a $ 1.1 million loan from Community Bank, N.A., guaranteed by the Company, to fund the Plan’s purchase of 125,000 shares of the Company’s treasury stock. The loan was being repaid in equal quarterly installments of principal plus interest over ten years beginning October 1, 2011. Interest accrued at the Wall Street Journal Prime Rate plus 1.00 %, and was secured by the unallocated shares of the ESOP stock. This loan was refinanced in connection with the Conversion and Offering that occurred on October 16, 2014. In connection with the Conversion and Offering, the ESOP purchased 105,442 shares issued in the offering by obtaining a loan from the Company which was used to purchase both the additional shares and refinance the remaining outstanding balance on the loan from Community Bank N.A. There were 138,982.5 shares associated with the refinanced loan resulting in a total of 244,424.5 shares associated with the new loan provided by the Company. The ESOP loan from the Company has a ten year term and is being repaid in equal payments of principal and interest under a fixed rate of interest equal to 3.25 % which was the prime rate of interest on the date of the closing of the offering. This ESOP loan from the Company, also referred to as an internally leveraged ESOP, does not appear as a liability on the Company’s Consolidated Statement of Condition as of December 31, 2022 in accordance with ASC 718-40-25-9d . In accordance with the payment of principal on the loan, a proportionate number of shares are allocated to the employees over the ten year time horizon of the loan. Participants’ vesting interest in the shares of Company stock is at the rate of 20 % per year. Compensation expense is recorded based on the number of shares released to the participants times the average market value of the Company’s stock over that same period. Dividends on unallocated shares, recorded as compensation expense on the income statement, are made available to the participants' account. The Company recorded $ 489,000 and $ 397,000 in compensation expense in 2022 and 2021, respectively, including $ 19,000 and $ 21,000 for dividends on unallocated shares in these same time periods. At December 31, 2022, there were 42,774 unearned ESOP shares with a fair value of $ 819,000 thousand. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17: Income Taxes The provision for income taxes for the years ended December 31, is as follows: (In thousands) 2022 2021 Current $ 2,517 $ 3,018 Deferred 139 481 $ 2,656 $ 3,499 The provision for income taxes includes the following (In thousands) 2022 2021 Federal Income Tax $ 2,342 $ 3,273 State Tax 314 226 $ 2,656 $ 3,499 The components of the net deferred tax asset (liability), included in other assets as of December 31, are as follows: (In thousands) 2022 2021 Assets: Deferred compensation $ 1,051 $ 983 Allowance for loan losses 4,004 3,381 Postretirement benefits 36 85 Subordinated debt interest 37 19 Loan origination fees 261 335 Investment securities 3,583 - Stock-based compensation 71 80 Capital loss carryover - 149 Cash flow hedges - 138 Lease Liabilities 632 638 Other 322 240 Total 9,997 6,048 Liabilities: Prepaid pension ( 1,795 ) ( 2,041 ) Investment securities - ( 151 ) Cash flow hedges ( 135 ) - Depreciation ( 2,097 ) ( 1,902 ) Accretion ( 494 ) ( 124 ) Intangible assets ( 1,004 ) ( 1,004 ) Mortgage servicing rights ( 96 ) ( 99 ) Right-of-use assets (549 ) (559 ) Prepaid expenses and transaction fees ( 112 ) ( 91 ) Total ( 6,282 ) ( 5,971 ) 3,715 77 Less: deferred tax asset valuation allowance - ( 80 ) Net deferred tax (liability) asset $ 3,715 $ ( 3 ) Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the statutory carry back period. A valuation allowance is provided when it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income and the projected future level of taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. On the basis of this evaluation, as of December 31, 2022, a reversal of the prior year valuation allowance of $ 80,000 has been recorded. Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is recognized for their future tax consequences. This is attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basises as well as net operating and capital loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. If current available evidence about the future raises doubt about the likelihood of a deferred tax asset being realized, a valuation allowance is established. The judgment about the level of future taxable income, including that which is considered capital, is inherently subjective and is reviewed on a continual basis as regulatory and business factors change. During 2022, the Company recognized capital gains from the disposal of an equity security and real property held for investment. These capital gains were able to fully offset prior capital loss carryforwards, thereby allowing the reversal of the valuation allowance recorded in the prior year. In 2022, the Company’s effective tax rate was 17.5 %, as compared to 22.4 % in 2021. A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, is as follows: 2022 2021 Federal statutory income tax rate 21.0 % 21.0 % State tax, net of federal benefit 1.6 1.2 Tax-exempt interest income ( 1.3 ) ( 0.6 ) Increase in value of bank owned life insurance less premiums paid ( 0.8 ) ( 0.7 ) Change in valuation allowance ( 0.4 ) 0.5 Federal credits ( 0.6 ) - Other ( 2.5 ) 0.5 Effective income tax rate - Pathfinder Bancorp, Inc. 17.0 % 21.9 % Minority interest 0.5 0.5 Effective income tax rate 17.5 % 22.4 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18: Commitments and Contingencies The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statement of condition. The contractual amount of those commitments to extend credit reflects the extent of involvement the Company has in this particular class of financial instrument. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of the instrument. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. At December 31, 2022 and 2021, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (In thousands) 2022 2021 Commitments to grant loans $ 50,605 $ 93,364 Unfunded commitments under lines of credit 155,453 136,749 Unfunded commitments related to construction loans in progress 7,142 12,308 Standby letters of credit 2,845 2,735 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 and may require payment of a fee. Since some of the commitment amounts are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counter party. Collateral held varies but may include residential real estate and income-producing commercial properties. Loan commitments outstanding at December 31, 2022 with variable interest rates and fixed interest rates were approximately $ 160.4 million and $ 55.6 million, respectively. These outstanding loan commitments carry current market rates. Unfunded commitments under standby letters of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued have expiration dates within one year . The credit risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. |
Dividends and Restrictions
Dividends and Restrictions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |
Dividends and Restrictions | NOTE 19: Dividends and Restrictions The Company's ability to pay dividends to its shareholders is largely dependent on the Bank's ability to pay dividends to the Company. In addition to state law requirements and the capital requirements discussed in Note 20, regulatory matters, regulations and policies limit the circumstances under which the Bank may pay dividends. The amount of retained earnings legally available under these regulations approximated $ 37.8 million as of December 31, 2022. Dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. The Bank made no dividend payments to the Company in the years ended December 31, 2022 or December 31, 2021. Capital adequacy is evaluated primarily by the use of ratios which measure capital against total assets, as well as against total assets that are weighted based on defined risk characteristics. The Company’s goal is to maintain a strong capital position, consistent with the risk profile of its banking operations. This strong capital position serves to support growth and expansion activities while at the same time exceeding regulatory standards. At December 31, 2022, the Bank met the regulatory definition of a “well-capitalized” institution, i.e. a leverage capital ratio exceeding 5%, a Tier 1 risk-based capital ratio exceeding 8%, Tier 1 common equity exceeding 6.5%, and a total risk-based capital ratio exceeding 10%. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The buffer is separate from the capital ratios required under the Prompt Corrective Action (“PCA”) standards. In order to avoid these restrictions, the capital conservation buffer effectively increases the minimum levels of the following capital to risk-weighted assets ratios: (1) Core Capital, (2) Total Capital and (3) Common Equity. The capital conservation buffer requirement is now fully implemented at 2.5% of risk-weighted assets. At December 31, 2022, the Bank exceeded all regulatory required minimum capital ratios, including the capital buffer requirements. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies developed a “Community Bank Leverage Ratio” (the ratio of a bank's Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $ 10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies had set the Community Bank Leverage Ratio at 9 %. Pursuant to the CARES Act, the federal banking agencies issued final rules to set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. In 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks had until January 1, 2022, before the Community Bank Leverage Ratio requirement returned to 9%. A financial institution can elect to be subject to this new definition. The new rule took effect on January 1, 2020. The Bank did not elect to become subject to the Community Bank Leverage Ratio. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | NOTE 20: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain amounts and ratios (set forth in the table below) of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). As of December 31, 2022, the Bank’s most recent notification from the FDIC categorized the Bank as “well-capitalized”, under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized”, the Bank must maintain total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the tables below. There are no conditions or events since that notification that management believes have changed the Bank’s category. As noted above, the regulations also impose a “capital conservation buffer” consisting of 2.5 % of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The buffer is separate from the capital ratios required under the Prompt Corrective Action (“PCA”) standards and imposes restrictions on dividend distributions and discretionary bonuses. In order to avoid these restrictions, the capital conservation buffer effectively increases the minimum levels of the following capital to risk-weighted assets ratios: (1) Core Capital, (2) Total Capital and (3) Common Equity. The capital conservation buffer requirement is now fully implemented at 2.5 % of risk-weighted assets. At December 31, 2022, the Bank exceeded all regulatory required minimum capital ratios, including the capital buffer requirements. The Bank’s actual capital amounts and ratios as of December 31, 2022 and 2021 are presented in the following table. Actual Minimum For Minimum To Be Minimum for (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total Core Capital (to Risk-Weighted Assets) $ 145,760 15.14 % $ 77,029 8.00 % $ 96,286 10.00 % $ 101,100 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 133,683 13.88 % $ 57,772 6.00 % $ 77,029 8.00 % $ 81,843 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 133,683 13.88 % $ 43,329 4.50 % $ 62,586 6.50 % $ 67,400 7.00 % Tier 1 Capital (to Assets) $ 133,683 9.67 % $ 55,314 4.00 % $ 69,142 5.00 % $ 69,142 5.00 % As of December 31, 2021: Total Core Capital (to Risk-Weighted Assets) $ 129,166 15.19 % $ 68,013 8.00 % $ 85,016 10.00 % $ 89,266 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 118,511 13.94 % $ 51,009 6.00 % $ 68,013 8.00 % $ 72,263 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 118,511 13.94 % $ 38,257 4.50 % $ 55,260 6.50 % $ 59,511 7.00 % Tier 1 Capital (to Assets) $ 118,511 9.52 % $ 49,804 4.00 % $ 62,255 5.00 % $ 62,255 5.00 % The Company’s goal is to maintain a strong capital position, consistent with the risk profile of its subsidiary bank that supports growth and expansion activities while at the same time exceeding regulatory standards. At December 31, 2022, the Bank exceeded all regulatory required minimum capital ratios and met the regulatory definition of a “well-capitalized” institution, i.e. a leverage capital ratio exceeding 5 %, a Tier 1 risk-based capital ratio exceeding 6 % and a total risk-based capital ratio exceeding 10 %. The Federal Reserve Board regulations previously required banks to maintain non-interest-earning reserves on deposit at the Federal Reserve Bank (“FRB”), against their transaction accounts (primarily negotiable order of withdrawal (“NOW”) and regular checking accounts). In March 2020, due to a change in in its approach to monetary policy due to the COVID-19 pandemic, the Federal Reserve Board announced an interim rule to amend Regulation D requirements and reduce reserve requirement ratios to zero . The Federal Reserve Board has indicated that it has no plans to re-impose reserve requirements, but may do so in the future. |
Interest Rate Derivative
Interest Rate Derivative | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivative | NOTE 21: INTEREST RATE DERIVATIVE The Company is exposed to certain risks from both its business operations and changes in economic conditions. As part of managing interest rate risk, the Company enters into standardized interest rate derivative contracts (designated as hedging agreements) to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate hedging agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate hedging agreements are generally entered into with counterparties that meet established credit standards and the agreements contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not material at December 31, 2022. Interest rate hedging agreements are recorded at fair value as other assets or liabilities. The Company had no material derivative contracts not designated as hedging agreements at December 31, 2022 or December 31, 2021. As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value. When effectively hedged, this appreciation or depreciation will generally be offset by changes in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. In a fair value hedge, the fair value of the derivative (the interest rate hedging agreement) and changes in the fair value of the hedged item are recorded in the Company’s Consolidated Statements of Condition with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair value of the interest rate hedging agreements and the hedged items represents hedge ineffectiveness and is recorded as an adjustment to the interest income or interest expense of the respective hedged item. Cash flows related to floating rate assets and liabilities will fluctuate with changes in underlying rate indices. When effectively hedged, the increases or decreases in cash flows related to the floating-rate asset or liability will generally be offset by changes in cash flows of the derivative instruments designated as a hedge. This strategy is referred to as a cash flow hedge. In a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. The ineffective portion of the derivative’s gain or loss on cash flow hedges is accounted for similar to that associated with fair value hedges. Among the array of interest rate hedging contracts, potentially available to the Company, are interest rate swap and interest rate cap (or floor) contracts. The Company uses interest rate swaps, cap or floor contracts as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable (or fixed) amounts from a counterparty in exchange for the Company making fixed (or variable) payments over the life of the agreements without the exchange of the underlying notional amount. An interest rate cap is a type of interest rate derivative in which the buyer receives payments at the end of each contractual period in which the index interest rate exceeds the contractually agreed upon strike price rate. The purchaser of a cap contract will continue to benefit from any rise in interest rates above the strike price. Similarly, an interest rate floor is a derivative contract in which the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. The purchaser of a floor contract will continue to benefit from any rise in interest rates above the strike price. The Company records various hedges in the Consolidated Statements of Condition at fair value. The Company’s accounting treatment for these derivative instruments is based on the instrument's hedge designation determined at the inception of each derivative instrument's contractual term. The following tables show the Company’s outstanding fair value hedges at December 31, 2022 and December 31, 2021: (In thousands) Hedge-Adjusted Carrying Amount of the Hedged Assets at Cumulative Amount of Fair Value Hedging Adjustment Subtracted from Carrying Amount of the Hedged Assets at December 31, 2022 Hedge-Adjusted Carrying Amount of the Hedged Assets at Cumulative Amount of Fair Value Hedging Adjustment Subtracted from Carrying Amount of the Hedged Assets at December 31, 2021 Line item on the balance sheet in which the hedged item is included: Available-for-sale securities (1) $ 68,741 $ 8,240 $ 61,808 $ 1,308 Loans receivable (2) $ 37,196 $ 1,477 $ 41,651 $ 152 (1) The carrying amount of hedged assets represents the hedge-adjusted amortized cost basis of specifically-identified municipal and GSE-backed securities designated as the underlying assets for the hedging relationships. The notional amount of the designated hedges were $ 66.8 million and $ 52.0 million at December 31, 2022 and December 31, 2021, respectively. The fair value of the derivatives (an unrealized gain, receivable from derivative counterparties) recorded in other assets resulted in a net asset position of $ 8.2 million and $ 1.3 million at December 31, 2022 and December 31, 2021, respectively. The Company’s participation in these fair value hedging transactions increased interest income by $ 565,000 and reduced interest income by $ 183,000 in the years ended December 31, 2022 and 2021, respectively. (2) The carrying amount of hedged assets represents the hedge-adjusted amortized cost of two specific purchased loan pools designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged items were $ 19.2 million and $ 20.5 million at December 31, 2022 and December 31, 2021, respectively. At December 31, 2022, the fair value of the derivatives recorded in other assets (an unrealized gain, receivable from derivative counterparties) resulted in a net asset position of $ 1.5 million, recorded by the Company in other assets. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income for the twelve months ended December 31, 2022 and 2021. In February 2020, the Company entered into an interest rate cap contract, designated as a cash flow hedging transaction at its inception, in the notional amount of $ 40.0 million, intended to reduce the Company’s exposure to potential rises in short-term interest rates above the contractual level. The Company paid $ 228,000 in a one-time premium for the cap contract and has no further contractual obligations to the contractual counterparty over the remaining life of the contract. The premium was expected to be amortized ratably over the contractual term of the cap contract, which matures in February 2023. In September of 2021, the Company determined that the specific underlying funding stream, for which the interest rate cap was originally intended to hedge, was no longer going to be a continuing component of the Bank’s overall funding strategies. Therefore, although the cap contract continued to remain in force, it was no longer considered to be a hedge against any specific funding liability. Therefore under ASC 815, the Company re-designated the cap as a free-standing derivative and marked the fair value of the cap to market during each reporting period through earnings. The re-designation of the interest rate cap contract to a free-standing derivative resulted in the recognition of a $ 157,000 increase in interest expense in 2021, prior to its re-designation. The cap contract was terminated in April 2022 resulting in a gain, recorded as other noninterest income, of $ 26,000 . In March 2020, the Bank entered into an interest rate swap contract with an unaffiliated counterparty that will expire in March 2023 . The contract was designated as a cash flow hedging transaction at its inception. The notional amount of the swap was and remains $ 40.0 million and the Bank will pay a fixed rate of 1.39 % to the counterparty and receive a variable payment equivalent to the published three-month LIBOR index rate to be paid by the swap counterparty through the expiration date of the contract. The hedged instrument is a planned series of 90-day revolving borrowings totaling $ 40.0 million that will be obtained in the brokered certificate of deposit market. The following table shows the pre-tax gains (losses) of the Company’s derivatives designated as cash flow hedges in other comprehensive income at December 31: (In thousands) 2022 2021 Fair market value adjustment gain/(loss) - interest rate swap $ 519 $ ( 387 ) Total gain (loss) in comprehensive income $ 519 $ ( 387 ) For the years ended (In thousands) December 31, 2022 December 31, 2021 Balance as of January 1: $ ( 387 ) $ ( 1,308 ) Amount of unrealized gains recognized in other 906 921 Gain (loss) in other comprehensive income: $ 519 $ ( 387 ) The amounts of hedge ineffectiveness, recognized during the year ended December 31, 2022, and December 31, 2021, for cash flow hedges were not material to the Company’s Consolidated Statements of Income. A portion of, or the entire amount included in accumulated other comprehensive loss would be reclassified into current earnings should a portion of, or the entire hedge, no longer be considered effective. Management believes that the hedges will remain fully effective during the remaining term of the respective hedging contracts. The changes in the fair values of the interest rate hedging agreements primarily result from the effects of changing index interest rates and the reduction of the time each quarter between the measurement date and the contractual maturity date of the hedging instrument. The Company manages its potential credit exposure on interest rate swap transactions by entering into a bilateral credit support agreements with each counterparty. These agreements require collateralization of credit exposures beyond specified minimum threshold amounts. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | NOTE 22: Fair Value MEASUREMENTS AND DISCLOSURES Accounting guidance related to fair value measurements and disclosures specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs, minimize the use of unobservable inputs, to the extent possible, and considers counterparty credit risk in its assessment of fair value. The Company used the following methods and significant assumptions to estimate fair value: Investment securities: The fair values of securities available-for-sale are obtained from an independent third party and are based on quoted prices on nationally recognized securities exchanges where available (Level 1). If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service. Level 3 securities are assets whose fair value cannot be determined by using observable measures, such as market prices or pricing models. Level 3 assets are typically very illiquid, and fair values can only be calculated using estimates or risk-adjusted value ranges. Management applies known factors, such as currently applicable discount rates, to the valuation of those investments in order to determine fair value at the reporting date. The Bank holds two corporate investment securities with an aggregate amortized historical cost of $ 4.1 million and an aggregate fair market value of $ 4.8 million as of December 31, 2022. The securities had a valuation that is determined using published net asset values (NAV) derived by an analysis of the security’s underlying assets. The s ecurities are comprised primarily of broadly-diversified real estate loans and are traded in secondary markets on an infrequent basis. While these securities are redeemable through tender offers made by their respective issuers, the liquidation value of the securities may be below their stated NAVs and also subject to restrictions as to the amount of securities that can be redeemed at any single scheduled redemption. The Company anticipates that these securities will be redeemed by their respective issuers on indeterminate future dates as a consequence of the ultimate liquidation strategies employed by the management of these investments. The Company also holds two limited partnership investments managed by an unrelated third party with an aggregate fair market value of $ 1.9 million. The investments are funds comprised of marketable equity securities, primarily focused on community banks and financial technology companies. These investments are recorded at fair value at the end of each reporting period using Level 1 valuation techniques. Unrealized changes in the fair value of these investments are recorded as components of periodic net income in the period in which the changes occur. Interest rate derivatives: The fair value of the interest rate derivatives, characterized as either fair value or cash flow hedges, are calculated based on a discounted cash flow model. All future floating rate cash flows are projected and both floating rate and fixed rate cash flows are discounted to the valuation date. The benchmark interest rate curve utilized for projecting cash flows and applying appropriate discount rates is built by obtaining publicly available third party market quotes for various swap maturity terms. Impaired loans: Impaired loans are those loans in which the Company has measured impairment based on the fair value of the loan’s collateral or the discounted value of expected future cash flows. Fair value is generally determined based upon market value evaluations by third parties of the properties and/or estimates by management of working capital collateral or discounted cash flows based upon expected proceeds. These appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property), and the cost approach. Management modifies the appraised values, if needed, to take into account recent developments in the market or other factors, such as, changes in absorption rates or market conditions from the time of valuation and anticipated sales values considering management’s plans for disposition. Such modifications to the appraised values could result in lower valuations of such collateral. Estimated costs to sell are based on current amounts of disposal costs for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Impaired loans are subject to nonrecurring fair value adjustment upon initial recognition or subsequent impairment. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. The following tables summarize assets measured at fair value on a recurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 29,364 $ - $ 29,364 State and political subdivisions - 45,385 - 45,385 Corporate - 7,066 - 7,066 Asset backed securities - 15,400 - 15,400 Residential mortgage-backed - US agency - 16,400 - 16,400 Collateralized mortgage obligations - US agency - 11,708 - 11,708 Collateralized mortgage obligations - Private label - 61,434 - 61,434 Total - 186,757 - 186,757 Equity investment securities: Common stock - financial services industry 206 - - 206 Other Securities: Corporate issuances measured at NAV - - - 4,763 Total available-for-sale securities $ 206 $ 186,757 $ - $ 191,726 Marketable securities measured at NAV $ - $ - $ 1,862 Interest rate swap derivative fair value hedges (unrealized gain carried as receivable from derivative counterparties) $ - $ 9,717 $ - $ 9,717 Interest rate swap derivative cash flow hedges (unrealized gain carried as receivable from derivative counterparties) $ - $ 519 $ - $ 519 December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 32,273 $ - $ 32,273 State and political subdivisions - 39,199 - 39,199 Corporate - 9,630 - 9,630 Asset backed securities - 13,613 - 13,613 Residential mortgage-backed - US agency - 22,164 - 22,164 Collateralized mortgage obligations - US agency - 12,285 - 12,285 Collateralized mortgage obligations - Private label - 56,731 - 56,731 Total - 185,895 - 185,895 Equity investment securities: Common stock - financial services industry 206 - - 206 Other Securities: Investment securities issued by corporations measured at NAV - - - 4,497 Total available-for-sale securities $ 206 $ 185,895 $ - $ 190,598 Marketable securities measured at NAV $ - $ - $ 677 Interest rate swap derivative fair value hedges (unrealized gain carried as receivable from derivative counterparties) $ - $ 1,460 $ - $ 1,460 Interest rate swap derivative cash flow hedges (unrealized loss carried as payable to derivative counterparties) $ - $ ( 387 ) $ - $ ( 387 ) The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 2,328 $ 2,328 Foreclosed real estate - - 221 221 December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,182 $ 4,182 Foreclosed real estate - - - - The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2022 Impaired loans Appraisal of collateral Appraisal Adjustments 5 % - 35 % ( 17 %) (Sales Approach) Costs to Sell 7 % - 14 % ( 12 %) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15 % - 15 % ( 15 %) (Sales Approach) Costs to Sell 6 % - 9 % ( 8 %) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2021 Impaired loans Appraisal of collateral Appraisal Adjustments 5 % - 30 % ( 15 %) (Sales Approach) Costs to Sell 7 % - 14 % ( 10 %) Discounted Cash Flow Required disclosures include fair value information of financial instruments, whether or not recognized in the consolidated statement of condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The Company has various processes and controls in place to ensure that fair value is reasonably estimated. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-ends, and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the financial assets and liabilities were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The Company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash and cash equivalents – The carrying amounts of these assets approximate their fair value and are classified as Level 1. Federal Home Loan Bank stock – The carrying amount of these assets approximates their fair value and are classified as Level 2. Net loans – For variable-rate loans that re-price frequently, fair value is based on carrying amounts. The fair value of other loans (for example, fixed-rate commercial real estate loans, mortgage loans, and commercial and industrial loans) is estimated using discounted cash flow analysis, based on interest rates currently being offered in the market for loans with similar terms to borrowers of similar credit quality. Loan value estimates include judgments based on expected prepayment rates. The measurement of the fair value of loans, including impaired loans, is classified within Level 3 of the fair value hierarchy. Accrued interest receivable and payable – The carrying amount of these assets approximates their fair value and are classified as Level 1. Deposits – The fair values disclosed for demand deposits (e.g., interest-bearing and noninterest-bearing checking, passbook savings and certain types of money management accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts) and are classified within Level 1 of the fair value hierarchy. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates of deposits to a schedule of aggregated expected monthly maturities on time deposits. Measurements of the fair value of time deposits are classified within Level 2 of the fair value hierarchy. Borrowings – Fixed/variable term structures are valued using a replacement cost of funds approach. These borrowings are discounted to the FHLBNY advance curve. Option structured borrowings’ fair values are determined by the FHLB for borrowings that include a call or conversion option. If market pricing is not available from this source, current market indications from the FHLBNY are obtained and the borrowings are discounted to the FHLBNY advance curve less an appropriate spread to adjust for the option. These measurements are classified as Level 2 within the fair value hierarchy. Subordinated debt – The Company secures quotes from its pricing service based on a discounted cash flow methodology or utilizes observations of recent highly-similar transactions which result in a Level 2 classification. The carrying amounts and fair values of the Company’s financial instruments as of December 31 are presented in the following table: December 31, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 35,282 $ 35,282 $ 37,149 $ 37,149 Investment securities - available-for-sale 2 186,757 186,757 185,895 185,895 Investment securities - available-for-sale NAV 4,763 4,763 4,497 4,497 Investment securities - marketable securities NAV 1,862 1,862 677 677 Investment securities - held-to-maturity 2 194,402 181,491 160,923 162,805 Federal Home Loan Bank stock 2 5,982 5,982 4,189 4,189 Net loans 3 882,435 844,892 819,524 819,721 Accrued interest receivable 1 6,168 6,168 4,520 4,520 Interest rate derivative fair value hedges receivable - AFS investments 2 8,240 8,240 1,308 1,308 Interest rate derivative fair value hedges receivable - loans 2 1,477 1,477 152 152 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 699,624 $ 699,624 $ 694,089 $ 694,089 Time Deposits 2 425,806 393,676 361,257 360,680 Borrowings 2 115,997 112,877 77,098 76,957 Subordinated debt 2 29,733 27,378 29,563 30,627 Accrued interest payable 1 975 975 106 106 Interest rate derivative cash flow hedge receivable/(payable) 2 519 519 ( 387 ) ( 387 ) |
Parent Company - Financial Info
Parent Company - Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company - Financial Information | NOTE 23: Parent Company – Financial Information The following represents the condensed financial information of Pathfinder Bancorp, Inc. as of and for the years ended December 31: Statements of Condition 2022 2021 (In thousands) Assets Cash $ 9,638 $ 13,633 Investments 1,862 677 Investment in bank subsidiary 126,733 122,241 Investment in non-bank subsidiary 155 155 Premise and equipment, net 9 3,577 Assets held-for-sale 3,042 - Other assets 735 639 Total assets $ 142,174 $ 140,922 Liabilities and Shareholders' Equity Accrued liabilities $ 859 $ 722 Subordinated debt 29,733 29,564 Shareholders' equity 111,582 110,636 Total liabilities and shareholders' equity $ 142,174 $ 140,922 Statements of Income 2022 2021 (In thousands) Income Dividends from non-bank subsidiary $ 5 $ 3 Dividends from marketable equity security 15 20 Gain (loss) on marketable securities 352 ( 5 ) Impairment on premise and equipment ( 380 ) - Operating, net 128 116 Total income 120 134 Expenses Interest 1,749 1,790 Operating, net 1,299 705 Total expenses 3,048 2,495 Loss before taxes and equity in undistributed net ( 2,928 ) ( 2,361 ) Tax benefit 528 527 Loss before equity in undistributed net income of subsidiaries ( 2,400 ) ( 1,834 ) Equity in undistributed net income of subsidiaries 15,332 14,241 Net income $ 12,932 $ 12,407 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 24: RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has granted loans to certain directors, executive officers and their affiliates (collectively referred to as “related parties”). None of the related party loans were classified as nonaccrual, past due, restructured, or potential problem loans at December 31, 2022 or 2021. The following represents the activity associated with loans to related parties during the years ended: December 31, December 31, (In thousands) 2022 2021 Balance at the beginning of the year $ 22,427 $ 22,445 Originations and related party additions 15,278 5,663 Principal payments and related party removals ( 5,174 ) ( 5,681 ) Balance at the end of the period $ 32,531 $ 22,427 Deposit accounts of each related party at December 31, 2022 and December 31, 2021 were $ 19.5 million and $ 18.4 million, respectively. |
Assets And liabilities Held For
Assets And liabilities Held For Sale | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Held for Development and Sale [Abstract] | |
Assets And Liabilities Held For Sale | NOTE 25: ASSETS AND LIABILITIES HELD FOR SALE Assets and liabilities held for sale represent land, buildings and land improvements less accumulated depreciation that are being held with a specific intention to sell at some future date. The Company records assets and liabilities held for sale in accordance with ASC 360, Property, Plant, and Equipment, at the lower of the individual asset's carrying value or estimated fair value, less estimated cost to sell. Fair value is based on the estimated proceeds from the sale for an individual asset utilizing recent purchase offers, market comparables and/or data obtained from reliable commercial real estate appraisals. Management's estimate as to fair value is regularly reviewed and subject to changes in the commercial real estate markets and other factors. The Company holds a real estate parcel, including a partially-developed mixed use commercial structure, with a carrying value of $ 3.4 million. The asset has been classified as held-for-sale and is being actively marketed as of the filing date. It is the Company's intention to complete the sale of this asset during 2023. For the year ended December 31, 2022, the Company recorded an impairment charge of $ 379,000 on this asset to reflect its estimated realizable value upon sale. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 26: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the table below. For the year ended December 31, 2022 (In thousands) Retirement Unrealized Gains Unrealized Unrealized (Loss) Total Beginning balance $ ( 1,412 ) $ 428 $ ( 286 ) $ 2 $ ( 1,268 ) Other comprehensive income before ( 1,017 ) ( 10,673 ) 668 ( 2 ) $ ( 11,024 ) Amounts reclassified from AOCI 2 118 - - $ 120 Ending balance $ ( 2,427 ) $ ( 10,127 ) $ 382 $ - $ ( 12,172 ) For the year ended December 31, 2021 (In thousands) Retirement Unrealized Gains Unrealized Unrealized (Loss) Total Beginning balance $ ( 2,093 ) $ 837 $ ( 966 ) $ ( 14 ) $ ( 2,236 ) Other comprehensive income before 603 ( 395 ) 680 16 904 Amounts reclassified from AOCI 78 ( 14 ) - - 64 Ending balance $ ( 1,412 ) $ 428 $ ( 286 ) $ 2 $ ( 1,268 ) The following table presents the amounts reclassified out of each component of AOCI for the indicated annual period: (In thousands) For the years ended Details about AOCI 1 components December 31, 2022 December 31, 2021 Affected Line Item in the Statement Retirement plan items Retirement plan net losses 2 $ ( 2 ) $ ( 105 ) Salaries and employee benefits - 27 Provision for income taxes $ ( 2 ) $ ( 78 ) Net Income Available-for-sale securities Realized gain (loss) on sale of securities $ ( 160 ) $ 19 Net (losses) gains on sales and redemptions of investment securities 42 ( 5 ) Provision for income taxes $ ( 118 ) $ 14 Net Income (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 14 for additional information. |
Noninterest Income
Noninterest Income | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Noninterest Income | NOTE 27: NONINTEREST INCOME The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the years ended (In thousands) December 31, 2022 December 31, 2021 Service charges on deposit accounts Insufficient funds fees $ 569 $ 888 Deposit related fees 390 393 ATM fees 167 183 Total service charges on deposit accounts 1,126 1,464 Fee Income Insurance agency revenue 1,128 1,048 Investment services revenue 446 399 ATM fees surcharge 229 227 Banking house rents collected 229 243 Total fee income 2,032 1,917 Card income Debit card interchange fees 867 923 Merchant card fees 70 73 Total card income 937 996 Mortgage fee income and realized gain on sale of loans Loan servicing fees 363 246 Net gains on sales of loans and foreclosed real estate 137 313 Total mortgage fee income and realized gain on sale of 500 559 Total 4,595 4,936 Earnings and gain on bank owned life insurance 589 559 Net (losses) gains on sales and redemption of investment ( 169 ) 37 Gains on marketable securities 352 382 Net (losses) gains on sale of premises and equipment ( 250 ) 201 Other miscellaneous income 797 116 Total noninterest income $ 5,914 $ 6,231 The following is a discussion of key revenues within the scope of ASC 606: • Service charges on deposit accounts – Revenue is earned through insufficient funds fees, customer initiated activities or passage of time for deposit related fees, and ATM service fees. Transaction-based fees are recognized at the time the transaction is executed, which is the same time the Company’s performance obligation is satisfied. Account maintenance fees are earned over the course of the month as the monthly maintenance performance obligation to the customer is satisfied. • Fee income – Revenue is earned through commissions on insurance and securities sales, ATM surcharge fees, and banking house rents collected. The Company earns investment advisory fee income by providing investment management services to customers under investment management contracts. As the direction of investment management accounts is provided over time, the performance obligation to investment management customers is satisfied over time, and therefore, revenue is recognized over time. • Card income – Card income consists of interchange fees from consumer debit card networks and other related services. Interchange rates are set by unaffiliated card processing networks. Interchange fees are based on purchase volumes transacted and certain other factors and are recognized as transactions occur. • Mortgage fee income and realized gain on sale of loans and foreclosed real estate – Revenue from mortgage fee income and realized gain on sale of loans and foreclosed real estate is earned through the origination of residential and commercial mortgage loans, sales of one-to-four family residential mortgage loans, sales of government guarantees portions of SBA loans, and sales of foreclosed real estate, and is earned as the individual transactions occur. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | NOTE 28: LEASES The Company has operating and finance leases for certain banking offices and land under noncancelable agreements. Our leases have remaining lease terms that vary from less than one year up to 30 years, some of which include options to extend the leases for various renewal periods. All options to renew are included in the current lease term when we believe it is reasonably certain that the renewal options will be exercised. The components of lease expense are as follows: For the years ended (In thousands) December 31, 2022 December 31, 2021 Operating lease cost $ 227 $ 226 Finance lease cost 111 81 Supplemental cash flow information related to leases was as follows: For the years ended (In thousands) December 31, 2022 December 31, 2021 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 211 $ 207 Operating cash flows from finance leases 111 81 Financing cash flows from finance leases 90 72 Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) December 31, 2022 December 31, 2021 Operating Leases: Operating lease right-of-use assets $ 2,098 $ 2,136 Operating lease liabilities 2,417 2,440 Finance Leases: Finance lease right-of-use assets $ 4,213 $ - Finance lease liability 4,422 596 Weighted Average Remaining Lease Term: Operating Leases 18.28 years 18.29 years Finance Leases 28.35 years 27.42 years Weighted Average Discount Rate: Operating Leases 3.85 % 3.73 % Finance Leases 9.41 % 13.75 % Maturities of lease liabilities were as follows: Years Ending December 31, (In thousands) 2023 $ 162 2024 164 2025 175 2026 186 2027 197 Thereafter 5,955 Total minimum lease payments $ 6,839 The Company owns certain properties that it leases to unaffiliated third parties at market rates. Lease rental income was $ 228,000 and $ 235,000 for the years ended December 31, 2022 and 2021, respectively. All lease agreements are accounted for as operating leases. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 29: SUBSEQUENT EVENTS Due to a variety of macroeconomic and bank-specific factors, there was a small number of large bank failures in the first quarter of 2023 that resulted in those banks being placed into receivership by the FDIC. These failures were highly-publicized and created significant concerns related to 'systemic' risk within the banking sector. It was generally understood that those particular failures resulted primarily from imprudent depositor concentrations, a loss of large-balance depositor confidence in those institutions and, consequently, unsustainably large depositor withdrawals. In an effort to increase depositor confidence across the United States’ banking system, the Federal Reserve Board, pursuant to section 13(3) of the Federal Reserve Act, authorized all 12 Reserve Banks to establish the Bank Term Funding Program (“BTFP” or the "Program") to make available additional funding to eligible depository institutions, such as the Bank, in order to help assure those institutions have the ability to meet the liquidity needs of all of their depositors. The BTFP will be an additional source of liquidity provided against any insured depository institution’s high‐quality securities, eliminating an eligible depository institution’s need to quickly sell those securities in times of liquidity stress. Significant features of the BTFP include the following: • Advances can be requested under the Program until at least March 11, 2024; • There is no limit to the number or size of advances in the aggregate. Eligible depository institutions may borrow up to the value of eligible collateral they pledge. The collateral valuation will be at par value. Therefore, there will be no market value ‘haircut’ adjustments applied to qualifying collateral and available margin to participating financial institutions will consequently be 100% of par value; • Borrowers may prepay advances (including for purposes of refinancing) at any time without penalty; • Advances will be made available to eligible depository institutions for a term of up to one year; • The rate for term advances will be the one-year overnight index swap rate plus 10 basis points and will be fixed for the term of the advance on the day the advance is made; • Advances made under the Program are made with recourse beyond the pledged collateral to the eligible depository institution; The BTFP will be an additional source of potential liquidity for the Bank until the date of the Program's termination. The BTFP may be accessed by the Bank if management determines that there is a potential or realized short-term liquidity requirement for which this facility should be used to support the Bank's operations. Management could also electively choose to use the facility in certain other circumstances to create other financial or operational benefits at the time that the BTFP line is accessed. As of the date of this filing, the BTFP has not been accessed by the Bank. On March 29, 2023 the Company announced that James A. Dowd was named President and Chief Executive Officer of the Company and the Bank. Mr. Dowd previously served in these roles on an interim basis since April 14, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The accompanying consolidated financial statements include the accounts of Pathfinder Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Pathfinder Bank (the “Bank”). The Company is a Maryland corporation headquartered in Oswego, New York. On October 16, 2014, the Company completed its conversion from the mutual holding company structure and the related public offering and is now a stock holding company that is fully owned by the public. As a result of the conversion, the mutual holding company and former mid-tier holding company were merged into Pathfinder Bancorp, Inc. The primary business of the Company is its investment in Pathfinder Bank (the "Bank") which is 100% owned by the Company. The Bank has two wholly owned operating subsidiaries, Pathfinder Risk Management Company, Inc. (“PRMC”) and Whispering Oaks Development Corp. All significant inter-company accounts and activity have been eliminated in consolidation. Although the Company owns, through its subsidiary PRMC, 51 % of the membership interest in FitzGibbons Agency, LLC (“FitzGibbons”), the Company is required to consolidate 100 % of FitzGibbons within the consolidated financial statements. The 49 % of which the Company does not own is accounted for separately as noncontrolling interests within the consolidated financial statements. The Company has seven branch offices located in Oswego County, four branch offices in Onondaga County and one limited purpose office in Oneida County. The Company is primarily engaged in the business of attracting deposits from the general public in the Company’s market area, and investing such deposits, together with other sources of funds, in loans secured by commercial real estate, business assets, one-to-four family residential real estate and investment securities. |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations, the annual evaluation of the Company’s goodwill for possible impairment and the evaluation of investment securities for other than temporary impairment and the estimation of fair values for accounting and disclosure purposes to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators' judgments based on information available to them at the time of their examinations. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located primarily in Oswego and Onondaga counties of New York State. A large portion of the Company’s portfolio is centered in residential and commercial real estate. The Company closely monitors real estate collateral values and requires additional reviews of commercial real estate appraisals by a qualified third party for commercial real estate loans in excess of $ 400,000 . All residential loan appraisals are reviewed by an individual or third party who is independent of the loan origination or approval process and was not involved in the approval of appraisers or selection of the appraiser for the transaction, and has no direct or indirect interest, financial or otherwise in the property or the transaction. Note 4 discusses the types of securities that the Company invests in. Note 5 discusses the types of lending that the Company engages in. |
Advertising | Advertising The Company generally follows the policy of charging the costs of advertising to expense as incurred. Expenditures for new marketing and advertising material designs and/or media content, related to specifically-identifiable marketing campaigns are capitalized and expensed over the estimated life of the campaign. Such periods of time are generally 12-24 months in duration and do not exceed 36 months. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of FitzGibbons. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits (with original maturity of three months or less). |
Investment Securities | Investment Securities The Company classifies investment securities as either available-for-sale or held-to-maturity. The Company does not hold any securities considered to be trading. Available-for-sale securities are reported at fair value, with net unrealized gains and losses reflected as a separate component of shareholders’ equity, net of the applicable income tax effect. Held-to-maturity securities are those that the Company has the ability and intent to hold until maturity and are reported at amortized cost. Gains or losses on investment security transactions are based on the amortized cost of the specific securities sold. Premiums and discounts on securities are amortized and accreted into income using the interest method over the period to maturity. The Company records its investment in marketable equity securities (“MES”) at fair value. Changes in the fair value of MES are recorded as additions to, or subtractions from, net income in the period that the change occurs. These changes in fair value are separately disclosed as gains (losses) on equity securities on the Consolidated Statements of Income. Note 4 to the consolidated financial statements includes additional information about the Company’s accounting policies with respect to the impairment of investment securities. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. The stock is carried at cost. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets, including sales of loans and loan participations, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Loans | Loans The Company grants mortgage, commercial, municipal, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses plus net deferred loan origination costs. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received and related direct origination costs incurred are deferred and amortized over the life of the loan using the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one-to-four family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate, lines of credit, other commercial and industrial, and tax-exempt loans. Consumer loans include both home equity lines of credit and loans with junior liens and other consumer loans. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the date of the statement of condition and it is recorded as a reduction of loans. The allowance is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than 120 days past due on a contractual basis, unless productive collection efforts are providing results. Consumer loans may be charged off earlier in the event of bankruptcy, or if there is an amount that is deemed uncollectible. No portion of the allowance for loan losses is restricted to any individual loan product and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on three major components which are; specific components for larger loans, recent historical losses and several qualitative factors applied to a general pool of loans, and an unallocated component. The first component is the specific component that relates to loans that are classified as impaired. For these loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The second or general component covers pools of loans, by loan class, not considered impaired, smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure first based on historical loss rates for each of these categories of loans. The ratio of net charge-offs to loans outstanding within each product class, over the most recent eight quarters, lagged by one quarter, is used to generate the historical loss rates. In addition, qualitative factors are added to the historical loss rates in arriving at the total allowance for loan loss need for this general pool of loans. The qualitative factors include changes in national and local economic trends, the rate of growth in the portfolio, trends of delinquencies and nonaccrual balances, changes in loan policy, and changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss analysis and calculation. The third or unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio and generally comprises less than 10 % of the total allowance for loan loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and reason for the delay, the borrower’s prior payment record and the amount of shortfall in relation to what is owed. Impairment is measured by either the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral, if the loan is collateral dependent. The majority of the Company’s loans utilize the fair value of the underlying collateral. An allowance for loan loss is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals, less costs to sell. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans less than $ 300,000 , home equity and other consumer loans for impairment disclosures, unless such loans are related to borrowers with impaired commercial loans or they are subject to a troubled debt restructuring agreement. Loans that are related to borrowers with impaired commercial loans or are subject to a troubled debt restructuring agreement are evaluated individually for impairment. Commercial loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally include but are not limited to a temporary reduction in the interest rate or an extension of a loan’s stated maturity date. Commercial loans classified as troubled debt restructurings are designated as impaired and evaluated individually as discussed above. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of the collateral, if appropriate, are evaluated not less than annually for commercial loans or when credit deficiencies arise on all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. See Note 5 for a description of these regulatory classifications. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Beginning on January 1, 2023, the Company adopted ASU 2016-13: Financial Instruments—Credit Losses [Topic 326]: Measurement of Credit Losses on Financial Instruments. See Notes 2 and 6 for a further discussion of this transition. |
Income Recognition on Impaired and Nonaccrual Loans | Income Recognition on Impaired and Nonaccrual Loans For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is either well secured or guaranteed and in the process of collection. When a loan is placed on nonaccrual status, unpaid interest is reversed and charged to interest income. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months , and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. For nonaccrual loans, when future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. |
Off-Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under standby letters of credit. Such financial instruments are recorded when they are funded. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, ranging up to 40 years for premises and leasehold improvements and 10 years for equipment. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. |
Foreclosed Real Estate | Foreclosed Real Estate Physical possession of residential real estate property collateralizing a residential mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Properties acquired through foreclosure, or by deed-in-lieu of foreclosure, are recorded at their fair value less estimated costs to sell. Fair value is typically determined based on evaluations by third parties. Costs incurred in connection with preparing the foreclosed real estate for disposition are capitalized to the extent that they enhance the overall fair value of the property. Any write-downs on the asset’s fair value less costs to sell at the date of acquisition are charged to the allowance for loan losses. Subsequent write downs and expenses of foreclosed real estate are included as a valuation allowance and recorded in noninterest expense. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually or when there is a triggering event for impairment. Intangible assets, such as customer lists, are amortized over their useful lives, generally 15 years. |
Mortgage Servicing Rights | Mortgage Servicing Rights Originated mortgage servicing rights are recorded at their fair value at the time of transfer of the related loans and are amortized in proportion to, and over the period of, estimated net servicing income or loss. The carrying value of the originated mortgage servicing rights is periodically evaluated for impairment or between annual evaluations under certain circumstances. |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to share-based payment transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award. Compensation costs related to the Employee Stock Ownership Plan are dependent upon the average stock price and the shares committed to be released to plan participants through the period in which income is reported. |
Retirement Benefits | Retirement Benefits The Company has a non-contributory defined benefit pension plan that covered substantially all employees. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there will be no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. Pension expense under these plans is charged to current operations and consists of several components of net pension cost based on various actuarial assumptions regarding future experience under the plans. Gains and losses, prior service costs and credits, and any remaining transition amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic cost. Plan assets and obligations are measured as of the Company’s statement of condition date. The Company has unfunded deferred compensation and supplemental executive retirement plans for selected current and former employees and officers that provide benefits that cannot be paid from a qualified retirement plan due to Internal Revenue Code restrictions. These plans are nonqualified under the Internal Revenue Code, and assets used to fund benefit payments are not segregated from other assets of the Company, therefore, in general, a participant's or beneficiary's claim to benefits under these plans is as a general creditor. The Bank sponsors an Employee Stock Ownership Plan (“ESOP”) covering substantially all full time employees. The cost of shares issued to the ESOP but not committed to be released to the participants is presented in the consolidated statement of condition as a reduction of shareholders’ equity. ESOP shares are released to the participants on an annual basis in accordance with a predetermined schedule. The Company records ESOP compensation expense based on the shares committed to be released and allocated to the participant’s accounts multiplied by the average share price of the Company’s stock over the period. Dividends related to unallocated shares are recorded as compensation expense. |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives are recorded on the statement of condition as assets and liabilities measured at their fair value. The accounting for changes in the fair value of a derivative depends on whether or not the derivative has been designated and qualifies as part of a hedging relationship. The Company acquires derivatives with the intent of designating and qualifying those instruments as part of hedging relationships to other balance sheet assets or liabilities. The specific accounting treatment for increases and decreases in the value of derivatives further depends upon the use of the specific derivatives. There are two primary types of interest rate derivatives that may be employed by the Company: • Fair Value Hedge - As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value over the course of their economic lives prior to maturity. When effectively hedged, this appreciation or depreciation will generally be offset by fluctuations in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are expected to substantially offset each other and these changes are recognized currently in earnings. • Cash Flow Hedge - Cash flows related to floating rate assets and liabilities will fluctuate with changes in the underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating-rate asset or liability will generally be offset by changes in cash flows of the derivative instruments designated as a hedge. This strategy is referred to as a cash flow hedge. For a cash flow hedge, changes in the fair value of the derivative instrument, to the extent that it is effective, are recorded in other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Any ineffective portion of a cash flow hedge is recognized currently in earnings. |
Income Taxes | Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. |
Earning Per Share | Earnings Per Share Basic net income per share was calculated using the two-class method by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Note 3 provides more information related to earnings per share. |
Segment Reporting | Segment Reporting The Company has evaluated the activities relating to its strategic business units. The controlling interest in the FitzGibbons Agency is dissimilar in nature and management when compared to the Company’s other strategic business units which are judged to be similar in nature and management. The Company has determined that the FitzGibbons Agency is below the reporting threshold in size in accordance with Accounting Standards Codification 280. Accordingly, the Company has determined it has no reportable segments. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the statement of condition, such items, along with net income, are components of comprehensive income. Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2022 2021 Unrealized loss for pension and other postretirement obligations $ ( 3,286 ) $ ( 1,907 ) Tax effect 859 495 Net unrealized loss for pension and other postretirement obligations ( 2,427 ) ( 1,412 ) Unrealized (loss) gain on available-for-sale securities ( 13,710 ) 579 Tax effect 3,583 ( 151 ) Net unrealized (loss) gain on available-for-sale securities ( 10,127 ) 428 Unrealized holding gain (loss) on hedging activities arising during the period 517 ( 388 ) Tax effect ( 135 ) 102 Net unrealized gain (loss) on hedging activities 382 ( 286 ) Unrealized loss on securities transferred to held-to-maturity - ( 2 ) Tax effect - 4 Net unrealized gain (loss) on securities transferred to held-to-maturity - 2 Accumulated other comprehensive loss $ ( 12,172 ) $ ( 1,268 ) |
Reclassifications | Reclassifications Certain amounts in the 2021 consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income as previously reported. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2022 2021 Unrealized loss for pension and other postretirement obligations $ ( 3,286 ) $ ( 1,907 ) Tax effect 859 495 Net unrealized loss for pension and other postretirement obligations ( 2,427 ) ( 1,412 ) Unrealized (loss) gain on available-for-sale securities ( 13,710 ) 579 Tax effect 3,583 ( 151 ) Net unrealized (loss) gain on available-for-sale securities ( 10,127 ) 428 Unrealized holding gain (loss) on hedging activities arising during the period 517 ( 388 ) Tax effect ( 135 ) 102 Net unrealized gain (loss) on hedging activities 382 ( 286 ) Unrealized loss on securities transferred to held-to-maturity - ( 2 ) Tax effect - 4 Net unrealized gain (loss) on securities transferred to held-to-maturity - 2 Accumulated other comprehensive loss $ ( 12,172 ) $ ( 1,268 ) For the years ended (In thousands) December 31, 2022 December 31, 2021 Balance as of January 1: $ ( 387 ) $ ( 1,308 ) Amount of unrealized gains recognized in other 906 921 Gain (loss) in other comprehensive income: $ 519 $ ( 387 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share. Years Ended December 31, (In thousands, except per share data) 2022 2021 Net income attributable to Pathfinder Bancorp, Inc. $ 12,932 $ 12,407 Convertible preferred stock dividends - 180 Series A Non-Voting Common Stock dividends 497 206 Warrant dividends 45 35 Undistributed earnings allocated to participating securities 2,667 2,699 Net income available to common shareholders- Voting $ 9,723 $ 9,287 Net income attributable to Pathfinder Bancorp, Inc. $ 12,932 $ 12,407 Convertible preferred stock dividends - 180 Voting Common Stock dividends 1,646 1,258 Warrant dividends 45 35 Undistributed earnings allocated to participating securities 8,298 9,392 Net income available to common shareholders- Series A Non-Voting $ 2,943 $ 1,542 Basic and diluted weighted average common shares outstanding- Voting 4,559 4,478 Basic and diluted weighted average common shares outstanding- Series A Non-Voting 1,380 745 Basic and diluted earnings per common share- Voting $ 2.13 $ 2.07 Basic and diluted earnings per common share- Series A Non-Voting $ 2.13 $ 2.07 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized as follows: December 31, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 32,533 $ 37 $ ( 3,206 ) $ 29,364 State and political subdivisions 48,002 384 ( 3,001 ) 45,385 Corporate 11,803 676 ( 650 ) 11,829 Asset backed securities 16,059 - ( 659 ) 15,400 Residential mortgage-backed - US agency 17,982 - ( 1,582 ) 16,400 Collateralized mortgage obligations - US agency 13,070 - ( 1,362 ) 11,708 Collateralized mortgage obligations - Private label 65,781 8 ( 4,355 ) 61,434 Total 205,230 1,105 ( 14,815 ) 191,520 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 205,436 $ 1,105 $ ( 14,815 ) $ 191,726 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 3,852 $ - $ ( 280 ) $ 3,572 State and political subdivisions 15,211 - ( 2,340 ) 12,871 Corporate 45,086 2 ( 2,586 ) 42,502 Asset backed securities 19,158 - ( 1,291 ) 17,867 Residential mortgage-backed - US agency 7,489 - ( 739 ) 6,750 Collateralized mortgage obligations - US agency 15,109 - ( 1,251 ) 13,858 Collateralized mortgage obligations - Private label 88,497 4 ( 4,430 ) 84,071 Total held-to-maturity $ 194,402 $ 6 $ ( 12,917 ) $ 181,491 December 31, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 32,669 $ 17 $ ( 413 ) $ 32,273 State and political subdivisions 37,860 1,383 ( 44 ) 39,199 Corporate 13,603 562 ( 38 ) 14,127 Asset backed securities 13,693 9 ( 89 ) 13,613 Residential mortgage-backed - US agency 22,482 148 ( 466 ) 22,164 Collateralized mortgage obligations - US agency 12,658 30 ( 403 ) 12,285 Collateralized mortgage obligations - Private label 56,848 285 ( 402 ) 56,731 Total 189,813 2,434 ( 1,855 ) 190,392 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 190,019 $ 2,434 $ ( 1,855 ) $ 190,598 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 14,790 416 ( 140 ) 15,066 Corporate 46,290 1,252 ( 102 ) 47,440 Asset backed securities 14,636 67 ( 188 ) 14,515 Residential mortgage-backed - US agency 9,740 277 ( 18 ) 9,999 Collateralized mortgage obligations - US agency 11,362 367 ( 9 ) 11,720 Collateralized mortgage obligations - Private label 64,105 222 ( 262 ) 64,065 Total held-to-maturity $ 160,923 $ 2,601 $ ( 719 ) $ 162,805 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at December 31, 2022 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 5,068 $ 5,739 $ - $ - Due after one year through five years 4,758 4,510 17,991 17,577 Due after five years through ten years 34,580 31,146 41,156 38,083 Due after ten years 63,991 60,583 24,160 21,152 Sub-total 108,397 101,978 83,307 76,812 Residential mortgage-backed - US agency 17,982 16,400 7,489 6,750 Collateralized mortgage obligations - US agency 13,070 11,708 15,109 13,858 Collateralized mortgage obligations - Private label 65,781 61,434 88,497 84,071 Totals $ 205,230 $ 191,520 $ 194,402 $ 181,491 |
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position | The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows: December 31, 2022 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's - $ - $ - 3 $ ( 3,206 ) $ 26,167 3 $ ( 3,206 ) $ 26,167 State and political subdivisions 10 ( 830 ) 12,601 17 ( 2,171 ) 20,128 27 ( 3,001 ) 32,729 Corporate 7 ( 269 ) 5,720 2 ( 381 ) 1,319 9 ( 650 ) 7,039 Asset backed securities 5 ( 148 ) 5,473 5 ( 511 ) 9,926 10 ( 659 ) 15,399 Residential mortgage-backed - US agency 10 ( 131 ) 2,747 5 ( 1,451 ) 13,653 15 ( 1,582 ) 16,400 Collateralized mortgage obligations - US agency 6 ( 238 ) 4,009 6 ( 1,124 ) 7,700 12 ( 1,362 ) 11,709 Collateralized mortgage obligations - Private label 15 ( 1,684 ) 20,429 19 ( 2,671 ) 33,707 34 ( 4,355 ) 54,136 Totals 53 $ ( 3,300 ) $ 50,979 57 $ ( 11,515 ) $ 112,600 110 $ ( 14,815 ) $ 163,579 Held-to-Maturity Portfolio US Treasury, agencies and GSE's 2 $ ( 280 ) $ 3,573 - $ - $ - 2 $ ( 280 ) $ 3,573 State and political subdivisions 7 ( 871 ) 7,277 7 ( 1,469 ) 5,077 14 ( 2,340 ) 12,354 Corporate 31 ( 1,786 ) 29,213 9 ( 800 ) 6,803 40 ( 2,586 ) 36,016 Asset backed securities 6 ( 625 ) 9,742 3 ( 666 ) 3,674 9 ( 1,291 ) 13,416 Residential mortgage-backed - US agency 10 ( 736 ) 6,577 1 ( 3 ) 107 11 ( 739 ) 6,684 Collateralized mortgage obligations - US agency 10 ( 1,236 ) 12,965 1 ( 15 ) 892 11 ( 1,251 ) 13,857 Collateralized mortgage obligations - Private label 38 ( 2,719 ) 58,061 8 ( 1,711 ) 12,532 46 ( 4,430 ) 70,593 Totals 104 $ ( 8,253 ) $ 127,408 29 $ ( 4,664 ) $ 29,085 133 $ ( 12,917 ) $ 156,493 December 31, 2021 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 3 $ ( 413 ) $ 31,195 - $ - $ - 3 $ ( 413 ) $ 31,195 State and political subdivisions 3 ( 44 ) 4,847 - - - 3 ( 44 ) 4,847 Corporate 2 ( 5 ) 1,162 1 ( 33 ) 722 3 ( 38 ) 1,884 Asset backed securities 5 ( 89 ) 11,206 - - - 5 ( 89 ) 11,206 Residential mortgage-backed - US agency 3 ( 466 ) 13,090 - - - 3 ( 466 ) 13,090 Collateralized mortgage obligations - US agency 3 ( 126 ) 6,504 2 ( 277 ) 2,204 5 ( 403 ) 8,708 Collateralized mortgage obligations - Private label 18 ( 388 ) 38,816 2 ( 14 ) 1,539 20 ( 402 ) 40,355 Totals 37 $ ( 1,531 ) $ 106,820 5 $ ( 324 ) $ 4,465 42 $ ( 1,855 ) $ 111,285 Held-to-Maturity Portfolio State and political subdivisions 4 ( 28 ) 2,013 2 ( 112 ) 3,988 6 ( 140 ) 6,001 Corporate 9 ( 102 ) 7,636 - - - 9 ( 102 ) 7,636 Asset backed securities 2 ( 130 ) 2,974 2 ( 58 ) 1,610 4 ( 188 ) 4,584 Residential mortgage-backed - US agency 1 ( 18 ) 1,941 - - - 1 ( 18 ) 1,941 Collateralized mortgage obligations - US agency - - - 1 ( 9 ) 1,109 1 ( 9 ) 1,109 Collateralized mortgage obligations - Private label 6 ( 163 ) 13,070 3 ( 99 ) 3,820 9 ( 262 ) 16,890 Totals 22 $ ( 441 ) $ 27,634 8 $ ( 278 ) $ 10,527 30 $ ( 719 ) $ 38,161 |
Summary of Debt Securities Held By Bank, Fair Value Has Been Less Than Respective Amortized Cost Basis | The following table summarizes all debt securities not issued by the United States government or GSEs, held by the Bank at December 31, 2022, whose fair value has been less than their respective amortized cost basis for 12 or more months: December 31, 2022 Number of Individual Securities Amortized Historical Cost Loss Range In Dollars Total Loss In Dollars Loss Range Percentage Total Loss Percentage NRSRO Rated Count NRSRO Rated Percentage NRSRO Rated In Dollars OTTI Impairment In Dollars (Dollars in thousands) Available-for-Sale Portfolio State and political subdivisions 17 $ 22,300 $ 25 - 462 $ 2,171 1 %- 26 % 9.7 % 17 100 % $ 22,300 $ - Corporate 2 1,701 $ 160 - 222 381 22 %- 24 % 22.4 % 2 100 % 1,701 - Asset backed securities 5 10,436 $ 53 - 210 511 2 %- 12 % 4.9 % 5 100 % 10,436 - Collateralized mortgage obligations - Private label 19 36,378 $ 1 - 654 2,671 1 %- 21 % 7.3 % 10 53 % 18,674 - Totals 43 $ 70,815 $ 5,734 8.1 % 34 75 % $ 53,111 $ - Held-to-Maturity Portfolio State and political subdivisions 7 $ 6,545 $ 25 - 564 $ 1,469 15 %- 28 % 22.4 % 7 100 % $ 6,545 $ - Corporate 9 7,602 $ 48 - 201 800 8 %- 13 % 10.5 % 3 33 % 2,852 - Asset backed securities 3 4,339 $ 30 - 491 666 2 %- 24 % 15.3 % 3 100 % 4,339 - Collateralized mortgage obligations - Private label 8 14,244 $ 6 - 439 1,711 2 %- 21 % 12.0 % 6 75 % 10,999 - Totals 27 $ 32,730 $ 4,646 14.2 % 19 76 % $ 24,735 $ - |
Gross Realized Gains (Losses) on Sale of Securities | Proceeds of $ 11.0 million and $ 42.0 million, respectively on sales and redemptions of securities for the years ended December 31, 2022 and 2021 resulted in gross realized gains (losses) detailed below: (In thousands) 2022 2021 Realized gains on investments $ 37 $ 120 Realized losses on investments ( 206 ) ( 83 ) $ ( 169 ) $ 37 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Major Classification of Loans | Major classifications of loans are as follows: December 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 257,656 $ 240,434 Construction 5,085 6,329 Loans held-for-sale 19 513 Total residential mortgage loans 262,760 247,276 Commercial loans: Real estate 345,330 288,450 Lines of credit 82,050 61,884 Other commercial and industrial 77,273 69,135 Paycheck Protection Program loans 203 19,338 Tax exempt loans 4,280 5,811 Total commercial loans 509,136 444,618 Consumer loans: Home equity and junior liens 34,007 31,737 Other consumer 92,851 110,108 Total consumer loans 126,858 141,845 Total loans 898,754 833,739 Net deferred loan fees ( 1,000 ) ( 1,280 ) Less allowance for loan losses 15,319 12,935 Loans receivable, net $ 882,435 $ 819,524 |
Summary of Information Related to Company's PPP Loans | Information related to the Company’s PPP loans are included in the following tables: Unaudited For the years ended (In thousands, except number of loans) December 31, 2022 December 31, 2021 Number of PPP loans originated in the year - 478 Funded balance of PPP loans originated in the year $ - $ 36,369 Number of PPP loans forgiven in the year 251 796 Balance of PPP loans forgiven in the year $ 13,091 $ 77,054 Deferred PPP fee income recognized in the year $ 707 $ 2,150 (In thousands) December 31, 2022 December 31, 2021 Unearned PPP deferred fee income at end of year $ 12 $ 716 (In thousands, except number of loans) Number Balance Total PPP loans originated since inception 1,177 $ 111,721 Total PPP loans forgiven since inception 1,172 111,518 Total PPP loans remaining at December 31, 2022 5 $ 203 |
Summary of Loan Portfolio by Collateral Type Within Major Categories | The following table details the Company's loan portfolio by collateral type within major categories as of December 31, 2022. (Dollars in thousands) Balance Number Average Minimum/ Allowance for Loan Losses Percent Residential Mortgage Loans $ 262,760 1,639 $ 160 $ 469 $ 4,972 $ 714 29 % Commercial Real Estate: Mixed Use $ 70,154 66 $ 1,063 $ 22 $ 8,848 $ 1,195 8 % Multi-Family Residential 45,815 55 833 6 6,008 780 5 % Hotels and Motels 37,816 65 582 8 4,144 644 4 % Office 27,831 8 3,479 291 11,500 474 3 % Retail 25,515 165 155 - 2,449 435 3 % 1-4 Family Residential 24,289 50 486 24 4,895 414 3 % Automobile Dealership 16,894 17 994 86 4,543 288 2 % Skilled Nursing Facility 13,575 7 1,939 48 5,821 231 2 % Recreation/ Golf Course/ 11,900 2 5,950 3,800 8,100 203 1 % Warehouse 9,732 10 973 53 3,815 166 1 % Manufacturing/Industrial 9,634 18 535 53 3,444 164 1 % Restaurant 8,193 15 546 60 2,455 140 1 % Automobile Repair 6,133 15 409 9 2,151 104 1 % Hospitals 5,709 22 260 7 1,124 97 1 % Not-For-Profit & Community Service Real Estate 4,111 3 1,370 67 3,070 70 0 % Land 3,242 3 1,081 98 1,647 55 0 % All Other 24,787 31 800 11 7,180 422 2 % Total Commercial Real Estate Loans $ 345,330 552 $ 626 $ - $ 11,500 $ 5,882 38 % Commercial and Industrial: Secured Term Loans $ 61,918 382 $ 162 $ - $ 3,581 $ 2,694 7 % Unsecured Term Loans 15,355 93 165 - 3,574 668 2 % Secured Lines of Credit 57,508 268 215 - 5,000 2,503 6 % Unsecured Lines of Credit 24,542 147 167 - 2,906 1,068 3 % Total Commercial and $ 159,323 890 $ 179 $ - $ 5,000 $ 6,933 18 % Tax Exempt Loans $ 4,280 11 $ 389 $ 12 $ 2,248 $ 3 0 % Paycheck Protection Program Loans $ 203 5 $ 41 $ 5 $ 100 $ - 0 % Consumer: Home Equity Lines of Credit $ 34,007 883 $ 39 $ - $ 918 $ 741 4 % Vehicle 15,136 1,028 15 - 423 171 2 % Consumer Secured 32,613 1,418 23 13 82 367 4 % Consumer Unsecured 42,740 2,309 19 - 72 481 5 % All Others 2,362 595 4 - 55 27 0 % Total Consumer Loans $ 126,858 6,233 $ 20 $ - $ 918 $ 1,787 15 % Net deferred loan fees ( 1,000 ) - - - - - - Unallocated allowance for ( 15,319 ) - - - - - - Total Loans $ 882,435 9,330 $ 95 $ 15,319 100 % |
Summary of Purchased Loans Pools | The following table summarizes the purchased loan pool positions, held by the Bank in purchased loans at year end (month and date of acquisition in parentheses): (In thousands, except number of loans) December 31, 2022 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Automobile loans (1/2017) $ 50,400 $ 4,200 $ 128 537 0 - 4 years $ 247 Commercial and industrial loans (6/2019) 6,800 2,100 - 22 3 - 7 years - Home equity lines of credit (8/2019) 21,900 6,000 189 143 1 - 27 years - Unsecured consumer loan pool 2 (11/2019) 26,600 1,500 11 320 0 - 2 years - Residential real estate loans (12/2019) 4,300 3,900 240 49 16 - 22 years - Unsecured consumer loan pool 1 (12/2019) 5,400 1,600 - 50 1 - 4 years - Unsecured consumer installment loans pool 3 (12/2019) 10,300 1,000 38 354 0 - 9 years 63 Secured consumer installment loans pool 4 (12/2020) 14,500 11,300 ( 1,484 ) 518 23 - 24 years - Unsecured consumer loans pool 5 (1/2021) 24,400 17,300 ( 485 ) 678 8 - 24 years - Revolving commercial line of credit 1 (3/2021) 11,600 11,400 14 1 0 - 1 year - Secured consumer installment loans (11/2021) 21,300 19,700 ( 3,237 ) 850 18 - 25 years - Revolving commercial line of credit 2 (11/2021) 10,500 15,000 23 1 0 - 1 year - Unsecured consumer loans pool 6 (11/2021) 22,200 20,200 ( 2,441 ) 540 8 - 24 years - Total $ 230,200 $ 115,200 $ ( 7,004 ) 4,063 $ 310 (In thousands, except number of loans) December 31, 2021 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Automobile loans (1/2017) $ 50,400 $ 8,800 $ 301 855 0 - 5 years $ 239 Commercial and industrial loans (6/2019) 6,800 3,900 - 33 4 - 8 years - Home equity lines of credit (8/2019) 21,900 8,400 243 187 2 - 28 years - Unsecured consumer loan pool 2 (11/2019) 26,600 6,300 30 1,438 1 - 3 years - Residential real estate loans (12/2019) 4,300 4,100 257 51 17 - 23 years - Unsecured consumer loan pool 1 (12/2019) 5,400 2,600 - 66 3 - 5 years - Unsecured consumer installment loans pool 3 (12/2019) 10,300 2,200 74 1,356 0 - 6 years 30 Secured consumer installment loans pool 4 (12/2020) 14,500 12,600 ( 1,776 ) 563 23 - 24 years - Unsecured consumer loans pool 5 (1/2021) 24,400 19,700 ( 583 ) 756 8 - 24 years - Revolving commercial line of credit 1 (3/2021) 11,600 7,100 26 1 0 - 1 year - Secured consumer installment loans (11/2021) 21,300 21,400 ( 3,642 ) 900 19 - 25 years - Revolving commercial line of credit 2 (11/2021) 10,500 9,300 35 1 0 - 1 year - Unsecured consumer loans pool 6 (11/2021) 22,200 22,100 ( 2,785 ) 564 9 - 24 years - Total $ 230,200 $ 128,500 $ ( 7,820 ) 6,771 $ 269 |
Summary of Classes of Loan Portfolio | The following table presents the segments and classes of the loan portfolio summarized by the aggregate pass rating and the criticized and classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system: As of December 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 254,768 $ 1,240 $ 994 $ 654 $ 257,656 Construction 5,085 - - - 5,085 Loans held-for-sale 19 - - - 19 Total residential mortgage loans 259,872 1,240 994 654 262,760 Commercial loans: Real estate 327,438 12,270 5,261 361 345,330 Lines of credit 74,632 1,984 5,400 34 82,050 Other commercial and industrial 67,923 4,482 4,605 263 77,273 Paycheck Protection Program loans 203 - - - 203 Tax exempt loans 4,280 - - - 4,280 Total commercial loans 474,476 18,736 15,266 658 509,136 Consumer loans: Home equity and junior liens 33,050 17 719 221 34,007 Other consumer 92,762 33 56 - 92,851 Total consumer loans 125,812 50 775 221 126,858 Total loans $ 860,160 $ 20,026 $ 17,035 $ 1,533 $ 898,754 As of December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 238,823 $ 269 $ 811 $ 531 $ 240,434 Construction 6,329 - - - 6,329 Loans held-for-sale 513 - - - 513 Total residential mortgage loans 245,665 269 811 531 247,276 Commercial loans: Real estate 267,388 9,879 10,604 579 288,450 Lines of credit 54,408 4,036 3,387 53 61,884 Other commercial and industrial 56,719 3,907 8,321 188 69,135 Paycheck Protection Program loans 19,338 - - - 19,338 Tax exempt loans 5,811 - - - 5,811 Total commercial loans 403,664 17,822 22,312 820 444,618 Consumer loans: Home equity and junior liens 30,740 133 606 258 31,737 Other consumer 109,979 44 77 8 110,108 Total consumer loans 140,719 177 683 266 141,845 Total loans $ 790,048 $ 18,268 $ 23,806 $ 1,617 $ 833,739 |
Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans | An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, for the years ended December 31, are detailed in the following tables: As of December 31, 2022 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,627 $ 620 $ 932 $ 3,179 $ 254,477 $ 257,656 Construction - - - - 5,085 5,085 Loans held-for-sale - - - - 19 19 Total residential mortgage loans 1,627 620 932 3,179 259,581 262,760 Commercial loans: Real estate 4,974 854 3,499 9,327 336,003 345,330 Lines of credit 1,280 1,584 298 3,162 78,888 82,050 Other commercial and industrial 4,721 999 1,738 7,458 69,815 77,273 Paycheck Protection Program loans - - - - 203 203 Tax exempt loans - - - - 4,280 4,280 Total commercial loans 10,975 3,437 5,535 19,947 489,189 509,136 Consumer loans: Home equity and junior liens 23 17 279 319 33,688 34,007 Other consumer 391 239 1,904 2,534 90,317 92,851 Total consumer loans 414 256 2,183 2,853 124,005 126,858 Total loans $ 13,016 $ 4,313 $ 8,650 $ 25,979 $ 872,775 $ 898,754 As of December 31, 2021 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 960 $ 416 $ 891 $ 2,268 $ 238,166 $ 240,434 Construction - - - - 6,329 6,329 Loans held-for-sale - - - - 513 513 Total residential mortgage loans 960 416 891 2,268 245,008 247,276 Commercial loans: Real estate 1,735 1,029 4,379 7,143 281,307 288,450 Lines of credit 156 1,180 576 1,913 59,971 61,884 Other commercial and industrial 1,799 1,686 1,056 4,541 64,594 69,135 Paycheck Protection Program loans - - - - 19,338 19,338 Tax exempt loans - - - - 5,811 5,811 Total commercial loans 3,691 3,895 6,011 13,597 431,021 444,618 Consumer loans: Home equity and junior liens 17 49 251 317 31,420 31,737 Other consumer 571 257 852 1,680 108,428 110,108 Total consumer loans 588 306 1,103 1,998 139,847 141,845 Total loans $ 5,239 $ 4,617 $ 8,006 $ 17,862 $ 815,877 $ 833,739 |
Nonaccrual Loans Segregated by Class of Loan | Year-end nonaccrual loans, segregated by class of loan, were as follows: December 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,112 $ 891 1,112 891 Commercial loans: Real estate 3,504 4,407 Lines of credit 332 629 Other commercial and industrial 1,884 1,261 5,720 6,297 Consumer loans: Home equity and junior liens 279 252 Other consumer 1,904 852 Total consumer loans 2,183 1,104 Total nonaccrual loans $ 9,015 $ 8,292 |
Troubled Debt Restructurings on Financing Receivables | The table below details loans that had been modified as TDRs for the year ended December 31, 2022. For the year ended December 31, 2022 (In thousands) Number of loans Pre-modification Post-modification Additional Commercial real estate loans 2 $ 373 $ 373 $ - The TDRs evaluated for impairment for the year ended December 31, 2022 have been classified as TDRs due to economic concessions granted, which include reduction in the stated interest rate, a significant delay in the timing of the payment or an extended maturity date that will result in a significant delay in payment from the original terms. The table below details loans that have been modified as TDRs for the year ended December 31, 2021. For the year ended December 31, 2021 (In thousands) Number of loans Pre-modification Post-modification Additional Commercial real estate loans 1 $ 675 $ 675 $ - Commercial and industrial loans 1 200 206 - Residential mortgages 3 453 459 - Consumer loans 1 443 504 - |
Summary of Impaired Loans Information by Portfolio Class | The following table summarizes impaired loans information by portfolio class at: December 31, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (In thousands) Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: 1-4 family first-lien residential mortgages $ 1,048 $ 1,048 $ - $ 666 $ 666 $ - Commercial real estate 5,283 5,386 - 4,708 4,801 - Commercial lines of credit 2,218 2,218 - 100 104 - Other commercial and industrial 2,780 2,829 - 357 396 - Home equity and junior liens 182 182 - 93 93 - Other consumer - - - - - - With an allowance recorded: 1-4 family first-lien residential mortgages 450 450 91 539 539 90 Commercial real estate 2,625 2,625 346 2,450 2,450 300 Commercial lines of credit 3,059 3,066 2,957 53 53 53 Other commercial and industrial 1,998 1,998 1,285 1,852 1,852 1,319 Home equity and junior liens 536 536 114 539 539 114 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 1,498 1,498 91 1,205 1,205 90 Commercial real estate 7,908 8,011 346 7,158 7,251 300 Commercial lines of credit 5,277 5,284 2,957 153 157 53 Other commercial and industrial 4,778 4,827 1,285 2,209 2,248 1,319 Home equity and junior liens 718 718 114 632 632 114 Other consumer - - - - - - Totals $ 20,179 $ 20,338 $ 4,793 $ 11,357 $ 11,493 $ 1,876 |
Average Recorded Investment In Impaired Loans | The following table presents the average recorded investment in impaired loans for the years ended December 31: (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 1,232 $ 1,439 Commercial real estate 7,285 9,538 Commercial lines of credit 1,951 640 Other commercial and industrial 3,155 5,041 Home equity and junior liens 647 516 Other consumer - 50 Total $ 14,270 $ 17,224 |
Cash Basis Interest Income Recognized On Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the years ended December 31: (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 65 $ 62 Commercial real estate 247 285 Commercial lines of credit 143 10 Other commercial and industrial 304 180 Home equity and junior liens 6 6 Other consumer - - Total $ 765 $ 543 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Allowance For Loan Losses [Abstract] | |
Changes in the Allowance for Loan Losses | An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. December 31, 2022 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Charge-offs ( 29 ) - ( 48 ) ( 51 ) ( 486 ) - Recoveries - - 250 - 46 - Provisions (credits) ( 129 ) - 371 3,106 622 - Ending balance $ 714 $ - $ 5,881 $ 3,990 $ 2,944 $ - Ending balance: related to loans $ 91 $ - $ 346 $ 2,957 $ 1,285 $ - Ending balance: related to loans $ 623 $ - $ 5,535 $ 1,033 $ 1,659 $ - Loans receivables: Ending balance $ 257,656 $ 5,085 $ 345,330 $ 82,050 $ 77,273 $ 203 Ending balance: individually $ 1,498 $ - $ 7,908 $ 5,278 $ 4,777 $ - Ending balance: $ 256,158 $ 5,085 $ 337,422 $ 76,772 $ 72,496 $ 203 collectively Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 3 $ 774 $ 1,297 $ 984 $ 12,935 Charge-offs - - ( 147 ) - ( 761 ) Recoveries - - 95 - 391 Provisions - ( 33 ) ( 199 ) ( 984 ) 2,754 Ending balance $ 3 $ 741 $ 1,046 $ - $ 15,319 Ending balance: related to loans $ - $ 114 $ - $ - $ 4,793 Ending balance: related to loans $ 3 $ 627 $ 1,046 $ - $ 10,526 Loans receivables: Ending balance $ 4,280 $ 34,007 $ 92,851 $ 19 $ 898,754 Ending balance: individually $ - $ 718 $ - $ - $ 20,179 Ending balance: collectively $ 4,280 $ 33,289 $ 92,851 $ 19 $ 878,575 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2022, the Bank had loans held-for-sale with a principal balance of $ 19,000 . These loans were still part of the portfolio as of December 31, 2022. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. December 31, 2021 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs ( 20 ) - ( 7 ) ( 50 ) ( 707 ) - Recoveries - - - 69 1 - Provisions (credits) ( 39 ) - 539 ( 754 ) 476 - Ending balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Ending balance: related to loans $ 90 $ - $ 300 $ 53 $ 1,319 $ - Ending balance: related to loans $ 782 $ - $ 5,008 $ 882 $ 1,444 $ - Loans receivables: Ending balance $ 240,434 $ 6,329 $ 288,450 $ 61,884 $ 69,135 $ 19,338 Ending balance: individually $ 1,205 $ - $ 7,158 $ 153 $ 2,209 $ - Ending balance: collectively $ 239,229 $ 6,329 $ 281,292 $ 61,731 $ 66,926 $ 19,338 Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Charge-offs - - ( 240 ) - ( 1,024 ) Recoveries - - 88 - 158 Provisions 2 35 326 438 1,022 Ending balance $ 3 $ 774 $ 1,297 $ 984 $ 12,935 Ending balance: related to loans $ - $ 114 $ - $ - $ 1,876 Ending balance: related to loans $ 3 $ 660 $ 1,297 $ 984 $ 11,059 Loans receivables: Ending balance $ 5,811 $ 31,737 $ 110,108 $ 513 $ 833,739 Ending balance: individually $ - $ 632 $ - $ - $ 11,357 Ending balance: collectively $ 5,811 $ 31,105 $ 110,108 $ 513 $ 822,382 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $ 513,000 . These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
Schedule of Allowance for Loan Losses on Basis of Calculation Methodology | The allocation of the allowance for loan losses summarized on the basis of the Company’s calculation methodology was as follows: December 31, 2022 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 91 $ - $ 346 $ 2,957 $ 1,285 Historical loss rate 5 - ( 32 ) - 97 Qualitative factors 618 - 5,567 1,033 1,562 Total $ 714 $ - $ 5,881 $ 3,990 $ 2,944 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 4,793 Historical loss rate - 321 708 - 1,099 Qualitative factors 3 306 338 - 9,427 Other - - - - - Total $ 3 $ 741 $ 1,046 $ - $ 15,319 December 31, 2021 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 90 $ - $ 300 $ 53 $ 1,319 Historical loss rate 82 - 2 25 227 Qualitative factors 700 - 5,006 857 1,217 Total $ 872 $ - $ 5,308 $ 935 $ 2,762 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 1,876 Historical loss rate - 324 1,028 - 1,688 Qualitative factors 3 336 269 - 8,388 Other - - - 984 984 Total $ 3 $ 774 $ 1,297 $ 984 $ 12,935 In June 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard’s stated main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables (such as loans) and other financial assets in scope. The ASU requires entities to measure credit losses on most financial assets carried at amortized costs and certain other instruments using an expected credit loss model. Banks in the United States above $ 5.0 billion in assets generally adopted this new way of measuring loan losses called the “Current Expected Credit Loss” (“CECL”) model in 2020, with smaller public and private banks, such as Pathfinder, required to convert to this method in fiscal years beginning after December 15, 2022. The Company computed its Allowance for Loan Losses at December 31, 2022 using a methodology called the "Incurred Loss Model" ("ILM"), which remained applicable GAAP at that date. ILM (current GAAP) assumes that all loans will be repaid until evidence to the contrary (known as a loss or trigger event) is identified. Only at that point is the impaired loan (or portfolio of loans) written down to a lower value. CECL requires that an estimate of loss for the entire life cycle of each asset with credit loss exposure be recorded at the funding date of that asset as a component of the reported Allowance for Credit Losses. For additional information regarding current expected credit losses, see Notes 2 and 6 to the consolidated financial statements. The three major differences between CECL and ILM are: (1) CECL requires that reserves for the full, expected life of any asset with credit loss exposure be established at the funding date of the asset. The reserve must consider all expected credit and credit-related losses in aggregate to the asset's maturity (including prepayment projections) using a methodology that both a.) requires an evaluation of the Bank’s segmented internal credit dynamics (historical loss rate, underwriting standards, etc.); and b.) requires evaluations of the macroeconomic environment at funding and at the end of each subsequent reporting period; (2) CECL requires that a broader array of assets, in addition to outstanding loans, must be included in the CECL calculation than were includable under the ILM model; and (3) CECL requires substantially enhanced documentation and underlying assumption, input and calculation support, due to its more extensive modeling assumptions and inputs, as well as its more complex calculations, than were previously considered necessary under ILM. Beginning on January 1, 2023, the Bank will have to account for all credit loss exposures using this CECL methodology. A nonrecurring adjustment from ILM to CECL was made on January 1, 2023, increasing the ALLL at December 31, 2022 by $ 2.2 million in determining the beginning ACL for the quarter ended March 31, 2023. This transition adjustment was booked to retained earnings in the first quarter of 2023 and therefore will be a subtraction from tangible book value (“TBV”), after tax effects of approximately $ 1.7 million. |
Servicing (Tables)
Servicing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Servicing Asset [Abstract] | |
Mortgage Servicing Rights Capitalized and Amortized | The following summarizes mortgage servicing rights capitalized and amortized: (In thousands) 2022 2021 Mortgage servicing rights capitalized $ 64 $ 72 Mortgage servicing rights amortized 75 69 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, is as follows: (In thousands) 2022 2021 Land $ 2,063 $ 2,434 Buildings 20,406 23,000 Furniture, fixtures and equipment 17,337 16,861 Construction in progress 320 548 40,126 42,843 Less: Accumulated depreciation 22,254 21,184 $ 17,872 $ 21,659 |
FORECLOSED REAL ESTATE (Tables)
FORECLOSED REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Schedule of Real Estate Properties | A summary of foreclosed real estate at December 31, is as follows: (Dollars in thousands) Number of December 31, Number of properties December 31, Foreclosed real estate 2 $ 221 - $ - |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amount and Accumulated Amortization for Identifiable Intangible Asset | The gross carrying amount and annual amortization for this identifiable intangible asset are as follows: December 31, (In thousands) 2022 2021 Gross carrying amount $ 243 $ 243 Accumulated amortization ( 142 ) ( 126 ) Net amortizing intangibles $ 101 $ 117 |
Estimated Amortization Expense for Each of the Five Succeeding Years | The estimated amortization expense for each of the five succeeding years ended December 31, is as follows: (In thousands) 2023 $ 16 2024 16 2025 16 2026 16 2027 16 Thereafter 21 Total $ 101 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Summary of Deposits | A summary of deposits at December 31 is as follows: (In thousands) 2022 2021 Savings accounts $ 134,880 $ 131,176 Time accounts 314,109 253,564 Time accounts in excess of $250,000 71,696 67,450 Money management accounts 16,107 16,124 MMDA accounts 270,326 256,963 Demand deposit interest-bearing 127,395 130,816 Demand deposit noninterest-bearing 183,711 191,858 Mortgage escrow funds 7,206 7,395 Total Deposits $ 1,125,430 $ 1,055,346 |
Scheduled Maturities of Time Deposits | At December 31, 2022, the scheduled maturities of time deposits are as follows: (In thousands) Year of Maturity: 2023 $ 216,235 2024 60,298 2025 69,540 2026 31,194 2027 6,754 Thereafter 1,784 Total $ 385,805 |
Summary of Deposits by Type | In addition to deposits obtained from its business operations within its target market areas, the Bank also obtains brokered deposits through various programs administered by IntraFi Network and through other unaffiliated third-party financial institutions. At December 31, 2022 2021 (In thousands) Non-Brokered Brokered Total Non-Brokered Brokered Total Savings accounts $ 134,880 $ 134,880 $ 131,176 $ 131,176 Time accounts 105,478 208,631 314,109 135,804 117,760 253,564 Time accounts of $250,000 or more 71,696 71,696 67,450 67,450 Money management accounts 16,107 16,107 16,124 16,124 MMDA accounts 270,326 270,326 256,963 256,963 Demand deposit interest-bearing 87,395 40,000 127,395 90,771 40,045 130,816 Demand deposit noninterest-bearing 183,711 183,711 191,858 191,858 Mortgage escrow funds 7,206 7,206 7,395 7,395 Total Deposits $ 876,799 $ 248,631 $ 1,125,430 $ 897,541 $ 157,805 $ 1,055,346 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Composition of Borrowings | The composition of borrowings (excluding subordinated debt) at December 31 is as follows: (In thousands) 2022 2021 Short-term: FHLB advances $ 60,333 $ 12,500 Total short-term borrowings $ 60,333 $ 12,500 Long-term: FHLB advances $ 55,664 $ 64,598 Total long-term borrowings $ 55,664 $ 64,598 |
Scheduled Maturities of Debt | The principal balances, interest rates and maturities of the outstanding long-term borrowings, all of which are at a fixed rate, at December 31, 2022 are as follows: Term Principal Rates (Dollars in thousands) Advances with FHLB Due within 1 year $ 12,006 0.34 - 3.17 % Due within 2 years 22,850 0.39 - 5.03 % Due within 10 years 20,808 0.52 - 4.52 % Total advances with FHLB $ 55,664 Total long-term fixed rate borrowings $ 55,664 At December 31, 2022, scheduled repayments of long-term debt are as follows: (In thousands) 2023 $ 12,006 2024 22,850 2025 19,108 2026 1,700 Total $ 55,664 |
Subordinated Loans (Tables)
Subordinated Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subordinated Borrowings [Abstract] | |
Composition of Subordinated Loans | The composition of subordinated debt at December 31 is as follows: (In thousands) 2022 2021 Subordinated debt Junior subordinated debenture $ 5,155 $ 5,155 Subordinated debt $ 25,000 $ 25,000 Deferred Financing Charges ( 422 ) ( 592 ) Total subordinated debt $ 29,733 $ 29,563 |
Schedule of Principal Balances, Interest Rates and Maturities of the Subordinated Loans | The principal balances, interest rates and maturities of the subordinated debt at December 31, 2022 are as follows: Term Principal Rates (Dollars in thousands) Subordinated debt: Due within 8 years $ 25,000 5.5 % Due within 15 years 5,155 3-Month LIBOR + 1.65 % Total subordinated debt $ 30,155 |
Scheduled Repayments of the Subordinated Loans | cheduled repayments of the subordinated debt at December 31, 2022 are as follows: (In thousands) 2023 $ - 2024 - 2025 25,000 2026 - 2027 - Thereafter 5,155 Total $ 30,155 |
Employee Benefits and Deferre_2
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Changes in Plan Benefit Obligations, Fair Value of Plan Assets and Plans' Funded Status | The following tables set forth the changes in the plans’ benefit obligations, fair value of plan assets and the plans’ funded status as of December 31: Pension Benefits Postretirement Benefits (In thousands) 2022 2021 2022 2021 Change in benefit obligations: Benefit obligations at beginning of year $ 12,720 $ 12,967 $ 325 $ 369 Service cost - - - - Interest cost 465 441 11 12 Plan participants' contribution - - 9 8 Actuarial (gain) loss ( 3,368 ) ( 389 ) ( 164 ) ( 19 ) Benefits paid ( 375 ) ( 299 ) ( 45 ) ( 45 ) Benefit obligations at end of year 9,442 12,720 136 325 Change in plan assets: Fair value of plan assets at beginning of year 20,531 19,274 - - Actual return on plan assets ( 3,845 ) 1,556 - - Benefits paid ( 375 ) ( 299 ) ( 45 ) ( 45 ) Plan participants' contribution - - 9 8 Employer contributions - - 36 37 Fair value of plan assets at end of year 16,311 20,531 - - Funded (unfunded) status - asset (liability) $ 6,869 $ 7,811 $ ( 136 ) $ ( 325 ) |
Amounts Recognized in Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss as of December 31 are as follows: Pension Benefits Postretirement Benefits (In thousands) 2022 2021 2022 2021 Net loss (gain) $ 3,389 $ 1,843 $ ( 103 ) $ 64 Tax Effect 886 480 ( 27 ) 15 $ 2,503 $ 1,363 $ ( 76 ) $ 49 |
Significant Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Plan Cost | The significant assumptions used in determining the benefit obligations as of December 31, are as follows: Pension Benefits Postretirement Benefits 2022 2021 2022 2021 Weighted average discount rate 6.09 % 3.71 % 6.09 % 3.71 % Rate of increase in future compensation levels - - - - The significant assumptions used in determining the net periodic benefit plan cost for years ended December 31, were as follows: Pension Benefits Postretirement Benefits 2022 2021 2022 2021 Weighted average discount rate 6.09 % 3.71 % 6.09 % 3.71 % Expected long term rate of return on plan assets 6.00 % 5.25 % - - Rate of increase in future compensation levels - - - - |
Composition of Net Periodic Benefit Plan (Benefit) Cost | The composition of the net periodic benefit plan (benefit) cost for the years ended December 31 is as follows: Pension Benefits Postretirement Benefits (In thousands) 2022 2021 2022 2021 Service cost $ - $ - $ - $ - Interest cost 465 441 11 12 Expected return on plan assets ( 1,068 ) ( 1,146 ) - - Amortization of transition obligation - - - - Amortization of net losses - 101 7 9 Amortization of unrecognized past service liability - - ( 5 ) ( 5 ) Net periodic benefit plan (benefit) cost $ ( 603 ) $ ( 604 ) $ 13 $ 16 |
Pension Plan Assets Measured at Fair Value | Pension plan assets measured at fair value are summarized below: At December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Fair Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,659 $ - $ 1,659 Large-cap Growth (b) - 1,239 - 1,239 Large-cap Core (c) - 993 - 993 Mid-cap Value (d) - 384 - 384 Mid-cap Growth (e) - 309 - 309 Mid-cap Core (f) - 340 - 340 Small-cap Value (g) - 179 - 179 Small-cap Growth (h) - 413 - 413 Small-cap Core (i) - 268 - 268 International Equity (j) - 2,199 - 2,199 Equity -Total - 7,983 - 7,983 Fixed Income Funds Fixed Income - US Core (k) - 2,007 - 2,007 Intermediate Duration (l) - 3,347 - 3,347 Long Duration (m) - 2,568 - 2,568 Fixed Income-Total - 7,922 - 7,922 Cash Equivalents-Money market* 54 352 - 406 Total $ 54 $ 16,257 $ - $ 16,311 At December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Fair Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,763 $ - $ 1,763 Large-cap Growth (b) - 1,946 - 1,946 Large-cap Core (c) - 1,234 - 1,234 Mid-cap Value (d) - 475 - 475 Mid-cap Growth (e) - 442 - 442 Mid-cap Core (f) - 398 - 398 Small-cap Value (g) - 222 - 222 Small-cap Growth (h) - 533 - 533 Small-cap Core (i) - 332 - 332 International Equity (j) - 2,651 - 2,651 Equity -Total - 9,996 - 9,996 Fixed Income Funds Fixed Income - US Core (k) - 2,380 - 2,380 Intermediate Duration (l) - 4,249 - 4,249 Long Duration (m) - 3,521 - 3,521 Fixed Income-Total - 10,150 - 10,150 Cash Equivalents-Money market* 49 336 - 385 Total $ 49 $ 20,482 $ - $ 20,531 *Includes cash equivalents investments in equity and fixed income strategies a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. f) This category seeks to track the performance of the S&P Midcap 400 Index. g) This category consists of a selection of investments based on the Russell 2000 Value Index. h) This category consists of a mutual fund invested in small capitalization growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. i) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10 % of the market universe, or smaller than the 1000th largest US company. j) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80 % of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. k) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80 % of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50 % or more in mortgage-backed securities guaranteed by the US government and its agencies. l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year, Bullets only Index, along with a diversified mutual fund holding fixed income securities rated A or better. m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. |
Expected Future Service Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from both retirement plans: Pension Postretirement (In thousands) Benefits Benefits Total Years ending December 31: 2023 $ 449 $ 17 $ 466 2024 465 16 481 2025 489 15 504 2026 616 14 630 2027 636 13 649 Thereafter 3,639 55 3,694 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Activity in the Stock Option Plans | Activity in the stock option plans is as follows: Options Outstanding Shares Exercisable Number of Weighted Average Number of Weighted Average (Shares in thousands) Shares Exercise Price Shares Exercise Price Outstanding at January 1, 2021 320 $ 10.89 204 $ 10.91 Granted - - - - Newly vested - - 59 10.97 Exercised ( 53 ) - ( 53 ) - Forfeited - - - - Expired ( 3 ) 9.48 - - Outstanding at December 31, 2021 264 $ 10.98 210 $ 11.05 Granted - $ - - $ - Newly vested - - 27 10.73 Exercised ( 37 ) - ( 37 ) - Forfeited ( 4 ) 11.35 - - Expired - - - - Outstanding at December 31, 2022 223 $ 10.94 200 $ 10.98 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes for the years ended December 31, is as follows: (In thousands) 2022 2021 Current $ 2,517 $ 3,018 Deferred 139 481 $ 2,656 $ 3,499 The provision for income taxes includes the following (In thousands) 2022 2021 Federal Income Tax $ 2,342 $ 3,273 State Tax 314 226 $ 2,656 $ 3,499 |
Components of the Net Deferred Tax Asset (Liability) Included in Other Assets | The components of the net deferred tax asset (liability), included in other assets as of December 31, are as follows: (In thousands) 2022 2021 Assets: Deferred compensation $ 1,051 $ 983 Allowance for loan losses 4,004 3,381 Postretirement benefits 36 85 Subordinated debt interest 37 19 Loan origination fees 261 335 Investment securities 3,583 - Stock-based compensation 71 80 Capital loss carryover - 149 Cash flow hedges - 138 Lease Liabilities 632 638 Other 322 240 Total 9,997 6,048 Liabilities: Prepaid pension ( 1,795 ) ( 2,041 ) Investment securities - ( 151 ) Cash flow hedges ( 135 ) - Depreciation ( 2,097 ) ( 1,902 ) Accretion ( 494 ) ( 124 ) Intangible assets ( 1,004 ) ( 1,004 ) Mortgage servicing rights ( 96 ) ( 99 ) Right-of-use assets (549 ) (559 ) Prepaid expenses and transaction fees ( 112 ) ( 91 ) Total ( 6,282 ) ( 5,971 ) 3,715 77 Less: deferred tax asset valuation allowance - ( 80 ) Net deferred tax (liability) asset $ 3,715 $ ( 3 ) |
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, is as follows: |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of the Contractual Amounts of Financial Instruments with Credit Risk | At December 31, 2022 and 2021, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (In thousands) 2022 2021 Commitments to grant loans $ 50,605 $ 93,364 Unfunded commitments under lines of credit 155,453 136,749 Unfunded commitments related to construction loans in progress 7,142 12,308 Standby letters of credit 2,845 2,735 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios as of December 31, 2022 and 2021 are presented in the following table. Actual Minimum For Minimum To Be Minimum for (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total Core Capital (to Risk-Weighted Assets) $ 145,760 15.14 % $ 77,029 8.00 % $ 96,286 10.00 % $ 101,100 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 133,683 13.88 % $ 57,772 6.00 % $ 77,029 8.00 % $ 81,843 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 133,683 13.88 % $ 43,329 4.50 % $ 62,586 6.50 % $ 67,400 7.00 % Tier 1 Capital (to Assets) $ 133,683 9.67 % $ 55,314 4.00 % $ 69,142 5.00 % $ 69,142 5.00 % As of December 31, 2021: Total Core Capital (to Risk-Weighted Assets) $ 129,166 15.19 % $ 68,013 8.00 % $ 85,016 10.00 % $ 89,266 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 118,511 13.94 % $ 51,009 6.00 % $ 68,013 8.00 % $ 72,263 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 118,511 13.94 % $ 38,257 4.50 % $ 55,260 6.50 % $ 59,511 7.00 % Tier 1 Capital (to Assets) $ 118,511 9.52 % $ 49,804 4.00 % $ 62,255 5.00 % $ 62,255 5.00 % |
Interest Rate Derivative (Table
Interest Rate Derivative (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Cumulative Basis Adjustments for Fair Value Hedges | (In thousands) Hedge-Adjusted Carrying Amount of the Hedged Assets at Cumulative Amount of Fair Value Hedging Adjustment Subtracted from Carrying Amount of the Hedged Assets at December 31, 2022 Hedge-Adjusted Carrying Amount of the Hedged Assets at Cumulative Amount of Fair Value Hedging Adjustment Subtracted from Carrying Amount of the Hedged Assets at December 31, 2021 Line item on the balance sheet in which the hedged item is included: Available-for-sale securities (1) $ 68,741 $ 8,240 $ 61,808 $ 1,308 Loans receivable (2) $ 37,196 $ 1,477 $ 41,651 $ 152 (1) The carrying amount of hedged assets represents the hedge-adjusted amortized cost basis of specifically-identified municipal and GSE-backed securities designated as the underlying assets for the hedging relationships. The notional amount of the designated hedges were $ 66.8 million and $ 52.0 million at December 31, 2022 and December 31, 2021, respectively. The fair value of the derivatives (an unrealized gain, receivable from derivative counterparties) recorded in other assets resulted in a net asset position of $ 8.2 million and $ 1.3 million at December 31, 2022 and December 31, 2021, respectively. The Company’s participation in these fair value hedging transactions increased interest income by $ 565,000 and reduced interest income by $ 183,000 in the years ended December 31, 2022 and 2021, respectively. (2) The carrying amount of hedged assets represents the hedge-adjusted amortized cost of two specific purchased loan pools designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged items were $ 19.2 million and $ 20.5 million at December 31, 2022 and December 31, 2021, respectively. At December 31, 2022, the fair value of the derivatives recorded in other assets (an unrealized gain, receivable from derivative counterparties) resulted in a net asset position of $ 1.5 million, recorded by the Company in other assets. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income for the twelve months ended December 31, 2022 and 2021. |
Schedule of Cash Flow Hedges | The following table shows the pre-tax gains (losses) of the Company’s derivatives designated as cash flow hedges in other comprehensive income at December 31: (In thousands) 2022 2021 Fair market value adjustment gain/(loss) - interest rate swap $ 519 $ ( 387 ) Total gain (loss) in comprehensive income $ 519 $ ( 387 ) |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2022 2021 Unrealized loss for pension and other postretirement obligations $ ( 3,286 ) $ ( 1,907 ) Tax effect 859 495 Net unrealized loss for pension and other postretirement obligations ( 2,427 ) ( 1,412 ) Unrealized (loss) gain on available-for-sale securities ( 13,710 ) 579 Tax effect 3,583 ( 151 ) Net unrealized (loss) gain on available-for-sale securities ( 10,127 ) 428 Unrealized holding gain (loss) on hedging activities arising during the period 517 ( 388 ) Tax effect ( 135 ) 102 Net unrealized gain (loss) on hedging activities 382 ( 286 ) Unrealized loss on securities transferred to held-to-maturity - ( 2 ) Tax effect - 4 Net unrealized gain (loss) on securities transferred to held-to-maturity - 2 Accumulated other comprehensive loss $ ( 12,172 ) $ ( 1,268 ) For the years ended (In thousands) December 31, 2022 December 31, 2021 Balance as of January 1: $ ( 387 ) $ ( 1,308 ) Amount of unrealized gains recognized in other 906 921 Gain (loss) in other comprehensive income: $ 519 $ ( 387 ) |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs | The following tables summarize assets measured at fair value on a recurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 29,364 $ - $ 29,364 State and political subdivisions - 45,385 - 45,385 Corporate - 7,066 - 7,066 Asset backed securities - 15,400 - 15,400 Residential mortgage-backed - US agency - 16,400 - 16,400 Collateralized mortgage obligations - US agency - 11,708 - 11,708 Collateralized mortgage obligations - Private label - 61,434 - 61,434 Total - 186,757 - 186,757 Equity investment securities: Common stock - financial services industry 206 - - 206 Other Securities: Corporate issuances measured at NAV - - - 4,763 Total available-for-sale securities $ 206 $ 186,757 $ - $ 191,726 Marketable securities measured at NAV $ - $ - $ 1,862 Interest rate swap derivative fair value hedges (unrealized gain carried as receivable from derivative counterparties) $ - $ 9,717 $ - $ 9,717 Interest rate swap derivative cash flow hedges (unrealized gain carried as receivable from derivative counterparties) $ - $ 519 $ - $ 519 December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 32,273 $ - $ 32,273 State and political subdivisions - 39,199 - 39,199 Corporate - 9,630 - 9,630 Asset backed securities - 13,613 - 13,613 Residential mortgage-backed - US agency - 22,164 - 22,164 Collateralized mortgage obligations - US agency - 12,285 - 12,285 Collateralized mortgage obligations - Private label - 56,731 - 56,731 Total - 185,895 - 185,895 Equity investment securities: Common stock - financial services industry 206 - - 206 Other Securities: Investment securities issued by corporations measured at NAV - - - 4,497 Total available-for-sale securities $ 206 $ 185,895 $ - $ 190,598 Marketable securities measured at NAV $ - $ - $ 677 Interest rate swap derivative fair value hedges (unrealized gain carried as receivable from derivative counterparties) $ - $ 1,460 $ - $ 1,460 Interest rate swap derivative cash flow hedges (unrealized loss carried as payable to derivative counterparties) $ - $ ( 387 ) $ - $ ( 387 ) |
Summary of Fair Value Assets Measured on Nonrecurring Basis | The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 2,328 $ 2,328 Foreclosed real estate - - 221 221 December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,182 $ 4,182 Foreclosed real estate - - - - |
Fair Value Inputs, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2022 Impaired loans Appraisal of collateral Appraisal Adjustments 5 % - 35 % ( 17 %) (Sales Approach) Costs to Sell 7 % - 14 % ( 12 %) Discounted Cash Flow Foreclosed real estate Appraisal of collateral Appraisal Adjustments 15 % - 15 % ( 15 %) (Sales Approach) Costs to Sell 6 % - 9 % ( 8 %) Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2021 Impaired loans Appraisal of collateral Appraisal Adjustments 5 % - 30 % ( 15 %) (Sales Approach) Costs to Sell 7 % - 14 % ( 10 %) Discounted Cash Flow |
Carrying Amounts and Fair Value of Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments as of December 31 are presented in the following table: December 31, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 35,282 $ 35,282 $ 37,149 $ 37,149 Investment securities - available-for-sale 2 186,757 186,757 185,895 185,895 Investment securities - available-for-sale NAV 4,763 4,763 4,497 4,497 Investment securities - marketable securities NAV 1,862 1,862 677 677 Investment securities - held-to-maturity 2 194,402 181,491 160,923 162,805 Federal Home Loan Bank stock 2 5,982 5,982 4,189 4,189 Net loans 3 882,435 844,892 819,524 819,721 Accrued interest receivable 1 6,168 6,168 4,520 4,520 Interest rate derivative fair value hedges receivable - AFS investments 2 8,240 8,240 1,308 1,308 Interest rate derivative fair value hedges receivable - loans 2 1,477 1,477 152 152 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 699,624 $ 699,624 $ 694,089 $ 694,089 Time Deposits 2 425,806 393,676 361,257 360,680 Borrowings 2 115,997 112,877 77,098 76,957 Subordinated debt 2 29,733 27,378 29,563 30,627 Accrued interest payable 1 975 975 106 106 Interest rate derivative cash flow hedge receivable/(payable) 2 519 519 ( 387 ) ( 387 ) |
Parent Company - Financial In_2
Parent Company - Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Financial Information | The following represents the condensed financial information of Pathfinder Bancorp, Inc. as of and for the years ended December 31: Statements of Condition 2022 2021 (In thousands) Assets Cash $ 9,638 $ 13,633 Investments 1,862 677 Investment in bank subsidiary 126,733 122,241 Investment in non-bank subsidiary 155 155 Premise and equipment, net 9 3,577 Assets held-for-sale 3,042 - Other assets 735 639 Total assets $ 142,174 $ 140,922 Liabilities and Shareholders' Equity Accrued liabilities $ 859 $ 722 Subordinated debt 29,733 29,564 Shareholders' equity 111,582 110,636 Total liabilities and shareholders' equity $ 142,174 $ 140,922 Statements of Income 2022 2021 (In thousands) Income Dividends from non-bank subsidiary $ 5 $ 3 Dividends from marketable equity security 15 20 Gain (loss) on marketable securities 352 ( 5 ) Impairment on premise and equipment ( 380 ) - Operating, net 128 116 Total income 120 134 Expenses Interest 1,749 1,790 Operating, net 1,299 705 Total expenses 3,048 2,495 Loss before taxes and equity in undistributed net ( 2,928 ) ( 2,361 ) Tax benefit 528 527 Loss before equity in undistributed net income of subsidiaries ( 2,400 ) ( 1,834 ) Equity in undistributed net income of subsidiaries 15,332 14,241 Net income $ 12,932 $ 12,407 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Loans to Related Parties | The following represents the activity associated with loans to related parties during the years ended: December 31, December 31, (In thousands) 2022 2021 Balance at the beginning of the year $ 22,427 $ 22,445 Originations and related party additions 15,278 5,663 Principal payments and related party removals ( 5,174 ) ( 5,681 ) Balance at the end of the period $ 32,531 $ 22,427 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the table below. For the year ended December 31, 2022 (In thousands) Retirement Unrealized Gains Unrealized Unrealized (Loss) Total Beginning balance $ ( 1,412 ) $ 428 $ ( 286 ) $ 2 $ ( 1,268 ) Other comprehensive income before ( 1,017 ) ( 10,673 ) 668 ( 2 ) $ ( 11,024 ) Amounts reclassified from AOCI 2 118 - - $ 120 Ending balance $ ( 2,427 ) $ ( 10,127 ) $ 382 $ - $ ( 12,172 ) For the year ended December 31, 2021 (In thousands) Retirement Unrealized Gains Unrealized Unrealized (Loss) Total Beginning balance $ ( 2,093 ) $ 837 $ ( 966 ) $ ( 14 ) $ ( 2,236 ) Other comprehensive income before 603 ( 395 ) 680 16 904 Amounts reclassified from AOCI 78 ( 14 ) - - 64 Ending balance $ ( 1,412 ) $ 428 $ ( 286 ) $ 2 $ ( 1,268 ) |
Schedule of Amounts Reclassified Out of Each Component of AOCI | The following table presents the amounts reclassified out of each component of AOCI for the indicated annual period: (In thousands) For the years ended Details about AOCI 1 components December 31, 2022 December 31, 2021 Affected Line Item in the Statement Retirement plan items Retirement plan net losses 2 $ ( 2 ) $ ( 105 ) Salaries and employee benefits - 27 Provision for income taxes $ ( 2 ) $ ( 78 ) Net Income Available-for-sale securities Realized gain (loss) on sale of securities $ ( 160 ) $ 19 Net (losses) gains on sales and redemptions of investment securities 42 ( 5 ) Provision for income taxes $ ( 118 ) $ 14 Net Income (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 14 for additional information. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest Income | The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the years ended (In thousands) December 31, 2022 December 31, 2021 Service charges on deposit accounts Insufficient funds fees $ 569 $ 888 Deposit related fees 390 393 ATM fees 167 183 Total service charges on deposit accounts 1,126 1,464 Fee Income Insurance agency revenue 1,128 1,048 Investment services revenue 446 399 ATM fees surcharge 229 227 Banking house rents collected 229 243 Total fee income 2,032 1,917 Card income Debit card interchange fees 867 923 Merchant card fees 70 73 Total card income 937 996 Mortgage fee income and realized gain on sale of loans Loan servicing fees 363 246 Net gains on sales of loans and foreclosed real estate 137 313 Total mortgage fee income and realized gain on sale of 500 559 Total 4,595 4,936 Earnings and gain on bank owned life insurance 589 559 Net (losses) gains on sales and redemption of investment ( 169 ) 37 Gains on marketable securities 352 382 Net (losses) gains on sale of premises and equipment ( 250 ) 201 Other miscellaneous income 797 116 Total noninterest income $ 5,914 $ 6,231 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense are as follows: For the years ended (In thousands) December 31, 2022 December 31, 2021 Operating lease cost $ 227 $ 226 Finance lease cost 111 81 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: For the years ended (In thousands) December 31, 2022 December 31, 2021 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 211 $ 207 Operating cash flows from finance leases 111 81 Financing cash flows from finance leases 90 72 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) December 31, 2022 December 31, 2021 Operating Leases: Operating lease right-of-use assets $ 2,098 $ 2,136 Operating lease liabilities 2,417 2,440 Finance Leases: Finance lease right-of-use assets $ 4,213 $ - Finance lease liability 4,422 596 Weighted Average Remaining Lease Term: Operating Leases 18.28 years 18.29 years Finance Leases 28.35 years 27.42 years Weighted Average Discount Rate: Operating Leases 3.85 % 3.73 % Finance Leases 9.41 % 13.75 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Years Ending December 31, (In thousands) 2023 $ 162 2024 164 2025 175 2026 186 2027 197 Thereafter 5,955 Total minimum lease payments $ 6,839 |
COVID-19 (Tables)
COVID-19 (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Loan Portfolio by Collateral Type Within Major Categories | The following table details the Company's loan portfolio by collateral type within major categories as of December 31, 2022. (Dollars in thousands) Balance Number Average Minimum/ Allowance for Loan Losses Percent Residential Mortgage Loans $ 262,760 1,639 $ 160 $ 469 $ 4,972 $ 714 29 % Commercial Real Estate: Mixed Use $ 70,154 66 $ 1,063 $ 22 $ 8,848 $ 1,195 8 % Multi-Family Residential 45,815 55 833 6 6,008 780 5 % Hotels and Motels 37,816 65 582 8 4,144 644 4 % Office 27,831 8 3,479 291 11,500 474 3 % Retail 25,515 165 155 - 2,449 435 3 % 1-4 Family Residential 24,289 50 486 24 4,895 414 3 % Automobile Dealership 16,894 17 994 86 4,543 288 2 % Skilled Nursing Facility 13,575 7 1,939 48 5,821 231 2 % Recreation/ Golf Course/ 11,900 2 5,950 3,800 8,100 203 1 % Warehouse 9,732 10 973 53 3,815 166 1 % Manufacturing/Industrial 9,634 18 535 53 3,444 164 1 % Restaurant 8,193 15 546 60 2,455 140 1 % Automobile Repair 6,133 15 409 9 2,151 104 1 % Hospitals 5,709 22 260 7 1,124 97 1 % Not-For-Profit & Community Service Real Estate 4,111 3 1,370 67 3,070 70 0 % Land 3,242 3 1,081 98 1,647 55 0 % All Other 24,787 31 800 11 7,180 422 2 % Total Commercial Real Estate Loans $ 345,330 552 $ 626 $ - $ 11,500 $ 5,882 38 % Commercial and Industrial: Secured Term Loans $ 61,918 382 $ 162 $ - $ 3,581 $ 2,694 7 % Unsecured Term Loans 15,355 93 165 - 3,574 668 2 % Secured Lines of Credit 57,508 268 215 - 5,000 2,503 6 % Unsecured Lines of Credit 24,542 147 167 - 2,906 1,068 3 % Total Commercial and $ 159,323 890 $ 179 $ - $ 5,000 $ 6,933 18 % Tax Exempt Loans $ 4,280 11 $ 389 $ 12 $ 2,248 $ 3 0 % Paycheck Protection Program Loans $ 203 5 $ 41 $ 5 $ 100 $ - 0 % Consumer: Home Equity Lines of Credit $ 34,007 883 $ 39 $ - $ 918 $ 741 4 % Vehicle 15,136 1,028 15 - 423 171 2 % Consumer Secured 32,613 1,418 23 13 82 367 4 % Consumer Unsecured 42,740 2,309 19 - 72 481 5 % All Others 2,362 595 4 - 55 27 0 % Total Consumer Loans $ 126,858 6,233 $ 20 $ - $ 918 $ 1,787 15 % Net deferred loan fees ( 1,000 ) - - - - - - Unallocated allowance for ( 15,319 ) - - - - - - Total Loans $ 882,435 9,330 $ 95 $ 15,319 100 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Office Derivative Subsidiary | Apr. 01, 2021 USD ($) | |
Nature of Operations [Abstract] | ||
Number of wholly-owned subsidiaries | Subsidiary | 2 | |
Consolidation of membership interest in Fitzgibbons | 100% | |
Number of offices located In Oswego County | Office | 7 | |
Number of offices located in Onondaga County | Office | 4 | |
Number of loan production office located in Oneida County | Office | 1 | |
Significant Group Concentrations of Credit Risk [Abstract] | ||
Minimum commercial real estate loans amount required for additional review | $ | $ 400,000 | |
Advertising Expense [Abstract] | ||
Advertising contracts maturity description | Expenditures for new marketing and advertising material designs and/or media content, related to specifically-identifiable marketing campaigns are capitalized and expensed over the estimated life of the campaign. Such periods of time are generally 12-24 months in duration and do not exceed 36 months. | |
Cash and Cash Equivalents [Abstract] | ||
Maturity period for classification as cash and cash equivalents, maximum | 3 months | |
Allowance for Loan Losses [Abstract] | ||
Maximum percentage for estimating specific and general losses | 10% | |
Minimum amount, of residential mortgage loans threshold for evaluations of impairment | $ | $ 300,000 | |
Income Recognition on Impaired and Non-accrual Loans [Abstract] | ||
Number of consecutive months of current payments before non-accrual troubled debt restructured loans are restored to accrual status | 6 months | |
Goodwill and Intangible Assets [Abstract] | ||
Estimated useful life | 15 years | |
Interest Rate Derivatives [Member] | ||
Goodwill and Intangible Assets [Abstract] | ||
Number of interest rate derivatives | Derivative | 2 | |
Maximum [Member] | Premises [Member] | ||
Premises and Equipment [Abstract] | ||
Useful life | 40 years | |
Maximum [Member] | Equipment [Member] | ||
Premises and Equipment [Abstract] | ||
Useful life | 10 years | |
Subordinated Debt [Member] | ||
Nature of Operations [Abstract] | ||
Subordinated loan face value | $ | $ 10,000,000 | |
FitzGibbons Agency LLC [Member] | Pathfinder Risk Management Company Inc [Member] | ||
Nature of Operations [Abstract] | ||
Membership interest own in Fitzgibbons through subsidiary | 51% | |
Noncontrolling interest by subsidiary | 49% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||
Unrealized loss for pension and other postretirement obligations | $ (3,286) | $ (1,907) |
Tax effect | 859 | 495 |
Net unrealized loss for pension and other postretirement obligations | (2,427) | (1,412) |
Unrealized (loss) gain on available-for-sale securities | (13,710) | 579 |
Tax effect | (135) | 102 |
Net unrealized (loss) gain on available-for-sale securities | (10,127) | 428 |
Unrealized holding gain (loss) on hedging activities arising during the period | 517 | (388) |
Tax effect | 3,583 | (151) |
Net unrealized gain (loss) on hedging activities | 382 | (286) |
Unrealized loss on securities transferred to held-to-maturity | 0 | (2) |
Tax effect | 0 | 4 |
Net unrealized gain (loss) on securities transferred to held-to-maturity | 0 | 2 |
Accumulated other comprehensive loss | $ (12,172) | $ (1,268) |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Details) - USD ($) | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Increase in allowance for credit losses | $ 2,300,000 | ||
Increase deferred tax asset balance | 610,000 | ||
Retained Earnings (Accumulated Deficit) | $ 1,700,000 | $ 71,322,000 | $ 60,946,000 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Jul. 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Conversion of preferred stock, shares converted | 1,380,283 | ||
Conversion of stock, description | the Company converted 1,380,283 shares of its Series B Convertible Perpetual Preferred Stock to an equal number of shares of its newly-created Series A Non-Voting Common Stock. | ||
Stock Option [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options (in shares) | 0 | 0 |
Earnings per Share - Calculatio
Earnings per Share - Calculations of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,932 | $ 12,407 |
Convertible preferred stock dividends | $ 0 | $ 180 |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.36 | $ 0.28 |
Warrant dividends | $ 45 | $ 35 |
Series A Nonvoting Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Convertible preferred stock dividends | $ 0 | $ 180 |
Dividends per common share (Voting and Series A Non-Voting) | $ 497 | $ 206 |
Warrant dividends | $ 45 | $ 35 |
Undistributed earnings allocated to participating securities | 8,298 | 9,392 |
Net income available to common shareholders- Voting | $ 2,943 | $ 1,542 |
Basic weighted average common shares outstanding- Voting | 1,380 | 745 |
Diluted weighted average common shares outstanding- Voting | 1,380 | 745 |
Earnings per common share- basic | $ 2.13 | $ 2.07 |
Earnings per common share - diluted | 2.13 | 2.07 |
Voting Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Dividends per common share (Voting and Series A Non-Voting) | $ 1,646 | $ 1,258 |
Undistributed earnings allocated to participating securities | $ 2,667 | $ 2,699 |
Net income available to common shareholders- Voting | $ 9,723 | $ 9,287 |
Basic weighted average common shares outstanding- Voting | 4,559 | 4,478 |
Diluted weighted average common shares outstanding- Voting | 4,559 | 4,478 |
Earnings per common share- basic | $ 2.13 | $ 2.07 |
Earnings per common share - diluted | $ 2.13 | $ 2.07 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | $ 205,230 | $ 189,813 |
Gross Unrealized Gains, Debt investment securities | 1,105 | 2,434 |
Gross Unrealized Losses, Debt investment securities | (14,815) | (1,855) |
Available-for-sale Securities, Debt investment securities | 191,520 | 190,392 |
Amortized cost, equity securities | 206 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | 206 | 206 |
Total investment securities, amortized cost basis | 205,436 | 190,019 |
Gross Unrealized Gains | 1,105 | 2,434 |
Gross Unrealized Losses | (14,815) | (1,855) |
Investment securities - available-for-sale | 191,726 | 190,598 |
Held-to-maturity securities, debt maturities, Amortized Cost | 194,402 | 160,923 |
Held to maturity, gross unrealized gains | 6 | 2,601 |
Held to maturity, gross unrealized losses | (12,917) | (719) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 181,491 | 162,805 |
US Treasury, Agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 32,533 | 32,669 |
Gross Unrealized Gains, Debt investment securities | 37 | 17 |
Gross Unrealized Losses, Debt investment securities | (3,206) | (413) |
Available-for-sale Securities, Debt investment securities | 29,364 | 32,273 |
Held-to-maturity securities, debt maturities, Amortized Cost | 3,852 | 0 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | (280) | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 3,572 | 0 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 48,002 | 37,860 |
Gross Unrealized Gains, Debt investment securities | 384 | 1,383 |
Gross Unrealized Losses, Debt investment securities | (3,001) | (44) |
Available-for-sale Securities, Debt investment securities | 45,385 | 39,199 |
Held-to-maturity securities, debt maturities, Amortized Cost | 15,211 | 14,790 |
Held to maturity, gross unrealized gains | 0 | 416 |
Held to maturity, gross unrealized losses | (2,340) | (140) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 12,871 | 15,066 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 11,803 | 13,603 |
Gross Unrealized Gains, Debt investment securities | 676 | 562 |
Gross Unrealized Losses, Debt investment securities | (650) | (38) |
Available-for-sale Securities, Debt investment securities | 11,829 | 14,127 |
Held-to-maturity securities, debt maturities, Amortized Cost | 45,086 | 46,290 |
Held to maturity, gross unrealized gains | 2 | 1,252 |
Held to maturity, gross unrealized losses | (2,586) | (102) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 42,502 | 47,440 |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 16,059 | 13,693 |
Gross Unrealized Gains, Debt investment securities | 0 | 9 |
Gross Unrealized Losses, Debt investment securities | (659) | (89) |
Available-for-sale Securities, Debt investment securities | 15,400 | 13,613 |
Held-to-maturity securities, debt maturities, Amortized Cost | 19,158 | 14,636 |
Held to maturity, gross unrealized gains | 0 | 67 |
Held to maturity, gross unrealized losses | (1,291) | (188) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 17,867 | 14,515 |
Residential Mortgage-Backed - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 17,982 | 22,482 |
Gross Unrealized Gains, Debt investment securities | 0 | 148 |
Gross Unrealized Losses, Debt investment securities | (1,582) | (466) |
Available-for-sale Securities, Debt investment securities | 16,400 | 22,164 |
Held-to-maturity securities, debt maturities, Amortized Cost | 7,489 | 9,740 |
Held to maturity, gross unrealized gains | 0 | 277 |
Held to maturity, gross unrealized losses | (739) | (18) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,750 | 9,999 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 13,070 | 12,658 |
Gross Unrealized Gains, Debt investment securities | 0 | 30 |
Gross Unrealized Losses, Debt investment securities | (1,362) | (403) |
Available-for-sale Securities, Debt investment securities | 11,708 | 12,285 |
Held-to-maturity securities, debt maturities, Amortized Cost | 15,109 | 11,362 |
Held to maturity, gross unrealized gains | 0 | 367 |
Held to maturity, gross unrealized losses | (1,251) | (9) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 13,858 | 11,720 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 65,781 | 56,848 |
Gross Unrealized Gains, Debt investment securities | 8 | 285 |
Gross Unrealized Losses, Debt investment securities | (4,355) | (402) |
Available-for-sale Securities, Debt investment securities | 61,434 | 56,731 |
Held-to-maturity securities, debt maturities, Amortized Cost | 88,497 | 64,105 |
Held to maturity, gross unrealized gains | 4 | 222 |
Held to maturity, gross unrealized losses | (4,430) | (262) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 84,071 | 64,065 |
Mutual funds Common Stock Financial Services Industry [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Amortized cost, equity securities | 206 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | $ 206 | $ 206 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security | |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities | Security | 86 | |
Investment securities, aggregate book value | $ 157,900 | |
Proceeds on sales and redemptions of securities | $ 11,000 | $ 42,000 |
Held to maturity securities | Security | 29 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 33,700 | |
Held-to-maturity securities aggregate unrealized loss | $ 4,664 | 278 |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 13.80% | |
Total Number Of Securities Continuous Unrealized Loss Position For Twelve Months Or More | Security | 70 | |
Percentage of securities amortized | 71.20% | |
Number of securities amortized | Security | 53 | |
Debt securities, amortized cost balance | $ 77,800 | |
Aggregate fair value | 141,700 | |
Investment Securities Unrealized Loss Position | $ 16,200 | |
Investment Securities Unrealized Loss Position, Percentage | 10.20% | |
Securities pledged to collateralize borrowing | $ 38,100 | 9,400 |
Securities pledged to collateralize deposit | $ 99,800 | $ 103,200 |
Collateralized Mortgage Obligations of Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities | Security | 100 | 88 |
100 Private- Label Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Investment securities, aggregate book value | $ 169,800 | |
88 Private-Label Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Investment securities, aggregate book value | $ 149,200 | |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Held-to-maturity securities aggregate unrealized loss | $ 1,469 | 112 |
Total Number Of Securities Continuous Unrealized Loss Position For Twelve Months Or More | Security | 86 | |
Percentage of securities amortized | 30.70% | |
Number of securities amortized | Security | 16 | |
Debt securities, amortized cost balance | $ 48,500 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 17 | |
Available for sale securities unrealized aggregate loss | $ 2,171 | $ 0 |
Non-Government Issued Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities | Security | 17 | |
Percentage of securities amortized | 80% | |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 124,100 | |
Available for sale securities unrealized aggregate loss percentage | 9.30% | |
Number of securities in unrealized loss positions, twelve months or more | Security | 57 | |
Available for sale securities unrealized aggregate loss | $ 11,500 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | $ 5,068 | |
Due after one year through five years | 4,758 | |
Due after five years through ten years | 34,580 | |
Due after ten years | 63,991 | |
Sub-total | 108,397 | |
Amortized cost | 205,230 | $ 189,813 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 5,739 | |
Due after one year through five years | 4,510 | |
Due after five years through ten years | 31,146 | |
Due after ten years | 60,583 | |
Sub-total | 101,978 | |
Available-for-sale securities, debt maturities, fair value, totals | 191,520 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | 0 | |
Due after one year through five years | 17,991 | |
Due after five years through ten years | 41,156 | |
Due after ten years | 24,160 | |
Sub-total | 83,307 | |
Held-to-maturity securities, debt maturities, Amortized Cost | 194,402 | 160,923 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 0 | |
Due after one year through five years | 17,577 | |
Due after five years through ten years | 38,083 | |
Due after ten years | 21,152 | |
Sub-total | 76,812 | |
Held-to-maturity securities at fair value | 181,491 | 162,805 |
Residential Mortgage-Backed - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 17,982 | 22,482 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 16,400 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 7,489 | 9,740 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 6,750 | 9,999 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 13,070 | 12,658 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 11,708 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 15,109 | 11,362 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 13,858 | 11,720 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 65,781 | 56,848 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 61,434 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 88,497 | 64,105 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | $ 84,071 | $ 64,065 |
Investment Securities - Investm
Investment Securities - Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 104 | 22 |
Number of securities in unrealized loss positions, twelve months or more | Security | 29 | 8 |
Number of securities in unrealized loss positions | Security | 133 | 30 |
Less than twelve months Fair Value | $ 127,408 | $ 27,634 |
Twelve months or more Fair Value | 29,085 | 10,527 |
Total Fair Value | 156,493 | 38,161 |
Less than twelve months Unrealized Losses | (8,253) | (441) |
Twelve months or more Unrealized Losses | (4,664) | (278) |
Total Unrealized Losses | $ (12,917) | $ (719) |
US Treasury, Agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | |
Number of securities in unrealized loss positions | Security | 3 | 3 |
Less than twelve months Fair Value | $ 0 | $ 31,195 |
Twelve months or more Fair Value | 26,167 | 0 |
Total Fair Value | 26,167 | 31,195 |
Less than twelve months Unrealized Losses | 0 | (413) |
Twelve months or more Unrealized Losses | (3,206) | 0 |
Total Unrealized Losses | $ (3,206) | $ (413) |
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | |
Number of securities in unrealized loss positions | Security | 2 | |
Less than twelve months Fair Value | $ 3,573 | |
Twelve months or more Fair Value | 0 | |
Total Fair Value | 3,573 | |
Less than twelve months Unrealized Losses | (280) | |
Twelve months or more Unrealized Losses | 0 | |
Total Unrealized Losses | $ (280) | |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 10 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 17 | |
Number of securities in unrealized loss positions | Security | 27 | 3 |
Less than twelve months Fair Value | $ 12,601 | $ 4,847 |
Twelve months or more Fair Value | 20,128 | 0 |
Total Fair Value | 32,729 | 4,847 |
Less than twelve months Unrealized Losses | (830) | (44) |
Twelve months or more Unrealized Losses | (2,171) | 0 |
Total Unrealized Losses | $ (3,001) | $ (44) |
Number of securities in unrealized loss positions, less than twelve months | Security | 7 | 4 |
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | 2 |
Number of securities in unrealized loss positions | Security | 14 | 6 |
Less than twelve months Fair Value | $ 7,277 | $ 2,013 |
Twelve months or more Fair Value | 5,077 | 3,988 |
Total Fair Value | 12,354 | 6,001 |
Less than twelve months Unrealized Losses | (871) | (28) |
Twelve months or more Unrealized Losses | (1,469) | (112) |
Total Unrealized Losses | $ (2,340) | $ (140) |
Corporate [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 7 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 1 |
Number of securities in unrealized loss positions | Security | 9 | 3 |
Less than twelve months Fair Value | $ 5,720 | $ 1,162 |
Twelve months or more Fair Value | 1,319 | 722 |
Total Fair Value | 7,039 | 1,884 |
Less than twelve months Unrealized Losses | (269) | (5) |
Twelve months or more Unrealized Losses | (381) | (33) |
Total Unrealized Losses | $ (650) | $ (38) |
Number of securities in unrealized loss positions, less than twelve months | Security | 31 | 9 |
Number of securities in unrealized loss positions, twelve months or more | Security | 9 | 0 |
Number of securities in unrealized loss positions | Security | 40 | 9 |
Less than twelve months Fair Value | $ 29,213 | $ 7,636 |
Twelve months or more Fair Value | 6,803 | 0 |
Total Fair Value | 36,016 | 7,636 |
Less than twelve months Unrealized Losses | (1,786) | (102) |
Twelve months or more Unrealized Losses | (800) | 0 |
Total Unrealized Losses | $ (2,586) | $ (102) |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 5 | 5 |
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Number of securities in unrealized loss positions | Security | 10 | 5 |
Less than twelve months Fair Value | $ 5,473 | $ 11,206 |
Twelve months or more Fair Value | 9,926 | 0 |
Total Fair Value | 15,399 | 11,206 |
Less than twelve months Unrealized Losses | (148) | (89) |
Twelve months or more Unrealized Losses | (511) | 0 |
Total Unrealized Losses | $ (659) | $ (89) |
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 2 |
Number of securities in unrealized loss positions | Security | 9 | 4 |
Less than twelve months Fair Value | $ 9,742 | $ 2,974 |
Twelve months or more Fair Value | 3,674 | 1,610 |
Total Fair Value | 13,416 | 4,584 |
Less than twelve months Unrealized Losses | (625) | (130) |
Twelve months or more Unrealized Losses | (666) | (58) |
Total Unrealized Losses | $ (1,291) | $ (188) |
Residential Mortgage-Backed - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 10 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Number of securities in unrealized loss positions | Security | 15 | 3 |
Less than twelve months Fair Value | $ 2,747 | $ 13,090 |
Twelve months or more Fair Value | 13,653 | 0 |
Total Fair Value | 16,400 | 13,090 |
Less than twelve months Unrealized Losses | (131) | (466) |
Twelve months or more Unrealized Losses | (1,451) | 0 |
Total Unrealized Losses | $ (1,582) | $ (466) |
Number of securities in unrealized loss positions, less than twelve months | Security | 10 | 1 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 0 |
Number of securities in unrealized loss positions | Security | 11 | 1 |
Less than twelve months Fair Value | $ 6,577 | $ 1,941 |
Twelve months or more Fair Value | 107 | 0 |
Total Fair Value | 6,684 | 1,941 |
Less than twelve months Unrealized Losses | (736) | (18) |
Twelve months or more Unrealized Losses | (3) | 0 |
Total Unrealized Losses | $ (739) | $ (18) |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 6 | 2 |
Number of securities in unrealized loss positions | Security | 12 | 5 |
Less than twelve months Fair Value | $ 4,009 | $ 6,504 |
Twelve months or more Fair Value | 7,700 | 2,204 |
Total Fair Value | 11,709 | 8,708 |
Less than twelve months Unrealized Losses | (238) | (126) |
Twelve months or more Unrealized Losses | (1,124) | (277) |
Total Unrealized Losses | $ (1,362) | $ (403) |
Number of securities in unrealized loss positions, less than twelve months | Security | 10 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 1 |
Number of securities in unrealized loss positions | Security | 11 | 1 |
Less than twelve months Fair Value | $ 12,965 | $ 0 |
Twelve months or more Fair Value | 892 | 1,109 |
Total Fair Value | 13,857 | 1,109 |
Less than twelve months Unrealized Losses | (1,236) | 0 |
Twelve months or more Unrealized Losses | (15) | (9) |
Total Unrealized Losses | $ (1,251) | $ (9) |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 15 | 18 |
Number of securities in unrealized loss positions, twelve months or more | Security | 19 | 2 |
Number of securities in unrealized loss positions | Security | 34 | 20 |
Less than twelve months Fair Value | $ 20,429 | $ 38,816 |
Twelve months or more Fair Value | 33,707 | 1,539 |
Total Fair Value | 54,136 | 40,355 |
Less than twelve months Unrealized Losses | (1,684) | (388) |
Twelve months or more Unrealized Losses | (2,671) | (14) |
Total Unrealized Losses | $ (4,355) | $ (402) |
Number of securities in unrealized loss positions, less than twelve months | Security | 38 | 6 |
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 3 |
Number of securities in unrealized loss positions | Security | 46 | 9 |
Less than twelve months Fair Value | $ 58,061 | $ 13,070 |
Twelve months or more Fair Value | 12,532 | 3,820 |
Total Fair Value | 70,593 | 16,890 |
Less than twelve months Unrealized Losses | (2,719) | (163) |
Twelve months or more Unrealized Losses | (1,711) | (99) |
Total Unrealized Losses | $ (4,430) | $ (262) |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 57 | |
Twelve months or more Unrealized Losses | $ (11,500) | |
Investment Securities | Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 53 | 37 |
Number of securities in unrealized loss positions, twelve months or more | Security | 57 | 5 |
Number of securities in unrealized loss positions | Security | 110 | 42 |
Less than twelve months Fair Value | $ 50,979 | $ 106,820 |
Twelve months or more Fair Value | 112,600 | 4,465 |
Total Fair Value | 163,579 | 111,285 |
Less than twelve months Unrealized Losses | (3,300) | (1,531) |
Twelve months or more Unrealized Losses | (11,515) | (324) |
Total Unrealized Losses | $ (14,815) | $ (1,855) |
Investment Securities - Summary
Investment Securities - Summary of Debt Securities Held By Bank, Fair Value Has Been Less Than Respective Amortized Cost Basis (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 29 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 33,700 | |
Held-to-maturity securities aggregate unrealized loss | $ 4,664 | $ 278 |
Held-to-maturity securities aggregate unrealized loss percentage | 13.80% | |
State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 17 | |
Available for sale securities unrealized aggregate loss | $ 2,171 | 0 |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 1,469 | $ 112 |
State and Political Subdivisions [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 17 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Amortized Historical Cost Basis | $ 22,300 | |
Available for sale securities unrealized aggregate loss | $ 2,171 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 9.70% | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Other Than Temporary Impairment | $ 0 | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 7 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 6,545 | |
Held-to-maturity securities aggregate unrealized loss | $ 1,469 | |
Held-to-maturity securities aggregate unrealized loss percentage | 22.40% | |
Held To Maturity Securities Continuous Unrealized Loss Position Greater Than Twelve Months Other Than Temporary Impairment | $ 0 | |
State and Political Subdivisions [Member] | Nationally- Recognized Statistical Rating Organization [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 17 | |
Available for sale securities unrealized aggregate loss | $ 22,300 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 100% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 7 | |
Held-to-maturity securities aggregate unrealized loss | $ 6,545 | |
Held-to-maturity securities aggregate unrealized loss percentage | 100% | |
State and Political Subdivisions [Member] | Maximum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 462 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 26% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 564 | |
Held-to-maturity securities aggregate unrealized loss percentage | 28% | |
State and Political Subdivisions [Member] | Minimum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 25 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 1% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 25 | |
Held-to-maturity securities aggregate unrealized loss percentage | 15% | |
Corporate [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 1 |
Available for sale securities unrealized aggregate loss | $ 381 | $ 33 |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 800 | 0 |
Corporate [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Amortized Historical Cost Basis | $ 1,701 | |
Available for sale securities unrealized aggregate loss | $ 381 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 22.40% | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Other Than Temporary Impairment | $ 0 | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 9 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 7,602 | |
Held-to-maturity securities aggregate unrealized loss | $ 800 | |
Held-to-maturity securities aggregate unrealized loss percentage | 10.50% | |
Held To Maturity Securities Continuous Unrealized Loss Position Greater Than Twelve Months Other Than Temporary Impairment | $ 0 | |
Corporate [Member] | Nationally- Recognized Statistical Rating Organization [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
Available for sale securities unrealized aggregate loss | $ 1,701 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 100% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 3 | |
Held-to-maturity securities aggregate unrealized loss | $ 2,852 | |
Held-to-maturity securities aggregate unrealized loss percentage | 33% | |
Corporate [Member] | Maximum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 222 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 24% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 201 | |
Held-to-maturity securities aggregate unrealized loss percentage | 13% | |
Corporate [Member] | Minimum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 160 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 22% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 48 | |
Held-to-maturity securities aggregate unrealized loss percentage | 8% | |
Asset Backed Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Available for sale securities unrealized aggregate loss | $ 511 | 0 |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 666 | 58 |
Asset Backed Securities [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Amortized Historical Cost Basis | $ 10,436 | |
Available for sale securities unrealized aggregate loss | $ 511 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 4.90% | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Other Than Temporary Impairment | $ 0 | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 3 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 4,339 | |
Held-to-maturity securities aggregate unrealized loss | $ 666 | |
Held-to-maturity securities aggregate unrealized loss percentage | 15.30% | |
Held To Maturity Securities Continuous Unrealized Loss Position Greater Than Twelve Months Other Than Temporary Impairment | $ 0 | |
Asset Backed Securities [Member] | Nationally- Recognized Statistical Rating Organization [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Available for sale securities unrealized aggregate loss | $ 10,436 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 100% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 3 | |
Held-to-maturity securities aggregate unrealized loss | $ 4,339 | |
Held-to-maturity securities aggregate unrealized loss percentage | 100% | |
Asset Backed Securities [Member] | Maximum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 210 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 12% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 491 | |
Held-to-maturity securities aggregate unrealized loss percentage | 24% | |
Asset Backed Securities [Member] | Minimum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 53 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 2% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 30 | |
Held-to-maturity securities aggregate unrealized loss percentage | 2% | |
Residential Mortgage-Backed - US Agency [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Available for sale securities unrealized aggregate loss | $ 1,451 | 0 |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 3 | $ 0 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 6 | 2 |
Available for sale securities unrealized aggregate loss | $ 1,124 | $ 277 |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 15 | $ 9 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 19 | 2 |
Available for sale securities unrealized aggregate loss | $ 2,671 | $ 14 |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 1,711 | $ 99 |
Collateralized Mortgage Obligations - Private Label [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 19 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Amortized Historical Cost Basis | $ 36,378 | |
Available for sale securities unrealized aggregate loss | $ 2,671 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 7.30% | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Other Than Temporary Impairment | $ 0 | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 8 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 14,244 | |
Held-to-maturity securities aggregate unrealized loss | $ 1,711 | |
Held-to-maturity securities aggregate unrealized loss percentage | 12% | |
Held To Maturity Securities Continuous Unrealized Loss Position Greater Than Twelve Months Other Than Temporary Impairment | $ 0 | |
Collateralized Mortgage Obligations - Private Label [Member] | Nationally- Recognized Statistical Rating Organization [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 10 | |
Available for sale securities unrealized aggregate loss | $ 18,674 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 53% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 6 | |
Held-to-maturity securities aggregate unrealized loss | $ 10,999 | |
Held-to-maturity securities aggregate unrealized loss percentage | 75% | |
Collateralized Mortgage Obligations - Private Label [Member] | Maximum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 654 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 21% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 439 | |
Held-to-maturity securities aggregate unrealized loss percentage | 21% | |
Collateralized Mortgage Obligations - Private Label [Member] | Minimum [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Available for sale securities unrealized aggregate loss | $ 1 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 1% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 6 | |
Held-to-maturity securities aggregate unrealized loss percentage | 2% | |
Debt Securities [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 57 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Amortized Historical Cost Basis | $ 124,100 | |
Available for sale securities unrealized aggregate loss | $ 11,500 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 9.30% | |
Debt Securities [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 43 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Amortized Historical Cost Basis | $ 70,815 | |
Available for sale securities unrealized aggregate loss | $ 5,734 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 8.10% | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or More Other Than Temporary Impairment | $ 0 | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 27 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 32,730 | |
Held-to-maturity securities aggregate unrealized loss | $ 4,646 | |
Held-to-maturity securities aggregate unrealized loss percentage | 14.20% | |
Held To Maturity Securities Continuous Unrealized Loss Position Greater Than Twelve Months Other Than Temporary Impairment | $ 0 | |
Debt Securities [Member] | Nationally- Recognized Statistical Rating Organization [Member] | GSES [Member] | ||
Debt Securities, Available-for-Sale [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 34 | |
Available for sale securities unrealized aggregate loss | $ 53,111 | |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 75% | |
Debt Securities, Held-to-Maturity, Maturity [Abstract] | ||
Number Of Securities Held To Maturity | Security | 19 | |
Held-to-maturity securities aggregate unrealized loss | $ 24,735 | |
Held-to-maturity securities aggregate unrealized loss percentage | 76% |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sale of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (Loss) on Sale of Investments [Abstract] | ||
Realized gains on investments | $ 37 | $ 120 |
Realized losses on investments | (206) | (83) |
Total | $ (169) | $ 37 |
Loans - Major Classification of
Loans - Major Classification of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | $ 898,754 | $ 833,739 |
Net deferred loan fees | (1,000) | (1,280) |
Less: Allowance for loan losses | 15,319 | 12,935 |
Loans receivable, net | 882,435 | 819,524 |
Residential Mortgage Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 262,760 | 247,276 |
Less: Allowance for loan losses | 714 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 257,656 | 240,434 |
Residential Mortgage Loans [Member] | Construction [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 5,085 | 6,329 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 19 | 513 |
Commercial Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 509,136 | 444,618 |
Commercial Loans [Member] | Real Estate [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 345,330 | 288,450 |
Less: Allowance for loan losses | 5,882 | |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 82,050 | 61,884 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 77,273 | 69,135 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 4,280 | 5,811 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 203 | 19,338 |
Consumer Loans [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 126,858 | 141,845 |
Less: Allowance for loan losses | 1,787 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | 34,007 | 31,737 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Total loans | $ 92,851 | $ 110,108 |
Loans - Major Classification _2
Loans - Major Classification of Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 898,754 | $ 833,739 |
Net deferred loan fees | $ 1,000 | $ 1,280 |
Loans - Additional Information
Loans - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan Segment | Dec. 31, 2020 USD ($) | Dec. 31, 2022 Loan | Dec. 31, 2022 Segment | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Number of loans outstanding | 6,771 | 9,330 | 4,063 | ||
Total loans | $ 898,754,000 | $ 833,739,000 | |||
Residential mortgage loans pledged to FHLBNY as blanket collateral | 882,435,000 | 819,524,000 | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||||
Ninety days past due and still accruing interest | $ 0 | $ 0 | |||
Troubled Debt Restructuring During Prior Twelve Months [Member] | |||||
Notes, Loans and Financing Receivable, Net [Abstract] | |||||
Number of loans subsequently defaulted | Loan | 0 | 0 | |||
Residential Mortgage Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Number of loans outstanding | Loan | 1,639 | ||||
Total loans | $ 262,760,000 | $ 247,276,000 | |||
Residential Mortgage Loans [Member] | Asset Pledged as Collateral [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Residential mortgage loans pledged to FHLBNY as blanket collateral | $ 110,300,000 | $ 123,200,000 | |||
Real Estate [Member] | |||||
Notes, Loans and Financing Receivable, Net [Abstract] | |||||
Percentage of total loan portfolio | 71.40% | 68% | |||
Minimum [Member] | Residential Mortgage Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans | $ 469,000 | ||||
Maximum [Member] | Residential Mortgage Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total loans | 4,972,000 | ||||
PPP Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Deferred fee income | 707,000 | $ 2,150,000 | |||
Number of loans outstanding | Loan | 5 | ||||
Total loans | $ 203,000 | ||||
Unusual or Infrequent Item, or Both | Minimum [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans Payable Contractual Maturities Term | 2 years | ||||
Unusual or Infrequent Item, or Both | Maximum [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans Payable Contractual Maturities Term | 5 years | ||||
Unusual or Infrequent Item, or Both | PPP Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
InterestOnLoan | 1% | ||||
Loan origination fees | 4,000,000 | $ 4,000,000 | |||
Unusual or Infrequent Item, or Both | PPP Loan [Member] | Interest Income [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loan origination fees | $ 707,000 | $ 2,200,000 |
Loans - Summary of Information
Loans - Summary of Information Related to Company's PPP Loans (Details) | 12 Months Ended | 34 Months Ended | |||
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Loan Segment | Dec. 31, 2022 USD ($) Loan | Dec. 31, 2022 Loan | Dec. 31, 2022 Segment | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Number Of Loans Outstanding | 6,771 | 9,330 | 4,063 | ||
Total PPP loans remaining at December 31, 2022 | $ 898,754,000 | $ 833,739,000 | $ 898,754,000 | ||
PPP Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Number of PPP loans originated in the year | Loan | 0 | 478 | 1,177 | ||
Funded balance of PPP loans originated in the year | $ 0 | $ 36,369,000 | $ 111,721,000 | ||
Number of PPP loans forgiven in the year | Loan | 251 | 796 | 1,172 | ||
Balance of PPP loans forgiven in the year | $ 13,091,000 | $ 77,054,000 | $ 111,518,000 | ||
Deferred PPP fee income recognized in the year | 707,000 | 2,150,000 | |||
Unearned PPP deferred fee income at end of year | 12,000 | $ 716,000 | 12,000 | ||
Number Of Loans Outstanding | Loan | 5 | ||||
Total PPP loans remaining at December 31, 2022 | $ 203,000 | $ 203,000 |
Loans - Summary of Loan Portfol
Loans - Summary of Loan Portfolio by Collateral Type Within Major Categories (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 Loan | Dec. 31, 2022 | Dec. 31, 2022 Segment | Dec. 31, 2021 USD ($) Segment | ||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Net deferred loan fees | $ 1,000,000 | $ 1,280,000 | |||||
Unallocated allowance for loan losses | 15,319,000 | $ 12,935,000 | |||||
Total Loans | 882,435,000 | ||||||
Number of Loans | 9,330 | 4,063 | 6,771 | ||||
Number of loans outstanding unallocated allowance for loan losses | 0 | ||||||
Number of loans outstanding net of deferred loan fees | 0 | ||||||
Average Loan Balance | 95,000 | ||||||
Loans and leases receivable average loan balance unallocated allowance for loan losses | 0 | ||||||
Loans and leases receivable average loan balance deferred loan fees | 0 | ||||||
Less: Allowance for loan losses | 15,319,000 | $ 12,935,000 | |||||
Loans and leases receivable allowance for unallocated loan losses | 0 | ||||||
Loans and leases receivable allowance net deferred loan fees | 0 | ||||||
Percent of Total Loans | 100% | ||||||
Loans and leases receivable percent of unallocated allowance for loan losses | 0% | ||||||
net deferred loan fees percentage | 0% | ||||||
Total loans | 898,754,000 | $ 833,739,000 | |||||
Number of loans outstanding | 9,330 | 4,063 | 6,771 | ||||
Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 6,933,000 | ||||||
Number of Loans | Loan | 890 | ||||||
Average Loan Balance | 179,000 | ||||||
Less: Allowance for loan losses | 6,933,000 | ||||||
Percent of Total Loans | 18% | ||||||
Total loans | 159,323,000 | ||||||
Number of loans outstanding | Loan | 890 | ||||||
Minimum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Maximum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 5,000,000 | ||||||
Residential Mortgage Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 714,000 | ||||||
Number of Loans | Loan | 1,639 | ||||||
Average Loan Balance | 160,000 | ||||||
Less: Allowance for loan losses | 714,000 | ||||||
Percent of Total Loans | 29% | ||||||
Total loans | 262,760,000 | $ 247,276,000 | |||||
Number of loans outstanding | Loan | 1,639 | ||||||
Residential Mortgage Loans [Member] | Minimum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 469,000 | ||||||
Residential Mortgage Loans [Member] | Maximum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 4,972,000 | ||||||
Commercial Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 509,136,000 | 444,618,000 | |||||
Tax Exempt Loans [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 3,000 | ||||||
Number of Loans | Loan | 11 | ||||||
Average Loan Balance | 389,000 | ||||||
Less: Allowance for loan losses | 3,000 | ||||||
Percent of Total Loans | 0% | ||||||
Total loans | 4,280,000 | ||||||
Number of loans outstanding | Loan | 11 | ||||||
Tax Exempt Loans [Member] | Minimum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 12,000 | ||||||
Tax Exempt Loans [Member] | Maximum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 2,248,000 | ||||||
Paycheck Protection Program loans [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 0 | ||||||
Number of Loans | Loan | 5 | ||||||
Average Loan Balance | 41,000 | ||||||
Less: Allowance for loan losses | 0 | ||||||
Percent of Total Loans | 0% | ||||||
Total loans | 203,000 | ||||||
Number of loans outstanding | Loan | 5 | ||||||
Paycheck Protection Program loans [Member] | Minimum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 5,000 | ||||||
Paycheck Protection Program loans [Member] | Maximum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 100,000 | ||||||
Consumer Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 1,787,000 | ||||||
Number of Loans | Loan | 6,233 | ||||||
Average Loan Balance | 20,000 | ||||||
Less: Allowance for loan losses | 1,787,000 | ||||||
Percent of Total Loans | 15% | ||||||
Total loans | 126,858,000 | 141,845,000 | |||||
Number of loans outstanding | Loan | 6,233 | ||||||
Consumer Loans [Member] | All Other [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 27,000 | ||||||
Number of Loans | Loan | 595 | ||||||
Average Loan Balance | 4,000 | ||||||
Less: Allowance for loan losses | 27,000 | ||||||
Percent of Total Loans | 0% | ||||||
Total loans | 2,362,000 | ||||||
Number of loans outstanding | Loan | 595 | ||||||
Consumer Loans [Member] | Vehicle [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 171,000 | ||||||
Number of Loans | Loan | 1,028 | ||||||
Average Loan Balance | 15,000 | ||||||
Less: Allowance for loan losses | 171,000 | ||||||
Percent of Total Loans | 2% | ||||||
Total loans | 15,136,000 | ||||||
Number of loans outstanding | Loan | 1,028 | ||||||
Consumer Loans [Member] | Consumer Secured [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 367,000 | ||||||
Number of Loans | Loan | 1,418 | ||||||
Average Loan Balance | 23,000 | ||||||
Less: Allowance for loan losses | 367,000 | ||||||
Percent of Total Loans | 4% | ||||||
Total loans | 32,613,000 | ||||||
Number of loans outstanding | Loan | 1,418 | ||||||
Consumer Loans [Member] | Consumer Unsecured [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 481,000 | ||||||
Number of Loans | Loan | 2,309 | ||||||
Average Loan Balance | 19,000 | ||||||
Less: Allowance for loan losses | 481,000 | ||||||
Percent of Total Loans | 5% | ||||||
Total loans | 42,740,000 | ||||||
Number of loans outstanding | Loan | 2,309 | ||||||
Consumer Loans [Member] | Minimum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Consumer Loans [Member] | Minimum [Member] | All Other [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Consumer Loans [Member] | Minimum [Member] | Vehicle [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Consumer Loans [Member] | Minimum [Member] | Consumer Secured [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 13,000 | ||||||
Consumer Loans [Member] | Minimum [Member] | Consumer Unsecured [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Consumer Loans [Member] | Maximum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 918,000 | ||||||
Consumer Loans [Member] | Maximum [Member] | All Other [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 55,000 | ||||||
Consumer Loans [Member] | Maximum [Member] | Vehicle [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 423,000 | ||||||
Consumer Loans [Member] | Maximum [Member] | Consumer Secured [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 82,000 | ||||||
Consumer Loans [Member] | Maximum [Member] | Consumer Unsecured [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 72,000 | ||||||
Unallocated [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 19,000 | [1] | 513,000 | [2] | |||
Real Estate [Member] | Commercial Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 5,882,000 | ||||||
Number of Loans | Loan | 552 | ||||||
Average Loan Balance | 626,000 | ||||||
Less: Allowance for loan losses | 5,882,000 | ||||||
Percent of Total Loans | 38% | ||||||
Total loans | 345,330,000 | 288,450,000 | |||||
Number of loans outstanding | Loan | 552 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Mixed Use [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 1,195,000 | ||||||
Number of Loans | Loan | 66 | ||||||
Average Loan Balance | 1,063,000 | ||||||
Less: Allowance for loan losses | 1,195,000 | ||||||
Percent of Total Loans | 8% | ||||||
Total loans | 70,154,000 | ||||||
Number of loans outstanding | Loan | 66 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Multi-Family Residential [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 780,000 | ||||||
Number of Loans | Loan | 55 | ||||||
Average Loan Balance | 833,000 | ||||||
Less: Allowance for loan losses | 780,000 | ||||||
Percent of Total Loans | 5% | ||||||
Total loans | 45,815,000 | ||||||
Number of loans outstanding | Loan | 55 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Hotels and Motels [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 644,000 | ||||||
Number of Loans | Loan | 65 | ||||||
Average Loan Balance | 582,000 | ||||||
Less: Allowance for loan losses | 644,000 | ||||||
Percent of Total Loans | 4% | ||||||
Total loans | 37,816,000 | ||||||
Number of loans outstanding | Loan | 65 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Office [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 474,000 | ||||||
Number of Loans | Loan | 8 | ||||||
Average Loan Balance | 3,479,000 | ||||||
Less: Allowance for loan losses | 474,000 | ||||||
Percent of Total Loans | 3% | ||||||
Total loans | 27,831,000 | ||||||
Number of loans outstanding | Loan | 8 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Retail [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 435,000 | ||||||
Number of Loans | Loan | 165 | ||||||
Average Loan Balance | 155,000 | ||||||
Less: Allowance for loan losses | 435,000 | ||||||
Percent of Total Loans | 3% | ||||||
Total loans | 25,515,000 | ||||||
Number of loans outstanding | Loan | 165 | ||||||
Real Estate [Member] | Commercial Loans [Member] | 1-4 Family Residential [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 414,000 | ||||||
Number of Loans | Loan | 50 | ||||||
Average Loan Balance | 486,000 | ||||||
Less: Allowance for loan losses | 414,000 | ||||||
Percent of Total Loans | 3% | ||||||
Total loans | 24,289,000 | ||||||
Number of loans outstanding | Loan | 50 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Automobile Dealership [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 288,000 | ||||||
Number of Loans | Loan | 17 | ||||||
Average Loan Balance | 994,000 | ||||||
Less: Allowance for loan losses | 288,000 | ||||||
Percent of Total Loans | 2% | ||||||
Total loans | 16,894,000 | ||||||
Number of loans outstanding | Loan | 17 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Warehouse [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 166,000 | ||||||
Number of Loans | Loan | 10 | ||||||
Average Loan Balance | 973,000 | ||||||
Less: Allowance for loan losses | 166,000 | ||||||
Percent of Total Loans | 1% | ||||||
Total loans | 9,732,000 | ||||||
Number of loans outstanding | Loan | 10 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Recreation/Golf Course/Marina [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 203,000 | ||||||
Number of Loans | Loan | 2 | ||||||
Average Loan Balance | 5,950,000 | ||||||
Less: Allowance for loan losses | 203,000 | ||||||
Percent of Total Loans | 1% | ||||||
Total loans | 11,900,000 | ||||||
Number of loans outstanding | Loan | 2 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Skilled Nursing Facility [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 231,000 | ||||||
Number of Loans | Loan | 7 | ||||||
Average Loan Balance | 1,939,000 | ||||||
Less: Allowance for loan losses | 231,000 | ||||||
Percent of Total Loans | 2% | ||||||
Total loans | 13,575,000 | ||||||
Number of loans outstanding | Loan | 7 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Manufacturing/Industrial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 164,000 | ||||||
Number of Loans | Loan | 18 | ||||||
Average Loan Balance | 535,000 | ||||||
Less: Allowance for loan losses | 164,000 | ||||||
Percent of Total Loans | 1% | ||||||
Total loans | 9,634,000 | ||||||
Number of loans outstanding | Loan | 18 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Restaurant [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 140,000 | ||||||
Number of Loans | Loan | 15 | ||||||
Average Loan Balance | 546,000 | ||||||
Less: Allowance for loan losses | 140,000 | ||||||
Percent of Total Loans | 1% | ||||||
Total loans | 8,193,000 | ||||||
Number of loans outstanding | Loan | 15 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Automobile Repair [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 104,000 | ||||||
Number of Loans | Loan | 15 | ||||||
Average Loan Balance | 409,000 | ||||||
Less: Allowance for loan losses | 104,000 | ||||||
Percent of Total Loans | 1% | ||||||
Total loans | 6,133,000 | ||||||
Number of loans outstanding | Loan | 15 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 70,000 | ||||||
Number of Loans | Loan | 3 | ||||||
Average Loan Balance | 1,370,000 | ||||||
Less: Allowance for loan losses | 70,000 | ||||||
Percent of Total Loans | 0% | ||||||
Total loans | 4,111,000 | ||||||
Number of loans outstanding | Loan | 3 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Hospitals [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 97,000 | ||||||
Number of Loans | Loan | 22 | ||||||
Average Loan Balance | 260,000 | ||||||
Less: Allowance for loan losses | 97,000 | ||||||
Percent of Total Loans | 1% | ||||||
Total loans | 5,709,000 | ||||||
Number of loans outstanding | Loan | 22 | ||||||
Real Estate [Member] | Commercial Loans [Member] | All Other [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 422,000 | ||||||
Number of Loans | Loan | 31 | ||||||
Average Loan Balance | 800,000 | ||||||
Less: Allowance for loan losses | 422,000 | ||||||
Percent of Total Loans | 2% | ||||||
Total loans | 24,787,000 | ||||||
Number of loans outstanding | Loan | 31 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Land [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 55,000 | ||||||
Number of Loans | Loan | 3 | ||||||
Average Loan Balance | 1,081,000 | ||||||
Less: Allowance for loan losses | 55,000 | ||||||
Percent of Total Loans | 0% | ||||||
Total loans | 3,242,000 | ||||||
Number of loans outstanding | Loan | 3 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Mixed Use [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 22,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Multi-Family Residential [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 6,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Hotels and Motels [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 8,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Office [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 291,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Retail [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | 1-4 Family Residential [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 24,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Automobile Dealership [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 86,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Warehouse [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 53,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Recreation/Golf Course/Marina [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 3,800,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Skilled Nursing Facility [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 48,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Manufacturing/Industrial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 53,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Restaurant [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 60,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Automobile Repair [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 9,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 67,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Hospitals [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 7,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | All Other [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 11,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Land [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 98,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 11,500,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Mixed Use [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 8,848,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Multi-Family Residential [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 6,008,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Hotels and Motels [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 4,144,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Office [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 11,500,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Retail [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 2,449,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | 1-4 Family Residential [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 4,895,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Automobile Dealership [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 4,543,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Warehouse [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 3,815,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Recreation/Golf Course/Marina [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 8,100,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Skilled Nursing Facility [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 5,821,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Manufacturing/Industrial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 3,444,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Restaurant [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 2,455,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Automobile Repair [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 2,151,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 3,070,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Hospitals [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 1,124,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | All Other [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 7,180,000 | ||||||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Land [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 1,647,000 | ||||||
Secured Term Loans [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 2,694,000 | ||||||
Number of Loans | Loan | 382 | ||||||
Average Loan Balance | 162,000 | ||||||
Less: Allowance for loan losses | 2,694,000 | ||||||
Percent of Total Loans | 7% | ||||||
Total loans | 61,918,000 | ||||||
Number of loans outstanding | Loan | 382 | ||||||
Secured Term Loans [Member] | Minimum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Secured Term Loans [Member] | Maximum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 3,581,000 | ||||||
Unsecured Term Loans [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 668,000 | ||||||
Number of Loans | Loan | 93 | ||||||
Average Loan Balance | 165,000 | ||||||
Less: Allowance for loan losses | 668,000 | ||||||
Percent of Total Loans | 2% | ||||||
Total loans | 15,355,000 | ||||||
Number of loans outstanding | Loan | 93 | ||||||
Unsecured Term Loans [Member] | Minimum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Unsecured Term Loans [Member] | Maximum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 3,574,000 | ||||||
Lines of Credit [Member] | Commercial Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 82,050,000 | $ 61,884,000 | |||||
Secured Lines Of Credit Member | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 2,503,000 | ||||||
Number of Loans | Loan | 268 | ||||||
Average Loan Balance | 215,000 | ||||||
Less: Allowance for loan losses | 2,503,000 | ||||||
Percent of Total Loans | 6% | ||||||
Total loans | 57,508,000 | ||||||
Number of loans outstanding | Loan | 268 | ||||||
Secured Lines Of Credit Member | Minimum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Secured Lines Of Credit Member | Maximum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 5,000,000 | ||||||
Unsecured Lines Of Credit Member | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 1,068,000 | ||||||
Number of Loans | Loan | 147 | ||||||
Average Loan Balance | 167,000 | ||||||
Less: Allowance for loan losses | 1,068,000 | ||||||
Percent of Total Loans | 3% | ||||||
Total loans | 24,542,000 | ||||||
Number of loans outstanding | Loan | 147 | ||||||
Unsecured Lines Of Credit Member | Minimum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Unsecured Lines Of Credit Member | Maximum [Member] | Commercial And Industrial Sector Member | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 2,906,000 | ||||||
Home Equity Lines of Credit [Member] | Consumer Loans [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unallocated allowance for loan losses | 741,000 | ||||||
Number of Loans | Loan | 883 | ||||||
Average Loan Balance | 39,000 | ||||||
Less: Allowance for loan losses | 741,000 | ||||||
Percent of Total Loans | 4% | ||||||
Total loans | 34,007,000 | ||||||
Number of loans outstanding | Loan | 883 | ||||||
Home Equity Lines of Credit [Member] | Consumer Loans [Member] | Minimum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | 0 | ||||||
Home Equity Lines of Credit [Member] | Consumer Loans [Member] | Maximum [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Total loans | $ 918,000 | ||||||
[1] The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2022, the Bank had loans held-for-sale with a principal balance of $ 19,000 . These loans were still part of the portfolio as of December 31, 2022. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $ 513,000 . These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
Loans - Summary of Purchased Lo
Loans - Summary of Purchased Loans Pools (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Segment | Dec. 31, 2020 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 Segment | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 230,200 | $ 230,200 | |||
Current Balance | 128,500 | 115,200 | |||
Unamortized Premium/ (Discount) | $ (7,820) | (7,004) | |||
Number of Loans | 9,330 | 6,771 | 4,063 | ||
Cumulative net charge-offs | $ 269 | ||||
Residential Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | 4,300 | 4,300 | |||
Current Balance | 4,100 | 3,900 | |||
Unamortized Premium/ (Discount) | $ 257 | 240 | |||
Number of Loans | Segment | 51 | 49 | |||
Purchased Commercial Line of Credit 1 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 11,600 | 11,600 | |||
Current Balance | 7,100 | 11,400 | |||
Unamortized Premium/ (Discount) | $ 26 | 14 | |||
Number of Loans | Segment | 1 | 1 | |||
Purchased Commercial Line of Credit 2 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 10,500 | 10,500 | |||
Current Balance | 9,300 | 15,000 | |||
Unamortized Premium/ (Discount) | $ 35 | 23 | |||
Number of Loans | Segment | 1 | 1 | |||
Unsecured Consumer Installment Loans Pool 3 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 10,300 | 10,300 | |||
Current Balance | 2,200 | 1,000 | |||
Unamortized Premium/ (Discount) | $ 74 | 38 | |||
Number of Loans | Segment | 1,356 | 354 | |||
Cumulative net charge-offs | $ 63 | $ 30 | |||
Secured Consumer Installment Loans Pool 4 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | 14,500 | 14,500 | |||
Current Balance | 12,600 | 11,300 | |||
Unamortized Premium/ (Discount) | $ (1,776) | (1,484) | |||
Number of Loans | Segment | 563 | 518 | |||
Home Equity Line of Credit [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 21,900 | 21,900 | |||
Current Balance | 8,400 | 6,000 | |||
Unamortized Premium/ (Discount) | $ 243 | 189 | |||
Number of Loans | Segment | 187 | 143 | |||
Automobile Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 50,400 | 50,400 | |||
Current Balance | 8,800 | 4,200 | |||
Unamortized Premium/ (Discount) | $ 301 | 128 | |||
Number of Loans | Segment | 855 | 537 | |||
Cumulative net charge-offs | 247 | $ 239 | |||
Consumer Loan Pool 1 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | 5,400 | 5,400 | |||
Current Balance | $ 2,600 | 1,600 | |||
Number of Loans | Segment | 66 | 50 | |||
Consumer Loan Pool 2 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 26,600 | 26,600 | |||
Current Balance | 6,300 | 1,500 | |||
Unamortized Premium/ (Discount) | $ 30 | 11 | |||
Number of Loans | Segment | 1,438 | 320 | |||
Consumer Loan Pool 5 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 24,400 | 24,400 | |||
Current Balance | 19,700 | 17,300 | |||
Unamortized Premium/ (Discount) | $ (583) | (485) | |||
Number of Loans | Segment | 756 | 678 | |||
Consumer Loan Pool 6 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 22,200 | 22,200 | |||
Current Balance | 22,100 | 20,200 | |||
Unamortized Premium/ (Discount) | $ (2,785) | (2,441) | |||
Number of Loans | Segment | 564 | 540 | |||
Cumulative net charge-offs | $ 310 | ||||
Commercial and Industrial Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 6,800 | 6,800 | |||
Current Balance | $ 3,900 | 2,100 | |||
Number of Loans | Segment | 33 | 22 | |||
Secured Consumer Installment Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Original Balance | $ 21,300 | 21,300 | |||
Current Balance | 21,400 | 19,700 | |||
Unamortized Premium/ (Discount) | $ (3,642) | $ (3,237) | |||
Number of Loans | Segment | 900 | 850 | |||
Minimum [Member] | Residential Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 16 years | 17 years | 17 years | ||
Minimum [Member] | Purchased Residential Real Estate Loans Two [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 19 years | ||||
Minimum [Member] | Commercial Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 4 years | 5 years | |||
Minimum [Member] | Purchased Commercial Line of Credit 1 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 0 years | 0 years | |||
Minimum [Member] | Purchased Commercial Line of Credit 2 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 0 years | 0 years | |||
Minimum [Member] | Unsecured Consumer Installment Loans Pool 3 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 0 years | 0 years | |||
Minimum [Member] | Secured Consumer Installment Loans Pool 4 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 23 years | 23 years | |||
Minimum [Member] | Home Equity Line of Credit [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 1 year | 2 years | 3 years | ||
Minimum [Member] | Automobile Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 0 years | 0 years | 0 years | ||
Minimum [Member] | Consumer Loan Pool 1 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 1 year | 3 years | 3 years | ||
Minimum [Member] | Consumer Loan Pool 2 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 0 years | 1 year | 2 years | ||
Minimum [Member] | Consumer Loan Pool 3 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 0 years | 0 years | |||
Minimum [Member] | Consumer Loan Pool 5 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 8 years | 8 years | |||
Minimum [Member] | Consumer Loan Pool 6 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 8 years | 9 years | |||
Minimum [Member] | Commercial and Industrial Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 3 years | 4 years | |||
Minimum [Member] | Secured Consumer Installment Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 18 years | 19 years | |||
Maximum [Member] | Residential Mortgage [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 22 years | 23 years | 25 years | ||
Maximum [Member] | Purchased Residential Real Estate Loans Two [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 25 years | ||||
Maximum [Member] | Commercial Loan [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 8 years | 9 years | |||
Maximum [Member] | Purchased Commercial Line of Credit 1 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 1 year | 1 year | |||
Maximum [Member] | Purchased Commercial Line of Credit 2 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 1 year | 1 year | |||
Maximum [Member] | Unsecured Consumer Installment Loans Pool 3 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 9 years | 6 years | |||
Maximum [Member] | Secured Consumer Installment Loans Pool 4 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 24 years | 24 years | |||
Maximum [Member] | Home Equity Line of Credit [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 27 years | 28 years | 29 years | ||
Maximum [Member] | Automobile Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 4 years | 5 years | 6 years | ||
Maximum [Member] | Consumer Loan Pool 1 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 4 years | 5 years | 6 years | ||
Maximum [Member] | Consumer Loan Pool 2 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 2 years | 3 years | 4 years | ||
Maximum [Member] | Consumer Loan Pool 3 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 6 years | 6 years | |||
Maximum [Member] | Consumer Loan Pool 5 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 24 years | 24 years | |||
Maximum [Member] | Consumer Loan Pool 6 [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 24 years | 24 years | |||
Maximum [Member] | Commercial and Industrial Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 7 years | 8 years | |||
Maximum [Member] | Secured Consumer Installment Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Range | 25 years | 25 years |
Loans - Credit Quality Indicato
Loans - Credit Quality Indicator (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Recorded Investment [Line Items] | |||
Number of days past due before a loan is classified as Special Mention | 60 days | 60 days | |
Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Number of consecutive months current before loan is upgraded | 6 months | 6 months | |
Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Number of consecutive months current before loan is upgraded | 6 months | 6 months | |
Residential Mortgage and Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Number of days past due before a loan is classified as Substandard | 90 days | 90 days |
Loans - Summary of Classes of L
Loans - Summary of Classes of Loan Portfolio (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 898,754,000 | $ 833,739,000 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 262,760,000 | 247,276,000 |
Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 509,136,000 | 444,618,000 |
Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 126,858,000 | 141,845,000 |
1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 257,656,000 | 240,434,000 |
Construction [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,085,000 | 6,329,000 |
Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 19,000 | 513,000 |
Real Estate [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 345,330,000 | 288,450,000 |
Lines of Credit [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 82,050,000 | 61,884,000 |
Other Commercial and Industrial [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 77,273,000 | 69,135,000 |
Tax Exempt Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,280,000 | 5,811,000 |
Paycheck Protection Program loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 203,000 | 19,338,000 |
Home Equity and Junior Liens [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 34,007,000 | 31,737,000 |
Other Consumer [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 92,851,000 | 110,108,000 |
Loan Held For Sale | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 513,000 | |
Paycheck Protection Program [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 203,000 | 19,338,000 |
Paycheck Protection Program [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 19,338,000 | |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 860,160,000 | 790,048,000 |
Pass | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 259,872,000 | 245,665,000 |
Pass | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 474,476,000 | 403,664,000 |
Pass | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 125,812,000 | 140,719,000 |
Pass | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 254,768,000 | 238,823,000 |
Pass | Construction [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,085,000 | 6,329,000 |
Pass | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 19,000 | |
Pass | Real Estate [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 327,438,000 | 267,388,000 |
Pass | Lines of Credit [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 74,632,000 | 54,408,000 |
Pass | Other Commercial and Industrial [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 67,923,000 | 56,719,000 |
Pass | Tax Exempt Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,280,000 | 5,811,000 |
Pass | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 203,000 | |
Pass | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 33,050,000 | 30,740,000 |
Pass | Other Consumer [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 92,762,000 | 109,979,000 |
Pass | Loan Held For Sale | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 513,000 | |
Pass | Paycheck Protection Program [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 19,338,000 | |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 20,026,000 | 18,268,000 |
Special Mention [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,240,000 | 269,000 |
Special Mention [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,736,000 | 17,822,000 |
Special Mention [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 50,000 | 177,000 |
Special Mention [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,240,000 | 269,000 |
Special Mention [Member] | Construction [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Special Mention [Member] | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Special Mention [Member] | Real Estate [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,270,000 | 9,879,000 |
Special Mention [Member] | Lines of Credit [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,984,000 | 4,036,000 |
Special Mention [Member] | Other Commercial and Industrial [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,482,000 | 3,907,000 |
Special Mention [Member] | Tax Exempt Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Special Mention [Member] | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Special Mention [Member] | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,000 | 133,000 |
Special Mention [Member] | Other Consumer [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 33,000 | 44,000 |
Special Mention [Member] | Loan Held For Sale | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Special Mention [Member] | Paycheck Protection Program [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,035,000 | 23,806,000 |
Substandard [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 994,000 | 811,000 |
Substandard [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 15,266,000 | 22,312,000 |
Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 775,000 | 683,000 |
Substandard [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 994,000 | 811,000 |
Substandard [Member] | Construction [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Substandard [Member] | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Substandard [Member] | Real Estate [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,261,000 | 10,604,000 |
Substandard [Member] | Lines of Credit [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,400,000 | 3,387,000 |
Substandard [Member] | Other Commercial and Industrial [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,605,000 | 8,321,000 |
Substandard [Member] | Tax Exempt Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Substandard [Member] | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Substandard [Member] | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 719,000 | 606,000 |
Substandard [Member] | Other Consumer [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 56,000 | 77,000 |
Substandard [Member] | Loan Held For Sale | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Substandard [Member] | Paycheck Protection Program [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,533,000 | 1,617,000 |
Doubtful [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 654,000 | 531,000 |
Doubtful [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 658,000 | 820,000 |
Doubtful [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 221,000 | 266,000 |
Doubtful [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 654,000 | 531,000 |
Doubtful [Member] | Construction [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful [Member] | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Real Estate [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 361,000 | 579,000 |
Doubtful [Member] | Lines of Credit [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 34,000 | 53,000 |
Doubtful [Member] | Other Commercial and Industrial [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 263,000 | 188,000 |
Doubtful [Member] | Tax Exempt Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Doubtful [Member] | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 221,000 | 258,000 |
Doubtful [Member] | Other Consumer [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 0 | 8,000 |
Doubtful [Member] | Loan Held For Sale | Residential Mortgage Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Doubtful [Member] | Paycheck Protection Program [Member] | Commercial Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 0 |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | $ 898,754 | $ 833,739 |
30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,016 | 5,239 |
60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,313 | 4,617 |
90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,650 | 8,006 |
Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25,979 | 17,862 |
Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 872,775 | 815,877 |
Residential Mortgage Loans [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 262,760 | 247,276 |
Residential Mortgage Loans [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,627 | 960 |
Residential Mortgage Loans [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 620 | 416 |
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 932 | 891 |
Residential Mortgage Loans [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,179 | 2,268 |
Residential Mortgage Loans [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 259,581 | 245,008 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 257,656 | 240,434 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,627 | 960 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 620 | 416 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 932 | 891 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,179 | 2,268 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 254,477 | 238,166 |
Residential Mortgage Loans [Member] | Construction [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 5,085 | 6,329 |
Residential Mortgage Loans [Member] | Construction [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Construction [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Construction [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Construction [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Construction [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,085 | 6,329 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 19 | 513 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19 | 513 |
Residential Mortgage Loans [Member] | Loan Held For Sale | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 513 | |
Commercial Loans [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 509,136 | 444,618 |
Commercial Loans [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,975 | 3,691 |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,437 | 3,895 |
Commercial Loans [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,535 | 6,011 |
Commercial Loans [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,947 | 13,597 |
Commercial Loans [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 489,189 | 431,021 |
Commercial Loans [Member] | Real Estate [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 345,330 | 288,450 |
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,974 | 1,735 |
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 854 | 1,029 |
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,499 | 4,379 |
Commercial Loans [Member] | Real Estate [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,327 | 7,143 |
Commercial Loans [Member] | Real Estate [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 336,003 | 281,307 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 82,050 | 61,884 |
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,280 | 156 |
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,584 | 1,180 |
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 298 | 576 |
Commercial Loans [Member] | Lines of Credit [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,162 | 1,913 |
Commercial Loans [Member] | Lines of Credit [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 78,888 | 59,971 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 77,273 | 69,135 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,721 | 1,799 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 999 | 1,686 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,738 | 1,056 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,458 | 4,541 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 69,815 | 64,594 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 4,280 | 5,811 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,280 | 5,811 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 203 | 19,338 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 203 | 19,338 |
Consumer Loans [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 126,858 | 141,845 |
Consumer Loans [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 414 | 588 |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 256 | 306 |
Consumer Loans [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,183 | 1,103 |
Consumer Loans [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,853 | 1,998 |
Consumer Loans [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 124,005 | 139,847 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 34,007 | 31,737 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23 | 17 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17 | 49 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 279 | 251 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 319 | 317 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,688 | 31,420 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 92,851 | 110,108 |
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due and Accruing [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 391 | 571 |
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 239 | 257 |
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,904 | 852 |
Consumer Loans [Member] | Other Consumer [Member] | Total Past Due [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,534 | 1,680 |
Consumer Loans [Member] | Other Consumer [Member] | Current [Member] | ||
Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 90,317 | $ 108,428 |
Loans - Nonaccrual Loans Segreg
Loans - Nonaccrual Loans Segregated by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 9,015 | $ 8,292 |
Residential Mortgage Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,112 | 891 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,112 | 891 |
Commercial Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 5,720 | 6,297 |
Commercial Loans [Member] | Real Estate [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 3,504 | 4,407 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 332 | 629 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,884 | 1,261 |
Consumer Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 2,183 | 1,104 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 279 | 252 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 1,904 | $ 852 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Financing Receivables (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) Segment Loan | |
Commercial Real Estate Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Loan | 2 | 1 |
Pre-modification outstanding recorded investment | $ 373,000 | $ 675,000 |
Post-modification outstanding recorded investment | 373,000 | 675,000 |
Additional provision for loan losses | $ 0 | $ 0 |
Commercial and Industrial Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 200,000 | |
Post-modification outstanding recorded investment | 206,000 | |
Additional provision for loan losses | $ 0 | |
Consumer Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Segment | 1 | |
Pre-modification outstanding recorded investment | $ 443,000 | |
Post-modification outstanding recorded investment | 504,000 | |
Additional provision for loan losses | $ 0 | |
Residential Mortgage Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Segment | 3 | |
Pre-modification outstanding recorded investment | $ 453,000 | |
Post-modification outstanding recorded investment | 459,000 | |
Additional provision for loan losses | $ 0 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans Information by Portfolio Class (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
With an allowance recorded [Abstract] | ||
Related Allowance | $ 4,793 | $ 1,876 |
Total [Abstract] | ||
Recorded Investment | 20,179 | 11,357 |
Unpaid Principal Balance | 20,338 | 11,493 |
Related Allowance | 4,793 | 1,876 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,048 | 666 |
Unpaid Principal Balance | 1,048 | 666 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 450 | 539 |
Unpaid Principal Balance | 450 | 539 |
Related Allowance | 91 | 90 |
Total [Abstract] | ||
Recorded Investment | 1,498 | 1,205 |
Unpaid Principal Balance | 1,498 | 1,205 |
Related Allowance | 91 | 90 |
Commercial Loans [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 5,283 | 4,708 |
Unpaid Principal Balance | 5,386 | 4,801 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 2,625 | 2,450 |
Unpaid Principal Balance | 2,625 | 2,450 |
Related Allowance | 346 | 300 |
Total [Abstract] | ||
Recorded Investment | 7,908 | 7,158 |
Unpaid Principal Balance | 8,011 | 7,251 |
Related Allowance | 346 | 300 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 2,218 | 100 |
Unpaid Principal Balance | 2,218 | 104 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 3,059 | 53 |
Unpaid Principal Balance | 3,066 | 53 |
Related Allowance | 2,957 | 53 |
Total [Abstract] | ||
Recorded Investment | 5,277 | 153 |
Unpaid Principal Balance | 5,284 | 157 |
Related Allowance | 2,957 | 53 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 2,780 | 357 |
Unpaid Principal Balance | 2,829 | 396 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 1,998 | 1,852 |
Unpaid Principal Balance | 1,998 | 1,852 |
Related Allowance | 1,285 | 1,319 |
Total [Abstract] | ||
Recorded Investment | 4,778 | 2,209 |
Unpaid Principal Balance | 4,827 | 2,248 |
Related Allowance | 1,285 | 1,319 |
Commercial Loans [Member] | Other Consumer [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 182 | 93 |
Unpaid Principal Balance | 182 | 93 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 536 | 539 |
Unpaid Principal Balance | 536 | 539 |
Related Allowance | 114 | 114 |
Total [Abstract] | ||
Recorded Investment | 718 | 632 |
Unpaid Principal Balance | 718 | 632 |
Related Allowance | $ 114 | $ 114 |
Loans - Summary of Average Reco
Loans - Summary of Average Recorded Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 14,270 | $ 17,224 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 1,232 | 1,439 |
Commercial Real Estate [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 7,285 | 9,538 |
Commercial Lines of Credit [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 1,951 | 640 |
Other Commercial and Industrial [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 3,155 | 5,041 |
Home Equity and Junior Liens [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 647 | 516 |
Other Consumer [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 0 | $ 50 |
Loans - Schedule of Cash Basis
Loans - Schedule of Cash Basis Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 765 | $ 543 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 65 | 62 |
Commercial Real Estate [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 247 | 285 |
Commercial Lines of Credit [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 143 | 10 |
Other Commercial and Industrial [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 304 | 180 |
Home Equity and Junior Liens [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 6 | 6 |
Other Consumer [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 0 | $ 0 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Allowance for loan losses: | |||||
Beginning Balance | $ 12,935 | $ 12,777 | |||
Charge-offs | (761) | (1,024) | |||
Recoveries | 391 | 158 | |||
Tax effects after transition adjsutment | 2,754 | 1,022 | |||
Ending balance | 15,319 | 12,935 | |||
Ending balance: related to loans individually evaluated for impairment | 4,793 | 1,876 | |||
Ending balance: related to loans collectively evaluated for impairment | 10,526 | 11,059 | |||
Total Loans Receivable | 898,754 | 833,739 | |||
Ending balance: individually evaluated for impairment | 20,179 | 11,357 | |||
Ending balance: collectively evaluated for impairment | 878,575 | 822,382 | |||
Paycheck Protection Program [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | |||||
Charge-offs | |||||
Tax effects after transition adjsutment | |||||
Ending balance | |||||
Ending balance: related to loans individually evaluated for impairment | |||||
Ending balance: related to loans collectively evaluated for impairment | |||||
Total Loans Receivable | 203 | 19,338 | |||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 203 | 19,338 | |||
Unallocated [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | [1] | 984 | [2] | 545 | |
Charge-offs | 0 | [2] | 0 | [1] | |
Recoveries | 0 | [2] | 0 | [1] | |
Tax effects after transition adjsutment | (984) | [2] | 438 | [1] | |
Ending balance | [2] | 0 | 984 | [1] | |
Ending balance: related to loans individually evaluated for impairment | 0 | [2] | 0 | [1] | |
Ending balance: related to loans collectively evaluated for impairment | 0 | [2] | 984 | [1] | |
Total Loans Receivable | 19 | [2] | 513 | [1] | |
Ending balance: individually evaluated for impairment | 0 | [2] | 0 | [1] | |
Ending balance: collectively evaluated for impairment | 19 | [2] | 513 | [1] | |
Residential Mortgage Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 262,760 | 247,276 | |||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 872 | 931 | |||
Charge-offs | (29) | (20) | |||
Tax effects after transition adjsutment | (129) | (39) | |||
Ending balance | 714 | 872 | |||
Ending balance: related to loans individually evaluated for impairment | 91 | 90 | |||
Ending balance: related to loans collectively evaluated for impairment | 623 | 782 | |||
Total Loans Receivable | 257,656 | 240,434 | |||
Ending balance: individually evaluated for impairment | 1,498 | 1,205 | |||
Ending balance: collectively evaluated for impairment | 256,158 | 239,229 | |||
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | |||||
Charge-offs | |||||
Tax effects after transition adjsutment | |||||
Ending balance | |||||
Ending balance: related to loans individually evaluated for impairment | |||||
Ending balance: related to loans collectively evaluated for impairment | |||||
Total Loans Receivable | 5,085 | 6,329 | |||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 5,085 | 6,329 | |||
Commercial Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 509,136 | 444,618 | |||
Commercial Loans [Member] | Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 5,308 | 4,776 | |||
Charge-offs | (48) | (7) | |||
Recoveries | 250 | ||||
Tax effects after transition adjsutment | 371 | 539 | |||
Ending balance | 5,881 | 5,308 | |||
Ending balance: related to loans individually evaluated for impairment | 346 | 300 | |||
Ending balance: related to loans collectively evaluated for impairment | 5,535 | 5,008 | |||
Total Loans Receivable | 345,330 | 288,450 | |||
Ending balance: individually evaluated for impairment | 7,908 | 7,158 | |||
Ending balance: collectively evaluated for impairment | 337,422 | 281,292 | |||
Commercial Loans [Member] | Lines of Credit [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 935 | 1,670 | |||
Charge-offs | (51) | (50) | |||
Recoveries | 69 | ||||
Tax effects after transition adjsutment | 3,106 | (754) | |||
Ending balance | 3,990 | 935 | |||
Ending balance: related to loans individually evaluated for impairment | 2,957 | 53 | |||
Ending balance: related to loans collectively evaluated for impairment | 1,033 | 882 | |||
Total Loans Receivable | 82,050 | 61,884 | |||
Ending balance: individually evaluated for impairment | 5,278 | 153 | |||
Ending balance: collectively evaluated for impairment | 76,772 | 61,731 | |||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 2,762 | 2,992 | |||
Charge-offs | (486) | (707) | |||
Recoveries | 46 | 1 | |||
Tax effects after transition adjsutment | 622 | 476 | |||
Ending balance | 2,944 | 2,762 | |||
Ending balance: related to loans individually evaluated for impairment | 1,285 | 1,319 | |||
Ending balance: related to loans collectively evaluated for impairment | 1,659 | 1,444 | |||
Total Loans Receivable | 77,273 | 69,135 | |||
Ending balance: individually evaluated for impairment | 4,777 | 2,209 | |||
Ending balance: collectively evaluated for impairment | 72,496 | 66,926 | |||
Commercial Loans [Member] | Paycheck Protection Program [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 19,338 | ||||
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 3 | 1 | |||
Tax effects after transition adjsutment | 2 | ||||
Ending balance | 3 | 3 | |||
Ending balance: related to loans individually evaluated for impairment | |||||
Ending balance: related to loans collectively evaluated for impairment | 3 | 3 | |||
Total Loans Receivable | 4,280 | 5,811 | |||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | 4,280 | 5,811 | |||
Consumer Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 126,858 | 141,845 | |||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 774 | 739 | |||
Tax effects after transition adjsutment | (33) | 35 | |||
Ending balance | 741 | 774 | |||
Ending balance: related to loans individually evaluated for impairment | 114 | 114 | |||
Ending balance: related to loans collectively evaluated for impairment | 627 | 660 | |||
Total Loans Receivable | 34,007 | 31,737 | |||
Ending balance: individually evaluated for impairment | 718 | 632 | |||
Ending balance: collectively evaluated for impairment | 33,289 | 31,105 | |||
Consumer Loans [Member] | Other Consumer [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,297 | 1,123 | |||
Charge-offs | (147) | (240) | |||
Recoveries | 95 | 88 | |||
Tax effects after transition adjsutment | (199) | 326 | |||
Ending balance | 1,046 | 1,297 | |||
Ending balance: related to loans individually evaluated for impairment | |||||
Ending balance: related to loans collectively evaluated for impairment | 1,046 | 1,297 | |||
Total Loans Receivable | 92,851 | 110,108 | |||
Ending balance: individually evaluated for impairment | |||||
Ending balance: collectively evaluated for impairment | $ 92,851 | $ 110,108 | |||
[1] The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $ 513,000 . These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2022, the Bank had loans held-for-sale with a principal balance of $ 19,000 . These loans were still part of the portfolio as of December 31, 2022. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
Allowance for Loan Losses - C_2
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held-for-sale | $ 19 | $ 513 |
Unallocated [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held-for-sale | $ 19,000 | $ 513,000 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Allowance for Loan Losses on Basis of Calculation Methodology (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | $ 4,793 | $ 1,876 | ||||
Historical loss rate | 1,099 | 1,688 | ||||
Qualitative factors | 9,427 | 8,388 | ||||
Other | 984 | |||||
Total | 15,319 | 12,935 | $ 12,777 | |||
Unallocated [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | ||||||
Historical loss rate | ||||||
Qualitative factors | ||||||
Other | 984 | |||||
Total | 0 | [1] | 984 | [1],[2] | 545 | [2] |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 91 | 90 | ||||
Historical loss rate | 5 | 82 | ||||
Qualitative factors | 618 | 700 | ||||
Total | 714 | 872 | 931 | |||
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | ||||||
Historical loss rate | ||||||
Qualitative factors | ||||||
Total | ||||||
Commercial Loans [Member] | Real Estate [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 346 | 300 | ||||
Historical loss rate | (32) | 2 | ||||
Qualitative factors | 5,567 | 5,006 | ||||
Total | 5,881 | 5,308 | 4,776 | |||
Commercial Loans [Member] | Lines of Credit [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 2,957 | 53 | ||||
Historical loss rate | 25 | |||||
Qualitative factors | 1,033 | 857 | ||||
Total | 3,990 | 935 | 1,670 | |||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 1,285 | 1,319 | ||||
Historical loss rate | 97 | 227 | ||||
Qualitative factors | 1,562 | 1,217 | ||||
Total | 2,944 | 2,762 | 2,992 | |||
Commercial Loans [Member] | Tax Exempt Loans [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | ||||||
Historical loss rate | ||||||
Qualitative factors | 3 | 3 | ||||
Other | ||||||
Total | 3 | 3 | 1 | |||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 114 | 114 | ||||
Historical loss rate | 321 | 324 | ||||
Qualitative factors | 306 | 336 | ||||
Other | ||||||
Total | 741 | 774 | 739 | |||
Consumer Loans [Member] | Other Consumer [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | ||||||
Historical loss rate | 708 | 1,028 | ||||
Qualitative factors | 338 | 269 | ||||
Other | ||||||
Total | $ 1,046 | $ 1,297 | $ 1,123 | |||
[1] The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2022, the Bank had loans held-for-sale with a principal balance of $ 19,000 . These loans were still part of the portfolio as of December 31, 2022. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $ 513,000 . These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
ALLOWANCE FOR LOAN LOSSES (Addi
ALLOWANCE FOR LOAN LOSSES (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Real Estate Assets Held for Development and Sale | $ 5,000,000 | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 2,300 | |||
Tax effects after transition adjsutment | $ 2,754 | $ 1,022 | ||
Subsequent Event [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 2,200 | |||
Tax effects after transition adjsutment | $ 1,700 |
Servicing - Additional Informat
Servicing - Additional Information (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid principal balance of mortgage and other loans | $ 52,200,000 | $ 51,100,000 |
Capitalized servicing rights | $ 368,000 | $ 379,000 |
Servicing - Mortgage Servicing
Servicing - Mortgage Servicing Rights Capitalized and Amortized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Asset [Abstract] | ||
Mortgage servicing rights capitalized | $ 64 | $ 72 |
Mortgage servicing rights amortized | $ 75 | $ 69 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 40,126 | $ 42,843 |
Less: Accumulated depreciation | 22,254 | 21,184 |
Premises and equipment, net | 17,872 | 21,659 |
Land [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 2,063 | 2,434 |
Buildings [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 20,406 | 23,000 |
Furniture, Fixtures and Equipment [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 17,337 | 16,861 |
Construction in Progress [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 320 | $ 548 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 1,067 | $ 1,787 |
Foreclosed Real Estate - Summar
Foreclosed Real Estate - Summary of foreclosed real estate (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) Property | |
Real Estate [Line Items] | ||
Foreclosed Real Estate Expense | $ 78 | $ 46 |
Foreclosed real estate | $ 221 | $ 0 |
Real Estate [Member] | ||
Real Estate [Line Items] | ||
Number of properties | Property | 2 | 0 |
Foreclosed Real Estate - Additi
Foreclosed Real Estate - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||
Loan on RealEstate Foreclosures | $ 542,000 | $ 1,100,000 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 4,536,000 | $ 4,536,000 |
Identifiable intangible asset | $ 101,000 | |
Weighted average remaining amortization period of intangible asset | 3 years 8 months 1 day | |
Branches [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill acquired | $ 3,800,000 | |
Fitzgibbons Agency [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill acquired | $ 696,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization for Identifiable Intangible Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gross carrying amount and accumulated amortization for identifiable intangible asset [Abstract] | ||
Gross carrying amount | $ 243 | $ 243 |
Accumulated amortization | (142) | (126) |
Net amortizing intangibles | $ 101 | $ 117 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets - Schedule of Estimated Amortization Expense for Each of the Five Succeeding Years (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Estimated amortization expense for each of the five succeeding years [Abstract] | ||
2022 | $ 16 | |
2023 | 16 | |
2024 | 16 | |
2025 | 16 | |
2026 | 16 | |
Thereafter | 21 | |
Net amortizing intangibles | $ 101 | $ 117 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of deposits [Abstract] | ||
Savings accounts | $ 134,880 | $ 131,176 |
Time accounts | 314,109 | 253,564 |
Time accounts in excess of $250,000 | 71,696 | 67,450 |
Money management accounts | 16,107 | 16,124 |
MMDA accounts | 270,326 | 256,963 |
Demand deposit interest-bearing | 127,395 | 130,816 |
Demand deposit noninterest-bearing | 183,711 | 191,858 |
Mortgage escrow funds | 7,206 | 7,395 |
Total deposits | $ 1,125,430 | $ 1,055,346 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Maturities of time deposits [Abstract] | |
2023 | $ 216,235 |
2024 | 60,298 |
2025 | 69,540 |
2026 | 31,194 |
2027 | 6,754 |
Thereafter | 1,784 |
Total | $ 385,805 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits by Type (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Line Items] | ||
Savings accounts | $ 134,880 | $ 131,176 |
Time accounts | 314,109 | 253,564 |
Time accounts of $250,000 or more | 71,696 | 67,450 |
Money management accounts | 16,107 | 16,124 |
MMDA accounts | 270,326 | 256,963 |
Demand deposit interest-bearing | 127,395 | 130,816 |
Demand deposit noninterest-bearing | 183,711 | 191,858 |
Mortgage escrow funds | 7,206 | 7,395 |
Total deposits | 1,125,430 | 1,055,346 |
Non-Brokered [Member] | ||
Deposits [Line Items] | ||
Savings accounts | 134,880 | 131,176 |
Time accounts | 105,478 | 135,804 |
Time accounts of $250,000 or more | 71,696 | 67,450 |
Money management accounts | 16,107 | 16,124 |
MMDA accounts | 270,326 | 256,963 |
Demand deposit interest-bearing | 87,395 | 90,771 |
Demand deposit noninterest-bearing | 183,711 | 191,858 |
Mortgage escrow funds | 7,206 | 7,395 |
Total deposits | 876,799 | 897,541 |
Brokered [Member] | ||
Deposits [Line Items] | ||
Time accounts | 208,631 | 117,760 |
Demand deposit interest-bearing | 40,000 | 40,045 |
Total deposits | $ 248,631 | $ 157,805 |
Borrowed Funds - Composition of
Borrowed Funds - Composition of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term [Abstract] | ||
Total short-term borrowings | $ 60,333 | $ 12,500 |
Long-term [Abstract] | ||
Total long-term borrowings | 55,664 | 64,598 |
FHLB Advances [Member] | ||
Short-term [Abstract] | ||
Total short-term borrowings | 60,333 | 12,500 |
Long-term [Abstract] | ||
Total long-term borrowings | $ 55,664 | $ 64,598 |
Borrowed Funds - Scheduled Prin
Borrowed Funds - Scheduled Principal Balances, Interest Rates and Maturities of Outstanding Long-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Advances with FHLB [Abstract] | ||
Due within 1 year | $ 12,006 | |
Due within 2 years | 22,850 | |
Due within 10 years | 20,808 | |
Total advances with FHLB | 55,664 | |
Total long-term fixed rate borrowings | $ 55,664 | $ 64,598 |
Minimum [Member] | ||
Federal Home Loan Bank advances interest rate [Abstract] | ||
Due within 1 year interest rate | 34% | |
Due within 2 years interest rate | 39% | |
Due within 10 years interest rate | 52% | |
Maximum [Member] | ||
Federal Home Loan Bank advances interest rate [Abstract] | ||
Due within 1 year interest rate | 317% | |
Due within 2 years interest rate | 503% | |
Due within 10 years interest rate | 4.52% |
Borrowed Funds - Scheduled Repa
Borrowed Funds - Scheduled Repayments of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | $ 12,006 | |
2024 | 22,850 | |
2025 | 19,108 | |
2026 | 1,700 | |
Total long-term fixed rate borrowings | $ 55,664 | $ 64,598 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) Bank |
Federal Reserve Bank of New York [Member] | Domestic Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 10.3 |
Other Corresponding Banks [Member] | Domestic Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 15 |
Number of corresponding banks with a line of credit available | Bank | 2 |
Maximum borrowing capacity, unsecured basis | $ 10 |
Maximum borrowing capacity, requiring collateral | 5 |
FHLB Advances [Member] | |
Line of Credit Facility [Line Items] | |
Carrying value of residential mortgage loans pledged under a blanket collateral agreement | 110.3 |
CarryingValueofSecuritiesPledgedUnderBlanketCollateralAgreement | 27.8 |
Carrying value of FHLB stock pledged under a blanket collateral agreement | $ 6 |
Subordinated Loans - Additional
Subordinated Loans - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Oct. 14, 2020 | Oct. 15, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 01, 2021 | |
Debt Instrument [Line Items] | |||||
Interest on subordinated loans | $ 1,749,000 | $ 1,790,000 | |||
3-Month LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.65% | ||||
Junior Subordinated Debentures [Member] | Pathfinder Statutory Trust II [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest on subordinated loans | $ 178,000 | $ 94,000 | |||
Ownership interest | 100% | ||||
Subordinated loan face value | $ 5,000,000 | ||||
Term of debt | 30 years | ||||
Maturity date | Dec. 31, 2037 | ||||
Call provision on trust securities | 5 years | ||||
Junior Subordinated Debentures [Member] | 3-Month LIBOR [Member] | Pathfinder Statutory Trust II [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable rate basis | 3-month LIBOR | ||||
Debt instrument, term of variable rate | 3 months | ||||
Basis spread on variable rate | 1.65% | ||||
Subordinated Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Subordinated loan interest rate | 6.25% | ||||
Interest on subordinated loans | $ 0 | $ 156,000 | |||
Subordinated loan face value | $ 10,000,000 | ||||
Basis spread on variable rate | 5.50% | ||||
Private Placement [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from issuance of subordinate notes | $ 25,000,000 | ||||
Subordinated borrowing, interest rate | 5.50% | ||||
Subordinated note, maturity date | Oct. 15, 2030 | ||||
Effective interest rate | 6.22% | ||||
Subordinated loan interest rate | 5.50% | ||||
Spread on variable rate | 0.532% | ||||
Origination and legal fees | $ 783,000 | ||||
Interest on subordinated loans | $ 1,600,000 | $ 1,500,000 |
Subordinated Loans - Compositio
Subordinated Loans - Composition of Subordinated Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total subordinated debt | $ 29,733 | $ 29,563 |
Deferred Financing Charges | (422) | (592) |
Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Total subordinated loans | 5,155 | 5,155 |
Subordinated Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total subordinated loans | $ 25,000 | $ 25,000 |
Subordinated Loans - Schedule o
Subordinated Loans - Schedule of Principal Balances, Interest Rates and Maturities of the Subordinated Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
3-Month LIBOR [Member] | |
Debt Instrument [Line Items] | |
Due within 16 years | 1.65% |
Subordinated Debt [Member] | |
Debt Instrument [Line Items] | |
Due within 8 years | $ 25,000 |
Due within 16 years | 5.50% |
Total subordinated loans | $ 30,155 |
Subordinated Debt [Member] | 3-Month LIBOR [Member] | |
Debt Instrument [Line Items] | |
Due within 15 years | $ 5,155 |
Subordinated Loans - Scheduled
Subordinated Loans - Scheduled Repayments of the Subordinated Loans (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | $ 12,006 |
2024 | 22,850 |
2026 | 1,700 |
2027 | 0 |
Subordinated Debt [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | 0 |
2024 | 0 |
2025 | 25,000 |
2026 | 0 |
Thereafter | 5,155 |
Total subordinated loans | $ 30,155 |
Employee Benefits and Deferre_3
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) Payment | Dec. 31, 2021 USD ($) Fund | Dec. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years | ||||
Gains or losses greater of the benefit obligation or the fair value of assets amortized over the average remaining service period | 10% | ||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Long-term inflation rate | 2.50% | ||||
Expected long term rate of return on plan assets | 5.25% | ||||
Target Allocations [Abstract] | |||||
Number of funds in which plan assets invested | Fund | 3 | ||||
Employer contribution to 401 (k) plan | $ 433,000 | $ 414,000,000 | |||
Additional safe harbor contribution | $ 337,000,000 | $ 314,000,000 | |||
Deferred Compensation Arrangements [Abstract] | |||||
Period for additional annual contributions following change in control | 24 months | ||||
Number of years the Bank is required to make additional annual contributions | 3 years | ||||
Period for benefit payment in the event of death, disability or termination following change in control | 24 months | ||||
Number of annual installments for benefit payments | Payment | 10 | ||||
Directors and Certain Executive Officers [Member] | |||||
Deferred Compensation Arrangements [Abstract] | |||||
Deferred compensation benefit payments age | 65 years | 70 years | |||
Maximum contractual term | 10 years | ||||
Liability related to deferred compensation | $ 3,200,000 | $ 3,000,000 | |||
Deferred compensation expense | $ 355,000 | $ 349,000 | |||
Equity Securities [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 48% | ||||
Mutual Funds - Fixed Income Intermediate duration [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 16% | ||||
Estimated retirement life of assets in the trust | 30 years | ||||
Mutual Funds-Fixed Income Long Duration [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 35% | ||||
Cash Equivalents [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 1% | ||||
Pension Benefits [Member] | |||||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||||
Weighted average discount rate | 6.09% | 3.71% | |||
Change in Benefit Obligation [Roll Forward] | |||||
Accumulated benefit obligation | $ 9,442,000 | $ 12,720,000 | $ 12,967,000 | ||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | $ 16,311,000 | $ 20,531,000 | 19,274,000 | ||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Expected long term rate of return on plan assets | 6% | 5.25% | |||
Expected long term rate of return on plan assets - 2021 | 6% | ||||
Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | $ 7,922,000 | $ 10,150,000 | |||
Pension Benefits [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | [1] | 3,347,000 | 4,249,000 | ||
Pension Benefits [Member] | Mutual Funds-Fixed Income Long Duration [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | [2] | $ 2,568,000 | $ 3,521,000 | ||
Pension Benefits [Member] | Minimum [Member] | Equity Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 6.50% | ||||
Expected long term rate of return on plan assets | 5% | ||||
Pension Benefits [Member] | Minimum [Member] | Fixed Income Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 2% | ||||
Pension Benefits [Member] | Maximum [Member] | Equity Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 8.50% | ||||
Expected long term rate of return on plan assets | 7% | ||||
Pension Benefits [Member] | Maximum [Member] | Fixed Income Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 4% | ||||
Postretirement Benefits [Member] | |||||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||||
Weighted average discount rate | 6.09% | 3.71% | |||
Change in Benefit Obligation [Roll Forward] | |||||
Accumulated benefit obligation | $ 136,000 | $ 325,000 | 369,000 | ||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | $ 0 | $ 0 | $ 0 | ||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Expected long term rate of return on plan assets | 0% | 0% | |||
Decrease in expected long-term rate of return in basis points | 5% | ||||
Decrease in percentage of expected long-term rate of return | 26.10% | ||||
Decrease in expected long-term rate of return | $ 60,000 | ||||
Expected net periodic benefit cost in next fiscal year | $ 174,000 | ||||
Postretirement Benefits [Member] | Scenario Forecast [Member] | |||||
Target Allocations [Abstract] | |||||
Estimated future employer contributions in next fiscal year | $ 17,000,000 | ||||
Postretirement Health Care Plan [Member] | |||||
Assumed Health Care Cost Trend Rates [Abstract] | |||||
Health care cost trend rate assumption | 4.50% | ||||
Ultimate health care cost trend rate | 4.20% | ||||
Year that rate reaches ultimate trend rate | 2025 | ||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | $ (175,000) | ||||
Estimated amortization of the unrecognized transition obligation and actuarial loss in next fiscal year | (136,000) | ||||
Supplemental Executive Retirement Plans [Member] | |||||
Target Allocations [Abstract] | |||||
Cash surrender value of life insurance | 24,000,000 | $ 23,400,000 | |||
Other accrued liabilities | $ 635,000,000 | $ 578,000,000 | |||
[1] This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year, Bullets only Index, along with a diversified mutual fund holding fixed income securities rated A or better. This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. |
Employee Benefits and Deferre_4
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Changes in the Plans Benefit Obligations, Fair Value of Plan Assets and the Plans' Funded Status (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits [Member] | ||
Change in Benefit Obligation [Roll Forward] | ||
Benefit obligations at beginning of year | $ 12,720,000 | $ 12,967,000 |
Service cost | 0 | 0 |
Interest cost | 465,000 | 441,000 |
Plan participants' contribution | 0 | 0 |
Actuarial (gain) loss | (3,368,000) | (389,000) |
Benefits paid | (375,000) | (299,000) |
Benefit obligations at end of year | 9,442,000 | 12,720,000 |
Change in Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 20,531,000 | 19,274,000 |
Actual return on plan assets | (3,845,000) | 1,556,000 |
Benefits paid | (375,000) | (299,000) |
Plan participants' contribution | 0 | 0 |
Employer contributions | 0 | 0 |
Fair value of plan assets at end of year | 16,311,000 | 20,531,000 |
Funded (unfunded) status - asset (liability) | 6,869,000 | 7,811,000 |
Postretirement Benefits [Member] | ||
Change in Benefit Obligation [Roll Forward] | ||
Benefit obligations at beginning of year | 325,000 | 369,000 |
Service cost | 0 | 0 |
Interest cost | 11,000 | 12,000 |
Plan participants' contribution | 9,000 | 8,000 |
Actuarial (gain) loss | (164,000) | (19,000) |
Benefits paid | (45,000) | (45,000) |
Benefit obligations at end of year | 136,000 | 325,000 |
Change in Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Benefits paid | (45,000) | (45,000) |
Plan participants' contribution | 9,000 | 8,000 |
Employer contributions | 36,000 | 37,000 |
Fair value of plan assets at end of year | 0 | 0 |
Funded (unfunded) status - asset (liability) | $ (136,000) | $ (325,000) |
Employee Benefits and Deferre_5
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Amounts Recognized in Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Accumulated other comprehensive income after tax | $ 2,427 | $ 1,412 |
Pension Benefits [Member] | ||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Net loss | 3,389 | 1,843 |
Tax Effect | 886 | 480 |
Accumulated other comprehensive income after tax | 2,503 | 1,363 |
Postretirement Benefits [Member] | ||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Net loss | (103) | 64 |
Tax Effect | (27) | 15 |
Accumulated other comprehensive income after tax | $ (76) | $ 49 |
Employee Benefits and Deferre_6
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Significant Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Plan Cost (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||
Expected long term rate of return on plan assets | 5.25% | ||
Pension Benefits [Member] | |||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||
Weighted average discount rate | 6.09% | 3.71% | |
Rate of increase in future compensation levels | 0% | 0% | 0% |
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||
Weighted average discount rate | 6.09% | 3.71% | |
Expected long term rate of return on plan assets | 6% | 5.25% | |
Rate of increase in future compensation levels | 0% | 0% | 0% |
Postretirement Benefits [Member] | |||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||
Weighted average discount rate | 6.09% | 3.71% | |
Rate of increase in future compensation levels | 0% | 0% | |
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||
Weighted average discount rate | 6.09% | 3.71% | |
Expected long term rate of return on plan assets | 0% | 0% | |
Rate of increase in future compensation levels | 0% | 0% |
Employee Benefits and Deferre_7
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Composition of Net Periodic Benefit Plan (Benefit) Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Composition of Net Periodic Benefit Plan Cost [Abstract] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Amortization Of Financing Cost From Subordinated Debt | Amortization Of Financing Cost From Subordinated Debt |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Amortization Of Financing Cost From Subordinated Debt | Amortization Of Financing Cost From Subordinated Debt |
Pension Benefits [Member] | ||
Composition of Net Periodic Benefit Plan Cost [Abstract] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 465 | 441 |
Expected return on plan assets | (1,068) | (1,146) |
Amortization of transition obligation | 0 | 0 |
Amortization of net losses | 0 | 101 |
Amortization of unrecognized past service liability | 0 | 0 |
Net periodic benefit plan (benefit) cost | (603) | (604) |
Postretirement Benefits [Member] | ||
Composition of Net Periodic Benefit Plan Cost [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 11 | 12 |
Expected return on plan assets | 0 | 0 |
Amortization of transition obligation | 0 | 0 |
Amortization of net losses | 7 | 9 |
Amortization of unrecognized past service liability | (5) | (5) |
Net periodic benefit plan (benefit) cost | $ 13 | $ 16 |
Employee Benefits and Deferre_8
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Pension Plan Assets Fair Value (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | $ 16,311 | $ 20,531 | $ 19,274 | |
Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 7,983 | 9,996 | ||
Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 1,659 | 1,763 | |
Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 1,239 | 1,946 | |
Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 993 | 1,234 | |
Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 384 | 475 | |
Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 309 | 442 | |
Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 340 | 398 | |
Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 179 | 222 | |
Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 413 | 533 | |
Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 268 | 332 | |
International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 2,199 | 2,651 | |
Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 7,922 | 10,150 | ||
Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 2,007 | 2,380 | |
Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 3,347 | 4,249 | |
Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 2,568 | 3,521 | |
Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 406 | 385 | ||
Level 1 [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 54 | 49 | ||
Level 1 [Member] | Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 1 [Member] | Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 0 | ||
Level 1 [Member] | International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 0 | ||
Level 1 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 1 [Member] | Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 0 | ||
Level 1 [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 0 | ||
Level 1 [Member] | Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 0 | ||
Level 1 [Member] | Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 54 | 49 | ||
Level 2 [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 16,257 | 20,482 | ||
Level 2 [Member] | Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 7,983 | 9,996 | ||
Level 2 [Member] | Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 1,659 | 1,763 | |
Level 2 [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 1,239 | 1,946 | |
Level 2 [Member] | Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 993 | 1,234 | |
Level 2 [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 384 | 475 | |
Level 2 [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 309 | 442 | |
Level 2 [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 340 | 398 | |
Level 2 [Member] | Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 179 | 222 | |
Level 2 [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 413 | 533 | |
Level 2 [Member] | Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 268 | 332 | |
Level 2 [Member] | International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 2,199 | 2,651 | |
Level 2 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 7,922 | 10,150 | ||
Level 2 [Member] | Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 2,007 | 2,380 | |
Level 2 [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 3,347 | 4,249 | |
Level 2 [Member] | Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 2,568 | 3,521 | |
Level 2 [Member] | Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | $ 352 | 336 | ||
Level 3 [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 3 [Member] | Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 3 [Member] | Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 0 | ||
Level 3 [Member] | International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 0 | ||
Level 3 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 3 [Member] | Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 0 | ||
Level 3 [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 0 | ||
Level 3 [Member] | Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 0 | ||
Level 3 [Member] | Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | $ 0 | |||
[1] This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. This category seeks to track the performance of the S&P Midcap 400 Index. This category consists of a selection of investments based on the Russell 2000 Value Index. This category consists of a mutual fund invested in small capitalization growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10 % of the market universe, or smaller than the 1000th largest US company. This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80 % of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. This category currently includes equal investments in three mutual funds, two of which usually hold at least 80 % of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50 % or more in mortgage-backed securities guaranteed by the US government and its agencies. This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year, Bullets only Index, along with a diversified mutual fund holding fixed income securities rated A or better. This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. |
Employee Benefits and Deferre_9
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Pension Plan Assets Fair Value (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2022 Fund Stock | Dec. 31, 2021 Fund Stock | Dec. 31, 2020 | |
Minimum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Approximate or typical number of stocks held in the portfolio | Stock | 60 | 60 | |
Maximum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Approximate or typical number of stocks held in the portfolio | Stock | 70 | 70 | |
Mutual Funds - Equity - Small-cap Core [Member] | Maximum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Market capitalizations | 10% | 10% | |
Mutual Funds - Fixed Income Intermediate duration [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Assets category consist of number of funds | Fund | 3 | 3 | |
Mutual Funds - Fixed Income Intermediate duration [Member] | Minimum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Maturity Period of debt security | 5 years | 5 years | |
Mutual Funds - Fixed Income Intermediate duration [Member] | Maximum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Maturity Period of debt security | 20 years | 20 years | |
Mutual Funds-Fixed Income Long Duration [Member] | Minimum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Maturity Period of debt security | 20 years | 20 years | |
International Equity [Member] | Minimum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Percentage of total assets invested in equity securities, including common stocks, preferred stocks, and convertible securities | 80% | 80% | |
Mutual Funds Fixed Income US Core [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Number of investments in fund assets in investment grade fixed income securities | Fund | 2 | 2 | |
Mutual Funds Fixed Income US Core [Member] | Maximum [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Percentage of fund assets in investment grade fixed income securities | 80% | 80% | |
Percentage of target investments in mortgage-backed securities | 50% | 50% |
Employee Benefits and Deferr_10
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Expected Future Service Benefit Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Expected Benefit Payments [Abstract] | |
2023 | $ 466 |
2024 | 481 |
2025 | 504 |
2026 | 630 |
2027 | 649 |
Thereafter | 3,694 |
Pension Benefits [Member] | |
Expected Benefit Payments [Abstract] | |
2023 | 449 |
2024 | 465 |
2025 | 489 |
2026 | 616 |
2027 | 636 |
Thereafter | 3,639 |
Postretirement Benefits [Member] | |
Expected Benefit Payments [Abstract] | |
2023 | 17 |
2024 | 16 |
2025 | 15 |
2026 | 14 |
2027 | 13 |
Thereafter | $ 55 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2020 Officer SeniorOfficer $ / shares shares | Sep. 30, 2020 ExecutiveOfficer Officer $ / shares shares | May 31, 2016 SeniorOfficer Officer Director ExecutiveOfficer $ / shares shares | Apr. 30, 2016 SeniorOfficer Officer $ / shares shares | Nov. 30, 2015 Director $ / shares shares | Jul. 31, 2013 Director $ / shares shares | Jun. 30, 2011 SeniorVicePresident Director $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2014 | |
Stock Option [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 0 | 0 | ||||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Intrinsic value of options exercised | $ | $ 1,800,000 | $ 1,600,000 | ||||||||
Weighted average remaining contractual term - options outstanding | 4 years 2 months 12 days | |||||||||
Weighted average remaining contractual term - shares exercisable | 3 years 10 months 24 days | |||||||||
Stock Option Awards and Restricted Stock Units [Member] | ||||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Compensation expense | $ | $ 157,000 | $ 241,000 | ||||||||
Estimated Future Compensation Expense [Abstract] | ||||||||||
Estimated future compensation expense, 2023 | $ | 93,112 | |||||||||
Estimated future compensation expense, 2024 | $ | $ 0 | |||||||||
April 2010 Stock Option Grants [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Ratio of conversion of shares | 0.016472 | |||||||||
Number of shares authorized (in shares) | 247,080 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 5 years | 5 years | 5 years | 5 years | ||||||
Award annual vesting | 20% | 20% | 20% | 20% | ||||||
Term of award | 10 years | 10 years | 10 years | 10 years | ||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 1.60% | 1.90% | 2% | 2.20% | ||||||
Expected volatility rate | 0.32% | 0.23% | 0.45% | 0.45% | ||||||
Expected life | 7 years | 7 years | 7 years | 7 years | ||||||
Expected dividend yield | 1.55% | 1.40% | 1% | 1.49% | ||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 3.17 | $ 2.56 | $ 3.69 | $ 2.29 | ||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Directors [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Director | 2 | 2 | 9 | |||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 16,472 | 16,472 | 74,124 | |||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Senior Vice President [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorVicePresident | 4 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Chief Executive Officer And Senior Vice President [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 123,540 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 1 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Officer | 3 | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 47,768 | |||||||||
May 2016 Stock Option Grants [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 263,605 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Award annual vesting | 33.30% | |||||||||
Term of award | 10 years | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 9,000 | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.45% | |||||||||
Expected volatility rate | 0.22% | |||||||||
Expected life | 6 years | |||||||||
Expected dividend yield | 2.31% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.51 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Directors [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Director | 9 | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 79,083 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 2 | 3 | ||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Number of beneficiaries whose award vested upon retirement | SeniorOfficer | 1 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | 4 | 1 | 13 | |||||||
Vesting period | 3 years | |||||||||
Award annual vesting | 33.30% | |||||||||
Term of award | 10 years | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 3,000 | 44,812 | ||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.35% | |||||||||
Expected volatility rate | 0.21% | |||||||||
Expected life | 6 years | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.32 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Directors and Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 5 years | |||||||||
Award annual vesting | 20% | |||||||||
Term of award | 10 years | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 1.60% | |||||||||
Expected volatility rate | 0.32% | |||||||||
Expected life | 7 years | |||||||||
Expected dividend yield | 1.55% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 3.32 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Executive Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | ExecutiveOfficer | 2 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Chief Executive Officer, Executive Officers and Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 7 years | |||||||||
Award annual vesting | 14.28% | |||||||||
Term of award | 10 years | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 1.70% | |||||||||
Expected volatility rate | 0.32% | |||||||||
Expected life | 8 years 6 months | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 3.59 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Chief Executive Officer [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 92,261 | |||||||||
May 2016 Stock Option Grants [Member] | Incentive Stock Option And Non Qualified Stock Option [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Award annual vesting | 33.30% | |||||||||
Term of award | 10 years | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 39,668 | |||||||||
May 2016 Stock Option Grants [Member] | Incentive Stock Option And Non Qualified Stock Option [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 1 | |||||||||
May 2016 Stock Option Grants [Member] | Incentive Stock Option [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 26,633 | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.45% | |||||||||
Expected volatility rate | 0.25% | |||||||||
Expected life | 6 years | |||||||||
Expected dividend yield | 2.31% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.83 | |||||||||
May 2016 Stock Option Grants [Member] | Non Qualified Stock Option [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 13,035 | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.44% | |||||||||
Expected volatility rate | 0.26% | |||||||||
Expected life | 5 years 10 months 24 days | |||||||||
Expected dividend yield | 2.31% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.85 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 105,442 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | 3 years | 5 years | |||||||
Award annual vesting | 33.30% | 33.30% | 20% | |||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 17,801 | 1,000 | ||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Directors [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Director | 9 | |||||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 31,635 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 3 | 3 | ||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Number of beneficiaries whose award vested upon retirement | SeniorOfficer | 1 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Officer | 4 | 1 | 2 | |||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 8,436 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Executive Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | ExecutiveOfficer | 2 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Chief Executive Officer, Executive Officers and Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 7 years | |||||||||
Award annual vesting | 14.28% | |||||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 46,570 |
Stock Based Compensation Plan_3
Stock Based Compensation Plans - Activity in the Stock Option Plans (Details) - Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options Outstanding, Number of Shares [Roll Forward] | ||
Outstanding at beginning of period (in shares) | 264,000 | 320,000 |
Granted (in shares) | 0 | 0 |
Newly vested (in shares) | 0 | 0 |
Exercised (in shares) | (37,000) | (53,000) |
Forfeited (in shares) | (4,000) | 0 |
Expired (in shares) | 0 | (3,000) |
Outstanding at end of period (in shares) | 223,000 | 264,000 |
Stock Options Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning of period (in dollars per share) | $ 10.98 | $ 10.89 |
Granted (in dollars per share) | 0 | 0 |
Newly vested (in dollars per share) | 0 | 0 |
Exercised (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 11.35 | 0 |
Expired (in dollars per share) | 0 | 9.48 |
Outstanding at end of period (in dollars per share) | $ 10.94 | $ 10.98 |
Stock Options Shares Exercisable, Number of Shares [Abstract] | ||
Options exercisable at beginning of period (in shares) | 210,000 | 204,000 |
Options exercisable, Granted (in shares) | 0 | 0 |
Options exercisable, Newly vested (in shares) | 27,000 | 59,000 |
Options exercisable, Exercised (in shares) | (37,000) | (53,000) |
Options exercisable, Expired (in shares) | 0 | 0 |
Options exercisable, Forfeited (in shares) | 0 | 0 |
Options exercisable at end of period (in shares) | 200,000 | 210,000 |
Outstanding at beginning of period (in dollars per share) | $ 11.05 | $ 10.91 |
Granted (in dollars per share) | 0 | 0 |
Newly vested (in dollars per share) | 10.73 | 10.97 |
Exercised (in dollars per share) | 0 | 0 |
Forfeited (in dollars per share) | 0 | 0 |
Expired (in dollars per share) | 0 | 0 |
Outstanding at end of period (in dollars per share) | $ 10.98 | $ 11.05 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Details) - ESOP [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2011 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Loan | $ 1,100,000 | ||
Shares purchased (in shares) | 125,000 | 105,442 | |
Term of loan repayment | 10 years | ||
Basis spread on variable rate | 1% | ||
Number of shares from refinanced loan (in shares) | 138,982.5 | ||
Number of shares from new loan (in shares) | 244,424.5 | ||
Fixed interest rate | 3.25% | ||
Award annual vesting | 20% | ||
Compensation expense | $ 489,000 | $ 397,000 | |
Dividends on unallocated shares | $ 19,000 | $ 21,000 | |
Unearned ESOP shares (in shares) | 42,774 | ||
Fair value of unearned ESOP shares | $ 819,000,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense [Abstract] | |||
Current | $ 3,018 | $ 2,517 | |
Deferred | $ 298 | 481 | (139) |
Income tax expense | 2,656 | 3,499 | 2,656 |
Income Tax Expense by Jurisdiction [Abstract] | |||
Federal Income Tax | 3,273 | 2,342 | |
State Tax | 226 | 314 | |
Income tax expense | $ 2,656 | $ 3,499 | $ 2,656 |
Income Taxes - Components of th
Income Taxes - Components of the Net Deferred Tax Asset (Liability) Included in Other Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Deferred compensation | $ 1,051,000 | $ 983,000 |
Allowance for loan losses | 4,004,000 | 3,381,000 |
Postretirement benefits | 36,000 | 85,000 |
Subordinated loan interest | 37,000 | 19,000 |
Loan origination fees | 261,000 | 335,000 |
Held-to-maturity securities | 3,583,000 | 0 |
Stock-based compensation | 71,000 | 80,000 |
Capital loss carryover | 0 | 149,000 |
Cash flow hedges | 0 | 138,000 |
Other | 322,000 | 240,000 |
Total | 9,997,000 | 6,048,000 |
Liabilities: | ||
Prepaid pension | (1,795,000) | (2,041,000) |
Investment securities | 0 | (151,000) |
Cash flow hedges | (135,000) | |
Depreciation | (2,097,000) | (1,902,000) |
Accretion | (494,000) | (124,000) |
Intangible assets | (1,004,000) | (1,004,000) |
Mortgage servicing rights | (96,000) | (99,000) |
Prepaid expenses and transaction fees | (112,000) | (91,000) |
Total | (6,282,000) | (5,971,000) |
Deferred tax assets liabilities, net before valuation allowance | 3,715,000 | 77,000 |
Less: deferred tax asset valuation allowance | 0 | (80,000) |
Net deferred tax (liability) asset | $ 3,715,000 | $ 3,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Deferred tax valuation allowance | $ 0 | $ 80,000 | |
Provision for income taxes | $ 2,656,000 | $ 3,499,000 | $ 2,656,000 |
Effective income tax rate | 17.50% | 22.40% | |
Capital Loss Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Effective income tax rate | 17.50% | 22.40% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federa Statutory Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate [Abstract] | ||
Federal statutory income tax rate | 21% | 21% |
State tax, net of federal benefit | 1.60% | 1.20% |
Tax-exempt interest income | 1.30% | 0.60% |
Increase in value of bank owned life insurance less premiums paid | 0.80% | 0.70% |
Change in valuation allowance | (0.40%) | 0.50% |
Federal credits | (0.60%) | |
Other | (2.50%) | 0.50% |
Effective income tax rate | 17.50% | 22.40% |
Minority interest | (0.50%) | (0.50%) |
Pathfinder Bank [Member] | ||
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate [Abstract] | ||
Effective income tax rate | 17% | 21.90% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of the Contractual Amounts of Financial Instruments with Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Grant Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | $ 50,605 | $ 93,364 |
Unfunded Commitments Under Lines Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | 155,453 | 136,749 |
Unfunded Commitments Related to Construction Loans in Progress [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | 7,142 | 12,308 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | $ 2,845 | $ 2,735 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loan commitments outstanding with variable interest rates | $ 160.4 |
Loan commitments outstanding with fixed interest rates | $ 55.6 |
Term of letters of credit, maximum | 1 year |
Dividends and Restrictions - Ad
Dividends and Restrictions - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Class Of Stock [Line Items] | |||
Retained earnings legally available to pay dividends | $ 37,800,000 | ||
Proceeds from dividends received | $ 0 | $ 0 | $ 0 |
Community bank leverage ratio | 0.0967 | 0.0952 | |
Federal banking agencies issued final rules | The federal banking agencies had set the Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies issued final rules to set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. In 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks had until January 1, 2022, before the Community Bank Leverage Ratio requirement returned to 9%. A financial institution can elect to be subject to this new definition. The new rule took effect on January 1, 2020. | ||
Community bank leverage ratio amount | $ 10,000,000,000 | ||
CARES Act | |||
Class Of Stock [Line Items] | |||
Community bank leverage ratio | 0.09 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 1 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||
Common equity tier 1 capital to risk-weighted assets | 2.50% | ||
Capital conservation buffer percentage of risk weighted assets | 2.50% | ||
Tier 1 Capital (to Assets) | 0.0500 | 0.0500 | |
Tier 1 Capital (to Risk-Weighted Assets) | 0.0600 | 0.0600 | |
Total Core Capital (to Risk-Weighted Assets) | 0.1000 | 0.1000 | |
Federal Reserve Board reserve requirement ratio | 0 | ||
Minimum [Member] | |||
Class Of Stock [Line Items] | |||
Tier 1 Capital (to Assets) | 0.05 | ||
Tier 1 Capital (to Risk-Weighted Assets) | 0.06 | ||
Total Core Capital (to Risk-Weighted Assets) | 0.10 |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Actual Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 145,760 | $ 129,166 |
Tier 1 Capital (to Risk-Weighted Assets) | 133,683 | 118,511 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 133,683 | 118,511 |
Tier 1 Capital (to Assets) | $ 133,683 | $ 118,511 |
Actual Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 0.1514 | 0.1519 |
Tier 1 Capital (to Risk-Weighted Assets) | 0.1388 | 0.1394 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 13.88% | 13.94% |
Tier 1 Capital (to Assets) | 0.0967 | 0.0952 |
Minimum Capital Adequacy Purposes Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 77,029 | $ 68,013 |
Tier 1 Capital (to Risk-Weighted Assets) | 57,772 | 51,009 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 43,329 | 38,257 |
Tier 1 Capital (to Assets) | $ 55,314 | $ 49,804 |
Minimum Capital Adequacy Purposes Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 0.0800 | 0.0800 |
Tier 1 Capital (to Risk-Weighted Assets) | 0.0600 | 0.0600 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 4.50% | 4.50% |
Tier 1 Capital (to Assets) | 0.0400 | 0.0400 |
Minimum To Be "Well Capitalized" Under Prompt Corrective Provisions Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 96,286 | $ 85,016 |
Tier 1 Capital (to Risk-Weighted Assets) | 77,029 | 68,013 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 62,586 | 55,260 |
Tier 1 Capital (to Assets) | $ 69,142 | $ 62,255 |
Minimum To Be "Well Capitalized" Under Prompt Corrective Provisions Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 0.1000 | 0.1000 |
Tier 1 Capital (to Risk-Weighted Assets) | 0.0800 | 0.0800 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 6.50% | 6.50% |
Tier 1 Capital (to Assets) | 0.0500 | 0.0500 |
Minimum for Capital Adequacy With Buffer Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 101,100 | $ 89,266 |
Tier 1 Capital (to Risk-Weighted Assets) | 81,843 | 72,263 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 67,400 | 59,511 |
Tier 1 Capital (to Assets) | $ 69,142 | $ 62,255 |
Minimum for Capital Adequacy With Buffer Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 10.50% | 10.50% |
Tier 1 Capital (to Risk-Weighted Assets) | 8.50% | 8.50% |
Tier 1 Common Equity (to Risk-Weighted Assets) | 7% | 7% |
Tier 1 Capital (to Assets) | 5% | 5% |
Interest Rate Derivative - Cumu
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Interest Rate Derivatives [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Receivable [Member] | |||
Derivative [Line Items] | |||
Hedge-Adjusted Carrying Amount of the Hedged Assets | $ 37,196 | $ 41,651 | |
Cumulative Amount of Fair Value Hedging Adjustment Subtracted from Carrying Amount of the Hedged Assets | (1,477) | (152) | |
Available for Sale Securities [Member] | |||
Derivative [Line Items] | |||
Hedge-Adjusted Carrying Amount of the Hedged Assets | [1] | 68,741 | 61,808 |
Cumulative Amount of Fair Value Hedging Adjustment Subtracted from Carrying Amount of the Hedged Assets | [1] | $ (8,240) | $ (1,308) |
[1] The carrying amount of hedged assets represents the hedge-adjusted amortized cost basis of specifically-identified municipal and GSE-backed securities designated as the underlying assets for the hedging relationships. The notional amount of the designated hedges were $ 66.8 million and $ 52.0 million at December 31, 2022 and December 31, 2021, respectively. The fair value of the derivatives (an unrealized gain, receivable from derivative counterparties) recorded in other assets resulted in a net asset position of $ 8.2 million and $ 1.3 million at December 31, 2022 and December 31, 2021, respectively. The Company’s participation in these fair value hedging transactions increased interest income by $ 565,000 and reduced interest income by $ 183,000 in the years ended December 31, 2022 and 2021, respectively. (2) The carrying amount of hedged assets represents the hedge-adjusted amortized cost of two specific purchased loan pools designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged items were $ 19.2 million and $ 20.5 million at December 31, 2022 and December 31, 2021, respectively. At December 31, 2022, the fair value of the derivatives recorded in other assets (an unrealized gain, receivable from derivative counterparties) resulted in a net asset position of $ 1.5 million, recorded by the Company in other assets. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income for the twelve months ended December 31, 2022 and 2021. |
Interest Rate Derivative - Cu_2
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Parenthetical) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Interest Expense | $ 9,695,000 | $ 7,532,000 | |
Other noninterest income | 797,000 | 116,000 | |
Interest Rate Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative Asset | 8,200,000 | $ 1,300,000 | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | ||
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | 565,000,000 | $ 183,000,000 | |
Derivative Assets (Liabilities), at Fair Value, Net | 1,500 | ||
Interest Rate Derivatives [Member] | Loans Receivable [Member] | |||
Derivative [Line Items] | |||
Amount of designated hedging item | 19,200 | 20,500 | |
Interest Rate Derivatives [Member] | Available for Sale Securities [Member] | |||
Derivative [Line Items] | |||
Derivative Notional Amount | 66,800,000 | $ 52,000,000 | |
Interest Rate Derivatives [Member] | |||
Derivative [Line Items] | |||
Derivative Notional Amount | 40,000,000 | ||
One time premium paid for contract | 228,000 | ||
Interest Expense | $ 157,000 | ||
Other noninterest income | $ 26,000 |
Interest Rate Derivative - Addi
Interest Rate Derivative - Additional Information (Details) - Interest Rate Swap [Member] | 1 Months Ended |
Mar. 31, 2020 USD ($) | |
Derivative [Line Items] | |
Interest rate swap contract expiry date | Mar. 31, 2023 |
Notional amount | $ 40,000,000 |
Interest rate cap contract strike price | 1.39% |
Days of revolving borrowings | 90-day |
3-Month LIBOR [Member] | |
Derivative [Line Items] | |
Borrowings | $ 40,000,000 |
Interest Rate Derivative - Sche
Interest Rate Derivative - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Gain (loss) in other comprehensive income: | $ (387) | |
Derivative, Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (loss) in other comprehensive income: | $ (519) | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Gain (loss) in other comprehensive income: | $ (519) | $ (387) |
Interest Rate Derivative - Sc_2
Interest Rate Derivative - Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
alance as of January 1: | $ (387) | $ (1,308) |
Amount of unrealized gains recognized in other comprehensive income | 906 | 921 |
Gain (loss) in other comprehensive income | $ 519 | $ (387) |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Additional Information (Details) | Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Equity investment securities | $ 206,000 | $ 206,000 |
Level 2 [Member] | Equity Investment [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Equity investment securities | 1,900 | |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities aggregate market value | $ 1,319,000 | $ 722,000 |
Corporate [Member] | Level 2 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of security holds | Security | 2 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,100,000 | |
Available for sale securities aggregate market value | $ 4,800,000 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt investment securities: | |||
Common stock - financial services industry | $ 206 | $ 206 | |
Investment securities - available-for-sale | 191,726 | 190,598 | |
Equity investment securities: | |||
Investment securities - marketable securities measured at NAV | 206 | 206 | |
Level 1 [Member] | Total Fair Value [Member] | |||
Equity investment securities: | |||
Investment securities - marketable securities measured at NAV | 1,862 | 677 | |
Level 2 [Member] | Total Fair Value [Member] | |||
Debt investment securities: | |||
Investment securities - available-for-sale | 186,757 | 185,895 | |
Interest rate derivatives, at fair value, net : | |||
Interest rate swap derivative cash flow hedges (unrealized gain carried as receivable from derivative counterparties) | 519 | (387) | |
Net Asset Value [Member] | Total Fair Value [Member] | |||
Debt investment securities: | |||
Investment securities - available-for-sale | 4,763 | 4,497 | |
Mutual funds Common Stock Financial Services Industry [Member] | |||
Debt investment securities: | |||
Common stock - financial services industry | 206 | 206 | |
Equity investment securities: | |||
Investment securities - marketable securities measured at NAV | 206 | 206 | |
Recurring Basis [Member] | Total Fair Value [Member] | |||
Debt investment securities: | |||
Investment securities - available-for-sale | 4,497 | $ 2,725 | |
Total available-for-sale securities | 190,392 | 128,055 | |
Equity investment securities: | |||
Investment securities - marketable securities measured at NAV | 677 | 1,850 | |
Interest rate derivatives, at fair value, net : | |||
Interest rate swap derivative fair value hedges (unrealized gain carried as receivable from derivative counterparties) | (152) | (244) | |
Interest rate swap derivative cash flow hedges (unrealized gain carried as receivable from derivative counterparties) | (387) | $ (1,308) | |
Recurring Basis [Member] | Level 1 [Member] | |||
Debt investment securities: | |||
Total available-for-sale securities | 206 | 206 | |
Recurring Basis [Member] | Level 2 [Member] | |||
Debt investment securities: | |||
US Treasury, agencies and GSEs | 29,364 | 32,273 | |
State and political subdivisions | 45,385 | 39,199 | |
Corporate | 7,066 | 9,630 | |
Asset backed securities | 15,400 | 13,613 | |
Residential mortgage-backed - US agency | 16,400 | 22,164 | |
Collateralized mortgage obligations - US agency | 11,708 | 12,285 | |
Collateralized mortgage obligations - Private label | 61,434 | 56,731 | |
Investment securities - available-for-sale | 186,757 | 185,895 | |
Total available-for-sale securities | 186,757 | 185,895 | |
Interest rate derivatives, at fair value, net : | |||
Interest rate swap derivative fair value hedges (unrealized gain carried as receivable from derivative counterparties) | 9,717 | 1,460 | |
Interest rate swap derivative cash flow hedges (unrealized gain carried as receivable from derivative counterparties) | 519 | (387) | |
Recurring Basis [Member] | Fair Value Inputs Level12 And3 [Member] | Total Fair Value [Member] | |||
Debt investment securities: | |||
US Treasury, agencies and GSEs | 29,364 | 32,273 | |
State and political subdivisions | 45,385 | 39,199 | |
Corporate | 7,066 | 9,630 | |
Asset backed securities | 15,400 | 13,613 | |
Residential mortgage-backed - US agency | 16,400 | 22,164 | |
Collateralized mortgage obligations - US agency | 11,708 | 12,285 | |
Collateralized mortgage obligations - Private label | 61,434 | 56,731 | |
Investment securities - available-for-sale | 186,757 | 185,895 | |
Total available-for-sale securities | 191,726 | 190,598 | |
Equity investment securities: | |||
Investment securities - marketable securities measured at NAV | 1,862 | 677 | |
Interest rate derivatives, at fair value, net : | |||
Interest rate swap derivative fair value hedges (unrealized gain carried as receivable from derivative counterparties) | 9,717 | 1,460 | |
Interest rate swap derivative cash flow hedges (unrealized gain carried as receivable from derivative counterparties) | 519 | (387) | |
Recurring Basis [Member] | Net Asset Value [Member] | Total Fair Value [Member] | |||
Debt investment securities: | |||
Corporate issuances measured at NAV | 4,763 | 4,497 | |
Recurring Basis [Member] | Mutual funds Common Stock Financial Services Industry [Member] | Level 1 [Member] | |||
Debt investment securities: | |||
Common stock - financial services industry | 206 | 206 | |
Recurring Basis [Member] | Mutual funds Common Stock Financial Services Industry [Member] | Fair Value Inputs Level12 And3 [Member] | Total Fair Value [Member] | |||
Debt investment securities: | |||
Common stock - financial services industry | $ 206 | $ 206 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Summary of Fair Value Assets Measured on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Nonrecurring basis [Abstract] | ||
Foreclosed real estate | $ 78 | $ 46 |
Nonrecurring Basis [Member] | Total Fair Value [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 2,328 | 4,182 |
Foreclosed real estate | 221 | |
Nonrecurring Basis [Member] | Level 3 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 2,328 | $ 4,182 |
Foreclosed real estate | $ 221 |
Fair Value Measurements and D_6
Fair Value Measurements and Disclosures - Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - Measurement Input, Discount Rate [Member] | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired Loans [Member] | Minimum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 5 | 5 | 5 |
Impaired Loans [Member] | Minimum [Member] | Appraisal of Collateral - Cost to Sell [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 7 | 7 | 7 |
Impaired Loans [Member] | Maximum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 35 | 30 | 25 |
Impaired Loans [Member] | Maximum [Member] | Appraisal of Collateral - Cost to Sell [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 14 | 14 | 13 |
Impaired Loans [Member] | Weighted Average [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | (17) | 15 | 18 |
Impaired Loans [Member] | Weighted Average [Member] | Appraisal of Collateral - Cost to Sell [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | (12) | 10 | 12 |
Foreclosed Real Estate | Minimum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 15 | ||
Foreclosed Real Estate | Minimum [Member] | Appraisal of Collateral - Cost to Sell [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 6 | ||
Foreclosed Real Estate | Maximum [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 15 | ||
Foreclosed Real Estate | Maximum [Member] | Appraisal of Collateral - Cost to Sell [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | 9 | ||
Foreclosed Real Estate | Weighted Average [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | (15) | ||
Foreclosed Real Estate | Weighted Average [Member] | Appraisal of Collateral - Cost to Sell [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Fair value inputs, discount rate | (8) |
Fair Value Measurements and D_7
Fair Value Measurements and Disclosures - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Investment securities - available-for-sale | $ 191,726 | $ 190,598 |
Investment securities - marketable securities measured at NAV | 206 | 206 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 181,491 | 162,805 |
Financial liabilities: | ||
Subordinated debt | 29,733 | 29,563 |
Level 1 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 35,282 | 37,149 |
Investment securities - marketable securities measured at NAV | 1,862 | 677 |
Accrued interest receivable | 6,168 | 4,520 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 699,624 | 694,089 |
Level 1 [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 35,282 | 37,149 |
Investment securities - marketable securities measured at NAV | 1,862 | 677 |
Accrued interest receivable | 6,168 | 4,520 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 699,624 | 694,089 |
Level 2 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 186,757 | 185,895 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 194,402 | 160,923 |
Federal Home Loan Bank stock | 5,982 | 4,189 |
Interest rate derivative fair value hedges receivable - AFS investments | 8,240 | 1,308 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 29,733 | |
Time Deposits | 425,806 | 361,257 |
Borrowings | 115,997 | 77,098 |
Subordinated debt | 29,563 | |
Accrued interest payable | 975 | 106 |
Interest rate derivative cash flow hedge receivable/(payable) | 519 | (387) |
Level 2 [Member] | Carrying Amounts [Member] | Loans Receivable [Member] | ||
Financial liabilities: | ||
Interest rate swap derivative fair value hedges | 1,477 | 152 |
Level 2 [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 186,757 | 185,895 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 181,491 | 162,805 |
Federal Home Loan Bank stock | 5,982 | 4,189 |
Interest rate derivative fair value hedges receivable - AFS investments | 8,240 | 1,308 |
Financial liabilities: | ||
Time Deposits | 393,676 | 360,680 |
Borrowings | 112,877 | 76,957 |
Subordinated debt | 27,378 | 30,627 |
Accrued interest payable | 975 | 106 |
Interest rate derivative cash flow hedge receivable/(payable) | 519 | (387) |
Level 2 [Member] | Total Fair Value [Member] | Loans Receivable [Member] | ||
Financial liabilities: | ||
Interest rate swap derivative fair value hedges | 1,477 | 152 |
Net Asset Value [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,763 | 4,497 |
Net Asset Value [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,763 | 4,497 |
Level 3 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Net loans | 882,435 | 819,524 |
Level 3 [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Net loans | $ 844,892 | $ 819,721 |
Parent Company - Financial In_3
Parent Company - Financial Information - Schedule of Condensed Financial Information (Statements of Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash | $ 13,939 | $ 13,856 |
Available-for-sale securities, at fair value | 191,726 | 190,598 |
Premises and equipment, net | 17,872 | 21,659 |
Other assets | 25,969 | 15,726 |
Total assets | 1,399,921 | 1,285,177 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
Subordinated debt | 29,733 | 29,563 |
Shareholders' equity | 110,997 | 110,287 |
Total liabilities and shareholders' equity | 1,399,921 | 1,285,177 |
Pathfinder Bank [Member] | ||
ASSETS: | ||
Cash | 9,638 | 13,633 |
Available-for-sale securities, at fair value | 1,862 | 677 |
Investment in bank subsidiary | 126,733 | 122,241 |
Investment in non-bank subsidiary | 155 | 155 |
Premises and equipment, net | 9 | 3,577 |
Assets held-for-sale | 3,042 | 0 |
Other assets | 735 | 639 |
Total assets | 142,174 | 140,922 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
Accrued liabilities | 859 | 722 |
Subordinated debt | 29,733 | 29,564 |
Shareholders' equity | 111,582 | 110,636 |
Total liabilities and shareholders' equity | $ 142,174 | $ 140,922 |
Parent Company - Financial In_4
Parent Company - Financial Information - Schedule of Condensed Financial Information (Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income | |||
Total income | $ 51,098 | $ 45,827 | |
Interest expense: | |||
Interest | 9,695 | 7,532 | |
Operating, net | 2,452 | 1,920 | |
Tax benefit | (2,656) | (3,499) | $ (2,656) |
Net income attributable to Pathfinder Bancorp, Inc. | 12,932 | 12,407 | |
Pathfinder Bank [Member] | |||
Income | |||
Dividends from non-bank subsidiary | 5 | 3 | |
Dividends from marketable equity security | 15 | 20 | |
Gain (loss) on marketable equity securities | 352 | (5) | |
Impairment on premise and equipment | (380) | 0 | |
Operating, net | 128 | 116 | |
Total income | 120 | 134 | |
Interest expense: | |||
Interest | 1,749 | 1,790 | |
Operating, net | 1,299 | 705 | |
Total expenses | 3,048 | 2,495 | |
Loss before taxes and equity in undistributed net income of subsidiaries | (2,928) | (2,361) | |
Tax benefit | 528 | 527 | |
Loss before equity in undistributed net income of subsidiaries | (2,400) | (1,834) | |
Equity in undistributed net income of subsidiaries | 15,332 | 14,241 | |
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,932 | $ 12,407 |
Parent Company - Financial In_5
Parent Company - Financial Information - Schedule of Condensed Financial Information (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | ||
Net Income | $ 12,932 | $ 12,407 |
Stock based compensation and ESOP expense | 626 | 617 |
Net change in other assets and liabilities | 3,542 | 117 |
Net cash flows from operating activities | 21,733 | 20,154 |
Investing Activities | ||
Proceeds from sales of marketable equity securities | 714 | 1,555 |
Disposal of premises and equipment | 3,311 | 0 |
Purchase of premises and equipment | (1,898) | (1,212) |
Net cash flows from investing activities | (131,160) | (69,951) |
Financing activities | ||
Proceeds from exercise of stock options | 418 | 551 |
Cash dividends paid to non-voting common shareholders | (1,568) | (1,227) |
Cash dividends paid to common voting shareholders | (1,568) | (1,227) |
Cash dividends paid to preferred shareholders | 0 | (180) |
Cash dividends paid on warrants | (43) | (35) |
Net cash flows from financing activities | 107,560 | 43,482 |
Change in cash and cash equivalents | (1,867) | (6,315) |
Cash and cash equivalents at beginning of year | 37,149 | 43,464 |
Cash and cash equivalents at end of year | 35,282 | 37,149 |
Pathfinder Bank [Member] | ||
Operating Activities | ||
Net Income | 12,932 | 12,407 |
Equity in undistributed net income of subsidiaries | (15,332) | (14,241) |
Stock based compensation and ESOP expense | 626 | 617 |
Amortization of deferred financing from subordinated loan | 170 | 163 |
Gains on marketable equitable securities | (352) | 5 |
Gains on marketable securities | (352) | 0 |
Impairment of fixed asset | 380 | |
Net change in other assets and liabilities | (375) | 298 |
Net cash flows from operating activities | (1,201) | (1,352) |
Investing Activities | ||
Purchase of investments | (1,628) | |
Proceeds from sales of marketable equity securities | 714 | |
Disposal of premises and equipment | (3,311) | |
Transfer of fixed asset to held-for-sale | 3,042 | |
Proceeds from insurance claim for premises and equipment | 60 | |
Purchase of premises and equipment | 9 | 143 |
Net cash flows from investing activities | (1,132) | (143) |
Financing activities | ||
Proceeds from exercise of stock options | 418 | 551 |
Payments on redemption of subordinated debt | 10,000 | |
Cash dividends paid to preferred shareholders | 180 | |
Cash dividends paid on warrants | 43 | 35 |
Net cash flows from financing activities | (1,662) | (11,085) |
Change in cash and cash equivalents | (3,995) | (12,580) |
Cash and cash equivalents at beginning of year | 13,633 | 26,213 |
Cash and cash equivalents at end of year | 9,638 | 13,633 |
Pathfinder Bank [Member] | Non-Voting Common Stock [Member] | ||
Financing activities | ||
Cash dividends paid to non-voting common shareholders | 469 | 194 |
Cash dividends paid to common voting shareholders | 469 | 194 |
Pathfinder Bank [Member] | Common Stock [Member] | ||
Financing activities | ||
Issuance costs of subordinated loan | $ 1,568 | $ 1,227 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Loans to Related Parties (Details) - Directors, Executive Officers and Affiliates [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans to Related Parties [Roll Forward] | ||
Balance at the beginning of the year | $ 22,427 | $ 22,445 |
Originations and related party additions | 15,278 | 5,663 |
Principal payments and related party removals | (5,174) | (5,681) |
Balance at the end of the year | $ 32,531 | $ 22,427 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Directors, Executive Officers and Affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Deposits of related parties | $ 19.5 | $ 18.4 |
Assets And liabilities Held F_2
Assets And liabilities Held For Sale (Additional Information) (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Real Estate Held for Development and Sale [Abstract] | |
Real Estate Assets Held-for-sale Carrying Value | $ 3,400,000 |
Impairment Charges Of Reclassified Assets | $ 379,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | $ 110,633 | $ 97,722 |
Balance | 111,582 | 110,633 |
Retirement Plans [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (1,412) | (2,093) |
Other comprehensive income before reclassifications | (1,017) | 603 |
Amounts reclassified from AOCI | 2 | 78 |
Balance | (2,427) | (1,412) |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | 428 | 837 |
Other comprehensive income before reclassifications | (10,673) | (395) |
Amounts reclassified from AOCI | 118 | (14) |
Balance | (10,127) | 428 |
Unrealized Losses on Derivatives and Hedging Activities [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (286) | (966) |
Other comprehensive income before reclassifications | 668 | 680 |
Amounts reclassified from AOCI | 0 | 0 |
Balance | 382 | (286) |
Unrealized Loss on Securities Transferred to Held-to-Maturity [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | 2 | (14) |
Other comprehensive income before reclassifications | (2) | 16 |
Amounts reclassified from AOCI | 0 | 0 |
Balance | 0 | 2 |
AOCI Attributable to Parent [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (1,268) | (2,236) |
Other comprehensive income before reclassifications | (11,024) | 904 |
Amounts reclassified from AOCI | 120 | 64 |
Balance | $ (12,172) | $ (1,268) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of Each Component of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits | $ (16,022) | $ (14,384) | ||
Provision for income taxes | (2,656) | (3,499) | $ (2,656) | |
Net income attributable to Pathfinder Bancorp, Inc. | 12,932 | 12,407 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retirement Plans [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits | [1],[2] | (2) | (105) | |
Provision for income taxes | [1] | 0 | (27) | |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | (2) | (78) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-Sale Securities [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gains on sales and redemptions of investment securities | [1] | (160) | 19 | |
Provision for income taxes | [1] | 42 | (5) | |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | $ (118) | $ 14 | |
[1] Amounts in parentheses indicates debits in net income. These items are included in net periodic pension cost. |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Earnings and gain on bank owned life insurance | $ 589 | $ 559 |
Net gains on sales and redemptions of investment securities | (169) | 37 |
Gains (losses) on marketable equity securities | 352 | 382 |
Gain on sales of premises and equipment | (250) | 201 |
Other miscellaneous income | 797 | 116 |
Total noninterest income | 5,914 | 6,231 |
Insufficient Funds Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 569 | 888 |
Deposit Related Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 390 | 393 |
ATM Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 167 | 183 |
Service Charges on Deposit Accounts [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 1,126 | 1,464 |
Insurance Agency [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 1,128 | 1,048 |
Investment Services Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 446 | 399 |
ATM Fees Surcharge [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 229 | 227 |
Banking House Rents Collected [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 229 | 243 |
Fee Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 2,032 | 1,917 |
Debit Card Interchange Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 867 | 923 |
Merchant Card Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 70 | 73 |
Card Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 937 | 996 |
Loan Servicing Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 363 | 246 |
Net Gains (Losses) on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 137 | 313 |
Total Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | 500 | 559 |
Service Fees, Fee Income, Card Income and Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Service charges on deposit accounts | $ 4,595 | $ 4,936 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | ||
Operating lease, option to extend lease term, description | Our leases have remaining lease terms that vary from less than one year up to 30 years, some of which include options to extend the leases for various renewal periods. | |
Operating lease, option to extend lease term | true | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest |
ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Lease rental income | $ 228,000 | $ 235,000 |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 30 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 227 | $ 226 |
Finance lease cost | $ 111 | $ 81 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amount included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 211 | $ 207 |
Operating cash flows from finance leases | 111 | 81 |
Financing cash flows from finance leases | $ 90 | $ 72 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases: | ||
Operating lease right-of-use assets | $ 2,098 | $ 2,136 |
Operating lease liabilities | 2,417 | 2,440 |
Finance Leases: | ||
Finance lease liabilities | 4,422 | 596 |
Finance lease right-of-use assets | $ 4,213 | $ 0 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Weighted Average Remaining Lease Term: | ||
Operating Leases | 18 years 3 months 10 days | 18 years 3 months 14 days |
Finance Leases | 28 years 4 months 6 days | 27 years 5 months 1 day |
Weighted Average Discount Rate: | ||
Operating Leases | 3.85% | 3.73% |
Finance Leases | 9.41% | 13.75% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Rolling Maturity [Abstract] | |
2023 | $ 162 |
2024 | 164 |
2025 | 175 |
2026 | 186 |
2027 | 197 |
Thereafter | 5,955 |
Total minimum lease payments | $ 6,839 |
COVID-19 - Additional Informati
COVID-19 - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Segment | Dec. 31, 2020 USD ($) | Dec. 31, 2022 Loan | Dec. 31, 2022 Segment | |
Unusual Or Infrequent Item [Line Items] | |||||
Number of loans outstanding | 6,771 | 9,330 | 4,063 | ||
Total loans | $ 898,754,000 | $ 833,739,000 | |||
PPP Loan [Member] | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Deferred fee income | 707,000 | 2,150,000 | |||
Number of loans outstanding | Loan | 5 | ||||
Total loans | $ 203,000 | ||||
Unusual or Infrequent Item, or Both | PPP Loan [Member] | |||||
Unusual Or Infrequent Item [Line Items] | |||||
InterestOnLoan | 1% | ||||
Loan origination fees | 4,000,000 | $ 4,000,000 | |||
Unusual or Infrequent Item, or Both | PPP Loan [Member] | Interest Income [Member] | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Loan origination fees | $ 707,000 | $ 2,200,000 | |||
Minimum [Member] | Unusual or Infrequent Item, or Both | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Loans Payable Contractual Maturities Term | 2 years | ||||
Maximum [Member] | Unusual or Infrequent Item, or Both | |||||
Unusual Or Infrequent Item [Line Items] | |||||
Loans Payable Contractual Maturities Term | 5 years |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Events [Abstract] | ||
Common stock dividends declared ($0.36 per share) | $ 0.36 | $ 0.28 |
Preferred stock dividends declared ($0.07 per share) | $ 0.07 |